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Notes to Accounts of Choksi Imaging Ltd.

Mar 31, 2015

Note 1. Contingent liabilities and commitments (to the extent not provided for)

Particular As at As at 31st March 31st March 2015 2014 Rs.in Lakh Rs.in Lakh

Contingent liabilities

(a) Guarantees 29.12 32.38

(b) Letter of Credit 1.99 23.31

(c) Claim not Acknowledge 143.75 143.75 by Company (refer note.1)

(d) Claim not Acknowledge 1,574.64 - by Company - Custom Duty & Penalty (refer note.2)

Note:

1) No Provison has been made in books of Account as company is of the opinion that there will not be any Liability. As company is confident of winning both the cases inclusive of Rs. 128.50 of Bright Care Diagnostic Centre and Rs. 15.25 of Dr.Jai Thakur.

2) The Company has received demand order from the Commissioner of Customs of custom duty aggregating Rs. 787.32 lacs & penalty of Rs. 787.32 lacs for the year 2011-12, 2012-13 & 2013-14. The company is in process to file an appeal against the said order.

The company is advised that the said demand is legally unsustainable and hence the company does not expect any liability in the matter.

Note 2. Segment information

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare industry. Hence the the Segment wise information as required by AS 17 is not applicable.

Note 3.

A) Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies ( Amendment Act)1999,the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to Unpaid dividend account in respective years in respect of Accounting year 2007-08,2008-09, 2009- 10, 2010-11,2011-12 & 2012-13. subsequent dividend payment, shall be transferred to the Investors Education and Protection Fund account.

B) Related Parties & Relatinship

a) Company and firm in which Directors and their relatives are Directors or Partner

Choksi Brothers Pvt.Ltd.(CBPL),Medical Solution(India)Pvt.Ltd.,Unique Imaging,S.S.Digitech Impex Pvt.Ltd., Photo Marketing Services & Hitech Imaging Pvt.Ltd.

b) Directors of the company

Anil Choksi,Samir Choksi,Naimish Choksi,Gaurav Choksi"

c) Key Management personnel Tushar K.Choksi ,Sunil A.Choksi"

Note 4. As Schedule for previous year figure

The figures of the previous year have been regrouped / rearanged wherever necessary. The Figure or the Previous years are given in brackets.

The company has complied the above accounts based on the revised/Modified Schedule III applicable for the accounting period 2014-2015.

The disclosure requirements are made in the notes to accounts or by way of additional statements. The other disclosure as required by the Companies Act are made in the notes to accounts.


Mar 31, 2014

Not Available


Mar 31, 2013

Note 1.1 Disclosures under Accounting Standards

Segment information

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare industry. Hence the the Segment wise information as required by AS 17 is not applicable.

Note 1.2

A) Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies (Amendment Act)1999,the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to Unpaid dividend account in respective years in respect of Accounting year 2005-06,2006-07,2007-08,2008-09, 2009-10, 2010-11& 2011-12subsequent dividend payment,shall be transferred to the "Investors Education and Protection Fund" account.

B) Related Parties & Relationship

a) Company and firm in which Directors and their relatives are Directors or Partner

Choksi Brothers Pvt.Ltd.(CBPL), Medical Solution (India) Pvt.Ltd., Unique Imaging, S.S.Digitech Impex Pvt.Ltd., Photo Marketing Services & Hitech Imaging Pvt.Ltd.

b) Directors of the company

Anil Choksi, Suresh Choksi, Samir Choksi, Naimish Choksi, Gaurav Choksi

c) Relatives

Sunil Choksi, Kusum Choksi, Sunil Choksi-HUF

d) Key Management personnel Tushar K.Choksi, Sunil A.Choksi

e) Disclosure in respect of material related transaction during the year

a) Purchase Goods from Unique Imaging is Rs. 22.71

b) Purchase Goods from Medical Solution(India) Pvt.Ltd. is Rs. NIL and sales Rs. 2.00

c) Purchase Goods from S.S. Digitech Impex Pvt.Ltd. is Rs. 5.60

d) Fixed Deposit Repaid to Sunil Choksi HUF Rs. 10.30 & Sunil Choksi Rs. 1.07 Including Interest Repaid to Kusum Choksi Rs. 82.75 including interest

e) Remuneration to key management personnel Tushar. K. Choksi Rs. 17.04, Sunil A. Choksi Rs. 17.04 for the year 2012-13 & Gaurav S. Choksi Rs. 5.75 from April to July-12.

