Home  »  Company  »  Aksh Optifibre  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Aksh Optifibre Ltd.

Mar 31, 2015

1. Contingent Liabilities:

a) Claims not acknowledged as debts

b) Bank Guarantees, letters of credit (Net of margin) issued by banks and outstanding as on the reporting date is Rs. 1,940.99 lacs (31.03.2014 : Rs.2,163.96 lacs).

c) The Company had imported plant and machinery in previous years under EPCG scheme. An export obligation ('EO') amounting to Rs.10,699.43 lacs was placed on the Company which was to be fulfilled in a period of 8 years starting from August 2001. Subsequently, the said EO was refixed by DGFT vide its letter dated Jan 2011 upto August 2011 in terms of the Chapter VI of EXIM Policy and Procedure (Vol-1) 1997-2002. The Company has fulfilled the entire EO and final redumption is awaited.

d) Estimated amounts of contracts remaining to be executed on Capital Account (net of advances) is Rs.28.00 lacs (31.03.2014 : Rs. 18.03 lacs).

2. Employee Benefits:

The disclosures as per the Notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows: a) The Company has classified various benefits provided to employees as under :

Defined Contribution Plans and amount recognized in Statement of Profit and Loss.

3. Detail of loans given, Investment made and guarantee given covered U/s 186 (4) of the Companies Act, 2013

Investment made are given under respective head (Refer Note No. 11)

4. Related Party Disclosures

Related party disclosures as required under Accounting Standard - 18 on "Related Party Disclosures" issued by

The Institute of Chartered Accountants of India are as given below as on March 31, 2015:

a) Subsidiary Companies :

- APAKSH Broadband Limited

- AOL FZE (Dubai)

- AOL PROJECTS DMCC (Fellow Subsidiary)

b) Individuals exercising significant influence and their relatives:

- Dr. Kailash S. Choudhari (Chairman)

- Dr. Rohan Choudhari

c) Key Management personnel and their relatives:

- Mr. Chetan Choudhari (Managing Director)

- Mr. Satyendra Gupta (Chief Financial Officer) ( related w.e.f. 2nd August, 2014)

- Mr. Gaurav Mehta (Company Secretary) ( related w.e.f. 2nd August, 2014)

d) Enterprise over which personnel referred in (b) and ( C) aforementioned exercise significant influence :-

- Mangal Chand Tubes Private Limited

Lease rental expense in respect of operating leases is Rs.8.86 lacs (31.03.2014 : Rs.0.74 lacs) Contingent rent recognised in the Statement of Profit and Loss is Rs. Nil (31.03.2014 : Rs. Nil)

30 Expenditure relating to corporate social responsibility as per section 135 of the Companies Act, 2013 read with schedule VII

a) Gross amount required to be spent during the year : Rs. 40.17 lacs

b) Amount spent during the year on:

5. Exceptional items represents net foreign exchange gain on translation of Foreign Exchange assets and liabilities other than operational of Rs.104.68 lacs (31.03.2014: Rs.717.10 lacs), profit/(loss) on sale of fixed assets and Investments of Rs. 10.83 lacs {31.03.2014: (Rs.20.76) lacs}, liabilities written back of Rs. Nil lacs (31.03.2014: Rs.10.26 lacs).

6. The Company has an investment of Rs. 11,297.50 lacs in the equity shares and has outstanding dues of Rs. 1,576.55 lacs (31.03.2014: Rs. 1,565.21 lacs) (net of advances) from APAKSH Broadband Limited (APAKSH), subsidiary acquired as a result of the amalgamation of erstwhile Aksh Broadband Limited with the Company. APAKSH's operations are presently suspended due to pending litigation by one of the shareholder of APAKSH.Considerinng creation of spreading OFC network by all orders in the country, the Management of the Company is in the process of discussions on the revival of the project and pending that no provision has been considered necessary in respect of the outstanding dues and investment at this stage.

7. There are no Micro and Small Enterprises, to whom the Company owes, which are outstanding for more than 45 days as at March 31, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

8.Previous year's figures have been regrouped, rearranged and reclassified to conform to those of current year's figures wherever necessary. The accompanying notes (1-42) are an integral part of the financial statements.


