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Notes to Accounts of Timbor Home Ltd.

Mar 31, 2014

1) In the opinion of Management, the current assets, loans & advances, are approximately of the value stated, if realised in the ordinary course of business. Some of the NBFC Loan Balances shown in the books are subject to confirmation and reconciliation.

The account of "Trade Receivables","Borrowings","Trade payables","Advances from Customer", "Short Term Loans and Advances" and some Bank Balances are subject to confirmation / reconciliation and the same also includes very old non moving items and therefore the same are subject to necessary adjustments for accounting or re-grouping /classification

The amount of "Trade receivable", "Advances Recoverable In cash or Kind", and "Advances to suppliers/Other Parties",also includes very old Trade receivables and/or payments made and the management is hopeful of the recovery and therefore these are not treated as doubtful for the recovery and not provided for.

The amount of account of some of the major single party under the Head "Advance from customers","Trade Payable", "Advance to Suppliers and Others", "Trade Receivables" are shown on gross basis and the same are not netted off and which has resulted in overstatement of two account Heads and the determination of the exact amount of the said over statement is in progress.

2) 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 dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding Micro, Small and Medium Enterprises 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.

3) Provision for Current tax is of Rs. 0 NIL (P.Y. - Rs.5500000/-) have been made during the year.

4) Balance of Unsecured loans, debtors and creditors, loans and advances are subject to confirmation.

5) Particulars of employees who were in receipt of remuneration, of not less then Rs.24,00,000/- per annum or Rs.2,00,000/- p.m. if employed for a part of the year.

6) On 17th August 2013, post noon on account of short circuit, fire wedged at Unit I of the Company situated at 7, Shubhlaxmi Industrial Estate, Sarkhej-Bavala Highway. Changodhar - 382213, Ahmedabad, Gujarat due to which a substantial part of Fixed Assets got burnt/disposed off. Estimated Loss of Fixed Assets as reported by the Surveyor in his Survey / Valuation Report is Rs. 65.22 Lakhs (Net Construction Loss Value) &Rs. 286.84 Lakhs (Net Plant &Machinary Loss Value).However, in books of accounts, the company has shown the Net Plant &Machinary Loss of Rs. 359.18 Lakhs. Post Survey Report, the company derived that the book value of the Plant &Machinary which got burnt in fire is Rs. 359.18 Lakhs. Accordingly the company have written off the full amount as there will be no salvage value.

7) Loss of Finished Goods/ Semi Finished Goods/ Material stock as reported by Surveyor in his Survey/Valuation report is Rs. 402 Lakhs. The same has been recorded as Consumption of Stock instead of reflecting it specifically as a loss in books of accounts.

8) In the current year, Debentures previously issued to DB Corp Ltd and HT Media Ltd are converted into Equity Shares as per the conditions stipulated at the time of issuing convertible debentures. On account of conversion, equity shares of face value Rs. 10 allotted to DB Corp Ltd and HT Media Ltd are 665863 shares and 561798 shares respectively. The listing of the said equity shares is pending on BSE and NSE Platform.

9) TDS Receivable of FY 2012-13 of Rs. 1.07 lakhs has been adjusted against Income Tax payable of FY 2012-13 of Rs. 55 Lakhs. So Net Income Tax payable for FY 2012-13 comes toRs. 53.93 Lakhs. TDS receivable of FY 11- 12 of Rs. 3.68 Lakhs has been adjusted against Income Tax payable of FY 11-12 of Rs. 162 Lakhs. So Net Income Tax payable for FY 11-12 comes toRs. 158.32 Lakhs.

10) Highseas Purchase done in June 2013 amounting to Rs. 110.42 Lakhs was not mentioned in Monthly VAT Returns filed with VAT Department. However, the mistake will be rectified and the said purchase amount will be mentioned in the VAT Annual Return.

11) Details of the Cases & Arbitration matters against the company of Recovery by the Lenders / Creditor- Certain Court Notices / Legal Notices have been issued to the company by some of its creditors and arbitration matters are going on with lenders including banks and financial institutions. The company is in the process of preparing the list of Creditors and Lenders who have issued the legal notices/ arbitration matters to company for recovery of debts. Amount involved in the recovery cases has not been determined yet by the company.

