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Notes to Accounts of ITL Industries Ltd.

Mar 31, 2015

Note No. 1

The amount due to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 could not be determined due to non-availability of information from the enterprises. However, no interest was paid / payable in terms of Section 16 of the said Act.

Note No. 2

No amount is paid / payable by the Company under section 441A of the Companies Act, 1956 (cess on turnover), since the rules specifying the manner in which the cess shall be paid has not been notified yet by the Central Government.

Note No. 3

Income Tax Assessments of the Company have been completed upto assessment Year 2012-13.

Note No. 4

In terms of Accounting Standard 17, the Company has identified following segments and the details is furnished as under:


Mar 31, 2014

1 CORPORATE INFORMATION

1.1 ITL Industries Limited is engaged in Manufacturing of Band Saw Machines, CNC Tube Mills, Machine tools & Sale/purchase of Hydraulic items. etc.

1.2 Registered Office of the Company is situated at 111, Sector B, Industrial Area Sanwer Road, Indore 452015 (M.P.)

Note No. 2

The amount due to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 could not be determined due to non-availability of information from the enterprises. However, no interest was paid / payable in terms of Section 16 of the said Act.

Note No. 3

No amount is paid / payable by the Company under section 441A of the Companies Act, 1956 (cess on turnover), since the rules specifying the manner in which the cess shall be paid has not been notified yet by the Central Government.

Note No. 4

Income Tax Assessments of the Company have been completed upto Assessment Year 2011-12.

NOTE-5

SIGNIFICANT ACCOUNTING POLICIES General:

(i) The Company adopts the accrual method and historical cost concept in the preparation of accounts.

(ii) In terms of Company (Accounting Standards) rules, 2006 the relevant accounting standards are standards are intended to apply only to items which are material.

Fixed Assets:

Fixed Assets are stated at acquisition cost less depreciation.

Depreciation:

No depreciation has been provided on Fixed Assets in the current year as there is no operation during the year however in future it will be provided on the basis of Straight Line Method as per the rates prescribed in Schedule XIV to the Companies Act, 1956, according to period of use.

NOTE-6 OTHER NOTES

(1) In the absence of any stipulation towards the payment of interest, no provision of interest on the dues of ITL Industries Ltd. has been made.

(3) Since the company could not commence any business, therefore no Profit & Loss statement has been prepared.

(4) Additional information pursuant to clause (viii) of part II of Schedule VI - Nil

(5) Figures are rounded off to the nearest multiple of a rupee.


Mar 31, 2013

1 CORPORATE INFORMATION

1.1 ITL Industries Limited is engaged in Manufacturing of Band Saw Machines, CNC Tube Mills, Machine tools & Sale/purchase of Hydraulic Items. etc.

1.2 Registered Office of the Company is situated at 111, Sector B, Industrial Area Sanwer Road, Indore 452015 (M.P.)

Note No. 2

The amount due to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 could not be determined due to non-availability of information from the enterprises. However, no interest was paid / payable in terms of Section 16 of the said Act.

Note No. 3

No amount is paid / payable by the Company under section 441A of the Companies Act, 1956 (cess on turnover), since the rules specifying the manner in which the cess shall be paid has not been notified yet by the Central Government.

Note No. 4

Income Tax Assessments of the Company have been completed upto Assessment Year 2010-11.

Note No. 5

The financial statement for the year ended March 31, 2011 had been prepared as per the then applicable pre- revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statement for the year ended March 31, 2012 have been prepared as per Revised Schedule VI. Accordingly, the previous year''s figures have also been reclassified to confirm to this year''s classification. The adoption of the Revised Schedule VI for the previous year''s figures have also been reclassified to confirm to this year''s classification. The adoption of the Revised Schedule VI for the previous figures does not impact recognition and measurement principles followed for preparation of financial statement.


Mar 31, 2012

1 CORPORATE INFORMATION

1.1 ITL Industries Limited is engaged in Manufacturing of Band Saw Machines, CNC Tube Mills, Machine tools & Sale/purchase of Hydraulic Items, etc.

1.2 Registered Office of the Company is situated at 111, Sector B, Industrial Area Sanwer Road, Indore 452015 (M.P.)

Note No. 2

The amount due to Micro and Small Enterprises as defined In the Micro, Small and Medium Enterprises Development Act, 2006 could not be determined due to non-availability of information from the enterprises. However, no interest was paid / payable in terms of Section 16 of the said Act.

Note No. 3

No amount is paid / payable by the Company under section 441A of the Companies Act, 1956 (cess on turnover), since the rules specifying the manner in which the cess shall be paid has not been notified yet by the Central Government.

Note No. 4

Income Tax Assessments of the Company have been completed upto assessment Year 2009-10.

Note No. 5

The financial statement for the year ended March 31, 2011 had been prepared as per the then applicable pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statement for the year ended March 31, 2012 have been prepared as per Revised Schedule VI. Accordingly, the previous year's figures have also been reclassified to confirm to this year's classifcation. The adoption of the Revised Schedule VI for the previous year's figures have also been reclassified to confirm to this year's classification. The adoption of the Revised Schedule VI for the previous figures does not impact recognition and measurement principles followed for preparation of financial statement.


Mar 31, 2010

1. CONTINGENT LIABILITIES :

i) Guarantees issued by Banks Rs. 3,38,62,545/-

ii) Tax demand for MPCT & CST for the years 2000-01 to Rs. 24,74,663/-

2005-06 appealed against but not provided for in accounts

iii) Tax demands for Entry Tax for 2001-02, 2003-04 Rs. 1,06,690/- & 2004-05appealed against but not provided for in accounts.

2. Balance confirmation from parties have not been obtained.

3. As explained to us, quantitative data can not be given as the production represents machine fabrication castings assembling of elements etc. against individual tailor made orders. In the case of Trading activities the items involved are large in numbers.

4. Income Tax Assessments of the Company have been completed upto assessment Year 2008-09.

5. The Company has invested Rs.12,53,066/- in M/s. ITL International LLC (USA). Pending commencement of commercial activities, no statement of accounts for the year ended 31.12.2009 have been drawn.

6. The amount due to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 could not be determined due to non-availability of information from the enterprises. However, no interest was paid / payable in terms of Section 16 of the said Act.

7. No amount is paid / payable by the Company under section 441A of the Companies Act, 1956 (cess on turnover), since the rules specifying the manner in which the cess shall be paid has not been notified yet by the Central Government

8. Previous years figures have been reworked, regrouped and reclassified wherever necessary.

 
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