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Notes to Accounts of Auto Pins (India) Ltd.

Jun 30, 2014

1. Share Capital

(a) Equity Shares: The company has one class of equity shares having a par value of Us. 10,00 per share. Each shareholder Is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except In case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholding.

CURRENT YEAR PREVIOUS YEAR (Rs.) (Rs.)

2. Contingent Liabilities, not provided for

a) i) For Excise/ESI/PF Matter 13,91,482.00 13,91,462.00

b) Miscellaneous Matters (Gratuity) 5,00,000.00 5,00,000.00

c) Other Matters in Dispute 30,05,200.00 38,06,200.00

d) Bank Gurantee 2,10,000.00 2,10,000.00

2.1 Balances grouped under Sundry Debtors, Advance from Customers, Sundry Creditors and Loans and Advances, Other Liabilities are subject to reconciliation and confirmation,

2.2 No Provision has been made for leave salary and gratuity of employee (amount unascertained), and the same shall be accounted for on cash basis.

2.3 No provision has been made for Income tax for the current year in view of brought forward Losses and Depreciation,

2.4 In the opinion of the Board of Directors, the aggregate value of current Assets, Loans and Advance on realization in ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

2.5 The Stocks have been taken as per inventories taken valued and certified by the management of the company,

2.6 As suppliers covered under the interest on Delayed Payment to ''Micro, Small, and Medium Enterprises Development Act, 2006'' are yet to be identified, liability towards interest remained as unpaid to Such small scale and/or ancillary industrial undertakings as on 30.06.2014 is unascertainable.

2.7 Sundry Debtors/Creditors/Advances/Liabilities Balance are written off/back as approved by the management.

2.8 The BlFR has declared that the Company had become a Sick Industrial Company as on 31-12-2003. Revival/Rehabilitation Scheme has now been approved by BlFR vide order dated 26.07.2010 and 01.04.2009 has been taken as out off date. In terms of Revival/Rehabilitation Scheme the management has carried out restructuring of Balance Sheet in financial year 2009-2010.

2.9 As per rehabilitation scheme approved by Board For Industrial and Financial Reconstruction. Analysis Securities Pvt Ltd is to be repaid Rs 375.00 lakhs in full and final settlement of their claim as under:-

a) Equity Share at par i.e. Rs 10.00 for an amount of Rs. 143.00 lakhs.

b) Balance amount of Rs 232.00 lakhs to be repaid over a period of four years starting 1.10.2010 along with interest @ 5% p.a.

The Equity shares have since been allotted. The amount to be waived off/written back of Rs 907.00 Lakhs has been written back fully as per mutual agreement although some amount is still payable. The interest for the period alter 01.04.2013 has been waived off by lender.

2.10 Impairment of Assets: - In pursuance of Accounting Standard 28 - Impairment of assets issued by the Institute of chartered Accountants of India, the company has not reviewed it''s carrying cost of assets with value in use (determined based on future earnings) / (net selling price determined based on estimation/ The management intends to carry out in near future detailed exercise involving expert opinion to determine any loss to be accounted for impairment of assets. As such in the current financial year impairment loss has not been accounted for. However, in the opinion of management no provision for loss of impairment of asset shall be required to be made.

2.11 The Company has only one reportable business segment and geographical segment and hence no further disclosure is required under Accounting Standard -17 on Segment Reporting.

2.12 Disclosures as per Accounting Standard 18 "Related Parly disclosure" issued by the Institute of Chartered Accountants of India is annexed herein in Annexure-I.

2.13 In accordance with accounting standard 22 “Accounting for Taxes on Income" issued by the ICAI, deferred tax Liabilities based on depreciation differences as on 30/06/2014 is adequately covered by deferred tax assets based on the benefits of unabsorbed depreciation, carried forward losses etc. those are available to the company as at 30/06/2014 and as such there is no impact of the same on these accounts. No further deferred tax assets has been recognized since there is no certainly of future taxable income to take benefit of Deferred tax assets.

