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Cable Corporation of India Ltd. Notes to Accounts, Cable Corporation of India Ltd. Company
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Notes to Accounts of Cable Corporation of India Ltd.

Mar 31, 2014

1. Share Capital

a. Rights, Preferences and Restrictions attached to Shares

The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

b. Shares held by Holding/Ultimate Holding Company and/or its subsidiaries/associates:

Out of total equity shares issued by the Company, shares held by its holding company, ultimate holding company and its subsidiaries/associates.

c. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2014

d. As per records of the Company, no shares have been forfeited by the Company during the year.

2. Long Term Borrowings

Nature of Security

From Banks:

Rs. Nil (Previous Year Rs. 1,887 Lacs) secured by Legal Mortgage of Four residential flats at Mumbai, One Residential Flat and One Office Premise at Chennai, One Residential Flat at Kolkata, Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik and all the movables including Plant and Machinery of the Company''s EHV and LT/HT units at Sinnar Dist., Nasik, Personal guarantee of the Chairman of the Company, Pledge of Promoters'' shares and second charge on office premises at Mumbai.

From Financial Institution:

Rs. 373 Lacs (Previous Year Rs. 457 Lacs) secured by mortgage of Office premises in Mumbai.

Details of default

An amount of Rs. 50 Lacs on account of Principal and Interest is overdue to a Financial Institution as on 31st March 2014, for the period January 2014 to March 2014, which has been subsequently repaid.

3. Short Term Borrowings

Details of Security

Rs. 7,127 Lacs (Previous Year Rs. 5,357 Lacs) Secured by joint hypothecation of stocks of all raw materials, stores, stock-in-process, stock-in-trade, book debts etc. and Legal Mortgage of Four residential flats at Mumbai, One Residential Flat and a Office Premise at Chennai, One Residential Flat at Kolkata, Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik and all the movables including Plant and Machinery pertaining to the Company''s EHV and LT/HT units at Sinnar Dist., Nasik, personal guarantee of the Chairman of the Company and pledge of Promoters'' shares.

Rate of Interest

i. Working Capital Loans from banks carry interest rates ranging from 13.00% to 15.75% per annum.

4. Contingent liability in respect of:

Rs. In Lacs

2013-2014 2012-2013

a) Guarantees given by the Banks on behalf of the Company 5,050 5,050

b) Income tax demands disputed by the Company which are under appeal 523 523

c) Demands from Sales Tax Authorities disputed by the Company which are under appeal 964 964

d) Demands from Central Excise Authorities disputed by the Company which are under appeal 224 224

e) Penal damages and Interest levied by PF department and contested in PF Tribunal by the Company 72 72

f) Claims against the Company not acknowledged as debt 100 100

g) Right of recompense towards Not sacrifices by Banks under CDR ascertainable

5. The effect of changes in foreign exchange rates are as follows:

The amount of exchange difference Profit included in the Loss for the year is Rs 1 lac [Previous year Profit: Rs 25 lacs].

6. RELATED PARTY DISCLOSURES (As identified and certified by the Management and relied upon by the Auditors).

Related Party disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below:

A) Companies/Entities with which transactions have taken place during the year:

Premjyot Finvest & Trading Limited, CCI Projects Pvt. Ltd. & Krishabh Trading & Services Private Ltd.

B) Companies/Entities with which no transactions have taken place during the year:

Great View Properties Private Limited, Sthir Trading Company Private Limited, CCI Realtors Private Limited, Future Deal Properties Private Limited, Aries Trust, Gemini Trust, Pisces Trust, Sagitarius Trust, NHK Trust, Gemini International FZE and Viscose Holdings Ltd.

C) Key Management Personnel

i) Shri H.A. Khatau (Chairman)

ii) Shri R Sridharan (Director Strategy and Business Development)

iii) Shri Madhav Digraskar (MD & CEO)

D) Relatives of Key Management Personnel

Mrs. Kamala Sridharan

Mr. Rohan H Khatau

7. SEGMENT REPORTING

Information about Primary Business Segments.

