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NOTES TO ACCOUNTS

Bartronics India Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 5.45 Cr. P/BV 0.03 Book Value (₹) 46.76
52 Week High/Low (₹) 8/1 FV/ML 10/1 P/E(X) 0.00
Bookclosure 28/09/2018 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2016-03 

1. Loans repayable on demand includes an amount of Rs. 17245.49 lakhs (31.03.2015 : Rs. 16885.27 lakhs) represents working capital loans from banks are inter alia secured by way of pari passu first charge on current assets and pari passu second charge on fixed assets both present and future. Further these loans are secured by personal guarantee and properties of Mr.A.B.S.Reddy.

2. Unsecured Loan is the short term advance received from the subsidiary Bartronics Asia Pte Ltd.

3. Interest on Working Capital Loans are provided on the last known rates as the Banks have not provided the Statement of Account of each Working Capital loan. The figures are as per the books of accounts and not reconciled as statement of accounts for certain banks have not been provided.

4. Term Loans from banks viz. Bank of Baroda, Bank of India, Andhra Bank, Indian Bank, Life Insurance Corporation of India are secured by first pari passu charge on all the immovable and movable fixed assets of the Company both present and future and second pari passu charge on the current assets both present and future of the Company. Further, these loans are secured by personal guarantees and properties of the A.B.S.Reddy.

5. Terms of repayment are given below:

6. Loan taken from Bank of Baroda carries an interest rate of 14.75% p.a and is repayable in 24 quarterly installments of Rs. 137.50 lakhs each from Feb’2010 to Nov^2015.

7. Loan taken from Bank of india carries an interest rate of 14.75% p.a and is repayable in 18 quarterly installments of Rs.330.00 lakhs each from Apr’2009 to Jul 2013.

8. Loan taken from Andhra bank carries an interest rate of 14.50% p.a and is repayable in 36 monthly installments of Rs.152.78 lakhs each from Aug’2010 to Jul 2013.

9. Loan taken from Indian bank carries an interest rate of 16.25% p.a and is repayable in 24 quarterly installments of Rs.91.67 lakhs each from Nov’2008 to Aug 2014.

10. Loan taken from Life Insurance Corporation of India carries an interest rate of 13% p.a and is repayable in 21 quarterly installments of Rs.142.80 lakhs each from Jan’2011 to Jan’ 2016.

11. The Company has not provided for interest on Unsecured Loans.

12. Estimated amount of contracts remaining to be executed on capital account and not provided for [Net of advance Rs.9,061.49 lakhs (31.03.2015 Rs.9,062.09 lakhs))] Rs1,355.54 lakhs (31.03.2015: Rs. 1,355.54 lakhs )

13. Unsecured Loans:

Foreign Currency Convertible Borrowings (FCCB):

Bartronics India Ltd. had issued Foreign Currency Convertible Bonds (FCCB) for an aggregate sum of USD 50mn in January 2008. These bonds got matured in February 2013. In this regard the Company had filed a request for an extension of the maturity of the bonds to May 4, 2014 with Reserve Bank of India which was granted by them vide their letter dated February 21, 2014.

The Company has appointed M/s Avista Advisory Group to assess all the options available with the Company and finalize best suited approach in order to address the maturity. The options available with the Company include restructuring the bonds i.e. rolling over the bonds for next five years or replacing the bonds with fresh bonds, or redeeming all the bonds at a mutually agreeable price. With these available options; the Company, along with M/s Avista Advisory Group has got in touch with the bondholders and has initiated discussions which are at advanced stages now. The Company has applied for further extension of the maturity with Reserve Bank of India and is waiting to hear from RBI to move forward. The Company is confident of addressing the maturity of Bonds shortly.

14. Related Party Disclosures:

The following are related parties as defined in “Accounting Standard (AS) 18- Related Party Disclosures” notified under The Companies (Accounting Standards) Rules, 2006.

15. The above figures exclude provision for gratuity and compensated absences actuarially valued as separate figures are not available.

16. As per the term of appointment, no commission is payable to Managing Director or Whole time Directors, accordingly computation of Net Profit in accordance with Section 309(5) of the Companies Act, 1956 is not given.

17. Segment Reporting

18.. The activities of the Company relate to only one business segment i.e. the business of providing Automatic Identification & Data Capture (AIDC) solutions.

19. Disclosures as required under Accounting Standard AS-15

The Company liability on account of Employee benefits comprising Gratuity- a defined benefit scheme and compensated absences has been determined in accordance with the requirements of Accounting Standard (AS)-15 notified by the Companies (Accounting Standards) Rules, 2006. Disclosures required in terms of the requirement of AS-15.

20. Discount Rate

The discount rate is based on the prevailing market yield on Indian Government Securities as at the balance sheet date for the estimated term of the obligations.

21. The Company’s significant leasing arrangements are in respect of operating leases for premises (office, stores, godowns, etc.). The leasing arrangements, which are not non-cancellable, range between eleven months and five years generally, and are usually renewable by mutual consent on agreed terms. The aggregate lease rentals payable are charged as rent in to the profit and loss account.

22. The dues to Micro and Small enterprises as defined in The Micro, Small & Medium Enterprises Development Act, 2006 (the Act) are identified by the Company based on enquiries with the parties and information available with the Company. There are no dues to be paid by the Company to The Micro, Small & Medium enterprises as per the management.

23. The Company was awarded the “Aapke Dwar” Project in 2009 by the Municipal Corporation of Delhi (MCD). The project envisages availment of various Governments to Citizen (G2C) services. The Company is required to install and operate 2,000 kiosks at various locations in the city to facilitate the above. The Company has also the right to display advertisements on the external walls of the kiosks.

As at the balance sheet date 300 kiosks have been constructed and for the balance 1,700 kiosks, allotment of clear sites by MCD is awaited. Capital Work-in-progress includes the amounts expended on such construction which aggregates to Rs.1,355.54 Lakhs (2013-15 : Rs. 1,355.54 lakhs). Further amounts aggregating to Rs. 9061.49 Lakhs (2013-15:Rs.9062.09 lakhs )has been advanced for work to be carried out.

In view of the unseemly delays in the allocation of sites by the MCD, the Company has filed a petition in the High Court of Delhi which has initiated the process of arbitration. The Company is confident of arriving at an amicable solution shortly.

24. The figures for the previous year have been reclassified / regrouped / amended, wherever necessary.

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