HIMACHAL EXICOM COMMUNICATIONS LTD.
18. NOTES FORMING PART OF THE ACCOUNTS
A. SIGNIFICANT ACCOUNTING POLICIES
1.
Method of Accounting
(a) The financial statements are prepared on the historical cost convention and in accordance with generally
accepted accounting principles.
(b) The Company follows accrual system of accounting in the preparation of accounts unless otherwise stated.
2.
Fixed Assets
(a) Owned Assets
Fixed Assets are stated at cost, which includes freight, installation cost, duties, taxes and other incidental expenses but
net of CENVAT.
(b)
Leases
(i) Fixed assets acquired on lease / hire purchase for an agreed period have been recognised as an asset and liability.
Such recognition is at an amount equal to the fair value of leased asset at the inception of lease or present value of
minimum lease payment, whichever is less.
(ii) Lease payment are apportioned between finance charge and reductions of the outstanding liability.
(iii) Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased items
are classified as operating leases. Operating leases payments are recognized as an expense in the profit & loss account
or on a basis, which reflect the time pattern of such payments appropriately.
(c) Intangible Assets
The expenses incurred for development of new products have been treated as intangible assets.
3.
Depreciation
(a) Depreciation is provided for on plant and machinery and electrical installations on straight line method and
on other fixed assets on written down value method, at the rates prescribed in the Schedule XIV of the Companies
Act, 1956.
(b) Amortisation of intangible assets: The intangible assets under development have been written off equally in five years.
4.
Impairment of Assets
The fixed assets or group of assets (cash generating unit) are reviewed for impairment at each Balance Sheet date. In case
of such any indication, the recoverable amount of these assets or group of assets is determined and if such recoverable
amount of the assets or cash generating unit to which the assets belong is less than its carrying amount, the impairment loss
is recognized by writing down such assets to their recoverable amount. An impairment loss is reversed if there is change in
the recoverable amount and such loss either no longer exist or has decreased.
5.
Capital Work-in-Progress and Incidental Expenditure During Construction - Pending Allocation
(a) All direct expenses incurred for acquiring, erecting and commissioning of fixed assets are shown under “Capital
work-in-progress”. The advances given for acquiring fixed assets are also shown alongwith capital work-in-progress.
(b) All incidental expenditure incurred during construction are allocated to the respective fixed assets on completion of
the respective projects.
6.
Investments
(a) The cost of an investment includes incidental expenses like brokerage, fees and duties incurred prior to acquisition.
(b) Long term investments are shown at cost.
(c)
Investments which are intended to be held for less than one year are classified as current investments and are carried
at lower of cost and fair value determined on an individual investment basis.
HIMACHAL EXICOM COMMUNICATIONS LIMITED
7.
Inventories
(a) Raw materials, packing materials and stores & spares
At cost on FIFO basis or net realisable value
whichever is lower
(b) Loose tools
After writing off at 50% p.a. on W.D.V. basis
(c) Work-in-process
At lower of cost or net realisable value.
(d) Finished goods
At lower of cost or net realisable value.
Cost of finished goods and work-in-process is determined by considering material, labour and related overheads
Including depreciation.
8. Preliminary & Share Issue Expenses
Preliminary and share issue expenses are written off equally over a period of ten years from the commencement of
production.
9. Foreign Currency Transactions
(a) Transactions denominated in foreign currency are normally recorded at the exchange rate prevailing at the time of
the transaction.
(b)
Monetary items denominated in foreign currency at the year end are translated at the year end rate.
(c)
Any income or expense on account of exchange difference between the date of transactions
and on settlement or on translation is recognised in the profit and loss account as income or expense.
10. Excise and Custom Duties
Excise and custom duty are accounted for on accrual basis. Accordingly provision for excise duty and custom duty are made
in the accounts for goods manufactured / imported and lying in bonded store room/warehouse.
11. CENVAT Credit
The CENVAT Credit available on raw materials, other eligible inputs and capital goods is adjusted against excise duty
payable on clearance of goods produced. The unadjusted Cenvat credit is shown in schedule 10 “ Loans and Advances” .
12. Technical Know-how Fees
Technical know-how fees paid and considered useful is written off over a period of six years.
13. Revenue Recognition
(a) Sales include excise duty recoverable and net of sales return relating to previous year. Liquidated damages in respect
thereof are accounted for as and when they are ascertained.