2.14 Secured / Unsecured loans are subject to confirmation from the concerned parties.

2.15 Previous year''s figure has been re-grouped/re-arranged whenever necessary to conform to current''s year classification.

2.16 Note 1.00 to 2.46 form an integral part of Balance Sheet and Statement of Profit & Loss.


Jun 30, 2013

CURRENT YEAR PREVIOUS YEAR {Rs.) (Rs.)

1.1 Contingent LiabiIities not provided for

a) i) For Excise/ESI/PF Matter 13,91,482.00 13,91,482.00

b) Miscellaneous Matters (Gratuity) 5,00,000.00 5,00,000.00

c) Other Matters in Dispute 38,05,200.00 38,05,200.00

d) Bank Gurantee 2,10,000.00 NIL

Note: Computation of Net Profit in accordance with Section 349 of the Companies Act, 1956 has not been given as commission by way of percentage of profit has not been paid for the year to any of the directors.

1.2 Balances grouped under Sundry Debtors, Advance from Customers, Sundry Creditors and Loans and Advances, Other Liabilities are subject to reconciliation and confirmation.

1.3 No Provision has been made for leave salary and gratuity of employee (amount unascertained), and the same shall be accounted for on cash basis.

1.4 No provision has been made for Income tax for the current year in view of brought forward Losses and Depreciation.

1.5 In the opinion of the Board of Directors, the aggregate value of current Assets, Loans and Advance on realization in ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

1.6 The Stocks have been taken as per inventories taken valued and certified by the management of the company.

1.7 As suppliers covered under the interest on Delayed Payment to "Micro, Small, and Medium

Enterprises Development Act, 2006" are yet to be identified, liability towards interest remained as unpaid to such small scale and/ or ancillary industrial undertakings as on 31.03.2012 is unascertainable.

1.8 Sundry Debtors/Creditors/Advances/Liabilities Balance are written off/back as approved by the management.

1.9 The BIFR has declared that the Company had become a Sick Industrial Company as on 31-12- 2003. Revival/Rehabilitation Scheme has now been approved by BIFR vide order dated 26.07.2010 and 01.04.2009 has been taken as cut off date. In terms of Revival/Rehabilitation Scheme the management has carried out restructuring of Balance Sheet in financial year 2009- 2010.


Jun 30, 2012

CURRENT YEAR PREVIOUS YEAR

(Rs.) (Rs.) 1.1 Contingent Liabilities

a) i) For Excise/ESI/PF Matter 13,91,482.00 15,81,800.00

ii) Sales Tax Matter 0.00 5,00,000.00

b) Miscellaneous Matters (Gratuity) 5,00,000.00 5,00,000.00

c) Other Matters in Dispute 38,05,200.00 38,05,200.00

Note: Computation of Net Profit in accordance with Section 349 of the Companies Act, 1956 has not been given as commission by way of percentage of profit has not been paid for the year to any of the directors.

1.2 Balances grouped under Sundry Debtors, Advance from Customers, Sundry Creditors and Loans and Advances, Other Liabilities are subject to reconciliation and confirmation.

1.3 No Provision has been made for leave salary and gratuity of employee (amount unascertained)

1.4 No provision has been made for Income tax for the current year in view of brought forward Losses and Depreciation.

1.5 In the opinion of the Board of Directors, the aggregate value of current Assets Loans and Advance on realization in ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

1.6 The Stocks have been taken as per inventories taken valued and certified by the management of the company.

1.7 As suppliers covered under the interest on Delayed Payment to "Micro, Small and Medium Enterprises Development Act, 2006" are yet to be identified, liability towards interest remained as unpaid to such small scale and/ or ancillary industrial undertakings as on 31 03 2012 is unascertainable.

