Mar 31, 2014
1. Related Party Disclosure
1. Party where control exists:
Linaks Pressings, Raebareli - No transaction during the year.
2. Other related Parties with whom transactions have taken place - NIL
3. Directors.
Shri Anil Kumar Singh Managing Director
Shri Udayan Singh,
Shri Siddharth Singh Dr. Gautam Singh Mr. U.B. Singh
No remuneration is paid to any of the Whole Time Directors. However,
Rs240000/- has been paid to M.D.
2. LIQUIDATED DAMAGES:
Liquidated Damages on late deliveries are accounted for only when they
are finally not recoverable inspite of Company''s best efforts.
3. i. No interest is provided on Funded CST and UPTT and statutory dues
of PF & ESI in view of sanctioned rehabilitation scheme.
ii) No provision is made for loss on account of discarded /obsolete
Plant and Machinery pending completion of transition period .
iii. No Provision is made for loss due to diminution in value of
inventory pending completion of transition period.
iv. Due to financial crunch the company was not regular in depositing
old PF dues of Rs. 3.54 lac previous year Rs. 10.50 lac. However, upto
date payments of ESI has been paid by the company. No provision for
gratuity has been made and will be paid as and when becomes due.
4. CONTINGENT LIABILITIES:
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previous year NIL)
ii. Outstanding Letters of Credit Rs. NIL Lac (Previous year Rs. NIL)
iii. Outstation Cheques purchased by bank but not cleared till the date
of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lac).
iv. No demand for Income Tax is pending.
v. Disputed demand for Rs.63.35 lac (Previous Year 63.35lacs) excluding
Interest, for Sales Tax, is in appeal and pending before different
authorities.
5. Dues towards SSIs for Rs 1 lac or more outstanding for more than 30
days are not ascertainable as the suppliers have not furnished their
SSI registrations.
6. Details of litigated Sales Tax assessments under appeal and
finalistaion
7. Previous year figures have been regrouped and rearranged where ever
required to make it comparable with current period''s figures.
Mar 31, 2013
A. TAXATION:
The Company is a ''Sick Industrial Company'' within the meaning of clause
(o) of section 3(1) of the Sick Industrial Companies (Special
Provisions) Act, 1985; hence no provision for Deferred Tax Liability is
made.
b. Segment Information:
The Company is manufacturing Printed Circuit Boards, presently
Multilayer (upto 8 layers) and Double Sided Printed Through Holes
(DSPTH) making sales within India and in the international market. It
has plan for manufacturing Multi Layers Boards (MLB''s) upto 24 layers
and also flexi-rigid Multilayer.
c. Related Party Disclosure
1. Party where control exists:
Linaks Pressings, Raebareli : No transaction during the year.
No remuneration is paid to any of the directors.
2. LIQUIDATED DAMAGES:
Liquidated Damages on late deliveries are accounted for only when they
are finally not recoverable inspite of Company''s best efforts.
3.
(i) No Interest is provided on Funded CST & UPTT and statutory dues of
PF and ESI as the company has sought from Hon''ble BIFR extension of
relief in view of the pending approval of the Revised DRS. (ii) No
Provision is made for loss on account of discarded/obsolete Plant and
Machinery pending completion of transition period. (iii) No provision
is made for loss due to diminution in value of inventory pending
completion of transition period. (iv) The company has not carried out
any manufacturing activity during the year and accordingly cost audit
records have not been maintained by the company. (v) Due to financial
crunch the company was not regular in depositing old P.F. dues Rs.
11.27 Lac (Previous year Rs.11.00 Lac).
However, upto date payment of ESI has been paid by the company. No
provisions for gratuity has been made and will be paid as and when
becomes due.
4. CONTINGENT LIABILITGIES
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previous year NIL)
ii. Outstanding Letters of Credit Rs. NIL Lac (Previous year Rs. NIL)
iii. Outstation Cheques purchased by bank but not cleared till the
date of Balance Sheet Rs. Nil (Previous Year Rs. Nil ).
iv. No demand for Income Tax is pending.
v. Litigated Sales Tax for Rs.63.35 lacs (Previous Year 63.35 lacs)
excluding interests in appeal and pending before different authorities.
5. Dues towards small scale industries for Rs. 100000/- or more and
outstanding for more that 30 days, are not ascertainable since party
has not given any proof for their SSI Registration.
6. Previous year''s figures have been regrouped and rearranged where
ever required to make it comparable with current year''s figures.
Mar 31, 2012
1. Related Party Disclosure
1. Party where control exists:
Linaks Pressings' Raebareli. No transaction during the year.
2. Other related Parties with whom transactions have taken place. Nil
3. Directors.
Shri Anil Kumar Singh Managing Director
Shri Udayan Singh' Whole time Director
Shri R.K. Mehra Shri Siddharth Singh
No remuneration is paid to any of the directors.
