Mar 31, 2014
(* (**)) Secured by first charge against all movable and immovable
assets both present and future situated at Bhandup, Mumbai and also by
hypothecation of stocks and book debts of the Company ranking
pari-passu in favour of ICICI Bank Ltd. and Union Bank of India.
(*) Includes
i) Loan for vehicles Rs. 17.78 lacs (Previous year Rs. 30.51 lacs)
ii) Fixed Deposits Rs. 21.14 lacs (Previous year NIL)
(**) Includes statutory dues and outstanding expenses
* Balance with banks in current account includes Unclaimed Dividend of
Rs. 24.19 lacs (Previous year Rs. 23.19 lacs) ** Balance in Margin
money towards security for Letter of Credit and Letter of Guarantee
1) Estimated amount of contract remaining to be executed on account of
Technical Know-How not provided for Rs. 130.07 lacs (Previous Year Rs.
152.95 lacs).
2) Contingent Liabilities in respect of the following:
(Rs. in lacs)
Particulars As at As at
March 31, 2014 March 31, 2013
Letters of credit opened by - 90.74
the bankers of the Company
in favour of the third parties
Guarantee given by the banks to 734.67 817.77
the third parties on
behalf of the Company
Letter of Credit discounted with 101.07 -
bank
Claims of Excise disputed by the 90.29 99.39
Company
Claims of Sales Tax disputed by the 43.90 13.75
Company
Claims of Income Tax disputed by the - 18.48
Company
Non-performance of Export obligation - 4.96
3) Employee Benefits:
Consequent upon adoption of Accounting Standard on "Employee Benefits"
(AS 15) (Revised 2005) issued by the Institute of Chartered Accountants
of India, as required by the Standard, the following disclosures are
made.
4) Trade Receivables over six months comprises of Rs. 614.35 lacs
(Previous year Rs. 599.49 lacs) due from Government concerns and Rs.
215.90 lacs (Previous year Rs. 165.12 lacs) due from commercial
parties.
5) In the opinion of the Management, the current assets, loans and
advances are approximately of the values stated if realised in the
ordinary course of business and all provisions for laibilities are
adequate and not in excess of the amount considered necessary.
6) In the opinion of the Management, no provision is required
against contingent liabilities referred hereinabove.
7) Balance of Trade Receivables and Trade Payables are subject to
confirmation.
8) The recurring expenditure of Rs. 49.11 lacs (Previous year Rs.
39.38 lacs) and Capital Expenditure of Rs. 0.65 lacs (Previous Year
Nil) spent in respect of Research and Development during the year have
been debited to respective account.
9) Segment Information :
The Company has identified its Business Segments as its Primary
Segments comprising of Electronic Components and Equipments.
* Raw materials consumed:
i) Includes material used for service activities.
ii) Excludes sale and stock of scrap.
iii) Includes Conversion and Processing charges Rs. 344.26 lacs
(Previous Year Rs. 343.11 lacs)
10) Due to absence of profits during the year, the management
personnel have been paid the remuneration as approved by shareholders
and remuneration committee as minimum remuneration.
11) Previous year''s figures has been re-classified and re-grouped
wherever necessary.
Mar 31, 2013
I) Estimated amount of contract remaining to be executed on account of
Technical Know-How not provided for Rs. 152.95 lacs (Previous Year
Rs. 150.03 lacs).
ii) Contingent Liabilities in respect of the following:
(Rs.in lacs)
Particulars As at As at
March 31,
2013 March 31, 2012
Letters of credit opened by
the bankers of the Company 90.74 91.69
in favour of the third parties
Guarantee given by the banks
to the third parties on 817.77 702.44
behalf of the Company
Letter of Credit discounted
with bank 68.27
Claims of Excise disputed
by the Company 99.39 45.45
Claims of Sales Tax disputed
by the Company 13.75
Claims of Income Tax
disputed by the Company 18.48 27.61
Non-performance of Export obligation 4.96 4.96
iii) Employee Benefits:
Consequent upon adoption of Accounting Standard on "Employee Benefits"
(AS 15) (Revised 2005) issued by the Institute of Chartered Accountants
of India, as required by the Standard, the following disclosures are
made.
