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Notes to Accounts of Hardcastle & Waud Manufacturing Company Ltd.

Mar 31, 2015

Unallocated costs: The unallocated segment includes general corporate income and expense items which are not allocated to any business segment.

Segment policies: The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements for the company as a whole

Basic Farris per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by to weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period at buyable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for Ihe effects of all dilutive potential equity shares.

The company has only one class of shares having a par value of Rs 10 per share. Each holder of equity shares is entitled to declares and pays dividends in Indian Rupees. Div,dend proposed by the Board of Directors is subject to approval of the shareholders.

a) In the event he event holders of the Company, holders of equity shares w„, be entitled to receive remaining assets of the Company, after distributor of all preferential amounts. The distribution will be proportionate to the number of equity shares held by the shareholder

1.1 Buildings include Rs,750 being value of fully paid shares in Co - operative Housing Societies.

1.2 Trade marks (original cost NIL) were valued at Rs. 1350 lacs by an independent chartered accountants firm on 30 04 2001 and are shown net of 11310 lacs since sold

1.3 Deductions/Adjustments of Depreciation include Rs. 7.75,115 transferred to General Reserve representing the carrying value of assets whose "useful life" is already over as under

(Electrical Installation Rs. 857. Office Equipments Rs. 7,45,011 and Furniture & Fixtures Rs. 29,247).

Total minimum lease rental obligations

2. Loans and Advances include deposits of Rs. 1,10,000 (Previous Year Regular 1.10.000) with Central Excise Dep't and Rs.15,07,522 (Previous Year Rs. 16,86,222) with Sales As in respect contested demands raised against the Company. Part of these demands pending in adjudication and/or in first appeals included under Contingent Liabilities not provided for.

3. Trade Receivables include Nil (Previous Year Rs. 17,00,00,000) recoverable towards sale of land,

4. Sales exclude Sales Tax/VAT amounting to 19,86.934 (Previous Year Rs. 12,16,533) collected from customers and paid to She concerned Government.

5. There are no amounts due and outstanding, to be credited to Investor Education & Protection Fund as on the date of the Balance Sheet,

6. Items and figures for the previous year have been recast, regrouped and/or re-arranged wherever necessary to conform to the current year's presentation.


Mar 31, 2014

1. Terms/Rights attached to equity shares:

a) The Company has only one class of equity shares having a par value of Rs 10 per share Each holder of equity shares is entitled to one vote per share The Company declares and pays dividends in Indian Rupees. Dividend proposed by the Board of Directors is subject to approval of the shareholders

b) In the event of liquidation of the Company, holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be proportionate to the number of equity shares held by the shareholders.

As at 31st As at 31st March. 2013 March. 2013

Interest Interest ( Rs) ( Rs)

2. Contingent Liabilities and Commitments

1) Contingent Liabilities

a) Guarantees

b) Claims not acknowledged as debts 24,10,095 43,38,870 (Demands for Excise and Sales Tax under contest) Future Profitability may be affected to the extent indicated if such liabilities crystallise

3. Commitments

Estimated amount of contracts remaining 33,103,291 79,999,313 to be executed on Capital Account and not provided for

4. RELATED PARTY DISCLOSURES (As per Accounting Standard 18): (as identified by the management and relied by the auditors)

i) Control :

Mr. B. L. Jatia

II) Associated Companies:

Hawco Lubricants Pvt. Ltd (formerly known as Hawco Lubricants Ltd) Winmore Leasing & Holdings Limited Concept Highland Business Private Limited Key Management Personnel:

Mr. B. L. Jatia - Chairman & Managing Director

5. Loans and Advances include deposits of 110,000 (Previous Year Rs 110,000) with Central Excise Deptt and 1686,222 (Previous Yea Rs 1.686,222) with Sales Tax Authorities in respect of contested demands raised against the Company. Part of these demands pending in adjudication and/or in first appeals is included under Contingent Liabilities Not Provided For.

6. Trade Receivables include Rs. 170.000,000 (Previous Year Rs. 180.000.000) recoverable towards sale of land (since received).

7. Sales exclude Sales Tax/VAT amounting to Rs 1.216.533 (Previous Year Rs. 1,014,863) collected from customers and paid to the concerned Government.

8. There are no amounts, due and outstanding, to be credited to Investor Education & Protection Fund as on the date of the Balance Sheet.

