| Note No. 1
(A) CORPORATE INFORMATION
The Company was incorporated on October 23, 1991, under the provisions
of the Companies Act,1956. The company Registered Office is located at
Bhimtal, Dist Nanital (Uttarakhand).The Company has been doing trading
and rendering Property Maintenance services.
2.1 The company has not reserved any equity shares for issue under
options and contracts/commitments for sale of shares/disinvestment
2.2 The company for the period of five years immediately preceding the
Balance Sheet date has not
(i) allotted any equity shares as fully paid up pursuant to contract(s)
without payment being received in cash
(ii) alloted any fully paid up shares by way of bonus shares nor has
bought back any class of equity shares
2.3 The company has only one class of equity shares having a par value
of Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share. The dividend, if any, proposed by the Board of
Directors is subject to the approval of the shareholders, in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are entitled to receive only the residual assets of the
company. The distribution of dividend, if any, is in the proportion to
the number of equity shares held by the shareholders.
3.1 Bank Balances of Rs 63065/- under the head other bank balance's
(in current account) represents bank accounts seized by statutory
authorities
3.2 Term deposit of Rs 1,00,000/- has been given as security against
the bank gurantee submitted to Department of Trade and Taxes Delhi
4. Commitment & Contingent Liabilities:-
a) LG Electronics India Pvt. Ltd (LG) had filed a suit against the
company, Usha India Ltd., and others for the recovery of Rs.
4,65,02,400/- given as security deposit for the premises A-41, Mohan
Co-operative Industrial Estate, New Delhi -110044 taken by it on lease
from Usha India Ltd. and against the maintenance service agreement for
the same premises entered into with the company. The company has denied
its liability on the ground that it has already assigned the agreement
to Lord Mahadev Trust on 6th August, 1997 and transferred the security
deposit of Rs. 87,19,200/- received by the Company to the said Trust.
However, Hon'ble High Court of Delhi has passed a part joint decree
of Rs. 2,31,25,803/- in favour of LG and the LG filed an execution
petition and subsequently the Court directed the ICICI Bank, New
friends Colony, New Delhi to transfer a sum of Rs.4,50,000/- to LG. The
liability on account of above decree has not been ascertained by the
court among the parties to the suit.
However, the management is of the opinion based on legal advices, that
the Company shall not be liable to make any payment to L.G, even the
amount of Rs 4,50,000/- shall be recovered by the company from LG
Electronics India Pvt. Ltd (LG).Presently Rs 4,50,000/- so transferred
to LG Electronics has been shown under the head of Long term Loan and
Advances.
(b) Other money for which the company is contingently liable
Assessing officer has filed an appeal before the ITAT, New Delhi
against the order of Commissioner of Income Tax (Appeals) allowing the
appeal for deleting the demand of Rs 6,51,050/- towards the penalty
imposed by the Assessing Officer U/s 271(1) (C) relating to the
assessment year 2003-04. The case was remanded back to CIT(Appeals) for
adjudication on merit vide order dated 06-06-2008 by ITAT. However the
CIT(Appeals) has not taken the case till date.
c) Commitments
Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Nil (previous year Nil)
5. Value of Imports on CIF basis : NIL (P. Year Nil)
6. Details of imported and indigenous raw materials, spare parts, and
components consumed Raw Materials: NIL(P. Year Nil)
Stores & spares: NIL(P. Year Nil)
7. Expenditure in foreign currency: NIL (P Year Nil).
Earning In Foreign currency: NIL (P Year Nil).
8. Exceptional items of Rs 170,79,554/- represents the Loan & Advances
written off in the books of accounts being not recoverable in cash or
in kind.
9. Previous year's figures have been regrouped / rearranged wherever
necessary.
10. Figures in brackets denotes negative figures.
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