Mar 31, 2014
1. Contingent Liability 31.03.2014 31.03.2014
Rs./Million Rs./Million
In respect of demand from various
government authorities regarding
following dues:
(a) Disputed custom & central
excise duty 66.533 66.533
(refer other
note no. 3)
(b) Income Tax interest demand for
AY 1995-96 to1997-98 1.932 1.932
(refer other note no.4a)
(c) Income Tax Demand AY 1998-99 1.763 1.763
(refer other note no.4b)
(d) Amount Payable to HARTRON
(Haryana State Electronic 8.423 8.423
Development Corp.) for buyback
of equity shares in terms
of Arbitral award. Simple Interest
@ 9% p.a. to be paid in Addition
w.e.f. 01.11.2000. (Refer other
note no. 5)
(e) Bank Guarantee 0.450 0.450
2. Changes in Capital during the year 2008-09
As per rehabilitation scheme (SS-08) for revival of the company
sanctioned by Board for Industrial Financial Reconstruction (BIFR), the
company restructured its share capital in the year 2008-2009 as under:
a) Reduction in paid up equity share capital by 90% as result of which
paid up value of one equity share was reduced from Rs 10 to Rs 1.
Further to above, 10 equity shares of Re. 1 each were consolidated to
one equity share of Rs. 10 each, resulting in reduction of 10,318,100
equity shares to 1,031,810 equity shares.
b) Preferential issue to strategic investor and promoters of 3,111,600
equity shares and 638,100 equity shares respectively.
3. The company has applied for permission to exit from EOU scheme vide
its letter dated 01 July 2010 in response of which it was directed by
Development Commissioner, Noida Special Economic Zone vide letter
no.1-7/92/100%EOU/5261 dated 15th July 2010 to obtain no dues
certificate from Central Excise and Custom Department in respect of
benefits taken for 100% EOU since inception of the company.
In response to above, Central Excise department has served a show cause
notice no VIII (B) Cus/R/VIIIA/GGN/11/02/Pt. ii/15777 dated 11th
February 2011 directing the company to deposit Rs. 66.533 million
towards Custom & Central Excise Duty foregone on raw materials and
capital goods. The said payment is disputed by the Company and has been
shown a contingent liability.
4. (a) Income Tax dues for assessment year 1995-96 to 1997-98 are of
Rs 3,932,005 as per the orders of ITAT/ Honorable Delhi High Court
against which liability for Rs 2,000,000 has been accounted for as per
BIFR rehabilitation Sanction Scheme dated 27th March, 2008 and for the
remaining sum of Rs 1,932,005, which is on account of interest, waiver
has been sought from CBDT. (b) Income tax demand of Rs. 1,762,756 for
assessment year 1998-99 is under appeal before ITAT and has been shown
a contingent liability as the company is hopeful for a favorable
decision.
5. Haryana State Electronic Development Corporation (HARTRON) has
invested Rs 4.400 million as per Assisted Sector Agreement dated 5th
June,1991 by way of equity of Integrated Technologies Limited with the
condition that the company will buy back this equity after expiry of 5
years from the date of commercial production or at the expiry of 7
years; whichever is earlier.
The Arbitrator had passed the Arbitral Award dated 25th April, 2003 in
favour of HARTRON and determined payable amount Rs 8,423,135 with
interest @12% p.a. w.e.f 1.11.2000. Award was challenge by the
company in District Court which was dismissed. In the company''s further
appeal (FAO 1197 of 2009) to Honorable High Court, Chandigarh, the
payment to HARTRON was upheld but at a reduced interest rate of 9% p.a.
w.e.f 1.11.2000.
The company''s special leave petition to Honorable Supreme Court against
the above judgment dated 18.05.2011 of Honorable High Court, Chandigarh
has been dismissed on 25.11.2011.
The company is hopeful of a favorable settlement of the issue of which
the amount presently is not ascertainable and accordingly, it has been
shown a contingent liability.
6. In the opinion of the management, there is no taxable profit for
current year. Accordingly, no provision for income tax has been made.
