Accounting standard 17 its application in corporate sectorVivek Mahajan
Similar to Copy of financial staements duly authenticated as per section 134 (including boards report, auditors report and other documents) 25102018 (20)
2. DIRECTORS' REPORT FOR THE FINANCIAL YEAR 2017-18
To,
The Members,
Abby Ughting & Switchgear Ltd.
Mumbai.
Your directors have pleasure in presenting their 18
th
Annuai Report on the business and operations of
the company together with the Audited Statement of Accounts for the year ended 31st March, 2018.
1. Financial Results: (~ in Lakhs)
Particulars Year ended 31st
March 2018
Year ended 31
st
March 2017
Turnover ~ 2821.27 ~ 3235.25
Profit/(Loss} before taxation ~ 804.50 ~ 798.56
Less: Tax Expense ~ 234.38 ~ 265.18
Profit/(Loss) after tax ~ 570.12 ~ 533.38
Add: Balance B/F from the previous year 0 0
Balance Profit / (loss) CIF to the next year ~ 570.12 ~ 533.38
2. Operating Performance:
During the year the total turnover of Electrical goods amounted to ~ 2821.27 Lakhs. This resulted in
a net Profit of ~ 570.12 lakhs after providing Provision for tax ~ 234.38. This profit along with earlier
balance is carried over to the balance sheet. Looking at the present general market condition,
Directors feel that the Company would do better in the ensuring year.
The Company added many new products during the year like Aluminium Casting Products &
aluminium extrusions. The Company added machinery & increased production capacity for cutting
& rolling of Aluminium extrusion fixtures. The Company is planning to setup advance machinery for
speedy production during the next year. The Company is planning to import range of new product/
Light fixtures (without Electricals) & accessories.
3. Transfer to reserves:
The company has not transferred any amount to reserves.
4. Dividend:
Your directors do not recommend Dividend for the financial year ended 31st
March 2018.
3. 5. Material Changes between the financial year end and this date ofthe Report:
rhere have been no material changes and commitments, if any, affecting the financial position of
the Company which have occurred between the end of the financial year of the Company to
which the financial statements relate and the date ofthis Report.
6. Significant and material orders passed by the regulators or courts or tribunals impacting the
going concern status and Company's future operations:
During the year under review there has been no such significant and material orders passed by
the regulators or courts or tribunals impacting the going concern status and Company's future
operations.
7. Subsidiary Company:
As on March 31, 2018, the Company does not have any subsidiary.
8. Statutory Auditor & Audit Report:
The Statutory Auditors of the Company, Mis. Hari Arvind & Associates, Chartered Accountants,
Mumbai having Firm Registration Number 128986W shall hold office till the conclusion of the
ensuing Annual General Meeting and are eligible for re-appointment. Mis. Hari Arvind &
Associates, Chartered Accountants, have expressed their willingness to act as the Statutory
Auditors of the Company, and furnished to the Company a certificate that their appointment, if
made, would be in conformity with provisions of Section 139 of Companies Act 2013. The Board
recommends the re-appointment of retiring auditors Mis Hari Arvind& Associates, Chartered
Accountants.
9. Details of directors or key managerial personnel:
There is no change in the details of directors and key managerial personnel of the Company.
10. Fixed Deposits:
The Company has not accepted any Fixed Deposits from public during the financial year.
11. Conservation of energy, technology absorption, foreign exchange earnings and outgo:
The information on conservation of energy, technology absorption and foreign exchange earnings
and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read with Rule, 8 of
The Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure A".
12. Risk Management
The Company has laid down procedures to inform Board members about the risk assessment and
minimization procedures. These procedures are periodically reviewed to ensure that executive
management controls risks through means of a properly defined framework.
13. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013: The Company has in place an Anti Sexual Harassment Policy in line with the
requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition
Prohibition & Redressal) Redressal) Act, 2013. Internal Complaints Complaints Committee (ICC)
has been set up to redress complaints received regarding sexual harassment. All employees
(permanent, contractual, temporary, trainees) are covered under this policy.
4. 14. Corporate Social Responsibility:
The Company does not fall within purview of Section 135(1) of the Companies Act, 2013 and
hence is not required to constitute CSR Committee or formulate policy on corporate social
responsibility.
15. Number of meeting ofthe Board:
During the year 2017-18, the Board of Directors met six times.
16. Directors' Responsibility Statement:
Pursuant to the requirement under section 134(3) (C) of the Companies Act, 2013 with respect to
Directors' Responsibility Statement, it is hereby confirmed that:
(i) In the preparation of the annual accounts for the financial year ended 31st March, 2018, the
applicable accounting standards had been followed along with proper explanation relating to
material departures; .
(ii) The directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company as at March 31, 2018 and of the profit and loss of the Company
for that period;
(iii) The directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
(iv) The directors had prepared the annual accounts on a going concern basis; and
(vi) The directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
17. Declaration by Independent Directors:
The'Company was not required to appoint Independent Directors under Section 149(4) and Rule
4 of the Companies (AppOintment and Qualification of Directors) Rules, 2014 hence no
declaration has been obtained.
18. Particulars of loans, guarantees or investments under section 186:
During the year under review, the Company has not advanced any loans! given guarantees!
made investments and therefore, the disclosure under this clause is not applicable.
19. Particulars of Employees:
None of the employee has received remuneration exceeding the limit as stated in rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 except
directors remuneration of 79.50 lakhs paid to Mr. Sanjay Bajaj, one of the Directors of the
Company.
20. Extract Of The Annual Return In Form MGT-9:
Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, Z014, the extri1~ of Annual Return of the Company is
attached herewith- Annexure B
5. 21. Related Party Transactions:
Particulars of contracts or arrangements with related parties referred to in sub-section (1) of
section 188 in the prescribed form AOC-2:
All related party transactions that were entered into during the financial year were on an arm's
length basis and were in the ordinary course of business.
