National Flask Industries Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2014

(I) Contingent Liabilities

a) Letter of credit amounting to NIL (Previous year Rs. Nil) and bank guarantees amounting to Rs. 5,747,443/- (Previous year Rs. 5,747,443) are issued by the bankers against margin money.

b) The Central Excise Department, Naroli has sent a Show Cause notices to the company on various dates for total Rs.14115642 plus penalty of Rs.14115642 and interest as applicable. Also the Central Excise, Sarigam has sent a Show Cause notices to the company on various dates for Rs.3001448/- plus penalty of Rs.3001448/- and interest as applicable. The amount of interest is not calculated in both the case. The same has been disputed and appeal has been made with appropriate authorities.

c) The company has imported capital goods against EPCG License No.0111183

Dated 12-04-1999 for CIF value of Rs.1,10,20,000.00 (US$ 2,60,000) & License No.0114131 Dated 05-10-1999 for CIF value of Rs.1,02,22,500.00 (US$ 2,35,000). As per license, the company has undertaken Export Obligation of US$ 15,60,000.00 & US$ 14,10,000 respectively. The company have saved duty on balance export obligation of Rs.49,01,592/ and Rs.44,75,116/- respectively. However we have approached Jt.DGFT for further extension of time limit. Since the company is sick and registered with BIFR , export obligation will be executed as per direction of BIFR. <

d.) The company has imported raw materials against advance license no. 0310162131/2/03/00 dated 08-10-2002 & License No.0310162132/2/03/00 dated 08-10-2002. As per the license, the company has undertaken Export Obligation of F.O.B. US$ 57470.00 (Rs.28,16,030/-) & F.O.B. US$ 43905.00 (Rs.21,51,350/-) respectively. The company have saved duty on balance export obligation of Rs. 6,15,650/- and Rs. 3,61,494/- respectively However the company was not able to complete export obligation due to non maintenance of plant & machinery damaged due to fire. The payment of duty will be made as per rehabilitation scheme approved by the honourable BIFR.

e) The company has received securitisation notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of the Security Interest Act, 2002 (SARFAESI ACT) from Consortium Bankers viz. The Saraswat Co-operative Bank Ltd.

The Shamrao Vithal Co-operative Bank ltd.

The NKGSB Co-operative Bank Ltd. and The Cosmos Co-operative Bank Ltd. Under the same notice , the Bankers have claimed an alleged amount of Rs.64,42,79,886.05 from the company.

Against the said notice , the company has denied their liability to pay and have thus filed an exhaustive Appeal before the Debt Recovery Tribunal under section 17 of the SARFASI Act bearing No.33 and the same has been allowed by the Hon'ble Debt Recovery Tribunal. The Bankers have filed an appeal before Debt Recovery Appellate Tribunal, which is under adjudication. The claim of the banks at the moment is un-adjudicated.

f) The sales Tax Department Silvassa has raised claim of Rs.6,89,3171- against the company. The same is payable by the company. The Sales Tax Department has finally demanded recovery of sales tax dues up to year March,2001 & March,2002. The above amount is payable with interest till the date of payment.

g) Electricity Department Silvassa has raised a demand of Rs.9,00,179.10 against the com'pany for the outstanding bills of electricity, which is payable with interest till the date of payment.

h) The Assistant P.F. Commissioner, SRO, Vapi has raised demand notice of Rs.51,473/- towards outstanding dues of Provident Fund for Sarigam Unit for the period from March, 2008 to March, 2009, which is payable with interest till the date of payment.

II) (a) Capital expenditure in progress pending allocation is Rs. Nil (previous year Rs.Nil).

(b) Estimated amount of contract remaining to be executed on capital account and not provided for is Rs. Nil. (previous year Rs.Nil)

III) Advance Licenses in hand valued at cost is Rs. Nil (previous year Rs. Nil).

IV) Directors have decided not to collect any remuneration from the company , considering the huge loss of the company.

V) Auditors Remuneration 2013-14 2012-13

For Audit & Tax Audit Rs.16,830/- Rs.16,830/-

VI) The company does not possess information as to which of its suppliers are Ancillary Industrial Undertaking / Small Scale Industrial Undertaking holding permanent registration certificate issued by the Directorate of industries of a State or Union Territory. Consequently, the liability, if any, of interest which would be payable under" The Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings Act, 1999 " cannot be ascertained. However, the company has not received any claim in respect of interest.

