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Notes to Accounts of Catvision Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION:

Catvision Limited, a public limited company incorporated under the Indian Companies Act, 1956, is listed on the Bombay Stock Exchange (Code: 53118). The company was incorporated as Catvision Products Limited on 28th June 1985. The name of the company was changed to Catvision Limited after obtaining a fresh certificate of incorporation.

2. BASIS OF PREPERATION:

The company has prepared its financial statements in accordance with generally accepted accounting principles in India (Indian GAAP). While preparing these financial statements, the company has complied with accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956.

The financial statements have been prepared on an accrual basis and under the historical cost convention which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3. The rights, power and preference relating to each class of shares:

(i) The company has only one class of shares having a par value of ' 10/- per share. Each holder of Equity Shares is entitled to vote per share. The Company declares and pay dividend in Indian Rupees.

(ii) In the event of liquidation of the Company, the holders of equity shares will be eligible to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportions to the number of equity shares held by the shareholders.

The Cash credit facilities from Axis Bank Ltd., B-2, B-3, sector -16, Noida, U.P are repayable on demand and are secured by first legal mortgage on land , building and plant and machinery of the Company situated at Noida and Selaqui-Dehra Dun and hypothecation of Stock, Book Debts and personal guarantees of Promoter Directors.

a) The Company has adopted the revised Accounting Standard (AS) 15, 'Employee Benefits' issued by the Institute of Chartered Accountants of India w.e.f. 1st April 2007.

b) Contribution to Provident Fund : Amount of Rs. 2394994/- (Previous year Rs. 2367949/- ) is recognised as an expense and included in Employees Remuneration and benefits (Refer Note 29) in the Statement of Profit & Loss for the year ended 31st March 2015.

c) Gratuity : The following table sets out the status of the Defined Benefits Plan as at 31st March 2015 which is based on the report submitted by an Independent Actuary :

The company has initiated the process of obtaining confirmation from suppliers who have registered themselves under Micro and Small Medium Enterprises Development Act. 2006 (MSMED Act, 2006). Based on the information available with the Company, the balance due Micro and Small Medium Enterprises as defined under the MSMSED Act, 2006 is Nil. Further no interest during the year has been paid or payable under the terms of the MSMED Act. 2006.

Some of the customers and suppliers accounts are pending confirmation/reconciliation and the same have been taken as the balances appearing in the books. Any differences arising on account of such reconciliation, which are not likely to be material, will be accounted for as and when these reconciliations are completed.

4. RELATED PARTY DISCLOSURE:

As per Accounting Standard (AS- 18) issued by the Institute of Chartered Accountants of India, information in terms of the said Standard, are disclosed below :

(a) The name of related parties of the Company are as under :-

i. Company having substantial interest

Name of the Company Country of Incorporation

Catvision Unitron Pvt. Ltd. India

Unicat Ltd. UAE

ii. Associates:-

Name of the Company Country of Incorporation

Catvision Unitron Pvt. Ltd. India

Unicat Ltd. UAE

iii. Key Managerial Personnel :

Particulars Relation

Mr. S. A. Abbas Managing Director

Mr. Vinod Rawat Chief Financial Officer

Ms. Rency George Company Secretary

iv. Others Key Managerial Personnel :

Particulars Relation

Mr. Sudhir Damodaran Executive Director

Mrs. Hina Abbas Executive Director

5. SEGMENT REPORTING POLICIES

a) Primary Segment:

Based on the guiding principle given in the Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Company has identified two business segments as primary segments. The reportable business segments are "Products" and "Operations & Services". These segments have been identified considering the nature of the products and the internal financial reporting systems.

Revenue and expenses have been accounted for based on the basis of their relationship to the operating activities of the segments. Revenue and expenses, which relate to the enterprise as whole and are not allocable to segments on a reasonable basis, have been included under Unallocable Revenue and Expenses. Assets and Liabilities, which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis, have been included under Unallocable Assets/Liabilities.


Mar 31, 2014

NOTE 1 : CORPORATE INFORMATION:

Catvision Limited, (formerly known as Catvision Products Ltd (the company) is a public limited Company incorporated under the provisions of the Companies Act, 1956. Its shares are listed at Mumbai Stock Exchange. The company is engaged in the manufacturing and selling of CATV equipments energy management system etc. The company caters to both domestic and international markets.

NOTE 2 : BASIS OF PREPERATION:

The company has prepared its financial statements in accordance with generally accepted accounting principles in India (Indian GAAP). While preparing these financial statements, the company has complied with accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

NOTE 3 : DEFERRED TAX LIABILITY (NET):

Deferred Tax has been provided in accordance with Accounting Standard- 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. The computation of Deferred Tax Assets/ Deferred Ta x Liabilities as on 31st March 2014 is as follows:

Year Ended Year Ended 31.03.2014 31.03.2013 rs rs

NOTE 4 : CONTINGENT LIABILITIES AND COMMITMENT:

i) Unexpired Bank Guarantee 774,272 2,457,316

ii) Claim against the company not acknowledged as debits* 4,186,003 10,192,325

iii) Unexpired Letter of Credits 2,935,885 8,652,818

a. The claim against the Company comprises of an deduction of Rs. 3,386,003 by Telecommunication Consultants India Ltd. (TCIL) on account of alleged past dues. The said claim for dedecution is not only illegal but also time barred. The Company has suitbaly defended the said claim before the appropriate court.

b. Based on the favorable decisions in similar cases/legal opinions taken by the company/discussions with its legal advisors etc. the Company believes that it has good cases in respect of the item no. (ii) and hence no provision there against is considered necessary.

