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BS March06 _Final_ 17.08.06

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BS March06 _Final_ 17.08.06 Powered By Docstoc
					                            Himachal Exicom Communications Limited

            SCHEDULES ANNEXED TO AND FORMING PART OF THE ACCOUNTS

                                                                  As at                  As at
                                                                31.03.2006             31.03.2005
                                                                    Rs.                    Rs.

1. SHARE CAPITAL

  Authorised :

  15,000,000 (Previous year 15,000,000) Equity                  150,000,000            150,000,000
  shares of Rs. 10/- each

  Issued, Subscribed & Paid up :

  4,280,000 (Previous year 4,280,000) Equity                     42,800,000              42,800,000
  shares of Rs. 10/- each, fully paid up                         42,800,000              42,800,000


2. RESERVES & SURPLUS

  Securities Premium Account
     As per last Balance Sheet                                   32,977,740              32,977,740

  Profit & Loss Account                                         248,328,894            223,472,091
                                                                281,306,634            256,449,831


3. SECURED LOANS

  Working capital limits from banks                              20,160,984              20,371,178

  Auto loan from Banks                                            5,499,397               4,541,405
                                                                 25,660,381              24,912,583

NOTE :

1. The working capital limits from Banks are secured by way of hypothecation of stocks of
   raw materials, finished and semi finished goods, stores and spares, book debts etc., both
   present and future. Further, the limits are also secured by way of first charge on all the
   the movable and immovable properties , both present and future and corporate guarantee of
   the Himachal Futuristic Communications Limited.

2. Auto loan from Banks are secured by way of hypothecation of cars. Installments of auto loan
   falling due for repayment within one year are to the tune of Rs.2,901,628/- (Previous year
   Rs.1,727,957/-)



                                                                  As at                  As at
                                                                31.03.2006             31.03.2005
                                                                    Rs.                    Rs.

5. INVESTMENTS

      Long term investments (At Cost)
        (i) Unquoted
        10,000 equity shares @10/-each (Fully paid
        up) at a premium of Rs.190/-each of
        Vaibhav Credit & Portfolio Pvt.Ltd.                       2,000,000               2,000,000

          (ii) Quoted
          9,52,381 equity shares @10/-each (Fully paid
          up) at a premium of Rs.0.50/-each of
          HFCL Infotel Ltd.                                      10,000,000              10,000,000

                                                                 12,000,000              12,000,000

6. INVENTORIES
  (As Certified and valued by the management)

  Stores & spare parts                                              695,648                 506,440

  Loose tools                                                       210,659                 144,851

  Raw materials *                                                29,106,939              35,552,877

  Packing materials                                                  99,705                 265,000

  Work in process                                                31,717,874              32,838,344

  Finished goods                                                 11,605,137              10,634,209
                                                                 73,435,962              79,941,721

[*Raw materials include materials in transit amounting to Rs.Nil (Previous year Rs.2,240,436/-)]


7. SUNDRY DEBTORS
   (Unsecured,considered good)

  Debts outstanding for a period exceeding six months            55,053,943            116,652,424

  Other debts                                                   856,275,187            117,494,135
                                                                911,329,130            234,146,559


8. CASH & BANK BALANCES

  Cash on hand                                                       32,736                  38,604

  Cheques in transit                                             46,572,889              20,051,330

  Balance with scheduled banks in :
    Current accounts                                             3,162,277                3,804,282
    Fixed deposits accounts *                                   93,031,333               43,677,648
                                                              142,799,235                67,571,864
     * Includes fixed deposits pledged with the banks as margin money


                                                                  As at                  As at
                                                                31.03.2006             31.03.2005
                                                                    Rs.                    Rs.

9. OTHER CURRENT ASSETS

   Interest receivable                                           10,242,572               4,950,344
                                                                 10,242,572               4,950,344


10. LOANS & ADVANCES
  (Unsecured,considered good unless otherwise stated)

   Loans                                                         34,250,000              35,500,000

   Advances recoverable in cash or in kind                       11,360,071              10,444,176
   or for value to be received

   Advances payment of income tax                                14,269,184               8,254,511

   Balance with Central excise authorities/CENVAT                 2,687,490               8,615,870
                                                                 62,566,745              62,814,557

11. CURRENT LIABILITIES

   Sundry creditors                                             888,631,997            189,476,213

   Other liabilities                                             19,376,517              7,755,910
                                                                908,008,514            197,232,123

12. PROVISIONS

   Income Tax                                                     9,725,000                 414,215

   Fringe benefit tax                                               737,000                         0

   Wealth tax                                                        35,247                  32,342

   Leave encashment                                               3,330,558               3,220,486

   Gratuity                                                         972,909                 264,947
                                                                 14,800,714               3,931,990




                                                                2005-2006               2004-2005
                                                                   Rs.                     Rs.

