Mar 31, 2014
1. Figures in the financial statement of profit & Loss Account for the
current period are for 12 months i.e., from 1st April, 2013 to 31st
March, 2014. The figures have been regrouped, wherever necessary, so as
to make them comparable.
2. The management is in search of lucrative line of activity to improve
its bottom line though capital advances has been given for procurement
of land for the propose project.
3. The company is regular in tiling its commercial tax returns and
excise returns with respective authorities.
4. The Company has sent letters for Confirmation of balances to
parties, unsecured loans, sundry debtors, loans and advances, bank
balances and current liabilities for amounts due to them/from them.
Necessary adjustments, in accounts, if any, will be made on settlement
of accounts.
5. The Information regarding small scale industrial undertakings'' dues
are under compilation and such details can''t be readily determined.
Under the circumstances, the same have not been disclosed.
6. The company is process of appointment of qualified company
secretary though due publicity has been given for such appointment.
7. The company has not paid any Remuneration to the Managing Director
during the year under review, (previous year Rs Nil).
8. Prior period Items as shown in the Profit & Loss Account.
9. Contingent Liabilities
The Company has duly paid principal undisputed dues of all statutory
authorities however on account of delayed payments, liabilities may
arise with respect to statutory authorities, retrenched workers. The
aforesaid liabilities, if any, if arises in future, will be accounted
for upon crystallization of such liabilities,
10. Segment Reporting
Presently, the company has trading activity of Steel Tubes during the
year under review, therefore no separate segment reporting has been
made.
11. Related Party Disclosures:
The Company entered into related party transactions during the year
with the associates company and key management personnel. The details
of transactions are mentioned below:
12. Deferred Tax
The Company has duly complied the provisions of Accounting Standard 22
"Accounting for Taxes on income".
Mar 31, 2013
1. Figures in the financial statement of Profit & Loss Account for the
current period are for 12 months i.e. from 1st April, 2012 to 31st
March, 2013 and hence the same are not comparable with the figures of
the previous year which were for 15 months. The figures have been
regrouped, wherever necessary, so as to make them comparable.
2. The management is in search of lucrative line of activity to
improve its bottom line though capital advances has been given for
procurement of land for the propose project.
3. The company is regular in filing its commercial tax returns and
excise returns with respective authorities.
4. The Company has sent letters for Confirmation of balances to
parties, unsecured loans, sundry debtors, loans and advances, bank
balances and current liabilities for amounts due to them/from them.
Necessary adjustments, in accounts, if any, will be made on settlement
of accounts.
5. The Information regarding small scale industrial undertakings'' dues
are under compilation and such details can''t be readily determined.
Under the circumstances, the same have not been disclosed.
6. The company is process of appointment of qualified company
secretary though due publicity has been given for such appointment.
7. The company has not paid any Remuneration to the Managing Director
during the year under review. (previous year Rs Nil).
8. Contingent Liabilities
The Company has duly paid principal undisputed dues of all statutory
authorities however on account of delayed payments, liabilities may
arise with respect to Statutory authorities, retrenched workers. The
aforesaid liabilities, if any, if arises in future, will be accounted
for upon crystallization of such liabilities.
9. Segment Reporting :
Presently, the company has trading activity of iron scrap during the
year under review, therefore no separate segment reporting has been
made.
10. Deferred Tax :
The Company has duly complied the provisions of Accounting Standard 22
ÂAccounting for Taxes on IncomeÂ.
(B) PRODUCTION, STOCK : FINISHED GOODS :
i) Production / Purchases :
Installed Capacity of the company not disclosed due to temporary
discontinuing of manufacturing activity of the company.
Dec 31, 2010
(1) Figures in the profit & loss Account for the current period are for
9 months i.e. from 1st April 2010 to 31st Dec. 2010 and hence the same
are not comparable with the figures of the previous year which were for
12 months. The figures have been regrouped, wherever necessary, so as
to make them comparable.
