Jun 30, 2015
1. Corporate information
Universal Office Automation Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay stock exchange in
India. The company's primary line of business had been selling of
office automation products and their after-sales service.
2. Basis of preparation
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India
(Indian GAAP).
The company has prepared these financial statements to comply in all
material respects with the accounting standards notified under the
Companies (Accounting Standards) Rules, 2006, (as amended) and the
relevant provisions of the Companies Act, 2013.
The financial statements have been prepared on an accrual basis and
under the historical cost convention. Duty drawbacks and insurance
claims are accounted for as and when admitted by the respective
authorities. The accounting policies adopted in the preparation of
financial statements are consistent with those of previous year.
3. SHARE CAPITAL
a. Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors if any, is subject to
approval of the shareholders in ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of the equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders
b. Aggregate number of shares issued for consideration other than cash
(I) 49,64,529 (31 March, 2014 : 49,64,529) of Rs. 10/- each were
allotted as fully paid up pursuant to a contract without payment being
received in cash.
(ii) 47,23,614 (31 March, 2014 : 47,23,614) of Rs. 10/- each were
allotted as fully paid up pursuant to the Scheme of Amalgamation
between erstwhile Sandarbh Properties Private Limited and the Company.
4. RELATED PARTY DISCLOSURES
Name of related parties and related party relationship
Holding Company
HCL Corporation Private Limited
Other Group Companies
HCL Info systems Limited and its subsidiaries
HCL Technologies Ltd. and its subsidiaries
Key Management Personnel
Mr. Kul Bhushan Rattan
Mr. Sushil Kumar Jain
Mr. P.S. Ravishankar
Ms. Rita Gupta
Mr. Suresh Chand Sharma
Ms. Preeti Saxena
Related party transactions
The following table provides the total amount of transactions that have
been entered into with related parties for the relevant financial year:
5. CONTINGENT LIABILITIES
Rs. /Lacs
2015 2014
Claims against company not acknowledged as debts* 325.84 377.33
*The claims against the company comprise:
For taxes and others to the extent ascertainable Rs. 84.01 lacs
(previous year Rs. 85.44 lacs)
For Excise duty and penalty to the extent quantified by the authorities
and other claims to the extent ascertainable Rs. 0.83 lacs (previous
year Rs. 0.83 lacs).
For Customs Duty and penalty to the extent quantified by the
authorities Rs. 241.00 lacs (previous year Rs. 290.96 lacs).
6. Pursuant to the Scheme of Amalgamation between Sandarbh Properties
Private Limited (Transferor company) and the company as per the Scheme
of Amalgamation approved by the Shareholders of both the companies at
the Extra-ordinary General Meeting held on 2.9.95 and sanctioned by the
Hon'ble High Court of Delhi by its order dated March 21, 1996, with
effect from the "Appointed Date", April 1, 1995.
47,23,614 equity shares of Rs. 10/- each fully paid up of the company
have been allotted on May 10, 1996 to the shareholders of the
Transferor company in the ratio of 9 equity shares of Rs. 10/- each for
every 1 equity share of Rs. 100/- each held in the Transferor company.
7. Pursuant to the approval of the shareholders in the Extra-ordinary
General Meeting held on 24th June, 1998, the Customer Support
Organisation (CSO) activities of the company including related product
sales along with required stocks, facilities and manpower were disposed
off on 30th June, 1998 and the difference between the consideration and
the net assets on that date amounting to Rs. 297.63 lacs was
transferred to capital reserve.
8. There are no outstanding due to small-scale industrial undertakings
as on 31st March 2015. There are no delayed payments to the suppliers
covered under the 'Interest on delayed payments to Small scale and
Ancillary Undertakings Act, 1993.
9. The company's accumulated losses as at 30th June, 2015 far exceed
its paid up capital and reserves as at that date. The Company's
business operation has also thinned down due to paucity of working
capital. Since the Director's are looking for right opportunity to
explore the similar line of business of activity, the Directors
consider that it is appropriate to prepare the financial statements on
going concern basis.
