Mar 31, 2016
1. Sundry Debtors, considered good includes :
i) R1606.76 lacs (previous year R1552.33 lacs) due more than six months and R7.94 lacs due less than six months (previous year R24.67 lacs) from parties on who legal action initiated for recovery.
ii) R2824.93 Lacs (previous year R2830.46 lacs) due more than six months are under follow-up, negotiation, reconciliation, settlement and realization.
Assets, Liabilities and expenses are common so the same has not been given separately.
C. OTHER DISCLOSURES :
i) Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organization structure as well as the differential risks and return of these segments.
ii) The Company has disclosed Business Segment as the primary segment.
iii) Type of products and services in each business segment :
Business Segment Type of Products
a) Infocom Division Mobile Phones, IT Products and Accessories thereof and other items.
b) Consumer Electronics Division Fly Back Transformer(EHT), Loudspeaker, Deflection Yoke and TV sets, etc.
and sub-assemblies thereof
c) Wind Energy Wind Energy Generation
iv) The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and allocated on a reasonable basis.
2. In previous year, Income Tax / Minimum Alternative Tax has not been provided for in view of brought forward unabsorbed business losses and unabsorbed depreciation.
3. Previous year figures have been re-grouped and/or re-arranged wherever necessary.
Mar 31, 2015
1 Contingent Liabilities not provided for in respect of :
i) Bank Guarantees issued by Bankers Rs 701.18 lacs (Previous year Rs.
31.33 lacs) including for Sales Tax and Excise demand Rs 1.18 Lcas
(Previous Year Rs. 28.33 lacs), against which margin kept by bank
Rs. 68.68 lacs ( Previous year Rs. 2.85 lacs)
ii) Letter of Credits pending for shipment Rs.220.98(Previous year
Rs. Nil. ).
iii) TV sets, VCD's and Office Automation products still under warranty
for which amount is not ascertainable.
iv) Disputed Sales Tax demands of Rs.658.24 lacs (Previous year Rs.570.12
lacs), against which amount deposited Rs.178.15 lacs lacs (Previous year
Rs.162.91 lacs) has not been provided for as the cases are pending in
appeals with higher authorities.
v) Advance Licence utilised for Import of CPT worth Rs.87.50 lacs during
the period from January, 1995 to May 1995, DGFT issued Show Cause
Notice to pay duty and penalty thereof on all above imports and
included the company's name in the defaulters list. Company challenged
the said Notice in Delhi High Court and after admitting the petition
and taking into consideration all the facts, the Delhi High Court
directed the Company to deposit a sum of Rs. 20.00 lacs with the
Collector of Customs and ordered DGFT to remove Company's name from the
defaulters list. Accordingly Company has deposited the sum of R 20.00
lacs within the time stipulated by the Court. Duty and penalty amount
is not ascertainable at this stage.. Petition has been refiled against
appeal order by DGFT.
vi) The demand amounting to Rs.1113.77 lacs (previous year Rs.1113.77
lacs) and penalty Rs.1113.77 lacs (previous year Rs.1113.77 lacs) for the
period April 2002 to April 2003 and demand of Rs. 28.99 lacs (previous
year Rs. 28.99 lacs) and penalty of Rs.28.99 lacs (previous year Rs.28.99
lacs) for the period July 1993 to February 1994 are on the basis of
differential duty on Chassis, Sub assembly parts of T.V.considered as
T.V. The Honorable Supreme Court has decided on the classification
issue for the period 1989-90 and the facts of these cases are different
from the case decided by the Supremen Court. The company had gone in
appeal before CESTAT. The appeal before CESTAT were remanded back to
the Commissioner Adjudication to decide afresh while considering the
differential facts of the case. The Commissioner has decided the cases
against the company without considering the differential facts as per
directions given by CESTAT in remand order. The company has again filed
appeal against Commissioner's order before the CESTAT.
The demand for Rs.1292.45 lacs (previous year Rs.1292.45 lacs) and
penalty Rs.1292.45 lacs (previous year Nil) for the period June 1998 to
March 2002 raised on the same basis by the department is time barred
and case had been decided in favour of the company. The department had
gone in appeal before CESTAT. The CESTAT had remanded this matter to
Commissioner Adjudication who has decided the case against the company
without considering direction / differential facts of the CESTAT. The
company has again filed appeal on the matter before CEStaT. Therefore
considering directions / differential facts given by CESTAT in remand
order not considered in Commissioner's orders, the company has good
case on merits. Demand deposited amounting to Rs.300.00 lacs (previous
year Rs.300.00 lacs).Miscellaneous Excise duty demand amounting to Rs.
