| 1. Due to considerable fall in the demand for Aluminium Collapsible
tubes with the introduction of Plastic Laminated Tubes and Oval Tin
Containers, the Company was forced to discontinue its manufacturing
activities a few years back.
As reported in the earlier years, with the approval of the shareholders
as required under section 293 of the Companies Act 1956, the company
had disposed of off the plant and machinery specifically installed for
the manufacturing of goods as per the Main Object of the Company. The
Management is perceiving efforts for taking up manufacturing of Plastic
laminated tubes for packaging of FMCG products/ manufacturing of
Aluminium Rod and Aluminium Conductor for power distribution and
printing of tin plate sheet usable for commercial buildings and
dialogues with various equipment suppliers for procurement at
economical prices is in progress. Accordingly accounts have been
prepared on a "Going Concern" basis.
2. Contingent Liability
* Central Sales Tax Demand contested under appeal " 1,46,202/-
(Previous Year " 1,46,202/-),
* Other disputed claims -Telephone Exp. dues at Hyderabad " 1,40,000/-
(Previous Year " 1,40,000/-)
* Property taxes of Pendhar Grampanchayat of Rs.862574/= demanded by
Grampanchayat vide demand notice no. 177dt. 18-2-2006 for the period up
to 31-3-2006 against which company has filed special suit in the court
of Civil Judge Senior division Panvel. From 1-4-2006 to 31-3-2014 no
any demand notice received for the same , hence amount can not be
identifiable. Property tax liability of the periods, for which
bill/demand is not raised by the Pendhar Grampanchayat, not known to us
and hence it is neither provided in books nor not quantifiable for us
due to non-availability of information.
3. The amount represents recoveries made against common administrative
expenses from associate companies.
4. (a) In the opinion of the management, the current assets, loans and
advances including deposits are recoverable at the value stated in the
financials.
(b) Balances of certain creditors and advances are subject to
confirmations and reconciliations, if any. The difference as may be
noticed on reconciliations will be duly accounted for on completion
thereof. In the opinion of the management, the ultimate difference, if
any, will not be material.
5. The manufacturing activities of the Company are suspended hence no
information could be furnished under segment wise information to be
report as per Accounting Standard 17 issued by The Institute of
Chartered Accountants of India.
6. In view of considerable reduction in activities of the Company, a
Whole Time Company Secretary could not be appointed.
7. Employee Benefits as on 31st March 2014 are provided on the basis
of the Company's rules and not on the basis of Actuarial valuation as
required under Accounting Standard 15 (revised).
8. During the year, the company has made Investment in 20%
Non-convertible debentures (200 numbers) of Prince Foundation Ltd
having a face value of " 50,000/- each aggregating to " 10,000,000.
The debentures were redeemable in 4 installments. The redemption
proceeds together with interest due for realisation in December 2013
and March 2014 amounting to " 5,337,808 were not realised till 31st
March 2014. Accordingly, the same were being disclosed as "other
assets" under "Current Assets". While installment and interest dues of
December 2013 and interest dues of March 2014 were realised subsequent
to the date of Balance Sheet, the installment due of March 2014 of "
25,00,000 is yet to be realised as on date. No provision is being made
for such overdue redemption proceeds as Management is of opinion that
the proceeds would be realised.
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