Mar 31, 2015
1. Contingent Liabilities
[a] Claims against the Company not acknowledged as debts Rs.450000
(Previous year Rs.450000).
[b] Sales Tax matters under appeal Rs. 4283617 (Previous year Rs.
4283617). No change in the legal position of the case.
2. Loans and Advances, Sundry Debtors and balances in supplier and
other accounts (with both debit and credit balances) are subject to
confirmation and subsequent adjustments, if need be.
3. Related Party Disclosures
(i) There is no related party, viz., the requirements of Accounting
Standard 18, issued by The Institute of Chartered Accountants of
India. Though LML Limited is strictly not a Ârelated party', it is
being so considered to make the financial statements more transparent.
4. Segment Reporting.
There is only one segment i.e. "Two Wheeler" for the Company.
However, the Company's own manufacturing operations of two wheelers
have remained suspended for some years. Final outcome about its future
operations remains pending.
5. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of uncertainty of sufficient future taxable
income which may be available for its realization, the Deferred Tax
Assets (Net) in accordance with Accounting Standard 22, issued by The
Institute of Chartered Accountants of India, has not been recognized
by way of prudence, as also in the previous year.
6. (i) The matter of impairment of assets has been considered as at
31st March 2015. As per assessment made and valuation carried out by
an independent professional, no impairment loss against fixed assets
is expected.
(ii) In Misc. Application filed by Uttar Pradesh State Industrial
Development Corporation Limited (UPSIDC) in BIFR in the case related
to LML Limited, BIFR passed order regarding resuming of land at Salon,
District Amethi. The land alongwith building and other assets
continues to remain with the Company, which would take appropriate
view on the matter based on the development thereto.
7. In the absence of information from Sundry Creditors regarding
status under The Micro, Small and Medium Enterprises Development Act,
2006, the liability of interest can not be reliably estimated, nor
required disclosures can be made.
8. In view of carry forward losses, no Provision for Taxation has
been made for the year.
9. The Company has been advised that the provisions of The Sick
Industrial Companies (Special Provision) Act, 1985 are not applicable
to it.
10. Figures of the previous year have been regrouped and re-casted
wherever necessary to make them comparable.
Mar 31, 2014
1. Contingent Liabilities
[a] Claims against the Company not acknowledged as debts Rs.450000
(Previous year Rs.450000).
[b] Sales Tax matters under appeal Rs. 4283617 (Previous year Rs.
4283617).
2. Loans and Advances, Sundry Debtors and balances in supplier and
other accounts (with both debit and credit balances) are subject to
confirmation and subsequent adjustments, if need be.
3. Related Party Disclosures
(i) There is no related party, viz., the requirements of Accounting
Standard 18, issued by The Institute of Chartered Accountants of India.
Though LML Limited is strictly not a ''related party'', it is being so
considered to make the financial statements more transparent.
(ii) Transactions with LML Ltd. during the year have been as under :
4. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of uncertainty of sufficient future taxable
income which may be available for its realization, the Deferred Tax
Assets (Net) in accordance with Accounting Standard 22, issued by The
Institute of Chartered Accountants of India, has not been recognized by
way of prudence, as also in the previous year.
5. (i) The matter of impairment of assets has been considered as at
31st March 2014. As per assessment made and valuation carried out by an
independent professional, no impairment loss against fixed assets is
expected. (ii) In Misc. Application filed by Uttar Pradesh State
Industrial Development Corporation Ltd. (UPSIDC) in BIFR in the case
related to LML Limited, BIFR passed order regarding resuming of land at
Salon, District Amethi. The land alongwith building and other assets
continues to remain with the company, which would take appropriate view
on the matter based on the development thereto.
6. In the absence of information from Sundry Creditors regarding
status under The Micro, Small and Medium Enterprises Development Act,
2006, the liability of interest can not be reliably estimated, nor
required disclosures can be made.
7. In view of carry forward losses, no Provision for Taxation has been
made for the year.
8. The Company has been advised that the provisions of The Sick
Industrial Companies (Special Provision) Act, 1985 are not applicable
to it.
9. Figures of the previous year have been regrouped and recasted
wherever necessary to make them comparable.
Notes 1 to 12 forming part of the Balance Sheet and Profit and Loss
Account.
Mar 31, 2013
1. Contingent Liabilities
(a) Claims against the Company not acknowledged as debts Rs.450000
(Previous year Rs.450000).