7. No amount is payable to small scale industrial undertakings under
MSMED Act, as per information available with the company.
8. In the opinion of the Management, The Payment of Gratuity Act, 1972
is not applicable to the company, since no employee has completed 5
years of uninterrupted service and therefore no provision for gratuity
is made.
9. Certain debit/credit balances are subject to
confirmation/reconciliation and consequential adjustment, if any
required.
10. In the opinion of the management, current assets shall have a
value on realization in the ordinary course of business at least equal
to the amount at which they are stated in the balance sheet.
11. Related Party Disclosure
In compliance of Accounting Standard 18 on "Related Party Disclosure"
issued by the ICAI, the details pertaining to related party disclosure
are as follows:
Following are the Related Parties as per AS-18
(A) Particulars of Subsidiaries/Holding/Associate Companies Bubble
Softsolutions Private Limited
(B) Key Management Personnel
Name Designation
Mr. Rajeev Bali Managing Director
(C) Relative of Key Management Personal
Smt. Krishna Bali
(D) Enterprise over which any person described in (B) or (C) is able to
exercise Significant influence.
Bubble Softsolutions Private Limited Director Mrs. Krishna Bali
ITL Systems and Networks Mr. Rajeev Bali (Proprietor)
12. Segment Reporting
The company is engaged in the business of manufacturing of Printed
Circuit Boards (PCB''s). Accordingly, these financial statements are
reflective of the information required by the Accounting Standard -17
for professional grade printed circuit boards segment.
13. Figures for the previous year have been regrouped / rearranged,
wherever considered necessary.
Mar 31, 2013
1. Contingent Liability
31.03.2013 31.03.2012
Rs/Million Rs /Million
In respect of demand from various
government authorities regarding
following dues:
(a) Disputed custom & central excise
duty 66.533 66.533
(refer other note no. 3)
(b) Income Tax interest demand for
AY 1995-96 to1997-98 1.932 1.932
(refer other note no.4a)
(c) Income Tax Demand AY 1998-99
(refer other note no.4b) 1.763 1.763
(d) Amount payable to HARTRON
(Haryana
State Electronic Development Corp.) for 8.423 8.423
buyback of equity shares in terms of
Arbitral award (refer other note
no.5)
(e) Bank Guarantee 0.450 0.450
2. Changes in Capital during the year 2008-09
As per rehabilitation scheme (SS-08) for revival of the company
sanctioned by Board For Industrial Financial Reconstruction (BIFR), the
company restructured its share capital in the year 2008-2009 asunder:
a) Reduction in paid up equity share capital by 90% as result of which
paid up value of one equity share was reduced from Rs 10 to Re. 1.
Further to above , 10 equity shares of Re 1 each were consolidated to
one equity share of Rs 10 each, resulting in reduction of 1,03,18,100
equity shares to 10,31,810 equity shares.
b) Preferential issue to strategic investor and promoters of 31,11,600
equity shares and 6,38,100 equity shares respectively.
3. The company has applied for permission to exit from EOU scheme vide
its letter dated 01 July 2010 in response of which it was directed by
Development Commissioner, Noida Special Economic Zone vide letter no.
1-7/92/100%EOU/5261 dated 15th July 2010 to obtain no dues certificate
from Central Excise and Custom Department in respect of benefits taken
for 100% EOU since inception of the company.
In response to above, Central Excise department has served a show cause
notice no VIII (B) Cus/R/VIIIA/GGN/11/02/Pt. ii/15777 dated 11th
February 2011 directing the company to deposit Rs. 66.533 million
towards custom & central excise duty foregone on raw materials and
capital goods. The said payment is disputed by the Company and has
been shown a contingent liability.
