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Notes to Accounts of BCC Fuba India Ltd.

Mar 31, 2014

1. COMPANY OVERVIEW

BCC FUBA INDIA LIMITED, in collaboration with Fuba Hans Kolbe of Germany, entered the Indian market in 1990 as a manufacturers of Single Sided, Double Sided and Multilayered (up to 8 layers) PRINTED CIRCUIT BOARDS (PCBs). In course of time BCC FUBA has obtained ISO 9001 (2000) certification, approval by the Under Writers Laboratory (U.L) of U.S.A, domestic approval by CACT and C-Dot etc. Consequently BCC FUBA can meet DIN, US MIL standards and IPC specifications.

Note: 2. Contingent Liabilities and Commitments

Contingent Liabilities

(a) Claims against the Company not acknowledges debt

(I) The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. However demand of Rs.1,63,810/- raised by the department was paid and the same is due for refund. A representation is filed by the Company with the concerned Authority of Income Tax Department for obtaining refund. However, the department has filled an appeal with honb''le High Court against the decision of Income Tax Appellate Tribunal. The case is pending for hearing.

(ii) A suit has been filled by M/s Thakur Associates against the company in the court of Civil Judge Senior Division Nalagarh, Distt Solan (H.P) for payment of Rs. 2,31,191/- for freight & cartage which has not been recognized by the company. The judgement by the court on 29.09.2013 has gone against the company. However, the Company is in the process of appealing against this judgment at a higher court. Consequently, it has not provided forthesame.

3. Contingent Liabilities -

Claims against the Company not acknowledged as debt

(a) The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. However demand of Rs. 1,63,810/- raised by the department was paid and the same is due for refund. A representation is filed by the Company with the concerned Authority of Income Tax Department for obtaining refund. However, the department has filled an appeal with honb''le High Court against the decision of Income Tax Appellate Tribunal. The case is pending for hearing.

(b) A suit has been filled by M/s Thakur Associates against the company in the court of Civil Judge Senior Division Nalagarh, Distt Solan (H.P) for payment of Rs. 2,31,191/-for Freight & cartage which has not been recognized by the company. The judgment by the court on 29.09.2013 has gone against the Company. However, the Company is in the process of appealing against this judgment at a higher court. Consequently, it has not provided forthe same.

4. The Management has decided not to write off Miscellaneous Expenditure amounting to Rs.51,23,445 up to 31.03.2014 (Previous Year Rs. 51,23,445) the same will be charged to Profit & Loss account in the year in which company will earn adequate profits.

5. In the opinion of the Management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business except otherwise stated. The provision for all the known Liabilities is adequate and not in excess of the amount considered reasonably necessary.

6. In respect of the dispute between the company and VHEL Industries Ltd., (Formerly known as Vikas Hybrids & Electronics Limited) the arbitrator had made an award for Rs. 12,64,930.89 towards the price of the PCBs supplied and Rs.29,55,684.00 as claim towards price of the PCBs manufactured for VHEL Industries Ltd., but not lifted by them, with interest @15% p.a. from 01.04.1993 till payment or the date of decree whichever is earlier in favour of the Company. The company VHEL has filed an application for rehabilitation with Board for Industrial and Financial Reconstruction during 2002 .The management has undertaken a time bound plan to work on recovering this amount. In the next twelve months if no progress is made, accounts receivables created for this supply will be written off.

7. The Company has to recover a sum of Rs 526785/- from M/s Rikken Instrumentation Ltd., Panchkula, Haryana. The matter is pending before District Court, Saket Delhi for adjudication. The management is hopeful of recovering this pending amount.

8. The Company has also filed winding up petition before Hon''ble High Court, Punjab & Haryana at Chandigarh to recover a sum of Rs 10,80,563/- plus interest thereon from M/s Rikken Instrumentation Ltd., Panchkula, Haryana. The matter is pending and management is hopeful of recovering this amount.

9. The Company has to recover a sum of Rs. 37,99,511/- from M/s Genius Electrical & Electronics Pvt. Ltd., Delhi. The matter is pending before District Court, Tees Hazari, Delhi for adjudication. The party has made some payment through RTGS and the sum now outstanding is Rs. 2670152/- plus interest thereon.. The management is hopeful of recovering this pending amount.

