1. BACKGROUND
Fusion Fittings (I) Limited was initially engaged in the business of
all types of sanitary fittings for household and industrial purposes,
trading & dealing in mechanical instruments, machines & machine parts
and design engineer- ing. However, presently the Company is engaged in
the business of design engineering and trading in future and options.
2. CONTINGENT LIABILITIES NOT PROVIDED FOR
As at As at
31 March 2015 31 March 2014
Guarantees issued by the company
on behalf of other corporate 56,660,600,000 56,660,600,000
3. Based on the information available with the company, it did not
owe any sum to any party identified as supplier within the meaning of
Micro, Small and Medium Enterprises Development Act, 2006
4. SEGMENT REPORTING
In accordance with the paragraph 27 of AS-17, Segment whose total
revenue/proft from external sales and inter segment sales is 10% or
more of the total revenue / profit of all segments, external and
internal should be identified as reportable segments. Therefore segment
(A.) Design engineering services and (B.) Trading in futures and
options are reportable segment.
i) Segment assets include net block, current assets and loans &
advances.
ii) Revenue and expenses have been identified to segment on basis of
their relationship to the operating activities of the segment. Revenue
and expenses which relate to the enterprise a whole and are not
allocable to segment on a reasonable basis, have been included under
"Unallocated expenses"
A. All operations of the company and customers are located in India
therefore geographical segment disclosure is not required.
5. RELATED PARTY DISCLOSURE:
a. Related party and nature of relationship where control exists.
Year ended Year ended
31 March 2015 31 March 2014
Subsidiary HIQ Power Associates
Private Ltd
Individuals owing directly or
indirectly, an interest in vot- Amul Gabrani Amul Gabrani
ing power and significant
influence over the enterprise Amita Bishnoi Amita Bishnoi
(including relatives of such
individual)
Enterprises over which such
individuals exercise sig- Tecpro Systems Tecpro Systems
nifcant influence Limited Limited
Hythro Power Hythro Power
Corporation Corporation
Limited Limited
Related Party and nature of the related party relationship with whom
transactions have taken place during the year
Enterprises over which Individuals Tecpro Systems Limited
owing directly or indirectly, an interest Hythro Power Corporation
in voting power and significant Limited
influence over the company, exercise
significant influence
Tecpro Systems Limited Hythro Power Corporation Limited
6. During the year the Company entered into a share purchase
agreement ("the Agreement") for sale of its entire shareholding in HIQ
Power Associates Private Limited, its subsidiary ("HIQ")
The salient features of the agreement are as follows:
(a) The effective date of agreement was 4th day of September 2014.
(b) The buyers of shares were Mr Ramesh Boothra and his friends &
relatives("the Buyers").
(c) The company sold its entire holding of 34,000 equity shares in HIQ
Rs.10 each at a price of Rs.337.50 per share.
(d) The total consideration was Rs.1,14,75,000.
(e) The Company incurred loss of Rs.3,35,52,230 on the entire
transaction of sale of investment in HIQ which was charged to The
statement of Profit and Loss.
(f) Subsequently, on September 5, 2014, the Company and HIQ entered
into an agreement for assignment of debtors wherein HIQ assigned
debtors pertaining to a few parties aggregating to Rs.76 lakhs in
favour of the Company.
(g) The assignment amount of Rs. 76 Lakh was directly paid by the
Buyers to HIQ and the consideration was reduced by the same amount.
(h) Accordingly the entries have been passed in the books of accounts.
7. Figures have been rounded off to the nearest rupee.
8. Previous year figures in balance sheet have been regrouped /
recast wherever necessary to conform to the current year's
classifcation/presentation.
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