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Notes to Accounts of Incon Engineers Ltd.

Mar 31, 2013

1 NATURE OF OPERATIONS

Incon Engineers Limited (the Company) has been incorporated on 13.02.1970. At present the Company is engaged in the business of manufacturing of Chemical process equipment and agricultural machinery

2 BASIS OF ACCOUNTING

The financial statements have been prepared to comply in all material respects with the Notified accounting standards by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared in accordance with the generally accepted Accounting Principles in India under the historical cost convention and on accrual basis, except in case of assets for which provision for impairment is made and revaluation is carried out. The accounting policies are consistent with those used in the previous year.

3 The details of the transactions with related parties to be disclosed as required by Accounting Standard -18 are as follows.

a) Names of Related parties and description of relationship. i) Key Management Personnel : Sri Sreedhar Chowdhury.

Managing Director. ii) Relatives of Key Management : Not Applicable

Personnel iii)Associates : Oxeeco Meditek Private Limited

:.Oxeeco Technologies Private Limited,

: The Oxeeco Limited.

: Fusion Lastek Technologies Private Limited

4 In terms of Accounting Standard (AS 28) on "Impairment of Assets", as notified by the Companies (Accounting Standards) Rules, 2006 (as amended), the management has carried out the assessment of impairment of assets and no impairment loss has been recognized during the year.

5 Previous year figures are regrouped and reclassified where ever necessary to make them comparable with those of current year.


Mar 31, 2012

1. NATURE OF OPERATIONS

Incon Engineers Limited (the Company) has been incorporated on 13.02.1970. At present the Company is engaged in the business of manufacturing of Chemical process equipment and agricultural machinery

2. BASIS OF ACCOUNTING

The financial statements have been prepared to comply in all material respects with the Notified accounting standards by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956, The financial statements have been prepared in accordance with the generally accepted Accounting Principles in India under the historical cost convention and on accrual basis, except in case of assets for which provision for impairment is made and revaluation is carried out. The accounting policies are consistent with those used in the previous year.

a. 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.

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.

3. DEFERRED TAX ASSETS (Net)

The Company does not have any current income tax as per the normal provisions of the Income tax Act, 1961 . In view of the ineligibility to assess future taxable income under normal provisions, the extent of net deferred tax asset which may be adjusted in the subsequent years is not ascertainable with virtual certainty at this stage and accordingly in terms of Accounting Standard (AS 22) on "Accounting for Taxes on Income" as notified by the Companies (Accounting Standards) Rules, 2006 (as amended), and based on general prudence, the Company has not recognised any Deferred tax Asset while preparing the accounts for the current year.

4. In the opinion of the management, the current assets, loans and advances are expected to realise at least the amount at which they are stated, if realised in the ordinary course of business and provision for all known liabilities have been adequately made in the accounts.

5. Disclosure of Sundry Creditors under current liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006" and relied upon by the Auditors.

6. Details of total outstanding dues to Micro and Small Enterprises as per Micro, Small and Medium Enterprise Development Act, 2006.

Particulars 31.03.2012 31.03.2011 Rs. Rs.

The principal amount and the interest due Nil Nil thereon (to be shown separately) remaining unpaid to any supplier as at the end of each accounting year.

The amount of interest paid by the Nil Nil buyer in terms of Section 16, of the Micro, Small and Medium Enterprise Development Act, 2006 along with the amounts of the payment made to the supplier beyond the appointed day each accounting year

The amount of interest due and payable for Nil Nil the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under Micro, Small and Medium Enterprise Development Act, 2006.

The amount of interest accrued and remaining unpaid at the end of each Nil Nil accounting year; and

The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under Nil Nil

Section 23 of the Micro, Small and Medium Enterprise Development Act, 2006.

7. The company's main business is manufacturing of various equipment and machinery and all other activities of the company revolve around the main business and as such there are no separate reportable business segments as per the Accounting standard " Segment Reporting"(AS 17)

8 The details of the transactions with related parties to be disclosed as required by Accounting Standard -18 are as follows.

a) Names of Related parties and description of relationship.

i) Key Management Personnel : Sri Sreedhar Chowdhury.

: Managing Director.

ii) Relatives of Key Management : Not Applicable

Personnel ii) Associates : Oxeeco Meditek Private Limited

: Oxeeco Technologies Private Limited,

: The Oxeeco Limited.

: Fusion Lastek Technologies Private Limited

9. Contingent Liabilities not provided for an account of 31.03.2012 31.03.2011

(amount in Rupees)

a) Claims against the company not acknowledged 16,49,505 16,29,705 as a debits

b) Demands from Sales Tax Department disputed by the company pending in appeals to extent not provided for 1,25,101 1,25,101

10. Having regard to the losses incurred ,the Company does not have any Current tax at present and has unabsorbed depreciation and carried forward business losses available for set off under the Income Tax Act, 1961 In view of inability to assess future taxable income, the extent of net deferred tax asset which may be adjusted in the subsequent years is not ascertainable with virtual certainty at this stage and accordingly in terms of Accounting Standard (AS 22) on "Accounting for Taxes on Income" as notified by the Companies (Accounting Standards) Rules, 2006 (as amended), and based on general prudence, the Company has not recognized any Deferred Tax Asset while preparing the accounts for the current year.

11. In terms of Accounting Standard (AS 28) on "Impairment of Assets", as notified by the Companies (Accounting Standards) Rules, 2006 (as amended), the management has carried out the assessment of impairment of assets and no impairment loss has been recognized during the year.

12. Previous year figures are regrouped and reclassified where ever necessary to make them comparable with those of current year.


Mar 31, 2010

1. NATURE OF OPERATIONS

Incon Engineers Limited (the Company) has been incorporated on 13-02-1970. At present the Company is engaged in the business of manufacturing of Chemical process equipment and agricultural machinery.

2. Disclosure of Sundry Creditors under current liabilites is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006" and relied upon by the Auditors. During the year the Company has paid no interest in terms of Section 16 of the said Act.

3. In the opinion of the management, the current assets, loans and advances are expected to realize at least the amount at which they are stated, if realized in the ordinary course of business and provision for all known liablities have been adequately made in the accounts.

4. Contingent Liabilities not provided for oh account of 2009-10 2008-09

Rs. Rs.

5. The Companys main business is manufacturing of chemical process equipment and agricultural machinery and all other activities of the Company revolve around the main business and as such there are no separate reportable business segments as per the Accounting Standard "Segmental Reporting" (AS17)

6. The details of the transactions with related parties to be disclosed as required by Accounting Standard -18 are as follows.

a) Names of related parties and description of relationship.

i) Key Management Personnel : Sri Sreedhar Chowdhury,

Managing Director.

ii) Relatives of Key Management Personnel : Smt. R. Chowdhury,

W/o Sri Sreedhar Chowdhury.

iii) Associates : Oxeeco Meditek Pvt,Ltd,

: Oxeeco Technologies Pvt .Ltd,

: The Oxygen Equipment &

Engineering Co.Ltd., : Fusion Lastek Technologies Pvt. Ltd.

7. In lerms of Accounting Standard (AS-22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, there is a net deferred tax asset as on 31st March, 2010. In compliance with the provisions of the Accounting Standard and based on general prudence, the Company has not recognized the said deferred tax asset while preparing the accounts for the current year.

8. The Management has carried out the assessment of impairment of assets and no impairment loss has been recognized during the year.

9. Previous year figures are regrouped and reclassified wherever necessary to make them comparable with those of current year.

 
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