Home  »  Company  »  Autolite (I)  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Autolite (India) Ltd.

Mar 31, 2015

1. GENERAL INFORMATION:

Autolite (India) Limited, Jaipur, is a manufacturer and Exporter of Automotive Head lamps and Halogen lamps. Company's product is exported to more than 50 countries. Company is supplying its product to leading OEM i.e Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yamaha, Ashoka Leyland, V.E Commercial, etc. and supplying in India in replacement market through its Dealer Distributors Network. Company has been awarded "STAR EXPORT HOUSE" status by Ministry of Commerce, Government of India. The company's equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

2. Rights, preferences and restrictions attached to shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10/* 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 the proportion to their share holding.

3. CONTINGENT LIABILITIES

(i) Demand under disputes

a. Excise duty 363.52 355.63

(Amount deposited with Excise Authorities Rs. 36.21 Lacs)

b. Sales tax 3.18 3.18

(Amount deposited with Sales tax Authorities Rs.3.18 Lacs)

c. Income tax 138.29 0.00

(ii) Bank Guarantee 142.88 117.88

(iii) Foreign bills /Cheque purchase / discounted 187.09 215.82

(iv) Letter of credit 144.89 176.49

4. CAPITAL AND OTHER COMMITMENTS

a. Capital commitments

Estimated amount of contracts remaining to be executed on

capital account (Net of Advance) 105.97 105.97

Other commitments - -

5. The Company has not made any remittance in foreign currency on account of dividend during the year and does not have information as to the extent to which remittance in foreign currency on account of dividend have been made by or on behalf of non*resident shareholders. The particulars of dividend (after tax) on account of non*resident shareholders are as under:

(i) No. of Non*resident shareholders 35

(30)

(ii) No. of Shares held by them 26927

(25743)

(iii) Amount of Net Dividend NIL

(NIL)

6. There are no Micro, Small & Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs.240.47 Lacs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

8. The Company did not have convertible/partly convertible debentures as on 31st March 2015.

9. Defined Benefit Plans(Unfunded)*As per actuarial valuation as on 31st March 2015.

10. Accounting Standard 17 * "Segment Reporting"

The Company is engaged in Production ofAutomotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported.

11. Related Party Information

1. Relationship.

a. Subsidiary of the company

Autopal Inc, USA.

b. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Alwar Auto Pvt.Ltd

c Key Management Personnel

Shri M.P. Gupta (Chairman & Managing Director)

Shri Amit MahipalGupta (Whole Time Director)

Shri Adarsh Mahipal Gupta (Whole Time Director)

Shri I. B. Soni (Chief Financial Officer)

Shri Vishal Agarwal (Company Secretary)

d Relatives of Key Management Personnel with whom transactions have taken place.

Smt. Anubha Gupta

Smt. Usha Gupta

Smt. Sneha Goel

Smt. Bhawna Gupta

M. P. Gupta HUF

Amit Gupta HUF

Adarsh Gupta HUF

e. Enterprises over which persons described in (c) or (d) above alongwith their relatives are able to exercise significant influence, where transaction has taken place.

Palsoft Infosystems Ltd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Anusika Industries Ltd

Tanishka Autocomponents Pvt.Ltd.

Parvati Seva Sansthan

Autopal Industries Ltd

Autolite Marketing Pvt. Ltd

12. Related party relationship is as identified by the company and relied upon by the Auditors.

13. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancelable operating lease for each of the following periods:*

(a) Not later than one year : Nil

(b) Later than one year and not later than five years : Nil

(c) Later than five years : Nil

b) Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2015 Rs.7.50 lacs (Rs. 5.93Lacs).

c) The Company has not given any assets on sub*lease during the year.

14. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs.52.75 Lacs, Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax Assets/Liability on Profit and Loss Account and Balance Sheet. However provision for Current Tax (with interest) has been made for Rs. 12.75 Lacs as per provisions of Income Tax Act 1961.

15. The Company has credited Rs. 308.68 Lacs in earlier years for export incentives and other incentives in Profit and Loss Account on estimated basis.The concerned department has not accepted the claim. The Company is in the process to provide desired information Further no payment has been received upto 31.03.2015 against export incentive so credited.

16. The Company has entered into an agreement with Anusika Industries Limited in financial year 2010-11 to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company.

