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Notes to Accounts of Voltamp Transformers Ltd.

Mar 31, 2015

A. The Board of Directors has proposed dividend of Rs. 10,11,71,200/- to be distributed to equity shareholders at the rate of Rs. 10 per equity share.

B. The Company is in the business of manufacturing of single product namely transformers. Further, organization set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS- 17 on Segment Reporting is not applicable.

C. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

D. In the opinion of the Board, assets, other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

E. Balance of trade receivables & loans and advances is subject to confirmation by them.

F. Details as required under Accounting Standard - 15

The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under Companies Accounting Standards Rule, 2006. In accordance with the above standard, the obligations of the company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account.

The Company has classified the various benefits provided to employees as under:

I. Defined Contribution Plans:

1) Provident Fund / Employees'' Pension Fund

2) Superannuation Fund

3) Group Life Insurance Cover

Category of Plan Assets:

The Company''s Plan Assets in respect of Gratuity are funded through the Group Scheme of the Life Insurance Corporation of India.

2. The amount of Excise Duty disclosed as deduction from turnover is the total excise duty collected for the year. Excise duty related to the difference between the closing stock and the opening stock, has been included in other expenses as per Note No. 22 annexed and forming part of statement of profit and loss.

b. Nature of provision

Warranties - The Company provides Warranty for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as on March 31, 2015 represents the amount of the expected cost based on past experience of meeting such obligations.

3. PRIOR PERIOD COMPARATIVES

The previous year''s figures have been regrouped / reclassified to make them comparable with those of current year.


Mar 31, 2014

As at As at Particulars 31-Mar-2014 31-Mar-2013

1. OTHER DETAILS TO BALANCE SHEET

a. Contingent Liabilities and commitments (to the extent not provided for) Contingent Liabilities

Claims against the company not acknowledged as debt in respect of Central Excise Duty * 3,32,41,316 3,03,12,376

Commitments

Capital commitments 1,23,61,280 --

Total 4,56,02,596 3,03,12,376

b. No provision is made in the accounts for the above, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeals before the Commissioner (Appeals).

c. The Board of Directors has proposed dividend of Rs. 10,11,71,200/- to be distributed to equity shareholders at the rate of Rs. 10 per equity share.

d. The Company is in the business of manufacturing of single product namely transformers. Further organization set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

e. In the opinion of the management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

f. In the opinion of the Board, assets, other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

g. Balance of trade receivables & loans and advances is subject to confirmation by them.

2. PROVISIONS

b. Nature of provision

Warranties – The Company provides warranty for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as on March 31, 2014 represents the amount of the expected cost based on past experience of meeting such obligations.

3. PRIOR PERIOD COMPARATIVES

The previous year''s figures have been regrouped / reclassified to make them comparable with those of current year.


Mar 31, 2013

1. MEDIUM AND SMALL ENTERPRISES

Based on the information available with the Company and relied upon by the auditors to the extent enterprise could be identified as Micro and Small, the following disclosure in respect of Medium and Small Enterprises as defined under Micro Small & Medium Enterprises Development Act, 2006 is as under.

2. PRIOR PERIOD COMPARATIVES

The Company has prepared financial statement as per Revised Schedule VI to the Companies Act, 1956 and accordingly, the assets, liabilities income and expenditure of the previous year is regrouped/ reclassified to conform to the current year''s presentation.


Mar 31, 2012

No provision is made in the accounts for the above, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeal before the Commissioner (Appeals).

a. The Board of Directors has proposed a dividend of Rs 10,11,71,200/- to be distributed to equity share holders at the rate of Rs 10/- per equity share.

b. The Company is in the business of manufacturing of single product namely transformers. Further, organization set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

c. In the opinion of the management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance sheet date requiring recognition in terms of AS-28.

d. In the opinion of the Board, the current assets are approximately of the value stated if realised in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary. There are no contingent liabilities other than stated.

e. Balance of trade receivables & loans and advances is subject to confirmation by them.

f. Details as required under Accounting Standard 15

The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under the Companies Accounting Standards Rules, 2006. In accordance with the above standard, the obligations of the Company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account.

The Company has classified the various benefits provided to employees as under:

I. Defined Contribution Plans:

1) Provident Fund / Employees' Pension Fund

2) Superannuation Fund

3) Group Life Insurance Cover

II. Defined Benefit Plans:

1) Contribution to Gratuity Fund

2) Provision for Post Retirement Medical Benefits [PRMB]

3) Provision for Compensated Absences [CA]

In accordance with Accounting Standard- 15, relevant disclosures are as under:

b. Nature of provision

Warranties - The Company provides warranty for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as on March 31, 2012 represents the amount of the expected cost based on past experience of meeting such obligations.

1. PRIOR PERIOD COMPARATIVES

The Company has prepared financial statement as per Revised Schedule VI to the Companies Act, 1956 and accordingly, the assets, liabilities, income and expenditure of the previous year is regrouped/ reclassified to conform to the current year's presentation.