(b) Sale of goods is recognized on dispatch to the customer.
(c) Revenue in respect of installation of equipment supplied by the company is recognised on satisfactory
completion of the work.
(d) In case of sales made at provisional prices under the contract, the revenue is recognised at provisional prices in
the year of sales and difference, if any is accounted for in the year of settlement/finalisation of prices.
(e) Insurance claims are accounted for as and when admitted by the concerned authority.
14. Research & Development expenditure
(a) Revenue expenditure on research & development is charged to Profit and Loss Account in the year in which, it is
incurred.
(b) Capital expenditure on research & development is included in fixed assets under appropriate heads.
15. Employees Retirement Benefits
(a) Liability in respect of Gratuity to Employees is provided for by way of premium paid to the Life Insurance Corporation
of India under Group Gratuity Scheme.
(b) Leave encashment liabilities to employees are made on the basis of actuarial valuation at the year end.
(c) The contributions to the employees provident fund maintained under the Employees Provident Fund Scheme by the
Central Government, is charged to the Profit and Loss Account.
HIMACHAL EXICOM COMMUNICATIONS LIMITED
16. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of the qualifying assets, if any,
are capitalized as a part of cost of such asset. Other borrowing costs are recognized as an expense in the period in which
they are incurred.
17. Income Tax
Tax expense comprises both current and deferred taxes. Current tax is provided for on the taxable profits of the year at
applicable tax rates. Deferred income taxes reflect the impact of timing differences between taxable income and accounting
income for the year and reversal of timing difference of earlier years.
Deferred Tax is measured based on the tax rates and tax laws enacted or substantially enacted at the balance sheet date.
Deferred tax assets are recognized only to the extent that sufficient future taxable income will be available against which
deferred tax assets can be realized. Unrecognised deferred tax assets of the earlier years are re-assessed and recognized to
the extent it has become reasonably certain that future taxable income will be available against which such deferred tax
assets can be realized.
18. Earning Per Share
In determining earning per share, the company considers the net profits after tax and includes the post tax effects of any
extra- ordinary items. The number of shares used in computing basic earning per share is the weighted average number of
shares outstanding during the period.
19. Segment Reporting
Segments are identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the
organization structure as well as the differential risk and returns of the segments. The unallocable items include income and
expenses items which are not directly identifiable to any segment and therefore not allocated to any business segment.
20. Contingent Liabilities
No provision is made for liabilities, which are contingent in nature, but if material, the same are disclosed by way of notes to
the accounts.
B. OTHER NOTES
1. Contingent Liabilities not provided for in respect of:
(a) Unexpired Letters of Credit
(b) (b) Guarantees given by the bank on behalf of the Company
(Margin Money for above LCs and BGs kept by way of fixed deposits
Rs.46,646,083/- Previous year Rs. 69,140,851/-)
As at
31.03.2008
Rs.
4,746,611
155,028,202
As at
31.03.2007
Rs.
30,201,921
173,280,986
-
5,557,174
697,617
697,617
40,147
40,147
2.
Excise claims against the company in dispute and not acknowledged as debts
3.
Additional demand of custom duty raised on the company
4.
Claim against the company not acknowledged as debts
5.
Deferred Tax has been provided for in accordance with the Accounting Standard 22 - Accounting for taxes on Income
issued by the Institute of Chartered Accountants of India. Net deferred tax liability amounting to Rs. 806,807/- as on 31st
March, 2008 comprises of the followings :-
Depreciation
Others
Net deferred tax liability
6.
2007-2008
Deferred tax
Deferred
liability
tax assets
1,039,738
232,931
806,807
2006-2007
Deferred tax Deferred tax
liability
assets
1,687,388
1,185,127
2,872,515
Investments includes 952,381 equity shares of Rs.10/- (fully paid up) at a premium of Rs.0.50/- of HFCL Infotel Ltd. which
are unlisted and are yet to be transferred in the name of the Company.
HIMACHAL EXICOM COMMUNICATIONS LIMITED
7.
Following loan were outstanding as on 31-03-2008, on which the Company has not provided any interest for
the year.
Name of the party
MKJ Developers Ltd.
MKJ Enterprises Ltd
(Formally known Majora Exports Pvt.Ltd.)
