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Notes to Accounts of Autopal Industries Ltd.

Mar 31, 2015

1. Terms/rights attached to equity shares

The company has equity shares having a face value of Rs. 10 per share and preference share of Rs. 10 per share. Each equity share holder is entitled to one vote per share.

In the event of liquidation of the company , the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts and after payment to Preference Share Capital.

2. Prior Period Items

During the year company has reversed the excess provision of tax made in the last year amounting Rs. 74049

3. Amount to be transferred to Investors Education and Protection Fund u/s 205A/ 205C of Companies Act, 1956:-

(a) Unpaid dividend of Rs.204428/-

(b) Unpaid application of Rs. 82646/-

The above amounts are pending since long time.

4. The Debit and credit balances of Sundry Creditors, Sundry Debtors and Advances are subject to confirmation and reconciliation and are relied upon book balances and as certified by the management.

5. a) Overdue amount payable to SSI & Ancillary undertaking could not be ascertained as the necessary details are not available with the company as stated by the company.

b) In absence of details provided by the company, it is difficult to provide information that there are dues for more than 45 days to the Micro, Small & Medium enterprises as defined under MSMED Act, 2006.

6. Previous year figures are regrouped and rearranged wherever necessary.

7. Segment Reporting:

As the Company's business activities fall majority within a single primary segment viz. "Manufacturing of LED", the disclosure requirements of Accounting Standard - 17 "Segment Reporting" are not applicable.

8. Related party transaction:

The Company has identified all related parties and details of transaction are given below:-

i) Subsidiary of the Company : None

ii) Key Management personnel:

a) Dharam Pal Gupta

b) Anup Gupta

c) RatanLalRawat

d) Mata Deen Sharma (Resigned during the FY 2014-15)

e) Shailendra Kumar

f) Anubha Gupta

g) Abhishek Gupta (Appointed during the FY 2014-15 w.e.f. 01.11.2014)

h) Praveen Kumawat

iii) Companies having Relatives of key Management personnel with whom transaction have taken place:

a) Autopal Distribution Pvt. Ltd.

b) Autolite India Ltd.

iv) Concerns having same managerial persons:

a) Man Radio & Electricals Pvt. Ltd.

b) GK-Autopal Lighting Solutions LLP

c) Win ProInfolink Pvt. Ltd.

9. Contingent Liability

Liability for ESI payable of Rs.4.38 Lacs.(Previous Year Rs. 4.38 Lacs)

10. Extra Ordinary Items

The Company has written off certain old outstanding dues from debtors that arise from transactions that are clearly distinct from ordinary activities, AS-5 "Net profit or loss for the period, prior period items and change in accounting policies ", therefore the company has disclosed such expenses of Rs 8,78,051/- separately in profit and loss account during the year 14-15. (Previous Year Rs. 40,18,177)

11. Expenditure in foreign currency

Expenditure incurred in foreign currency for: Travelling Expenses Rs. 93,190/- Purchase of Imported Material Rs. 91,69,283/- (Previous Year Rs. 55,17,896) Purchase of Traded goods Rs. 3,32,25,833/- Purchase of Plant & Machinery components Rs. 2,24,831/-

12. Effect of Hon'ble Board for Industrial and Financial Reconstruction (BIFR) order on the Books of accounts.

During the year w.e.f. 22th August 2014 the company is ceased to be a sick industrial company within the meaning of section 3(1) (o) of SICA, 1985 and therefore it is discharged from the purview of SICA. However, the unimplemented provisions of the sanctioned scheme, if any shall continue to be implemented by the company.

(i) In Compliance of order company has written off to the extent of 75%of old dues of sundry creditors andbalance 25% has to be paid in 1/5 annual installment. In compliance of the same the company has made payment in full to some of the creditors who have nominal amount and 1/5th paymenthas been made during the year through employee to rest of the creditors in compliance of BIFR orderas reported by the company.

