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Notes to Accounts of Lynx Machinery & Commercials Ltd.

Mar 31, 2015

1. The above Cash Flow Statement has been compiled i prepared based on the audited accounts of the Company under the 'Indirect Method'as set out in the Accounting Standard -Son Cash Flow Statements issued by die Institute of Chartered Accountants of India.

2. Figures for the previous year have been rearranged and regrouped wherever necessary. The accom- panying Notes 1 and 2 are an integral part of the Financial Statements.

Amounts in the Financial statements are presented in Rupees including per share data. Previous year figures have been regrouped/reclassified wherever necessary to conform to the current period presentation.

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 exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Term Loans from a body corporate is secured by way of hypothecation of asset (vehicle) financed. Terms of Repayment-The loan is repayable in equated monthly installments of Rs 65,484, the last installment felling due in April 2015.

Deferred tax assets and deferred tax liabilities have been offset wherever the Company has a legally enforceable right to set off current tax assets against current fax liabilities and where the deferred tax asset© and deferred tax liabilities relate to income taxes levied by the same taxation authority.

3. CONTINGENT LIABILITIES AND COMMITMENTS TO THE EXTENT NOT PROVIDED FOR

Claims against the Company not acknowledged as debts Rs 74.42 lacs (PY Rs 46,58 lacs) and interest thereon.

4. In respect of company's leasehold premises, the company has claimed certain amounts from the sub-lessee towards damages caused by them to the company's property during their occupation, against which the company has witheld the security deposit. Against the same, the sub-lessee has filed a suit against the company which according to the manage- ment is not maintainable.The matter is sub-judice. and final effect will be considered in the accounts when the issue is finally settled.

5. This Is a single segment company in accordance with AS-17 (Segment Reporting) issued by the ICAi. Hence, disclosure of segment information is not applicable.

6. in the opinion of the Board, any of the assests other than Fixed Assets have a value on realization, in the ordinary course of business, at least equal to the amount at which they are stated.


Mar 31, 2014

1. CONTINGENT LIABILITIES AND COMMITMENTS TO THE EXTENT NOT PROVIDED FOR Claims against the Company not acknowledged as debts Rs 46.58 lacs and interest thereon (Previous year same position).

2. This is a single segment company in accordance with AS-17 (Segment Reporting) issued by the ICAI. Hence, disclosure of segment information is not applicable.

3. In the opinion of the Board, any of the assests other than Fixed Assets have a value on realization, in the ordinary course of business, at least equal to the amount at which they are stated.


Mar 31, 2013

1.1 CONTINGENT LIABILITIES AND COMMITMENTS TO THE EXTENT NOT PROVIDED FOR

Claims against the Company not acknowledged as debts Rs 46.58 lacs and interest thereon (Previous yearsame position).

1.2 This is a single segment company in accordance with AS-17 (Segment Reporting) issued bythe ICAI. Hence, disclosure of segment information is not applicable

1.3 In the opinion of the Board, any of the assests other than Fixed Assets have a value on realization, in the ordinary course of business, at least equal to the amount at which they are stated.


Mar 31, 2012

Amounts in the Financial statements are presented in Rupees including per share data. Previous yearfigures have been regrouped/reclassified wherever necessary to conform to the current period.

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 exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Deferred tax assets and deferred tax liabilities have been offset wherever the Company has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

The company's liability in respect of Gratuity payable to employees has been funded with Life Insurance Corporation of India (LICI). The contribution for the year to LICI amounting to Rs 678,101/- (PY Rs 38,796) has been duly paid and provided for in the Accounts.

1.1 CONTINGENT LIABILITIES AND COMMITMENTS TO THE EXTENT NOT PROVIDED FOR

Claims against the Company not acknowledged as debts Rs 46.58 lacs and interest thereon (Previous year same position).

1.2 This is a single segment company in accordance with AS-17 (Segment Reporting) issued by the ICAI. Hence, disclosure of segment information is not applicable.

1.3 In the opinion of the Board, any of the assests other than Fixed Assets have a value on realization, in the ordinary course of business, at least equal to the amount at which they are stated.

Note: There are no provisions for doubtful debts or amounts written off or written back during the year for debts due from or to related parties.

 
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