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Notes to Accounts of Lakshmi Electrical Control Systems Ltd.

Mar 31, 2014

1. A s 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 statements based on information received and available with the company.

2. Contingent Liabilities and claims against the company not acknowledged as debts:

A] (i) Estimated amount of contracts to be Executed on capital account and not provided for 28,57,954 24,84,388

(ii) Guarantees and Counter Guarantees executed by the Company 63,44,038 56,98,238

(iii) Letters of Credit 1,24,67,103 31,27,472

B] Sales Tax Assessments have been completed up to Financial Year 2005 – 2006 and Financial Year 2009 - 2010.

C] Income Tax Assessments have been completed up to A.Y. 2011 -12.

3. Some of the Debtors / Creditors accounts whose balances show a variance as compared to the Books of Accounts of the Company are in the process of reconciliation. This however will not have any material impact on the profits for the year.

4. Figures have been rounded off to the nearest rupee.

5. The previous year''s figures have been regrouped and reclassified wherever necessary to suit this year''s presentation.


Mar 31, 2013

1. Secured Loans :

Working Capital loans from Indian Bank and Bank of Baroda have been secured by the hypothecation of Raw Materials, Components, Work-in-progress, Finished Goods, Book Debts and all other movable current assets of the Company.

2. Contingent Liabilities and claims against the company not acknowledged as debts:

A] (i) Estimated amount of contracts to be Executed on capital account and not provided for 2,484,388 1,067,008

(ii) Guarantees and Counter Guarantees executed by the Company 5,698,238 3,071,450

(iii) Letters of Credit 3,127,472 -

B] (i) Sales Tax Assessments have been completed up to Financial Year 2004 - 2005

(ii) The Company''s appeal against demand for Sales Tax penalty of Rs.1.34 Lakhs for the financial year 1997-98 has been decided against the Company. However no provision is made as on 31.03.2013 in view of the waiver of penalty under the Tamil Nadu Sales Tax (Settlement of Arrear) Scheme 2008.

C] Income Tax Assessments have been completed up to A.Y. 2010 -11.

3. Some of the Debtors / Creditors accounts whose balances show a variance as compared to the Books of Accounts of the Company are in the process of reconciliation. This however will not have any material impact on the profits for the year.

4. Figures have been rounded off to the nearest rupee.

5. The previous year''s figures have been regrouped and reclassified wherever necessary to suit this year''s presentation.

Disclosure in respect of Material Related Party Transactions during the year:

1. Purchase of Goods includes Lakshmi Machine Works Limited Rs. 71,24,80,572 (Previous Year Rs. 89,37,39,181), and Others - Other Related Parties - Associates Rs. 8,51,24,875 (Previous Year Rs. 6,86,287).

2. Sale of Goods includes Lakshmi Machine Works Limited Rs. 1,28,02,43,173 (Previous Year Rs. 1,60,43,95,330), and Others - Other Related Parties - Associates Rs. 13,57,45,921 ( Previous Year Rs. 2,16,81,246).

3. Sale of Fixed Assets includes SunSpintex (Merged with LEDL) Rs. 1,09,74,955 (Previous Year Rs. 4,12,85,000) and Others - Other Related Parties - Associates Rs. 3,09,979 (Previous Year Rs. 23,090).

4. Rendering of Services includes Lakshmi Machine Works Limited Rs. 1,65,36,441 (Previous Year Rs. 2,07,68,094),and Others - Other Related Parties - Associates Rs. 16,11,656 (Previous Year Rs. 20,50,328).

5. Receiving of Services includes Lakshmi Precision Tools Limited Rs. 10,08,677(Previous Year Rs. 2,97,014) Lakshmi Cargo Company Limited Rs. 9,15,041 (Pervious Year Rs. 21,59,315), Starline Travels Limited Rs. 18,11,457(Previous Year Rs. 5,95,381), and Others - Others Related Parties - AssociatesRs. 2,78,964 (Previous Year Rs. 4,00,365).

6. Managerial Remuneration includes amount paid to Smt. Nethra J.S. Kumar Rs. 50,59,900 (Previous Year Rs. 74,70,797)

7. Dividends paid to includes Smt. Nethra J.S. Kumar Rs.24,86,685 (Previous Year Rs. 22,38,017), Lakshmi Electrical Drives Limited Rs.6,56,030 (Previous Year Rs. 3,04,241 ) Others Related Parties - Associates Rs.74,250 (Previous Year Rs. 66,375).

