Mar 31, 2015
1. Rights, preferences and restrictions attached to Equity shares
The company has one class of Equity shares having a par value of Rs. 10
per share. Each share holder of equity shares is entitled to one vote
per share. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the company, after
distribution of all preferential amounts, in proportion to their
shareholding.
2. Nature of Security and terms of repayment for Long Term secured
borrowings
3. Term Loan of Rs. 474.53 Lacs (P.Y. Rs. 596.60 Lac) is primarly
secured by way of Equitable Mortgage of Property Situated at C.S
No.10/116,Salt Pan Division, Antop Hill, Mumbai. And further Secured by
Personal Guarantees of Promoter Directors of company repayable in 60
Monthly Installments starting From April,2013. Last Installment due in
March,2018. Rate of Interest 13.5% p.a. (Last Year 13.5% p.a.) at year
end.
4. Term Loan of Rs. 12.98 Lacs (P.Y. Rs. 18.00 Lacs) is secured by
Hypothecation of the specific Vehicle of the company repayable in 36
Monthly Installments starting From April,2014. Last Installment due in
March,2017. Rate of Interest 10.5% p.a. at year end.
5. Term Loan of Rs.18.10 Lacs (P.Y. Rs. Nil) is secured by
Hypothecation of the specific Vehicle of the company repayable in 60
Monthly Installments starting From April, 2015. Last Installment due in
February, 2020. Rate of Interest 10.50% p.a.
6. Installments falling due in respect of all the above Loans upto
31/03/2015 have been grouped under "Current maturities of long-term
debt".
7. Cash Credit facility is primarly secured by stock and book debts,
present and future and further collaterally secured by sole charge on
Gala Nos C-23 and A-33 located at Royal Industrial Estate,Naigaon Cross
Road, Wadala, Mumbai and property situated at 10/116, Salt Pan
Division, Antop Hill, Mumbai. It is further collaterely secured by
Personal Guarantees of Promotor Directors and secured by Lien marked
Fixed Deposit of Rs.60,00,000 & Interest Accrued theron.
8. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures relating to amount unpaid
as at year end together with interest paid payable if any under this
Act have not been given.
9. Trade Payables include Rs. 57,16,580/- (P.Y. 46,48,942/-) to
related parties (Refer Note 33)
10. In accordance with the provisons of Schedule II of the Act,in case
of fixed assets which have completed their useful life as at 1st
April,2014,the carrying value (Net of Residual Value) amounting to Rs.
6.99 lacs (net of deferred tax of Rs. 3.13 lacs) as a transitional
provisions has beed recognised in the retained Earnings.
* Further, in case of assets acquired Prior to 1st April 2014,the
carrying value of assets(net of residual value) is depreciated over the
remaining useful life as determined effective 1st April,2014.
* Depreciation and Amortization expenses for the year would have been
higher by Rs. 27.62 lacs and the Profits would have been lower by that
amount had the Company continued with the previous assessment of useful
life of such assets.
11. Trade Receivables are shown as net off advance received from
customers in routine course of business.
12. Contingent Liabilities and Commitments (to the extent not provided
for) Amount (Rs.)
2014-15 2013-14
Contingent Liabilities
a) Disputed matters in appeals/
contested in respect of:
I) Income Tax 49,00,228 49,00,228
II) Sales Tax 22,09,943 22,09,943
Future cash outflows in respect of the above are determinable only on
receipt of Judgments /decisions pending with various
forums/authorities. Based on the decisions of the Appellate authorities
and the interpretations of other relevant provisions, the Company has
been legally advised that the additional demand raised is likely to be
either deleted or substantially reduced and accordingly no provision is
considered necessary.
b) Bonds/Undertakings given by the 2,50,00,000 2,50,00,000
Company under Concessional duty/
exemption to Customs/Excise
Authorities(Net of redemption
applied for)
13. The Board of Directors of the Company, at their meeting held on
20/03/2015, looking at the current state of operations of LED Lighting
Division have decided to discontinue the business of the said division
and not to accept any fresh orders and to complete the backlog of the
pending orders. The Board has also decided to look for the prospective
buyers for the said division.
The Board of Directors, in the meeting held on 13/04/2015, have
finalized and approved terms and conditions of the License Agreement
with Corvi LED Pvt. Ltd. for granting it an exclusive license to use
the Intellectual Property Rights of brand "Corvi" w.e.f. 14/04/2015.
Expenses Incurred on Promotion of New Products of LED division are
shown as Deferred Revenue Expenditure and is written off
proportionately over period of five year.
14. Employees' Benefits
a) Defined Benefit Plan
Gratuity:
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days salary (last drawn salary) for each completed year of service.
