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Notes to Accounts of Harita Seating Systems Ltd.

Mar 31, 2014

Rs. in Lakhs As at/year ended As at/year ended 31.03.2014 31.03.2013

ACCOUNTING STANDARD (29) - Provisions, contingent liabilities and contingent assets

1. Provisions

In respect of warranty obligations provision is made inaccordance with the terms of sale of seat assemblies. Provision for warranty at the beginning of the year 116.30 43.43 Provided during the year 36.10 72.87 Total 152.40 116.30 Reversed during the year 55.08 – Net Provision as on Balance Sheet date 97.32 116.30

2. Contingent liabilities The amount for which the Company is contingently liable are disclosed in Note No. 2

3. Contingent assets Contingent assets which are likely to give rise to the possibility of inflow of economic benefits Nil Nil

4. Contested liabilities Contested liabilities are detailed in Note No.3

ACCOUNTING STANDARD (30) - Financial instruments

The Company has entered into forward contracts to hedge its risks associated with foreign currency fluctuation relating to import of raw materials. Only net exposure is hedged. The Company has no contracts for import of capital goods. The Company also does not hold derivatives for speculation purposes. The foreign e xchange liabilities are restated at the prevailing rates at the year end.

2. Contingent liabilities not provided for

a. On counter guarantee furnished to bank 328.59 341.20 b. On account of bill discounting 110.94 20.31 c. Customs duty under Export Promotion Capital Goods Scheme 189.13 189.13 d. Contracts remaining to be executed on Capital Account and not provided for 152.58 34.40

3. Sundry creditors include

c) Information required under the Micro, Small and Medium Enterprises Development Act, 2006:

The Company has written to all suppliers to ascertain if they are covered by the said Act. No information has been received in reply.

However, the suppliers'' credit terms are generally 45 days within which all payments are made. Hence, the question of payment of interest or provision thereof for belated payments does not arise.

4. Other expenses include

No individual head of expense is in excess of 1% of the Revenue from operations or Rs.1,00,000/- whichever is higher.

5. Expenses, wherever applicable are inclusive of service tax at appropriate rates and net of service tax set off permissible.

6. Last year''s figures have been regrouped wherever necessary to conform to this year''s classification.


Mar 31, 2013

1. Provisions

In respect of warranty obligations provision is made in accordance with the terms of sale of seat assemblies. Provision for warranty at beginning of the year 43.43 53.42 Provided during the year 72.87 43.43 Total 116.30 96.85

Reversed during the year – 53.42

Net Provision as on Balance Sheet date 116.30 43.43

2. Contingent liabilities

The amount for which the Company is contingently liable are disclosed in Note No. 2

3. Contingent assets

Contingent assets which are likely to give rise to the possibility of inflow of economic benefits Nil Nil

4. Contested liabilities

Contested liabilities are detailed in Note No.3

ACCOUNTING STANDARD (30) - Financial instruments

The Company has entered into forward contracts to hedge its risks associated with foreign currency fluctuation relating to import of raw materials. Only net exposure is hedged. The Company has no contracts for import of capital goods. The Company also does not hold derivatives for speculation purposes. The foreign exchange liabilities are restated at the prevailing rates at the year end.

5. Other expenses include

No individual expense is in excess of 1% of the Revenue from operations or Rs.1,00,000/- whichever is higher.

6. Expenses, wherever applicable are inclusive of service tax at appropriate rates and net of service tax set off permissible.

7. Last year''s figures have been regrouped wherever necessary to conform to this year''s classification.


Mar 31, 2012

Rights attached to Equity Shares : Shareholders are entitled to such rights as to attend meetings of the shareholders, to receive dividend distributable and also have a right in residual interest in the assets of the Company. Further shareholders are entitled to right of inspection of the documents as provided in Companies Act, 1956.

1. Contingent liabilities not provided for

a. On counter guarantee furnished to bank 403.74 327.15

b. On account of bill discounting 91.80 93.70

c. Customs duty under Export Promotion Capital Goods Scheme 189.13 189.13

d. Contracts remaining to be executed on Capital Account and not provided for 100.47 -

2. Managerial Remuneration

The shareholders have approved at the annual general meeting held on 7th September, 2009 remuneration to Mr A G Giridharan, Manager, up to 5% of the net profits of the Company, subject to a ceiling of Rs.48 lakhs per annum. However, based on the profitability for the year ended 31st March 2012, he was paid Rs.51.47 lakhs, which was approved by Board of Directors, subject, of course, to the final approval by the shareholders vide item no.5 of notice of even date for the ensuing annual general meeting.