(ii) Fixed Deposits from public amounting Rs. 95,725/- is outstanding as at the beginning of the year out of which no payment has been made during the year.

(iii) Interest Payable on Public Deposit amounting to Rs. 1,28,683/- is outstanding in the opening out of which no payment has been made during the year.

Hence, as stated by the management company has not complied with the last 2 terms and condition of BIFR Scheme. However company will finally pay this outstanding amount till March 2016 as per BIFR order.

The same is due to the estimate considered by the management of the company considering absence of reasonable certainty in the near future that the same will be reversed.

13. Depreciation on fixed assets is provided to the extent of Depreciable amount on straight-line method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.Salvage Value of the assets has been taken @5% of Original Cost as prescribed in Schedule II except Building @20% and Car @ 20% .The written down value of Fixed assets whose lives have expired as at 01st April 2014 have been adjusted in the opening balance of Reserves and Surplus amounting to Rs. 38,01,023.






Mar 31, 2014

1. During the year company has issued 500000, 9% Redeemable Non-Cumulative Preference Shares of Rs 10 each fully paid up to Anup Gupta 2,50,000 Preference Shares and Anubha Gupta 2,50,000 Preference Shares.

2. Terms/rights attached to equity shares

The company has equity shares having a value of Rs. 10 per share and preference share of Rs. 10 per share. Each equity share holder is entitled to one vote per share.

In the event of liquidation of the company , the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts and after payment to Preference Share Capital.

#The company has taken term Loan from BMW Financial Services Private limited which is secured by way of hypothecation of vehicle(BMW) which is repayable on equated monthly installments over a period of 5 Years. The rate of interest is 10.81%

##The company has taken term Loan from ICICI BANK LTD which is secured by way of hypothecation of vehicle(Audi) which is repayable on equated monthly installments over a period of 5 Years. The rate of interest is 10.39%

###The company has taken term loan from Electronica Finance Ltd which is secured by way of hypothecation of Plant and Machinery which is repayable on equated monthly installments over a period of 4 Years. The rate of interest is 14.09%.

####The company has taken term loan account from Union Bank Of India which is secured by way of hypothecation of Plant and Machinery which is repayable on equated monthly installments over a period of 5 Years. The rate of interest is 14.25%.

3. Amount to be transferred to Investors Education and Protection Fund u/s 205A/ 205C of Companies Act, 1956:-

(a) Unpaid dividend of Rs.204428/-

(b) Unpaid application of Rs. 82646/-

The above amounts are pending since long time.

4. The Debit and credit balances of Sundry Creditors, Sundry Debtors and Advances are subject to confirmation and reconciliation and are relied upon book balances and as certified by the management.

5. Excise Duty payable on finished goods is accounted for on clearance of goods from factory. The amount of excise duty receivable on finished goods stock lying in factory as at 31.03.2014 is estimated at Rs.1464409/-.

6. a) Overdue amount payable to SSI & Ancillary undertaking could not be ascertained as the necessary details are not available with the company as stated by the company.

b) In absence of details provided by the company, it is difficult to provide information that there are dues for more than 45 days to the Micro, Small & Medium enterprises as defined under MSMED Act, 2006.

c) Previous year figures are regrouped and rearranged wherever necessary.

7. Segment Reporting:

The Groups'' operation segmentation predominantly relates to manufacturing and trading of LED, CR Coil n Cut etc. during year ended March 31, 2014. The accounting principles used in the preparation of financial statements are consistently applied to record revenue & expenditure in Individual segment, and are as set out in the significant accounting policies.

Business segment for the Group are primarily manufacturing LED and trading in LED & CR Coil n cut. Calculated revenue and identifiable operating expenses in relation to segment are categorized based on items that are individually identifiable to that segment. Allocated expenses of segment are categorized on the basis of segment. The management believes that certain expenses not specifically allocable to specific segment are separately disclosed as "unallocated" and adjusted against the total Income of the Group.