4. (a) Income Tax dues for assessment year 1995-96 to 1997-98 are of
Rs 3,932,005 as per the orders of ITAT/Honorable Delhi High Court:
against which liability for Rs 2,000,000 has been accounted for as per
BIFR rehabilitation sanction scheme dated 27th March 2008 and for the
remaining sum of Rs 1,932,005, which is on account of interest, waiver
has been sought from CBDT.
b) Income tax demand of Rs. 1,762,756 for assessment year 1998-99 is
under appeal before ITAT and has been shown a contingent liability as
the company is hopeful for a favourable decision.
5. Haryana State Electronic Development Corporation (HARTRON) has
invested Rs 4.400 million as per Assisted Sector Agreement dated 5th
June 1991 by way of equity of Integrated Technologies Limited with the
condition that the company will buy back this equity after expiry of 5
years from the date of commercial production or at the expiry of 7
years; whichever is earlier.
The Arbitrator had passed the Arbitral Award dated 25th April 2003 in
favour of HARTRON and determined payable amount Rs 8,423,135 with
interest @12% p.a. w.e.f 1.11.2000. Award was challenge by the company
in district courts which was dismissed. In the company''s further appeal
(FAO 1197 of 2009) to Honorable High Court, Chandigarh, the payment to
HARTRON was upheld but at a reduced interest rate of 9% p.a. w.e.f
1.11.2000.
The company''s special leave petition to Honorable Supreme Court against
the above judgment dated 18.05.2011 of Honorable High Court; Chandigarh
has been dismissed on 25.11.2011. The company is hopeful of a
favorable settlement of the issue of which the amount presently is not
ascertainable and accordingly, it has been shown a contingent
liability.
6. In the opinion of the management, there is no taxable profit for
current year as the same would be set off against unabsorbed
depreciation and losses of earlier years. Accordingly, no provision for
income :ax has been made.
7. No amount is payable to small scale industrial undertakings under
MSMED Act, as per information available with the company.
8. In the opinion of the Management, the Gratuity Act, 1972 is not
applicable to the company, since no employee has completed 5 years of
uninterrupted service and therefore no provision for gratuity is made.
9. Certain debit/credit balances are subject to
confirmation/reconciliation and consequential adjustment, if any
required.
10. In the opinion of the management, current assets shall have a
value on realization in the ordinary course of business at least equal
to the amount at which they are stated in the balance sheet.
11. Related Party Disclosure
In compliance of Accounting Standard -18bn "Related Party Disclosure"
issued by the ICAI, the details pertaining to related party disclosure
are as follows:
Following are the Related Parties as per AS-18
(A) Particulars of Associate Companies / Strategic Investor Bubble
Softsolutions Private Limited
(B) Key Management Personnel
Name Designation
Mr. Rajeev Bali Managing Director
(C) Relative of Key Management Personal
Smt Krishna Bali
(D) Enterprise over which any person described In (B) or (C) Is able to
exercise significant influence.
Bubble Softsolutions Private Limited Director Mrs. Krishna Bali
ITL Systems and Networks Mr. Rajeev Bali (Proprietor)
Detail of Transactions
Related parties defined under Clause 3 of AS-18 "Related Party
Disclosure" has been identified on the basis of representation made by
managerial personnel and information available with the company.
12. Segment Reporting
The company is engaged in the business of manufacturing of Printed
Circuit Boards (PCB''s). Accordingly, these financial statements are
reflective of the information required by the Accounting Standard -17
for professional grade printed circuit boards segment.
13. Figures for the previous year have been regrouped / rearranged,
wherever considered necessary.
Mar 31, 2012
1. Changes in Capital during the year 2008-09
As per rehabilitation scheme (SS-08) for revival of the company
sanctioned by Board For Industrial Financial Reconstruction (BIFR), the
company restructured its share capital in the year 2008-2009 as under:
a) Reduction in paid up equity share capital by 90% as result of which
paid up value of one equity share was reduced from Rs 10 to Re. 1.
Further to above , 10 equity shares of Re 1 each were consolidated to
one equity share of Rs 10 each, resulting in reduction of 1,03,18,100
equity shares to 10,31,810 equity shares.
b) Preferential issue to strategic investor and promoters of 31,11,600
equity shares and 6,38,100 equity shares respectively.