Amount (Rs.)
18,000,000
10,000,000
The management is pursuing the matter of recovery of above loans with the parties and it is hopeful of realisability of
principal amount of loans and hence no provision towards doubtful amount has been made.
8.
In the opinion of the Board and to the best of their knowledge and belief, the value of realisation in respect of the Current
assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated
in the Balance Sheet and the provision for all known and determined liabilities is adequate and not in excess of amount
reasonably required.
9.
Remuneration to Managing Director:
Salary
Contribution to Provident Fund
Other perquisites
10.
2007-2008
Rs.
3,900,000
468,000
2,733,460
7,101,460
2006-2007
Rs.
3,600,000
432,000
3,041,222
7,073,222
The disclosures required under Accounting Standard 15 on “Employee Benefits” notified in the Companies (Accounting
Standards) Rule 2006, are given below:
Defined Contribution Plan
Contribution to Defined Contribution Plan, maintained under the Employees Provident Fund Scheme by the Central
Government, is charged to Profit and Loss Account as under:
Amount (Rs.)
Employer’s Contribution to Provident Fund
1,860,939
Employer’s Contribution to Pension Scheme
1,115,582
Defined Benefit Plan
The employees’ gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The
present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as
gratuity.
(i)
(ii)
Gratuity
(Funded)
Leave encashment
(Unfunded)
Changes in present value of obligations
Present value at the beginning of the year
Interest cost
Current service cost
Benefits paid
Actuarial (gain) / loss on obligations
Present value at the end of the year
3,891,894
291,892
462,249
(1,086,786)
1,064,133
4,623,382
3,605,110
289,199
392,999
(254,018)
(510,656)
3,522,634
Changes in the fair value of plan assets
Fair value of plan assets at the beginning of the year
Actual return on plan assets
Contributions
Benefit paid
Actuarial gain / (loss) on plan assets
Fair value of plan assets at the end of the year
2,986,838
263,805
1,545,588
(1,086,786)
Nil
3,709,445
Nil
N.A
Nil
Nil
Nil
Nil
HIMACHAL EXICOM COMMUNICATIONS LIMITED
(iii)
(iv)
(v)
(vi)
Actuarial gain / loss recognised
Actuarial (gain) / loss for the year – obligation
Actuarial (gain) / loss for the year – plan assets
Total (gain) / loss for the year
Actuarial (gain) / loss recognized in the year
Unrecognised actuarial (gains) / losses at the end of year
1,064,133
Nil
1,064,133
1,064,133
Nil
(510,656)
Nil
(510,656)
(510,656)
Nil
Amounts to be recognised in the balance sheet and statements of
profit and loss
Present value of obligation at the end of the year
Fair value of plan assets at the end of the year
Difference (Funded Status)
Unrecognised actuarial (gains) / losses
Net asset / (liability) recognised in the balance sheet
4,623,382
3,709,445
(913,937)
Nil
(913,937)
3,522,634
Nil
(3,522,634)
Nil
(3,522,634)
Expenses recognised in the statement of profit and loss
Current service cost
Past service cost
Interest cost
Expected return of plan assets
Curtailment cost / (credit)
Settlement cost / (credit)
Net actuarial (gain) / loss recognised in the year
Expenses recognized in the profit & loss
462,249
Nil
291,892
(263,805)
Nil
Nil
1,064,133
1,602,688
392,999
Nil
289,199
Nil
Nil
Nil
(510,656)
1,008,660
1994-96
(Ultimate)
8.00%
5.00%
1994-96
(Ultimate)
8.00%
5.50%
Actuarial Assumptions
Mortality Table (LIC)
Discount rate
Rate of increase in compensation levels
Note-1: Consequent to the adoption of Revised Accounting Standard 15 “Employees Benefits”, the Company has
reviewed and revised its accounting policy in respect of employees benefits. Consequently, in accordance with the
transition provision contained in said AS-15, the difference of Rs.688,731/- between the existing provision of employees
benefit and the provision in terms of revised AS-15 as at 01.04.2007 has been added to the accumulated Profit & Loss
Account.
Note-2: As the revised AS – 15 is applicable for the first time, the previous year figures have not been given. The above
information is certified by the actuary.
11.