10. The company has received a legal opinion that in view of the
company having discontinued its manufacturing activities, it does not
fall under purview of section 3(o) of the Sick Industrial Companies
(Special Provisions) Act, 1985 although at the end of this financial
year, company's accumulated losses has exceeded its entire net worth.
Consequently no reference needs to be made to the Board for Industrial
and Financial Reconstruction.
11. Previous year's figures have been regrouped/rearranged to conform
to current year's presentation.
Mar 31, 2014
1. Corporate information
Universal Office Automation Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay Stock Exchange
Ltd. in India. The company's primary line of business had been selling
of office automation products and their after- sales services.
2. Basis of preparation
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
Duty drawbacks and insurance claims are accounted for as and when
admitted by the respective authorities.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
3. Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors if any, is subject to
approval of the shareholders in ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of the equity
shares will be entitled to receive remaining assets of the company ,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders
*HCL Corporation Private Limited was formerly known as Guddu
Investments (Pondi) Private Limited
As per records of the company, including its register of
shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both
legal and beneficial ownerships of shares
*The Company is in the process of obtaining duplicate certificate in
its name as the original certificate which was sent for endorsement,
was lost in transit.
4. RELATED PARTY DISCLOSURES
Name of related parties and related party relationship
Holding Company HCL Corporation Private Limited
Other Group Companies HCL Infosystems Limited and its subsidiaries
HCL Technologies Ltd. and its subsidiaries
Key Management Personnel Mr. Kul Bhushan Rattan
Mr. Sushil Kumar Jain
Mr. P.S. Ravishankar
Mr. Suresh Chand Sharma
Ms. Preeti Saxena
Related party transactions
The following table provides the total amount of transactions that have
been entered into with related parties for the relevant financial year:
5. CONTINGENT LIABILITIES
Rs./Lacs
2014 2013
Claims against company not acknowledged as debts* 377.23 377.33
*The claims against the company comprise:
For taxes and others to the extent ascertainable Rs. 85.44 lacs
(previous year Rs. 85.44 lacs)
For Excise duty and penalty to the extent quantified by the authorities
and other claims to the extent ascertainable Rs.0.83 lacs (previous year
Rs. 0.83 lacs).
For Customs Duty and penalty to the extent quantified by the authorities
Rs. 290.96 lacs (previous year Rs. 290.96 lacs).
6. Pursuant to the Scheme of Amalgamation between Sandarbh Properties
Private Limited (Transferor company) and the company as per the Scheme
of Amalgamation approved by the Shareholders of both the companies at
the Extra-ordinary General Meeting held on 2.9.95 and sanctioned by the
Hon'ble High Court of Delhi by its order dated March 21, 1996, with
effect from the "Appointed Date", April 1, 1995.
47,23,614 equity shares of Rs. 10/- each fully paid up of the company
have been allotted on May 10, 1996 to the shareholders of the
Transferor company in the ratio of 9 equity shares of Rs. 10/- each for
every 1 equity share of Rs. 100/- each held in the Transferor company.
7. Pursuant to the approval of the shareholders in the Extra-ordinary
General Meeting held on 24th June, 1998, the Customer Support
Organisation (CSO) activities of the company including related product
sales along with required stocks, facilities and manpower were disposed
off on 30th June, 1998 and the difference between the consideration and
the net assets on that date amounting to Rs. 297.63 lacs was
transferred to capital reserve.
8. There are no outstanding due to small-scale industrial undertakings
as on 31st March 2014. There are no delayed payments to the suppliers
covered under the 'Interest on delayed payments to Small scale and
Ancillary Undertakings Act, 1993.
9. The company's accumulated losses as at 31st March, 2014 far exceed
its paid up capital and reserves as at that date. The Company's
business operation has also thinned down due to paucity of working
capital. Since the Director's are looking for right opportunity to
explore the similar line of business of activity, the Directors
consider that it is appropriate to prepare the financial statements on
going concern basis.
