Mar 31, 2013
1. The name of the Company was changed from Zentronics Technologies
Limited to TechTrek India limited on 20th March, 2010 as per
certificate given by the Deputy Registrar of Companies, Maharashtra.
However, the name has been changed to TechTrek India Limited on 22/01/
2013 in the records of MIDC.
2. Accounting policies not specifically referred to are consistent and
in consonance with generally accepted accounting practices.
3. Previous Years figures have been regrouped and recast wherever
necessary to make them comparable with Current Year''s figures in order
to meet requirement of Revised Schedules VI.
4. On the basis of replies received by the Company in response to
enquiries made, there is no dues payable at year end to Micro, Small &
Medium Enterprises nor are there other particulars that are required to
be disclosed under the Companies Act, 1956 or the Micro, Small & Medium
Enterprises Development Act, 2006.
5. Depreciation has been provided as per Schedule XV (as amended by
notification No. 756(E) dated : 16.12.1993) of the Companies Act, 1956
on all Fixed Assets with on WDV method and on pro rata basis according
to the period each Asset has been put to use. However, depreciation has
been provided on SLM basis on the revalued portion of the Building.
6. Accounting Standard 15(AS-15) issued by Institute of Chartered
Accountants of India require the Gratuity and Leave encashment
Liabilities to be accounted for on accrual basis. However, the
provisions of Gratuity Act are not applicable to the Company in the
present year, and no provision is required to be made on account of
Leave encashment as it is not due.
7. The company has not made any provision for payment of interest to
Debenture holder as mutually agreed with the said holder.
8. Deferred Taxation:
a) In compliance with Accounting Standard relating to Accounting for
Taxes on Income -AS 22 issued by the Institute of Chartered Accountants
of India (ICAI) effective from 1-4-2002, the Company had not made any
provision for Deferred Tax in the past. However, the Company has
started making a provision since last 7 years and accordingly has made
a provision this year and has adjusted the Deferred Tax Liability/Asset
arising on account of timing difference.
9. Segment Information :
Based on the guiding principles given in Accounting Standard on
''Segment Reporting'' (AS-17) as notified by Companies (Accounting
Standards) Rules, 2006, the Company is organized into one main business
of Information Technology and others (which includes Rental income from
Building). Accordingly, no other details need to be given.
10. Related Party Disclosures
As per the Directors
a) Related Party Transactions
As required under Accounting Standard 18, "Related Party Disclosure"
(AS-18) issued by the ICAI, the following details are of transaction
done during the period with the related parties of the Company as
defined in AS-18.
i) Key Management Personnel P.M. Shah (Director)
D.V. Damle (Director)
ii) No transactions were carried out with related parties in the
ordinary course of Business.
11.a) The Company had revalued on market value basis its Land, Building
& Plant & Machinery as on 1/7/88 based on the reports submitted by M/s
Scheme Consultants, Consulting Engineers, appointed for the purpose. On
account of this revaluation the value of Land was written up by Rs.
5506781/-, Building by Rs. 786857/-, Plant & Machinery by Rs.
1072509/-. The total increase in the value of these assets on account
of revaluation, amounting in all to Rs. 7366147/- was credited to
Revaluation Reserve Account and based on the legal opinion of the
council the company had set off Net Loss of earlier years and loss on
sale of machinery amounting to Rs. 5138817/- against Revaluation
Reserves. The Land & Building have been revalued again after 20 years
on 31.03.2008 on the reports submitted by Bhide Associates (Govt.
Approved valuers) appointed for the purpose. On account of this
revaluation, the value of Land was written up to Rs.32033000/- and
Building by Rs.131314200/-. The total increase in the value of these
assets on account of revaluation, amounting in all to Rs.148583430.61/-
is credited to Revaluation Reserve Account. The Company has got the
land & Building revalued again on 10/10/2011 from a Govt. Registered
Valuer & value as per report is Rs.37,93,00,000/- which however, has
not been brought into the Books of Accounts.
b) The Company had not amortised the leasehold land acquired on
05/01/1985 for 95 years in the books of accounts. This year it has
amortised the same over the period of lease by making a provision in
the books on the cost of land and on the Revaluations Reserve made on
various dates. Similarly it had not provided for depreciation on the
revalued portion of the Building. This year it has provided for the
same in the books of accounts on the cost of the revalued building made
on various date. The amortisation relating to current period on the
original cost is carried to the profit and loss account and the
amortisation relating to the prior period on the revalued portion is
considered as a set-off against the revaluation reserve.