3. Other expenses include

No individual expense is in excess of 1% of the Revenue from operations or Rs.1,00,000/- whichever is higher.

4. Expenses, wherever applicable are inclusive of service tax at appropriate rates and net of service tax set off permissible.

5. Dividend - Interim Dividend payable: The amount proposed to be distributed to the shareholders on 77,69,040 Equity Shares is at Rs.3.50/- per share amounting to Rs.271.92 lakhs.

6. Last year's figures have been regrouped wherever necessary to conform to this year's classification.

Note: 1) The above statement has been prepared in indirect method except in case of dividend, interest, direct tax, purchase and sale of investments, which have been considered on the basis of actual movement of cash.

2) Cash and Cash equivalent represents cash and bank balances


Mar 31, 2011

ACCOUNTING STANDARD (29) - Provisions, contingent liabilities and contingent assets

1. Provisions

In respect of warranty obligations provision is made in accordance with terms of sale of seat assemblies. (Refer schedule no. XIV of the Balance Sheet)

2. Contingent liabilities

The amount for which the company is contingently liable are disclosed in Note No. 2.

3. Contingent assets

Contingent assets which are likely to give rise to the

possibility of inflow of economic benefits. Nil Nil

4. Contested liabilities

Contested liabilities are detailed in Note No.3.

2. Contingent liabilities not provided for

a. On counter guarantee furnished to bank 327.15 517.23

b. On account of bill discounting 93.70 64.80

c. Customs duty under EPCG scheme 189.13 189.13

5. Sundry creditors include

c) Information required under the Micro, Small and Medium Enterprises Development Act, 2006

The Company has written to all suppliers to ascertain if they are covered by the said Act. No information has been received in reply.

However, the suppliers' credit terms are generally 45 days within which all payments are made. Hence, the question of payment of interest or provision thereof for belated payments does not arise.

6. Previous year's figures have been regrouped wherever necessary to conform to this year's classification.

7. Information pursuant to the provisions of Part II of Schedule VI of the Companies Act, 1956 (Vide Notification dated 30th October 1973 of the Ministry of Corporate Affairs, Government of India).

The Board of Directors have given their consent to avail exemption from disclosing quantitative details of raw materials and components, opening and closing stock of finished goods and sale by class of goods constituting less than 10% of the total value in line with notification no SO 301(E) dated 8th February 2011 issued by the Ministry of Corporate Affairs.

VI SALE BY CLASS OF GOODS

Note : Two Wheeler Seats, Long Fibre Injection, Micro Cellular Urethane business has been transferred to Harita Fehrer Limited, Chennai from 22nd January, 2010.

VII LICENSED AND INSTALLED CAPACITY

Information is not furnished in view of abolition of industrial licensing requirements for the products manufactured by the company

b. Spares

Quantitative details are not furnished as the income from sales is individually less than ten percent of total income.


Mar 31, 2010

1. During the year, on 22.01.2010 the Company has transferred fixed assets like land, building, plant and machinery, office equipment and also current assets like inventories, receivables net of current liabilities to the subsidiary company namely Harita Fehrer Limited, Chennai, as approved by the shareholders of the Company through Postal Ballot.

2. Contingent liabilities not provided for

As at year ended As at year ended

a) On counter guarantee furnished to bank 517.23 417.41

b) On letters of credit opened with bank - 192.00

c) On account of bill discounting 64.80 -

d) Customs duty under EPCG scheme 189.13 -

6. Sundry creditors include:

c) Information required under the Micro, Small and Medium Enterprises Development Act, 2006:

The Company has written to all suppliers to ascertain if they are covered by the said Act. No information has been received in reply.

However, the suppliers credit terms are generally 45 days within which all payments are made. Hence, the question of payment of interest or provision thereof for belated payments does not arise.

3. Expenses, wherever applicable are inclusive of service tax at appropriate rates and net off service tax set off permissible.

4. Sundry debtors - other debts includes Rs.5.69 lakhs due from a company under the same management viz Sundaram Auto Components Limited, Chennal.

5. Previous years figures have been regrouped wherever necessary to conform to the current years classification.

 
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