Mar 31, 2015
Notes: A. The company does not have any holding Company or any
Subsidiary.
B. Non of the shares carry any extra rights, preferences or
restrictions.
C. There are no shares reserved for issue under options & contracts,
Commitments for the Sale of Shares / disinvestment.
D. None of the Shares of the Company were alloted otherwise than for
Cash, or as bonus shares with the period of five years prior to the
Balance Sheet date.
E. There was no buy back of the Company's Shares.
F. There are no calls unpaid, or any forefieted shares.
Current Year Previous Year
1. Contingent Liabilities And Commitments
(to the extent not provided for)
a. Contingent Liabilities not provided for - -
The Sales Tax appeal of the Company for FY 2000-01,2001-02, 2002-03 is
pending with Sales Tax authorities. During the course of the appeal the
Company had paid a deposit of Rs.11,50,000/- under protest. The
management is confident that the appeal will be decided in company's
favor and the entire amount so deposited will be refunded to company.
As such the management does not expect any impact of this pending
letigation on its financial position.
2. Inspite of our direct enquiry, till the date we have not received
any written representation from any SME regarding their eligibility
under the SME Act.
3. Exchange fluctuation recognised in Profit & loss account is
Rs.68,806/- Credit. ( Rs.1,00,658/- Credit )
4. The Company is operating in a single segment of " Industrial
Machinery".
In veiw of substantial losses incurred by the Company & the provision
of clause 15 to 18 of Accounting standard 22 on Accounting For Taxes on
Income. The Company has restricted the Deferred Tax Asset not more than
Deferred Tax Liability as above.
5. Note on Leaserent :
The Company has taken premises on lease during the year 2013-14. The
leaserent for the year 2014-15 has been debited to P & L A/c amounting
to Rs.2,25,000/- ( Rs.25,87,500/- ) The lease contract has ended w.e.f.
30/04/2014.
The Company had given deposit of Rs.48 Lacs which was due on completion
of contract. The Lessor ( i.e. Elvin Furniture Pvt.Ltd.) has repaid the
amount of Rs.48 Lacs.
6. Name of the related party and nature of relationship where control
exists :
1. Companies controlled by Envair Electrodyne Ltd. Nil
2. Subsidiary Company Nil
3. Associate Companies Nil
4. Joint Venture Companies Nil
5. Companies controlled by Key Management Personnel Elvin Furniture
Pvt. Ltd.
6. Key Management Personnel & their relatives
Key Management Personnel
Name Designation
Shripad R. Mirashi Chairman &
Managing Director
Deepanjali S. Mirashi Executive
Director & C E O
Meena Joglekar Company Secretary
Key Management Personnel Relatives
Name
Shripad R. Mirashi Manjiri S. Mirashi, Geetanjali S. Mirashi,
Deepanjali S. Mirashi
Deepanjali S. Mirashi Shripad R. Mirashi, Manjiri S. Mirashi,
Geetanjali S. Mirashi.
Meena Joglekar Surendra V. Joglekar, Amol S. Joglekar,
Suchitra S. Joglekar
Mar 31, 2014
Notes: A. The company does not have any holding Company or any
Subsidiary.
B. None of the shares carry any extra rights, preferences or
restrictions.
C. There are no shares reserved for issue under options & contracts,
Commitments for the Sale of Shares / disinvestment.
D. None of the Shares of the Company were alloted otherwise than for
Cash,
or as bonus shares with the period of five years prior to the Balance
Sheet date.
E. There was no buy back of the Company''s Shares.
F. There are no calls unpaid, or any forefieted shares.
Current Year Previous Year
C) OTHER NOTES
1. Contingent Liabilities And Commitments
( to the extent not provided for )
a. Contingent Liabilities not provided for - -
b. Claims against the Company not - -
acknowledged as debts :
c. Estimated amount of contracts remaining to be - -
executed on Capital Account, not provided for :
2. Amount repayable within one year included in :
Unsecured Loans - -
3. Inspite of our direct enquiry, till the date we have not received
any written representation from any SME regarding their eligibility
under the SME Act.
4. Exchange fluctuation recognised in Profit & loss account is
Rs.1,00,658/- Credit. ( Rs.46,779/- Credit )
5. The Company is operating in a single segment of " Industrial
Machinery".