12. Balance reflected in the Accounts of Loans and Advances, Unsecured
Loans and Sundry Creditors are subject to confirmation and or pending
reconciliation thereof and consequential adjustments, if any, will be
carried out in due course.
13. In the opinion of the Board of Directors, the Current Assets,
Loans & Advances are approximately of the value stated in the Balance
Sheet if realised in the ordinary course of business. Loans & Advances
includes Inter-Corporate advance of Rs.98,43,977/- to TechTrek Ltd U.K.
and Rs.10,72,480/- to Radalt Electrical Industries Limited & Rs.15000/
to Raintree Design Pvt. Ltd. in excess of limits prescribed in Section
372A of The Companies Act as approved by Board of Directors in
emergency conditions and which, has not been approved in a General
meeting of the Company till date of signing of these Accounts. Also Rs.
10,72,480/- advanced to Radalt Electrical Industries Ltd is prejudicial
to the interest of the Company as no interest has been provided and is
doubtful of recovery.
14. Contingent Liabilities not provided for in respect of:
Outstanding Guarantees furnished to Banks Amt. In Rs. Corporate
Guarantees given as under in excess of limits prescribed in Section
372A of The Companies Act, as approved by Board of Directors in
emergency conditions which, has been approved in a General meeting of
the Company.
i) Indian Overseas Bank for overdraft facility given to TechTrek
Technologies India Limited 1.50 Crores
ii) Punjab National Bank UK for overdraft facility given to TechTrek
Ltd U.K. 18.95 Crores
A legal suit has been instituted against the Company by a former tenant
of the company for non payment of their Rent deposit which is payable
as per Books of Accounts. However, no provision has been made for any
extra amount which might be payable at the instance of the Court
decision, since the amount cannot be quantified.
Mar 31, 2012
NOTES:
a) Leasehold Land includes increase of Rs.25,483,405/- made on account
of Revaluation on 31.03.2008
b) Building includes increase of Rs.1 23,100,025.61 made on account of
Revaluation on 31.03.2008
c) Transfer of Building under construction of Rs. 15,520,906.03
includes Rs. 644,132/- transferred to Furniture & Fixtures
d) No Depreciation has been claimed on the addition on account of
revaluation of Building. Also no depreciation has been claimed on
addition to building added during the year.
e) Rs.1,500,000/- interest paid to Bank on loan taken has been
capitalised to Building under Construction,
1. Previous Years figures have been regrouped and recast wherever
necessary to make them comparable with Current Year's figures in order
to meet requirement of Revised Schedules VI.
2. The Company has no information as to whether an y of its
suppliers/contractors constitute Small Scale Industrial undertaking as
there was no response to the letters sent by the company and therefore,
the amount due to such supplier/contractors has not been identified,
3. The name of the Micro, Small and Medium Enterprises Suppliers
defined under The Micro, Small and Medium Enterprises Development Act,
2006 could not be identified as there was no response to the letters
sent by the company The company has not debited any interest payable to
such enterprises as necessary evidence is not in possession of the
Company.
4. Interest charges include Rs.1 5,00,000/- paid to Indian Overseas
Bank which has been capitalised to Building as the borrowed amount was
used for construction of additional flower to the Building.
5. Depreciation has been provided as per Schedule XV (as amended by
notification No, 756(E) dated : 1 6.1 2.1 993) of the Companies Act, 1
956 on all Fixed Assets and on prorate basis according to the period
each Assets have been put to use.
6, Accounting Standard 1 5(AS-1 5) issued by Institute of Chartered
Accountants of India require the Gratuity and Leave encashment
Liabilities to be accounted fbr on accrual basis, However, the
provisions of Gratuity Act are not applicable to the Company in the
present year.
