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Notes to Accounts of Ausom Enterprise Ltd.

Mar 31, 2015

(a) Terms/Rights attached to equity shares

(i) The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.

(ii) In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) Terms of Redemption, conversion & rights of preference shares I

(i) Preference shares carry non-cumulative dividend at 1.5% p.a. (Up to 31/03/2013: cumulative dividend @ 16.5% p.a.) The dividend proposed if any by the Board of Directors is subject to the approval of the share holders in the ensuring Annual General Meeting. The preference shares shall, in addition have a right to participating dividend over and above the base dividend mentioned above.

(ii) The liability for payment of Dividend up to 31/03/2015 on Cumulative Redeemable Participating Preference Shares of Rs. 20,00,00,000 is not provided in view of the accumulated loss. The amount of such accumulated dividend I comes to Rs. 37,34,00,000 up to 31/03/2015.

(iii) The Preference Shares were issued on 09/12/1999 and are redeemable at par in three equal annual installments.

The installments of such redemption were due on 9th Dec, 2006, 9th Dec 2007 and 9th Dec 2008. However, the Company has received consent letters from the preference shareholder postponing their right to receive payment of the installments of redemption of preference shares amounting to Rs. 20,00,00,000 by nine years.

(iv) At the time of redemption of the Preference Shares or in the event of winding-up of the Company, the arrears of dividend on the Preference Shares whether earned, declared or not shall also be paid to the Subscribers.

(v) The Subscribers shall have the same voting rights in respect of the Preference Shares as are available and applicable to preference shares under the Companies Act, 2013.

(vi) In the event of default in payment of base and / or participating dividend in spite of adequate profits and / or redemption of Preference Shares as per the terms of issue, the subscriber shall have the right to convert at its option 100% of the Preference Shares into fully paid-up Equity Shares of the Company, at par, in the manner specified in writing to be given by the Subscribers.

1. The overdraft facilities from banks are secured against Fixed Deposits of the Company. They are repayable on demand and carry interest @ Interest rate on Fixed Deposits plus 1% to 3% p.a.

2. Unsecured loans from related parties carry interest @ 12% p.a. With carrying amount of Rs. 33,01,79,347 (31/03/2014 Rs. 13,99,00,000) are given as margin money against overdraft With'rarlvinq amount of Rs. Nil (31/03/2014 Rs. 7,18,23,354) are given as margin money to various exchanges.

With caring Amount of Rs. Nil (31/03/2014 Rs. 50,55,000) is given towards guarantee facilities availed by the company.

3. General Charges includes Travelling expenses, loading and unloading expenses, custodian charges, advertisements, membership fees, listing fees etc.

4. Segment Information for the year ended 31st March 2015 as per Accounting Standard-17 prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.

The company is engaged in the trading in Bullion, Gold jewellery, Shares & Securities and Units of Mutual Funds and Diamonds, which is considered as one segment.

On the basis of source and nature of risk and returns of the enterprise, the company has identified the geographical segments as secondary business segments. The disclosure of segment information is as below:

5. The figures are rounded off to nearest rupee.

6. As per the requirements of Accounting Standard 22, there is no deferred tax liability for the company On account of unabsorbed depreciation and carry forward of losses under tax laws, deferred tax assets are not recognized in view of uncertainty that such deferred tax assets can be realized against future taxable profits.

7 The Company has not received any intimation from "Suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any, relating to amount unpaid as at the year and together with interest paid, payable as required under that act have not been given.

8. Contingent liability not provided in accounts/not acknowledged as debt by the company:

The Company's assessments under Income Tax Act, 1961, have been completed up to ITAY 2012-13. In respect of additions to Total Income made vide the respective assessment orders, the company is in appeal before the appellate authorities. However due to the set off of brought forward losses and unabsorbed depreciation as per the provisions of Income Tax Act, 1961, there is no tax payable in any of the assessment years. As and when the appeals will be decided the brought forward losses and unabsorbed depreciation, so set off will be restored depending upon appellate orders.

9. Previous year figures have been regrouped and rearranged to make them comparable with the current year figures.


Mar 31, 2014

1.1 The overdraft facilities from banks are secured against Fixed Deposits of the Company. They are repayable on demand and carry interest @ Interest rate on Fixed Deposits plus 1% to 3% p.a.

