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HOME / MARKET TODAY / COMPANY SNAPSHOT / NotestoAccount

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Himachal F. Comm NotestoAccount March 2013 
As at As at 31.03.2013 31.03.2012

01 Contingent Liabilities not provided for in respect of :

(a) Unexpired Letters of Credit (margin money paid Rs.18,155 ; Previous year 18,155 125,214 Rs.70,000)

(b) Guarantees given by banks on behalf of the Company (margin money kept by 329,274 338,176 way of fxed deposits Rs.106,424; Previous year Rs.147,919)

(c) Counter Guarantees given by the Company to the fnancial institutions/banks for 201,591 1,374,331 providing guarantees on behalf of companies promoted by the Company. (margin money kept by the banks by way of fxed deposits Rs.Nil ; Previous year Rs Nil)

(d) Arrears of Dividend on Cumulative redeemable preference shares 189,013 136,688

The Company has received necessary approval from the Central Government (CG) for the re-appointment and payment of remuneration to Wholetime Directors for the Financial Year 2007-08, 2008-09 and part Financial Year 2009-10 for Rs.27,464.The Company also fled the necessary Applications with the CG seeking their approval for re-appointment and payment of remuneration to Wholetime Directors for remaining part of the Financial Year 2009-10 and onwards which have not been approved by the CG in absence of "no objection letter" from the lenders. Accordingly a sum of Rs.41,144 being the excess amount paid for the aforesaid period continuous to be shown as recoverable. The working capital lenders have authorised IDBI Bank Ltd. (IDBI) to issue `no objection letter' (NOC) for payment of managerial remuneration to whole time directors for the aforesaid period which has since been received from IDBI. The Company will now fle its representation with the CG for seeking their approval for the balance amount of remuneration. However, pending approval from the Central Government, the said amount, subsequent to Balance Sheet date, has been recovered from the respective Directors.

02 Interest charges on loans is net of Interest income from loans and advances amounting to Rs.4,515 (Previous year Rs.4,282).

03 Debt of the Company were earlier restructured under Corporate Debt Restructuring (CDR) mechanism in April 2004 which was subsequently modifed in June 2005 with cut-off date as 1st April, 2005. CDR Empowered Group at its meeting held on 9th February, 2011 has approved the reworked package of the Company with the cut off date as 1st January 2011 and communicated its sanction vide their letter No. BY CDR(JCP)/No 8643/2010-11 dated 29.03.2011. The reworked package includes interalia reduction in the existing rate of interest, re-schedulement for repayment of loans, conversion of overdue interest into funded interest term loan (FITL), conversion of Zero Coupon Premium Bonds (ZCPB's), part of their premium and part of working capital loans into Equity, conversion of part of working capital loan into working capital Term Loan (WCTL), waiver of unpaid dividend on preference shares, waiver of penal interest etc. The conditions as stipulated by CDR EG while sanctioning Rework Package have been complied with by the Company. Accordingly, the impact of the reworked package has been considered in the Financial Statement.

04 Pursuant to the disinvestment by the Government of India, the Company had acquired 11,10,000 equity shares of Rs.100/- each of HTL Limited representing 74% of its equity capital at total consideration of Rs. 550,000 in terms of Shareholders Agreement dated 16.10.2001. The above consideration paid by the Company is subject to post closing adjustments on account of difference in net worth of HTL Limited as on 31.03.2001 and as on the date of purchase of shares in terms of Share Purchase Agreement dated 16.10.2001.The Company has submitted its claim on account of Closing Date Adjustment to the Government in respect of such reduction in net assets of HTL Limited which has not been settled by the Government. Due to this, the Company has invoked the provisions of the Share Purchase Agreement for settlement of dispute by Arbitration. The Hon'ble Arbitral Tribunal has since given the award in favour of the company on 10th October, 2007 upholding the claim of the company on account of the above to the extent of Rs.550,000 and interest from the date of award. The said award has been upheld by the Divisional Bench of Hon'ble High Court of Delhi on 25th February, 2013, however, the consequential effect has not been given as DoT is entitled to appeal against said order before Hon'ble Supreme Court of India.

05 The Company had made payment of Rs.2,400 (Previous year Rs.2,400) to certain cumulative redeemable preference shareholders as per contractual obligations in the earlier years. The said amount paid have been shown as "advances" to be adjusted against future expected liability of dividend on cumulative preference shares.

06 Payment made to lenders towards guarantee contract/obligation amounting to Rs.98,187 including associate company (Previous year Rs.59,500) has been accounted for under the head Exceptional items.

07 In accordance with the Company Policy, the company has reviewed the outstanding receivables and is in continuous process of working out different modalities of recovery. The Company has also written off a sum of Rs. 303,007 during the year, which in the opinion of the Management, is adequate.

08 During the year, Company has recognised the following amounts in the fnancial statements as per Accounting Standard 15 (Revised) "Employees Benefts" issued by the ICAI:

09 The Company has carried out Impairment Test on its Fixed Assets as on 31.3.2013 and the Management is of the opinion that there is no asset for which impairment is required to be made as per Accounting Standard-28 on Impairment of Assets issued by ICAI . (Previous year Rs. Nil)

10 Lease payments under cancellable operating leases have been recognised as an expense in the proft & loss account. Maximum obligation on lease amount payable as per rentals stated in respective agreements are as follows:-

11 Segment Reporting

(a) Primary segment information

The Company's operations primarily relates to manufacturing of telecom products, executing turnkey contracts and providing services relating thereto. Accordingly segments have been identifed in line with Accounting Standard on Segment Reporting 'AS-17' .Telecom products and Turnkey contracts and services are the primary business segments whereas Others constituting less than 10% of the segment revenue/results/assets and accordingly have been considered as other business segments and are disclosed in the fnancial statements. Details of business segments are as follows:

12 Previous period's fgures have been regrouped/reclassifed wherever necessary and the fgures have been rounded off to the nearest rupee.

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Registered Office: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai – 400042, Maharashtra. Tel: 022 - 61150000. Sharekhan Ltd.: SEBI Regn. Nos. BSE- INB/INF011073351 ; CD-INE011073351; NSE– INB/INF231073330 ; CD-INE231073330; MCX Stock Exchange- INB/INF261073333 ;
CD-INE261073330; DP-NSDL-IN-DP-NSDL-233-2003 ; CDSL-IN-DP-CDSL-271-2004 ; PMS-INP000000662 ; Mutual Fund-ARN 20669 ;
Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX-10080 ; (MCX/TCM/CORP/0425) ; NCDEX-00132 ; (NCDEX/TCM/CORP/0142) ; NCDEX SPOT-NCDEXSPOT/116/CO/11/20626;
For any complaints email at igc@sharekhan.com ;

Sharekhan Financial Services Pvt. Ltd: Corporate agents for ICICI Prudential Life Insurance Company Ltd. with corporate agency License no: ICI 8419765

Disclaimer: Client should read the Risk Disclosure Document issued by SEBI & relevant exchanges and Do’s & Don’ts by MCX & NCDEX and the T & C on www.sharekhan.com before investing.

Company Identification Number (CIN): Sharekhan Ltd: U99999MH1995PLC087498; Sharekhan Commodities Pvt Ltd: U67120MH2000PTC127261; Sharekhan Financial Services Pvt Ltd: U65920MH2004PTC149518; Sharekhan.Com India Pvt Ltd: U80904MH2000PTC126954; Sharekhan Insurance Broking Ltd: U67120MH2000PLC127257