Opto Circuits India
BSE: 532391 | NSE: OPTOCIRCUI | ISIN: INE808B01016 | Hospitals & Medical Services
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Notes to Accounts | Year End : Mar '09 |
1. Contingent Liability: The Company has issued corporate guarantee in favour of State Bank of India and State Bank of Travancore against line of credit sanctioned to its subsidiary Advanced Micronic Devices Limited for Rs. 1787.00 Lacs (Previous Year Rs. 1977.00 Lacs). The Company has also issued corporate guarantee issued in favour of SBI against line of credit sanction to its subsidiary Altron Industries Private Limited for Rs. 3400.00 Lacs (Previous Year - Nil). Letter of Credits: Rs. 529.00 Lacs Bank Guarantees: Rs. 32.00 Lacs 2. The Company has recognized and provided for the liability towards gratuity and un-availed en-cashable earned leave on accrual basis. 2.1 Income Tax department has raised a demand for tax of Rs. 14.16 Lacs for the AY 2004-05 for which company has preferred an appeal before the Commissioner of Income Tax (Appeal) III. Pending disposal of this Company has not provided liability for Income Tax. 3. Deferred Tax Asset has not been recognized as there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available for such Deferred Tax Asset to be setoff. Tax expenses towards deferred tax liability do not arise as the units are 100% EOU and SEZ and income is covered under section 10B and 10AA of the Income Tax Act, 1961 4. Product Development Expenses. An Amount of Rs. 6.94 Lacs has been charged to Profit & Loss account which is 1/5th of Rs. 18.13 Lacs (2nd Year) and 1/5th of Rs. 16.57 Lacs (1st Year) shown as product development expenditure of embedded software for Pulse Oximeter. 5. Segment wise reporting (Rs. Lacs) a. The company has mainly one business segment of Medical Electronic Products. b. The company has geographical region wise segments of the customers is as shown below, region wise profitability can not be ascertained. 6. Related Party Disclosure: A) List of related parties where companies management control exists (a) SUBSIDIARIES (i) ADVANCED MICRONIC DEVICES LIMITED (II) MEDIAIDINC, (III) ALTRON INDUSTRIES PRIVATE LIMITED. (iv) EUROCOR GMBH, (v) DEVON INNOVATIONS PRIVATE LIMITED (vi) ORMED MEDICAL TECHNOLOGY LIMITED (vii) CRITICARE SYSTEMS INC., (viii) OPTO INFRASTRUCTURE LIMITED (b) KEY MANAGEMENT PERSONNEL Name of Related Party Relationship Vinod Ramnani Key Management Personnel Usha Ramnani Key Management Personnel Jayesh Patel Key Management Personnel 7. Pursuant to the amendments in the Indian Income Tax Act, the Company has calculated its tax liability after considering Minimum Alternative Tax (MAT). The MAT liability can be carried forward and setoff against future tax liabilities. Accordingly Rs.1,997.04 Lacs was carried forward and shown under Loans & Advances in the Balance sheet as of March 31, 2009 which includes carried forward balances of Rs. 1,191.77 Lacs for FY 07-08 and Rs. 805.27 Lacs for FY 08-09. 8. Dividend paid in foreign currency for the year 2007-08 is US$ 6.71 Lacs towards 100.21 Lacs Equity Shares held by NRIs and foreign nationals. 9. Previous year figures have been regrouped & reclassified to correspond with the current years classification. |
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| Source : Religare Technova | |
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