| 1. SHARE CAPITAL
Rights attached to Equity Shares
The Company has only one class of Equity Shares having par value of Rs.
10. Each holder of equity shares is entitled to one vote per share. In
the event of liquidation of the Company, the holder of equity shares
will be entitled to receive any of the remaining assets of the Company,
after distribution of all preferential amounts.
2. LONG TERM BORROWINGS
(Interest @ 8.50% Per Annum. Balance repayable in 35 equal monthly
installments till September, 2015 Also, refer Note No. 8 below)
3. Contingent Liabilities not provided for in respect of:
Current Year Previous Year
(Rupees) (Rupees)
(a) Claims against the Company not
acknowledged as debts. 7,11,832 7,11,832
(b) Disputed Customs and Central Excise
Duties and Penalty (excluding interest) 10,22,337 -
(c) Disputed Sales Tax Demands - 60,08,863
4. Calls unpaid are subject to reconciliation since quite some time
with the Registrar to the Issue.
5. The Company's main business is trading of Yarns, Metal, etc. All
other activities of the Company are incidental to the main business. As
such, there is no other reportable segment as per the Accounting
Standard-17 "Segment Reporting" notified under Companies (Accounting
Standards) Rules, 2006.
6. Related Party disclosures:
Related party disclosures as required by AS-18 "Related Party
Disclosures", are given below.
a) List of Related Parties:
1) Parties where control exists - Nil
2) Enterprises where significant influence exercised with whom the
Company has entered into transactions:
Ramgopal Textiles Limited Ramgopal Synthetics Limited
J.M. Commodities Limited J.M. Trading Corporation
Notes:
i) No amounts pertaining to related parties have been provided for as
doubtful debts. Also, no amount has been written off/back.
ii) Details relating to investments in the above related parties have
been disclosed in the Note No '11' Non-Current Investments.
iii) The related parties are as identified by the Company and relied
upon by the auditors.
7. In the opinion of the management, assets other than fixed assets and
non-current investments have a value on realisation in the ordinary
course of business atleast at the amount at which they are stated.
8. Short term loans and advances include Security Deposits to a
partnership firm in which a director of the Company is interested as
partner Rs. 50,000 (previous year Rs. 50,000) towards godown taken on
hire.
9. Balances of certain trade receivables, certain loans and advances
given and trade payables are subject to confirmation/reconciliation. In
the opinion of the management, the difference as may be noticed on such
reconciliation will not be material.
10. Company is making efforts to appoint Company Secretary under
Section 383A of the Companies Act, 1956.
11. There are no dues to Micro, Small and Medium Enterprises as at the
close of the year.
12. Operating Leases:
The Company has taken certain godowns under cancelable operating
leases. The lease agreements are usually renewable by mutual consents
on mutually agreeable terms.
13. Previous year's figures have been regrouped/rearranged so as to
make them comparable with current year's figures.
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