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Notes to Accounts of PALCO Ltd.

Mar 31, 2014

1. Corporate Information:

PALCO Limited (Formerly known as Pennar Aluminium Company Limited) is not carrying any activities/operations as the company sold all its fixed assets to ARCIL at the time of takeover by the ARCIL. The company is having registered office situated at Flat No.501, Sri Ramchandra Residency, Madhapur Road, Kothaguda, Kondapur, Hyderabad - 500 084.

2. Retirement and other employee benefits

(i) Retirement benefit in the form of Provident Fund is a defined contribution scheme and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the provident fund.

(ii) Gratuity liability is defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year.

(iii) Short term compensated absences are provided for based on estimates. Long term compensated absences are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method.

(iv) Actuarial gains/losses are immediately taken to statement of profit and loss.

(v) The company presents the entire leave as a current liability in the balance sheet, since it does not have an unconditional right to defer its settlement for 12 months after the reporting date.

3. Income tax

Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act, 1961. Deferred income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

4. Provisions

A provision is recognized when the company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

5. Terms and Rights attached to Equity Shares

The Company has only one class of Equity shares having value of Rs.10 per share. Each holder of Equity shares is entitled to one vote per share.

At the time of ARCIL taking over the assets of the Company an amount of Rs.4,85,61,794/- were appropriated and kept in current account for redemption of 4,71,510 debentures of Rs.100/- each held by public. The said Debentures are secured by way of lien on the current account balance. During the year, the company has redeemed 4,240 debentures for an amount of Rs. 4,36,741 (2,64,495 debentures for an amount of Rs. 2,72,41,130 up to the year) The balance amount of Rs. 2,13,20,664 relating to 2,07,035 debentures was transferred to investor education and protection fund on 15.06.2013, in compliance with the provisions of the companies act, 1956

6. Contingent Liabilities

S.No Particulars As at 31 March, 2014

i) Claims pending against 230,200,000 the Company

S.No Particulars As at 31 March, 2013

i) Claims pending against 230,200,000 the Company The contingent liability of Rs.2,302 Lakhs is the claim by NALCO (Sundry Creditor of the Company),before the Arbitrator, on account of interest, damages and opportunity loss against the Company on the bill amount of Rs. 3439.43 lakhs. Also, a claim for Rs. 2200 Lakhs made by the Company, against NALCO, is pending before the Arbitrator.

7. Deferred Tax

In the absence of convincing evidence regarding availiability of sufficient taxable income in near future against which the deferred tax asset can be adjusted, the Company has not recognised the deferred tax asset arising due to tax effect of timing differences at present.

8. Previous year''s figures have been regrouped and / or rearranged wherever necessary and figures have been rounded off to the nearest rupee.

9. Notes 1 to13 form part of financial statements and have been authenticated.


Mar 31, 2013

1. Corporate Information:

Pennar Aluminium Company Limited is not carrying any activities/operations as the company sold all its fixed assets to ARCIL at the time of takeover by the ARCIL. During the year, Company has changed its name from "Pennar Aluminium Company Limited" to "PALCO Limited". The company is having registered office situated at Flat No.501, Sri Ramchandra Residency, MadhapurRoad, Kothaguda, Kondapur, Hyderabad-500 084.

2. Deferred Tax

In the absence of convincing evidence regarding availiability of sufficient taxable income in near future against which the deferred tax asset can be adjusted, the Company has not recognised the deferred tax asset arising due to tax effect of timing differences at present.

3. Previous year''s figures have been regrouped and / or rearranged wherever necessary and figures have been rounded off to the nearest rupee.

4. Notes 1 to13 form part of financial statements and have been authenticated.


Mar 31, 2012

I. Corporate Information:

Pennar Aluminium Company Limited is not carrying any activities/operations as the company sold all its fixed assets to ARCIL at the time of takeover by the ARCIL. The company is having registered office situated at Floor No.-1, DHFLVC Silicon Towers, Kondapur Village, Hyderabad - 500084.

1.1 Terms and Rights attached to Equity Shares

The Company has only one class of Equity shares having value of Rs.10 per share. Each holder of Equity shares is entitled to one vote per share.

