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Moneycontrol.com India | Notes to Account > Machine Tools > Notes to Account from ITL Industries - BSE: 522183, NSE: N.A
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ITL Industries

BSE: 522183|ISIN: INE478D01014|SECTOR: Machine Tools
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Jul 23, 16:00
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ITL Industries is not listed on NSE
Mar 15
Notes to Accounts Year End : Mar '18

COMPANY BACKGROUND

ITL Industries Limited (the ‘Company’) is a domestic public limited Company having its registered office situated at 111-Sector B, Industrial Area Sanwar Road, Indore 452015 (M.P.) Company is listed at Bombay Stock Exchange Limited (BSE). The company is engaged in the Manufacturing of Band saw Machines, CNC Tube Mills, Machine tools & Sale/purchase of Hydraulic Items, etc.

During the year new statutory auditors of the company hold their office as such and they relied on the old audited financial statements.

A) ADDITIONAL NOTES ON STANDALONE FINANCIAL STATEMENTS

1. Notes 1 to 25 referred herein above forms an integral part of these Standalone Ind AS Financial Statements.

2. (A) CONTINGENT LIABILITIES:

Contingent liability [to the extent not provided for]

- Central Sales Tax, 1956, matter under dispute Rs.5482865 Lacs (Previous year – Rs.4331704)

- MP Commercial Tax, matter under dispute Rs.27622 (Previous year - Rs.45834)

- Disputed Demand of Income tax for A.Y. 2011-12 Rs.180180 (Previous year - Nil)

(B) COMMITMENTS

The company has an outstanding commitments on capital account amounting to Rs. 381278/3. As per Ind AS 32 the long term investments held by the company in its subsidiary are to be carried at cost. All the investments of the Company have been considered by the management to be of long-term nature.

3. The inventories amounting to Rs. 245648377 have been shown at cost. As per Ind AS 2 - “Valuation of Inventories”, inventories should be valued at cost or net realizable value whichever is lower. Such valuation requires technical judgments and consideration of market related factors. The diminution in the valuation thereof, if any, will be accounted for the year of realization.

4. Balance of Trade Receivables, Trade Payables, Trade Deposit, Loans and Advances and others are subject to respective consent, confirmation, reconciliation and consequent adjustment, if any. However, in the opinion of the management these accounts will fetch the amount as stated in the books of accounts on realization in the ordinary course of business.

5. There were no dues outstanding for more than 45 days to any micro, small and medium enterprises creditors. The aforesaid information has been arrived at to the extent such communication has been received from the respective parties by the company.

6. Additional information as required under part II of schedule III to the companies Act, 2013 is as under:

- Expenditure in foreign currency on account of Raw Material Rs. 65402313/- [Previous Year Rs. 44425097]

- Earning in foreign currency on account of Export of goods on CIF/FOB Basis and advance from customers is Rs. 94428765/-[Previous Year Rs. 26533002]

- Particulars of consumption o fImported and Indigenous Raw Materials :-

7. The Company is the parent Company of M.M. Metals Private Limited holding 52% (12480 shares) of its subsidiary. The relevant consolidated Ind AS financial statements are separately prepared.

8. Previous year’s figures have been regrouped / reclassified wherever necessary to confirm to current year’s classification.

9. Research and Development Expenditure Details;

10. The Company has not entered into any derivative and forward contracts for the purpose of hedging foreign exchange exposures and there is no speculative transactions. The outstanding position of the Forex Exposure is as under:

11. Figures are rounded off to the nearest multiple of Rs. (Rupee).

Source : Dion Global Solutions Limited
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