Mar 31, 2015
1. The holders of the equity shares are entitled to receive dividends
as declared from time to time, and are entitled to vote at meetings of
the Company.
2. Of the above 7,25,00,000 equity shares (Previous Year 7,25,00,000
equity shares) are held by holding Company M/s Goodworth Build Invest
Pvt. Ltd. that comprises 92.53% of share capital. Besides this none of
the share holders is holding more than 5% of total share capital of the
Company
3. Of the above 7,25,00,000 equity shares have been issued for a
consideration other than cash by way of conversion of loans into equity
pursuant to revival scheme as approved by the BIFR
4. Details of securitiy in respect of long term borrowings disclosed in
Note No. 4 above
1) Secured loan of finance Company is secured by way of first charge on
immovable property of the Company.
B) Other Disclosures related to long term borrowings
2) Loans from finance Company is at interest of 13.75% and is repayable
in 120 equated monthly instalment.
3) There has no default in repayment of loan and interest as at the end
of the year.
4) Unsecured loan from holding Company namely Goodworth Build Invest
Private Limited is a non-interest bearing loan and there are no
stipulations with regard to repayment of principle of the loan.
5. Contingent Liabilities not provided for in the books of accounts
a) Counter Guarantee issued against 21.00 21.00
outstanding -Bank Guarantees
b) Demand under Custom Act 610.45 610.45
c) Sales Tax disputed demand 110.58 86.70
d) ESI Demand 44.15 44.15
6. In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in ordinary course of Business at
least equal to the amount at which they are stated in the Balance
Sheet, except otherwise stated elsewhere.
7. Claim against the Company (not acknowledged as Debts) - Rs. 41.00
Lakhs (Previous Year Rs. 168.68 Lakhs)
8. Inventories have been valued at lower of cost or realizable value
in accordance with the accounting policy of the Company. In absence of
Realizable value for certain raw material items, valuation is carried
out at cost. Impact of the diminution in value of such items is not
determined and shall be accounted for as and when the actual
devaluation is occurred/ evaluated by technical expert. In view of
management such devaluation shall not be significant.
9. Other advance in "Short term loan and Advances" in Note No. 14
includes Sales tax demand amounting to Rs. 24.00 lacs (Previous Year
Nil) paid by the Company under protest and the matter is subjudice. The
amount, as advised to the Company by legal experts is recoverable,
hence not provided for as expense. The same shall be accounted for in
accordance with the decision of the appeal.
10. Balance confirmation certificates from number of parties, included
in debtors, creditors and advance recoverable were not available for
verification.
11. No claim has been received from any of the Suppliers of their being
a micro & small enterprise unit under Micro, Small and Medium
Enterprises Development Act, 2006. Hence amount due to such entities is
not ascertainable.
12. In compliance to Section 203 of the Companies Act, 2013 the Company
is in process of appointment of key managerial person as Chief
Financial Officer in the Company and the position is vacant as at 31st
March, 2015.
13. Taxation Current Year Tax
In view of the unabsorbed losses as per income tax record the Company
is not liable to pay tax on profit for the year. Also no tax liability
is attracted on book profit of the Company under the provisions of Sec
115JB of Income Tax Act related to Minimum Alternate Tax (MAT).
Deferred Tax
Keeping in view the unabsorbed losses of the Company in Income Tax
records and uncertainty of sufficient profit in the future years,
Deferred Tax Asset in accordance with the provisions of Accounting
Standard 22 on 'Taxes on Income' has not been recognized and provided
in the accounts.
14. Related party transactions during the year in terms of the
provisions of AS-18 of "Related Party Disclosures".
Name of the Associate : Goodworth Build Invest Pvt. Ltd.
Transactions during the year : Loan outstanding as at end of
the year Rs. 518.97 Lacs
(Previous Year Rs. 1049.05
Lacs.) Loan repaid during the
year Rs. 530.07 Lacs (Previous
Year Rs. 97.00 Lacs.). During
the year Company obtained
no loan (Previous year loan
obtained 291.00 lacs)
Name of the Key Managerial Personnel : Shri R.K. Gupta, Managing
Director
Transactions during the year : Remuneration Rs 14.62 Lacs
(Previous Year Rs. 5.49 Lacs)
15. There are no reportable segments in the Company (Physical or
geographical) hence segment-wise information in terms of the provisions
of AS-17 on Segment Reporting' is not given.