The aforesaid Company is registered with Board for Industrial & Financial Reconstruction (BIFR), but doing Job work for Autolite (India) Limited for last 13 years. However no amount has been recovered during financial year 2014*15 according to the agreement. In the opinion of the Management, recovery of outstanding balance of Rs 610.99 Lacs is doubtful. As there is uncertainty of the amount recoverable from party in the absence of order of BIFR the management has not provided any amount in the books.

17. (i) The Company has lodged claims for development cost for Rs.252.00 Lacs and for dues against supplies for Rs.3.16 Lacs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006.

As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/ Official Liquidator and amount realized is Rs.726 Crore and settlement of claim process will start soon.

(ii) The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lacs on M/s. Megha Enterprises, Mumbai.

To recover the above amount the Company has lodged an FIR before the authorities.

In view of the above, the Management, on the basis of legal opinion, is of the view that on Conservative basis Rs.90 Lacs (which has been credited in earlier years) is expected to be recovered from both the parties and accordingly considered as claim receivable.

18. As explained in accounting policies given in Note No. 2 (viii) no amount has been amortized in current year and the Company has treated Deferred Revenue Expenditure for Rs 199.40 Lacs asAssets in Balance Sheet. These expenditure are related to years upto 31.03.2013. The accounting policy adopted by the Company is contrary to the treatment prescribed inAS-26 (Intangible Assets) which require such expenditure to be written off in Profit & Loss Statement in the year of expenditure incurred.

19. The Company has entered into an agreement with Alwar Auto Private Ltd in F.Y. 2011-12 to recover the Advance given for Capital goods and in F.Y. 2012*13 to recover the balance lying in books as Receivable in a phased manner.

However no amount has been recovered during F.Y. 2014*15 in accordance to the agreement. The Management is hopeful for the recovery of due amount in financial year 2015-16.

20. The Company has received permission from Company Law Board vide order dated 27.04.2011 in respect of amount payable for Public Fixed Deposits and interest accrued on such Public Fixed Deposit to be paid as per revised schedule extended till Financial year 2013*14. The Company has made complete payment to FDR holders in compliance of the said order except Rs 71.56 Lacs against which several Cheques/ DD returned undelivered and several Cheques not deposited by FDR Holders. The company has transferred the said amount to Investor Education & Protection Fund on 25th September 2014.

21. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other CurrentAssets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

22. The Balances of Suppliers, Sundry Debtors and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

23. The Company has provided Depreciation on the basis of re*assessed useful life of tangible assets w.e.f. April 1,2014 as per the provisions of the Companies Act 2013. This has resulted in lower depreciation amounting to Rs. 136.67 Lacs for the year ended 31st March 2015.

24. Figures in brackets denote for previous year.

25. Figures for Previous year are regrouped or rearranged wherever considered necessary.


Mar 31, 2014

1. GENERAL INFORMATION:

Autolite (India) Limited, Jaipur, is a manufacturer and Exporter of Automotive Head lamps and Halogen lamps. Company''s product is exported to more than 50 countries. Company is supplying its product to leading OEM i.e Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yahama, Ashoka Leyland, V.E Commercial, etc. and supplying in India in replacement market through its Dealer Distributors Network. Company has been awarded "STAR EXPORT HOUSE" status by Ministry of Commerce, Government of India. The company''s equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

(a) Rights, preferences and restrictions attached to shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10/- 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 the proportion to their share holding.

2. CONTINGENT LIABILITIES

(i) Demand under disputes

a. Excise duty 355.63 331.96 (Amount deposited with Excise Authorities Rs.39.04 Lacs)

b. Sales tax 3.18 5.08

(Amount deposited with Sales tax Authorities Rs.3.18 Lacs)

c. Income tax 0.00 25.04 (The Company has preferred appeals/revision against all the demands mentioned above)

(ii) Bank Guarantee 117.88 117.88

(iii) Foreign bills /Cheque purchase / discounted 215.82 133.86

(iv) Letter of credit 176.49 150.93

3. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs.215.42 Lacs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

4. The Company did not have convertible/partly convertible debentures as on 31st March 2014.

5. Defined Benefit Plans(Unfunded)-As per actuarial valuation as on 31st March 2014

6. Accounting Standard 17 - "Segment Reporting"

The Company is engaged in Production of Automotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported.

7. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancelable operating lease for each of the following periods:-

(a) Not later than one year : Nil

(b) Later than one year and not later than five years : Nil

(c) Later than five years : Nil

b) Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2014 Rs. 5.93 Lacs (Rs. 5.02 Lacs).

c) The Company has not given any assets on sub-lease during the year.

8. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs. 80.49 Lacs, Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax Assets/Liability on Profit and Loss Account and Balance Sheet. However provision for Current Tax has been made for Rs. 17.00 Lacs as per provisions of Income Tax Act 1961.

9. The Company has credited Rs. 308.68 Lacs in earlier years for export incentives and other incentives in Profit and Loss Account on estimated basis. The concerned department has not accepted the claim. The Company is in the process to provide desired information Further no payment has been received upto 31.03.2014 against export incentive so credited.

10. The Company has entered into an agreement with Anusika Industries Limited in financial year 2010-11 to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company.

The aforesaid Company is registered with Board for Industrial & Financial Reconstruction (BIFR), but doing Job work for Autolite (India) Limited for last 11 years. However no amount has been recovered during 2013-14 according to the agreement. In the opinion of the Management, recovery of outstanding balance of Rs 575.79 Lacs is doubtful. As there is uncertainty of the amount recoverable from party in the absence of order of BIFR the management has not provided any amount in the books.

11. (i) The Company has lodged claims for development cost for Rs.252.00 Lacs and for dues against supplies for Rs.3.16 Lacs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006.

As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/ Official Liquidator and amount realized is Rs.726 Crore and settlement of claim process will start soon.

(ii) The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lacs on M/s. Megha Enterprises, Mumbai.

To recover the above amount the Company has lodged an FIR before the authorities.

In view of the above, the Management, on the basis of legal opinion, is of the view that on conservative basis Rs.90 Lacs (which has been credited in earlier years) is expected to be recovered from both the parties and accordingly considered as claim receivable.

12. As explained in accounting policies given in Note No. 2 (viii) the Company has treated Deferred Revenue Expenditure for Rs 199.39 Lacs as Assets in Balance Sheet. These expenditure are related to years upto 31.03.2013. The accounting policy adopted by the Company is in contrary to the treatment prescribed in AS-26 (Intangible Assets) which require such expenditure to be written off in Profit & Loss Statement.

13. The Company has received permission from Company Law Board vide order dated 27.04.2011 in respect of amount payable for Public Fixed Deposits and interest accrued on such Public Fixed Deposit to be paid as per revised schedule extended till Financial year 2013-14. The Company has made complete payment to FDR holders in compliance of the said order except Rs 71.56 Lacs against which several Cheques/ DD returned undelivered and several Cheques not deposited by FDR Holders. The company has kept said amount in a separate bank account to meet the liability. Further the company has filed an application before the Company Law Board seeking direction in this regard.

14. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

15. The Balances of Suppliers, Sundry Debtors and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

16. Figures in brackets denote for previous year.

17. Figures for Previous year are regrouped or rearranged wherever considered necessary.


Mar 31, 2013

1. GENERAL INFORMATION :

Autolite (India) Limited, Jaipur, is a manufacturer and Exporter of Automotive Head lamps and Halogen lamps. Company''s product is exported to more than 50 countries. Company is supplying its product to leading OEM i.e Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yahama, Ashoka Leyland, V.E Commercial, etc. and supplying in India in replacement market through its Dealer Distributors Network. Company has been awarded "STAR EXPORT HOUSE" status by Ministry of Commerce, Government of India. The company''s equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

2. The Company has not made any remittance in foreign currency on account of dividend during the year and does not have information as to the extent to which remittance in foreign currency on account of dividend have been made by or on behalf of non-resident shareholders. The particulars of dividend (after tax) on account of non-resident shareholders are as under :

3. There are no Micro, Small & Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs. 254.17 Lacs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

5. Pursuant to the AS-29-Provisions, Contingent Assets and Contingent Liabilities, the disclosures relating to the provisions made in the accounts for the year ended 31st March 2013 are as follows :

6. Accounting Standard 17 – "Segment Reporting"

The Company is engaged in Production of Automotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported

7. Related Party Information 1. Relationship.

a. Subsidiary of the company

Autopal Inc, USA.

b. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Alwar Auto Pvt.Ltd

c. Key Management Personnel

Shri M. P. Gupta (Chairman & Managing Director) Shri Amit Mahipal Gupta (Whole Time Director) Shri Adarsh Mahipal Gupta (Whole Time Director)

d. Relatives of Key Management Personnel with whom transactions have taken place.

