Mar 31, 2016
Notes:-
The above preference shares are non convertible, cumulative and redeemable at end of 10 years from the date of allotment i.e. 29.01.2014 and 22.08.2014 or earlier at the option of the company. Dividend @ 10% is payable on these shares.
Details of shares in the company held by each shareholder holding more than 5% of shares is as under:
* Rupee Term Loans are secured by first equitable mortgage of immovable assets both present and future and hypothecation of moveable assets (save and except book debts) charged to rank pari-passu inter se and subject to prior charges created in favour of the company''s for working capital loans and assets exclusively charged.
** Assets purchased under Hire Purchase Finance Schemes are hypothecated to the financers.
There are no amounts due or payable towards principal and interest to suppliers covered under Micro, Small and Medium Enterprises Development Act, 2006.
Includes liabilities of Rs. 69.33 lacs (previous period Rs. 154.43 lacs) in respect of capital goods.
Amount payable to related party Rs. 12.15 lacs (previous period Rs. 26.50 lacs).
There are no amounts due and outstanding to be credited to Investor Education and Protection Fund as on 31.03.2016. Amount payable to related party Rs. 24.79 lacs (previous period Rs. 5.72 lacs).
Addition to plant and machinery include exchange fluctuation Rs. 48.15 lacs (previous period Rs. 4.66 lacs)
* Represents additional depreciation for the period up to 31st March, 2014 on revision of useful life of fixed assets adjusted against opening balance of retained earnings.
* This pertains to long term liability only. Actual payments (under the various heads) incurred over the intervaluation period are not included.
The Estimates of rate of future salary increase takes into account inflation, seniority, promotion and other relevant factors on long term basis. The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of liability. The above information is certified by the actuary.
1 Related Party Disclosure:
A Names of related parties and description of relationship
(i) Key managerial personnel
Shri Ambrish Jaipuria, Executive Director
(ii) Enterprises over which key managerial personnel of the company and their relatives have significant influence Cosmo Films Ltd.
Sterling Oxide Ltd.
Gayatri & Annapurna Super Sadiq Enterprises Pvt Ltd.
Andheri Properties & Finance Ltd.
Pravasi Enterprises Ltd.
2 It is the management''s opinion that since the company is exclusively engaged in the activity of manufacture of components of electrical & electronic products which are governed by the same set of risks and returns the same are considered to constitute a single reportable segment in the context of Accounting Standard on "Segment Reporting" issued by the Institute of Chartered Accountants of India.
3 VALUE OF IMPORTED / INDIGENOUS RAW MATERIALS, STORES & SPARES CONSUMED
4 FORWARD CONTRACTS
The company has taken forward cover for hedging the business related exposures due to imports which are not speculative in nature. As, the contracts are specific to a particular liability, the liability has been booked at the contract rate and no further profit / loss is anticipated.
5 Capital work in progress includes capital advances of Rs 2.92 lacs (previous period Rs. 0.27 lacs)
6 Figures for the previous period have been regrouped / rearranged wherever considered necessary.
Mar 31, 2015
1. TRADE PAYABLES
There are no amounts due or payable towards principal and interest to
suppliers covered under Micro, Small andMedium Enterprises Development
Act, 2006.
Includes liablities of Rs. 154.43 lacs (previous year 90.02lacs) in
respect of capital goods.
Amount payable to related party Rs. 26.50 lacs (previous year Rs.11.99
lacs).
2. CONTINGENT LIABILITIES AND COMMITMENTS
(to the extent not provided for)
Amount (Rs. Lacs)
Particulars As at 31.03.2015 As at 31.03.2014
Contingent Liabilities
a) Claims against the company not 20.0017.00
acknowledged as debts
b) Taxation matters disputed in
appeals/rectification against
which payments made Rs. 3.72 3.72 23.99
(previous period Rs. 13.72 lacs)
c) Bank Guarantee 36.13 34.00
d) Bill discounted with Banks 159.58 292.28
e) Arrears of dividend on cumulative
preference shares and tax thereon 19.36 -
Commitments
a) Estimated amount of contracts remaining
to be executed on capital account 169.31 997.84
(net of advances)
b) Letter of credits opened for which
the material has not yet been shipped 166.90 448.70
3. In the opinion of the board the assets other than fixed assets have
a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
4. RELATED PARTY DISCLOSURE:
A Names of related parties and description of relationship
(i) Key managerial personnel
Shri Ambrish Jaipuria, Executive Director
(ii) Enterprises over which key managerial personnel of the company and
their relatives have significant influence
Cosmo Films Ltd.
Sterling Oxide Ltd.
Gayatri & Annapurna
Super Sadiq Enterprises Pvt Ltd.
Pravasi Enterprises Ltd.
5. It is the management's opinion that since the company is exclusively
engaged in the activity of manufacture of soft ferrites and
pre-calcined ferrite powder which are governed by the same set of risks
and returns the same are considered to constitute a single reportable
segment in the context of Accounting Standard on "Segment Reporting"
issued by the Institute of Chartered Accountants of India.
