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Notes to Accounts of Bright Brothers Ltd.

Mar 31, 2015

(1) Commitments:

Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March 2015 is Rs. 110.73 lakhs (P.Y. Rs. 110.87 lakhs).

(2) Details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2015 have not been furnished.

(3) The Company has given inter corporate loan to corporate. During the year the company has provided Rs. 100 lakhs (previous years Rs. 120 lakhs) towards doubtful loans. The Company has fled legal suit for recovery of the loan in respect of the same.

(4) Values of Current Assets, loans and Advances are stated at realisable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

(5) As per Accounting Standard 15 "Employee Benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Contribution Plans:

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:

(6) (i) Company is operating under only one segment namely a process plastic. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

(ii) Company do not have export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

(7) The disclosure as required by Accounting Standard "Related Party Disclosure", AS-18 is as follows:

(A) Names of Related parties are as under.

(a) Associate Concerns:

M/s. Quality Plastics M/s. T. W. Bhojwani Leasing Pvt. Ltd.

(b) Key Management Personnel:

Smt. Hira T. Bhojwani - Whole Time Director Mr. Suresh Bhojwani - Managing Director

(c) Relatives of Key Management Personnel

Mrs. Devika S. Bhojwani Mr. Karan Bhojwani Ms. Ruchika Bhojwani M/s. T.W. Bhojwani HUF

(8) Company has recognized Rs. Nil as at 31st March, 2015 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs. 24.03 lakhs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future Profitability projections is confident that there would be sufficient taxable Profit available in future which will enable the Company to utilize the MAT Credit Entitlement.

(9) The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lakhs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had fled a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

(10) The Previous year figures are regrouped and reclassified to make comparable with current year classification.


Mar 31, 2014

(1) Contingent Liabilities not provided for:

(Rs. in Lakhs)

Sr. No. Particulars As at 31st As at 31st March, 2014 March, 2013

1. Sales tax 341.74 648.97

2. Service Tax 51.50 51.50

3. Stamp Duty 36.75 36.75

4. Excise Duty 114.92 114.92

5. Income Tax (CIT, Appeal Mumbai) 19.70 Nil (Asst. Year 2011-12)

6. Employees Provident Fund 8.66 8.66 Organization

7. Letter of Credit 10.33 Nil

8. Bank Guarantee 0.85 0.85

(2) Commitments:

Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March, 2014 is Rs. 110.87 lakhs (P.Y. Rs. Nil).

(3) Details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2014 have not been furnished.

(4) The Company has given inter corporate loan to corporates. During the year the company has provided Rs. 120 lakhs (previous years Rs. 40 lakhs) towards doubtful loans. The Company has filed legal suit for recovery of the loan in respect of the same.

(5) Values of Current Assets, loans and Advances are stated at realisable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

(6) (i) Company is operating under only one segment namely a process plastic. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

(ii) Company do not have export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

(7) Company has taken various factory premises, office premises under operating lease agreement. These are generally cancellable and are renewable on mutually agreed terms. Operating lease payments are recognized as an expense proportionately during the lease or lease period respectively.

(8) Company has recognized Rs. Nil as at 31st March, 2014 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs. 7.36 lakhs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future profitability projections is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

(9) The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lakhs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

(10) The Previous year figures are regrouped and reclassified to make comparable with current year classification.


Mar 31, 2013

OVERVIEW:

The Company is engaged in the business of manufacturing injection of moulded plastics products for supplies to Original Equipment Manufacturers for Consumer Durable Industry and market its own products under "Brite" brand for material handling crates.

The Company has hair care division which market hair brushes under "DIVO" brand.

(1) Contingent Liabilities not provided for:

(Rs. in Lakhs) Sr. No. Particulars 2012-13 2011-12

1. Sales tax 648.97 73.60

2. Service tax 51.50 51.50

3. Stamp duty 36.75 36.75

4. Excise duty 114.92 114.92

Note: Demand notice received from sales tax department under Maharashtra VAT in respect of financial year 2005-06 and 2008-09 has been subsequently cancelled after balance sheet date.

(2) Commitments:

Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March, 2013 is Rs. Nil (P.Y. Rs. 61.18 lakhs).

(3) The details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March, 2013 have not been furnished.

(4) The values of Current assets, loans and advances are stated at realisable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

(5) As per Accounting Standard 15 "Employee Benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Contribution Plans:

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:

(6) (i) The business segment has been considered as the primary segment. The Company is operating under only one segment namely a process plastic perfumery chemical. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

(ii) The Company do not have export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

(7) The disclosure as required by Accounting Standard "Related Party Disclosure", AS-18 is as follows:

(a) Names of Related parties are as under.

(i) Associate Concerns:

M/s. Quality Plastics

M/s. T.W. Bhojwani Leasing Pvt. Ltd.

(ii) Key Management Personnel:

Smt. Hira T. Bhojwani - Whole Time Director Mr. Suresh Bhojwani - Managing Director

(iii) Relatives of Key Management Personnel

Mrs. Devika S. Bhojwani Mr. Karan Bhojwani Ms. Ruchika Bhojwani M/s. T. W. Bhojwani HUF Late Mr. V. W. Bhojwani

(8) The Company has taken various factory premises, office premises under operating lease agreement. These are generally cancellable and are renewable on mutually agreed terms. Operating lease payments are recognized as an expense proportionately during the lease or lease period respectively.

