Mar 31, 2015
1.1 Contingent Liabilities :
a) 11% Cumulative Redeemable Preference Shares - arrear dividend from
01.04.2002 to 31.03.2015 Rs. 1,71,59,812/- (from 01.04.2002 to
31.03.2014-Rs. 1,58,39,812/-).
b) (i) A legal case is pending at ECGC Jaipur against the company in
the consumer court, liability which may arise in the future can not be
estimated at this stage. Total Amount involved in the case is Rs.
95,000/-.
(ii) Two cases are pending against the Company under Industries
Disputes Act, 1947 in the Labour Court of Pune.
(iii) A case has been filed by a shareholder seeking certain documents
from the Company at Bankshall Court, Kolkata. Nofinancial
liabilityofthe companywould arise in the said case.
c) Bank Guarantee - Rs. 22,14,856/- (and as on 31.3.2014 - Rs. 80,90,675/-)
1.2 Debtors amounting to Rs. Nil (Prev. Year Rs. 759,121/-) has been
written off as in the opinion of the management, realization from those
Debtors are doubtful.
1.3 In the opinion of the management all current assets as at 31st
March, 2015, including loans and advances, deposits and trade
receivables have a value on realization in the ordinary course of
business at least equal to the amounts at which they have been stated
in the Balance Sheet of the company as at that date.
1.4 Based on the information available with the company, the balance
due to Micro and Small enterprises, as defined underthe Micro, Small,
and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is Rs. Nil
(P.Y. Rs. Nil). Further, no interest during the year has been paid or
payable under the terms of the MSMED Act, 2006.
The above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the Company. This has been relied
upon by the Auditors.
1.5 The Company has received Order Under Section 143(3)/147 of the
Income Tax Act, 1961 for the financial year 2004-05 in which certain
disallowances were made by the income tax department while computing
the tax liability ofthe company and accordingly demand ofRs. 2.75 Crore
has been raised by the Authority. But an appeal has been preferred by
the Company with CIT(Appeals) for defending the case and management is
hoping that the case will be decided in the favour of the company so no
provision has been made in regard to demand raised by the Income Tax
Department.
1.6 Related Party Disclosures :
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below:
a) Key Managerial Personnel (KMP): Mr. V. Vanchi and Mr. S.K. Jalan
b) Relatives of Key Managerial Personnel (KMP): Mrs. V. Vanchi
c) Assoicates :- Shree Durga Agencies Limited
d) Enterprises over which KMP or Relatives of KMP exercises significant
influence:
Kilburn Chemicals Limited
Nirvan Commercial Co. Limited
Supriya Finance Limited / Pushpdant Vyapaar Private Limited / Arham
Vyapaar Private Limited / Ana Vincom Private Limited / Maryada
Adivisory Services Private Limited / Sandeep Investments Limited
1.7 Loans and Advances of Rs. 4,91,94,649/- (P.Y. Rs. 5,41,43,170/-)
represent the amount advanced in the normal course of operations to
sustain and grow the Company's sales and after-sales service
activities through its dealer distribution network. The management is
of opinion that all these amounts are good and is confident of its
recovery and accordingly feels that no provision for the same is
required at this stage.
1.8 Deposits amounting to Rs. 1,25,00,000/- (P.Y. Rs. 1,25,00,000/-) were
given to certain parties as deposits against opening up of service
network in respect of some of the products of the Company and use of
godown facility for storing service components relevant for the same.
As the Company still continues active business relationship with these
parties, the management is ofopinion that all these amounts are good
and is confident of its recovery and accordingly feels that no
provision for the same is required at this stage.
1.9 Debtors outstanding over six months include Rs. 3,19,16,151/- (P.Y.
Rs. 6,73,57,212/-) representing amounts receivable against sale of
products in earlier years wherein payments are delayed on account of
technical issues, which the company is trying to resolve. In the
opinion of the management, these amounts are good and fully recoverable
and therefore no provision is considered necessary against these dues
at this stage.
1.10 Balance of Trade Receivables and Trade Payables are subject to
confirmation.
1.11 Previous yearfigures have been regrouped and/or rearranged
wherever necessary.
Mar 31, 2014
1. Terms attached to Equity shares
Each holder of Equity shares is entitled to one vote per share.
2. Terms attached to Preference shares
1,20,000 11% Cumulative Redeemable Preference Shares of Rs. 100 each
are redeemable at par in two equal instalments at the end of the 19th
and 20th year from date of allotment i.e. 12/03/2019 and 12/03/2020
Installments falling due in respect of all the above loans upto
31.03.2014 have been grouped under "Current Maturities of Long Term
Debt" (Refer Note 2.7)
# Cash Credit Facilities was secured by hypothecation of present and
future stock of Raw Materials, Stock in Process, Finished Goods, Stores
& Spares (not relating to Plant & Machinery) Book Debts, Receivables
etc. Company has repaid all the outstanding dues to Banks and no Cash
Credit facility is availed by the company as on 31.03.2014.