6. FORWARD CONTRACTS
The company has taken forward cover for hedging the business related
exposures due to imports which are not speculative in nature. As, the
contracts are specific to a particular liability, the liability has
been booked at the contract rate and no further profit / loss is
anticipated.
7. Capital work in progress includes capital advances of Rs. 0.27 lacs
(previous period Rs. 61.44 lacs)
8. Effective 1st April, 2014, the company has revised its estimated
useful life of fixed assets, wherever appropriate, on the basis of
useful life specified in Schedule II of the Companies Act, 2013. The
carrying amount as on 1st April, 2014 is depreciated over the revised
remaining useful life. As a result of these changes, the depreciation
charged for the period ended 31st March, 2015 is lower by Rs. 53.38
lacs and the effect relating to the period prior to 1st April, 2014 is
Rs. 23.08 lacs (net of deferred tax asset of Rs. 11.09 lacs) which has
been adjusted against opening balance of retained earnings.
9. Preoperative expenditure capitalised including under capital work in
progress are as under:
10. Figures for the previous period have been regrouped / rearranged
wherever considered necessary.
Mar 31, 2014
1. TRADE PAYABLES
There are no amounts due or payable towards principal and interest to
suppliers covered under Micro, Small and Medium Enterprises Development
Act, 2006.
Includes liablities of Rs. 90.02 lacs (previous year Nil) in respect of
capital goods.
Amount payable to related party Rs. 5.57 lacs (previous year Rs. 39.89
lacs).
There are no amounts due and outstanding to be credited to Investor
Education and Protection Fund as on 31.03.2014. Amount payable to
related party Rs. 6.42 lacs (previous year Rs. 3.89 lacs).
2 CONTINGENT LIABILITIES AND COMMITMENTS
(to the extent not provided for)
Amount (Rs. Lacs)
Particulars As at As at
31.03.2014 31.03.2013
Contingent Liabilities
a) Claims against the company not acknowledged
as debts 17.00 31.72
b) Taxation matters disputed in appeals/
rectification against which payments made
Rs.10.00 lacs (previous year Rs. 13.54 lacs) 23.99 51.14
c) Bank Guarantee 34.00 20.00
d) Bill discounted with Banks 292.28 210.57
Commitments
a) Estimated amount of contracts remaining to
be executed on capital account (net of advances) 997.84 -
b) Letter of credits opened for which the material
has not yet been shipped 448.70 38.47
3. In the opinion of the board the assets other than fixed assets have
a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
* This pertains to long term liability only. Actual payments (under the
various heads) incurred over the intervaluation period are not
included.
The Estimates of rate of future salary increase takes into account
inflation, seniority, promotion and other relevant factors on long term
basis. The discount rate is generally based upon the market yields
available on Government bonds at the accounting date with a term that
matches that of liability. The above information is certified by the
actuary.
4. Related Party Disclosure:
A Names of related parties and description of relationship
(i) Key management personnel -
Shri Ambrish Jaipuria, Executive Director
(ii) Associate companies -
Cosmo Films Ltd.
Sterling Oxide Ltd.
Gayatri & Annapurna Super Sadiq Enterprises Pvt Ltd.
Pravasi Enterprises Ltd.
5 It is the management''s opinion that since the company is exclusively
engaged in the activity of manufacture of soft ferrites and
pre-calcined ferrite powder which are governed by the same set of risks
and returns the same are considered to constitute a single reportable
segment in the context of Accounting Standard on "Segment Reporting"
issued by the Institute of Chartered Accountants of India.
6 FORWARD CONTRACTS
The company has taken forward cover for hedging the business related
exposures due to imports which are not speculative in nature. As, the
contracts are specific to a particular liability, the liability has
been booked at the contract rate and no further profit / loss is
anticipated.
7 Capital work in progress includes capital advances of Rs.61.44 lacs
(previous year Rs. Nil)
8 Figures for the previous year have been regrouped / rearranged
wherever considered necessary.
Mar 31, 2013
1. Related Party Disclosure:
A Names of related parties and description of relationship
(i) Key management personnel - Shri Ambrish Jaipuria, Executive
Director (ii) Associate companies - Cosmo Films Ltd.
Sterling Oxide Ltd.
Super Sadiq Enterprises Pvt Ltd.
Pravasi Enterprises Ltd.
2 It is the management''s opinion that since the company is exclusively
engaged in the activity of manufacture of soft ferrites and
pre-calcined ferrite powder which are governed by the same set of risks
and returns the same are considered to constitute a single reportable
segment in the context of Accounting Standard on "Segment Reporting"
issued by the Institute of Chartered Accountants of India.
3. Figures for the previous year have been regrouped / rearranged
wherever considered necessary.
Mar 31, 2012
* Rupee Term Loans are secured by first equitable mortgage of immovable
assets both present and future and hypothecation of moveable assets
(save and except book debts) charged to rank pari-passu inter se and
subject to prior charges created in favor of the company's for working
capital loans and assets exclusively charged.
** Assets purchased under Hire Purchase Finance schemes are
hypothecated to the financiers.
1. TRADE AVAILABLES
There are no amounts due or payable towards principal and interest to
suppliers covered under Micro, Small and Medium Enterprises Development
Act, 2006.
