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Circuit Systems (India) Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) - P/BV - Book Value (Rs.) -
52 Week High/Low (Rs.) - FV/ML - P/E(X) -
Bookclosure - EPS (Rs.) - Div Yield (%) -
Year End :2015-03 
1. General Company Information.

The Company was incorporated on 08-02-1995, engaged in business of manufacturing printed circuit boards. The Company is having its manufacturing plants at Gandhinagar in the State of Gujarat, INDIA.

2. Terms/right attached to equity share

The company has only one class of equity share having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pay dividends in Indian rupees. The dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holder of equity shares will be entitled to received remaining assets of the company, after distribution of all preferential amounts. the distribution will be in proportion to the number of equity shares held by the shareholders.

3. Buy-back of equity shares:

As per the approval by way of resolution passed in the meeting of the Board of Directors of the Company on 23rd October, 2013 in accordance with the provisions of the Companies Act, 1956 and Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (as amended), the Company offered to buy-back its equity shares of face value of Rs. 10/- each, to the extent of less than 10% of the paid-up equity share capital and free reserves of the Company, upto a maximum amount of Rs. 1,50,00,000/- at a maximum price of Rs. 8/- per share from open market. Pursuant to this, the Company has, during the year ended 31st March, 2014 bought-back 18,30,984 equity share at price of Rs. 8/- per equity share, utilizing a sum of Rs. 1,46,47,872 (excluding other expenses). On account of buy-back of shares, the Company has created :(a) Capital Redemption Reserve of Rs. 1,83,09,840/- towards the face value of 18,30,984 shares of Rs. 10/- each by way of appropriation against General Reserve and (b) Capital Reserves of Rs. 36,61,968/- towards the profit of Rs. 2/- per share on buy back of shares. In terms of the provision of Section 77A of the Companies Act, 1956 and SEBI (Buy Back of Securities) Regulations 1998 (as amended), the Company has completed extinguishment of 18,30,984 shares as on 31st December, 2013.

4. Aggregate number of shares bought back during the period of five years immediately preceding the reporting date is 18,30,984/- (31-03-2014 : 18,30,984/-) equity shares.

4. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosure of transactions with the related parties as defined in accounting standard are given below:

(i) List of related parties where control exist and related parties with whom transactions have taken place and their relationships

Sr. No.   Name of the Party            Relationship

1      Paresh N. Vasani             Key Managerial Personnel

2      PCB Power (India) Ltd.       Subsidiary  company

3      PCB Planet (India) Ltd.
                                    Company in which Key Managerial
4      Eurocircuits India Ltd.      Personnel are Directors

6. CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF:
                                                     (Amount in Rs.)

                                            Year ended      Year ended

                                            31-03-2015      31-03-2014
i) Tax matters,

 -    Disputed liability in respect of
     Income-tax demands                       -             2,984,020
     (including interest)(Matter
     under appeal)

 -    Disputed in respect of time
      limit for deferment of Sales Tax        -              -
      liability (Amount not quantified
      and Matter under appeal)
7. Details for exceptional items are as follows.

(i) The company has debited Rs. 2,96,27,916/- as write off for obsolete inventories and spares. The company has conducted detailed verification of its inventory during this financial year to find out stock which has become obsolete or whose economic value has become Nil. The company had accumulated significant quantity of stocks and spares which had book value but could not be used by the company for manufacturing and maintenance purpose because of its odd size, shape or other factors. Hence, economic value of such stocks has practically become zero for the company. During the year, company carried out exercise to find such obsolete inventories and discard them, in order to reflect more realistic position of the inventory. Accordingly, the company has reduced value of Rs. 2,96,27,916/-in its closing inventory as on 31 March 2015.

(ii) The Company has debited Rs. 2,30,05,998/- as bed debts in exception items. The company had accumulated balance in receivables which was long overdue but had not received since long. The payments were pending due to various reasons such as quality disputes, rate disputes, receivables being unresponsive and other reasons. The company had made detail assessment of recoverability of each receivable and decided to write off those balances which cannot be recovered even after considerable efforts. During year, the company has written off Rs. 2, 30, 05,998/- for various irrecoverable balances.

(iii) The company has made provisions of Rs. 1, 50, 00,000/- in respect of disputed legal matters of other for which the company was served notice as a second party. The board has assessed likely liability which may arise out of the settlement of this suit. The Board has agreed to create provisions for anticipated liability pending final disposal of matters by court.

Total debits in exceptional items is Rs. 6,77,23,898/- which is of non-recurring nature and is not expected to be repeated in foreseeable future.

8. The Company has considered manufacturing of various grade of PCB as Single Segment and hence Primary Segment Disclosure is not applicable. With respect to second geographical segment management has view that there is no material risk is attached with geographical operation of the Company and hence considered as single segment.

9. Previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

10. Balances in respect of trade receivables, loans and advances and trade payables are subject to confirmation from the respective parties and reconciliation, if any.

11. In the opinion of the management, the Current Assets, Loans and advances are realizable at the values stated in the financial statements in the ordinary course of business and adequate provision for all known liabilities has been made in the accounts.


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