As required by Accounting Standard 18 “Related Party Disclosures”
i)
Name of related parties and description of relationship: Subsidiary
Smart Digivision Private Limited (w.e.f. 19.09.2007 to 27.03.2008)
Associate
Himachal Futuristic Communications Ltd.
Key management personnel
Mr. Y S Choudhary
Relatives of key management personnel
Mrs Manjula Choudhary
Mr. Deepak Choudhary
Mr. Dinesh Choudhary
Note : Related party relationship is as identified by the Company and relied upon by the auditors.
HIMACHAL EXICOM COMMUNICATIONS LIMITED
ii.
Nature of transactions: -The transactions entered into with the related parties during the year alongwith
outstanding balances as at 31st March, 2008 are as under:
Amount(Rs.)
Particulars
Associates
Key Management
Relatives
Personnel
Purchase of goods
2007-08
-
2006-07
34,963,064
Services rendered
1,486,542
114,485
12,332
7,930,629
18,581,423
101,071,306
Sales of goods
Services Received
Salary
2007-08
2006-07
2007-08
2006-07
*
*
350,240
309,190
2,160,000
2,160,000
Rent paid
Interest received
Creditors outstanding
-
-
153,409,100
406,043,494
* salary is excluding the remuneration paid to Shri Y S Choudhary, Managing Director of the Company
which are disclosed under point no. 9 above of other notes.
Note: There are no transactions for doubtful debts or amounts written off or written back during the year for
debts due from or to related parties.
12. Micro, Small and Medium Enterprises Development Act, 2006
Under the Micro, Small and Medium Enterprises Development Act, 2006, which came into force from October 02, 2006,
certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in the
process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant
information is not readily available, no disclosures have been made in the accounts. However, in view of the management,
the impact of interest, if any, that may be payable in accordance with the provisions of this Act is not expected to be
material.
13. Segment Reporting
(a) Primary segment information
Particulars
Revenue
a. Manufacturing
b. Trading
c. Turnkey Projects
d. Installation Services
Total
Less : Inter segment revenue
Turnover / Income from Operations
Operating Profit
a. Manufacturing
b. Trading
c. Turnkey Projects
d. Installation Services
Total
Less : (i) Interest and Finance Charges
(ii) Other un-allocable expenditure net off un-allocable income
(iii) Taxation
Net Profit / (Loss)
Capital Employed
a. Manufacturing
b. Trading
c. Turnkey Projects
d. Installation Services
Total capital employed in segments
Add : Un-allocable corporate assets less liabilities
Total capital employed in Company
2007-2008
Amount (Rs.)
2006-2007
801,359,520
14,285,729
815,645,249
815,645,249
358,262,508
37,782,211
5,721,933
99,215,577
500,982,229
500,982,229
108,026,771
1,060,477
109,087,248
6,428,891
34,126,135
68,532,222
4,451,212
2,018,835
(109,413)
2,845,640
9,206,274
7,084,496
7,574,195
1,158,734
(6,611,151)
385,799,097
917,339
386,716,436
386,716,436
285,721,836
21,086,501
9,865,029
822,117
317,495,483
317,495,483
HIMACHAL EXICOM COMMUNICATIONS LIMITED
(b)
Secondary segment information
The Company caters mainly to the needs of Indian market and the export turnover being 0.0003 % (Previous year
0.0005%) of the total turnover of the Company, there are no reportable geographical segments.
14.
In view of the Companies (Accounting Standards) Rule, 2006 issued by the Ministry of Corporate Affairs vide notification
dated 7th December 2006, the Company has changed its accounting policy with effect from. 1st April, 2007, relating to
recognition of foreign exchange fluctuation on repayment and conversion of liability pertaining to loans for fixed assets
acquired from a country outside India. Consequently, such foreign exchange fluctuation is now being charged / credited to
the Profit and Loss Account instead of being adjusted to carrying value of respective fixed assets. Pursuant to this change,
foreign exchange fluctuation loss for the year of Rs.394,950/- (net) has been debited to Profit and Loss Account. Due to
this change, Profit for the year is lower by Rs.371,214/- (net of higher depreciation of Rs..23,736/- for the year)
15.
