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
#
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.