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Notes to Accounts of Classic Electricals Ltd.

Mar 31, 2014

1. Share Capital

Terms/Rights attached to Equity Shares

The Company has only one class of Equity shares having par value of Rs. 10/- per shares. Each shareholders of equity shares is entitled to one vote per share.

In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount, in proportion to their share holding.

2. Deferred Tax Assets/(Liability) (Net)

Deferred Tax Assets arisen on account of Carried forward Short Term Capital Loss is not accounted in view of uncertainty as to utilisation of Deferred Tax Assets in near future.

3. Fixed Assets

Notes:

1) Pursuant to accounting standard 28 "Impairment of Assets", the company has made an assessment as at end of the year for any indication of impairment in the carrying amount of the company''s assets and determine that the carrying value of the assets is less than its realizable value and hence, no provision for any impairment of assets is made in the books of accounts.

2) Please Refer Note No. 23 for Adjustment in Gross Block and Depreciation in respect of Freehold land and Shed Building.

4. Contingent Liabilities:

a. The disputed Income-tax demand of 244.95 lacs as under:

Assessment Year Tax Demand (In Lacs) Tax Paid under protest/refund adjusted (in lacs)

1989-90 2.65 Nil

1990-91 54.90 54.90

1991-92 155.83 155.83

1992-93 31.57 31.57

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and hence no provision is made in the books of accounts.

5. In the opinion of the management, Loans St Advances and trade receivables have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

6. The Loss on sale of Assets of Rs. 21,39,976/- Represent portion of the land and building at Hubli like basement storage and others having on saleable value and hence Written off in the Books of Accounts.

7. The Company is not engaged in any operational Business and Hence Segment reporting is not applicable to the company.

8. Related Party Transactions

Related party disclosure in accordance with the Accounting Standard 18-issued by the Institute of chartered Accountants of India is as under:

1) During the year there are no any transactions were carried out with KMP or their relatives in the ordinary course of business.

2) related party relationship is as identified by the company and relied upon by the auditor.

9. Balances in respect of Trade receivables, Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

10. "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act , 1993. The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

11. The previous year''s figures have been regrouped & recast wherever necessary to make them comparable.


Mar 31, 2013

Companies Overview:

Classic Electricals Limited (the company) is a public limited company incorporated under the provisions of the companies Act, 1956 vide CIN: L25209MH1985PLC036049.

1.1 Contingent Liabilities:

a. The disputed Income-tax demand of Rs. 244.95 lacs as under:

Tax Paid under protest/refund Assessment Year Tax Demand (In Lacs) adjusted (in lacs)

1989-90 2.65 Nil

1990-91 54.90 54.90

1991-92 155.83 155.83

1992-93 31.57 31.57

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and hence no provision is made in the books of accounts.

1.2 Provision for accruing of liabilities for gratuity in terms of Accounting Standard 15 [AS-15 (revised 2005)] "Accounting for Employee Benefits" issued by The Institute of Chartered Accounts of India has not been made in the accounts. The figure of which is not ascertainable.

1.3 In the opinion of the management, Loans & Advances and trade receivables have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

1.4 The Company is not engaged in any operational Business and Hence Segment reporting is not applicable to the company.

1.5 Balances in respect of Trade receivables, Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

1.6 "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993.The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

1.7 The previous year''s figures have been regrouped & recast wherever necessary to make them comparable.


Mar 31, 2012

Companies Overview:

Classic Electricals Limited (the company) is a public limited company incorporated under the provisions of the companies Act, 1956 vide CIN: L25209MH1985PLC036049.

Pursuant to accounting standard 28 Impairment of Assets, the company has made an assessment as at 31st March, 2012 for any indication of impairment in the carrying amount of the company's assets and determine that the carrying value of the assets is less than its realizable value and hence, no provision for any impairment of assets is made in the books of accounts.

1.1 Contingent Liabilities:

a. The disputed Income-tax demand of Rs. 244.95 lacs as under:

Assessment Year Tax Demand Tax Paid under protest/refund adjusted (in lacs)

(in lacs)

1989-90 2.65 Nil

1990-91 54.90 Nil

1991-92 155.83 155.83

1992-93 31.57 31.57

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and hence no provision is made in the books of accounts.

