Mar 31, 2015
(a) Rights, preferences and restrictions attached to shares
The company has one class of equity shares having a par value of Rs.10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
The cash credit facilities availed from Bank of India are secured by
hypothecation of the Company's current assets consisting of stock of
Finished Goods, Stock in Process, Raw Materials. and book debts both
present and future. Further secured by First Charge over fixed assets
of the company and personal guarantee of Managing Director Shri Atul
Kumar Sethi and Whole Time Director, Mrs Amita Sethi.
Nature of security:
* It includes Car loan and vehicle loan from ICICI Bank Ltd. and
Reliance Capital Ltd to be repayable within a period of year.
Disclosures relating to nature of security and terms of repayment are
same as provided in long term borrowings.
1.1 Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II, except
in respect of certain assets as disclosed in accounting policy on
depreciation, amortization and depletion. Accordingly the unamortized
carrying value in being depreciated/amortized over the revised,
remaining useful lives. The written down value of fixed assets whose
lives have expired as at 1st April, 2014 have been adjusted net of tax,
in the opening balance of profit and loss account amounting to Rs.
340684/-.
2 Segment reporting
A. Primary segment
As the company's business activity falls within a single primary
business segment i.e. "Life Saving Devices' hence there is no primary
segments wise information to report as per Accounting Standard -17 "
Segment Reporting".
Mar 31, 2014
1 Contingent liabilities
Guarantees given to banks - 3,760,000
The disputed demand of income tax 280.000 2,80,0000
280.000 4,040,000
Mar 31, 2013
1. Previous year figures have been regrouped/rearranged wherever
necessary to make them comparable with current year.
2. The figures have been rounded off to the nearest rupee.
Mar 31, 2012
1. In the opinion of the Board, the current assets have a value on
realization in the ordinary course of business at least equal to the
amount at which these are stated above and the provisions for known
liabilities is adequate and not in excess of the amount considered
reasonable and necessary.
2. Security of Loans
(i) Term loan from ICICI bank is secured by hypothecation of car.
(ii) Term loans from HDFC bank is secured by hypothecation of car and
vehicle.
(iii) Term loan from Bank of India is secured by hypothecation of Plant
and Machinery. It is further secured by First Charge over fixed assets
of the company and personal guarantee of Managing Director, Shri Atul
Kumar Sethi and Whole Time Director, Mrs Amita Sethi.
(iv) Cash Credit.
The cash credit facilities availed from Bank of India are secured by
hypothecation of the Company's current assets consisting of stock of
Finished Goods, Stock in Process, Raw Materials etc. and book debts
both present and future. Further secured by extension of First Charge
over fixed assets of the company and personal guarantee of Managing
Director Shri Atul Kumar Sethi and Whole Time Director, Mrs Amita
Sethi.
3. The information required to be disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006 has been determined to the
extent such parties have been identified on the basis of information
available with the Company. There are no over dues to parties on
account of principal amount and/or interest and accordingly no
additional disclosures have been made.
4. Sundry Debtors includes Rs.21.84 lacs (Previous Year Rs.25.62 lacs)
due from the subsidiary company Shree Coratomic Limited.
5. Segment Reporting :
A. PRIMARY SEGMENTS
As the company's business activity falls with in a single primary
business segment i.e. "Life saving devices' hence there is no primary
segments wise information to report as per Accounting Standard -17
"Segment Reporting"
6. Previous year figures have been regrouped/rearranged wherever
necessary to make them comparable with current year.
7. The figures have been rounded off to the nearest rupee.
Mar 31, 2010
1. Significant accounting policies and notes to these Consolidated
Financial Statements are intended to serve as a means of informative
disclosure and a guide to better understanding the consolidated
position of the company. Recognizing this purpose, the company has
disclosed only such policies and notes from the individual financial
statements, which fairly present the needed disclosures. Practical
considerations and lack of homogeneity made it desirable to exclude
some of them which, in the opinion of the management, could be better
viewed, when referred from the individual financial statements.
2. Consolidated financial statement have been prepared substantially
in the same format as adopted by the parent to the extent possible and
in accordance with Accounting Standard (AS) Ã21 "Consolidated Financial
Statements" .
3. Segment Reporting :
A. PRIMARY SEGMENTS
As the companys business activity falls with in a single primary
business segment i.e. "Life saving devices", hence there is no primary
segments wise information to report as per Accounting standard - 17 "
Segment Reporting".
4. Related Party disclosures :
Disclosures as required by the Accounting Standard à 18 ÃRelated Party
Disclosuresà are given below:
I. Relationship
a. Holding /Subsidiary Company
Since Consolidated financial statements present information about
holding and its subsidiary as a single reporting enterprise. It is
unnecessary to disclose intra-group transactions.
b. Key Management Personnel
Shri Atul Kumar Sethi : Managing Director
Smt. Amita Sethi : Whole time Director
Shri Sushil Patni : Director
C. Other related parties where control exist;
NIL
d. Relatives of Key Management personnel and their enterprises where
transactions have taken place : Smt. Heera Sethi, Shri Ashish Sethi,
Shri Akash Sethi
NOTE : Related party relationship is as indentified by the company and
relied upon by the Auditors.
5. Contingent liabilities not provided for :-
I. Guarantees given by bank - Rs. 65.60 Lacs (Previous Year Rs. 65.60
Lacs)
II. The disputed demand on Income Tax - Rs. 19.19 Lacs. (Previous Year
Rs. 19.19 Lacs)
6. Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advances) NIL (Previous Year Rs.
122.67 Lacs)
7. Figure pertaining to the subsidiary company have been reclassified
wherever necessary to bring them in line with the parent companyÃs
financial statements.
8. Previous year figures have been regrouped / rearranged wherever
necessary to make them comparable with current year.
9. The figures have been rounded off to the nearest rupee.
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