VII) Sundry Debtors, Sundry Creditors, Sundry Debtors having credit balances and Sundry Creditors having debit balances are subject to reconciliation and confirmation from respective parties.

VIII) The alleged term loans from Banks are alleged secured pari-passu first charge by joint equitable mortgage of all the assets and further by a pari-passu charges of all the fixed assets of the company both present & future and subject to charge created and / or to be created in favour of the companies bankers for working capital arrangements on specified movables.

Working capital borrowing with banks is alleged secured by hypothecation of stock of raw materials, semi-finished goods, stores & spares and other liquid assets of the company by way of first charge.

The above facilities are alleged secured by collateral security of assets of associate concern M/S Crown Industries, Bombay and also equitable mortgage of land & building of Unit No.I at Sarigam and Unit No.II at Naroli.

Both the above are alleged secured additionally by way of personal guarantee given by all the Directors of the company and the partners of associate concerns.

IX) Balances in Current Assets, Loans & Advances and Current liabilities are subject to confirmation and reconciliation.

X) a) The Company has not made any provision for Income Tax in view of the losses and

does not expect any tax liability for the year

b) Statutory dues like Sales Tax and PF. have not been paid till the date of signing of accounts.

XI) AUDIT COMMITTEE

There is compliance of section 292 of the Companies Act, 1956. relating to Audit Committee.

XII) The company has been classified as NPA by the banks and most of the banks have not charged Interest being an NPA account. The company has charged interest for the year as the consortium banks have not considered the request for waiver of interest. The Company has become a Sick Industrial Company within the meaning of clause (O) of Section 3 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 and has been registered with the Board for Industrial and Financial Reconstruction (BIFR) as per the applicable provisions of the said Act.

XIII) Current tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

XIV) Earning per Share

Earning per Share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The numbers used in calculating basic and diluted earnings per equity share are as stated below

XV) Disclosure as required by Accounting Standard 19, Leases, issued by the Institute of

Chartered Accountants of India are given below:

XVI) Related Party Disclosures

Related party disclosures as required by Accounting Standards AS 18 is as given below.

Key Management Personnel

1. Mr. Haresh M. Gandhi (Managing Director)

2. Mr. Arun M. Gandhi (Whole Time Director)

3. Mr. Nilesh S. Gandhi (Whole Time Director)

XVII) The company's accounts with Bank of Baroda - Sarigam Branch is non-operative as per the management. However, the bank statements or bank balance certificate in respect of this account is not available on record.

XVIII) Segment Reporting: Accounting Standard (AS 17) The Company has only one business as primary segment i.e. Plastic Moulded and insulated Articles.

XIX) Additional information pursuant of the provision of paragraph 3 & 4 of part 11 of schedule VI of the Companies Act

XX) Previous years figures have been regrouped, recast and rearranged wherever necessary.

XXI) Figures have been rounded off to nearest rupee.

2. The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard-3 on Cash Flow Statements issued by the Institute of Chartered Accountants of India.

3. The previous years figures have been regrouped wherever necessary. This is the Cash Flow Statement referred to in our report of even date

---

Mar 31, 2012

(I) Contingent Liabilities

a) Letter of credit amounting to NIL (Previous year Rs. Nil) and bank guarantees amounting to Rs. 5,747,443/- (Previous year Rs. 5,747,443) are issued by the bankers against margin money.

b) The Central Excise Department, Naroli has sent a Show Cause notices to the company on various dates for total Rs. 14460642/- plus penalty of Rs. 14460642/- and interest as applicable. Also the Central Excise, Sarigam has sent a Show Cause notices to the company on various dates for Rs.3152266 plus penalty of Rs.3199915/- and interest as applicable. The amount of interest is not calculated in both the case. The same has been disputed and appeal has been made with appropriate authorities.

c) The company has imported capital goods against EPCG License No.0111183 Dated 12-04-1999 for CIF value of Rs.1,10,20,000.00 (US$ 2,60,000) & License No.0114131 Dated 05-10-1999 for CIF value of Rs. 1,02,22,500.00 (US$ 2,35,000). As per license, the company has undertaken Export Obligation of US$ 15,60,000.00 & US$ 14,10,000 respectively. The company have saved duty on balance export obligation of Rs. 21,86,600/- and Rs. 27,64,727/- respectively. However we have approached Jt.DGFT for further extension of time limit. Since the company is sick and registered with BIFR , export obligation will be executed as per direction of BIFR.

