Mar 31, 2014
1) In the opinion of Management, the current assets, loans & advances,
are approximately of the value stated, if realised in the ordinary
course of business. Some of the NBFC Loan Balances shown in the books
are subject to confirmation and reconciliation.
The account of "Trade Receivables","Borrowings","Trade
payables","Advances from Customer", "Short Term Loans and Advances" and
some Bank Balances are subject to confirmation / reconciliation and the
same also includes very old non moving items and therefore the same are
subject to necessary adjustments for accounting or re-grouping
/classification
The amount of "Trade receivable", "Advances Recoverable In cash or
Kind", and "Advances to suppliers/Other Parties",also includes very old
Trade receivables and/or payments made and the management is hopeful of
the recovery and therefore these are not treated as doubtful for the
recovery and not provided for.
The amount of account of some of the major single party under the Head
"Advance from customers","Trade Payable", "Advance to Suppliers and
Others", "Trade Receivables" are shown on gross basis and the same are
not netted off and which has resulted in overstatement of two account
Heads and the determination of the exact amount of the said over
statement is in progress.
2) Micro, Small, Medium Enterprises Development Act, 2006
There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 to whom the
Company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made. The above
information regarding Micro, Small and Medium Enterprises 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.
3) Provision for Current tax is of Rs. 0 NIL (P.Y. - Rs.5500000/-)
have been made during the year.
4) Balance of Unsecured loans, debtors and creditors, loans and
advances are subject to confirmation.
5) Particulars of employees who were in receipt of remuneration, of
not less then Rs.24,00,000/- per annum or Rs.2,00,000/- p.m. if
employed for a part of the year.
6) On 17th August 2013, post noon on account of short circuit, fire
wedged at Unit I of the Company situated at 7, Shubhlaxmi Industrial
Estate, Sarkhej-Bavala Highway. Changodhar - 382213, Ahmedabad, Gujarat
due to which a substantial part of Fixed Assets got burnt/disposed off.
Estimated Loss of Fixed Assets as reported by the Surveyor in his
Survey / Valuation Report is Rs. 65.22 Lakhs (Net Construction Loss
Value) &Rs. 286.84 Lakhs (Net Plant &Machinary Loss Value).However, in
books of accounts, the company has shown the Net Plant &Machinary Loss
of Rs. 359.18 Lakhs. Post Survey Report, the company derived that the
book value of the Plant &Machinary which got burnt in fire is Rs.
359.18 Lakhs. Accordingly the company have written off the full amount
as there will be no salvage value.
7) Loss of Finished Goods/ Semi Finished Goods/ Material stock as
reported by Surveyor in his Survey/Valuation report is Rs. 402 Lakhs.
The same has been recorded as Consumption of Stock instead of
reflecting it specifically as a loss in books of accounts.
8) In the current year, Debentures previously issued to DB Corp Ltd
and HT Media Ltd are converted into Equity Shares as per the conditions
stipulated at the time of issuing convertible debentures. On account of
conversion, equity shares of face value Rs. 10 allotted to DB Corp Ltd
and HT Media Ltd are 665863 shares and 561798 shares respectively. The
listing of the said equity shares is pending on BSE and NSE Platform.
9) TDS Receivable of FY 2012-13 of Rs. 1.07 lakhs has been adjusted
against Income Tax payable of FY 2012-13 of Rs. 55 Lakhs. So Net Income
Tax payable for FY 2012-13 comes toRs. 53.93 Lakhs. TDS receivable of
FY 11- 12 of Rs. 3.68 Lakhs has been adjusted against Income Tax
payable of FY 11-12 of Rs. 162 Lakhs. So Net Income Tax payable for FY
11-12 comes toRs. 158.32 Lakhs.
10) Highseas Purchase done in June 2013 amounting to Rs. 110.42 Lakhs
was not mentioned in Monthly VAT Returns filed with VAT Department.
However, the mistake will be rectified and the said purchase amount
will be mentioned in the VAT Annual Return.
11) Details of the Cases & Arbitration matters against the company of
Recovery by the Lenders / Creditor- Certain Court Notices / Legal
Notices have been issued to the company by some of its creditors and
arbitration matters are going on with lenders including banks and
financial institutions. The company is in the process of preparing the
list of Creditors and Lenders who have issued the legal notices/
arbitration matters to company for recovery of debts. Amount involved
in the recovery cases has not been determined yet by the company.
12) Internal Debt Restructuring:- In the current financial year, the
company had applied for Internal Debt Restructuring of its Loans &
Advance with the Union Bank of India. The Debt has been internally
restructured and the revised terms & conditions have been issued to the
company by UBI. The company is also in the process of applying for
internal restructuring with other banks & financial institutions.
