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Notes to Accounts of Nesco Ltd.

Mar 31, 2016

1. Terms / Rights Attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs, 10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the board of directors is subject to the approval of shareholders in the ensuing annual general meeting.

The Board of Directors has declared an interim dividend of Rs, 8.50 per equity share at its meeting held on 17.03.2016, Rs, 6.50 per equity share was paid as final dividend for the previous year. The interim dividend appropriation for the year ended 31.03.2016 amounts to Rs, 1,197.83 lakhs and corporate dividend tax of Rs, 243.85 lakhs (previous year Rs, 915.98 lakhs and corporate dividend tax of Rs, 155.67 lakhs)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shares holders.

2. The Company is in process of identifying enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amount payable to such micro, small and medium enterprises as on 31st March, 2016 has not been given in the financial statements. However, in the opinion of the management, the impact of interest if any, that may be payable in accordance with the provisions of the act is not expected to be material.

3. Contingent Liabilities and Commitments

a. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs, 21,264.94 Lakhs (previous year - Rs, 170.11 lakhs) against which an advance of Rs, 4,472.00 lakhs (previous year – Rs, 77.02 lakhs) has been paid.

b. Claims against the Company contested at various courts amounting to Rs, 1,631.48 lakhs (previous year Rs, 1,631.48 lakhs) against which the Company has provided Rs, 1,245.03 lakhs (previous year Rs, 1,224.12 lakhs) as ascertained by management and as advised by advocates and counsels.

c. Income-tax demand disputed by the Company Rs, 148.15 lakhs (previous year Rs, 93.34 lakhs)

d. Value Added Tax demand disputed by the Company Rs, 33.27 lakhs for F.Y.2008-2009.

e. Counter guarantees given by the company to banks in respect of:

i. Indian Bank Guarantees given by bank on Company''s behalf Rs, 545.57 lakhs (previous year – Rs, 375.50 lakhs)

ii. Foreign Bank Guarantees given by bank on Company''s behalf US $ 44,271.00 (previous year – US $3,400.00).

4. Company has contributed Rs, 260.34 lakhs (previous year Rs, 218.29 lakhs) towards CSR activities prescribed under Schedule VII of the Companies Act, 2013.

5. Figures of the previous year have been re-arranged and re-grouped wherever necessary to confirm to the classification adopted for the current year.


Mar 31, 2013

1 Related party disclosures:

(a) List of related parties and relationships Associate

(i) NSE Housing and Investments Pvt. Ltd.

(ii) Chandler & Price (India) Pvt. Ltd.

(iii) JVP Industrial Training Institute

(iv) J V Patel Charitable Trust

(v) J V Patel & Co.

(vi) K S Patel Finance & Investments Pvt. Ltd.

Key management personnel (i) Mr. Sumant J. Patel

(ii) Mrs. Sudha S. Patel

(iii) Mr. Krishna S. Patel

2 The company is in process of identifying enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amount payable to such micro, small and medium enterprises as on 31s1 March, 2013 has not been given in the financial statements. However, in the opinion of the management, the impact of interest if any, that may be payable in accordance with the provisions of the act is not expected to be material.

3 Contingent Liabilities and Commitments

- Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 10,328,791/- (previous year - Rs. 147,131,198/-) againstwhich an advance of Rs. 7,200,352/- (Previous year Rs. Nil) has been paid.

- Claims against the company contested at various courts amounting to Rs. 1,631.48 lakhs (previous year Rs. 1,631.48 lakhs) against which the company has provided Rs. 1,271.08 lakhs (previous year Rs. 1,271.08 lakhs) as ascertained by management and as advised by advocates and counsels.

- Income-tax demand disputed by the company Rs. 152.82 lacs

- Counter guarantees given by the company to banks in respect of:

i. Indian Bank Guarantees given by bank on company''s behalf Rs. 38,766,338/- (Previous year Rs. 42,031,090/-)

ii. Foreign Bank Guarantees given by bank on company''s behalf US $3,400.00 (Previous year US $3,400.00).

4 Income tax assessments are completed up to the assessment year 2010-2011. The company does not expect any additional liability for the pending assessments.

5 Provision for income tax is made after considering exemptions and deductions available under the Income Tax Act, 1961.

6 Sales tax assessments are completed for Maharashtra up to the financial year 2004-2005, and for Gujarat up to the financial year 2009-2010. The company does not expect any additional liability for the pending assessments.

7 Particulars in respect of Foreign currency transactions:

8 Figures of the previous year have been re-arranged and re-grouped wherever necessary to confirm to the classification adopted for the current year.


Mar 31, 2012

* Loans and advances to employees and related parties include amounts due from Officers of the Company Rs10.74 (previous year Rs13.08) and due from NSE Housing & Investment Pvt Ltd in which some of the Directors are interested as Directors Rs 0.49 (previous year Rs0.49)

# Includes advance to sundry creditors of Rs 119.35 Lacs and advance recoverable in cash or kind or value to be received of Rs322.43 Lacs

30. The company is in process of identifying enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amount payable to such micro, small and medium enterprises as on 31st March, 2012 has not been given in the financial statements. However, in the opinion of the management, the impact of interest if any, that may be payable in accordance with the provisions of the act is not expected to be material.

1. Contingent Liabilities and Commitments

- Estimated amount of contracts remaining to be executed on capital account and not provided for Rs 147,131,198/- (previous year - Rs 892,500,000/-) against which an advance of Rs Nil/- (Previous year- Rs 576,406,048/-) has been paid.

- Claims against the company contested at various courts amounting to Rs 1,631.48 lacs (previous year Rs 1,764.19 lacs) against which the company has made total provision of Rs 1,271.08 lacs (previous year Rs 1,271.08 lacs) as per management's estimation of expected liability as advised by legal opinions.