2 Contingent Liabilities

Sl. Particulars As at As at No. 31.03.2012 31.03.2011

i) Claims pending against the Company 230,200,000 230,200,000

The contingent liability of Rs.2,302 Lakhs is the claim by NALCO (Sundry Creditor of the Company), before the Arbitrator, on account of interest, damages and opportunity loss against the Company on the bill amount of Rs. 3439.43 lakhs. Also, a claim for Rs. 2200 Lakhs made by the Company, against NALCO, is pending before the Arbitrator.

3. Related Party Disclosures

Sl. No. Relationship Name

1 Key Management Personnel Mr. Nrupender Rao

4. Deferred Tax

In the absence of convincing evidence regarding availiability of sufficient taxable income in near future against which the deferred tax asset can be adjusted, the Company has not recognised the deferred tax asset arising due to tax effect of timing differences at present.

5. Previous year's figures have been regrouped and/or rearranged wherever necessary and figures have been rounded off to the nearest rupee.

6. Notes 1 to 13 form part of financial statements and have been authenticated.


Mar 31, 2011

1. All the assets of the Company were sold by secured lenders and handed over to the buyer during March, 2006. Therefore, the Company has closed all its operations and the financial statements for the year were prepared accordingly.

2. Out of Sale proceeds of the assets of the Company an amount of Rs. 4,85,61,794/- were appropriated for redemption of 4,71,510 debentures held by public of Rs. 100/-each. During the period under review 10,070 debentures held by public were redeemed.

3. Contingent Liabilities. (Rs. in Lacs) 2010-11 2009-10

Claims pending against the Company 2302.00* 2302.00*

*The contingent liability of Rs. 2302 Lakhs is the claim by NALCO (Sundry Creditor of the Company), before the Arbitrator, on account of interest, damages and opportunity loss against the Company on the bill amount of Rs. 3439.43 Lakhs. Also, a claim for Rs. 2200 Lakhs made by the Company, against NALCO, is pending before the Arbitrator.

Additional Information pursuant to the provision of paragraph 3,4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

4. Expenditure in Foreign Currency

C.I.F Value of Imports: Raw Material NA

5. Analysis of Materials Consumed Raw Material NA Stores and Spares NA

6. Details of Licensed and installed Capacity, Production and Sales

Licensed capacity (TPA) NA

Installed Capacity (TPA) NA

Production (MT) NA

Sales (MT) NA

Sales (Net of Excise Duty) NA

7. Details of Raw Material Consumed NA

8. The Company does not owe any sum to the Micro, Small and Medium Enterprises exceeding Rs. 1 lakh under the Micro, Small and Medium Enterprises Development Act, 2006.

9. In the absence of convincing evidence regarding availability of sufficient taxable income in near future against which the deferred tax asset can be adjusted, the Company has not recognised the deferred tax asset arising due to tax effect of timing differences at present

10. Details of related party transactions as per A.S.18 - NIL

11. Previous year's figures have been regrouped and/or rearranged wherever necessary and figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. All the assets of the Company were sold by secured lenders and handed over to the buyer during March, 2006. Therefore, the Company has closed all its operations and the financial statements were prepared accordingly.

2. Out of Sale proceeds of the assets of the Company an amount of Rs.4,85,61,794/- were appropriated for redemption of 4,71,510 debentures held by public of Rs. 100/- each. During the period under review 1,650 debentures held by public were redeemed. (Rs. in lakhs)

3. Contingent Liabilities. 2009-10 2008-09

Claims pending against the

Company 2302.00* 2302.00*



*The contingent liability of Rs. 2302 Lakhs is the claim by NALCO (Sundry Creditor of the Company), before the Arbitrator, on account of interest, damages and opportunity loss against the Company on the bill amount of Rs. 3439.43 Lakhs. Also, a claim for Rs. 2200 Lakhs made by the Company, against NALCO, is pending before the Arbitrator.

4. The Company does not owe any sum to the Micro, Small and Medium Enterprises exceeding Rs.1 lakh under the Micro, Small and Medium Enterprises Development Act, 2006.

5. In the absence of convincing evidence regarding availability of sufficient taxable income in near future against which the deferred tax asset can be adjusted, the Company has not recognised the deferred tax asset arising due to tax effect of timing differences at present.

6. Details of related party transactions as per A.S.18 -NIL

7. Previous years figures have been regrouped and/or rearranged wherever necessary and figures have been rounded off to the nearest rupee.

Schedules I to VIII form part of Balance Sheet and Profit & Loss Account, and have been authenticated.

 
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