Pursuant to clause (h) ofsub-section (3) ofsection 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014; the relevant details are provided hereunder:
1. Details of contracts or arrangements or transactions not at arm's length basis: Nil
2. Details of material contracts or arrangement or transactions at arm's length basis:
Name(s) of Nature of Duration of Salient terms of Date(s) . of Amount
the related contracts/arran the contracts the contracts or approval by paid as
party and gement/transac / arrangements the Board, if advances
nature of tions arrangements or transactions any: , if any:
relationship /transactions including the
value, If any:
22. Acknowledgments:
The Directors express their sincere appreciation to the valued shareholders, employeej bankers and
clients for their support
For and on behalf of the Board of Directors
Place: Mumbai
Date: 04-09-2018
(Sanjay 8ajaj)
(DIN: 01649538)
6. ANNEXURE-A
Information under Section 134(3) (m) of the Companies Act, 2013 read with rule 8(3) the
Companies (Accounts) Rules, 2014 and forming part of the Report of the Directors
(A) Conservation of energy
(i) the steps taken or impact on conservation of energy: Not Applicable
(ii) the steps taken by the company for utilising alternate sources of energy: Not Applicable
(iii) the capital investment on energy conservation equipments: Not Applicable
(8) Technology absorption
(i) the efforts made towards technology absorption: Not Applicable
(ii) the benefits derived like product improvement, cost reduction, product development or
import substitution: Not Applicable
(iii) in case of imported technology (imported during the last year reckoned from the beginning
of the financial year) - : Not Applicable
(iv) the expenditure incurred on Research and Development: Nil
(C) Foreign exchange earnings and Outgo-
The Company's main line of business is that of manufacturing of lighting fixture. The Company
has earned income in foreign exchange of INR 20.32 lakhs and had following outgo of INR
127.84lakhs during the year under report, as detailed hereunder:
(~ in lakhs)
Particulars 2017-2018
Total Foreign Exchange Earned ~ 20.32
i) Repairs &Maintenance Nil
ii) Supply of man power and materials Nil
iii) Others Nil
I iv) Foreign Exchange Outgo t 127.84
7. Annexure HB"
FormNo.MGT-9
EXTRACTOFANNUALRETURNASONTHEFINANCIALYEARENDEDON 31 ST MARCH
2018
[pursuant to Section92 (3) ofthe Companies Act. 2013 and Rule12 (1) ofthe
Companies(Management and Administration)Rules. 20141
I. REGISTRATIONANDOTHERDETAILS:
i. CIN U31200MH2000PLCI25776
ii. Registration Date 11-04-2000
iii. Name of the Company ABBY LIGHTING &SWITCHGEAR LTD
iv. Category/Sub-Category of the Company PUBLIC LIMITED
v. Address of the Registered office and contact
details
# 401/213, ORBIT INDUSTIAl ESTATE,
OPP. TANGENT, CHINCHOLI BUNDER ROAD
EXTENTION, MALAD (W), MUMBAI
Maharashtra-4oo064. INDIA
vi. Whether listed company NO
vii. Name, Address and Contact details of
Registrar and Transfer Agent, if any
NOT APPLICABLE
8. II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10% or more of the total turnover of the Company shall be
stated:- •
Sr.
No.
Name and Description of main
products/ services
NIC Code of the
Product! service
% to total turnover of the
company
1 LIGHT FIXTURES 31506 100%
III. PARTICULARS OF HOLDING. SUBSIDIARY AND ASSOCIA'rE COMPANIES
Sr.
No.
Name And Address Of
The Company
CIN/GLN Holding!
Subsidiary
/Associate
%of
shares
held
Applicable
Section
NIL NIL NIL NIL NIL NIL
IV, SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i, Category-wise Share Holding
Category of
Shareholders
No. of Shares held at the
beginning of the year
No. of Shares held at the end
of the year
%
ChangE
during
The
year
Demat Physical Total % of
Total
Shares
Dem
at
Physical Total % of
Total
Shares
A. Promoter
1) Indian
a) Individual/ HUF NIL 332507 332507 100% NIL 332507 332507 100% NIL
10. Sub-total (B)(I)
NIL NIL NIL NIL NIL NIL NIL NIL NIL
2. Non Institutions
a} Bodies Corp.
(i) Indian
(ii) Overseas
NIL NIL NIL NIL NIL NIL NIL NIL NIL
b) Individuals
(i) Individual
shareholders
holding nominal
share capital upto
Rs.llakh
(ii) Individual
shareholders
holding nominal
share capital in
excess of Rs l. lakh
NIL NIL NIL NIL NIL NIL NIL NIL NIL
c) Others(Specify) NIL NIL NIL NIL NIL NIL NIL NIL NIL
Sub-total(B)(2)
NIL NIL NIL NIL NIL NIL NIL NIL NIL
Total Public
Shareholding
(B)=(B)(I)+ (B)(2)
NIL NIL NIL NIL NIL NIL NIL NIL NIL
C. Shares held by
Custodian for GDRs
&ADRs
NIL NIL NIL NIL NIL NIL NIL NIL NIL
Grand Total
(A+B+q
NIL 332507 332507 100% NIL 332507 332507 100% NIL
11. ii.5hareholding 0/Promoters
Sr.
No
Shareholder's
Name
Shareholding at the beginning of
the year
Shareholding at the end of the year
No. of
Shares
!}6 of total
Shares of
the
Company
%ofShares
Pledged /
encumbered
to total
shares
No. of
Shares
% of total
Shares of
the
company
%ofShares
Pledged /
encumbered
to total
shares
% change
in
shareholdi
ng during
the year
1. Sanjay G Bajaj 1,66,002 49.92% NIL 1,66,002 49.92% NIL 00.00
2. Anupama S
Bajaj
2,001 0.60% NIL 2,001 0.60% NIL 00.00
3. Suresh G Bajaj 1,64,501 49.47% NIL 1,64,501 49.47% NIL 00.00
Total 3,32,504 99.99% NIL 3,32,504 99.99% NIL 00.00
iii.Change in Promotersl
Shareholding
There are no changes in the Promoters' Shareholding during the year under review.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
NIL.
12. i
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole~time Directors and/or Manager
SI. No. Particulars of Remuneration Total
Name of MD/WTD/
Manager
Amount
Sanjay Anupa Sures
1. Gross salary 'f 1,47,00,000
G Bajaj
N/A
maS hG
(a)Salary as per provisions contained in
Bajaj Bajaj
section 17(1) ofthe Income-tax
Act,1961
(b)Value of perquisites u/s 17(2) Income-
tax Act,1961
(c)Profits in lieu of salary under section
17(3) Income- tax Act,1961
2, NIL NIL NIL NIL NIL
Stock Option
:3. NIL
Sweat Equity NIL NIL NIL NIL
'4. Sanjay Sures NIL NIL 'f 1,12,00,000
G Bajaj
Commission
hG
- as %of profit
Bajaj
- Others, specify...
