Company overview
Toyama Electric Limited ('the company') was incorporated as a private
limited company on Julyl5th,1985 and domiciled in India and
incorporated under the provisions of the Companies Act, 1956. Company
was converted into Public company on 1st December, 1993 and listed in
Bombay Stock exchange. The Company is engaged in the manufacturing and
selling of electrical switches, transformers and components there of.
1) The reconciliation of the number of equity shares and share
capital:
2 ) Rights, preferences, and restriction attached to shares.
The company has only one class of equity shares having par value of Rs
10 per share. Each holder of equity shares is entitled to one vote per
share. The dividend proposed by the Board of Directors is subject to
approval of the shareholders in the ensuing Annual General Meeting.
In the event of the liquidation of the Company, the holder of equity
shares will be entitled to receive the remaining asset of the Company,
after distribution of all preferential amount, the distribution will be
proportionate to the number of equity shares held by the shareholders.
3) Capital Commitments
Estimated amount contracts remaining to be executed on capital account
and not provided for (Net of advances)- NIL (previous year-Rs.
170,000/-)
4) Segment Reporting
The Company operates in only one primary segment of business. Secondary
segmental reporting is based on the geographical location of customers.
During the year company had entire business within India hence separate
segmental reporting is not applicable.
5) Balances in parties accoounts are subject to confirmation and
reconciliation.
6) Based on the information available with the Company, there are no
overdue amount payable to Micro, Small and Medium Enterprises as
defined under the Micro, Small and Medium Enterprises Development Act,
2006. Further, the Company has not paid any interest to any Micro,
Small and Medium Enterprises during the year. This has been relied upon
by the auditors.
7) Impairment of Assets - Accounting Standard- 28
The Company has carrier! out a verification of Assets and found no
material Impairment of Assets as on 31- 03-2014. therefore no provision
is made in respect of Impairment of Assets during the year.
8) Leasing arrangements Operating Leases
i)The Company has taken various office premises under operating lease.
These are generally not non- cancelable and range between 11 months and
3years and are renewable by mutual consent on mutually agreeable terms.
The Company has given refundable interest free security deposits under
certain agreements.
ii)Building is taken on operating lease with options of renewal against
increased rent and premature termination of agreement.
iii)Lease payments are recognized in the statement of profit & loss
under "Lease Rentals" in note no 24
iv)Future minimum lease payments under non- cancellable operating lease
are Nil,
v)There are no contingent rents.
8) Remittance in Foreign Currency on account of dividends:
9) Investments in Mutal Funds and Other Equity Shares arc stated at
cost. No provision for diminution in value is made since these
investments are intended to be held for a longer period.
10) No depreciation has been provided on other office buildings as the
same has not been used during the year.
11) There were no contingent liablities, Necessary provisions have been
made in the books of accounts for the year 2013-14 in respect of all
known liabilities. There were no contingents assets arise from the
unplanned or other unexpected events that give rise to possibility of
an inflow of economic benefits.
12) Previous year's figures have been regrouped / reclassified wherever
necessary to conform to current year's classification.
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