(2) On account of erosion in net worth, as on 30-09-1998, the Company
made a reference to the Board for Industrial and Financial
Reconstruction (BIFR)and Company was declared Sick Industrial Company
within the meaning of Section 3(1) (o) of the Sick Industrial Companies
(Special Provisions) Act, 1985. The rehabilitation Scheme sectioned by
AAIFR was under implementation, however on account of need of
modification in sanctioned scheme, the company submitted modified
Rehabilitation Scheme to OA which was duly recommended by OA to BIFR.
The BIFR advised for certain modification in the scheme submitted by OA
which are under correction by OA. IN the meantime with a view to early
implementation the modified rehabilitation scheme, the company had
issued new equity shares of face value of Rs. 10/- each at a premium of
Rs.235/- per equity share to Investor/ co promoter and their
associates. Moreover to present and true and fair view of financial
statements, the Company has write off/ written back the secured /
unsecured lenders/creditors whose dues have been either settled /
crystallized and / or paid or such crystallized amount is unpaid.
(3) The Company has sent letters for confirmation of balances to
parties, unsecured loans, sundry debtors, loans and advances, bank
balances and current liabilities for amounts due to them/from them,
Necessary adjustments, in accounts, if any, will be made on settlement
of accounts.
(4) The information regarding small scale industrial undertakings dues
are under compilation and such details can't be readily determined.
Under the circumstances, the same have not been disclosed.
(5) The company is process of appointment of qualified company
secretary though due publicity has been given for such appointment.
(6) The company has not paid any Remuneration to the Managing Director
during the year(previous year Rs Nil.)
(7) Contingent Liabilities
The Company has duly paid principal undisputed dues of all statutory
authorities however on account of delayed payments liabilities may
arise with respect to Provident Fund, Gratuity, Employees State
Insurance (ESIC), Sales Tax, Excise Department, Director General of
Foreign Trade, workers of the company, Liabilities, if any, arises in
future will be accounted for upon crystallization of such liabilities
(8) Segment Reporting
Presently, the company has one operational segment namely Pipe fitting,
therefore no separate segment reporting has been made during the year
and under review.
(9) Deferred Tax
Since the Company has been incurring losses year after year and not
earned any profit since 2005-2006 hence the Company has not been
considered Deferred Tax asset A as provided in Accounting Standard 22 "
Accounting for Taxes on Income".
(10) Information pursuant to the provision of paragraph 3, 4C & 4D of
part-II of Schedule VI of the Companies Act, 1956:
Mar 31, 2010
(1) Figures in the profit & loss Account for the current period are for
12 months i.e. from 1st April 2009 to 31st March 2010.The figures have
been regrouped, wherever necessary, so as to make them comparable.
2 (a) On account of erosion in net worth as on 30-09-1998, the Company
made a reference to the Board for Industrial and Financial
Reconstruction (BIFR) and the Company was declared a Sick Industrial
Company within the meaning of Section 3(1) (o) of the Sick Industrial
Companies (Special Provisions) Act, 1985. The rehabilitation Scheme was
under implementation, however the company has not been able to fulfill
the obligations of financial institutions and therefore modified
Rehabilitation Scheme is under consideration with OA/BIFR.
b) In view of this, no adjustment with respect to the write off /
waivers by secured lenders/Unsecured lenders or any of advances
received against sale of assets has been made by the Company in the
financial statements at this juncture, except in the case of Syndicate
Bank, IDBI, BOB and other parties where the account is settled with the
such lender/creditor. The said adjustments will be made by the Company
in the financial statements only after the Rehabilitation Scheme is
sanctioned & implemented.
(3) The Company has sent letters for Confirmation of balances to
parties, unsecured loans, sundry debtors, loans and advances, bank
balances and current liabilities for amounts due to them/from them.
Necessary adjustments, in accounts, if any, will be made on settlement
of accounts.
(4) The Information regarding small scale industrial undertakings dues
are under compilation and such details cant be readily determined.
Under the circumstances, the same have not been disclosed. .
