Mar 31, 2015
1. Rights and Restrictions attached to Equity Shares
The Company has only one class of equity shares having a par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote
per share. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General
Meeting.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of Equity Shares held by the
shareholders.
2. Shares held by Holding Company
Out of the above equity shares, 3,22,680 (previous year 3,22,680)
shares are held by Holding Company - M/s. Development Holding Asia Ltd.
3. Contingent liabilities not provided for
a) Disputed Sales Tax demands 21,47,000 21,47,000
b) Disputed Income tax demands
(including penalty) 2,57,50,206 2,54,70,256
c) Guarantees given by bank on
behalf of the company 2,00,000 2,00,000
4. Effective 1st April,2014 the Company has revised the estimated
useful life of its fixed assets in line with the life prescribed in
part "C " -Schedule II of the Companies Act,2013. In terms of the
provisions of this schedule,depreciation is now being charged over the
balance life of the assets,keeping a residual value of 5% of cost. Due
to the change in the estimated useful life of the assets,the
depreciation charged for the period is lower by Rs 40,495.
5. The Company has not received any intimation from suppliers/creditors
regarding their status under The Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosure if any relating to amounts
unpaid as at the year end together with the interest paid/payable as
required under the said Act has not been made.
6. Deferred Tax Asset on carried forward losses and unabsorbed
depreciation and other timining difference as at 31st March, 2015 has
not been recognized as there is no virtual/reasonable certainty that
the same can be realised in the future.
7. Names of related parties and description of relationship a Where
control exists:
Holding Company :
Development Holding Asia Ltd.
Subsidiaries :
Muller and Phipps (Industrial Services) Ltd.
Muller and Phipps Agencies Ltd.
b Other parties where the company has entered in transaction during the
year
Fellow Subsidiary:
Getz Bros. Company Limited
Associates:
Foods and Inns Ltd.
Western Press Pvt Ltd.
The Bombay Swadeshi Stores Ltd.
Key Managerial Personnel and their Relatives:
Mr. U K Dhupelia - Director
Mrs. Pallavi Dhupelia - wife of Director
8. Provision for Tax has been made under MAT provision in view of carry
forward unabsorted depreciation available for setoff against current
year income. MAT credit has not been recognised since there is no
reasonable certainty that the same will be recouped out of future
taxable income.
9. The Financial Statements have been prepared on going concern basis
although the net worth of the Company has been completely eroded, in
view of the future business plans which will allow the Company to carry
out its business profitably.
10. Previous year's figures have been regrouped wherever necessary to
conform to current year's classification.
Mar 31, 2014
1 The Company has not received any intimation from suppliers/creditors
regarding their status under The Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosure if any relating to amounts
unpaid as at the year end together with the interest paid/payable as
required under the said Act has not been made.
2 Deferred Tax Asset on carried forward losses and unabsorbed
depreciation and other timing difference as at 31st March, 2014 has not
been recognized as there is no virtual/reasonable certainty that the
same can be realised in the future.
3 Names of related parties and description of relationship a Where
control exists:
Holding Company :
Development Holding Asia Ltd.
Subsidiaries :
Muller and Phipps (Industrial Services) Ltd.
Muller and Phipps Agencies Ltd.
b Other parties where the company has entered in transaction during the
year Fellow Subsidiary:
Getz Bros. Company Limited Associates:
Foods and Inns Ltd.
Western Press Pvt Ltd.
The Bombay Swadeshi Stores Ltd.
Key Managerial Personnel and their Relatives:
Mr. U K Dhupelia - Director
Mrs. Pallavi Dhupelia - wife of Director
Mr. Milan Dalal - Director
4 Disclosure as per Accounting Standard 15 ( Revised )
As per Accounting Standard 15 " Employee Benefits ", the disclosure of
employees benefits as Defined in the Accounting Standard are given
below.
Defined Benefit Plan :
Gratuity Scheme
The employees gratuity scheme is a funded defined benefit scheme
managed by the Life Insurance Corporation of India. The present value
of obligation is determined based on actuarial valuation using the
Projected Unit Credit Method.
Leave Encashment Scheme
The obligation for leave encashment which is a non funded long term
employee scheme is recognized based on actuarial valuation.
The Disclosure in the respect of above Gratuity benefit Scheme as given
below
5 The Financial Statements have been prepared on going concern basis
although the net worth of the Company has been completely eroded, in
view of the future business plans which will allow the Company to carry
out its business profitably.
6 Previous year''s figures have been regrouped wherever necessary to
conform to current year''s classification.
Mar 31, 2013
1 Contingent liabilities not provided for
a) Disputed Sales Tax demands 21,47,000 21,47,000
b) Disputed Income tax demands
(including penalty) 2,54,70,256 3,73,05,207
c) Guarantees given by bank
on behalf of the company 2,00,000 2,00,000
2 The Company has not received any intimation from suppliers/creditors
regarding their status under The Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosure if any relating to amounts
unpaid as at the yearend together with the interest paid/payable as
required under the said Act has not been made.
3 Deferred Tax Asset on carried forward losses and unabsorbed
depreciation and other timing difference as at 31st March, 2013 has not
been recognized as there is no virtual/reasonable certainty that the
same can be realized in the future.
4 Names of related parties and description of relationship a Where
control exists:
Holding Company :
Development Holding Asia Ltd.
Subsidiaries :
Muller and Phipps (Industrial Services) Ltd.
Muller and Phipps Agencies Ltd. b Other parties where the company has
entered in transaction during the year Fellow Subsidiary:
Getz Bros. Company Limited Associates:
Foods and Inns Ltd.
Western Press Pvt Ltd.
The Bombay Swadeshi Stores Ltd.
