Oxides & Specialities Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

1. Share Capital

a) There are nil number of shares (Previous year Nil) reserved for issue under option and contracts /commitment for the sale of shares/disinvetment including the terms and amounts.

b) There are no securities (Previous year No) convertible into Equity/ Preferential Shares.

c) There are no calls unpaid (Previous year No)including calls unpaid by Directors and Officers as on balance sheet date

d) The company has issued two types of shares namely, Equity Shares and Preference Shares:

i) Rights of Equity Shareholders: Equity Shares of the face value of Rs.10/- each. Each Equity Share is entitled for one vote. In the event of the liquidation of the company, shareholders will receive residual assets of the company after paying all the liabilities.

ii) Rights of Preference Shareholders: Preference Shares of the face value of Rs.10/- each. Redeemable at par at the expiry of seventh year from the date of allotment. In the event of liquidation, the Preference Shareholders have preferential rights over Equity Shareholders.

2. Contingent liabilities not provided for in respect of:

(a) Claims against the Company not acknowledged as debts Rs. 875,615/- (Previous year Rs. 875,615/-)

(b) Interest liability or penalty on delayed payment of statutory dues and suppliers (including small scale industrial Undertakings), amount un ascertainable.

(c) Arrears of dividend payable to preference shareholder @ 0.1% amounts to Rs. 460726/- (Previous year Rs.415726). The amount of dividend payable to preference shareholder is not provided in the Books of accounts

3. Company is a Sick Company as declared by the Hon''ble Board for Industrial and Financial Reconstruction (BIFR). Company has approached to Hon''ble BIFR for restructuring and submitted restricting proposal for revival of operation. The accounts have been prepared on a going concern basis, since the management is actively pursuing the possibility of revival of operations.

4. The accounts of certain creditors and debtors are subject to confirmations and reconciliation, if any.

5. In the opinion of the Board, All Assets other than Fixed Assets and Non Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

6. The Company is primarily engaged in the business of Manufacturing Yellow Iron Oxides & Magnetic Iron Oxide (MIO) and other related products. Since the inherent nature of activities as a whole is governed by the same set of risk and returns, these have been grouped as a single segment. The said treatment is in accordance with the accounting standard on "Segment Reporting" (AS-17) as issued by The Institute of Chartered Accountants of India.

7. Names of related parties

Names of related parties where control N. A. exists irrespective of whether transactions have taken place or not

Names of other related parties with whom transactions have taken place during the year 1. New Era Advisors Pvt. Limited

2. Maharashtra Polybutenes Ltd.

Associates 1. ISG Traders Limited

2. Duncans Industries Limited

3. Shubh Shanti Services Ltd.

4. NRC Limited

5. Unimers India Limited

6. Andhra Cement Limited

Key Management Personnel Mr. Brijmohan Raithi, Director

Relatives of key management personnel N.A.

Enterprises owned or significantly influenced by key management personnel or their relatives Maharashtra Polybutenes Ltd.

8. In view of the continuing losses, the management, as a matter of prudence, has not recognized net deferred tax assets in respect of unabsorbed / carried forward losses and depreciation.

9. In the absence of necessary information with the Company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

10. Additional information pursuant to the Financial Statements:

* As certified by Management on which auditors have placed reliance, being a technical matter.

* Under Implementation.

---

Mar 31, 2013

1 Contingent liabilities not provided for in respect of:

(a) Claims against the Company not acknowledged as debts Rs.875,615/- (Previous year Rs. 875,615/-)

(b) Interest liability or penalty on delayed payment of statutory dues and suppliers (including small scale industrial Undertakings), amount unascertainable.

(c) Arrears of dividend payable to preference shareholder @ 0.1% amounts to Rs. 415726/- (Previous year Rs.370726). The amount of dividend payable to preference shareholder is not provided in the Books of accounts

2 Company is a Sick Company as declared by the Hon''ble Board for Industrial and Financial Reconstruction (BIFR). Company has approached to Hon''ble BIFR for restructuring and submitted restricting proposal for revival of operation. The accounts have been prepared on a going concern basis, since the management is actively pursuing the possibility of revival of operations.

3 The accounts of certain creditors and debtors are subject to confirmations and reconciliation, if any.

4 In the opinion of the Board, All Assets other than Fixed Assets and Non Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

5 The Company is primarily engaged in the business of Manufacturing Yellow Iron Oxides & Magnetic Iron Oxide (MIO) and other related products. Since the inherent nature of activities as a whole is governed by the same set of risk and returns, these have been grouped as a single segment. The said treatment is in accordance with the accounting standard on "Segment Reporting" (AS-17) as issued by The Institute of Chartered Accountants of India.

6. Calculation of Earnings per Share:

Key Management Personnel Mr. Brijmohan Raithi, Director

Relatives of key management personnel N.A.

Enterprises owned or significantly Maharashtra Polybutenes Ltd.

influenced by key management personnel or their relatives

7. In view of the continuing losses, the management, as a matter of prudence, has not recognized net deferred tax assets in respect of unabsorbed / carried forward losses and depreciation.

8. In the absence of necessary information with the Company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

* As certified by Management on which auditors have placed reliance, being a technical matter.

* Under Implementation.

9 No forward exchange contracts are outstanding on the balance sheet dates which are entered to hedge foreign exchange exposures of the Company.

---

Mar 31, 2012

1. Contingent liabilities not provided for in respect of:

(a) Claims against the Company not acknowledged as debts Rs.875,615/- (Previous year Rs. 875,615/-)

(b) Interest liability or penalty on delayed payment of statutory dues and suppliers (including small scale industrial Undertakings), amount unascertainable.

