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Euro Ceramics Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 3.88 Cr. P/BV -0.01 Book Value (₹) -161.48
52 Week High/Low (₹) 1/0 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/11/2019 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2015-03 
1 Pursuant to the Companies Act 2013, the Company has revised the depreciation rates w.e.f. April 1, 2014, based on the maximum useful life of its various Fixed Assets as prescribed in Part-C of Schedule -II to the Companies Act, 2013. The Company has reworked the estimated useful life of the fixed assets during the current financial year and accordingly in case of fixed assets whose useful life has already been completed as on April 1, 2014, the carrying value (net of residual value) of those Fixed Assets amounting to Rs. 5,934.66 lacs have been debited to the opening balance of General Reserve Account.

2 Extra Ordinary item amounting to Rs. 3,552.17 Lacs debited to profit and loss account during the financial year 2014-15 is on account of provisions made for permanent diminution in value of Investments in its subsidiary and Loans & Advances made to its partnership firm.

3 The Company's financial facilities/arrangements including Term Loans, Working Capital Facilities and Non Fund Based Credit Facilities have expired and the accounts with the Banks have turned into Non Performing Assets since more than 2 years. The Banks have initiated legal proceedings for the recovery from the Company u/s. 19 of the Debt Recovery Tribunal (DRT) and u/s. 13(2) of the Securitization & Reconstruction of Financial Assets & Enforcement of Security (Second) Interest (SARFAESI) Act, 2002. Some of the creditors filed cases against the Company and its Directors for recovey of their dues, including petitions for winding up of the Company, in the High Court of Mumbai. The management has taken and been taking all diligent steps under legal advice, to defend the Company in all the litigation. Since the matters are sub-judice, the exact liability of the Company can't be ascertained at this point of time.

4 The Company on the basis of registration filed u/s. 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, before the Hon'ble Board for Industrial & Financial Reconstruction, and the hearings for which are in process for determination of sickness and on the basis of ongoing negotiations with the lenders for reduction in interest, rephasement in terms of borrowings etc., has not provided for interest to the tune of Rs. 8,758.47 Lacs (calculated based on last sanction letters in hand) on financial facilities, for the year ending March 31, 2015.

Note 5:- Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

Note 6:- The Company does not have a Company Secretary as required under the provision of Section 203 of the Companies Act, 2013. The Company is in the process of appointing a whole time Company Secretary as required by the provision of Section 203 of the Companies Act, 2013.

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