Mar 31, 2014

1 CORPORATE INFORMATION

Aksh Optifibre Limited is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed at The Bombay Stock Exchange Limited, The National Stock Exchange Limited in India and GDRs are listed at Luxembourg Stock Exchange. The Company is engaged in the manufacturing and selling of Optical Fibre, Optical Fibre Cable, Fibre Reinforced Plastic Rods and Impregnated Glass Roving Reinforcement, The Company caters to both domestic and international markets. The Company also provides the Internet Protocol Television (IPTV) services in association with BSNL in 20 cities of North India. The Company is the pioneer in the FTTH (Fibre to the Home) space and has further consolidated its place by starting FTTH services in Delhi, Jaipur, Ajmer & Faridabad.

2 BASIS OF PREPARATION

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 ("the 1956 Act") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 ("the 2013 Act") in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs and the relevant provisions of the 1956 Act/ 2013 Companies Act, as applicable 1956.

3 Contingent Liabilities:

a) Claims not acknowledged as debts (Rs. in lacs)

S. No. Particulars 31-Mar-14 31-Mar-13

1 Sales Tax Matters 185.77 328.87

2 Service Tax 304.76 318.08

3 Excise / Custom Duty 552.18 559.93

4 Stamp Duty 28.50 28.50

5 Others 78.91 78.91

b) Corporate Guarantee given by erstwhile Aksh Broadband Limited aggregating to Rs. 582.03 lacs (31.03.2013 : Rs. 582.03 lacs) in favor of Cisco Systems Capital India Private Limited for loan taken by APAKSH Broadband Limited, subsidiary of erstwhile Aksh Broadband Limited.

c) Corporate Guarantee given by the Company aggregating to USD 3.38 Mn equivalent to Rs. 2,025.30 lacs (31.03.2013 : Rs. Nil) in favor of Bank of Baroda, Dubai for loan taken by AOL (FZE).

d) Bank Guarantees, letters of credit (Net of margin) issued by banks and outstanding as on the reporting date is Rs. 2,163.96 lacs (31.03.2013 : Rs. 1070.89 lacs)

e) The Company had imported Plant and Machinery in previous years under EPCG scheme. An export obligation (''EO'') amounting to Rs.10,699.43 lacs was placed on the Company which was to be fulfilled in a period of 8 years starting from August 2001. Subsequently, the said EO was refixed by DGFT vide its letter dated Jan 2011 up to August 2011 in terms of the Chapter VI of EXIM Policy and Procedure (Vol-1) 1997-2002. The Company has fulfilled the entire EO. The application for redemption of EPCG license was filed on March 2013 and final redemption is awaited.

f) Estimated amounts of contracts remaining to be executed on Capital Account (net of advances) is Rs.18.03 lacs (31.03.2013 : Rs. 106.79 lacs)

4 The Company has an investment of Rs. 11,297.50 lacs in the equity shares and has outstanding dues of Rs. 1,565.21 lacs

(31.03.2013: Rs. 1,754.83 lacs), (net of advances) from APAKSH Broadband Limited (APAKSH), subsidiary acquired as a result of the amalgamation of erstwhile Aksh Broadband Limited with the Company. APAKSH''s operations are presently suspended due to pending litigation by one of the shareholder of APAKSH. The Management of the Company is in the process of discussions on the revival of the project and pending that no provision has been considered necessary in respect of the outstanding dues and investment at this stage.

5 Previous year''s figures have been reworked, regrouped, rearranged and reclassified to conform to those of current year''s figures wherever necessary.

The accompanying notes (1-41) are an integral part of the financial statements.


Mar 31, 2013

1 CORPORATE INFORMATION

Aksh Optifibre Limited is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed at The Bombay Stock Exchange Ltd., The National Stock Exchange Ltd. in India and GDRs are listed at Luxembourg Stock Exchange. The Company is engaged in the manufacturing and selling of Optical Fibre, Optical Fibre Cable, Fibre Reinforced Plastic Rods and Impregnated Glass Roving Reinforcement, The Company caters to both domestic and international markets. The Company also provides the Internet Protocol Television (IPTV) services in association with MTNL in the cities of Delhi and Mumbai and IPTV services with BSNL in 20 cities of North India. The Company is the pioneer in the FTTH (Fibre to the Home) space and has further consolidated its place by starting FTTH services in Delhi, Jaipur, Ajmer & Faridabad.