2. The accumulated losses are more than 50 % of the Net Worth of the
company. Further, the company has incurred cash loss during the year
ended 31st March 2012 of Rs 2.83 lacs. The company has incurred cash
loss of Rs 85.02 lacs in the immediately preceding financial year. in
the view of the management reference to the same is presently not
required as per provisions of Sick Industrial Companies Act(SICA).
3. The company has applied for permission to exit from EOU scheme vide
its letter dated 01 July 2010 in response of which it was directed by
Development Commissioner, Noida Special Economic Zone vide letter
no.1-7/92/100%EOU/5261 dated 15th July 2010 to obtain no dues
certificate from Central Excise and Custom Department in respect of
benefits taken for 100% EOU since inception of the company.
In response to above, Central Excise department has served a show cause
notice no VIII (B) Cus/R/VIIIA/GGN/11/02/Pt. ii/15777 dated 11th
February 2011 directing the company to deposit Rs 665.33 lacs towards
custom & central excise duty foregone on raw materials and capital
goods. The said payment is disputed by the company and has been shown a
contingent liability.
4. (a) Income Tax dues for assessment year 1995-96 to 1997-98 are of
Rs 39,32,005 as per the orders of ITAT/Honourable Delhi High Court:
against which liability for Rs 20,00,000 has been accounted for as per
BIFR rehabilitation sanction scheme dated 27th March 2008 and for the
remaining sum of Rs 19,32,005, which is on account of interest, waiver
has been sought from CBDT.
(b) Income tax demand of Rs 17,62,756 for assessment year 1998-99 is
under appeal before ITAT and has been shown a contingent liability as
the company is hopeful for a favourable decision.
5. Haryana State Electronic Development Corporation (HARTRON) has
invested Rs 44 lacs as per Assisted Sector Agreement dated 5th June
1991 by way of equity of Integrated Technologies Limited with the
condition that the company will buy back this equity after expiry of 5
years from the date of commercial production or at the expiry of 7
years from the date of incorporation of the Company, whichever is
earlier.
The Arbitrator had passed the Arbitral Award dated 25th April 2003 in
favour of HARTRON and determined payable amount Rs 84,23,135 with
interest @12% p.a. w.e.f 1.11.2000. Award was challenge by the company
in district courts which was dismissed. In the company''s further appeal
(FAO 1197 of 2009) to Honorable High Court, Chandigarh, the payment to
HARTRON was upheld but at a reduced interest rate of 9% p.a. w.e.f
1.11.2000.
The company''s special leave petition to Honorable Supreme Court against
the above judgment dated 18.05.2011 of Honorable High Court, Chandigarh
has been dismissed on 25.11.2011. The company is hopeful of a
favourable settlement of the issue of which the amount presently is not
ascertainable and accordingly, it has been shown a contingent
liability.
6. The company has entered during the year an agreement to sell its
land and building and received an advance of Rs 4,50,00,000 from the
prospective buyer. Pending execution of the conveyance deed and handing
over the possession, the said advance is shown in note no. 5 of "other
current liabilities".
7. No amount is payable to small scale industrial undertakings under
MSMED Act, as per information available with the company.
8. In the opinion of management the Gratuity Act, 1972 is not
applicable to the company, since noemployee has completed 5 years of
uninterrupted service and therefore no provision for gratuity is made.
9. Addition to land of Rs 115,65,851 ( previous year Rs Nil) is on
account of 50% internal & external development charges paid by the
company to HSIDC . Remaining 50% are payable in four yearly
installments with 15% p.a. simple interest and have been agreed to be
borne by the buyer of land.
10. Certain debit/credit balances are subject to
confirmation/reconciliation and consequential adjustment, if any
required.
11. In the opinion of the management, current assets shall have a value
on realization in the ordinary course of business at least equal to the
amount at which they are stated in the balance sheet.
