Home  »  Company  »  Photoquip (India  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Photoquip (India) Ltd.

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 “Current 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 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.

9 Previous year’s 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