Mar 31, 2014
1.02 REDUCTION OF CAPITAL
At the 50th Annual General Meeting of the Company held on 26th
September, 2012 Members of the company duly passed a Special Resolution
for reduction of its share capital, i.e. cancelling the paid- up equity
share capital of the Company by reducing the face value of each share
from Rs. 10 to Re. 1, and thereby reducing the paid-up share capital of
the Company from Rs. 21, 60, 02, 560/- divided into
2, 16, 00, 256 equity shares of Rs. 10 each to Rs. 2, 16, 00, 256/-
divided into 2, 16, 00, 256 equity shares of Re. 1/- each. The
reduction was in accordance with Section 78 read with Section 100 and
other applicable provisions of the Companies Act, 1956 and subject to
the approval of the Hon''ble High Court, Bombay. A Company Scheme
Petition in this regard was filed with the Hon''ble High Court, Bombay.
During the course of hearing of the petition certain objections were
raised by a shareholder (holding 0.00093% of the equity share capital
of the Company), however, the Learned Judge of the Hon''ble Bombay High
Court did not find any merit in the objections raised by the
shareholder and found that the reduction is in the interest of the
Company and its stakeholders. The Hon''ble Bombay High Court thus passed
an order dated May, 9th, 2013 approving the reduction. However, in view
of an application made by the objecting shareholder to stay the order
dated May 9th 2013 to enable him to approach a higher court, the
operation of the order dated May 9th, 2013 was therefore stayed. Appeal
of the objecting shareholder was heard by a Division Bench consisting
of Hon''ble Chief Justice of Bombay High Court and Hon''ble Senior Judge
of High Court, Bombay on 18th June, 2013. The Division Bench of Bombay
High Court agreed with the findings of Single Judge. The appeal was
therefore, dismissed. The Court Orders was filed with Registrar of
Companies, Mumbai and the same is registered on 17th July, 2013. With
that, the face value of fully paid equity share is reduced from Rs. 10
per share to Re. 1 per share.
Accumulated Losses are adjusted and reduced by Rs. 2711.44 lakhs as
per the provisions of the Special Resolution in the Books of Accounts
of the company on 29th July, 2013 as under:
Respective clauses related to Authorised Capital of the Company
Memorandum and Articles of Association are also amended.
1.02 At the EGM of the members of the Company held on 16th December,
2013, a Special Resolution has been passed for Issue of 4, 32, 00, 532
Rights Shares of Re. 1 each to the existing Shareholders of the company
in ratio of 2 (two) Rights Equity shares for every 1(One) equity share
of Re. 1 each held.
1.03 CONTINGENT LIABILITIES AND COMMITMENTS (To the extent not
provided for)
(i) Claim against the Company not admitted, in appeal before State
Consumer Disputes Redressal Commission, Nagpur Bench Rs.3.09 Lacs
(Previous year Rs.3.09 Lacs)
(ii) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Nil (Previous year NIL).
(iii) Dividend on 16,35,015 Nos., 15% Cumulative Convertible Preference
Shares for the year 1997 - 98 Rs. 201.58 Lacs (Previous year Rs. 201.58
Lacs) has not been paid due to inadequacy of profit.
1.04 INCOME TAX
Return of income has been filed up to the Financial Year 2012-13,
Assessment Year 2013-14. Assessment has been completed up to the
Financial Year 2010-11, Assessment Year 2011-12.
1.05 Provision is made for future liability for payment of Gratuity
and amount payable as Leave encashment.
1.06 The Company has discharged its liabilities towards fixed
depositors in full.
1.07 The Company has unabsorbed depreciation and carried forward
losses available for set-off. In view of uncertainty regarding
generation of future taxable profit on prudent basis, deferred tax
asset has not been recognized in the accounts.
1.08 In order to ensure expeditious recovery of NPAs and repay the
liabilities, the company is currently focusing all its efforts on
recoveries.
1.09 ( A) There is no amount remaining unpaid to
small-scale suppliers within the Meaning of "The Interest on Delayed
Payment to Small Scale and Ancillary Undertakings Act." The information
has been compiled to the extent they could be identified as small scale
and ancillary undertakings on the basis of information available with
the Company.