12. Related Party Disclosure
In compliance of Accounting Standard Â18 on "Related Party Disclosure"
issued by the ICAI, the details pertaining to related party disclosure
are as follows:
Following are the Related Parties as per AS-18
(A) Particulars of Associate Companies / Strategic Investor
Bubble Softsolutions Private Limited
(B) Key Management Personnel
Name Designation
Mr. Rajeev Bali Managing Director
(C) Relative of Key Management Personal
Smt Krishna Bali
(D) Enterprise over which any person described in (B) or (C) is able to
exercise significant influence.
Bubble Softsolutions Private Limited Director Mrs. Krishna Bali
ITL Systems and Networks Mr. Rajeev Bali (Proprietor)
13. Segment Reporting
The company is engaged in the business of manufacturing of Printed
Circuit Boards (PCB''s). Accordingly, these financial statements are
reflective of the information required by the Accounting Standard -17
for professional grade printed circuit boards segment.
Mar 31, 2011
1.Segment Reporting:
The company is engaged in the business of manufacturing of Printed
Circuit Boards (PCB's). Accordingly, these financial statements are
reflective of the information required by the Accounting Standard -17
for professional grade printed circuit boards segment.
2. Related Party Disclosure
In compliance of Accounting Standard -18 on "Related Party Disclosure"
issued by the ICAI, the details pertaining to related party disclosure
are as follows: Related parties defined under Clause 3 of AS-18
"Related Party Disclosure" have been identified on the basis of
representation made by managerial personnel and information available
with the company.
3. Deferred Tax Assets
Provision for Deferred Tax Assets as per Accounting Standard 22, issued
by the Institute of Chartered Accountants of India has been recognized
as Follows:
4. The Company could not work out the figures for creditors under
MSMED Act, due to non availability of information from the creditors.
5. Contingent Liability
31.03.11 31.03.10
Rs/Lacs Rs/Lacs
In respect of demand from various
government authorities regarding
following dues:
(a) Show cause notice issued by
Excise department
For NFE (Net Foreign Earnings) 620.00 0.00
(b) Income Tax Demand AY 1998-99 17.63 17.63
(c) Amount payable to HARTRON(Haryana
State Electronic Development Corp.) for 84.23 0.00
buyback of equity shares in terms of Arbitral award.
6. The Company has been granted an extension of utilization period of
advance DTA sale upto 22nd September 2010 vide letter no
F-NO.1-7/92-100% EOU dated 22nd December 2009 by Noida Special Economic
Zone Govt. of India, Ministry of Commerce and Industry Department of
Commerce. The company has applied for permission to exit from EOU
scheme vide letter dated 1st July 2010. The company has been directed
by development commissioner Noida Special Economic Zone Vide letter
no1-7/92/100%EOU/5261 dated 15th July 2010 to obtain no dues from
Central Excise and Custom Department for all applicable benefits taken
for 100%EOU since the inception of the company.
In response to above central excise department has served a show cause
notice vide letter no VIII(B)CUST/R/VIIIA/GGN/1102/PT11 dated 11th February
2011directing the Company to deposit Rs 620 lacs. The Company has gone
in appeal; the said amount is shown as contingent liability.
7. Haryana State Electronic Development Corporation (HARTRON) has
invested Rs 44 lacs as per sector assisted agreement dated 5th June
1991 by way of equity of Integrated Technologies Limited with the
condition that the Company will buyback those equity after the expiry
of a period of 5 years from the date of commercial production by the
company or at the expiry of a period of 7 years whichever is earlier.
The Arbitrator had passed the Arbitral Award dated 25th April 2003 in
favour HARTRON. The Award was challenge by the Company which was
dismissed. The Company made further appeals (FAO 1197 of 2009) in
Honorable High Court Chandigarh for setting aside the impunged order
dated 25th April 2003 passed by the arbitrator.
HARTRON vide letter no SO (Admin)II. 2011. 7713. Dated 5th August 2011
directed the company to pay Rs 84,23,135/- along with interest @ 9%
p.a. from 1st November 2000 till the date of making the payment to
HARTRON along with payment of Arbitrator cost of Rs 15,000/-. The
Company has not challenged the award till date. The said amount has
been shown Contingent liability in the accounts.
