| 1. Terms and rights attached to equity shares
The company has only one class of equity share having a par value of
Rs.10/- per share. Each holder of equity share is entitled to one vote
per equity share.
2. The company has not bought back any share during the last five years
preceding the date of balance sheet.
3. Nature of Operations
Lumax Automotive Systems Ltd is engaged in the business of
manufacturing and supply of Oil/air filters, cleaners, mirrors and
their components and plastic moulded auto components.
4. Contingent liabilities and Commitments :
(to the extent not provided for)
(a.) Contingent Liabilities
S Particulars As at AS At
no. 31.03.2015 31.03.2014
(Amount in (Amount in
lacks) lacks)
i. Bank Guarantees given in favour
of Government Agencies 18.12 20.62
ii. Letter of Credit outstanding 35.20 496.29
iii. Income Tax Demand on account of
MAT Credit, Application is pending 1.89 1.89
for review with A.O relating to
A.Y 2007-08
iv. Income Tax Disputed Demand on 111.06 107.36
disallowances in respect of
A.Y 2009-10 and appeal is pending
before the ITAT (The company
had deposited Rs.54,98,565/- against
the disputed demand) v Haryana Value
added tax (Local) on account of non
submission of statutory forms
Financial year
2008- 09 25.78 25.78
2009- 10 12.90 12.90
2010- 11 1067.00 -
2011- 12 830.00 -
vi. Haryana Value added tax (Central)
on account of non submission of
statutory forms
Financial Year
2008- 09 67.09 67.09
2009- 10 95.04 95.04
2010- 11 83.77 -
2011- 12 243.00 -
vii. Maharashtra State Value added tax
(Local) on account of non submission
of statutory forms Financial year
2010-11 116.86 -
viii Maharashtra State Value added tax
(Central) on account of non submission
of statutory forms Financial year
2010-11 89.55 -
ix. Disputed Service compensation Amount not Amount not
liability of two worker pending ascertainable ascertainable
in the labour court
x. Creditors liabilities pending in 115.66 27.40
dispute in courts to the extent
not provided in the books
xi. Creditor M/s Singhal Industrial 4.19 -
Screws Pvt Ltd has also filed a
suit for winding up in Honorable
Delhi High Court.
(b.)Capital Commitments : The Company has decided to postponed its
capital Commitment expenditure in respect of Capital Work in Progress
'2,46,22,558/-(' 26,357,993/-) on account of inadequacy of liquid
funds.
5. Segment Information
The business of the company falls within one primary business segment,
namely automotive components, therefore, the requirement of disclosure
as per AS-17 regarding "Segment Reporting" does not apply. The Company
is primarily engaged in the business of Auto Components which are
governed by the same set of risk & returns and hence there is only one
segment. The said treatment is in accordance with the guiding principle
enunciated in the Accounting Standard on segment reporting .
6. Related party disclosure
Name of related parties with whom transactions have taken place during
the year
A) Key Management personnel
a) Mr. U.K.Jain Chairman
b) Mr. Nitin Jain MG. Director
c) Mr. Milan Jain Executive Director
B) Relative of Key Management Personnel
a) Mrs. Kamlesh Jain Spouse of Chairman
sh. U.K.JAIN and mother
of Sh. Nitin Jain and
Sh. Milan Jain(directors)
b) Mrs. Tushina Bhal Daughter of chairman
Sh. U.K.Jain and sister of
Sh. Nitin Jain and Sh. Milan
Jain (directors)
C) Enterprises Owned or Significantly influenced by Key Management
Personnel or their relatives
a) Lumax Industries Limited
b) Nytex Auto Industries
c) Toray Auto Industries Private Limited
d) Lumax Automotive components Systems Pvt. Ltd.
e) Lumax Anciallary Limited
f) Lumax Automotive care Ltd
g) Lukcy Capital Private Limited
h) Lumax Indrani Developers Ltd
7. The company has taken deposits of Rs.2,69,96,237/- from directors
and relatives of directors prior to 1sl April, 2014 which are exempt
from the term of deposit U/s 73 of the Companies Act, 2013. The
increase in unsecured loans during the year are on account of fresh
deposits secured from the directors of the company and unpaid interest
on unsecured loans. The same has been shown under the head long term
borrowings- unsecured loans from directors and related parties.
8. Expenditure incurred towards compensation payments to employees on
retirement / resignation upto F.Y 2011-12 were amortized in equal
installment over five years as VRS scheme and in subsequent financial
years, the same have been charged as revenue expenditure.
9. Under the scheme of demerger with Lumax Industries Ltd. Sale-tax
deferment loan liability in respect of rear view mirror division was
transferred to the Company. The approval and the certificate for
transfer of deferment of sale tax liability in the name of the Company
from State Authority have been received. The deferment is interest free
and relates to financial year 1999-2000 to 2004-05. The amount is
repayable in five equal yearly installments commencing from the end of
the tenth financial year i.e.2009-10. The sale-tax deferred liability
amounting to Rs 8,959,858/- (Rs. 8,959,858/-) have been included in
unsecured loans. The overdue installments repayable amount as on
31/03/2015 is Rs.37,34,255/- (Rs.2,284,637/-)
10. Sundry creditors, sundry debtors and loans and advances, price
variance claims and rebates claimed from suppliers include certain
Items for which confirmations are yet to be received and include
certain long outstanding balances which are considered payable/
realisable as the case may be.
11. Previous year figures have been regrouped wherever necessary to
conform to this year's classification.
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