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Notes to Accounts of DHP India Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION

DHP India Limited ('the Company') is a mid-sized Manufacturing Company of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. The Company is ISO 9001 : 2008 Certified. The Company manufacturers various designs of the LP Gas Regulator, its Parts and Accessories as per requirement of export markets. As per Section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014, the product of the Company covered under Non-Regulated Sector, which are as below :-

Name of the Industry/ Central Excise Description of Sector/Product/Services Tariff Act (CETA) Manufacturing Under Non-Regulated Head & Code of Product Products or Sectors activities

Other Machinery 8481 LPG Regulators for (84818090 & 84819090) Cylinders, accessories & parts thereof.

Base Metals 7419 Articles of Brass (74199930) used as accessories of LPG Regulators

2.Leave Encashment benefit for unutilised leave are encashed at the end of year and charged to Profit & Loss Account under the head of "Salary & Wages". There are no rules for any carried forward unutilised leave benefit.

As at 31st March, As at 31st March, 2015 2014 (Amount in Rs.) (Amount in Rs.)

3. ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS & OTHERS ACCOUNTING STANDARDS

1. Contingent liabilities (to the extent not provided for) Nil Nil

2. Details on derivatives instruments and unhedged foreign currency exposures

A Only one derivative as "Forward exchange contracts" is open as on 31st March, 2015. These transactions have been undertaken to act as economic hedges for the Company's exposures to various risks in foreign exchange markets and may/may not qualify or designated as hedging instruments. The Forward exchange contracts, which are not intended for trading or speculative purpose but for hedge purposes to establish the amount of reporting currency available at the settlement date of certain receivables. The accounting for these transactions is stated in Notes of accounts. The details of exposures are as below:-

3. Details of Segment Information - As per Accounting Standards (AS) -17 :

(a) Information about Primary Business Segments :- The Company is primarily engaged in the business of manufacturing of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. Since inherent the nature of all these manufacturing items have been grouped as a single segment in the financial statement. As the Company's business activity falls within a single primary business segment the disclosure requirements as AS-17 in this regard are not applicable.

4.Details of Related Party Transaction - As per Accounting Standards (AS) -18 :

A) List of Related Parties :-

(a) Main promoters holding more than twenty percent as substantial intrerest of the Company and have Significance influence over the activity :-

Promoters Group Name (holding more than 20%) Relationship

Nirmal Kumar Dabriwala [holding 32.17%] Father of Managing Director Sri Asheesh Dabriwal

Asheesh Dabriwal [holding 22.09%] Managing Director of the Company

(b) Key Management Personnel & their Relative involved in Companies activities :-

(i) Sri Asheesh Dabriwal - Managing Director & Chief Executive Officer of the Company.

(ii) Smt. Anjum Dhandhania-Non Executive Director of the Company (sister of Managing Director Sri Asheesh Dabriwal)

(iii) Sri Janak Bhardwaj - Executive Director & Chief Operating Officer of the Company.

(iv) Sri Ashok Kumar Singh - Chief Financial Officer of the Company.

(v) Sri Tarun Kumar Das - Company Secretary-cum-Compliance Officer of the Company.

(c) Enterprises where Key Managerial Personnel & their Relatives have substantial interest and/or significance influence i.e. "Promoter Group" :

Dabriwala Constructions Private Limited.

B) The Company has entered into transactions with certain parties as listed above during the year under consideration. Full disclosures have been made and the board considers such transactions as being in the normal course of business at rates agreed between parties. Details of related party transactions during the year ended 31st March, 2015 and balances outstanding as at 31st March, 2015:

5. Details of Deferred Tax Assets - As per Accounting Standards (AS) - 22 :

(a) During the year, the Company recorded the cumulative net timing difference as a "Deferred Tax Assets" up to 31st March, 2015 of Rs. 8,94,000 (Previous Year Deferred Tax Liability of Rs. 8,96,000). The Net Deferred Tax Assets of Rs.17,90,000 credited to Statement of Profit & Loss for the year ended 31st March, 2015. (Previous Year deferred tax liabilities debited of Rs. 17,13,000).