Mar 31, 2011

(Rupees in Lacs)

1. Contingent Liabilities & Provisions 31-03-2011 31-03-2010

(A) Contingent Liabilities

a) Counter Guarantee given to the Banks 14236.25 14619.89 for Bank guarantees issued

b) Claims against the Company, not acknowledged as debts

- Others 16.54 16.54

Excise Duty 10.75 10.75

Total 14263.54 14647.18

c) The Company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.8.91 lacs and penalty of Rs. 8.91 lacs for the year 2007-08 and 2008-09. The said demand is raised for claim of Modvat credit on process loss of about 4 % to 5% resulted during conversion of copper in to copper wires and strips.

d) The Company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.130.57 lacs and penalty of Rs. 130.57 lacs for the period from April 2004 to May 2009. The said demand is raised for claim of Modvat Credit on scrap / waste generated in the process of job work carried out by the out side job work parties who have retained the scrap / waste generated in the process.

No provision is made in the accounts for the above, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeal before the Commissioner of (Appeals).

2. The amount of Excise Duty disclosed as deduction from turnover is the total excise duty collected for the year. Excise duty related to the difference between the closing stock and the opening stock, has been disclosed as Excise Duty under Schedule -14 annexed and forming part of profit and loss account.

3. The Company is in the business of Manufacturing of Single Product namely Transformers. Further Organisation Set up is Unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

4. The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under Companies Accounting Standards Rule, 2006. In accordance with the above standard, the obligations of the Company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account.

5. Defined Benefit Plans:

(a) Contribution to Gratuity Fund

(b) Provision for Post Retirement Medical Benefits [PRMB]

(c) Provision for Compensated Absences [CA]

(E) Category of Plan Assets:

The Company's Plan Assets in respect of Gratuity are funded through the Group Scheme of the Life Insurance Corporation of India.

b) Nature of Provision :

Warranties - The Company provides Warranties for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warrantee period. Provision made as on 31st March, 2011 represents the amount of the expected cost based on past experience of meeting such obligations.

6. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

7. In the opinion of the Board, the current assets are approximately of the value stated if realised in the ordinary course of business. The provision for the depreciation and for all known Liabilities are adequate and not in excess of amount reasonably necessary. There are no Contingent Liabilities other than stated.

8. Prior period comparatives

Previous year figures have been regrouped/ rearranged wherever necessary to conform to current year's presentation.


Mar 31, 2010

(Rupees in Lacs)

1. Contingent Liabilities & Provisions 31-03-10 31-03-09

(A) Contingent Liabilities

a) Counter Guarantee given to the Bank 14619.89 11949.32 for Bank guarantees issued.

b) Claims against the Company, not acknowledged as debts

- Others 16.54 16.54

Excise Duty 10.75 10.75

Total 14647.18 11976.61

c) The company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.8.91 lacs and penalty of Rs. 8.91 lacs for the year 2007-08 and 2008-09. The said demand is raised for claim of Modvat credit on process loss of about 4 % to 5% resulted during conversion of copper in to copper wires and strips.

d) The company has received demand notice from the Central Excise Department, raising the demand of duty of Rs. 130.57 lacs and penalty of Rs. 130.57 lacs for the period from April 2004 to May 2009. The said demand is raised for claim of Modvat Credit on scrap / waste generated in the process of job work carried out by the out side job work parties who have retained the scrap / waste generated in the process.

No provision is made in the accounts for the above, as the company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeal before the Commissioner (Appeals).

2. The amount of Excise Duty disclosed as deduction from turnover is the total excise duty collected for the year. Excise duty related to the difference between the closing stock and the opening stock, has been disclosed as Excise Duty under Schedule -14 annexed and forming part of profit and loss account.

3. The Company is in the business of Manufacturing of Single Product namely Transformers. Further organisation set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

4. Disclosure of Related Parties in accordance with AS 18 on related parties.

List of Related Parties:

Associate Company / firm : Key Managerial Personnel Relative of Key Managerial Personnel

Patson Transformers Pvt. Ltd. Shri Lalitkumar H. Patel Smt. Urmilaben L. Patel

Hari Steel Pvt. Ltd. Shri Kunjal L. Patel Smt. Taral K. Patel

The Banyan Club Shri Kanubhai S. Patel Smt. Vanlila K. Patel

5. The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under Companies Accounting Standards Rule, 2006. In accordance with the above standard, the obligations of the company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account. The company has classified the various benefits provided to employees as under: I. Defined Contribution Plans:

(a) Provident Fund / Employees Pension Fund

(b) Superannuation Fund

(c) Group Life Insurance Cover

II. Defined Benefit Plans:

(a) Contribution to Gratuity Fund

(b) Provision for Post Retirement Medical Benefits [PRMB]

(c) Provision for Compensated Absences [CA]

The Company has discontinued Special Monetary Incentive Scheme w.e.f. 31st December, 2008. The actual liability as per the said scheme is ascertained and fully provided in the books. The final installment has been paid to the employees during the year.

6. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28

7. In the opinion of the Board, the current assets are approximately of the value stated if realised in the ordinary course of business. The provision for the depreciation and for all known Liabilities are adequate and not in excess of amount reasonably necessary. There are no Contingent Liabilities other than stated.

8. Balance of Sundry Debtors & Advances is subject to confirmation by them.

9. Prior period comparatives

Previous year figures have been regrouped/ rearranged wherever necessary to confirm to current years presentation.

 
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