13) Miscellaneous expenditure includes IPO Expenses
14) Prior Period Items have not been separately disclosed in books of
accounts.
15) In view of the various circumstances and factors beyond the control
of company, the single and main segment of the company is not working
on full operational capacity. The operational capacity of the company
has reduced drastically. However, the company is hopeful to regain its
full operational capacity in the near future and is hopeful for working
as a going concern for the very long term.
16) The company is contingently liable for the Claims against the
Company not acknowledged as debts, which are pending before courts /
legal authorities.
17) Related Party Disclosure
a) Names of related parties and nature of relationship
Party Relationship
I. Key Management Personnel
1. Mr. Anant S. Maloo
2. Mr. Manan V. Patel (Resigned w.e.f 07.05.13) Pomoter
3. Mr. Abhijeet D. Daga (Resigned w.e.f 17.05.14)
II. Relative of Key Management Personnel
1. Mr. Ajay S. Maloo Brother of Mr.Anant S. Maloo
2. Mr.SureshchandraMaloo Father of Mr.Anant S. Maloo
3. Mrs.Shilpa A Daga Wife of Mr.Abhijeet D Daga
4. Mrs.Indu Daga Mother of Mr. Abhijeet D. Daga
5. Mrs. Nina Ajay Maloo Wife of Mr. Ajay Maloo
III. Enterprise under significant influence of key management personnel
1. Maloo Building Material Pvt.Ltd.
2. MalooTradelinkPvt.Ltd.
3. TimborEtail Pvt. Ltd
(b) Transactions with Related Parties :
Registered Office is taken on Lease by Timbor Home Limited representing
Mr.AnantSureshchandraMaloo from Mr. SureshchandraMaloo (Father of
Mr.AnantMaloo) at Rs.1/- for Nine years and being a negligible amount
hence the same has not been included in the table.
No amounts pertaining to related parties have been provided for as
doubtful debts. Also no amounts have been written off or written back
during the year.
18) Deferred Taxation
The significant component and classification of deferred tax assets and
liabilities on account of timing differences are :
19) Employees'' Retirement Benefits
a) Defined Benefit Plan
Since none of the employees have completed qualifying period,
provisions of the Payment of Gratuity Act is not applicable.
b) Defined Contribution Plan
The company has recognized the following amount in profit and loss
account which is included under contribution to funds.
20) Previous period amount has been regrouped/re-casted /re- arranged/
re-classified/re-determined, wherever necessary, by the company on the
basis of data available with the company, to make the figure of the
current year with the previous year comparable.
21) The classification/grouping of items of the accounts are made by
the management, on the basis of the available data with the company and
which has been relied upon by the auditors.
22) The amount of inventory has been taken by the management on the
basis of information available with the company and without conducting
physical verification of the slow moving inventory. The slow moving
inventories have been valued by the management estimate net realisable
value and which has been relied upon by the Auditors.
23) Account of Excise and VAT is subject to reconciliation, submission
of its return for its claim and/or its assessment, if any.
24) Segment Reporting:
a) Primary Segment
The company has only one segment i.e., "Wooden Panel Door, Wooden
Cabinet and Other Wooden Furniture
b) Secondary Segment (By Geographical segment)
The company operates only in India and hence company has only one
secondary segment.
25) Earnings per Equity Share
Basic and Diluted Earnings per equity share are recorded in accordance
with Accounting Standard -20 " Earning per Share". Earning per Share is
calculated by dividing the profit attributable to the Equity
shareholders (after adjustment for deferred taxes) by the average
number of equity shares outstanding during the period. The numbers used
in calculating basic and diluted earnings per Equity Shares are stated
below.
26) Additional information pursuant of para 3, 4C and 4D of Part II of
Schedule VI to the Companies Act, 1956:
27) A. LICENCED and INSTALLED CAPACITY
The company is not required to obtain license and hence comparison of
licensed capacity and installed capacity is not given.
Mar 31, 2013
1) In the opinion of the Board of Directors, Current assets, loans and
advances have a value on realisation in the ordinary course of business
equal to the amount at which they are stated in the Balance Sheet.
2) During the year, the Company has closed unit 3 situated at Vatva for
dated 12.12.2012
3) Micro, Small, Medium Enterprises Development Act, 2006
There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 to whom the
Company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made.
The above information regarding Micro, Small and Medium Enterprises 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.
4) Provision for Current tax is of Rs. 5500000/- (P.Y. - Rs.
16200000/-) have been made during the year.
5) Balance of Unsecured loans, debtors and creditors, loans and
advances are subject to confirmation.
