*The Company has allotted 10,75,000 equity shares on conversion of equal number of Equity share warrants during the Financial Year.
@The Company has issued equity warrants for 10,75,000 equity shares at Rs. 20 each on 04.12.2014 on receipt of 25% amount. Equity warrants for 3,10,000 Equity Shares has been issued to Promoter and equity warrants for 7,65,000 equity shares to Non -Promoter on preferential basis. These equity warrants are convertible into equity shares on payment of balance amount within 18 months from the date of issue at the option of equity warrant holder. The company has excess received Rs. 22080/- from one of equity warrant holder, which shall be adjusted against the allotment of shares.
The company is in the process of compiling the information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006. The management does not envisage any material impact on the financials in this regard, which has been relied upon by the Auditors.
* Profit from discontinuing operations was from the disposal of various manufacturing assets of discontinued Pharmaceutical and Intermediate business as per the approval of the Members in Extra Ordinary General Meeting held on 25th March, 2013. The carrying amount of total asset is Rs. NIL (P.Y Rs. NIL ) and total liabilities is Rs. 8.16 Lacs (P.Y. Rs. 7.90 Lacs).
1 In the opinion of the Board of Directors of the Company
(i) The current assets are approximately of the value stated, if realized in the ordinary course of business
(ii) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.
2 From the next financial year the wholesale business of the company will be carried out in its wholly owned subsidiary company -iStreet Bazaar Private Limited. Hence balance of debtors and creditors as on 31.03.2016 of the wholesale business is transferred to wholly owned subsidiary company. Outstanding balances of the debtors, creditors, loans and advances are subject to confirmation and reconciliation, if any.
3. The Company has unabsorbed depreciation and carry forward business losses available for set off under the Income Tax Act, 1961. In view of the uncertainty of future taxable income, the extent of net deferred tax assets, which may be adjusted in the subsequent years, is not ascertainable with virtual certainty at this stage and accordingly, the same has not been recognized in these accounts.
4. Related Party Disclosures
Related party disclosures, as required by Accounting Standard - 18 on 'Related Party Disclosure' issued by the Institute of Chartered Accountants of India, are given below
(i) Key management personnel and their relatives
(a) Mr. Pradeep Malu Managing Director
(ii) Other parties where key Management Personnel and /or their relatives have significant influence
(a) iStreet Bazaar Pvt Ltd Subsidiary
(b) Cardioid Plasteel Pvt. Ltd. Associates
(c) Crest Latex Pvt. Ltd. Associates
(d) Radelf Pharmacueticals Private Ltd Associates
(e) Kushal C.Sacheti Director (Resigned w.e.f. 27.02.2016)
(f) Inovent Solutions Ltd. Associates
(iv) The following transactions were carried out with the related parties referred to in item (ii) above in the ordinary course of business
- Oversee the formulation and implementation of ESOP Schemes, its administration, supervision, and formulating detailed terms and conditions in accordance with SEBI Guidelines
|