16. The "Employee Benefits" as required to be provided under AS-15
issued by ICAI and the same are accounted for by the Company on the
basis as enumerated hereunder. The quantum of defined benefit plans are
to be valued by an actuary in terms of provisions of the Standard.
Disclosures of Employees Benefits provided by the Company is as
under :-
Defined Contribution Plan:
The Company pays fixed contribution to Provident Fund at predetermined
rates to regional authorities as per law. The contribution to the fund
for the period is recognized as expense and is charged to the statement
of profit & loss. The obligation of the Company is limited to such
fixed contribution. An amount of Rs.15.74 Lacs (Previous Year Rs. 11.63
Lacs) has been recognized as expense for defined contribution plan
(Contributory Provident Fund).
Defined Benefit Plan:
a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited
by the Company. Encashment is available at the time of retirement or
superannuation. Amount as per entitlement as at the end of the year is
recognized as expense. During the year Rs.0.60 Lacs (Previous Year Rs.
1.07 Lacs) has been paid/ provided towards leave encashment expenses.
b) Gratuity: The Company has obtained policy from an insurance Company
towards gratuity benefit. The Company's contribution towards the policy
is recognized as expense. During the year Rs.1.41 Lacs (Previous Year
Rs. 5.17 Lacs) has been provided towards the gratuity contribution.
17. Previous Year figures have been regrouped or re-casted wherever
considered necessary.
Mar 31, 2014
1. a) The holders of the equity shares are entitled to receive
dividends as declared from time to time, and are entitled to vote at
meetings of the Company.
b) Of the above 7,25,00,000 equity shares (Previous Year 7,25,00,000
equity shares) are held by holding Company M/s. Goodworth Build Invest
Private Limited that comprises 92.53% of share capital. Besides this
none of the share holders is holding more than 5% of total share
capital of the Company.
c) Of the above 7,25,00,000 equity shares have been issued for a
consideration other than cash by way of conversion of loans into equity
pursuant to revival scheme as approved by the BIFR.
2. A. Details of securitiy in respect of long term borrowings
disclosed in note no. 4 above Secured loan of Holding Company is
secured by way of first charge on immovable property of the Company.
B. Other Disclosures related to long term borrowings
Loans from holding Company is non interest bearing and no stipulations
are determined for repayment of the same.
3. Contingent Liabilities not provided for in the books of accounts
AS AT AS AT
31.03.2014 31.03.2013
(Rs. In Lakhs) (Rs. in Lakhs)
a) Counter Guarantee issued against
outstanding - Bank Guarantees 21.00 80.95
b) Demand under Foreign Exchange Laws
(Pending being disputed) NIL 12.00
c) Demand under Custom Act 610.45 610.45
d) Sales Tax disputed demand 86.70 86.70
e) ESI Demand 44.15 44.15
4. In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in ordinary course of Business at
least equal to the amount at which they are stated in the Balance
Sheet, except otherwise stated elsewhere.
5. Claim against the Company (not acknowledged as Debts) - Rs.168.68
Lakhs (Previous Year Rs.53.68 Lakhs)
6. During the year the company has opted for closure of case related
to export obligation of earlier years in accordance with the
notification of Director General of Foreign Trade. Accordingly
liability of the company has been paid to the tune of Rs.362.28 lacs.
Since the differential duty was related to import of machinery in
earlier years, the amount paid as aforesaid has been capitalized under
relevant machinery and is depreciated alongwith the remaining useful
life of the respective machinery.
7. Balance confirmation certificates from number of parties, included
in debtors, creditors and advance recoverable were not available for
verification.
8. No claim has been received from any of the Suppliers of their being
a micro & small enterprise unit under Micro, Small and Medium
Enterprises Development Act, 2006. Hence amount due to such entities is
not ascertainable.
9. Taxation
Current Year Tax
In view of the unabsorbed losses as per income tax record the Company
is not liable to pay tax on profit for the year. Also no tax liability
is attracted on book profit of the company under the provisions of Sec
115JB of Income Tax Act related to Minimum Alternate Tax (MAT).