2. LIQUIDATED DAMAGES:
Liquidated Damages on late deliveries are accounted for only when they
are finally not recoverable inspite of Company's best efforts. 3.(i)
In computing Profit/Loss for the year' interest written off as per OTS
Agreement' on Secured Loans from Financial Institutions
(IDBI' PICUP& UPFC) and State Bank of India' for Rsl 171.55 Lac plus
Rs. 32.07 lac lease rent written off have been shown as Extra Ordinary
Income for the current year.
(ii) Amounts written off as per OTS Agreement of Secured Loans from
Financial Institutions and State Bank of India for Rs. 310.49 lacs has
been shown as Capital Receipt under the Group 'Reserves and Surplus'.
(iii) No Interest on Unsecured Loan from M/S. Kala Holding is provided
during the year due to dispute. In case of applying Interest @ 18%
simple rate' Loss would be increased by Rs.l 1.47 Lacs (app.). (iv) No
interest is provided on Funded CST & UPTT and Statutory Dues of PF &
ESI as the Company has sought from Hon'ble BIFR extension of relief in
view of the pending approval the Revised DRS.
(v) No provision is made for loss on account of discarded/obsolete
Plant & Machinery pending completion of transition phase. (vi) No
provision is made for loss due to diminution in value of inventory
holdings pending completion of transition phase. (vii) The company has
not carried out any manufacturing activity and accordingly the cost
audit records have not been maintained by the Company during the year
under review.
(viii) Due to financial crunch the company is not regular in depositing
Provident Fund payable Rs. 11.00 lacs (previous year Rs. 10.02 lacs)'
ESI Payable Rs. 0.42 Lac (previous year Rs. 0.47 Lac) and Gratuity
payable Rs.2.5 lacs (approx.) outstanding as on 31.03.2012. (ix) The
company is a sick industrial company under provisions of SIC A and
Modified Draft Rehabilitation Scheme is under consideration with the
Bench of BIFR. During the year the Company settled dues of all its
Secured Lenders and fully paid to IDBI' PICUR UPFC and partly paid to
State Bank of India by financial assistance from Co.promoters/Strategic
investors.
3. CONTINGENT LIABILITIES:
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previous year NIL)
ii. Outstanding Letters of Credit Rs. NIL Lac (Previous year Rs. NIL)
iii. Outstation Cheques purchased by bank but not cleared till the
date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lac). iv. No
demand for Income Tax is pending.
v. Disputed demand for Rs.63.35 lac (Previous Year 63.351acs)
excluding Interest' for Sales Tax. is in appeal and pending before
different authorities.
4. Dues towards small.scale industries for Rs. 100000/. or more and
outstanding for more than 30 days' are not ascertainable since party
has not given any proof for their SSI registration.
5. Unpaid Interest on Secured Loans Rs. 117154291.97 is related to
the period prior to Year 2002.03 and same has not been allowed as our
exlpenditurc in the related assessment year.
6. Previous year's figures have been regrouped and rearranged where
ever required to make it comparable with current year's figures.
Mar 31, 2010
1. Party where control exists: Linaks Pressings, Raebareli.
No transaction during the year.
2. Other related Parties with whom transactions have taken place. Nil
3. Directors.
Shri Anil Kumar Singh Managing Director
Shri Udayan Singh, Whole time Director
Shri R.K.. Mehra
Shri Siddharth Singh "
Managerial Remuneration paid for Rs.290400/-
2. LIQUIDATED DAMAGES:
Liquidated Damages on late deliveries are accounted for only when they
are finally not recoverable inspite of Companys best efforts.
3. CONTINGENT LIABILITIES:
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previous year NIL)
ii. Outstanding Letters of Credit Rs. NIL Lacs (Previous year Rs. NIL)
iii. Outstation Cheques purchased by bank but not cleared till the
date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lacs).
4. In computing Profit/Loss no interest had been charged as per letter
dated 16.01.04 of Case No. 354/98 from Board for Industrial &
Financial Reconstructions, New Delhi, on term loans and working capital
loan (previous year simple rate of interest had been charged on term
Loans from financial institutions) in the event of applying simple rate
rate of interest loss would have been increased by Rs. 336.83 lacs
(previous year Rs. 336.83 lacs)
5. Previous years figures have been regrouped and rearranged where
ever required to make it comparable with current years figures.
Mar 31, 2009
1. Related Party Disclosure
1. Party where control exists:
Linaks Pressings, Raebareli.
No transaction during the year.