(b) In the current financial year Income Tax Liability for the year ended 31st March, 2015 has been determined after taking into consideration the benefits available under the provisions of the Income Tax Act, 1961 and accordingly Rs. 2,80,58,619 for current year and Rs. 18,09,298 related to earlier year (Previous year Rs. 3,51,22,392) for Income Tax, has been provided and same is, in the opinion of the Management, adequate.

(c) The Income-Tax assessment of the Company has been completed up to Assessment Year 2014-2015. No other assessment proceeding are in process or in pending with any authority as per Section 143(2) or any other provisions of the Income Tax Act, 1961.

6. Previous Year Figures :

The above statement is prepared according to the Companies Act, 2013. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification/disclosures.

7. Other Information :

Other information required by the Companies Act, 2013 are either nil or not applicable in the circumstances of the Company.


Mar 31, 2014

1 CORPORATE INFORMATION

DHP India Limited (''the Company'') is a mid-sized Manufacturing Company of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. The Company is ISO 9001 : 2008 Certified. The Company manufacturers various designs of the LP Gas Regulator, its Parts and Accessories as per requirement of export markets. The Product/Activity Group of its manufacturing product in Annexure-4 of S.O. 1747(E) Dated 07/08/2012 issued by the Central Government as per Companies Act, 1956, are as below :-

As per latest information available within the Company for the purpose of Regulation 3(1)(e) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (As Amended), the following Companies cover within the definition of "Group" as defined in the Monopolies and Restrictive Trade Practices Act, 1969 :- [1] Dabriwala Constructions Private Limited. [2] Dolphin Properties Private Limited.

As at 31st March, 2014 As at 31st March, 2013 (Amount in Rs) (Amount in Rs)

2.1 Contingent liabilities (to the extent not provided for) W.B. Vat demands of F.Y. 2007-08 (paid on 16.07.2013) Nil 6,089

2.2 Details of Segment Information - As per Accounting Standards (AS) -17 :

(a) Information about Primary Business Segments :- The Company is primarily engaged in the business of manufacturing of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. Since inherent the nature of all these manufacturing items have been grouped as a single segment in the financial statement. As the Company''s business activity falls within a single primary business segment the disclosure requirements as AS-17 in this regard are not applicable.

2.3 Details of Related Party Transaction - As per Accounting Standards (AS) -18 :

A) List of Related Parties :- (a) Main promoters holding more than twenty percent as substantial intrerest of the Company and have Significance influence over the activity :- Promoters Group Name (holding more than 20%) Relationship

Nirmal Kumar Dabriwala [holding 32.73 %] Father of Managing Director Sri Asheesh Dabriwal

Asheesh Dabriwal [holding 22.09%] Managing Director of the Company

(b) Key Management Personnel & their Relative involved in Companies activities :-

(i) Sri Asheesh Dabriwal - Managing Director & Chief Executive Officer of the Company.

(ii) Smt. Anjum Dhandhania-Non Executive Director of the Company (sister of Managing Director Sri Asheesh Dabriwal)

(iii) Sri Janak Bhardwaj - Executive Director & Chief Operating Officer of the Company.

(c) Enterprises where Key Managerial Personnel & their Relatives have substantial interest and/or significance influence i.e. "Promoter Group" :

Dabriwala Constructions Private Limited (also constituting as "group" as per MRTP Act, 1969)

B) The Company has entered into transactions with certain parties as listed above during the year under consideration. Full disclosures have been made and the board considers such transactions as being in the normal course of business at rates agreed between parties. Details of related party transactions during the year ended 31st March, 2014 and balances outstanding as at 31st March, 2014 :

2.4 Details of Deferred Tax Assets - As per Accounting Standards (AS) - 22 :

(a) During the year, the Company recorded the cumulative net timing difference as a "Deferred Tax Liability" up to 31st March, 2014 of f 8,96,000 (Previous Year Deferred Tax Assets of Rs 8,17,000). The Net Deferred Tax Liabilities of f17,13,000 debited to Statement of Profit & Loss for the year ended 31st March, 2014. (Previous Year deferred tax assets credited of Rs 2,04,000).

