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Accounting Policies of TCI Industries Ltd. Company

Mar 31, 2016

i. Earning per share - No. of Equity Shares 8,96,791. Loss for the year Rs. 45.32 Lacs. Earnings per share of Rs. 10/- each Rs. (-) 5.05 (Previous Year Rs.- 5.24 )

ii. The accumulated losses of the Company exceed its net worth. However, these accounts have been prepared on a going concern basis as the management believes that the company will be able to meet all its liabilities on the basis of the financial support from its Promoters/Directors who have agreed to provide all the necessary financial support from time to time.

Accordingly these financial statements do not include any adjustments relating to the recoverability and classification of the carrying amount of Assets and classification of Liabilities that might have to be done should the company be unable to continue as Going Concern.

iii. With regard to the proposed property development, the Hon. Bombay High Court in a earlier year rejected the writ petition filed by the Company upholding the rejection by Municipal Corporation of the plans submitted by the Company on the ground of absence of “No Objection” from the Defense /Navy. The Company has preferred sLp in the Hon. Supreme Court against the said order of Bombay High Court, which has been admitted and is pending for final hearing.

iv. Municipal Corporation of Greater Mumbai in earlier years revised property taxes with effect from 01st April 2010. Writ petitions were filed in Bombay High Court by certain parties challenging the said revision in property taxes and by an interim order the property owners were allowed to pay taxes at old rate plus 50 % of the difference between old and revised rates, pending disposal of the writ petitions, in terms of which the Company paid property taxes for the period up to 31st March, 2016. However, the Corporation has not accepted such taxes partly for six months up to 30-09-2015 and fully for the subsequent half year period ended 31-03-2016, except an amount of Rs. 2,29,260/-.

The Company received a special notice dated 09th April, 2015 from Municipal Corporation of Greater Mumbai revising property taxes with retrospective effect from 1st April, 2010 to 31st March, 2015 as Open land instead of structures as earlier assessed and proposed total tax after capping, at Rs. 2,01,10,414/-p.a. for the said period. The Company also received on 3rd August, 2015 Notices from Municipal Corporation of Greater Mumbai dated 23rd May, 2015, demanding tax of Rs. 2,81,54,580/- for the period 01-04-2015 to 31-03-2016 treating the property as Open Land instead of Structures as was assessed earlier. The Company has filed replies to the said notices and hearing in the matter is pending. The Corporation also by its notices dated 24th March, 2016 Cancelled earlier demands/bills for the retrospective period of 2010-2015 raised for structures amounting to Rs. 4,60,493/- against which the company had paid on amount of Rs. 2,18,420/- as per the aforesaid court order.

v. Contingent Liability and commitments: ( to the extent not provided for )

Claim against the company not acknowledgement as debt :-

a) The Hon''ble. Bombay High Court, by a judgment dated 1st March 2012, awarded a decree in favour of Cotton Corporation of India Ltd for Rs. 22,78,578 which together with interest amount to Rs. 89,26,844/- as on 31st March 2013. The Company, has filed SLP before the Hon''ble Supreme Court which has been admitted and stay has been granted on the execution of impugned decree. As directed by the Hon''ble Supreme Court an amount of Rs. 50 Lac has been deposited with Cotton Corporation of India Ltd . The SLP is pending for hearing.

b) The Brihanmumbai Electric Supply & Transport Undertaking of The Brihan Mumbai Mahanagarpalika filed writ petition in The Hon''ble Bombay High Court in respect of electricity charges of the Ex Workers of the Company. As per the directions given by the Hon. Bombay High Court, the BEST calculated and demanded a sum of Rs. 8,55,168 comprising energy charges of Rs. 83,366/- and interest charges of Rs. 7,71,802. The company has paid the energy charges and challenged the interest demand by way of a writ petition in the Hon. Bombay High Court and also deposited with BEST Rs. 2.50 Lakhs as per Court order. The writ is pending for hearing.

viii. Figures for previous year have been regrouped / rearranged wherever necessary.


Mar 31, 2014

I. Recognition of Income & Expenditure: Income and expenditure are recognized on.accrual basis.

ii. Fixed assets are stated at cost and/or at revaluation.

iii. Depreciation is provided on straight-line method at rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on addition/deductions is calculated pro-rata from/to the month of addition/ deduction.

iv. Gratuity: The Company is a participant of group gratuity scheme with Life Insurance Corporation of India and the required premium under the scheme is paid.

v. As there is no reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized, no deferred tax assets have been recognized in the accounts in respect of brought forward losses eligible as per Income Tax Act.


Mar 31, 2013

I. Recognition of Income & Expenditure: Income and expenditure are recognized on. accrual basis.

ii. Fixed assets are stated at cost and/or at revaluation.

iii. Depreciation is provided on straight-line method at rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on addition/deductions is calculated pro-rata from/to the month of addition/deduction.

iv. Gratuity: The Company is a participant of group gratuity scheme with Life Insurance Corporation of India and the required premium under the scheme is paid.

v. As there is no reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized, no deferred tax assets have been recognized in the accounts in respect of brought forward losses eligible as per Income Tax Act.


Mar 31, 2012

1. Recognition of Income & Expenditure: Income and expenditure are recognized on accrual basis.

2. Gratuity: The Company is a participant of group gratuity scheme with Life Insurance Corporation of India and the required premium under the scheme is paid.

3. As there is no reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized, no deferred tax assets have been recognized in the accounts in respect of brought forward losses eligible as per Income Tax Act.

4. Depreciation: Depreciation is provided on straight-line method at rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on addition/deductions is calculated pro-rata from/to the month of addition/ deduction.

5. Fixed Assets: Fixed assets are stated at cost and/or at revaluation.


Mar 31, 2011

1. Recognition of Income & Expenditure: Income and expenditure are recognized on accrual basis.

2. Gratuity: The Company is a participant of group gratuity scheme with Life Insurance Corporation of India and the required premium under the scheme is paid.

3. As there is no reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized, no deferred tax assets have been recognized in the accounts in respect of brought forward losses eligible as per Income Tax Act.

4. Depreciation: Depreciation is provided on straight-line method at rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on addition/deductions is calculated pro-rata from/to the month of addition/ deduction.

5. Fixed Assets: Fixed assets are stated at cost and/or at revaluation.


Mar 31, 2010

1. Recognition of Income & Expenditure: Income and expenditure are recognised on accrual basis.

2. Gratuity: The Company is a participant of group gratuity scheme with Life Insurance Corporation of India and trie required premium under the scheme is paid.

3. As there is no reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized, no deferred tax assets have been recognized in the accounts in respect of brought forward losses eligible as per Income Tax Act.

4. Depreciation: Depreciation is provided on straight-line method at rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on addition/deductions is calculated pro-rata from/to the month of addition/ deduction.

5. Fixed Assets: Fixed assets are stated at cost and/or at revaluation.

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