6. During the year2005-06, by engaging the services of a professional
valuer, the Company has revalued its Leasehold Land by Rs.3,11,41,015/-
& Building by Rs.1,14,97,389/- & corrospondingly credited the same
amount to a separate Revaluation Reserve Account. As at 31st March,
2012, by engaging the services of a professional valuer, the company
has revalued its Leasehold Land Revaluation Reserve Account. The amount
standing to the credit of revaluation reserve as on 31st March, 2012
was Rs.16,94,86,911/- As of 31st March, 2013, the Management has
decided to reverse the revaluation for Land & Building, since in it''s
opinion, the same does not reflect in the accounts on historical cost
basis.
8. Note on Leaserent :
The Company has taken premises on lease during the year 2013-14. The
leaserent for the year 2013-14 has been debited to P & L A/c amounting
to Rs.25,87,500/- ( Nil ) The lease contract has ended w.e.f.
30/04/2014 & the rent for the period after 01.04.2014 is Rs.2,25,000/-.
The Company had given deposit of Rs.48 Lacs which was due on completion
of contract. The Company has repaid the amount of Rs.41,00,000/- &
balance of Rs.7,00,000/- will be paid by Elvin Furniture Pvt.Ltd. after
sub division.
*Note Most of the Plant & Machinery being common for different products
manufactured by the Company, installed capacity is dependant on Product
Mix, which in turn is decided by the demand for various products from
time to time and also on availing of sub- contracting facilities, it is
not feasible for the Company to indicate the exact Installed Capacity.
The Company has, however, indicated the installed capacity on the basis
of year''s product-mix as certified by Managing Director and accepted by
the Auditors as correct, being the technical matter.
Key Management Personnel
Name Designation
Shripad R. Mirashi Chairman & Managing Director
Deepanjali S. Mirashi Executive Director
Meena Joglekar Director & Company Secretary
Relatives
Manjiri S. Mirashi, Geetanjali S. Mirashi, Deepanjali S. Mirashi
Shripad R. Mirashi, Manjiri S. Mirashi, Geetanjali S. Mirashi.
Surendra V. Joglekar, Amol S. Joglekar, Suchitra S. Joglekar
A. Previous Year''s figures have been regrouped wherever necessary to
make them comparable with those of the Current Year.
Mar 31, 2013
1. Previous Year''s figures have been regrouped wherever necessary to
make them comparable with those of the Current Year.
2. Amount repayable within one year included in : Unsecured Loans
3. Inspite of our direct enquiry, till the date we have not received
any written representation from any SME regarding their eligibility
under the SME Act.
4. Exchange fluctuation recognised in Profit & loss account is
Rs.46,779/- Credit. ( Rs.NIL)
5. The Company is operating in a single segment of" Industrial
Machinery".
6. During the year2005-06, by engaging the services of a professional
valuer, the Company has revalued its Leasehold Land by Rs.3,11,41,015/-
& Building by Rs.1,14,97,389/- & corrospondingly credited the same
amount to a separate Revaluation Reserve Account. As at 31st March,
2012, by engaging the services of a professional valuer, the company
has revalued its Leasehold Land Revaluation Reserve Account. The amount
standing to the credit of revaluation reserve as on 31 st March, 2012
was Rs.16,94,86,911/-
As of 31st March, 2013, the Management has decided to reverse the
revaluation for Land & Building, since in it''s opinion, the same does
not reflect in the accounts on historical cost basis.
Mar 31, 2012
NOTE 1 : SHARE CAPITAL
Notes: A. The company does not have any holding Company or any
Subsidiary.
B. None of the shares carry any extra rights, preferences or
restrictions.
C. There are no shares reserved for issue under options & contracts,
Commitments for the Sale of Shares/disinvestment.
D. None of the Shares of the Company were allotted otherwise than for
Cash, or as bonus shares with the period of five years prior to the
Balance Sheet date.
E. There was no buy back of the Company's Shares.
F. There are no calls unpaid, or any forfeited shares.
A. Previous Year's figures have been regrouped wherever necessary to
make them comparable with those of the Current Year.
Current Previous
Year Year
1. Contingent Liabilities and
Commitments (to the extent not
provided for)
a. Contingent Liabilities not
provided for - -
b. Claims against the Company not
acknowledged as debts: - -
C. Estimated amount of contracts
remaining to be - 1,550,000
executed on Capital Account,
not provided for:
2. Amount repayable within one year
included in :
Unsecured Loans - -
3. Inspite of our direct enquiry, till the date we have not received
any written representation from any SME regarding their eligibility
under the SME Act.
4. Exchange fluctuation recognised in Profit & loss account is Rs. NIL
Debit. (Rs. 24,998/-)
5. We have decree in our favour from Court of Hon'ble Civil Judge
Senior Divn, Pune court regarding recovery of our dues from Vishwa
Electronics (India) Ltd. Regular follow up is been kept by the Company
on recovery process. In the nearest future the management has reason to
believe that the company will recover at least Rs. 17 Lacs from this
party.