Amount payable to related party Rs. 1 16.59 lacs (Previous year Rs.
6l.26lacs).
2. CAPITAL WORK IN PROGRESS
Opening Capital work in progress of Rs 525.48 lacs along with
expenditure incurred during the year has been capitalized on completion
of expansion project.
3. CONTINGENT LIABILITIES AND COMMITMENTS
(to the extent not provided for)
Particulars Amount (Rs. Lacs)
As at 31.03.2012 As at 31.03.2011
Contingent Liabilities
a) Claims against the company
not acknowledged as debts 31.97 31.97
b) Income Tax & Excise duty
demands disputed in appeals
and against which payments
made Rs. 10.00 lacs (previous
year 16.21 lacs) 30.27 57.57
Bank Guarantee 20.00 9.75
d) Bill discounted with Banks 75.85 231.71
Commitments
a) Estimated amount of contracts
(net of advances) remaining
to be executed on capital
account and not provided for - 147.99
b) Letter of credits opened for
which the material has not
yet been shipped 150.55 19.57
4. In the opinion of the board the assets other than fixed assets have
a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
* This pertains to long term liability only. Actual payments (under the
various heads) incurred over the intercalate on period are not i
included.
The Estimates of rate of future salary increase takes into account
inflation, seniority, promotion and other relevant factors on long term
basis. The discount rate is generally based upon the market yields
available on Government bonds at the accounting date with a term that
at matches that of liability. The above information is certified
by the actuary.
5. It is the management's opinion that since the company is
exclusively engaged in the activity of manufacture of soft ferrites and
proclaimed ferrite powder which are governed by the same set of
risks and returns the same are considered to constitute a single
reportable segment in the context of Accounting Standard on ''Segment
Reporting" issued by the Institute of Chartered Accountants of India.
6. FORWARD CONTRACTS
The company has entered into forward contracts for hedging the business
related exposures due to imports which are not speculative in nature.
As, the contracts are specific to a particular liability, the liable
ity has been booked at the contract rate and no further profit/ loss is
anticipated.
Mar 31, 2010
Current Year Previous Year
Rs. 000 Rs. 000
1. Estimated amount of contracts
(net of advances) remaining to be
executed on capital account and
not provided for 9503 161
2. Contingent Liabilities not
provided for in respect of
a) Claims not acknowledged
by the company 75 60
b) Income Tax & Excise
duty demands disputed in
appeals and against
which payments made 4136 4144
Rs. 1621 thousand (Previous
Year 2953 thousand)
c) Bank Guarantee 4097 4097
d) Dividend on cumulative
redeemable preference shares Nil 1721
3. (i) New cumulative redeemable preference shares (CRPS)
carry dividend @ 10%
(ii) CRPS shall be redeemed within 5 year, from the date of allotment
or earlier than that as the company may deem fit.
(iii) The company has redeemed 15% redeemable preference share capital
amounting to Rs. 58850 Thousands upto 31-03-2010
4. In respect of investment in share capital of Cosmo Films Limited
(CFL) by International Finance Corporation (IFC), the company has given
an undertaking to IFC to not to dispose off or create any lien, pledge
or encumber its investment in the share capital of CFL as along as
monies are due by CFL to IFC and as long as IFC holds any shares in the
share capital of CFL without obtaining prior written consent of IFC.
5. a) The company has given an undertaking to Exim Bank
not to dispose off its investment in Cosmo Films Ltd., without their
prior approval.
b) Secured loans include Term loans/vehicle loans repayable within one
year Rs. 42701 Thosands (Previous year Rs.15248 Thousands)
6. There are no amounts due or payable towards principal and interest
to suppliers covered under Micro,Small and Medium Enterprises
Development Act,2006.
The Estimates of rate of future salary increase takes account of
inflation, seniority, promotion and other relevant factors on long term
basis.
The discount rate is generally based upon the market yields available
on Government bonds at the accounting date with a term that matches
that of liability. The above information is certified by the actuary.
7. There is no amount due and outstanding to be credited to Investor
Education and Protection Fund as on 31.03.2010
8. It is the managements perception that since the company is
exclusively engaged in the activity of manufacture of soft ferrites and
pre-calcined ferrite powder which are governed by the same set of risks
and returns the same are considered to constitute a single reportable
segment in the context of Accounting Standard on "Segment Reporting"
issued by the Institute of Chartered Accountants of India.
9. Managerial remuneration:
Salary & Perquisites Rs.1500 Thousand (Previous Year
Rs. 1500 thouosand) Contribution to Provident Rs. 447 thousand
(Previous Year
Fund & Other Funds Rs. 447 thousand)
* Includes Companys Contribution to Gratuity Fund and Super Annuation
fund.
Note: In the absence of profits, the above remuneration has been paid
as minimum remuneration in terms of Schedule XIII of Companies Act
1956.
10. Figures for the previous year have been regrouped/rearranged
wherever considered necessary.
11. Figures have been expressed in lacs
12. Production includes captive consumption of intermediary product,
Ferrite Powder 1947 MT (previous year 1670 MT)
13. Information pursuant to the provisions of part II and part IV of
Schedule VI of the Companies Act, 1956.