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Notes to Accounts of Axtel Industries Ltd.

Mar 31, 2015

(1) The Company has provided for leave encashment and gratuity liability as per the payment made to L.I.C. of India in respect of Premiums of Policy to cover the liability of Leave Encashment and gratuity, for which provision for current year is charged to Profit & Loss account, is as per details given hereunder:

(2) In the opinion of the Management and to the best of their knowledge and belief, the value on realisation of loans and advances, debtors and other current assets in the ordinary course of the business will not be less than the amount at which they are stated in Balance Sheet.

(3) Figures have been rounded off to the nearest rupee.

(4) Claims against the Company not acknowledged as debts Rs. NIL (previous year Rs. NIL).

(5) Debtors and Creditors Balance Confirmation have not been obtained.

(6) Estimated amount of contracts remaining to be executed on capital account and not provided Rs. NIL (Previous year Rs. NIL).

(7) The Company has initiated the process to identify the status of its suppliers and asked them to inform the Company if they are a Micro, Medium and Small Enterprise under Micro, Medium and Small Enterprise Act,2006 (MSMED) so that the information regarding dues to MSMED Enterprise could be stated. However, since no response have been received from the suppliers due to which is not possible for the Company to disclose exactly, the dues to S.S.I. units included in the Sundry Creditors.

(8) Remuneration to Directors:-

The Company has paid remuneration to its Executive Directors, in accordance with the provision of Schedule V of the Companies Act, 2013 and as per the special resolution passed by the Company in the Annual general meeting which is within the limits specified therein.

(9) Current Tax; During the year the income tax provision is not made in view of loss for the year ended 31st March 2015 based on computation of Income as per Provisions of lncome Tax Act, 1961. Moreover, no tax is payable on the book profit (i e MAT) U/s 115JB of the Income tax Act, 1961.

(10) In accordance with Accounting Standard -17 "Segment Reporting ", segment information has not been disclosed as there is only one product and has no separate segments.

(11) Depreciation and Amortization expense for the year have been calculated as per provisions of Schedule II of the Companies Act 2013, wherein all the Fixed Assets having not completed their useful life as on 01.04.2014 and shown at the Carrying Value (i.e. Written Down Value) have been depreciated on that value for the remaining useful life as per the rate derived from the expected life of assets .


Mar 31, 2014

1. Contingent liabilities and Commitments: (to the extent not provided for)

a) Contingent Liabilities:

i) Claims against the Company not acknowledged as debts

ii) Guarantees (Bank) 20,429,860 54,697,198

iii) Bills receivable discounted with the bank not matured 10,000,000 19,115,125

Iv) Tax demands under disputes Including FBT 191,350 4,097,890

b) Commitments

i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) - —

li) Uncalled liability on shares and investments partly paid - —

iii) Other Commitments (Specify nature) - -

2. OTHER NOTES ON ACCOUNTS

(1) The Company has provided for leave encashment and gratuity liability as per the payment made to L.I.C, of India in respect of Premiums ol Policy to cover the liability ol Leave Encashment and gratuity, for which provision for current year is charged to Profit & Loss account, is as per details given hereunder:

Leave Encashment Gratuity

Premium Paid during period-ended 31.03.2014 Rs. 3,24,630/- Rs.20,73,292/-

The Actuarial liability is equal to the fund value along with the accrued appreciation with L.I.C. of India hence the Company has not provided for any further liability except payment of the premium as required under policy to L.I.C. of India

3. In the opinion of the Management and to the best of their knowledge and belief, the value on realisation of loans and advances, debtors and other current assets in the ordinary course of the business will not be less than the amount at which they are stated In Balance Sheet.

4. Figures have been rounded off to the nearest rupee.

5. Claims against the Company not acknowledged as debts As, NIL (previous year As. NIL).

6. Debtors and Creditors Balance Confirmation have not been obtained.

7. Estimated amount of contracts remaining to be executed on capital account and not provided As, NIL (Previous year Rs. NIL).

