The four companies that together donated Rs 2 crore to AAP have substantial cash reserves running into crores but hardly any revenue, official records show.
According to filings with Registrar of Companies, these firms — Infolance Software, Goldmine Buildcon, Sunvision Agencies, and Skyline Metals and Alloys — have three common directors, and were set up between 1994 and 2009, long before AAP was born in 2012.
The records have identified the common directors as Hem Prakash Sharma, Dharmender Kumar and Mukesh Kumar. And of the four addresses listed, The Indian Express visited three on Monday night to find a small sewing factory, a one room grocery shop with its shutters down, and a post office.
Here’s what official records, and interviews with residents and neighbours at the addresses listed revealed:
THE ADDRESS: The road to this address in Gandhi Nagar is too narrow for cars, and a 20-minute walk leads to a black iron gate. Inside, six workers were watching TV, with cloth and tailoring machines in the background.
“We work in a sewing company that runs out of this room and have come from Jharkhand. Nobody here knows of Infolance Software. We just sew sequins, and earn around Rs 2,000 a month,” said one of the workers who identified himself as Imran. Neighbours said that a small sewing factory has been functioning from this location for over three years. Not one had heard of Infolance Software.
THE RECORDS: According to Registrar of Companies, Infolance, in its last filing, listed a cash reserve of Rs 50 crore and total operational expenses of Rs 22,077 but no revenue for the financial year ended March 31, 2013.
RoC filings of 2012 show that the three directors held 0.5 per cent each of the firm, while 80 per cent was held by Rajan Muglani who has been listed in the official database as managing director of Rasik Plast Ltd, a listed company in Bombay Stock Exchange. The subsequent RoC filings do not mention the shareholding pattern.
THE ADDRESS: The registered address in Gokalpuri is a one-room shop with its shutters down. Neighbours said that the shop belonged to one “Mittal Sahab” who lived nearby but has been out of town for two months. Again, no one has heard of Goldmine Buildcon —- the white lettering on top of the shop includes a sign that says “eggs available.”
THE RECORDS: The financial pattern of Goldmine Buildcon is similar to that of Infolance although the shareholding pattern has not been filed with RoC. The balance sheet for financial year ending March 31, 2013 shows that the company’s shares were sold at a premium of Rs 500, while recording a nominal profit of Rs 61,237. It also shows that the company earned Rs 4.5 crore on sale of shares at a premium.
THE ADDRESS: It is registered in Mukund Vihar in Karawal Nagar, an area with pockets of unauthorised settlements. The plot has a post office on the ground floor, with a four-storey residential complex under construction on top. A blue board outside identifies the owners of the property as Kanwar Singh and Bhirpal Singh. Rampal Singh, Bhirpal’s younger brother, said, “There is no Sunvision Agencies here. Our family has only just started construction above the post office. If I had Rs 50 lakh, I’d expand my business.”
THE RECORDS: Sunvision Agencies has earned Rs 94.95 lakh by offloading shares at a premium. At the same time, the company has shown operating expenses at Rs 10,000 towards miscellaneous expenses.
Skyline Metal and Alloys
THE RECORDS: The company offloaded its shares at a premium to unknown investors at Rs 1.57 crore. It too had an operating expense of Rs 10,000, records show.