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Notes to Accounts of Lakshmi Automatic Loom Works Ltd.

Mar 31, 2015

1. The open loan availed from bank is secured by exclusive charge on the current assets and extension of charge on the fixed assets of the Company. The loan is further secured by personal guarantee of the chairman.

2. 8,50,000 - 6% Cumulative Redeemable Preference Shares of Rs.100/- each issued and alloted on 24-02-2010 are redeemable in one instalment on expiry of ten years from date of allotment in February, 2020. No provision for payment of Dividend of Rs.51.00 lakhs and applicable corporate tax thereon for the financial year ending 31-03-2015 has been made due to carry forward losses. The cumulative dividend payable as on 31-03-2015 amounts to Rs.102.00 lakhs and the applicable corporate tax thereon.

3. (i) The Company has only one class of equity shares referred to as equity shares having a face value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share.

(ii) The details of shareholders holding more than 5% shares as at 31st March, 2015 and 31st March, 2014 are set out below :

4. There are no derivative financial Instruments either for hedging or for speculation outstanding as at the Balance Sheet date.

5. Current Ta x provision net of MAT credit entitlement of Rs.66.62 lakhs is NIL.

6. Deferred Ta x Assets /Liabilities comprises timing differences on account of :

Notes :

The Company has two main business segments ie (a) Weaving Machinery Comprising of looms accessories and spares and (b) Other Engineering Services Comprising of accessories and spares of Textile Machinery and parts for machine tools including Tool holders.

The Secondary geographical segment considered for disclosure are Revenue from customers located within India (Domestic Segment) and Revenue from customers located outside India (Export Segment).

7. As defined under Micro, Small and Medium Enterprises Development Act, 2006 the disclosure in respect of the amount payable to such enterprises as at 31.03.2015 has been made in the financial statement based on information received and available with the company.

8. Figures have been rounded off in terms of decimals in thousands and previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2014

1. The open loan availed from bank is secured by exclusive charge on the current assets and extension of charge on the fixed assets of the Company. The loan is further secured by personal guarantee of the chairman.

2. 8,50,000 - 6% Cumulative Redeemable Preference Shares of Rs.100/- each issued and alloted on 24.2.2010 are redeemable in one instalment on expiry of ten years from date of allotment in February, 2020. No provision for payment of Dividend of Rs 51.00 Lakhs and applicable corporate tax thereon for the financial year ending 31.3.2014 has been made.

3. (i) The Company has only one class of equity shares referred to as equity shares having a face value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share. (Rs. in Lakhs) 4. Contingent liabilities and commitments 2013-14 2012-13 (to the extent not provided for).

a) Contingent Liabilities

1) Reimbursement of expenses received on - 10.83 rectification of roof leakage restricted to Rs.5.04 Lakhs by the High Court of Madras under appeal before the Supreme Court.

2) Claim for damages against the Company - 10.00 contested before the Fast Track Court V, Chennai.

3) Claims for refund of Security Deposit 5.42 -

4) Disputed Service Tax on Appea l8.86 10.21 Disputed Tax dues are under Appeal before the concerned Appellate Authorities.

The Company is advised that the matters are likely to be disposed off in favour of the Company.

b) Commitments

1. Estimated amount of contracts remaining 1.32 18.00 to be executed on Capital account and not provided for

5. Segment Report for the year ended 31st March, 2014 (Contd.)

The Company has two main business segments ie (a) Weaving Machinery Comprising of looms accessories & spares and (b) Other Engineering Services Comprising of accessories & spares of Textile Machinery and parts for machine tools including Tool holders.

The Secondary geographical segment considered for disclosure are Revenue from customers located within India (Domestic Segment) and Revenue from customers located outside India (Export Segment).

6. As defined under Micro, Small and Medium Enterprises Development Act, 2006 the disclosure in respect of the amount payable to such enterprises as at 31.03.2014 has been made in the financial statement based on information received and available with the company.

7. Figures have been rounded off in terms of decimals in thousands and previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2013

1. The open loan availed from bank is secured by exclusive charge on the current assets and extension of charge on the fixed assets of the Company. The loan is further secured by personal guarantee of the chairman.