## Loan from related parties includes enterprises over which Key
Managerial Personnel (KMP) or Relatives of KMP exercises significant
influence.
3. The Company''s Provident Fund is exempted under section 17 of the
Employees'' Provident Fund and Miscellaneous Provisions Act, 1952.
Conditions for grant exemption stipulate that the employer shall make
good deficiency, if any, in the interest rate declared by the trust
vis-a-vis statutory rate.
4. Defined Benefit Plan
The employees'' gratuity fund scheme is lying with Life Insurance
Corporation of India and it is a defined benefit plan. The present
value of obligation is determined based on actuarial valuation using
the Projected Unit Credit Method. Under the PUC method a ''projected
accrued benefit '' is calculated at the beginning of the year and again
at the end of the year for each benefit that will accrue for all active
members ofthe plan. The ''projected accrued benefit '' is based on the
Plan''s accrual formula and upon service as of the beginning or end of
the year, but using a members final compensation, projected to the age
at which the employee is assumed to leave active service. The Plan
Liability is the actuarial present value of the ''projected accrued
benefits. as of the beginning of the year for active members.
5. The employees leave encashment is funded and is lying with HDFC
Standard Life Insurance Company Limited and it is defined benefit
scheme. The Defined benefit scheme is recognised in the same manner as
gratuity.
Note: The company has recognised expenses and liability in respect to
Gratuity and Leave Encashment on the basis of data provided by the Life
Insurance Corporation of India and HDFC Standard Life Insurance Company
Limited, Fund Manager respectively in the financial statements.
6. Contingent Liabilities :
a) 11% Cumulative Redeemable Preference Shares - arrear dividend from
01.04.2002 to 31.03.2014 Rs. 1,18,39,812/-(from 01.04.2002 to
31.03.2013-Rs. 1,45,19,812/-).
b) A legal case is pending at ECGC Jaipur against the company in the
consumer court, liability which may arise in the future can not be
estimated at this stage. Total Amount involved in the case is Rs.
66,000/-.
c) Bank Guarantee - Rs. 80,90,675/- (and ason31.3.2013- Rs.
1,56,69,700/-)
7. Debtors amounting toRs. 759,121/- has been written off as in the
opinion of the management, realization from those Debtors are doubtful.
8. In the opinion of the management all current assets as at 31st
March, 2014, including loans and advances, deposits and trade
receivables have a value on realization in the ordinary course of
business at least equal to the amounts at which they have been stated
in the Balance Sheet of the company as at that date.
9. Based on the information available with the company, the balance due
to Micro and Small enterprises, as defined under the Micro, Small, and
Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is Rs. Nil
(P.Y. Rs. Nil). Further, no interest during the year has been paid or
payable under the terms of the MSMED Act, 2006.
The above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the Company. This has been relied
upon by the Auditors.
10. The Company has received Order Under Section 143(3)/147 of the
Income Tax Act, 1961 for the financial year 2004-05 in which certain
disallowances were made by the income tax department while computing
the tax liability of the company and accordingly demand of Rs. 2.75
Crore has been raised by the Authority. But an appeal has been
preferred by the Company with CIT(Appeals) for defending the case and
management is hoping that the case will be decided in the favour of the
company so no provision has been made in regard to demand raised by the
Income Tax Department.
a) The management certifies that there were no other payments to key
management personnel ortheir relatives.
b) Provision to be made with regard to Outstanding Amount: Rs. Nil
11. Loans and Advances of Rs. 5,41,43,170/- (P.Y. Rs. 5,36,09,727/-)
represent the amount advanced in the normal course of operations to
sustain and grow the Company''s sales and after-sales service activities
through its dealer distribution network. The management is of opinion
that all these amounts are good and is confident of its recovery and
accordingly feels that no provision for the same is required at this
stage.
12. Deposits amounting to Rs. 1,25,00,000/- (P.Y. Rs. 1,25,00,000/-)
were given to certain parties as deposits against opening up of service
network in respect of some of the products of the Company and use of
godown facility for storing service components relevant for the same.
As the Company still continues active business relationship with these
parties, the management is of opinion that all these amounts are good
and is confident of its recovery and accordingly feels that no
provision for the same is required at this stage.