7. Deferred Taxation:
a) In compliance with Accounting Standard relating to Accounting
fbrlaxes on Income -AS 22 'issued by the Institute of Chartered
Accountants of India (ICAI) effective from 1 -4-2002, the Company had
not made any provision fbr Deferred lax in the past. However; the
Company has started making a provision since last 4 years and
accordingly has made a provision this year and has adjusted the
Deferred lax Liability/Asset arising on account of timing difference.
8. The Company had revalued on market value basis its Land, Building
& Plant & Machinery as on 01,07.88 based on the reports submitted by
M/s Scheme Consultants, Consulting Engineers, appointed fbrthe purpose.
On account of this revaluation the value of Land was written up by Rs.
55,06,781/-, Building by Rs. 7,86,857/-, Plant & Machinery by Rs. 1
0,72,509/-. The total increase in the value of these assets on account
of revaluation, amounting in all to Rs. 73,66,1 47/- was credited to
Revaluation Reserve Account and based on the legal opinion of the
council the company had set off Net Loss of earlier years and loss on
sale of machinery amounting to Rs. 5,1 38,81 7/- against Revaluation
Reserves. The Land & Building have been revalued again after 20 years
on 31.03.2008 on the reports submitted by Bhide Associates (Govt.
Approved valuers) appointed fbrthe purpose. On account of this
revaluation, the value of Land was written up to Rs. 3,20,33,000/- and
Building by Rs.1 3,1 3,1 4,200/-. The total increase in the value of
these assets on account of revaluation, amounting in all to
Rs.14,85,83,430.61/- is credited to Revaluation Reserve Account. The
Company has got the land & Building revalued again on 1 0,10.2011 from
a Govt. Registered Valuer & value as per report is Rs.37,93,00,000/-
which however, has not been brought into the Books of Accounts.
9. Balance reflected in the Accounts of Loans and Advances, Unsecured
Loans and Sundry Creditors are subject to confirmation and or pending
reconciliation thereof and consequential adjustments, if any will be
carried out in due course.
10. In the opinion of the Board of Directors, the Current Assets,
Loans & Advances are approximately of the value stated in the Balance
Sheet if realised in the ordinary course of business. Loans & Advances
includes Inter-Corporate advance of Rs.98,43,977/- to Techtrek Ltd U.K.
and Rs.10,72,480/- to Radalt Electrical Industries Limited & Rs.1 5000/
to Raintree Design Pvt. Ltd, in excess of limits prescribed in Section
372A ofThe Companies Act as approved by Board of Directors in emergency
conditions and which, has not been approved in a General meeting of the
Company till date of signing of these Accounts, Also Rs. 1 0,72,480/-
advanced to Radalt Electrical Industries Ltd is prejudicial to the
interest of the Company as no interest has been provided and is
doubtful of recovery.
11. The Company had constructed additional floors to the building
during the year & has transferred Rs.1,48,76,774/- to the Building A/c.
12. Contingent Liabilities not provided fbr in respect of:
Outstanding Guarantees furnished to Banks Amt. In Rs.
Corporate Guarantees given as under in excess of
limits prescribed in Section 372A ofThe Companies Act,
as approved by Board of Directors in emergency
conditions which, has been approved in a General
meeting of the Company.
i) Indian Overseas Bank fbr overdraft facility
given to TechtrekTechnol ogies India Limited 1.50 Crores
ii)Punjab National Bank UK fbr overdraft facility
given to Techtrek Ltd U.K. 18.95 Crores
Mar 31, 2010
NOt Available
Mar 31, 2009
1. Accounting policies not specifically referred to are consistent and
in consonance with generally accepted accounting practices.
2. Previous Years figures have been regrouped and recast wherever
necessary to make them comparable with Current Years figures.
3. The Company has no information as to whether any of its
suppliers/contractors constitute Small Scale Industrial undertaking as
there was no response to the letters sent by the company and therefore,
the amount due to such supplier/contractors has not been identified.