98.67 lacs(previous year Rs.69.15lacs) and Service Tax demand Rs.1.97
lacs (previous year Rs.1.97 lacs) has been raised by the department
against which company has filed appeals. The amount deposited against
demand Rs.9.66 lacs ( previous year Rs.21.79 lacs).
vii) Income Tax Assessments of the Company have been completed upto
Assessment Year 2012-2013 (in previous year upto 2010-11). Demand has
been raised of Rs.57.57 lacs(previous year Rs.57.57 lacs) for earlier
assessment years against which company has filed appeal before appleate
authorities and amount Rs.53.00 lacs(previous year Rs.53.00 lacs) has
been deposited against demands. Appeal of Income Tax department
against the ITAT order for the Assessment Year 1997-98 is lying pending
before Hon'ble Delhi High Court against refund of Rs.1151.57 lacs
received by the Company in the Financial Year 2002-2003.
2 Sundry Debtors, considered good includes :
i) Rs.1552.33 lacs (previous year Rs.1925.72 lacs) due more than six
months and Rs.24.67 lacs due less than six months (previous year Rs.42.16
lacs) from parties on whom legal action initiated for recovery.
ii) Rs.2830.46 Lacs (previous year Rs.2053.45 lacs) due more than six
months are under follow-up,negotiation,reconciliation,settlement and
realisation.
3 RELATED PARTIES DISCLOSURES :
1. Relationship :
(a) Subsidiary :
Salora Capital Limited (till February 2014) Salora Components Ltd
(b) Associates & Joint Ventures :
Salora Retail Ventures Ltd. (till 30.03.2014)
(c) Other related parties in which key managerial Personnel are able to
exercise significant influence :
Associated Electronics Research Foundation Encompass Software & Systems
Pvt.Ltd. (Till 30.3.2015) Essjay Ericsson Pvt. Ltd.
Manori Properties P Ltd
Devi Electronics P Ltd
Terminal Power Pvt Ltd. (Till 30.03.2015)
(d) Key Managerial Personnel:
Shri Gopal Sitaram Jiwarajka Shri Tarun Jiwarajka
(e) Relative of key managerial personnel where transactions have taken
place:
Smt. Neetu Jiwarajka Shri Ayush Jiwarajka
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
C. OTHER DISCLOSURES :
i) Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS-17) taking into account the organisation
structure as well as the differential risks and return of these
segments.
ii) The Company has disclosed Business Segment as the primary segment.
iii) Type of products and services in each business segment :
a) Infocom Division
Mobile Phones, IT Products and Accessories thereof and other items.
b) Consumer Electronics Division
Fly Back Transformer(EHT), Loudspeaker,Deflection Yoke and TV sets,
etc. and sub-assemblies thereof
c) Wind Energy Wind Energy Generation
iv) The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and allocated on
a reasonable basis.
4 The useful life of Fixed Assets has been revised in accordance with
the schedule II of the Companies Act 2013. The depreciation for the
year is lower by Rs.3.66 lacs due to change in useful life of Fixed
Assets.The Assets whose useful life is already exhausted as on
01.04.2014, yearly depeciation and deferred tax credit amounting to
Rs.126.13 lacs and Rs.40.92 lacs has been adjusted to General Reserve.
5 Income Tax / Minimum Alternative Tax has not been provided for in
view of brought forward unabsorbed business losses and unabsorbed
depreciation.
6 Previous year figures have been re-grouped and/or re-arranged
wherever necessary.
Mar 31, 2014
1 Contingent Liabilities not provided for in respect of :
i) Bank Guarantees issued by Bankers Rs. 31.33 lacs (Previous year Rs.
129.71 lacs) including for Sales Tax and Excise demand Rs. 28.33 lacs
(Previous Year Rs. 24.71 lacs), against which margin kept by bank Rs. 2.85
lacs ( Previous year Rs. 4.47 lacs).
ii) Letter of Credits pending for shipment Rs. Nil (Previous year Rs. Nil).
iii) TV sets, VCD''s and office Automation products still under warranty
for which amount is not ascertainable.
iv) Disputed Sales Tax demands of Rs. 570.12 lacs (Previous year Rs. 636.64
lacs), against which amount deposited Rs. 162.91 lacs (Previous year
Rs.244.47lacs) has not been provided for as the cases are pending in
appeals with higher authorities.
v) Advance Licence utilised for Import of CPT worth Rs. 87.50 lacs during
the period from January,1995 to May 1995, DGFT issued Show Cause Notice
to pay duty and penalty thereof on all above imports and included the
company''s name in the defaulters list. Company challenged the said
Notice in Delhi High Court and after admitting the petition and taking
into consideration all the facts, the Delhi High Court directed the
Company to deposit a sum of Rs. 20.00 lacs with the Collector of Customs
and ordered DGFT to remove Company''s name from the defaulters list.