(b) In the current financial year Income Tax Liability for the year ended 31st March, 2014 has been determined after taking into consideration the benefits available under the provisions of the Income Tax Act, 1961 and accordingly Rs 3,51,22,392 (Previous year Rs 1,65,88,970) for Income Tax, has been provided and same is, in the opinion of the Management, adequate.

(c) The Income-Tax assessment of the Company has been completed up to Assessment Year 2012-2013. No other assessment proceeding are in process or in pending with any authority as per Section 143(2) or any other provisions of the Income Tax Act, 1961.

2.5 Previous Year Figures :

The Revised Schedule VI has become effective from 1st April, 2011 as per notification issued by the Central Government for the preparation of financial statements.This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosures.

2.6 Other Information :

Other information required by Revised Schedule VI of the Companies Act, 1956 are either nil or not applicable in the circumstances of the Company.


Mar 31, 2013

1 CORPORATE INFORMATION

DHP India Limited (''the Company'') is a mid-sized Manufacturing Company of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. The Company is ISO 9001 : 2008 Certified. The Company manufacturers various designs of the LP Gas Regulator, its Parts and Accessories as per requirement of export markets. The Product/Activity Group of its manufacturing product in Annexure-4 of S.O. 1747(E) Dated 07/08/2012 issued by the Central Government as per Companies Act, 1956, are as below :-

As per latest information available within the Company for the purpose of Regulation 3(1 )(e) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (As Amended), the following Companies cover within the definition of ''Group” as defined in the Monopolies and Restrictive Trade Practices Act, 1969 :- [1] Dabriwala Constructions Private Limited. [2] Dolphin Properties Private Limited.

2.1 Details of Segment Information - As per Accounting Standards (AS) -17 :

(a) Information about Primary Business Segments :- The Company is primarily engaged in the business of manufacturing of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. Since inherent the nature of all these manufacturing items have been grouped as a single segment in the financial statement. As the Company''s business activity falls within a single primary business segment the disclosure requirements as AS-17 in this regard are not applicable.

2.2 Details of Deferred Tax Assets - As per Accounting Standards (AS) - 22 :

(a) During the year, the Company recorded the cumulative net timing difference as a ''Deferred Tax Assets” up to 31st March, 2013 off 8,17,000 (Previous Year off 6,13,000). The Net Deferred Tax (Assets) of f 2,04,000 credited to Profit & Loss Account for the year ended 31st March, 2013. (Previous Year off 2,18,000).

(b) In the current financial year Income Tax Liability for the year ended 31st March, 2013 has been determined after taking into consideration the benefits available under the provisions of the Income Tax Act, 1961 and accordingly Rs. 1,65,88,970 (Previous year Rs. 1,81,35,984) for Income Tax, has been provided and same is, in the opinion of the Management, adequate.

(c) The Income-Tax assessment of the Company has been completed up to Assessment Year 2011-2012. No other assessment proceeding are in process or in pending with any authority as per Section 143(2) or any other provisions of the Income Tax Act, 1961.

2.3 Previous Year Figures :

The Revised Schedule VI has become effective from 1st April, 2011 as per notification issued by the Central Government for the preparation of financial statements.This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosures.

2.4 Other Information :

Other information required by Revised Schedule VI of the Companies Act, 1956 are either nil or not applicable in the circumstances of the Company.


Mar 31, 2012

1 CORPORATE INFORMATION

DHP India Limited ('the Company') is a mid-sized Manufacturing Company of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. The Company is ISO 9001 : 2008 Certified. The Company manufacturers various designs of the LP Gas Regulator, its Parts and Accessories as per requirement of export markets.

