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Notes to Accounts of Envair Electrodyne Ltd.

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

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