| 1. Share Capital
(a) Equity Shares: The company has one class of equity shares having a
par value of Us. 10,00 per share. Each shareholder Is eligible for one
vote per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting, except In case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the
remaining assets of the company after distribution of all preferential
amounts in proportion to their shareholding.
CURRENT YEAR PREVIOUS YEAR
(Rs.) (Rs.)
2. Contingent Liabilities,
not provided for
a) i) For Excise/ESI/PF Matter 13,91,482.00 13,91,462.00
b) Miscellaneous Matters (Gratuity) 5,00,000.00 5,00,000.00
c) Other Matters in Dispute 30,05,200.00 38,06,200.00
d) Bank Gurantee 2,10,000.00 2,10,000.00
2.1 Balances grouped under Sundry Debtors, Advance from Customers,
Sundry Creditors and Loans and Advances, Other Liabilities are subject
to reconciliation and confirmation,
2.2 No Provision has been made for leave salary and gratuity of
employee (amount unascertained), and the same shall be accounted for on
cash basis.
2.3 No provision has been made for Income tax for the current year in
view of brought forward Losses and Depreciation,
2.4 In the opinion of the Board of Directors, the aggregate value of
current Assets, Loans and Advance on realization in ordinary course of
business will not be less than the amount at which these are stated in
the Balance Sheet.
2.5 The Stocks have been taken as per inventories taken valued and
certified by the management of the company,
2.6 As suppliers covered under the interest on Delayed Payment to
'Micro, Small, and Medium Enterprises Development Act, 2006' are yet to
be identified, liability towards interest remained as unpaid to Such
small scale and/or ancillary industrial undertakings as on 30.06.2014
is unascertainable.
2.7 Sundry Debtors/Creditors/Advances/Liabilities Balance are written
off/back as approved by the management.
2.8 The BlFR has declared that the Company had become a Sick Industrial
Company as on 31-12-2003. Revival/Rehabilitation Scheme has now been
approved by BlFR vide order dated 26.07.2010 and 01.04.2009 has been
taken as out off date. In terms of Revival/Rehabilitation Scheme the
management has carried out restructuring of Balance Sheet in financial
year 2009-2010.
2.9 As per rehabilitation scheme approved by Board For Industrial and
Financial Reconstruction. Analysis Securities Pvt Ltd is to be repaid
Rs 375.00 lakhs in full and final settlement of their claim as under:-
a) Equity Share at par i.e. Rs 10.00 for an amount of Rs. 143.00 lakhs.
b) Balance amount of Rs 232.00 lakhs to be repaid over a period of four
years starting 1.10.2010 along with interest @ 5% p.a.
The Equity shares have since been allotted. The amount to be waived
off/written back of Rs 907.00 Lakhs has been written back fully as per
mutual agreement although some amount is still payable. The interest
for the period alter 01.04.2013 has been waived off by lender.
2.10 Impairment of Assets: - In pursuance of Accounting Standard 28 -
Impairment of assets issued by the Institute of chartered Accountants
of India, the company has not reviewed it's carrying cost of assets
with value in use (determined based on future earnings) / (net selling
price determined based on estimation/ The management intends to carry
out in near future detailed exercise involving expert opinion to
determine any loss to be accounted for impairment of assets. As such in
the current financial year impairment loss has not been accounted for.
However, in the opinion of management no provision for loss of
impairment of asset shall be required to be made.
2.11 The Company has only one reportable business segment and
geographical segment and hence no further disclosure is required under
Accounting Standard -17 on Segment Reporting.
2.12 Disclosures as per Accounting Standard 18 "Related Parly
disclosure" issued by the Institute of Chartered Accountants of India
is annexed herein in Annexure-I.
2.13 In accordance with accounting standard 22 "Accounting for Taxes
on Income" issued by the ICAI, deferred tax Liabilities based on
depreciation differences as on 30/06/2014 is adequately covered by
deferred tax assets based on the benefits of unabsorbed depreciation,
carried forward losses etc. those are available to the company as at
30/06/2014 and as such there is no impact of the same on these
accounts. No further deferred tax assets has been recognized since
there is no certainly of future taxable income to take benefit of
Deferred tax assets.
2.14 Secured / Unsecured loans are subject to confirmation from the
concerned parties.
2.15 Previous year's figure has been re-grouped/re-arranged whenever
necessary to conform to current's year classification.
2.16 Note 1.00 to 2.46 form an integral part of Balance Sheet and
Statement of Profit & Loss.
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