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Notes to Accounts of Vintron Informatics Ltd.

Mar 31, 2015

1. The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to vote at meetings of the Company.

2. Of the above 7,25,00,000 equity shares (Previous Year 7,25,00,000 equity shares) are held by holding Company M/s Goodworth Build Invest Pvt. Ltd. that comprises 92.53% of share capital. Besides this none of the share holders is holding more than 5% of total share capital of the Company

3. Of the above 7,25,00,000 equity shares have been issued for a consideration other than cash by way of conversion of loans into equity pursuant to revival scheme as approved by the BIFR

4. Details of securitiy in respect of long term borrowings disclosed in Note No. 4 above

1) Secured loan of finance Company is secured by way of first charge on immovable property of the Company.

B) Other Disclosures related to long term borrowings

2) Loans from finance Company is at interest of 13.75% and is repayable in 120 equated monthly instalment.

3) There has no default in repayment of loan and interest as at the end of the year.

4) Unsecured loan from holding Company namely Goodworth Build Invest Private Limited is a non-interest bearing loan and there are no stipulations with regard to repayment of principle of the loan.

5. Contingent Liabilities not provided for in the books of accounts

a) Counter Guarantee issued against 21.00 21.00 outstanding -Bank Guarantees

b) Demand under Custom Act 610.45 610.45

c) Sales Tax disputed demand 110.58 86.70

d) ESI Demand 44.15 44.15

6. In the opinion of the Management the Current Assets, Loans and Advances have a value on realization in ordinary course of Business at least equal to the amount at which they are stated in the Balance Sheet, except otherwise stated elsewhere.

7. Claim against the Company (not acknowledged as Debts) - Rs. 41.00 Lakhs (Previous Year Rs. 168.68 Lakhs)

8. Inventories have been valued at lower of cost or realizable value in accordance with the accounting policy of the Company. In absence of Realizable value for certain raw material items, valuation is carried out at cost. Impact of the diminution in value of such items is not determined and shall be accounted for as and when the actual devaluation is occurred/ evaluated by technical expert. In view of management such devaluation shall not be significant.

9. Other advance in "Short term loan and Advances" in Note No. 14 includes Sales tax demand amounting to Rs. 24.00 lacs (Previous Year Nil) paid by the Company under protest and the matter is subjudice. The amount, as advised to the Company by legal experts is recoverable, hence not provided for as expense. The same shall be accounted for in accordance with the decision of the appeal.

10. Balance confirmation certificates from number of parties, included in debtors, creditors and advance recoverable were not available for verification.

11. No claim has been received from any of the Suppliers of their being a micro & small enterprise unit under Micro, Small and Medium Enterprises Development Act, 2006. Hence amount due to such entities is not ascertainable.

12. In compliance to Section 203 of the Companies Act, 2013 the Company is in process of appointment of key managerial person as Chief Financial Officer in the Company and the position is vacant as at 31st March, 2015.

13. Taxation Current Year Tax

In view of the unabsorbed losses as per income tax record the Company is not liable to pay tax on profit for the year. Also no tax liability is attracted on book profit of the Company under the provisions of Sec 115JB of Income Tax Act related to Minimum Alternate Tax (MAT).

Deferred Tax

Keeping in view the unabsorbed losses of the Company in Income Tax records and uncertainty of sufficient profit in the future years, Deferred Tax Asset in accordance with the provisions of Accounting Standard 22 on 'Taxes on Income' has not been recognized and provided in the accounts.

14. Related party transactions during the year in terms of the provisions of AS-18 of "Related Party Disclosures".

Name of the Associate : Goodworth Build Invest Pvt. Ltd.

Transactions during the year : Loan outstanding as at end of the year Rs. 518.97 Lacs (Previous Year Rs. 1049.05 Lacs.) Loan repaid during the year Rs. 530.07 Lacs (Previous Year Rs. 97.00 Lacs.). During the year Company obtained no loan (Previous year loan obtained 291.00 lacs)

Name of the Key Managerial Personnel : Shri R.K. Gupta, Managing Director

Transactions during the year : Remuneration Rs 14.62 Lacs (Previous Year Rs. 5.49 Lacs)

15. There are no reportable segments in the Company (Physical or geographical) hence segment-wise information in terms of the provisions of AS-17 on Segment Reporting' is not given.

16. The "Employee Benefits" as required to be provided under AS-15 issued by ICAI and the same are accounted for by the Company on the basis as enumerated hereunder. The quantum of defined benefit plans are to be valued by an actuary in terms of provisions of the Standard. Disclosures of Employees Benefits provided by the Company is as under :-

Defined Contribution Plan:

The Company pays fixed contribution to Provident Fund at predetermined rates to regional authorities as per law. The contribution to the fund for the period is recognized as expense and is charged to the statement of profit & loss. The obligation of the Company is limited to such fixed contribution. An amount of Rs.15.74 Lacs (Previous Year Rs. 11.63 Lacs) has been recognized as expense for defined contribution plan (Contributory Provident Fund).

