Home  »  Company  »  Akar Tools Ltd  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Akar Tools Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION

The Company is in the Business Manufacturing of hand tools, auto leaf spring, parabolic springs and commerical automo- tive forgings & having its manufacturing facilities around Aurangabad, Maharashtra

NOTE 2. RELATED PARTY DISCLOSURE

Information given in accordance with the requirements of Accounting Standard 18 - Related Party disclosures notified by Min- istry of Corporate Affairs Under sub section (3C) of Section 211 of the Companies Act, 1956 read with General circular 8/2014 dated April 04, 2014, issued by the Ministry of Corporate Affairs.

NOTE 3. SEGMENT REPORTING

The Company is engaged in the business of "Hand Tools " and "Lea Spring" which, as per the Accounting Standard - 17 Segment Reporting are considered as the only reportable primary business segments.

NOTE 4. PREVIOUS YEAR FIGURES

Previous year's figures have been regrouped and reclassified where necessary to conform to thisyear's classification


Mar 31, 2014

Note 1. Corporate information

The Company is in the Business of Manufacturing of hand tools, auto leaf spring, parabolic springs and commercial automotive forgings & having its manufacturing facilities around Aurangabad, Maharashtra.

Contingent Liabilities not provided for: -

(a) Guarantees issued by Banks on behalf of the Company and outstanding as at 31/03/2014 is of Rs.106.19 Lacs (Previous Year 104.94 Lacs).

(b) Liabilities not acknowledge as debt and outstanding as at 31/03/2014 are for Income Tax Rs.42.17 lacs (Previous year Rs. 69.87 Lacs) and for Sales Tax Rs. 19.64 Lacs ( Previous year 19.64 Lacs)

(c) Foreign Bills and Inland Bills discounted and outstanding as at 31/03/2014 is Nil Lacs (Previous Year Nil).

In the opinion of the Board of Directors the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

Confirmation from certain parties for amount due to them/amount due to the company as per accounts of the company are not yet received, necessary adjustments, if any, will be made when accounts are reconciled and settled.

NOTE 2. ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS

2.1 Contingent liabilities and commitments (to the extent not provided for) (Rs. in Lacs)

Contingent liabilities As at As at 31st March, 2014 31st March, 2013

(a) Claims against the Company not acknowledged as debt Income Tax-A.Y. 2010-2011 A.Y. 2010-2011 2.07 2.07

Income Tax-A.Y. 2009-2010 A.Y. 2009-2010 NIL NIL

Income Tax-A.Y. 2008-2009 A.Y. 2008-2009 NA NA

Income Tax-A.Y. 2007-2008 A.Y. 2007-2008 1.81 1.81

Income Tax-A.Y. 2006-2007 A.Y. 2006-2007 28.42 28.42

Income Tax-A.Y. 2004-2005 A.Y. 2004-2005 4.16 4.16

Income Tax-A.Y. 2003-2004 A.Y. 2003-2004 13.65 13.65

Income Tax-A.Y. 2002-2003 A.Y. 2002-2003 3.26 3.26

Income Tax-A.Y. 2001-2002 A.Y. 2001-2002 10.72 10.72

Income Tax-A.Y. 2000-2001 A.Y. 2000-2001 5.34 5.34

Income Tax-A.Y. 1999-2000 A.Y. 1999-2000 0.44 0.44

Sales Tax A.Y. 2003-2004 19.64 19.64

(b) Guarantees @ (give details) 106.19 104.94

Note 2.2 Previous year''s figures

The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

Note 1. Corporate information

The Company is in the Business of Manufacturing of hand tools, auto leaf spring, parabolic springs and commercial automotive forgings & having its manufacturing facilities at Aurangabad, Maharashtra.

Note 2.1 Previous year''s figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

NOTE 1. CORPORATE INFORMATION

The Company is in the Business of Manufacturing of hand tools, auto leaf spring, parabolic springs and commercial automotive forgings & Having its manufacturing facilities around Aurangabad, Maharashtra.

Contingent Liabilities not provided for: -

(a) Guarantees issued by Banks on behalf of the Company and outstanding as at 31st March, 2012 is of Rs.106.19 Lacs (Previous Year 97.94 Lacs).

(b) Liabilities not acknowledge as debt and outstanding as at 31st March, 2012 are for Income Tax Rs.37.58 lacs (Previous year Rs.37.58 Lacs) and for Sales Tax Rs.19.64 Lacs ( Previous year 23.25 Lacs )

In the opinion of the Board of Directors the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

Confirmation from certain parties for amount due to them/amount due to us as per accounts of the company are not yet received, necessary adjustments, if any, will be made when accounts are reconciled and settled.

*Term Loans from Banks are secured by a first mortgage of all the Company's immovable properties, both present and future ranking paripassuinterse and first charge by way of hypothecation of all company's movable subject to prior charges created in favour of Company's bankers on inventories, book debts, and other movables for securing the borrowing for working capital requirement

2.1 Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

(a) Claims against the Company not acknowledged as debt

Income Tax-A.Y. 2004-2005 416,295 416,295

Income Tax-A.Y. 2003-2004 1,000,000 1,000,000

Income Tax-A.Y. 2003-2004 365,451 365,451

Income Tax-A.Y. 2002-2003 326,377 326,377

Income Tax-A.Y. 2001-2002 1,071,661 1,071,661

Income Tax-A.Y. 2000-2001 533,572 533,572

Income Tax-A.Y. 1999-2000 44,149 44,149

Sales Tax 1,964,039 2,325,425

(b) Guarantees 10,619,000 9,794,000

Note 2.2 Previous year's figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2010

1) Contingent Liabilities not provided for

a) Guarantees issued by banks on behalf of the Company 57.50 lacs (previous year Rs. 57.50 lacs)

2) Figures of the previous year have been re-grouped/re-arranged wherever necessary.

3) Disclosure requirement as per Accounting Standard 18(AS-18)" Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

4) Key management personnel / associates

R. L. Steels & Energy Limited, Sant Eknath Rolling Mills Pvt. Ltd., Gupta Concast Ltd., Mr.R.L. Gupta, Mr.N.K.Gupta, Mr. Sunil Todi, Mr. P.M. Nijampurkar.

5) In the opinion of the Board of Directors the current assets, loans and advances are approximately of the value stated, if realised in the ordinary Course of business. Unsecured loans includes Rs. Nil (previous year Rs. 52.25 lacs) from Directors and associates.

6) Manpower expenses included Rs. 25.40 lacs (previous yearRs. 21.80 lacs) paid to Directors as remuneration.

7) The creditors for goods include Rs. 21.24 lacs (previous year Rs. 14.22 lacs) outstanding for a period exceeding 30 days towards SSI undertakings. There are four (previous year three) SSI units to which the Company owed a sum exceeding Rs. 1.00 lacs with the Company.

8) In accordance with revised guidance notes issued by Institute of Chartered Accountants of India, Excise duty payable on finished goods lying in the stock has to be included in the expenditure as well as in the valuation of such stock. However precise bifurcation between finished goods meant for export market which consist major portion of business (which is excise duty free) and finished goods meant for domestic market is not possible. Hence the excise duty is not included in the cost and stock value. This accounting treatment has no impact on profitability of the Company.

9) Confirmation from certain parties for amounts due to/from them due by/to the Company as per accounts of the Company are not yet received, necessary adjustment if any will be made when accounts are reconciled and settled.

 
Subscribe now to get personal finance updates in your inbox!