12) Internal Debt Restructuring:- In the current financial year, the company had applied for Internal Debt Restructuring of its Loans & Advance with the Union Bank of India. The Debt has been internally restructured and the revised terms & conditions have been issued to the company by UBI. The company is also in the process of applying for internal restructuring with other banks & financial institutions.

13) Miscellaneous expenditure includes IPO Expenses

14) Prior Period Items have not been separately disclosed in books of accounts.

15) In view of the various circumstances and factors beyond the control of company, the single and main segment of the company is not working on full operational capacity. The operational capacity of the company has reduced drastically. However, the company is hopeful to regain its full operational capacity in the near future and is hopeful for working as a going concern for the very long term.

16) The company is contingently liable for the Claims against the Company not acknowledged as debts, which are pending before courts / legal authorities.

17) Related Party Disclosure

a) Names of related parties and nature of relationship

Party Relationship

I. Key Management Personnel

1. Mr. Anant S. Maloo

2. Mr. Manan V. Patel (Resigned w.e.f 07.05.13) Pomoter

3. Mr. Abhijeet D. Daga (Resigned w.e.f 17.05.14)

II. Relative of Key Management Personnel

1. Mr. Ajay S. Maloo Brother of Mr.Anant S. Maloo

2. Mr.SureshchandraMaloo Father of Mr.Anant S. Maloo

3. Mrs.Shilpa A Daga Wife of Mr.Abhijeet D Daga

4. Mrs.Indu Daga Mother of Mr. Abhijeet D. Daga

5. Mrs. Nina Ajay Maloo Wife of Mr. Ajay Maloo

III. Enterprise under significant influence of key management personnel

1. Maloo Building Material Pvt.Ltd.

2. MalooTradelinkPvt.Ltd.

3. TimborEtail Pvt. Ltd

(b) Transactions with Related Parties :

Registered Office is taken on Lease by Timbor Home Limited representing Mr.AnantSureshchandraMaloo from Mr. SureshchandraMaloo (Father of Mr.AnantMaloo) at Rs.1/- for Nine years and being a negligible amount hence the same has not been included in the table.

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.

18) Deferred Taxation

The significant component and classification of deferred tax assets and liabilities on account of timing differences are :

19) Employees'' Retirement Benefits

a) Defined Benefit Plan

Since none of the employees have completed qualifying period, provisions of the Payment of Gratuity Act is not applicable.

b) Defined Contribution Plan

The company has recognized the following amount in profit and loss account which is included under contribution to funds.

20) Previous period amount has been regrouped/re-casted /re- arranged/ re-classified/re-determined, wherever necessary, by the company on the basis of data available with the company, to make the figure of the current year with the previous year comparable.

21) The classification/grouping of items of the accounts are made by the management, on the basis of the available data with the company and which has been relied upon by the auditors.

22) The amount of inventory has been taken by the management on the basis of information available with the company and without conducting physical verification of the slow moving inventory. The slow moving inventories have been valued by the management estimate net realisable value and which has been relied upon by the Auditors.

23) Account of Excise and VAT is subject to reconciliation, submission of its return for its claim and/or its assessment, if any.

24) Segment Reporting:

a) Primary Segment

The company has only one segment i.e., "Wooden Panel Door, Wooden Cabinet and Other Wooden Furniture

b) Secondary Segment (By Geographical segment)

The company operates only in India and hence company has only one secondary segment.

25) Earnings per Equity Share

Basic and Diluted Earnings per equity share are recorded in accordance with Accounting Standard -20 " Earning per Share". Earning per Share is calculated by dividing the profit attributable to the Equity shareholders (after adjustment for deferred taxes) by the average number of equity shares outstanding during the period. The numbers used in calculating basic and diluted earnings per Equity Shares are stated below.

26) Additional information pursuant of para 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956:

27) A. LICENCED and INSTALLED CAPACITY

The company is not required to obtain license and hence comparison of licensed capacity and installed capacity is not given.


Mar 31, 2013

1) 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.

2) During the year, the Company has closed unit 3 situated at Vatva for dated 12.12.2012

3) 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 dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises 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.

4) Provision for Current tax is of Rs. 5500000/- (P.Y. - Rs. 16200000/-) have been made during the year.

