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Notes to Accounts of Gujarat Apollo Industries Ltd.

Mar 31, 2015

1 Segment Reporting

(i) The Company has primarily one business segment "Road Construction and Maintenance Machineries". The compan's operations are solely situated in India.

(ii) The secondary segment is based on Geographical demarcation i.e. India and Rest of the World. Information about secondary segment are as follows:

2 Investment in Foreign Subsidiary

There is further dimunition in the value of investment in Apollo Maschinenbau, GmbH, Germany to the extent of Rs.2,17,54,346/- (Excluding Rs 2,43,09,000/- Loan written of treated as other income) (PY Rs.1,17,63,681/-), on the basis of annual accounts of this subsidiary as on 31.03.2015, for which no provision has been made since the management is expecting positive turnaround in coming years.

3 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

No amount is payable to Suppliers' registered under the Micro, Small and Medium Enterprise Development, Act 2006. No interest has been paid / payable by the company during the year to the Suppliers' covered under the Micro, Small and Medium Enterprise Development, Act 2006. The above information takes into account only those suppliers who have responded to inquiries made by the company for this purpose.

4 Disclosures as per AS 15

The disclosure as per the notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The company has a defined benefit gratuity plan. Every employee who has completed 5 years or more of services gets a gratuity on departure at 15 days salary (taking last drawn as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company under the gratuity scheme is currently not ascertainable.


Mar 31, 2013

1 Background

Gujarat Apollo Industries Limited (APOLLO) was incorporated as a joint venture between Apollo Earthmovers Pvt. Limited and Gujarat Industrial Investment Corporation Limited (GIIC) on 7th October 1986. The original name - Gujarat Apollo Equipments Limited-was changed to Gujarat Apollo Industries limited with effect from 28th November 2006. Your company is primarily engaged in the manufacturing of different types of Road Construction & Maintenance Machinery catering to the needs of the majority of the road construction companies in India and many parts of the world. Your company has consistently offered the latest technology products by entering into technology tie up with the some of the world''s leading players in the industry. The technology sourced is constantly developed by the R & D team of your company based on customer feedback. Adoption of Continuous Improvement Program as a standard practice across the board, the company''s products have over the years maintained a very high uptime, which is critical to stay in the lead.

The high quality standards combined with the customer driven, value for money approach has paid rich dividends to the company''s performance over the years. This is manifest in the high market share that the company enjoys in all the product range with particular reference to Asphalt Batch Plants (over 65%) where the main competition is from foreign manufacturers in Europe & SE Asia.The equipment manufactured by the company as well as its subsidiary are widely used in all the NHAI & State Highways projects and the products are in line with the laid down specifications of the Government. Export has always been a thrust area and today the company''s equipment are used in more than 55 countries.

Particulars As at As at 31.03.2013 31.03.2012

2 Contingent Liabilities

I. Inrespect of Bank Guarantees issued by Banks 6,26,52,202 2,22,93,630

II. In respect of Letter of Credits issued by Banks 16,30,385 13,05,070

III. Director General of Foreign Trade, Demand not 1,60,96,767 1,60,96,767 Acknowledge by the company law board

IV. In respect of Sales Tax, Excise and Service Tax Demand 1,98,32,000 1,93,33,781

V. Liability on Account of Non fulfillment under EPCG Scheme 19,83,00,000 1,01,33,537 (the same has not been provided in the books as the company is of the opinion that the required exports would be made in stipulated time as prescribed in the scheme).

VI. In respect of Corporate Guarantee given to a subsidiary 1,73,85,950 1,89,33,750

VII. In respect of Demand for Additional Stamp Duty on Purchase 19,81,300 of Office Premises by Deputy Collector (Revenue) Ahmedabad

3 Investment in Foreign Subsidiary

There is further dimunition in the value of investment in Apollo Maschinenbau, GmbH, Germany to the extent of Rs. 2,31,23,446/- (PY Rs. 3,86,86,181/-), on the basis of annual accounts of this subsidiary as on 31.03.2013, for which no provision has been made since the management is expecting positive turnaround in coming years.

4 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

No amount is payable to Suppliers'' registered under the Micro, Small and Medium Enterprise Development, Act 2006. No interest has been paid / payable by the company during the year to the Suppliers'' covered under the Micro, Small and Medium Enterprise Development, Act 2006. The above information takes into account only those suppliers who have responded to inquiries made by the company for this purpose.

5 Disclosures as per AS 15

The disclosure as per the notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The company has a defined benefit gratuity plan. Every employee who has completed 5 years or more of services gets a gratuity on departure at 15 days salary (taking last drawn as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying

6 Discontinuing Operations

Gujarat Apollo Industries Limited (GAIL) has executed an agreement for a strategic joint venture with Switzerland based Ammann Group. GAIL and its wholly owned subsidiary (WOS), Apollo Earthmovers Limited (AEML) has been transferred their respective identified businesses, being the entire product portfolio of asphalt plants and the paver business excluding crushing and screening business of GAIL, on 10/04/2013 to Apollo Construction Equipments Limited (ACEL) on slump sale basis. which has been discharged by payment on Closing as per the definitive agreements between the joint venture parties. Now Ammann Group hold 70% of the equity of ACEL and balance 30% is held by AEML, WOS of GAIL.


