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Notes to Accounts of Automotive Stampings and Assemblies Ltd.

Mar 31, 2015

1. Rights, preferences and restrictions attached to the shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2 (a) Term Loan of Rs. 70 Lakhs (Previous year Rs. 490 Lakhs) from State Bank of India is secured by way of exclusive hypothecation charge on two specific Presses of Pantnagar Plant of the Company and first charge on fixed assets of Halol Plant of the Company.

(b) Tata Autocomp Systems Limited, the holding company has also issued a Letter of Comfort to State Bank of India for the term loan and credit facilities taken by the Automotive Stampings and Assemblies Limited.

(c) Term loan of Rs. 2,000 lakhs from Tata Capital Financial Services Limited is secured by first and exclusive hypothecation on plant and machinery (except for specific presses hypothecated against loan from State Bank of India) of Pantnagar plant of the Company.

(d) Buyer''s Credit of Rs. 917.96 Lakhs (Previous year Rs. 917.96 Lakhs) of HDFC Bank is secured by way of first and exclusive charge on the machinery procured under the said facility.

The Company has considered business segment as the primary reporting segment on the basis that the risk and returns of the Company is primarily determined by the nature of products and services. Consequently, the geographical segment has been considered as secondary segment.

Primary Business Segment: The Company is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry, which is considered as the only reportable primary business segment.

3 Contingent liabilities:

(Rs. in Lakhs) Particulars As at As at

March 31,2015 March 31,2014

Bills discounted not matured 3,562.37 4,716.17

Claims against the Company not acknowledged as debts 261.75 301.64

Labour matter 161.00 -

TOTAL 3,985.12 5,017.81

4 a) In addition to the above there are certain pending cases in respect of labour matters, the impact of which is not quantifiable and is not expected to be material.

b) Commitments:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 11.75 Lakhs (Previous year: Rs.39.02 Lakhs).

b) Estimated amount of other contracts remaining to be executed and not provided for Rs. Nil (Previous year:-Rs.Nil).

Pursuant to the provisions of the Companies Act, 2013 and requirements of notification G.S.R. 627 (E) dated August 29, 2014, based on technical advice, the Company has, during the year ended March 31, 2015, reviewed and revised the estimated useful lives of its fixed assets, primarily plant and machinery, effective April 1, 2014. The useful lives of certain machines have been re-assessed at 20 years (earlier 10 years) and other plant and machinery at 10-18 years (earlier 10-21 years). Consequently, the depreciation charge for the year ended March 31, 2015 is lower by Rs. 375 lakhs. Depreciation of Rs 27 Lakhs has been debited to the Reserves in accordance with the transitional provision to Schedule II of the Companies Act, 2013.

5 Previous year''s figures have been reclassified to conform to this year''s classification.


Mar 31, 2014

COMPANY OVERVIEW

General Information:

Automotive Stampings and Assemblies Limited (''The Company'') is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry. The Company has four plants in India and sells primarily in India. The Company is a public limited company and listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

1. Rights, preferences and restrictions attached to the shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. Of the above, 11,898,296 (Previous year: 11,898,296) Equity shares are held by Tata AutoComp Systems Limited, the Holding Company.

3. Term Loan of Rs. 490 Lakhs (Previous year Rs. 850 Lakhs) from State Bank of India is secured by way of exclusive hypothecation charge on two specific Presses of Pantnagar Plant of the Company and first charge on fixed assets of Halol Plant of the Company.

Buyer''s Credit of Rs. 917.96 Lakhs (Previous year Rs. 917.96 Lakhs) of HDFC Bank is secured by way of first and exclusive charge on the machinery procured under the said facility.

4. Interest rates on the above term loans range between 9.86% to 12.5% p.a.

NOTE 5 - SEGMENT INFORMATION

The Company has considered business segment as the primary reporting segment on the basis that the risk and returns of the Company is primarily determined by the nature of products and services. Consequently, the geographical segment has been considered as secondary segment.

Primary Business Segment: The Company is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry, which is considered as the only reportable primary business segment.

Secondary Segment: Geographical Segment

NOTE 6 - CONTINGENT LIABILITIES AND COMMITMENTS:

a) Contingent liabilities:



(Rs. in Lakhs)

As at As at Particulars March 31, 2014 March 31, 2013

Bills discounted not matured 4,716.17 5,165.41

Claims against the Company not acknowledged 301.64 324.81 as debts

5,017.81 5,490.22

b) Commitments:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 39.02 Lakhs (Previous year: Rs.282.86 Lakhs).

b) Estimated amount of other contracts remaining to be executed and not provided for Rs. Nil (Previous year:-Rs. Nil).

NOTE 7

Previous year''s figures have been reclassified to conform to this year''s classification.


Mar 31, 2013

COMPANY OVERVIEW

General Information

Automotive Stampings and Assemblies Limited (''The Company'') is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry. The Company has four plants in India and sells primarily in India. The Company is a public limited company and listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Notes:

1. Rights, preferences and restrictions attached to the shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. Dividend proposed to be distributed to Equity Shareholders Rs. Nil per share (Previous year: Rs. 1.50 per share).

Dividend of Rs. 1.20 per share was paid to Preference Shareholders for the period from April 01, 2011 to August 16, 2011 at the time of redemption of Preference shares on August 17, 2011.

