Mar 31, 2015
1. SEGMENT REPORTING
(a) The company operates in only one segment  Reed Switches.
(b) Information about secondary segment (Geographical segment)
2. CONTINGENT LIABILITIES AND COMMITMENTS
The Income Tax Department has raised a demand for the Assessment Year
2012-13 amounting to Rs.20,61,790/- which is disputed by the Company.
Hence an appeal has been preferred before CIT Appeal, Chennai & ACIT
Company Range, Chennai .Therefore the Company has been advised that no
provision for tax is required.
Mar 31, 2014
1. Break up of Shares issued in the last five years.
a. The Company has issued 98,178 Zero Coupon Redeemable Preference
Shares of Rs. 100/- each totaling to Rs. 98,17,800/- on 14-02-2009
redeemable at par after the expiry of 5 years from the date of
allotment.
b. RBI has given permission for extention of redemption of 98,178 Zero
Coupon Preference Shares of Rs. 100 each alloted to M/s. Gunther
America Inc, 454 Allwood road Clifton, N.J. 07012 USA for 7 years from
14-02-2014, vide their letter No. CHE:FED:F ID/7630/25.19.319/2013-14
dated May 19, 2014. The preference share holders have also consented
for extension of Zero Coupon Preference Shares.
Contributions to provident fund are made monthly, at predetermined
rates, and debited to the profit and loss account on accrual basis.
Provision for Gratuity and Leave encashment has been made on the basis
of Actuarial Valuation as per AS-15. The Company has subscribed to
group gratuity scheme of LIC for all its employees. The date of
commencement of the scheme is 26-03-2014.
2. CONTINGENT LIABILITIES AND COMMITMENTS
The Income Tax Department has rasied a demand for the Assessment Year
2012-13 amounting to Rs. 20,61,790/- which is disputed by the Company.
Hence an appeal has been peferred before CIT Appeal Chennai & ACIT
Company Range, Chennai .Therefore the Company has been advised that no
provision for tax is required.
Mar 31, 2010
I. Deferred Tax
On principles of prudence no deferred tax asset has been recognized in
the accounts as the company has substantial carry forward losses.
ii. Consequent to total erosion of the companyÃs net worth, as on
30.06.2005, the report as required under section 23 of the Sick
Industrial companies (Special Provision) Act 1985 was submitted to the
Board for Industrial and Financial Reconstruction (BIFR) on 06.02.2006.
The said reference was not registered by BIFR for want of rectification
of certain objection vide BIFRÃs order No. F.3(S-4)/BC/2006 dated
24-03-2006. The management of your company was confident of changing
the fortunes of company without getting attracted to the provisions of
BIFR. Hence, your company had requested and obtained debt waiver from
its parent companies and accordingly prepared the accounts on Going
Concern.
The management had taken constructive steps to improve the
profitability of the Company by increasing the production of switches
with higher margins and introduction of additional product lines such
as proximity switches, high vacuum switches, ball switches, etc which
will give a higher contribution. For the successive financial years
2005-06, 2006-07, 2007- 08, 2008-09, the Company had again prepared the
accounts on a Going Concern basis by obtaining debt waiver(s)
successively from its parent companies. For the financial year 2009-10,
the company posted operational profits due to its various initiatives
including adopting cost cutting measures. Hence, the company did not
take any debt waiver for the financial year 2009-10 from its parent
companies. The management is confident that the operations of the
company are expected to register more marked improvements in the near
future and accordingly the accounts have been prepared on a "Going
Concern" basis.
iii. The names of small scale Industrial undertakings to which the
Company owes any sum including interest which is outstanding for more
than 30 days at the Balance sheet date, are as given below. This
information and that given in schedule 8 - ÃCurrent LiabilitiesÃ
regarding small scale industrial undertakings has been determined to
the extent such parties have been identified on the basis of
information available with the company. This has been relied upon by
the auditors.
- Nikkam Agency
- Sri Venkateswara Plastic Industries
- Paramount Chemicals
- Bubble Package
iv. The Company is in the process of identifying suppliers who have
registered under, "The Micro Small and Medium Enterprises Development
Act 2006". As of date, the company has not received confirmations from
any registered suppliers and hence no disclosures have taken made under
the said Act.
v. The list of related parties as identifed by the management is as
under
A) Holding Company Gunther America Inc.
B) Key Management Personnel [KMP] Mr. Robert P. Romano
Mr. John David Rollo
Mr. Michel Vandervelpen
Mr. P.Ramesh
C) Enterprise over which any person
described in (B) is able to
exercise significant influence.
This includes enterprises owned by Comus International Inc.
Directors or major share holders
of the reporting Comus International Bvba
Management personnel in common
with the Assemtech Europe Ltd.
reporting enterprises
vi. Segment Reporting
(a) The company operates in only one segment à Reed Switches.
(b) Information about secondary segment (Geographical segment)
Segment assets include fixed assets and current assets. Sundry debtors
being export receivables are shown in overseas segment. All Fixed
assets are situated in India. Inventory includes various categories of
items situated in India.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article