| 1. The accounts have been prepared on the basis of the assumption that
the Company is "not a going concern".
2. The company negotiated with both the entitles of erstwhile Unit
Trust of India for One Time Settlement (OTS) for a Lump sum amount Rs.
9.00 crores against the total outstanding along with reimbursement of
legal expenses of Rs. 5929145/- as per the letter dated 20th February,
2015. And the balances lying in the accounts of Unit Trust of India
written back and transferred to reserves and surplus.
3. As reported earlier, the company's proposal vide its letter dated
6.11.2007 for One Time Settlement (OTS) with Consortium Banks has been
accepted for Rs. 14.29 crores by them vide letter dated 28.2.2008 of
lead bank and accordingly the Company has complied with all the terms
including the handing over of the mortgaged property. And the balances
lying in the accounts of Consortium of Banks written back and
transferred to reserves and surplus. Balances lying in current assets
and current liabilities, no longer payable or receivable written
Off/written back and the net balance transferred to reserves and
surplus.
4. The Company at present is not pursuing any business activity and
hence there are no reportable segments as per the Accounting Standard
on Segment Reporting (AS 17).
4. Contingent Liabilities and Commitments NIL (previous year NIL).
5. The Company has not received information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure relating to amounts unpaid as at the
QUARTER end together with interest paid / payable under the Act has not
been given.
6. RELATED PARTY DISCLOSURES:
(A) NAME OF RELATED PARTIES AND RELATIONSHIP
Name Relationship
Bhupesh R. Patel Key Management Personnel (KMP)
(B) TRANSACTION WITH RELATED PARTIES
Name Transaction Details
Bhupesh R. Patel Loan Taken Rs. 539.08 Lakhs
Notes: Related parties relationship is as identified by the Company on
the basis of information available with them and accepted by the
Auditors.
7. In the absence of any business activities, most of the other
information required to be disclosed by Revised Schedule VI is not
applicable during the year under review.
8. PREVIOUS YEAR FIGURES
Previous year figures have been regrouped, rearranged and classified,
where ever necessary to correspond with the current year's
classification / disclosure.
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