The scheme is funded with Life Insurance Corporation of India in the
form of qualifying insurance policy.
The following table sets out the funded status of the gratuity plan and
the amounts recognised in the company's financial statements based on
actuarial valuations being carried out as at 31st March 2015.
The estimated future salary increases take account of inflation,
seniority, promotion and other retirement factors such as supply and
demand in the employment markets.
15. Related Party Disclosure
a) Names of related parties and nature of relationship
I. Key Management Personnel and their relatives (KMP)
1. Mr. Jayant P. Soni Chairman& Managing Director
2. Mr. Dhaval J. Soni Whole Time Director
3. Mr. Vimal J. Soni Whole Time Director (Resigned on 26/03/2015)
4. Mrs. Tara J. Soni Relative of Director
5. Mr. Pulin D. Soni Relative of Director
6. Mrs. Anju D. Soni Additional Director
II. Enterprise under significant influence of key management
personnel(Enterprise)
(i) Piri Systems Pvt. Ltd.
(ii) Vijay Studio System
(iii) Photoquip
The Company has disclosed business segment as primary segment. Segments
have been identified and reported taking into account the nature of the
products the different risks and returns the organization structure and
the internal reporting systems. The main business segments are (i)
Digital Studio Lights and Photographic Accessories (ii) LED Lights.
b) Secondary Segment (By Geographical segment)
In respect of secondary segment information the Company has identified
its geographical segments as (i) India and (ii) Outside India. The
secondary segment information has been disclosed accordingly:
16. Previous year's figures have been rearranged and reclassified
wherever necessary.
Mar 31, 2014
1.1 Rights, preferences and restrictions attached to Equity shares
The company has one class of Equity shares having a par value of Rs. 10
per share. Each share holder of equity shares is entitled to one vote
per share. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the company, after
distribution of all preferential amounts, in proportion to their
shareholding.
2.1 Nature of Security and terms of repayment for long term secured
borrowings
2.1.1 Term Loan of Rs.596.60 Lacs (P.Y. Rs.702.58 Lac) is primarly
secured by way of Equitable Mortgage of Property Situated at C.S
No.10/116,Salt Pan Division, Antop Hill, Mumbai. And further Secured
by Personal Guarantees of Promoter Directors of company repayable in
60 Monthly Installments starting From April,2013.
Last Installment due in March,2018. Rate of Interest13.5% p.a.
(LastYear 13.5% p.a.)atyear end.
2.1.2Term Loan of Rs.18.00 Lacs (P.Y. Rs.Nil) is secured by
Hypothecation of the specific Vehicle of the company repayable in 36
Monthly Installments starting From April,2014. Last Installment due in
March,2017. Rate of Interest 10.5% p.a. atyearend.
2.1.3 Term Loan of Rs.3.29 Lacs (P.Y. Rs.7.78 lacs) is secured by
Hypothecation of the specific Vehicle of the company repayable in 36
Monthly Installments starting From December,2011. Last Installment due
in October,2014. Rate of Interest 12.26% p.a.. (Last Year 12.26% p.a.)
at year end.
2.2 Installments falling due in respect of all the above Loans upto
31/03/2015 have been grouped under "Current maturities of long-term
debt".
3. Contingent Liabilities and Commitments (to the extent not provided
for)
Amount (Rs.)
2013-14 2012-13
Contingent Liabilities
a) Disputed matters in appeals/contested
in respect of:
I) Income Tax 1,53,40,260 1,53,40,260
II) Sales Tax 22,09,943 22,09,943
b) Bonds/Undertakings given by the
Company under 2,50,00,000 2,50,00,000
Concessional duty/ exemption to Customs/Excise
Authorities(Net of redemption applied for)
4. The Company has developed general LED Lights under the brand name
"CORVI" for which Trade Mark and Designs has been registered in
many countries. The Company has started commercial operations of LED
Division from 12th December,2012. Expenses Incurred on Promotion of New
Products are shown as Deferred Revenue Expenditure. Deferred Revenue
Expenditure is written off proportionately over period of five year.
5. Employees''Benefits
a) Defined Benefit Plan
Gratuity:
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days salary (last drawn salary) for each completed year of service.
The scheme is funded with LIC in the form of qualifying insurance
policy.
The following table sets out the funded status of the gratuity plan and
the amounts recognised in the company''s financial statements based on
actuarial valuations being carried out as at 31st March 2014.