9. Promotor Group :

Mr Banwari Lai Jatia and his group consisting of Achal Exim Private Limited, Akshay Ayush Impex Private Limited, Acacia Impex Private Limited, Anand Veena Twisters Private Limited. Concept Highland Business Private Limited Hardcastle Petrofer Private Limited, Hawcoplast Investments & Trading Limited, Horizon Impex Private Limited, Houghton Hardcastle (India) Limited, Hawco Lubricants Private Limited, Saubhagya Impex Private Limited, Shri Ambika Trading Co Private Limited, Subh Ashish Exim Private Limited, Vandeep Tradelinks Private Limited, Vishwas Investment & Trading Co. Private Limited. Winmore Leasing & Holdings Limited, West Pioneer Properties (India) Private Ltd, West Leisure Resorts Ltd, Amit BL Properties Private Ltd, Ridhika Properties Private Ltd, Westlife Development Ltd. Hadcastle Restaurants Pvt. Ltd, Makino Holdings Ltd, J & K Speciality Chemicals LLR Hawco Petrofer LLP Smt Lalita Devi Jatia, Smt Usha Devi Jatia, Shri Amit Jatia, Smt Smita Jatia. Shri Akshay Jatia. Shri Ayush Jatia, Shri Anurag Jatia. Smt Shalini Jatia, Miss Ridhika Jatia. Banwarilal Jatia * HUF, Amit Jatia - HLIF and Anurag Jatia - HLIF.

10. Items and figures for the previous year have been recast, regrouped and/or re-arranged wherever necessary to conform to the current year's presentation


Mar 31, 2013

1.01

CONTINGENT LIABILITIES AND COMMITMENTS As at 31 St March, 2013 As at 31 st March, 2012

1) CONTINGENT LIABILITIES

a) Guarantees

b) Claims not acknowledged as debts 4,338,870 4,338,870 (Demands for Excise and Sales Tax under contest)

Future Profitability may be affected to the extent indicated if such liabilities crystallise.

2) COMMITMENTS

Estimated amount of contracts remaining to be executed on Capital

Account and not provided for 79,999,313 -

1.02 Other Debts shown under ''Trade Receivables" include Rs. 18,00,00,000 recoverable towards sale of land 2418 Sales exclude Sales Tax/VAT amounting toRs. 10,14.863 (Previous YearRs.7,01,962) collected from customers and paid to the concerned Government.

1.03 There ere no amounts, due and outstanding, to be credited to investor Education & Protection Fund as on the date of the Balance Sheet

1.04 Promoter Group:

Mr Banwari Lai Jatia & his group consisting of Achal Exim Pvt. Ltd., Akshay Ayush Impex Pvt. Ltd., Acacia Impex Pvt. Ltd Triple A Foods Pvt Ltd Anand Veen a Twisters Pvt. Ltd., Concept Highland Business Pvt. Ltd., Hardcastle Petrofer Pvt. Ltd., Hardcastle Restaturants Pvt Ltd HawcoDlast nvestments & Trading Ltd., Horizon Impex Pvt. Ltd.. Houghton Hardcastle (India) Ltd., Saubhagya impex Pvt. Ltd., Shri Ambika Trading Co Pvt Ltd Subh Ashish Exim Pvt Ltd., Vandeep Trade Links Private Limited, Vishwas Investment S Trading Co. Pvt. Ltd. West Leisure Resorts Pvt Ltd,. Westlife Development Ltd., Westpoint Leisureparks Private Limited, Winmore Leasing & Holdings Ltd., Hawco Lubricants Ltd., Shri Anurag Jatia-HUF Smt, Lalita Devi Jatia, Smt.Usha Devi Jatia, Shri Amir Jatia,Smt. Smita Jatia,Shri Akshay jatia''shri Ayush jatia, Smt shalini Jatia, Miss Ridhika Jatia, Banwarilal Jatia-HUF, Amit Jatia-HUF and Anurag Jatia-HUF.

1.05 Items and figures for the previous year have been recast, regrouped and/or re-arranged wherever necessary to confirm to the current year''s presentation.

Signatories to Notes 1 to 24


Mar 31, 2012

1.1 To the best of knowledge of the Company, none of the creditors is a 'Small enterprise' within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 and therefore principal amount,interest paid/payable or accrued is NIL.

1.2 CONTINGENT UABILmES AND COMMITMENTS

As at 31st March, 2012 As at 31st March, 2011 Current Year Previous Year Rs. Rs.

a) Guarantees - 45,000

b) Claims not acknowledged as debts 4,338,870 4,425,324

(Demands for Excise and Sales Tax under contest)

Future Profitability may be affected to the extent indicated if such liabilities crystallise.