C) Derivatives contract entered by the Company & Outstanding as on 31.03.13

a) Nominal amount of derivative contract entered by the Company Outstanding as on 31.03.13 is NIL Previous year NIL

b) Foreign Currency exposure that are not hedged by derivative investement as on 31.03.13 is as follows:


Mar 31, 2012

Note: Public Deposits received in Rs. 187.28 which includes Rs. 142.92 payable within one year & Balance Rs. 44.36 within next two years. Unpaid Public Deposit Rs. 0.03 (Nil) is included under the Head Unpaid Maturity Deposit & Interest Accrued thereon.

Notes:

1) Company is using Cash Credit Facilities for Working Capital & which is secure by

(a) Hypothecation of raw materials, stock in process, finished goods, packing materials, stores & book debts.

(b) Charge on fixed Assets and machineries of the company

(c) Personal guarantee of certain Directors

Note:

(1) The outstanding of Micro, Small and Medium scale industrial undertaking has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors. There is no outstanding supplier from Micro, Small & Medium undertaking more than 45 days as informed.

There is no claims from suppliers under the interest on delayed payment to small scale Ancillary Industrial Undertaking as informed by the Management.

(2) Trade Acceptances includes Rs. 3.53 of Unique Imaging & Rs. 1.16 of S. S. Digitech Impex Pvt. Ltd., Photo Marketing Services Rs. 30.12 in which Key Management persons are interested & Maximum Balance of Outstanding anytime during the year.

Note:

Other Trade Receivables Includes Rs. 125.98 of Medical Solutions (India) Pvt. Ltd. in which Key Management Persons are interested Maximum Balance is outstanding anytime during the year.

Segment information

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare industry. Hence the Segment wise information as required by AS 17 is not applicable.

A) Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies (Amendment) Act 1999, the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to Unpaid divided account in respective years in respect of Accounting year 2004-05, 2005-06, 2006-07, 2007-08, 2008-09, 2009-10 & 2010-11 subsequent dividend payment, shall be transferred to the "Investors Education and Protection Fund" account.

B) Related Parties & Relationship

a) Company and firm in which Directors and their relatives are Directors or Partner Choksi Brothers Pvt. Ltd., Medical Solution (India) Pvt. Ltd., Unique Imaging, S.S.Digitech Impex Pvt. Ltd., Photo Marketing Services.

b) Directors of company

Mr. Anil Choksi, Mr. Suresh Choksi, Mr. Samir Choksi, Mr. Naimish Choksi

c) Relatives

Ms. Kusum Choksi, Mr. Sunil Choksi, Sunil Choksi HUF

d) Disclosure in respect of material related transaction during the year

a) Purchase goods from Unique Imaging is Rs. 19.16/-

b) Purchase goods from Medical Solution (India) Pvt. Ltd. in Rs. 4.70/- and sales Rs. 486.55/-

c) Purchase goods from S.S. Digitech Impex Pvt. Ltd. is Rs. 9.80/-

d) Fixed Deposit taken from Ms. Kusum Choksi is Rs. 80/- & Interest Paid Rs. 7.94/-

e) Fixed Deposit taken from Mr. Sunil Choksi is Rs. 1/- & from Sunil Choksi HUF is Rs. 10/- interest paid Rs. 1.09/-


Mar 31, 2010

1. Contingent Liabilities:

Contingent Liability in respect of As on As on 31.03.10 31.03.09

Guarantee Furnished including In respective of Letter of credit Rs. 1,283,623 Rs. 1,187,710

Estimated amount of Contracts To be executed on capital account And not provided for Rs. 8,112,800 Rs. 241,710

2. The outstanding of Micro, Small and Medium scale industrial undertaking has been determined to the extent such parties have been identified on the basis of information available with the company; this has been relied upon by the Auditors.

