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Notes to Accounts of Linaks Micro Electronics Ltd.

Mar 31, 2014

1. Related Party Disclosure

1. Party where control exists:

Linaks Pressings, Raebareli - No transaction during the year.

2. Other related Parties with whom transactions have taken place - NIL

3. Directors.

Shri Anil Kumar Singh Managing Director

Shri Udayan Singh,

Shri Siddharth Singh Dr. Gautam Singh Mr. U.B. Singh

No remuneration is paid to any of the Whole Time Directors. However, Rs240000/- has been paid to M.D.

2. LIQUIDATED DAMAGES:

Liquidated Damages on late deliveries are accounted for only when they are finally not recoverable inspite of Company''s best efforts.

3. i. No interest is provided on Funded CST and UPTT and statutory dues of PF & ESI in view of sanctioned rehabilitation scheme.

ii) No provision is made for loss on account of discarded /obsolete Plant and Machinery pending completion of transition period .

iii. No Provision is made for loss due to diminution in value of inventory pending completion of transition period.

iv. Due to financial crunch the company was not regular in depositing old PF dues of Rs. 3.54 lac previous year Rs. 10.50 lac. However, upto date payments of ESI has been paid by the company. No provision for gratuity has been made and will be paid as and when becomes due.

4. CONTINGENT LIABILITIES:

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL)

ii. Outstanding Letters of Credit Rs. NIL Lac (Previous year Rs. NIL)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lac).

iv. No demand for Income Tax is pending.

v. Disputed demand for Rs.63.35 lac (Previous Year 63.35lacs) excluding Interest, for Sales Tax, is in appeal and pending before different authorities.

5. Dues towards SSIs for Rs 1 lac or more outstanding for more than 30 days are not ascertainable as the suppliers have not furnished their SSI registrations.

6. Details of litigated Sales Tax assessments under appeal and finalistaion

7. Previous year figures have been regrouped and rearranged where ever required to make it comparable with current period''s figures.


Mar 31, 2013

A. TAXATION:

The Company is a ''Sick Industrial Company'' within the meaning of clause (o) of section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985; hence no provision for Deferred Tax Liability is made.

b. Segment Information:

The Company is manufacturing Printed Circuit Boards, presently Multilayer (upto 8 layers) and Double Sided Printed Through Holes (DSPTH) making sales within India and in the international market. It has plan for manufacturing Multi Layers Boards (MLB''s) upto 24 layers and also flexi-rigid Multilayer.

c. Related Party Disclosure

1. Party where control exists:

Linaks Pressings, Raebareli : No transaction during the year.

No remuneration is paid to any of the directors.

2. LIQUIDATED DAMAGES:

Liquidated Damages on late deliveries are accounted for only when they are finally not recoverable inspite of Company''s best efforts.

3.

(i) No Interest is provided on Funded CST & UPTT and statutory dues of PF and ESI as the company has sought from Hon''ble BIFR extension of relief in view of the pending approval of the Revised DRS. (ii) No Provision is made for loss on account of discarded/obsolete Plant and Machinery pending completion of transition period. (iii) No provision is made for loss due to diminution in value of inventory pending completion of transition period. (iv) The company has not carried out any manufacturing activity during the year and accordingly cost audit records have not been maintained by the company. (v) Due to financial crunch the company was not regular in depositing old P.F. dues Rs. 11.27 Lac (Previous year Rs.11.00 Lac).

However, upto date payment of ESI has been paid by the company. No provisions for gratuity has been made and will be paid as and when becomes due.

4. CONTINGENT LIABILITGIES

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL)

ii. Outstanding Letters of Credit Rs. NIL Lac (Previous year Rs. NIL)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. Nil (Previous Year Rs. Nil ).

iv. No demand for Income Tax is pending.

v. Litigated Sales Tax for Rs.63.35 lacs (Previous Year 63.35 lacs) excluding interests in appeal and pending before different authorities.

5. Dues towards small scale industries for Rs. 100000/- or more and outstanding for more that 30 days, are not ascertainable since party has not given any proof for their SSI Registration.

6. Previous year''s figures have been regrouped and rearranged where ever required to make it comparable with current year''s figures.


Mar 31, 2012

1. Related Party Disclosure

1. Party where control exists:

Linaks Pressings' Raebareli. No transaction during the year.