1.3 RELATED PARTY DISCLOSURES (As per Accounting Standard 18): (as identified by the management and relied by the auditors)

i) Control: Mr Banwari La! Jatia

Mr Banwari Lai Jatia

ii) Associated Companies:

Hawcoplast Investments & Trading Limited Global Trendz Limited Hawco Lubricants Limited Winmore Leasing & Holdings Limited Concept Highland Business Private Limited Key Management Personnel:

Mr Banwari Lai Jatia - Chairman & Managing Director

1.4 As there is no diminution in value of investments as on 31st March 2012, in the opinion ot the directors of the company, no provision therefor is required.

1.5 Loans and Advances include deposits ofRs. 1,10,000 (Previous Year Rs. 1,10,000) with Central Excise Deptt and Rs. 16,86,222 (Previous Year Rs. 17,23,109) with Sales Tax Authorities in respect of contested demands raised against the Company. Part of these demands pending in adjudication and/or first appeals is included under Contingent Liabilities Not Provided For.

1.6 There are no shares in Unclaimed Suspense Account.

1.7 Other Debts shown under Trade Receivables" include Rs. 18,00,00,000 recoverable towards sale of land.

1.8 Sales exclude Sales Tax/VAT amounting to Rs. 7,01,962 (Previous Year Rs. 39,94,317) collected from customers and paid to the concerned Government.

1.9 There are no amounts, due and outstanding, to be credited to Investor Education & Protection Fund as on the date of the Balance Sheet.

1.10 Promotor Group:

Mr Banwari Lai Jatia & his group consisting of Achal Exim Pvt. Ltd, Akshay Ayush Impex Pvt. Ltd, Acacia Impex Pvt. Ltd, Triple A Foods Pvt. Ltd, Anand Veena Twisters Pvt. Ltd, Concept Highland Business Pvt. Ltd, Hardcastle Petrofer Pvt. Ltd, Hardcastle Restaturants Pvt. Ltd, Hawcoplast Investments & Trading Ltd, Horizon Impex Pvt. Ltd, Houghton Hardcastle (India) Ltd, Saubhagya Impex Pvt. Ltd, Shri Ambika Trading Co. Pvt. Ltd, Subh Ashish Exim Pvt. Ltd, Vandeep Trade Links Pvt. Ltd, Vishwas Investment & Trading Co. Pvt. Ltd, West Leisure Resorts Pvt. Ltd, Westlife Development Ltd, Westpoint Leisureparks Pvt. Ltd, Winmore Leasing & Holdings Ltd, Hawco Lubricants Ltd, Shri Anurag Jatia, Smt Lalita Devi Jatia, Smt Usha Devi Jatia, Shri Amit Jatia, Smt Smita Jatia, Shri Akshay Jatia, Shri Ayush Jatia, Smt Shalini Jatia, Miss Ridhika Jatia, Banwarilal Jatia - HUF, Amit Jatia - HUF and Anurag Jatia - HUF.

1.11 Items and figures for the previous year have been recast, regrouped and/or re-arranged wherever necessary to conform to the current year's presentation.


Mar 31, 2011

1) Related Party Disclosures (as identified by the management and relied by the auditors)

i) Control

MrB. L. Jatia

ii) Associate Companies

Hawcoplast Investments & Trading Limited

Global Trendz Limited

Winmore Leasing & Holdings Limited

2) Segment Information

NOTES:

1) Industrial Chemicals segment includes heat treatment products, maintenance products, sealants and synthetic resins.The Investment segmenl relates primarily to the activity of Investment The Garments segmenrrelates to the activity of sale & purchase of Readymade Garments.

2) The operations of The company are entirely in India and hence, there are no other reportable geographical segments

3) Contingent Liabilities not provided for: As at 31st MARCH, 2011 (Rs. Lacs)

a) Guarantees 0.45

b) Claims not acknowledged as debts 44.25 (Demands for Excise and Sales Tax under contest)

Future Profitability may be affected to the extent indicated if such liabilities crystallise.

4) Other Income (Schedule I) includes income tax deducted at source Rs.11.47 lacs (Previous Year Rs. 18.77 Lacs).

5) Interest shown in Profit & Loss Account (Schedule K) represents interest on loans for other than fixed period.

6) Sales include sales tax/VAT collected Rs. 39.94 lacs (Previous Year Rs. 71.52 lacs). Payments towards sales tax/VAT have been debited to the Profit & Loss Account

7) To the best of knowledge of the Company, none of the creditors is a "Small Enterprise" within its meaning under clause (m) of section 2 of the Micro, Small & Medium Enterprises Development Act, 2006 and therefore principal amount, interest paid/payable or accrued to such enterprises is Nil.