The Company has disclosed business segments as the primary segments. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organizational structure and the internal reporting system.

The Company''s operations predominantly relate to manufacturing of cables. Other business segment reported is Real Estate business.

There are no reportable geographical segments. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. Segment wise assets and liabilities are not ascertainable in view of the nature of activity of the Company.

8. In terms of the provisions of the Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, there is a net deferred tax asset on account of accumulated business losses and unabsorbed depreciation.

In compliance with provisions of Accounting Standard and based on general prudence, the Company has not recognised any further deferred tax asset while preparing the accounts of the year under review.

9. In view of the carried forward losses under section 115JB of Income Tax Act, 1961, no provision for taxation has been made.

10. Micro Small & Medium Enterprises dues : The Company has not received any information from suppliers regarding their Status under the Micro, Small & Medium Enterprises Development Act, 2006 & hence disclosures regarding a) amount due and outstanding to suppliers as at the end of the Accounting Year, b) Interest paid during the year, c) Interest payable at the end of the accounting year and d) Interest accrued and unpaid at the end of the accounting year have not been given. The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

11. During the year the Company has provided Rs. 2 Lacs (Previous Year Rs. 23 Lacs) on account of Gratuity payable to its employees. The amount due to the Gratuity Fund as on 31st March, 2014 is Rs. 105 Lacs (Previous Year Rs. 117 lacs).

12. Consequent to the adoption of Accounting Standard on Employee Benefits (AS-15 revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED CONTRIBUTION PLANS

The Company has recognised Rs. 22 Lacs (Previous year Rs. 39 Lacs) towards Provident Fund and Rs. NIL (Previous year Rs. 0.04 Lacs) towards Employees State Insurance (State Plan).

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Company''s Gratuity Fund for its employees are given below which have been certified by an Actuary as on 31st March, 2014 and relied upon by the auditors.

B. LEAVE ENCASHMENT

Payments to and Provisions for Employees is net of Rs. 5 Lacs (Previous Year includes Rs. 16 Lacs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

13. Some of the balances in Trade Payables, Trade Receivables, and Other Current Liabilities are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

14. The Company had received an order from the Additional Labour Commissioner granting permission for retrenchment of workmen at its Borivali Unit. The matter is pending before Industrial Court, Mumbai. No provision has been made for the compensation payable to these workmen as the liability is not ascertainable. The Company has accounted the payments towards retrenchment compensation in respect of workmen who have accepted voluntary settlement.

15. Pursuant to Project Management Agreements entered between the Company and CCI Projects Pvt. Ltd, the Company has given CCI Projects Pvt. Ltd. the License to-enter the Premises at Borivali for development. The Company has mortgaged its land with HDFC Ltd. in connection with loans granted to CCI Projects Pvt. Ltd.

16. The Company has entered into Agreements for Project Management and Coordination with CCI Projects Pvt. Ltd. for development of the properties at Borivali. During the previous year the Company had entered into Addendum Agreement whereby CCI Projects Pvt Ltd. and the Company have agreed to revise their commercial understanding in relation to sharing of revenues and payment by CCI Projects Pvt Ltd. to the company based on the present value of the company''s share in the revenues from the project calculated in accordance with the discounted cash flow method. Pursuant to these Agreements, the Company has accounted Rs. 3,320 Lacs (Previous Year Rs. 8,894 Lacs) as Income from Real Estate.

17. In respect of Land and Building sold by the Company in the earlier years, Power of Attorney has been executed in favour of the Developers for executing conveyance on behalf of the Company.

18. Based on the valuation reports obtained by the Company from an approved valuer in the previous years covering all fixed assets, there is no impairment of assets as stated under AS - 28 ''Impairment of Assets'' issued by Institute of Chartered Accountants of India.

19. Loans and Advances in the nature of loans given to Subsidiaries, Associates & others as on 31st March, 2014 - NIL. (Previous year - NIL).

