Mar 31, 2015
(A) Rights, preferences and restrictions attached to shares
EQUITY SHARES
The company has one class of equity shares having a par value of Rs. 10
each.
PREFERENCE SHARES
The 12% Redeemable Preference Shares are redeemable at Rs. 10 per
share.
* Securities pledged for loans obtained by associate concerns from a
bank -* Shares lying with CBI
1. Contingent liabilities' not provided for:
Income-tax Rs 2,53,87,549 (previous year Rs 2,53.87,549)
2. (a) The Tax Recovery Of (TRO) has passod order sunder secaon 226
of the lncome-taxAcl,1961 for attachment of credit balances lying in
some bank accounts and has commenced recovery proceedings under section
222.
(b) Certain cases have been filed by Serious Fraud Investigation Office
(SFIO) for alleged violation of the provisions of the Companies Act,
1956 before the Chief Metropolitan (CMM) Court, the same are pending
disposal.
3. Sundry debtors Rs100,222,765 (previous year Rs 99,794,054) and Loan
& Advances of Rs 68,081,319 (previous year Rs 77,825,000) due from an
associate company Notwithstanding the financial and legal matters
involving the said company, the Management is hopeful of recovering the
amount and no provision is presently considered necessary.
4. In terms of Accounting standard 17, "Segment Reporting* issued by
the Institute of Chartered Accountants of India, no reporting is
required to be made as the Company has not undertaken any trading
activity during the year under review.
5. In terms of Accounting standard 22, "Accounting for taxes on
income* issued by the Institute of Chartered Accountants of India, the
Deferred Tax Assets have tnt been created in the accounts for the year
ended 31st March, 2015 as the Company considers that there is no
reasonable certainty of sufficient future taxable Income being
available against which such deferred tax assets can be
realized/utilized.
6. The carrying amounts of assets are reviewed at each balance sheet
date V there Is any indication of impairment based on internal/external
factors i.e. when the carrying amounts of these assets exceeds the
recoverable amount, an impairment loss is charged to the profit arid
loss account in the year in which an asset is identified as impaired.
An impairment toss recognized in prior accounting periods is reversed
or reduced If there has been a favorable change in the estimate of
recoverable amount
7. There are no dues / overdoes to Smal Scale and/or Anwar Industrial
Suppliers on account of principal and/or Interest as at the close of
the year.
8. (a) Previous year's figures have been regrouped, re-arranged and /
or recast, wherever considered necessary to correspond with current
year's classification / disclosures.
(b) Figures have been rounded-off to the nearest rupee.
9. Information pursuant to Part II of Revised Schedule VI of the
Companies Act, 1956 are given to the extent they are applicable to the
Company.
Mar 31, 2014
1. Contingent liabilities not provided for:
Income-tax Rs 2,53,87,549 (previous year Rs 2,51,31,160)
2. (a) The Tax Re«)very Officer (TRO) has passed orders uiider
section 226 rfthelncome-taxAct, 1961 for attachment of credit balances
lying in some bank accounts and has commenced recovery proceedings
under section 222.
(b) Certain cases have been filed by Serious Fraud Investigation Office
(SFIO) for alleged violation of the provisions of the Companies Act,
1956 before the Chief Metropolitan (CMM) Court, the same are pending
disposal.
3. Sundry debtors Rs 9,97,94,054 (previous year Rs 9,97,94,054) and
Loan & Advances of Rs7,78,25,000 (previous year Rs 7,78,25,000) due
from an associate company Notwithstanding the financial and legal
matters involving the said company, the Management is hopeful of
recovering the amount and no provision is presently considered
necessary.
4. In terms of Accounting standard 17, "Segment Reporting" issued by
the Institute of Chartered Accountants of India, no reporting is
required to be made as the Company has not undertaken any trading
activity during the year under review.