d.) The company has imported raw materials against advance license no. 0310162131/2/03/00 dated 08-10-2002 & License No.0310162132/2/03/00 dated 08-10-2002. As per the license, the company has undertaken Export Obligation of F.O.B. US$ 57470.00 (Rs.28,16,030/-) & F.O.B. US$ 43905.00 (Rs.21,51,350/-) respectively. The company have saved duty on balance export obligation of Rs. 6,15,650/- and Rs. 3,61,494/- respectively However the company was not able to complete export obligation due to non maintenance of plant & machinery damaged due to fire. The payment of duty will be made as per rehabilitation scheme approved by the honourable BIFR.

e) The company has received securitisation notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of the Security Interest Act,2002 (SARFAESI ACT) from consortium Bankers viz. The Saraswat Co-operative Bank Ltd.

The Shamrao Vithal Co-operative Bank ltd.

The NKGSB Co-operative Bank Ltd. and The Cosmos Co-operative Bank Ltd.

Under the same notice , the Bankers have claimed an alleged amount of Rs.64,42,79,886.05 from the company.

Against the said notice , the company has denied their liability to pay and have thus filed an exhaustive Appeal before the Debt Recovery Tribunal under section 17 of the SARFASI Act bearing No.33 and the same has been allowed by the Hon''ble Debt Recovery Tribunal. The Bankers have filed an appeal before Debt Recovery Appellate Tribunal, which is under adjudication. The claim of the banks at the moment is un-adjudicated.

f) The sales Tax Department Silvassa has raised claim of Rs.6,89,317/- against the company. The same is payable by the company. The Sales Tax Department has finally demanded recovery of sales tax dues up to year March,2001 & March,2002. The above amount is payable with interest till the date of payment.

g) Electricity Department Silvassa has raised a demand of Rs.9,00,179.10 against the company for the outstanding bills of electricity, which is payable with interest till the date of payment.

h) The Assistant P.F. Commissioner, SRO, Vapi has raised demand notice of Rs.51,473/- towards outstanding dues of Provident Fund for Sarigam Unit for the period from March, 2008 to March, 2009, which is payable with interest till the date of payment.

II) (a) Capital expenditure in progress pending allocation is Rs. Nil (previous year Rs.Nil).

(b) Estimated amount of contract remaining to be executed on capital account and not provided for is Rs. Nil. (previous year Rs.Nil)

III) Advance Licenses in hand valued at cost is Rs. Nil (previous year Rs. Nil).

IV) Directors have decided not to collect any remuneration from the company , considering the huge loss of the company.

V) Auditors Remuneration 2011-12 2010-11

For Audit & Tax Audit Rs.16,830/- Rs.16,830/-

VI) The company does not possess information as to which of its suppliers are Ancillary Industrial Undertaking / Small Scale Industrial Undertaking holding permanent registration certificate issued by the Directorate of industries of a State or Union Territory. Consequently, the liability, if any, of interest which would be payable under" The Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings Act, 1999 " , can not be ascertained. However, the company has not received any claim in respect of interest.

VII) Sundry Debtors, Sundry Creditors, Sundry Debtors having credit balances and Sundry Creditors having debit balances are subject to reconciliation and confirmation from respective parties.

VIII) The alleged term loans from Banks are alleged secured pari-passu first charge by joint equitable mortgage of all the assets and further by a pari-passu charges of all the fixed assets of the company both present & future and subject to charge created and / or to be created in favour of the companies bankers for working capital arrangements on specified movables.

Working capital borrowing with banks is alleged secured by hypothecation of stock of raw materials, semi-finished goods, stores & spares and other liquid assets of the company by way of first charge.

The above facilities are alleged secured by collateral security of assets of associate concern M/S Crown Industries, Bombay and also equitable mortgage of land & building of Unit No.I at Sarigam and Unit No.II at Naroli.

Both the above are alleged secured additionally by way of personal guarantee given by all the directors of the company and the partners of associate concerns.

