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Notes to Accounts of Empire Industries Ltd.

Mar 31, 2016

1. 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 proportion to the number of equity shares held by the shareholders.

* Balances with Banks include Unclaimed Dividend of Rs, 71.40 lakhs (Previous year Rs, 64.59 lakhs)

# Fixed Deposits with Banks include Deposits against Bank Guarantees issued by banks of Rs, 66.36 lakhs (Previous year Rs, 85.21 lakhs) with maturity of more than 12 months.

2. Segment wise information for the year ended 31st March, 2016 :

Segments have been identified in line with the "Accounting standard on segment reporting " (AS-17), taking into account, the nature of products and services, the organization and internal reporting structure as well as differential risk of these segments.


Mar 31, 2015

1.1 Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of '' 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 proportion to the number of equity shares held by the shareholders.

The borrowings from banks on Cash Credit account are secured by hypothecation of Stocks and Book Debts and Second charge on the property of Glass Bottle Division and personal guarantees given by Chairman and Vice-Chairman.

The term loan from IndusInd Bank is secured by assignment of lease rentals receivable from some of the licencees of the Company''s properties situated at Vikhroli and Lower Parel, Mumbai together with first charge on properties leased to TCS at Empire Plaza, Vikhroli.

NOTES :

(1) In accordance with the provision Specified in Part C of Schedule II to the Companies Act. 2013, effective from 1st April, 2014, the Company has reassessed the remaining useful lives of its fixed assets and based on this, the Company has charged depreciation for the year ended 31st March, 2015. Consequently, the transitional impact of Rs. 14.50 Lakhs (net of deferred tax - Rs. 7.46 Lakhs) has been adjusted to retained earnings.

(2) During the year, the Company''s leasehold land at Ambernath was transferred to "Building WIP" as the Company has decided to carryout constructions of flats / industrial and commercial galas on the said land.

(Rs. in lakhs) As at 31st As at 31st March, 2015 March, 2014

2. Contingent liabilities not provided for :

a) Guarantees given by the Banks 1,584.31 1,155.15

b) Letters of Credits/Buyers Credit 2,565.51 553.05

c) Claims against the Company not acknowledged as debts 19.55 29.81

d) Estimated amount of contracts remaining to be executed on Capital Account (Net of advances) 60.57 2,337.75

e) Excise demand disputed by the Company. 18.59 27.34

f) Service tax demand disputed by the Company. 2.11 2.11

g) Income Tax matters in respect of which appeals are pending 306.99 160.70

h) Sales tax demand disputed by the Company. 427.60 259.19

3. The value of stocks include all taxes and duties. Cenvat is credited to statement of Profit & Loss on consumption basis. Cenvat related to year-end stock is carried forward in Balance Sheet under the head ''Other Laibilities''.

4. Excise duty liability on Finished Goods stock has not been provided and also not included in the valuation of Finished Goods stock. However, it has no impact on Statement of Profit & Loss.

5. The previous year''s figures have been regrouped / reclassified wherever necessary.


Mar 31, 2014

(Rs. in lakhs)

As at 31st As at 31st March, 2014 March, 2013

1. Contingent liabilities not provided for :

a) Guarantees given by the Banks 1,155.15 685.76

b) Letters of Credits 553.05 480.59

c) Claims against the Company not acknowledged as debts 29.81 29.81

d) Estimated amount of contracts remaining to be executed 2,337.75 3,445.22 on Capital Account (Net of advances)

e) Excise demand disputed by the Company. 27.34 27.34

f) Service tax demand disputed by the Company. 2.11 2.11

g) Income Tax matters in respect of which appeals are pending 160.70 54.10

h) Sales tax demand disputed by the Company. 259.19 -

2. The value of stocks include all taxes and duties. Cenvat is credited to statement of Profit & Loss on consumption basis. Cenvat related to year-end stock is carried forward in Balance Sheet under the head ''Other Laibilities''.

3. Excise duty liability on Finished Goods stock has not been provided and also not included in the valuation of Finished Goods stock. However, it has no impact on statement of Profit & Loss Account.

4. The previous year''s figures have been regrouped / reclassified wherever necessary.


Mar 31, 2013

1.1 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 proportion to the number of equity shares held by the shareholders.

2. The value of stocks include all taxes and duties. Cenvat is credited to statement of Profit & Loss on consumption basis. Cenvat related to year-end stock is carried forward in Balance Sheet under the head ''Other Laibilities''.

3. Excise duty liability on Finished Goods stock has not been provided and also not included in the valuation of Finished Goods stock. However, it has no impact on statement of Profit & Loss Account.

4. The previous year''s figures have been regrouped / reclassified wherever necessary.

5. Segment wise information for the year ended 31st March, 2013 :

Segments have been identified in line with the "Accounting standard on segment reporting" (AS-17), taking into account, the nature of products and services, the organization and internal reporting structure as well as differential risk of these segments.


Mar 31, 2012

1.1 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 proportion to the number of equity shares held by the shareholders.

(Rs in lakhs)

As at As at

31st March, 31st March,

2012 2011

2. Contingent liabilities not provided for :

a) Guarantees given by the Banks 806.54 868.27

b) Letters of Credits 98.71 31.61

c) Claims against the Company not acknowledged as debts 29.81 29.81

d) Estimated amount of contracts remaining to be executed on Capital Account. 179.55 848.67

e) Excise demand disputed by the Company. 10.73 10.73

f) Custom Duty demand disputed by the Company. 13.50 -

g) The Income Tax assessment of the Company has been completed upto Assessment Year 2009-10. The disputed demand outstanding for the said Assessment Year is Rs 54.10 lakhs (Previous Year - Nil). Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

3. The value of stocks include all taxes and duties. Modvat is credited to Profit & Loss Account on consumption basis Cenvat related to year-end stock is carried forward in Balance Sheet under the head 'Other Laibilities'.

4. Excise duty liability on Finished Goods stock has not been provided and also not included in the valuation of Finished Goods stock. However, it has no impact on Profit & Loss Account.

5. The previous year's figures have been regrouped / reclassified to conform to this year's classification which is as per Revised Schedule VI. The adoption does not impact recognition and measurement principles followed for preparation of financial statements as at 31st March, 2011.

6. Segment wise information for the year ended 31st March, 2012 :

Segments have been identified in line with the "Accounting standard on segment reporting" (AS-17), taking into account, the nature of products and services, the organization and internal reporting structure as well as differential risk of these segments.

Note: Figures in the brackets are for the previous year.

Related party relationship is as identified by the Company and relied upon by the Auditors.


Mar 31, 2010

(1) Secured loans from banks to the extent of Rs.18,05,148 (Previous year Rs.28,83,98,094) and Unsecured loans from banks to the extent of Nil (Previous year Rs.1,58,18,044) are guaranteed by Chairman and Vice-Chairman.

(2) Future Licence Fees amounting to Rs. Nil (Previous year Rs.2,107.47 lacs) receivable from Licensees in respect of property is securitized with the Bankers.

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

(4) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs.1,39,93,090 (Previous year Rs1,62,68,306).

(5) The value of stocks include all taxes and duties. Modvat is credited to Profit & Loss Account on consumption basis Cenvat related to year-end stock is carried forward in Balance Sheet under the head Other Liabilities.

(6) Excise duty liability on Finished Goods stock has not been provided and also not included in the valuation of Finished Goods stock. However, it has no impact on Profit & Loss Account.

(7) Figures in respect of the previous year have been regrouped and rearranged wherever necessary.

(8) The Company has been recognising in the financial statements the deferred tax assets/liabilities, in accordance with the Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

 
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