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Notes to Accounts of Astra Microwave Products Ltd.

Mar 31, 2016

Qualified Institutional Placement :

The Company has issued 47,86,450 equity shares in the current period under the Qualified Institutional Placement (QIP) issue. The face value of these shares are Rs.2/- each and these were issued at a premium of Rs.133.80 per share.

Disclosure pursuant to Note no. 6(A)(e) of Part I of Schedule III to the Companies Act, 2013

The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital;

a) The Company has only one class of shares referred to as equity shares having a par value of Rs.2/-. Each holder of equity shares is entitled to one vote per share.

b) The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

c) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. CSR Expenditure: During the year the company has incurred Rs.1,34,85,237/- (Previous year Rs.1,08,17,394/-) as CSR Expenditure under Corporate Social Responsibility Policy of the Company as approved by the Board of Directors of the Company, the details of the same are included in the Board''s Report

2. Segment Reporting: The Company operates in the same segment of manufacture and sale of Microwave Products which are subject to similar risks and returns.

3. During the year provision for income tax has been provided as per the provisions of Section 115JB of the Income Text Act.

4. MAT Credit entitlement: Minimum Alternative Tax paid as per the provisions of the Section 115JB of the Income Tax Act, Which can be carried forward U/s. 115JAA to be set off against the income tax payable in the specified period was considered as an asset and recognized in the financial statements as per Guidance Note on "Accounting for credit available in respect of Minimum Alternative Tax under the Income Tax Act, 1961" issued by the ICAI.

5. The previous year''s figures have been reworked / regrouped / rearranged / reclassified wherever necessary.

6. Balances under sundry debtors, sundry creditors, deposits, loans and advances payable / receivable are subject to confirmation and reconciliation.

7. The figures have been rounded off to the nearest rupee


Mar 31, 2014

1. Disclosure pursuant to Note no. 6(A)(e) of Part I of Schedule VI to the Companies Act, 1956

The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital;

a) The Company has only one class of shares referred to as equity shares having a par value of Rs.2/-. Each holder of equity shares is entitled to one vote per share

b) The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

c) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. CONTINGENT LIABILITIES

Year Ended Year Ended Particulars 31-03-2014 31-03-2013

a) Letters of credit - - b) Bank Guarantees:

1) Performance Guarantees 642,030,708 483,003,526

2) Advance payment Guarantees 2,565,274,800 2,154,521,147

3) Guarantee in lieu of EMD/Security Deposit 75,610,496 53,327,578

4) Guarantee for Materials 17,419,600 4,007,000

c) Liabilities disputed and not provided for:

Excise Duty - Under Appeal 12,395,319 -

3. SEGMENT REPORTING:

As the Company''s business activities falls within single segment viz., Microwave Products the disclosure requirement of Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

4. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no Micro, Small and Medium Enterprise, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, Small Medium Enterprise Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

5. The previous year''s figures have been reworked / regrouped / rearranged / reclassified wherever necessary.

Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

6. Balances under sundry debtors, sundry creditors, deposits, loans and advances payable / receivable are subject to confirmation and reconciliation.


Mar 31, 2013

1.1 CONTINGENT LIABILITIES

Particulars Year Ended Year Ended Particulars 31-03-2013 31-03-2012

Foreign letter of credit 6,675,900 Guarantees to Banks

1) Performance Guarantees 483,003,526 263,962,305

2) Advance payment Guarantees 2,154,521,147 770,886,716

3) Guarantee in lieu of EMD / Security Deposit 53,327,578 40,176,400

4) Guarantee for Materials 4,007,000 4,087,000

1.2 SEGMENT REPORTING

As the Company''s business activities falls within single segment viz., Microwave Products the disclosure requirement of Accounting Standard 17 ''Segment Reporting'' issued by the Institute of Chartered Accountants of India is not applicable.

1.3 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no Micro, Small and Medium Enterprise, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information as required to be disclosed under the Micro, Small Medium Enterprise Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

1.4 The previous year''s figures have been reworked / regrouped / rearranged / reclassifed, where ever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

1.5 Balances under sundry debtors, sundry creditors, deposits, loans and advances payable / receivable are subject to confirmation and reconciliation.


Mar 31, 2012

The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital;

a) The Company has only one class of shares referred to as equity shares having a par value of Rs.2/-. Each holder of equity shares is entitled to one vote per share.

b) The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

c) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

1.2 CONTINGENT LIABILITIES

Particulars Year Ended Year Ended 31-03-2012 31-03-2011 Foreign letter of credit 66.76 91.89

Guarantees to Banks

1. Performance Guarantees 2639.62 1,692.01

2. Advance payment Guarantees 7708.87 8,489.46

3. Guarantee in lieu of EMD/Security Deposit 401.76 461.41

4. Guarantee for Materials 40.87 2.00

5. Corporate Guarantee on behalf of Subsidiary Company for loans taken from banks NIL 471.00

1.2 SEGMENT REPORTING

As the Company's business activities falls within single segment viz., Microwave Products the disclosure requirement of Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

1.3 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no Micro, Small and Medium Enterprise, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information as required to be disclosed under the Micro, Small Medium Enterprise Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

1.4 The previous year's figures have been reworked / regrouped / rearranged / reclassified, where ever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

1.5 Balances under sundry debtors, sundry creditors, deposits, loans and advances payable / receivable are subject to confirmation and reconciliation.