1.8 Sundry Debtors/Creditors/Advances/Liabilities Balance are written off/back as approved by the management.

1.9 The BIFR had declared that the Company had become a Sick Industrial Company as on 31-12-2003. Revival/Rehabilitation Scheme had approved by BIFR vide order dated 26.07.2010 and 01.04.2009 had been taken as cut off date. In terms of Revival/ Rehabilitation Scheme the Management had carried out restructuring of Balance Sheet in financial year 2009-2010

1.10 As per rehabilitation scheme approved by Board For Industrial and Financial Reconstruction Analysis Securities Pvt Ltd is to be repaid Rs 375.00 lakhs in full and final settlement of their claim as under:-

a) Equity Share at par i.e. Rs 10.00 for an amount of Rs. 143.00 lakhs.

b) Balance amount of Rs 232.00 lakhs to be repaid over a period of four years starting 1.10.2010 along with interest @ 5% p.a.

The Equity shares have since been allotted. The amount to be waived off/written back of Rs 907.00 Lakhs as per order of Board For Industrial and Financial Reconstruction, is being written back in proportion to the outstanding amount payable as on date of Balance Sheet.

1.11 Impairment of Assets: - In pursuance of Accounting Standard 28 - Impairment of assets issued by the Institute of chartered Accountants of India, the company has not reviewed it''s carrying cost of assets with value in use (determined based on future earnings) / ( net selling price determined based on estimation). The management intends to carry out in near future detailed exercise involving expert opinion to determine any loss to be accounted for impairment of assets. As such in the current financial year impairment loss has not been accounted for. However, in the opinion of management no provision for loss of impairment of asset shall be required to be made.

1.12 The Company has only one reportable business segment and geographical segment and hence no further disclosure is required under Accounting Standard - 17 on Segment Reporting.

1.13 The company has appointed a Company Secretary as required under section 383-A of Companies Act, 1956.

1.14 Disclosures as per Accounting Standard 18 "Related Party disclosure" issued by the Institute of Chartered Accountants of India is annexed herein in Annexure -II.

1.15 In accordance with accounting standard 22 "Accounting for Taxes on Income" issued by the ICAI, deferred tax Liabilities based on depreciation differences as on 31/03/2012 is adequately covered by deferred tax assets based on the benefits of unabsorbed depreciation, carried forward losses etc. those are available to the company as at 31/03/2012 and as such there is no impact of the same on these accounts. No further deferred tax assets has been recognized since there is no certainty of future taxable income to take benefit of Deferred tax assets.

1.16 Secured / Unsecured loans are subject to confirmation from the concerned parties

1.17 The Company had extended its accounting year from 31st March 2011 to 30th June 2011 Accordingly, the previous period figures are being for fifteen months for period ended 30th June 2011. As such current year figures for being 12 months are not comparable with that of previous year.

1.18 Previous year''s figure has been re-grouped / re- arranged wherever necessary to conform to current year classification.

1.19 Note 1.00 to 2.48 form an integral part of Balance Sheet and Statement of Profit & Loss.

Signature to Note 1 to 2.48


Jun 30, 2011

1. Bakabces grouped under sundry debtors, advance from customers, sundry creditors and loans and advances other liabilities are subject to reconciliation and confirmation.

2.a) No provision has been made for leave salary and gratuity of employee (amount unascertained) b) No provision has been made for income tax for the current year in view of brought forward losses and Depreciation.

3. In the opinion of the Board of Directors the aggregate value of current Assets, Loans and Advance on realization it ordinary course of business will not be less than the amount at which theses are stated in the Balance Sheet.

4. The Stocks have been taken as per inventories taken valued and certified by the management of the company

5. As suppliers covered under the interest on Delayed payment to "Micro small and medium enterprises Development Act, 2006 are yet to be identified liability towards interest remained as unpaid to such small scale and/or ancillary industrial undertakings as on 31.03.2011 is unascertainable.