8. Outstanding Receivables includes Lakshmi Machine Works Limited Rs. 14,68,23,684 (Previous Year Rs. 21,28,32,866), LMW Machinery Limited Rs. 4,03,24,773 and Others - Others Related Parties - Associates Rs. 58,84,226 (Previous Year Rs. 16,90,209).

9. Outstanding Payables includes Lakshmi Machine Works Limited Rs. 16,99,07,362 (Previous Year Rs. 18,81,18,597), LMW Machinery Limited Rs. 2,31,13,131 and Others - Others Related Parties - Associates Rs. 10,48,340 (Previous Year Rs. 2,08,623).

3) The undernoted companies constitute the " Group" in terms of regulation 3(1)(e)(i) of Securities and Exchange Board of India (Substantial Acquisition of Shares Takeovers) Regulations,1997 as amended with effect from 09- 09-2002.

1) Eshann Enterprises Ltd, 2) Harshni Textiles Ltd, 3) Integrated Electrical Controls India Ltd, 4) Lakshmi Precision Tools Ltd, 5) Lakshmi Electrical Drives Ltd, 6) Lakshmi Ring Travellers (CBE) Ltd, 7) Lakshmi Cargo Company Ltd, 8) Lakshmi Technology & Engineering Industries Ltd, 9) Lakshmi Life Sciences Ltd, 10) LCC Cargo Holding Ltd, 11) Lakshmi Machine Works Ltd, 12) LMW Machinery Ltd, 13) Mahalaxmi Engineering Holding Ltd, 14) Quattro Engineering India Ltd, 15) Starline Travels Ltd, 16) Titan HMG Paints India Ltd, 17) Venkata Varadhaa Agencies Ltd, 18) Sun Spintex Ltd.


Mar 31, 2012

1. Secured Loans

Working Capital loans from Indian Bank and Bank of Baroda have been secured by the hypothecation of Raw Materials, Components, Work-in-progress, Finished Goods, Book Debts and all other movable current assets of the Company.

2. Contingent Liabilities and claims against the company not acknowledged as debts.

2011-12 2010-11 (Amount in Rs) (Amount in Rs)

A] (i) Estimated amount of contracts to be Executed on capital account and not provided for 1,067,008 1,820,325

(ii) Guarantees and Counter Guarantees executed by the Company 3,071,450 2,796,450

(iii) Letters of Credit - 721,000

B] (i) Sales Tax Assessments have been completed upto financial year 2004 - 2005.

(ii) The Company's appeal against demand for Sales Tax penalty of Rs.1.34 Lakhs for the financial year 1997-98 has been decided against the Company. However no provision is made as on 31.03.2012 in view of the waiver of penalty under the Tamilnadu Sales Tax (Settlement of Arrear) Scheme 2008.

C] Income Tax Assessments have been completed upto A.Y. 2009-2010.

3. 2 Nos. of Engel make injection moulding machines were imported under EPCG Scheme during the financial year 2007-2008. The entire export obligation has been fulfilled during the year 31.03.2012 and the formalties of redemption before JDGFT is in process.

Note: The salary escalation considered in acturial valuation,takes account of inflation,seniority,promotion and other relevant factors such as supply and demand in the employment market.

Gratuity is applicable to all permanent and full time employees of the Company.

"Gratuity payment is based on last drawn basic salary and dearness allowance at the time of termination or retirement. The Scheme takes into account each completed year of service or part thereof in excess of six months.

The entire contribution is borne by the Company."

Leave encashment benefits are provided as per the Rules of the Company.

4. Some of the Debtors / Creditors accounts whose balances show a variance as compared to the Books of Accounts of the company are in the process of reconciliation. This however will not have any material impact on the profits for the year.

5. Figures have been rounded off to the nearest rupee.

6. The previous year's figures have been regrouped and reclassified wherever necessary to suit this year's presentation.


Mar 31, 2011

2010-11 2009-10

A] (i) Estimated amount of contracts to be Executed (Amount in Rs.) (Amount in Rs.) on capital account and not provided for 1,820,325 6,981,310

(ii) Guarantees and Counter Guarantees executed by the Company 2,796,450 2,796,450

(iii) Letters of Credit 721,000 2,027,235

B] (i) Sales tax assessments have been completed upto financial year 2003 - 2004

(ii) The Company's appeal against demand for Sales Tax penalty of Rs.1.34 Lakhs for the financial year 1997-98 has been decided against the Company. However no provision is made as on 31.03.2011 in view of the waiver of penalty under the Tamilnadu Sales Tax (Settlement of Arrear) Scheme 2008.

