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					                            Himachal Exicom Communications Limited

            SCHEDULES ANNEXED TO AND FORMING PART OF THE ACCOUNTS

                                                                     As at                    As at
                                                                   31.03.2008               31.03.2007
                                                                       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                                          32,977,740                32,977,740

  Profit & Loss Account
    Opening balance as on 01.04.2007                                241,717,743              241,717,743
    Add: Gratuity liability adjustment                                  688,731                        0
           (As per transitional provision of AS-15)
    Add: Profit for the year                                         68,532,222                        0
                                                                    310,938,696              241,717,743

                                                                    343,916,436              274,695,483


3. SECURED LOANS

  Working capital limits from banks                                             0               26,593,338

  Auto loan from Banks                                                 1,633,640                 2,654,007
                                                                       1,633,640                29,247,345

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
   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.969,190/- (Previous year
   Rs.1,970,002/-)



                                                                     As at                    As at
                                                                   31.03.2008               31.03.2007
                                                                       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

          20,000 equity shares @10/-each (Fully paid up)
          Smart Digivision Pvt.Ltd.                                      200,000                           0

          (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

                                                                      12,200,000                12,000,000

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

  Stores & spare parts                                                 1,428,364                  585,885

  Loose tools                                                            167,174                  224,514

  Raw materials *                                                     36,035,934                39,816,738

  Packing materials                                                      765,645                  295,863

  Work in process                                                     61,291,750                47,699,697

  Finished goods                                                      2,833,561                 10,583,112
                                                                    102,522,428                 99,205,809

[*Raw materials include materials in transit amounting to Rs.3,147,519/- (Previous year Rs.2,294,361/-)]


7. SUNDRY DEBTORS
   (Unsecured,considered good)

  Debts outstanding for a period exceeding six months               182,986,488              421,276,150

  Other debts                                                       166,662,465               93,581,289
                                                                    349,648,953              514,857,439

8. CASH & BANK BALANCES

  Cash on hand                                                           143,076                   26,154

  Cheques in transit                                                  10,756,801                20,061,295

  Balance with scheduled banks in :
    Current accounts                                                   8,764,663               8,603,013
    Cash credit accounts                                               6,932,741                       0
    Fixed deposits accounts *                                         67,646,083              73,820,851
                                                                      94,243,364             102,511,313

     * Includes fixed deposits pledged with the banks as margin money


                                                                     As at                    As at
                                                                   31.03.2008               31.03.2007
                                                                       Rs.                      Rs.

9. OTHER CURRENT ASSETS

   Interest receivable                                                 6,642,234                 5,628,933
                                                                       6,642,234                 5,628,933


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

   Loans                                                              31,850,000                34,250,000

   Advances recoverable in cash or in kind                             8,633,806                16,160,548
   or for value to be received

   Advances payment of income tax (Net of provisions)                  3,886,162                12,604,852

   Balance with Central excise authorities                             9,927,184                10,130,843
                                                                      54,297,152                73,146,243

11. CURRENT LIABILITIES

   Sundry creditors                                                 273,298,280              502,993,994

   Other liabilities                                                 11,805,714                9,301,046
                                                                    285,103,994              512,295,040

12. PROVISIONS

   Fringe benefit tax (net of advances)                                         0                  31,000

   Wealth tax                                                             43,341                   45,408

   Leave encashment                                                    3,522,634                 3,605,110

   Gratuity                                                              913,937                 1,593,787
                                                                       4,479,912                 5,275,305




                                                                    2007-2008                2006-2007
                                                                       Rs.                      Rs.

13. OTHER INCOME

    Interest (gross)

         From fixed deposits / margin money with banks                 4,342,540                 5,355,433
         (TDS Rs.998,258 ; previous year Rs.1,201,735)

         From loan to body corporate                                     577,500                  577,500
         (TDS Rs.130,862 ; previous year Rs.129,591)

         From others                                                      72,433                  105,300

    Exchange fluctuations (net)                                          276,670                  573,649

    Excise duty on increase / decrease of finished goods                 319,963                   46,242

    Miscellaneous income                                                 854,177                 1,216,088
                                                                       6,443,283                 7,874,212