5. In terms of Accounting standard 22, "Accounting for taxes on
income" issued by the Institute of Chartered Accountants of India, the
Deferred Tax Assets have not been created in the accounts for the year
ended 31st March, 2014 as the Company considers that there is no
reasonable certainty of sufficient future taxable income being
available against which such deferred tax assets can be
realized/utilized.
6. The carrying amounts of assets are reviewed at each balance sheet
date if there is any indication of impairment based on internal /
external factors i.e. when the carrying amounts of these assets exceeds
the recoverable amount, an impairment toss is charged to the profit and
loss account in the year in which an asset is identified as impaired.
An impairment loss recognised in prior accounting periods is reversed
or reduced if there has been a favourable change in the estimate of
recoverable amount
7. There are no dues / overdues to Small Scale and/or Ancillary
Industrial Suppliers on account of principal and/or interest as at the
close of the year.
8. (a) Previous year''s figures have been regrouped, re-arranged and /
or recast, wherever considered necessary to correspond with current
year''s classification /disclosures.
(b) Figures have been rounded-off to the nearest rupee.
9. Information pursuant to Part II of Revised Schedule VI of the
Companies Act, 1956 are given to the extent they are applicable to the
Company.
Mar 31, 2013
1. Contingent liabilities not provided for:
Income-tax Rs 2,51,31,160 (previous year Rs 2,51,31,160)
2. Mr Ketan V. Parekh, notified under the Special Court (TORTS) Act,
1992 is an ex-director of the Company. The Custodian has withdrawn a
sum of Rs 235,376 (previous year Rs 235,376) from various bank accounts
of the Company. The Company has no liability under the said Act and
hence, the same has been shown as an asset under the head - Long-term
Loans and Advances. In any view, the amount is receivable from the
aforesaid ex-director. Mr Ketan V. Parekh made an application to Court
under the aforesaid Act for de-notification.
The said amount will be received back as soon as he is de-notified. in
any view, the said amount is receivable from the aforesaid ex-director.
3. (a) The Tax Recovery Officer (TRO) has passed orders under section
226 of the Income-tax Act, 1961 for attachment of credit balances lying
in some bank accounts and has commenced recovery proceedings under
section 222.
(b) Certain cases have been filed by Serious Fraud Investigation Office
(SFIO) for alleged violation of the provisions of the Companies Act,
1956 before the Chief Metropolitan (CMM) Court, the same are pending
disposal.
4. Sundry debtors Rs 9,97,94,054 (previous year Rs 9,97,94,054) and
Loan & Advances of Rs7,78,25,000 (previous year Rs 7,78,25,000) due
from an associate company Notwithstanding the financial and legal
matters involving the said company, the Management is hopeful of
recovering the amount and no provision is presently considered
necessary.
5. In terms of Accounting standard 17, "Segment Reporting" issued
by the Institute of Chartered Accountants of India, no reporting is
required to be made as the Company has not undertaken any trading
activity during the year under review.
6. In terms of Accounting standard 22, "Accounting for taxes on
income'' issued by the Institute of Chartered Accountants of India,
the Deferred Tax Assets have not been created in the accounts for the
year ended 31st March, 2013 as the Company considers that there is no
reasonable certainty of sufficient future taxable income being
available against which such deferred tax assets can be
realized/utilized.
7. The carrying amounts of assets are reviewed at each balance sheet
date if there is any indication of impairment based on internal /
external factors i.e. when the carrying amounts of these assets exceeds
the recoverable amount, an impairment loss is charged to the profit and
loss account in the year in which an asset is identified as impaired.
An impairment loss recognized in prior accounting periods is reversed
or reduced if there has been a favorable change in the estimate of
recoverable amount.
8. There are no dues / overdoes to Small Scale and/or Ancillary
Industrial Suppliers on account of principal and/or interest as at the
close of the year.
9. (a) Previous year''s figures have been regrouped, re-arranged and
/ or recast, wherever considered necessary to correspond with currant
year''s classification / disclosures.
(b) Figures have been rounded-off to the nearest rupee.
