| 1. Share Capital
a) There are nil number of shares (Previous year Nil) reserved for
issue under option and contracts /commitment for the sale of
shares/disinvetment including the terms and amounts.
b) There are no securities (Previous year No) convertible into Equity/
Preferential Shares.
c) There are no calls unpaid (Previous year No)including calls unpaid
by Directors and Officers as on balance sheet date
d) The company has issued two types of shares namely, Equity Shares and
Preference Shares:
i) Rights of Equity Shareholders: Equity Shares of the face value of
Rs.10/- each. Each Equity Share is entitled for one vote. In the event
of the liquidation of the company, shareholders will receive residual
assets of the company after paying all the liabilities.
ii) Rights of Preference Shareholders: Preference Shares of the face
value of Rs.10/- each. Redeemable at par at the expiry of seventh year
from the date of allotment. In the event of liquidation, the Preference
Shareholders have preferential rights over Equity Shareholders.
2. Contingent liabilities not provided for in respect of:
(a) Claims against the Company not acknowledged as debts Rs. 875,615/-
(Previous year Rs. 875,615/-)
(b) Interest liability or penalty on delayed payment of statutory dues
and suppliers (including small scale industrial Undertakings), amount
un ascertainable.
(c) Arrears of dividend payable to preference shareholder @ 0.1%
amounts to Rs. 460726/- (Previous year Rs.415726). The amount of
dividend payable to preference shareholder is not provided in the Books
of accounts
3. Company is a Sick Company as declared by the Hon'ble Board for
Industrial and Financial Reconstruction (BIFR). Company has approached
to Hon'ble BIFR for restructuring and submitted restricting proposal
for revival of operation. The accounts have been prepared on a going
concern basis, since the management is actively pursuing the
possibility of revival of operations.
4. The accounts of certain creditors and debtors are subject to
confirmations and reconciliation, if any.
5. In the opinion of the Board, All Assets other than Fixed Assets and
Non Current Investments have a value on realization in the ordinary
course of business at least equal to the amount at which they are
stated and provision for all known and determined liabilities are
adequate and not in the excess of the amount stated, in the financial
statements.
6. The Company is primarily engaged in the business of Manufacturing
Yellow Iron Oxides & Magnetic Iron Oxide (MIO) and other related
products. Since the inherent nature of activities as a whole is
governed by the same set of risk and returns, these have been grouped
as a single segment. The said treatment is in accordance with the
accounting standard on "Segment Reporting" (AS-17) as issued by The
Institute of Chartered Accountants of India.
7. Names of related parties
Names of related parties where control N. A.
exists irrespective of whether
transactions have taken place or not
Names of other related parties with
whom transactions have taken place
during the year 1. New Era Advisors Pvt.
Limited
2. Maharashtra Polybutenes
Ltd.
Associates 1. ISG Traders Limited
2. Duncans Industries
Limited
3. Shubh Shanti Services
Ltd.
4. NRC Limited
5. Unimers India Limited
6. Andhra Cement Limited
Key Management Personnel Mr. Brijmohan Raithi,
Director
Relatives of key management
personnel N.A.
Enterprises owned or significantly
influenced by key management
personnel or their relatives Maharashtra Polybutenes
Ltd.
8. In view of the continuing losses, the management, as a matter of
prudence, has not recognized net deferred tax assets in respect of
unabsorbed / carried forward losses and depreciation.
9. In the absence of necessary information with the Company relating to
the registration status of suppliers under the Micro, Small and Medium
Enterprises Development Act, 2006, the information required under the
said Act could not be compiled and disclosed.
10. Additional information pursuant to the Financial Statements:
* As certified by Management on which auditors have placed reliance,
being a technical matter.
* Under Implementation.
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