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Notes to Accounts of Bhagwati Autocast Ltd.

Mar 31, 2015

NOTE NO. 1

During last 5 years the Company has not issued any shares as bonus shares or for payment received otherwise than cash or bought back any share.

NOTE NO. 2

There are no unpaid calls from Directors or officers.

NOTE NO. 3

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share. 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.

During the year ended 31st March 2015, the amount of dividend, per share, recognised as distributions to equity shareholders is Rs. 0.50 (Year ended 31st March 2014 Rs. 0.90)

NOTE NO. 4

There is no advance or deposits due from Directors, officers or Company in which Directors are member.

NOTE NO. 5

There is no trade receivable due from Directors, officers or Company in which Directors are member.

NOTE NO. 6

There is no loans / advances due from Directors, officers or Company in which Directors are member.

NOTE NO. 7

1 Previous year's figures have been regrouped/rearranged/recast wherever necessary so as to make them comparable with current year's figures.

2 Letters of balance confirmation have been sent to various parties, and are subject to confirmation and reconciliation if any.

3 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the balance sheet, if realised in the ordinary course of the business. Provision for depreciation and all known liabilities have been made in accounts.

4 In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is required to be made.

5 The Company has received demand for excise duty on sale of patterns & moulding boxes for financial years 2001-02, 2002-03, 2003- 04, 2004-05 & 2005-06 against which the Company has preferred appeals before Commissioner of excise as well as CESTAT and also paid Rs. 1,153,239/- under protest which has been shown as balance with excise department in the accounts.

6 Interest cost for the year is after netting of interest subsidy received / receivable of Rs. 665,741/- (Previous Year Rs. 1,086,426/-)

7 As permitted by CERC & IERC (Regulating authorities), the company has opted for purchase of power through approved Power exchange which has resulted in to gain of Rs. 0.72 Lacs (Previous year Rs. 147.48 Lacs)and power and fuel expenses are reduced to that extent.

8 There are no long-term contracts as on 31.03.2015 including contracts for which there are any material foreseeable loses.

9 During the year the Company has not any unclaimed dividend for the financial year 2006-07. Hence question of transfer to Investor Education and Protection fund does not arise.

10 During the year, Company has provided depreciation on the basis of estimated useful lives as specified in schedule-II of the Companies act 2013. Accordingly, depreciation for the year is higher by Rs. 97.04 lacs as compared to the depreciation hitherto provided on the basis of percentage as prescribed in schedule-XIV of the Companies act, 1956 in earlier years.

11 Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II. Accordingly the unamortised carrying value is being depreciated / amortised over the revised / remaining useful life of perticular assets. The written down value of fixed assets, useful life of which was completed as on 1st April 2014 have been adjusted (net of deferred tax), in the opening balance of Profit and Loss Account amounting to Rs. 11.55 Lacs.

12. Contingent liabilities and Commitments (to the extent not provided for)

2014-15 2013-14 Rupees Rupees i Contingent Liabilities

(a) Claims against the company 76,500 76,500 not acknowledged as debt

(b) Income Tax Demands 1,523,010 0

(b) Guarantees 12,500,000 10,500,000

(c) Other money for which the 1,153,239 1,153,239 company is contingently liable

15,252,749 11,729,739 ii Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not 0 3,981,752 provided for

TOTAL ... 15,252,749 15,711,491

13.RELATED PARTY TRANSACTIONS

Disclosures in respect of transaction with related parties, as defined in Accounting Standard 18 issued by the Institute of Chartered Accountants of India, which have taken place during the year under review are given below:

A List of related parties :

I) Parties where control Exists :

i) Bhagwati Spherocast Pvt Ltd

ii) Bhagwati Filters Pvt Ltd

II) Other parties with whom Company entered in to transaction during the year :

i) Joint ventures : Nil

ii) Associate : Nil

iii) Firm in which Director is a Partner a) Mahendra N Shah & Co.

iv) Firms in which Director's relative is proprietor

a) Harish N Shah & Co.

b) Chirag M Shah & Co.

III) Key management personnel and enterprises having common key management personnel or their relative Key management personnel :

1) Dr. P N Bhagwati - Managing Director

2) Ms. Reena P Bhagwati - Jt. Managing Director

Relatives of key management personnel :

Mrs. M P Bhagwati, wife of Dr. P N Bhagwati


Mar 31, 2014

NOTE NO. 1

During last 5 years the Company has not issued any shares as bonus shares or for payment received otherwise than cash or bought back any share.

NOTE NO. 2

There are no unpaid calls from Directors or officers.

NOTE NO. 3

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share. 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.