Accordingly Company has deposited the sum of Rs. 20.00 lacs within the
time stipulated by the Court. Duty and penalty amount is not
ascertainable at this stage. Petition has been refled against appeal
order by DGFT
vi) The demand amounting to Rs. 1113.77 lacs (previous yearRs. 1113.77
lacs) and penaltyRs. 1113.77 lacs (previous yearRs. 1113.77 lacs) for the
period April 2002 to April 2003 and demand of Rs. 28.99 lacs (previous
year Rs. 28.99 lacs) and penalty of Rs. 28.99 lacs (previous year Rs. 28.99
lacs) for the period July 1993 to February 1994 are on the basis of
differential duty on Chassis, Sub assembly parts of TV. considered as
TV The Honorable Supreme Court has decided on the classifcation issue
for the period 1989-90 and the facts of these cases are different from
the case decided by the Supreme Court. The company had gone in appeal
order before CESTAT. The appeal before CESTAT were remanded back to
the Commissioner Adjudication to decide afresh while considering the
differential facts of the case. The Commissioner has decided the cases
against the company without considering the differential facts as per
directions given by CESTAT in remand order. The company has again fled
appeal against Commissioner''s before the CESTAT.
The demand for Rs. 1292.45 lacs (previous year Rs. 1292.45 lacs) lacs and
penalty Rs. 1292.45 lacs (previous year Nil) for the period 1998 to 2002
raised on the same basis by the department is time barred and case had
been decided in favour of the company. The department had gone in
appeal before CESTAT. The CESTAT had remanded this matter to
Commissioner Adjudication who has decided the case against the company
without considering direction / differential facts of the CESTAT. The
company has again fled appeal on the matter before CESTAT. Therefore
considering directions / differential facts given by CESTAT in remand
order not considered in Commissioner''s orders, the company has good
case on merits. Demand deposited amounting to Rs. 300.00 lacs (previous
year Rs. 300.00 lacs). Miscellaneous Excise duty demand amounting to Rs.
67.37 lacs( previous year Rs. 67.37 lacs) and Service Tax demand Rs. 3.74
lacs (previous year Rs. 3.74 lacs) has been raised by the department
against which company has fled appeals. The amount deposited against
demand Rs. 21.79 lacs ( previous year Rs. 21.79 lacs).
vii) Income Tax Assessments of the Company have been completed upto
Assessment Year 2010-2011 (in previous year upto 2009-10). Demand has
been raised of Rs. 57.57 lacs (previous year Rs. 108.20 lacs) for earlier
assessment years against which company has fled appeal before appleate
authorities and amount Rs. 53.00 lacs (previous year Rs. 103.63 lacs) has
been deposited against demands. Appeal of Income Tax department
against the ITAT order for the Assessment Year 1997-98 is lying pending
before Hon''ble Delhi High Court against refund of Rs. 1151.57 lacs
received by the Company in the Financial Year 2002-2003.
2 Sundry Debtors, considered good includes :
i) Rs. 1925.72 lacs (previous year Rs. 2461.11 lacs) due more than six
months andRs. 42.16 lacs due less than six months (previous year Rs. 2.17
lacs) from parties on whom legal action initiated for recovery.
ii) Rs. 1068.04 Lacs (previous yearRs. 752.90 lacs) due more than six
months are under follow-up,negotiation,reconciliation,settlement and
realisation. Out of which Rs. Nil (previous year Rs. 162.21 lacs ) has been
considered doubtful and provided for.
iii) Rs. 985.41 lacs (previous yearRs. 884.25 lacs) due more than six
months andRs. 102.26 lacs (Previous yearRs. 205.81 lacs) less than six
months from Salora Retail Venture Limited, a company under the same
management in previous year but not at the end of this year.
3 Income Tax / Minimum Alternative Tax has not been provided for in
view of brought forward unabsorbed business losses and unabsorbed
depreciation.
4 In Previous Year, Deferred Tax assets for earlier years has arised
due to loss carried forward of Wind Mills consolidated which was in
earlier years separately.
5 Any of the assets other than fixed assets and non current investments
have the value on realisation in the ordinary course of business equal
to the amount at which they are stated, subject to amounts not realised
on full and final settlement / disposal.
6 Previous year fgures have been re-grouped and/or re-arranged
wherever necessary.
Mar 31, 2013
1 Contingent Liabilities not provided for in respect of :
i) Bank Guarantees issued by Bankers R 129.71 lacs (Previous year R
291.82 lacs) including for Sales Tax and Excise demand R 24.71 lacs
(Previous Year R 73.61 lacs), against which margin kept by bank R 4.47
lacs (Previous year R 20.76 lacs).
ii) Letter of Credits pending for shipment R Nil lacs (Previous year R
32.09 lacs.).
iii) Claim by employee of R 5.79 lacs against the company against which
amount paid R 2.13 lacs is pending in High Court.
iv) TV sets, VCD''s and Offce Automation products still under warranty
for which amount is not ascertainable.
v) Disputed Sales Tax demands of R 636.64 lacs (Previous year R 668.18
lacs), against which amount deposited R 244.47 lacs (Previous year R
400.09 lacs) has not been provided for as the cases are pending in
appeals with higher authorities.