2. 8,50,000 - 6% Cumulative Redeemable Preference Shares of Rs.100/- each issued and allotedon 24.2.2010 are redeemable in one instalment on expiry of ten years from date of allotment in February, 2020. No provision for payment of Dividend of Rs 51.00 Lakhs and applicable corporate tax thereon for the financial year ending 31.3.2013 has been made.

3. (i) The Company has only one class of equity shares referred to as equity shares having a face value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share.

(ii) The details of shareholders holding more than 5% shares as at 31st March,2013 and 31st March,2012 are set out below.

4. There are no derivative finanacial Instruments either for hedging or for speculation outstanding as at the Balance Sheet date.

5. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 18.00 Lakhs (previous year Rs. Nil Lakhs).

6. As defined under Micro, Small and Medium Enterprises Development Act, 2006 the disclosure in respect of the amount payable to such enterprises as at 31.03.2013 has been made in the financial statement based on information received and available with the company. The scheme sanctioned by the BIFR being under implementation, the liability towards interest has not been recognised.

7. Figures have been.rounded off in terms of decimals in thousands and previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2012

1. The open loan availed from bank is secured by first charge on the current assets and second charge on the fixed assets. The loan is further secured by personal guarantee of the chairman.

2. 8,50,000 - 6% Cumulative Redeemable Preference Shares of Rs.100/- each issued and alloted on 24.02.2010 are redeemable in one instalment on expiry of ten years from date of allotment in February, 2020. No provision for payment of Dividend of Rs. 51.00 Lakhs for the financial year ending 31.03.2012 has been made.

3. (i) The Company has only one class of equity shares referred to as equity shares having a face value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share.

4. There are no derivative financial Instruments either for hedging or for speculation outstanding as at the Balance Sheet date.

5. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. Nil (previous year Rs. 26.00 Lakhs).

Notes :

The Company has two main business segments ie (a) Weaving Machinery Comprising of looms accessories & Spares and (b) 100% EOU comprising of Knitting Machinery and accessories & spares and parts for machine tools including Tool holders.

The Secondary geographical segment considered for disclosure are Revenue from customers located within India (Domestic Segment) and Revenue from customers located outside India (Export Segment).

6. As defined under Micro, Small and Medium Enterprises Development Act, 2006 the disclosure in respect of the amount payable to such enterprises as at 31.03.2012 has been made in the financial statement based on information received and available with the company. The scheme sanctioned by the BIFR being under implementation, the liability towards interest has not been recognised.

7. Figures have been rounded off in terms of decimals in thousands and previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2011

1. 8,50,000 - 6% Cumulative Redeemable Preference Shares of Rs.100/- each issued and alloted on 24.02.2010 are redeemable in February, 2020. No provision for payment of Dividend of Rs.51.00 lakhs for the financial year ending 31.03.2011 has been made since not recommended.

2. There are no derivative financial Instruments either for hedging or for speculation outstanding as at the Balance Sheet date.

3. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs.26.00 lakhs. (Previous Year Rs.13.57 lakhs)

4. The following contingent liabilities have not been provided for: Rs. in lakhs

2010-11 2009-10

a) 1) Reimbursement of expenses received on rectification 10.83 10.83 of roof leakage restricted to Rs.5.04 lakhs by the High Court of Madras under appeal before the Supreme Court.

2) Claim for damages against the Company contested 10.00 10.00 before the High Court, Madras.

b) Bonds executed in favour of The Asst. Commissioner of 98.95 98.95 Central Excise for duty free import of capital goods and excise duty exemption for procurement of raw materials and components for 100% EOU (Unit 2).

c) Bank guarantee furnished under (b) above 4.89 4.89

d) Bonds executed in favour of Deputy Commissioner of 8.00 8.00 Central Excise for import of components at Concessional rate of duty for manufacture of weaving machines

e) Export obligation for machinery imported by associate 356.92 356.92 company under EPCG scheme and leased to the company to be fulfilled before 4th December, 2014.