8. The income tax assessment for the year 1998-99 is pending before
the High Court for regular demand of Rs 17.63 Laks. A penalty of Rs
17.96 has been imposed on the Company for which an appeal has been
preferred to the Commissioner of Income Tax (Appeals), where the
Company's appeal was upheld. The department has accordingly preferred
an appeal to the High Court for the assessment year 2004-2005. In the
view of the management no provision is required on these cases.
The demand for the assessment year 1998-1999 for Rs 17.63 laks has been
shown as contingent liability.
9. Changes in Capital during the year 2008-09:
As per rehabilitation scheme (SS-08) for revival of the company
sanctioned by Board For Industrial Financial Reconstruction (BIFR), the
company restructured its share capital in the year 2008-2009 as under:
a) Reduction in paid up equity share capital by 90% as result of which
paid up value of one equity share was reduced from Rs 10 to Re. 1.
Further to above 10 equity share of Re 1 each was consolidated to one
equity share of Rs 10 each, resulting in 1,03,18,100 equity shares were
reduced to 10,31,810 equity shares.
b) Preferential issue to strategic investor and promoters of 31,11,600
equity shares and 6,38,100 shares respectively.
10. In the opinion of management the Gratuity Act, 1972 is not
applicable to the Company, since no employee of the Company has
completed 5 years of uninterrupted period of service.
11. The accumulated losses are more than 50 % of the Net Worth of the
company. Further, the Company has incurred cash loss during the year
ended 31st March 2011 of Rs 85.05 lacs. The Company has incurred cash
loss of Rs 82.91 lacs in the immediately preceding financial year. in
the view of the management reference to the same is presently not
required as per provisions of Sick Industrial Companies Act ( SICA).
12. Figures for the previous year have been regrouped / rearranged,
wherever found necessary. Figures in bracket re-present the previous
year figures.
13. Schedule 1 to 13 forms an integral part of the balance sheet and
profit and loss account.
Mar 31, 2010
1.Segment Reporting:
The company is engaged in the business of manufacturing of Printed
Circuit Boards (PCBs). Accordingly, these financial statements are
reflective of the information required by the Accounting Standard -17
for professional grade printed circuit boards segment.
2. Related Party Disclosure
In compliance of Accounting Standard Ã18 on "Related Party Disclosure"
issued by the ICAI, the details pertaining to related party disclosure
are as follows:
Following are the Related Parties as per AS-18
(A) Particulars of Subsidiaries/Associate Companies: Nil
(B) Key Management Personnel:
Name Designation
Mr. Rajeev Bali Managing Director
(C) Relative of Key Management Personal
Smt Krishna Bali Mother of Managing Director
(D) Enterprise over which any person described in (B) or (C) is able to
exercise Significant influence.
Bubble Softsolutions Private Limited Director Mrs. Krishna Bali
ITL Systems and Networks Mr. Rajeev Bali (Proprietor)
WM Bali HUF Karta Mr Rajeev Bali
3. Deferred Tax Assets Provision for Deferred Tax Assets as per
Accounting Standard 22, issued by the Institute of Chartered
Accountants of India has been recognized as Follows: In respect of
Assessment Year 2004-05, Carried Forward Business Loss and Unabsorbed
Depreciation was not taken into consideration in earlier years as the
matter was pending in Appeal before Honble ITAT. The Honble ITAT has
set aside the said order and remanded the case to the Assessing
Officer. Accordingly Carried Forward Business Loss of Rs
26,613,738/-and Unabsorbed Depreciation of Rs 21,894,640 /- has now
taken into consideration for calculating Deferred Tax Assets/
Liabilities.
4. Figures for the previous year have been regrouped / rearranged,
wherever found necessary. Figures in bracket re-present the previous
year figures. 10. Schedule 1 to 12 forms an integral part of the
balance sheet and profit and loss account
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