Fixed assets or liabilities have not been identified to any of the reportable segment. Accordingly, no disclosure relating to total segment assets and liabilities are made.

8. Related party transaction:

The Company has identified all related parties and details of transaction are given below:-

i) Subsidiary of the Company: None

ii) Enterprise in which the Company is having substantial interest/significant influence directly or indirectly: None

iii) Key Management personnel:

a) Dharam Pal Gupta

b) Anup Gupta

c) Ram RatanRawat

d) Mata Deen Sharma

e) Shailendra Kumar

f) Anubha Gupta

iv) Companies having Relatives of key Management personnel with whom transaction have taken place:

a) Autopal Distribution Pvt. Ltd.

b) Autolite India Ltd.

There are no other related parties where control exists that need to be disclosed.

9. Contingent Liability

The Sales Tax Department has raised a demand against the company for Rs. 127.60 lacs. However, as per the order of Honorable BIFR it has been directed to reconcile the said demand with company and waive off the interest and penalty thereon and to pay the actual demand in five years on interest basis. The required documents have been filed with the Department and no reply has been received from the Department but sales tax department has not yet reconciled the dues. However, in the auditor''s report the liability accepted by the company has been disclosed .Liability for ESI payable of Rs.4.38 Lacs.

10. Extra Ordinary Items

The Company has written off certain old outstanding dues from debtors that arise from transactions that are clearly distinct from ordinary activities , AS-5 "Net profit or loss for the period , prior period items and change in accounting policies", therefore the company has disclosed such expenses of Rs 40,18,177 separately in profit and loss account during the year 13-14.

11. Expenditure in foreign currency

Expenditure incurred in foreign currency for purchase of raw material is 5517896/-.

12. Effect of Hon''ble Board for Industrial And Financial Reconstruction (BIFR) order on the Books of accounts.

In view of accumulated losses exceeding its net worth in the previous years, and as per the information provided by the management, the company was declared SICK undertaking within the meaning of SICA Act, 1985, by honorable BIFR in the hearing held on 25.08.2005 and sanctioned the rehabilitation scheme on 26.05.2011 as proposed by the company.

In Compliance of order company has written off to the extent of 75%of old dues of sundry creditors and balance 25% has to be paid in 1/5 annual installment. In compliance of the same the company has made payment in full to some of the creditors who have nominal amount and 1/5th payment of Rs. 8,67,900/- has been made during the year through employee to rest of the creditors in compliance of BIFR order as reported by the company .

Fixed Deposits from public amounting Rs. 1,41,525/- is outstanding out of which Rs. 45,800/- have been paid to public as per BIFR order. The balance outstanding as on 31.03.2014 is Rs.95,725/-. Interest Payable on Public Deposit amounting to Rs. 2,86,356/- is outstanding in the opening out of which Rs.1,68,680/- has been paid as required under BIFR order. The balance outstanding as on 31.03.2014 is Rs.1,17,676/-.Hence, as stated by the management company has complied all the terms and condition of BIFR Scheme


Mar 31, 2013

1.1.Amount to be transferred to Investors Education and Protection Fund u/s 205A/ 205C of Companies Act, 1956:-

(a) Unpaid dividend-Rs. 204428/-

(b) Unpaid application money received for allotment of securities and due for refundRs.82646/-

The above amounts are pending since long time.

1.2.The Debit and credit balances of Sundry Creditors, Sundry Debtors and Advances are subject to confirmation and reconciliation and are relied upon book balances and as certified by the management.

1.3.Excise Duty payable on finished goods is accounted for on clearance of goods from factory. The amount of excise duty receivable on finished goods stock lying in factory as at 31.03.2013 is estimated at Rs. 1,44,017/-.

1.4. a) Overdue amount payable to SSI & Ancillary undertaking could not be ascertained as the necessary details are not available with the company as stated by the company.

b) In absence of details provided by the company, it is difficult to provide information that there are dues for more than 45 days to the Micro, Small & Medium enterprises as defined under MSMED Act, 2006.