NOTE 5 : EMPLOYEES BENEFIT:

a) The company has adopted the revised Accounting Standard (AS) 15, ''Employee Benefits'' issued by the Institute of Chartered Accountants of India w.e.f. 1st April 2007.

b) Contribution to Provident Fund : Amount of Rs. 2367949/- (Previous year Rs. 2206642/- ) is recognised as an expense and included in Employees Remuneration and Benefits (Refer Schedule 15) in Statement of the Profit & Loss for the year ended 31st March 2014.

NOTE 6 :

The company has initiated the process of obtaining confirmation from suppliers who have registered themselves under Micro and Small Medium Enterprises Development Act. 2006 (MSMED Act, 2006). Based on the information available with the company, the balance due Micro and Small Medium Enterprises as defined under the MSMSED Act, 2006 is Nil. Further no interest during the year has been paid or payable under the terms of the MSMED Act. 2006 Some of the customers and suppliers accounts are pending confirmation/reconciliation and the same have been taken as the balances appearing in the books. Any differences arising on account of such reconciliation, which are not likely to be material, will be accounted for as and when these reconciliations are completed.

NOTE 7 : RELATED PARTY DISCLOSURE:

As per Accounting Standard (AS- 18) issued by the Institute of Chartered Accountants of India, information in terms of the said Standard, are disclosed below :

i. The company does not have any related party transaction, where control exists.

ii. Related Parties with whome transactions have taken place during the year ended 31st March, 2014 :

a) Key Managerial Personnel :Mr. S. A. Abbas

: Mr. Sudhir Damodaran

b) Relatives of Key Managerial Personnel : Mrs. Hina Abbas

c) Joint Venture Company : M/s Catvision Unitron Private Limited

d) Enterprises in which key managerial personnel : Total Telemedia Private Limited along with their relatives exercise significant influence

NOTE 8 : SEGMENT REPORTING POLICIES: a) Primary Segment:

Based on the guiding principle given in the Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has identified two business segments as primary segments. The reportable business segments are "Products" and "Operations & Services". These segments have been identified considering the nature of the products and the internal financial reporting systems.

Revenue and expenses have been accounted for based on the basis of their relationship to the operating activities of the segments. Revenue and expenses, which relate to the enterprise as whole and are not allocable to segments on a reasonable basis, have been included under Unallocable Revenue and Expenses. Assets and Liabilities, which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis, have been included under Unallocable Assets/Liabilities.

NOTE 9 :

Figures of the previous year have been regrouped/ reclassified whereever necessary.

NOTE 10 :

The figures have been rounded off to the nearest Rupee.


Mar 31, 2013

NOTE 1 : CORPORATE INFORMATION:

Catvision Limited, (formerly known as Catvision Products Ltd (the company) is a public limited Company incorporated under the provisions of the Companies Act, 1956. Its shares are listed at Mumbai Stock Exchange. The Company is engaged in the manufacturing and selling of CATV equipments energy management system etc. The Company caters to both domestic and international markets.

NOTE 2 : BASIS OF PREPERATION:

The Company has prepared its financial statements in accordance with generally accepted accounting principles in India (Indian GAAP). While preparing these financial statements, the company has complied with accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956.

The financial statements have been prepared on an accrual basis and under the historical cost convention which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

NOTE 3 : EMPLOYEES BENEFIT

a) The Company has adopted the revised Accounting Standard (AS) 15, Employee Benefits issued by the Institute of Chartered Accountants of India w.e.f. 1st April 2007.

b) Contribution to Provident Fund : Amount of 2,206,642/- (Previous year 1,720,532/-) is recognised as an expense and included in Employees Remuneration and benefits (Refer Note 22) in the Statement of Profit & Loss for the year ended 31st March 2013.

c) Gratuity : The following table sets out the status of the Defined Benefits Plan as at 31st March 2013 which is based on the report submitted by an Independent Actuary :

NOTE 4 :

The Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under Micro and Small Medium Enterprises Development Act. 2006 (MSMED Act, 2006). Based on the information available with the Company, the balance due Micro and Small Medium Enterprises as defined under the MSMSED Act, 2006 is Nil. Further no interest during the year has been paid or payable under the terms of the MSMED Act. 2006 Some of the customers and suppliers accounts are pending confirmation/reconciliation and the same have been taken as the balances appearing in the books. Any differences arising on account of such reconciliation, which are not likely to be material, will be accounted for as and when these reconciliations are completed.

NOTE 5 : RELATED PARTY DISCLOSURE

As per Accounting Standard (AS- 18) issued by the Institute of Chartered Accountants of India, information in terms of the said Standard, are disclosed below :

i. The Company does not have any related party transaction, where control exists.

ii. Related Parties with whome transactions have taken place during the year ended 31st March, 2010 :

a) Key Managerial Personnel : : Mr. S. A. Abbas

: Mr. Sudhir Damodaran

b) Relatives of Key Managerial Personnel : : M Hina Abbas

c) Joint venture Company : : M/s Catvision Unitron Pvt. Ltd.

NOTE 6:

In the opinion of the Board of Directors, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business.

NOTE 7 : SEGMENT REPORTING POLICIES

a) Primary Segment: Based on the guiding principle given in the Accounting Standard - 17 Segment Reporting" issued by the Institute of Chartered Accountants of India, the Company has identified two business segments as primary segments. The reportable business segments are Products" and Operations & Services". These segments have been identified considering the nature of the products and the internal financial reporting systems.Revenue and expenses have been accounted for based on the basis of their relationship to the operating activities of the segments. Revenue and expenses, which relate to the enterprise as whole and are not allocable to segments on a reasonable basis, have been included under Unallocable Revenue and Expenses. Assets and Liabilities, which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis, have been included under Unallocable Assets/Liabilities.

NOTE 8 :

Figures of the previous year have been regrouped/ reclassified whereever necessary.

NOTE 9 :

The figures have been rounded off to the nearest Rupee.

 
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