(B) There are no Micro, Small and Medium Enterprises, to whom the
Company owes Dues, which are outstanding for more than 45 days as at
the Balance Sheet date. Further, the Company has neither paid nor
payable any interest to any Micro, Small and Medium Enterprises on the
Balance Sheet date.
The above information has been determined to the extent such parties
have been Identified on the basis of information available with the
Company. The same has been relied upon by the auditors.
1.10 The Directors have decided to restructure the capital to remain
NBFC and continue business. Steps are already initiated in these
directions. The Directors therefore consider that the Company is a
going concern and the Accounts have been prepared accordingly.
1.11 MANAGERIAL REMUNERATION:
Managerial Remuneration included in Statement of Profit & Loss.
1.12 RELATED PARTY DISCLOSURES :
(a) List of Related Parties with whom transactions have taken place and
Relationships:
Name of the Party Relationship
Premier Limited Associate Company
1.13 During the year Company had only one reportable business segment
i.e. NBFC business as per Accounting Standard 17 of the Institute of
Chartered Accountants of India.
1.14 Figures of the Previous Year have been regrouped, rearranged
wherever necessary.
Mar 31, 2013
1.01 REDUCTION OF CAPITAL
At the 50th Annual General Meeting of the Company held on 26th
September, 2012 Members of the company duly passed a Special Resolution
for reduction of its share capital, i.e. cancelling the paid- up equity
share capital of the Company by reducing the face value of each share
from Rs. 10 to Re. 1, and thereby reducing the paid-up share capital of
the Company from Rs. 21,60,02,560/- divided into 2,16,00,256 equity
shares of Rs. 10 each to Rs. 2,16,00,256/- divided into 2,16,00,256
equity shares of Re. 1/- each. The reduction is in accordance with
Section 78 read with Section 100 and other applicable provisions of
the Companies Act, 1956 and subject to the approval of the Hon''ble
Bombay High Court. A company petition in this regard was filed with the
Hon''ble Bombay High Court. During the course of hearing of the petition
certain objections were raised by a shareholder (holding 0.00093% of
the equity share capital of the Company), however, the Learned Judge of
the Hon''ble Bombay High Court did not find any merit in the objections
raised by the shareholder and found that the reduction is in the
interest of the Company and its stakeholders. The Hon''ble Bombay High
Court thus passed an order dated May, 9th, 2013 approving the
reduction. However, in view of an application made by the objecting
shareholder to stay the order dated May 9th 2013 to enable him to
approach a higher court, the operation of the order dated May 9th, 2013
has been stayed for four weeks from May 9th 2013, i.e., the date of
order.
1.02 CONTINGENT LIABILITIES AND COMMITMENTS
(To the extent not provided for)
(i) Claim against the Company not admitted, in appeal before State
Consumer Disputes Redressal Commission, Nagpur Bench Rs. 3.09 Lacs
(Previous year Rs. 3.09 Lacs)
(ii) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Nil (Previous year NIL).
(iii) Dividend on 16,35,015 Nos., 15% Cumulative Convertible Preference
Shares for the year 1997 - 98 Rs. 201.58 Lacs (Previous year Rs. 201.58
Lacs)
1.03 INCOME TAX
a. There are Income Tax Demands of Rs. 341 Lacs for the Accounting
years 2006-07 and 2007-08. The same are contested in appeal which are
pending for disposal. No provision has been made in the accounts as the
Company is advised that it has fair chance of succeeding in appeal. The
amount of tax determined as payable, if any, the same will be provided
in the year of disposal of the appeal.
b. Return of income has been filed up to the Financial Year 2011-12,
Assessment Year 2012- 13. Assessment has been completed up to the
Financial Year 2009-10, Assessment Year 2010-11.
1.04 Provision is made for future liability for payment of Gratuity.
No provision is required for Leave encashment.
1.05 The Company has discharged its liabilities towards fixed
depositors in full.
1.06 In order to ensure expeditious recovery of NPAs and repay the
liabilities, the company is currently focusing all its efforts on
recoveries.
1.07 (A) There is no amount remaining unpaid to
small-scale suppliers within the Meaning of "The Interest on Delayed
Payment to Small Scale and Ancillary Undertakings Act." The information
has been compiled to the extent they could be identified as small scale
and ancillary undertakings on the basis of information available with
the Company.