13. Debtors outstanding over six months include Rs. 6,73,57,212/- (P.Y.
Rs. 3,43,63,484/-) representing amounts receivable against sale of
products in earlier years wherein payments are delayed on account of
technical issues, which the company is trying to resolve. In the
opinion of the management, these amounts are good and fully recoverable
and therefore no provision is considered necessary against these dues
at this stage.
14. Balance of Trade Receivables and Trade Payables are subject to
confirmation.
15. Previous yearfigures have been regrouped and/or rearranged wherever
necessary.
Mar 31, 2013
1.1 Contingent Liabilities :
a) 11% Cumulative Redeemable Preference Shares - arrear dividend from
01.04.2002 to 31.03.2013Rs. 1,45,19,812/-(from 01.04.2002 to 31.03.2012-Rs.
1,31,99,812/-).
b) A legal case is pending at ECGC Jaipur against the company in the
consumer court, liability which may arise in the future can not be
estimated at this stage. Total Amount involved in the case is Rs.
66,000/-.
c) Bank Guarantee -Rs. 1,56,69,700/- (and as on 31.3.2012 -Rs.
1,02,55,494/-)
1.2 Debtors amounting to Rs. 779,703/- has been written off as in the
opinion of the management, realization from those Debtors are doubtful.
Further, Inventory amounting to Rs. 15,25,250/- has been written off as
in the opinion of the management, realization of the said inventory is
doubtful.
1.3 In the opinion of the management all current assets as at 31st
March, 2013, including loans and advances, deposits and trade
receivables have a value on realization in the ordinary course of
business at least equal to the amounts at which they have been stated
in the Balance Sheet of the company as at that date.
1.4 Based on the information available with the company, the balance
due to Micro and Small enterprises, as defined under the Micro, Small,
and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is Rs. Nil
(P.Y. Rs. Nil). Further, no interest during the year has been paid or
payable under the terms of the MSMED Act, 2006.
The above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the Company. This has been relied
upon by the Auditors.
1.5 The Company has received Order Under Section 143(3)/147 of the
Income Tax Act, 1961 for the financial year 2004-05 in which certain
disallowances were made by the income tax department while computing
the tax liability of the company and accordingly demand of Rs. 2.75 Crore
has been raised by the Authority. But an appeal has been preferred by
the Company with CIT(Appeals) for defending the case and management is
hoping that the case will be decided in the favour of the company so no
provision has been made in regard to demand raised by the Income Tax
Department.
1.6 Related Party Disclosures :
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below:
a) Key Managerial Personnel (KMP): Mr. V. Vanchi and Mr. S.K. Jalan
b) Relatives of Key Managerial Personnel (KMP): Mrs. V. Vanchi
c) Enterprises over which KMP or Relatives of KMP exercises significant
influence: 0 Shree Durga Agencies Limited
0 Kilburn Chemicals Limited
0 Nirvan Commercial Co. Limited
0 Supriya Finance Limited
0 Pushpdant Vyapaar Private Limited
e) The management certifies that there were no other payments to key
management personnel or their relatives.
f) Provision to be made with regard to Outstanding Amount: Rs. Nil
1.7 Loans and Advances of'' 5,36,09,727/- (P.Y. Rs. 4,28,56,365/-)
represent the amount advanced in the normal course of operations to
sustain and grow the Company''s sales and after-sales service activities
through its dealer distribution network. The management is of opinion
that all these amounts are good and is confident of its recovery and
accordingly feels that no provision for the same is required at this
stage.
1.8 Deposits amounting to Rs. 1,25,00,000/- (P.Y. Rs. 1,25,00,000/-) were
given to certain parties as deposits against opening up of service
network in respect of some of the products of the Company and use of
godown facility for storing service components relevant for the same.
As the Company still continues active business relationship with these
parties, the management is of opinion that all these amounts are good
and is confident of its recovery and accordingly feels that no
provision for the same is required at this stage.
1.9 Debtors outstanding over six months include Rs. 3,43,63,484/- (P.Y.
Rs. 3,43,63,484/-) representing amounts receivable against sale of
products in earlier years wherein payments are delayed on account of
technical issues, which the company is trying to resolve. In the
opinion of the management, these amounts are good and fully recoverable
and therefore no provision is considered necessary against these dues
at this stage.
1.10 Balance of Trade Receivables and Trade Payables are subject to
confirmation.
1.11 Previous year figures have been regrouped and/or rearranged
wherever necessary.
Mar 31, 2012
1.1.1 Cash Credit faclities are secured by hypothecation of present and
future stock of Raw Materials, Stock in Process, Finished Goods, Stores
and Spares (not relating to Plant and Machinery) Book Debts,
Receivables etc.