6. Sundry Debtors/Creditors/Advances/Liabilities Balance are written off/back as approved by management.

7.The BIFR has declared that the company had become a sick Industrial Company as on 31-12-2003.revival/rehabilitation science has now been approved by BIFR vide order dated 26.07.2010 and 01.04.2009 has been taken as cut off date in terms of Revival/Rehabilitation scheme the management has carried out restricting of Balance Sheet in financial year 2009-2010

8. As per rehabilitation scheme approved by Board For Industrial and Financial Reconstruction. Analysis securities Pvt Ltd is to be repaid Rs 375.00Lakhs in full and final settlement of their claim as under.

a) Equity Share at par i.e. Rs 10.00 for an amount of Rs. 143.00 lakhs

b) Balance amount of Rs 232.00lakhs to be repaid over a period of four years starting 1.10.2010 along with interest @ 5 % p.a

9. Impairment of Assets : In pursuance of Accounting Standard 28 Impairment of assets issued by the institute of chartered accountants of india , the company has not reviewed its carrying cost of assets with value in use (determined based on future earnings)/net selling price(determined based on estimation).The management intends to carry our in near future detailed exercise involving expert opinion to determine any loss to be accounted for impairment of assets. As such in the current financial year impairment loss has not been accounted for However, in the opinion of management no provision for loss of impairment of assets shall be required to be made.

10. The company has only one reportable business segment and geographical segment and hence no further disclose is required under accounting standard-17 on segment reporting.

11. The company dose not have a company secretary as required under section 383-A of companies Act,1956 24. The Company has extended its accounting year from 31st March 2010 to 30th June 2010. Accordingly' the current year's figure being for fifteen months period ended 30th June 2010, are not comparable with those of the previous year

12. Previous year's figures have been given in brackets. Figures in Para 17 above have been given by the Management and relied upon by the auditors.

13. Previous year's figure has been re-grouped / re- arranged whenever-necessary.


Mar 31, 2010

CURRENT YEAR PREVIOUS YEAR Rs. Rs.

1 Contingent Liabilities

a) i) For Excise/ESI/PF Matter 14,07,751.00 14,07,751.00

ii) Income Tax Matter 5,50,000.00 5,50,000.00

iii) Sales Tax Matter 20,68,084.00 20,68,084.00

b) Miscellaneous Matters(Gratuity) 15,00,000.00 15,00,000.00

c) Other Matters in Dispute 3805200.00 3805200.00

2. Balances grouped under Sundry Debtors, Advance from Customers, Sundry Creditors and Loans and Advances, Other Liabilities are subject to reconciliation and confirmation.

3 a) No Provision has been made for leave salary and gratuity of employee (amount unascertained)

b) No provision has been made for Income tax for the current year in view of current year loss & brought forward Losses and Depreciation.

4. In the opinion of the Board of Directors, the aggregate value of current Assets, Loans and Advance on realization in ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

5. The Stocks have been taken as per inventories taken valued and certified by the management of the company.

6. As suppliers covered under the interest on Delayed Payment to "Micro, Small, and Medium Enterprises Development Act, 2006" are yet to be identified, liability towards interest remained as unpaid to such small scale and/ or ancillary industrial undertakings as on 31.03.2010 is unascertainable.

7. Sundry Debtors/Creditor/Advances/Liabilities Balance are written off/back as approved by the management.

8. The net worth of the company had become negative. The company had made a reference to Board For Industrial and Financial Reconstruction. The BIFR had declared that the Company had become a Sick Industrial Company as on 31-12-2003.Canara Bank was appointed as Operating agency to conduct techno economic viability study and prepare revival- scheme if feasible. Revival/Rehabilitation Scheme has now been approved by BIFR vide order dated 26.07.2010 and 01.04.2009 has been taken as cut off date. In terms of Revival/Rehabilitation Scheme the management has carried out restructuring of Balance Sheet as on 01.04.2009 as under -

a) Equity Share Capital has been reduced by 90% from Rs 580.46 lakhs to Rs 58.04 lakhs.(lrrespective of Provisions of section 100-103 of The Companies Act 1956 but subject to approval in forthcoming Annual General Meeting by Special Resolution ). The fresh Induction of Share Capital by promoters has seen cone irrespective of requirement of following the provisions of section 81(1A),295, 372A of the Companies Act 1956

b) Share Premium Account of Rs. 504.75 has been written off against debit Balance of Profit & Loss Account.