Deferred Tax
Keeping in view the unabsorbed losses of the Company in Income Tax
records and uncertainty of sufficient profit in the future years,
Deferred Tax Asset in accordance with the provisions of Accounting
Standard 22 on ''Taxes on Income'' has not been recognized and provided
in the accounts.
10. Related party transactions during the year in terms of the
provisions of AS-18 of "Related Party Disclosures".
Name of the Associate : Goodworth Build Invest Pvt. Ltd.
Transactions during the year : Loan outstanding as at end of the year
Rs.1049.05 Lacs (Previous Year
Rs.855.05 Lacs.) Loan repaid during
the year Rs. 97.00 Lacs. During the
year Company obtained loan Rs. 291 Lacs
(Previous year loan obtained 9.50 lacs)
Name of the Key Managerial
Personnel : Shri R. K. Gupta, Managing Director
Transactions during the year : Remuneration Rs. 5.49 Lacs (Previous
Year Rs. 5.82 Lacs)
11. There are no reportable segments in the Company (Physical or
geographical) hence segment-wise information in terms of the provisions
of AS-17 on Segment Reporting'' is not given.
12. To comply with the guidance note on "Accounting Treatment of
Excise Duty" issued by The Institute of Chartered Accountants of India,
excise duty amounting to Rs.0.27 Lacs (Previous Year Rs. NIL) has been
included in the value of inventories as on 31.3.2014 and the
corresponding amount of Excise Duty Payable has been included in other
liabilities. However, this has no impact on the profit for the year.
13. The "Employee Benefits" as required to be provided under AS 15
issued by ICAI and the same are accounted for by the company on the
basis as enumerated hereunder. The quantum of defined benefit plans are
to be valuated by an actuary in terms of provisions of the Standard.
Disclosures of Employees Benefits provided by the company is as under
:-
Defined Contribution Plan:
The Company pays fixed contribution to Provident Fund at predetermined
rates to regional authorities as per law. The contribution to the fund
for the period is recognized as expense and is charged to the statement
of profit & loss. The obligation of the Company is limited to such
fixed contribution. An amount of Rs.11.63 Lacs (Previous Year Rs.9.16
Lacs) has been recognized as expense for defined contribution plan
(Contributory Provident Fund).
Defined Benefit Plan:
a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited
by the Company. Encashment is available at the time of retirement or
superannuation. Amount as per entitlement as at the end of the year is
recognized as expense. During the year Rs.1.07 Lacs (Previous Year
Rs.0.45 Lacs) has been provided towards leave encashment expenses.
b) Gratuity: The Company has obtained policy from an insurance company
towards gratuity benefit. The Company''s contribution towards the policy
is recognized as expense. During the year Rs.5.17 Lacs (Previous Year
Rs.6.22 Lacs) has been provided towards the gratuity contribution.
14. Previous Year figures have been regrouped or re-casted wherever
considered necessary.
Mar 31, 2013
1. Contingent Liabilities not provided for in the books of accounts:-
AS AT AS AT
31.03.2013 31.03.2012
(Rs. In Lakhs) (Rs. in Lakhs)
a) Counter Guarantee issued
against outstanding -
Bank Guarantees 80.95 80.95
b) Demand under Foreign Exchange
Laws (Pending being disputed) 12.00 12.00
c) Demand under Custom Act 610.45 610.45
d) Sales Tax disputed demand 86.70 86.70
e) ESI Demand 44.15 44.15
2. In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in ordinary course of Business at
least equal to the amount at which they are stated in the Balance
Sheet, except otherwise stated elsewhere.
3. Claim against the Company (not acknowledged as Debts) Â Rs.53.68
Lakhs (Previous Year Rs.53.68 Lakhs)
4. Rupee equivalent as at 31.03.2013 of export obligation to be
completed by the Company under EPCG Scheme Rs. 2,644.00 Lacs (Previous
Year Rs. 2,644.00 Lacs). Pursuant to the relief granted under the
revival scheme the Company has got extension of time limit for
fulfillment of the obligation upto the financial year ending on
31.03.2014.