1.2 Provision for accruing of liabilities for gratuity in terms of Accounting Standard 15 [AS-15 (revised 2005)] "Accounting for Employee Benefits" issued by The Institute of Chartered Accounts of India has not been made in the accounts. The figure of which is not ascertainable.

1.3 In the opinion of the management, Loans at Advances and trade receibales have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

1.4 The Company is not engaged in any operational Business and Hence Segment reporting is not applicable to the company.

1.5 Balances in respect of Trade receivables, Loans & advances and Liabilibities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

1.6 "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993.The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

1) During the year there are no any transactions were carried out with KMP or their relatives in the ordinary course of business.

2) related party relationship is as identified by the company and relied upon by the auditor.

1.7 The previous year's figures have been regrouped & recast wherever necessary to make them comparable.


Mar 31, 2010

1. Contingent Liabilities:

a. The Income tax assessments of the company have been completed up to assessment year 2007-08.

b. The disputed Income-tax demand of Rs. 244.95 lacs as under:

Assessment Tax Demand Tax Paid under

Year (in lacs) protest/ refund adjusted (inlacs)

1989-90 2,65 Nil

1990-91 54.90 Nil

1991-92 155.83 155.83

1992-93 31.57 31.57

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Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced.

2. Additional information pursuant to the provision of paragraphs 3 and 4 of part II of schedule VI to the Companies Act, 1956;

i) Capacity:

The Company is not required to obtain any industrial license. ii) Quantitative information in respect of Opening stock, Purchases, Production, Sales and Closing stock for each class of goods dealt with by the company as per

Annexure -I.

3. Provision for accruing of liabilities for gratuity in terms of Accounting Standard 15 [AS- 15 (revised 2005)] "Accounting for Employee Benefits" issued by The Institute of Chartered Accounts of India has not been made in the accounts. The figure of which is not ascertainable.

4. Computation of net profit in accordance with Companies Act, 1956 has not been given as commission by way of percentage of profits is not payable for the year to any of the Directors of the Company.

5. Pursuant to accounting standard 28 "Impairment of Assets", the company has made an assessment as at 31st March, 2010 for any indication of impairment in the carrying amount of the companys assets and determine that the carrying value of the assets is less than its realizable value and hence, no provision for any impairment of assets is made in the books of accounts.

6. C.I F. value of import: Nil (Previous year Nil)

7. Expenditure in Foreign currency: Nil (previous year Nil)

8. Remittance in Foreign currency: for dividend: Nil (previous year Nil)

9. FOB value of goods exported : Nil (previous year Nil)

10. Balances in respect of sundry debtors, creditors, advances and deposits in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

11. Related party disclosure in accordance with the Accounting Standard 18-issued by the Institute of chartered Accountants of India and effective from April 1st, 2001.

Relationships:

1) Subsidiary Companies:

NIL

2) Associate Parties:

NIL

3) Key Managerial Personnels:

Shri Jadavji L. Shah : Director

Shri Sanjay D. Shah : Director

Shri Mehul J. Shah : Director

4) Relatives:

Relative of key managerial personnels and their enterprises where transaction have been taken place.

Note: related party relationship is as identified by the company and relied upon by the auditor.

During the year there are no any transactions were carried out with the related parties in the ordinary course of business.

12. "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993.

The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

13. Segment reporting policies

Disclosures pursuant to the requirements of accounting standards:

a. Disclosures as per AS 17 "Segment reporting" issued by Institute of Chartered Accountants of India.

Segment information:

Primary Segment Reporting - By Business Segment

Business Segments:

- Manufacturing Activity

- Leasing & Finance Activity

b. Inter segment transfer pricing:

Inter segment prices are normally negotiated amongst the segment with reference to the cost, market prices and business risks, within an overall optimisation objective.

c. Basis for allocating revenues and expenses to the segments.

Revenue and expenses have been accounted for based on the basis of their relationship to the operating activities of the segment. Revenue and expenses, which relates to the enterprise as a whole and are not allocable to segment on the reasonable basis, have been included under "Unallocable Expenses" and or "Unallocalbe Income".

14- In the opinion of the management, Current Assets, Loans & Advances have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated and provision for all non liability has been made.

15. The previous years figures have been regrouped & recast wherever necessary to make them comparable.

 
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