Home  »  Company  »  Control Print Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Control Print Ltd.

Mar 31, 2015

Terms/Rights attached to Equity Shares:

The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of Equity Shares held by the shareholders.

31st March 31st March 1 CONTINGENT LIABILITIES AND COMMITMENTS 2015 2014

(i) Contingent Liabilities

(A) Counter Guarantees given by the company to the bank against the Bank 2,134,734 1,451,095

Guarantees

(B) Demands against the Company not ackno wledged as debts in respect of :-

1) Maharashtra VAT Assessment for the Financial Year 2005-06, against 473,777

which Company has preferred an appeal to Joint Commissioner of Sales Tax (Appeals) Mumbai

2) Central Sales Tax Assessment for the Financial Year 2005-06, against 3,327,458 which Company has preferred an appeal to Joint Commissioner of Sales Tax (Appeals) Mumbai

3) Central Sales Tax Assessment for the Financial Year 2007-08, against 925,147 which Company has preferred an appeal to Joint Commissioner of Sales Tax (Appeals) Mumbai

4) Central Sales Tax Assessment for the Financial Year 2008-09 against 4,057,828 which Company has preferred an appeal to Joint Commissioner of Sales Tax (Appeals) Mumbai

5) Central Sales Tax Assessment for the Financial Year 2009-10, against 6,904,384 which Company has preferred an appeal to Joint Commissioner of Sales Tax (Appeals) Mumbai

(C)The company is in arbitration proceedings with Videojet INC.,USA and the amount is not ascertainable pending the outcome of the matter.

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital 17,988,816 75,265,833 account (net of Advances)

2 Financials of the Sri Lanka Branch of the Company for the period July 2014 to March 2015 amounting to loss of Rs. 0.19 Cr have been consolidated with the Standalone results under the Non - Intergral method of AS-11 on the effects of changes in the Foreign Exchange Rates

3 Pursuant to Enactment of the Companies Act 2013 ('the Act') the Company has, effective from the 1st April 2014 reviewed and revised the useful life of its fixed Assets generally in accordance with the provisions of the schedule II of the Act. The consequential impact (after considering the transition provision specified in Schedule II is additional depreciation charge of Rs. 57.52 lacs for the year ended 31st March 2015 and adjustment of Rs. 19.90 lacs (Net of deferred tax) against the retained earnings

4 The Company has issued Confirmation to its Debtors and Creditors which are in the process of being reverted by the parties thereof. The process of reconciliation of the balances is on progress.

5 The Company operates in a single Reportable segment, viz Coding & Marking Solutions and Consumables thereof.

6 In the opinion of the Board, the Current Assets, Loans and Advances have a value on realisation not less than what have been stated in the Balance Sheet and Provision of all known Liabilities have been made.

7 During the year Company has incurred Rs. 423,060 towards the Corporate Social Responsibility activities in accordance with the Section 135 of the Companies Act 2013. The Company could not spend entire 2% of its average profit of last three years as there was delay in the process of initiation of the school adoption program as approved by the Board.

8 Previous year figures have been regrouped whereever necessary.


Mar 31, 2014

1 RELATED PARTY DISCLOSURES :

Related Party Disclosures required under AS – 18 are given below:

I Name of the Related Parties Relationship

Silver Plastochem Pvt. Ltd. exists

Key Management Personnel Mr. Basant Kabra

Mr. Shiva Kabra

2 CONTINGENT LIABILITIES AND COMMITMENTS Rs. Rs.

(i) Contingent Liabilities 2013-14 2012-13

(A) Counter Guarantees given by the company to the bank against the Bank Guarantees 1,451,095 1,005,838

(B) Demands against the Company not acknowledged as debts in respect of 1) Income Tax for Assessment Year 2007- 08, against which Company has preferred an appeal to Commissioner of Income Tax (Appeals), Mumbai - 2,033,460

2) Maharashtra VAT Assessment for the Financial Year 2005-06, against which Company has preferred an appeal to Joint Commissioner of Sales Tax (Appeals) Mumbai. Company has 473,777 473,777 deposited Rs. 72,000/- to obtain stay

3) Central Sales Tax Assessment for the Financial Year 2005-06, against which Company has preferred an appeal to Joint Commissioner of Sales Tax (Appeals) Mumbai. Company has 3,327,458 3,327,458 deposited Rs. 500,000/- to obtain stay

(ii) Commitments Estimated amount of contracts remaining to be executed on capital account (net of Advances) 75,265,833 31,024,600

3 BALANCE CONFIRMATIONS

The Company has issued Confirmation to its Debtors and Creditors which are in the process of being reverted by the parties thereof. The process of reconciliation of the balances is in progress.

4 The Company operates in a single reportable segment, viz Coding & Marking Solutions and Consumables thereof.

5 In the opinion of the Board, the Current Assets, Loans and Advances have a value on realisation not less than what have been stated in the Balance Sheet and Provision of all known Liabilities have been made.

6 PREVIOUS YEAR FIGURES

Previous year figures have been regrouped wherever necessary.

7 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with Section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.


Mar 31, 2013

1 BALANCE CONFIRMATIONS

The Company has issued Confirmation to its Debtors and Creditors which are in the process of being reverted by the parties thereof.The process of reconciliation of the balances is on progress.

