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Notes to Accounts of Techtrek India Ltd.

Mar 31, 2013

1. The name of the Company was changed from Zentronics Technologies Limited to TechTrek India limited on 20th March, 2010 as per certificate given by the Deputy Registrar of Companies, Maharashtra. However, the name has been changed to TechTrek India Limited on 22/01/ 2013 in the records of MIDC.

2. Accounting policies not specifically referred to are consistent and in consonance with generally accepted accounting practices.

3. Previous Years figures have been regrouped and recast wherever necessary to make them comparable with Current Year''s figures in order to meet requirement of Revised Schedules VI.

4. On the basis of replies received by the Company in response to enquiries made, there is no dues payable at year end to Micro, Small & Medium Enterprises nor are there other particulars that are required to be disclosed under the Companies Act, 1956 or the Micro, Small & Medium Enterprises Development Act, 2006.

5. Depreciation has been provided as per Schedule XV (as amended by notification No. 756(E) dated : 16.12.1993) of the Companies Act, 1956 on all Fixed Assets with on WDV method and on pro rata basis according to the period each Asset has been put to use. However, depreciation has been provided on SLM basis on the revalued portion of the Building.

6. Accounting Standard 15(AS-15) issued by Institute of Chartered Accountants of India require the Gratuity and Leave encashment Liabilities to be accounted for on accrual basis. However, the provisions of Gratuity Act are not applicable to the Company in the present year, and no provision is required to be made on account of Leave encashment as it is not due.

7. The company has not made any provision for payment of interest to Debenture holder as mutually agreed with the said holder.

8. Deferred Taxation:

a) In compliance with Accounting Standard relating to Accounting for Taxes on Income -AS 22 issued by the Institute of Chartered Accountants of India (ICAI) effective from 1-4-2002, the Company had not made any provision for Deferred Tax in the past. However, the Company has started making a provision since last 7 years and accordingly has made a provision this year and has adjusted the Deferred Tax Liability/Asset arising on account of timing difference.

9. Segment Information :

Based on the guiding principles given in Accounting Standard on ''Segment Reporting'' (AS-17) as notified by Companies (Accounting Standards) Rules, 2006, the Company is organized into one main business of Information Technology and others (which includes Rental income from Building). Accordingly, no other details need to be given.

10. Related Party Disclosures

As per the Directors

a) Related Party Transactions

As required under Accounting Standard 18, "Related Party Disclosure" (AS-18) issued by the ICAI, the following details are of transaction done during the period with the related parties of the Company as defined in AS-18.

i) Key Management Personnel P.M. Shah (Director)

D.V. Damle (Director)

ii) No transactions were carried out with related parties in the ordinary course of Business.

11.a) The Company had revalued on market value basis its Land, Building & Plant & Machinery as on 1/7/88 based on the reports submitted by M/s Scheme Consultants, Consulting Engineers, appointed for the purpose. On account of this revaluation the value of Land was written up by Rs. 5506781/-, Building by Rs. 786857/-, Plant & Machinery by Rs. 1072509/-. The total increase in the value of these assets on account of revaluation, amounting in all to Rs. 7366147/- was credited to Revaluation Reserve Account and based on the legal opinion of the council the company had set off Net Loss of earlier years and loss on sale of machinery amounting to Rs. 5138817/- against Revaluation Reserves. The Land & Building have been revalued again after 20 years on 31.03.2008 on the reports submitted by Bhide Associates (Govt. Approved valuers) appointed for the purpose. On account of this revaluation, the value of Land was written up to Rs.32033000/- and Building by Rs.131314200/-. The total increase in the value of these assets on account of revaluation, amounting in all to Rs.148583430.61/- is credited to Revaluation Reserve Account. The Company has got the land & Building revalued again on 10/10/2011 from a Govt. Registered Valuer & value as per report is Rs.37,93,00,000/- which however, has not been brought into the Books of Accounts.

b) The Company had not amortised the leasehold land acquired on 05/01/1985 for 95 years in the books of accounts. This year it has amortised the same over the period of lease by making a provision in the books on the cost of land and on the Revaluations Reserve made on various dates. Similarly it had not provided for depreciation on the revalued portion of the Building. This year it has provided for the same in the books of accounts on the cost of the revalued building made on various date. The amortisation relating to current period on the original cost is carried to the profit and loss account and the amortisation relating to the prior period on the revalued portion is considered as a set-off against the revaluation reserve.

12. Balance reflected in the Accounts of Loans and Advances, Unsecured Loans and Sundry Creditors are subject to confirmation and or pending reconciliation thereof and consequential adjustments, if any, will be carried out in due course.

13. In the opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet if realised in the ordinary course of business. Loans & Advances includes Inter-Corporate advance of Rs.98,43,977/- to TechTrek Ltd U.K. and Rs.10,72,480/- to Radalt Electrical Industries Limited & Rs.15000/ to Raintree Design Pvt. Ltd. in excess of limits prescribed in Section 372A of The Companies Act as approved by Board of Directors in emergency conditions and which, has not been approved in a General meeting of the Company till date of signing of these Accounts. Also Rs. 10,72,480/- advanced to Radalt Electrical Industries Ltd is prejudicial to the interest of the Company as no interest has been provided and is doubtful of recovery.