NIL NIL
5. NIL NIL NIL
Others, please specify
Total (A) 'f 2,59,00,000
6.
Not
applicable as
the co. is a
private
company
Ceiling as per the Act
ITJ <;,
§
~
~~ h ;
<9<..._. -"
.'.rtf *'C'v
..........t,
13. B. Remuneration to other directors:
51. No. Particulars of Remuneration
Name of MD/WTD/
Manager
Total
Amount
Independent Directors
-Fee for attending board committee
meetings
·Commission
-Others, please specify
NIL NIL NIL NIL NIL
Total(l)
Other Non-Executive Directors
·Fee for attending board committee
meetings
'Commission
·Others, please specify
NIL NIL NIL NIL NIL
Total(2)
Total(B)=(l+2) NIL NIL NIL NIL NIL
Total Managerial Remuneration NIL NIL NIL NIL NIL
Overall Ceiling as per the Act NA NA NA NA NA
14. C. Remuneration to Key Managerial Personnel Other Than MO IManager IWTO
SI.
no.
Particulars of
Remuneration
Key Managerial Personnel
CEO Company
Secretary
CFO Total
1. Gross salary
. (a)Salary as per provisions
contained in section 17(l)of
the Income-tax Act,1961
(b)Value of perquisites
u/s 17(2) Income-tax
Act,1961
(c)Profits in lieu of salary under
section17(3) Income-tax
Act,1961
NIL NIL NIL NIL
2. Stock Option NIL NIL NIL NIL
3.
.... at Equity NIL NIL NIL NIL
4. Commission
- as %of profit
-Others, specify...
NIL NIL NIL NIL
S. Others, please specify
Total Nil Nil Nil Nil
15. VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES:
Type Section of
the
companie
sAct
Brief
descriptio
n
Details of Penalty/
Punishment/Compoundin
g fees imposed
Authority[R
D
/NCLT/Court
]
Appeal
made. If
any{giv
e
details)
A. Company
Penalty
Punishment
Compoundin
g
B. Directors
Penalty
Punishment
Compoundin
g
C. Other Officers In Default
Penalty
Punishment
Compoundin
g
THE COMPANY HAS NOT PAID PENALTY OF ANY AMOUNT TO ANY DEPARTMENT OR OTHERWISE
DURING THE YEAR UNDER REVIEW.
16. HAR! ARVIND & ASSOCIATES
CHARTERED ACCOUNTANTS
1, RAJGURU APARTMENTS, NEW NAGRDAS ROAD, ANDHERl EAST,
MUMBAI-400069
INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS OF
MIS. ABBY LIGHTING & SWITCHGEAR LIMITED.
Report on the financial statements
We have audited the accompanying fmancial statements of M/S.ABBY
LIGHTING & SWITCHGEAR LIMITED, which comprise the Balance sheet as at
March 31, 2018, the Statement of profit and loss, and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies and other
explanatory information.
Management's responsibility for the financial statements
The Company's Board of Directors is responsible for the matters in section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these
financial statements that give a true and fair view of the fmancial position,
financial performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
This responsibility also includes the maintenance of adequate accounting records
in accordance with the provision of the Act for safeguarding of the assets of the
Company and for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation and
maintenance of internal financial control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
Auditors' responsibility
Our responsibility is to express an opinion on these fmancial statements based on
our audit.
We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under
the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified
under section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
17. An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the fmandal statements. The procedures selected
depend on the auditor's judgment, including the assessment of the risks of
material misstatement of the fmandal statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal financial control
relevant to the Company's preparation of the fmancial statements that give true
and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting estimates made
by Company's Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the fmandal statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the above said fmancial statements give the information
required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at
31st March, 2018;
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended
on 31stMarch,2018;and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on
that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor's Report) Order, 2017, issued by the
Central Government of India in terms of sub-section (11) of section 143 of the
Act, and on the basis of such checks of the books and records of the Company
as we considered appropriate, we give in the Annexure a Statement on the
matters specified in paragraphs 3 and 4 of the order to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion proper books of account as required by law have been kept by
the Company so far as appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid fmancial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the
CQmpanie8 (Accounts) Rules, 2014.
18. e) On the basis of written representations received from the directors as on 31
March, 2018, taken on record by the Board of Directors, none of the directors
is disqualified as on 31 March, 2018, from being appointed as a director in
terms of Section 164(2) of the Act and.
f) With respect to the adequacy of the internal fmancial controls over fmandal
reporting of the company and the operating effectiveness of such controls
,refer Annexure B
g) With respect to the other matters included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit & Auditors) Rules, 2014, in
our opinion and to the best of our information and according to the
explanations given to us.
i. the Company does not have any pending litigations which would impact its
fmandal position.
ii. the Company did not have any long-term contracts including derivatives
contracts for which there were any material foreseeable losses.
iii. there were no amounts which required to be transferred to the Investor
Education and Protection Fund by the Company.
HARI ARVIND & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN:128986W
(HAR KUMAR V. P.)
Partner
M.N.117403
PlACE: MUMBAI
DATED: 0,-09-2018
20. (iii) According to the information and explanations gIven to us, the
Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Accordingly, paragraphs (iii) (a), (iii) (b)
and (c) of the Order are not applicable to the Company.
(iv) The Company has not given any loans, investments, guarantees and
security.
(v) In our opinion, and according to the information and explanations
given to us, the Company has not accepted any deposits in
contravention of directives issued by Reserve Bank Of India and the
provisions of Sections 73, 74, 75 and 76 or any other relevant
provisions of the Act and the Rules framed there under to the extent
notified and applicable. No order has been passed by the Company law
Board or National Company law Tribunal or Reserve bank of India or
nay Court or any other Tribunal.
(vi) It has been explained to us that the maintenance of cost records has
not been prescribed under section 148(1) of the Companies Act 2013.