10. Information pursuant to Part II of Revised Schedule VI of the
Companies Act, 1956 are given to the extent they are applicable to the
Company.
Mar 31, 2012
(a) Rights, preferences and restrictions attached to shares EQUITY
The company has one class of equity shares having a par value of Rs. 10
each. Each shareholder is eligible for one vote per share held. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuingAnnual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
PREFERENCE SHARES
Preference shares would be redeemable at par at the option of the
Company by giving a notice of not less than 48 hours. These shares
would carry a fixed cumulative dividend of 12% per annum.
(a) Deferred sales tax loan from SICOM carries Nil interest.
(b) Terms of repayment of Loan
There is no repayment schedule for the said loan.
1. Contingent liabilities not provided for:
1ncome-tax Rs 2,51,31,160 (previous year Rs 2,51,31,160)
2. Mr Ketan V. Parekh, notified under the Special Court (TORTS) Act,
1992 is an ex-director of the Company. The Custodian has withdrawn a
sum of Rs 235,376 (previous year Rs 235,376) from various bank accounts
of the Company. The Company has no liability under the said Act and and
hence, the same has been separately shown as an asset under the head -
Loans and Advances. In any view, the amount is receivable from the
aforesaid ex-director. Mr Ketan V. Parekh made an application to Court
under the aforesaid Actfor de-notification.
The said amount will be received back as soon as he is de-notified.In
any view, the said amount is receivable from the aforesaid ex-director.
3. (a) The Tax Recovery Officer (TRO) has passed orders undersection
226 of the Income-tax Act, 1961 for attachment of credit balances lying
in some bank accounts and has commenced recovery proceedings
undersection 222.
(b) Certain cases have been filed by Serious Fraud Investigation Office
(SFIO) for alleged violation of the provisions of the CompaniesAct,
1956 before the Chief Metropolitan (CMM) Court, the same are pending
disposal.
4. Sundry debtors Rs 9,97,94,054 (previous year Rs 9,97,94,054) and
Loan & Advances of Rs7,78,25,000 (previous year Rs 7,78,25,000) due
from an associate company Notwithstanding the financial and legal
matters involving the said company, the Management is hopeful of
recovering the amount and no provision is presently considered
necessary.
5. In terms of Accounting standard 17, "Segment Reporting" issued
by the Institute of Chartered Accountants of India, no reporting is
required to be made as the Company has not undertaken any trading
activity during the year under review.
6. In terms of Accounting standard 22, "Accounting for taxes on
income" issued by the Institute of Chartered Accountants of India,
the Deferred Tax Assets have not been created in the accounts for the
year ended 31st March, 2012 as the Company considers that there is no
reasonable certainty of sufficient future taxable income being
available against which such deferred tax assets can be
realized/utilized.
7. The carrying amounts of assets are reviewed at each balance sheet
date if there is any indication of impairment based on internal /
external factors i.e. when the carrying amounts of these assets exceeds
the recoverable amount, an impairment loss is charged to the profit and
loss account in the year in which an asset is identified as impaired.
An impairment loss recognised in prior accounting periods is reversed
or reduced if there has been a favourable change in the estimate of
recoverable amount.
8. There are no dues / overdues to Small Scale and/or Ancillary
Industrial Suppliers on account of principal and/or interest as at the
close of the year.
9. (a) The Revised Schedule VI has become effective from 1st April,
2011 for the preparation and presentation of financial statements. This
has significantly impacted the disclosures and presentations made in
the financial statement. Previous year's figures have been regrouped,
re-arranged and / or recast, wherever considered necessary to
correspond with current year's classification / disclosures.
(b) Figures have been rounded-off to the nearest rupee.
10. Information pursuant to Part II of Revised Schedule VI of the
Companies Act, 1956 are given to the extent they are applicable to the
Company.