2 The Company operates in a single reportable segment, viz Coding & Marking Solutions and Consumables thereof.

3 In the opinion of the Board, the Current Assets, Loans and Advances have a value on realisation not less than what have been stated in the Balance Sheet and Provision of all known Liabilities have been made,

4 PREVIOUS YEAR FIGURES

Previous year figures have been regrouped wherever necessary.

5 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.


Mar 31, 2012

The company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders.

A) Car loan from Kotak Mahindra Bank is secured by creating a Charge on the cars purchased from the loan amount. The Loan is repayable in 59 monthly installments starting from June, 201 land the last installment is due in April, 2016.

1 BALANCE CONFIRMATIONS

The Company has issued Confirmation to its Debtors and Creditors which are in the process of being reverted by the parties thereof. The process of reconciliation of the balances is on progress.

2 The Company operates in a single reportable segment, viz, Coding and Marking and Consumables thereof.

3 In the opinion of the Board, the Current Assets, Loans and advances have a value on realization not less than which they have stated in the Balance Sheet and Provision of all known liabilities have been made.

4 PREVIOUS YEAR FIGURES

The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 st March,2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

5 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.


Mar 31, 2010

1) The Company operates in a single reportable segment viz. Coding and Marking Machine and Consumables thereof.

2) In the opinion of the Board, the Current Assets, Loans & Advances have a value on realisation not less than which they have stated in the Balance Sheet and provisions for all known liabilities have been made.

3) During the year Company has allotted 3,50,000 Equity shares to the promoters on preferential basis at the rate Rs. 29.75 per shares and has allotted 48,000 Equity shares at the rate ofRs. 10/-per shares to the Employees of the Company under Employees Stock Option Scheme of the Company.

4) The Company had filed a suit against IDBI in respect of amount appropriated by them towards sale of promoters/guarantors shares in the earlier year is still pending before the Honourable High Court of Mumbai. There is no amount outstanding to the financial institution due to the said appropriation.

5) Other Liabilities include Rs. 1,50,00,000 received as advance against sale of Delhi immovable property of the Company. As per agreement with the buyer, the Company is entitled to forfeit the said amount, if the buyer does not comply with the conditions of sale within the stipulated time. The buyer has since failed to comply with the conditions and hence, the Company has forfeited this amount received in accordance with the terms of the agreement. The buyer has filed suit in the Court for recovery of the advances paid by them. The Company contends that as per the agreement, it is not required to be refunded. However, based on the directives issued by the Court, the Company has deposited FDR of this amount with the Court.

6) On December 31, 2005 shareholders approved via Postal Ballot, an Employee StockOption Plan 2006 (ESOP2006). The Plan provided an issuance of3,69,200 equity shares of Rs. 10/-each to the employee of the Company. Compensation Committee administers the ESOP 2006. Based on the recommendation of the CompensationCommittee,theoptionsweregrantedatRs.10/-pershare per option on the date of grant. These ODtions vest over a Deriod of three vears from the arant date.

The Total Accounting Charge on account of ESOPs is Rs. 1.18 crores amortized over a vesting period of three years on a straightline basis. The Accounting charge for the Current Year isRs. 2,46,881/-

7) Contingent Liabilites not provided for: Asat31/03/10(Rs.) Asat31/03/09(Rs.)

a) Counter Guarantees given by the Company 60,87,939 12,43,500 to the bank against the Bank Guarantees

b) Estimated amount of contracts remaining to be 4,00,20,000 2,95,00,000 executed on capital account (net of Advances)

8) There was no impairment of loss on fixed assets on the basis of review carried out by the management durii the year.

9) As per AS 22 on Accounting for taxes on income issued by ICAI, the Company has adjusted the deferred tax liability as on 31 st March, 2010 of Rs. 19,87,109/- for the year by debiting to Profit and Loss Account.

The components of deferred tax liability for the Current financial year are :-

Depreciation Rs. (1,73,555/-)

Deferred Revenue Expenditure Rs. 21,60,664/-

10) As per the Company, there are no creditors who fall under the definition of Small Scale Industries as defined under Clause (i) of Section 3 of the Industries (Development and Regulation) Act, 1951.

11) Based on the information available with the Company, there is no outstanding amount due from suppliers who are registered as Micro, Small or Medium enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006" as at 31 st March, 2010.

12) Additional information pursuant to Schedule VI Part II of the Companies Act, 1956:

13) Disclosure as required by Accounting Standard 19, "Leases", issued by the Institute of Chartered Accountants of India are given below: The Company has taken various residential, office and godown premises under operating lease or leave and licence agreements. These are renewable by mutual consent on mutually agreeable terms. Lease payments are recognised in the statement of Profit and Loss underRent in ScheduleO

14) Earnings Per Share: Earnings per share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The numbers used in calculating basic and diluted earnings per equity share are as stated below:

15) In accordance with the Accounting Standard AS-16 on Borrowing Cost issued by the Institute of Chartered Accountants of India, the Company has capitalized interest on borrowing for assets taking substantial time for being ready for use up to the time the asset is ready for use. Consequently profit for the year is higher byRs. 2,53,874.31.

16) The previous years figures have been regrouped and rearranged wherever necessary, to confirm to the classification adopted for the current vear.

 
Subscribe now to get personal finance updates in your inbox!