20. Unclaimed amount payable to debenture holders which was deposited with ICICI Bank Ltd. in their capacity as Debenture Trustee and which was due for payment to Investors Education and Protection Fund during the previous year has not been transferred by ICICI Bank Ltd. to Investors Education and Protection Fund despite repeated requests by the Company.

21. The Company has been informed by BSE Limited vide their letter dated 6th January, 2014 that trading of Equity Shares of the Company has been discontinued w.e.f. 9th January, 2014 and the script of the Company has been delisted from the Exchange Records w.e.f. 16th January, 2014.

22. In the opinion of the Board, all assets other than fixed assets have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated except for reconciliation adjustments in respect of some of the payables and receivables.

23. Previous years figures have been regrouped/rearranged to make them comparable with those of the current year.


Mar 31, 2013

1 RELATED PARTY DISCLOSURES (As identified and certified by the Management and relied upon by the Auditors)

Related Party disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below :

A) Companies / Entities with which transactions have taken place during the year:

Premjyot Finvest & Trading Limited, CCI Projects Pvt. Ltd. & Krishabh Trading & Services Private Ltd.

B) Companies / Entities with which no transactions have taken place during the year:

Great View Properties Private Limited, Sthir Trading Company Private Limited, CCI Realtors Private Limited, Future Deal Properties Private Limited, Aries Trust, Gemini Trust, Pisces Trust, Sagitarius Trust, NHK Trust, Perwinkle Global Ltd and Gemini International FZE.

C) Key Management Personnel

i) Shri H.A. Khatau (Chairman) (Chairman and Managing Director upto 18.04.2013)

ii) Shri R Sridharan (Director Strategy and Business Development)

iii) Shri Madhav Digraskar (Managing Director & CEO) w.e.f. 18/01/2013

D) Relatives of Key Mangement Personnel Mrs. Kamala Sridharan

Mr. Rohan H Khatau

The Company has disclosed business segments as the primary segments. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organizational structure and the internal reporting system.

The Company''s operations predominantly relate to manufacturing of cables. Other business segment reported is Real Estate business.

There are no reportable geographical segments. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. Segment wise assets and liabilities are not ascertainable in view of the nature of activity of the Company.

2 In terms of the provisions of the Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, there is a net deferred tax asset on account of accumulated business losses and unabsorbed depreciation.

In compliance with provisions of Accounting Standard and based on general prudence, the Company has not recognised any further deferred tax asset while preparing the accounts of the year under review.

3 In view of the carried forward losses under section 115JB of Income Tax Act, 1961, no provision for taxation has been made.

4 Micro Small & Medium Enterprises dues : The Company has not received any information from suppliers regarding their Status under the Micro, Small & Medium Enterprises Development Act, 2006 & hence disclosures regarding a) amount due and outstanding to suppliers as at the end of the Accounting Year, b) Interest paid during the year, c) Interest payable at the end of the accounting year and d) Interest accrued and unpaid at the end of the accounting year have not been given. The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

5 During the year the Company has provided Rs. 23 Lacs (Previous Year Rs, 7 Lacs) on account of Gratuity payable to its employees. The amount due to the Gratuity Fund as on 31st March, 2013 is Rs. 117 Lacs (Previous Year Rs. 100 lacs)

6 Consequent to the adoption of Accounting Standard on Employee Benefits (AS-15 revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED CONTRIBUTION PLANS

The Company has recognised Rs. 39 Lacs (Previous year Rs.38 Lacs) towards Provident Fund and Rs. 0.04 Lacs (Previous year Rs.0.64 Lacs ) towards Employees State Insurance (State Plan)

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Company''s Gratuity Fund for its employees are given below which have been certified by an Actuary as on 31st March, 2013 and relied upon by the auditors.

B LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 16 Lacs (Previous Year Rs. 6 Lacs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment

7 Some of the balances in Trade Payables, Trade Receivables, and Other Current Liabilities are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

8 The Company had received an order from the Additional Labour Commissioner granting permission for retrenchment of workmen at its Borivali Unit. The matter is pending before Industrial Court, Mumbai. No provision has been made for the compensation payable to these workmen as the liability is not ascertainable. The Company has accounted the payments towards retrenchment compensation in respect of workmen who have accepted voluntary settlement.

9 Pursuant to Project Management Agreements entered between the Company and CCI Projects Pvt. Ltd, the Company has given CCI Projects Pvt. Ltd. the License to enter the Premises at Borivali for development. The Company has mortgaged its land with HDFC Ltd. in connection with loans granted to CCI Projects Pvt. Ltd.

10 The Company has entered into Agreements for Project Management and Coordination with CCI Projects Pvt. Ltd. for development of the properties at Borivali. During the year the Company has entered into Addendum Agreement whereby CCI Projects Pvt Ltd. and the company have agreed to revise their commercial understanding in relation to sharing of revenues and payment by CCI Projects Pvt Ltd. to the company based on the present value of the company''s share in the revenues from the project calculated in accordance with the discounted cash flow method. Pursuant to these Agreements, the Company has accounted Rs. 8,894 Lacs (Previous Year Rs. 3,186 Lacs) as Income from Real Estate.

11 In respect of Land and Building sold by the Company in the earlier years, Power of Attorney has been executed in favour of the Developers for executing conveyance on behalf of the Company.

12 Based on the valuation reports obtained by the Company from an approved valuer in the previous years covering all fixed assets, there is no impairment of assets as stated under AS - 28 ''Impairment of Assets'' issued by Institute of Chartered Accountants of India.

Disclosure as per Amendment to Clause 32 of the Listing Agreement.

13 Loans and Advances in the nature of loans given to Subsidiaries, Associates & others as on 31st March,2013 - NIL. (Previous year- NIL)

14 Unclaimed Amount payable to debenture holders which was deposited with ICICI Bank Ltd. In their capacity as Debenture Trustee and which was due for payment to Investors Education and Protection Fund during the year has not been transferred by ICICI Bank Ltd. despite repeated request by the Company.

15 In the opinion of the Board, all assets other than fixed assets have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated except for reconciliation adjustments in respect of some of the payables and receivables.

16 Previous years figures have been regrouped / rearranged to make them comparable with those of the current year.


Mar 31, 2012

A. Rights, Preferences and Restrictions attached to Shares

The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Company has neither issued any Bonus Shares nor bought back any Shares during the last 5 years.

b. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2012

c. As per records of the Company, no shares have been forfeited by the Company during the year.

Nature of Security From Banks:

Rs. 9163 Lacs (Previous Year Rs. 7947 Lacs) secured by joint hypothecation of stocks of all raw materials, stores, stock -in - process, stock

- in - trade, book debts etc. and Legal Mortgage of Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik and all the movables including Plant and Machinery pertaining to the Company's unit at Sinnar Dist., Nasik and seven residential flats and office premises situated at Mumbai / Chennai / Kolkata and second charge on office premises at Mumbai and personal guarantee of the Company's Managing Director and pledge of Promoters' shares.

Rs. 1 Lac (Previous Year Rs. 5 Lacs) secured by hypothecation of vehicles.

From Financial Institution:

Rs. 1954 Lacs (Previous Year Rs. 1935 Lacs) secured by mortgage of Office premises in Mumbai

Rs. 8350 Lacs (Previous Year Rs. 7600 Lacs) secured by parripassu mortgage of land at Borivali & Secured Receivables from the Residential Project (See Note No. 42)

Details of default

An amount of Rs. 294 Lacs on account of Interest is overdue to a Financial Institution as on 31st March 2012, for the period January 2012 to March 2012.