6. The company has provided Rs. NIL (Rs. NIL) towards doubtful debts.
Company has initiated legal cases against defaulting Customers to the
tune of 16.06 lacs. The Management is of the opinion that in the
balance cases of long outstanding customers, the company is taking
stringent measures to collect the balance outstanding & is hopeful to
collect the outstanding.
7. The Company is operating in a single segment of "Industrial
Machinery".
8. During the year 2005-06, by engaging the services of a
professional valuer, the Company has revalued its asehold Land by Rs.
3,11,41,015/- & Building by Rs. 1,14,97,389/- & correspondingly
credited the same amount to a separate Revaluation Reserve Account. The
depreciation on this revalued portion, has been charged up to the
Balance Sheet date by debit to Revaluation Reserve Account.
As at 31st March, 2012, by engaging the services of a professional
valuer, the company has revalued its Leasehold Land by Rs.
11,62,14,104/- and Building by Rs. 2,57,87,452/-, and credited the same
amount to Revaluation Reserve A/C.
9. Disclosure pursuant to Accounting Standard -15 (Revised) -"Employee
Benefits"
a. The Company, has adopted Accounting Standard 15 (Revised) "Employee
Benefits" issued by the Institute of Chartered Accountants of India.
The total liability as on Balance Sheet date is Rs. 14,31,848/- (Rs.
17,11,361/-), in respect of Gratuity.
b. Defined Contribution Plans : Amount of Rs. 3,77,430/- (Rs.
3,00,974/-) is recognised as expenses and included in Schedule No. 10
"Employee Cost".
(ix) Category of Assets
(i) Leave encashment liability being "Other Long Term Liability" the
detailed disclosure is not required except that liability calculated on
actuary basis as on 31.03.2012 is Rs. 6,43,736/- (Rs. 8,80,093/-.)
The same has not been funded.
Short Term Leave encashment liability of Rs. 1,04,862/- (Rs.
1,24,474/-) is accounted on accrued basis.
(ii) General descriptions of Significant Defined plans:
The Company operates gratuity plan wherein every employee is entitled
to the benefit as per Payment of Gratuity Act, for each completed year
of service. The same is payable on retirement or termination whichever
is earlier. The benefit vests only after five years of continuous
service.
Mar 31, 2011
A. Previous Year's figures have been regrouped wherever necessary to
make them comparable with those of the Current Year.
Current Year Previous Year
B) OTHER NOTES
1. Estimated amount of contracts
remaining to be 1,550,000 -
executed on
Capital Account, not provided for:
2. a. Contingent Liabilities not
provided for - -
b. Claims against the Company not
acknowledged as debts : - -
3. Amount repayable within one
year included in : - -
Unsecured Loans
4. Inspite of our direct enquiry, till the date we have not received
any written representation from any SME regarding their ligibility
under the SME Act.
5. Exchange fluctuation recognised in Profit & loss account is
Rs.24,998/- Debit. ( Rs.1,029 )
6. We have decree in our favour from Court of Hon'ble Civil Judge
Senior Divn, Pune court regarding recovery of our dues from Vishwa
Electronics (India) Ltd. Regular follow up is been kept by the Company
on recovery process. In the near future the management has reason to
believe that the company will recover at least Rs.17 Lacs from this
party.
7. The company has provided Rs.NIL (Rs.4,92,597) towards doubtful
debts. Company has initiated legal cases against defaulting Customers
to the tune of 16.06 lacs. The Management is of the opinion that in the
balance cases of long outstanding customers, the company is taking
stringent measures to collect the balance outstanding & is hopeful to
collect the outstanding.
8. The Company is operating in a single segment of" Industrial
Machinery".
9. During the year2005-06, by engaging the services of a professional
valuer, the Company has revalued its Leasehold Land by Rs.3,11,41,015/-
& Building by Rs. 1,14,97,389/- & correspondingly credited the same
amount to a separate Revaluation Reserve Account. The depreciation on
this revalued portion, has been charged up to the Balance Sheet date by
debit to Revaluation Reserve Account. During the year the revaluation
reserve related to the land sold during the year has been adjusted
against the revalued portion of the land sold.
