Mar 31, 2015
1. RIGHTS, PREFERENCE AND RESTRICTIONS
The company has only one class of shares referred to as equity shares
having a par value of Rs.10/- each. Holder of equity shares is entitled
to one vote per share.
2. CONTINGENT LIABILITIES
a) Claims against the Company not acknowledged For the Previous
as debts in respect of:- In Lacs in Lacs Year Year
Sales Tax 12.55 12.55
Income Tax 14.34 14.34
Others 23.08 23.08
b) The Company has provided following Equity Shares as margin against
Derivative Products.
Description No. of Shares
Jaiprakash Power Ventures Limited 180,000
Jaiprakash Associates Limited 28,000
Jindal Poly Films Limited 9 200
Sterlite Technologies Limited 8,600
India Glycols Limited 3 127
3. RELATED PARTY TRANSACTIONS
As per the Accounting Standard -18 "Related Party Disclosures", issued
by the Institute of Chartered Accountants of lndia. The related
parties ofthe Company as on 31.03.2015 are as follows:
a) Associates
Network Capital Partners
b) Key Management Personnel
Mr. Ashok Kumar : C.F.O
Mr. Vikas Jain : DGM - Corporate Affairs & Company Secretary
4. Fixed Deposit with Bank Amount of Rs. 1,253/- is Pledged for Bank
Guarantee for Sale Tax Authority.
5. As on 01/04/2014 the Company was holding 12,15,505 Equity shares
and 5,50,000 Preference Shares of Kaizen Lifestyle Products Private
Limited having a book value of Rs. 21,46,24,915 and Rs. 5,50,00,000
respectively.
Pursuant to Scheme of arrangement duly approved by the Hon'ble High
Court of Delhi vide order dated 30th September 2014, Kaizen Lifestyle
Products Private Limited, Uninet Infra Technologies Private Limited,
Uninet Strategic Management Ltd have been amalgamated with Victor
Financial Consultants Private Limited.
Consequently the company has been allotted 1 Equity Shares of Rs. 10
each of Victor Financial Consultants Private Limited (Presently Uninet
Strategic Advisory Pvt. Ltd.) for every 1 Equity shares of Rs. 10 each,
held in Kaizen Lifestyle Products Private Limited and 1 Non-cumulative
optionally convertible preference share (OCPS) of Rs. 100 each of
Victor Financial Consultants Private Limited (Presently Uninet
Strategic Advisory Pvt. Ltd.) for every 1 Non- cumulative optionally
convertible preference share (OCPS) of Rs. 100 each, held in Kaizen
Lifestyle Products Private Limited.
Accordingly 12,15,505 Equity Shares of Rs. 10 each and 5,50,000
Non-cumulative optionally convertible preference share (OCPS) of Rs.
100 each were allotted to the company in Victor Financial Consultants P
Ltd (Presently Uninet Strategic Advisory Pvt. Ltd.) on 16/01/2015.
Name ofVictor Financial Consultants Pvt Ltd was changed to Uninet
Strategic Advisory Pvt Ltd w.e.f. 27th January 2015 with the approval
of Registrar of Companies pursuant to Rule 29 ofthe Companies
(Incorporation) Rules, 2014.
6. The Company has identified suppliers covered under the "Interest
on delayed payment to small scale and Ancillary undertaking Ordinance,
1992 promulgated on 23rd September, 1992 and has ascertained the
Liability in this regard as NIL.
7. Provision for long term expenses and liabilities no longer
required, have been written off amounting to Rs. 17,74,080/-
8. Other current liabilities includes a sum of Rs. 3.25 Cr. due to a
Company whose name appears in the Register maintained under section 189
of the Companies Act, 2013, which is Interest free.
9. SEGMENT REPORTING
During the year under reference, Company's revenue from operations
includes sale of securities, premium earned, mark to market and
interest on fixed depsoit/others. There was no other business segment
and therefore segment wise reporting as per AS -17 issued by the
Institute of Chartered Accountant of India is not relevant
10. DEFERRED TAX
The Company has substantial carried forward business losses and
unabsorbed depreciation, therefore, it is unlikely to have taxable
profits in near future, hence it is not considered necessary to create
deferred tax assets in accordance with Accounting Standard-22 issued by
the Institute of Chartered Accountants of India.