Details of Security

Secured by joint hypothecation of stocks of all raw materials, stores, stock -in - process, stock - in - trade, book debts etc. and Legal Mortgage of Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik and all the movables including Plant and Machinery pertaining to the Company's unit at Sinnar Dist., Nasik and seven residential flats and office premises situated at Mumbai / Chennai / Kolkata and second charge on office premises at Mumbai and personal guarantee of the Company's Managing Director and pledge of Promoters' shares.

Rate of Interest

i. Working Capital Loans from banks carry interest rates ranging from 13% to 15.75% per annum.

1 The effect of changes in foreign exchange rates are as follows :

The amount of exchange difference (Loss) included in the Loss for the year is Rs 120 lacs [Previous year Profit : Rs 20 lacs ]

2 RELATED PARTY DISCLOSURES ( As identified and certified by the Management and relied upon by the Auditors)

Related Party disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below :

A) Companies with which transactions have taken place during the year :

Premjyot Finvest & Trading Limited and CCI Projects Pvt. Ltd.

B) Companies with which no transactions have taken place during the year :

Great View Properties Private Limited, Sthir Trading Company Private Limited, CCI Realtors Private Limited, Future Deal Properties Private Limited and Krishabh Trading & Services Private Ltd.

C) Key Management Personnel

i) Shri H.A. Khatau (Managing Director )

ii) Shri R Sridharan (Director Strategy and Business Development)

D) Relatives of Key Management Personnel

Mrs. Kamala Sridharan Mr. Rohan H Khatau

The Company has disclosed business segments as the primary segments. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organizational structure and the internal reporting system.

The Company's operations predominantly relate to manufacturing of cables. Other business segments reported are projects executed by the Company and Real Estate business.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. Segment wise assets and liabilities are not ascertainable in view of the nature of activity of the Company.

3. In terms of the provisions of the Accounting Standard 22 ''Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, there is a net deferred tax asset on account of accumulated business losses and unabsorbed depreciation.

In compliance with provisions of Accounting Standard and based on general prudence, the Company has not recognized any further deferred tax asset while preparing the accounts of the year under review.

4. Micro Small & Medium Enterprises dues : The Company has not received any information from suppliers regarding their Status under the Micro, Small & Medium Enterprises Development Act, 2006 & hence disclosures regarding a) amount due and outstanding to suppliers as at the end of the Accounting Year, b) Interest paid during the year, c) Interest payable at the end of the accounting year and d) Interest accrued and unpaid at the end of the accounting year have not been given. The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

5. During the year the Company has provided Rs. 7 Lacs (Previous Year Rs. 43 Lacs) on account of Gratuity payable to its employees. The amount due to the Gratuity Fund as on 31st March, 2012 is Rs. 100 Lacs (Previous Year Rs. 98 lacs)

6. Consequent to the adoption of Accounting Standard on Employee Benefits (AS-15 revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED CONTRIBUTION PLANS

The Company has recognized Rs. 38 Lacs (Previous year Rs.36 Lacs) towards Provident Fund and Rs. 0.64 Lacs (Previous year Rs.0.75 Lacs ) towards Employees State Insurance (State Plan)

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Company's Gratuity Fund for its employees are given below which have been certified by an Actuary as on 31st March, 2012 and relied upon by the auditors.

B LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 6 Lacs (Previous Year Rs. NIL) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment 40 Some of the balances in Trade Payables, Trade Receivables, and Other Current Liabilities are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

7. The Company had received an order from the Additional Lab our Commissioner granting permission for retrenchment of workmen at its Borivali Unit. The matter is pending before Industrial Court, Mumbai. No provision has been made for the compensation payable to these workmen as the liability is not ascertainable. The Company has accounted the payments towards retrenchment compensation in respect of workmen who have accepted voluntary settlement.

8. Pursuant to Project Management Agreements entered between the Company and CCI Projects Pvt. Ltd, the Company has given CCI Projects Pvt. Ltd. the License to enter the Premises at Borivali for development. The Company has mortgaged its land with HDFC Ltd. in connection with loans granted to the Company and CCI Projects Pvt. Ltd.

