1.1 (a) Capital reserve represents the principal loan amount waived by
Consortium of Banks and Financial Institutions (Indusind Bank Limited ,
State Bank Of India,UTI(Axis Bank Limited) and Karnataka State
Industrial Investment and Development Corporation Limited ) on One Time
Settlement of dues to them.
1.2 (g) Other reserve represents the subsidy received for the project
from Department of Industries and Commerce, Government of Karnataka.
1.3 (e) Loans and Advances from related parties represent a loan
received from the Managing Director and the terms of loan are:
(i) Interest on Loan -NIL
(ii) Repayment terms: Either the Loan will be repaid or converted into
Equity as per relevant and applicable SEBI & other guidelines
(k) Note:-
( i) Confirmation of balance have not been obtained from many of the
creditors
(ii) No provision for Income Tax has been made during the year ,since
the Company has incurred loss during the year .However provision for
demand of Rs.20,96,325/- u/s 220(2) for Assessment year 1997-98 and
1998-99 raised by Income Tax Department is made during the year and a
payment of Rs.4,50,000/- has been made against this. The balance due
Rs.16,46,325/- is shown under Other Current Liabilities.
(iii) The information regarding amounts due to micro and Small
Enterprises have been determined based on the information available
with the company and have been relied up on by the Auditors.
(iv) Principal amount remaining unpaid to Micro and Small Enterprises
at the end of the Accounting Year - NIL
(v) Interest due on principal amount unpaid as at the end of the
accounting year-NIL
(vi) Amount of Interest paid by the Company along with the payment made
to the suppliers beyond the ap- pointed day during the year - NIL
(vii) Amount of Interest due and payable for the period of delay in
making payment (amount have been paid but after the appointed day) but
without interest specific under Micro Small and Medium Enterprises
Develop- ment Act,2006 - NIL
(viii) Interest Accrued and remaining unpaid as at the end of the
accounting year-NIL
(ix) Unpaid interest brought forward to current year-NIL
(x) The small Scale Industrial Undertaking (SSI Units) to whom amount
outstanding for more than 30 days is - NIL
Note :
1. Deferred Tax Liability/Assets
(i) The Deferred Tax Liability /Assets as per accounting standard 22
issued by the Institute of Chartered Accountants of India for the
current year as well as for the previous year as per recalculation is -
NIL, as the Company does not foresee any reasonable certainty in
generation of profit in the coming years
2. Current Assets, Loans and Advances
(i) In the opinion of the Board Of Directors , the current assets,
loans and advances have the values at which they are stated in the
balance sheet as and when realized in the ordinary course of business.
(ii) Confirmation of balances have not been obtained from debtors and
for advance payments.
3. (i) Short term loans and advances to others - unsecured considered
good represents Rupees 1.50 crore to vendor for purchase of land for
township development at whitefield, Bangalore and the execution of
title deed transfer of the property measuring 18 acres for a total
consideration of Rs. 22 crore is pending due to obtainment of certain
legal and ecological clearances.
(ii) The company is advised of getting all legal and ecological
clearances shortly from concerned au- thorities.
1.4. Contingent Liabilities & Commitmets
(a) Contingent Liabilities
(i) Claims against the company not acknowledged as debt - -
(ii) Guarantees - -
(iii) Other money for which company is contingently liable
(b) Commitments - - (i) Estimated amount of contracts remaining to be
executed on capital account & not provided for - -
(ii) Uncalled liability on shares & other investments - -
(iii) Others - -
1.5. Exceptional Items --
Other Information
(a) Previous years' figures have been regrouped or recast wherever
necessary to suit with current year's disclosusre and layout.
(c) Accounting Standard 18(AS 18) (related to party disclosures,
notified in the Companies (Accounting Standards) Rules 2006)
The disclosure of transactions with the related parties as defined in
AS-18 are given below.
1. Related parties and their relationship
A. Key Managerial personnel
1. Mr. Santhosh Joseph Karimattom - Managing Director
2. Mr. Kaumpilly Rajesh - Director
3. Mr. Rajendra Patil - Director
4. Mr. Anupkumar - Director
5. Mr. D.E. Chandrasekaran - Company Secretary
B. Enterprises over which key managerial personnel and relatives
exercise significant influence.
1. Bannerghatta Farms
2. Vasantha Farms
3. SJK Farms
4. Karimattom Plantations Pvt. Limited
5. Fusav Engineering Devices Pvt. Limited
6. City projects and entertainment Pvt. Limited
7. Heco panelling Systems Pvt. Limited
C. Concerns key managerial personnel and their relatives 1. Diode
Tailors
D. material transactions with related parties - NIL
E. Remuneration paid to Managing Director and Directors - NIL
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