2. Other related Parties with whom transactions have taken place - Nil
3. Directors.
Shri Anil Kumar Singh Managing Director
Shri Udayan Singh,Whole time Director
Shri R.K. Mehra
Shri Siddharth Singh
Managerial Remuneration paid for Rs.290400/-
2. LIQUIDATED DAMAGES:
Liquidated Damages on late deliveries are accounted for only when they
are finally not recoverable inspire of Companys best efforts.
3. CONTINGENT LIABILITIES:
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previous year NIL)
ii. Outstanding Letters of Credit Rs. NIL Lacs (Previous year Rs. NIL)
iii. Outstation Cheques purchased by bank but not cleared till the date
of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lacs).
iv. No demand for Income Tax is pending,
v. Disputed demand for Rs.63.35lacs (Previous Year 70.16 lacs)
excluding Interest, for Sales Tax, is in appeal and pending before
different authorities.
4. In computing Profit/Loss no interest had been charged as per letter
dated 16.01.04 of Case No. 354/98 from Board for Industrial & Financial
Reconstructions, New Delhi, on term loans and working capital loan
(previous year simple rate of interest had been charged on term Loans
from financial institutions) in the event of applying simple rate of
interest loss would have been increased by Rs. 336.83 lacs (previous
year Rs. 336.83 lacs).
5. Dues towards small-scale industries forRs. 100000/- or more and
outstanding for more than 30 days, are not ascertainable since party
has not given any proof for their SSI registration.
6. Previous years figures have been regrouped and rearranged where
ever required to make it comparable with current years figures.
Mar 31, 2004
1. Related Party Disclosure
1 Party where control exists:
Linaks Pressings, Raebareli.
No transaction during the year.
2. Other related Parties with whom
transactions have taken place. Nil
3. Directors.
Shri Anil Kumar Singh Managing Director
Shri Udayan Singh, Whole time Director
Shri R.K. Mehra
Shri Siddharth Singh "
Managerial Remuneration paid for Rs.398400/-
2. LIQUIDATED DAMAGES:
Liquidated Damages on late deliveries are accounted for only when they
are finally not recoverable inspite of Companys best efforts.
3. CONTINGENT LIABILITIES:
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previous year NIL)
ii. Outstanding Lettersof Credit Rs . Nil Lacs. (Previousyear Rs.NIL)
iii. Outstation Cheques purchased by bank but not cleared till the
date of Balance Sheet Rs. Nil (Previous Year Rs. Nil Lacs).
iv. Disputed demands for Income Tax pending with various appellate
authorities Rs 15.73. Lacs (Previous year Rs. 15.45 Lacs).
INCOME TAX
S.L. Years Disputed Amt. Authorities
Where Pending the Cases
1 94-95 1572768.00 Income Tax Tribunal
v. Disputed demand in appeal for Sales Tax Rs. 102.48 Lacs (Previous
year Rs.46.69 Lacs) excluding Interest.
LIST OF DISPUTED DEMAND OF SALES TAX UNDER APPEAL AS ON 31.03.2004:
S.L. Years Provincial Central Authorities
Disputed Amt. Disputed Amt. Where Pending the Cases
1 92-93 23485.00 Remand for DC-12
2. 93-94 152559.00 Remand for DC-12
3 94-95 86604.00 Tribunal-Range III
4 94-95 102369.00 Tribunal-Range III
5 94-95 169360.00 1st Appealate Authority
6 95-96 1222323.00 Tribunal-Range III
7 95-96 610018.00 Tribunal-Range III
8 96-97 144286.00 1st Appealate Authority
9 96-97 641345.52 Tribunal-Range III
10 97-98 517662.40 Tribunal-Range III
11 97-98 437213.40 Tribunal-Range III
12 97-98 48370.00 1st Appealate Authority
13 99-00 147757.00 1st Appealate Authority
14 99-00 103544.00 1st Appealate Authority
17 2000-
01 1362354.50 1st Appealate Authority
18 2000-
01 2000890.00 1st Appealate Authority
19 2001
-02 718538.00 1st Appealate Authority
20 2001
-02 880019.00 1st Appealate Authority
Total 3696052.90 5672645.00
4. In computing Profit/Loss no interest has been charged as per letter
dated 16.01.2004 of Case No. 354/98 from Board for Industrial &
Financial Reconstruction, New Delhi, on term loans and working capital
loan (previous year simple rate of interest has been charged on Term
Loans from financial institutions). In the event of applying simple
rate of interest loss would have been increased by Rs.336.83 lacs
(previous year Rs. 166.43 Lacs).
5. There were no dues towards small-scale industries for Rs.
100000/-or more and outstanding for more than 30 days.
11. EXPENDITURE INCURRED ON EMPLOYEES 2003-2004 2002-2003
(a) Employed throughout the year and drawing
Rs.24,00,000 or more nil nil
(b) Employed for part of the year and drawing
Rs.2,00,000 or more nil nil
13. Previous years figures have been regrouped and rearranged wherever
required to make it comparable with current years figures.