10. The company has received a legal opinion that in view of the
company having discontinued its manufacturing activities, it does not
fall under purview of section 3(o) of the Sick Industrial Companies
(Special Provisions) Act, 1985 although at the end of this financial
year, company's accumulated losses has exceeded its entire net worth.
Consequently no reference needs to be made to the Board for Industrial
and Financial Reconstruction.
11. Previous year's figures have been regrouped/rearranged to conform
to current year's presentation.
Mar 31, 2013
1. Corporate information
Universal Office Automation Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay Stock Exchange
Ltd. in India. The company''s primary line of business had been selling
of office automation products and their after- sales services.
2. Basis of preparation
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
Duty drawbacks and insurance claims are accounted for as and when
admitted by the respective authorities.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
3. CONTINGENT LIABILITIES
Rs. Lacs
2013 2012
Claims against company
not acknowledged as debts* 377.23 379.33
*The claims against the company comprise:
For taxes and others to the
extent ascertainable Rs. 85.44 lacs
(previous year Rs. 252.31 lacs)
For Excise duty and penalty to the extent quantified by the authorities
and other claims to the extent ascertainable Rs. 0.83 lacs (previous year
Rs. 0.83 lacs).
For Customs Duty and penalty to the extent quantified by the
authorities Rs. 290.96 lacs (previous year Rs. 290.96 lacs).
4. Pursuant to the Scheme of Amalgamation between Sandarbh Properties
Private Limited (Transferor company) and the company as per the Scheme
of Amalgamation approved by the Shareholders of both the companies at
the Extra-ordinary General Meeting held on 2.9.95 and sanctioned by the
Hon''ble High Court of Delhi by its order dated March 21, 1996, with
effect from the ''Appointed Date'', April 1, 1995.
47,23,614 equity shares of Rs. 10/- each fully paid up of the company
have been allotted on May 10, 1996 to the shareholders of the
Transferor company in the ratio of 9 equity shares of Rs. 10/- each for
every 1 equity share of Rs. 100/- each held in the Transferor company.
5. Pursuant to the approval of the shareholders in the Extra-ordinary
General Meeting held on 24th June, 1998, the Customer Support
Organisation (CSO) activities of the company including related product
sales along with required stocks, facilities and manpower were disposed
off on 30th June, 1998 and the difference between the consideration and
the net assets on that date amounting to Rs. 297.63 lacs was transferred
to capital reserve.
6. There are no outstanding due to small-scale industrial
undertakings as on 31st March 2013. There are no delayed payments to
the suppliers covered under the ''Interest on delayed payments to Small
scale and Ancillary Undertakings Act, 1993.
7. The company''s accumulated losses as at 31st March, 2013 far exceed
its paid up capital and reserves as at that date. The Company''s
business operation has also thinned down due to paucity of working
capital. Since the Director''s are looking for right opportunity to
explore the similar line of business of activity, the Directors
consider that it is appropriate to prepare the financial statements on
going concern basis.
8. The company has received a legal opinion that in view of the
company having discontinued its manufacturing activities, it does not
fall under purview of section 3(o) of the Sick Industrial Companies
(Special Provisions) Act, 1985 although at the end of this financial
year, company''s accumulated losses has exceeded its entire net worth.
Consequently no reference needs to be made to the Board for Industrial
and Financial Reconstruction.
9. Previous year''s figures have been regrouped/rearranged to conform
to current year''s presentation.
Mar 31, 2012
1. Corporate information
Universal Office Automation Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay stock exchange in
India. The company's primary line of business had been selling of
office automation products and their after sales, services.
2. Basis of preparation
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
Duty drawbacks and insurance claims are accounted for as and when
admitted by the respective authorities.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
a. Tenn rights attached to equity shares
The company has only one class of equity shares having a par value of Rs.