Mar 31, 2012

1. BACKGROUND

Gujarat Apollo Industries Limited (APOLLO) was incorporated as a joint venture between Apollo Earthmovers Pvt. Limited and Gujarat Industrial Investment Corporation Limited (GIIC) on 7th October, 1986 to manufacturing of different types of Road Construction & Maintenance Machinery catering to the needs of the majority of the road construction companies in India and many parts of the world. Company has consistently offered the latest technology products by entering into technology tie up with the some of the world's leading players in the industry. The technology sourced is constantly developed by the R & D team of your Company based on customer feedback. Adoption of Continuous Improvement Program as a standard practice across the board, the company's products have over the years maintained a very high uptime, which is critical to stay in the lead. The equipment manufactured by the Company as well as its subsidiary are widely used in all the NHAI & State Highways projects and the products are in line with the laid down specifications of the Government. Export has always been a thrust area and today the Company's equipment are used in more than 50 countries including Australia, New Zealand, Kingdom of Saudi Arabia, Algeria to name a few.

2 CONTINGENT LIABILITIES

I. In respect of Bank Guarantees issued by Banks 2,22,93,630 5,22,80,981

II. In respect of Letter of Credit issued by Banks 13,05,070 54,09,554

III. Director General of Foreign Trade, Demand not acknowledge by the company 1,60,96,767 1,60,96,767

IV. In respect of Sales Tax and Service Tax Demand 1,93,33,781 40,13,168

V. Liability on account of non fulfillment under EPCG Scheme (the same has not been provided in the books as Company is of opinion that the required exports would be made in stipulated time as prescribed in the scheme) 1,01,33,537 75,62,540

VI. In respect of corporate guarantee given to one of the subsidiary 1,89,33,750 1,78,47,500

2 SEGMENT REPORTING

(i) The Company has primarily one business segment "Road Construction and Maintenance Machineries" The Company's operations are solely situated in India.

(ii) The secondary segment is based on geographical demarcation i.e. India and rest of the world. Information about secondary segment are as follows:

3 There is diminution in the value of investment in Apollo Maschinenbau, GmbH, Germany, to the extent of Rs. 3,86,86,181/- (on the basis of annual accounts of this subsidiary as on 31-03-2012) for which no provision has been made since the management is expecting positive turnaround in coming years.

4 During the year Company has changed its accounting system for retention/unrealized sales to more accurate method to account for full invoice value in the same year, due to which the sales and profit for the year is higher by Rs. 1,37,39,054/- (net amount).

5 The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small, and medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest payable as required under the Act have not been given.

6 During the year company has donated the amount of Rs. 200,000/- (P.Y.-Nil) to Bhartiya Janta Party.

7 Disclosures as per AS-15

The disclosures as per the Notified AS-15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (taking last drawn salary as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company under the Gratuity Scheme is currently not ascertainable.


Mar 31, 2010

1. ALLOTMENT OF EQUITY SHARES

The Company had allotted 8,25,000 Shares (including 2,75,000 by way of bonus on 5,50,000 convertible warrants) on 20th June 2009 on preferential basis, to various share holders. Warrant money received for the aforesaid options of Rs 990 lacs has been appropriated towards the share capital Rs 55 lacs and share premium account Rs 935 lacs on allotment of shares. The shares rank pari passu in all respect with the existing equity shares of the company.

2. Quantitative Details as per Para-Ill and IV of Schedule VI of Companies Act, 1956

Additional information in respect of quantitative details required to be given under Para-Ill and IV of Schedule VI of Companies Act, 1956 (as certified by Managing Director)

a) License Capacity: The company products are exempt from license requirement under the Industrial policy by virtue of notification No. 477(E) of 25.07.1991

b) Installed capacities - 300 Nos. (As certified by the Management, but not verified by the Auditors, being a technical matter).

3. The confirmation of some of the parties for the amount due to them/amount due from them as per the books of accounts is not reconciled. Necessary adjustment, if any, will be made when the Accounts are Reconcile / Settled.

4. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small And Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid As at the year end together with interest payable as required under the said Act have not been given.

5. (a) Managerial remuneration paid/payable to Directors in pursuant to Section 269 read with Schedule XIII of the Companies Act, 1956:

6. Segment Reporting:

(i) The company has primarily one business segment "Road Construction And Maintenance Machineries" The companys operations are solely situated in India.

(ii) The secondary segment is based on geographical demarcation i.e. India and rest of the world .Information about secondary segment are as follows:

7. Previous year figures

The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary to confirm to this years classification. Figures in brackets relate to previous year.

8. Disclosures as per AS-15:

The disclosures as per the Notified AS 15 underthe Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (taking last drawn salary as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company

Gratuity Scheme is currently not ascertainable.

9. A. Related Party Disclosures :

List of related parties with whom transactions have taken place during the year i Subsidiaries & Associates

Name of the related parties. Nature of the relationship

(a) Apollo Industries & Projects Limited. Associate

(b) Apollo Earthmovers Limited. Subsidiary

(c) Apollo Industrial Products Limited. Fellow-Subsidiary

(d) Circuit Systems India Limited. Associate

(e) Apollo Maschinenbau Gmbh, Germany Subsidiary

(f) Apollo Quarry Works Associate

(g) Zam Zam Export Limited. Associate

ii Key Managerial Personnel

(a) Mr. Asit A. Patel Managing Director

(b) Mr. Anand A Patel Executive Director

(c) Mr. Anil T. Patel Director

(d) Mr. Ajit T Patel Director

(e) Mr. Manibhai V. Patel Director

 
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