9. The Company has entered into Agreements for Project Management and Coordination with CCI Projects Pvt. Ltd. for development of the properties at Borivali. During the year the Company has entered into a supplementary Agreement whereby the Company is entitled to receive its share of revenue from sale of the units on accrual basis instead of receipt basis. Pursuant to the supplementary Agreement, during the year the Company has accounted Rs. 3,186 Lacs (Previous Year Rs. 15,956 Lacs) as Income from Real Estate.

10. In respect of Land and Building sold by the Company in the earlier years, Power of Attorney has been executed in favors of the Developers for executing conveyance on behalf of the Company.

11. Based on the valuation reports obtained by the Company from an approved valuer in the previous years covering all fixed assets, there is no impairment of assets as stated under AS - 28 'Impairment of Assets' issued by Institute of Chartered Accountants of India

Disclosure as per Amendment to Clause 32 of the Listing Agreement.

12. Loans and Advances in the nature of loans given to Subsidiaries, Associates & others as on 31st March,2012 - NIL. (Previous year- NIL)

13. In the opinion of the Board, all assets other than fixed assets have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated except for reconciliation adjustments in respect of some of the payables and receivables.

14. The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year's figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year's figures does not impact recognition and measurement principles followed for preparation of financial statements.]


Mar 31, 2011

Rs. In Lacs 31.03.11 31.03.10

1 Estimated amount of contracts remaining to be executed on capital account and not provided for 2,313 -

2 Contingent liability in respect of :

a) Bills of Exchange discounted with Banks , - 1

b) Guarantees given by the Banks on behalf of the Company 4,212 3,100

c) Income tax demands disputed by the Company which are under appeal 562 -

d) Customs Duty disputed and under appeal - 8

e) Demands from Sales Tax Authorities disputed by the Company which are under appeal 357 378

f) Demands from Central Excise Authorities disputed by the Company which are under appeal 113 89

g) Penal damages and Interest levied by PF department and contested in PF Tribunal by the Company. 72 54

h) Claims against the Company not acknowledged as debt 100 100

i) Arrears of dividend on 1,45,90,000 Optionally Convertible Redeemable Preference shares of Rs. 10 each 2 1

j) Right of recompense towards sacrifices by Banks under CDR Not ascertainable

k) Property Tax Demand disputed by the Company 50 -

3 The effect of changes in foreign exchange rates are as follows :

The amount of exchange difference (Profit) included in the Profit for the year is Rs 20 lacs [Previous year Profit: Rs 65 lacs]

4 RELATED PARTY DISCLOSURES (As identified and certified by the Management)

Related Party disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below:

A) Companies with which transactions have taken place during the year:

Prajakta Holdings Private Limited(now amalgamated with Great View Properties Private Ltd), Premjyot Finvest & Trading Limited, CCI Projects Pvt. Ltd. City Pulse Developers Pvt. Ltd( now amalgamated with Future Deal Properties Private Limited).

B) Companies with which no transactions have taken place during the year:

Romap Industries Private Limited, Jayalaxmi Holdings Private Limited, Khatau Capital Services Private Limited, Khatau Finance & Investments Private Limited, Khatau Stock & Investment Private Limited. Yucca Finvest Private Limited, Krishabh Chemicals & Plastics Private Limited, Sentouki Finance & Investments Private Limited, Brinan Investments Pvt. Ltd., ALK Holdings Private Limited, Rhiakoh Finance & Investments Pvt. Ltd (All companies amalgamated with Great View Properties Private Ltd), CCI Realtors Pvt. Ltd.and Sthir Trading & Services Pvt. Limited,

C) Key Management Personnel

i) Shri H.A. Khatau (Managing Director)

ii) Shri R Sridharan (Director Strategy and Business Development-from 01.06.2010)

D) Relatives of Key Mangement Personnel Mrs. Kamala Sridharan.

Mr. Rohan H Khatau

5 In terms of the provisions of the Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, there is a net deferred tax asset on account of accumulated business losses and unaborbed depreciation.