5. Balance confirmation certificates from number of parties, included
in debtors, creditors and advance recoverable were not available for
verification.
6. No claim has been received from any of the Suppliers of their
being a micro & small enterprise unit under Micro, Small and Medium
Enterprises Development Act, 2006. Hence amount due to such entities is
not ascertainable.
7. Taxation Current Year Tax
In view of the unabsorbed losses as per income tax record the Company
is not liable to pay tax on profit for the year. Also no tax liability
is attracted on book profit of the Company under the provisions of
Section 115JB of Income Tax Act related to Minimum Alternate Tax (MAT).
Deferred Tax
Keeping in view the unabsorbed losses of the Company in Income Tax
records and uncertainty of sufficient profit in the future years,
Deferred Tax Asset in accordance with the provisions of Accounting
Standard 22 on ''Taxes on Income'' has not been recognized and provided
in the accounts.
8. Related party transactions during the year in terms of the
provisions of AS-18 of "Related Party Disclosures". Name of the
Associate : Goodworth Build Invest Pvt. Ltd.
Transactions during the year : Loan outstanding as at end of the year
Rs. 855.05 Lacs (Previous
Year Rs. 864.55 Lacs) Loan repaid during the year Rs. 9.50 Lacs
(Previous Year loan obtained 179.90 Lacs)
Name of the Key Managerial Personnel : Shri R. K. Gupta, Managing
Director
Transactions during the year : Remuneration Rs. 5.82 Lacs (Previous
Year Rs. 6.67 Lacs)
9. There are no reportable segments in the Company (Physical or
geographical) hence segment-wise information in terms of the provisions
of AS-17 on ''Segment Reporting'' is not given.
10. The "Employee Benefits" as required to be provided under AS-15
issued by ICAI and the same are accounted for by the Company on the
basis as enumerated hereunder. The quantum of defined benefit plans are
to be valuated by an actuary in terms of provisions of the Standard.
Disclosures of Employees Benefits provided by the Company is as under:-
Defined Contribution Plan:
The Company pays fixed contribution to Provident Fund at predetermined
rates to regional authorities as per law. The contribution to the fund
for the period is recognized as expense and is charged to the statement
of profit & loss. The obligation of the Company is limited to such
fixed contribution. An amount of Rs.9.52 Lacs (Previous Year Rs.6.75
Lacs) has been recognized as expense for defined contribution plan
(Contributory Provident Fund).
Defined Benefit Plan:
a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited
by the Company. Encashment is available at the time of retirement or
superannuation. Amount as per entitlement as at the end of the year is
recognized as expense. During the year Rs.0.45 Lacs (Previous Year
Rs.0.25 Lacs) has been provided towards leave encashment expenses.
b) Gratuity: The Company has obtained policy from an Insurance Company
towards gratuity benefit. The Company''s contribution towards the policy
is recognized as expense. During the year Rs.6.22 Lacs (Previous Year
Rs.3.71 Lacs) has been provided towards the gratuity contribution.
11. Previous Year figures have been regrouped or re-casted wherever
considered necessary.
Mar 31, 2012
1. Contingent Liabilities not provided for in the books of accounts
:-
AS AT AS AT
31.03.2012 31.03.2011
(Rs. In Lakhs) (Rs. in Lakhs)
a) Counter Guarantee issued against
outstanding - Bank Guarantees 80.95 80.95
b) Demand under Foreign Exchange
Laws (Pending being disputed) 12.00 12.00
c) Demand under Custom Act 610.45 610.45
d) Sales Tax disputed demand 86.70 86.70
e) ESI Demand 44.15 44.15
2. In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in ordinary course of business at
least equal to the amount at which they are stated in the Balance
Sheet, except otherwise stated elsewhere.
3. Claim against the Company (not acknowledged as Debts) Ã Rs. 53.68
Lakhs (Previous Year Rs.53.68 Lakhs)
4. Rupee equivalent as at 31.03.2012 of export obligation to be
completed by the Company under EPCG Scheme Rs. 2,644.00 Lakhs (Previous
Year Rs. 2,644.00 Lakhs). Pursuant to the relief granted under the
revival scheme the Company has got extension of time limit for
fulfillment of the obligation upto the financial year ending on
31.03.2014.
