Mar 31, 2015
1. General Company Information.
The Company was incorporated on 08-02-1995, engaged in business of
manufacturing printed circuit boards. The Company is having its
manufacturing plants at Gandhinagar in the State of Gujarat, INDIA.
2. Terms/right attached to equity share
The company has only one class of equity share 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 pay dividends in Indian
rupees. The dividend proposed by the Board of Director is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holder of equity shares
will be entitled to received 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.
3. Buy-back of equity shares:
As per the approval by way of resolution passed in the meeting of the
Board of Directors of the Company on 23rd October, 2013 in accordance
with the provisions of the Companies Act, 1956 and Securities and
Exchange Board of India (Buy Back of Securities) Regulations, 1998 (as
amended), the Company offered to buy-back its equity shares of face
value of Rs. 10/- each, to the extent of less than 10% of the paid-up
equity share capital and free reserves of the Company, upto a maximum
amount of Rs. 1,50,00,000/- at a maximum price of Rs. 8/- per share
from open market. Pursuant to this, the Company has, during the year
ended 31st March, 2014 bought-back 18,30,984 equity share at price of
Rs. 8/- per equity share, utilizing a sum of Rs. 1,46,47,872 (excluding
other expenses). On account of buy-back of shares, the Company has
created :(a) Capital Redemption Reserve of Rs. 1,83,09,840/- towards
the face value of 18,30,984 shares of Rs. 10/- each by way of
appropriation against General Reserve and (b) Capital Reserves of Rs.
36,61,968/- towards the profit of Rs. 2/- per share on buy back of
shares. In terms of the provision of Section 77A of the Companies Act,
1956 and SEBI (Buy Back of Securities) Regulations 1998 (as amended),
the Company has completed extinguishment of 18,30,984 shares as on 31st
December, 2013.
4. Aggregate number of shares bought back during the period of five
years immediately preceding the reporting date is 18,30,984/-
(31-03-2014 : 18,30,984/-) equity shares.
4. RELATED PARTY DISCLOSURES
As per Accounting Standard 18, the disclosure of transactions with the
related parties as defined in accounting standard are given below:
(i) List of related parties where control exist and related parties
with whom transactions have taken place and their relationships
Sr. No. Name of the Party Relationship
1 Paresh N. Vasani Key Managerial Personnel
2 PCB Power (India) Ltd. Subsidiary company
3 PCB Planet (India) Ltd.
Company in which Key Managerial
4 Eurocircuits India Ltd. Personnel are Directors
6. CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF:
(Amount in Rs.)
Year ended Year ended
31-03-2015 31-03-2014
i) Tax matters,
- Disputed liability in respect of
Income-tax demands - 2,984,020
(including interest)(Matter
under appeal)
- Disputed in respect of time
limit for deferment of Sales Tax - -
liability (Amount not quantified
and Matter under appeal)
7. Details for exceptional items are as follows.
(i) The company has debited Rs. 2,96,27,916/- as write off for obsolete
inventories and spares. The company has conducted detailed verification
of its inventory during this financial year to find out stock which has
become obsolete or whose economic value has become Nil. The company had
accumulated significant quantity of stocks and spares which had book
value but could not be used by the company for manufacturing and
maintenance purpose because of its odd size, shape or other factors.
Hence, economic value of such stocks has practically become zero for
the company. During the year, company carried out exercise to find such
obsolete inventories and discard them, in order to reflect more
realistic position of the inventory. Accordingly, the company has
reduced value of Rs. 2,96,27,916/-in its closing inventory as on 31
March 2015.
(ii) The Company has debited Rs. 2,30,05,998/- as bed debts in
exception items. The company had accumulated balance in receivables
which was long overdue but had not received since long. The payments
were pending due to various reasons such as quality disputes, rate
disputes, receivables being unresponsive and other reasons. The company
had made detail assessment of recoverability of each receivable and
decided to write off those balances which cannot be recovered even
after considerable efforts. During year, the company has written off
Rs. 2, 30, 05,998/- for various irrecoverable balances.
