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Notes to Accounts of Brakes Auto (India) Ltd.

Mar 31, 2015

1. General Information

Brakes Auto (India) Limited (the 'Company') is engaged in business of Trading of Textile . The Company was incorporated on April 15, 1980. The Company's equity shares are listed on the Bombay Stock Exchange Limited

2. Related Party Disclosures

Related Party Disclosures, as required by Accounting Standard 18 - "Related Party Disclosures", notified under the Act, read with General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 are given below:

Key Management Personnel: Mr. Suresh Sharma ( Managing Director)

Relative: Mr. Sachin Sharma is also as director in the Company

3. Contingent Liabilities:

Particulars AS ON AS ON 2014-2015 2013-2014

Disputed Income Tax Liability (including 8570192 8,141,632 Interest and Penalty to the extent ascertainable) not acknowledged as debts

Any other Matter

Total

4. Commitments:

Capital Commitment:

Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. Nil

5. Computation of Earnings Per Share (Basic and Diluted)

The number of shares used in computing Basic Earnings Per Share (EPS) is the weighted average number of shares outstanding during the year.

6. Previous year's figures have been rearranged to conform with current year's presentation, where applicable.




Mar 31, 2013

1.ln the opinion of the management the balances of current assets, current liabilities, loans and advances, Capital WIP have a realizable value in the ordinary course of business at least equal to the value at which they are stated in the balance sheet. The balance standing the said accounts are subject to confirmation and reconciliations.

2.Related Party Transactions -

The Disclosure as per AS - 18 ''Related Party Transactions''

a) Key Managerial Person/ Directors/ Persons having significant influence in the company

- Suresh Sharma

b) Relatives of b) and c) above.

- Sachin Sharma

c) Entities over which Company or Key Managerial Personnel or their relatives, exercise significant influence.

- Pithampur Steels Limited

- S S Forgings & Engineering Limited

- Vertex Spinning Limited

3. Share Application Money Pending Allotment -

At the start of financial year the company has Rs. 605000 lying to the credit of Share Application Money pending allotment from last few years from certain parties. In the view of the management the same needs to be paid back and will be paid back and consequently the same has been regrouped in Long Term Loans and Advances(Asset).

4. Regrouping I Rearrangement

Previous year figures have been regrouped or rearranged wherever necessary so as to make them comparable with current year classifications.

5. Micro, Small and Medium Enterprises Development Act, 2006

Based on the information available with the company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2013. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not disclosed.

The Schedules referred to above form an integral part of the Balance Sheet & Profit & Loss Account.


Mar 31, 2010

1. Contingent Liabilities

- Gaims against the Company disputed and not acknowledged as debts NIL

- The contingent liability which might arise from pending assessments under various statutes. In view of the management the effect of same is not ascertainable.

2. Information as required

Current Year Prev. Year

a) Estimated amount of Capital Contract outstanding NIL NIL

b) Claim against Company not acknowledged as debts NIL NIL

c) Advance against capital goods NIL NIL

d) Contingent liability not acknowledged as debt NIL NIL

e) Loans & Advances include due from Directors NIL NIL

f) Balance of Debtors, Creditors, Unsecured Loans, Loans & Advances are subject to confirmation and reconciliation and are stated in the ordinary course of business. Many of the accounts in which there is no movement/transactions during the previous financial years, are 100% recoverable and/payable in view of the management.

3. Foreign Exchange Transactions

EARNING NIL

OUTGO NIL

4. Quantitative Details

During the previous financial year 20092010 the company has traded certain VAT free goods (Fabrics, Shirtings and Suiting) and certain vat able goods relating to hardware and software.

Items traded in category of vatable goods being many; hence quantitative detail of same can not be produced.

5. In the opinion of the management the balances of current assets, current liabilities, loans and advances, Capital WIP have a realizable value in the ordinary course of business at least equal to the value at which they are stated in the balance sheet. The balance standing the said accounts are subject to confirmation and reconciliations.

6. Related Party Transactions

The Disclosure as per AS 18 Related Party Transactions

a) Key Managerial Person/ Directors/ Persons having significant influence in the company

- Suresh Sharma

b) Relatives of b) and c) above.

- Sachin Sharma

c) Entities over which Company or Key Managerial Personnel or their relatives, exercise significant influence.

- Pithampur Steels Limited

- S S Forgings & Engineering Limited

- Vertex Spinning Limited

7. Share Application Money Pending Allotment

At the start of financial year the company has Rs. 15718684 lying to the credit of Share Application Money pending allotment from last few years from certain parties. In the view of the management the same needs to be paid back and will be paid back and consequently the same has been regrouped in Unsecured Loans.

8. Regrouping/Rearrangement

Previous year figures have been regrouped or rearranged wherever necessary so as to make them comparable with current year classifications.

9. Micro. Small and Medium Enterprises Development Act. 2006

Based on the information available with the company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2010. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not disclosed.

The Schedules referred to above form an integral part of the Balance Sheet & Profit & Loss Account.

 
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