NOTE - 1 SHARE CAPITAL
a) There are Nil (Previous year - Nil) rights, preference and
restriction attaching to each class of shares including restriction on
the distribution of dividend and the repayment of capital.
b) There are nil number of shares (Previous year Nil) in respect of
each class in the company held by its holding company or its ultimate
holding company including shares held by or by subsidiary or associates
of the holding company or the ultimate holding company in aggregate.
c) There are nil number of shares (Previous year Nil) reserved for
issue under option and contracts/commitment for the sale of
shares/disinvestment including the terms and amounts.
d) For the period of five years immediately preceding the date as at
which the balance sheet is prepared
e) There are no securities issued which are convertible into
f) There are 15630 Calls unpaid (previous year 15630) of Rs 10/- each.
Calls unpaid by directors & officers of the company as on Balance
Sheet date are Nil.(previous year Nil).
i) There is no forfeiture of the shares of any class during the
Financial Year (Previous Year - Nil).
1. Impairment of Assets
The Company has carried out Impairment test on its fixed assets as on
the date of Balance Sheet and the management is of the opinion that
there is no asset for which provision for impairment is required to be
made as per Accounting Standard - 28 on Impairment of Assets.
2. The contingent liabilities:
a) Bills discounted with the banks amount to Rs. 479,473/- (Previous
year Rs. 479,473/-) and other parties Rs. 4,636,340/- (Previous year
b) Bank Guarantee with custom Authorities Rs. 9,645,768/- (Previous
3. No provision has been made in accounts for gratuity and other
retirement benefits accruing to employees which is not in accordance
with the Accounting Standard 15 and accounting policy of die company
4. Miscellaneous Expenditure:
The Company has written off balance preliminary/miscellaneous
expenditure during the current year of Rs. 1.01,743.
5. Related Parties Disclosures
(I). Names of related parties
Names of related parties
where control exists Nil
irrespective of whether
occurred or not
Names of other related
parties with whom Nil
transactions have taken
place during the year
Key Management Personnel 1. Mr. Zuzar A. Kathavvala
2. Mrs. Durriya Z. Kathawala
3. Mr. Sunil Ramakanth Tripathi
Relatives of key
management personnel 1. Mr. Imtiaz A. Kathawala
2. Yunus Kathawala
3. Salim Kathawala
4. A. G. Kathawala
5. Qusai Kathawala
6. Naamah Kathawala
Enterprises owned or
significantly influenced 1. Alban Communications India
by key management Pvt. Ltd.
personnel or their
relatives 2. Adamji Investment Pvt. Ltd.
3. Ambient Media Solutions Pvt. Ltd.
4. Niyuprene Plastics Co. Pvt. Ltd.
5. Kathawala Realtors LLP
6. ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES
(a) Disclosures relating to Finance and Operating Leases
The Company has not entered in any kind of Finance and Operating Lease
transactions during the Financial Year. Hence, no disclosure is
required to be made as per AS-19 in this respect.
7. Provision for Taxation
a) Current Tax: The company has made a appropriate provision for
taxation for the year under the provision of the Income Tax Act, 1961
8. Segment Reporting
The Company has only one business and geographical Segment viz. HDPE
Tarpaulene and related products in India. Hence no further disclosures
are required to be made as per AS-17 on segment reporting.
9. Previous Year Comparatives
The Financial Statements for the year ended 31st March, 2011 had been
prepared as per the then applicable, pre-revised schedule VI under the
Companies Act, 1956, the Financial Statement for the Year ended 31st
March, 2012 are prepared as per Revised Schedule VI. Accordingly, the
previous year''s does not impact recognisation and measurement
principles followed for preparation of financial statements and the
previous year''s figures have been regrouped/rearranged wherever
necessary to conform to current year presentation. Figures have been
rounded off to the nearest rupee.
10. General Notes:
I) In term of notification GSR (129E) dated. 22.02.99 issued by the
department of the company affairs, the company is required to furnish
the details of outstanding to SSI undertaking under the head Current
Liabilities & Provision of amount more than one lacs and for the
period of more than 45 days the company has requested to vendor to
furnish requisite information along with their SSI registration balance
sheet, therefore the company is unable to furnish the particulars.
II) Income Tax assessments of the Company have been completed till the
assessment year 2010 - 2011 U/S 143(1) (a).
III) Provision has not been made for Bonus Payable in the current year.
IV) The company has in the year 1997 pledged with Development Credit
Bank Ltd. Share of Public Limited Companies, held and owned by the
Directors Mr. A. G. Kathawala, Mr. Z. A. Kathawala and Mrs. D. Z.
Kathawala and their relative Mrs. M. A. Kathawala, having market value
at the time around Rs. 10.00 Lacs to secure the company''s liabilities
for payment of long outstanding collection bill dated 17.07.1990 for
USD 29025/- (Rupees 7.42 Lacs).
We are given to understand that though the shares were pledged for a
particular transaction and upto a limit of Rs. 10 Lacs only, in the
year January 2000 the bank exercised their right to invoke the pledge
without giving notice to the pledger and without restricting the sale
to-the extent of Rs. 10 Lacs only, and accordingly sold the shares for
Rs. 2,88,50,988.57 and credited the proceeds to the companies cash and
the matter is under litigation by the parties concerned the amount so
credited by the bank is shown under the heading suspense account
failing under classified group unsecured loans.
V) As per the information available the loan taken by the company from
Development Credit Bank (DCB) for Rs. 1294.23 lacs (as mentioned in
Note No. 3 and 4 to the Balance Sheet) has been assigned by the DCB to
the Asset Reconstruction Company of India Limited (Arcil). The Arcil
has again sold its above said loan asset to one of the group company
M/s Ambient Media Solutions Private Limited (AMSPL). The company has
paid a sum of Rs. 231.51 lacs to AMSPL as a part of settlement of loan
(as mentioned in Note 15 to Balance Sheet), subject to final
11. Balance of all sundry Debtors, Sundry Creditors & loan and
advances are subject to confirmation and consequent reconciliation and
adjustments, if any.
12. No forward exchange contracts are outstanding on the balance sheet
date which is entered to hedge foreign exchange exposures of the
13. Account confirmation statements were not received from some of the
14. In the opinion of the Board, the assets (other than Fixed Assets
and Non Current Investments) are approximately of the value stated, if
realized in the ordinary course of business. The provisions for
liabilities are considered to be adequate by the Board