(vii) (a) According to the books and records examined by us and the
information & explanations given to us, there were no undisputed
amounts payable in respect of provident fund, Investor Education
Protection Fund, employees' state insurance, income-tax, sales-tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax, cess and any other statutory dues with the appropriate authorities
have remained outstanding for a period exceeding 6 months from the
date they became payable.
(b) According to the books and records examined by us and the
information and explanations given to us, there is no dispute in dues
of income tax or sales tax or wealth tax or service tax or duty of
customs or duty of excise or value added tax or cess.
(viii) The company has not defaulted in repayment of dues to the financial
institution or bank or Government or debenture holders.
(ix) The Company has not raised money by way of Initial Public Offer or
further public offer (including debt instruments) and term loans.
21. (x) On the basis of examination of books and as per explanations received
no fraud on or by the company by its officers or employees has been
noticed or reported during the year under report -that causes the
financial statements to be materially misstated.
(xi) The Managerial remuneration has been paid or provided in accordance
with the provisions of section 197 read with Schedule V to the
Companies Act.
(xii) The Company IS not a Nidhi Company hence this clause is not
applicable.
(xiii) Based upon the audit procedures performed and according to the
information and explanations given to us all transactions with related
parties are in compliance with section 177 and 188 of the Companies
Act, 2013, where applicable and the details have been disclosed in the
financial statements etc. as required by the applicable accounting
standards.
(xiv) The company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during
the year under review.
(xv) The company has not entered into non- cash transactions with
directors or persons connected with him.
(xvi) The company is not required to be registered under section 45IA of the
~eserve Bank of India Act, 1934.
HARI ARVIND & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 128986W
~
(HARlKUMAR V. P.)
Partner
M.N. 117403
PLACE: MUMBAI
DATED: 04-09-2018
22. HARI ARVIND & ASSOCIATES
CHARTERED ACCOUNTANTS
1, RAJGURU APARTMENTS, NEW NAGRDAS ROAD, ANDHERI EAST, MUMBAl
400069
ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 (lithe Act")
We have audited the internal financial controls over financial reporting of M/S.ABBY
LIGHTING & SWITCHGEAR LIMITED.as of 31-Mar-2018 in conjunction with our audit of
the financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the
company considering the essential component of internal control stated in Guidance Note on
Audit of Internal Financial Controls over Financial Reporting issued by ICAI. These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct
of its business, including adherence to company's policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required
under the Companies Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over
financial reporting based on our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance
!Jote") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under
section 143(10} of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls, both applicable to an audit of Internal Financial Controls and, both issued by
the Institute of Chartered Accountants of India. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain
23. reasonable assurance about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls operated effectively in all
material respects. Our audit involves performing procedures to obtain audit evidence about the
adequacy of the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included obtaining
an understanding of internal financial controls over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. We believe that the audit evidence I have obtained
is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting' and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal financial control over financial reporting includes those policies
and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the company's assets that could have a material effect
on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting may
becomeinadequate because of changes inconditions, or that the degree of compliance with the
poliCies or procedures may deteriorate.
24. Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial
controls system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at 31-Mar-2018. based on the internal control over
financial reporting criteria established by the company considering the essential component of
internal control stated in Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by ICAI.
HARI ARVIND & ASSOC14TES
CHARTERED ACCOUNTANTS
~86W
(~)
Partner
M.N.117403
PLACE: MUMBAl
DATED: 04-09-2018
25. 18th Annual Report 2017-18
ABBY LIGHTING &SWITCHGEAR LIMITED
BALANCE SHEET AS AT 31st MARCH, 2018
(Amt in Rupees)
PARTICULARS NOTE NO.
As at 31st March
2018
As at31stMarch
2017
,
1 2 3 4
1
2
3
I. EQUITY AND L.IABIL.ITIES
SHARE HOL.DERS' FUNDS:
lal Share Capital
Ibl Reserves and Surplus
Sub-total - Shareholders' funds
NON-CURRENT LlABIL.ITIES
{al Long- Tenn Borrowings
{bl Deferred Tax Liabilities (Net)
{cl Other Long Tenn Liabilities
(d) Long Tenn Provisions
Sub-total - Non- current Liabilities
CURRENT LIABILITIES
tal Short- Tenn Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short- Tenn Provisions
Sub-total - Current LIabilities
2
3
4
5
6
7
8
9
10
11
3,326,070.00
186,198,143.79
3,326,070.00
131,270,592.35
189,524,213.79
34,987,613.87
(1,519,002.00)
-
-
134,596,662.35 •
5,216,740.10
(1,057,270.00)
-
-
33,468,611.87 4,159,470.10
-
12,328,131.68
34,371,349.81
23,900,000.00
-
31,938,822.56
38,050,601.86
26,275,000.00
70,599,481.49 96,264,424.42
TOTAL 293592307.15 235,020,556.87
1
2
II. ASSETS
NON·CURRENT ASSETS
(a) Fixed Assets
{II Tangible Assets
(ii) Intangible Assets
liil) Capital Work-In-progress
(b) Non-current Investments
(d) Long Tenn Loans and Advances
(e) Other Non-current Assets
Sub-total - Non-current Assets
CURRENT ASSETS
(a) Current Investments
(b) Inventories
(c) Trade Receivables
(d) Cash and Cash Equivalents
(e) Short tenn loans and advances
If) Other Current Assets
Sub·total· Current Assets
Significant Accounting Policies and Notes to the financial statements
12
13
14
15
16
17
18
19
20
21
1
88,360,632.10
-
-
-
4,102,363.00
-
76,955,679.15
-
-
-
3,703,465.00
-
92,462,995.10 80,659,144.15
-
24,681,959.00
69,726,521.26
89,287,918.04
17,432,913.75
-
-
17,544,860.00
82,795,702.11
37,610,654.90
16,410,195.71
-
201,129,312.05 154,361,412.72
TOTAL 293,592,307.15 235 020 556.87
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS
AS PER OUR REPORT OF EVEN DATE
Hari Arvind & Associates For ABBY L.IGHTING & SWITCHGEAR L.IMITED
;J;mMH'J;fnll
,
)if~ m:l7g::::~~~
(Sanjay Bajal) (Suresh Bajaj) (Anupama BajajJ
(DIN:01649538) (DJN:01666250) (DJN:01485889)
PLACE: MUMBAI
DATE: 04-011-2018
26. 18th Annual Report 2017·18
ABBY LIGHTING & SWITCHGEAR LIMITED
Statement of PROFIT & LOSS STATEMENT FOR THE YEAR ENDED 31st MARCH, 2018
(Amt in Rupees)
As at 31st March As at 31st March
PARTICULARS NOTE NO. 2018 2017
.