Mar 31, 2010

1. Secured Loans

a. Working Capital Finance from Canara Bank is secured by Pari passu first charge on Stocks and book debts (book debts not older than 120 days) and other chargeable current assets and Pari passu second charge on Fixed Assets of the Company and Personal Guarantee of Promoter Directors.

b. Working capital finance from HDFC Bank Limited is secured by Pari passu first charge on stocks and book debts (book debts not older than 90 days) and other chargeable current assets and Pari passu second charge on Fixed Assets of the Company and personal guarantee of promoter Directors.

c. Working Capital finance from State Bank of India is secured by Pari passu first charge on stocks and book debts (not older than 120 days) and other chargeable current assets and: Pari passu second charge on Fixed Assets of the Company and Personal Guarantee of Promoter Directors.

d. Rupee Term Loan from State Bank of India is secured by first charge on Fixed Assets of the Company and Pari passu second charge on all chargeable current assets and Personal Guarantee of Promoter Directors.

e. Term loan from ICICI Bank under TDC Programme of USAID Reflows is secured by an exclusive hypothecation of assets bought under this programme

f. Hire purchase finance is secured by hypothecation of specified assets acquired under Hire Purchase Agreement.

2. Research & Development Expenses

During the year the company has incurred revenue expenditure pertaining to Research and Development of Rs.4,55,01,694/- (Rs.4,38,72,105/-). Revenue expenditure is shown under respective heads of expenditure. The Company has also incurred capital expenditure on Research and Development of Rs.1,16,33,501/- (Rs.1,05,39,589/-). Capital expenditure is shown in respective fixed assets.

3. Employee Stock Option Scheme

During the year 48,700 (1,45,050) shares of Rs.2/- each for cash and 48,700 (1,45,050) shares of Rs.2/- each by way of bonus shares by capitalizing share premium were allotted as fully paid up shares to employees under ESOP Scheme. As per the above stated accounting policy during the year the company has charged Rs.33,01,860/- (Rs.98,34,390/-) as employee compensation cost to the Profit and Loss Account.

4. Sales Tax Deferment

The sales tax deferment liability amounting to Rs.2,23,63,757/- shown under unsecured loans due for repayment from the year 2011 onwards. The Government of Andhra Pradesh has granted Sales Tax Deferment of Rs.2,36,05,320/- for a period of 14 years from 05 November 1997 to 04 November 2011.

5. Share capital

Paid up share capital includes

a. 17,600 shares of Rs.10/- each were allotted as fully paidup for consideration other than cash.

b. 3,03,325 shares of Rs.10/- each were allotted as fully paid up by way of bonus shares by capitalizing reserves and surplus.

c. 150 shares of Rs.10/- each were allotted as fully paid up pursuant to scheme of amalgamation without payment being received in cash.

d. 1,41,700 shares of Rs.10/- each were allotted as fully paidup for cash to AMPL ESOP Trust under Employees Stock Option Scheme.

e. 18,00,000 shares of Rs.10/- each were allotted as fully paid up by way of bonus shares by capitalizing share premium.

f. 2,65,56,225 shares of Rs.2/- each were allotted as fully paid up by way of bonus shares by capitalizing share premium.

g. 5,15,450 shares of Rs.2/- each for cash and 5,15,450 shares of Rs.2/- each by way of bonus shares by capitalizing share premium were allotted as fully paid up shares to employees under ESOP Scheme.

6. Contingent Liabilities 31 March 2010 31 March 2009 in Rupees in Rupees

a Letter of Credit inland 0 0 b Foreign letter of credit 12,71,585 0

c Bank Guarantees - -

1 Performance Guarantees 15,39,21,583 17,22,80,524

2 Advance payment Guarantees 93,46,47,783 56,87,38,047

3 Guarantee in lieu of EMD/Security Deposit 1,72,95,394 94,81,934

4 Guarantee for materials 4,86,500 31,97,797

5 Corporate Guarantee on behalf of Subsidiary Companies 4,72,00,000 4,47,00,000 for loans taken from banks

7. Segment Reporting

As the company’s business activities falls within single segment viz., Microwave products the disclosure requirement of Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

8. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

The Management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of Micro, Medium and Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly the disclosure in respect of the amount payable to such medium and small enterprises as at 31-03-2010 has not been made in the financial statements. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act, is not expected to be material.

9. Disclosure under Borrowing Costs

Borrowing cost capitalized during the period was Rs.99,29,081/- (Rs.2,21,36,672/-)

10. Retirement benefit plans

a Defined Contribution Plan

The Company makes contributions towards Provident Fund to a defined contribution retirement benefit plan for qualifying employees. The provident fund plan is operated by the Regional Provident fund Commissioner. Under the scheme the company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

The company recognized Rs.68,50,426/- ( previous year Rs.64,17,000/-) for provident fund contributions in the profit and loss account. The contributions payable to this plan by the company are at rates specified in the rules of the scheme.

b Defined benefit plan

As per the Payment of Gratuity Act lump sum payment has to be made to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service or part there of in excess of six months. Vesting occurs upon completion of five years of service.

11. Balances under sundry debtors, sundry creditors, deposits, loans and advances payable/receivable are subject to confirmation and reconciliation.

12. Certain items in the comparative figures have been reclassified to conform to the current year’s classification.

13. The figures have been rounded off to the nearest rupee.

14. Prior period tax adjustments debited to profit and loss account represents income tax paid relating to earlier years as per the Income Tax Orders.

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