6) Particulars of employees who were in receipt of remuneration, of not
less then Rs.24,00,000/- per annum or Rs.2,00,000/- p.m. if employed
for a part of the year.
7) Employees'' Retirement Benefits
a) Defined Benefit Plan
Since none of the employees have completed qualifying period,
provisions of the Payment of Gratuity Act is not applicable.
b) Defined Contribution Plan
The company has recognized the following amount in profit and loss
account which is included under contribution to funds.
8) Previous year figures have been rearranged and reclassified as per
revise Scheduled VI wherever necessary.
9) Segment Reporting h:
a) Primary Segment
The company has only one segment i.e., "Wooden Panel Door, Wooden
Cabinet and Other Wooden Furniture".
b) Secondary Segment (By Geographical segment)
The company operates only in India and hence company has only one
secondary segment.
10) Earnings per Equity Share
Basic and Diluted Earnings per equity share are recorded in accordance
with Accounting Standard -20 " Earning per Share". Earning per Share is
calculated by dividing the profit attributable to the Equity
shareholders (after adjustment for deferred taxes) by the average
number of equity shares outstanding during the period. The numbers used
in calculating basic and diluted earnings per Equity Shares are stated
below.
Mar 31, 2012
BUSINESS ACTIVITY / OPERATIONS OF THE COMPANY
The company markets its products under the brand names Timbor Cucine-
Modular Kitchens, Timbor Doors- Doors & Door Frames, Timbor Home- Home
Furniture, and IKI Kitchens- Hi-end kitchen solutions
Our Products includes the following:
1. Home furniture
2. Modular Kitchens
3. Doors
4. Treated and Kiln Dried Lumber
REGISTERED OFFICE
A-2, Harikrupa Apartment, Nr. Naranpura Railway Crossing, Naranpura,
Ahmedabad - 380 013 Telephone: 079-27560537 Fax: 079-27552596
MANUFACTURING FACILITIES
1) 1,7, Shubhlaxmi Industrial Estate, Sarkhej-Bavla Highway, Changodar
- 382213
2) Plot No: 401, 402, GIDC, Umreth Dist: Anand - 388220.
3) Shed No: A/18,19, Ground Floor, Mahalaxmi Ind. Estate, Nr-Chokshi
Tube, GIDC, Ph-I, Vatva, Ahmedabad - 382445
1) In the opinion of the Board of Directors, Current assets, loans and
advances have a value on realisation in the ordinary course of business
equal to the amount at which they are stated in the Balance Sheet.
2) During the year, the Company completed an Initial Public Offer (IPO)
of its 3690000 Equity Shares of Rs 10/- each for cash at price of Rs 63/-
each.
3) Micro, Small, Medium Enterprises Development Act, 2006
There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 to whom the
Company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made.
The above information regarding Micro, Small and Medium Enterprises 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.
4) Provision for Current tax is of Rs 16200000/- (P.Y. - Rs 15000000/-)
have been made during the year.
5) Balance of Unsecured loans, debtors and creditors, loans and
advances are subject to confirmation.
Note :
Registered Office is taken on Lease by Timbor Home Limited representing
Mr. Anant Sureshchandra Maloo from Mr. Sureshchandra Maloo (Father of
Mr. Anant Maloo) at Rs 1/- for Nine years and being a negligible amount
hence the same has not been included in the Table.
(I) No amounts pertaining to related parties have been provided for as
doubtful debts. Also no amounts have been written off or written back
during the year.
6) Deferred Taxation
The significant component and classification of deferred ax assets and
liabilities on account of timing differences are :
7) Employees' Retirement Benefits
a) Defined Benefit Plan
Since none of the employees have completed qualifying period,
provisions of the Payment of Gratuity Act is not applicable.
b) Defined Contribution Plan
The company has recognized the following amount in profit and loss
account which is included under contribution to funds.
8) Previous year figures have been rearranged and reclassified as per
revise Scheduled VI wherever necessary.
9) Segment Reporting:
a) Primary Segment
The company has only one segment i.e., "Wooden Panel Door, Wooden
Cabinet and Other Wooden Furniture".
b) Secondary Segment (By Geographical segment)
The company operates only in India and hence company has only one
secondary segment.
10) Earnings per Equity Share
Basic and Diluted Earnings per equity share are recorded in accordance
with Accounting Standard -20 " Earning per Share". Earning per Share
is calculated by dividing the profit attributable to the Equity
shareholders (after adjustment for deferred taxes) by the average
number of equity shares outstanding during the period. The numbers used
in calculating basic and diluted earnings per Equity Shares are stated
below.
11) Additional information pursuant of para 3, 4C and 4D of Part II of
Schedule VI to the Companies Act, 1956:
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