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Notes to Accounts of Calcom Vision Ltd.

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.

 
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