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Notes to Accounts of Filtron Engineers Ltd.

Mar 31, 2014

1 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Bank Guarantees 6725763.00 17,017,572.00

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for

Tangible assets 500,000.00 250,000.00


Mar 31, 2013

Basis of Accounting:-

Accounts of the company are prepared under the historical cost convention andaccrual basis as a going concern. The Company has complied with accounting standards recommended by Institute of Chartered Accountants of India & as per prescribed under Sec. 211(3C) of the Companies Act 1956 except Accounting Standard 15 in respect of Retirement Benefits

Note - 1) The Company has not ascertained the amount of Compensated absences

2) Gratuity - The Liability has been ascertained by the company. The Company does not have funding arrangements.

3) No Provision is made for the amount towards earned leave.

Loans repayable on demand from consortium bankers:

Bank of Maharashtra

1. Includes Rs. 14.05/- Lacs being the installment due within one year for the repaying date refer. Note No.5

2. Packing Credit - Secured by mortgage of immovable property situate at Chakan Plot No. 36, WMDC Industrial Area, Ambethan Road, Chakan, & Pune & Apt 6 & 7 Sr. No. 124, Sitabag Colony, Parvati Pune - 30 and hypothecation of Plant & Machinery and other moveable fixed asset and current assets and against the Personal Guarantee of a Director & Hypothication of Finished Goods and Debtors upto maximum 120 days considered for DP

Note 2 Additional information to the financial statements

2.1 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Bank Guarantees 17,017,572.00

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets 250,000.00

2.2 In the opinion of the Board, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

2.3 Related party transactions


Mar 31, 2012

Established in 1982, the Company is a manufacturing and suppliers of Food, Dairy, Beverages and Chemical Equipment. The Company currently operates through its facilities located at Pune and Chakan.

1.1 Contingent liabilities and commitments (to the extent not provided for)

(Figures in Rs.)

Particulars For the For the Year ended Year ended 31 March, 2012 31 March, 2011

(i) Contingent liabilities

(a) Bank Guarantees 16,711,564.00 19,275,000.00

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets - -

Note 2 Disclosures under Accounting Standards

2.1 Related party transactions

2.2 Details of related parties:

Description of relationship Names of related parties

Relative Bertron Equipment Pvt Ltd

Common Director Schmidt Bretten India Pvt Ltd

Relative Real Centrifuge Asia Pvt Ltd

Relative Fristam Pumps (I) Pvt Ltd

Relative Filtron India

Common Director Nerb India Pvt Ltd

Note: Related parties have been identified by the Management


Mar 31, 2010

1) Depreciation is charged on all the assets on straight-line method at rates and manner prescribed in schedule XIV of the Companies Act. Prorata depreciation is provided in the year of installation as also in the year of sale or disposal of the assets.

2) The cost of Leasehold land is amortized over the period of the lease

A) Foreign currency Transactions:

Foreign Currency transactions of income and expenditure are accounted for at the exchange rate prevailing as on the date of the transaction. Debtors & Creditors in respect of Foreign Currency transactions outstanding as on 31/03/2010 have been expressed at the foreign exchange rates prevailing as on the year end date. The difference between the rate prevailing on the transaction date and settlement /year ended is recognized as Income or Expenses as the case may be.

B) Retirement Benefits - Accounting Standard 15.

Contributions are made to provident fund. Provision for gratuity is made as per the amount ascertained by the management. No provision is made for amount towards earned leave.

C) Taxation - Accounting Standard 22.

i) Provision for taxation includes current income tax.

ii) The Company follows - Accounting for taxes on income issued by the Institute of Chartered Accountants of India. The Company has timing difference between accounting & tax profits on account of accumulated losses and unabsorbed depreciation. As per the perception of the management since thereis no convincing evidence which demonstrates the virtual certainty of realisation of such Deferred tax assets, the Company has presently decided not to recognize any deferred tax asset or deferred tax liability either.

D) Segment Reporting under Accounting standard 17.

The company operates in one business segment namely dairy and beverage equipment and hence reporting under this accounting standard is not applicable to the company.

E) Lease Accounting As per Accounting Standard 19.

This is not applicable to the company since no new lease transaction took place during the year under report. J) Consolidated Financial Statement & Investment in Associate as per Accounting Standard 21 & 23 - Not applicable to the Company as the Company does not have any subsidiary.

II) Impairment of Assets as per Accounting Standard 28 :- As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is less than the recoverable amount of those assets. Hence there is no impairment loss on the assets of the company.

III) Capital Commitment - Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 60.00/- Lacs, approx (Pre. Yr. Rs. - 40.00/-Lacs )

IV) Contingent Liability - Contingent Liability not provided for in respect of 1) Bank Guarantees Rs. 45,22,500. /- (Pre.Yr. Rs. 57,41,800/-).