8) Exchange difference (net gain) arising from foreign currency transactions amounting to Rs. 0.80 lac (Previous Year Rs. 6.12 lacs) has been accounted for under the respective revenue heads in the Profit and Loss Account

9) Loans and Advances include deposits of Rs. 1.10 lacs (Previous Year Rs.1.10 lacs) with Central Excise Dept and Rs. 17.23 lacs (Previous Year Rs. 16.70 lacs) with Sales Tax Authorities in respect of contested demands raised against the Company. Part of these demands pending in adjudication and/or first appeals is included under Contingent Liabilities Not Provided for.

10) A charge was created on stocks.stores, book debts and some fixed assets of the Company in favour of a bank in consideration of facility of cash credit, guarantees and letters of credit issued / to be issued upto a limit Nil (Previous Year Rs. 110.00 lacs). The said charge has since been vacated.

11) The Company on 08.11.2009 issued fully paid 7,500 zero percent Unsecured .Compulsorily Convertible Debentures of Rs. 10,000/- each aggregating to Rs. 750 Lacs.The holders of the debentures have been allotted nine fully paid equity shares of Rs. 10/- each in the Company's capital for each debenture without any further payment on 08.05.2011.

12) There are no shares in Unclaimed Suspense Account.

13) There are no amounts, due and outstanding, to be credited to Investor Education & Protection Fund as on the date of the Balance Sheet.

14) Following discontinuance of activities at its Sarigam Factory, Assets forming part of Plant & Machineries & Other Fixed Assets of the said factory have been written down to their recoverable amounts being the estimated selling prices (Rs. 11.89 lacs) as estimated by the management. The resultant impairment loss of Rs. 21.85 lacs has been provided for in the Profit and Loss Account.

15) During the year, the Company discontinued operation of its Sarigam Factory. Date of Initial Disclosure Event Discontinuance completed by

Carrying Amount of Total Assets Carrying Amount of Total Liabilities Amount of Revenue during the Year Amount of Expenses during the Year Amount of Profit/(Loss) during the Year (After considering impairment of assets) Tax payable thereon , 6.06 Net Cash Flow from Operating Activities Net Cash Flow from Investing Activities Net Cash Flow from Financing Activities Net Cash lnflow/(0utflow)

22) During the year, the Company has re-determined the useful life of Motor Vehicles & Office Computers. Consequently, the Company has started providing depreciation on the said assets at rates higher than those prescribed in Schedule XIV of the Companies Act. 1956 in accordance with paragraph 23 of Accounting Standards AS-6: Consequently, Depreciation for the year on these assets is higher by Rs. 7.19 lacs and Profit on Sale of Assets is higher by Rs. 4.78 lacs which has been provided for in the Accounts Thereby, each of the Profit For the Year, surplus shown under Reserves & Surplus aQd Fixed Assets is lower by Rs.2.41 lacs

23) Promoter Group:

Mr B, L. Jatia & his group consisting of Achal Exim Pvt. Ltd, Akshay Ayush Impex Pvt. Ltd, Acacia Impex Pvt. Ltd, Anand Veena Twisters Pvt. Ltd, Concept Marbles Pvt. Ltd. Hardcastle Petrofer Pvt. Ltd, Hardcastle Restaturants Pvt. Lid, Hawcoplast Investments & Trading Ltd, Horizon Impex Pvt. Ltd, Houghton Hardcastle (India) Ltd, Hawco Lubricants Ltd, Saubhagya Impex Pvt. Ltd. Shri Ambika Trading Co. Pvt, Ltd, Subh Ashish Exim Pvt. Ltd, Triple A Foods Pvt. Ltd, Vandeep Tradelinks Pvt. Ltd, Vishwas Investment & Trading Co, Pvt: Ltd, West Leisure Resorts Pvt. Ltd, Westltfe Development Ltd, Westpoint Realtors Pvt. Ltd, Winmore Leasing & Holdings Ltd, Smt Lalita Devi Jatia, Smt Usha Devi Jatia. Shri Amit Jatia, Smt Smita Jatia, Shri Akshay Jatia, Shri Ayush Jatia, Shri Anurag Jatia, Smt Shalini Jatia. Miss Ridhika Jatia, Banwarilal Jatia - HUF, Amit Jatia - HUF and Anurag Jatia - HUF.