Mar 31, 2002
1. LIQUIDATED DAMAGES:
Liquidated Damages on late deliveries are accounted for only when they
are finally not recoverable inspite of Companys best efforts.
2. CONTINGENT LIABILITIES:
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previousyear NIL)
ii. Outstanding Letters of Credit Rs. 11.61 Lacs. (Previous year
Rs.41.60 lacs)
iii. Outstation Cheques purchased by bank but not cleared till the
date of Balance Sheet Rs. Nil(Previous Year Rs. 2.49 Lacs).
iv. Disputed demands for Income Tax pending with various appellate
authorities Rs 7.35. Lacs (Previous year Rs. 11.76 Lacs).
v. Disputed demand in appeal for Sales Tax Rs.41.24 Lacs (Previous
year Rs.34.78 Lacs).
vi. Counter Guarantee given by the Company to the Bankers against
guarantees issued by them on behalf of the Company Rs.150.84 Lacs
(Previous Rs. 150.84 Lacs).
3 The company has submitted a Negotiated Settlement proposal to the
participating financial institutions, in which the waiver of compound
and penal interest on term loans is envisaged. The said Negotiated
Settlement proposal is under advance stage of consideration with the
said financial institutions. Therefore, in computing Profit/Loss
simple rate of interest had been charged on Term Loans from financial
institutions. In the event of applying compound and penal rate of
interest loss would have been increased by Rs. 98.44 Lacs.
4. There were no dues towards small-scale industries for Rs. 100000/-
or more and outstanding for more than 30 days.
5. EXPENDITURE INCURRED ON EMPLOYEES 2001-2002 2000-2001
(a) Employed through out the year and nil nil
drawing Rs.300000 or more
(b) Employed for the part of year and
drawing Rs.25000 or more nil nil
6. Previous years figures have been regrouped and rearranged where
ever to make it comparable with current years figures.
Mar 31, 2001
1. Liquidated Damages :
Liquidated Damages on late deliveries are accounted for only when they
are finally not recover- able inspite of Companys best efforts.
2. Contingent Liabilities :
i. Estimated amount of contracts remaining to be executed on Capital
Account NIL. (Previous year NIL).
ii. Outstanding letters of Credit Rs. 41.60 Lacs (Previous Year Rs.
32.61 Lacs)
iii. Outstation Cheques purchased by bank but not cleared till the
date of Balance Sheet Rs. 2.49 Lacs (Previous Year Rs. 6.95 Lacs)
iv. Disputed demands for Income Tax pending with various appellate
authorities Rs. 11.76 Lacs (Previous year Rs. 11.76 Lacs).
v. Disputed demand in appeal for Sales Tax Rs. 34.78 Lacs (Previous
Year Rs. 28.70 Lacs)
vi. Counter Guarantee given by the Company to the Bankers against
guarantees issued by them on behalf of the Company Rs. 140.84 Lacs
(Previous Year Rs. 140.84 Lacs).
3. In computing Profits/Loss simple rate of interest had been charged
on Term Loans from financial institutions. In the event of applying
compound and penal rate of interest loss would have been increased by
Rs. 98.44 Lacs. Since a proposal for waiver of penal and Compound
interest is pending with IDBI. Operating Agency appointed by BIFR.
4. There were no dues towards small-scale industries for Rs. 100000/-
or more and outstanding for more than 30 days.
5. Previous years figures have been regrouped and rearranged where
ever to make it comparable with current years figures.
Mar 31, 2000
1. CONTINGENT LIABILITIES
a) Estimated amount of contracts remaining to
be executed on Capital Account NIL. (Previous year NIL)
b) Outstanding Letters of Credit Rs.32.61 Lacs. (Previous year Rs.Nil)
c) Outstation Cheques purchased by bank but not cleared till the date
of Balance Sheet Rs.6.95 Lacs (Previous Year Rs. 1 Lacs).
d) Disputed demands for Income -Tax pending with various appellate
authorities Rs.l 1.76 Lags (Previous year Rs. 15.83 Lacs).
e) Disputed demand in appeal for Sales Tax Rs.28.70 Lacs (Previous year
Rs AO1 Lacs).
f) Demand for electricity charges for Rs. 6.00 Lacs (Approx) (Previous
Year Rs.6.00 Lacs). As this amount is solely on account of minimum
charge during the closure period it is being contested.
g) Sundry Debtors and Duty draw back receivable are subject to
confirmation. However, these have been classified as good for recovery
as verified by the management. However, an approx. provision of 10% on
Sundry Debtors is made in the accounts where there was no transaction
during the year.