vi) Advance Licence utilised for Import of CPT worth R 87.50 lacs
during the period from January, 1995 to May 1995, DGFT issued Show
Cause Notice to pay duty and penalty thereof on all above imports and
included the company''s name in the defaulters list. Company challenged
the said Notice in Delhi High Court and after admitting the petition
and taking into consideration all the facts, the Delhi High Court
directed the Company to deposit a sum of R 20.00 lacs with the
Collector of Customs and ordered DGFT to remove Company''s name from the
defaulters list. Accordingly Company has deposited the sum of R 20.00
lacs within the time stipulated by the Court. Duty and penalty amount
is not ascertainable at this stage. Pitition has been refled against
appeal order by DGFT.
vii) Demand raised by Excise Authorities amounting to R 3649.10 lacs
(Previous year R 3700.60 lacs),against which amount deposited R
321.79.lacs (Previous year R 321.79 lacs) has not been provided for as
the matters are pending in appeals with higher authorities The demand
amounting to R 1142.77 lacs and penalty R 1142.77 lacs for the period
April 2002 to April 2003 and demand of R 28.99 lacs and penalty of R
28.99 lacs for the period July 1993 to February 1994 are on the basis
of differential duty on Chassis, Sub assembly parts of T.V. considered
as T.V. The Honorable Supreme Court has decided on the classifcation
issue for the period 1989-90 and the facts of these cases are different
from the case decided by the Supremen Court. Appeals are pending before
CESTAT. The demand for R 1292.45 lacs for the period 1998 to 2002
raised on the same basis by the department is time barred for which
case decided in favour of the company.The department has gone in appeal
before CESTAT.
viii) Income Tax Assessments of the Company have been completed upto
Assessment Year 2009-2010 (in previous year upto 2008- 09). Demand has
been raised of R 108.20 lacs (previous year R 129.38 lacs) for earlier
assessment years against which company has fled appeal before Appleate
Authorities and amount R 103.63 lacs (previous year R 120.50 lacs) has
been deposited against demands. Appeal of Income Tax department against
the ITAT order for the Assessment Year 1997-98 is lying pending before
Hon''ble Delhi High Court against which refund of R 1151.57 lacs
received by the Company in the Financial Year 2002-2003.
2 Sundry Debtors, considered good includes :
i) R 2461.11 lacs (previous year R 1732.42 lacs)due more than six
months and R 2.17 lacs due less than six months (previous year R 285.63
lacs) from parties on whom legal action initiated for recovery.
ii) R 794.96 Lacs (previous year R 1232.26 lacs) due more than six
months are under follow-up,negotiation,reconciliation, settlement and
realisation. Out of which R 162.21 lacs (previous year R 147.87 lacs)
has been considered doubtful and provided for.
iii) R 884.25 lacs (previous year R 792.64 lacs) due more than six
months and R 205.81 lacs (Previous year R 278.10 lacs) less than six
months from Salora Retail Venture Limited, a company under the same
management.
3 RELATED PARTIES DISCLOSURES : 1. Relationship : (a) Subsidiary :
Salora Capital Limited Salora Components Ltd
(b) Associates & Joint Ventures :
Salora Retail Ventures Ltd. H.K.Shinsei Ltd (Till Oct 2012)
(c) Other related parties in which key managerial personnel are able to
exercise signifcant infuence :
Associated Electronics Research Foundation
Encompass Software & Systems Pvt. Ltd.
Essjay Ericsson Pvt. Ltd.
Manori Properties P. Ltd.
Dukan Resources Pvt. Ltd.
Devi Electronics P. Ltd.
Terminal Power Pvt. Ltd.
(d) Key Managerial Personnel:
Shri Gopal Sitaram Jiwarajka Shri Tarun Jiwarajka
(e) Relative of key managerial personnel where transactions have taken
place:
Smt. Neetu Jiwarajka Shri Ayush Jiwarajka
Note: Related party relationship is as identifed by the Company and
relied upon by the Auditors.
4 Income Tax / Minimum Alternative Tax has not been provided for in
view of brought forward unabsorbed business losses and unabsorbed
depreciation.
5 Deferred Tax assets for earlier years has arised due to loss carried
forward of Wind Mills consolidated which was in earlier years
separately.
6 Any of the assets other than fxed assets and non current investments
have the value on realisation in the ordinary course of business equal
to the amount at which they are stated, subject to amounts not realised
on full and fnal settlement / disposal.
7 Previous year fgures have been re-grouped and/or re-arranged
wherever necessary.
Mar 31, 2012
Additional Information:
a Details of security for secured loans
i) Vehicle Loans referred to in '1 (a)' are secured against
hypothecation of cars.
ii) Interest free Loan from PICUP under sales tax deferred scheme is
secured by first charge on all movable fixed assets (present & future) of
Noida units and first pari-passu charge with bank(s) on immovable
properties of Noida units.
b Terms of repayment of term loans and others.
i) Vehicle Loans from Banks and Others on monthly installment basis.
ii) Interest Free Loan From PICUP (Under Sales Tax Deferred Scheme) on
annual installment basis.
iii) Unsecured Loans from related parties repayable on demand.
c There is no continuing default as on the balance sheet date in
respect of loans and interest.