6. Related Party Disclosure
a) Names of related parties and nature of relationship
I. Key Management Personnel and their relatives (KMP)
1. Shri Jayant P. Soni Chairman& Managing Director
2. Shri Dhaval J. Soni Whole Time Director
3. Shri Vimal J. Soni Whole Time Director
4. Smt. Tara J. Soni Relative of Director
5. Shri. Pulin D. Soni Relative of Director
II. Enterprise under significant influence of key management
personnel(Enterprise)
(i) Piri Systems Pvt. Ltd.
(ii) Vijay Studio System
(iii) Photoquip
7. Previous year''s figures have been rearranged and reclassified
wherever necessary.
Mar 31, 2013
1. Company Information
Photoquip India Ltd. is a public limited company listed at Bombay and
Ahmedabad Stock Exchanges.
The company is engaged in manufacturing of Digital Studio Flash Lights
and Photographic Accessories which is 100% EOU and is an OEM for a
company based in Switzerland. The Company also operates a trading
division wherein it trades in similar products and has exclusive rights
to market in India the products of the Swiss company. The Company has
during the current financial year developed general LED Lights under
the brand name "CORVI" for which Trade Mark and designs has been
registered in many countries. The commercial operations for LED Lights
have started from December 2012.
2. Contingent Liabilities not provided in respect of:
Amount (Rs.)
Nature of Liabilities 2012-13 2011-12
a.Disputed matters in appeals/contested in
respect of:
I)Income Tax 1,53,40,260 1,53,99,570
II)Sales Tax 22,09,943 22,09,943
b. Bonds/Undertakings given by the Company 2,50,00,000 2,50,00,000
under Concessional duty/ exemption to
Customs/Excise Authorities(Net of
redemption applied for)
Notes:
(1) The Company has disclosed business segment as primary segment.
Segments have been identified and reported taking into account the
nature of the products the different risks and returns the organization
structure and the internal reporting systems. The main business
segments are (i) Digital Studio Lights and Photographic Accessories
(ii) LED Lights.
(2) The Company has Started Commercial operation in Current year and
therefore there are identifiable reportable segment during the current
year hence previous year figures are not given.
3. The Company has during the current financial year developed general
LED Lights under the brand name "CORVI" for which Trade Mark and
Designs has been registered in many countries. The Company has started
commercial operations of LED Division from 12th December,2012.Expenses
Incurred on Promotion of New Products are shown as Deferred Revenue
Expenditure. Deferred Revenue Expenditure is written off
proportionately over period of five year.
4. Employees'' Benefits
a) Defined Benefit Plan
Gratuity:
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on termination
of service or retirement whichever is earlier at 15 days salary (last
drawn salary) for each completed year of service. The scheme is funded
with an insurance Company in the form of qualifying insurance policy.
The following table summaries the components of net benefit expenses
recognized in the profit and loss account and the funded status and
amounts recognized in the balance sheet for the gratuity benefit.
Mar 31, 2012
1 Company Information:
Photoquip India Ltd. was incorporated on 24.7.1992 as a public limited
company with its registered office at A-33, Royal Industrial Estate,
Naigaon Cross Road, Wadala, Mumbai - 400 031. The shares of the Company
are listed on the Bombay and Ahmedabad stock exchanges.
The company is a 100% EOU and is an OEM for a company based in
Switzerland. The principal activity of the Company is manufacturing
Digital Studio Flash Lights and Photographic Accessories. The Company
also operates a trading division wherein it trades in similar products
and has exclusive rights to market the products of the Swiss company.
The company has already ventured into general LED lighting segment in
the current financial year and has ambitious plans for this activity
for the future.
2.1 Terms / rights attached to Shares Equity Shares
The company has one class of Equity shares having a par value of Rs. 10
per share. Each share holder of equity shares is entitled to one vote
per share. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the company, after
distribution of all preferential amounts, in proportion to their
shareholding.
2.2 There where no instances of shares issued, on which there were any
calls remaining unpaid or instance of any forfeitures during the year
ended March 31,2012 and 2011.
3.1 Installments falling due in respect of all the above Loans upto
31/03/2013 have been grouped under ÃCurrent maturities of long-term
debt".
4.1
Cash Credit and Packing Credit facilities is Secured by exclusive
charge on stock and book debts,present and future.It is also secured by
Sole Charge on Gala Nos 23,29 and 33 Located at Royal Industrial
Estate,Naigaon Cross Road , Wadala,Mumbai.It is Collateraly Secured by
second Charge on factory land and building located at Wadala and
Personal Guarantees of Promotor Directors.It is futher secured by Lien
marked on Fixed Deposit of Rs.50,00,000_
5.1 Other Trade Payable represents amount payable to various parties
for expenses
5.2 The Company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures relating to amount unpaid
as at year end together with interest paid payable under this Act have
not been given.
6 Contingent Liabilities not provided in respect of:
Amount (Rs.)