1.5. Segment Reporting:

The Groups operation segmentation predominantly relates to manufacturing and trading of CFL, LED, Down Liters etc and

Technical Know-how Services during year ended March 31, 2012. The accounting principles used in the preparation of financial statements are consistently applied to record revenue & expenditure in Individual segment, and are as set out in the significant accounting policies.

Business segment for the Group are primarily manufacturing CFL, LED and Down liters and also providing consultancy service in the field of lighting and trading activity.

Calculated revenue and identifiable operating expenses in relation to segment are categorized based on items that are individually identifiable to that segment. Allocated expenses of segment are categorized on the basis of segment. The management believes that certain expenses not specifically allocable to specific segment are separately disclosed as "unallocated" and adjusted against the total Income of the Group.

Fixed assets or liabilities have not been identified to any of the reportable segment. Accordingly, no disclosure relating to total segment assets and liabilities are made.

1.6. Related party transaction:

The Company has identified all related parties and details of transaction are given below:- i) Subsidiary of the Company: None

ii) Enterprise in which the Company is having substantial interest/significant influence directly or indirectly: None

iii) Key Management personnel:

a) Dharam Pal Gupta

b) Anup Gupta

c) Ratan Lal Rawat

d) Mata Deen Sharma

e) Shailendra Kumar

iv) Companies having Relatives of key Management personnel with whom transaction have taken place:

a) Autopal Distribution Pvt. Ltd.

b) Autolite India Ltd.

v) During the year company has issued 10,00,000 9% Redeemable Non- Cumulative Preference shares of Rs. 10 each fully Paid to the promoters against their outstanding loans.

1.7. Contingent Liability

The Sales Tax Department has raised a demand against the company for Rs. 127.60 lacs. However, as per the order of Honorable BIFR it has been directed to reconcile the said demand with company and waive off the interest and penalty thereon and to pay the actual demand in five years on interest basis. The required documents have been filed with the Department and no reply has been received from the Department but sales tax department has not yet reconciled the dues.

Liability for ESI and PF payable of Rs. 4.38 Lacs and Rs.16.51 Lacs respectively has been waived off in terms of BIFR order however it is treated as contingent liability since F.Y. 2009-10.

1.8. Provision for Gratuity

The liability in respect of payment under employees gratuity is provided as per calculation by the HR department of the company not by Actuarial Valuation as required by AS-15. The Provision of Rs. 82007/- is made on the basis of The Payment of Gratuity Act, 1972 such as 15 days salary considering a month of 26 for completed years of service as per chart and summary is as follow:

1.9. Service Tax Payable

The company is regularly paying its service tax due amount. But the service tax payable by the company for the half yearly ended on 31/03/2013 i.e. Rs. 1559363/- has not been paid till date of Audit and will be paid under Service Tax Voluntary Compliance Encouragement Scheme 2013 as informed by the management.

1.10. Expenditure in foreign currency

Expenditure incurred in foreign currency for purchase of raw material is Rs. 55,38,968/-.

1.11. Effect of Hon''ble Board for Industrial And Financial Reconstruction (BIFR) order on the Books of accounts.

In view of accumulated losses exceeding its net worth in the previous years, and as per the information provided by the management, the company was declared SICK undertaking within the meaning of SICA Act, 1985, by honorable BIFR in the hearing held on 25.08.2005 and sanctioned the rehabilitation scheme on 26.05.2011 as proposed by the company.

(i) In Compliance of order company has written off to the extent of 75% of old dues of sundry creditors And balance 25% has to be paid in 1/5 annual installment. In compliance of the same the company has made payment in full to some of the creditors who have nominal amount and 1/5th payment of Rs. 5,54,946/- has been made during the year through employee to rest of the creditors in compliance of BIFR order as reported by the company .

(ii) Fixed Deposits from public amounting Rs. 1.88 Lacs is outstanding out of which 1/5th payment have been made to public as per BIFR order. The balance outstanding as on 31.03.2013 is Rs.1.42 Lacs.

