1. Corporate information
Universal Office Automation Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay stock exchange in
India. The company's primary line of business had been selling of
office automation products and their after-sales service.
2. Basis of preparation
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India
(Indian GAAP).
The company has prepared these financial statements to comply in all
material respects with the accounting standards notified under the
Companies (Accounting Standards) Rules, 2006, (as amended) and the
relevant provisions of the Companies Act, 2013.
The financial statements have been prepared on an accrual basis and
under the historical cost convention. Duty drawbacks and insurance
claims are accounted for as and when admitted by the respective
authorities. The accounting policies adopted in the preparation of
financial statements are consistent with those of previous year.
3. SHARE CAPITAL
a. Terms/rights attached to equity shares
The company has only one class of equity shares 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 pays dividends in Indian rupees.
The dividend proposed by the Board of Directors if any, is subject to
approval of the shareholders in ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of the equity
shares will be entitled to receive 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
b. Aggregate number of shares issued for consideration other than cash
(I) 49,64,529 (31 March, 2014 : 49,64,529) of Rs. 10/- each were
allotted as fully paid up pursuant to a contract without payment being
received in cash.
(ii) 47,23,614 (31 March, 2014 : 47,23,614) of Rs. 10/- each were
allotted as fully paid up pursuant to the Scheme of Amalgamation
between erstwhile Sandarbh Properties Private Limited and the Company.
4. RELATED PARTY DISCLOSURES
Name of related parties and related party relationship
Holding Company
HCL Corporation Private Limited
Other Group Companies
HCL Info systems Limited and its subsidiaries
HCL Technologies Ltd. and its subsidiaries
Key Management Personnel
Mr. Kul Bhushan Rattan
Mr. Sushil Kumar Jain
Mr. P.S. Ravishankar
Ms. Rita Gupta
Mr. Suresh Chand Sharma
Ms. Preeti Saxena
Related party transactions
The following table provides the total amount of transactions that have
been entered into with related parties for the relevant financial year:
5. CONTINGENT LIABILITIES
Rs. /Lacs
2015 2014
Claims against company not acknowledged as debts* 325.84 377.33
*The claims against the company comprise:
For taxes and others to the extent ascertainable Rs. 84.01 lacs
(previous year Rs. 85.44 lacs)
For Excise duty and penalty to the extent quantified by the authorities
and other claims to the extent ascertainable Rs. 0.83 lacs (previous
year Rs. 0.83 lacs).
For Customs Duty and penalty to the extent quantified by the
authorities Rs. 241.00 lacs (previous year Rs. 290.96 lacs).
6. Pursuant to the Scheme of Amalgamation between Sandarbh Properties
Private Limited (Transferor company) and the company as per the Scheme
of Amalgamation approved by the Shareholders of both the companies at
the Extra-ordinary General Meeting held on 2.9.95 and sanctioned by the
Hon'ble High Court of Delhi by its order dated March 21, 1996, with
effect from the "Appointed Date", April 1, 1995.
47,23,614 equity shares of Rs. 10/- each fully paid up of the company
have been allotted on May 10, 1996 to the shareholders of the
Transferor company in the ratio of 9 equity shares of Rs. 10/- each for
every 1 equity share of Rs. 100/- each held in the Transferor company.
7. Pursuant to the approval of the shareholders in the Extra-ordinary
General Meeting held on 24th June, 1998, the Customer Support
Organisation (CSO) activities of the company including related product
sales along with required stocks, facilities and manpower were disposed
off on 30th June, 1998 and the difference between the consideration and
the net assets on that date amounting to Rs. 297.63 lacs was
transferred to capital reserve.
8. There are no outstanding due to small-scale industrial undertakings
as on 31st March 2015. There are no delayed payments to the suppliers
covered under the 'Interest on delayed payments to Small scale and
Ancillary Undertakings Act, 1993.
9. The company's accumulated losses as at 30th June, 2015 far exceed
its paid up capital and reserves as at that date. The Company's
business operation has also thinned down due to paucity of working
capital. Since the Director's are looking for right opportunity to
explore the similar line of business of activity, the Directors
consider that it is appropriate to prepare the financial statements on
going concern basis.
10. The company has received a legal opinion that in view of the
company having discontinued its manufacturing activities, it does not
fall under purview of section 3(o) of the Sick Industrial Companies
(Special Provisions) Act, 1985 although at the end of this financial
year, company's accumulated losses has exceeded its entire net worth.
Consequently no reference needs to be made to the Board for Industrial
and Financial Reconstruction.
11. Previous year's figures have been regrouped/rearranged to conform
to current year's presentation.
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