13. OTHER INCOME

    Interest (gross)

         From fixed deposits / margin money with banks            3,117,266               1,530,065
         (TDS Rs.627,196 ; previous year Rs.295,778)

         From loan to body corporate                              5,218,750               4,533,928
         (TDS Rs.1,171,088 ; previous year Rs.948,047)

         From others                                                127,898                         0

    Exchange fluctuations (net)                                              0            1,004,155

    Miscellaneous income                                            562,033               1,057,075
                                                                  9,025,947               8,125,223


14. INCREASE/(DECREASE) IN STOCK

   Opening stock
     Finished goods                                              10,634,209               5,860,901
     Work in process                                             32,838,344              23,967,161
                                                                 43,472,553              29,828,062

   Closing stock
      Finished goods                                             11,605,137              10,634,209
      Work in process                                            31,717,874              32,838,344
                                                                 43,323,011              43,472,553

   Increase/(decrease) in stock                                    (149,542)             13,644,491




15. MATERIAL CONSUMED / PURCHASED
   Material consumed
   Opening stock                                                 33,312,441              21,483,437

   Add : Purchases during the year                            1,030,494,190            242,174,857
                                                              1,063,806,631            263,658,294
   Less : Closing stock                                          29,106,939             33,312,441
                                                              1,034,699,692            230,345,853

   Materials purchased for trading / turnkey                    158,739,976             94,224,511
                                                              1,193,439,668            324,570,364


                                                                2005-2006               2004-2005
                                                                   Rs.                     Rs.

16. MANUFACTURING AND OTHER EXPENSES

    Payments to and provisions for employees
       Salaries & wages                                          38,174,073              34,337,597
       Contribution to providend & other funds                    2,951,781               2,789,093
       Welfare expenses                                             415,621                 420,035
                                                                 41,541,475              37,546,725
    Operating and other expenses
        Consumption of packing materials                          3,925,404               3,564,682
        Consumption of stores and spare parts                     3,959,741               3,468,389
        Exchange fluctuations (net)                                 939,006                       0
        Loose tools written off                                     210,659                 144,850
        Power and fuel                                            2,891,884               2,280,808
        Repairs to plant & machinery                                101,083                  62,903
        Other repairs                                                74,658                 123,518
        Rent                                                      2,961,027               2,520,876
        Rates and taxes                                             217,208                 130,040
        Insurance expenses                                        1,111,631               1,031,622
        Communication expenses                                    1,438,860               1,266,362
        Travelling, conveyance and vehicle expenses               5,251,832               3,907,864
        R & D expenses                                            9,630,481              11,120,039
        Loss on sale of fixed assets                                823,663                  46,568
        Installation expenses                                    10,869,881               5,244,126
        General expenses                                          2,979,533               2,966,445
        Freight outward                                           5,451,631               4,935,374
        Liquidated damages                                       37,764,433                  28,062
        Advertisement expenses                                      110,780                 367,043
        Business promotion expenses                                 253,350                 233,516
        Legal and professional charges                              752,665                 666,834
        Donation & charity expenses                                   7,600                   1,000

         Auditors remuneration
           Audit fee                                                100,000                 100,000
           Tax audit fee                                             25,000                  25,000
           Other services                                                 0                   2,160
           Out of pocket expenses                                     7,918                   2,716

          Directors sitting fees                                     19,500                  12,000
                                                                133,420,903              81,799,522

17. INTEREST AND FINANCE CHARGES

   Interest to banks on working capital limits                    2,211,287               1,995,653

   Interest on auto loan                                            467,520                 211,430

   Bank charges                                                   3,846,780               2,486,734
                                                                  6,525,587               4,693,817
                                               Himachal EXICOM COMMUNICATIONS LIMITED
                                              HIMACHAL Exicom Communications Limited

4. FIXED ASSETS
                                                                                                                                                      (Amount in Rs.)
                                             GROSS BLOCK                                                DEPRECIATION                                        NET BLOCK
                                As at          Additions Deduction             As at            Upto        For    Deduction             Up to         As at        As at
        Description           01.04.2005                                    31.03.2006       31.03.2005   the year                    31.03.2006    31.03.2006   31.03.2005

A.Tangible Assets
1. Land
     Freehold                    3,535,071            -              -         3,535,071             -               -          -             -      3,535,071     3,535,071
     On lease                    3,162,000            -              -         3,162,000             -               -          -             -      3,162,000     3,162,000

2. Building - Factory           36,303,663            -              -        36,303,663      8,295,815       2,800,785         -     11,096,600    25,207,063   28,007,848
      On lease

3. Plant & machinery #          35,166,219       999,861             -        36,166,080     19,857,047       2,992,222         -     22,849,269    13,316,811   15,309,172

4. Electrical installation       5,974,147            -       2,478,228        3,495,919      1,685,005         294,763   1,494,150      485,618     3,010,301     4,289,142

5. Furniture & fixtures          5,366,769         72,967        40,000        5,399,736      4,145,293         293,648     29,438      4,409,503      990,233     1,221,476

6. Office equipments             8,228,624      1,098,685     1,895,984        7,431,325      6,320,643         619,367   1,796,675     5,143,335    2,287,990     1,907,981