10. The Company has also filed winding up pettion before Hon''ble High Court Delhi to recover a sum of Rs.26,70,152/- plus interest from M/s Genius Electrical & Electronics Pvt. Ltd., Delhi. The matter is pending and management is hopeful of recovering this amount.

11. The Company has to recover a sum of Rs. 13,37,399/- from M/s Vijaya Lakshmi Electronics Delhi. The matter is pending before District Court, Saket Court, Delhi for adjudication. The management is hopeful of recovering this pending amount.

12. The Company has to recover a sum of Rs. 434293/- from M/s Kortek Electronics India Ltd., Delhi. The matter is pending before District Court, Saket, Delhi for adjudication. The management is hopeful of recovering this pending amount.

13. The personal accounts of parties are subject to confirmation and the management reasonably mentioned.

14. Forfeited shares have not been considered forthe calculation of Earning per share.

15. Previous year figures have been regrouped & reclassified wherever necessary to make them comparable to the current year classification.


Mar 31, 2013

COMPANY OVERVIEW

BCC FUBA INDIA LIMITED, in collaboration with Fuba Hans Kolbe of Germany, entered the Indian market in 1990 as a manufacturers of Single Sided, Double Sided and Multilayered (up to 8 layers) PRINTED CIRCUIT BOARDS (PCBs). In course of time BCC FUBA has obtained ISO 9001 (2000) certification, approval by the Underwriters Laboratory (U.L) of U.S.A, domestic approval by CACT and C-Dot etc. Consequently BCC FUBA can meet DIN, US MIL standards and IPC specifications.

Note : 1.1 Contingent Liabilities and Commitments Contingent Liabilities (a) Claims against the Company not acknowledgeds debt

The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. However demand of Rs.1,63,810/- raised by the department was paid and the same is due for refund. A representation is filed by the Company with the concerned Authority of Income Tax Department for obtaining refund. However, the department has filled an appeal with honb''le High Court against the decision of Income Tax Appellate Tribunal. The case is yet to be pending for hearing.

A suit has been filled by M/s Thakur Associates against the company in the court of Civil Judge Senior Division Nalagarh, Distt Solan

(H.P) for payment of Rs. 2,31,191/-for freights cartage which has not been recognized by the company. The case is still pending with th court and company has not provided for the same.

1.2 Contingent Liabilities -

Claims against the Company not acknowledged as debt :-

(a) Letter of credit outstanding for Raw Materials is Rs.NIL (Previous Year Rs.NIL)

(b) The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. HoweverdemandofRs.1,63,810/-raisedbythedepartmentwaspaidand the same is due for refund. A representation is filed by the Company with the concerned Authority of Income Tax Department for obtaining refund. However, the department has filled an appeal with honb''le High Court against the decision of Income Tax Appellate Tribunal. The case is yet to be pending for hearing.

(c) A suit has been filled by M/sThakur Associates against the company in the court of Civil Judge SeniorDivisionNalagarh, Distt Solan (H.P) for payment of Rs. 2,31,191/- for freight & cartage which has not been recognized by the company. The case is still pending with the court and company has not provided for the same.

1.3 The Management has decided not to write off Miscellaneous Expenditure amounting to Rs.51,23,445 up to 31.03.2013 (Previous Year Rs. 51,23,445) the same will be charged to Profit & Loss account in the year in which company will earn adequate profits.

1.4 In the opinion of the Management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business except otherwise stated. The provision for all the known Liabilities is adequate and not in excess of the amount considered reasonably necessary.

1.5 In respect of Fixed Assets, Vehicle cost are Understated due to Excess Depreciation charged in Earlier Years of Rs.1,54,949/-,Which has been now reversed and charged to Statement of Profit and Loss A/c.

1.6 In respect of the dispute between the company and VHEL Industries Ltd., (Formerly known as Vikas Hybrids & Electronics Limited) the arbitrator had made an award for Rs. 12,64,930.89 towards the price of the PCBs supplied and Rs.29,55,684.00 as claim towards price of the PCBs manufactured for VHEL Industries Ltd., but not lifted by them, with interest @15% p.a. from 01.04.1993 till payment or the date of decree whichever is earlier in favour of the Company.The company VHEL has filed an application for rehabilitation with Board for Industrial and Financial Reconstruction during the year. The management is pursuing the matter for recovery of its dues.

1.7 The Company has to recover a sum of Rs 526785/- from M/s Rikken Instrumentation Ltd., Panchkula Haryana. The mater is pending before District Court, Saket Delhi for adjudication.The management is hopeful for recovery of the pending amount.