5. Details of transactions with related parties as required under AS-18 are as below:

a. Names of related parties : Relationship

The Lakshmi Mills Company Ltd. Associate

Infocus Marketing and Services Ltd. - do -

Lakshmi Card Clothing Manufacturing company Private Ltd. - do -

Balakumar Shipping & Clearing A gency P Ltd. - do -

Aloha Tours & Travels (India) Pvt. Ltd. - do -

Prathista Weaving and Knitting Company Ltd. - do -

6. Figures have been rounded off in terms of decimals in thousands and previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2010

1. 8,50,000 - 6% Cumulative Redeemable Preference Shares of Rs.100/- each issued and alloted on 24.2.2010 are redeemable in February, 2020.

2. There are no derivative financial Instruments either for hedging or for speculation outstanding as at the Balance Sheet date.

3. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs.13.57 lakhs.

4. The following contingent liabilities have not been provided for:

a) Claim from the official liquidator in the matter of F.D. Stewart Pvt. Ltd. for payment of Rs.0.26 lakhs with interest is contested.

b) The Company has filed a special leave petition in the Supreme Court against the order of the Division bench of the High Court, Madras restricting the reimbursement of expenses incurred on rectification of the roof leakage to Rs.5.04 lakhs against Rs.15.87 lakhs ordered by the single Judge.

The claim against the company for Rs.10 lakhs is contested.

c) The writ filed by the company at the High Court of Madras for necessary direction for waiver of penal interest on the belated payment of Interest Free Sales Tax Loan dues (Rs.79.00 lakhs paid against Rs.86.43 lakhs due)was disposed off vide its order dated 22.12.2009 directing the State of TamilNadu to consider the request of waiver of penal interest within a period of 12 weeks from the date of receipt of a copy of the order. Pending the receipt of the government order for waiver of penal interest.no provision has been made in the current year for the penal interest of Rs. 13.92 lakhs.The cumulative amount on this account upto 31.3.2010 is Rs.66.16 lakhs.

d) As per the interim injunction order passed by the High Court, the company is repaying the Sales tax deferred in instalments. Pending disposal of the writ no provision for penal interest of Rs.13.66 lakhs has been made.The cumulative amount on this account upto 31.3.2010 is Rs.205.43 lakhs.

5. The appeal against the order of the trial court, for recovery of interest of Rs. 6.81 Lakhs from a customer for belated payment of dues to the company, is pending with the High Court of Madras.

6. The Company has executed Bonds for Rs.98.65 Lakhs in favour of The Assistant Commissioner of Central Excise for duty free import of Capital goods and procurement of Raw Materials and Components free of excise duty for Manufacture of parts for Machine Tools in the 100% Export Oriented Unit (Unit 2).

7. The Company has furnished bank guarantees for Rs.4.89 lakhs in favour of The Assistant Commissioner of Central Excise for duty free import of capital goods and for procurement of Raw Materials and Components free of Excise Duty for use in the 100% E O U

8. The Company has executed Bonds under the Customs (Import of goods at concessional rate of duty for manufacture of Excisable Goods) Rules, 1996 for Rs.8 lakhs with the Deputy Commissioner of Central Excise for Import of Components at concessional rate of duty for manufacture of shuttle and shuttleless weaving machines.

9. The Company has undertaken to fulfil export obligation of Rs.356.92 lakhs for machinery imported by third party under EPCG Scheme and leased to the company. The companys appeal for treating the export of weaving machines of Rs.479.66 lakhs in fulfilment of the export obligation is pending before the commissioner of customs (Appeals), Chennai.

10. The Companys Equity shares are listed in the Bombay Stock Exchange and the Company has paid the annual listing fee.

11. As defined under Micro,Small and Medium enterprises Development Act, 2006 the disclosure in respect of the amount payable to such enterprises as at 31.03.2010 has been made in the financial statement based on information received and available with the company. The company having been declared as sick company by the BIFR and the sanctioned scheme being under implementation,the liability towards interest has not been recognised.

12. Figures have been rounded off in terms of decimals in thousands and previous year figures have been regrouped/rearranged wherever necessary.

 
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