(iii) The company has made provisions of Rs. 1, 50, 00,000/- in respect
of disputed legal matters of other for which the company was served
notice as a second party. The board has assessed likely liability which
may arise out of the settlement of this suit. The Board has agreed to
create provisions for anticipated liability pending final disposal of
matters by court.
Total debits in exceptional items is Rs. 6,77,23,898/- which is of
non-recurring nature and is not expected to be repeated in foreseeable
future.
8. The Company has considered manufacturing of various grade of PCB
as Single Segment and hence Primary Segment Disclosure is not
applicable. With respect to second geographical segment management has
view that there is no material risk is attached with geographical
operation of the Company and hence considered as single segment.
9. Previous year's figures have been reworked, regrouped, rearranged
and reclassified wherever necessary.
10. Balances in respect of trade receivables, loans and advances and
trade payables are subject to confirmation from the respective parties
and reconciliation, if any.
11. In the opinion of the management, the Current Assets, Loans and
advances are realizable at the values stated in the financial
statements in the ordinary course of business and adequate provision
for all known liabilities has been made in the accounts.
Mar 31, 2014
General Company Information.
The Company was incorporated on 08-02-1995, engaged in business of
manufacturing printed circuit boards. The Company is having its
manufacturing plants at Gandhinagar in the State of Gujarat, INDIA.
1. Terms/right attached to equity share
The company has only one class of equity share 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 pay dividends in Indian
rupees. The dividend proposed by the Board of Director is subject to
the approval of the shareholders in the ensuing Annual General
Meeting.In the event of liquidation of the company, the holder of
equity shares will be entitled to received 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.
2. Buy-back of equity shares:
As per the approval by way of resolution passed in the meeting of the
Board of Directors of the Company on 23rd October, 2013 in accordance
with the provisions of the Companies Act, 1956 and Securities and
Exchange Board of India (Buy Back of Securities) Regulations, 1998 (as
amended), the Company offered to buy-back its equity shares of face
value of Rs. 10/- each, to the extent of less than 10% of the paid-up
equity share capital and free reserves of the Company, upto a maximum
amount of Rs. 1,50,00,000/- at a maximum price of Rs. 8/- per share
from open market. Pursuant to this, the Company has, during the year
ended 31st March, 2014 bought-back 18,30,984 equity share at price of
Rs. 8/- per equity share, utilizing a sum of Rs. 1,46,47,872 (excluding
other expenses). On account of buy-back of shares, the Company has
created :(a) Capital Redemption Reserve of Rs. 1,83,09,840/- towards
the face value of 18,30,984 shares of Rs. 10/- each by way of
appropriation against General Reserve and (b) Capital Reserves of Rs.
36,61,968/- towards the discount of Rs. 2/- per share. In terms of the
provision of Section 77A of the Companies Act, 1956 and SEBI (Buy Back
of Securities) Regulations 1998 (as amended), the Company has completed
extinguishment of 18,30,984 shares as on 31st December, 2013.
3. Aggregate number of shares bought back during the period of five
years immediately preceding the reporting date is 1830984(31-03-2013 :
Nil) equity shares.
4. Notes:
1. Loan from Bank carries interest @ 10.66% p.a. The loan is repayable
in 36 monthly instalments of Rs. 22805/- each along with interest,
from the date of loan viz. 12-10-2013. The loan is secured by
hypothecation of motor-car of the company. Current maturity of
long-term borrowings is Rs. 218502 (31.03.2013: Rs. Nil)
Notes:Cash credit and buyer''s credit from bank is primarily secured by
way of hypothecation on inventory, charge on book debts and current
assets of the company(both present and future). Further it is
secondarily secured by way of equitable mortgage of land situated at
GIDC, Gandhinagar and hypothecation of plant and machinery and other
movable assets of the company excluding vehicles(both present and
future). Further it is secured by way of personal guarantee of a
director and a relative of a director. Further buyer''s credit is
secured by way of margin money deposits.
5. CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF:
(Amount in Rs.)
Year ended Year ended
31-03-2014 31-03-2013
i) Tax matters,
* Disputed liability in respect of
Income-tax demands (including interest) 2984020 2984020
(Matter under appeal)
* Disputed in respect of time limit
for deferment of Sales Tax liability - -
(Amount not quantified and Matter under
appeal)
ii) Disputed labour matters of others for which company was served
notice as a secondary party (Amount not quantified)
6. Exceptional item of Rs. 1443709/- pertains to expenditure incurred
on Buy-back of equity shares during the year.
7. The company has hedged its foreign exchange exposure on imports
through appropriate derivative contracts.
8. The Company has considered manufacturing of various grade of PCB as
Single Segment and hence Primary Segment Disclosure is not applicable.
With respect to second geographical segment management has view that
there is no material risk is attached with geographical operation of
the Company and hence considered as single segment.
9. Previous year''s figures have been reworked, regrouped, rearranged
and reclassified wherever necessary.
10. Balances in respect of trade receivables, loans and advances and
trade payables are subject to confirmation from the respective parties
and reconciliation, if any.
11. In the opinion of the management, the Current Assets, Loans and
advances are realizable at the values stated in the financial
statements in the ordinary course of business and adequate provision
for all known liabilities has been made in the accounts.
Mar 31, 2013
General Company Information.
The Company was incorporated on 08-02-1995, engaged in business of
manufacturing printed circuit boards. The Company is having its
manufacturing plants at Gandhinagar in the State of Gujarat, INDIA.
1. Discontinuing operations (Work In Progress Assets)
During the year under review, The Board of Directors had announced a
plan to dispose of Company''s SEZ unit located SEZ Gandhinagar. The
Company has a project work-in-progress comprising of Land, Building and
Machinery at the SEZ unit, Gandhinagar to enhance the business and
focus on export market. Due to global business recession and slow down,
the Company could not implement the project in due time frame and the
company has concentrated on domestic market. It is in the company''s
interest to sell the above assets at SEZ, Gandhinagar. The company
foresight good opportunities in the domestic market and would like to
utilize its resources to strengthen its position in the Indian market.
2. The Company has considered manufacturing of various grade of PCB
as Single Segment and hence Primary Segment Disclosure is not
applicable. With respect to second geographical segment management has
view that there is no material risk is attached with geographical
operation of the Company and hence considered as single segment.
3. Previous yearÂs figures have been reworked, regrouped, rearranged
and reclassified wherever necessary.
4. Balances in respect of trade receivables, loans and advances and
trade payables are subject to confirmation from the respective parties
and reconciliation, if any.
5. In the opinion of the management, the Current Assets, Loans and
advances are realizable at the values stated in the financial
statements in the ordinary course of business and adequate provision
for all known liabilities has been made in the accounts.
Mar 31, 2012
1. Company Information.
(i) The company was incorporated on 08-02-1995
(ii) The company has having two manufacturing plants at
- B/24 Electronoc Estate, GIDC, Gandhinagar.
- Plot No. 11-12 &. 36-37 at: SEZ, Gandhinagar.
(iii) The Plant at SEZ was set up in F.Y.2007-08 & commercial
production in SEZ unit has not commenced. (iv) The company is in
business of manufacturing printed circuit boards
2. During the year under review, company has capitalized preoperative
expenses of Rs. 31.65 lacs considered as attributable to SEZ project by
the management as under:-
I Interest on Bank Term Loan 3.53
II Non fianancial expenses capitalised 28.12
31.65
Add: Expenses capitalized up to 31/03/2011 319.06
Total Expenses Pending Allocation 350.71
3. The company has capitalized loss of Rs. 16.14 lacs on sale of
plant & machinery of SEZ project instead of charging same to the profit
& loss account against the procedure followed in the accounting year
10-11 in which the profit of Rs. 18.43 lacs on sale of partial part of
the building of SEZ project was considered as revenue income after
obtaining expert opinion for the matter.