Smt. Anubha Gupta Smt. Usha Gupta Smt. Sneha Goel

e. Enterprises over which persons described in (c) or (d) above alongwith their relatives are able to exercise significant influence, where transaction has taken place.

Palsoft Infosystems Ltd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Autopal Glass Pvt. Ltd.

Seth Chittarmal Tarachand Mahawar Vaish Memorial Charitable Trust

Tanishka Autocomponents Pvt.Ltd.

Parvati Seva Sansthan

Suyash Finance Pvt. Ltd.

8. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancellable operating lease for each of the following periods:- (i) Not later than one year : Nil

(ii) Later than one year and not later than five years : Nil (iii) Later than five years : Nil

b) Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2013 Rs. 5.02 Lacs (Rs. 4.77 Lacs).

c) The Company has not given any assets on sub-lease during the year.

9. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs. 84.08 Lacs, Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax/Liability on Profit and Loss Account and Balance Sheet. However provision for Current Tax has been made for Rs.17.50 Lacs as per provisions of Income Tax Act 1961.

10. The Company has credited Rs.317.52 Lacs in earlier years and Rs.59.83 Lacs in 2012-13 for export incentives and other incentives in Profit and Loss Account on estimated basis which are related to earlier year as well as for current year. The concerned department has not accepted the claim. The Company is in the process to provide desired information. Further no payment has been received upto 31.03.2013 against export incentive so credited.

11. The Company has entered into an agreement with Anusika Industries Limited in financial year 2010-11 to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company.

The aforesaid Company is registered with Board for Industrial & Financial Reconstruction (BIFR), but doing Job work for Autolite (India) Limited for last 11 years. However no amount has been recovered during 2012-13 according to the agreement. In the opinion of the Management, recovery of outstanding balance of Rs. 560.04 Lacs is doubtful. As there is uncertainty of the amount recoverable from party in the absence of order of BIFR the management has not provided any amount in the books.

12. The Company has received permission from Company Law Board vide order dated 27.04.2011 in respect of amount payable for Public Fixed Deposits and interest accrued on such Public Fixed Deposit to be paid as per revised schedule extended till Financial year 2012-13. The Company has made complete payment to FDR holders in compliance of the said order except Rs. 92.67 Lacs against which several Cheques/DD returned undelivered and several Cheques not deposited by FDR Holders. The Company has kept said amount in a seperate bank account to meet the liability. Further the company has filed an application before the Company Law Board seeking direction in this regard.

13. (i) The Company has lodged claims for development cost for Rs.252.00 Lacs and for dues against supplies for Rs.3.16 Lacs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006.

As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/ Official Liquidator and amount realized is Rs.726 Crore and settlement of claim process will start soon.

(ii) The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lacs on M/s. Megha Enterprises, Mumbai.

To Recover the above amount the Company has lodged an FIR before the authorities.

In view of the above, the Management, on the basis of legal opinion, is of the view that on conservative basis Rs.90 Lacs (which has been credited in earlier years) is expected to be recovered from both the parties and accordingly considered as claim receivable.

14. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

15. The Balances of Suppliers, Sundry Debtors, and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

16. Figures in brackets denote for previous year.

17. Figures for Previous year are regrouped or rearranged wherever considered neccessary.


Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR:

(a) Estimated amount of contracts remaining to be executed on capital account (net of advances) Rs. 2,97,97,517/- (Previous year Rs. 3,16,75,540/-).

(b) Bank Guarantee issued by the Bankers on behalf of the Company Rs. 45,00,000/- (Previous year Rs. 32,12,000/-)

(c) Foreign Bill/Cheque Purchase/Discounted by the Bankers on behalf of the Company Rs. 2,41,23,638/- (Previous year Rs. 7,96,39,115/-).

(d) L/C issued by the Bank on behalf of the Company Rs. 2,53,82,476/- (Previous year Rs. 2,68,02,850/-)

(e) Demands under dispute:

(i) Excise duty Rs.3,95,95,1467- (Amount deposited with Excise Authorities Rs. 39,04,1867-).

(ii) Sales Tax Rs. 6,77,915.67 (Amount deposited with Sales Tax Authorities Rs. 5,66,667.67).

(iii) Income Tax Rs. 31,51,623/- (Amount deposited with Income Tax Authorities Rs. 31,51,623/-).