10 per share. Each holder of equity shares is entitled to one vote per
share. Hie company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors if any, is subject to
approval of the shareholders in ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of the equity
shares will be entitled to receive remaining assets of the company ,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders
b. Aggregate number of shares issued for consideration other than cash
(i) 49,64,529 (31 March, 2011 : 49,64,529) of Rs. 10/ each were allotted
as fully paid up pursuant to a contract without payment being received
in cash.
(ii) 47,23,614 (31 March, 2011 : 47,23,614) of Rs. 10/ each were allotted
as fully paid up pursuant to the Scheme of Amalgamation between
erstwhile Sandarbh Properties Private Limited and the Company.
*HCL Corporation Private Limited was formerly known as Guddu
Investments (Pondi) Private "Limited
As per records of the company, including its register of
shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both
legal and beneficial ownerships of shares
Margin Money deposits given as security
Margin money deposits with a carrying amount of Rs. 109.68 lacs (31 March
2011 : Rs. 109.87) are against various cases pending with customs,
excise, sales tax and other legal authorities
3. CONTINGENT LIABILITIES
Lacs
2012 2011
Claims against company not
acknowledged as debts* 379.33 544.10
*The claims against the company comprise:
For taxes and others to the extent ascertainable Rs. 87.54 lacs (previous
year Rs. 252.31 lacs)
For Excise duty and penalty to the extent quantified by the authorities
and other claims to the extent ascertainable t 0.83 lacs (previous year
Rs. 0.83 lacs).
For Customs Duty and penalty to the extent quantified by the
authorities Rs. 290.96 lacs (previous year ^ 290.96 lacs).
4. Pursuant to the Scheme of Amalgamation between Sandarbh Properties
Private Limited (Transferor company) and the company as per the Scheme
of Amalgamation approved by the Shareholders of both the companies at
the Extra ordinary General Meeting held on 2.9.95 and sanctioned by the
Hon'ble High Court of Delhi by its order dated March 21, 1996, with
effect from the "Appointed Date", April 1, 1995.
47,23,614 equity shares of Rs. 10/ each fully paid up of the company have
been allotted on May 10, 1996 to the shareholders of the Transferor
company in the ratio of 9 equity shares of Rs. 10/ each for every 1
equity share of Rs. 100/ each held in the Transferor company.
5. Pursuant to the approval of the shareholders in the Extra ordinary
General Meeting held on 24th June, 1998, the Customer Support
Organisation (CSO) activities of the company including related product
sales along with required stocks, facilities and manpower were disposed
off on 30th June, 1998 and the difference between the consideration and
the net assets on that date amounting to Rs. 297.63 lacs was transferred
to capital reserve.
6. There are no outstanding due to small scale industrial
undertakings as on 31st March 2012. There are no delayed payments to
the suppliers covered under the 'Interest on delayed payments to Small
scale and Ancillary Undertakings Act, 1993.
7. The company's accumulated losses as at 31st March, 2012 far exceed
its paid up capital and reserves as at that date. The Company's
business operation has also thinned down due to paucity of working
capital. Since the Director's are looking for right opportunity to
explore the similar line of business of activity, the Directors
consider that it is appropriate to prepare the financial statements on
going concern basis.
8. The company has received a legal opinion that in view of the
company having discontinued its manufacturing activities, it does not
fall under purview of section 3(o) of the Sick Industrial Companies
(Special Provisions) Act, 1985 although at the end of this financial
year, company's accumulated losses has exceeded its entire net worth.
Consequently no reference needs to be made to the Board for Industrial
and Financial Reconstruction.
9. Previous year's figures have been regrouped/rearranged to conform
to current year's presentation.