4. Due to technical problems in accounting software utilized earlier,
there are number of credit & debit balances in accounts of account
receivables, other receivables, trade payables & other payables, which
are in opinion of management are neither receivable nor payable.
Accordingly the management has written off such balances by considering
other income of Rs. 49.09Lacs (credit balances of Rs. 123.43 Lacs less
debit balances of Rs. 74.34 Lacs) being net difference between such
balances through prior period adjustment and for such writing off, we
have relied upon the declaration of the management.
5. Based on the information available with the Company, there are no
suppliers who are registered under Micro, Small and Medium Enterprises
Development Act, 2006 as at 31st March, 2011. Hence the disclosure
relating to amounts unpaid as at the year end together with interest
paid/ payable under this Act has not been given.
6. Though there is a second shift working, machineries used for
second shift are exclusively used for second shift only; no
depreciation, in view of management, is required to be provided for
second shift working.
7. The company has considered manufacturing of various grade of PCB
as Single Segment and consequently has not made Primary Segment
Disclosure. With Respect to Secondary Segment Information (Geographical
Segment), in view of management, the company is operating in single
segment though company is carrying out Domestic and Export Sales.
8. Previous year's figures have been reworked, regrouped, re-arranged
& re-classified wherever necessary in order to confirm to this year's
presentation.
9. In the opinion of the Board of Directors, the current assets, loan
and advances are approximately of the value stated, if realized, in the
ordinary course of business; the provisions for all known liabilities &
depreciation are adequate and not in excess of the amount reasonably
considered necessary; no personal expenses have been charged to
revenue.
10. Statement of Cash flow for the year 2012.
Mar 31, 2011
(Rs. In Lacs)
2010-2011 2009-2010
1) CONTINGENT LIABILITIES:
Guarantee given 11.30 10.00
Forward Contracts 460.93 447.81
472.23 457.81
b) SALES & EXPORTS:
i) Quantity of finished goods (PCB) shown in sq. meter is not precise
indication of quantity, as it includes PCB's of different sizes and
thickness.
ii) Actual sales are made in Nos. which are converted into quantity for
disclosure.
iii) Quantitative figures and conversion thereof in Sq. Meters being
technical matter, is taken as certified by the management.
c) Raw material Consumption:
Notes:
i. Consumption of raw material does not include goods received free of
cost.
ii. Consumption is exclusive of excise cenvat adjusted against excise
collected on sales.
iii. VAT to the extent of availment of set off is also not included in
cost of consumption.
iv. Quantity of copper sheets shown in number is not precise
indication of quantity, as it includes copper sheets of different sizes
and thickness.
v. Quantitative disclosures, taken as certified by the Management.
2. Based on the information available with the Company, there are no
suppliers who are registered under Micro, Small and Medium Enterprises
Development Act, 2006 as at 31st March, 2011. Hence the disclosure
relating to amounts unpaid as at the year end together with interest
paid/payable under this Act has not been given.
3. Segment Reporting :The company has considered manufacturing of
various grade of PCB as Single Segment and consequently has not made
Primary Segment Disclosure. With Respect to Secondary Segment
Information (Geographical Segment), in view of management, the company
is operating in single segment though company is carrying out Domestic
and Export Sales.
4. Associates :
(a) PCB Planet (India) Ltd.
(b) Global Tech India (Pvt) Ltd.
(c) Apollo Industries & Projects Ltd.
(d) PCB Power (India) Ltd.
(e) Accumeg Circuits Ltd.
(f) Gujarat Apollo Industries Ltd.
Key Managerial Personnel :
Mr. Anilbhai T. Patel - Director
Mr. Magan H. Patel - Director
Mr. Paresh N. Vasani - Managing Director
Mr. Sharad R. Shah - Whole Time Director
Mr. Somabhai Patel - Director
5. Previous year's figures have been reworked, regrouped, re-arranged
& re-classified wherever necessary in order to confirm to this year's
presentation.