3. There were no Bonus shares issued during the last five years.

NOTE 4 - CONTINGENT LIABILITIES AND COMMITMENTS:

a) Contingent liabilities:

(Rs. in Lakhs)

As at As at

Particulars 31st March, 2013 31st March, 2012

Bills discounted not matured 5,165.41 7,161.13

Claims against the Company not acknowledged 324.81 285.30 as debts

5,490.22 7,446.43

b) Commitments:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 282.86 Lakhs (Previous year: Rs.104.93 Lakhs).

b) Estimated amount of other contracts remaining to be executed and not provided for Rs. Nil (Previous year:-Rs.Nil).

NOTE 5 -

An incidence of theft of certain (a) repair parts; and (b) material received from the customer for use in assembly to be despatched to the customer effected by a contract employee along with the other two Security Agency employees was detected at Bhosari plant of the Company during the year. An FIR was filed with the local police station. The total value of the parts stolen is Rs. 58.56 lakhs. The amount was charged to revenue. The Management has taken adequate steps to further strengthen the internal control procedures to prevent such instances in future and has terminated the relevant contracts. The Company has also filed a Summary Suit against the Agencies for indemnification of the loss caused.

NOTE 6 -

Previous year''s figures have been reclassified to conform to this year''s classification.


Mar 31, 2012

Notes:

1. Rights, preferences and restrictions attached to the shares

Equity Shares: The Company has one class of equity shares having a par value of Rs. 10 per share. Each share holder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

12% Cumulative Redeemable preference shares: 9,000,000, 12% Cumulative Redeemable preference shares of Rs. 10 each held by the Holding Company Tata AutoComp Systems Limited, have been redeemed at face value on August 17, 2011.

3. Of the above, 11,898,296 (Previous year: 7,648,906) Equity shares and Nil (Previous year: 9,000,000) 12% Cumulative Redeemable Preference shares are held by Tata AutoComp Systems Limited, the Holding Company.

1. Dividend proposed to be distributed to Equity Shareholders Rs. 1.50 per share (Previous year: Rs. 2 per share) and in the previous year to Preference Shareholders Rs. 1.20 per share. Further, Dividend of Rs. 1.20 per share has been paid to Preference Shareholders for the period from April 01, 2011 to August 16, 2011 at the time of redemption of Preference shares on August 17, 2011.

2. The Company has issued 5,665,856 number of Equity shares of Rs.10 each at premium of Rs. 42 per share. The shares were alloted on July 21, 2011. The proceeds of Right issue have been utilised as per the objects of the Right issue.

1. Term Loans of Rs. 900 Lakhs (Previous year Rs. 1,800 Lakhs) and of Rs. 700 Lakhs (Previous year Rs. 1,600 Lakhs) from banks are secured by way of first charge on the existing and future fixed assets of the Company's Chakan and Pantnagar plants respectively. Further, Term Loan of Rs. 900 Lakhs (Previous year Rs. Nil) from Bank is secured by way of exclusive hypothecation charge on two specific Presses of Pantnagar Plant of the Company and first charge on fixed assets of Halol Plant of the Company.

3. Interest rates on the above term loans range between 12.75% to 13.40%.

NOTE 4 - CONTINGENT LIABILITIES AND COMMITMENTS:

a) Contingent liabilities:

(Rs. in Lakhs) As at As at

Particulars 31st March, 2012 31st March, 2011

Bills discounted not matured 7,161.13 7,231.18

Claims against the Company 285.30 22.57

not acknowledged as debts

7,446.43 7,253.75

b) Commitments:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 104.93 Lakhs (Previous year: Rs.1,541.32 Lakhs).

b) Estimated amount of other contracts remaining to be executed and not provided for Rs. Nil (Previous year:-Rs.Nil).

NOTE 5 -

The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31,2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

1. Contingent liabilities:

(Rs. in 000)

Sl. No. Particulars As at March 31,2011 As at March 31, 2010

1. Bills discounted not matured 723,118 1,011,229

2. Claims against the Company not 2,257 2,257 acknowledged as Debts

3. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 154,132 thousand (Previous year Rs. 52,401 thousand).

4. Employee Benefits:

The Company has classified various employee benefits as under: A. Defined Contribution Plans:

The Company has recognised the following amounts in the Profit and Loss Account for the year:

5. The Company enters into Forward Exchange Contracts, which are not intended for trading or speculative purposes, but for hedge purposes, to establish the amount of reporting currency required or availed at the settlement.

The Company does not have any Forward Exchange Contract outstanding as at March 31, 2011.

6. Previous years figures have been regrouped / rearranged, wherever necessary.


Mar 31, 2010

1. Contingent liabilities:

(Rs. in 000)

Sl.No. Particulars As at March 31,2010 As at March 31, 2009

1. Bills discounted not matured 1,011,229 770,527

2. Claims against the Company not acknowledged as Debts 2,257 2,286

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 52,401 thousand (Previous year Rs. 12,591 thousand).

3. Disclosure under Micro, Small & Medium Enterprises Development Act, 2006:

4. An incidence of theft of scrap, effected by an outsourced security personnel in collusion with a scrap dealer, by manipulating weighment system while loading scrap in vehicle for sale, was detected by the Management in June, 2009. An FIR was filed with the local police station. After tracing the details through backend data, an invoice for an amount of Rs. 4,911 thousand was raised on the Scrap Dealer, being ultimate beneficiary and an amount of Rs. 3,500 thousand was subsequently recovered through an out of court settlement. The balance amount was charged to revenue. The Management has taken adequate steps to further strengthen the internal control procedures to prevent such instances in future and have terminated the security agency and blacklisted the scrap dealer.

5. Previous years figures have been regrouped / rearranged, wherever necessary.

 
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