I Revenue From Operations 22 281,109,409.87 322,714,298.93
II. Other Income 23 1,017,435.01 810,846.00
III. TotalRevenuel~IQ 282,126,844.88 323,525,144.93
IV. Expenses:
Cost ofMaterials Consumed 24 107,280,208.13 157,304,790.30
Purchases of Stock.ln.Trade 25 - 1,559,455.00
Changes in inventories of finished goods, work-In·progress and stock-
In-trade 26 (1,069,983.00) 207,782.00
Employee Benefit Expenses 27 30,713,582.00 29,624,445.00
Other Expenses 28 49,494.431.88 47;099,697.85
Finance Costs 29 797,211.92 238,518.10
Depreciation and Arnortiaatlon Expenses 30 14,401,598.71 7,634,918.36
1
Total Expenses 201,671,049.70 243,669,606.61
V Profit Before exce~J!.tlonal and extraordinary items and tax 1I11-1V) 80,449,795.18 79,855,538.32
VI exceptional Items
VII Profit Before Extraordin~ items and taxjV-VI, 80,449,795.18 79,855,538.32
VIII Extraordinary Items
IX Profit before Tax (VII·VIII) 80,449,795.18 79,855,538.32
X Tax Expenses
(1) Current Tax 23,900,000.00 26,275,000.00
i (2) Deferred Tax (461,732.00 243,149.00
XI Profit for the year from continuing operations (IX·X) 57,011,527.18 53,337,389.32 I
XII Profit I(loss) from Discontinuing Operations
XIII Tax Expenses of Discontinuing Operations
XIV Profiti (loss) from discontinuing operations{alter tax) (XII-XIII) - -
XV Profit for the~ear (XI+XIV] 57,011,527.18 53,337,389.32 i
XVI Eamlngs per Equity Share:(nomlnal Value of Rs.10Each)
(i) BaSic 171.41 160.36 '
'121 Diluted
Significant Accounting Policies and Notes to the 1
financial statements
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS
AS PER OUR REPORT OF EVEN DATE
PLACE: MUMBAI
DATE: 04-09·2018
For ABBY LIGHTING & SWITCHGEAR LIMITED
(CIN, U.l-~''''.
i~ ~~RIj~
(Sanjay Bajaj) (Sure$h Bajaj) (Anupama Bajaj)
(DfN:01649538) (DIN:01666250) (DIN:01485889)
27. ABBY LIGHTlNG .. SWITCHGEAR LIMITED
CASH FLOW STATEMEl'I'T FOR THB YEAR BlIDED 31ST MARCH 2018
Amount Rs. Amount Rs.
Note:
I) Components ofcuh and CIIlIh equivalents
Cashon hand 181,538
Balances with banks 89,106,380
- Cash Credit acCOWlts
89,287.918
2) The above Cash flow statement has been prepared under the 'Indirect Method" as set out in Accounting Standard - 3 (,AS 31 on Cash
Flow Statements prescribed in Companies (Accounting Standard) Rules, 2006 which continue to apply under Section 133 of the
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
AS PER OUR REPORT OF EVEI'f DATE ATTACHED
For ABBY LIGHTING &SWITCHGEAR UMITED
~'""'--;;;rr · .
~ .,m~'?,~~ ~~
V (s."jay /lBiOJ) (Sur.'" BajSJJ (Anupama Bailli)
(DIN:01649538) (DII'I:0166625O) (DIN:01485881J)
PLACE: MUMBAl
DATE: Q4.09-2018
A. CASH FLOW FROM OPERATDfG ACTIVITIES
NET PROFIT BEFORE TAXATION & EXTRAORDINARY ITEM
ADJUSTED FOR:
DEPRECIATION & AMORTISATION
INTEREST INCOME
INTEREST ,COMMITMENT AND FINANCE CHARGES PAlD
PROFIT/LOSS ON SALE OF ASSETS
EXPENSES ON TRANSFER OF ASSET
BAD DEBTS & WRITE OFF
TAXES PROVIDED
OPERATDfG PROFIT BEFORE WORKl!fG CAPITAL CHANGES
CHANGES Df WORKl!fG CAPITAL
(INCREASE) IN SUNDRY DEBTORS
(INCREASE) IN INVENTORIES
(INCREASE) IN LOANS & ADVANCES
TRADE AND OTHER PAYABLES
CHANGE IN PROVISIONS
NET CASH FROM OPERATDfG ACTIVITIES
B. CASH FLOW FROM DfVB8TDfG ACTMTIES
PURCHASE OF FIXED ASSETS
DECREASE IN CAPITAL W.I.P
SALE OF FIXED ASSETS
PURCHASE OF INVESTMENTS/SALE OF INVESTMENTS
INTEREST RECEIVED
PURCHASE OF DEFERRED ASSET
NET CASH U8ED Df DfVB8TDfG ACTIVITIES n.
C. CASH FLOW FROM FDfABCDfG ACTIVITIES
CHANGE IN BORROWING
REPAYMENTS OF BORROWINGS
INTEREST,COMMITMENT,FINANCE CHARGES PAlD.
NET CASH USED Df FDfABCDfG ACTMTIES n.
D NET DfCRBASE IDECRBASE Df CASH ABD CASH EQUlVALEl'I'TS
(A+B+Cj
E OPENING BALANCE OF CASH AND CASH EQUIVALENT
F CLOSING
(D+E)
BALANCE OF CASH AND CASH EQUIVALENT
80,449,795
14,401,599
(1.017,435)
797,212
(193,173)
(2,070,027)
~~y900,000)
13,069.181
(7,137.099)
(1,421.616)
(23.289.943)
(2.375,000J
(25.982.077)
354,750
1,017,435
29,770,874
(797,212)
68,467.971
(21,154,477)
47.313,494
124,609,892)
28,973,662
51,677,263
37,610,655
89,287,918
28. MIS. ABBY LIGHTING & SWITCHGEAR LIMITED
NOTE:NOTESTO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31-03-2018.