*Note Most of the Plant & Machinery being common for different products
manufactured by the Company installed capacity is dependant on Product
Mix, which in turn is decided by the demand for various products from
time to time and also on availing of sub-
contractingfacilities,itisnotfeasiblefortheCompanytoindicatetheexact
lnstalled Capacity.The Company has, however, indicated the installed
capcity on the basis of year's product-mix as certified by Managing
Director and accepted by the Auditors as correct, being the
technical matter.
a. The Company, has adopted Accounting Standard 15 (Revised) "Employee
Benefits" issued by the Institute of Chartered Accountants of India.
The total liability as on Balance Sheet date is Rs. 17,11,361/-(Rs.
14,54,585/-), in respect of Gratuity.
b. Defined Contribution Plans : Amount of Rs. 3,00,974/- (Rs.
3,49,640/-) is recognised as expenses and included in Schedule No.10"
Employee Cost".
(i) Leave encashment liability being "Other Long Term Liability" the
detailed disclosure is not required except that liability calculated on
actuary basis ason31.03.2011 is Rs. 8,80,093/-(Rs.7,87,782/-.) The same
has not been funded.
Short Term Leave encashment liability of Rs. 1,24,474/- (Rs.1,20,820/-)
is accounted on accrued basis.
(ii) General descriptions of Significant Defined plans:
The Company operates gratuity plan wherein every employee is entitled
to the benefit as per Payment of Gratuity Act, for each completed year
of service. The same is payable on retirement or termination whichever
is earlier. The benefit vests only after five years of continuous
service.
Mar 31, 2010
A. Previous Years figures have been regrouped wherever necessary to
make them comparable with those of the Current Year.
Current Year Previous Period
(Rupees) (Rupees)
B) OTHER NOTES
1. Estimated amount of contracts
remaining to be - -
executed on Capital Account,
not provided for :
2. a. Contingent Liabilities
not provided for - -
b. Claims against the Company not - -
acknowledged as debts :
3. Amount repayable within
one year included in :
Unsecured Loans - 725,000
4. Till the date we have not received any written representation from
any SME regarding their eligibility under the SME Act.
5. Exchange fluctuation recognised in Profit & loss account is
Rs.1,029/- Debit. ( Rs.37,223 )
6. We have decree in our favour from Court of Honble Civil Judge
Senior Divn, Pune court regarding recovery of our dues from Vishwa
Electronics (India) Ltd. Regular followup is been kept by the Company
on recovery process. In the nearest future the management has reason to
belive that the company will recover at least Rs.17 Lacs from this
party.
7. The company has provided Rs.4,92,597/-( Rs.13,28,799) towards
doubtful debts, & Rs.8,67,209/- ( Rs.8,67,209/-) towards doubtful loan
and advances. Company has also initiated legal cases against defaulted
Customers to the tune of 16.06 lacs. The Management is of the opinion
that in the balance cases the company is taking stringent measures to
collect the balance outstanding & is hopeful to collect the
outstanding.
8. The Company is operating in a single segment of " Industrial
Machinery"
9. During the year2005-06, by engaging the services of a professional
valuer, the Company has revalued its Leasehold Land by Rs.3,11,41,015/-
& Building by Rs.1,14,97,389/- & corrospondingly credited the same
amount to a separate Revaluation Reserve Account. The depreciation on
this revalued portion, has been charged up to the Balance Sheet date by
debit to Revaluation Reserve Account. During the year the revaluation
reserve related to the land sold during the year has been adjusted
against the revalued portion of the land sold
10. Deffered Tax liability ( On account of depreciation )
Rs.25,03,049/- - Deffered Tax Assets ( On account of 43B of the Income
Tax Act ) Rs. 15,81,431/- -
11 The Company has been advised that the computation of net profits for
the purpose of Directors remuneration under section 349 of the
companies Act, 1956, need not be enumerated since no commission has
been paid to the Directors. Fixed monthly remuneration has been paid
to the Director as per Schedule XIII to theCompanies Act, 1956.
12A Name of the related party and nature of relationship where control
exists :
1. Companies control by Envair Electrodyne Ltd. Nil
2. Subsidiary Company Nil
3. Associate Companies Nil
4. Joint Venture Companies Nil
5. Companies control by Key Management Personnel Elvin Furniture Pvt.
Ltd.
6. Key Management Personnel & their relatives
Key Management Personnel Relatives
Name Designation
Shripad R. Mirashi Chairman & Manjiri S. Mirashi, Geetanjali S.
Mirashi, Deepanjali S. Mirashi
Managing Director
Deepanjali S.
Mirashi Executive Shripad R. Mirashi, Manjiri S.
Director Mirashi, Geetanjali S. Mirashi.
Meena Joglekar Director & Surendra V. Joglekar,
Company Amol S. Joglekar, Suchitra
Secretary S. Joglekar
Company
Secretary