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Notes to Accounts of Cubex Tubings Ltd.

Mar 31, 2015

I. CORPORATE INFORMATION

Cubex Tubings Limited (Company) was incorporated on August 10, 1979 under the laws of the republic of India and has its registered office at Secunderabad (Telangana). Company is a manufacturer of seamless solid drawn Tubes, Rods, Bus bars and Wires of copper and copper based alloys such as Cupronickel, admiralty Brass, Aluminum Brass etc. Copper because of its high electrical conductivity and heat transfer characteristics finds wide application in the form of Tubes, Rods, Strips and Wires. The user industries are Power plants, Power plants manufacturers, Switchgears, Refineries, Furnace manufacturers, Sugar plants, Automobile and Electrical Equipment industries.

1. Depreciation on Fixed Assets

A) In accordance with provisions of Schedule II of Companies Act,2013,in case of fixed assets which have completed the useful life as at 31st march 2014,the carrying value as on 1.04.2014 amounting to Rs 45,47,952/- has been recognized in the Retained earnings as a transitional provision.

Further in case of assets acquired prior to 1st April, 2014, the carrying value of assets is depreciated over the remaining useful life as specified in the companies Act, 2013 effectives April, 2014.

B) Consequent to the implementation of the provisions of the Schedule II of the Companies Act, 2013, the depreciation expenses for the year decreased by Rs. 26,77,564/-

2. Segment wise information is not furnished as the company operates in only one segment viz. Copper & Copper Alloy Products.

3. Closing Balances of Debtors / Creditors / Loans & Advances are subjected to confirmation from the Parties.

4. The Company has availed total amount of Rs.56,707,740/- towards the sales Tax deferment, which has been sanctioned to the company, of which fourth annual instalment of Rs.5,440,016 has been repaid during this Financial Year.

5. There are no dues to SSI Units outstanding for more than 45 days.

6. Previous year's figures have been regrouped wherever necessary.

7. The Figures have been rounded off to the nearest rupee.


Mar 31, 2014

1. Detailed information regarding quantitative particulars under part II of schedule VI to the Companies Act,19S6: i) Quantitative information with regard to a) Installed Capacity per annum

2. Related Party Disclosures:

Particulars of Related Parties:

Name of the Related Party Nature of Relationship

Mr. P.R.Bhandari Managing Director

Mr. Virendra Bhandari Executive Director

Dr. Trilok Singh Director

Mr. Mahendra Ranka Director

Mr. Sandeep Kumar Director

Mr. Y. Narasimha Murthy Director

3. Contingent Liabilities: (Rs.)

As at As at

31-03-2014 31-03-2013

Bank Guarantee State Bank of Hyderabad, 30,073,024 30,436,706 (Performance of Axis Bank, IndusInd Bank, Product & towards HDFC & CITI Bank. The Security)


Mar 31, 2013

BASIS OF PREPARATION:

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 (‘the Act''). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year:

USE OF ESTIMATES:

The preparation of financial statements is in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful lives of fixed assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

1. Segment wise information not being furnished as the company operates only one segment VIZ. Copper & Copper Alloy Products.

2. Closing Balances of Debtors / Creditors / Loans & Advances are subjected to confirmation from the Parties.

3. The Company has availed total amount of Rs.56,707,740/- towards the sales Tax deferment, which has been sanctioned to the company of which second instalment of Rs.1,643,472 has been repaid during this Financial Year.

4. There are no dues to SSI Units outstanding for more than 30 days.

5. Previous year''s figures have been regrouped wherever necessary.

6. The Figures have been rounded off to the nearest rupee.


Mar 31, 2012

BASIS OF PREPARATION:

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 ("the Act). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year USE OF ESTIMATES:

The preparation of financial statements is in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful lives of fixed assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

1. During this Financial year the company has forfeited the share warrants advance amount of Rs.2,800,000/- and the same was transferred to Capital Reserve.

2. During this Financial Year the Company has issued 4,500,000 Equity Shares at Rs.15 each (including Premium of Rs.5)

3. Detailed information regarding quantitative particulars under part II of schedule VI to the Companies Act, 1956:

i) Quantitative information with regard to

a) Licensed Capacity and

b) Installed Capacity per annum

4. Contingent Liabilities: (Rs.

As at 31-03-2012 As at 31-03-2011

Bank Guarantee (Performance of State Bank of Hyderabad, 23,889,655

14,575,000 Product & towards The Security) Axis Bank, Indusind Bank &CITI Bank.

5. Segment wise information not being furnished as the company operates only one segment VIZ.Copper & Copper Alloy Products.

6. Closing Balances of Debtors / Creditors / Loans & Advances are subjected to confirmation from.the Parties.

7. Previous year's numbers have been regrouped, rearranged, recasted, wherever necessary to confirm to Current Year Classification.

8. The Company has availed total amount of Rs.56,707,740/- towards the sales Tax deferment, which has been sanctioned to the company of which first instalment of Rs.1,943,915 has been repaid during this Financial Year.

9. The Figures have been rounded off to the nearest rupee.


Mar 31, 2011

1. During the year the company has forfeited the share warrants advance amount of Rs.3,36,000/- and the same was transferred to Reserves & surplus.

2. Amount of delayed outstanding dues to Micro and Small Enterprise as per MSME Development Act, 2006, could not be ascertained at the end of the Financial Year.

3. FOREIGN EXCHANGE EARNINGS AND OUTFLOW: Particulars Nature of Currency Year 2010 -11 Year2009-10 Rs.Lakhs Rs.Lakhs EARNINGS On Export of Goods-0.3065,10 OUTFLOW Raw Materials-1005.701348.00

4. Segment wise information not being furnished as the company operates only one segment VIZ.Copper & Copper Alloy Products.

5. losing Balances of Debtors / Creditors / Loans & Advances are subjected to confirmation from.the parties

6. Previous year's numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

7. The company has been Registered with BIFR as a sick Industries and one time settlement with Bank and Financial Institute has since been made.

8. The Company has availed total amount of Rs.5,67,07,740/- towards the sales Tax deferment, which has been sanctioned to the company.

9. The paisa have been rounded off to the nearest rupee.


Mar 31, 2010

1. Details information regarding quantitative particulars under part II of schedule vi to the Companies Act, 1956.

2. There are dues to SSI Unit outstanding for more than 30 days.

3. No confirmation were obtained from debtors/Creditors as to the balance revceivable from / payable to them as at yearend

4. In accordance with Accounting Standard 22 (AS 22) Issued by the ICAI, the Company has accounted for Deferred income tax during the year. The deferred income tax provision forthe current yearamounts to Rs. 4,12,376/-towards deferred income tax asset (Previous Year: Rs. 4,50,813/-).

5. The Bank Guarantee of Rs. 168.52 Lakhs (Previous Year Rs. 235.94 Lakhs) has been given towards the Performance of product and towards the security given to parties.

6. The Company has been Registered with BIFR as a Sick Industries and one time Settlement with Bank and Financial Institute has since been made.

7. The Company has availed total amount of Rs. 5,67,07,740/- towards the Sales Tax deferment, which has been sanctioned to the company.

8. Previous yearfigures have been regrouped wherever necessary.

9. The figures have been rounded off to the nearest rupee.

 
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