2 BASIS OF PREPARATION

The financial statements have been prepared to comply in all material respects with the notified Accounting Standards by Companies Accounting Standard Rules 2006 (as amended) and the relevant requirements of the Companies Act, 1956. The financial statements have been prepared under historical cost convention on an accrual basis of accounting except in case of assets for which impairment is carried out. The accounting policies have been consistently applied by the Company.

3 Contingent Liabilities:

a) Claims not acknowledged as debts (Rs. in lacs)

S. No. Particulars 31-Mar-13 31-Mar-12

1 Sales Tax Matters 328.87 494.46

2 Service Tax 318.08 344.17

3 Excise / Custom Duty 559.93 559.93

4 Stamp Duty 28.50 57.00

5 Others 78.91 52.25

b) Corporate Guarantee given by erstwhile Aksh Broadband Ltd. amounting to Rs. 582.03 lacs (31.03.2012 : Rs. 582.03 lacs) in favour of M/s Cisco Systems Capital India Private Limited for loan taken by APAKSH Broadband Ltd., subsidiary of erstwhile Aksh Broadband Ltd.

c) Bank Guarantees, letters of credit (Net of margin) issued by banks and outstanding as on the reporting date is Rs. 1,070.89 Lacs (31.03.2012 : Rs. 515.77 lacs)

d) The Company had imported Plant & Machinery in previous years under EPCG scheme. An export obligation amounting to Rs. 10,699.43 lacs was placed on the Company to be fulfilled in 8 years starting from 16th August 2001. The Company applied for extension of export obligation period and received the extension up to 31st August 2011. The Company has fulfilled all the export obligations within the stipulated time but is yet to receive the certificate for discharge of liability as on the reporting date.

e) Estimated amounts of contracts remaining to be executed on Capital Account (net of advances) is Rs.106.79 Lacs (31.03.2012 : Rs. 607.33 lacs)

4 Employee Benefits:

The disclosures as per the Notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

a) The Company has classified various benefits provided to employees as under :

Defined Contribution Plans and amount recognized in the Statement of Profit and Loss.

b) Defined Benefit Plans

Gratuity and Leave Encashment - actuarial valuation done in accordance with the Accounting Standard -15 (Revised), details of the same are given :

5 Related Party Disclosures

Related party disclosures as required under Accounting Standard - 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India are as given below as on 31st March, 2013:

a) Subsidiary Companies :

- APAKSH Broadband Limited -AOLFZE

- AOL Projects JLT (Fellow Subsidiary)

b) Individuals exercising significant influence & their relatives:

- Dr. Kailash S. Choudhari (Chairman)

- Mr. P. F. Sundesha

- Mr. Shailesh Popat Lal (Relative of Mr. P F Sundesha)

c) Key Management personnel

- Mr. Chetan Choudhari

d) Enterprises over which personnel referred in (b) & (c) aforementioned exercise significant influence:

- Fulchand Finance Private Limited (Relates to Mr. P F Sundesha)

6 FCCBs aggregating $13.00 Mn and $ 1.00 Mn have become due for redemption on January 8, 2013 and February 5, 2013 respectively. At the Company''s request, RBI vide its letter dated March 1, 2013 granted extension till June 30, 2013. Consequent to the year end, settlement has been reached with the Bond holders holding FCCBs aggregating $ 4.50 Mn by the Company out of fresh ECB raised from the Bank. The Company is in discussion with the balance bondholders for the settlement of the outstanding amount.

7 Exceptional items represents net foreign exchange gain on translation of Foreign Exchange assets & liabilities other than operational of Rs. 345.98 lacs (31.03.2012: Rs. 488.53 lacs), profit on sale of fixed assets of Rs. 915.14 lacs (31.03.2012: Nil), liabilities written back of Rs. 28.10 lacs (31.03.2012: Rs. 296.08 lacs, advances written off of Rs. 670.20 lacs (31.03.12: Rs. Nil).

8 The Company has an investment of Rs.11,297.50 lacs in the equity shares and has outstanding dues of Rs. 1,754.83 lacs (31.03.2012: Rs. 1,739.19 lacs) (net of advances) from APAKSH Broadband Limited (APAKSH), a subsidiary of the Company. APAKSH''s operations are suspended due to litigation filed by one of the shareholder of APAKSH which finally dismissed by the Hon''ble Supreme Court vide it''s order dated 7th May 2010. The Management of the Company is in discussions on the revival of the project. In view of the above, no provision has been considered necessary in respect of the outstanding dues and investment at this stage.