1. Significant Accounting Policies:
(i)Basis of preparation of Financial Statements
The financial statements have been prepared and presented under the
historical cost convention, on the accrual basis of accounting, in accordance
with the accounting principles generally accepted in India ('Indian GAAP} and
comply with the Accounting Standards prescribed in the Companies
(Accounting Standards) Rules, 2006 which continue to apply under Section
133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts)
Rules, 2014 and other relevant provisions of the Companies Act, 2013 ('the
Act}, to the extent notified and applicable. The financial statements are
presented in Indian rupees.
All assets and liabilities have been classified as current or non-current as per
the Company's normal operating cycle and other criteria set out in Schedule III
to the Act. Based on the nature of the services and their realisation in cash
and cash equivalents, the Company has ascertained its operating cycle as
twelve months for the purpose of current or non-current classification of assets
and liabilities.
(Ii) Use of Estimates
The preparation of financial statements in accordance with generally accepted
accounting principles ('GAAP} in India requires that management makes
judgment, estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent liabilities as of the date of the
financial statements and the reported amounts of revenues and expenses
during the reported period. The estimates and assumptions used in the
accompanying financial statements are based upon management's evaluation
of facts and circumstances as at the date of the financial statements. Actual
results could differ from those estimates. Estimates and underlying
assumptions are reviewed on an ongoing basis. Any revision to accounting
estimates is recognised prospectively in current and future periods.
(iii) Current/ Non- current classification.
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the following criteria:
(a) it is expected to be realised in, or is intended for sale or consumption in, the
company's normal operating cycle;
(b) it is held primarily for the purpose of being traded;
(c)it is expected to be realised within 12 months after the reporting date; or
(d) it is cash or cash equivalent unless it is restricted from being exchanged or
used to settle a liability for at least 12 months after the reporting date.
29. Current assets include the current portion of non-current financial assets. All
other assets are classified as non-current.
Liabilities
A liability is classified as current when it satisfies any of the following criteria:
(a) it is expected to be settled in the company's normal operating cycle;
(b) it is held primarily for the purpose of being traded:
(c)it is due to be settled within 12 months after the reporting date; or
(d) the company does not have an unconditional right to defer settlement of the
liability for at least 12 months after the reporting date. Terms of a liability that
could, at the option of the counterparty, result in its settlement by the issue of
equity instruments do not affect its classification.
Current liabilities include current portion of non-current financial liabilities.
All other liabilities are classified as non-current.
Operating cycle
Operating cycle is the time between the acquisition of assets for processing and
their realisation in cash or cash equivalents. Based on the above defmition
and the nature of services provided, the Company has ascertained its operating
cycle as 12 months for the purpose of current - non-current classification of
assets and liabilities.
(iv)Fixed Assets:
Tangible assets
Fixed assets are stated at cost of acquisition or construction less accumulated
depreciation I realizable and impairment loss, if any. The cost of an item of
tangible fixed asset comprises of its purchase price, including freight. duties,
taxes (to the extent not recoverable from tax authorities) and any directly
attributable cost of bringing the asset to its working condition for its intended
use; any trade discounts and rebates are deducted in arriving at the purchase
price.
Subsequent expenditures related to an item of tangible fixed asset are added to
its book value only if they increase the future benefits from the existing asset
beyond its previously assessed standard of perfonnance.
A fixed asset is eliminated from the financial statements on disposal or when
no further benefit is expected from its use and disposal. Losses arising from
retirement and gains or losses arising from disposal of fixed assets which are
carried at cost are realizable in the Statement of profit and loss.
Intangible assets
Intangible assets comprise of acquired compllter software. Intangible assets
are realizable when the asset is identifiable, is within the control of the
Company, it is probable that the future economic benefits that are attributable
to the asset will flow to the Company and cost of the asset can be reliably
measured. Acquired intangible assets are stated at cost less accumulated
realizable and impairment loss, if any.
30. Assets retired from active use and held for disposal are stated at the lower of
their net book value and net realizable value and classified as 'Assets held for
sale' under 'Other current assets'.
Depreciation I amortisation
Depreciation on tangible fixed assets is provided pro-rata to the period of use,
under the written down value method, at the rates which corresponds to the
useful lives followed by the Company, which are equal to or shorter than those
prescribed under Schedule II to the Act, which, in management's opinion,
reflect the estimated useful economic lives of these fixed assets.
Intangible assets are amortised using the written down value method over a
period as specified in the agreements or over the economic useful life as
estimated by the Company's management, whichever is lower. The economic
useful life is reviewed at the end of each reporting period.
The useful lives for tangible and intangible fixed assets are as prescribed under
Schedule II to the Act and are summarised below:
Assets Estimated useful life
( in years)
Plant & Machinery 15
Factory Building 30
Office Premises 60 !
Furniture & fixtures 10
Motor vehicles 8
I Computer 3
Office Equipments 5
The useful lives are reviewed by the management at each financial year-end
and revised, if appropriate. In case of a revision, the unamortised depreciable
amount is charged over the revised remaining useful life.
(v) Impairment
In accordance with AS 28 on 'Impairment of Assets', where there is an
indication of impairment of the Company's assets, the carrying amounts of the
Company's assets are reviewed at each reporting date / balance sheet date to
determine whether there is any indication of impairment. For assets in respect
of which any such indication exists, the asset's recoverable amount is
estimated. An impairment loss is recognised if the carrying amount of an asset
exceeds its recoverable amount.
For the purpose of impairment testing, assets are grouped together into the
smallest group of assets (cash generating unit or CGU) that generates cash
inflows from continuing use that are largely independent of the cash inflows of
other assets or CGUs.
The recoverable amount of an asset or CGU is the greater of its value in use
and its net selling price. In assessing value in use, the estimated future cash
flows expected to arise from the continuing use of the assets and from its
disposal at the end of its useful life, or reasonable estimate thereof, are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific
to the asset or CGU.
31. Impairment losses are recognised in the Statement of profit and loss. However,
an impairment loss on a revalued asset is recognised directly against any
revaluation surplus to the extent that the impairment loss does not exceed the
amount held in the revaluation surplus for that same asset. Impairment loss
recognised in respect of a COU is allocated first to reduce the carrying amount
of any goodwill allocated to the COU, and then to reduce the carrying amounts
of the other assets in the COU on a pro rata basis.