iv) Trade Receivables over six months comprises of Rs. 599.49 lacs
(Previous year Rs. 624.89 lacs) due from Government concerns and
Rs. 165.12 lacs (Previous year Rs. 89.04 lacs) due from commercial
parties.
v) In the opinion of the Management, the current assets, loans and
advances are approximately of the values
stated if realised in the ordinary course of business and all
provisions for laibilities are adequate and not in excess of the amount
considered necessary.
vi) In view of the deductions available under section 80 IC of the
Income Tax Act, 1961 to the Company, provision
for Income Tax of Rs. 222.50 lacs has been computed on the basis of
Minimum Alternative Tax (MAT) in accordance with section 115JB of the
Income Tax Act, 1961. Considering the future profitability and taxable
position in the subsequent years, the Company has recognised MAT Credit
Entitlement of Rs. 125.00 lacs as an asset by crediting the Statement of
Profit & Loss Account for an equal amount and disclosed the same under
the head Other Non-Current Assets in accordance with the Guidance Note
on "Accounting for Credit available in respect of Minimum Alternative
Tax under the Income Tax Act, 1961" issued by the Institute of
Chartered Accountants of India.
vii) In the opinion of the Management, no provision is required against
contingent liabilities referred hereinabove.
viii) Balance of Trade Receivables and Trade Payables are subject to
confirmation.
ix) The recurring expenditure of Rs. 39.38 lacs (Previous year Rs. 28.06
lacs) spent in respect of Research and
Development during the year have been debited to respective expense
account.
x) At each balance sheet date, the management reviews the carrying
amounts of its assets included in each cash generating unit to
determine whether there is any indication that those assets were
impaired. However, in the opinion of the management, there is no
impairment of assets as on the balance sheet date.
xi) Segment Information :
The Company has identified its Business Segments as its Primary
Segments comprising of Electronic Components and Equipments.
xii) Previous year''s figures has been re-classified and re-grouped to
confirm to this year.
Mar 31, 2012
I) Estimated amount of contract remaining to be executed on account of
Technical Know-How not provided for Rs 150.03 lacs (Previous Year Rs
151.18 lacs).
ii) Contingent Liabilities in respect of the following:
(Rs.in lacs)
Particulars As at As at
March 31,
2012 March 31,
2011
Letters of credit opened by the
bankers of the Company 91.69 98.15
in favour of the third parties
Guarantee given by the banks to the
third parties on 702.44 533.57
behalf of the Company
Letter of Credit discounted with bank 68.27 -
Claims of Excise disputed by the Company 45.45 14.78
Claims of ESIC disputed by the Company - 14.73
Claims of Income Tax disputed by the
Company 27.61 10.87
Non-performance of Export obligation 4.96 4.96
iii) Trade Receivables over six months comprises of Rs 624.89 lacs
(Previous year Rs 434.44 lacs) due from Government concerns and Rs 89.04
lacs (Previous year Rs 74.98 lacs) due from commercial parties.
iv) In the opinion of the Management, the current assets, loans and
advances are approximately of the values stated if realised in the
ordinary course of business and all provisions for laibilities are
adequate and not in excess of the amount considered necessary.
v) In view of the deductions available under section 80 IC of the
Income Tax Act, 1961 to the Company, provision for Income Tax of Rs
244.00 lacs has been computed on the basis of Minimum Alternative Tax
(MAT) in accordance with section 115JB of the Income Tax Act, 1961.
Considering the future profitability and taxable position in the
subsequent years, the Company has recognised MAT Credit Entitlement of
Rs 88.00 lacs as an asset by crediting the Profit & Loss Account for an
equal amount and disclosed the same under the head Other Non-Current
Assets in accordance with the Guidance Note on "Accounting for Credit
available in respect of Minimum Alternative Tax under the Income Tax
Act, 1961" issued by the Institute of Chartered Accountants of India.
vi) In the opinion of the Management, no provision is required against
contingent liabilities referred hereinabove.
vii) Balance of Trade Receivables and Trade Payables are subject to
confirmation.
viii) The recurring expenditure of Rs 28.06 lacs (Previous year Rs 19.97
lacs) spent in respect of Research and Development during the year have
been debited to respective expense account.
ix) At each balance sheet date, the management reviews the carrying
amounts of its assets included in each cash generating unit to
determine whether there is any indication that those assets were
impaired. However, in the opinion of the management, there is no
impairment of assets as on the balance sheet date.
x) During the year a fraud amounting to Rs 24.00 lacs approximately
committed by an employee Mr. A. R. Biswas of Kolkata branch was
noticed. Services of the said employee since, has been terminated and
legal action has been initiated against him. The necessary accounting
treatment for recovery/loss will be given in the year of settlement.
