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Notes to Accounts of Fine Line Circuits Ltd.

Mar 31, 2015

Note : 1

Term loan from Apna Sahakari Bank Ltd. Aggregating to Rs. 1,43,71,083/- is secured by

(a) Personal guarantee of the two Directors of the Company

(b) Pledge of Rs. 62,50,000/- of Fixed deposit of Third Party with Bank

(c) Shares of Rs. 25000/- of Apna Sahakari Bank Ltd.

(d) Primary Security : First Charge on Plant & Machinery of the Company

(e) Collateral Security : Hypothecation of new Machine procured in future

Note : 2

Cash Credit from Apna Sahakari Bank Ltd. Aggregating to Rs. 11,45,238/- @ 13.50%, is secured by:

(a) Personal guarantee of the two Directors of the Company

(b) Pledge of Rs. 12,50,000/- of Fixed deposit of Third Party with Bank

(c) Primary Security : First Charge on Plant & Machinery of the Company

(d) Collateral Security : Hypothecation of all Stocks of the Company

Note : 3

The disclosures of employee Benefits as defined in Accounting Standard AS-15 are given below:

Defined Contribution Plan :

Contribution to defined contribution plan recognised as expenses for the year is as under:

Employers contribution to Provident Fund Rs 11,13,882/- (Previous Year Rs. 10,56,665/-)

Defined Benefit Plan :

The employees Gratuity Fund Scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on acturial valuation. The obligation for Leave encashment is recognised in the same manner as Gratuity.

Note : 4

Foreign Currency exposure that are not hedged by Derivative instruments or forward contracts as at March, 31, 2015 amount to Rs. 5,21,20,943/- (Previous Year Rs. 5,60,18,082/-)

Note : 5

Segment Information

The Company has only one primary segment viz: "Printed Circuit Board". The Company has only one major secondary segment viz : Exports out of India. Hence no additional disclosure is required under Accounting Standard AS-17.

Note : 6

The net amount of foreign exchange difference Debited to Profit & Loss Accounts is Rs. 69,578/- (Previous Year Rs. 32,51,967/-Credited.)

Note : 7

Contingent Liabilities :

In respect of :

(i) Bonds executed in favour of President of India in respect of Custom Duty on Import of Machinery and Raw Materials 28,89,18,000 22,05,82,000

(ii) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of Advances) NIL NIL

Note : 8

Related Party Disclosures: (As certified by the management)

a. Key Management Personnel:

a - Key Management Personnel Relationship

1. Shri. B. T Doshi Executive Chairman

2. Shri. A. B. Doshi Managing Director

3. Shri. R. B. Doshi Executive Director

b - Parties where control exists

1. Kapurwala Properties Pvt. Ltd.

2. Shri. Gautam B. Doshi Director

Note : 9

Pursuant to the enactment of Companies Act, 2013, the Company has applied the estimated useful lives as specified in Schedule II. Accordingly the unamortised carrying value is being depreciated/ amortised over the revised / remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April 2014 have been adjusted net of tax, in the opening balance of Profit and Loss Account amounting to Rs. 4,26,415/-

Note : 10

Previous year's figures have been regrouped / rearranged / recast wherever necessary.


Mar 31, 2012

@ The Company has not received information from the vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to the amounts unpaid as at the year end together with Interest paid / payable under this Act have not been given.

# This figure do not include any amount due and outstanding, to be credited to Investor Education and Protection Fund. ## Includes mainly compensation payable to workers and statutory dues. Refer Note No. 27)

1.1. The disclosures of employee Benefits as defined in Accounting Standard AS-15 are given below:

Defined Contribution Plan :

Contribution to defined contribution plan recognised as expenses for the year is as under:

Employers contribution to Provident Fund Rs 7,07,499/-(Previous Year Rs. 6,98,379/-

Defined Benefit Plan :

The employees Gratuity Fund Scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on acturial valuation. The obligation for Leave encashment is recognised in the same manner as Gratuity.

2. A sum of Rs. 63,528/- is included in Raw Material Consumption representing prior period items. (Previous Year Rs. 20,561/- net debited to Establishment Expenses)

3. Foreign Currency exposure that are not hedged by Derivative instruments or forward contracts as at March, 31, 2012 amount to Rs. 3,94,03,727/- (Previous Year Rs. 4,42,91,929/-)

4. Segment Information

The Company has only one primary segment viz: "Printed Circuit Board". The Company has only one major secondary segment viz : Exports out of India. Hence no additional disclosure is required under Accounting Standard AS-17.

5. The net amount of foreign exchange difference credited to Profit & Loss Accounts is Rs. 42,02,435/- (Previous Year Rs. 50,92,543/-)

6. Exceptional item represents

Exceptional item represents amount payable to some of the workers of the company as compensation in respect of past services, who have voluntarily resigned from service of the company subsequent to the year end.