Nature of Liabilities 2011-12 2010-11
a. Disputed matters in appeals/
contested in respect of:
I) Income Tax 1,53,99,570 1,53,40,260
II) Sales Tax 22,09,943 22,09,943
b. Bonds/Undertakings given
by the Company 2,50,00,000 2,50,00,000
under Concessional duty/ exemption to
Customs/Excise Authorities(Net of
redemption applied for)
7 Related Party Disclosure
a) Names of related parties and nature of relationship
I. Key Management Personnel and their relatives (KMP)
1. Shri Jayant P. Soni Chairman& Managing Director
2. Shri Dhaval J. Soni Whole Time Director
3. Shri Vimal J. Soni Whole Time Director
4. Smt. Tara J. Soni Relative of Director
5. Shri. Pulin D. Soni Relative of Director
II. Enterprise under significant influence of key management personnel
(Enterprise)
(i)Piri Systems Pvt. Ltd.
(ii) Vijay Studio System
(iii) Photoquip
(i) No amounts pertaining to related parties have been provided for as
doubtful debts. Also no amounts have been written off or written back
during the year.
8 Employeesà Benefits a) Defined Benefit Plan
Gratuity:
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on termination
of service or retirement whichever is earlier at 15 days salary (last
drawn salary) for each completed year of service. The scheme is funded
with an insurance Company in the form of qualifying insurance policy.
The following table summaries the components of net benefit expenses
recognized in the profit and loss account and the funded status and
amounts recognized in the balance sheet for the gratuity benefit.
9 Previous yearÃs figures have been rearranged and reclassified
wherever necessary.
Mar 31, 2010
1) CONTINGENT LIABILITY:
Contingent Liabilities not provided for in respect of:
a) Sales Tax Liability in respect of disputed cases amounting to Rs.
22,09,943/- (Previous year Rs. 22,09,943/-)
b) Bond for Rs. 2,50,00,000/- issued to The President of India on
behalf of Assistant of Commissioner of Customs / Central Excise at
Mumbai towards obligation of exports from 100% EOU unit.
2) Previous years figures have been recast and regrouped, wherever
necessary, to make them comparable with those of the current year.
3) Balances of Debtors, Creditors and Loans & Advances are subject to
confirmation and reconciliation, if any.
4) (a) Defined Benefit Plan:
Gratuity
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days salary (last drawn salary) for each completed year of service.
The scheme is funded with an insurance company in the form of a
qualifying insurance policy.
The following table summaries the components of net benefit expenses
recognized in the Profit and Loss Account and the funded status and
amounts recognized in the Balance Sheet for gratuity benefits.
5) In the opinion of the Board of Directors, Current Assets, Loans and
Advances have a value, on realisation in the ordinary course of
business, equal to the amount at which they are stated in the Balance
Sheet.
6) Loans and Advances includes Rs. 68,71,156/- (Previous Year Rs.
68,71,156/-) as interest - free rent deposits and advances for capital
asset of Rs. 12,61,618/- (Previous Year Rs.12,61,618/-) given to
concerns in which Directors are interested for leased premises taken by
the Company.
7) A provision for Taxation of Rs. 78,49,713/- has been made towards
income tax for F.Y. 2010-11 (Previous year: Rs. 80,27,448/-). MAT
Credit Entitlement for F.Y.2010-11 is Rs.76,39,306/- (Previous year:
Rs.72,37,465/-).
8) Micro, Small, Medium Enterprises Development Act, 2006
There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 to whom the
Company owes due on account of principal amount together with interest
and accordingly no additional disclosures have been made.
The above information regarding Micro, Small and Medium Entrerprises
has been determined to the extent such parties have been identified on
the basis of information available with the Company. This has been
relied upon by the auditors.
9) The company has paid Rs. 1.00 Lacs to ICICI Prudential Insurance
Company Limited towards premium of Key Man Insurance Policies taken for
its directors Shri Dhaval J. Soni & Shri Vimal J. Soni. The amount of
renewal premium Rs. 1.00 Lacs so paid has been debited to the Profit &
Loss A/ c under the head Key man Insurance Premium.
10) RELATED PARTY DISCLOSURE
a) Names of related parties and nature of relationship where control
exists are as under:
i) Enterprise under significant: Piri Systems Pvt. Ltd.
Influence of Key Management Vijay Studio
Personnel Photoquip
ii) Key Management Personnel : Mr. Jayant P. Soni .Chairman & Managing
Director
Mr. Dhaval J. Soni Whole Time Director
Mr. Vimal J. Soni Whole Time Director
iii) Relatives of Key: Mrs. Tara J. Soni
Management Personnel Mr. Pulin D. Soni