During the financial year 2011-12, the Company acquired freehold land in Howrah District (West Bengal) for future development.

As per latest information available within the Company for the purpose of Regulation 3(l)(e) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (As Amended), the following Companies cover within the definition of "Group" as defined in the Monopolies and Restrictive Trade Practices Act, 1969 :-

[1] Dabriwala Constructions Private Limited.

[2] Dolphin Properties Private Limited.

Notes: The company was granted deferment of payment of sales tax (WB Sales tax/VAT/CST) for seven years from the date of collection of such sales tax as per section 40 of the West Bengal Sales Tax Act, 1994 vide Eligibility Certificate No.: EC(D)-154/(PS)/98-99/SC. The last date of payment of above deferment of sales tax is July, 2012.

Notes: Loans Payable on demand means Working Capital Loans are secured by the hypothecation of Company's entire stock, book debts and other current assets both present and future and also secured by first charge of fixed assets of the company, equitable mortgage of factory land and building situated at Dhulagarh by way of collateral security.

Notes : (1) Raw Materials (including various Components) & Stores and Spares are valued at Cost.

(2) Finished Goods (Manufactured) are valued at Cost or Market Value, whichever is less.

(3) Scrap Materials are valued at net realisable value

(4) The above stock are certified by the management and there are no changes of method of valuation since earlier year.

(5) Similarly there are no deviation in method of valuation of stock as prescribed U/S.145A of the Income Tax Act. 1961.

As at As at 31st March, 12 31st March, 12 (Amount in Rs) (Amount in Rs)

1 Contingent liabilities (to the extent not provided for) Liabilities of WB VAT demand of F.Y. 2007-08 as per CTO order dated 30/06/10 not provided as appeal made before JCCT. The JCCT Order dt. 29/08/11 has received against the appeal with reduced demand. The same has not provided due to non receipt of revised order from CTO. 5,769 2,85,172

2 Details on derivatives instruments and unhedged foreign currency exposures

A. Only one derivative as "Forward exchange contracts" is open as on 31st March, 2012. These transactions have been undertaken to act as economic hedges for the Company's exposures to various risks in foreign exchange markets and may/may not qualify or designated as hedging instruments. The Forward exchange contracts, which are not intended for trading or speculative purpose but for hedge purposes to establish the amount of reporting currency available at the settlement date of certain receivables. The accounting for these transactions is stated in Notes of accounts. The details of exposures are as below:-

3 Details of Segment Information - As per Accounting Standards (AS) -17:

(a) Information about Primary Business Segments The Company is primarily engaged in the business of manufacturing of Engineering Goods like Liquified Petroleum Gas Regulator (LP Gas Regulator), Accessories and Parts thereof. Since inherent the nature of all these manufacturing items have been grouped as a single segment in the financial statement. As the Company's business activity falls within a single primary business segment the disclosure requirements as AS-17 in this regard are not applicable.

4. Details of Related Party Transaction - As per Accounting Standards (AS) -18 :

A) List of Related Parties

(a) Main promoters holding more than twenty percent as substantial interest of the Company and have Significance influence over the activity Promoters Group Name (holding more than 20%) Relationship Nirmal Kumar Dabriwala [holding 32.733 %] Father of Managing Director Sri Asheesh Dabriwal Asheesh Dabriwal [holding 22.087%] Managing Director of the Company

(b) Key Management Personnel & their Relative involved in Companies activities

(i) Sri Asheesh Dabriwal - Managing Director & Chief Executive Officer of the Company.

(ii) Smt. Anjum Dhandhania-Non Executive Director of the Company (sister of Managing Director Sri Asheesh Dabriwal)

(iii) Smt. Dolly Dabriwal - Executive (left service w.e.f. 19/09/2011 - wife of Managing Director Sri Asheesh Dabriwal).

