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Notes to Accounts of Cupid Ltd.

Mar 31, 2015

1. General Information

Cupid Limited ('the Company') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993.

The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions to entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading/manufacturing/connected business segments.

2. DEFERRED TAX LIABILITY (Net)

The Company has provided for Deferred Tax in accordance with the Accounting Standard on "Accounting for Taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India.

Notes on BORROWING

a. Working Capital Assistance Loan from banks is secured by hypothecation of stock of raw materials, WIP and finished goods and book debts.

b. Additionally above loan have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg.

c. Maurity period with respect to Cash Credit is renewable every year.

d. Rate of interest on cash credit is IVRR plus 2.55. As on 31st March 2015 IVRR is 10.80% .

e. Rate of interest on foreign currency working capital Loan for pre and post Shipment is IVBR plus 2.30

3. OTHER NOTES FOR FINANCIAL STATEMENTS

A. Other Notes to the Balance Sheet

1. Company has no contingent liabilities as on 31st March, 2015.

a. Except for cases wherein bank guarantees issued for the Performance of Export Orders against which the Company has given counter guarantees Rs. 21.60 lacs previous Rs. 7.22 lacs.

b. The company has executed a surety Bond for Rs. 118.38 lacs in favour of the Jt. D. G. F. T., which is yet to be discharged in respect of EPCG License granted to company for fulfillment of export obligation.

c. Further, Legal cases has been filled against Company on accounts of trade mark dispute and the Company has also filled cases against the litigant ,which are pending at different stages in various courts in India .financial impact if any, payable by the Company is unascertainable at this stage.

B. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

C. All of the assets other than fixed assets and non-current investments, have been are carried at cost of acquisition.

D. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

E. Other Notes to the Statement of Profit and Loss

1. Traveling expenses includes Rs. 32.60 Lacs ( previous year Rs. 12.37 Lacs ) spent on Foreign Travel.

2. Earnings & Outflow in foreign currency ( on accrual basis ) : -

F. Other Notes to the Financial Statements

1. Related Party Disclosure for the year ended (AS - 18)

i) Key Personnel & Relatives

a) Mr. Omprakash Garg : Chairman

b) Mr. Durgesh Garg : Brother's son of Mr. Omprakash Garg

c) Mr. Pawan Bansal : Sister's son of Mr. Omprakash Garg


Mar 31, 2014

1. General Information

Cupid Limited (''the Company'') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993.

The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions to entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading / manufacturing / connected business segments.

2. a) Working Capital Assistance Loan from banks is secured by hypothecation of stock of raw materials, WIP and finished goods and book debts.

b) Additionally above loan have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg.

c) Maurity period with respect to Cash Credit is renewable every year.

d) Rate of interest on cash credit is IVRR plus 2.55. As on 31st March, 2014, IVRR is 10.80%.

e) Rate of interest on foreign currency working capital Loan for pre and post Shipment is IVBR plus 2.30

NOTE NO. 3

A. Other Notes to the Balance Sheet

1. Company has no contingent liabilities as on 31st March 2014. Except in case of bank guarantees issued of for the Performance of Export Orders.

Further, Legal cases has been filled against Company in relation of trade mark dispute and Company has also filled cases against opponent which are pending at different stages. Outcome of such cases are still unascertainable at this stage.

2. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

3. All of the assets other than fixed assets and non-current investments, have been are carried at cost of acquisition.

4. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

B. Other Notes to the Statement of Profit and Loss

1. Traveling expenses includes Rs. 12.37 Lacs ( previous year Rs. 6.73 Lacs ) spent on Foreign Travel.

C. Other Notes to the Financial Statements

4. Related Party Disclosure for the year ended (AS - 18) i) Key Personnel & Relatives

a) Mr. Omprakash Garg -: Chairman and Managing Director

b) Mr. Durgesh Garg -: Brother''s son of Mr. Omprakash Garg

c) Mr. Pawan Bansal -: Sister''s son of Mr. Omprakash Garg

d) Mr. Suresh chand -: Brother of Mr. Omprakash Garg Garg

e) Mrs. Abha Garg -: Wife of Mr. Sureshchand Garg

5. Previous year figures have been regrouped and recasted, wherever considered necessary.

6. Additional information as required under part II as per Schedule VI to the Companies Act 1956 has been given to the extent applicable to the Company as per annexure A annexed herewith.


Mar 31, 2013

1. General Information

Cupid Limited (''the Company'') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993. The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions to entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading/manufacturing/connected business segments.

2. Company has no Contignent Liabilities as on 31st March, 2013, Except commitement of Rs. 19.28 lacs to be executed on account of capital goods.

3. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

4. All of the assets otherthan fixed assets and non-current investments, have been are carried at cost of acquisition.

5. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

6. Traveling expenses includes Rs. 0.96 Lacs (previous year Rs. 4.68 Lacs) spent on Foreign Travel.

7. Earnings & Outflow in foreign currency (on accrual basis):-

8. Previous yearfigures have been regrouped and recasted, wherever considered necessary.

9. Additional information as required under part II as per Schedule VI to the Companies Act 1956 : has been given to the extent applicable to the Company as per annexure A annexed herewith.