There is no outstanding from supplier from Micro, Small & Medium undertaking more than 45 days as informed.

There are no claims from suppliers under the Interest on delayed payment to small scale Ancillary Industrial Undertaking as informed by the Management.

3. Previous year figures have been regrouped or rearranged wherever necessary to make them comparable with current year.

4. Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies Amend-ment Act (1999), the amount of dividend remaining unclaimed for a period of Seven years from the date of transfer to unpaid divi-dend account in respective years in respect of Accounting year 2004-2005, 2005-2006, 2006-2007, 2007-2008 and 2008-2009 subse-quent dividend payments, shall be transferred to the "Investors Education and Protection Fund" account.

5. Segment Reporting:

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare Industry. Hence the Segment wise information as required by AS 17 is not applicable.

6. Related Party Disclosures:

Related party Disclosers as required by AS 18 of the Institute of Chartered Accountants of India is as follows:

A) Related Parties and Relationship

(a) Company and Firm in which Directors and their relatives are Directors or Partners.

Choksi Brothers Private Limited, Medical Solutions (India) Private Limited, Photo Marketing Services, Choksi Brothers Unique Imaging, Innova Investment, Samir K Choksi - Huf

(b) Directors of the Company

Mr. Sharadchandra Pendse, Mr. Anil V.Choksi, Mr. Suresh V.Choksi, Mr. Naimish N. Choksi, Mr. Samir K.Choksi, Mr. Tushar Parikh, Mr. Himanshu Kisnadwala, Mr. Vikram Maniar.

(c) Key Management Personnel:

Mr. Sunil A. Choksi, Mr. Tushar K. Choksi, Mr. Gaurav S. Choksi

d) Disclosure in respect of material related party transaction during the year:

a) Purchase of Goods from Choksi Brothers Private Ltd. is Rs. 340, 272/-

b) Sales of Goods to Choksi Brothers Private Ltd. is Rs. 70,812/-

c) Deposits taken from Choksi Brothers Pvt. Ltd. Is Rs. 74,055,056/- and Medical Solutions (India) Private Ltd is Rs. 3,900,000/-

d) Interest Expenses on deposits taken from Choksi Brothers Private Ltd. is Rs. 5,665,837/- and from Medical Solutions (India) Private Ltd is Rs.193,710/-.

e) Interest expenses on deposit taken from Directors is Rs. 4,371,443/-.

f) Outstanding deposits payable to Choksi Brothers Private Ltd is Rs. 76,737,933/- and to Medical Solutions (India) Private Limited is Rs. NIL/-.

g) Remuneration to Key management personal Mr. Tushar K. Choksi Rs. 1,552,074 /-, Mr. Gaurav S. ChoksiisRs.1,552,074/-and Mr. Sunil A. Choksi is Rs. 1,552,074/-.

h) Rent paid to Director Mr. Samir K. Choksi, (HUF) towards rent is Rs. 114,000/-.

i) Rent paid to Director Mr. Suresh V. Choksi towards rent is Rs. 150,000/-

j) Rent paid to Innova Investmenttowards rent is Rs. 1,085,806/-

k) Purchase of Gala at Piparia Rs. 12,360,000/-

l) Purchase of Goods from Unique Imaging Rs. 884,560/-.

m) Purchase of Goods from Photo Marketing Services is Rs. 1,071,000/-.

n) Sale of Goods to Photo Marketing Services is Rs. 30,600/-.

o) Interest paid on Fixed Deposit to Shri Sunil Choksi Rs. 11,000/-, Sunil Choksi HUF Rs. 80,465/- and Smt. Kusum Choksi Rs. 605,151/-

7. Disclosures in accordance with Revised accounting Standard (AS) - 15 "Employee Benefits":-

 
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