14. Contingent Liabilities not provided for in respect of:

Outstanding Guarantees furnished to Banks Amt. In Rs. Corporate Guarantees given as under in excess of limits prescribed in Section 372A of The Companies Act, as approved by Board of Directors in emergency conditions which, has been approved in a General meeting of the Company.

i) Indian Overseas Bank for overdraft facility given to TechTrek Technologies India Limited 1.50 Crores

ii) Punjab National Bank UK for overdraft facility given to TechTrek Ltd U.K. 18.95 Crores

A legal suit has been instituted against the Company by a former tenant of the company for non payment of their Rent deposit which is payable as per Books of Accounts. However, no provision has been made for any extra amount which might be payable at the instance of the Court decision, since the amount cannot be quantified.


Mar 31, 2012

NOTES:

a) Leasehold Land includes increase of Rs.25,483,405/- made on account of Revaluation on 31.03.2008

b) Building includes increase of Rs.1 23,100,025.61 made on account of Revaluation on 31.03.2008

c) Transfer of Building under construction of Rs. 15,520,906.03 includes Rs. 644,132/- transferred to Furniture & Fixtures

d) No Depreciation has been claimed on the addition on account of revaluation of Building. Also no depreciation has been claimed on addition to building added during the year.

e) Rs.1,500,000/- interest paid to Bank on loan taken has been capitalised to Building under Construction,

1. Previous Years figures have been regrouped and recast wherever necessary to make them comparable with Current Year's figures in order to meet requirement of Revised Schedules VI.

2. The Company has no information as to whether an y of its suppliers/contractors constitute Small Scale Industrial undertaking as there was no response to the letters sent by the company and therefore, the amount due to such supplier/contractors has not been identified,

3. The name of the Micro, Small and Medium Enterprises Suppliers defined under The Micro, Small and Medium Enterprises Development Act, 2006 could not be identified as there was no response to the letters sent by the company The company has not debited any interest payable to such enterprises as necessary evidence is not in possession of the Company.

4. Interest charges include Rs.1 5,00,000/- paid to Indian Overseas Bank which has been capitalised to Building as the borrowed amount was used for construction of additional flower to the Building.

5. Depreciation has been provided as per Schedule XV (as amended by notification No, 756(E) dated : 1 6.1 2.1 993) of the Companies Act, 1 956 on all Fixed Assets and on prorate basis according to the period each Assets have been put to use.

6, Accounting Standard 1 5(AS-1 5) issued by Institute of Chartered Accountants of India require the Gratuity and Leave encashment Liabilities to be accounted fbr on accrual basis, However, the provisions of Gratuity Act are not applicable to the Company in the present year.

7. Deferred Taxation:

a) In compliance with Accounting Standard relating to Accounting fbrlaxes on Income -AS 22 'issued by the Institute of Chartered Accountants of India (ICAI) effective from 1 -4-2002, the Company had not made any provision fbr Deferred lax in the past. However; the Company has started making a provision since last 4 years and accordingly has made a provision this year and has adjusted the Deferred lax Liability/Asset arising on account of timing difference.

8. The Company had revalued on market value basis its Land, Building & Plant & Machinery as on 01,07.88 based on the reports submitted by M/s Scheme Consultants, Consulting Engineers, appointed fbrthe purpose. On account of this revaluation the value of Land was written up by Rs. 55,06,781/-, Building by Rs. 7,86,857/-, Plant & Machinery by Rs. 1 0,72,509/-. The total increase in the value of these assets on account of revaluation, amounting in all to Rs. 73,66,1 47/- was credited to Revaluation Reserve Account and based on the legal opinion of the council the company had set off Net Loss of earlier years and loss on sale of machinery amounting to Rs. 5,1 38,81 7/- against Revaluation Reserves. The Land & Building have been revalued again after 20 years on 31.03.2008 on the reports submitted by Bhide Associates (Govt. Approved valuers) appointed fbrthe purpose. On account of this revaluation, the value of Land was written up to Rs. 3,20,33,000/- and Building by Rs.1 3,1 3,1 4,200/-. The total increase in the value of these assets on account of revaluation, amounting in all to Rs.14,85,83,430.61/- is credited to Revaluation Reserve Account. The Company has got the land & Building revalued again on 1 0,10.2011 from a Govt. Registered Valuer & value as per report is Rs.37,93,00,000/- which however, has not been brought into the Books of Accounts.

9. Balance reflected in the Accounts of Loans and Advances, Unsecured Loans and Sundry Creditors are subject to confirmation and or pending reconciliation thereof and consequential adjustments, if any will be carried out in due course.

10. In the opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet if realised in the ordinary course of business. Loans & Advances includes Inter-Corporate advance of Rs.98,43,977/- to Techtrek Ltd U.K. and Rs.10,72,480/- to Radalt Electrical Industries Limited & Rs.1 5000/ to Raintree Design Pvt. Ltd, in excess of limits prescribed in Section 372A ofThe Companies Act as approved by Board of Directors in emergency conditions and which, has not been approved in a General meeting of the Company till date of signing of these Accounts, Also Rs. 1 0,72,480/- advanced to Radalt Electrical Industries Ltd is prejudicial to the interest of the Company as no interest has been provided and is doubtful of recovery.