Defined Benefit Plan:

a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited by the Company. Encashment is available at the time of retirement or superannuation. Amount as per entitlement as at the end of the year is recognized as expense. During the year Rs.0.60 Lacs (Previous Year Rs. 1.07 Lacs) has been paid/ provided towards leave encashment expenses.

b) Gratuity: The Company has obtained policy from an insurance Company towards gratuity benefit. The Company's contribution towards the policy is recognized as expense. During the year Rs.1.41 Lacs (Previous Year Rs. 5.17 Lacs) has been provided towards the gratuity contribution.

17. Previous Year figures have been regrouped or re-casted wherever considered necessary.


Mar 31, 2014

1. a) The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to vote at meetings of the Company.

b) Of the above 7,25,00,000 equity shares (Previous Year 7,25,00,000 equity shares) are held by holding Company M/s. Goodworth Build Invest Private Limited that comprises 92.53% of share capital. Besides this none of the share holders is holding more than 5% of total share capital of the Company.

c) Of the above 7,25,00,000 equity shares have been issued for a consideration other than cash by way of conversion of loans into equity pursuant to revival scheme as approved by the BIFR.

2. A. Details of securitiy in respect of long term borrowings disclosed in note no. 4 above Secured loan of Holding Company is secured by way of first charge on immovable property of the Company.

B. Other Disclosures related to long term borrowings

Loans from holding Company is non interest bearing and no stipulations are determined for repayment of the same.

3. Contingent Liabilities not provided for in the books of accounts

AS AT AS AT 31.03.2014 31.03.2013 (Rs. In Lakhs) (Rs. in Lakhs)

a) Counter Guarantee issued against outstanding - Bank Guarantees 21.00 80.95

b) Demand under Foreign Exchange Laws (Pending being disputed) NIL 12.00

c) Demand under Custom Act 610.45 610.45

d) Sales Tax disputed demand 86.70 86.70

e) ESI Demand 44.15 44.15

4. In the opinion of the Management the Current Assets, Loans and Advances have a value on realization in ordinary course of Business at least equal to the amount at which they are stated in the Balance Sheet, except otherwise stated elsewhere.

5. Claim against the Company (not acknowledged as Debts) - Rs.168.68 Lakhs (Previous Year Rs.53.68 Lakhs)

6. During the year the company has opted for closure of case related to export obligation of earlier years in accordance with the notification of Director General of Foreign Trade. Accordingly liability of the company has been paid to the tune of Rs.362.28 lacs. Since the differential duty was related to import of machinery in earlier years, the amount paid as aforesaid has been capitalized under relevant machinery and is depreciated alongwith the remaining useful life of the respective machinery.

7. Balance confirmation certificates from number of parties, included in debtors, creditors and advance recoverable were not available for verification.

8. No claim has been received from any of the Suppliers of their being a micro & small enterprise unit under Micro, Small and Medium Enterprises Development Act, 2006. Hence amount due to such entities is not ascertainable.

9. Taxation

Current Year Tax

In view of the unabsorbed losses as per income tax record the Company is not liable to pay tax on profit for the year. Also no tax liability is attracted on book profit of the company under the provisions of Sec 115JB of Income Tax Act related to Minimum Alternate Tax (MAT).

Deferred Tax

Keeping in view the unabsorbed losses of the Company in Income Tax records and uncertainty of sufficient profit in the future years, Deferred Tax Asset in accordance with the provisions of Accounting Standard 22 on ''Taxes on Income'' has not been recognized and provided in the accounts.

10. Related party transactions during the year in terms of the provisions of AS-18 of "Related Party Disclosures".

Name of the Associate : Goodworth Build Invest Pvt. Ltd.

Transactions during the year : Loan outstanding as at end of the year Rs.1049.05 Lacs (Previous Year Rs.855.05 Lacs.) Loan repaid during the year Rs. 97.00 Lacs. During the year Company obtained loan Rs. 291 Lacs (Previous year loan obtained 9.50 lacs)

Name of the Key Managerial Personnel : Shri R. K. Gupta, Managing Director

Transactions during the year : Remuneration Rs. 5.49 Lacs (Previous Year Rs. 5.82 Lacs)

11. There are no reportable segments in the Company (Physical or geographical) hence segment-wise information in terms of the provisions of AS-17 on Segment Reporting'' is not given.

12. To comply with the guidance note on "Accounting Treatment of Excise Duty" issued by The Institute of Chartered Accountants of India, excise duty amounting to Rs.0.27 Lacs (Previous Year Rs. NIL) has been included in the value of inventories as on 31.3.2014 and the corresponding amount of Excise Duty Payable has been included in other liabilities. However, this has no impact on the profit for the year.

13. The "Employee Benefits" as required to be provided under AS 15 issued by ICAI and the same are accounted for by the company on the basis as enumerated hereunder. The quantum of defined benefit plans are to be valuated by an actuary in terms of provisions of the Standard. Disclosures of Employees Benefits provided by the company is as under :-

Defined Contribution Plan:

The Company pays fixed contribution to Provident Fund at predetermined rates to regional authorities as per law. The contribution to the fund for the period is recognized as expense and is charged to the statement of profit & loss. The obligation of the Company is limited to such fixed contribution. An amount of Rs.11.63 Lacs (Previous Year Rs.9.16 Lacs) has been recognized as expense for defined contribution plan (Contributory Provident Fund).

