Home  »  Company  »  Hawkins Cookers  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Hawkins Cookers Ltd.

Mar 31, 2016

NOTE 1

Other Notes Forming Part of the Accounts

1. Estimated amount of contracts remaining to be executed on capital account not provided for is Rs. 19.68 Lakhs (previous year: Rs. 57.98 Lakhs).

2. The possession of 20 acres of land has been given to the Company by the Government of Punjab, as per the agreement, the conveyance of which has yet to be finalised.

3. The exceptional item is in respect of expenditure of Rs. 404.17 Lakhs recognised in the year ended March 31, 2016, arising on a final determination of VAT applicable on Pressure Cookers for the period 2005-06 to 2010-11. There is no dispute about the current rate of VAT on Pressure Cookers.

4. Claims against the Company not acknowledged as debts are gross Rs. 1795.14 Lakhs (previous year: Rs. 1767.14 Lakhs), net of tax Rs. 1381.28 Lakhs (previous year: Rs. 1368.10 Lakhs). These comprise:

(a) Excise Duty, V.A.T./Sales Tax and other claims disputed by the Company relating to issues of applicability, classification etc. aggregating gross Rs. 1793.42 Lakhs (previous year: Rs. 1765.42 Lakhs), net of tax Rs. 1379.56 Lakhs (previous year: Rs. 1366.38 Lakhs).

(b) Income Tax claims disputed by the Company relating to allow ability of certain expenses, payment of taxes deducted at source etc. aggregating gross Rs. 1.72 Lakhs (previous year: Rs. 1.72 Lakhs), net of tax Rs. 1.72 Lakhs (previous year: Rs. 1.72 Lakhs).

5. The net profit on foreign exchange translations credited to the Statement of Profit and Loss is Rs. 2.32 Lakhs (previous year: profit credited Rs. 6.95 Lakhs).

6. The Company operates in a single segment, manufacture, trading and sale of Kitchenware.

7. The identification of vendors as a "Supplier" under the Micro, Small and Medium Enterprises Development Act, 2006 has been done on the basis of information to the extent provided by the vendors to the Company. This has been relied upon by the auditors.

8. Research and Development costs debited to the Statement of Profit and Loss is Rs. 332.79 Lakhs (previous year: Rs. 297.84 Lakhs). Research and Development expenditure of capital nature is Rs. 5.65 Lakhs (previous year: Rs. 9.71 Lakhs).

NOTE 2 (continued)

3. Related Party Disclosures:

1.Related Parties

(a) Individual having control and relatives:

Mr. Brahm Vasudeva Chairman

and relatives:

Mr. Neil Vasudeva Mr. Nikhil Vasudeva

Mrs. Anuradha S. Khandelwal

Mrs. Gitanjali V. Nevatia

Mrs. Gayatri S. Yadav*

Mrs. Susan M. Vasudeva Non-Executive Director

(b) Key Management Personnel and their relatives:

Mr. S. Dutta Choudhury Vice-Chairman & Chief Executive Officer

Mr. Sudeep Yadav Executive Director-Finance & Administration

Mrs. Sonya Dutta Choudhury Relative

Mrs. Gayatri S. Yadav Relative

* Disclosure of Related Party Transactions and Outstanding balances shown under the heading ''Individual having control and relatives''.

VIII. Expected contribution for the next year Rs. 150 Lakhs.

The expected rate of return is based on expectation of the average long term rate of return expected on investment of the fund, during the estimated term of obligation. The estimate of future salary increase considered in the actuarial valuation takes into account historical trends, future expectations, inflation, seniority, promotion and other relevant factors.

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

All the values have been stated in Rs. Lakhs unless otherwise indicated.


Mar 31, 2014

NOTE 1

Other Notes Forming Part of the Accounts

1. Estimated amount of contracts remaining to be executed on capital account not provided for is Rs.67.76 Lakhs (previous year: Rs.81.21 Lakhs).

2. The possession of 20 acres of land has been given to the Company by the Government of Punjab, as per the agreement, the conveyance of which has yet to be finalised.

3. Claims against the Company not acknowledged as debts are gross Rs.502.86 Lakhs (previous year: Rs.451.93 Lakhs), net of tax Rs.402.64 Lakhs (previous year: Rs.366.98 Lakhs). These comprise:

(a) Excise Duty, V.A.T./Sales Tax and other claims disputed by the Company relating to issues of applicability, classification etc. aggregating gross Rs.490.08 Lakhs (previous year: Rs.434.28 Lakhs), net of tax Rs.389.86 Lakhs (previous year: Rs.349.33 Lakhs).