2. Provision for Excise Duty amounting to Rs. 5,22,271/- for the uncleared stock of finished goods has been made in the accounts.

3. 2 Nos. of Engel make injection moulding machines were imported under EPCG Scheme during the financial year 2007-08. The entire export obligation of Rs.131.72 lakhs which is to be fulfilled on or before 30.01.2016 will be fulfilled by the Group Company Lakshmi Precision Tools Limited. The export obligation pending as on 31.03.2011 is Rs.131.72 lakhs. Non fulfillment will entail payment of duty saved together with interest, the amount being indeterminant.

4. Some of the Debtors / Creditors accounts whose balances show a variance as compared to the Books of Accounts of the company are in the process of reconciliation. This however will not have any material impact on the profits for the year.

5. Figures have been rounded off to the nearest rupee.

6. The previous year's figures have been regrouped and reclassified wherever necessary to suit this year's presentation.

(B) RELATED PARTY DISCLOSURES FOR THE YEAR ENDED 31st MARCH, 2011

1) Relationships

Description of relationship Names of related parties

Other related parties Eshann Enterprises Ltd

Harshni Textiles Ltd

Integrated Electrical Controls India Limited Lakshmi Precision Tools Ltd Lakshmi Electrical Drives Limited Lakshmi Ring Travellers(CBE) Ltd Lakshmi Cargo Company Ltd Lakshmi Technology & Engineering Industries Ltd Lakshmi Life Sciences Limited LCC Cargo Holding Ltd Lakshmi Machine Works Ltd Mahalaxmi Engineering Holding Ltd Starline Travels Limited Titan HMG Paints India Ltd Venkata Varadhaa Agencies Limited

Key Management Personnel

Smt. Nethra J.S. Kumar

Managing Director


Mar 31, 2010

1. Secured Loans

a. Term Loan from Indian Bank availed by the Company have been secured by Equitable Mortgage of the Land and Buildings and Movable Machinery including Wind Mills.

b. Working Capital loans from Indian Bank and Bank of Baroda have been secured by the hypothecation of Raw Materials, Components, Work-in-progress, Finished Goods, Book Debts and all the movable assets pertaining to the current assets of the Company.

2. Contingent Liabilities and claims against the company not acknowledged as debts.

2009-10 2008-09 A](i) Estimated amount of contracts to be Executed (Amount in Rs.) (Amount in Rs.) on capital account and not provided for 6,981,310 2,431,200

(ii) Guarantees and Counter Guarantees executed by the Company 2,796,450 2,069,000

(iii) Letters of Credit 2,027,235 --

B] (i) Sales tax assessments have been completed upto financial year 2003 - 2004

(ii) The Companys appeal against demand for Sales Tax penalty of Rs.1.34 Lakhs for the financial year 1997-98 has been decided against the Company. However no provision is made as on 31.03.2010 in view of the waiver of penalty under the Tamilnadu Sales Tax (Settlement of Arrear) Scheme 2008.

3. Provision for Excise Duty amounting to Rs. 7,84,819/- for the uncleared stock of finished goods has been made in the accounts.

4. 2 Nos. of Engel make injection moulding machines were imported under EPCG Scheme during the financial year 2007-08. The entire export obligation of Rs.131.72 lakhs which is to be fulfilled on or before 30.01.2016 will be fulfilled by the Group Company Lakshmi Precision Tools Limited. The export obligation pending as on 31.03.2010 is Rs.131.72 lakhs. Non fulfillment will entail payment of duty saved together with interest, the amount being indeterminant.

5. Deferred Tax

(a) Out of the deferred tax liability created from General Reserve for the earlier years in 2001-02, Rs.17,43,684/- has been transferred to General Reserve on account of reversal.

6. Some of the Debtors / Creditors accounts whose balances show a variance as compared to the Books of Accounts of the company are in the process of reconciliation. This however will not have any material impact on the profits for the year.

7. Figures have been rounded off to the nearest rupee.

8. The previous years figures have been regrouped and reclassified wherever necessary to suit this years presentation.

 
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