(iv) Sri Janak Bhardwaj - Executive Director & Chief Operating Officer of the Company.

(c) Enterprises where Key Managerial Personnel & their Relatives have substantial interest and/or significance influence i.e. "Group Company" :

Dabriwala Constructions Private Limited (also constituting as "group" as per MRTP Act, 1969)

5. Details of Deferred Tax Assets - As per Accounting Standards (AS) - 22 :

(a) During the year, the Company recorded the cumulative net timing difference as a "Deferred Tax Assets" up to 31st March, 2012 of Rs 6,13,000 (Previous Year of Rs 3,95,000). The Net Deferred Tax (Assets) of Rs 2,18,000 credited to Profit & Loss Account for the year ended 31st March, 2012. (Previous Year of Net Deferred Tax Liabilities of Rs 2,47,000 debited to Profit & Loss Account)

(b) In the current financial year Income Tax Liability for the year ended 31st March, 2012 has been determined after taking into consideration the benefits available under the provisions of the Income Tax Act, 1961 and accordingly Rs 1,81,35,984 (Previous year Rs 1,34,29,694) for Income Tax, has been provided and same is, in the opinion of the Management, adequate.

(c) The Income-Tax assessment of the Company has been completed up to Assessment Year 2011-2012. However, the Income Tax related to earlier assessment year of Rs 53,077, has been provided. No other assessment proceeding are in process or in pending with any authority as per Section 143(2) or any other provisions of the Income Tax Act, 1961.

6. Previous Year Figures :

The Revised Schedule VI has become effective from 1st April, 2011 as per notification issued by the Central Government for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosures.

7. Other Information :

Other information required by Revised Schedule VI of the Companies Act, 1956 are either nil or not applicable in the circumstances of the Company.


Mar 31, 2011

(A) BACKGROUND:

DHP India Limited ('the Company') is a mid-sized Manufacturing Company of Engineering Goods like Low Pressure Regulator for LPG Cylinders (DPR's), accessories and parts thereof. The Company is ISO 9001 : 2008 certified. The Company manufactures various designs of the DPR, its parts and accessories as per requirement of domestic and export markets.

During the previous financial year 2009-10 and 2010-11, the company incurred expenses for expansion of its factory project within the same factory campus for enhancement of its capacity utilization. The above expansion projects already completed within February'2011 in this financial year 2010-11.

As per latest information available with the Company for the purpose of Regulation 3(1 )(e) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the following companies cover within the definition of "group" as defined in the Monopolies and Restrictive Trade Practices Act, 1969 :-

[1] Dabriwala Constructions Private Limited.

[2] Dolphin Properties Private Limited.

[3] Val Exports Private Limited.

1. Contingent Liability not provided for in respect of C.T.O. Order U/s.46 of the W. B. VAT Act, dated 30/06/2010of Financial Year 2007-2008 of Rs.2,85,172/-. The necessary appeal as per section 86 of the W.B. VAT Act, have been filed before the Jt. Commissioner of Commercial Tax, Kolkata on 16/09/2010 and the same matter is under process of hearing.

2. The Outstanding balances as at 31st March, 2011 in respect of certain Sundry Debtors, Creditors etc. are subject to confirmation from the respective parties.

3. Quantities and valuation of finished goods are as certified by the management.

4. In accordance with Accounting Standard 11 (Revised) the Net of Foreign Exchange fluctuation Gain (relating to current year contracts and the same materialized in next year) amounting to Rs.33,521/- has been credited to Profit & Loss Account. [Previous Year Net Loss of Foreign Exchange fluctuation amounting to Rs.4,27,171/- has been debited to Profit & Loss A/c]

5. The Loss on impairment of Fixed Assets incurred during the year of Rs.93,311/- {Previous Year of Rs.2,15,639/-]

6. The details of forward contracts in foreign currencies made during the year are as below :-

(a) Forward contracts in foreign currencies made during the year of GBP 30,000 & USD 10,50,000 [contract value of Rs. 5,01,63,300/-].