(iii)Interest Payable on Public Deposit amounting to Rs. 3.81 Lacs is outstanding out of which the payment of 1/5th amount has been made as required under BIFR order. The balance outstanding as on 31.03.2013 is Rs. 2.86 Lacs.

Hence, as stated by the management company has complied all the terms and condition of BIFR Scheme


Mar 31, 2012

Corporate Information

Autopal Industries Limited (AIL) incorporated as a public limited company under the provision of Companies Act 1956. The present directors and key management persons are Shri Dharam Pal Gupta, Anup Gupta, Ram Ratan Rawat, Shailender Kumar and Mata Deen Shanna. The company is in the production of CFL''s (Compact Fluorescent Lamps) and also entered in the product line of - LED''s. Conservation of energy is the need of the hour. Due to limited power resources, the burden of cost on an average person is inflating day by day, which can be addressed by using energy saving product viz. Compact Fluorescent Lamps (CFL)/ LED. A trend of power efficient lightening equipments is following on. Urban people are continuously using the CFL as they are cost conscious and understanding the benefits of energy efficient measures. The Government started making publicity in semi-urban and rural areas regarding the benefits of usage of LED/CFL over traditional incandescent bulbs and it helps the industry to create new demand of the products. The LED is very cost conscious and uses less energy. The market of LED is on the boom in the current scenario.

Effect of Hon''ble Board for Industrial and Financial Reconstruction (BIFR) order on the Books of Accounts in view of accumulated losses exceeding its net worth in the previous years, and as per the information provided by the management, the company was declared SICK undertaking within the meaning of SICA Act, 1985, by honorable BIFR in the hearing held on 25.08.2005 and sanctioned the rehabilitation scheme on 26.05.2011 as proposed by the company.

i) Share Capital have been reduced by 60% of the existing equity share capital to wipe out the accumulated losses of Rs. 3070.05 Lacs. So the value of equity share capital has been reduced by Rs. 382.10 lacs.

ii) The promoter i.e Anup Gupta and Dharam Pal Gupta has brought additional capital of Rs. 60 lacs and 40 lacs respectively to meet cost of rehabilitation scheme.

iii) Dues of old sundry creditors amounting to Rs. 70.71 Lacs has been written off to the extent of 75% and payment has been made in full to some of the creditors who have nominal amount and 1/5111 payment have been made to rest of the creditors as per BIFR order.

iv) The company has waived off 75% of old sundry creditors amounting to Rs. 130.18 lacs and out of rest 25%, l/5th payment had been made during die year in cash to these creditors as reported by the company and to some of the creditors payment has been made in full who have nominal amount in compliance of BIFR

v) In Loan of Autolite (India) limited have also been written off to the extent of 75% and for remaining 25%, consultancy has been provided for Rs.165.45 lacs (inclusive of service tax) as sale of technical know how and rest amount Rs.99.73 lacs are still outstanding in loan account.

vi) The Sales Tax Department has raised a demand against the company for Rs. 127.60 lacs. However as per the order of BIFR it has been directed to reconcile the said demand with company and waive off the interest and penalty thereon but sale tax department has not yet reconciled the dues.

vii) Liability for ESI and PF payable of Rs.4.38 Lacs and Rs. 16.51 Lacs respectively has been waived off which was shown as contingent liability in the FY. 2009-10.

viii) The company has been exempted from the payment of customs duty on machines imported.

ix) State Investment Subsidy of Rs. 15 lacs, Securities Premium reserve of Rs. 824.51 lacs, Remission of liabilities (SBBJ) of Rs. 151.38 lacs, Remission of Liabilities (IFCI) of Rs. 75 lacs. Remission of Liabilities (SBOP) of Rs. 57.8 lacs and General Reserve of Rs. 200 lacs has been written off fully as per BIFR order.