(b) Sales Tax matters under appeal Rs. 4283617 (Previous year Rs.
4283617).
2. Loans and Advances, Sundry Debtors and balances in supplier and
other accounts (with both debit and credit balances) are subject to
confirmation and subsequent adjustments, if need be.
3. Related Party Disclosures
(i) There is no related party, viz., the requirements of Accounting
Standard 18, issued by The Institute of Chartered Accountants of India.
Though LML Limited is strictly not a ''related party'', it is being so
considered to make the financial statements more transparent.
(ii) Transactions with LML Ltd. during the year have been as under:
4. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of uncertainty of sufficient future taxable
income which may be available for its realization, the Deferred Tax
Assets (Net) in accordance with Accounting Standard 22, issued by The
Institute of Chartered Accountants of India, has not been recognized by
way of prudence, as also in the previous year.
5. The matter of impairment of assets has been considered as at 31st
March 2013. As per assessment made and valuation carried out by an
independent professional, no impairment loss against fixed assets is
expected.
6. In the absence of information from Sundry Creditors regarding
status under The Micro, Small and Medium Enterprises Development Act,
2006, the liability of interest can not be reliably estimated, nor
required disclosures can be made.
7. In view of carry forward losses, no Provision for Taxation has been
made for the year.
8. The Company has been advised that the provisions of The Sick
Industrial Companies (Special Provision) Act, 1985 are not applicable
to it.
9. Figures of the previous year have been regrouped and recasted
wherever necessary to make them comparable.
Mar 31, 2012
1. Contingent Liabilities :
(a) Claims against the Company not acknowledged as debts Rs.450000
(Previous year Rs.450000).
(b) Sales Tax matters under appeal Rs. 4283617 (Previous year Rs.
4283617).
2. Loans and Advances, Sundry Debtors and balances in supplier and
other accounts (with both debit and credit balances) are subject to
confirmation and subsequent adjustments, if need be.
3. Related Party Disclosures:
(i) There is no related party, viz., the requirements of Accounting
Standard 18, issued by The Institute of Chartered Accountants of India.
Though LML Limited is strictly not a 'related party', it is being so
considered to make the financial statements more transparent.
(ii) Transactions with LML Ltd. during the year have been as under :
There is only one segment i.e. "Two Wheeler" for the Company. However,
the Company's own manufacturing operations of two wheelers have
remained suspended for some years. Final outcome about its future
operations remains pending.
4. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of uncertainty of sufficient future taxable
income which may be available for its realization, the Deferred Tax
Assets (Net) in accordance with Accounting Standard 22, issued by The
Institute of Chartered Accountants of India, has not been recognized by
way of prudence, as also in the previous year.
5. The matter of impairment of assets has been considered as at 31st
March 2012. As per assessment made and valuation carried out by an
independent professional, no impairment loss against fixed assets is
expected.
6. In the absence of information from Sundry Creditors regarding
status under The Micro, Small and Medium Enterprises Development Act,
2006, the liability of interest can not be reliably estimated, nor
required disclosures can be made.
7. In view of carry forward losses, no Provision for Taxation has bee
made for the year.
8. The Company has been advised that the provisions of The Sick
Industrial Companies (Special Provision) Act, 1985 are not applicable
to it.
9. Figures of the previous year have been regrouped and recasted
wherever necessary to make them comparable.
Notes 1 to 12 forming part of the Balance Sheet and Profit and Loss
Account.
Mar 31, 2011
1. Contingent Liabilities :
[a] Claims against the Company not acknowledged as debts Rs. 450000
[Previous year Rs. 450000].
[b] Sales Tax matters under appeal Rs. 4283617 [Previous year Rs.
4283617].
2. Loans and Advances, Sundry Debtors and balances in supplier and
other accounts (with both debit and credit balances) are subject to
confirmation and subsequent adjustments, if need be.
3. Related Party Disclosures :
(i) There is no related party, viz., the requirements of Accounting
Standard 18, issued by The Institute of Chartered Accountants of India.
Though LML Limited is strictly not a 'related party', it is being so
considered to make the financial statements more transparent.
(ii) Transactions with LML Ltd. during the year have been as under :
There is only one segment i.e. "Two Wheeler" for the Company. However,
the Company's own manufacturing operations of two wheelers have
remained suspended for some years. Final outcome about its future
operations remains pending.
4. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of uncertainty of sufficient future taxable
income which may be available for its realization, the Deferred Tax
Assets (Net) in accordance with Accounting Standard 22, issued by The
Institute of Chartered Accountants of India, has not been recognized by
way of prudence, as also in the previous year.
5. i) A physical verification of other inventories, finished goods
and Jigs & Tools and was carried out as at 31.03.2011 and reassessed by
a technical team. It found that the said goods have no value and
accordingly values as on 01.04.2010 of Rs.316421, Rs. 2500 and Rs.
57421 respectively have been written off in the books during the year.
ii) Inventory of raw material / components amounting to Rs. 1659083
lying with Bonded premises for over twenty years has no value and hence
have been written off in the books during the year.
iii) Liability for custom duty on raw material/components and excise
duty on finished goods as above and if any will be examined and settled
if and when such issue arises.
6. The matter of impairment of assets has been considered as at 31st
March, 2011. As per assessment made and valuation carried out by an
independent professional, no impairment loss against fixed assets is
expected.
7. In the absence of information from Sundry Creditors regarding
status under The Micro, Small and Medium Enterprises Development Act,
2006, the liability of interest can not be reliably estimated, nor
required disclosures can be made.
8. In view of carry forward losses, no Provision for Taxation has
been made for the year.
9. The Company has been advised that the provisions of The Sick
Industrial Companies [Special Provision] Act, 1985 are not applicable
to it.
10. Figures of the previous year have been regrouped and recasted
wherever necessary to make them comparable.
Mar 31, 2010
1. Contingent Liabilities:
[a] Claims against the Company not acknowledged as debts Rs.450000
[Previous year Rs.450000].
[b] Sales Tax matters under appeal Rs. 4283617 [Previous year Rs.
4283617].
2. Loans and Advances, Sundry Debtors and balances in supplier and
other accounts (with both debit and credit balances) are subject to
confirmation and subsequent adjustments, if need be.
3. Related Party Disclosures :
(i) There is no related party, viz., the requirements of Accounting
Standard 18, issued by The Institute of Chartered Accountants of
India.Though LML Limited is strictly not a related party, it is being
so considered to make the financial statements more transparent.
There is only one segment i.e. "Two Wheeler" for the Company. However,
the Companys own manufacturing operations of two wheelers have
remained suspended for some years. Final outcome about its future
operations remains pending.
4. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of uncertainty of sufficient future taxable
income which may be available for its realization, the Deferred Tax
Assets (Net) in accordance with Accounting Standard 22, issued by The
Institute of Chartered Accountants of India, has not been recognized by
way of prudence, as also in the previous year.
5. A physical verification of finished goods and other inventories
was carried out as at 31.03.2010. A technical team again re-assessed
the position as at 31.03.2010 of the finished goods and other
inventories at a salvage value, i.e., estimated realisable value of
Rs.2500 and Rs.373842 respectively.
Goods in Transit have been carried in the books on 31.03.2010 at an
assessed value of Rs. 1659083 and are subject to confirmation. As a
resultant, Rs. 358751 has been written down during the year.
6. The matter of impairment of assets has been considered as at 31sl
March 2010. As per assessment made and valuation carried out by an
independent professional, no impairment loss against fixed assets is
expected.
7. The Company accounts for the liability for excise and customs duty
in respect of finished products as well as Raw Material, Components,
Stores and Spares etc. lying in factory/bonded premises as and when
they are cleared / de-bonded. Accordingly, liability in respect of such
items at the end of the year which have not been cleared from factory
or de-bonded has not been provided for in the accounts and hence not
included in the valuation of inventory. The estimated liability in
respect of excise duty Rs.286 and custom duty is Rs.5944450 as on
31.03.2010 (previous year excise duty Rs.235 and custom duty
Rs.5944450).This accounting treatment has no impact on the Profit of
the current financial year.
8. In the absence of information from Sundry Creditors regarding
status under The Micro, Small and Medium Enterprises Development Act,
2006, the liability of interest can not be reliably estimated, nor
required disclosures can be made.
9. In view of carry forward losses, no Provision for Taxation has bee
made for the year.
10. The Company has been advised that the provisions of The Sick
Industrial Companies [Special Provisions] Act, 1985 are not applicable
to it.
11. Figures of the previous year have been regrouped and wherever
necessary to make them comparable.
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