9 There are no Micro and Small Enterprises, to whom the Company owes, which are outstanding for more than 45 days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

10 Previous year''s figures have been reworked, regrouped, rearranged and reclassified to conform to those of current year''s figures wherever necessary.


Mar 31, 2011

1. Contingent Liabilities not provided for:

a) Claims not acknowledged as debts

(Rs. in lacs)

S. Particulars March 31, 2011 March 31, 2010 No.

i) VAT/Sales Tax Matters 390.65 321.80 ii) Stamp Duty 40.42 -

iii) Others 113.41 101.26

b) Corporate Guarantee given by erstwhile Aksh Broadband Ltd. amounting to Rs. 582.03 lacs (Previous Year Rs. 582.03 lacs) in favour of M/s Cisco Systems Capital India Private Limited for loan taken by APAKSH Broadband Ltd., subsidiary of erstwhile Aksh Broadband Ltd.

c) Corporate Guarantee given by the Company amounting to Rs. 6055.00 lacs (Previous Year Rs. 6055.00 lacs) in favour of Union Bank of India, Punjab National Bank and ICICI Bank (Consortium Banks) for working capital facilities sanctioned to Aksh Technologies Ltd, a subsidiary company. Further the Immovable properties of the company are also charged for working capital facilities sanctioned to Aksh Technologies Limited.

d) Estimated amounts of contracts remaining to be executed on Capital Account (net of advances) is Rs 983.88 lacs ( Previous Year Rs. 1510.03 lacs).

2. Employee Benefits:

The disclosures as per the Notified AS 15 under the Companies (Accounting Standards) Rules, 2006 (as amended) on "Employee Benefits", are as follows:

b) Defined Benefit Plans

Gratuity and Leave Encashment - actuarial valuation done in accordance with the Accounting Standard -15 (Revised), details of the same are given :

3. The Company had earlier issued 1% Foreign Currency Convertible Bonds (FCCBs) aggregating USD 8.75 Mn in January 2007 against which FCCBs aggregating USD 2.50 Mn were converted and balance USD 6.25 Mn were outstanding. These FCCBs were due for redemption in Janurary 2010. Pursuant to RBI approval, the Company exchanged the FCCBs aggregating USD 5.25 Mn with the new FCCBs of USD 6.328 Mn. The redemption premium of USD 1.078 Mn payable on redemption was adjusted against Securities Premium Account. The outstanding FCCBs of USD 1.00 Mn (due 2010) have been included under FCCBs and the redemption premium of USD 205,300 is included under current liabilities.

In respect of outstanding FCCBs of USD 1 Million (due 2010), The Bank of New York has filed a winding up petition against the Company in Jaipur High Court under section 433 of the Companies Act, 1956. The matter is sub-judice and the Company is in process of filing suitable reply.

4. The Authorised Share Capital of the Company has increased from Rs 8,000 lacs to Rs. 39,500 lacs vide shareholders resolution dated 22nd October 2010. However, the relevant Form 5 as per Companies Act, 1956 has not been filed with Registrar of Companies. Consequently, Form 2 with regard to allotment of 4,794,932 Equity Shares upon conversion of FCCBs after 22nd October 2010 has also not been filed with Registrar of Companies.

5. During the year, The Company has incorporated a wholly owned subsidiary in Dubai, viz. "AOL FZE" for expansion of Companies businesses. The Company also applied for winding up of its three wholly owned subsidiaries, i.e Aksh Net Tel Limited, Spyk Global Limited and Aksh Infratel Limited, which have accordingly been dissolved under section 560 of the Companies Act, 1956.

