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Notes to Accounts of Indian Link Chain Manufacturer Ltd.

Mar 31, 2015

1. SHARE CAPITAL

(a). Terms / rights attached to Equity Shares

a The company has only one class of equity shares having a per value of Rs.100. Each Holder of equity shares is entitled to one vote per share.

b 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.

2. CONTINGENT LIABILITIES AND COMMITMENTS

As at As at Particular March 31 March 31 2015 2014

(A) Contingent Liabilities

1) Claims against company not acknowledgment - 277,789 as debt 2) Disputed Custom Duty 3,908,349 3,908,349

3,908,349 4,186,138

(B) Commitments - -

3. Related party disclosure

Related Parties Nature of Relationship

Mr. P. K. Nevatia Key Management Personnel

Phoolchand Anand Kishore HUF HUF of which Key Management Personnel Nevatia is Member

4. Assets taken on Lease

The Company's major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 1,80,000/- (Previous Year Rs. 1,80,000/-) as Rent are grouped under Note No. 19 of "Other Expenses". The lease period is for the 11 months and renewable at mutual consent.

5. The Company is engaged only in trading of Chain and hence does not have any reportable segment.

6. The company has disposed off substantial part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company's should be viewed as a going concern. Accordingly accounts have been prepared considering that the company is going concern.

7. Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

8. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

9. Considering the size of the business of the Company, the Company has not appointed Company Secretary and Chief Financial Officer as required by sub section 1 of Section 203 of the Companies Act, 2013.

10. The previous year figures have been regrouped/reclassified,wherever necessary to confirm to the current presentation as per the Schedule III.






Mar 31, 2014

Note No 1.1: During the year, the company applied for discharge of liabilities of incentive availed under the Package Scheme of Incentive of Government of Maharashtra and have received the approval letter for discharging the company from liabilities under the Package Scheme of incentive. Accordingly the amount is no more payable and has been transferred to General Reserve.

Note No 1.2 : The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest with interest paid/ payable under this Act, have not been given. The same has been relied upon by the Auditors.

Note No 2.1 : During the earlier years the company had received Show Cause Notice demanding duty of Rs. 1.45,65,801/- which in view of the department escaped assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations were made disputing the charge of the duty.''During the previous year order had been received trom Custom Authorities raising Demand of Rs. 75,49,799/-. The company has filed appeal against the same. However, as a matter of prudence the directors decided to continue the provision of Rs. 36,41,450/- made in the previous year. Balance of Rs. 39,08,349/- (Previous Year Rs. 39,08,349/-) is shown as Contingent Liabilities.

3 CONTINGENT LIABILITIES AND COMMITMENTS

As at As at Particular March 31.2014 March 31.2013

(A) Contingent Liabilities

1) Claims against company not acknowledgment as debt 277.789 267,779

2) Disputed Custom Duty 3,908,349 3,908,349

4,186,138 4,176,128

(B) Commitments —

4 Assets taken on Lease

The Company''s major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 1,80,000/- (Previous Year Rs. 1,80,000/-) as Rent are grouped under Note No. 18 of "Other Expenses" The lease period is for the 11 months and renewable at mutual consent.

5 The Company is engaged only in trading of Chain and hence does not have any reportable segment.

6 The company has disposed off substantia! part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company''s should be viewed as a going concern. Accordingly accounts have been prepared considering that the company is going concern.

7 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

8 In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

9 The previous year figures have been regrouped/redassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.


Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS :

Particulars As at As at March 31,2013, March 31,2012

(A) Contingent Liabilities

1) Claims against company not acknowledgment as debt 267,779 257,769

2) Disputed Custom Duty 3,908,349 3,908,349

3) Gram Panchayat Tax 71,312

- 4,176,128 4,237,430

(B) Commitments

2 Assets taken on Lease

The Company''s major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 1,80,000/- (Previous Year Rs. 30.000/-) as Rent are grouped under Note No. 19 of "Other Expenses", The lease period is for the 11 months and renewable at mutual consent.

3 The Company is engaged only in trading of Chain and hence does not have any reportable segment.

4 The company has disposed off substantial part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company''s shouid be viewed as a going concern. Accordingly accounts have been prepared considering that the company is going concern.

5 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

6 In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at ieast equal to the amount at which they are stated.

7 The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current presentation as per the reviseo schedule VI.


Mar 31, 2012

The previous years figures have been regrouped/reclassified, wherever necessary to conform to the current presentation.

1.1 SHARE CAPITAL

a) The Company have only one class of shares i.e Equity Shares having par value of Rs. 100/-. Each Equity shareholder have one voting right per share.