Additional information pursuant to Paragraph 3 and 4C & 4D of Part II of schedule VI of the Companies Act, 1956
(Previous year’s figures are in brackets unless otherwise shown in separate columns)
(A)
Licensed and installed capacity and actual production
Product
Unit
Licensed
Capacity
Installed
Capacity
Actual
Production
800,000
(800,000)
10,000
(5,000)
100
(100)
158,009
(320,487)
3,501
(2,878)
(-)
(i)
Telephones
Nos.
N.A.
(ii)
Switch Mode Rectifier Modules
Nos.
N.A.
(iii)
SDH Equipments
Nos.
N.A.
Notes
1. As none of the Company’s products are covered under licensing requirements of the new Industrial Policy, the
licensed capacity is being treated and disclosed as N.A. i.e. Not Applicable.
2.
(B)
Installed capacity is taken as certified by the management being a technical matter. The installed capacity shown
for individual items is based on the above product mix and capable of interchange to a certain extent.
Opening & closing stocks of finished goods
Product
Unit
Qty
(i) Telephone
Nos.
(ii) Switch Mode Rectifier Modules
Nos.
(iii) Others
Total
(C)
9,714
(11,040)
3
(3)
(-)
Opening Stock
Value
Rs.
2,999,894
(3,321,246)
25,794
(25,349)
7,557,424
(8,258,542)
10,583,112
(11,605,137)
Qty
8,791
(9,714)
3
(3)
(-)
Sales and Services
Product
Unit
Qty
(i) Telephones
Nos.
(ii) Switch Mode Rectifier Modules
Nos.
(iii) Income from AMCs
N.A
158,932
(321,813)
3,501
(2,878)
N.A
(iv) Income from Repair
N.A
N.A
(v) Income from Installation
-
-
(vi) Turnkey Contracts
-
-
Closing Stock
Value
Rs.
1,154,249
(2,999,894)
16,775
(25,794)
1,662,537
(7,557,424)
2,833,561
(10,583,112)
Value
Rs.
91,843,527
(220,761,334)
689,803,049
(115,568,140)
9,994,776
(8,354,724)
9,145,368
(8,366,386)
14,285,729
(99,215,577)
(5,721,933)
HIMACHAL EXICOM COMMUNICATIONS LIMITED
(vii) Trading of goods
-
-
(viii) Others
(D)
157,740
(37,782,211)
415,060
(5,211,924)
815,645,249
(500,982,229)
Material Consumed/Purchased
Description
Discrete Electrical Items
Mechanical items
PCB’s
Coils & Transformers
Cable & Accessories
Electromechanical Assembly
Hardware (Metal & non Metal)
SMD Electronic Components
Other components *
Turnkey Contracts
Goods purchased for Trading
Grand Total
2007-2008
Qty
Value
Nos.
Rs.
46,493,889
213,353,703
18,014,892
141,074,257
528,519
30,754,408
633,684
39,404,601
2,543,416
22,541,086
136,767
196,459
931,003
1,505,775
10,721,680
8,495,526
12,588,609
60,512
469,974,936
2006-2007
Qty
Value
Nos.
Rs.
77,545,094
124,623,136
17,414,791
54,842,812
677,169
26,518,128
163,700
10,869,915
1,676,410
10,575,229
311,148
437,330
1,156,168
399,593
1,258,967
628,191
14,988,454
3,628,794
33,767,019
281,278,601
(*)
List of other components / goods are too large and hence item wise break-up with their quantities is not possible to
include here.
(E)
Value of imported and indigenous raw materials and stores & spares consumed
Particulars
2007-2008
%Age
Value
Rs.
(a) Raw materials
Imported
32
151,423,553
Indigenous
68
318,551,383
100
469,974,936
(b) Stores & spares
Indigenous
99
6,510,572
Imported
1
62,739
100
6,573,311
(F)
(G)
(H)
16.
Value
Rs.
55
45
100
155,384,701
125,893,900
281,278,601
100
100
5,628,265
5,628,265
2007-2008
Rs.
2006-2007
Rs.
144,786,633
7,443,807
130,491,003
23,234
Expenditure in foreign currency (on payment basis)
Travelling
515,430
931,581
Earnings in foreign currency
Export of goods calculated on F.O.B basis
Others
256,831
-
272,611
713,135
68,532,222
4,280,000
10
16.01
(6,611,151)
4,280,000
10
(1.54)
Value of imports on CIF basis
Materials
Capital goods
Earning per share
Profits/(Loss) after Tax attributable to shareholders
Weighted number of the ordinary shares
Nominal Value of Share
Earning per share
17.