6. Related Party Disclosures

Related party disclosures as required under Accounting Standard - 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India are as given below as on 31st March, 2011:

a) Subsidiary Companies :

- APAKSH Broadband Limited

- Aksh Technologies Limited

- Aksh Net Tel Limited (Dissolved)

- Aksh Infratel Limited (Dissolved)

- SPYK Global Limited (Dissolved)

- AOL FZE

b) Individuals exercising significant influence & their relatives:

- Dr. Kailash S. Choudhari (Managing Director upto 31st August 2010, thereafter appointed as Chairman of the Company)

- Mr P. F. Sundesha

- Mr Shailesh Popat Lal (Relative of Mr. P F Sundesha)

c) Key Management Personnel & their relatives:

- Dr. Kailash S. Choudhari (Managing Director upto 31st August 2010, thereafter appointed as Chairman of the Company)

d) Enterprise over which personnel referred in b & c aforementioned exercise significant influence :

- Fulchand Finance Private Limited (Relates to Mr. P F Sundesha)

7. Computation of net profit in accordance with Section 349 of the Companies Act, 1956, has not been given as no commission is payable to Managing Director for the current year.

8. There is no party to the extent to which they could be identified as Micro, Small and Medium Enterprises (MSMED), as none of the creditors have confirmed to be registered under the MSMED Act, 2006.

9. The Company has an investment of Rs. 11,297.50 Lacs in the equity shares and has outstanding dues of Rs. 1,727.97 Lacs (net of advances) from APAKSH Broadband Limited (APAKSH), subsidiary acquired as a result of the amalgamation of erstwhile Aksh Broadband Limited with the Company. APAKSHs operations are presently suspended due to some litigation. One of the shareholder of APAKSH filed a petition under sections 397, 398, 402, 403 of The Companies Act before Company Law Board(CLB), Additional Principal Bench, Chennai. The Honble Company Law Board gave specific findings of fact and law and dismissed the said petition. An appeal was filed against the judgment passed by CLB in Honble High Court of Andhra Pradesh, which was also dismissed. A Special Leave Petition (SLP) was filed against the Honble High Court order in the Honble Supreme Court. The Honble Supreme Court vide its order dated 7th May 2010 has dismissed the SLP. The Management of the Company has now initiated discussions on the revival of the project and is hopeful to restart the same. In view of the above, no provision has been considered necessary in respect of the outstanding dues and investment at this stage.

10. Operating Leases

The Company has given factory land and building on operating lease. The lease term is for a period of eleven months and renewable as mutually agreed by both the parties. Disclosures in respect of Operating Leases of factory buildings as per the requirement of Notified AS-19 under the Companies (Accounting Standard) Rules, 2006 (as amended) on Leases issued by The Institute of Chartered Accountants of India, is as under:

Lease rental recognized in the statement of Profit and Loss for the year is Rs. 444 Lacs (Previous year Rs. 148 Lacs).

The future minimum lease rental receivable over the remaining lease period is Rs. 259 Lacs (Previous year Rs. 259 Lacs ).

11. Derivative Instruments and unhedged Foreign Currency Exposure

No forward exchange contract, for hedge purpose, has been outstanding as on 31st March 2011.

12 Previous years figures have been reworked, regrouped, rearranged and reclassified to conform to those of current years figures wherever necessary.


Mar 31, 2010

1. Employee Benefits:

The disclosures as per the Notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The Company has classified various benefits provided to employees as under :

a) Defined Contribution Plans and amount recognised in Profit and Loss Account.

2. The Company had earlier issued 1% Foreign Currency Convertible Bonds (FCCBs) aggregating USD 8.75 Mn in January 2007 against which FCCBs aggregating USD 2.50 Mn were converted and balance USD 6.25 Mn were outstanding. These FCCBs were due for redemption in Janurary 2010. Pursuant to RBI approval, the Company has exchanged the FCCBs aggregating USD 5.25 Mn with the new FCCBs of USD 6.328 Mn. The redemption premium of USD 1.078 Mn payable on redemption has been adjusted against Securities Premium Account. The balance FCCBs of USD 1.00 Mn have been included under FCCBs and the redemption premium of USD 205,300 is included under current liabilities.

3. The Company had issued 4,603,175 Convertible warrants on preferential basis. As the holders of the convertible warrants did not exercise the option of conversion of warrants into equity shares within the stipulated period of 18 months from the date of allottment .i.e. 15th January 2008, the Application money @ Rs. 6.30 per warrant aggregating to Rs. 290 lacs received against 4,603,175 warrant has been forfeited and credited to Securities Premium Account.