Additional Information:
1. Working Capital Loans are secured by hypothecation of inventories &
receivables (other than of Wind Mills) and first pari-passu charge with
PICUP on immovable properties of Noida units as collateral security.
2. Buyers Credit loan from bank are secured against FDRS.
Additional Information:
*The Company has not received information from vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006,hence disclosure relating to amounts unpaid as at the year end
together with interest paid/payable under this Act have not been given.
Additional Information:
i) Foreign currency loan were secured against first exclusive charge
over immovable and movable fixed assets relating to the project situated
at Dhule in the state of Maharastra.
ii) Vehicle Loans are secured against hypothecation of cars.
iii) Interest free Loan from PICUP under sales tax deferred scheme is
secured by first charge on all movable fixed assets (present & future) of
Noida units and first pari-passu charge with bank(s) on immovable
properties of Noida units.
1 Contingent Liabilities not provided for in respect of :
i) Bank Guarantees issued by Bankers R 291.82 lacs (Previous year R
541.43 lacs) including for Sales Tax and Excise demand R 73.61 lacs
(Previous Year R 97.37 lacs), against which margin kept by bank R
129.37 lacs (Previous year R 69.36 lacs).
ii) Letter of Credits pending for shipment R 32.09 lacs(Previous year R
84.58 lacs.).
iii) Claim by employee of R 5.79 lacs against the company against which
amount deposited R 2.13 lacs is pending in High Court.
iv) TV sets, VCD's and Office Automation products still under warranty
for which amount is not ascertainable.
v) Disputed Sales Tax demands of R 668.18 lacs (Previous year R 722.89
lacs), against which amount deposited R 400.09 lacs (Previous year R
401.81 lacs) has not been provided for as the cases are pending in
appeals with higher authorities.
vi) Advance License utilised for Import of CPT worth R 87.50 lacs
during the period from January, 1995 to May 1995, DGFT issued Show
Cause Notice to pay duty and penalty thereof on all above imports and
included the company's name in the defaulters list. Company challenged
the said Notice in Delhi High Court and after admitting the petition
and taking into consideration all the facts, the Delhi High Court
directed the Company to deposit a sum of R 20.00 lacs with the
Collector of Customs and ordered DGFT to remove Company's name from the
defaulters list. Accordingly Company has deposited the sum of R 20.00
lacs within the time stipulated by the Court. Duty and penalty amount
is not ascertainable at this stage. Petition has been rifled against
appeal order by DGFT.
vii) Demand raised/Cenvat credit disputed, by Excise Authorities
amounting to R 3700.60 lacs (Previous year R 3712.78 lacs),against
which amount deposited R 321.79 lacs (Previous year R 321.79 lacs) has
not been provided for as the matters are pending in appeals with higher
authorities. Appellate Authority has passed an order to Pre-deposit
sum of R 300 Lacs, which has been deposited Further, Company has been
advised that the demand raised by Excise Authorities is purely on
Technical point and on the similar point they have raised demand on
most of the TV Manufactures and hence representation is being made
through manufacturer association before the Government, and the Company
has fled a petition on the issue before Supreme Court, and Company
expects to get relief in Appeal.
viii) Income Tax Assessments of the Company have been completed upto
Assessment Year 2009-2010 (in previous year upto 2008-09). Demand has
been raised of R 129.38 lacs (previous year R 215.48 lacs) for earlier
assessment years against which company has fled appeal before appellate
authorities and amount R 120.50 lacs(previous year R 210.79 lacs) has
been deposited against demands. Appeal of Income Tax department against
the ITAT order for the Assessment Year 1997-98 is lying pending before
Hon'ble Delhi High Court against which refund of R 1151.57 lacs
received by the Company in the Financial Year 2002-2003.
2 Sundry Debtors, considered good includes :
i) R 1732.42 lacs (previous year R 1659.43 lacs) due more than six
months and R 285.63 lacs due less than six months (previous year R
70.61 lacs) from parties on whom legal action initiated for recovery.
ii) R 1232.26 Lacs (previous year R 1129.51 lacs) due more than six
months are under follow-up, negotiation, reconciliation, settlement and
realisation. Out of which R 147.87 lacs (previous year R 115.60 lacs)
has been considered doubtful and provided for.
iii) R 792.64 lacs (previous year R 930.05 lacs) due more than six
months and R 278.10 lacs (Previous year R 142.15 lacs) less than six
months from Salora Retail Ventures Limited, a company under the same
management.
3 RELATED PARTIES DISCLOSURES :
1. Relationship :
(a) Subsidiary :
Salora Capital Limited
Salora Components Ltd.
(b) Associates & Joint Ventures :
Salora Retail Ventures Ltd.
H.K.Shinsei Ltd.
(c) Other related parties in which key managerial personnel are able to
exercise significant influence Associated Electronics Research Foundation
Essjay Ericsson Pvt. Ltd.
Manori Properties Pvt. Ltd.