1.8 The Company has to also recover a sum of Rs. 4028034/- from M/s Genius Electrical & Electronics Pvt. Ltd., Delhi. The mater is pending before District Court, Tees Hazari Court, Delhi for adjudication. The management is hopeful for recovery of the pending amount.

1.9 Short term loans and Advances for Services includes Rs. 70,683.00 being amount paid by the company for release of goods seized by excise department on the truck carrying the same not having proper documents. The company had filed a suit against the transport company in district consumer disputes redress forum for the same and also have appealed to the excise department to release the amount as the company was made to deposit the amount with excise department. The matter has been decided in favour of the transport company. However the amount is still included in advance recoverable as the company has decided to file appeal to State Consumer Disputes Redressal Forum, Shimla.

1.10 The personal accounts of parties are subject to confirmation and the management reasonably mentioned.

1.11 Forfeited shares have not been considered for the calculation of Earning per share.

1.12 Additional information:

Additional information are as certified by the Management and relied upon by the Auditors.

1.13 Previous year figures have been regrouped & reclassified wherever necessary to make them comparable to the current year classification.

1.14 Figures have been rounded off to the nearest rupee.


Mar 31, 2012

BCC FUBA INDIA LIMITED, in collaboration with Fuba Hans Kolbe of Germany, entered the Indian market in 1990 as a manufacturers of Single Sided, Double Sided and Multilayered (up to 8 layers) PRINTED CIRCUIT BOARDS (PCBs). In course of time BCC FUBA has obtained ISO 9001 (2000) certification, approval by the Under Writers Laboratory (U.L) of U.S.A, domestic approval by CACT and C-Dot etc. Consequently BCC FUBA can meet DIN, US MIL standards and IPC specifications.

1.1.1 Working Capital Loan provided by State Bank of Patiala are secured by way of the followings :-

(a) Primary Security

First charge on the entire current assets of the company including raw material,stock in process and finished goods and receivables, both present and future whether lying in factory/godown or in transit.

(b) Collateral Security

- Equitable mortgage of plot of land measurning 19 bighas 19 biswas and building constructed thereon situated at village Nangal Nicha, Pargana Plasi, Tehsil Nalagarh ,Distt.Solan standing in the name of the company

- First charge on the entire Fixed Assets of the company

(c) Guarantee

Personal guarantees of Directors Sh. V. S. Bhagat and Smt. Renu Bhagat of the Company

Note: 1.2 Contingent Liabilities and Commitments Contingent Liabilities

(a) Claims against the Company not acknowledaeds debt

(i) Letter of credit outstanding for Raw Materials is Rs. Nil (Previous Year 49.05 Lacs)

(ii) The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. However demand of Rs.1,63,810/- raised by the department was paid and the same is due for refund. A representation is filed by the Company with the concerned Authority of Income Tax Department for obtaining refund. However, the department has filled an appeal with honb'le High Court against the decision of Income Tax Appellate Tribunal. The case is yet to be pending for hearing.

(iii) A suit has been filled by M/s Thakur Associates against the company in the court of Civil Judge Senior Division Nalagarh, Distt Solan (H.P) for payment of Rs. 2,31,191/- for freight & cartage which has not been recognized by the company. The case is still pending with the court and company has not provided for the same.

1.3 Contingent Liabilities -

Claims against the Company not acknowledged as debt

(a) Letter of credit outstanding for Raw Materials is Rs.NIL (Previous Year 49.05 Lacs)

(b) The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. However demand of Rs.1,63,810/- raised by the department was paid and the same is due for refund. A representation is filed by the Company with the concerned Authority of Income Tax Department for obtaining refund. However, the department has filled an appeal with honb'le High Court against the decision of Income Tax Appellate Tribunal. The case is yet to be pending for hearing.

(c) A suit has been filled by M/s Thakur Associates against the company in the court of Civil Judge Senior Division Nalagarh, Distt Solan (H.P) for payment of Rs. 2,31,191/- for freight & cartage which has not been recognized by the company. The case is still pending with the court and company has not provided for the same.

1.4 Leave Encashment -

The Provision of leave encashment has been provided on the basis of the actuarial valuer's certificate .