Mar 31, 2009
1. Contingent liabilities not provided for :
Income-tax Rs 2,51,31,160 (previous year Rs 2,64,95,202)
2. Mr Ketan V. Parekh, notified under the Special Court (Trial of
Offences Relating to Transactions in Securities Act, 1992) is a
director of the Company. The Custodian under the aforesaid Act has
withdrawn a sum of Rs 605 from the account of the Company with the Bank
of India. The Company has no liability under the under the aforesaid
Act and hence, the sum has been separately shown as an asset under the
head - Loans and Advances. Mr Ketan V. Parekh had made an application
to the Special Court under the aforesaid Act for de-notification;
however, the same has been ruled against him. Mr Ketan V. Parekh has
carried the matter against the said ruling in the Apex Court.
The said amount will be received back as soon as he is de-notified. In
any view, the said amount is receivable from the aforesaid ex-director.
3. (a) The Tax Recovery Officer (TRO) has passed orders under section
226 of the Income-tax Act, 1961 for attachment of credit balances lying
in some bank accounts and has commenced recovery proceedings under
section 222.
(b) Certain cases have been filed by Serious Fraud Investigation
Office(SFIO) for alleged violation of the provision of the Companies
Act, 1956 before the Chief Metropolitan(CMM) Court, the same are
pending for disposal.
4. Sundry debtors Rs 9,97,94,054 (previous year Rs 9,97,94,054) due
from an associate company Messrs NH Securities Ltd. Notwithstanding the
financial and legal matters involving the said company, the Management
is hopeful of recovering the amount and no provision is presently
considered necessary.
5. Additional information pursuant to the provisions of paragraphs 4C
and 4D given hereinbelow, to the extent applicable: (As certified by
Management and relied on by Auditors)
Figures in brackets are in respect of previous year.
(a) Particulars in respect of opening stock, purchases, sales and
closing stock of goods and securities traded in : Nil
(b) CIF value of imports of raw materials Nil
(c) Expenditure in Foreign Currency Nil
(d) Remittance in Foreign Currency Nil
(e) Earnings in Foreign Currency Nil
6. In terms of Accounting standard 17, ÃSegment Reportingà issued by
the Institute of Chartered Accountants of India, no reporting is
required to be made as the Company has not undertaken any trading
activity during the year under review.
7. In terms of Accounting standard 22, ÃAccounting for taxes on
incomeà issued by the Institute of Chartered Accountants of India, the
Deferred Tax Assets have not been created in the accounts for the year
ended 31st March, 2009 as the Company considers that there is no
reasonable certainty of sufficient future taxable income being
available against which such deferred tax assets can be
realized/utilized.
8. The carrying amounts of assets are reviewed at each balance sheet
date if there is any indication of impairment based on internal /
external factors i.e. when the carrying amounts of these assets exceeds
the recoverable amount, an impairment loss is charged to the profit and
loss account in the year in which an asset is identified as impaired.
An impairment loss recognised in prior accounting periods is reversed
or reduced if there has been a favorable change in the estimate of
recoverable amount.
9. There are no dues / overdues to Small Scale and/or Ancillary
Industrial Suppliers on account of principal and/or interest as at the
close of the year.
(a) Related Parties Ã
Sr no Related Party Relations
1 Saimangal Investrade Ltd Company having Control of the
Reporting Enterprise
2 Mr. Kartik K. Parekh (i) Key management personnel
Director (ii) Has significant influence over
the reporting enterprise
3 Mr. Kirtikumar N. Parekh (i) Key management personnel
Director (ii) Has significant influence over
the reporting enterprise
4 Panther Fincap and
Management Services Ltd
5 NH Securities Ltd
6 Classic Infin Ltd
7 KNP Securities Pvt Ltd Associate companies in which key management
8 Classic Credit Ltd personnel directly or indirectly having
significant
9 Classic Share & Stock
Broking influence
Services Ltd
10 Netscape Software Ltd
11 Panther Investrade Ltd
12 Gibs Computers Ltd
13 Chat Computers Ltd
14 Luminant Investments Ltd
10. Previous years figures have been regrouped, recast wherever
necessary.