6. In the opinion of the Board of Directors, the current assets, loan
and advances are approximately of the value stated, if realized, in the
ordinary course of business; the provisions for all known liabilities &
depreciation are adequate and not in excess of the amount reasonably
considered necessary; no personal expenses have been charged to
revenue.
Mar 31, 2010
(Rs. In Lacs)
2009-2010 2008-2009
1) CONTINGENT LIABILITIES:
Guarantee given 10.00 10.00
Forward Contracts 447.81 -
457.81 10.00
2) ADDITIONAL INFORMATION:
a) Additional information required to be given as per para 3 & 4 of
Schedule-VI of the Companies Act, 1956
i) INSTALLED CAPACITY : NA
ii) LICENCED CAPACITY : NA
iii) ACTUAL PRODUCTION
i) Quantity of finished goods (PCB) shown in sq. meter is not precise
indication of quantity, as it includes PCBs of different sizes and
thickness.
ii) Actual sales are made in Nos. which are converted into quantity for
disclosure.
iii) Quantitative figures and conversion thereof in Sq. Meters being
technical matter, is taken as certified by the management.
Notes:
i. Consumption of raw material does not include goods received free of
cost.
ii. Consumption is exclusive of excise cenvat adjusted against excise
collected on sales.
iii. VAT to the extent of availment of set off is also not included in
cost of consumption.
iv. Quantity of copper sheets shown in number is not precise
indication of quantity, as it includes copper sheets of different sizes
and thickness.
v. Quantitative disclosures, taken as certified by the Management.
i) The amount of exchange difference (net) credited to the profit &
loss account for the year is Rs. 80.50 Lacs. (P Y debited Rs. 99.66
lacs)
(j) Based on the information available with the Company and on the
basis of information made available to us, there are no suppliers who
are registered under Micro, Small and Medium Enterprises Development
Act, 2006 as at 31st March, 2010. Hence the disclosure relating to
amounts unpaid as at the year end together with interest paid/payable
under this Act has not been given.
(3) Though there is a second shift working, machineries used for second
shift are exclusively used for second shift only; no depreciation, in
view of management, is required to be provided for second shift
working.
(4) The company has been in process of reconciliation of claims of
Excise modvat & DEPB receivable recorded in the books from time to time
after implementing new accounting software with effect from 01/04/2008
with their actual claims with government authorities. The company has
to make additional claim of Rs. 73.43 lacs towards excise modvat &
Rs. 20.98 lacs towards DEPB claims with the authorities to match their
accounts records and claims submitted to the authorities. Since all
additional claims, in view of management, to be made are fully realizable,
no provision is required to be made for future shortfall which may occur
during such reconciliation.
(5) Segment Reporting :
The company has considered manufacturing of various grade of PCB as
Single Segment and consequently has not made Primary Segment
Disclosure. With Respect to Secondary Segment Information (Geographical
Segment), in view of management, the company is operating in single
segment though company is carrying out Domestic and Export Sales.
(6) Associates Companies:
(a) PCB Planet (India) Ltd.
(b) Global Tech India (Pvt) Ltd.
(c) Apollo Industries & Projects Ltd.
(d) PCB Power (India) Ltd.
(e) Accumeg Circuits Ltd.
(f) Gujarat Apollo Equipments Ltd.
Key Managerial Personnel:
Mr. Anilbhai T. Patel - Director
Mr. Magan H. Patel - Director
Mr. Paresh N. Vasani - Managing Director
Mr. Sharad R. Shah - Whole Time Director
Mr. Somabhai Patel - Director
(7) Previous years figures have been reworked, regrouped, re-arranged
& re-classified wherever necessary in order to confirm to this years
presentation.
(8) In the opinion of the Board of Directors, the current assets, loan
and advances are approximately of the value stated, if realized, in the
ordinary course of business; the provisions for all known liabilities &
depreciation are adequate and not in excess of the amount reasonably
considered necessary; no personal expenses have been charged to
revenue.