14. INCREASE/(DECREASE) IN STOCK

   Opening stock
     Finished goods                                                   10,583,112                11,605,137
     Work in process                                                  47,699,697                31,717,874
                                                                      58,282,809                43,323,011

   Closing stock
      Finished goods                                                   2,833,561                10,583,112
      Work in process                                                 61,291,750                47,699,697
                                                                      64,125,311                58,282,809

   Increase/(decrease) in stock                                        5,842,502                14,959,798


15. MATERIAL CONSUMED / PURCHASED

   Opening stock                                                      37,522,377                29,106,939

   Add : Purchases during the year                                  465,340,974              289,694,039
                                                                    502,863,351              318,800,978
   Less : Closing stock                                              32,888,415               37,522,377
                                                                    469,974,936              281,278,601


                                                                    2007-2008                2006-2007
                                                                       Rs.                      Rs.
16. MANUFACTURING AND OTHER EXPENSES

    Payments to and provisions for employees
       Salaries & wages                                               44,618,127                39,019,998
       Contribution to providend & other funds                         3,414,120                 3,076,329
       Welfare expenses                                                  758,308                   572,480
                                                                      48,790,555                42,668,807
    Operating and other expenses
        Consumption of packing materials                               4,752,215                 3,001,658
        Consumption of stores and spare parts                          6,573,311                 5,628,265
        Loose tools written off                                          167,175                   224,513
        Power and fuel                                                 3,762,510                 2,485,118
        Repairs to plant & machinery                                     111,332                   125,298
        Repairs to building                                              833,165                         0
        Other repairs                                                     82,407                    81,360
        Rent                                                           4,996,911                 3,997,840
        Rates and taxes                                                  865,903                   909,981
        Insurance expenses                                               718,209                   912,031
        Communication expenses                                         1,435,937                 1,407,669
        Travelling, conveyance and vehicle expenses                    7,623,028                 7,329,298
        R & D expenses                                                 7,137,914                   184,432
        Loss on sale of fixed assets                                      57,384                    29,825
        Installation expenses                                         13,225,252                95,252,376
        General expenses                                              11,380,336                 4,272,896
        Freight outward                                                  330,106                 3,279,805
        Liquidated damages                                             6,081,266                       710
        Advertisement expenses                                            26,000                    25,550
        Business promotion expenses                                       55,491                   124,905
        Legal and professional charges                                 6,174,682                   887,960
        Donation & charity expenses                                        2,500                     2,100

         Auditors remuneration
           Audit fee                                                     125,000                  100,000
           Tax audit fee                                                  25,000                   25,000
           Out of pocket expenses                                          5,562                    4,064

          Directors sitting fees                                         13,500                   31,500
                                                                    125,352,651              172,992,961

17. INTEREST AND FINANCE CHARGES

   Interest to banks on working capital limits                         1,661,365                 2,411,198

   Interest on auto loan                                                 199,256                  428,908

   Bank charges                                                        4,568,270                 4,244,390
                                                                       6,428,891                 7,084,496
                                              HIMACHAL EXICOM COMMUNICATIONS LIMITED
                                             Himachal Exicom Communications Limited

4. FIXED ASSETS
                                                                                                                                          (Amount in Rs.)
                                           GROSS BLOCK                                        DEPRECIATION                                     NET BLOCK
                                As at       Additions Deductions        As at         Upto        For    Deductions          Up to        As at         As at
        Description          01.04.2007                              31.03.2008    31.03.2007   the year                  31.03.2008   31.03.2008    31.03.2007

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   13,617,306    2,268,636            -   15,885,942   20,417,721    22,686,357
      On lease

3. Plant & machinery          37,201,388     9,997,404         -      47,198,792   25,968,168    3,910,143            -   29,878,311   17,320,481    11,233,220

4. Electrical installation     3,495,919           -           -       3,495,919     673,698      188,080             -      861,778    2,634,141     2,822,221

5. Furniture & fixtures        5,426,112       101,266         -       5,527,378    4,625,485     246,179             -    4,871,664      655,714       800,627

6. Office equipments           2,179,277       565,252    422,200      2,322,329    1,223,611     160,892      275,908     1,108,595    1,213,734       955,666

7. Computers                   5,611,072       691,498         -       6,302,570    4,439,733     599,891             -    5,039,624    1,262,946     1,171,339