During the year ended 31st March 2014, the amount of dividend, per share, recognised as distributions to equity shareholders is Rs. 0.90 (Year ended 31st March 2013 Rs. 0.70)

NOTE NO. 4

There is no advance or deposits due from Directors, officers or Company in which Directors are member.

NOTE NO. 5

There is no trade receivable due from Directors, officers or Company in which Directors are member.

NOTE NO. 6

There is no loans / advances due from Directors, officers or Company in which Directors are member.

NOTE NO. 7

All quantitative details are as certified by the Management and verified by internal Auditors, quantity of sales are based on standard weight basis and further test checked by Internal Auditors.

NOTE NO. 8

Company has received approval of Central Government vide letter No. SRN B61403025 /4 / 2012 - CL.VII dated 18-02-2013 for payment of Managerial Remuneration.

General description of the defined benefit plan:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service, or retirement, whichever is earlier. The benefit vests after five years of continuous service.

9. Previous year''s figures have been regrouped/rearranged/recast wherever necessary so as to make them comparable with current year''s figures.

10. Letters of balance confirmation have been sent to various parties, and are subject to confirmation and reconciliation if any.

11. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the balance sheet, if realised in the ordinary course of the business. Provision for depreciation and all known liabilities have been made in accounts.

12. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is required to be made.

13. The Company has received demand for excise duty on sale of patterns & moulding boxes for financial years 2001-02, 2002-03, 2003- 04, 2004-05 & 2005-06 against which the Company has preferred appeals before Commissioner of excise as well as CESTAT and also paid Rs. 1,153,239/- under protest which has been shown as balance with excise department in the accounts.

14. Interest cost for the year is after netting of interest subsidy received / receivable of Rs. 1,086,426/- (Previous Year Rs. 1,354,131/-)

15. As permitted by CERC & IERC (Regulating authorities), the company has opted for purchase of power through approved Power exchange which has resulted in to gain of Rs. 147.48 Lacs (Previous year Rs. 26.61 Lacs)and power and fuel expenses are reduced to that extent.

16. Contingent liabilities and Commitments (to the extent not provided for)

2013-14 2012-13 Rupees Rupees

i Contingent Liabilities

(a) Claims against the company not acknowledged as debt 76,500 76,500

(b) Guarantees 10,500,000 10,500,000

(c) Other money for which the company is contingently liable 1,153,239 1,153,239

11,729,739 11,729,739

ii Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for 3,981,752 3,535,150

TOTAL ... 15,711,491 15,264,889

Note : No amount has been provided as doubtful debt or advance/written off or written back in the year in respect of debts due from/ to above related parties.


Mar 31, 2013

NOTE NO. 1.1

During last 5 years the Company has not issued any shares as bonus shares or for payment received otherwise than cash or bought back any share.

NOTE NO. 1.2

There are no unpaid calls from Directors or officers.

NOTE NO. 1.3

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share. 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.

During the year ended 31st March 2013, the amount of dividend, per share, recognised as distributions to equity shareholders is Rs. 0.70 (Year ended 31st March 2012 Rs. 0.50)

NOTE NO. 2.1

There is no advance or deposits due from Directors, officers or Company in which Directors are member.

NOTE NO. 3.1 There is no trade receivable due from Directors, officers or Company in which Directors are member.

NOTE NO. 4.1

There is no loans / advances due from Directors, officers or Company in which Directors are member.

NOTE NO. 5.1

All quantitative detaials are as certified by the Management and verified by Internal Auditors, quantity of sales are based on standard weight basis and further test checked by Internal Auditors.

NOTE NO. 5.2

Company has received approval of Central Government vide letter No. SRN B61403025 /4 / 2012 - CL.VII dated 18-02-2013 for payment of Managerial Remuneration.

NOTE NO. 5.3

Salaries & Incentives of Rs. 64,234,698 includes Rs. 6,220,259 being settlement of workers dues of earlier years.

1 Previous year''s figures have been regrouped/rearranged/recast wherever necessary so as to make them comparable with current year''s figures.

2 Letters of balance confirmation have been sent to various parties, and are subject to confirmation and reconciliation if any.

3 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the balance sheet, if realised in the ordinary course of the business. Provision for depreciation and all known liabilities have been made in accounts.

4 In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is required to be made.

5 The Company has received demand for excise duty on sale of patterns & moulding boxes for financial years 2001-02, 2002-03, 2003- 04, 2004-05 & 2005-06 against which the Company has preferred appeals before Commissioner of excise as well as CESTAT and also paid Rs. 1,153,239/- under protest which has been shown as balance with excise department in the accounts.