1.2 Unsecured loans from related parties carry interest @ 12% p.a.

2,1 Trade payables include the amount of Rs.NIL (31/03/2013 Rs. 304,09,23,909) towards the Foreign Currency Buyer''s Credit facilities obtained by the company against import of goods. These facilities are short term in nature and repayable within one year from the date of their availment.

3.1 69770 Equity shares and 3368 preference shares of Grover Zampa Vineyard Limited received on merger of Vallee De Vin Private Limited into Grover Zampa Vineyard Limited

4.1 The Fixed deposits are pledged with bankers of the company for the gaurantees provided by them for foreign currency buyers'' credit facilities availed by the company.

4.2 With carrying amount of Rs. 13,99,00,000 (31/03/2013 Rs. 10,98,00,000) are given as margin money against overdraft facilities availed from banks.

With carrying amount of Rs. 7,18,23,354 (31/03/2013 Rs. 3,08,84,305) are given as margin money to various exchanges. With carrying amount of Rs. 50,55,000 (31/03/2013 Rs. NIL) is given towards guarantee facilities availed by the company.

4.3 General Charges includes Travelling expenses, loading and unloading expenses, custodian charges, advertisements, membership fees, listing fees etc.

5 Segment Information for the year ended 31st March 2014 as per Accounting Standard-17 prescribed under Companies (AS) Rules, 2006.

The company is engaged in the trading in Bullion, Gold jewellery, Shares & Securities and Units of Mutual Funds and Diamonds, which is considered as one segment AS-17.

6 The figures are rounded off to nearest rupee.

7 As per the requirements of Accounting Standard 22, there is no deferred tax liability for the company. On account of unabsorbed depreciation and carry forward of losses under tax laws, deferred tax assets are not recognized in view of uncertainty that such deferred tax assets can be realized against future taxable profits.

8 The Company has not received any intimation from "Suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any, relating to amount unpaid as at the year and together with interest paid, payable as required under that act have not been given.

9 Contingent liability not provided in accounts/not acknowledged as debt by the company:

The Company''s assessments under Income Tax Act, 1956, have been completed upto ITAY 2011-12. In respect of additions to Total Income made vide the respective assessment orders, the company is in appeal before the appellate authorities. However due to the set off of brought forward losses and unabsorbed depreciation as per the provisions of Income Tax Act, 1961, there is no tax payable in any of the assessment years. As and when the appeals will be decided the brought forward losses and unabsorbed depreciation, so set off will be restored depending upon appellate orders.

10 Previous yearfigure have been regrouped and rearranged to make them comparable with the current year figures

11 Event Occuring After the Balance Sheet Date

The Company has paid Additional Custom Duty Rs. 3,08,08,954/- on import during F.Y. 2013-14. The Company is eligible to take refund of the said duty based on a legal opinion dt. 28-07-2014 obtained by it. In order to give the effect of the said event to claim refund pertaining to F.Y. 2013-14, the company has reduced its purchase cost and increased its profit to that extent and shown the same as refundable under Current Asset as on Balance Sheet Date.


Mar 31, 2013

1.1

General Charges includes Travelling expenses, loading and unloading expenses, custodian charges, advertisements, membership fees, listing fees etc.

2 Segment Information for the year ended 31st March 2013 as per Accounting Standard-17 perscribed under Companies (AS) Rules, 2006.

The company is engaged in the trading in Bullion, Shares & Securities and Units of Mutual Funds and Diamonds, which is considered as one segment AS-17.

On the basis of source and nature of risk and returns of the enterprise, the company has identified the geographical segments as secondary business segments. The disclosure of segment information is as below :

3

The figures are rounded off to nearest rupee.

4

As per the requirements of Accounting Standard 22, there is no deferred tax liability for the company. On account of unabsorbed depreciation and carry forward of losses under tax laws, deferred tax assets are not recognized in view of uncertainty that such deferred tax assets can be realized against future taxable profits.

5

The Company has not received any intimation from "Suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any, relating to amount unpaid as at the year and together with interest paid, payable as required under that act have not been given.