10. Previous year figures
Till the year ended March 31, 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 March
31, 2012, the revised Schedule VI notified under the Companies Act,
1956, has become applicable to the company. The company has
reclassified previous year figures to conform to this year's
classification. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for preparation of
financial statements. However, it significantly impacts presentation
and disclosures made in the financial statements, particularly
presentation of balance sheet. The following is a summary of the
effects that revised Schedule VI had on presentation of balance sheet
of the company for the year ended March 31, 2011
Mar 31, 2010
1. Contingent Liabilities.
Claims against the company not acknowledged as debts.
i) For taxes and others to the extent ascertainable Rs. 252.31 lacs
(previous year Rs. 263.46 lacs)
ii) For Excise duty and penalty to the extent quantified by the
authorities and other claims to the extent ascertainable Rs. 0.83 lacs
(previous year Rs. 0.83 lacs).
iii) For Customs Duty and penalty to the extent quantified by the
authorities Rs. 290.96 lacs (previous year Rs. 290.96 lacs).
2. Pursuant to the Scheme of Amalgamation between Sandarbh Properties
Private Limited (Transferor company) and the company as per the Scheme
of Amalgamation approved by the Shareholders of both the companies at
the Extra-ordinary General Meeting held on 2.9.95 and sanctioned by the
Honble High Court of Delhi by its order dated March 21, 1996, with
effect from the "Appointed Date", April 1, 1995.
47,23,614 equity shares of Rs. 10/- each fully paid up of the company
have been allotted on May 10, 1996 to the shareholders of the
Transferor company in the ratio of 9 equity shares of Rs. 10/- each for
every 1 equity share of Rs. 100/- each held in the Transferor company.
3. a) Land, Building, Plant & Machinery and Capital Work-in-Progress
were revalued by a registered valuer as at 30th June, 1992 after
considering depreciation upto that date on the governing principle of
Current Replacement Cost and amount added on revaluation Rs 146.12
lacs. Revaluation reserve was adjusted against goodwill created in a
prior year on amalgamation and against sale/ surrender of land and
building.
b) Fixed assets other than book value of land and building were
technically evaluated and on the basis of useful lives and obsolescence
Rs. 632.46 lacs was devalued and charged to the profit and loss account
for the year ended October 31, 1997.
4. Pursuant to the approval of the shareholders in the Extra-ordinary
General Meeting held on 24th June, 1998, the Customer Support
Organisation (CSO) activities of the company including related product
sales along with required stocks, facilities and manpower were disposed
off on 30th June, 1998 and the difference between the consideration and
the net assets on that date amounting to Rs 297.63 lacs was transferred
to capital reserve.
5. Deferred tax assets as per Accounting Standard 22 has not been
recognized and carried forward in view of absence of reasonable
certainty about the sufficient future taxable income.
6. There are no outstanding due to small-scale industrial undertakings
as on 31st March 2010. There are no delayed payments to the suppliers
covered under the ÃInterest on delayed payments to Small scale and
Ancillary Undertakings Act, 1993.
7. The companys accumulated losses as at 31st March, 2010 far exceed
its paid up capital and reserves as at that date. The Companys
business operation has also thinned down due to paucity of working
capital. Since the Directors are looking for right opportunity to
explore the similar line of business of activity, the Directors
consider that it is appropriate to prepare the financial statements on
going concern basis.
8. The company has received a legal opinion that in view of the
company having discontinued its manufacturing activities, it does not
fall under purview of section 3(o) of the Sick Industrial Companies
(Special Provisions) Act, 1985 although at the end of this financial
year, companys accumulated losses has exceeded its entire networth.
Consequently no reference needs to be made to the Board for Industrial
and Financial Reconstruction.
9. Disclosure of related party transactions:-
A) Holding Company : HCL Corporation Ltd.
B) Other Group Companies : HCL Infosystems Ltd.
HCL Technologies Ltd. And its
subsidiaries.
C) Key management personnel : Mr. P.S. Ravishankar
Mr. Kul Bhushan Rattan
Mr. Sushil Jain
Ms. Preeti Sax ena
10. Previous years figures have been regrouped/rearranged to conform
to current years presentation.
11. Signature to the Schedules 1 to 14 forming part of the Balance
Sheet and Profit and Loss Account.