7. Vehicles                      8,208,306      3,551,135       351,981       11,407,460      2,421,923       2,081,661    119,180      4,384,404    7,023,056     5,786,383

8. Moulds & dies                 1,985,977       300,951             -         2,286,928      1,563,131         232,679         -       1,795,810      491,118      422,846

B.Intangible Assets
9. Intangible assets             8,872,864            -              -         8,872,864      3,549,146       1,774,573         -       5,323,719    3,549,145     5,323,718

                   Total      116,803,640       6,023,599     4,766,193      118,061,046     47,838,003      11,089,698   3,439,443   55,488,258    62,572,788   68,965,637
Previous year                 115,103,353       6,704,074     5,003,787      116,803,640     40,684,400      10,590,602   3,436,999   47,838,003    68,965,637   74,418,953

Note :
#Additions to Plant and machinery include Rs.Nil (Previous year lncome of Rs.4,428/-) due to exchange fluctuation.
                      Himachal Exicom Communications Limited
          Profit & Loss Account for the year ended 31st March'2006

                                                 Sch.      2005-2006                2004-2005
                                                 No.          Rs.                      Rs.

INCOME

Sales and services                                        1,417,852,899             452,216,657
Less : Excise duty                                           49,389,292              47,001,077
                                                          1,368,463,607             405,215,580

Other income                                     13           9,025,947               8,125,223
Increase / (decrease) in stock                   14            (149,542)             13,644,491
                                                          1,377,340,012             426,985,294

EXPENDITURE

Materials consumed / purchased                   15       1,193,439,668             324,570,364
Manufacturing and other expenses                 16         133,420,903              81,799,522
Interest and finance charges                     17           6,525,587               4,693,817
Depreciation                                                 11,089,698              10,590,602
Preliminary and share issue exps.written off                          0                  48,477
                                                          1,344,475,856             421,702,782

PROFIT / (LOSS) BEFORE TAX                                   32,864,156               5,282,512

Provision for taxation
     Income tax for earlier years                                204,072                        0
     Income tax                                                9,725,000                  414,215
     Fringe benefit tax                                          737,000                        0
     Wealth tax                                                   35,247                   32,342
     Deferred tax                                             (2,693,966)                (161,781)

PROFIT / (LOSS) AFTER TAX                                    24,856,803               4,997,736

Add: Balance brought forward from previous years            223,472,091             218,474,355

Balance carried to Balance Sheet                            248,328,894             223,472,091

Notes forming part of the Accounts               18

As per our report of even date attached                 For and on behalf of the Board
for Khandelwal Jain & Co.
Chartered Accountants

                                                             1. Mahendra Nahata
                                                                Chairman



                                                             2. Y.S.Choudhary
(Akash Shinghal)             (Shailesh Bansal)                  Managing Director
Partner                     Company Secretary

Place : New Delhi                                            Place : New Delhi
Dated : 17.08.2006                                           Dated : 17.08.2006
                               Himachal Exicom Communications Limited
                               Balance Sheet as at 31st March'2006

                                                    Sch.       As at                As at
                                                    No.      31.03.2006           31.03.2005
                                                                 Rs.                  Rs.
I SOURCES OF FUNDS

 1 Shareholders' funds
   (i) Share capital                                 1         42,800,000          42,800,000
   (ii) Reserves & surplus                           2        281,306,634         256,449,831
                                                              324,106,634         299,249,831
 2 Loan funds
       Secured loans                                 3         25,660,381            24,912,583

 3 Deferred tax liability (net)                                 2,370,189           5,064,155
                                                              352,137,204         329,226,569
II APPLICATION OF FUNDS

 1 Fixed assets
    (i) Gross block                                  4        118,061,046         116,803,640
   (ii) Less :- Depreciation                                   55,488,258          47,838,003
   (iii) Net block                                             62,572,788          68,965,637

 2 Investments                                       5         12,000,000            12,000,000

 3 Current assets, loans and advances
    (i) Inventories                                  6          73,435,962         79,941,721
   (ii) Sundry debtors                               7         911,329,130        234,146,559
   (iii) Cash and bank balances                      8         142,799,235         67,571,864
   (iv) Other current assets                         9          10,242,572          4,950,344
   (v) Loans and advances                           10          62,566,745         62,814,557
                                                             1,200,373,644        449,425,045
    Less : Current liabilities and provisions

     (i) Current liabilities                        11        908,008,514         197,232,123
     (ii) Provisions                                12         14,800,714           3,931,990
                                                              922,809,228         201,164,113
    Net Current Assets                                        277,564,416         248,260,932

                                                              352,137,204         329,226,569

Notes forming part of the Accounts                  18

As per our report of even date attached                    For and on behalf of the Board
for Khandelwal Jain & Co.
Chartered Accountants

                                                                1. Mahendra Nahata
                                                                   Chairman



                                                                2. Y.S.Choudhary
(Akash Shinghal)                (Shailesh Bansal)                  Managing Director
Partner                        Company Secretary

Place : New Delhi                                               Place : New Delhi
Dated : 17.08.2006                                              Dated : 17.08.2006

				
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