The company has preferred appeals/revision against all the demands mentioned above.

2. Excise duty payable on finished goods is accounted for on clearance of goods from factory. The amount of excise duty payable on Finished goods of stocks lying in factory as at 31st March 2010 is estimated at Rs. 14.37 Lacs (Rs.13.75 Lacs).

3. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs. 1,46,42,806/- has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

4. Impairment of Assets

In line with rapid technological changes in Automotive sector, the company has also been changing its product mix to ensure better quality to its customers and higher margin products. In the changed scenario, Glass project of the company has become redundant for the company.

The Company has obtained a valuation report of Glass Project from approved valuer as on 31.3.2009. The management was of the view that the carrying amount of Glass project did not exceeds the recoverable amount. Hence no provision for Impairment of Assets was required as on 31.3.2009. During the year 2009-10 The Company has disposed off assets of glass project and suffered a loss of Rs. 90.13 Lacs which is shown as Extra ordinary item in the profit & loss account.

5. SEGMENT INFORMATION

C. Other Disclosure

I. Segments have been identified in line with the Accounting Standard AS-17 "Segment Reporting^ (AS-17) taking into account the Organization Structure as well as the differing risks and returns.

2 Company has disclosed business segment as the primary segment.

3. Composition of the business segment:

Name of Segment Comprises of

a. Head Lamps Head lamp, Seated beam,

Reflectors, Tail Lamps,

Indicator Lamps and

Miscellaneous lamps.

b. Halogen Bulbs Halogen Bulbs,Capsules

& Bulb Components.

c. Traded Goods Automotive Bulbs,

Capsules & Components.

d. Machine Building Machines Fabrication

Division work.

e. Dies & Moulds Dies & Moulds

Division manufacturing.

4. Inter segment revenues are recognized at sale price.

5. The Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.

6. The Segment revenue in the geographical seg- ment considered for disclosure are as follows:

a. Revenue within India includes sales to customers located within India and earnings in India.

b. Revenue outside India includes sales to Customers located outside India and earn- ings outside India.

6. Related Party Information

1. Relationship.

a. Subsidiary of the company

Autopal Inc, USA.

b. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Autopal Industies Ltd

Alwar Auto Pvt.Ltd



c. Key Management Personnel

Shri D.R Gupta (Chairman & Managing Director)

Shri Y.P. Gupta (Whole Time Director)

Shri J.P. Gupta (Whole Time Director)

Shri MP. Gupta (Whole Time Director)

Shri R.P. Gupta (Whole Time Director)

Shri Amit M. Gupta (Whole Time Director)

Shri Adarsh M. Gupta (Whole Time Director)



d. Relatives of Key Management Personnel with whom transactions have taken place.

Shri Adarsh M.Gupta

Smt. Lata Gupta

Smt. Laxmi Gupta

Smt. Anubha Anup Gupta

Smt. Sheela Gupta

Smt. Uma Gupta

e. Enterprises over which person described in (c) or (d) above are able to exercise significant influence, where transaction has taken place.

Anusika Industries Ltd.

Palsoft Infosystems Ltd.

Autolite Marketing PvtLtd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Autopal Glass PvtLtd.

Seth Chittarmal Tarachand Mahawar Vaish Memorial Charitable Trust

7. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancelable operating leases for year : Within one year.

b) Lease payments recognized in the state- ment of profit and loss for the year ended on 31.03.2010 Rs.5,00,000/- (Rs..7,50,000/-).

c) The Company has not given any assets on sub-lease during the year.

8. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs.54.72 Lacs Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax/Liability on Profit and Loss Account and Balance Sheet.

9. The Company has credited Rs. 180.78 Lacs in 2008-09 and Rs. 234.15 Lacs in 2009-10 for Export Incentives and other Incentives in Profit & Loss Account on estimated basis which are related to earlier years as well as for current year. The concerned department has not accepted the claim due to non furnishing of necessary grounds and details. The company is in the process to provide desired details and explanations. Further, no payment has been received during the 2009- 10 against export incentives of Rs. 180.78 Lacs credited in 2008-09.

10. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

11. The Balances of Suppliers, Sundry Debtors, and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

12. Figures for previous year have been regrouped and rearranged and reclassified wherever considered necessary.

13. Figures in brackets denote for previous year.



 
Subscribe now to get personal finance updates in your inbox!