Mar 31, 2012

1. General Information

Cupid Limited (''the Company'') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993. The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading/manufacturing/connected business segments.

Terms and Condition for issued share warrant I Convertible warrants

1. The issue of warrants convertible into equity shares on preferential basis are as per price determined in compliance with SEBIICDR Regulations 2009 for Preferential Issues as amendments thereof

2. 25% of the value of the Warrant are been paid on the date of allotment of warrant. The balance is payable at the time of conversion. Each Warrant will be converted at the option of the allottee, into one equity share at any time within 18 months from the date of

3. In case the option is not exercised within a period of 18 months from the date of issue, the aforsaid 25% amount paid on the date of allotment shall be forfeited.

4. The Warrants shall be locked in form a period of one/three years from the date of allotment as prescribed under SEBI ICDR Regulation 2009 as amended.

5. The lock-in on the Equity Shares resulting from the exercise of the option under the warrants shall be locked in for a period of one/three year from the date of allotment as prescribed under SEBI ICDR Regulation 2009 as amended.

i) Terms loan is secured by a first charge on all the moveable and immovable properties / current assests including all the Plant and Machinery, Land and Building of the Company, on both being it be present and further created by way of hypothecation.

ii) Additionally all above loans have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg.

iii) 10,01,500 Equity Shares of the company of Rs. 10 each held by promoter has been pledged with Bank as collaratel against Term and Cash Credit facilities.

# Instalment due on term loan on 31-3-2012 was debited by bank in the month of April, 2012.

* Installments falling due in respect of all the Loans upto 31 st March 2013 have been grouped under Current maturities of Loan-term debt (Refer Note no # 7)

a) Working Capital Assistance Loan from banks is secured by hypothecation of stock of raw materials, WIP and finished goods and book debts.

b) Additionally above loan have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg

c) Maturity period with respect to Cash Credit is renewable every year

d) Rate of interest on cash credit is IVRR Less 3% as on 31 st March, 2012 IVRR is 16.75%

# The Company issued 15,00,000 convertible warrants at price of Rs. 10/- to be converted to equal number of Equity Shares of face value of Rs. 10/- each as per shareholder approval at EGM 20th July 2011, of which 14,05,000 convertible warrants are outstanding as on 31st March, 2012.

# The Company issued 11,50,000 convertible warrants at price of Rs. 10.50 to be converted to equal number of Equity Shares face value Rs. 10/- each as per shareholder approval at EGM 5th June 2010, of which 6,42,100 convertible warrants are outsatnding as on 31 st March, 2011.

NOTE NO. 3

OTHER NOTES FOR FINANCIAL STATEMENTS

A. Other Notes to the Balance Sheet

1. Company has no Contignent Liabilities as on 31 st March, 2012.

2. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

3. All of the assets other than fixed assets and non-current investments, have been are carried at cost of acquisition.

4. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

B. Other Notes to the Statement of Profit and Loss

1. Details regarding Imported and Indigenous Material Consumed

3. Traveling expenses includes Rs. 4.68 Lacs (previous year Rs. 19.76 Lacs) spent on Foreign Travel.

C. Other Notes to the Financial Statemnets

1. Related Party Disclosure for the year ended (AS -18)

i) Key Personnel & Relatives

a) Mr. Omprakash Garg Chairman

b) Mr. Durgesh Garg Director

c) Mr. Pawan Bansal Sister''s son of Mr Omprakash Garg

Previous year figures have been regrouped and recasted, wherever considered necessary.

Additional information as required under part II as per Schedule VI to the Companies Act 1956 has been given to the extent applicable to the Company as per annexure A annexed herewith.


Mar 31, 2010

A. Contingent liabilities not provided for:-

i) The company has executed a surety Bond for Rs. 305.25 lacs (Previous Year 305.25 lacs) in favour of the Jt. D. G. F. T. which is yet to be discharged in respect of EPCG License granted to company for fulfillment of export obligation.

B. In view of the insufficient information from the suppliers regarding their status as SSJ Units, the amount due to Small Scale Industrial Undertaking cannot be ascertained.

C. Managerial remuneration paid during the year is Rs. 1.83 lacs (previous year Rs. 5.30 lacs). D. Traveling expenses includes Rs. 1.77 (previous year Rs. NIL) spent on Foreign Travel.

D. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

E. The Companys Business operates Segment only one segments viz, Condom. Hence the disclosure requirements for segment reporting as envisaged by Accounting Standard 17 - "Segment Reporting" issued by the ICAI is not applicable for the year under review.

F. Related Party Disclosure for the year ended (AS -18) i) Key Personnel & Relatives

a) Mr. Omprakash Garg -: Chairman

b) Mr. Durgesh Garg -: Executive Director

c) Mr. Pradeep Jain -: Non Executive Director

d) Mr. Pawan Bansal -: Ex-Executive Director

G. Previous year figures have been regrouped and recasted, wherever considered necessary.

H. Additional information as required under part II as per Schedule VI to the Companies Act 1956 has been given to the extent applicable to the Company as per annexure A annexed herewith.

 
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