Mar 31, 2014
1. Corporate information
Established in the year 1985, Calcom Vision Limited, an ISO 9001
certified company, having registered office in Delhi and Manufacturing
unit at Surajpur Industrial Area (UP). The Company is engaged in the
manufacturing and selling of Lighting and Electronics Products.
2. Basis of preparation
The financial statements are prepared on accrual basis under the
historical cost convention, in accordance with the generally accepted
accounting principles in India and to comply with the Accounting
Standards referred to in sub section (3C) of section 211 of the
Companies Act,1956 including the Rules framed there under.
Pusuant to BIFR order dated 08.07.2014, the financial Statements dated
29-05-2014 which were earlier adopted on that date have now been
revised as per these financial statements.
Material Impact of Revision
As per the order dated 08-07-2014 of BIFR, the company has now
converted the unsecured loans, amounting to Rs. 2188.04 lacs
outstanding as on 31.03.2014 and shown as taken over by Strategic
Investors/Promoters in the financial statements dated 29-05-14 , into
Unsecured Zero Coupon Convertible Bonds which are convertible into
equity shares of the Company as per the terms of BIFR order dated
08.07.2014.
Borrowing Cost
Borrowing cost that are directly attributable to acquisition or
construction of qualifying assets has been capitalized as part of such
asset as per AS-16 on Borrowing Costs issued by the ICAI. All other
borrowing cost are charged to revenue in the period when they are
incurred.
Earning Per Share
EPS is calculated by dividing the net profit for the year attributable
to equity shareholders by the weighted average no. of equity shares
outstanding during the year as per AS-20 issued by the ICAI.
Inventories
INVENTORIES Basis of Valuation
Raw Material At cost, based on first in first out method,
or net realisable value which ever is lower.
Work in progress At cost or net realisable value whichever
is lower
Finished Goods At cost or net realisable value whichever is
lower
4. Share Capital
31 st March, 2014 31st March, 2013
Authorised Capital
80,00,000 Equity Shares
of Rs 10/- each
(Previous year 80,00,000
Equity Shares of Rs.10/-each) 80,000,000 80,000,000
Issued, Subscribed and Paid up Capital
32,50,000 Equity Shares of Rs10/-
each fully paid up 32,500,000 32,500,000
(Previous year 32,50,000 Equity
Shares of Rs. 10/- each) 32,500,000 32,500,000
Note * : As per the terms of rehabilitation scheme sanctioned by the
Hon''ble BIFR on 08.07.2014, The Unecured loans amounting to Rs. 2188.04
lacs outstanding as on 31.03.2014 taken over by Strategic
Investors/Promoters have now been converted into Zero coupon
convertible bonds which will later be converted into equity shares of
the company as per the terms of BIFR order dated 08.07.2014.
The said Bonds are convertible into Equity Shares of the company at a
price of Rs. 30/- per Equity Shares comprising of fully paid up face
value of Rs. 10/- each and a security premium of Rs. 20/- per equity
share.
5. Letter of confirmation of balance sent by the company to the Debtors
and Creditors are still awaited in some cases.
6. Small Scale Industries in respect of which amount of outstanding for
more than 30 days, in excess of Rs. 1 Lac are Nil.
7. The company has not received from any of its transacting parties
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosure, if any relating to amounts
unpaid as at the year and together with the interest payable as
required under the said Act cannot be disclosed.
8. The company is mainly engaged in the business of manufacturing
Lighting Products and parts thereof. Therefore all the operations of
the company are considered as Single segment for the purpose of
Accounting standard-17 on "Segment Reporting" issued by Institute of
Chartered Accountants of India.
9. In compliance of Accounting Standard-18 "Related Party Disclosure"
issued by the ICAI, the details pertaining to Related Party Disclosure
are as follows:
10. In view of uncertainity of future taxable profits, Deffered tax
assets have not been created during the year on consideration of
prudence as set out in Accounting Standard -22 on "Accounting for Taxes
on Income " issued by the Institute Of Chartered Accountant of India.
11. There appears to be no impairment to the production & assembly line
of the company''s business, as it continues to produce the main products
of the company.
12. All the leases are cancellable operating leases at the option of
the owner. The company has taken offices on lease renewal on annual
basis. The lease expense recognised in P & L A/c on such lease is Rs.
