Home  »  Company  »  Precision Elect.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Precision Electronics Ltd.

Mar 31, 2015

1. Contingent Liabilities, Capital and Other Commitments

Amount as Amount as at at 31.03.2015 31.03.2014

A. Contingent Liabilities not provided for:

i) Guarantees and LC 48,484,648 56,683,467

ii) Disputed Demands in respect of Central 4,71,673 3,94,473 Sales Tax and Value Added Tax

iii) Disputed Demands in respect of Central 1,89,918 1,89,918 Excise

iv) Legal Proceedings:

Mr. Pradeep Kanodia, along with his son and family HUF, have filed a company petition before the Hon"ble Company Law Board under section 397 and 398 of the Companies Act, 1956, being Pradeep Kanodia & others v Precision Electronics Ltd. & others, C.P. No. 162/ND of 2013.In the Petition, the Petitioners have leveled allegations of oppression and mismanagement against the company and its Board of Directors.

The Petitioners had previously also filed a similar petition in 2012, being C.P.No.123/ND/2012 raising similar allegations .That Petition was dismissed as withdrawn by Order of the Hon'ble CLB on 14.11.2012.

Considering the allegation by the Petitioners that a settlement agreement was entered into between Mr. Pradeep Kanodia and Mr. Ashok Kanodia which affected the interests of the company : and having come to the conclusion that a private arrangement between Mr. Pradeep Kanodia and Mr. Ashok Kanodia , if it exists , cannot bind the Company : the Board of Directors have empowered independent Directors Mr. Suresh Vyas and Mr. S.K. Kataria to take decisions on all legal actions that are necessary to protect the best interest of the company and its shareholders.

The allegations raised by Mr. Pradeep Kanodia in the Company Petition are totally unfounded and misplaced; the company has sought legal advice on the issues raised in the petition and is vigorously defending the same.

2. Balances of Trade Receivables, Short Term Loan & Advances, Long Term Loan & Advances, Other Current Assets and Trade Payables are subject to confirmation from the parties.

3. Segment Reporting:

a) Business Segments: Based on guiding principles given in Accounting Standard-17 "Segment Reporting "issued by the Institute of Chartered Accountants of India, The Company's Business Segments include: Telecom and Infra Services.

b) Geographical Segments: Since the companies activities / operations are primarily within the Country & considering the nature of the products/services it deals in, the risk & returns are the same as such there is only one geographical segment.

3. Related Party Disclosure:

Information about Related Parties as required by Accounting Standard -18.

A) List of Related Party

i) Relative of the Key Management Personnel and their Enterprises/ Associates where the Transaction has been taken place.

a) Dinanath Kanoria & Co.

b) Ashok Kanodia (HUF)

c) Mr. Pradeep Kanodia*

d) Mr. Nikhil Kanodia*

ii) Key Management Personnel

a) Mr. Ashok Kanodia

b) Mr. Jagjit Singh Chopra**

c) Mr. Gurvinder Singh Monga

4. All the figures have been rounded off to the nearest rupees other than specifically stated.

5. Current year figures are shown in bold letter.

6. Previous year's figures have been regrouped / rearranged & reclassified where ever necessary to make them comparable with the current year.


Mar 31, 2014

Particulars Amount as at Amount as at 31-03-2014 31-03-2013

1.1 Contingent Liabilities, Capital and Other Commitments

A Contingent Liabilities not provided for:

a) Claims against the Company not - - acknowledged as debt

b) Guarantees and LC 56,683,467 42,162,191

56,683,467 42,162,191

B Commitments

a) Capital Commitments net of Advances - -

b) Other Commitments - -

1.2 Balances of Trade Receivables, Short Term Loan & Advances, Long Term Loan & Advances, Other Current Assets and Trade Payables are subject to confirmation from the parties.

1.3 The Micro, Small and Medium Enterprises to whom the company owes more than Rs. 1 Lac and outstanding for more than 30 days as at March 31st 2014.

