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Notes to Accounts of Iykot Hitech Toolroom Ltd.

Mar 31, 2014

1. AS - 17- Segment Reporting

During the year the company is engaged in the business of integrated commercial toolrom and related activities only. Hence there are no serparate reportable segments as per AS 17 is applicable.

2. Taxes on Income (AS-22)

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred Tax is recognized on timing difference, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred Tax Assets in respect of unabsorbed depreciation and carry forward of losses are recognized if there is virtual certainty that there will be sufficient future taxable income available to realiaze such losses. Other Deferred Tax Assets are recognized if there is reasonable certainty that there will be sufficient future taxable income to realize such assets.

IV Based on the records and available information with the company the following are the dues to Small Scale Industrial Undertakings exceeding Rs.1 Lakhs and are outstanding for more than 30 days as on 31.03.2014 -- NIL

VI Previous years figures have been regrouped wherever necessary to confirm this years classifiation.

VII. Note ''1'' to '' 20 '' and Notes forming part of accounts form an integral part of the financial Statements.

3. (i) The company has only one class of shares referred to as equity shares having a par value of''Rs.5/- Each holder of equity shares is entitled to one vote per share

(ii) In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders

4. Security:

(a) Term Loan is repayable to Banks secured by hypothecation of machinery. Further the loan has been guaranteed by the two directors of the Company.

(b) Cash Credits from Banks is secured by hypothecation of fixed assets, stocks/ Work in Progress and other current assets both present and future on parri passu basis and also guaranteed by two directors.


Mar 31, 2010

1. Sales includes Excise duty and excludes sales tax

I.Disclosures Applicable to the company under various mandatory accounting Standards issued by ICAI

(b) There are no potential dilutive equity shares as defined in AS-20 earings per share issued by ICAI.

AS-22 - Accounting for Taxation on Income

Deferred tax is recognised on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversing in one or more subsequent periods. Deferred tax is calculated at the tax rates enacted or substantively enacted by the Balance sheet date.

IV. Based on the records and available information with the company the following are the dues to Small Scale Industrial Undertakings exceeding Rs. 1 Lakhs and are outstanding for more than 30 days as on 31.03.10 - NIL

VI. Previous years figures have been regrouped wherever necessary to confirm this years classifiation.

VII. Schedule A to S and Notes forming part of accounts form an integral part of the Financial Statements.



 
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