8. Vehicles                   10,053,359     1,338,589   3,130,259     8,261,689    4,868,449    1,295,094    1,944,928    4,218,615    4,043,074     5,184,910

9. Moulds & dies               2,286,928           -           -       2,286,928    1,992,257     117,868             -    2,110,125      176,803       294,671

B.Intangible Assets
10. Intangible assets         16,641,985           -           -      16,641,985    8,652,116    3,328,396            -   11,980,512    4,661,473     7,989,869

                   Total     125,896,774    12,694,009   3,552,459   135,038,324   66,060,823   12,115,179    2,220,836   75,955,166   59,083,158    59,835,951
Previous year                118,061,046    10,169,827   2,334,099   125,896,774   55,488,258   11,970,412    1,397,847   66,060,823   59,835,951    62,572,788
                       Himachal Exicom Communications Limited
           Profit & Loss Account for the year ended 31st March'2008

                                                        Sch.      2007-2008                2006-2007
                                                        No.          Rs.                      Rs.

INCOME

Sales and services                                                 815,645,249             500,982,229
Less : Excise duty                                                 111,401,020              48,367,991
                                                                   704,244,229             452,614,238
Other income                                       13                6,443,283               7,874,212
Increase / (decrease) in stock                     14                5,842,502              14,959,798
                                                                   716,530,014             475,448,248

EXPENDITURE

Materials consumed / purchased                     15              469,974,936             281,278,601
Manufacturing and other expenses                   16              125,352,651             172,992,961
Interest and finance charges                       17                6,428,891               7,084,496
Interest on loans written off                                                0               7,574,195
Depreciation                                                        12,115,179              11,970,412
                                                                   613,871,657             480,900,665

PROFIT / (LOSS) BEFORE TAX                                         102,658,357               (5,452,417)

Provision for taxation
     Income tax earlier years                                          103,502                        0
     Income tax                                                     35,300,000                        0
     Fringe benefit tax                                                745,000                  611,000
     Wealth tax                                                         43,341                   45,408
     Deferred tax                                                   (2,065,708)                 502,326

PROFIT / (LOSS) AFTER TAX                                           68,532,222               (6,611,151)

Add: Balance brought forward from previous years                   241,717,743             248,328,894

Balance carried to Balance Sheet                                   310,249,965             241,717,743

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 : 21.07.2008                                                  Dated : 21.07.2008
                               Himachal Exicom Communications Limited
                               Balance Sheet as at 31st March'2008

                                                    Sch.            As at                  As at
                                                    No.           31.03.2008             31.03.2007
                                                                      Rs.                    Rs.
I SOURCES OF FUNDS

 1 Shareholders' funds
   (i) Share capital                                 1             42,800,000             42,800,000
   (ii) Reserves & surplus                           2            343,916,436            274,695,483
                                                                  386,716,436            317,495,483
 2 Loan funds
       Secured loans                                 3               1,633,640             29,247,345

 3 Deferred tax liability (net)                                       806,807              2,872,515
                                                                  389,156,883            349,615,343
II APPLICATION OF FUNDS

 1 Fixed assets
    (i) Gross block                                  4            135,038,324            125,896,774
   (ii) Less :- Depreciation                                       75,955,166             66,060,823
   (iii) Net block                                                 59,083,158             59,835,951
   (iv) Capital work in progress                                      103,500                      0
         (including capital advances)
                                                                   59,186,658              59,835,951

 2 Investments                                       5             12,200,000              12,000,000

 3 Current assets, loans and advances
    (i) Inventories                                  6            102,522,428             99,205,809
   (ii) Sundry debtors                               7            349,648,953            514,857,439
   (iii) Cash and bank balances                      8             94,243,364            102,511,313
   (iv) Other current assets                         9              6,642,234              5,628,933
   (v) Loans and advances                           10             54,297,152             73,146,243
                                                                  607,354,131            795,349,737
    Less : Current liabilities and provisions

     (i) Current liabilities                        11            285,103,994            512,295,040
     (ii) Provisions                                12              4,479,912              5,275,305
                                                                  289,583,906            517,570,345
    Net Current Assets                                            317,770,225            277,779,392

                                                                  389,156,883            349,615,343

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 : 21.07.2008                                                  Dated : 21.07.2008

				
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