In compliance with provisions of Accounting Standard and based on General Prudence, the Company has not recognised any further deferred tax asset while preparing the accounts of the year under review.

6 Micro Small & Medium Enterprises dues : The Company has not received any information from suppliers regarding their Status under the Micro, Small & Medium Enterprises Development Act, 2006 & hence disclosures regarding amount due and outstanding to suppliers as at the end of the Accounting Year have not been given. The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

7 During the year the Company has provided Rs. 43 Lacs (Previous Year Rs. 14 Lacs) on account of Gratuity payable to its employees. The amount due to the Gratuity Fund as on 31st March, 2011 is Rs.98 Lacs (Previous Year Rs. 210 lacs)

8 Consequent to the adoption of Accounting Standard on Employee Benefits (AS15 revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED CONTRIBUTION PLANS

The Company has recognised Rs. 36 Lacs (Previous year Rs.35 Lacs) towards Provident Fund and Rs. 0.75 Lacs (Previous year Rs.0.15 Lacs) towards Employees State Insurance (State Plan)

9 Some of the balances in Sundry Creditors, Sundry Debtors and Other Liabilities are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

10 The Company received an order from the Additional Labour Commissioner granting permission for retrenchment of workmen at its Borivali Unit. The matter is pending before Industrial Court, Mumbai. No provision has been made for the compensation payable to these workmen as the liability is not ascertainable. The Company has accounted the payments towards retrenchment compensation in respect of workmen who have accepted voluntary settlement.

11 Pursuant to Project Management Agreements entered between the Company and CCi Projects Pvt.Ltd,the company has given CCI Projects Pvt.Ltd. the License to enter the Premises at Borivali for development. The Company has mortgaged the land with HDFC Ltd in connection with loans granted to the Company and CCI Projects Pvt. Ltd.

12 The Company has entered into Agreements for Project Management and Coordination with CCI Projects Private Limited for development of the properties at Borivali. Pursuant to these Agreements, the Company is entitled to receive its share of revenue from sale of the Units on receipt basis. However, the assured return pursuant to the Agreements is Rs. 14,000 Lacs. Pursuant to the Agreements, during the year the Company has accounted Rs. 15,956 Lacs as Income from Real Estate.

13 In respect of Land and Building sold by the Company in the earlier years, Power of Attorney has been executed in favour of the Developers for executing conveyance on behalf of the Company.

14 Based on the valuation reports obtained by the Company from an approved valuer covering all fixed assets, there is no impairment of assets as stated under AS - 28 'Impairment of Assets' issued by Institute of Chartered Accountants of India.

15 As per scheme of Amalgamation approved by the Honorable High Court of Judicature at Bombay on 19th June 2009, an amount of Rs 1,100 lacs on account of diminution in the value of Current Assets has been adjusted from Contingency Reserve.

16 During the year, the manufacturing activities of the Company's Borivali Plant were discontinued, as the plant is being shifted to it's existing plant premises at Nashik .

17 Disclosure as per Amendment to Clause 32 of the Listing Agreement. Loans and Advances in the nature of loans given to Subsidiaries, Associates & others as on 31st March,2011 - NIL. (Previous year- NIL)

18 Previous year's figures have been regrouped / rearranged wherever necessary.


Mar 31, 2010

1. CONTINGENT LIABILITIES

Provision is made for all known liabilities: Contingent liabilities, if any, are disclosed in the accounts by way of a note.

1.2 GENERAL:

a) Outstanding liability for expenses incurred but not booked are provided for transactions individually over Rs.1000/- each.

b) Prepaid expenses below Rs.1000/- of each item of expenditure are accounted as current years expenditure.

Figures in brackets relate to previous year

2 RELATED PARTY DISCLOSURES (As identified and certified by the Management)

Related Party disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below:

A) Companies with which transactions have taken place during the year:

Prajakta Holdings Private Limited, Premjyot Finvest & Trading Limited, .CO Projects Pvt. Ltd., City Pulse Developers Pvt. Ltd., ALK Holding Pvt Ltd.