5. Balance confirmation certificates from number of parties, included
in debtors, creditors and advance recoverable were not available for
verification.
6. No claim has been received from any of the Suppliers of their
being a micro & small enterprise unit under Micro, Small and Medium
Enterprises Development Act, 2006. Hence, amount due to such entities
is not ascertainable.
7. Taxation Current Year Tax
In view of the unabsorbed losses as per income tax record the Company
is not liable to pay tax on profit for the year. Also no tax liability
is attracted on book profit of the Company under the provisions of Sec
115JB of Income Tax Act related to Minimum Alternate Tax (MAT).
Deferred Tax
Keeping in view the unabsorbed losses of the Company in Income Tax
records and uncertainty of sufficient profit in the future years,
Deferred Tax Asset in accordance with the provisions of Accounting
Standard 22 on ÃTaxes on Income' has not been recognized and provided
in the accounts.
8. Related party transactions during the year in terms of the
provisions of AS-18 of "Related Party Disclosures". Name of the
Associate : Goodworth Build Invest Pvt. Ltd.
Transactions during the year
Loan outstanding as at end of the year Rs.864.55 Lakhs (Previous Year
Rs.684.65 Lakhs.) Loan obtained during the year Rs.179.90 Lakhs
(Previous Year Nil)
Name of the Key Managerial Personnel : Shri R. K. Gupta, Managing
Director
Transactions during the year : Remuneration Rs.6.67 Lakhs (Previous
Year Rs.6.65 Lakhs)
9. There are no reportable segments in the Company (Physical or
geographical) hence segment-wise information in terms of the provisions
of AS-17 on Segment Reporting' is not given.
10. The "Employee Benefits" as required to be provided under AS-15
issued by ICAI and the same are accounted for by the Company on the
basis as enumerated hereunder. The quantum of defined benefit plans are
to be valuated by an actuary in terms of provisions of the Standard.
Disclosures of Employees Benefits provided by the Company is as under
:-
Defined Contribution Plan:
The Company pays fixed contribution to Provident Fund at predetermined
rates to regional authorities as per law. The contribution to the fund
for the period is recognized as expense and is charged to the statement
of profit & loss. The obligation of the Company is limited to such
fixed contribution. An amount of Rs.9.26 Lakhs (Previous Year Rs.7.83
Lakhs) has been recognized as expense for defined contribution plan
(Contributory Provident Fund).
Defined Benefit Plan:
a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited
by the Company. Encashment is available at the time of retirement or
superannuation. Amount as per entitlement as at the end of the year is
recognized as expense. During the year Rs.0.25 Lakhs (Previous Year
Rs.0.74 Lakhs) has been provided towards leave encashment expenses.
b) Gratuity: The Company has obtained policy from an insurance Company
towards gratuity benefit. The Company's contribution towards the policy
is recognized as expense. During the year Rs.3.71 Lakhs (Previous Year
Rs.3.86 Lakhs) has been provided towards the gratuity contribution.
11. Previous Year figures have been regrouped or re-casted wherever
considered necessary.
Mar 31, 2011
1.The Company is in process of implementing revival scheme being
approved by BIFR vide Order dated 2.6.2009. In view of the financial
result for the year ending 31.3.2010, the Company has applied to the
BIFR for discharging the Company from the purview of the Sick
Industrial Companies Act (SICA). The BIFR has reviewed the net worth of
Company which has turned positive in financial year 2009-10.
Accordingly the Board vide order dated 2nd December 2010 that the
Company ceases to be a sick industrial Company and discharged the
Company from the purview of SICA and BIFR provisions.
2.Contingent Liabilities not provided for in the books of accounts :-
AS AT AS AT
31.03.2011 31.03.2010
(Rs.In Lakhs) (Rs.in Lakhs)
a) Counter Guarantee issued against
outstanding
- Bank Guarantees 80.95 80.95
b) Demand under Foreign Exchange Laws
(Pending being disputed) 12.00 12.00
c) Demand under Custom Act 610.45 610.45
d) Sales Tax disputed demand 86.70 86.70
e) ESI Demand 44.15 44.15
3.In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in ordinary course of Business at
least equal to the amount at which they are stated in the Balance
Sheet, except otherwise stated elsewhere.