(5) The company is process of appointment of qualified company
secretary though due publicity has been given for such appointment.
(6) The company has not paid any Remuneration to the Managing Director
during the year (previous year Rs Nil).
(7) Prior period Items as shown in the Profit & Loss Account for the
year are as under:
(8) Contingent Liabilities
There are pending court cases, against the company with respect to
certain statutory dues with respect to Provident Fund, Gratuity,
Employees State Insurance (ESIC), Sales Tax, Excise Department, Pending
cases of workers of the company, Winding up petitions and Civil suits.
Liabilities may arise against the company, if any, in future on
settlement of these cases in the court of law. The amount for such
cases is not determined by the company.
(9) Segment Reporting
The Company has disclosed Business Segment as the primary segment.
Segments have been identified taking into account the nature of
products, the differing risks and returns, the organization structure
and internal reporting system. Segment Revenue, Segment Results,
Segment Assets and Segment Liabilities include the respective amounts
identifiable to each of the segments as also amounts allocated on a
reasonable basis. The expenses, which are not directly attributable to
the business segment, are shown as unallocated corporate cost. Assets &
Liabilities that cannot be allocated between the segments are shown as
a part of unallocated corporate assets and liabilities respectively.
Mar 31, 2008
1) Figures in the profit & loss Account for the current period are for
12 months i.e. from 1st April 2007 to 31st March 2008.The figures have
been regrouped, wherever necessary, so as to make them comparable.
(a) On account of erosion in net worth, as per provisions of law, the
Company made a reference to the Board for Industrial and Financial
Reconstruction (BIFR) under section 15 of the Sick Industrial Companies
(Special Provisions) Act, 1985, ("the Act"), the Company was declared
a Sick Industrial Company within the meaning of Section 3(1) (o) of the
Sick Industrial Companies (Special Provisions) Act, 1985. The BIFR
appointed IDBI as Operating Agency (OA) under section 17 (3) of the Act
to prepare Rehabilitation Scheme for the revival of the Company.
AAIFR, vide its order dated October 15, 2004,has sanctioned
Rehabilitation Scheme. The rehabilitation Scheme was under
implementation, however the company has not been able to fulfill the
obligations of financial institutions and therefore modified
Rehabilitation Scheme is under preparation/consideration.
b) In view of this, no adjustment with respect to the write off / waiver
of interest by secured lenders has bee made by the Company in the
financial statements at this juncture, except in the case of Syndicate
Bank, where the account is settled with the bank. The said adjustments
will be made by the Company in the financial statements only after
sanctioned of modified Rehabilitation Scheme. (3) (a) The Company has
investments in its subsidiary company i.e. Rs.1,00,000/- in Ram Prasad
Investments & Traders Private Ltd., and of Rs.10,000/- in its associate
company, Evergreen Manufacturing and Marketing Private Ltd. The
aggregate loss of the subsidiary and of the associate company is in
excess of its respective paid-up share capital/reserves. Total
outstanding towards debtors accounts, amounts to
Rs.17,11,096/-(previous year Rs.15,65,399/-) due from Ram Prasad
Investments & Traders Private Ltd. The chances of any recovery thereof
remain uncertain. The company has made necessary provisions for the
doubtful debts during the current period. No provision for diminution
in the value of the investments has been made. Under the circumstances,
no view can be expressed for the recoverability of the amount of
investment in subsidiary company and associate company.
(b) In the current year the company balance of bad and doubtful debts
has reduced on account of recovery from such debts. The amount is
reduced by Rs.1,46,67,120/-, hence the provision for bad and doubtful
debts amounts to Rs. 85,29,747/- previous year (Rs.2,31,96,867/-). The
provisions include outstanding dues of subsidiary and associate
company. Provision for unrecoverable advance for the current year
amounts to Rs.47,12,180/- (previous year Rs.68,34,865/-) have been
made in the financial statements of the company.