Dukaan Resources Pvt. Ltd.
Devi Electronics Pvt. Ltd.
Terminal Power Pvt. Ltd.
(d) Key Managerial Personnel:
Shri Gopal Sitaram Jiwarajka
Shri Tarun Jiwarajka
(e) Relative of key managerial personnel where transactions have taken
place:
Shri S.R.Jiwarajka Smt. Neetu Jiwarajka Shri Ayush Jiwarajka
B. GEOGRAPHICAL SEGMENTS
The domestic sales is 54.97% (Previous year 66.35%) and the export
sales is 45.03 % (Previous year 33.65%) of the total turnover of the
Company, there are no separate reportable Geographical Segments.
C. OTHER DISCLOSURES :
i) Segments have been identified in line with the Accounting Standard on
Segment Reporting (AS-17) taking into account the organisation
structure as well as the differential risks and return of these
segments.
ii) The Company has disclosed Business Segment as the primary segment.
iii) Type of products and services in each business segment :
iv) The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and allocated on
a reasonable basis.
44 Any of the assets other than fixed assets and non current investments
have the value on realisation in the ordinary course of business equal
to the amount at which they are stated, subject to amounts not realised
on full and final settlement / disposal.
4 Previous year figures have been re-grouped and/or re-arranged
wherever necessary.
Mar 31, 2011
1. Contingent Liabilities not provided for in respect of :
i) Bank Guarantees issued by Bankers Rs. 541.43 lacs (Previous year Rs.
980.68 lacs) including for Sales Tax and Excise demand Rs. 97.37 lcas
(Previous Year Rs. 84.28 lacs), against which margin kept by bank Rs.
69.36 lacs (Previous year Rs. 102.12 lacs).
ii) Letter of Credits pending for shipment Rs. 84.58 lacs (Previous
year Rs. 299.15 lacs.).
iii) Claim by employee of Rs. 5.79 lacs against the company against
which amount deposited Rs. 2.13 lacs is pending in High Court.
iv) TV sets, VCD's and Office Automation products still under warranty
for which amount is not ascertainable.
v) Disputed Sales Tax demands of Rs. 722.89 lacs (Previous year Rs.
744.15 lacs), against which amount deposited Rs. 401.81 lacs (Previous
year Rs. 389.21 lacs) has not been provided for as the cases are
pending in appeals with higher authorities.
vi) Advance Licence utilised for Import of CPT worth Rs. 87.50 lacs
during the period from January, 1995 to May 1995 , DGFT issued Show
Cause Notice to pay duty and penalty thereof on all above imports and
included the company's name in the defaulters list. Company challenged
the said Notice in Delhi High Court and after admitting the petition
and taking into consideration all the facts, the Delhi High Court
directed the Company to deposit a sum of Rs. 20.00 lacs with the
Collector of Customs and ordered DGFT to remove Company's name from the
defaulters list. Accordingly Company has deposited the sum of Rs. 20.00
lacs within the time stipulated by the Court. Duty and penalty amount
is not ascertainable at this stage.
2. Demand raised/Cenvat credit disputed, by Excise Authorities
amounting to Rs. 3712.78 lacs (Previous year Rs. 2328.71 lacs),against
which amount deposited Rs. 321.79 lacs (Previous year Rs. 321.79 lacs)
has not been provided for as the matters are pending in appeals with
higher authorities. Appelate Authority has passed an order to Pre
deposit sum of Rs. 300 Lacs, which has been deposited Further, Company
has been advised that the demand raised by Excise Authorities is purely
on technical point and on the similar point they have raised demand on
most of the TV Manufactures and hence representaion is being made
through manufacturer association before the Government, and the Company
has filed a petition on the issue before Supreme Court, and Company
expects to get relief in Appeal.
3. Income Tax Assessments of the Company have been completed upto
Assessment Year 2008-2009(in previous year upto 2007-08). Demand has
been raised of Rs. 215.48.lacs (previous year Rs. 185.23 lacs) for
earlier assessment years against which company has filed appeal before
appleate authorities and amount Rs. 210.79 lacs (previous year Rs.
180.55 lacs) has been deposited against demands.
Appeal of Income Tax department against the ITAT order for the
Assessment Year 1997-98 is lying pending before Hon'ble Delhi High
Court against which refund of Rs. 1151.57 lacs received by the Company
in the Financial Year 2002-2003.
4. Sundry Debtors, considered good includes :
i) Rs. 1659.43 lacs (previous year Rs. 443.22 lacs) due more than six
months and Rs. 70.61 lacs due less than six months (previous year Nil.)
from parties on whom legal action initiated for recovery.
ii) Rs. 1129.51 Lacs (previous year Rs. 2085.08 lacs) due more than six
months are under follow-up, negotiation, reconciliation, settlement and
realisation. out of which Rs. 115.60 lacs (previous year Rs. 209.93
lacs ) has been considered doubtful and provided for.
iii) Rs. 930.05 lacs (previous year Rs. 1127.99 lacs) due more than six
months and Rs. 142.15 lacs (Previous year Rs. 70.20 lacs) less than six
months from Salora Retail Venture Limited, a company under the same
management.
iv) Rs. Nil. (Previous year Rs. 78.34 lacs) due more than six months &
Rs. Nil. (Previous year Rs. 123.45 lacs) less than six months from
Salora Components Limited, a subsidiary company.
v) Rs. Nil.(previous year Rs. 12.27 lacs.) due less than six months
from Salora Capital Limited a subsidiary company.