(B) There are no Micro, Small and Medium Enterprises, to whom the
Company owes Dues, which are outstanding for more than 45 days as at
the Balance Sheet date. Further, the Company has neither paid nor
payable any interest to any Micro, Small and Medium Enterprises on the
Balance Sheet date.
The above information has been determined to the extent such parties
have been Identified on the basis of information available with the
Company. The same has been relied upon by the auditors.
1.08 The Directors have decided to restructure the capital to remain
NBFC and continue business. Steps are already initiated in these
directions. The Directors therefore consider that the Company is a
going concern and the Accounts have been prepared accordingly.
1.09 RELATED PARTY DISCLOSURES :
(a) List of Related Parties with whom transactions have taken place and
Relationships:
Name of the Party Relationship
Premier Limited Associate Company
1.10 During the year Company had only one reportable business segment
i.e. NBFC business as per Accounting Standard 17 of the Institute of
Chartered Accountants of India.
1.11 Figures of the Previous Year have been regrouped, rearranged
wherever necessary.
Mar 31, 2012
Notes:-
1) No equity shares were issued and or bought back during the year.
Issued, Subscribed and fully paid equity Shares at the ' beginning of
the year and at the end of the year are same.
2) The Company is having only one class of shares, that is equity share
Rs. 10 each. All the equity Shareholders are having equal right on the
distribution of dividend and the repayment of capital.
3) The Company is not a subsidiary of any other Company.
4) Statement showing shareholding of persons holding more than 5% of
total number of shares as on 31 st March, 2012
5) During immediately preceding five years Company has not allotted any
fully paid up shares of any class pursuant to contract(s) without
payment being received in cash, bonus shares or have bought back any
shares.
6) There are no unpaid calls or forfeited shares. .
1.01 CONTINGENT LIABILITIES AND COMMITMENTS
(To the extent not provided for)
(i) Claim against the Company not admitted, in appeal before State
Consumer Disputes Redressal Commission, Nagpur Bench Rs.3.09 Lacs
(Previous year Rs.3.09 Lacs)
(ii) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Nil (Previous year NIL).
(iii) Dividend on 16,35,015 Nos., 15% Cumulative Convertible Preference
Shares for the year 1997- 98 Rs.201.58 Lacs (Previous year Rs.201.58
Lacs)
1.02 INCOME TAX
a) Company's applications to Income Tax Settlement Commission for the
Accounting years ending 31st March 1993, 31st March 1994 and 31st March
1996 are disposed off during the year. Additional amount of Tax of
Rs.159.22 Lacs is determined as payable. Provision for the same is
made in the accounts for this year.
b) There is a I ncome Tax Demand of Rs. 144 Lacs for the Accounting
year 2007-08. The same is contested in appeal which is pending for
disposal. No provision has been made in the accounts as the Company is
advised that it has fair chance of succeeding in appeal. The amount of
tax determined as payable, if any, the same will be provided in the
year of disposal of the appeal.
c) Income Tax Assessments are completed for the years up to the
Accounting year ending 31st March 2009. Assessment for the Accounting
year ending 31st March, 2010 is in progress. By an order under section
263 of Income Tax Assessment for the Accounting Year 2006-07 is set
aside and is ordered for reassessment. We are in appeal against the
same.
d) Income Tax returns are filed for the years up to the Accounting year
ending 31 st March, 2011.
1.03 Provision is made for future liability for payment of Gratuity.
No provision is required for Leave encashment.
1.04 The Company has discharged its liabilities towards fixed
depositors in full.
1.05 The Company has unabsorbed depreciation and carried forward
losses available for set-off under the Income Tax Act, 1961. However,
in view of present uncertainty regarding generation of sufficient
future taxable income, deferred tax assets at the year-end have not
been recognized in the accounts as a prudent Accounting practice.
1.06 In order to ensure expeditious recovery of NPAs and repay the
liabilities, the company is currently focusing all its efforts on
recoveries.