(2) The Accounting Standard-28 (AS-28) "Impairment of Assets" issued by
the Institute of Chartered Accountants of India is applicable to the
company from the current accounting ended on 31st March 2008. As per
the requirements of the AS-28, the company should determine impairment
loss in respect of the fixed assets of the Company's Pipe Fittings and
Plastic Divisions. The Company has not ascertained or recognized the
impairment loss in the profit and loss account. Necessary adjustments
in respect thereof have not been made in the carrying amounts of the
fixed assets and in the balance of revaluation reserve under Reserves
and Surplus of the Balance Sheet.
(3) No provision has been made for Rs.7,26,16,908/- (Up to previous
year Rs.6,05,61,897/- ) being interest on unsecured loans from a
company listed in register maintained under section 301, a finance
company and others, as the company is in negotiation with the lender
for waiver of the liability. Further Dealers Deposit amounting to
Rs.1,83,10,777/- is treated as unsecured loan, since they are long term
in nature.
(4) During the current year the Company has filed an appeal against the
orders passed by the Sales Tax Authorities demanding sales
tax/interest/penalty of Rs.9,32,36,951/- (previous year Rs.
55,26,295/-) and has disputed the demands before the Appellate
Authority. No provision has been made in the books for this liability.
(5) The Company has not provided towards gratuity payable to its
employees, amounting to Rs10,92,810/- (8) The Company has not sent
letters for Confirmation of balances to parties, secured loans,
unsecured loans, sundry debtors, loans and advances, bank balances and
current liabilities for amounts due to them/from them. Necessary
adjustments, in accounts, if any, will be made on settlement of
accounts.
(6) The Information regarding small scale industrial undertakings' dues
are under compilation and such details can't be readily determined.
Under the circumstances, the same have not been disclosed.
(7) The company is process of appointment of qualified company
secretary though due publicity has been given for such appointment.
(8) The company has not paid any Remuneration to the Managing Director
during the year (previous year Rs Nil)
(9) Prior period Items as shown in the Profit & Loss Account for the
year are as under:
(10) Contingent Liabilities
There are pending court cases other than stated above, against the
company with respect to certain statutory dues with respect to
Provident Fund, Gratuity, Employees State Insurance (ESIC), Sales Tax,
Excise Department pending cases of workers of the company, winding up
petitions and civil suits. Liabilities may arise against the company,
if any, in future on settlement of these cases in the court of law. The
amount for such cases is not determined by the company.
(11) Segment Reporting
The Company has disclosed Business Segment as the primary segment.
Segments have been identified taking into account the nature of
products, the differing risks and returns, the organization structure
and internal reporting system. Segment Revenue, Segment Results,
Segment Assets and Segment Liabilities include the respective amounts
identifiable to each of the segments as also amounts allocated on a
reasonable basis. The expenses, which are not directly attributable to
the business segment, are shown as unallocated corporate cost. Assets &
Liabilities that cannot be allocated between the segments are shown as
a part of unallocated corporate assets and liabilities respectively.
(12) Related Party Disclosures:
The Company entered into related party transactions during the year
with the subsidiary/associates company and key management personnel.
The details of transactions are mentioned below: Net
increase/(decrease) in liabilities for the year of Rs.(683,720)/-
(Previous Year Rs.664,433) have been charged to the Profit & Loss
account. However the same is not recorded in the financial statements
of the company under the premise that future taxable income would not
be able to recover unabsorbed depreciation and brought forward losses
of the company.
(13) During the year the company has entered in to an agreement/deed
for its assets however the necessary accounting treatment for the same
would be given after the sanctioned of Rehabilitation Scheme by the
hon'ble BIFR. Had the accounting treatment would have been given the
loss for the year and brought forward loss would reduce by Rs.
61,24,076/- the gross Block of Fixed Assets would reduce by Rs.
46,95,186/- (including revaluation Value Rs. 46,78,312/-) and
revaluation reserve would reduce by Rs. 46,78,312/- and current
liabilities would reduce by Rs. 62,95,200/-