(9) The Company has recognized Rs. 7.36 lakhs as at 31st March, 2013 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs. 80.41 lakhs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future profitability projections is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

(10) The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value /Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lakhs. In respect of the said land, Memorandum of Understanding (MOU) entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

(11) The Company has made a provision of managerial remuneration as per the limit prescribed in Schedule XIII which is subject to approval by shareholders by way of special resolution in ensuing annual general meeting.

(12) Amount of Foreign Currency Differences accounted in different heads of Profit & Loss Account under different heads as under:

(13) The Previous year figures are regrouped and reclassified to make comparable with current year classification.


Mar 31, 2012

(Terms/Rights and Restriction attached to Shares):

The Company has only one class of equity shares having a par value of Rs 10/- per share. Each Shareholder is eligible for one vote per share. In the event of liquidation, equity shareholders will be eligible to receive the assets of the Company after distribution of all preferential amounts, in proportion to number of Equity shares held by the shareholders.

The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting except in the case of Interim Dividend.

Preference Shares:

The Company has the power to issue preference shares. In the event of liquidation, the Preference shareholders of the Company have the preference over equity shares when it comes to payment of dividend and return of capital.

1. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

2. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required.

3. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs 150.39 lacs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

4. The Company has recognized Rs 12.88 lacs as on 31st March, 2012 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs 37.90 lacs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the Income Tax Act, 1961. The Management based on the future profitability projections and also on profit earned during the year is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

5. Previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2011

1. BUYBACK OF EQUITY SHARES:

(a) During the year the Company bought back 126,332 shares under the buy back programme for a sum of Rs. 60.78 lacs. The buy back programme was closed on June 25, 2010 which had commenced on December 29, 2009. On completion of the buy-back programme total number of Equity shares bought back were 295,295 shares and the amount spend was Rs. 142 lacs (excluding brokerage and other charges), which represented 31.55% of the total Buy-back size of Rs. 450 lacs.

(b) Pursuant to the above transaction, the paid up Equity Share Capital of the Company reduced by Rs. 1,263,320/- during the year.

2. RESERVES & SURPLUS:

Pursuant to the above buy back programme, Capital Redemption Reserve has been created out of Share Premium for Rs. 1,263,320/- being the nominal value of shares bought back under the buy back programme in terms of Section 77AA of the Companies Act, 1956.

Note: Though production for Injection Moulded Plastics goods are expressed in tons, their opening and closing stock, turnover are shown in pieces as it is not practicable to disclose it in tons.

3. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

4. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required.

5. Capital work-in-progress includes capital advances of Rs. 278.12 lacs.

6. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lacs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

7. The Company has recognized Rs. 28.94 lacs as on 31st March, 2011 as Minimum Alternate Tax (MAT) Credit Entitlement (Previous Year Rs. 29.61 lacs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the Income Tax Act, 1961. The Management based on the future profitability projections and also on profit earned during the year is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

8. Under the Income tax Act, 1961 in respect of Income Tax assessment completed for A.Y. 2008-09, against demand raised by the Income tax authority of Rs. 754 lacs, the Company has made provision for Rs. 250 lacs under the head tax for earlier years against which the Company has made payment of Rs. 200 lacs. The remaining balance of Rs. 503 lacs was shown under contingent liability.

Tax for earlier years also includes wealth tax paid for Rs. 16.69 lacs.

9. Previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2010

1. BUYBACK OF EQUITY SHARES:

(a) During the year the Company issued Public Announcement (PA) and corrigendum to PA dated on December 18, 2009 and December 25, 2009 respectively for buy back of its shares from the open market at a price not exceeding Rs. 50/- per share for an aggregate amount not exceeding Rs. 450 lakhs. Under the buy back programme, the Company has bought back 168693 equity shares till March 31, 2010. Out of the above, 133149 equity shares were extinguished before March 31, 2010 and remaining 35814 shares were extinguished in the first week of April 2010.

(b) Pursuant to the above transaction, the paid up share capital of the Company decreased by Rs. 1,686,930/- during the year.

2. RESERVES & SURPLUS:

(a) Pursuant to the above buy back programme, Capital redemption reserve has been created out of Share Premium for Rs. 1,686,930/- being the nominal value of shares bought back under the buy back programme in terms of Section 77AA of the Companies Act, 1956.

(b) Capital Reserve for Rs. 13,668,000/- has been created during the year arising on account of acquisition of Bhimtal unit under slump sale basis being the difference between revaluation of assets and the cost of acquisition paid.

3. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

4. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required.

5. Capital work-in-progress includes capital advances of Rs. 61.98 lacs.

6. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value /Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lacs.

7. The Company has recognized Rs. 29.61 lacs as on 31st March, 2010 as Minimum Alternate Tax (MAT) Credit Entitlement (Previous Year Rs. Nil), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the Income Tax Act, 1961. The Management based on the future profitability projections and also on profit earned during the year is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

8. Previous years figures have been regrouped/rearranged wherever necessary.

9. Figures for the current year are for 12 months and for the previous year are for 15 months hence the same are not comparable.

 
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