x) Fixed Deposits from public amounting to Rs. 11.28 Lacs has been written off to the extent of 75% and l/5th payment have been made to public as per BIFR order. The balance outstanding as on 31.03.2012 is Rs. 1,88,259/-

xi) Interest Payable on Public Deposit amounting to Rs. 18.45 lacs has been written off to the extent of 75% as per BIFR order and balance amount is still pending. The payment of 1/5 amount has been made as required under BIFR order. The balance outstanding as on 31.03.2012 is Rs.3,81,803/-.

xii) The company was having long term deposit amounting to Rs. 33.67 lacs, against which company has paid Rs. 3 lacs and balance was written off in the financial year 2010-11

xiii) The company has been exempted from the payment of electricity duty and control on electricity for a period of five years from the date of sanction of the Hon''ble BIFR scheme. Hence, as stated by the management Company has complied all the terms and conditions of BIFR Scheme.

1.1 Amount to be transferred to Investors Education and Protection Fund u/s 205A/ 205C of Companies Act, 1956:-

(a) Unpaid dividend- Rs.204428/-

(b) Unpaid application money received for allotment of securities and due for refund Rs. 826467-

The above amount is pending since long time.

1.2 The Debit and credit balances of Sundry Creditors, Sundry Debtors and Advances are subject to confirmation and reconciliation and are relied upon book balances and as certified by the management.

1.3 Excise Duty payable on finished goods is accounted for on clearance of goods from factory. The amount of excise duty payable on finished goods stock lying in factory as at 31.03.2012 is estimated at Rs. 1,52,360/-.

1.4 a) Overdue amount payable to SSI & Ancillary undertaking could not be ascertained as the necessary details are not available witii the company as stated by the company, b) In absence of details provided by the company, it is difficult to provide information that there are dues for more than 45 days to the Micro, Small & Medium enterprises as defined under MSMED Act, 2006.

1.5 Extra Ordinary Items

Extraordinary items includes Sundry balances written off in compliance with the BIFR Scheme of Rs. 50,43,314/-.

1.6 Segment Reporting

The Groups'' operation segmentation predominantly relate to manufacturing and trading of CFL, LED, Down Liters etc and Technical Know-how Services during year ended March 31, 2012. The accounting principles used in the preparation of financial statements are consistently applied to record revenue & expenditure in Individual segment, and are as set out in the significant accounting policies.

Business segment for the Group are primarily manufacturing CFL, LED and Down liters and also providing consultancy service in the field of lighting and trading activity .

Calculated revenue and identifiable operating expenses in relation to segment are categorized based on items that are individually identifiable to that segment. Allocated expenses of segment are categorized on the basis of segment. The management believes that certain expenses not specifically allocable to specific segment are separately disclosed as "unallocated" and adjusted against the total Income of the Group.

Fixed assets or liabilities contracted have not been identified to any of the reportable segment. Accordingly, no disclosure relating to total segment assets and liabilities are made.

1.7 Related party transaction:

The Company has identified all related parties and details of transaction are given below.

There are no other related parties where control exists that need to be disclosed :

i) Subsidiary of the Company : None

ii) Enterprise in which the Company is having substantial interest/significant influence directly or indirectly: None

iii) Key Management personnel:

a) Dharam Pal Gupta

b) Anup Gupta

c) Ratan Lai Rawat

d) Mata Deen Sharma

e) Shailendra Kumar

iv) Companies having Relatives of key Management personnel with whom transaction have taken place:

a) Autopal Distribution Pvt. Ltd.

b) Autolite India Ltd.

1.8 Contingent Liability

The Sales Tax Department has raised a demand against the company for Rs. 127.60 lacs. However, as per the order of Honorable BIFR it has been directed to reconcile the said demand with company and waive off the interest and penalty thereon and to pay the actual demand in five equal annual installments on interest basis. The required documents have been filed with the Department and no reply has been received from the Department.

1.9 Service Tax Payable

The company is regularly paying its service tax due amount. But die service tax payable by the company for the half yearly ended on 31 /03/2012 i.e. Rs 17,03,363/- has not been paid till date of Audit.