4. Pursuant to agreement for transfer of business under section 293(1) (a) of the Companies Act, 1956 as approved by the shareholders vide a special resolution dated 15th April 2009, the manufacturing division of Aksh Optifibre Limited together with all properties both movable and immovable (other than land & building) and liabilities including contingent liabilities has been transferred to Aksh Technologies Limited at book value with effect from the appointed date i.e. April, 1 2009.

The profit & loss account pertaining to manufacturing facilities of the company for the eight months ended November 2009, the period for which business was run and managed in trust for the Aksh Technologies Limited resulting in a profit of Rs. 24.34 lacs as detailed below has been transferred to Aksh Technologies Limited from these accounts.

5. Breakup of Deferred Tax Assets and Deferred Tax Liabilities:

6. Related Party Disclosures

Related party disclosures as required under Accounting Standard - 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India are as given below as on 31st March, 2010:

a) Subsidiary Companies :

- APAKSH Broadband Limited

- Aksh Technologies Limited

- Aksh Net Tel Limited

- Aksh Infratel Limited

- SPYK Global Limited

b) Individuals exercising significant influence & their relatives:

- Dr. Kailash S. Choudhari

- Mr P. F. Sundesha

- Mr Shailesh Popat Lai (Relative of Mr. P F Sundesha)

c) Key Management personnel & their relatives:

- Dr. Kailash S. Choudhari

- Mr. B. R. Rakhecha (upto 30th September, 2008)

d) Enterprise over which personnel referred in b & c aforementioned exercise significant influence :- Fulchand Finance Private Limited. (Relates to Mr. P F Sundesha)

7. The company is in the process of compiling the requisite list of mini, small and micro enterprises under the MSMED Act which has come into force recently and in the absence of information in this regard, the particulars required by the aforesaid Act have not been given.

8. The company has not received any claim for interest from any supplier covered under the "Interest on delayed payments to Small Scale and Ancillary Industrial Undertakings Act, 1993" to the extent such parties have been identified from the available information.

9. The Company has an investment of Rs. 11,297.50 Lacs in the equity shares and has outstanding dues of Rs. 1,716.43 Lacs (net of advances) from APAKSH Broadband Limited (APAKSH), subsidiary acquired as a result of the amalgamation of erstwhile Aksh Broadband Limited with the Company. The companys operations are presently suspended due to some litigation. One of the shareholder of APAKSH filed a petition under sections 397, 398, 402, 403 of The Companies Act before Company Law Board(CLB), Additional Principal Bench, Chennai. The Honble Company Law Board gave specific findings of fact and law and dismissed the said petition. An appeal was filed against the judgment passed by CLB in Honble High Court of Andhra Pradesh, which was also dismissed. A Special Leave Petition (SLP) was filed against the Honble High Court order in the Honble Supreme Court. The Honble Supreme Court vide its order dated 7,th May 2010 has dismissed the SLP. The Management of the Company has now initiated discussions on the revival of the project and is hopeful to restart the same. In view of the above, no provision has been considered necessary in respect of the outstanding dues and investment at this stage.

10. Operating Leases

The Company has given factory land and building on operating lease. The lease term is for a period of eleven months and renewable as mutually agreed by both the parties. Disclosures in respect of Operating Leases of factory buildings as per the requirement of Notified AS-19 under the Companies (Accounting Standard) Rules, 2006 on Leases issued by The Institute of Chartered Accountants of India, is as under:

Lease rental recognized in the statement of Profit and Loss for the period is Rs. 148 Lacs (Previous period Rs. Nil).

The future minimum lease rental receivable over the remaining lease period is Rs. 259 Lacs (Previous period Rs. Nil).

11. Derivative Instruments and unhedged Foreign Currency Exposure

No forward exchange contract, for hedge purpose, has been outstanding as on 31st March 2010.

The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:

Amount payable in foreign currency on account of the following:

12. In terms of approval of Shareholders under section 293(1) (a) of the Companies Act 1956, the Company has transferred its manufacturing business comprising of manufacturing facilities of optical fibre, optical fibre cable and FRP on going concern basis to Aksh Technologies Limited, 100% subsidiary with appointed date being April 1, 2009 on book values. Consequently, the figures for the year ended March 31, 2010 have been worked out after giving effect of above transfer and thus are not comparable with previous periods figures.

13.Previous Periods figures have been reworked, regrouped,rearranged and reclassified to conform to those of current years figures wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!