1.4 Segment Reporting:

a) Business Segments: Based on guiding principles given in Accounting Standard-17 "Segment Reporting "issued by the Institute of Chartered Accountants of India, The Company''s Business Segments include: Telecom and Infra Services.

b) Geographical Segments: Since the companies activities / operations are primarily within the Country & considering the nature of the products/services it deals in, the risk & returns are the same as such there is only one geographical segment.

c) Information about business segments

1.5 All the figures have been rounded off to the nearest rupees other than specifically stated.

1.6 Current year figures are shown in bold letter.

1.7 Previous year''s figures have been regrouped / rearranged & reclassified where ever necessary to make them comparable with the current year.


Mar 31, 2013

1.1 Contingent Liabilities, Capital and Other Commitments

Particulars Amount as at Amount as at 31.03.2013 31.03.2012

A Contingent Liabilities not provided for:

a) Claims against the Company not acknowledged as debt 1646062

b) Guarantees and LC 42162191 47733626

49379688

B Commitments

a) Capital Commitments net of Advances 200000

b) Other Commitments 200000

1.2 Balances of Trade Receivables, Short Term Loan & Advances, Long Term Loan & Advances, Other Current Assets and Trade Payables are subject to confirmation from the parties.

1.3 The Micro, small and medium enterprises to whom the company owes more than Rs. 1 Lac and outstanding for more than 30 days as at March 31st 2013.

There is no liability for interest which would be payable as Interest on delayed payments as per the Micro, small and medium enterprises Development Act 2006. Moreover the company has also not received any claims in respect of interest.

1.4 Segment Reporting:

a) Business Segments: Based on guiding principles given in Accounting Standard-17 "Segment Reporting "issued by the Institute of Chartered Accountants of India, The Company''s Business Segments include:

Printed Circuits Board , Telecom and Infra Services.

b) Geographical Segments: Since the companies activities / operations are primarily within the Country & considering the nature of the products/services it deals in, the risk & returns are the same as such there is only one geographical segment.

1.5 Related Party Disclosure:

Information about Related Parties as required by Accounting Standard -18 issued by the Institute of Chartered Accountants of India.

A) List of related Party

i) Relative of the Key Management Personnel and their Enterprises/ Associates where the

Transaction has been taken place.

a) Dinanath Kanoria & Co.

b) Ashok Kanodia (HUF)

c) Vidur Kanodia

d) Pradeep Kanodia (HUF)

ii) Key Management Personnel

a) Mr. Ashok Kanodia

b) Mr. Pradeep Kanodia

c) Mr. Nikhil Kanodia

1.6 All the figures have been rounded off to the nearest rupees other than specifically stated.

1.7 Current year figures are shown in bold letter.

1.8 Previous year''s figures have been regrouped / rearranged & reclassified where ever necessary to make them comparable with the current year.


Mar 31, 2012

1.1 Till the year ended 31 st March 2011 the Company was using pre-revised schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st March 2012 the revised schedule VI notified under the Companies Act 1956 has become applicable to the Company. The Company has re- classified previous year figures to conform to this year classification.

1.2 Contingent Liabilities, Capital and Other Commitments

Particulars Amount as at Amount as at

31.03.2012 31.03.2011

A Contingent Liabilities not provided for:

a) Claims against the Company not acknowledged 1646062 1646062 as debit

b) Guarantees and LC 47733626 80121806

49379688 81767868

B Commitments

a) Capital Commitments net of Advances 200000 2000000

b) Other Commitments 200000 2000000

1.3 Balances of Trade Receivables, Short Term Loan & Advances, Long Term Loan & Advances, Other Current Assets and Trade Payables are subject to confirmation from the parties.

1.4 The Micro, small and medium enterprises to whom the company owes more than Rs.1 Lac and outstanding for more than 30 days as at March 31 st 2012.

Particulars Current Year Previous Year

(Rs.) (Rs.)

Total outstanding dues to Micro,

Small and medium enterprises 617310 1458291

There is no liability for interest which would be payable as Interest on delayed payments as per the Micro, small and medium enterprises Development Act 2006. Moreover the company has also not received any claims in respect of interest.

1.5 Segment Reporting:

a) Business Segments: Based on guiding principles given in Accounting Standard-17 "Segment Reporting "issued by the Institute of Chartered Accountants of India, The Company's Business Segments include Printed Circuits Board, Telecom and Infra Services.

b) Geographical Segments: Since the companies activities / operations are primarily within the Country & considering the nature of the products/services it deals in, the risk & returns are the same as such there is only one geographical segment.

1.6 Related Party Disclosure:

Information about Related Parties as required by Accounting Standard -18 issued by the Institute of Chartered Accountants of India.

A) List of related Party

i) Relative of the Key Management Personnel and their Enterprises/Associates where the Transaction has been taken place.

a) Dinanath Kanoria & Co.

b) Ashok Kanodia (HUF)

c) Vidur Kanodia

d) Pradeep Kanodia (HUF)

e) Golden Pigments Pvt. Ltd.

f) SNK Electronics Pvt. Ltd.

g) Precision S.T. India Ltd.

ii) Key Management Personnel

a) Mr. Ashok Kanodia

b) Mr. Pradeep Kanodia

c) Mr. Nikhil Kanodia

* This pertains to long term liability worked in respect of deferred leave only .Expected short term liability of Rs.729566/- ( Previous year Rs.957363/-) will be added to this figure.

** This pertains to long term liability only .Actual payments (under the various heads) incurred over the inter valuation period should be added to this figure.

1.7 All the figures have been rounded off to the nearest rupees other than specifically stated.

1.8 Current year figures are shown in bold letter.

1.9 Previous year's figures have been regrouped / rearranged & reclassified where ever necessary to make them comparable with the current year.


Mar 31, 2011

1. Contingent Liabilities not provided for:

Particulars Current Year Previous Year (Rs in Lac) (Rs in Lac)

i) Unredeemed bank guarantees and LC 801.22 574.01

ii) Others 16.46 NIL

2. Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances Rs. 20.00 Lacs. (Previous yearRs.4.00 Lacs).

3. To comply with the AS - 2 on treatment of excise duty the valuation of closing stock of finished goods is inclusive of excise duty of Rs. 61,2121- however this will have no impact on the Profit / Loss of the company.

4. Balances of Sundry Debtors and Creditors including advances to and from parties are subject to confirmation from the parties.

5. List of Small-Scale industries to whom the Company owes more than Rs. 1 Lac and outstanding for more than 30 days as at March 31st,2011.

Continental Instruments, Nandi Manufacturing Co., Ramtron Engineering Services, Vishnu Plastic, National Acid Supply Co., Paras Laminates Pvt. Ltd and Sandip Chemicals.

There is no liability for interest which would be payable under the Interest on delayed payments to Small Scale and Ancillary Industrial Undertakings Ordinance 1992. Moreover the Company has also not received any claims in respect of interest.

The above information and that given in Schedule no. 10 of "Current Liabilities" regarding Small-scale Industrial Undertaking has been identified on the basis of information available with the Company and relied upon by the Auditors.

6. Segment Reporting:

a) Business Segments: Based on guiding principles given in Accounting Standard-17 "Segment Reporting issued by the Institute of Chartered Accountants of India, The Company's Business Segments include: Printed Circuits Board & Pulse Code modulation

b) Geographical Segments: Since the companies activities / operations are primarily within the Country & considering the nature of the products/services it deals in, the risk & returns are the same as such there is only one geographical segment.

7. Related Party Disclosure:

Information about Related Parties as required by Accounting Standard -18 issued by the Institute of Chartered Accountant oflndia.

A) List of related Party

i) Relative of the Key Management Personnel and their Enterprises /Associates where the Transacts has been taken place.

a) Dinanath Kanoria & Co.

b) Ashok Kanodia (HUF)

c) Vidur Kanodia

d) Pradeep Kanodia (HUF)

e) SNK Electronics Pvt. Ltd

f) Precision S. T. India Ltd

ii) Key Management Personnel

a) Mr.Ashok Kanodia

b) Mr.Pradeep Kanodia

c) Mr.Nikhil Kanodia

8. In view of the management there is no significant impairment envisaged in the recoverable amount of material fixed assets.

9. Previous year's figures have been regrouped / rearranged to make them comparable with the current year.

10. Schedule 1 to 16 forms an integral part ofthe Balance Sheet and Profit & Loss Account.

11. Information pursuant to the provision of paragraph 3,4C & 4D of part II of schedule VI ofthe Companies Act 1956.

(i) Statement pursuant to Part-IV of Schedule VI to the Companies Act, 1956

(i) Registration Details

Registration No. 9590 State Code 55 Balance Sheet Date 31.3.2011

(ii) Capital raised during the Year (Amount in Rs. Thousands)

Public Issue : NIL Rig Issue : NIL Bonus Issue : NIL Private Placement: NIL


Mar 31, 2010

1. Contingent Liabilities not provided for:

Particulars Current Year Previous Year (Rs in Lac) (Rs in Lac)

i) Unredeemed bank guarantees and LC 574.01 962.95

ii) Others NIL NIL



2. Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances 4.00 Lac (Previous year Rs.4.5 lacs).

3. To comply with theAS - 2 on treatment of excise duty the valuation of closing stock of finished goods is inclusive of excise duty of 17784/- however this will have noimpactonthe Profit / Lossof the Company.

4. Balances of Sundry Debtors and Creditors including advances to and from parties are subject to confirmation from the parties.

5. List of Small-Scale industries to whom the company owes more than Rs.1 Lac and outstanding for more than 30 days asat March 31st, 2010.

Continental Instruments, Shreejee Electronics Pvt Ltd., Sandip Chemicals.

There is no liability for interest which would be payable under the Interest on delayed payments to Small Scale andAncillary Industrial Undertakings Ordinance 1992. Moreover the company has also not received any claims in respectof interest.

The above information and that given in Schedule no. 10 of "Current Liabilities" regarding Small-scale Industrial Undertaking has been identified on the basis of information available with the company.

6. Segment Reporting:

a) Business Segments: Based on guiding principles given in Accounting Standard-17 "Segment Reporting "issued by the Institute of Chartered Accountants of India, The Companys Business Segments include: Printed Circuits Board&Pulse Code Modulation

b) Geographical Segments: Since the companies activities / operations are primarily within the Country & considering the nature of the products/services it deals in, the risk & returns are the same as such there is only onegeographical segment

* PCM sales include service receipts.

# Total revenue include inter segmenting sale ofRs. 2818823 /-

8. Related Party Disclosure:

Information about Related Parties as required by Accounting Standard -18 issued by the Institute of Chartered Accountant of India.

A) List of related Party

Relative of the Key Management Personnel and their Enterprises where the Transaction has been taken place.

a) Dinanath Kanoria & Co.

b) Ashok Kanodia (HUF)

c) Vidur Kanodia

d) Pradeep Kanodia (HUF)

ii) Key Management Personnel

a) Mr.Ashok Kanodia

b) Mr.Pradeep Kanodia

c) Mr. Nikhil Kanodia

7. Report Under AS-15 Employee Benefits (Revised 2005)

The Present value of Obligationis asper Projected Unit Credit Method.

8. In view of the management there is no significant impairment envisaged in the recoverable amount of material fixed assets.

9. Previous years figures have been regrouped / rearranged to make them comparable with the current year.

10. Schedule 1 to 14 forms an integral part of the Balance Sheet and Profit & Loss Account.

11. Information pursuant to the provision of paragraph 3,4C & 4D of part II of schedule VI of the Companies Act 1956.

Notes: Installed capacity is as certified by the management of the Company and accepted by the Auditors without verification being a technical matter.

Notes : 1. Others Includes value of spare , accessories for above products

2. Sales exclude captive consumption of 632.12 sq Mts of PCB(Previous year 586.90 Sq.Mts.)

NOTE:-1.All the figure mentioned above are provided by the management and relied upon by the auditors Consumption of Imported Spares & Parts does not include spare parts amounting Rs.95640/- (Previous Year NIL) used for repairs.

(i) Statement pursuant to Part-IV of Schedule VI to the Companies Act, 1956

(i) Registration Details

Registration No. 9590 State Code 55 Balance Sheet Date 31.3.2010

(ii) Capital raised during the Year (Amount in Rs. Thousands)

Public Issue : NIL Rig Issue : NIL Bonus Issue : NIL Private Placement : NIL

 
Subscribe now to get personal finance updates in your inbox!