11. Previous Year's figures have been regrouped / rearranged wherever
necessary.
Mar 31, 2014
1.a) RIGHTS,PREFERENCE AND RESTRICTIONS
The company has only one class of shares referred to as equity shares
having a par value of Rs.10/- each. Holder of equity shares is entitled
to one vote per share.
2. CONTINGENT LIABILITIES
a) Claims against the Company not
acknowledged Year as debts in
respect of:- For the Year Previous Year
In Lacs in Lacs
Sales Tax 12.55 12.55
Income Tax 14.34 14.34
Others 23.08 23.08
b) The Company has provided following Equity Shares as margin against
Derivative Products.
Description No. of Shares
Sterlite Technology 141,200
Uflex Ltd 16,132
NTPC 1,200
Jindal Poly Films 10,000
3. Fixed Deposit of Rs. 1,45,180/- is furnished to Sale Tax
Authorities as a Bank Guarantee.
4. (a) The Company was holding One Crore Eighty Seven Lakh Twenty One
Thousand Three Hundred Thirteen Equity shares having a value of Rupees
Eighteen Crore Eighty Eight Lakh Eighteen Thousand of United
Manufacturing Co. (Delhi) Private Limited and Two Lakh Sixty Thousand
Preference Shares having a value of Rupees Two Crore Sixty Lakh of NRV
Infrastructure Limited as on 01/04/2013. Pursuant to Scheme of
arrangement dated 27th May 2013 for amalgamation of United
Manufacturing Co. (Delhi) Private Limited, NRV Infrastructure Limited
and others with Kaizen Lifestyle Products Private Limited duly approved
by the Hon''ble High Court of Delhi, company has been allotted Three
Equity Shares of Rupee Ten each of Kaizen Lifestyle Products Private
Limited for every Hundred Equity shares of Rupee One each held in
United Manufacturing Co. (Delhi) Private Limited. Company has also
been allotted One Non-cumulative optionally convertible preference
share (OCPS) of Rupees Hundred each of Kaizen Lifestyle Products
Private Limited for every One Non-cumulative optionally convertible
preference share (OCPS) of Rupees Hundred each held in NRV
Infrastructure Limited.
Accordingly Five Lakh Sixty One Thousand Six Hundred Thirty Nine Equity
Shares of Rupees Ten each and Two Lakh Sixty Thousand Non-cumulative
optionally convertible preference share (OCPS) of Rupees Hundred each
have been allotted to the company in Kaizen Lifestyle Products Pvt Ltd,
in lieu of above investments during the year.
(b) During the year, company, as per committee of board approval dated
20/12/2013, opted for conversion of Two Lakh Eighteen Thousand Sixty
Nine Non-cumulative optionally convertible preference shares (OCPS) of
Rupees Hundred each held in M/s Kaizen Lifestyles Products Private
Limited into Equity Shares.
In lieu of such conversion Five Lakh Seventy Three Thousand Eight
Hundred Sixty Six Equity Shares of Rupees Ten each were allotted to the
company by Kaizen Lifestyle Products Private Limited, at a premium of
Rupees Twenty Eight per share which, in view of the management, was the
fair value of Equity share of Kaizen Lifestyles Products Private
Limited on the date of conversion.
(c) During the year Four Lakh Forty Three Thousand Sixty Nine
Non-cumulative optionally convertible preference shares (OCPS) of
Rupees Hundred each were allotted to the company by Kaizen Lifestyle
Products Private Limited in lieu of conversion of loan and interest
accrued thereon amounting to Rupees Four Crore Forty Three Lakh Six
Thousand Nine Hundred Fifteen and Board of directors have duly took
note of the same in their meeting dated 29/07/2013
5. The Company has identified suppliers covered under the "Interest
on delayed payment to small scale and Ancillary undertaking Ordinance,
1992 promulgated on 23rd September, 1992 and has ascertained the
Liability in this regard as NIL.