1.10 Expenditure in foreign currency

Expenditure incurred in foreign currency for purchase of raw material Rs. Nil (Previous Year Rs. 15,42,241)


Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR:

(a) Estimated amount payable under different Labour laws Rs.214.00 Lacs.

(b ) Estimated amount payable under P.F. Act towards interest / penalty on outstanding P.F. amount Rs. 16.51 Lacs.

(c-) Estimated amount payable under E.S.I Act towards interest / penalty on outstanding E.S.I, amount Rs.4.38 Lacs.

(d) The Land & Building Tax Deptt. has raised demand of Rs.27.85 Lacs against the Com- pany for the period from 1993-94 to 2001- 2002, for which Company has protested with the authorities.

(e) The Sales Tax Deptt. has raised demands against the Company for Rs.316.01 Lacs for which the Company has protested in appeal.

(g) The Sales Tax Deptt. has raised demand for call back sales tax incentive for Rs.367.21 Lacs for which the company has protested in appeal.

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 stock lying in factory as at 31.03.2010 is estimated at Rs. 155,307/-.

3. In view of accumulated losses exceeding its net worth, and as per the information provided by the Management, the Company has been declared SICK undertaking within the meaning of SICA Act, 1985, by honorable BIFR in the hearing held on 25.08.2005

4. (a)Overdue amount payable to SSI & Ancillary undertaking could not be ascertained as the necessary details are not availabe with the Company.

(b) In absence of details provided by the Company, it is difficult to provide information that there are dues for more than 45 days to the Micro, Small & Medium enterprises.

5. The Debit and Credit balances of Sundry Crediors, Sundry Debtors and Advances are subject to confirmation and reconciliation and are relied upon book balances.

6. The stock lying with C&F agents are not verifiable at the year end. hence taken as per Companys records.

7. LICENCED & INSTALLED CAPACITY AND PRODUCTION : (a) Licenced Capacity :

Halogen Lamps N.A.

C.F.L. N.A.

Fixture & Electronics N.A.

(e) Expenditure incurred in foreign currency for purchase of raw material Rs. 1379253/ - (Previous year Rs. 540600/-)

8. No remuneration was paid during the year to Directors. (Previous year Nil)

9. Segment reporting :

As the Company is engaged in production of single item C.F.L. during the year under review the segment reporting requirement of AS-17 issued by the Institute of Chartered Accountants of India, is not applicable to the Company.

10. Related party transactions :

The Company has identified all related parties and details of transaction are given below. Suitable provision for doubtful advances have been made. There are no other related parties where control exists that needs to be disclosed :

i) Subsidiary of the Company : None

ii) Enterprises in which the Company is having substantial interest/significant influence directly or indirectly : Autolite (India) Limited

iii) Key management personnel

a) Anup Gupta

b) R. L. Rawat

c) M. D. Sharma

iv) Relatives of key management personnel with whom transactions have taken place : None

v ) Enterprises over which persons described in (ii) or (iii) above are able to excercise significant influence and with which transactions have taken place : a) Alwar A-uto Private Limited

b) Autopal Marketing Private Limited

c) Sonakshi Capital Services Private Ltd.

d) Palsons Automotive Pvt. Ltd.

e) AKX Lighting Pvt. Ltd.

11. Accounting for Taxes on Income :

Deferred Tax Assets are not recognised on ac- count of unabsorbed depreciation and carry forward of losses and other timing differences under Tax laws as there is no convincing evi- dence to support that sufficient future taxable income will be available against which deferred tax assets can be realized.

12. As per the Accounting Standard AS28 issued by the Institute of Chartered Accountants of India, the management of the Company has not identified the impaired assets.

13. The figures have been rounded off to nearest rupee.

14. Previous year figures have been rearranged/ regrouped wherever considered necessary. Figures shown in the Brackets are for the previous year.

 
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