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Notes to Accounts of Investment & Precision Castings Ltd.

Mar 31, 2015

Note No. 1

1.1 Share Capital:

a. Of the total share capital, 4,650,000 equity shares were issued as fully paid up bonus shares.

b. Equity shares issued as fully paid up bonus shares or otherwise than by cash during the preceding 5 years: Nil

2 Balances with sundry debtors, sundry creditors and for advances are subject to confirmations from the respective parties. In absence of such confirmations, balances as per books have been relied upon by the Auditors.

3 Depreciation for the year has been aligned to comply with requirement of Part C of Schedule II of the Companies Act, 2013. Consequently, depreciation for the year is lower by Rs. 42.64 lacs. Further, Rs. 2.11 lacs (net of deferred tax Rs. 1.01 lacs) in the respect of the fixed assets where the useful lives as specified in Schedule II is already expired, has been adjusted to the opening balances of the Retained Earnings.

4 Deferred tax liabilities of Rs. 1,884,290 arising during the year, a major component of which is due to timing difference related to depreciation charged in the accounts and as claimed under the Income Tax Act, is credited to the profit & loss account. Details of the balance of Rs. 31,559,000 are as under:

5 The management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard AS-28 issued by the Institute of Chartered Accountants of India. Based on the judgement of the management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

6 As the company''s business activity, in the opinion of the management, falls within a single primary segment subject to the same risks and returns, the disclosure requirements of Accounting Standard AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

7 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realised in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

8 Contingent Liabilities:

(i) In respect of Central Sales Tax for which ''C'' forms are pending for collection Rs. 76,239,000 (79,839,000)

(ii) In respect of disputed Value Added Tax liabilities Rs. 1,193,604 (1,193,604).

(iii) In respect of disputed Income Tax liabilities Rs. 312,000 (312,000)

8.1 Key Management Personnel & Relatives :

- Shri Piyush I. Tamboli

- Shri R. K. Menon

- Smt. Vishakha P. Tamboli

9. Figures in the brackets are the figures for the previous year, unless otherwise stated.

10. All the amounts are stated in Indian Rupees, unless otherwise stated.


Mar 31, 2014

1. Share Capital

a) Of the total share capital, 4,650,000 equity shares were issued as fully paid up bonus shares.

b) Equity shares issued as fully paid up bonus shares or otherwise than by cash during the preceding five years Nil.

2. Long Term Borrowings

Term loans from Bank of Baroda are secured by hypothecation of plant and mortgage of land, buildings and vehicle and further secured by personal guarantee of one of the directors.

3. Short term Borrowings

Working Capital from Bank of B aroda are secured by hypothecation of inventories, book debts, and all movable properties and mortgage of all immovable properties and further secured by personal guarantee of one of the directors.

4 Balances with sundry debtors, sundry creditors and for advances are subject to confirmations from the respective parties. In absence of such confirmations, balances as per books have been relied upon by the Auditors.

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

6 Deferred tax asset of Rs. 1,314,000 arising during the year, a major component of which is due to timing difference related to depreciation charged in the accounts and as claimed under the Income Tax Act, is credited to the profit & loss account.

7 The management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard AS-28 notified under the Companies (Accounting Standard) Rules, 2006. Based on the judgement of the management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

8 As the company''s business activity, in the opinion of the management, falls within a single primary segment subject to the same risks and returns, the disclosure requirements of Accounting Standard AS-17 "Segment Reporting" notified under the Companies (Accounting Standard) Rules, 2006 are not applicable.

9 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realised in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

10 Contingent Liabilities:

(i) In respect of Central Sales Tax for which ''C'' forms are pending for collection Rs. 79,839,000 (137,670,000)

(ii) In respect of disputed Value Added Tax liabilities Rs. 1,193,604 (1,193,604).

(iii) In respect of disputed Income Tax liabilities Rs. 312,000 (312,000)


Mar 31, 2013

1 Balances with Sundry Debtors, Sundry Creditors and for Advances are subject to confirmations from the respective parties. In absence of such confirmations, balances as per books have been relied upon by the Auditors.

