| 1. NATURE OF OPERATIONS:
The Company was engaged in manufacturing of capital goods machineries
used in manufacturing of Portland Cement, mineral grinding machineries
etc. Previously the Company was also manufacturing refractory Cement
but the manufacturing activities were closed due to high cost and not
having regular demand. The Company is now exploring the possibilities
for investing in related new business activities.
2. The balances grouped under sundry debtors, creditors and advances
are still under reconciliation and confirmation from respective parties
awaited. The final adjustment if any shall be made only after
reconciliation.
3. The stock of raw material, semi-finished goods and stores are as
per inventory prepared, valued and certified by the management.
4. In the opinion of the management current assets and advances if
realized in the ordinary course of business have value of realization
at least of the amount at which they are stated in the Balance Sheet.
5. Depreciation on fixed assets has been recalculated during the year
based on useful life of the assets as specified in schedule II of the
companies Act, 2013. Carrying amount of the assets have either been
depreciated over remaining useful of the assets or have been charged to
Profit & Loss Account for the year, where remaining useful life of the
assets is nil, after retaining their residual value.
6. As per the information available with the company there are no
small scale industrial undertaking to whom the Company owed any sum as
at 31st, March 2015 and there is no balances outstanding for more than
30 days as at 31st, March, 2015.
7. The Company has decided to pay remuneration of Rs.,00,000/- P.A.
to whole-time director which is subject to the approval of shareholders
in General meeting.
8. Sundry debtors include Rs. NIL (Maximum balance outstanding any
time during the year was Rs.NIL) from the firm and companies in which
directors are interested.
9. Income Taxes
A tax expense comprises current, deferred and fringe benefit tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Indian Income Tax. Deferred
income tax reflect the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years.
Deferred Tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized. If the Company
has carry forwarded unabsorbed depreciation or carry forwarded tax
losses, deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits. Due to uncertainty of income, deferred
Tax has not been accounted for as the Company has huge accumulated
business losses.
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. Since
there is loss during the year, accumulated losses and unabsorbed
depreciation for earlier years the earning per share is negative
figure.
10. Segment information for the year ended 31.03.15 terms of AS-17 is
not required to be given.
11. Additional information as required under para 5 of Part-II of
Schedule III to the Companies Ac, 2013 to the extent applicable to the
company is as under:-
b) Value of imports calculated on C.I.F. basis by the Company during
the financial year - NIL.
c) Expenditure in foreign currency during the financial year on account
of royalty, know-how, professional and consultation fees, interest, and
other matters- NIL
d) The amount remitted during the year in foreign currencies on account
of dividends with a specific mention of the total number of
non-resident shareholders, the total number shares held by them on
within the dividends were due and the year to which the dividends
related- NIL
e) Earnings in foreign exchange. NIL
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