1.5 The Management has decided not to write off Miscellaneous Expenditure amounting to Rs.51,23,445 up to 31.03.2012 (Previous Year Rs. 51,23,445) the same will be charged to Profit & Loss account in the year in which company will earn adequate profits.

1.6 In the opinion of the Management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business except otherwise stated. The provision for all the known Liabilities is adequate and not in excess of the amount considered reasonably necessary.

1.7 In respect of the dispute between the company and VHEL Industries Ltd., (Formerly known as Vikas Hybrids & Electronics Limited) the arbitrator had made an award for Rs. 12,64,930.89 towards the price of the PCBs supplied and Rs.29,55,684.00 as claim towards price of the PCBs manufactured for VHEL Industries Ltd., but not lifted by them, with interest @15% p.a. from 01.04.1993 till payment or the date of decree whichever is earlier in favour of the Company.The company VHEL has filed an application for rehabilitation with Board for Industrial and Financial Reconstruction during the year. The management is pursuing the matter for recovery of its dues.

1.8 Short term loans and Advances for Services includes Rs.70,683.00 being amount paid by the company for release of goods seized by excise department on the truck carrying the same not having proper documents. The company had filed a suit against the transport company in district consumer disputes redress forum for the same and also have appealed to the excise department to release the amount as the company was made to deposit the amount with excise department. The matter has been decided in favour of the transport company. However the amount is still included in advance recoverable as the company has decided to file appeal to State Consumer Disputes Redressal Forum, Shimla.

1.9 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006.

1.10 The personal accounts of parties are subject to confirmation and the management reasonably mentioned.

1.11 Forfeited shares have not been considered for the calculation of Earning per share.

1.12 Previous year figures have been regrouped & reclassified wherever necessary to make them comparable to the current year classification.

1.13 Figures have been rounded off to the nearest rupee.


Mar 31, 2011

1. Contingent liabilities not provided for in respect of:-

i) Letters of Credit outstanding for Raw Materials Rs 49.05 Lacs (Previous year Rs.40.30Lacs)

ii) The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. However demand of Rs. 1,63,810/- raised by the department was paid and the same is due for refund. A representation is filed by the Company with the concerned Authority of Income Tax Department for obtaining refund. However the department has filled an appeal with honb'le High Court against the decision of Income Tax Appellate Tribunal. The case is yet to be pending for hearing.

iii) A suit has been filled by M/s Thakur Associates against the company in the court of Civil Judge Senior Division Nalagarh, Distt Solan (HP) for payment of Rs. 2,31,191/- for freight & cartage which has not been recognized by the company. The case is still pending with the court and company has not provided for the same.

2. INVESTMENT

Investments are in the nature of Long Term and valued at cost.

3. The Management has decided not to write off Miscellaneous Expenditure amounting to Rs.51,23,445/- up to 31.03.2011 (Previous Year Rs. 51,23,445/-) the same will be charged to Profit & Loss account in the year in which company will earn adequate profits.

4. In the opinion of the Management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business except otherwise stated. The provision for all the known Liabilities is adequate and not in excess of the amount considered reasonably necessary.

5. In respect of the dispute between the company and VHEL Industries Ltd., (Formerly known as Vikas Hybrids & Electronics Limited) the arbitrator had made an award for Rs. 12,64,930.89 towards the price of the PCBs supplied and Rs.29,55,684.00 as claim towards price of the PCBs manufactured for VHEL Industries Ltd., but not lifted by them, with interest @15% p.a. from 01.04.1993 till payment or the date of decree whichever is earlier in favour of the Company. The company VHEL has filed an application for rehabilitation with Board for Industrial and Financial Reconstruction during the year. The management is pursuing the matter for recovery of its dues.

6. Advance recoverable includes Rs.70,683.00 being amount paid by the company for release of goods seized by excise department on the truck carrying the same not having proper documents. The company had filed a suit against the transport company in district consumer disputes redress forum for the same and also have appealed to the excise department to release the amount as the company was made to deposit the amount with excise department. The matter has been decided in favour of the transport company. However the amount is still included in advance recoverable as the company has decided to file appeal to State Consumer Disputes Redressal Forum, Shimla.

7. Company had to recover a sum of Rs.2,85,3151- from a concern M/s Kirti Fincap Ltd Unit M/s HMD Technologies. The matter was pending before Patiala House Court for adjudication. The management recovered Rs. 1,75,000/- during the year as full and final settlement and the remaining amount of Rs. 1,10,315/- has written off as bad debts in the books of Accounts.