5) Balance of Unsecured loans, debtors and creditors, loans and advances are subject to confirmation.

6) Particulars of employees who were in receipt of remuneration, of not less then Rs.24,00,000/- per annum or Rs.2,00,000/- p.m. if employed for a part of the year.

7) Employees'' Retirement Benefits

a) Defined Benefit Plan

Since none of the employees have completed qualifying period, provisions of the Payment of Gratuity Act is not applicable.

b) Defined Contribution Plan

The company has recognized the following amount in profit and loss account which is included under contribution to funds.

8) Previous year figures have been rearranged and reclassified as per revise Scheduled VI wherever necessary.

9) Segment Reporting h:

a) Primary Segment

The company has only one segment i.e., "Wooden Panel Door, Wooden Cabinet and Other Wooden Furniture".

b) Secondary Segment (By Geographical segment)

The company operates only in India and hence company has only one secondary segment.

10) Earnings per Equity Share

Basic and Diluted Earnings per equity share are recorded in accordance with Accounting Standard -20 " Earning per Share". Earning per Share is calculated by dividing the profit attributable to the Equity shareholders (after adjustment for deferred taxes) by the average number of equity shares outstanding during the period. The numbers used in calculating basic and diluted earnings per Equity Shares are stated below.


Mar 31, 2012

BUSINESS ACTIVITY / OPERATIONS OF THE COMPANY

The company markets its products under the brand names Timbor Cucine- Modular Kitchens, Timbor Doors- Doors & Door Frames, Timbor Home- Home Furniture, and IKI Kitchens- Hi-end kitchen solutions

Our Products includes the following:

1. Home furniture

2. Modular Kitchens

3. Doors

4. Treated and Kiln Dried Lumber

REGISTERED OFFICE

A-2, Harikrupa Apartment, Nr. Naranpura Railway Crossing, Naranpura, Ahmedabad - 380 013 Telephone: 079-27560537 Fax: 079-27552596

MANUFACTURING FACILITIES

1) 1,7, Shubhlaxmi Industrial Estate, Sarkhej-Bavla Highway, Changodar - 382213

2) Plot No: 401, 402, GIDC, Umreth Dist: Anand - 388220.

3) Shed No: A/18,19, Ground Floor, Mahalaxmi Ind. Estate, Nr-Chokshi Tube, GIDC, Ph-I, Vatva, Ahmedabad - 382445

1) 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.

2) During the year, the Company completed an Initial Public Offer (IPO) of its 3690000 Equity Shares of Rs 10/- each for cash at price of Rs 63/- each.

3) 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 dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises 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.

4) Provision for Current tax is of Rs 16200000/- (P.Y. - Rs 15000000/-) have been made during the year.

5) Balance of Unsecured loans, debtors and creditors, loans and advances are subject to confirmation.

Note :

Registered Office is taken on Lease by Timbor Home Limited representing Mr. Anant Sureshchandra Maloo from Mr. Sureshchandra Maloo (Father of Mr. Anant Maloo) at Rs 1/- for Nine years and being a negligible amount hence the same has not been included in the Table.

(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.

6) Deferred Taxation

The significant component and classification of deferred ax assets and liabilities on account of timing differences are :

7) Employees' Retirement Benefits

a) Defined Benefit Plan

Since none of the employees have completed qualifying period, provisions of the Payment of Gratuity Act is not applicable.

b) Defined Contribution Plan

The company has recognized the following amount in profit and loss account which is included under contribution to funds.

8) Previous year figures have been rearranged and reclassified as per revise Scheduled VI wherever necessary.

9) Segment Reporting:

a) Primary Segment

The company has only one segment i.e., "Wooden Panel Door, Wooden Cabinet and Other Wooden Furniture".

b) Secondary Segment (By Geographical segment)

The company operates only in India and hence company has only one secondary segment.

10) Earnings per Equity Share

Basic and Diluted Earnings per equity share are recorded in accordance with Accounting Standard -20 " Earning per Share". Earning per Share is calculated by dividing the profit attributable to the Equity shareholders (after adjustment for deferred taxes) by the average number of equity shares outstanding during the period. The numbers used in calculating basic and diluted earnings per Equity Shares are stated below.

11) Additional information pursuant of para 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956:

 
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