1.07 (A) There is no amount remaining unpaid to small-scale suppliers
within the Meaning of "The Interest on Delayed Payment to Small Scale
and Ancillary Undertakings Act." The information has been compiled to
the extent they could be identified as small scale and ancillary
undertakings on the basis of information available with the Company.
(B) There are no Micro, Small and Medium Enterprises, to whom the
Company owes Dues, which are outstanding for more than 45 days as at
the Balance Sheet date. Further, the Company has neither paid nor
payable any interest to any Micro, Small and Medium Enterprises on the
Balance Sheet date.
The above information has been determined to the extent such parties
have been Identified on the basis of information available with the
Company. The same has been relied upon by the auditors.
1.08 The Company is transacting the business depending upon the
progress of recoveries and availability of funds. The Directors
therefore consider that the Company is a going concern and the Accounts
have been prepared accordingly.
1.09 RELATED PARTY DISCLOSURES:
(a) List of Related Parties with whom transactions have taken place and
Relationships:
1.10 During the year (and during the previous year) Company had only
One reportable business segment i.e. NBFC business as per Accounting
Standard 17 of the Institute of Chartered Accountants of India.
1.11 Figures of the Previous Year have been regrouped, rearranged
wherever necessary.
Signature to Notes 1 to 14 and Notes forming part of Statement of
Profit and Loss.
Mar 31, 2011
1 RELATED PARTY DISCLOSURES:
(a) List of Related Parties with whom transactions have taken place and
Relationships:
Name of the Party Relationship
Premier Limited Associate Company
2 Estimated amount of contracts remaining to be executed on capital
account and not provided for is Nil (Previous year NIL).
3 Up to the year ended 31st March, 2010 Company have provided
depreciation on Straight Line Method. Considering the fact that the
Fixed Assets with the Company at present for its own use are Furniture
& Fixtures and Computers only, which normally depreciates in value
faster in its initial period of life, the directors have decided to
change the method of depreciation to Reducing Balance Method. This
change in method of depreciation has resulted in increase in the charge
for depreciation by Rs.3.03 Lakhs (including Rs.1.97 Lakhs for the
prior years) and Loss on sale of fixed assets for the year is lower by
Rs.8000, the total loss for the year is higher by Rs.2.95 Lakhs and net
value of Fixed Assets is lower by Rs.2.95 Lakhs.
4 The Company has unabsorbed depreciation and carried forward losses
available for set-off under the Income Tax Act, 1961. However, in view
of present uncertainty regarding generation of sufficient future
taxable income, deferred tax assets at the year-end have not been
recognized in the accounts as a prudent Accounting practice.
5 CONTINGENT LIABILITIES IN RESPECT OF:
As on As on
31.03.2011 31.03.2010
Rs. (Lakhs) Rs. (Lakhs)
a) Dividend on 16,35,015
Nos., 15% Cumulative Convertible
Preference Shares for the year 201.58 201.58
1997-98
b) Claim against the Company not
admitted, in appeal before
State Consumer Disputes 3.09 3.09
Redressal Commission, Nagpur Bench.
6 INCOME TAX
a) Companys application to settlement commission for the Accounting
years ending 31st March 1993, 31st March 1994 and 31st March 1996 have
been heard from time to time but still pending for disposal. Provision
has been made for the Tax already paid. Additional amount of tax
payable, if any, is not ascertainable. On disposal of our application
to Settlement Commission, if any, additional amount is determined as
payable as tax, the same will be provided at the relevant time.
b) Remaining years Assessments are completed for the years up to the
Accounting year ending 31st March 2008. Assessment for the Accounting
year ending 31st March 2009 is in progress.
c) There is a Income Tax Demand of Rs.144 Lacs for the Accounting year
2007-08. However, the entire demand is contested in appeal which is
still pending for disposal. No provision has been made in the accounts
as the Company has fair chance of succeeding in appeal. The amount of
tax determined as payable, if any, the same will be provided in the
year of disposal of the appeal.
d) Income Tax returns are filed for the years up to the Accounting year
ending 31st March 2010.
7 No provision is required for future payment of Gratuity and Leave
encashment.
8 In order to ensure expeditious recovery of NPAs and repay the
liabilities, the company is currently focusing all its efforts on
recoveries.
9 The Company has discharged its liabilities towards fixed depositors
in full.