- Contingent liabilities not provided for in respect of Counter guarantees given by the company to banks in respect of:

i. Indian Bank Guarantees given by bank on company's behalf Rs 42,031,090/- (Previous year - Rs 40,155,309/-)

ii. Foreign Bank Guarantees given by bank on company's behalf US $3,400.00 (Previous year - US $23,800.00)

iii. Foreign Letter of Credit given by bank on company's behalf US $Nil (Previous year US $364,559.00)

2. The Revised Schedule VI has become effective from 01st April 2011. In view of this figures of the previous year have been re-arranged and re-grouped wherever necessary to confirm to the classification adopted for the current year.

3. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure 1.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.892,500,000/- (previous year Rs. 602,715,387/-) against which an advance of Rs. 576,406,048/- (previous year Rs. 442,384,347/-) has been paid.

2. Contingent liabilities not provided for in respect of (a) counter guarantees given by the company to banks in respect of Indian bank guarantees given by them on companys behalf Rs. 40,155,309/- (previous yearRs. 44,214,879/-) (b) Foreign bank guarantees given by bank on companys behalf US $23,800.00 (previous year Rs. Nil) (c) Foreign Letter of Credit given by bank on companys behalf US $364,559.00 (previous year Rs. Nil) (d) Property tax in dispute Rs. Nil (previous year Rs. 51,350,675/-).

3. Income tax assessment is completed up to the assessment year 2008-2009. The company does not expect any additional liability for the pending assessments.

4. Sales tax assessment is completed for Maharashtra up to the financial year 2004-2005, and for Gujarat up to the financial year 2006-2007. The company does not expect any additional liability for the pending assessments.

5. (a) According to the information and explanations given by the management there are no dues to SSI units which are outstanding for more than 30 days as on 31s1 March, 2011 including the interest if any, thereon.

(b) The company is in process of identifying enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amount payable to such micro, small and medium enterprises as on 31st March, 2011 has not been given in the financial statements. However, in the opinion of the management, the impact of interest if any, that may be payable in accordance with the provisions of the act is not expected to be material.

6. Provision for income tax is made after considering exemptions and deductions available under the Income Tax Act, 1961, as advised by tax consultants.

8. Pursuant to the Accounting Standard 22 Accounting for taxes on income issued by the Institute of Chartered Accountants of India, which is mandatory with effect from 1st April 2002, The deferred tax asset/liability has been reassessed in view of the various appeals, decisions and consequential effect on carry forward losses as well as revision in tax rate applicable. Accordingly net liability as on 31.03.2011 is worked out to Rs. 8,582,095/- as computed below. Since the company has a deferred tax liability balance of Rs. 9,719,329/- as on 31.03.2010 in the balance sheet, Rs. 1,137,234/- has been credited in the profit & loss account.

9. Figures of the previous year have been re-arranged and re-grouped wherever necessary to confirm to the classification adopted for the current year.

10. Figures in brackets related to previous year.






Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 602,715,387/- (previous year Rs. 889,045,770/-) against which an advance of Rs. 442,384,347/- (previous year Rs. 175,045,770/-) has been paid.

2. Contingent liabilities not provided for in respect of (a) counter guarantees given by the company to banks in respect of Indian bank guarantees given by them on companys behalf Rs. 44,214,879/- (previous year Rs. 27,562,157/-) (b) Foreign bank guarantees given by bank on companys behalf Rs. Nil (previous year Rs. 337,544/- (US$ 6,625/-) (c) Property tax in dispute Rs. 51,350,675/- (previous year Rs. 145,992,315/-).

3. Income tax assessment is completed up to the assessment year 2007-2008. The company does not expect any additional liability for the pending assessments.

4. Sales tax assessment is completed for Maharashtra up to the financial year 2004-2005, and for Gujarat up to the financial year 2006-2007. The company does not expect any additional liability for the pending assessments.

5. (a) According to the information and explanations given by the management there are no dues to SSI units which are outstanding for more than 30 days as on 31a March, 2010 including the interest if any, thereon.

(b) The company is in process of identifying enterprises covered under the micro, small and medium enterprises development act, 2006. Accordingly, the disclosure in respect of the amount payable to such micro, small and medium enterprises as on 31s March, 2010 has not been given in the financial statements. However, in the opinion of the management, the impact of interest if any, that may be payable in accordance with the provisions of the act is not expected to be material.

6. Claims against the company contested at various courts amounting to Rs. 1,764.19 lakhs (previous year Rs. 1,764.19 lakhs) against which the company has made total provision of Rs. 1,271.08 lakhs (previous year Rs. 1,271.08 lakhs) as per managements estimation of expected liability as advised by legal opinions.

7. Provision for income tax is made after considering exemptions and deductions available under the income tax act, 1961, as advised by tax consultants.

9. Pursuant to the Accounting Standard 22 Accounting for taxes on income issued by the Institute of Chartered Accountants of India, which is mandatory with effect from 1st April 2002, The deferred tax asset/liability has been reassessed in view of the various appeals, decisions and consequential effect on carry forward losses as well as revision in tax rate applicable. Accordingly net liability as on 31.03.2010 is worked out to Rs. 9,719,329/- as computed below. Since the company has a deferred tax liability balance of Rs. 7,353,282/- as on 31.03.2009 in the balance sheet, Rs. 2,366,047/- has been credited in the profit & loss account.

10. Figures of the previous year have been re-arranged and re-grouped wherever necessary to confirm to the classification adopted for the current year.

11. Figures in brackets related to previous year.





 
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