2. Other related Parties with whom transactions have taken place. Nil

3. Directors.

Shri Anil Kumar Singh Managing Director

Shri Udayan Singh' Whole time Director

Shri R.K. Mehra Shri Siddharth Singh

No remuneration is paid to any of the directors.

2. LIQUIDATED DAMAGES:

Liquidated Damages on late deliveries are accounted for only when they are finally not recoverable inspite of Company's best efforts. 3.(i) In computing Profit/Loss for the year' interest written off as per OTS Agreement' on Secured Loans from Financial Institutions

(IDBI' PICUP& UPFC) and State Bank of India' for Rsl 171.55 Lac plus Rs. 32.07 lac lease rent written off have been shown as Extra Ordinary Income for the current year.

(ii) Amounts written off as per OTS Agreement of Secured Loans from Financial Institutions and State Bank of India for Rs. 310.49 lacs has been shown as Capital Receipt under the Group 'Reserves and Surplus'. (iii) No Interest on Unsecured Loan from M/S. Kala Holding is provided during the year due to dispute. In case of applying Interest @ 18% simple rate' Loss would be increased by Rs.l 1.47 Lacs (app.). (iv) No interest is provided on Funded CST & UPTT and Statutory Dues of PF & ESI as the Company has sought from Hon'ble BIFR extension of relief in view of the pending approval the Revised DRS.

(v) No provision is made for loss on account of discarded/obsolete Plant & Machinery pending completion of transition phase. (vi) No provision is made for loss due to diminution in value of inventory holdings pending completion of transition phase. (vii) The company has not carried out any manufacturing activity and accordingly the cost audit records have not been maintained by the Company during the year under review.

(viii) Due to financial crunch the company is not regular in depositing Provident Fund payable Rs. 11.00 lacs (previous year Rs. 10.02 lacs)' ESI Payable Rs. 0.42 Lac (previous year Rs. 0.47 Lac) and Gratuity payable Rs.2.5 lacs (approx.) outstanding as on 31.03.2012. (ix) The company is a sick industrial company under provisions of SIC A and Modified Draft Rehabilitation Scheme is under consideration with the Bench of BIFR. During the year the Company settled dues of all its Secured Lenders and fully paid to IDBI' PICUR UPFC and partly paid to State Bank of India by financial assistance from Co.promoters/Strategic investors.

3. CONTINGENT LIABILITIES:

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL)

ii. Outstanding Letters of Credit Rs. NIL Lac (Previous year Rs. NIL)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lac). iv. No demand for Income Tax is pending.

v. Disputed demand for Rs.63.35 lac (Previous Year 63.351acs) excluding Interest' for Sales Tax. is in appeal and pending before different authorities.

4. Dues towards small.scale industries for Rs. 100000/. or more and outstanding for more than 30 days' are not ascertainable since party has not given any proof for their SSI registration.

5. Unpaid Interest on Secured Loans Rs. 117154291.97 is related to the period prior to Year 2002.03 and same has not been allowed as our exlpenditurc in the related assessment year.

6. Previous year's figures have been regrouped and rearranged where ever required to make it comparable with current year's figures.


Mar 31, 2010

1. Party where control exists: Linaks Pressings, Raebareli.

No transaction during the year.

2. Other related Parties with whom transactions have taken place. Nil

3. Directors.

Shri Anil Kumar Singh Managing Director

Shri Udayan Singh, Whole time Director

Shri R.K.. Mehra

Shri Siddharth Singh "

Managerial Remuneration paid for Rs.290400/-

2. LIQUIDATED DAMAGES:

Liquidated Damages on late deliveries are accounted for only when they are finally not recoverable inspite of Companys best efforts.

3. CONTINGENT LIABILITIES:

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL)

ii. Outstanding Letters of Credit Rs. NIL Lacs (Previous year Rs. NIL)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lacs).

4. In computing Profit/Loss no interest had been charged as per letter dated 16.01.04 of Case No. 354/98 from Board for Industrial & Financial Reconstructions, New Delhi, on term loans and working capital loan (previous year simple rate of interest had been charged on term Loans from financial institutions) in the event of applying simple rate rate of interest loss would have been increased by Rs. 336.83 lacs (previous year Rs. 336.83 lacs)

5. Previous years figures have been regrouped and rearranged where ever required to make it comparable with current years figures.


Mar 31, 2009

1. Related Party Disclosure

1. Party where control exists: Linaks Pressings, Raebareli.

No transaction during the year.