4.Claim against the Company (not acknowledged as Debts) Ã Rs.53.68
Lakhs (Previous Year Rs. 53.68 Lakhs)
5.Rupee equivalent as at 31.03.2011 of export obligation to be
completed by the Company under EPCG Scheme Rs.2,644.00 Lacs (Previous
Year Rs.2,644.00 Lacs). Pursuant to the relief granted under the
revival scheme the Company has got extension of time limit for
fulfillment of the obligation upto financial year 2011-12 and 2012-13.
6.Balance confirmation certificates from number of parties, included
in debtors, creditors and advance recoverable were not available for
verification.
7.No claim has been received from any of the Suppliers of their being
a specific unit under Micro, Small and Medium Enterprises Development
Act, 2006. Hence amount due to such entities is not ascertainable.
8.Taxation
Current Year Tax
In view of the unabsorbed losses as per income tax record the Company
is not liable to pay tax on profit for the year. Also there is no tax
liability on the Company under the provisions of Sec 115JB of Income
Tax Act related to Minimum Alternate Tax (MAT).
Deferred Tax
Keeping in view the unabsorbed losses of the Company in Income Tax
records and uncertainty of sufficient profit in the future years,
Deferred Tax Asset in accordance with the provisions of Accounting
Standard 22 on Taxes on Income' has not been recognized and provided in
the accounts.
9.Related party transactions during the year in terms of the
provisions of AS-18 of ÃRelated Party DisclosuresÃ.
Name of the Associate : Goodworth Build Invest Pvt. Ltd.
Transactions during the year : Loan outstanding as at end of the
year Rs.684.65 Lacs.
Loan repaid during the year
Rs.6.00 Lacs.
Name of the Key Managerial : Shri R.K. Gupta, Managing Director
Personnel
Transactions during the year : Remuneration Rs.6.65 Lacs
10.There are no reportable segments in the Company (Physical or
geographical) hence segment-wise information in terms of the provisions
of AS 17 on Segment Reporting is not given.
11.The "Employee Benefits" as required to be provided under AS 15
issued by ICAI and the same are accounted for by the Company on the
basis as enumerated hereunder. The quantum of defined benefit plans are
to be valuated by an actuary in terms of provisions of the Standard.
Disclosures of Employees Benefits provided by the Company is as under
:-
Defined Contribution Plan:
The Company pays fixed contribution to Provident Fund at predetermined
rates to regional authorities as per law. The contribution to the fund
for the period is recognized as expense and is charged to the profit &
loss accounts. The obligation of the Company is limited to such fixed
contribution. An amount of Rs.7.83 Lacs (Previous Year Rs.6.02 Lacs)
has been recognized as expense for defined contribution plan
(Contributory Provident Fund).
Defined Benefit Plan:
a) Earned Leave Benefit: Accrual of 20 days leave per annum is credited
by the Company. Encashment is available at the time of retirement or
superannuation. Amount as per entitlement as at the end of the year is
recognized as expense. During the year Rs.0.74 Lacs (Previous Year
Rs.0.20 Lacs) has been provided towards leave encashment expenses.
b) Gratuity: The Company has obtained policy from an insurance Company
towards gratuity benefit. The Company's contribution towards the policy
is recognized as expense. During the year Rs 3.86 Lacs (Previous Year
Rs.1.61 Lacs) has been provided towards the gratuity contribution.
# As certified by the management and relied on by the Auditors being a
Technical Matter.
12.Figures in the brackets represent previous year figures.
13.During the year the Company has entered into an agreement with a
party for sale of its property comprising land and building at
Parwanoo. Necessary approvals for execution of sale deed in favour of
the buyer are yet to be received from the relevant
department/authorities of state government. Necessary adjustment shall
be made as and when the aforesaid consent/approval is obtained.
14.Previous Year figures have been regrouped or re-casted wherever
considered necessary.
Mar 31, 2010
1. The Company is a sick industrial undertaking and revival scheme
approved by BIFR vide Order dated 2.6.2009 is under implementation.