8. The Company has initiated the process to identify the status of its suppliers and asked them to inform the Company if they are a Micro. Medium and Small Enterprise under Micro, Medium and Small Enterprise Acl,2006 (MSMED), so that the informalion regarding dues lo MSMED Enterprise could be stated. However, since no response have been received from the suppliers, due to which it is not possible for the Company to disclose exactly, the dues to S.S.I. units included In the Sundry Creditors.

9. Remuneration to Directors:-

The Company has paid remuneration to its Executive Directors, in accordance with the provision of Schedule XIII of the Companies Act, 1956 and as per the resolution passed by the Company in the Annual general meeting,

10. Current Tax: During the year the Income tax provision is made for taxes payable tor the year ended 31st March, 2014 based on Computation of Income as per provisions of Income Tax Act, 1961. Moreover, no tax is payable on the book profit (i.e. MAT) U/s 115JB of the Income tax Act, 1961.


Mar 31, 2013

(1) The Company has provided for leave encashment and gratuity liability as per the payment made to L.I.C. of India in respect of Premiums of Policy to cover the liability of Leave Encashment and gratuity, for which provision for current year is charged to Profit & Loss account, is as per details given hereunder:

The Actuarial liability is equal to the fund value along with the accrued appreciation with L.I.C. of India hence the Company has not provided for any further liability except payment of the premium as required under policy to L.I.C. of India

(2) In the opinion of the Management and to the best of their knowledge and belief, the value on realisation of loans and advances, debtors and other current assets in the ordinary course of the business will not be less than the amount at which they are stated in Balance Sheet.

(3) Figures have been rounded off to the nearest rupee.

(4) Claims against the Company not acknowledged as debts Rs. NIL (previous year Rs. NIL).

(5) Debtors and Creditors Balance Confirmation have not been obtained.

(6) Estimated amount of contracts remaining to be executed on capital account and not provided Rs. NIL (Previous year Rs. NIL).

(7) The Company has initiated the process to identify the status of its suppliers and asked them to inform the Company if they are a Micro, Medium and Small Enterprise under Micro, Medium and Small Enterprise Act,2006 (MSMED), so that the information regarding dues to MSMED Enterprise could be stated. However, since no response have been received from the suppliers, due to which it is not possible for the Company to disclose exactly, the dues to S.S.I. units included in the Sundry Creditors.

(8) Remuneration to Directors: -

The Company has paid remuneration to its Executive Directors, in accordance with the provision of Schedule XIII of the Companies Act, 1956 and as per the resolution passed by the Company in the Annual general meeting,

(9) Current Tax: During the year the income tax provision is made for taxes payable for the year ended 31 st March, 2013. Moreover no tax is payable on the book profit (i.e. MAT) U/s 115JB of the Income tax Act, 1961.

(10) Investment in mutual Fund: The company had invested Rs. 25 lakhs in the units of Crayon Capital Art Fund Scheme -1, which fund invest in Art and paintings of reward artists in previous financial year 2011-12 which had been sold by the company in current financial year 2012-13 resulting in to loss of Rs. 1,47,250/-. The units of the fund are not listed.

(11) Additional information Pursuant to para 4 & 5 of part II of Schedule VI of the Companies Act 1956.


Mar 31, 2012

1 Contingent liabilities and Commitments:

(to the extent not provided for)

a) Contingent Liabilities:

i) Claims against the Company not acknowledged as debits - -

ii) Guarantees (Bank) 32,523,139 -

iii) Letters of credit - -

iv) Tax demands under disputes (FBT) 191,350

b) Commitments

i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) -

ii) Uncalled liability on shares and investments partly paid - -

iii) Other Commitments (Specify nature) - -

(2) The Company has provided for leave encashment and gratuity liability as per the payment made to L.I.C. of India in respect of Premiums of Policy to cover the liability of Leave Encashment and gratuity, for which provision for current year is charged to Profit & Loss account, is as per details given hereunder:

Leave Encashment Gratuity

Premium Paid during period-ended 31.03.2012 Rs.1,64,429/- Rs.2,87,195/-

The Actuarial liability is equal to the fund value along with the accrued appreciation with L.I.C. of India hence the Company has not provided for any further liability except payment of the premium as required under policy to L.I.C. of India

(3) In the opinion of the Management and to the best of their knowledge and belief, the value on realization of loans and advances, debtors and other current assets in the ordinary course of the business will not be less than the amount at which they are stated in Balance Sheet.