1.1.2 Term Loan is secured through hypothecation of car.
Defined Benefit Plan
Ttie employees' gratuity fund scheme is lying with Life Insurance
Corporation of India and it is a defined benefit plan. The present
value of obligation is determined based on actuarial valuation using
the Projected Unit Credit Method. Under the PUC method a 'projected
accrued benefit' is calculated at the beginning of the year and agaii
at the end of the year for each benefit that wili accrue for all active
members of the plan. The 'projected accrued benefit à is based on the
Plan's accrual formula and upon service as of the beginning or end of
the year, but using a members final compensation, projected to the age
at which the employee is assumed to leave active service. The Plan
Liability is the actuarial present value of the Ãprojected accrued
benefit' as of the beginning of the year for active members. The
employees leave encashment is funded and is lying with HDFC Standard
Life Insurance Company Limited and it is defined benefit scheme. The
Defined benefit scheme is recognised in the same manner as gratuity.
1.2 Transfer of Copier Business :
The company has transferred its Copier Business to M/s Kyocera Mita
India (P) Ltd. w.e.f. 31st August, 2011 on slump sale basis and
resulting Profit on transfer of Asset/Liabilities of such business is
shown under Exceptional Item.
1.3 Contingent Liabilities :
a) 11% Cumulative Redeemable Preference Shares - arrear dividend from
01.04.2002 to 31.03.2012 Rs.1,31,99,812 ( 31.03.2011 - Rs. 1,18,79,812 ).
b) A legal case is pending at ECGC Jaipur against the company in the
consumer court, lability which may arise in the future can not be
estimated at this stage. Total Amount involved in the case is Rs.66,000.
c) Bank Guarantee 1,02,55,494 (and as on 31.3.2011 - Rs.1,37,32,486)
1.4 Accounting Assumptions
In respect of the following the company follows cash basis of
accounting-
i) Service Income
ii) Interest Income & Interest Expense
1.5 Debtors amounting to Rs. 1,40,52,496 has been written off as in
the opinion of the management, realization from those Debtors are
doubtful. Further, loan lability to the extent of Rs.1,17,20,000 has
been written back.
1.6 In the opinion of the management all current assets as at 31st
March, 2012, including loans and advances, deposits and sundry debtors
have a value on realization in the ordinary course of business at least
equal to the amounts at which they have been stated in the Balance
Sheet of the company as at that date
1.7 In the absence of Information about registration of the
Enterprises under Micro, Small and Medium Enterprise Development Act,
2006 the required information could not be furnished.
1.8 The Company has received Order Under Section 143(3)/147 of the
Income Tax Act, 1961 for the financial year 2004-05 in which certain
disalowances were made by the income tax department while computing the
tax liability of the company and accordngly demand of Rs. 3.57 crores
has been raised by the Authority. But an appeal has been preferred by
the Company with CIT(Appeals) for defending the case and management is
hoping that the case will be decided in the favour of the company so no
provision has been made in regard to demand raised by the Income Tax
Department
1.9 Related Party Disclosures :
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given beicw:
a) Key Management Personnel (KMP): Mr. V. Vanchi
1.10 a) Loans and Advances of Rs. 4,28,56,365 (previous year - Rs.
5,70,01,206) represent the amount advanced in the normal course of
operations to sustain and grow the Company's sales and after-sales
service activities through its dealer distribution network. The
management is of opinion that all these amounts are good and is
confident of its recovery and accordingly feels that no provision for
the same is required at this stage,
b) Deposits amounting to Rs.1,25,00,000 (previous year - Rs.
1,25,00,000) were given to certain parties as deposits against opening
up of servioe network in respect of some of the products of the Company
and use of godown faclity for storing servioe components relevant for
the same. As the Company still continues active business relationship
with these parties, the management is of opinion that all these amounts
are good and is confident of its recovery and accordingly feels that no
provision for the same is required at this stage.
1.10 Debtors outstanding over six months include Rs. 3,43,63,484
(previous year - Rs. 4,83,83,484) representing amounts receivable
against sale of products in earlier years wherein payments are delayed
on account of technical issues, which the company is trying to resolve.
In the opinion of the management, these amounts are good and fuly
recoverable and therefore no provision is considered necessary against
these dues at the stage.
1.11 On the basis of the business plan and projected future
profitability of the company there is expected to be sufficient future
taxable income against which the deferred tax assets to the extent of
Rs. 2,73,85,525 at 31st March, 2012 can be adjusted.