2. Other related Parties with whom transactions have taken place - Nil

3. Directors.

Shri Anil Kumar Singh Managing Director

Shri Udayan Singh,Whole time Director

Shri R.K. Mehra

Shri Siddharth Singh

Managerial Remuneration paid for Rs.290400/-

2. LIQUIDATED DAMAGES:

Liquidated Damages on late deliveries are accounted for only when they are finally not recoverable inspire of Companys best efforts.

3. CONTINGENT LIABILITIES:

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL)

ii. Outstanding Letters of Credit Rs. NIL Lacs (Previous year Rs. NIL)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lacs).

iv. No demand for Income Tax is pending,

v. Disputed demand for Rs.63.35lacs (Previous Year 70.16 lacs) excluding Interest, for Sales Tax, is in appeal and pending before different authorities.

4. In computing Profit/Loss no interest had been charged as per letter dated 16.01.04 of Case No. 354/98 from Board for Industrial & Financial Reconstructions, New Delhi, on term loans and working capital loan (previous year simple rate of interest had been charged on term Loans from financial institutions) in the event of applying simple rate of interest loss would have been increased by Rs. 336.83 lacs (previous year Rs. 336.83 lacs).

5. Dues towards small-scale industries forRs. 100000/- or more and outstanding for more than 30 days, are not ascertainable since party has not given any proof for their SSI registration.

6. Previous years figures have been regrouped and rearranged where ever required to make it comparable with current years figures.


Mar 31, 2004

1. Related Party Disclosure

1 Party where control exists:

Linaks Pressings, Raebareli. No transaction during the year.

2. Other related Parties with whom transactions have taken place. Nil

3. Directors.

Shri Anil Kumar Singh Managing Director

Shri Udayan Singh, Whole time Director

Shri R.K. Mehra

Shri Siddharth Singh "

Managerial Remuneration paid for Rs.398400/-

2. LIQUIDATED DAMAGES:

Liquidated Damages on late deliveries are accounted for only when they are finally not recoverable inspite of Companys best efforts.

3. CONTINGENT LIABILITIES:

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL)

ii. Outstanding Lettersof Credit Rs . Nil Lacs. (Previousyear Rs.NIL)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lacs).

iv. Disputed demands for Income Tax pending with various appellate authorities Rs 15.73. Lacs (Previous year Rs. 15.45 Lacs).

INCOME TAX

S.L. Years Disputed Amt. Authorities Where Pending the Cases

1 94-95 1572768.00 Income Tax Tribunal

v. Disputed demand in appeal for Sales Tax Rs. 102.48 Lacs (Previous year Rs.46.69 Lacs) excluding Interest.

LIST OF DISPUTED DEMAND OF SALES TAX UNDER APPEAL AS ON 31.03.2004:

S.L. Years Provincial Central Authorities Disputed Amt. Disputed Amt. Where Pending the Cases

1 92-93 23485.00 Remand for DC-12

2. 93-94 152559.00 Remand for DC-12

3 94-95 86604.00 Tribunal-Range III

4 94-95 102369.00 Tribunal-Range III

5 94-95 169360.00 1st Appealate Authority

6 95-96 1222323.00 Tribunal-Range III

7 95-96 610018.00 Tribunal-Range III

8 96-97 144286.00 1st Appealate Authority

9 96-97 641345.52 Tribunal-Range III

10 97-98 517662.40 Tribunal-Range III

11 97-98 437213.40 Tribunal-Range III

12 97-98 48370.00 1st Appealate Authority

13 99-00 147757.00 1st Appealate Authority

14 99-00 103544.00 1st Appealate Authority

17 2000- 01 1362354.50 1st Appealate Authority

18 2000- 01 2000890.00 1st Appealate Authority

19 2001 -02 718538.00 1st Appealate Authority

20 2001 -02 880019.00 1st Appealate Authority

Total 3696052.90 5672645.00

4. In computing Profit/Loss no interest has been charged as per letter dated 16.01.2004 of Case No. 354/98 from Board for Industrial & Financial Reconstruction, New Delhi, on term loans and working capital loan (previous year simple rate of interest has been charged on Term Loans from financial institutions). In the event of applying simple rate of interest loss would have been increased by Rs.336.83 lacs (previous year Rs. 166.43 Lacs).

5. There were no dues towards small-scale industries for Rs. 100000/-or more and outstanding for more than 30 days.

11. EXPENDITURE INCURRED ON EMPLOYEES 2003-2004 2002-2003

(a) Employed throughout the year and drawing Rs.24,00,000 or more nil nil

(b) Employed for part of the year and drawing Rs.2,00,000 or more nil nil

13. Previous years figures have been regrouped and rearranged wherever required to make it comparable with current years figures.


