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Electrex (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 :2000-09 
1 In view of Losses, the Company has not created the Debenture Redemption Reserve.

2 No provision for Income Tax is considered necessary in the absence of taxable profit for the current year.

3 In the opinion of the Board of Directors, the Current Assets of the Company have a value equivalent to the amount as shown in the Balance Sheet of the Company and provision has been made for all the known liabilities of the Company.

4 In view of the Accounting Standard - 2 on Valuation of-Inventories issued by The Institute of Chartered Accountants of India, the Company has changed its method of valuation of Raw Materials and Work-in-progress to cost or net realizable whichever is lower as against at cost. Had the Company countinued with the earlier method of valuation, the loss for the year would have been lower by Rs.206.74 Lac.

5 An appeal has been preferred against the Sales Tax dues amounting to Rs.76.31 Lac. Provision, if any, would be made in the year in which the appeal is decided.

6 Debit and Credit balances outstanding in the Balance Sheet as on 30.09.2000 are subject to reconciliation/ confirmation from the respective parties. The impact of the reconciliation of the same, if any, will be accounted for as and when ascertained.

7 Loans and Advances include amount of Rs.493.76 Lac (previous period Rs. 493.24 Lac) due from Electrex Robin Industries Limited, a Company in which Directors are interested. The maximum outstanding during the year ended 30.09.2000 with the Company was Rs.493.76 Lac (Previous year Rs.493.24 Lac). This amount mainly represents investment in Electrex Robin Industries Limited as a part of the Joint Venture with Fuji Heavy Industries Limited.

8 Due to dishonour of certain cheques issued by the Company for want of funds as well as for non-payment of its dues to creditors, Company and its Directors are facing proceedings under section 138 of the Negotiable Instruments Act, 1881 and Section 433 of the Companies Act, 1956. Court cases under Section 433 of the Companies Act, 1956 are stayed in view of the Companys registration with the BIFR. The outcome of the above cases and the resultant liability, if any, at present is not ascertainable.

9 In many cases, in the absence of availability of loan / lease / hire purchase documents, etc, the Company has provided finance charges (including interest, lease rental, discounting charges, etc.) on the amounts borrowed from NBFCs / private parties on an adhoc basis, based on the managements perception. The impact of the above on the accounts is not ascertainable at present.

10 The net worth of the Company has been fully eroded as on 30.09.2000. However, the Company is confident to meet its liabilites over a time bound manner despite the winding up and other litigation cases pending in the various squrts and accordingly the accounts of the Company have been prepared on going concern basis.

11 There are various legal suits filed by the lenders / parties against the Company. Many of the suits have been withdrawn by the lenders in view of the settlement terms arrived with them. Further, in many of the cases.the negotiation is in process with these parties for One-Time-Settlement (OTS) / Reschedulement of their total outstanding and for withdrawing the suits in the various criminal and civil courts. The outcome of these cases in not determinable at present and accordingly, any additional liability or gain that may rise in this respect on final settlement is currently unascertainable and has accordingly not been accounted for.

12 Till date, Preference shareholders to the extent of Rs. 1100 Lac have exercised their put option, which has remained unpaid due to liquidity crunch.

13 The Company has defaulted in repayment of the principal and interest of fixed deposit amount in view of the liquidity cruch being faced by the Company. As per clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956, the Directors of the Company are disqualified from being appointed as Directors if the Company is under default. We are however advised that the provisions of Sec. 274 (1) (g) will have application after one year from the date of commencement of the Companies (Amendment) Act, 2000. Accordingly the Directors are eligible for re-appointment at the ensuing Annua! Genera! Meeting.

14 Figures of the current year are for a period of twelve months, while those of the previous period are for eighteen months, and hence not comparable. Previous years figures have been regrouped and rearranged wherever necessary to correspond to current years figures.


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