(4) Figures have been rounded off to the nearest rupee.

(5) Claims against the Company not acknowledged as debts Rs. NIL (previous year Rs. NIL).

(6) Debtors and Creditors Balance Confirmation have not been obtained.

(7) Estimated amount of contracts remaining to be executed on capital account and not provided Rs. NIL (Previous year Rs. NIL).

(8) The Company has initiated the process to identify the status of its suppliers and asked them to inform the Company if they are a Micro, Medium and Small Enterprise under Micro, Medium and Small EnterpriseAct,2006 (MSMED), so that the information regarding dues to MSMED Enterprise could be stated. However, since no response have been received from the suppliers, due to which it is not possible for the Company to disclose exactly, the dues to S.S.I. units included in the Sundry Creditors.

(9) Remuneration to Directors: -

The Company has paid remuneration to its Executive Directors, in accordance with the provision of Schedule XIII of the Companies Act, 1956 and as per the resolution passed by the Company in the Annual general meeting,

(10) Current Tax: During the year the income tax provision is made for taxes payable for the year ended 31 st March, 2012. Moreover no tax is payable on the book profit (i.e. MAT) U/s 115JB of the Income tax Act, 1961. It also includes Rs. 29,820 (RY. Rs.45,80,252) of prior period income tax paid during current year.

(11) Investment in mutual Fund: The company had invested Rs. 25 lakhs in the units of Crayon Capital Art Fund Scheme -1, which fund invest in Art and paintings of reward artists. The company has received back original investment of Rs.22,50,000/- till 31-03-2012. The units of the fund are not listed.

(12) Additional information Pursuant to para 4 & 5 of part II of Schedule VI of the Companies Act 1956.


Mar 31, 2010

(1) The Company has provided for leave encashment and gratuity liability as per the actuarial calculation, for which provision for current year charged to Profit & Loss account is as per details given hereunder:

(2) In the opinion of the Management and to the best of their knowledge and belief, the value on realisation of loans and advances, debtors and other current assets in the ordinary course of the business will not be less than the amount at which they are stated in Balance Sheet.

(3) Figures have been rounded off to the nearest rupee.

(4) Claims against the Company not acknowledged as debts Rs. NIL (previous year Rs. NIL).

(5) Debtors and Creditors Balance Confirmation have not been obtained.

(6) Estimated amount of contracts remaining to be executed on capital account and not provided Rs. NIL (Previous year Rs. NIL).

(7) The Company has initiated the process to identify the status of its suppliers and asked them to inform the Company if they are a Micro, Medium and Small Enterprise under Micro, Medium and Small Enterprise Act,2006 (MSMEDJ, so that the information regarding dues to MSMED Enterprise could be stated. However, since no response have been received from the suppliers, due to which it is not possible for the Company to disclose exactly, the dues to S.S.I, units included in the Sundry Creditors

(8) Remuneration to Directors:-

The Company has paid remuneration to its Executive Directors, in accordance with the provisions ot Schedule XIII of the Companies Act, 1956 and as per the resolution passed by the Company in the Annual General Meeting.

(9) Current Tax: During the year the income tax provision is made for taxes payable for the year ended 31st March. 2010. Moreover no tax is payable on the book profit (i.e. MAT) U/s 115JB of the Income tax Act, 1961,

(10) Investment in mutual Fund: The company had invested Rs. 25 lakhs in the units ot Crayon Capital Art Fund Scheme - I, which fund invest in Art and paintings of reward artists. The company has received back original investment of Rs. 7,50,000/-during the year. The units of the fund are not listed,

(11) Schedule A to Q form an integral part of the Balance Sheet and Profit and loss Account and have been hereby duly authenticated.

 
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