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Empire Industries
BSE: 509525|ISIN: INE515H01014|SECTOR: Glass & Glass Products
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Empire Industries is not listed on NSE
« Mar 14
Notes to Accounts Year End : Mar '15
1.1 Terms / rights attached to equity shares
 
 The Company has only one class of equity shares having a par value of ''
 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 is subject to the approval
 of the shareholders in the ensuing Annual General Meeting. In the event
 of liquidation of the Company, the holders of 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.
 
 The borrowings from banks on Cash Credit account are secured by
 hypothecation of Stocks and Book Debts and Second charge on the
 property of Glass Bottle Division and personal guarantees given by
 Chairman and Vice-Chairman.
 
 The term loan from IndusInd Bank is secured by assignment of lease
 rentals receivable from some of the licencees of the Company''s
 properties situated at Vikhroli and Lower Parel, Mumbai together with
 first charge on properties leased to TCS at Empire Plaza, Vikhroli.
 
 NOTES :
 
 (1) In accordance with the provision Specified in Part C of Schedule II
 to the Companies Act. 2013, effective from 1st April, 2014, the Company
 has reassessed the remaining useful lives of its fixed assets and based
 on this, the Company has charged depreciation for the year ended 31st
 March, 2015. Consequently, the transitional impact of Rs. 14.50 Lakhs
 (net of deferred tax - Rs. 7.46 Lakhs) has been adjusted to retained
 earnings.
 
 (2) During the year, the Company''s leasehold land at Ambernath was
 transferred to Building WIP as the Company has decided to
 carryout constructions of flats / industrial and commercial galas on
 the said land.
 
                                                     (Rs. in lakhs)
                                          As at 31st       As at 31st
                                         March, 2015      March, 2014
 
 2. Contingent liabilities not 
 provided for :
 
 a) Guarantees given by the Banks          1,584.31          1,155.15
 
 b) Letters of Credits/Buyers Credit       2,565.51            553.05
 
 c) Claims against the Company not 
 acknowledged as debts                        19.55             29.81
 
 d) Estimated amount of contracts 
 remaining to be executed on Capital 
 Account (Net of advances)                    60.57          2,337.75
 
 e) Excise demand disputed by the Company.    18.59             27.34
 
 f) Service tax demand disputed by 
 the Company.                                  2.11              2.11
 
 g) Income Tax matters in respect of 
 which appeals are pending                   306.99            160.70
 
 h) Sales tax demand disputed 
 by the Company.                             427.60            259.19
 
 3. The value of stocks include all taxes and duties. Cenvat is
 credited to statement of Profit & Loss on consumption basis.  Cenvat
 related to year-end stock is carried forward in Balance Sheet under the
 head ''Other Laibilities''.
 
 4. Excise duty liability on Finished Goods stock has not been provided
 and also not included in the valuation of Finished Goods stock.
 However, it has no impact on Statement of Profit & Loss.
 
 5. The previous year''s figures have been regrouped / reclassified
 wherever necessary.
Source : Dion Global Solutions Limited
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