1.2 OTHER CURRENT LIABILITIES

(a) During the previous year the company had received Show Cause Notice demanding duty of Rs. Rs. 1,45,65,801/ - which escaped assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations were made disputing the charge of the duty. During the current year order has been received from Custom Authorities raising Demand of Rs. 75,49,799/-. The company has filed appeal against the same. However, as a matter of prudence the directors decided to continue the provision of Rs. 36,41,450/- made in the previous year. Balance of Rs. 39,08,349/- (Previous Year Rs. 1,09,24,351/-) is shown as Contingent Liabilities.

(b) The company has entered into a MOU for sales of its Land & Building at Tarapur, MIDC, for Rs. 1,68,00,000/- (Previous Year Rs. 1,65,00,000/-). Pending approval from MIDC the assignment deed has not been executed. Sale will be effective only after approval of MIDC is received and legal documents are executed. Accordingly no effect has been given for Sale of Asset.

1.3 FIXED ASSETS

Note: a. Building includes 10 unquoted shares of Rs.50/- each of Mount Unique Co - Operative Housing Society Ltd, Mumbai.

b. Land is held for sale and building includes Gross Block of Rs. 25,92,429, Depreciation of Rs.7,85,429 and Net Block of Rs.18,07,000 being Building Held for Sale. The Same have been valued at lower of cost or Net Realisable Value.

Accounting Policies on Fixed Assets

Fixed Assets and Depreciation/Amortisation

1. Fixed Assets are stated at cost less accumulated depreciation except for those, which are revalued, in which case they are stated at the revalued cost less accumulated depreciation.

2. Depreciation is provided under straight-line method at rates and in the manner provided by Schedule XIV of the Companies Act, 1956. Leasehold land is amortized over the period of lease.

1.4 REVENUE FROM OPERATION

1.5 CONTIGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

Particulars As at As at March 31, 2011 March 31, 2012

"1) Claims against company not acknowledgment as debt" 257,769 247,760

2) Disputed Custom Duty 3,908,349 10,924,351

3) Gram Panchayat Tax 71,312 71,312

TOTAL 4,237,430 11,243,423

Accounting Policy on Revenue Recognition

"Sales are recognised when the significant risk and reward of ownership of the goods are passed to the customer. Sales are net off sales return, quantity discount and exclusive of value added tax collected.

1.6 Related party disclosure

Related party disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India ("ICAI").

Related Parties Nature of Relationship

Mr. R K. Nevatia Key Management Personnel

Phoolchand AnandiKishore Nevatia HUF HUF of which Key Management Personnel is Member

1.7 Assets taken on Lease

The Company's major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 30,000/- (P.Yr. Rs. NIL) as Rent are grouped under Note No. 1.17 of "Other Expenses". The lease period is for the 11 months and renewable at mutual consent.

1.8 The Company is engaged only in trading of Chain and hence does not have any reportable segment.

1.9 The company has disposed off substantial part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company's should be viewed as a going concern.

1.10 Balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation and consequential adjustments, if any.


Mar 31, 2011

1. Contingent liability as at 31st March 2011 on account of: 2010-11 2009-10

Rs. Rs. i) Gram Panchayat Tax 71,312 71,312

ii) Claims against company not acknowledgment as debt 2,47,760 2,37,760

iii) Disputed Sales Tax - 2,50,217

vi) Disputed Custom Duty 1,09,24,351 1,09,24,351

2. Related Party Transaction: Related Parties:

Key Management Personnel : Mr. P. K. Nevatia. Summary of transactions with above related parties.

3. Additional information pursuant to the provision of paragraph 3 and 4 in part II of the Schedule VI to the Companies Act, 1956.

a) Licensed Capacity, Installed Capacity and Actual Production. (In M.T.) - Not Applicable

4. The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/ payable under this Act, have not been given. The same has been relied upon by the Auditors.

5. Custom authorities have raised a demand of Rs.1,45,65,801 asking the company to show cause why the duty which escaped assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations have been made disputing the charge of the duty. However as matter of prudence, the directors have decided to make a provision of Rs. 36,41,450 in the accounts for the year. Balance of Rs. 1,09,24,351 is shown as contingent liabilities.

6. Balances of Sundry Debtors, Creditors and Advances are subject to confirmation and Consequential adjustments, if any.

7. The Company is engaged only in trading of Chain and hence does not have any reportable segment:

8. Receivable towards sale of assets of Rs. 5,00,000 is outstanding since long. However no provision for the same has been made in the accounts as the management is hopeful of recovery.

9. The company has entered into a MOU for sales of its Land & Building at Tarapur, MIDC, for Rs. 1.65 crore. Pending approval from MIDC the assignment deed has not been executed. Accordingly sales of Assets has not been booked in the accounts.

10. Figures for previous year have been regrouped/re-arranged wherever necessary to make them comparable with those of the current year

 
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