Includes purchases for manufacturing:
* Rs 0.63 lacs (Previous year Rs 0.90 lacs) ** Rs 7.65 lacs (Previous year
Rs 5.83 lacs) *** Rs 5.38 lacs (Previous year Rs 36.18 lacs)
* Raw materials consumed:
i) Includes material used for service activities.
ii) Excludes sale and stock of scrap.
iii) Others include Conversion and Processing charges Rs 302.51 lacs
(Previous Year Rs 239.87 lacs)
xi) Till the year ended 31st March, 2011, the Company was using the
pre-revised Schedule VI to the Companies Act, 1956, for preparation and
presentation of its Financial Statements. During the year ended 31st
March, 2012 the Revised Schedule VI notified under the Companies Act,
1956 has become applicable to the Company. Accordingly previous year's
figures has been re-classified and re-grouped to confirm to this year.
Mar 31, 2011
1. Estimated amount of contract remaining to be executed on account of
Technical Know-How not provided for Rs. 1,51,17,600/- (Previous Year
Rs. 1,46,78,400/-) and on account of Capital Expenditure Rs. 2,00,000/-
(Previous Year Rs. 2,00,000/-)
2. Contigent Liabilities in respect of the following:
31.03.2011 31.03.2010
Rs. Rs.
i) Letters of credit opened by the
bankers of the Company in favour of
third parties 98,15,255 81,80,222
ii) Guarantee given by the banks to
the third parties on behalf of the
Company 5,33,56,691 6,38,81,068
iii) Claims of Excise disputed
by the Company 14,77,875 14,77,875
iv) Claims of ESIC disputed by
the Company 14,72,936 14,72,936
v) Claims of Income Tax disputed by
the Company 10,86,630 -
vi) Non-performance of Export
obligation 4,95,712 4,95,712
3. Employee Benefits:
Consequent upon adoption of Accounting Standard on "Employee Benefits"
(AS 15) (Revised 2005) issued by the Institute of Chartered Accountants
of India, as required by the Standard, the following disclosures are
made.
4. Sundry debtors over six months comprise Rs. 508.03 lacs (Previous
year Rs. 276.86 lacs) due from Government concerns and Rs. 86.54 lacs
(Previous year Rs. 52.68 lacs) due from commercial parties.
5. In the opinion of the Management, the current assets, loans and
advances are approximately of the values stated if realised in the
ordinary course of business and all provisions for laibilities are
adequate and not in excess of the amount considered necessary.
6. In view of the deductions available under section 80 IC of the
Income Tax Act, 1961 to the Company, provision for Income Tax of Rs.
2,34,00,000/- has been computed on the basis of Minimum Alternative Tax
(MAT) in accordance with section 115JB of the Income Tax Act, 1961.
Considering the future profitability and taxable positions in the
subsequent years, the Company has recognised MAT Credit Entitlement of
Rs.54,00,000/- as an asset by crediting the Profit & Loss Account for
an equal amount and disclosed the same under the head Loans and
Advances in accordance with the Guidance Note on "Accounting for Credit
available in respect of Minimum Alternative Tax under the Income Tax
Act, 1961" issued by the Institute of Chartered Accountants of India.
7. In the opinion of the Management, no provision is required against
contingent liabilities referred in Note No. 4 of this schedule.
8. Balances of debtors and creditors are subject to confirmation.
9. Sundry Creditors of Rs. 15,46,05,179/- (Previous Year Rs.
9,42,99,458/-), includes Rs. 58,08,297/- (Previous Year Rs.
15,34,709/-) payable to Micro, Small and Medium Enterprises.
Based on the information available with the Company there are no
overdue amount payable to suppliers covered under the Micro, Small and
Medium Enterprises Development Act, 2006.
