Mar 31, 2014
A Contingent liabilities and commitments (to the extent not provided
for)
Particulars 31-03-2014 31-03-2013
Rs. Rs
Claims against the company not
acknowledged as debt 7.16 7.16
Guarantees- 0.00 0.00
Other money for which the company
is contingently liable 785.76 777.93
Detaiils given below :
The Company has not made provisions for the above items, which in the
opinion of the Auditors, need provision. Had the provision been made in
the books of accounts, the accumulated losses of the Company would have
increased by Rs.6852.95 lacs
c Disclosures required under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006
The company has no information regarding which of its suppliers is a
small scale industrial undertaking. Hence, the particulars of amounts
payable to such undertakings, if any, have not been given as required
under Schedule VI to the Companies Act, 1956
The company is not in a position to identify the amounts payable to
small scale and ancillary undertakings under the provision of the
"Interest on the delayed payment to small scale and ancillary
undertaking Act, 1993" and accordingly it is not possible to quantify
the extent of overdue interest payable under the said Act
d Disclosure as per Clause 3''2 of the Listing Agreements with the Stock
Exchanges
Loans and advances in the nature of loans given to subsidiaries,
associates and others and investment in shares of the Company by such
parties is NIL
k Balances of trade receivables, trade payables, loans and advances are
subject to confirmation and have been taken as appearing in the books
of accounts of the Company.
I The Company has provided depreciation of Rs.3.20 lacs on assets of
agro division as the depletion of assets has continued even though the
division was closed during the whole year. Plant & machineries have
been considered to be continuous process plant and depreciation has
been charged accordingly ''
d Deferred tax asset/(liability) AS-22
Since the company has been continuously incurring net losses / cash
losses and still there is no certainty about the future income,
deferred tax asset has not been accounted as a prudent accounting
practice
f Segment reporting AS-17
The Company has identified business segments as its primary segment and
geographic segments as its secondary segment. Business segments are
primarily Textiles and Windfarm. Revenues and expenses directly
attributable to segments are reported under each reportable segment.
Expenses which are not directly identifiable to each reportable segment
have been allocated on the basis of associated revenues of the segment
and manpower efforts. All othej expenses which are not attributable or
allocable to segments have been disclosed as unallocable expenses.
Assets and liabilities that are directly attributable or allocable to
segments are disclosed under each reportable segment. All other assets
and liabilities are disclosed as unallocable. Fixed assets that are
used interchangeably amongst segments are not allocated to primary and
secondary segments. Geographical revenues are allocated based on the
location of the customer. Geographic segments of the Company are Surat
and Rajkot.
Mar 31, 2012
1.a. Estimated amount of contracts remaining to be executed on capital
accounts and not provided for Rs. Nil (Previous year Rs. Nil)
b. Contingent liabilities
Name of Nature of dues Amount Forum where Management's
statute / Rs.lacs dispute is perception,
Authority pending if any
Gujarat Demand on regular 544.68 Case The demand
Sales Tax assessment reminded by raised is
Act, 1969 A.Y. 1986-87 Tribunal to based on
to 89-90 A.C. Sales false
A.Y.1993-94 Tax. presumptions
to 98-99 Bhavnagar only and
hence, no
liability is
envisaged.
Demand on regular 10.24 GVAT Demand raised
assessment Tribunal, due to
A.Y.2002-03 Gujarat purchases
from
allegedly
fictitious
dealers is
not taxable
because of
documentary
evidences and
facts on the
subject
N.A. Guarantee 101.78 N.A. Commission
commission payable to
payable to directors
directors and others
&others providing
1999-00 to for
2009-10 guarantee
and security
to the banks
and financial
institutions
against
their
lending to
the
company.
Civil Suit Non payment of 116.47 Fast Track Supply of
materials Court. machines by
supplied and Ranipat BHEL has
other charges O.S.No.25 not been in
up to of 2006 accordance
dt.30-11-01 as with the
per contract terms of
by BHEL - contract.
1995
Civil Suit Claims against 7.16 No liability
the company not is envisaged
the acknowledged by
as debt management
on this
account
2. Value of imports on C.I.F. basis Rs. Nil (Previous year Rs.Nil)
3. Earnings or Expenditure in foreign exchange - Foreign travelling
Rs. 52929/- (Euro 796.60) (Previous year Rs. Nil)
4. a. Remuneration paid to directors Rs. 2,99,268/- (Previous year
Rs. 2,99,268/-).
b. Travelling & conveyance expenses incurred by Directors
Rs. 2,15,102/- (Previous year Rs. 2,42,408/-).
5. The company has provided depreciation of Rs. 16.25 lacs on assets
of agro division as the depletion of assets has continued even though
the division was closed during the whole year. Plant & machineries
have been considered to be continuous process plant and depreciation
has been charged accordingly.
6. The balances of sundry debtors, sundry creditors, secured and
unsecured loans, loans and advances and old bank balances are subject
to confirmation and have been taken on the basis of the accounts in the
books of the company
7. The closing stock of raw materials, finished goods, consumable
stores, oil, diesel and packing materials are as taken, valued and
certified by the directors of the company.
8. In the opinion of Board of Directors, all the current assets,
loans and advances have net realisable value as stated in the balance
sheet except for loans and advances and old bank balances in respect of
which provision is required to be made as mentioned in note no.3.
9. Sundry debtors (unsecured, considered good) include a sum of Rs.
Nil (Previous year Rs.Nil) due by companies/firms in which director(s)
is/are interested as director/member. Loans & advances (unsecured,
considered good) include a sum of Rs. Nil (Previous year Rs.Nil) due by
companies/firms in which director(s) is/are interested as
director/member.
10. a. The company has no information regarding which of its suppliers
is a small scale industrial undertaking. Hence, the particulars of
amounts payable to such undertakings, if any, have not been given as
required under Schedule VI to the Companies Act, 1956.
b. The company is not in a position to identify the amounts payable to
small scale and ancillary undertakings under the provision of the
"Interest on the delayed payment to small scale and ancillary
undertaking Act, 1993" and accordingly it is not possible to quantify
the extent of overdue interest payable under the said Act.
11. During the year under review, there was no employee drawing
remuneration of Rs. 2,00,000/- per month or RS. 24,00,000/-per annum.
Moreover, there was no employee drawing if employed for the part of the
year in receipt remuneration of Rs. 2,00,000/ per month or Rs.
24,00,000/- for the part of the year.
12. The company had been held sick industrial company within the
meaning of the provisions of sec.3(l(0) of the Sick Industrial
Companies ( Special Provisions ) Act, 1985 by the BIFR on dt.20-09-2005
and has been held to be wound up us 20(1) of the said Act by the BIFR
on dt. 14-09-2006. The said order has been upheld by the AAIFR on
dt.06-12-2010. These orders of company's winding up are challenged by
the company, by way of civil application before the Hon'ble Gujarat
High Court.
13. Figures of previous year are regrouped or rearranged to make them
comparable with the current year figures.
14. Licensed, installed capacities and production; quantitative &
other details - Annexure 'A'
15. In view of huge accumulated losses endangering 'Going Concern'
status of the company, Deferred Tax Assets are not recognized following
the principle of conservative.