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Notes to Accounts of Acrysil Ltd.

Mar 31, 2015

Note No. 1

a. Equity shares issued as fully paid up bonus shares or otherwise than by cash during the preceding five years: 1,486,000

2.1 Rights, Preferences and Restrictions attached to Shares:

Equity Shares:

The Company has one class of equity shares having a face value of Rs.10 each ranking Pari Passu in all respects including voting rights and entitlement to dividend.

3. Balances for trade receivables, trade payables and loans and advances are subject to confirmations from the respective parties.

4. In the opinion of the directors, current assets, loans and advances are of the value stated in the Balance Sheet, if realised in the normal course of the business and also provisions for all known liabilities have been made.

5. Deferred tax liability of Rs. 8,757,471 arising during the year, a major component of which is due to timing difference related to depreciation charged in the accounts and as claimed under Income Tax Act, is charged to the Profit & Loss Statement. Details of the balance of Rs. 30,515,000 are as under:

6. Depreciation for the year ended 31st March, 2015 has been aligned to comply with requirements of Part C of Schedule II to the Companies Act. 2013. Consequently, depreciation charge is lower by Rs. 14,325,274 for the year ended 31st March, 2015. Further, an amount of Rs. 733,060 (net of deferred tax Rs. 377,470) in respect of the fixed assets where the useful lives has already expired, has been adjusted to the opening balance of the general reserve.

7. Contingent Liabilitites:

- In respect of disputed excise duty: Rs. 109,659 (109,659)

- In respect of disputed custom duty: Rs. 4,154,490 (6,231,735)

- In respect of guarantees given on behalf of a subsidiary company: Rs. 225,500,000 (84,000,000)

8. Figures in the brackets are the figures for the previous year, unless otherwise stated.

9. All the amounts are stated in Indian Rupees, unless otherwise stated.

10. Previous year's figures are regrouped and rearranged, wherever necessary.


Mar 31, 2014

1. Rights, Preferences and Restrictions attached to Shares:

Equity Shares

The Company has one class of equity shares having a face value of Rs.10 each ranking Pari Passu in all respects including voting rights and entitlement to dividend.

2. Balances with sundry debtors, sundry creditors and for loans and advances are subject to confirmations from the respective parties.

3. In the opinion of the directors, current assets, loans and advances are of the value stated in the Balance Sheet, if realised in the normal course of the business and also provisions for all known liabilities have been made.

4. Deferred tax liability of Rs.2,915,000 arising during the year, a major component of which is due to timing difference related to depreciation charged in the accounts and as claimed under Income Tax Act, is charged to the Profit & Loss Account. Details of the balance of Rs.22,135,000 are as under:

5. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amounts unpaid as at the year-end together with interest paid/ payable under this Act have not been given.

6. Contingent Liabilitites

- In respect of Excise Duty claim disputed by Excise Authorities: Rs.109,659 (Rs.109,659)

- In respect of disputed Custom Duty Rs.6,231,735 (6,244,201)

- In respect of corporate guarantees given by the company on behalf of a subsidiary company Rs.84,000,000 (Rs.62,500,000)

7. During the year, the Company issued 50,000 convertible equity warrants of Rs. 10 each to Acrycol Minerals Limited, a Body Corporate under the Promoters'' Group on preferential basis at a premium of Rs. 90 per warrant. Against the said warrants, 50,000 shares were allotted during the year. Accordingly, share capital of the Company has been increased to that extent.

8. Figures in the brackets are the figures for the previous year, unless otherwise stated.

9. All the amounts are stated in Indian Rupees, unless otherwise stated.

10. Previous year''s figures are regrouped and rearranged, wherever necessary.


Mar 31, 2013

1 Balances with Sundry Debtors, Sundry Creditors and for Loans and Advances are subject to confirmations from the respective parties.

2. In the opinion of the Directors, Current Assets, Loans and Advances are of the value stated in the Balance Sheet, if realised in the normal course of the business and also provisions for all known liabilities have been made.

3 Deferred tax liability of Rs.2,320,000 arising during the year, a major component of which is due to timing difference related to depreciation charged in the accounts and as claimed under Income Tax Act, is charged to the Profit & Loss Account. Details of the balance of Rs.19,220,000 are as under:

4 The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amounts unpaid as at the year-end together with interest paid/ payable under this Act have not been given.

