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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