6 Interest cost for the year is after netting of interest subsidy received / receivable of Rs. 1,354,131/- (Previous Year Rs. 5,354,690/-)

8 Contingent liabilities and Commitments (to the extent not provided for)

2012-13 2011-12 Rupees Rupees

i Contingent Liabilities

(a) Claims against the company not acknowledged as debt 76,500 76,500

(b) Guarantees 10,500,000 10,500,000

(c) Other money for which the company is contingently liable 1,153,239 1,153,239 11,729,739 11,729,739

ii Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for 3,535,150 47,610

TOTAL ... 15,264,889 11,777,349

9 RELATED PARTY TRANSECTIONS

Disclosures in respect of transaction with related parties, as defined in Accounting Standard 18 issued by the Institute of Chartered Accountants of India, which have taken place during the year under review are given below:

A List of related parties :

I) Parties where control Exists :

i) Bhagwati Spherocast Pvt Ltd

ii) Bhagwati Filters Pvt Ltd

iii) Bhagwati Human Capital Management Pvt Ltd

II) Other parties with whom Company entered in to transaction during the year

i) Joint ventures : Nil

ii) Associate : Nil

iii) Firm in which Director is a Partner

a) Mahendra N Shah & Co. iv) Firms in which Director''s relative is proprietor

a) Harish N Shah & Co.

b) Chirag M Shah & Co.

III) Key management personnel and enterprises having common key management personnel or their relative Key management personnel :

1) Dr. P N Bhagwati - Managing Director

2) Ms. Reena P Bhagwati - Jt. Managing Director

Relatives of key management personnel :

Mrs. M P Bhagwati, wife of Dr. P N Bhagwati

10 Amount due to Micro and small Enterprises are disclosed on the basis of information available with the Company regarding status of the suppliers is as follows and No interest has been provided by the Company on the same.


Mar 31, 2012

NOTE NO. 1.1

During last 5 years the Company has not issued any shares as bonus shares or for payment received otherwise than cash or bought back any share.

NOTE NO. 1.2

There are no unpaid calls from Directors or officers.

NOTE NO. 2.1

There is no advance or deposits due from Directors, officers or Company in which Directors are member.

NOTE NO. 3.1

There is no trade receivable due from Directors, officers or Company in which Directors are member.

NOTE NO. 4.1

There is no loans / advances due from Directors, officers or Company in which Directors are member.

NOTE NO. 4.2

All quantitative detaials are as certified by the Management and verified by Internal Auditors, quantity of sales are based on standard weight basis and further test checked by Internal Auditors.

General description of the defined benefit plan:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service, or retirement, whichever is earlier. The benefit vests after five years of continuous service.

[B1 NOTES FORMING PART OF THE ACCOUNTS

1 Previous year's figures have been regrouped/rearranged/recast wherever necessary so as to make them comparable with current year's figures.

2 Letters of balance confirmation have been sent to various parties, and are subject to confirmation and reconciliation if any.

3 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the balance sheet, if realised in the ordinary course of the business. Provision for depreciation and all known liabilities have been made in accounts.

4 In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is required to be made.

5 The Company has preferred appeal before sales tax authorities for claim of set-off on purchase of metal scrap in past several years, and it will account for the same in the year of actual receipt or when it is ascertained actionable claim.

6 The Company has received demand for excise duty on sale of patterns & moulding boxes for financial years 2001-02, 2002-03, 2003- 04, 2004-05 & 2005-06 against which the Company has preferred appeals before Commissioner of excise as well as CESTAT and also paid Rs. 1,153,239/- under protest which has been shown as balance with excise department in the accounts.

7 Interest cost for the year is after netting of interest subsidy received / receivable of Rs. 5,354,690/-

9 Contingent liabilities and Commitments (to the extent not provided for)

2011-12 2010-11 Rupees Rupees

i Contingent Liabilities

(a) Claims against the company not acknowledged as debt 76,500 76,500

(b) Guarantees 10,500,000 0

(c) Other money for which the company is contingently liable 1,153,239 1,153,239

11,729,73 91,229,739

ii Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for 47,610 1,164,000

TOTAL 11,777,349 2,393,739

10 RELATED PARTY TRANSECTIONS

Disclosures in respect of transaction with related parties, as defined in Accounting Standard 18 issued by the Institute of Chartered Accountants of India, which have taken place during the year under review are given below:

A List of related parties :

I) Parties where control Exists :

i) Bhagwati Spherocast Pvt Ltd

ii) Bhagwati Filters Pvt Ltd

iii) Bhagwati Pyrotech Pvt Ltd

iv) Bhagwati Human Capital Management Pvt Ltd

Note : No amount has been provided as doubtful debt or advance/written off or written back in the year in respect of debts due from/ to above related parties.

11. Amount due to Micro and small Enterprises are disclosed on the basis of information available with the Company regarding status of the suppliers is as follows and No interest has been provided by the Company on the same.

 
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