5. RELATED PARTIES DISCLOSURES :
1. Relationship :
(a) Subsidiary : (b) Associates & Joint Ventures :
Salora Capital Limited Salora Retail Ventures Ltd
Salora Components Ltd. H.K. Shinsei Ltd
(c) Other related parties (d) Key Managerial Personnel:
in which key managerial
personnel or their Shri Gopal Sitaram Jiwarajka
relatives have significant
influence :
Associated Electrical (e) Relative of key managerial personnel
Agencies where transactions have taken place:
Associated Electronic Shri Sitaram Jiwarajka
Research Foundation
Artheon Electronics Ltd Smt. Neetu Jiwarajka
Essjay Ericsson Pvt. Ltd. Shri Tarun Jiwarajka
Manori Properties P Ltd. Shri Ayush Jiwarajka
Artheon Energy P Ltd.
Panasonic Carbon India
Co Ltd.
Devi Electronics P Ltd.
Terminal Power Pvt. Ltd.
Skandsoft Technologies
P. Ltd.
Artheon Emerging
Technology P. Ltd.
Sharada Inventions P. Ltd.
Ultimedia Technologies Pvt. Ltd.
Nova Telesec Pvt. Ltd.
Artheon Finance Ltd.
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
6. SEGMENT REPORTING:
A. GEOGRAPHICAL SEGMENTS:
The domestic sales is 66.35% (Previous year 92.47% ) and the export
sales is 33.65 % (Previous year 7.53%) of the total turnover of the
Company, there are no separate reportable Geographical Segments.
B. OTHER DISCLOSURES:
i) Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS-17) taking into account the organisation
structure as well as the differential risks and return of these
segments.
ii) The Company has disclosed Business Segment as the primary segment.
iii) Type of products and services in each business segment :
Business Segment Type of Products
a) Infocom Division Mobile Phones, IT Products and Accessories
thereof and other items
b) Consumer
Electronics Division Fly Back Transformer (EHT), Loudspeaker,
Deflection Yoke and CTV sets, etc. and
sub-assemblies thereof
c) Wind Energy Wind Energy Generation
iv) The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and allocated on
a reasonable basis.
7. Previous year figures have been re-grouped and/or re-arranged
wherever necessary.
8. Schedules 'A' to 'U' forming part of the Balance Sheet as on 31st
March, 2011 and the Profit & Loss Account for the year ended on that
date.
Mar 31, 2010
1. Contingent Liabilities not provided for in respect of:
i) Bank Guarantees issued by Bankers Rs.980.68 lacs (Previous year Rs.
1057.87 lacs) including for Sales Tax and Excise demand Rs.84.28 lacs
(Previous Year Rs.499.76 lacs), against which margin kept by bank
Rs.100.12 lacs (Previous Yr.Rs.86.32 lacs).
ii) Letter of Credits pending for shipment Rs.299.15 lacs(Previous year
Nil.).
iii) TV sets, VCDs and Office Automation products still under warranty
for which amount is not ascertainable.
iv) Disputed Sales Tax demands of Rs.744.15 lacs (Previous year
Rs.591.44 lacs), against which amount deposited Rs.389.21 lacs
(Previous year Rs.249.35 lacs) has not been provided for as the cases
are pending in appeals with higher authorities.
v) Advance Licence utilised for Import of CPT worth Rs.87.50 lacs
during the period from January, 1995 to May 1995 , DGFT issued Show
Cause Notice to pay duty and penalty thereof on all above imports and
included the companys name in the defaulters list. Company challenged
the said Notice in Honble Delhi High Court and after admitting the
petition and taking into consideration all the facts, the Honble Delhi
High Court directed the Company to deposit a sum of Rs. 20.00 lacs with
the Collector of Customs and ordered DGFT to remove Companys name from
the defaulters list. Accordingly Company has deposited the sum of
Rs.20.00 lacs within the time stipulated by the Honble Court. Duty and
penalty amount is not ascertainable at this stage.
2. Demand raised/Cenvat credit disputed, by Excise Authorities
amounting to Rs.2328.71 lacs (Previous year Rs.2296.28 lacs), against
which amount deposited Rs.321.79 lacs (Previous year Rs. 331.34 lacs)
has not been provided for as the matters are pending in appeals with
higher authorities. Appelate Authority has passed an order to Pre
deposit sum of Rs.300 lacs, which has been deposited. Further, Company
has been advised that the demand raised by Excise Authorities is purely
on Technical point and on the similar point they have raised demand on
most of the TV Manufactures and hence representation is being made
through manufacturer association before the Government, and the Company
has filed a petition on the issue before Honble Supreme Court, and
Company expects to get relief in Appeal.