6. SEGMENT REPORTING
During the year under reference, Company''s revenue is primarily from
sale of commodities and securities, premium earned and interest on
fixed depsoit/others. There was no other business segment and therefore
segment wise reporting as per AS -17 issued by the Institute of
Chartered Accountant of India is not relevant.
7. DEFERREDTAX
The Company has substantial carried forward business losses and
unabsorbed depreciation, therefore, it is unlikely to have taxable
profits in near future, hence it is not considered necessary to create
deferred tax assets in accordance with Accounting Standard-22 issued by
the Institute of Chartered Accountants of India.
8. Previous Year''s figures have been regrouped / rearranged wherever
necessary.
Mar 31, 2013
1.1 RELATED PARTY TRANSACTIONS
As per the Accounting Standard -18 "Related Party DisclosuresÂ, issued
by the Institute of Chartered Accountants of India. The related
parties of the Company as on 31.03.2013 are as follows:
a) Associates Network Capital Partners
b) Key Management Personnel Mr. Ajay Mittal - Company Secretary
1.2 Pursuant to the resolution passed by the Shareholders in Company''s
Annual General Meeting held on 23.09.2011, the company further invested
a sum of Rs. 40 Lacs (Rupees Forty Lacs only) in Kaizen Lifestyle
Products Pvt Ltd, presently an investment company. The Said investment
consists of 80,000 Equity Shares of Rs.10/- each allotted at premium of
Rs.40/- per share which, in view of the management of the company, is
the fair value of Equity Share of Kaizen Lifestyle Products Pvt Ltd
1.3 The Company has identified suppliers covered under the "Interest
on delayed payment to small scale and Ancillary undertaking Ordinance,
1992 promulgated on 23rd September, 1992 and has ascertained the
Liability in this regard as NIL.
1.4 SEGMENT REPORTING
During the year under reference, Company''s revenue from operations
includes sale of commodities, premium earned, sale of securities and
interest on fixed deposit/others. There was no other business segment
and therefore segment wise reporting as per AS Â 17 issued by the
Institute of Chartered Accountant of India is not relevant
1.5 DEFERRED TAX
The Company has substantial carried forward business losses and
unabsorbed depreciation, therefore, it is unlikely to have taxable
profits in near future, hence it is not considered necessary to create
deferred tax assets in accordance with Accounting Standard-22 issued by
the Institute of Chartered Accountants of India.
1.6 Previous Year''s figures have been regrouped / rearranged wherever
necessary.
Mar 31, 2012
A) RIGHTS, PREFERENCE AND RESTRICTIONS
The company has only one class of shares referred to as equity shares
having a par value of Rs.10/- each. Holder of equity shares is entitled
to one vote per share.
1.1 CONTINGENT LIABILITIES
a) Contingent Liabilities in respect of claims against the Company not
acknowledged as debts in respect of Sales Tax Rs. 12.55 Lacs Net
of payment [Previous year Rs. 12.55 Lacs] (Net of payment) & others Rs.
11.46 Lacs (Previous year Rs.11.46 Lacs).
d) The Company has given 0.77 Lacs Equity Shares of the Tinplate
Company of India Ltd as margin against Derivative Products, having book
value of Rs. 49.23 Lacs, Market Value Rs. 33.21 Lacs.
1.2 The company has converted Equity shares of United Manufacturing
Co. (Delhi) Pvt Ltd amounting to Rs. 1339.15 Lacs, Preference shares of
NRV Infrastructure Ltd and Kaizen Lifestyle Products Pvt Ltd. amounting
to Rs. 252 Lacs from Stock-in trade to investments as on 31/03/2012.
1.3 RELATED PARTY TRANSACTIONS
As per the Accounting Standard -18 "Related Party Disclosures",
issued by the Institute of Chartered Accountants of India.
The related parties of the Company as on 31.03.2012 are as follows:
a) Associates
Network Capital Partners
b) Key Management Personnel Ajay Mittal
c) Companies controlled by key management personnel with whom
transactions have taken Place during the year
NIL
1.4 The Company has identified suppliers covered under the "Interest
on delayed payment to small scale and Ancillary undertaking Ordinance,
1992 promulgated on 23rd September, 1992 and has ascertained the
Liability in this regard as NIL.