3,00,000/-. Also the company has lease out its building on lease
renewal on annual basis. The lease income recognised in P & L A/c is
Rs. 602,000/-
Mar 31, 2013
1. Corporate information
Established in the year 1985, Calcom Vision Limited, an ISO 9001
certified company, having registered office in Delhi and Manufacturing
unit at Surajpur Industrial Area (UP). The Company is engaged in the
manufacturing and selling of Lighting and Electronics Products. The
Company is supplying its products substantially to Osram India Pvt.
Ltd.
2. Basis of preparation
The financial statements are prepared on accrual basis under the
historical cost convention, in accordance with the generally accepted
accounting principles in India and to comply with the Accounting
Standards referred to in sub section (3C) of section 211 of the
Companies Act,1956 including the Rules framed there under.
3. Contingent Liabilities & Commitments
31st March, 2013 31st March,2012
Contingent liabilities
Claims against company not
acknowledged as debt
-Guarantees 0 89,123
-Desputed excise
duty demand 0 0
-Sales Tax 10,600,000 8,449,000
Commitments
4.Letter of confirmation of balance sent by the company to the Debtors
and Creditors are still awaited in most cases.
5.Small Scale Industries in respect of which amount of outstanding for
more than 30 days, in excess of Rs. 1 Lac are Nil.
6.The company has not received from any of its transacting parties
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosure, if any relating to amounts
unpaid as at the year and together with the interest payable as
required under the said Act cannot be disclosed.
7.The company is mainly engaged in the business of manufacturing
Lighting Products and parts thereof. Therefore all the operations of
the company are considered as Single segment for the purpose of
Accounting standard-17 on "Segment Reporting" issued by Institute of
Chartered Accountants of India.
8.In view of uncertainty of future taxable profits, Differed tax
assets have not been created during the year on consideration of
prudence as set out in Accounting Standard -22 on "Accounting for Taxes
on Income " issued by the Institute Of Chartered Accountant of India.
9. The Promoters of the Company along with Strategic Investor have
entered into settlement with all secured creditors and hence no
provision has been made for any interest on loan(s) outstanding.
Pursuant to a reference filed before the Board of Industrial & Finance
Reconstruction (BIFR) in 2003, the company has submitted a
rehabilitation scheme for financial restructuring, which is under
consideration.
10.There appears to be no impairment to the production & assembly line
of the company''s business, as it continues to produce the main products
of the company.
11. All the leases are cancellable operating leases at the option of
the owner. The company has taken offices on lease renewal on annual
basis. The lease expense recognized in P & L A/c on such lease is Rs.
3,00,000/-. Also the company has lease out its building on lease
renewal on annual basis. The lease income recognized in P & L A/c is
Rs. 4,64,000/-
12.During the year ended March 31, 2013 the Revised Schedule VI
notified under the Companies Act 1956, has become applicable to the
company. The company has reclassified previous year figures to confirm
this year''s classification.
Mar 31, 2010
1. Contingent Liabilities not provided for :
(Rs. in Lacs)
31.03.2010 31.03.2009
a) Capital Expenditure Commitments - -
b) Guarantees issued by banks 2.04 2.04
c) Disputed Excise Duty Demands 4.47 4.47
d) Sales Tax 86.12 101.26
2. Letter of confirmation of balance sent by the Company to the
Debtors and Creditors are still awaited in most cases.
3. Small Scale Industries in respect of which amount of outstanding
for more than 30 days, in excess of Rs.1 lac are: NIL
4. The Company has not received from any of its transacting parties
regarding their status under the Micro Small and Medium Enterprises
Development Act, 2006. Hence disclosure, if any, relating to the
amounts unpaid as at the year and together with interest payable as
required under the said Act cannot be disclosed.
5. The Company is engaged in the business manufacturing of Lighting
Products and Chassis and allied components. So identifiable primary
segments of the company are Chassis. Lighting items and other
Operations. In Accordance with Accounting Standard-17 on "Segment
Reporting" issued by the Institute of Chartered Accountants of India,
the Segment Information is as follows:
Note : The company has common assets and set up for all the products
manufactured by it, so the same have been identified as un-allocated
Assets.