If at the balance sheet date there is an indication that a previously assessed
impairment loss no longer exists or has decreased, the assets or COU's
recoverable amount is estimated. For assets other than goodwill, the
impairment loss is reversed to the extent that the asset's carrying amount does
not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. Such
a reversal is recognised in the Statement of profit and loss; however, in the
case of revalued assets, the reversal is credited directly to revaluation surplus
except to the extent that an impairment loss on the same revalued asset was
previously recognised as an expense in the Statement of profit and loss.
(vi)Retirement Benefits:
The Company does not have any retirement benefit scheme in respect of Leave
salary. Encashment of leave and gratuity is accounted for on cash basis when
the amount is paid. Therefore Accounting Standard AS-IS issued by the
Institute of Chartered Accountants of India is not considered applicable and no
provision has been made for leave accumulated by employees. Bonus
accounted on cash basis.
(vii) Revenue Recognition:
Sales is recognized on execution of the job to the satisfaction of clients and on
the basis of invoices raised. Sales includes amount recovered towards sales tax
and excise duty.
(vii) Taxation:
Income-tax expense comprises current tax (Le. amount of tax for the period
determined in accordance with the income-tax law) and deferred tax charge or
credit (reflecting the tax effects of timing differences between accounting
income and taxable income for the period).
Current tax
Provision for current tax is recognised in accordance with the prOVISIons of the
Income tax Act, 1961 and is made based on the tax liability using the
applicable tax rates and tax laws after taking credit for tax allowances and
exemptions.
Deferred tax
Deferred tax liability or asset is recognised for timing differences between
taxable income and accounting income Le. differences that originate in one
period and are capable of reversal in one or :more subsequent periods.
Deferred tax assets and liabilities and the corresponding deferred tax credit or
32. charge are measured using the tax rates and tax laws that have been enacted
or substantively enacted as at the balance sheet date.
Deferred tax asset is recognised only to the extent there is reasonable certainty
that the asset can be realised in future; however, where there is unabsorbed
depreciation or carried forward loss under taxation laws, deferred tax asset is
recognised only if there is a virtual certainty supported by convincing evidence
that sufficient future taxable income will be available against which such
deferred tax assets can be realised. Deferred tax asset is reviewed as at each
balance sheet date and written down or written up to reflect the amount that is
reasonably / virtually certain to be realised.
Consequent to the issuance of Accounting Standards 22 "accounting for the taxes on
income" by the Institute of Chartered Accountants of India, The Company recognised
the deferred tax asset aggregating to RsA,61,732/- in the profit & loss account in the
year, the details of which are as under:
Particulars
IDeferred tax liabllities
Balance carried
as at
31.03.2017
Arising
during the
year
Balance carried as at
31.03.2018
I On account of timing
i deference in depreciation 22,061/ - 22,061/
I Total deferred tax
i liabllities
I
IDeferred tax assets
-
i
- -
A) On account of timing
difference in depreciation,
On sale of Asset 10,79,331/ 4,61,732/ 15,41,063/
B} Disallowance U/ s 43 b
of the Income Tax Act,
1961
0.00 0.00 0.00
Total deferred tax
10,79,331/ 4,61,732/ 15,41,063/
Net deferred Tax
Assetsl(Liabilities) 10,79,331/ 4,61,732/ 15,41,063/
(viii) Equity Share Capital:
During the year under audit there was no change in Authorised and paid up
share capital of the Company.
(ix) There are no Small Scale Industries to whom the Company owes a sum
exceeding Rs.l Lac, which is outstanding for more than 30 days at the
Balance Sheet date, computed on unit wise basis. The above information
has been determined to the extent such parties have been identified on the
basis of information available with the Company. The auditors have relied
upon this information.
33. (x) Earning per Share:
Basic earning per share is calculated by dividing the net profit for the period attributable
to equity shareholders by the number of equity shares outstanding during the period
(xi) Quantitative Details:
The Company deals in variety of electrical goods hence details are quite exhaustive
therefore quantitative details for manufactured goods & traded goods are not given.
a) Manufactured Goods: - Value
I
I
Op. balance Manufacturing
value
Sales Closing Balance
4,50,465/ 10,76,64,214/ 28,11,09,410/ 15,53,933/
(5,55,465/ -) (16,03,84,418/ -) (32,18,59,558/ -) (4,50,783/-)
b) Trading Items: - Value
I Op. balance Purchase Sales Closing Balance
I 0/ 0/ 0/ 0/
(0/ -) (15,59,455/-) (8,54,741/ -) (OJ -)
(xii) Foreign currency transactions
Foreign currency transactions are recorded into India rupees using the
exchange rates prevailing on the date of the respective transactions. Exchange
difference arising on foreign currency transactions, between the actual rate of
settlement and the rate on the date of the transactions, is charged or credited
to the Statement of profit and loss.
Monetary assets and liabilities denominated in foreign currencies as at the
balance sheet date are translated at the exchange rates prevailing on the
balance sheet date and the overall net exchange gain or loss on such
conversion, if any, is credited / charged to the Statement of profit and loss.
Non monetary assets are recorded at the rates prevailing on the date of the
transactions. Non-monetary foreign currency items are carried at historical
cost.
(xiii) Provisions and contingent liabilities
A provision is recognised if, as a result of a past event, the Company has a
present obligation that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle the obligation. Provisions
are recognised at the best estimate of the expenditure required to settle the
present obligation at the balance sheet date. The provisions are measured on
an undiscounted basis.
Provision in respect of loss contingencies relating to claims, litigation,
assessment, fines, penalties, etc. are recognised when it is probable that a
liability has been incurred and the amount can be estimated reliably.
A contingent liability
obligation, or a present
34. outflow of resources, or a present obligation whose amount cannot be
estimated reliably. Contingent liabilities do not warrant provisions, but are
disclosed, unless the possibility of outflow of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial
statements. However, contingent assets are assessed continually and if it is
virtually certain that an inflow of economic benefits will arise, the asset and
related income are recognised in the period in which the change occurs.
(xiv) Figures of previous year are regrouped and rearranged wherever necessary.
(xv) No confinnation letters has been obtained from Debtors, creditors and advances
from debtors and advances to creditors.
