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Notes to Accounts of Cosmo Ferrites Ltd.

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.

 
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