10. The recurring expenditure of Rs. 19.97 lacs ( Previous year Rs.
39.45 lacs) spent in respect of Research and Development during the
year have been debited to respective expense account.
11. At each balance sheet date, the management reviews the carrying
amounts of its assets included in each cash generating unit to
determine whether there is any indication that those assets were
impaired. However, in the opinion of the management, there is no
impairment of assets as on the balance sheet date.
12. Segment Information :
The Company has identified its Business Segments as its Primary
Segments comprising of Electronic Components and Equipments.
13. Related Party Disclosure Under Accounting Standard - 18 :
The disclosure of transactions with the related parties as defined in
the accounting standard are given below : I) List of related parties
with whom transactions have taken place and relationship :
Sr.
No. Name of the Related Party Relationship
i. Shri. S.K.Nevatia Key Management Personnel
ii. Smt. Uma Nevatia Key Management Personnel
iii. Shri. Saurabh Nevatia Relative of Key Management Personnel
iv. Smt. Surabhi Golyan Relative of Key Management Personnel
v. Shri. Bharat Swaroop Relative of Key Management Personnel
14. Previous years figures have been reclassified and regrouped
wherever necessary.
Mar 31, 2010
1. Estimated amount of contract remaining to be executed on account of
Technical Know-How not provided for Rs.1,46,78,400/- (Previous Year
P.s.1,59,88,800/-) and on account of Capital Expenditure Rs. 2,00,000/-
(Previous Year Rs.76,61,972/-)
2. Contigent Liabilities in respect of the following :
31.03.2010 31.03.2009
Rs. Rs.
i) Letters of credit opened by the
bankers of the Company in favour of
third 81,80,222 69,28,850
parties
ii) Guarantee given by the banks to
the third parties on behalf of the 6,38,81,068 4,63,59,896
Company
iii) Claims of Excise disputed by
the Company 14,77,875 14,77,875
iv) Claims of ESIC disputed by
the Company 14,72,936 14,72,936
v) Debts not acknowledged by
the Company - 72,034
vi) Non-performance of Export
obligation 4,95,712 4,95,712
3. Employee Benefits:
Consequent upon adoption of Accounting Standard on "Employee Benefits"
(AS 15) (Revised 2005) issued by the Institute of Chartered Accountants
of India, as required by the Standard, the following disclosures are
made.
4. Sundry debtors over six months comprise Rs. 276.86 lacs ( Previous
year Rs. 156.59 lacs) due from Government concerns and Rs. 52.68 lacs
(Previous year Rs. 65.78 lacs) due from commercial parties.
5. In the opinion of the Management, the current assets, loans and
advances are approximately of the values stated if realised in the
ordinary course of business and all provisions for liabilities are
adequate and not in excess of the amount considered necessary.
6. In the opinion of the Management, no provision is required against
contingent liabilities referred in Note No. 4 of this schedule.
7. Balances of debtors and creditors are subject to confirmation.
8. Based on the information available with the Company there are no
overdue amount payable to suppliers covered under the Micro, Small and
Medium Enterprises Development Act, 2006.
9. The recurring expenditure of Rs. 39.45 lacs ( Previous year Rs.
48.58 lacs ) spent in respect of Research and Development during the
year have been debited to respective expense account.
10. At each balance sheet date, the management reviews the carrying
amounts of its assets included in each cash generating unit to
determine whether there is any indication that those assets were
impaired. However, in the opinion of the management, there is no
impairment of assets as on the balance sheet date.
11. Related Party Disclosure Under Accounting Standard -18 :
The disclosure of transactions with the related parties as defined in
the accounting standard are given below :
I) List of related parties with whom transactions have taken place and
relationship :
Sr.
No. Name of the Related Party Relationship
i. Mr. S. K. Nevatia Key Management Personnel
ii. Mrs. Uma Nevatia Key Management Personnel
iii. Mr. Saurabh Nevatia Relative of Key
Management Personnel
iv. Mrs. Surabhi Golyan Relative of Key
Management Personnel
v. Mr. Bharat Swaroop Relative of Key
Management Personnel
12. Previous years figures have been reclassified and regrouped
wherever necessary.