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

3 Deferred tax asset of Rs. 5.10 Lacs arising during the year, a major component of which is due to timing difference related to depreciation charged in the accounts and as claimed under the Income Tax Act, is credited to the profit & loss account. Details of the balance of Rs. 31,090,000 are as under:

4 The management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard AS-28 issued by the Institute of Chartered Accountants of India. Based on the judgement of the management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

5 As the company''s business activity, in the opinion of the management, falls within a single primary segment subject to the same risks and returns, the disclosure requirements of Accounting Standard AS–17 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

6 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realised in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

7 Contingent Liabilities:

(i) In respect of Central Sales Tax for which ‘C'' forms are pending for collection Rs. 137,670,000 (92,098,000)

(ii) In respect of disputed Value Added Tax liabilities Rs. 1,193,604 (2,886,053)

(iii) In respect of disputed Income Tax liabilities Rs. 312,000 (15,862,000)

8. Figures in the brackets are the figures for the previous year, unless otherwise stated. All the amounts are stated in Indian Rupees, unless otherwise stated.


Mar 31, 2012

Term loans from Bank of Baroda are secured by hypothecation of plant and equipment and mortgage of land, buildings and vehicle and further secured by personal guarantee of one of the directors.

Working Capital from Bank of Baroda are secured by hypothecation of inventories, book debts, and all movable properties and mortgage of all immovable properties and further secured by personal guarantee of one of the directors.

1 Balances with Sundry Debtors, Sundry Creditors and for Advances are subject to confirmations from the respective parties. In absence of such confirmations, balances as per books have been relied upon by the Auditors.

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

3 The management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard AS-28 issued by the Institute of Chartered Accountants of India. Based on the judgement of the management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

4 As the company's business activity, in the opinion of the management, falls within a single primary segment subject to the same risks and returns, the disclosure requirements of Accounting Standard AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

5 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realised in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

6 Contingent Liabilities:

(i) In respect of Central Sales Tax for which 'C forms are pending for collection Rs. 92,098,000(35,250,000)

(iii) In respect of disputed Value Added Tax liabilities Rs. 1,193,604 (2,886,053).

(iv) In respect of disputed Income Tax liabilities Rs. 15,862,000 (312,169)

7. Figures in the brackets are the figures for the previous year, unless otherwise stated. All the amounts are stated in Indian Rupees, unless otherwise stated.


Mar 31, 2011

Figures in the brackets are the figures for the previous year, unless otherwise stated.

All the amounts are stated in Indian Rupees, unless otherwise stated.

Notes forming part of the accounts for the year ended 31st March, 2011

1.0 Contingent Liabilities:

(i) Guarantees given by the bank and counter guaranteed by the company: Rs. 9,502,153 (90,000)

(ii) In respect of Central Sales Tax for which 'C' forms are pending for collection Rs. 35,250,000 (24,358,000)

(iii) In respect of disputed Value Added Tax liabilities Rs. 2,886,053 (894,939).

(iv) In respect of disputed Income Tax liabilities Rs. 312,169. (15,069,963)

2.0 Figures of the previous year have been regrouped and rearranged wherever necessary.


Mar 31, 2010

1. Advance payment of Taxes is shown net of provision for taxes Rs. 1479.40 (2054.62) Lacs including current years provision of Rs. 217.00 (252.00) Lacs.

2. Balances with Sundry Debtors, Sundry Creditors and for Advances are subject to confirmations from the respective parties. In absence of such confirmations, balances as per books have been relied upon by the Auditors.

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

4. The management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard AS-28 issued by the Institute of Chartered Accountants of India. Based on the judgment of the management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

5. As the companys business activity, in the opinion of the management, falls within a single primary segment subject to the same risks and returns, the disclosure requirements of Accounting Standard (AS) -17 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

6. In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realised in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

7. Contingent Liabilities:

Guarantees given by the bank and counter guaranteed by the company: Rs. 90,000 (Nil)

In respect of Central Sales Tax for which C forms are pending for collection Rs. 24,358,000 (10,834,000)

In respect of disputed Sales Tax liabilities Rs. 1,194,660(1,194,660).

Income Tax related exposures Rs. 15,069,963 (16,524,044) includes:

Income Tax demand of Rs. 12,601,433 (previous year 12,601,433) relating to assessment years 2003-04 and 2004-05. CIT (Appeals) has ruled in favour of the company and deleted demand of Rs. 7,127,438 from the said demand. However, the Company or the income tax department has preferred appeals before the ITAT against the said orders of CIT (Appeals).

Income Tax demand of Rs. 2,468,530 for which the company has preferred an appeal before CIT(Appeals)

8. Related Party Disclosures:

Associates:

a) Meche Private Limited

b) Tamboli Exim Limited,

c) Mebhav Investment Private Limited,

d) Tamboli Castings Limited

 
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