AS PER OUR REPORT OF EVEN DATE ATTACHED
HARI ARVlND & ASSOCIATES For ABBY LIGHTING & SWITCHGEAR LIMITED
(CIN:U31200MH2000PLC12577
CHARTERED ACCOUNTANTS
4
y
1) V )1l-:r;AY BAJAJ
FIiYI (DIN:O1649538)
(HARIKUMAR V. P.)
Partner
~b
2)
M.N.117403 (DIN:O1666250)
~~ l~"-6·
PLACE: MUMBAI
3) ANUPAMA BAJAJ
DATED: 04-09-2018 (DIN:O1485889)
DIRECTORS
35. 18th Annual Report 2017-18
ABBY LIGHTING & SWITCHGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2018
Amounts in the financial statements are presented in takhs, except for per share data and otherwise
stated. All exact amounts are stated with the suffix "/-".
The previous period figures have been regrouped/reclassified, wherever necessary to conform to the
current year presentation.
NOTE 2. SHARE CAPITAL
(Amt in Rupees)
Particulars AS AT 31ST MARCH
2018 2017
Authorised
Equity Shares Rs.10/- par value
10,00,000 (10,00,000) equity Shares
Issued, Subscribed & Paid Up
Equity Shares Rs.10/- par value
3,32,607 (3,32,607) equity Shares fully paid up
Details of shareholders holding more than 5% shares
in the Company:
Mr. Sanjay G Bajaj
Mr. Suresh G Bajaj
10,000,000
3,326,070
No. % holding
1,66,002/- & 49.92%
1,64,501/- & 49.47%
10,000,000
3,326,070
No. % holding
1,66,002/- & 49.92%
1,64,501/- & 49.47%
NOTE 3. RESERVES & SURPLUS
Particulars AS AT 31ST MARCH
2018 2017
Surplus - Opening Balance
Add: Net Profit after tax transferred from
Statement of Profit & Loss
Amount Available for Appropriation
Appropriation
WDV Written off
Short Provision Tax (If any)
Surplus Closing Balance
Total Rs.
131,270,592.35 78,002,603.72
57,011,527.18 53,337,389.32
188,282,119.53 131,339,993.04
13,948.74 69,400.69
2,070,027.00
186,198,143.79 131,270,592.35
186,198,143.79 131,270,592.35
36. NOTE 4. LONG TERM BORROWINGS
Particulars AS AT 31ST MARCH
2018 2017
Secured (Vehicle Loan)
Car Loan-Bank Of Baroda-08160600001210
Car Loan-Bank Of Baroda-08160600001225
Car Loan-Bank Of Baroda-08160600001304
Car Loan- 1C1C1 Sank-59558
Car Loan- ICICI Bank-20003
Car Loan- HDFC Bank Ltd
Note: Hypothecation 0/Vehicle
Secured Term Loan Induslnd - 508003457956
Note: Collateral Security against Company Asset &
personal guarantee 0/Directors
Total Rs.
NOTE 5. DEFERRED TAX LIABILITIES
57,738.00
149,801.00
82,375.00
510,421.90
694,432.40
2,335,904.72
31,156,940.85
299,758.00
475,489.00
310,123.00
1,137,247.10
34,987,613.87 5,216,740.10
Particulars AS AT 31ST MARCH
__~__~________________________________________________~2~0~1~8______ 2017
Deferred Tax Assets
Fixed Assets
Others
1,541,063.00
1,541,063.00 1,079,331.00
Deferred Tax Liabilities
Fixed Assets
Others
22,061.00
22,061.00
22,061.00
22,061.00
Total Rs. (1,519,002.00) (1,057,270.00)
Deferred Tax assets and Deferred Tax liabilities have been offset wherever the Company has a legally
enforceable right to set off current tax assets against current tax liabilities and where the deferred tax
assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.
NOTE 6. OTHER LONG TERM LIABILITIES
Particulars AS AT 31ST MARCH
2018 2017
NOTE 7. OTHER LONG TERM PROVISIONS
Particulars AS AT 31ST MARCH
2018 2017
Total Rs.
NOTE 8. SHORT TERM BORROWINGS
Particulars AS AT 31ST MARCH
2018 2017
Cash credit from Induslnd Bank, Malad Sr
against hypothecation of Stock and book debts
Total Rs.
37. NOTE 9. TRADE PAYABLES
Particulars AS AT 31ST MARCH
2018 2017
Trade Payables
Sundry Creditors for Goods 10,496,462.84 17,659,087.56
Sundry Creditors for Capital Expense 1,831,668.84 14,279,735.00
Total Rs. 12,328,131.68 31,938,822.56
NOTE 10. OTHER CURRENT LIABILITIES
Particulars AS AT 31ST MARCH
2018
Advance Deposit for Sale
Sundry Creditors for Expenses
AccruedSalaries & Benefits
Directors Remuneration
Salary Payable
Wages Payable
Statutory Liabilities
TDS Payable
Central Sales Tax
MVAT
Profession Tax (Employee Alc)
PF Payable
Other Liabilities
Provision for Expenses
Rent Payable
Audit Fees Payable
Outstanding Liabilities Electricity
Outstanding Liabilities Payable (others)
Outstanding Liabilities Telephone
Profession Charges Payable
Secured Loans
Total Rs.
NOTE 11. SHORT TERM PROVISIONS
6,181,006.82
12,938,780.48
874,745.00
1,478,980.00
1,208,509.00
4,206,137.00
(25,383.16)
15,450.00
100,397.00
180,000.00
917,350.00
185,570.00
156,309.00
6,350.20
546,802.47
5,400,346.00
34,371,349.81
2017
9,804,111.00
16,260,754.00
879,088.00
1,650,860.00
1,159,757.00
3,494,435.00
390,985.00
18,661.86
14,375.00
1,029,049.00
180,000.00
837,350.00
275,224.00
76,160.00
8,129.00
100,000.00
1,871,663.00
38,050,601.86
Particulars
Others
Provision for
Income Taxes
AS AT 31ST MARCH
2018 2017
23,900,000.00 26,275,000.00
NOTE 13. NON-CURRENT INVESTMENTS
23,900,000.00 26,275,000.00
Particulars AS AT 31ST MARCH
2018 2017
Total Rs.
Aggregate amount of unquoted investments
Aggregate amount of provision made for non-current investments