(b) Income Tax claims disputed by the Company relating to allowability of certain expenses, payment of taxes deducted at source etc. aggregating gross Rs.12.78 Lakhs (previous year: Rs.17.65 Lakhs), net of tax Rs.12.78 Lakhs (previous year: Rs.17.65 Lakhs).

4. The net loss on foreign exchange translations debited to the Statement of Profit and Loss is Rs.7.53 Lakhs (previous year: profit credited Rs.14.50 Lakhs).

5. The Company operates in a single segment, manufacture, trading and sale of Kitchenware.

6. The identification of vendors as a "Supplier" under the Micro, Small and Medium Enterprises Development Act, 2006 has been done on the basis of information to the extent provided by the vendors to the Company. This has been relied upon by the auditors.

7. Research and Development costs debited to the Statement of Profit and Loss is Rs.189.58 Lakhs (previous year: Rs.104.94 Lakhs). Research and Development expenditure of capital nature is Rs.7.57 Lakhs (previous year: Rs.3.52 Lakhs).

8. As at the year end, the Company has not entered into any Forward Exchange Contracts (or other derivative instruments). The year end foreign currency exposures, which are only in respect of Export receivables/payables, that have not been hedged by a derivative instrument or otherwise amount to Rs.38.86 Lakhs (US$ 63838, Euro 983) [previous year: Rs.31.36 Lakhs (US$ 57849, Euro 157)] in respect of receivables and Rs.55.27 lakhs (US$ 92483, Euro 158 & AUD 29) [previous year: Rs.38.26 Lakhs (US$ 70596, Euro 158 & AUD 29)] in respect of payables.

9. Related Party Disclosures: 1. Related Parties

(a) Individual having control and relatives:

Mr. Brahm Vasudeva Chairman

and relatives:

Mr. Neil Vasudeva

Mr. Nikhil Vasudeva

Ms. Anuradha S. Khandelwal

Ms. Gitanjali V. Nevatia

Ms. Gayatri S. Yadav

(b) Key Management Personnel and their relatives:

Mr. S. Dutta Choudhury Vice-Chairman & Chief Executive Officer

Mr. M. A. Teckchandani Wholetime Director till November 11, 2013

Mr. K. K. Kaul Wholetime Director till May 31, 2013

Mr. Sudeep Yadav Wholetime Director from July 22, 2013

Mrs. Sonya Dutta Choudhury Relative

Mrs. S. M. Teckchandani Relative

10. Employee Benefits:

(a) Defined contribution plan Amount recognised as an expense for defined contribution plan Rs.368.42 Lakhs (previous year: Rs.298.37 Lakhs).

(b) Defined benefit plan – as per Actuarial valuation

VIII. Expected contribution for the next year Rs.119.81 Lakhs.

The expected rate of return is based on expectation of the average long term rate of return expected on investment of the fund, during the estimated term of obligation. The estimate of future salary increase considered in the actuarial valuation takes into account historical trends, future expectations, inflation, seniority, promotion and other relevant factors.

The details of experience adjustments arising on account of planned assets/liabilities as required by paragraph 120 (n) of AS 15 are not available in the valuation statement received from LIC in respect of previous periods ended on March 31,2010 and hence not furnished.

11. Previous year''s figures have been regrouped wherever necessary to conform to this year''s classification. All the values have been stated in Rs. Lakhs unless otherwise indicated.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account not provided for is Rs. 2,919,223 (previous year: Rs. 12,765,293).

2. The possession of 20 acres of land has been given to the Company by the Government of Punjab, as per the agreement, the conveyance of which has yet to be finalised.

3. Claims against the Company not acknowledged as debts are gross Rs. 37,149,459 (previous year: Rs. 12,152,446), net of tax Rs. 32,407,080 (previous year: Rs. 8,644,628). These comprise:

(a) Excise Duty, V.A.T./Sales Tax and other claims disputed by the Company relating to issues of applicability, classification etc. aggregating gross Rs. 20,130,786 (previous year: Rs. 10,204,778), net of tax Rs. 15,388,407 (previous year: Rs. 7,678,704).

(b) Income Tax claims disputed by the Company relating to allowability of certain expenses, payment of taxes deducted at source etc. aggregating gross Rs. 17,018,673 (previous year: Rs. 965,924), net of tax Rs. 17,018,673 (previous year: Rs. 965,924).