(b) Forward contracts in foreign currencies materialized during the year on account of realization of export sales of GBP 30,000 & USD 6,47,867.62 [contract value of Rs.3,20,03,130/-].

(c) Forward contracts in foreign currencies outstanding as on 31/03/2011 is USD 4,02,132.38 [contract value of Rs.1,81,60,170/-] valued against receivables as on 31/03/2011.

7. The details of deferred tax & normal income tax provisions are as below :-

(a) During the year, the Company recorded the cumulative net timing difference as a "Deferred Tax Assets" up to 31/03/2011 of Rs.3,95,000/-. The Net Deferred Tax Liabilities of Rs. 2,47,000/- charged to Profit & Loss Account for the year ended 31/03/2011.

(b) In the current financial year Income Tax liability has been determined after taking into consideration the benefits available under the provisions of the Income Tax Act, 1961 and accordingly Rs.1,34,29,694/- for Income Tax, has been provided and same is, in the opinion of the Management, adequate.

(c) The Income-Tax assessment of the Company has been completed up to Assessment Year 2010-2011. No other assessment proceeding are in process or in pending with any authority as per Section 143(2) or any other provisions of the Income Tax Act, 1961.

8. Disclosure requirements as per Accounting Standard 17 (AS-17)"Segment Reporting" issued by the Institute of Chartered Accountants of India :

(a) Information about primary business segments : The Company is primarily engaged in the business of manufacturing of Low Pressure Regulators for LPG Cylinder & accessories & parts thereof. Since inherent the nature of all these manufacturing items have been grouped as a single segment in the financial statement. As the Company's business activity falls within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable.

9. Disclosure requirements as per Accounting Standard 18 (AS - 18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

A) List of Related Parties :-

a) Main promoters holding more than twenty percent as substantial interest of the company and have significant influence over the activity :-

Promoters Group Name (holding more than 20%) Relationship

Nirmal Kumar Dabriwala [holding 32.733 %] Father of Managing Director Sri Asheesh Dabriwal

Asheesh Dabriwal [Self holding 21.75% &

on behalf of "M/s. Asheesh Dabriwal & Sons

(HUF)" holding 0.337% i.e. total of 22.087%) Managing Director of the Company

b) Key Management personnel & their Relatives involved in co npanic5 activities :-

(i) Sri Asheesh Dabriwal - Managing Director & C. E. O. of the company also Serves in full time employment in the company,

(ii) Smt. Anjum Dhandhania - Non-Executive Director of the company (sister of Managing Director Sri Asheesh Dabriwal),

(iii) Sri Janak Bhardwaj - Executive Director & C. O. O. of the company also serves in full time employment in the company,

(iv) Smt. Dolly Dabriwal - Executive of the Company (Wife of Managing Director Sri Asheesh Dabriwal) and also serves in full time employment in the company.

(v) Sri Ashok Kumar Singh - Chief Financial Officer of the company.

(vi) Sri Adinath Banerjee - Company Secretary-cum-Compliance Officer of the company.

c) Enterprises where key management personnel & their relatives have substantial interest and/or significance influence:

Dabriwala Constructions Private Limited (also constituting as "group" as per MRTP Act, 1969)

10. Employee Benefits:

a) Effective from 1 st April, 2008, the Company has adopted revised Accounting Standard 15 on "Employee Benefits" notified vide Companies (Accounting Standards) Rules, 2006.

b) Leave Encashment benefit for unutilised leave are encashed at the end of year and charged to Profit & Loss A/c. under the Head of Salary. There are no rules for any carried forward unutilised leave benefit.

11. Previous year figures have been regrouped / rearranged wherever necessary .

12. Other information required by Part II of Schedule VI of the Companies Act, 1956 are not applicable in the circumstances of the Company.

 
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