2006-2007
%Age
Previous year’s figures have been regrouped/rearranged wherever considered necessary.
HIMACHAL EXICOM COMMUNICATIONS LIMITED
18.
Particulars required as per Notification No. GSR No. 388(E) (F.No. 3/24/94-CLV) dated 15-05-95 issued by the
Department of the Company Affairs, Ministry of Law, Justice and Company Affairs.
BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE
I.
Registration Details
Registration No. :
06-14541
State Code:
06
Balance Sheet Date:
31-03-2008
II.
III.
Capital Raised during the year
Public Issue:
Right Issue:
Bonus Issue:
Private Placement:
Nil
Nil
Nil
Nil
Position of Mobilization and Deployment of Funds
(Amount in Rs. Thousands)
389,157
389,157
Total Liabilities:
Total Assets:
IV.
Sources of Funds
Paid-up Capital:
Reserves & Surplus:
Secured Loans:
Deferred Tax Liability (Net)
42,800
343,916
1,634
807
Application of Funds
Net Fixed Assets:
Investments
Net Current Assets:
Accumulated Losses:
59,187
12,200
317,770
Nil
Performance of Company
Revenue including other income:
Total Expenditure:
Profit / (Loss) before Tax:
Profit (Loss) after Tax:
Earning per Share in Rs.
Dividend Rate %:
822,088
719,430
102,658
68,532
16.01
Nil
:
`
V.
Generic names of three Principal Products / Services of Company (as per monetary terms)
Product Description:
Item Code No. (ITC Code)
Switch Mode Rectifier Power System:
Electronic Push Button Telephones:
SDH Equipments:
As per our report of even date attached
For Khandelwal Jain & Co.
Chartered Accountants
85.04
85.17
85.17
For and on behalf of the Board
1. Mahendra Nahata
Chairman
(Akash Shinghal)
Partner
(Shailesh Bansal)
Company Secretary
2. Y.S.Choudhary
Managing Director
Place: New Delhi
Place: New Delhi
Dated:
Dated:
HIMACHAL EXICOM COMMUNICATIONS LIMITED
CASH FLOW STATEMENT
For the year ended 31st March, 2008
Particulars
2007-2008
(Rs.)
2006-2007
(Rs.)
102,658,357
(5,452,417)
A. Cash flow from operating activities
Net profit/(loss) before tax
Adjustment for:
Depreciation
Interest and finance charges
Interest income
Loss / (Profit) on sale of fixed assets
Operating profit before working capital changes
Adjustments for:
Trade & other receivables
Inventories
Trade payables
12,115,179
6,428,891
(4,992,473)
57,384
11,970,412
7,084,496
(6,038,233)
29,825
13,608,981
116,267,338
184,057,577
(3,316,619)
(226,903,238)
13,046,500
7,594,083
375,430,193
(25,769,847)
(395,407,236)
(46,162,280)
70,105,058
36,191,843
33,913,215
Cash generated from operations
Taxation
Net cash from operating activities
B. Cash flow from investing activities
Purchase of fixed assets
Sale of fixed assets
Purchase of investments
Interest received (net)
(13,191,979)
1,274,239
(200,000)
3,979,172
(45,746,890)
(38,152,807)
656,408
(38,809,215)
(9,539,474)
906,427
10,651,872
(8,138,568)
Net cash used in investing activities
2,018,825
C. Cash from financing activities
Proceeds from long term borrowings
Repayment of working capital limits
Interest paid (net)
Net cash from/(used) in financing activities
Net increase in cash & cash equivalents
Cash & cash equivalents (opening balance)
Cash & cash equivalents (closing balances)
(1,020,367)
(26,593,338)
(6,428,891)
As per our report of even date attached
For Khandelwal Jain & Co.
Chartered Accountants
(2,845,390)
6,432,354
(7,084,496)
(34,042,596)
(8,267,949)
102,511,313
94,243,364
(3,497,532)
(40,287,922)
142,799,235
102,511,313
For and on behalf of the Board
1. Mahendra Nahata
Chairman
(Akash Shinghal)
Partner
(Shailesh Bansal)
Company Secretary
2. Y.S.Choudhary
Managing Director
Place: New Delhi
Place: New Delhi
Dated:
Dated: