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Notes to Accounts of Standard Batteries Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :-

Particulars 31st March 31st March 2015 2014

a) Guarantees given by banks 5,26,309 5,26,309

b) Amount uncalled on partly paid shares 10,000 10,000

c) Sales tax matters under dispute. 95,527 95,527

d) Excise Matter under dispute - 93,836

e) Income tax matters under appeal:

i. decided in favour of the Company but 14,40,213 14,40,213 disputed by the income tax authorities.

ii. contested by the Company 26,19,254 26,19,254

f) Claims against Company not acknowledged as debts. Provident Fund 14,57,244 14,57,244

Termination/Retirement Benefits 4,42,277 4,20,095

Others 16,48,658 16,49,658

2. Balances in trade payable and receivable, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process.

3. The Company has claimed set-off of brought forward losses and unabsorbed depreciation relating to assessment years when it was engaged in manufacturing of batteries. The Income tax department has disallowed the set off of brought forward losses on ground the Company has sold the business to 'Exide Industries Ltd.' in A.Y 98-99. The department's appeal up to A.Y 06-07 has been dismissed by High court. For A.Y 07-08, Hon'ble ITAT has given order against Company for which the Company has filed an appeal before Hon'ble Bombay High Court. In subsequent years up to A.Y 11-12 the department has denied set off of brought forward losses and unabsorbed depreciation on the same ground. The Company has filed appeals before CIT(A) and Hon'ble ITAT against the orders passed. Pending appeals before Hon'ble High court and these appellate authorities the Company continues to claim set off of the brought forward losses and unabsorbed depreciation in the return of income in the current year. However out of prudence, provision is made for the tax payable amounting to Rs.0.31 crores (previous year Rs. 0.25 crores).

4. The Company has revised depreciation rates on fixed assets effective 1st April 2014 in accordance with requirements of schedule II of Companies Act 2013 ("the Act"). The remaining useful life has been revised by adopting standard useful life as per New Companies Act, 2013. The carrying amount as on April 1,2014 is depreciated over the revised remaining useful life. As a result of these changes:

(a) The depreciation charge for year ended 31st March, 2015 is higher by Rs.33178 respectively.

(b) There is a debit to retained earnings of Rs. 13,578 for the assets whose remaining life on April 1, 2014 is reduced to NIL in accordance with revised life as considered by management.

5. In the absence of virtual uncertainty of sufficient future taxable income, the Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

6. The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

7. The Company does not have employees exceeding 20 in number. Hence the provisions of Gratuity Act, 1972, Employees Provident Fund and Miscellaneous Provision Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

8. In the absence of necessary documents on Company's record, the information required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company.

9. Previous year's figures are re-grouped and re-arranged wherever necessary.

a There is no change during the year in opening number of shares issued, subscribed and paid up

b In FY 2010-11, there were 1,03,42,250 Equity shares of Rs.0.50 each which were consolidated into 51,71,125 Equity shares of Re.1.00 each.

c Terms/ Rights attached to Equity shares

The Company has only one class of Equity shares with par value of Re.1/- per share. Each holder of Equity shares is entitled to one vote per share.

d Details of Shareholders holding more than 5% Shares


Mar 31, 2014

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs, in 000)

31st March 2014 31st March 2013

a) Guarantees given by banks 531 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute, 96 96

d) Excise Matter under dispute 94 4,811

e) Income tax matters under appeal:

i, decided in favour of the Company but disputed by the income 1440 1,440 tax authorities,

ii, contested by the Company 2619 10271

f) Claims against Company not acknowledged as debts, Provident Fund 1457 1,457

Termination/Retirement Benefits 420 397

Others 1649 1,649

1.2 Balances in trade payable and receivable, advances and deposits are subject to confirmation and reconciliation, Adjustments, if any, will be made on completion of this process,

1.3 The Company has claimed set off of brought forward losses and unabsorbed depreciation relating to assessment years when it was engaged in manufacturing of batteries, The Income tax department has disallowed the set off of brought forward losses on the ground the Company has sold the business to ''Exide'' in A.Y 98-99, Company''s appeal up to A.Y 06-07 has been

accepted by Hon''ble ITAT, The department''s appeal up to A.Y 06-07 has not been admitted by High court, For A.Y 07-08, Hon''ble ITAT has given order against Company for which the Company has filed an appeal before Hon''ble Bombay High Court, In subsequent years up to A.Y 11-12 the department has denied set off of brought forward losses and unabsorbed depreciation on the same ground, Company has filed appeals before CIT(A) and Hon''ble ITAT against the orders passed Pending appeals before Hon''ble High court and these Appellate Authorities the Company continues to claim set off of the brought forward losses and unabsorbed depreciation in the return of income in the current year, However out of prudence in the current year, provision is made for the tax payable including interest in respect of earlier years amounting to Rs 1,78 crores and of the current year amounting to Rs 0,25 crores,