c) Term Loan from HSIDC to be settled at Rs125.00 lakh as against book figure, of Rs 118.01 lakhs. And other loans to be settled at Rs. 27.11 as against Book Figure of Rs 45.19 Lakhs.

d) Sundry Creditors to be reduced by 80% from Book Figure of Rs 688.01 to Rs. 137.60 Lakhs, out of which Rs 87.60 lakhs as deferred creditors to be paid over:4 years .Amount Due to directors to be reduced by 80% from Book Figure of Rs 41.00 to Rs. 8.20 Lakhs ¦

e) Sundry Debtors to be reduced by 50% from Book Rgure of Rs 97.84 lakhs to Rs 48.92 lakhs. Loans and Advances to be reduced by 50% from Book Figure of Rs 36.75 lakhs to Rs 18.37 lakhs

9. The secured loans from Canara bank amounting to Rs.1282.23 lakhs had been assigned in favour of Analysis Securities Pvt Ltd, along with security given to Canara Bank, for meeting fund required for One Time Settlement with Canara Bank. The company was liable to pay Rs. 1282.23 lakhs to Analysis Securities Pvt Ltd, irrespective of the settled amount with Canara Bank. Since then.OTS has been arrived with Canara bank. As per rehabilitation scheme approved by Board For Industrial and Financial Reconstruction , Analysis Securities Pvt Ltd is to be repaid Rs 375.00 lakhs in full and final settlement of their claim as under

a) Equity Share at par i.e. Rs 10.00 for an amount of Rs. 143.00 lakhs

b) Balance amount of Rs 232.00 lakhs to be repaid over a period of four years starting 1.10.2010 along. with interest @ 5% p.a

However Analysis Securities Pvt Ltd has agreed to waive, off the remainder amount of Rs.907.00 lakhs (Rs 1282.00lakhs- Rs 375.00 Lakhs) only when Rs. 375.00 lakhs is paid to it in full as per BIFR order.

10. Impairment of Assets: - In pursuance of Accounting Standard 28- Impairment of assets issued by the Institute of chartered Accountants of India, the company has not reviewed its carrying cost of assets with value in use (determined based on future earnings) / net selling price (determined based on estimation).The management intends to carry out in near future detailed exercise involving expert opinion to determine any loss to be accounted for impairment of assets. .As such in the current financial year impairment loss has not been accounted for .However, in the opinion of management no provision for loss of impairment of asset shall be required to be made.

11 The Company has only one reportable business segment and geographical segment and hence no further disclosure is required under Accounting Standard - 17 on Segment Reporting.

12. The company dose not have a Company Secretary as required under section 383-A of Companies Act, 1956.

13.In accordance with accounting standard 22 "Accounting for Taxes on Income" issued by the ICAI, deferred tax liabilities based on depreciation differences as on 31/03/2010 is adequately covered by deferred tax assets . based on the benefits of unabsorbed depreciation, carried forward losses etc. that are available to the company as at 31/03/2010.And as such there is no impact of the same on these accounts. No further deferred tax assets has been recognized since there is no certainty of future taxable income to take benefit of Deferred tax assets.

14. Following assets whether from the dissolved firm or thereafter are yet to be transferred in the name of company.

Book Value (Rs)

Land at Kanpur 3500

15. Secured / Unsecured loans are subject to confirmation from the concerned parties.

16. Previous years figures have been given in brackets. Figures in para 17 above have been given by the management and relied upon by the auditors.

17. Previous years figure have been re-grouped / re- arranged whenever necessary.

 
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