| 1. Terms/rights attached to equity shares:
The company has only one class of equity shares having a par value of
Re.1/- per share. Each holder of equity shares is entitled to one vote
per share. No dividend proposed by the Board of Diretors for the year
ended 31st March, 2015.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the numberof equity shares held by the shareholders
2. Contingent liabilities and commitments (to the extent not provided
for)
Particulars 2014-15 2013-14
Amount Amount
(Rs.) (Rs.)
(I) Contingent Liabilities
(a) Claims against the company not acknowledged 2,842,570 2,842,570
as debt (Sales Tax Demand for 1988-89 under
dispute Rs. 20,49,049/- under Orissa Sales
Tax Tribunal, Cuttack, and Rs. 791025/-as
Rajasthan State Tax and Rs. 2496/- as
Central Sales Tax for 1998-99 is pending
under appeal before Rajasthan Tax Board,
Ajmer.)
(b) Other money for which the company is
contingently liable 170,700 170,700
(Bank Guarantees in favour of Customs
Department issued by bank on our behalf
valied upto March, 2015)
3.013.270 3,013,270
(ii) Commitments - -
3.013.270 3,013,270
3. In the opinion of the Board, all assets other than fixed assets and
non current investments, have a realisable value in the ordinary course
of business which is not different from the amount at which it is
stated.
a) Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives of the fixed assets as specified in
Schedule II. Accordingly the unamortized carrying value of assets is
being depreciated / amortized over the remaining useful lives. The
written down value of Fixed Assets whose lives have expired as at 1st
April 2014 have been adjusted net of tax, in the opening balance of
Profit and Loss Account, which is amounting to Rs.18,89,543/-.
b) The total MAT credit available to the company is Rs.89,90,587/-.
c) No interest was provided on or after 1st January, 2015 on a loan of
Rs. 482.50 lacs, as because the party did not paid any interest due on
loan after 30th September, 2013. Now the company is taking all legal
steps to recover the principal loan amount with interest due thereon by
taking control on the security taken against the loan to the party.
4. Related Party Transactions
As per AS 18 issued by The Institute of Chartered Accountants of India,
the related party transactions are as follows:
List of related Parties:
Key Management Personnel:
Sri K.M. Poddar, Managing Director
Sri Anubhav Poddar, Chief Financial Officer
Miss Sneha Binani, Company Secretary
Other Related Persons:
Rashmi Properties & Investments Ltd.
Coronation Refrigetation Industries Ltd.
Likhami Trading & Mfg. Co. Ltd.
Nouveau Metal Industries Ltd.
Uma Poddar
Vrinda Poddar
Vaibhav Poddar
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