(Terms/Rights and Restriction attached to Shares):
The Company has only one class of equity shares having a par value of Rs
10/- per share. Each Shareholder is eligible for one vote per share. In
the event of liquidation, equity shareholders will be eligible to
receive the assets of the Company after distribution of all
preferential amounts, in proportion to number of Equity shares held by
The Company declares and pays dividend in Indian Rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
Shareholders in the ensuing Annual General Meeting except in the case
of Interim Dividend.
The Company has the power to issue preference shares. In the event of
liquidation, the Preference shareholders of the Company have the
preference over equity shares when it comes to payment of dividend and
return of capital.
1. The Company is in the process of compiling relevant information
from its suppliers about their coverage under the Micro, Small and
Medium Enterprises Development Act, 2006. As the Company has not
received any information from its suppliers as on date regarding their
status under the above said Act, no disclosure has been made.
2. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated, if realized in the ordinary
course of business. The provisions for all the known and determined
liabilities are adequate and not in excess of the amounts reasonably
3. The unsold portion of Freehold land at Bhandup was revalued on 30th
June, 1993 on the Market Value/Replacement basis using the standard
indices as assessed by the approved valuer. The revalued amount of
freehold land remains substituted for the historical cost in the gross
block of fixed assets amounting to Rs 150.39 lacs. In respect of the
said land, MOU entered by the company in the past had expired with the
efflux of time and has become null and void. The other party to MOU had
filed a case against the company which is contested by the Company and
the matter is pending with Bombay High Court.
4. The Company has recognized Rs 12.88 lacs as on 31st March, 2012 as
Minimum Alternate Tax Credit Entitlement (Previous Year Rs 37.90 lacs),
which represents the credit of MAT liability which would be available
based on the provisions of Section 115JAA of the Income Tax Act, 1961.
The Management based on the future profitability projections and also
on profit earned during the year is confident that there would be
sufficient taxable profit available in future which will enable the
Company to utilize the above MAT Credit Entitlement.
5. Previous year figures have been regrouped/rearranged wherever