IX) Balances in Current Assets, Loans & Advances and Current liabilities are subject to confirmation and reconciliation.

X) a) The Company has not made any provision for Income Tax in view of the losses and does not expect any tax liability for the year

b) Statutory dues like Sales Tax and PF. have not been paid till the date of signing of accounts.

XI) AUDIT COMMITTEE

There is compliance of section 292 of the Companies Act, 1956. relating to Audit Committee.

XII) The company has been classified as NPA by the banks and most of the banks have not charged Interest being an NPA account. The company has charged interest for the year as the consortium banks have not considered the request for waiver of interest. The Company has become a Sick Industrial Company within the meaning of clause (O) of Section 3 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 and has been registered with the Board for Industrial and Financial Reconstruction (BIFR) as per the applicable provisions of the said Act.

XIII) Current tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

XIV) Disclosure as required by Accounting Standard 19, Leases, issued by the Institute of Chartered Accountants of India are given below:

XV) Related Party Disclosures

Related party disclosures as required by Accounting Standards AS 18 is as given below.

Key Management Personnel

1. Mr. Haresh M. Gandhi (Managing Director)

2. Mr. Arun M. Gandhi (Whole Time Director)

3. Mr. Nilesh S. Gandhi (Whole Time Director)

XVI) The company''s accounts with Bank of Baroda - Sarigam Branch is /ion-operative as per the management. However, the bank statements or bank balance certificate in respect of this account is not available on record.

XVII) Segment Reporting: Accounting Standard (AS 17) The Company has only one business as primary segment i.e. Plastic Moulded and insulated Articles.

XVIII) Previous years figures have been regrouped, recast and rearranged wherever necessary.

XIX) Figures have been rounded off to nearest rupee.

---

Mar 31, 2010

(I) Contingent Liabilities

a) Letter of credit amounting to NIL (Previous year Rs. Nil) and bank guarantees amounting to Rs. 5,747,443/- (Previous year Rs. 5,747,443) are issued by the bankers against margin money.

b) The Central Excise Department, Naroli has sent a Show Cause notices to the company on various dates for total Rs. 14460642/- plus penalty of Rs.14460642/- and interest as applicable. Also the Central Excise, Sarigam has sent a Show Cause notices to the company on various dates for Rs.3152266 plus penalty of Rs.3199915/- and interest as applicable. The amount of interest is not calculated in both the case. The same has been disputed and appeal has been made with appropriate authorities.

c) The company has imported capital goods against EPCG License No.0111183 Dated 12-04-1999 for CIF value of Rs.1,10,20,000.00 (US$ 2,60,000) & License No.0114131 Dated 05-10-1999 for CIF value of Rs.1,02,22,500.00 (US$ 2,35,000). As per license, the company has undertaken Export Obligation of US$ 15,60,000.00 & US$ 14,10,000 respectively. The company have saved duty on balance export obligation of Rs. 21,86,600/- and Rs. 27,64,727/- respectively. However we have approached Jt.DGFT for further extension of time limit. Since the company is sick and registered with BIFR , export obligation will be executed as per direction of BIFR.

d.) The company has imported raw materials against advance license no. 0310162131/2/03/00 dated 08-10-2002 & License No.0310162132/2/03/00 dated 08-10-2002. As per the license, the company has undertaken Export Obligation of F.O.B. US$ 57470.00 (Rs.28,16,030/-) & F.O.B. US$ 43905.00 (Rs.21,51,350/-) respectively. The company have saved duty on balance export obligation of Rs. 6,15,650/- and Rs. 3,61,494/- respectively However the company was not able to complete export obligation due to non maintenance of plant & machinery damaged due to fire. The payment of duty will be made as per rehabilitation scheme approved by the honourable BIFR.

e) The company has received securitisation notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of the Security Interest Act,2002 (SARFAESI ACT) from consortium Bankers viz. The Saraswat Co-operative Bank Ltd.

The Shamrao Vithal Co-operative Bank ltd.

The NKGSB Co-operative Bank Ltd. and

The Cosmos Co-operative Bank Ltd.

Under the same notice , the Bankers have claimed an alleged amount of Rs.64,42,79,886.05 from the company.