11. The Company had constructed additional floors to the building during the year & has transferred Rs.1,48,76,774/- to the Building A/c.

12. Contingent Liabilities not provided fbr in respect of: Outstanding Guarantees furnished to Banks Amt. In Rs. Corporate Guarantees given as under in excess of limits prescribed in Section 372A ofThe Companies Act, as approved by Board of Directors in emergency conditions which, has been approved in a General meeting of the Company. i) Indian Overseas Bank fbr overdraft facility given to TechtrekTechnol ogies India Limited 1.50 Crores ii)Punjab National Bank UK fbr overdraft facility given to Techtrek Ltd U.K. 18.95 Crores


Mar 31, 2010

NOt Available


Mar 31, 2009

1. Accounting policies not specifically referred to are consistent and in consonance with generally accepted accounting practices.

2. Previous Years figures have been regrouped and recast wherever necessary to make them comparable with Current Years figures.

3. The Company has no information as to whether any of its suppliers/contractors constitute Small Scale Industrial undertaking as there was no response to the letters sent by the company and therefore, the amount due to such supplier/contractors has not been identified.

4. The name of the Micro, Small and Medium Enterprises Suppliers defined under The Micro, Small and Medium Enterprises Development Act, 2006 could not be identified as there was no response to the letters sent by the company. The company has not debited any interest payable to such enterprises as necessary evidence is not in possession of the Company.

5. Depreciation has been provided as per Schedule XV (as amended by notification No. 756(E) dated : 16.12.1993) of the Companies Act, 1956 on all Fixed Assets and on prorate basis according to the period each Assets have been put to use.

6. Accounting Standard 15(AS-15) issued by Institute of Chartered Accountants of India require the Gratuity and Leave encashment Liabilities to be accounted for on accrual basis. However, the provisions of Gratuity Act are not applicable to the Company in the present year.

7. Deferred Taxation:

a) In compliance with Accounting Standard relating to Accounting for Taxes on Income -AS 22 issued by the Institute of Chartered Accountants of India (ICAI) effective from 1-4-2002, the Company had not made any provision for Deferred Tax in the past. However, the Company has made a provision this year and has adjusted the Deferred Tax Liability/Asset arising on account of timing difference.

8. Related Party Disclosures As per the Directors

a) Loans and Advances includes Rs. 28698051/- due from a relative of a Director/Companies where the relative is a Director, for which the necessary permission from the Central Govt, has not been taken as is required under the law. However, the relations have resigned as Directors on 1st October 2008.

b) Related Party Transactions

As required under Accounting Standard 18, "Related Party Disclosure"

(AS-18) issued by the ICAI, the following details are of transaction done during the period with the related parties of the Company as defined in

AS-18.

i) Key Management Personnel

P.M. Shah (Director)

D.V. Damle (Director)

Akshay Malhotra (Resigned as Director on 01/10/08)

Neha Malhotra (Resigned as Director on 01/10/08)

R.P. Shroff (Resigned as Director on 08/01/09)

ii) Associates

Name of the Enterprises having relatives of one of the Ex Key Management Personnel (since resigned as Directors on 1st October 2008) as the reporting enterprise with whom the Company has entered into transaction during the period in the ordinary course of business.

Data Track Technologies Solution (Prop. Mr. N.C. Malhotra) Tej Construction (Prop. Mr. N.C. Malhotra) Eskeen Engineering Enterprises Pvt. Ltd. Raintree Design Pvt. Ltd.

9. The Company had revalued on market value basis its Land, Building & Plant & Machinery as on 1/7/88 based on the reports submitted by M/s Scheme Consultants, Consulting Engineers, appointed for the purpose. On account of this revaluation the value of Land was written up by Rs. 5506781/-, Building by Rs. 786857/-, Plant & Machinery by Rs. 1072509/-. The total increase in the value of these assets on account of revaluation, amounting in all to Rs. 7366147/- was credited to Revaluation Reserve Account and based on the legal opinion of-the council the company had set off Net Loss of earlier years and loss on sale of machinery amounting to Rs. 5138817/- against Revaluation Reserves. The Land & Building have been revalued again after 20 years on 31.03.2008 on the reports submitted by Bhide Associates (Govt. Approved valuers) appointed for Jhe purpose. On account of this revaluation, the value of Land was written up to Rs.32033000/- and Building by Rs.131314200/-. The total increase in the value of these assets on account of revaluation, amounting in all to Rs. 148583430.61/- is credited to Revaluation Reserve Account.

10. Balance reflected in the Accounts of Loans and Advances, Unsecured Loans and Sundry Creditors are subject to confirmation and or pending reconciliation thereof and consequential adjustments, if any, will be carried out in due course. The balances lying to the credit of Mr. R.P. Shroff and Krishi Exports Commercial Corporation have been transferred to Radalt Electrical Industries Limited, for which no confirmation is available.

11. In the opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet if realised in the ordinary course of business.

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