According to the aforesaid scheme the Company reduced its existing paid
up share capital as on the date of the approval of the scheme and face
value of paid up equity share of the Company have been reduced from Rs
10 per share to Re 1/- per share. The amount so reduced from paid up
capital of Rs 527.90 lacs has been transferred to Capital Reserve
during the year. In addition to above and in accordance with the
aforesaid revival scheme another 7,25,00,000 equity shares have been
issued by way of conversion of loan into equity.
2. Contingent Liabilities not provided for in the books of accounts :-
AS AT AS AT
31.03.2010 31.03.2009
(Rs. In Lakhs) (Rs.in Lakhs)
a) Counter Guarantee issued against
outstanding
- Bank Guarantees 80.95 80.95
b) Demand under Foreign Exchange Laws
(Pending being disputed) 12.00 12.00
c) Demand under Custom Act 610.45 610.45
d) Sales Tax disputed demand 86.70 86.70
e) ESI Demand 44.15 44.15
3. In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in ordinary course of Business at
least equal to the amount at which they are stated in the Balance
Sheet, except otherwise stated elsewhere.
4. Claim against the Company (not acknowledged as Debts) Ã Rs.53.68
Lakhs (Previous Year Rs. 54.14 Lakhs)
5. Rupee equivalent as at 31.03.2010 of export obligation to be
completed by the Company under EPCG Scheme Rs. 26.44 Crores (Previous
Year Rs.26.44 Crores). Pursuant to the relief granted under the revival
scheme the Company has applied for extension of time limit for
fulfillment of the obligation.
6. Balance confirmation certificates from number of parties, included
in debtors, creditors and advance recoverable were not available for
verification.
7. No claim has been received from any of the Suppliers of their being
a specific unit under Micro, Small and Medium Enterprises Development
Act, 2006. Hence amount due to such entities is not ascertainable.
8. Taxation Current Year Tax
In view of the unabsorbed losses as per books of account and income tax
record the Company is not liable to pay tax on profit for the year.
Deferred Tax
Keeping in view the recurring losses of the Company and uncertainty of
sufficient profit in the future, Deferred Tax Asset in accordance with
the provisions of Accounting Standard 22 on ÃTaxes on Income has not
been recognized and provided in the accounts.
9. Related party transactions during the year in terms of the
provisions of AS-18 of ÃRelated Party DisclosuresÃ.
Name of the Associate : Goodworth Build Invest Pvt. Ltd.
Transactions during the year : Loan obtained and outstanding as at end
of the year Rs. 690.65 Lacs
Name of the Key Managerial
Personnel : Shri R.K. Gupta, Managing
Director
Transactions during the year : Remuneration Rs. 3.05 Lacs
10. There are no reportable segments in the Company (Physical or
geographical) hence segment-wise information in terms of the provisions
of AS 17 on Segment Reporting is not given.
11. Required disclosures pursuant to revised AS-15 on Employees
Benefits are as under :-
Defined Contribution Plan:
The Company pays fixed contribution to Provident Fund at predetermined
rates to regional authorities as per law. The contribution to the fund
for the period is recognized as expense and is charged to the profit &
loss accounts. The obligation of the Company is limited to such fixed
contribution. An amount of Rs. 6.02 lacs has been recognized as expense
for defined contribution plan (Contributory Provident Fund).
Defined Benefit Plan:
a) Earned Leave Benefit: Accrual of 20 days leave per annum is credited
by the Company. Encashment is available at the time of retirement or
superannuation. Amount as per entitlement as at the end of the year is
recognized as expense. During the year Rs.20,563/- has been provided
towards leave encashment expenses.
b) Gratuity: The Company has obtained policy from LIC towards gratuity
benefit. The Companys contribution towards the policy is recognized as
expense. During the year Rs.161,585/- has been provided towards the
gratuity contribution.
12. Earning per share (EPS) Ã The numerators and denominators used to
calculate Basic and Diluted Earning per share:
13. Additional information pursuant to para 3 & 4(C) of Part II of the
Companies Act, 1956:
14. Figures in the brackets represent previous year figures.
15. Previous Year figures have been regrouped or re-casted wherever
considered necessary.
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