3. Income Tax Assessments of the Company have been completed upto
Assessment Year 2007-2008 (in previous year upto 2006- 07). Demand has
been raised of Rs.185.23 lacs (previous year Rs.216.95 lacs) for
earlier assessment years against which company has filed appeal before
appleate authorities and amount Rs. 180.55 lacs (previous year Rs.
146.70 lacs) has been deposited against demands.
Appeal of Income Tax department against the ITAT order for the
Assessment Year 1997-98 is lying pending before Honble Delhi High
Court against which refund of Rs.1151.57 lacs received by the Company
in the Financial Year 2002-2003.
4. Sundry Debtors, considered good includes :
i) Rs.443.22 lacs due more than six months from parties on whom legal
action initiated for recovery.
ii) Rs.2085.08 lacs due more than six months and Rs. 184.73 lacs are
under follow-up,negotiation,reconciliation,settlement and realisation
out of which Rs.209.93 lacs has been considered doubtful and provided
for.
iii) Rs.1107.33 lacs (previous year Rs.Nil) due more than six months
and Rs.70.20 lacs (Previous year Rs.1227.50 lacs) less than six months
from Salora Retail Venture Limited, a company under the same
management.
iv) Rs.78.34 lacs (Previous year Rs.17.64 lacs) due more than six
months & Rs.123.45 lacs (Previous year Rs.60.94 lacs) less than six
months from Salora Components Limited.a subsidiary company.
v) Rs.12.27 lacs (previous year Rs.Nil) due less than six months from
Salora Capital Limited a subsidiary company.
5. Loans Given includes :
i) Rs.NIL (Previous year Nil.) due from a subsidiary company Salora
Components Ltd and maximum amount outstanding at any time during the
year is Rs.20.00 lacs.( Previous year Rs. 265.50 lacs)
ii) Rs. NIL (Previous year Nil.) due from Salora Retail Ventures Ltd, a
company under the same management and maximum amount outstanding during
the year is Rs.Nil. ( Previous year Rs.460 lacs)
6. Advances Recoverable includes :
Rs.20.66 lacs (previous year Rs.5.78 lacs) due from Salora Retail
Ventures Ltd and Rs.Nil. (previous year Rs.15.17 lacs) due from
H.K.Shinsei Ltd, companies under the same management.
7. In previous year Impairment loss has been recognised amounting to
Rs.53.48 lacs due to obsolescence and discard of assets.This has been
included in the Depreciation in the Profit & Loss account and reduced
from Fixed Assets.
8. Revenue expenditure incurred on Research and Development including
overheads and debited to respective head of accounts aggregating to
Rs.21.79 lacs (Previous year Rs.20.47 lacs).
9. RELATED PARTIES DISCLOSURES : 1. Relationship:
(a) Subsidiary:
Salora Capital Limited (formerly Jadoonet Ltd.) Salora Components Ltd.
(b) Associates & Joint Ventures :
Salora Retail Ventures Ltd H.K. Shinsei Ltd
(c) Other related parties in which key managerial personnel or their
relatives have significant influence:
Associated Electrical Agencies
Associated Electronic Research Foundation
Aerthon Electronics Ltd (formerly Sab Electronics Ltd)
Essjay Ericsson Pvt. Ltd.
Ericsson India P Ltd.
Manori Properties P Ltd.
Feature Home Products P Ltd
Panasonic Carbon India Co Ltd.
Devi Electronics P Ltd.
(d) Key Managerial Personnel:
Shri Gopal Sitaram Jiwarajka
(e) Relative of key managerial personnel where transactions have taken
place:
Shri Sitaram Jiwarajka Smt. Neetu Jiwarajka Shri Tarun Jiwarajka
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
B. GEOGRAPHICAL SEGMENTS:
The sales of the Company are mainly in India and the export turnover
being only 7.53 % (Previous year 5.48%) of the total turnover of the
Company, there are no separate reportable Geographical Segments.
C. OTHER DISCLOSURES:
i) Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS-17) taking into account the organisation
structure as well as the differential risks and return of these
segments.
ii) The Company has disclosed Business Segment as the primary segment.
iii) Type of products and services in each business segment:
Business Segment Type of Products
a) Infocom Division Mobile Phones, IT Products and Accessories thereof
and other items
b) Consumer Electronics Division Fly Back Transformer (FBT),
Loudspeaker, Deflection Yoke and
TV sets, VCD & DVD Players and sub-assemblies thereof
c) Wind Energy Wind Energy Generation
iv) The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and allocated on
a reasonable basis.
10. Previous year figures have been re-grouped and/or re-arranged
wherever necessary.
11. Schedules A to T form part of the Balance Sheet as on 31st
March, 2010 and the Profit & Loss Account for the year ended on that
date.
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