1.4 In the absence of virtual uncertainty of sufficient future taxable income, the Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws,

1.5 The Company operates in a single business segment viz, trading and sales are Domestic and all the assets and liabilities are located in India,

1.6 The Company does not have any employee except whole- time Director, Hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company

1.7 Oln the absence of necessary documents on Company''s record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company

1.8 Previous year''s figures are re-grouped and re-arranged wherever necessary


Mar 31, 2013

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs. in 000) (Rs. in 000) 31st March 31st March 20]3 2012

a) Guarantees given by banks 2013 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute. 96 96

d) Excise Matter under dispute 4,811 4,811

e) Income tax matters under appeal:

i. decided in favour of the Company but disputed by the income tax authorities. 1,440 1,440

ii.contested by the Company 10271 5291

f) Claims against Company not acknowledged as debts.

Provident Fund 1,457 1,457

Termination/Retirement Benefits 397 303

Others 1,649 1,649

1.2 Balances in sundry creditors, debtors, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process.

1.3 In the absence of any taxable income for the year under the provisions of the Income Tax Act, 1961, no provision for income tax has been considered necessary.

1.4 In the absence of virtual certainty of sufficient future taxable income. Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

1.5 The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

1.6 The Company does not have any employee except Whole-time Director hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company.

1.7 In the absence of necessary documents on Company record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company.

1.8 Previous year''s figures are re-grouped and re-arranged wherever necessary.


Mar 31, 2012

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs. in 000) (Rs. in 000) 31 st March 31 st March 2012 2011

a) Guarantees given by banks 531 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute. 96 96

d) Excise Matter under dispute 4,811 4,811

e) Income tax matters under appeal:

i. decided in favour of the Company but disputed by

the income tax authorities. 1,440 35,325

ii. contested by the Company 5,291 3,884

f) Claims against Company not acknowledged as debts. Provident Fund 1,457 1,457

Termination/Retirement Benefits 303 303

Others 1,649 1,649

1.2 Balances in sundry creditors, debtors, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process,

1.3 In the absence of any taxable income for the year under the provisions of the Income Tax Act, 1961, no provision for income tax has been considered necessary.

1.4 In the absence of virtual certainty of sufficient future taxable income, Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

As per the provisions of section 269 of The Companies Act, 1956 read with Schedule XIII part I thereto, appointment of Whole-Time-Director requires either appointment through special resolution of shareholders or appointment through ordinary resolution of shareholders followed by the approval of Cental Government. The Board of Directors had re-appointed Mr, F J Guzdar as a Whole Time Director of the Company for the above financial years at the remuneration mentioned there against, followed by passing a resolution which was proposed and passed unanimously by AGM as special resolution though in the notice to members it was described as ordinary resolution. Company is now legally advised that it should remove this defect in the notice by issuing fresh notice and pass the special resolution retrospectively and complete the other procedural formalities. Accordingly, Company is taking necessary steps to remove the defect.

1.5 The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

2.1 OThe Company does not have any employee except Whole-Time-Director hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company.

2.2 In the absence of necessary documents on Company record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company.

2.3 Previous year's figures are re-grouped and re-arranged wherever necessary,


Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs, in 000)

31st March 31st March 2010 2009

a) Guarantees given by banks 531 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute. 96 96

d) Sales tax assessment proceedings NIL 2628

e) Excise Matter under dispute 4811 4811

f) Income tax matters under appeal:

i. decided in favour of the

Company but disputed by the income tax

authorities. 35325 62222

ii, contested by the Company 3884 1861

g) Claims against Company not

acknowledged as debts,

Provident Fund 1457 1457

Termination/Retirement Benefits 303 303

Others 1649 1649



2. The accounts of the Company are prepared on a "Going Concern" basis, as the management is contemplating continuation of the corporate activities, which were carried on in the past and to carry on expansion thereof. In the meantime, company has continued to pursue the business of trading in goods.

3. Balances in sundry creditors, debtors, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process.

4. Extraordinary Item: During the year, company has received consideration of Rs. 12, 500 ths towards "Transfer of Tenancy Rights of rented premises in possession of the company and the same is disclosed as Extraordinary Income net of brokerage paid Rs, 125 ths and legal expenses paid Rs.280 ths.

5. Prior Period Expenses represents Sales Tax reassessment demands for the earlier years accounted for on finalization of assessments /appeals during the year.

6. In the absence of any taxable income for the year under the provisions of the Income Tax Act, 1961, no provision for income tax has been considered necessary,

7. In the absence of virtual certainty of sufficient future taxable income, Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

8. The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

9. The Company does not have any employee except whole time director hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company.

10. In the absence of necessary documents on Company record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the company.

11. Previous years figures are re-grouped and re-arranged wherever necessary.

 
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