1. The Company has only one class of Equity share having a par value
of Re 1/- each per share. Each holder of equity share is entitled to
one vote per share.
2. The Company has its increased Authorized Capital from Rs.
21,00,00,000 divided into 21,00,00,000 Equity shares of Rs. 1 each to
Rs. 70,00,00,000 divided into 70,00,00,000 Equity shares of Rs. 1 each
by creation of 49,00,00,000 additional equity shares of Rs. 1 each in
accordance with the provision of Section 94, and other applicable
provisions if any, of The Companies Act, 1956
3. In the event of liquidation of the Company, holders of equity
shares will be entitled to receive any of the remaining assets of the
Company after discharging the liabilities of the Company.
4. In terms ofthe resolution passed under section 81(1A) ofthe
companies act 1956 at the Extra Ordinary General Meeting ofthe company
held on 07.09.2010 and in-principle approval received from stock
exchange, The Board has allotted 400000000 convertible share warrants
into equal number of equity shares at a price Rs 2.55/- each at a
premium of Rs 1.55/- per warrant, in the board meeting held on
07.09.2010 on preferential basis to promotors and non-promotors
category. Pursuant to allotment of convertible share warrants, the
company during the financial year 2010-2011 and 2011-2012, has received
monies aggregating to Rs 51.06 crores out of Rs. 102.00 crores.
5. Balance of Sundry Debtors, Sundry Creditors and Loans & Advances
as shown in the accounts are subject to confirmation .and
reconciliation However, in the opinion of the Board of Directors, the
current assets, loans & advances are fully realizable at the values
stated, if realizable in the ordinary course of business. The
provisions for depreciation and all other known liabilities are
adequate in the opinion of the Board.
6. No provision for the payment of gratuity has been made as none of
the employees has put the qualifying period of service for entitlement
7. Preferential Allotment
(a) In terms of the resolution passed under section 81 (1A) of the
Companies Act, 1956 at the Extra Ordinary General Meeting of the
Company held on 07.09.2010 and the in-principle approval received from
BSE, the Board has allotted 400000000 convertible warrants into equal
number of equity shares of Re. 1/- each at a premium of Rs. 1.55/- per
warrant, in the Board meeting held on 09.11.2010 on preferential basis
to promoters and non-promoters category. Pursuant to allotment of
Convertible warrants, the Company, during the financial year 2010-11,
has received monies aggregatingto Rs. 25.50 crores out of Rs. 102
(b) The company has allotted 4,96,38,600 convertible warrants with an
option to convert such warrants into equity number of equity shares of
Re. 1/- each on preferential basis. Out of the total warrants so
issued, 1,85,49,799 were converted into equal number of equity shares
at a premium of Rs. 1.18/- per equity share. As at March 31,2010.
Further 34,00,000 convertible warrants were converted into equal number
of equity shares at a premium of RS 0.66/ per equity shares (Face Value
Rs. 1/-) and 1450201 convertible share warrant into equal number of
equity share at a premium ofRs. 1.18/-per equity shares (F.V Re. 1/-
per share) during the financial year 2010-2011.
(c) During 2011-12, the Company has allotted 45,77,000 equity shares
pursuant to conversion of equal no of convertible warrants issued at a
premium of Rs. 0.66/ per equity share (Face Value).
8. Allocation of Development expenses is pending to fixed assets.
9. Contingent Liabilities not provided for Bank Guarantees
outstanding Rs. NIL (Rs. Nil).
10. Adoption of Accounting Standard 28 on impairment of assets does
not have any impact either on the profit for the year or on the net
assets ofthe company as at the year end.
11. Directors''Remuneration Rs. 15,20,000/- (Previous Year Rs.
12. Segment Reporting: The company has only one reportable segment.
13. Previous year figures have been regrouped / rearranged /
reconsidered, wherever considered necessary.
14. As per information available with the company, there are no
outstanding dues to Small Scale Ancillary Industrial Undertakings as at