4. The name of the Micro, Small and Medium Enterprises Suppliers
defined under The Micro, Small and Medium Enterprises Development Act,
2006 could not be identified as there was no response to the letters
sent by the company. The company has not debited any interest payable
to such enterprises as necessary evidence is not in possession of the
Company.
5. Depreciation has been provided as per Schedule XV (as amended by
notification No. 756(E) dated : 16.12.1993) of the Companies Act, 1956
on all Fixed Assets and on prorate basis according to the period each
Assets have been put to use.
6. Accounting Standard 15(AS-15) issued by Institute of Chartered
Accountants of India require the Gratuity and Leave encashment
Liabilities to be accounted for on accrual basis. However, the
provisions of Gratuity Act are not applicable to the Company in the
present year.
7. Deferred Taxation:
a) In compliance with Accounting Standard relating to Accounting for
Taxes on Income -AS 22 issued by the Institute of Chartered
Accountants of India (ICAI) effective from 1-4-2002, the Company had
not made any provision for Deferred Tax in the past. However, the
Company has made a provision this year and has adjusted the Deferred
Tax Liability/Asset arising on account of timing difference.
8. Related Party Disclosures As per the Directors
a) Loans and Advances includes Rs. 28698051/- due from a relative of a
Director/Companies where the relative is a Director, for which the
necessary permission from the Central Govt, has not been taken as is
required under the law. However, the relations have resigned as
Directors on 1st October 2008.
b) Related Party Transactions
As required under Accounting Standard 18, "Related Party Disclosure"
(AS-18) issued by the ICAI, the following details are of transaction
done during the period with the related parties of the Company as
defined in
AS-18.
i) Key Management Personnel
P.M. Shah (Director)
D.V. Damle (Director)
Akshay Malhotra (Resigned as Director on 01/10/08)
Neha Malhotra (Resigned as Director on 01/10/08)
R.P. Shroff (Resigned as Director on 08/01/09)
ii) Associates
Name of the Enterprises having relatives of one of the Ex Key
Management Personnel (since resigned as Directors on 1st October 2008)
as the reporting enterprise with whom the Company has entered into
transaction during the period in the ordinary course of business.
Data Track Technologies Solution (Prop. Mr. N.C. Malhotra) Tej
Construction (Prop. Mr. N.C. Malhotra) Eskeen Engineering Enterprises
Pvt. Ltd. Raintree Design Pvt. Ltd.
9. The Company had revalued on market value basis its Land, Building
& Plant & Machinery as on 1/7/88 based on the reports submitted by M/s
Scheme Consultants, Consulting Engineers, appointed for the purpose. On
account of this revaluation the value of Land was written up by Rs.
5506781/-, Building by Rs. 786857/-, Plant & Machinery by Rs.
1072509/-. The total increase in the value of these assets on account
of revaluation, amounting in all to Rs. 7366147/- was credited to
Revaluation Reserve Account and based on the legal opinion of-the
council the company had set off Net Loss of earlier years and loss on
sale of machinery amounting to Rs. 5138817/- against Revaluation
Reserves. The Land & Building have been revalued again after 20 years
on 31.03.2008 on the reports submitted by Bhide Associates (Govt.
Approved valuers) appointed for Jhe purpose. On account of this
revaluation, the value of Land was written up to Rs.32033000/- and
Building by Rs.131314200/-. The total increase in the value of these
assets on account of revaluation, amounting in all to Rs.
148583430.61/- is credited to Revaluation Reserve Account.
10. Balance reflected in the Accounts of Loans and Advances, Unsecured
Loans and Sundry Creditors are subject to confirmation and or pending
reconciliation thereof and consequential adjustments, if any, will be
carried out in due course. The balances lying to the credit of Mr.
R.P. Shroff and Krishi Exports Commercial Corporation have been
transferred to Radalt Electrical Industries Limited, for which no
confirmation is available.
11. In the opinion of the Board of Directors, the Current Assets,
Loans & Advances are approximately of the value stated in the Balance
Sheet if realised in the ordinary course of business.