6

Contingent liability not provided in accounts/not acknowledged as debt by the company :

The Company''s assessments under Income Tax Act, 1956, have been completed upto ITAY 2010-11. In respect of additions to Total Income made vide the respective assessment orders, the company has appealed before the appellate authorities. However due to the set off of brought forward losses and unabsorbed depreciation as per the provisions of Income Tax Act, 1961, there is no tax payable in any of the asessment years. As and when the appeals will be decided the brought forward losses and unabsorbed depreciation, so set off will be restored depending upon appellate orders.

7

Previous year figure have been regrouped and rearranged to make them comparable with the current year figures.


Mar 31, 2012

1.1

(a) Terms/Rights attached to equity shares

(i) The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.

(ii) In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) Terms of Redemption, conversion & rights of preference shares

(i) Preference shares carry cumulative dividend at 16.5% p.a. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting. The preference shares shall, in addition have a right to participating dividend over and above the base dividend mentioned above.

(ii) The liability for payment of Dividend on Cumulative Redeemable Participating Preference Shares of Rs. 20,00,00,000 is not provided in view of the accumulated loss. The amount of such accumulated dividend comes to Rs. 34,04,00,000 up to 31/03/2012. (Rs. 30,74,00,000 up 31/03/2011).

(iii) The Preference Shares were issued on 09/12/1999 and are redeemable at par in three equal annual installments. The installments of such redemption were due on 9th Dec, 2006, 9th Dec 2007 and 9th Dec 2008. However, the Company has received consent letter from the preference shareholders postponing their right to receive payment of the installments of redemption of preference shares amounting to Rs. 20,00,00,000 by six years.

(iv) At the time of redemption of the Preference Shares or in the event of winding-up of the Company, the arrears of dividend on the Preference Shares whether earned, declared or not shall also be paid to the Subscribers.

(v) The Subscribers shall have the same voting rights in respect of the Preference Shares as are available and applicable to preference shares under the Companies Act, 1956.

(vi) In the event of default in payment of base and/or participating dividend in spite of adequate profits and/or redemption of Preference Shares as per the terms of issue, the subscriber shall have the right to convert at its option 100% of the Preference Shares into fully paid-up Equity Shares of the Company, at par, in the manner specified in writing to be given by the Subscribers.

2. Short-term borrowings

2.1

The overdraft facilities from banks are secured against Fixed Deposits of the Company. They are repayable on demand and carry interest @ Interest rate on Fixed Deposits plus 1% to 3% p.a.

2.2

Loans and advances from related parties are repayable on demand and carry interest @ 12% p.a.

3 Trade payables

3.1

Trade payables include the amount of Rs. NIL (31/03/2011 Rs. 9,33,94,97,073) towards the Foreign Currency Buyers' Credit facilities obtained by the company towards import of goods. These facilities are short term in nature and repayable within one year from the date of their a ailment.

4 Cash and bank balances

4.1

The Fixed deposits are pledged with bankers for the guarantees provided by them for foreign currency buyers' credit facilities availed by the company.

4.2

With carrying amount of Rs. 11,96,00,000 are given as margin money against overdraft facilities availed from banks. With carrying amount of Rs. 3,00,00,000 are given as margin money to exchanges.

5.1

General Charges includes Travelling expenses, loading and unloading expenses, custodian charges, advertisements, membership fees, listing fees, service charges, license fees etc.

6. Segment Information for the year ended 31st March 2012 as per Accounting Standard-17 prescribed under Companies (AS) Rules, 2006.

The company is engaged in the trading in Bullion, Shares & Securities and Units of Mutual Funds and Diamonds, which is considered as one segment AS-17.

7. The figures are rounded off to nearest rupee.

8. As per the requirements of Accounting Standard 22, there is no deferred tax liability for the company. On account of unabsorbed depreciation and carry forward of losses under tax laws, deferred tax assets are not recognized in view of uncertainty that such deferred tax assets can be realized against future taxable profits.

9. The Company has not received any intimation from "Suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any, relating to amount unpaid as at the year and together with interest paid, payable as required under that act have not been given.

