| 1. The holders of the equity shares are entitled to receive dividends
as declared from time to time, and are entitled to vote at meetings of
the Company.
2. Of the above 7,25,00,000 equity shares (Previous Year 7,25,00,000
equity shares) are held by holding Company M/s Goodworth Build Invest
Pvt. Ltd. that comprises 92.53% of share capital. Besides this none of
the share holders is holding more than 5% of total share capital of the
Company
3. Of the above 7,25,00,000 equity shares have been issued for a
consideration other than cash by way of conversion of loans into equity
pursuant to revival scheme as approved by the BIFR
4. Details of securitiy in respect of long term borrowings disclosed in
Note No. 4 above
1) Secured loan of finance Company is secured by way of first charge on
immovable property of the Company.
B) Other Disclosures related to long term borrowings
2) Loans from finance Company is at interest of 13.75% and is repayable
in 120 equated monthly instalment.
3) There has no default in repayment of loan and interest as at the end
of the year.
4) Unsecured loan from holding Company namely Goodworth Build Invest
Private Limited is a non-interest bearing loan and there are no
stipulations with regard to repayment of principle of the loan.
5. Contingent Liabilities not provided for in the books of accounts
a) Counter Guarantee issued against 21.00 21.00
outstanding -Bank Guarantees
b) Demand under Custom Act 610.45 610.45
c) Sales Tax disputed demand 110.58 86.70
d) ESI Demand 44.15 44.15
6. In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in ordinary course of Business at
least equal to the amount at which they are stated in the Balance
Sheet, except otherwise stated elsewhere.
7. Claim against the Company (not acknowledged as Debts) - Rs. 41.00
Lakhs (Previous Year Rs. 168.68 Lakhs)
8. Inventories have been valued at lower of cost or realizable value
in accordance with the accounting policy of the Company. In absence of
Realizable value for certain raw material items, valuation is carried
out at cost. Impact of the diminution in value of such items is not
determined and shall be accounted for as and when the actual
devaluation is occurred/ evaluated by technical expert. In view of
management such devaluation shall not be significant.
9. Other advance in "Short term loan and Advances" in Note No. 14
includes Sales tax demand amounting to Rs. 24.00 lacs (Previous Year
Nil) paid by the Company under protest and the matter is subjudice. The
amount, as advised to the Company by legal experts is recoverable,
hence not provided for as expense. The same shall be accounted for in
accordance with the decision of the appeal.
10. Balance confirmation certificates from number of parties, included
in debtors, creditors and advance recoverable were not available for
verification.
11. No claim has been received from any of the Suppliers of their being
a micro & small enterprise unit under Micro, Small and Medium
Enterprises Development Act, 2006. Hence amount due to such entities is
not ascertainable.
12. In compliance to Section 203 of the Companies Act, 2013 the Company
is in process of appointment of key managerial person as Chief
Financial Officer in the Company and the position is vacant as at 31st
March, 2015.
13. Taxation Current Year Tax
In view of the unabsorbed losses as per income tax record the Company
is not liable to pay tax on profit for the year. Also no tax liability
is attracted on book profit of the Company under the provisions of Sec
115JB of Income Tax Act related to Minimum Alternate Tax (MAT).
Deferred Tax
Keeping in view the unabsorbed losses of the Company in Income Tax
records and uncertainty of sufficient profit in the future years,
Deferred Tax Asset in accordance with the provisions of Accounting
Standard 22 on 'Taxes on Income' has not been recognized and provided
in the accounts.
14. Related party transactions during the year in terms of the
provisions of AS-18 of "Related Party Disclosures".
Name of the Associate : Goodworth Build Invest Pvt. Ltd.
Transactions during the year : Loan outstanding as at end of
the year Rs. 518.97 Lacs
(Previous Year Rs. 1049.05
Lacs.) Loan repaid during the
year Rs. 530.07 Lacs (Previous
Year Rs. 97.00 Lacs.). During
the year Company obtained
no loan (Previous year loan
obtained 291.00 lacs)
Name of the Key Managerial Personnel : Shri R.K. Gupta, Managing
Director
Transactions during the year : Remuneration Rs 14.62 Lacs
(Previous Year Rs. 5.49 Lacs)
15. There are no reportable segments in the Company (Physical or
geographical) hence segment-wise information in terms of the provisions
of AS-17 on Segment Reporting' is not given.
16. The "Employee Benefits" as required to be provided under AS-15
issued by ICAI and the same are accounted for by the Company on the
basis as enumerated hereunder. The quantum of defined benefit plans are
to be valued by an actuary in terms of provisions of the Standard.
Disclosures of Employees Benefits provided by the Company is as
under :-
Defined Contribution Plan:
The Company pays fixed contribution to Provident Fund at predetermined
rates to regional authorities as per law. The contribution to the fund
for the period is recognized as expense and is charged to the statement
of profit & loss. The obligation of the Company is limited to such
fixed contribution. An amount of Rs.15.74 Lacs (Previous Year Rs. 11.63
Lacs) has been recognized as expense for defined contribution plan
(Contributory Provident Fund).
Defined Benefit Plan:
a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited
by the Company. Encashment is available at the time of retirement or
superannuation. Amount as per entitlement as at the end of the year is
recognized as expense. During the year Rs.0.60 Lacs (Previous Year Rs.
1.07 Lacs) has been paid/ provided towards leave encashment expenses.
b) Gratuity: The Company has obtained policy from an insurance Company
towards gratuity benefit. The Company's contribution towards the policy
is recognized as expense. During the year Rs.1.41 Lacs (Previous Year
Rs. 5.17 Lacs) has been provided towards the gratuity contribution.
17. Previous Year figures have been regrouped or re-casted wherever
considered necessary.
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