Key Managerial Personnel and their Relatives:
Mr. U K Dhupelia - Director
Mrs. Pallavi Dhupelia - wife of Director
Mr. Milan Dalal - Director
Mar 31, 2012
1.1 Rights and Restrictions attached to Equity Shares
The Company has only one class of equity shares having a par value of
Rs10 per share. Each holder of equity shares is entitled to one vote per
share. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of Equity Shares held by the
shareholders.
1.2 Shares held by Holding Company
Out of the above equity shares, 3,22,680 (previous year 3,22,680)
shares are held by Holding Company - M/s. Development Holding Asia
Ltd.
1.3 Details of Shareholders holding more than 5% of the total Equity
Shares
2 The Company has not received any intimation from suppliers/
creditors regarding their status under The Micro, Small and Medium
Enterprises Development Act,2006 and hence disclosure if any relating
to amounts unpaid as at the year end together with the interest
paid/payable as required under the said Act has not been made.
3 Deferred Tax Asset on carried forward losses and unabsorbed
depreciation and other timining difference as at 31st March, 2012 has
not been recognized as there is no virtual/reasonable certainty that
the same can be realised in the future.
4 Names of related parties and description of relationship a Where
control exists:
Holding Company :
Development Holding Asia Ltd.
Subsidiaries :
Muller and Phipps (Industrial Services) Ltd. Muller and Phipps
Agencies Ltd.
b Other parties where the company has entered in transaction during the
year Fellow Subsidiary:
Getz Bros. Company Limited
Associates:
Foods and Inns Ltd.
Western Press Pvt Ltd.
The Bombay Swadeshi Stores Ltd.
Key Managerial Personnel and their Relatives:
Mr. U K Dhupelia - Director
Mrs. Pallavi Dhupelia - wife of Director
Mr. Milan Dalal - Director
5 The Financial Statements have been prepared on going concern basis
although the net worth of the Company has been completely eroded, in
view of the representation given by the management that the Company
will be able to carry on business profi tably in the future.
6 The Financial Statements for the year ended 31st March, 2011 had
been prepared as per the then applicable, pre-revised Scheduled VI to
the Companies Act, 1956. Consequent to the notifi cation of Revised
Scheduled VI under the Companies Act, 1956, the Financial Statements
for the year ended 31st March, 2012 are prepared as per Revised
Scheduled VI. Previous years fi gures have been reclassifi ed /
regrouped to confi rm to this year's classifi cation.
Mar 31, 2011
1. Contingent liabilities not provided for
31-03-2011 31-03-2010
a) Guarantees given by bank on behalf of 1,50,000 2,35,000
the company
2 The Company has not received any intimation from suppliers/
creditors regarding their status under The Micro.Small and Medium
Enterprises Development Act, 2006 and hence disclosure if any relating
to amounts unpaid as at the year end together with the interest
paid/payable as required under the said Act has not been made.
3 Deferred Tax Asset on carried forward losses and unabsorbed
depreciation and other timing differences as at 31 st March, 2011 has
not been recognized as there is no virtual/reasonable certainty that
the same can be realised in the future.
4 Names of related parties and description of relationship :
a Where control exists :
Holding Company:
Development Holding Asia Ltd.
Fellow Subsidiary:
Getz Bros. Company Limited
Subsidiaries:
Muller and Phipps (Industrial Services) Ltd
Muller and Phipps Agencies Ltd
b Other parties where the company has entered in transaction during
the year :
Associates:
Foods and Inns Ltd.
Western Press Pvt Ltd.
The Bombay Swadeshi Stores Ltd.
Key Managerial Personnel and their Relatives :
U K Dhupelia - Director
Mrs. Pallavi Dhupelia-wife of Director
Milan Dalal-Director
5 Disclosure as per Accounting Standard 15 ( Revised)
Defined Benefit Plan: Gratuity Scheme
The employees gratuity scheme is a funded defined benefit scheme
managed by the Life Insurance Corporation of India. The present value
of obligation is determined based on actuarial valuation using the
Projected Unit Credit Method.
Leave Encashment Scheme
The obligation for leave encashment which is a non funded long term
employee scheme is recognized based on acturial valuation.
6 The financial statements have been prepared on going concern basis
although the net worth of the Company has been completely eroded as the
Company has made a profit in the current year and the management has
plans to increase business in the future.
7 Previous year's figures have been re-grouped wherever necessary to
conform to current year's classification.
Mar 31, 2010
1 The Company has not received any intimation from suppliers/
creditors regarding their status under The Micro.Small and Medium
Enterprises Development Act,2006 and hence disclousre if any relating
to amounts unpaid as at the year end together with the interest
paid/payable as required under the said Act has been not made.
2 Deferred Tax Asset on carried forward losses and unabsorbed
depreciation and other timining diffrence as at 31st March, 2010 has
not been recognized as there is no virtual/reasonable certainty that
the same can be realised in the future.
3 Names of related parties and description of relationship - a Where
control exists : Holding Company:
Development Holding Asia Ltd. Fellow Subsidiary:
Getz Bros. Company Limited Subsidiaries:
Muller and Phipps (Industrial Services) Ltd
Muller and Phipps Agencies Ltd
b Other parties where the company has enterd in transaction during the
year: Associates:
Foods and Inns Ltd..
Western Press Pvt Ltd.
The Bombay Swadeshi Stores Ltd.
Key Managerial Personnel and their Relatives:
U K Dhupelia - Director
Mrs. Paliavi Dhupelia-wife of Director Milan Dalai-Director
4 The financial statements have been prepared on going concern basis
although the net worth of the Company has been completely eroded as the
Company has made a profit in the current year and the management has
plans to increase business in the future.
5 Previous years figures have been re-grouped wherever necessary to
conform to current years classification.