6. In compliance of Accounting Standard-18 on "Related Party
Disclosure" issued by the ICAI, the details pertaining to related party
disclosure are as follows :-
A Name of the related parties and description of relationship
ASSOCIATES KEY MANAGEMENT RELATIVES OF KEY
PERSONNEL MANAGEMENT PERSONNEL
Calcom Electronics Ltd. Mr S.K. Malik Ms Shashi Malik
Daishin Denken India
Pvt. Ltd. Mr. Aijaz Ghaffar
Calcom Institutue
of Management
(Non Profit Edu. Trust)
Laxmi Electronics
S.K. Malik (HUF)
B Transactions with related parties
ITEM Associates Key
Management Relatives
of Key Total
Personnel Management Personnel
Sales of goods 24.16% 0.00% 0.00% 24.16%
(As a % of total
sale, net of
captive consumption)
Purchase of goods 1.93% 0.00% 0.00% 1.93%
(As a % of total
purchase, net of
captive consumption)
Amount Receivable 74.98% 0.00% 0.00% 74.98%
(As a % of total
debtors)
Professional charges
& other payment 30.86% 0.00% 0.00% 30.86%
(As a % of total
selling &
Administrative Exp.)
Salary & other
benefits 0.00% 9.45 0.00% 9.45%
(As a % of total
salary & wages)
Outstanding balance
of loan taken 0.00% 0.00% 0.00% 0.00%
(As a % of total
unsecured loans)
Job Work Charges
Received 46.69% 0.00% 0.00% 46.69%
(As a % of total job
work charges received)
7. In view of uncertainity of future taxable profits, Deffered tax
assets have not been created during the year on consideration of
prudence as set out in Accounting Standard-22 on "Accounting for Taxes
on Inocme" issued by the Institute of Chartered Accountants Of
India(ICAI).
8. Pursuant to a reference filed before the Board of Industrial &
Finance Reconstruction (BIFR), on 4th November 2003 the company has
submitted a rehabiliation scheme wherein the company has projected
postive cash flows taking into the account the production capacity &
future business plans. The provision for interest payable to Banks
amouting to Rs.2083.87 lacs (Previously Rs.1742.33 lacs) has not been
made in the books of accounts and the company is confident of a
favourable restructuring package/settlement.
9. As per Management perception, Sundry Debtors exceeding 6 months are
fully recoverable,(except those already provied for ) hence, no
provision is made there against.
10. There appears to be no impairment to the production & assembly
line of the companys business, as it continious to produce the main
products of the company.
11. Previous years figures have been regrouped / rearranged where
ever considered necessary.
Mar 31, 2009
1. Contingent Liabilities not provided for:
(Rs. in Lacs)
31.03.2009 31.03.2008
a) Capital Expenditure - -
Commitments
b) Guarantees issued by
banks 2.04 2.04
c) Disputed Excise Duty
Demands 4.47 4.47
d) Sales Tax 101.26 100.41
2. Letter of confirmation of balance sent by the Company to the
Debtors and Creditors are still awaited in most cases.
3. Small Scale Industries in respect of which amount of outstanding
for more than 30 days, in excess of Rs 1 lac are: NIL
4. The Company has not received from any of its transacting parties
regarding their status under the Micro Small and Medium Enterprises
Development Act, 2006. Hence disclosure, if any, relating to the
amounts unpaid as at the year end and together with interest payable as
required under the said Act cannot be disclosed.
5. The Company is engaged in the business manufacturing Electronic sub
assembly. The business of Black & White and Colour T.V sets constitutes
a very small part thereof whose turnover in comparison to the total
turnover is less than 10%. Therefore all the operations of the Company
are considered as Single Segment for the purpose of Accounting
Standard-17 on "Segment Reporting" issued by the Institute of Chartered
Accountants of India.
6. In view of uncertainity of future taxable profits, Deferred tax
assets have not been created during the year on consideration of
prudence as set out in Accounting Standard-22 on "Accounting for Taxes
on Inocme" issued by the Institute Of Chartered Accountants Of
India(ICAI).
7. Pursuant to a reference filed before the Board of Industrial &
Finance Reconstruction (BIFR), on 4th November 2003 the company is
preparing a rehabiliation scheme wherein the company has projected
postive cash flows taking into the account the production capacity &
future business plans. The provision for interest payable to Banks
amouting to Rs.1742.33 lacs (Previously Rs.1406.46 lacs) has not been
made in the books of accounts and the company is confident of a
favourable restructuring package.
8. As per Management perception, Sundry Debtors exceeding 6 months are
fully recoverable,(except those already provided for) hence, no
provision is made there against.
9. There appears to be no impairment to the production & assembly
line of the companys business, as it continues to produce the main
products of the company.