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Notes to Accounts of AVI Products India Ltd.

Mar 31, 2014

1 No managerial remuneration or sitting fees have been paid to or provided for any directors of the company.

2 Previous years figures are regrouped and rearranged wherever necessary as per Schedule VI.

3 In the opinion of the Board, the Current Assets, Loans and Advances (Except mentioned in point no 4 above) are approximately of the value stated, if realised in ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amounts reasonably necessary.No personal expenses have been debited to the Profit and Loss Account.

4 As per Accounting Standard 22- Taxes on Income issued by ICAI, working of Deffered Tax Asset/(Liability) is as under:Deffered Tax Asset and Liabilities are attributable to the following items:

Since there is no virtual or reasonable certainty with the convincing evidence that future taxable income will be available against which such deffered tax asset can be realised , deffered tax asset is not recognised in the books as required by the paragraph 15 and 17 of Accounting Standard 22 issued by ICAI.

5 The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

6 The revised schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2013

1 No managerial remuneration or sitting fees have been paid to or provided for any directors of the company.

2 Previous years figures are regrouped and rearranged wherever necessary as per Schedule VI.

3 In the opinion of the Board, the Current Assets, Loans and Advances (Except mentioned in point no 4 above) are approximately of the value stated, if realised in ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amounts reasonably necessary.No personal expenses have been debited to the Profit and Loss Account.

4 Sundry Debtors, Creditors, Loans, Advances are subject to confirmationand reconciliation, if any.

5 The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

6 The revised schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

1. As per Accounting Standard 22- Taxes on Income issued by ICAI, working of Deffered Tax Asset/(Liability) is as under: Deffered Tax Asset and Liabilities are attributable to the following items:

Deffered Tax Liabilities: 31.3.12 31.3.11

Depreciation - 963,674

- 963,674

Deffered Tax Assets:

Unabsorbed depreciation 1,398,814 2,489,373

Unabsorbed Business Loss - 501,454

1,398,814 2,990,827

Net Deffered Tax Asset 1,398,814 2,027,153





Since there is no virtual or reasonable certainty with the convincing evidence that future taxable income will be available against which such deffered tax asset can be realised , deffered tax asset is not recognised in the books as required by the paragraph 15 and 17 of Accounting Standard 22 issued by ICAI.

(i) The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

(ii) The revised schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

SCHEDULE 2 : SHARE CAPITAL:

AUTHORISED CAPITAL

As at 31st March, As at 31st 2012 March, 2011

35,00,000 Equity Shares of Rs 10/- each 35,000,000 35,000,000

35,000,000 35,000,000

ISSUED, SUBSCRIBED & PAID UP CAPITAL

34,80,076 Equity Shares of Rs 10/- each 34,800,760 34,800,760

34,800,760 34,800,760



The Company has only one class of equity shares having a par value of Rs. 10 per share.

Reconciliation of Number of Shares



As at 31st March, 2012 As at 31st March, 2011

Equity Shares No. of Rs. No. of Rs.

3,480,076 34,800,760 3,480,076 34,800,760

Opening balance

Issued during the year - - - -

Closing Balance 3,480,076 34,800,760 3,480,076 34,800,760

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company


Mar 31, 2010

1 No provision for bonus is made by the company in view of losses in the previous year.

2 No managerial remuneration or sitting fees have been paid to or provided for any directors of the company.

3 Previous years figures are regrouped and rearranged wherever necessary.

4 Out of the loans and advances given, advance amount of Rs.3,591.031 is doubtful of recovery and hence no provisio for the interest amounting to Rs. 538,655/- is made on those advance The interest on this loan has not been provided since the year ended 31st March, 1999

5 In the opinion of the Board, the Current Assets, Loans and Advances (Except mentioned in Nolc No.4 above) are approximately of the value stated, if realised in ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amounts reasonably necessary. No personal expenses have been debited to the Profi and Loss Account.

6 Sundry Debtors, Creditors, Loans, Advances are subject to confirmationand reconciliation, if any

7 Contingent Liabilities not provided for: 31-03-2010 31-03-2009

(Rs. in Lakhs) (Rs. in Lakhs)

a Estimated amount of contract to be executed

on capital account and not produced for Nil Nil

b Letter of Crcdit opened in favour of the

Company. Nil Nil

c Guarantee given on behalf of the Company 0.10 0.10

d Bills Discounted with the Bank NIL NIL

e Disputed Income Tax liability pending in

appeal 6.40 6.40

f Disputed Sales Tax 3.25 3.25

g Disputed Excise Duty NIL NIL

h Custom Duty on goods lying in custom bonded warehouse as at year end 0.86 0.86

I Excise Duty on goods lying In bonded warehouse as at year end 5.21 5.21

8 The Companys income tax assessments have been completed upto Assessment year 2002-03 additional demand of Rs.3,10,047 has been raised against which assesses has preferred an appeal. The Companys Sales Tax Assessments have been completed upto A.Y. 93-94 and an additional demand Rs 73.085/- has arisen The Company has prefcred an appeal for orders of assessments years 91 -92 and 92-93 for Chiplun with a disputed liability of Rs. 68,89 and Rs 8,844/- respectively and for asscssmenlycar 93-94 for Mumbai with an disputed liability of Rs. 201,753/-

9 The Company does not have a full time Company Secretary as required under Section 383A of the Companies Act,1956. The Company is taking necessary steps to comply with the same

10 Last year companys factory was closed and no manufacturing activity was carried out

11 Due to non payment of dues Maharastra State Electricity Board has disconnected the power supply from 7th December, 1998.

12 A debt Recovery suit u/s 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 has been filed against the Company by Bank of Baroda for non-payment of the dues amounting to Rs.21,419,597.46/- and the matter is pending in appeal. The suit has been filed for the sum outstanding along with current and future interest ant other reliefs.

The company has also filed the counter claim in Debt Recovery Tribunal for Rs.741.4 lakhs matter is admitted and matter is pending before Debt Recover Tribunal.

Also, no provision for interest on term loan has been made to the extent of approximately Rs 2698000/- for the Thirty eight quarters from 1st October,l999 to 31st March, 2009 including current year provision of Rs 284,000/- Interest on other than term loan of Rs 176,304/- includes interest not provided for earlier years also.

The company has also not made any provision for interest on any other bank certificates which are outstanding and the same are not quantifiable.

The company is pursuing the matter with Bank of Baroda for settlement

13 As per Accounting Standard 22- Taxes on Income issued by ICAI, working of Deffered Tax Asset/(Liability) is as under Deffered Tax Asset and Liabilities are attributable to the following items

14 The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act,1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

15 In view of the multilicaton and identification of accounts relating to small scale industries undertakings, information determining the particulars relating to current indebtedness to such undertakings as required under Schedule VI part to the Company Act. 1956 are not readily available.

16 figures in brackets relate to the previous year.