1.12 Presentation and disclosure of financial statements.
During the year ended 31st March, 2012 the Revised Schedule VI notified
under the Companies Act, 1956 has become applicable to the Company, for
preparation and presentation of its financial statement The adoption of
Revised Schedule VI does not impact recognition and measurement of
principle followed for preparation of financial statement. However it
has significant impact on presentation and disclosures made in the
financial statement. The company has also reclassified the previous
year figures in accordance with the requirement applicable in current
year.
Mar 31, 2010
1) Accounting Assumptions
In respect of the following the company follows cash basis of
accounting.
i) Service Income
ii) Interest Costs & Income
2. Contingent Liabilities :
a) 11% Cumulative Redeemable Preference Shares - arrear dividend from
01.04.2002 to 31.03.2010 Rs.1,05,59,812/- (31.03.2009 -
Rs.1,19,48,524). The Company has proposed to pay arrears 11% Cumulative
Preference Dividend for the period from 12.3.2000 to 31.03.2002
amounting to Rs. 27,08,712/-.
b) A legal case is pending at ECGC Jaipur against the company in the
consumer court, liability which may arise in the future cannot be
estimated at this stage. Total Amount involved in the case is Rs.
66,000.
c) Bank Guarantee - Rs.99,70,306/- (31.3.2009-Rs.1,04,53,551).
3. In the opinion of the management all current assets as at 31st
March, 2010, including loans and advances, deposits and sundry debtors
have a value on realization in the ordinary course of business at least
equal to the amounts at which they have been stated in the Balance
Sheet of the company as at that date.
4. Interests paid include Rs.75,01,201(31.03.2009-Rs.1,10,54,581) on
account of Inter-Corporate Deposits and Fixed Deposits from Public.
5. a) Loans and Advances of Rs.6,69,51,630 ( previous year
-Rs.5,26,76,928) represent the amount advanced in the normal course of
operations to sustain and grow the Companys sales and after-sales
service activities through its dealer distribution network. The
management is of opinion that all these amounts are good and is
confident of its recovery and accordingly feels that no provision for
the same is required at this stage.
b) Deposits amounting to Rs.1,25,00,000 (previous year -
Rs.1,26,98,000) were given to certain parties as deposits against
opening up of service network in respect of some of the products of the
Company and use of godown facility for storing service components
relevant for the same. As the Company still continues active business
relationship with these parties, the management is of opinion that all
these amounts are good and is confident of its recovery and accordingly
feels that no provision for the same is required at this stage.
6. Debtors outstanding over six months include Rs.5,05,60,499
(previous year - Rs.6,48,81,280) representing amounts receivable
against sale of products in earlier years wherein payments are delayed
on account of technical issues, which the company is trying to resolve.
In the opinion of the management, these amounts are good and fully
recoverable and therefore no provision is considered necessary against
these dues at this stage.
7. Out of the past Deferred Tax Assets of Rs.3,12,39,172,the Company
has partly written off during the year and as decided by the Company,
the balance amount will be written off in subsequent years.
8. The company had received legal notices from three parties, for
recovery of loans and advances towards bill discounting to the company.
The Company has already repaid in full the loan amount to two parties
in accordance with the directions of the Calcutta High Court. In
respect of one party, the loan amount is being repaid in accordance
with the schedule as per order passed by the Calcutta High Court.
9. In the absence of the information about registration of the
Enterprises under Micro, Small & Medium Enterprise Development Act,2006
the required information could not be furnished.
10. The Company has received a Notice Under Section 143(3)/147 of the
Income Tax Act,1961.An Appeal has been preferred by the Company with
CIT(Appeals) for defending the case. Pending the outcome of the Appeal,
the Provision for Taxation has been calculated under Section 115JB
(MAT) of the Income Tax Act,1961.
11. Inventory amounting to Rs.1,86,47,885 has been written off as in
the opinion of the management, realisation of the said
invenory is doubtful. Further, loan liability to the extent of
Rs.1,90,00,000 has been written back.
12. Related party disclosures as required by AS -18 " Related Party
Disclosures are given below:
1. Relationships:
(a) Shree Durga Agencies Limited (SDAL), a Company holding more than 20
% of the shares of Kilburn Office Automation Ltd.
(b) Key management personnel i.e. Directors, and their relatives
(i) Mr. V.Vanchi - Managing Director
(ii) Mrs. V.Vanchi - Wife of Managing Director
(ii) Relating to person referred to in 1(b) above:
Remuneration Rs.25,08,284 (31.03.2009: Rs. 21,87,253)
Rent paid Rs.8,38,500 (31.03.2009: Rs. 6,66,000 ).
The management certifies that there were no other payments to key
management personnel or their relatives.
13. Previous years figures have been rearranged/regrouped wherever
necessary.
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