Against the said notice , the company has denied their liability to pay and have thus filed an exhaustive Appeal before the Debt Recovery Tribunal under section 17 of the SARFASI Act bearing No.33 and the same has been allowed by the Honble Debt Recovery Tribunal. The Bankers have filed an appeal before Debt Recovery Appellate Tribunal, which is under adjudication. The claim of the banks at the moment is un-adjudicated.

f) The sales Tax Department Silvassa has raised claim of Rs.6,89,317/- against the company. The same is payable by the company. The Sales Tax Department has finally demanded recovery of sales tax dues up to year March,2001 & March,2002. The above amount is payble with interest till the date of payment.

g) Electricity Department Silvassa has raised a demand of Rs.9,00,179.10 against the company for the outstanding bills of electricity, which is payable with interest till the date of payment.

h) The Assistant P.F. Commissioner, SRO, Vapi has raised demand notice of Rs.51,473/- towards outstanding dues of Provident Fund for Sarigam Unit for the period from March, 2008 to March, 2009, which is payable with interest till the date of payment.

II) (a) Capital expenditure in progress pending allocation is Rs. Nil (previous year Rs.Nil).

(b) Estimated amount of contract remaining to be executed on capital account and not provided for is Rs. Nil. (previous year Rs.Nil)

III) Advance Licenses in hand valued at cost is Rs. Nil (previous year Rs. Nil).

IV) Directors have decided not to collect any remuneration from the company , considering the huge loss of the company.

VI) The company does not possess information as to which of its suppliers are Ancillary Industrial Undertaking / Small Scale Industrial Undertaking holding permanent registration certificate issued by the Directorate of industries of a State or Union Territory. Consequently, the liability, if any, of interest which would be payable under " The Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings Act, 1999 " can not be ascertained. However, the company has not received any claim in respect of interest.

VII) Sundry Debtors, Sundry Creditors, Sundry Debtors having credit balances and Sundry Creditors having debit balances are subject to reconciliation and confirmation from respective parties.

VIII) The alleged term loans from Banks are alleged secured pari-passu first charge by joint equitable mortgage of all the assets and further by a pari-passu charges of all the fixed assets of the company both present & future and subject to charge created and / or to be created in favour of the companies bankers for working capital arrangements on specified movables.

Working capital borrowing with banks is alleged secured by hypothecation of stock of raw materials, semi-finished goods, stores & spares and other liquid assets of the company by way of first charge.

The above facilities are alleged secured by collateral security of assets of associate concern M/S Crown Industries, Bombay and also equitable mortgage of land & building of Unit No.I at Sarigam and Unit No.II at Naroli.

Both the above are alleged secured additionally by way of personal guarantee given by all the directors of the company and the partners of associate concerns.

IX) Balances in Current Assets, Loans & Advances and Current liabilities are subject to confirmation and reconciliation.

X) a) The Company has not made any provision for Income Tax in view of the losses and does not expect any tax liability for the year b) Statutory dues like Sales Tax and PF. have not been paid till the date of signing of accounts.

XI) AUDIT COMMITTEE

There is compliance of section 292 of the Companies Act, 1956. relating to Audit Committee.

XII) The company has been classified as NPA by the banks and most of the banks have not charged Interest being an NPA account. The company has charged interest for the year as the consortium banks have not considered the request for waiver of interest. The Company has become a Sick Industrial Company within the meaning of clause (O) of Section 3 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 and has been registered with the Board for Industrial and Financial Reconstruction (BIFR) as per the applicable provisions of the said Act.

XIII) Current tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

XV) Disclosure as required by Accounting Standard 19, Leases, issued by the Institute of Chartered Accountants of India are given below:

XVI) Related Party Disclosures

Related party disclosures as required by Accounting Standards AS 18 is as given below.

Key Management Personnel

1. Mr. Haresh M. Gandhi (Managing Director)

2. Mr. Arun M. Gandhi (Whole Time Director)

3. Mr. Nilesh S. Gandhi (Whole Time Director)

XVII) The companys accounts with Bank of Baroda - Sarigam Branch is non-operative as per the management. However, the bank statements or bank balance certificate in respect of this account is not available on record.

XVIII) Segment Reporting: Accounting Standard (AS 17) The Company has only one business as primary segment i.e. Plastic Moulded and insulated Articles.

XX) Previous years figures have been regrouped, recast and rearranged wherever necessary.

XXI) Figures have been rounded off to nearest rupee.