B) Companies with which no transactions have taken place during the year:

Romap Industries Private Limited, Jayalaxmi Holdings Private Limited, Khatau Capital Services Private Limited, Khatau Finance & Investments Private Limited, Khatau Stock & Investment Private Limited, Yucca Finvest Private Limited, Krishabh Chemicals & Plastics Private Limited, Sentouki Finance & Investments Private Limited, Brinan Investments Pvt. Ltd., CCI Realators Pvt. Ltd., Sthir Trading & Services Pvt. Limited, Rhiakoh Finance & Investments Pvt. Ltd.

C) Key Management Personnel

i) Shri H.A. Khatau (Managing Director)

ii) Shri G.D. Bhingarkar (Whole time Director-Upto 31.01.2010)

D) Relatives of Key Mangement Personnel Mrs. G. G. Bhingarkar.

Ms. A. G. Bhingarkar. Mr. Rohan H Khatau

The Company has disclosed business segments as the primary segments. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organizational structure and the internal reporting system.

The Companys operations predominantly relate to manufacturing of cables. Other business segments reported are projects executed by the Company and products traded.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. Segment wise assets and liabilities are not ascertainable in view of the nature of activity of the Company.

3 In terms of the provisions of the Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, there is a net deferred tax asset on account of accumulated business losses and unabsorbed depreciation.

In compliance with provisions of Accounting Standard and based on General Prudence, the Company has not recognised any further deferred tax asset while preparing the accounts of the year under review.

4 Micro Small & Medium Enterprises dues : The Company has not received any information from suppliers regarding their Status under the Micro, Small & Medium Enterprises Development Act, 2006 & hence disclosures regarding amount due and outstanding to suppliers as at the end of the Accounting Year have not been given. The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

5 During the year the Company has provided Rs.1411 thousands (Previous Year Rs. 5065 Thousands) on account of Gratuity payable to its employees. The amount due to the Gratuity Fund as on 31st March, 2010 is Rs. 20959 thousands (Previous Year Rs. 20563 thousands)

6 Consequent to the adoption of Accounting Standard on Employee Benefits (AS15 revised 2005) issued by the institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED CONTRIBUTION PLANS

The Company has recognised Rs. 3518 Thousands (Previous yearRs.3225 thousands )Provident Fund and Rs. 15 Thousands (previous year Rs.6 thousands) towards Employees State Insurance (State Ran)

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Companys Gratuity Fund for its employees are given below which have been certified by an Actuary as on 31 st March, 2010 and relied upon by the auditors.

7 Some of the balances in Sundry Creditors, Sundry Debtors and Other Liabilities are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

8 The Company received an order from the Additional Labour Commissioner granting permission for retrenchment of 276 workmen at its Borivali Unit. The matter is pending final disposal by the Supreme Court. No provision has been made for the compensation payable to these workmen as the liability is not ascertainable. The Company has accounted the payments towards retrenchment compensation in respect of workmen who have accepted voluntary settlement.

9 Pursuant to the Project Management Agreement entered between the Company & CCI Projects Pvt. Ltd. for Development of its land at Borivali, the company has mortgaged the said land with HDFC Ltd. in connection with loan granted to CCI Projects Pvt. Ltd.

10 In respect of Land and Building sold by the Company in the earlier years, Power of Attorney has been executed in favour of the Developers for executing conveyance on behalf of the Company.

11 Based on the valuation reports obtained by the Company from an approved valuer covering all fixed assets, there is no impairment of assets as stated under AS - 28 Impairment of Assets issued by institute of Chartered Accountants of India.

12 Disclosure as per Amendment to Clause 32 of the Listing Agreement.

Loans and Advances in the nature of loans given to Subsidiaries, Associates & others as on 31st March,2010 - NIL. (Previous year - NIL)

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

 
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