| 1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS:-
a The financial statements have been prepared to comply all material
aspects with the mandatory accounting standards notified under
Companies (Accounting Standards) Rules, 2006 and the relevant
provisions of Companies Act, 1956.
b The Company follows mercantile system of accounting and recognizes
income and expenditure on an accrual basis except those with
significant uncertainties.
c The accounting policies applied by the Company are consistent with
those used in the previous year.
d For Preparation and presentation of financial statements for tax
purpose, erstwhile Schedule VI to the Companies Act, 1956 was used
upto year ended 30th September, 2011. For the year ended 30th
September, 2012 the revised schedule VI notified under the Companies
Act, 1956 has become applicable to the Company and accordingly the
financials for year ended September, 2012 have been prepared in
accordance with the Revised Schedule VI. The previous year's figures
have been regrouped to conform to the current year classification.
2. Secured Long Term Borrowings a Vehicle Loan from Banks
Vehicle Loan from Bank is secured by way of exclusive first charge
created by hypothecation on vehicle of Company.
* of the above, Vehicle Loan from Union Bank of India is taken @ 12%
and 48 Monthly installment of Rs. 20,383/- and out of the same 11
Monthly installment is pending from the end of the period.
* of the above, Vehicle Loan from HDFC is taken @ 11.25% on 48 Monthly
installment of Rs. 12,925/- and out of the same all 29 Monthly
installment is pending from the end of the period.
* of the above, Vehicle Loan from Tata Capital Financial Services is
taken is taken @ 11.25% on 48 Monthly installment of Rs. 12,690/- and
out of the same all 37 Monthly installment is pending from the end of
the period.
3 In view of positive net-worth, the BIFR Authority vide order no. MA
No. / 123/BC/11 dated 10th March, 2011 has de-registered the Company
from being recognised as a Sick Company. And so the financial
statements are prepared on a going concern basis.
4 As the number of employees during the period is less than 50,
provision of the liability for gratuity is made accordance with the
Provision of the Payment of Gratuity Act, 1972 and no Actuarial
Valuation report is taken from the Actuary valuer as provided in AS
-15 Employees Benefits and so no details are required to be given as
per AS -15.
5 The directors of the Company were disqualified u/s 274(1 )(g) of
the Companies Act, 1956 for nonrepayment of debt to debenture holders,
however during the period all the liabilities of the financial
institutions and the banks have been repaid.
6 Related party disclosures under Accounting Standard 18 (AS 18) (as
identified by the Management) :-
I) Following are the Enterprise/firms over which Key Management
Personnel and their relatives have significant influence:
1 Abhay Enterprises
2 Abhishek Capital Pvt Ltd
3 Achal Holdings & Finance Pvt Ltd
4 Anant Synthetics Pvt Ltd
5 Hytone Holdings Pvt Ltd
II) Following are the Individuals having significant influence or are
key management personnel or their relatives:
1. Amrut T. Shah
2. Praful K. Dedhia
28 Contingent Liabilities:
All contingent liabilities are adequately disclosed in the Notes on
Accounts
SN Contingent Liabilities As at As at
31.03.2014 30.09.2012
a) Bank Guarantees NIL NIL
b) Claims against the Company not
acknowledged as debts/disputed NIL NIL
c) Arrears of Dividend on 1%
Redeemable Cumulative Preference Shares
(Series I) (Dividend are in arrears
since 2001) 1937466 1712466
d) Arrears of Dividend on 1% Redeemable Cumulative Preference
Shares (Series II) (Dividend are in arrears since 30th June 2010)
2278750 1198750
7 Balances of Debtors, Creditors and Loans & Advances are subject to
confirmation, reconciliation and adjustments if any.
8 In the opinion of the Board, the value on realisation of loans and
advances and Current Assets in the ordinary course of business will
not be less than the amount at which they are stated in the Balance
sheet.
9 In the opinion of the Board, provision for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
10 CIF Value of Import NIL NIL
11 Expenditure in Foreign Exchange NIL NIL
12 Earnings in Foreign Exchange NIL NIL
13 Directors Remuneration:
14 "Sundry Creditors" in Note `8' to the Accounts include:
a) There are no Micro and Small Enterprises to whom amount is payable
and which is outstanding for more than 45 days as at the close of the
accounting period.
b) This information is required to be disclosed under the Micro, Small
and Medium Enterprises Development Act, 2006.
15 Figures in brackets relate to the previous period.
16 Previous Periods figures have been reworked, re-grouped,
re-arranged and reclassified wherever necessary.
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