5. Contingent Liabilitites

- In respect of Excise Duty claim disputed by Excise Authorities: Rs.109,659 (Rs.109,659)

- In respect of disputed Custom Duty Rs.6,244,201 (Nil)

- In respect of corporate guarantees given by the company on behalf of a subsidiary company Rs.62,500,000 (Rs.84,000,000)

6. Figures in the brackets are the figures for the previous year, unless otherwise stated.

7. All the amounts are stated in Indian Rupees, unless otherwise stated.

8. Previous year''s figures are regrouped and rearranged, wherever necessary.


Mar 31, 2012

1. Balances with Sundry Debtors, Sundry Creditors and for Loans and Advances are subject to confirmations from the respective parties.

2. In the opinion of the Directors, Current Assets, Loans and Advances are of the value stated in the Balance Sheet, if realised in the normal course of the business and also provisions for all known liabilities have been made.

3. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amounts unpaid as at the year-end together with interest paid/payable under this Act have not been given.

4. Contingent Liabilitites:

- In respect of Excise Duty claim disputed by Excise Authorities: Rs 109,659

- In respect of corporate guarantees given by the company on behalf of a subsidiary company Rs 84,000,000 (84,000,000)

5. Figures in the brackets are the figures for the previous year, unless otherwise stated.

6. All the amounts are stated in Indian Rupees, unless otherwise stated.

7. Previous year's figures are regrouped and rearranged, wherever necessary.


Mar 31, 2011

1. Balances with Sundry Debtors, Sundry Creditors and for Loans and Advances are subject to confirmations from the respective parties.

2. In the opinion of the Directors, Current Assets, Loans and Advances are of the value stated in the Balance Sheet, if realised in the normal course of the business and also provisions for all known liabilities have been made.

3. Deferred tax liability of Rs. 1,264,239 arising during the year, a major component of which is due to timing difference related to depreciation charged in the accounts and as claimed under Income Tax Act, is charged to the Profit & Loss Account. Details of the balance of Rs. 13,900,000 are as under:

4. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amounts unpaid as at the year-end together with interest paid/payable under this Act have not been given.

5. CONTINGENT LIABILITIES:

- In respect of Excise Duty claim disputed by Excise Authorities: Rs. 109,659 (Rs. 109,659).

- In respect of disputed Income tax liability of Rs. NIL (Rs. 921,203)

- In respect of corporate guarantees given by the company on behalf of a subsidiary company Rs. 84,000,000 (NIL)

6. RELATED PARTY DISCLOSURES:

Associates

Industrial Jewels Private Limited Meccanica Plast Private Limited Desai Desai Carrimjee & Mulla

Key Managerial Personnel

Shri Ashwin M Parekh Shri Chirag A Parekh

Subsidiary Companies

Acrysil Steel Private Limited Acrysil Quartz Private Limited Acrysil GmbH, Koln - Germany


Mar 31, 2010

1. Balances with Sundry Debtors, Sundry Creditors and for Loans and Advances are subject to confirmations from the respective parties. In absence of such confirmations, the balances as per books have been relied upon by the Auditors.

2. In the opinion of the Directors, Current Assets, Loans and Advances are of the value stated in the Balance Sheet, if realised in the normal course of the business and also provisions for all known liabilities have been made.

3. As per the resolution passed by the Board, dividend on 1,41,000 shares allotted to the promoters on 04.06.2009 upon conversion of the warrants, is proposed on pro-rata basis.

4. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amounts unpaid as at the year-end together with interest paid/payable under this Act have not been given.

5. CONTINGENT LIABILITIES:

In respect of Excise Duty claim disputed by Excise Authorities: Rs. 109,659 (Rs. 109,659).

- In respect of disputed Income tax liability of Rs. 921,203 (Rs. 921,203)

- Claims against the Company, not acknowledged as debt Rs. Nil (Rs. 2,000,500)

6. RELATED PARTY DISCLOSURES:

Associates

Industrial Jewels Private Limited Meccanica Plast Private Limited Anilaben Labhuma Parekh Charitable Trust Desai Desai & Carrimjee

Key Managerial Personnel

Shri Ashwin M Parekh

Shri Chirag A Parekh

a. Figures in the brackets are the figures for the previous year, unless otherwise stated.

b. All the amounts are stated in Indian Rupees, unless otherwise stated.

c. Previous years figures are regrouped and rearranged, wherever necessary.

 
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