| 1. Corporate information
Established in the year 1985, Calcom Vision Limited, an ISO 9001
certified company, having registered office in Delhi and Manufacturing
unit at Surajpur Industrial Area (UP). The Company is engaged in the
manufacturing and selling of Lighting and Electronics Products.
2. Basis of preparation
The financial statements are prepared on accrual basis under the
historical cost convention, in accordance with the generally accepted
accounting principles in India and to comply with the Accounting
Standards referred to in sub section (3C) of section 211 of the
Companies Act,1956 including the Rules framed there under.
Pusuant to BIFR order dated 08.07.2014, the financial Statements dated
29-05-2014 which were earlier adopted on that date have now been
revised as per these financial statements.
Material Impact of Revision
As per the order dated 08-07-2014 of BIFR, the company has now
converted the unsecured loans, amounting to Rs. 2188.04 lacs
outstanding as on 31.03.2014 and shown as taken over by Strategic
Investors/Promoters in the financial statements dated 29-05-14 , into
Unsecured Zero Coupon Convertible Bonds which are convertible into
equity shares of the Company as per the terms of BIFR order dated
08.07.2014.
Borrowing Cost
Borrowing cost that are directly attributable to acquisition or
construction of qualifying assets has been capitalized as part of such
asset as per AS-16 on Borrowing Costs issued by the ICAI. All other
borrowing cost are charged to revenue in the period when they are
incurred.
Earning Per Share
EPS is calculated by dividing the net profit for the year attributable
to equity shareholders by the weighted average no. of equity shares
outstanding during the year as per AS-20 issued by the ICAI.
Inventories
INVENTORIES Basis of Valuation
Raw Material At cost, based on first in first out method,
or net realisable value which ever is lower.
Work in progress At cost or net realisable value whichever
is lower
Finished Goods At cost or net realisable value whichever is
lower
4. Share Capital
31 st March, 2014 31st March, 2013
Authorised Capital
80,00,000 Equity Shares
of Rs 10/- each
(Previous year 80,00,000
Equity Shares of Rs.10/-each) 80,000,000 80,000,000
Issued, Subscribed and Paid up Capital
32,50,000 Equity Shares of Rs10/-
each fully paid up 32,500,000 32,500,000
(Previous year 32,50,000 Equity
Shares of Rs. 10/- each) 32,500,000 32,500,000
Note * : As per the terms of rehabilitation scheme sanctioned by the
Hon'ble BIFR on 08.07.2014, The Unecured loans amounting to Rs. 2188.04
lacs outstanding as on 31.03.2014 taken over by Strategic
Investors/Promoters have now been converted into Zero coupon
convertible bonds which will later be converted into equity shares of
the company as per the terms of BIFR order dated 08.07.2014.
The said Bonds are convertible into Equity Shares of the company at a
price of Rs. 30/- per Equity Shares comprising of fully paid up face
value of Rs. 10/- each and a security premium of Rs. 20/- per equity
share.
5. Letter of confirmation of balance sent by the company to the Debtors
and Creditors are still awaited in some cases.
6. Small Scale Industries in respect of which amount of outstanding for
more than 30 days, in excess of Rs. 1 Lac are Nil.
7. The company has not received from any of its transacting parties
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosure, if any relating to amounts
unpaid as at the year and together with the interest payable as
required under the said Act cannot be disclosed.
8. The company is mainly engaged in the business of manufacturing
Lighting Products and parts thereof. Therefore all the operations of
the company are considered as Single segment for the purpose of
Accounting standard-17 on "Segment Reporting" issued by Institute of
Chartered Accountants of India.
9. In compliance of Accounting Standard-18 "Related Party Disclosure"
issued by the ICAI, the details pertaining to Related Party Disclosure
are as follows:
10. In view of uncertainity of future taxable profits, Deffered tax
assets have not been created during the year on consideration of
prudence as set out in Accounting Standard -22 on "Accounting for Taxes
on Income " issued by the Institute Of Chartered Accountant of India.
11. There appears to be no impairment to the production & assembly line
of the company's business, as it continues to produce the main products
of the company.
12. All the leases are cancellable operating leases at the option of
the owner. The company has taken offices on lease renewal on annual
basis. The lease expense recognised in P & L A/c on such lease is Rs.
3,00,000/-. Also the company has lease out its building on lease
renewal on annual basis. The lease income recognised in P & L A/c is
Rs. 602,000/-
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