V) In respect of Sundry Debtors, Loans & Advances we have to state as under:

a) Balances of Debtors, Creditors and Loans & Advances are subject to Confirmations.

b) Receivables from Various parties against which the Company has initiated legal action and/or sent notices and the matters are pending before legal authorities Rs. 32.21A Lacs. (Pre. Yr. 32.21lacs)

c) No provision has been made in respect of other debtors of Rs44.08/- lacs (Pre.Yr. 44.08/- Lacs) and advances Rs. 12,02,564/- which are outstanding for the more than 3 years. We are unable to comment on the ultimate realisability of this amount.

d) Loans and advances include Rs. 71.32 lacs due from lead managers to the public issue carried out by the Company. The Company has filed a suit for recovery of principal amount reliability of this debt could not be confirmed.

e) Deposits with bank Rs. 27,44,319/- are towards margin money against the bank guarantees given and LCs issued on behalf of Company.

As per the perception of the management, the above receivables are good and will be recovered in full.

VI) Amounts payable to Small Scale Industries (Sundry Creditors) outstanding Rs. Nil (Pre. Yr Nil/-)

VII) Related party disclosures as per A.S. 18

A) Subsidiaries: Nil

B) Associates and Joint Ventures:

1. Real Centrifuges Asia Pvt. Ltd.

2. Fristam Pumps India Pvt. Ltd.

3. Filtron rndia

4. Sparc (Partnership)

5. VicarbThermaltek (I) Pvt. Ltd.

6. Bertron Equipments Pvt. Ltd.

7. Schimdt Bretten India Pvt. Ltd.

8. Nerb India Pvt Ltd.



C) Key Management Personnel & Relatives

Mr. Sadanand Hegde Chairman & Managing Director

Mr. Gajanan Hegde Director

Mr. Joachim Friedech Director

Mr. Prabhakar Hegde Director

Mr. Padmakar Kashyapi Director

Relatives

Mr. Anil Gajanan Hegde Son of Mr. Gajanan Hegde

XV) In the opinion of the Board the balances in Current Assets, Loans & Advances are approximately of the value stated if realised in the ordinary course of business are taken as per books. The provision for depreciation and all known liabilities is adequate and not in excess of the amounts reasonably necessary. These are no Contingent Liabilitiesother then those stated in above note No. 3.

XVI) Previous years figures have been regrouped or rearranged wherever necessary.


Mar 31, 2009

I) Impairment of Assets as per Accounting Standard 28 :- As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is less than the recoverable amount of those assets. Hence there is no impairment loss on the assets of the company.

II) Capital Commitment - Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 40,00,000/- approx. ( Pre. Yr. Rs. - Nil)

III) Contingent Liability - Contingent Liability not provided for in respect of 1) Bank Guarantees Rs. 57,41,800. /-(Pre.Yr. Rs. 70,04,100/-).

IV) In respect of Sundry Debtors, Loans & Advances we have to state as under:

a) Balances of Debtors, Creditors and Loans & Advances are subject to Confirmations.

b) Receivables from Various parties against which the Company has initiated legal action and/or sent notices and the matters are pending before legal authorities Rs. 32.21/- Lacs. (Pre. Yr. 56.35lacs)

c) No provisions has been made in respect of debtors of Rs.32.21/- lacs (Pre.Yr. 38.99 lacs) and advances includes deposit which are outstanding for the more than 3 years including the parties against which legal action has been taken by the Company. We are unable to comment on the ultimate realisability of this amount.

d) Loans and advances include Rs. 71.32 lacs due from lead managers to the public issue carried out by the Company. The Company has filed a suit for recovery of principal amount reliability of this debt could not be confirmed.

e) Loans and advances Includes Rs. 25.44/- lacs kept in deposits with bank as margin money against the bank guarantees and LCs.

f) Sundry balances written off includes Rs. 116.26 /- due from a party in which a Director is interested As per the perception of the management, the above receivables are good and will be recovered in full.

V) Amounts payable to Small Scale Industries (Sundry Creditors) outstanding Rs. Nil (Pre. Yr 2.88/-)

VI) Related party disclosures as per A.S. 18

A) Subsidiaries: Nil

B) Associates and Joint Ventures:

1. Real Centrifuges Asia Pvt. Ltd.

2. Fristam Pumps India Pvt. Ltd.

3. Filtron India

4. Sparc (Partnership)

5. Vicarb Thermaitek (I) Pvt. Ltd.

6. Bertron Equipments Pvt. Ltd.

7. Schimdt Bretten India Pvt. Ltd.

8. Nerb India Pvt Ltd.

C) Key Management Personnel & Relatives

Mr. Sadanand Hegde Chairman & Managing Director

Mr. Gajanan Hegde : Director

Mr. Joachim Friedech Director /

Relatives

Mr. Anil Gajanan Hegde Son of Mr. Gajanan Hegde

VII) In the opinion of the Board the balances in Current Assets, Loans & Advances are approximately of the value stated if realised in the ordinary course of business are taken as per books. The provision for depreciation and all known liabilities is adequate and not in excess of the amounts reasonably necessary. These are no Contingent Liabilitiesother then those stated in above note No. 3.

VIII) Previous years figures have been regrouped or rearranged wherever necessary.