10. Contingent liability not provided in accounts/not acknowledged as debt by the company:

The Company's assessments under Income Tax Act, 1956, have been completed upto ITAY 2009-10. In respect of additions to Total Income made vide the respective assessment orders, the company is in appeal before the appellate authorities. However due to the setoff of brought forward losses and unabsorbed depreciation as per the provisions of Income Tax Act, 1961, there is no tax payable in any of the assessment years. As and when the appeals will be decided the brought forward losses and unabsorbed depreciation, so set off will be restored depending upon appellate orders.


Mar 31, 2010

1) Previous year figures have been regrouped and rearranged to make them comparable with the current year figures.

2) Contingent liability not provided in account / not acknowledged as debt by the company:

The Companys assessment under Income Tax Act 1961, have been completed upto ITAY 2007 - 08. In respect of additions to Total Income made vide the respective assessment orders, the company is in appeal before the appellate authorities. However due to the setoff of brought forward losses and unabsorbed depreciation as per the provisions of Income Tax Act 1961,there is no tax payable in any of the assessment years. As and when the appeals will be decided the brought forward looses and unabsorbed depreciation, so setoff will be restored depending upon appellate orders .

3) The Board of Directors of the company is of the opinion that the Current Assets, loans and advances as on 31st March, 2010 have a value of realization in the ordinary course of business of at least equal to the amount at which they are stated in the balance sheet and the provision for all known liabilities have been made.

4) The preference shares of Rs.20 Crores issued by the Company are redeemable in three equal annual installments. The installments of such redemption were due on 9lh Dec, 2006, 9lh Dec, 2007 and 9lh Dec, 2008. However, the Company has received consent letters from the preference shareholder postponing of his right to receive payment of the installments of redemption of preference shares amounting to Rs.20 Crores by two years.

5) The liability for payment of dividend on Cumulative Redeemable Participating Preference Shares of Rs. 20.00 Crores is not provided in view of the accumulated losses. The amount of such accumulated dividend comes to Rs.2744.00 Lacs up to 31-3-2010 (P.Y. Rs 2414.00 Lacs up to 31-3-2009).

6) As per the requirements of Accounting Standard 22, there is no deferred tax liability for the company. On account of unabsorbed depreciation and carry forward of losses under tax laws, deferred tax assets are not recognized in view of uncertainty that such deferred tax assets can be realized against future taxable profits.

(b) Information about secondary Segment - Geographical

The company sells its products within India The conditions prevailing in India being uniform, no separate geographical segment disclosure is considered necessary .

The company has considered business segment as the Primary segment for the disclosure. The products included in each of the reported domestic business segment are as follows:

Manufacturing Operation : Manufacturing and sale of Corrugated Box and Pallets

Trading Operation : Trading in Gold, Silver and Shares & Securities.

(7) Disclosure as required under Accounting Standard 18 in relation to "Related Party Transactions"

Names of related parties and description of relationship

Sr. No. Nature of Relationship Name of Related Parties

1. Companies where significant 1. CEL Packaging Private Limited influence exists

2. Chrysalis Industries Limited

3. Kinara Financial Private Limited

4. Chrysalis Finance Limited

5. Chrysalis Packing

6. Zaveri & Co. Pvt. Ltd.

7. Zaveri Enterprise Pvt. Ltd.

8. AuSom International Pvt. Ltd.

9. Amazo Arcade Pvt. Ltd.

10. Vrundavan Garden Pvt. Ltd.

11. Zaveri & Co. Exports

12. Zaveri Finstock Pvt. Ltd.

13. Zaveri & Co. Jewellers Pvt. Ltd.

14. Sarabai Enterprise Pvt. Ltd.

15. Panchratna Infrastructure Pvt. Ltd.

16. Zaveri Reality Pvt. Ltd.

17. Atit Infrastructure Pvt. Ltd.

18. Zaveri Energy Pvt. Ltd.

19. Chokshi Estate Pvt. Ltd.

2. Key Management Person

1. Shri Sunil Handa, Managing Director (upto 07-08-2009 )

2. Shri Rajiv Mehta, Executive Director & CEO (upto 07-08-2009)

3. Shri Kishor Mandalia, Managing Director & CEO ( From 07-08-2009)

4. Shri Zaverilal Mandalia ( From 07-08-2009)

5. Shri Vipul Mandalia ( From 07-08-2009)

3. Relative of Key Management Personnel

1. Shri B. R. Handa

2. Smt. Divya Deepti Handa

 
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