Mar 31, 2002

1. LIQUIDATED DAMAGES:

Liquidated Damages on late deliveries are accounted for only when they are finally not recoverable inspite of Companys best efforts.

2. CONTINGENT LIABILITIES:

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previousyear NIL)

ii. Outstanding Letters of Credit Rs. 11.61 Lacs. (Previous year Rs.41.60 lacs)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. Nil(Previous Year Rs. 2.49 Lacs).

iv. Disputed demands for Income Tax pending with various appellate authorities Rs 7.35. Lacs (Previous year Rs. 11.76 Lacs).

v. Disputed demand in appeal for Sales Tax Rs.41.24 Lacs (Previous year Rs.34.78 Lacs).

vi. Counter Guarantee given by the Company to the Bankers against guarantees issued by them on behalf of the Company Rs.150.84 Lacs (Previous Rs. 150.84 Lacs).

3 The company has submitted a Negotiated Settlement proposal to the participating financial institutions, in which the waiver of compound and penal interest on term loans is envisaged. The said Negotiated Settlement proposal is under advance stage of consideration with the said financial institutions. Therefore, in computing Profit/Loss simple rate of interest had been charged on Term Loans from financial institutions. In the event of applying compound and penal rate of interest loss would have been increased by Rs. 98.44 Lacs.

4. There were no dues towards small-scale industries for Rs. 100000/- or more and outstanding for more than 30 days.

5. EXPENDITURE INCURRED ON EMPLOYEES 2001-2002 2000-2001

(a) Employed through out the year and nil nil drawing Rs.300000 or more

(b) Employed for the part of year and drawing Rs.25000 or more nil nil

6. Previous years figures have been regrouped and rearranged where ever to make it comparable with current years figures.


Mar 31, 2001

1. Liquidated Damages :

Liquidated Damages on late deliveries are accounted for only when they are finally not recover- able inspite of Companys best efforts.

2. Contingent Liabilities :

i. Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL).

ii. Outstanding letters of Credit Rs. 41.60 Lacs (Previous Year Rs. 32.61 Lacs)

iii. Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs. 2.49 Lacs (Previous Year Rs. 6.95 Lacs)

iv. Disputed demands for Income Tax pending with various appellate authorities Rs. 11.76 Lacs (Previous year Rs. 11.76 Lacs).

v. Disputed demand in appeal for Sales Tax Rs. 34.78 Lacs (Previous Year Rs. 28.70 Lacs)

vi. Counter Guarantee given by the Company to the Bankers against guarantees issued by them on behalf of the Company Rs. 140.84 Lacs (Previous Year Rs. 140.84 Lacs).

3. In computing Profits/Loss simple rate of interest had been charged on Term Loans from financial institutions. In the event of applying compound and penal rate of interest loss would have been increased by Rs. 98.44 Lacs. Since a proposal for waiver of penal and Compound interest is pending with IDBI. Operating Agency appointed by BIFR.

4. There were no dues towards small-scale industries for Rs. 100000/- or more and outstanding for more than 30 days.

5. Previous years figures have been regrouped and rearranged where ever to make it comparable with current years figures.


Mar 31, 2000

1. CONTINGENT LIABILITIES

a) Estimated amount of contracts remaining to be executed on Capital Account NIL. (Previous year NIL)

b) Outstanding Letters of Credit Rs.32.61 Lacs. (Previous year Rs.Nil)

c) Outstation Cheques purchased by bank but not cleared till the date of Balance Sheet Rs.6.95 Lacs (Previous Year Rs. 1 Lacs).

d) Disputed demands for Income -Tax pending with various appellate authorities Rs.l 1.76 Lags (Previous year Rs. 15.83 Lacs).

e) Disputed demand in appeal for Sales Tax Rs.28.70 Lacs (Previous year Rs AO1 Lacs).

f) Demand for electricity charges for Rs. 6.00 Lacs (Approx) (Previous Year Rs.6.00 Lacs). As this amount is solely on account of minimum charge during the closure period it is being contested.

g) Sundry Debtors and Duty draw back receivable are subject to confirmation. However, these have been classified as good for recovery as verified by the management. However, an approx. provision of 10% on Sundry Debtors is made in the accounts where there was no transaction during the year.