8. Company has to recover a sum of Rs.4,36,373/- from a concern M/s Donex Industries Ltd. The matter is pending before Patiala House Court for adjudication and winding up petition before Allahabad High Court . The management is hopeful for recovery of the pending amount.

9. As per the information available, There is Rs. 9,33,853/- is due to micro, small & medium small enterprises for more than 30 days as March 31,2011.

10. The personal accounts of parties are subject to confirmation and the management reasonably mentioned.

11 Previous year figures have been regrouped & reclassified wherever necessary to make them comparable to the current year classification.

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

13 Schedules I to XXII form an integral part of the Balance Sheet as at 31st March 2011 and have been duly authenticated as such.


Mar 31, 2010

A. OTHER NOTES

1. Contingent liabilities not provided for in respect of:

i) Letters of Credit outstanding for Raw Materials Rs 40.30 Lacs (Previous year Rs. 17.21 Lacs)

ii) The departmental petition with the Income Tax Appellate Tribunal against the order of CIT (Appeal) for the Assessment Year 1992-93 is decided in the favour of the Company. However demand of Rs. 163810/- raised by the department was paid and the same is due for refund. A representation is filed by the Companywith the concerned Authority of Income Tax Department for obtaining refund. However the department has filled an appeal with honble High Court against the decision of Income Tax Appellate Tribunal. The case is yet to be pending for hearing.

iii)Asuit has been filled by M/s Thakur Associates against the company in the court of Civil Judge Senior Division Nalagarh, Distt Solan (H.P) for payment of Rs. 2,31,191/- for freight & cartage which has not been recognized by the company. The case is still pending with the court and company has not provided for the same.

2. INVESTMENT

Investments are in the nature of Long Term and valued at cost.

3. The Management has decided not to write off Miscellaneous Expenditure amounting to Rs.51,23,445/- up to 31.03.2010 (Previous Year Rs. 51,23,445/-) the same will be charged to Profit & Loss account in the year in which company will earn adequate profits.

4. In the opinion of the Management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business except otherwise stated. The provision for all the known Liabilities is adequate and not in excess of the amount considered reasonably necessary.

5. In respect of the dispute between the company and VHEL Industries Ltd., (Formerly known as Vikas Hybrids & Electronics Limited) the arbitrator had made an award for Rs. 12,64,930.89 towards the price of the PCBs supplied and Rs.29, 55,684.00 as claim towards price of the PCBs manufactured for VHEL Industries Ltd., but not lifted by them, with interest @15% p.a. from 1/4/93 till payment or the date of decree whichever is earlier in favour of the Company. The company VHEL has filed an application for rehabilitation with Board for Industrial and Financial Reconstruction during the year. The management is pursuing the matter for recovery of its dues.

6. Advance recoverable includes Rs.70,683.00 being amount paid by the company for release of goods seized by excise department on the truck carrying the same not having proper documents. The company had filed a suit against the transport company in district consumer disputes redress forum for the same and also have appealed to the excise department to release the amount as the company was made to deposit the amount with excise department. The matter has been decided in favour of the transport company. However the amount is still included in advance recoverable as the company has decided to file appeal to State Consumer Disputes Redressal Forum, Shimla

7. Company has to recover a sum of Rs.2,85,315/-from a concern M/sKirti Fincap Ltd. Unit M/sHMD Technologies. The matter is pending before Patiala House Court for adjudication. The management is hopeful for recovery of the pending amount.

8. Company has to recover a sum of Rs.4,36,373/- from a concern M/s Donex Industries Ltd. The matter is pending before Patiala House Court for adjudication and winding up petition before Allahabad High Court. The management is hopeful for recovery of the pending amount.

9. As per the information available, There is Rs. 10,04,788/- is due to micro, small & medium small enterprises for more than 30 days as on 31/03/2010.

10. The personal accounts of parties are subject to confirmation and the management reasonably mentioned.

11. Additional information pursuant to the provisions of paragraph 3,4C and 4D of Schedule VI of the Companies Act, 1956 (As certified by the Management and relied upon by the Auditors).

12. Previous year figures have been regrouped & reclassified wherever necessary to make them comparable to the current year classification.

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

14. Schedules I to XXI form an integral part of the Balance Sheet as at 31st March 2010 and have been duly authenticated as such.

 
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