1.5 SEGMENT REPORTING
During the year under reference, Company's revenue from operations
includes sale of commodities, premium earned, sale of securities and
interest on fixed deposit/others, which fall under one segment. There
was no other business segment and therefore segment wise reporting as
per AS - 17 issued by the Institute of Chartered Accountant of India is
not relevant
1.6 DEFERRED TAX
The Company has substantial carried forward business losses and
unabsorbed depreciation, therefore, it is unlikely to have taxable
profits in near future, hence it is not considered necessary to create
deferred tax assets in accordance with Accounting Standard-22 issued by
the Institute of Chartered Accountants of India.
1.7 Previous Year's figures have been regrouped / rearranged
wherever necessary.
Mar 31, 2010
1. CONTINGENT LIABILITIES
a) Contingent Liabilities in respect of claims against the Company not
acknowledged as debts in respect of Sales tax Rs.12.55 Lacs Net of
payment [Previous year Rs.12.55 Lacs] (Net of payment) & others Rs.
11.46 Lacs (Previous year Rs. 14.46 Lacs).
b) Fixed Deposit receipts amounting to Rs 1016.90 lacs (Previous year
937.97 Lacs) pledged with Bank against loan sanctioned to Appughar
Infrastructure and Developers Pvt Ltd. ( An associate Company )
c) Corporate guarantee of Rs 743 Lacs (Previous Year 713 Lacs) issued
to bankers against loans availed by Appughar Infrastructure &
Developers pvt Ltd (An associate company).
2. The Financial Statements are for the period 01st July 2009 to 31st
March 2010. Figures of the Current Period are therefore, not comparable
with those of the previous year.
3. The Company is exploring new avenues and contemplating strategic
tie ups for long term value creation and to generate regular revenues
in the company.
4. The Company has identified suppliers covered under the "Interest on
delayed payment to Small Scale and Ancillary undertaking Ordinance,
1992" promulgated on 23rd September, 1992 and has ascertained the
liability in this regard as Nil.
5. The Company has substantial carried forward business losses and
unabsorbed depreciation, therefore, it is unlikely to have taxable
profits in near future and hence it is not considered necessary to
create deferred tax assets in accordance with Accounting Standard-22
issued by the Institute of Chartered Accountants of India
6. During the period under reference, Companys business income is
from interest on deposits, other income includes profit on sale of
investment in securities. There was no other business segment and
therefore segment wise reporting as per AS - 17 issued by the institute
of Chartered Accountant of India is not relevant
7. The Company had allotted 5,57,000 Optionally Convertible Preference
Shares (OCPS ) of Rs 100/ - each to the existing preference
shareholders of the company as per Special Resolution passed dated 15th
September 2009 with an option to be converted into equity shares. In
pursuance of the option of conversion exercised by the OCPS holders ,
the Board of Directors of the company had issued 11,14,000 equity
shares of Rs 10/- each at a premium of Rs 40/- each, in lieu of
5,57,000 OCPS of Rs 100/- each, as per terms and conditions of issue of
OCPS. Consequent to the above, the paid up Equity Share Capital of the
Company has increased from 48.03 crores to 49.14 crores.
8. As per the Accounting Standard -18 "Related Party Disclosures",
issued by the Institute of Chartered Accountants of India.
The related parties of the Company as on 31.03.10 are as follows:
A. List of Related parties & Relationships: -
a) Subsidiary Companies:-
- Network Retail Limited
b) Associates
- Appu Ghar Infrastructure and Developers Private Limited
- Anuj Sawhney
- Swiss Military Product S.A.
- Network Capital Partners
c) Key Management Personnel
Mr Ajay Mittal (w. e f 01.04.2008)
d) Companies controlled by key management personnel with whom
transactions have taken Place during the year
- NIL
9. Loans & Advances includes share application money of Rs 1324.15
Lakhs (Previous year Rs 1324.15 Lakhs) paid to Appughar Infrastructure
& Developers Private Limited pending allotment.
10. Previous Years figures have been regrouped / rearranged wherever
necessary.
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