(c) Arrears of dividend payable to preference shareholder @ 0.1% amounts to Rs. 3,70,726/- (Previous year Rs.3,25,726). The amount of dividend payable to preference shareholder is not provided in the Books of accounts

2. Company is a Sick Company as declared by the Hon''ble Board for Industrial and Financial Reconstruction (BIFR). Company has approached to Hon''ble BIFR for restructuring and submitted restricting proposal for revival of operation. The accounts have been prepared on a going concern basis, since the management is actively pursuing the possibility of revival of operations.

3. The accounts of certain creditors and debtors are subject to confirmations and reconciliation, if any.

4. In the opinion of the Board, All Assets other than Fixed Assets and Non Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements..

5. The Company is primarily engaged in the business of Manufacturing Yellow Iron Oxides & Magnetic Iron Oxide (MIO) and other related products. Since the inherent nature of activities as a whole is governed by the same set of risk and returns, these have been grouped as a single segment. The said treatment is in accordance with the accounting standard on "Segment Reporting" (AS-17) as issued by The Institute of Chartered Accountants of India.

6 In view of the continuing losses, the management, as a matter of prudence, has not recognized net deferred tax assets in respect of unabsorbed / carried forward losses and depreciation.

7. In the absence of necessary information with the Company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

* As certified by Management on which auditors have placed reliance, being a technical matter.

8. No forward exchange contracts are outstanding on the balance sheet dates which are entered to hedge foreign exchange exposures of the Company.

Above remuneration includes allowances and perquisite provided to directors.

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 years does not impact recognisation and measurement principles followed for preparation of financial statements.

Previous year''s figures have been regrouped/ rearranged wherever necessary to conform to the current year''s presentation.

a) There are nil number of shares ( Previous year Nil) reserved for issue under option and contracts /commitment for the sale of shares/disinvetment including the terms and amounts.

b) There are no securities ( Previous year No) convertible into Equity/ Preferential Shares.

c) There are no calls unpaid ( Previous year No )including calls unpaid by Directors and Officers as on balance sheet date.

d) For the period of five years immediately preceding the date as at which the balance sheet is prepared, there are nil no. of shares (Previous year Nil) persuant to contracts without payment being received in cash. There are no bonus shares issued during current and preceding financial year. Further no shares are bought back during the current and preceding financial year.

---

Mar 31, 2010

1 Contingent liabilities not provided for in respect of :

(a) Claims against the Company not acknowledged as debts Rs. 875,615 (Previous year Rs. 875,615)

(b) Interest liability or penalty on delayed payment of statutory dues and suppliers (including small scale industrial Undertakings), amount unascertainable.

2 Arrears of dividend payable to preference shareholder @ 0.1% . amounts to Rs.280726/ (previous year Rs. 2,35726).The amount of dividend payable to preference shareholder is not provided in books of accounts

3 (a) During the year 2006-07 the company recommenced the production after doing the necessary repairs & maintenance/ modifications with the help of strategic investor. However, the company has yet to achieve the full production of Ferrous Fumerate. The production of Magnetic Iron Oxide (MIO) is still suspended, as there is no demand for this product and the company is working to increase the capacity of Ferrous Fumerate.

(b) The accounts have, however, been prepared on a going concern basis, since the management is actively pursuing the possibility of revival of operations through the help of a strategic partner.

4. (a) Certain fixed assets were revalued as at 01.07.96 by an external approved valuer using standard indices on replacement cost basis. The revalued amount of Rs. 292,054,041 stands sub- stituted for historical cost of Rs.142,829,511 in the Gross Block of fixed assets (Previous year Rs. 292,054,041 and Re 142,829,51.1 respectively). (b) Accumulated losses of Rs.43690742/ (Previous year Rs.51366863) continue to remain adjusted against the Revaluation Reserve on the basis of legal opinion taken by the Company in an earlier years.

5. The accounts of certain creditors are subject to confirmations and reconciliation, if any. The differences, if any, which would not be material, will be accounted for on receipt of such information / reconciliation.

6. The debenture issued to Subh Shanti Services Ltd., (SSSL) in the year 2002-03 along with their other debts including interest has been assigned to other party during the .year. The assignee of the said debenture and loan have agreed to convert the same as interest free unsecured loan. Accordingly the same has been re-classified as unsecured loan.

7. In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements..

8. The Company is primarily engaged in the business of Manufac- turing Yellow Iron Oxides & Magnetic Iron Oxide (MIO) and other related products. Since the inherent nature of activities as a whole are governed by the same set of risk and returns, these have been grouped as a single segment. The said treatment is in accordance with the accounting standard on "Segment Reporting" (AS-17) as issued by The Institute of Chartered Accountants of India.

9. Related Parties Disclosures :

(a) List of Related Parties

(i) Parties where control exists - NIL

(it) Other parties with whom the Company has entered into trans- actions during the year in the ordinary course of business :

Associates/Group companies :

Shubh Shanti Services Limited Duncans Industries Limited ISG Traders Limited NRC Limited Unimers India Limited Andhra Cement Limited

(iii) Company has taken unsecured loan (Interest free) from M/s Sunciti Financial Services Pvt Ltd. & New Era Advisors (P) Ltd in which Mr Brijmohan Rathi is Director

(iv) Directors and Key Management Personnel : Mr. Brijmohan Rathi,

10 In view of the continuing tosses, the management, as a matter of prudence, has not recognised net deferred tax assets in respect of unabsorbed / carried forward losses and depreciation.

11. a) In the absence of necessary information with the Company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed. b) The above disclosure is based on the information / documents available with the Company.

12. Previous years figures have been regrouped/rearranged wherever necessary to conform to the current years presentation.