10 The Company is transacting the business depending upon the progress
of recoveries and availability of funds. The Directors therefore
consider that the Company is a going concern and the Accounts have been
prepared accordingly.
11 (A) There is no amount remaining unpaid to small-scale suppliers
within the Meaning of The Interest on Delayed Payment to Small Scale
and Ancillary Undertakings Act.Ã The information has been compiled to
the extent they could be identified as small scale and ancillary
undertakings on the basis of information available with the Company.
(B) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days as at
the Balance Sheet date. Further, the Company has neither paid nor
payable any interest to any Micro, Small and Medium Enterprises on the
Balance Sheet date.
The above information has been determined to the extent such parties
have been identified on the basis of information available with the
Company. The same has been relied upon by the auditors.
12 Figures of the Previous Year have been regrouped, rearranged
wherever necessary.
Mar 31, 2010
1 RELATED PARTY DISCLOSURES:
(a) List of Related Parties with whom transactions have taken place and
Relationships:
Sr.No. Name of the Party Relationship
1 Premier Limited Associate Company
2 Estimated amount of contracts remaining to be executed on capital
account and not provided for is Nil (Previous year NIL).
3 The Company has unabsorbed depreciation and carried forward losses
available for set-off under the Income Tax Act, 1961. However, in view
of present uncertainty regarding generation of sufficient future
taxable income, deferred tax assets at the year-end have not been
recognized in the accounts as prudent accounting practice.
4 Contingent Liabilities in respect of :
As on As on
31.03.2010 31.03.2009
Rs. (Lakhs) Rs. (Lakhs)
a) Dividend on 16,35,015 Nos.,
15% Cumulative Convertible
Preference Shares for the year 201.58 201.58
1997-98 (Pro-rata from 1/4/1997
to 25/1/1998)
b) Claim against the Company
not admitted, in appeal before
state Consumer Disputes 3.09 3.09
Redressal Commission,
Nagpur Bench.
5 Income Tax Assessment of the Company is completed upto Accounting
Year 2006-07. An application was made to HonÃble Settlement Commission
in past for the disputed income tax demands for the Accounting Years
1992-93,1993-94 and 1995-96. As per the provisions of the Finance Act
2007, as the application of the company was not disposed off by
Settlement Commission by 31/03/2008, the same was abated and
proceedings went back to Income Tax Department. Honble Bombay High
Court on petitions filed by certain other assessees, whose application
to Settlement Commission was also similarly abated declared such
abatement arbitrary and the abatements are cancelled. Based on this
judgment the Company approached Settlement Commission to recall the
proceedings from Income Tax Department.
Settlement Commission has withdrawn abatement in our case also. Fresh
hearing is awaited. We are advised by our Tax Consultants that we have
fair chance of success before Settlement Commission and may not have to
pay any further taxes. Provision has been made for the tax already
paid. Additional amount of tax payable if any, is not ascertainable. On
disposal of our application to Settlement Commission, if any additional
amount is determined as payable as tax, the same will be provided at
the relevant time .
6 No provision is required for future payment of Gratuity and Leave
encashment.
7 In order to ensure expeditious recovery of NPAs and repay the
liabilities, the Company is currently focusing all its efforts on
recoveries.
8 The Company has discharged its liabilities towards fixed depositors
in full.
9 The Company is transacting the business depending upon the progress
of recoveries and availability of funds. The Directors therefore
consider that the Company is a going concern and the Accounts have been
prepared accordingly.
10 a) There is no amount remaining unpaid to small-scale suppliers
within the meaning of ÃThe Interest on Delayed Payment to Small Scale
and Ancillary Undertakings Act.Ã The information has been complied to
the extent they could be identified as small scale and ancillary
undertakings on the basis of information available with the Company.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days as at
the Balance Sheet date. Further, the Company has neither paid nor
payable any interest to any Micro, Small and Medium Enterprises on the
Balance Sheet date.
The above information has been determined to the extent such parties
have been identified on the basis of information available with the
Company. The same has been relied upon by the auditors.
11 Book Value per Share (Rs.) 0.51 0.65
12 Figures of the Previous Year have been regrouped, rearranged
wherever necessary.