Defined Benefit Plan:

a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited by the Company. Encashment is available at the time of retirement or superannuation. Amount as per entitlement as at the end of the year is recognized as expense. During the year Rs.1.07 Lacs (Previous Year Rs.0.45 Lacs) has been provided towards leave encashment expenses.

b) Gratuity: The Company has obtained policy from an insurance company towards gratuity benefit. The Company''s contribution towards the policy is recognized as expense. During the year Rs.5.17 Lacs (Previous Year Rs.6.22 Lacs) has been provided towards the gratuity contribution.

14. Previous Year figures have been regrouped or re-casted wherever considered necessary.


Mar 31, 2013

1. Contingent Liabilities not provided for in the books of accounts:-

AS AT AS AT 31.03.2013 31.03.2012 (Rs. In Lakhs) (Rs. in Lakhs)

a) Counter Guarantee issued against outstanding - Bank Guarantees 80.95 80.95

b) Demand under Foreign Exchange Laws (Pending being disputed) 12.00 12.00

c) Demand under Custom Act 610.45 610.45

d) Sales Tax disputed demand 86.70 86.70

e) ESI Demand 44.15 44.15

2. In the opinion of the Management the Current Assets, Loans and Advances have a value on realization in ordinary course of Business at least equal to the amount at which they are stated in the Balance Sheet, except otherwise stated elsewhere.

3. Claim against the Company (not acknowledged as Debts) – Rs.53.68 Lakhs (Previous Year Rs.53.68 Lakhs)

4. Rupee equivalent as at 31.03.2013 of export obligation to be completed by the Company under EPCG Scheme Rs. 2,644.00 Lacs (Previous Year Rs. 2,644.00 Lacs). Pursuant to the relief granted under the revival scheme the Company has got extension of time limit for fulfillment of the obligation upto the financial year ending on 31.03.2014.

5. Balance confirmation certificates from number of parties, included in debtors, creditors and advance recoverable were not available for verification.

6. No claim has been received from any of the Suppliers of their being a micro & small enterprise unit under Micro, Small and Medium Enterprises Development Act, 2006. Hence amount due to such entities is not ascertainable.

7. Taxation Current Year Tax

In view of the unabsorbed losses as per income tax record the Company is not liable to pay tax on profit for the year. Also no tax liability is attracted on book profit of the Company under the provisions of Section 115JB of Income Tax Act related to Minimum Alternate Tax (MAT).

Deferred Tax

Keeping in view the unabsorbed losses of the Company in Income Tax records and uncertainty of sufficient profit in the future years, Deferred Tax Asset in accordance with the provisions of Accounting Standard 22 on ''Taxes on Income'' has not been recognized and provided in the accounts.

8. Related party transactions during the year in terms of the provisions of AS-18 of "Related Party Disclosures". Name of the Associate : Goodworth Build Invest Pvt. Ltd.

Transactions during the year : Loan outstanding as at end of the year Rs. 855.05 Lacs (Previous

Year Rs. 864.55 Lacs) Loan repaid during the year Rs. 9.50 Lacs (Previous Year loan obtained 179.90 Lacs)

Name of the Key Managerial Personnel : Shri R. K. Gupta, Managing Director

Transactions during the year : Remuneration Rs. 5.82 Lacs (Previous Year Rs. 6.67 Lacs)

9. There are no reportable segments in the Company (Physical or geographical) hence segment-wise information in terms of the provisions of AS-17 on ''Segment Reporting'' is not given.

10. The "Employee Benefits" as required to be provided under AS-15 issued by ICAI and the same are accounted for by the Company on the basis as enumerated hereunder. The quantum of defined benefit plans are to be valuated by an actuary in terms of provisions of the Standard. Disclosures of Employees Benefits provided by the Company is as under:-

Defined Contribution Plan:

The Company pays fixed contribution to Provident Fund at predetermined rates to regional authorities as per law. The contribution to the fund for the period is recognized as expense and is charged to the statement of profit & loss. The obligation of the Company is limited to such fixed contribution. An amount of Rs.9.52 Lacs (Previous Year Rs.6.75 Lacs) has been recognized as expense for defined contribution plan (Contributory Provident Fund).

Defined Benefit Plan:

a) Earned Leave Benefit: Accrual of 20 day leave per annum is credited by the Company. Encashment is available at the time of retirement or superannuation. Amount as per entitlement as at the end of the year is recognized as expense. During the year Rs.0.45 Lacs (Previous Year Rs.0.25 Lacs) has been provided towards leave encashment expenses.

b) Gratuity: The Company has obtained policy from an Insurance Company towards gratuity benefit. The Company''s contribution towards the policy is recognized as expense. During the year Rs.6.22 Lacs (Previous Year Rs.3.71 Lacs) has been provided towards the gratuity contribution.

11. Previous Year figures have been regrouped or re-casted wherever considered necessary.

 
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