Mar 31, 2010

1) Related Party Disclosures (as identified by the management and relied by the auditors)

i) Control Mr : B. L. Jatia

ii) Associate Companies : Hawcoplast Investments & Trading Limited, Global Trendz Limited, Winmore Leasing & Holdings Limited

iii) Key Management Personne Promotor :



Mr B. L. Jatia & his group consisting of Achal Exim Pvt. Ltd, Akshay Ayush Impex Pvt. Ltd, Acacia Impex Pvt. Ltd, Anand Veena Twisters Pvt. Ltd, Concept Marbles Pvt. Ltd, Hardcastle & Waud Mfg Co. Ltd, Hardcastle Petrofer Pvt. Ltd, Hawcoplast Investments & Trading Ltd, Horizon Impex Pvt. Ltd, Houghton Hardcastle (India) Ltd, Hawco Lubricants Pvt. Ltd, Saubhagya Impex Pvt. Ltd, Shri Ambika Trading Co. Pvt. Ltd, Subh Ashish Exim Pvt. Ltd, Triple A Foods-Pvt. Ltd, Vandeep Tradelinks Pvt. Ltd, Vishwas Investment & Trading Co. Pvt. Ltd,West Leisure Resorts Pvt. Ltd, Westlife Development Ltd, Westpoint Realtors Pvt. Ltd, Winmore Leasing & Holdings Ltd, Hardcastl Restaturants Pvt. Ltd, Shri Ganpati Enterprises, Smt Lalita Devi Jatia, Smt Usha Devi Jatia, Shri Amit Jatia, Smt Smifa Jatia, Master Akshay Jatia, Master Ayush Jatia, Shri Anurag Jatia, Smt Shalini Jatia, Miss Ridhika Jatia, Banwarilal Jatia - HUF, Amit Jatia - HUF, Anurag Jatia - HUF. Directors: Mr N, S. Karnavat, Mr Hasmukh Gandhi, Mr Tushar G.Agarwal & Mr O. P.Adukia

2) Contingent Liabilities not provided for: As at 31st March, 2010 As at 31st March, 2009

(Rs lacs) (Rs lacs)

a) .Guarantees 3.53 4.86

b) Claims not acknowledged as debts 38.09 83.29 (Demands for Excise, Sales Tax, etc. under contest)

c) Liability on partly paid shares - 148.65 Future Profitability may be affected to the extent indicated if such liabilities crystallise.

3) The Company has made payment of Nil (Previous Year Rs 0.06 Lac) to a Gratuity Fund including insurance premium charged by LIC.

4) Other Income (Schedule I) includes income tax deducted at source Rs 18.77 lacs (Previous Year Rs 24.53 Lacs).

5) Interest shown in Profit & Loss Account (Schedule K) represents interest on loans for other than fixed period .

6) Sales include sales tax/VAT collected Rs 71.52 lacs (Previous Year Rs 64.82 lacs). All payments towards sales tax/VAT have been debited to the Profit & Loss Account.

7) Expenses on Research and Development include Nil being payment to research and development staff (Previous Year Rs 0.66 lac).

8) To the best of knowledge of the Company, none of the creditors is a "Small Enterprise" within its meaning under clause (m) of section 2 of the Micro, Small & Medium Enterprises Development Act, 2006 and therefore principal amount, interest paid/payable or accrued to such enterprises is Nil.

9) Exchange difference (net gain) arising from foreign currency transactions amounting to Rs 6.12 lacs (Previous Year net loss Rs 0.76 lac) has been accounted for under the respective revenue heads in the Profit and Loss Account

10 Loans and Advances include deposits of Rs 1.10 lacs lacs) with Central Excise Deptt and Rs 16.70 lacs (Previous Year Rs 15.36 lacs) with Sales Tax Authorities in respect of contested demands raised against the Company. Part of these demands pending in adjudication and/or first appeals is included under Contingent Liabilities Not Provided for.

11) A charge has been created on stocks. stores, book debts and some fixed assets of the Company in favour of a bank in consideration of facility of cash credit, guarantees and letters of credit issued / to be issued upto a limit of Rs 110.00 lacs on behalf of the Company (Previous Year Rs 110.00 lacs).

12) The Company on 08.11.2009 issued fully paid 7,500 zero percent Unsecured .Compulsorily convertible Debentures of Rs 10,000/- each aggregating to Rs 750 Lacs. The holders of the debentures shall be allotted nine fully paid equity shares of Rs 10/- each in the Companys capital for each debenture without any further payment on 08.05.2O11.

13) There are no amounts, due and outstanding, to be credited to Investor Education & Protection Fund as on the date of the Balance Sheet.

14) Items and figures for the previous year have been recast, regrouped and or rearranged wherever necessary to conform to the current years presentation.

 
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