7. Contingent Liabilities :

In respect of:

(i) Bonds executed in favour of President of India in respect of Custom Duty on 220,582,000 220,582,000 Import of Machinery and Raw Materials

(ii) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of Advances) 414,200 2,267,758

8. Previous year's figures have been regrouped / rearranged / recast wherever necessary.


Mar 31, 2011

1. In the opinion of the management, current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business and the provision for all the known liabilities and depreciation are adequate and not in excess of the amount reasonably necessary.

2. The disclosures of Employee Benefits as defined in the Accounting Standard AS-15 are given below:

Defined contribution Plan:

Contribution to defined contribution plan, recognised as expenses for the year as under: Employers Contribution to Provident Fund Rs. 6, 98,379/- (Previous Year Rs. 7, 05,871/-)

Defined Benefit Plan:

The Employees' Gratuity fund scheme managed by a Trust is a defined benefit plan. The present value obligation is determined based on actuarial valuation. The obligation for leave encashment is recognized in the same manner as gratuity.

3. Contingent Liabilities:

For the Year

2010 - 2011 2009 - 2010 Rs. Rs.

a. Bonds issued in favour of the President of India in respect of customs duty on import of machinery & raw materials. 220,582,000 220,582,000

b. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) 22,67,758 NIL

4. The net amount of foreign exchange difference Credited to Profit and Loss Account Rs 50,92,543/- (Previous year Rs. 630,188/-Debit).

5. Balance with other bank: Union Bank of California (USA), Maximum balance at any time during the year Rs. 90,66,222/- (Previous year Rs. 91,06,149/-)

6. Related Party Disclosures: (As certified by the management) A. Key Management Personnel:

A - Key Management Personnel Relationship

1. Shri. B. T. Doshi Executive Chairman

2. Shri. A. B. Doshi Managing Director

3. Shri. R. B. Doshi Executive Director

B - Parties where control exists Kapurwala Properties P. Limited

7. The Ministry of Corporate Affairs, Government of India vide its General Notification No. S. O. 301 (E) dated 8th February, 2011 issued under Section 211 (3) of the Companies Act, 1956, has exempted certain classes of Companies from disclosing certain information in their Profit & Loss Account. The Company, being an 'Export Oriented Company' is entitled to the exemption. Accordingly, disclosure mandated by paragraphs 3 (i) (a), 3 (ii) (a), 3 (ii) (b) and 3 (ii) (d) of part II, Schedule VI to the Companies Act, 1956 have not been provided.

8. SEGMENT INFORMATION :

The Company has only single primary segment viz :- "Printed Circuit Board". The Company has only one major secondary segment viz : Exports out of India. Hence, no additional information as required by Accounting Standard 17 is given.

9. A sum of Rs. 20,561/- Net Debit [Previous year Rs. 6,354/- Net Credit] is included in establishment expenses representing net prior period item.

10. Foreign currency exposure that are not hedged by derivative instruments or forward contracts as at 31st March, 2011 amount to Rs. 4,42,91,929/- (Previous Year Rs. 4,86,31,959/-)

11. Previous year's figures have been regrouped / rearranged / recast wherever necessary.


Mar 31, 2010

1. In the opinion of the management, current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business and the provision for all the known liabilities and depreciation are adequate and not in excess of the amount reasonably necessary.

2. The disclosures of Employee Benefits as defined in the Accounting Standard AS-15 are given below:

Defined contribution Plan:

Contribution to defined contribution plan, recognised as expenses for the year as under: Employers Contribution to Provident Fund Rs. 7,05,871/- (Previous Year Rs. 7,46,041/-)

Defined Benefit Plan:

The Employees Gratuity fund scheme managed by a Trust is a defined benefit plan. The present value obligation is determined based on actuarial valuation. The obligation for leave encashment is recognized in the same manner as gratuity.

3. The net amount of foreign exchange difference debited to Profit and Loss Account Rs 630,188/- (Previous year Rs. 29,185/- Credit).

4. Balance with other bank: Union Bank of California (USA), Maximum balance at any time during the year Rs. 91,06,149/-(Previous year Rs. 1,26,49,125)

5. SEGMENT INFORMATION :

The Company has only single primary segment viz :- "Printed Circuit Board". The Company has only one major secondary segment viz : Exports out of India. Hence, no additional information as required by Accounting Standard 17 is given.

6. A sum of Rs. 6,354/- Net Credit [Previous year Nil] is included in establishment expenses representing net prior period item.

7. Depreciation for the year is lower by Rs. 59.89 Lacs on account of reworking of Depreciation of Plant & Machinery keeping in mind the remaining useful life. Depreciation is now provided on the residual value as per rates prescribed by Schedule XIV of the Companies Act, 1956, which hitherto was provided at higher rate of 45 %.

8. Foreign currency exposure that are not hedged by derivative instruments or forward contracts as at 31st March, 2010 amount to Rs. 4,86,31,959/- (Previous Year Rs. 6,12,22,958/-)

 
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