(c) Bills Discounted Rs. Nil (previous year: Rs. 981,744).

4. Contingent liability in respect of wage settlements at one location, where the wage agreements have expired and negotiations for fresh settlements are ongoing, is not currently ascertainable.

5. Salaries, Wages and Bonus include Directors remuneration consisting of Salary and Allowances of Rs. 6,722,830 (previous year: Rs. 3,983,000) and Commission of Rs. 19,175,687 (previous year: Rs. 14,895,605), Companys contribution to Provident Fund is Rs. 689,900 (previous year: Rs. 465,000) and Superannuation/Gratuity Fund is Rs. 1,167,664 (previous year: Rs. 767,548). Reimbursement of medical expenses is Rs. 42,786 (previous year: Rs. 73,535) and value of other perquisites is Rs. 194,017 (previous year: Rs. 158,142). In addition, Rs. 83,874 (previous year: Rs. 121,089) has been incurred on benefits provided to the Non-Executive Chairman of the Company, as Advisor.

6. The net difference on account of foreign exchange translations credited to the Profit and Loss Account is Rs. 638,319 (previous year: Rs. 241,646).

7. The Company operates in a single segment, manufacture, trading and sale of Kitchenware.

8. The identification of vendors as a "Supplier" under the Micro, Small and Medium Enterprises Development Act, 2006 has been done on the basis of information to the extent provided by the vendors to the Company. This has been relied upon by the auditors.

9. Research and development costs debited to the Profit and Loss Account is Rs. 9,394,119 (previous year: Rs. 10,121,160).

10. As at the year end, the Company has not entered into any Forward Exchange Contracts (or other derivative instruments). The year end foreign currency exposures, which are only in respect of Export receivables/payables, that have not been hedged by a derivative instrument or otherwise amount to Rs. 6,584,581 (US $ 148,536) [previous year: Rs. 1,766,623 (US $ 39,347)].

11. Related Party Disclosures: 1. Related Parties

(a) Individual having control and relatives:

Mr. Brahm Vasudeva Chairman

and relatives:

Mr. Neil Vasudeva

Mr. Nikhil Vasudeva

Ms. Anuradha S. Khandelwal

Ms. Gitanjali V. Nevatia

Ms. Gayatri S. Yadav

(b) Key Management Personnel and their relatives:

Mr. S. Dutta Choudhury Vice-Chairman & Chief Executive Officer

Mr. M. A. Teckchandani Wholetime Director

Mr. K. K. Kaul Wholetime Director (from June 1, 2010)

Mrs. Sonya Dutta Choudhury Relative

Mrs. S. M. Teckchandani Relative

12. Previous years figures have been regrouped wherever necessary to conform to this years classification.

13. Previous years figures wherever applicable are written in brackets.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capita! account not provided for is Rs. 12,765,293 (previous year: Rs. 5,447,934).

2. The possession of 20 acres of land has been given to the Company by the Government of Punjab, as per the agreement, the conveyance of which has yet to be finalised.

3. Claims against the Company not acknowledged as debts are gross Rs.l 2,152,446 (previous year: Rs. 13,739,498), net of tax Rs. 8,643,998 (previous year: Rs. 11,342,101), These comprise:

(a) Excise Duty, Sales Tax and Indirect Taxes claims disputed by the Company relating to issues of applicability and classification aggregating gross Rs. 10,204,778 (previous year: Rs. 12,892,166), net of tax Rs. 7,678,704 (previous year: Rs. 10,494,769).

(b) Income Tax claims disputed by the Company relating to allowability of certain expenses aggregating gross Rs. 965,924 (previous year: Rs. 847,332), net of tax Rs. 965,924 (previous year: Rs. 847,332).

(c) Bills Discounted Rs. 981,744 (previous year: Rs. Nil)

4. Salaries, Wages and Bonus include Directors remuneration consisting of Salary and Allowances of Rs. 3,983,000 (previous year: Rs. 5,708,004) and Commission of Rs. 14,895,605 (previous year: Rs. 10,107,453), Companys contribution to Provident Fund is Rs.465,000 (previous year: Rs. 672,000) and Superannuation/Gratuity Fund is Rs. 767,548 (previous year: Rs. 1,109,231). Reimbursement of medical expenses is Rs. 73,535 (previous year: Rs. 115,903) and value of other perquisites is Rs. 158,142 (previous year: Rs. 200,394). In addition, Rs. 121,089 (previous year: Rs. 85,119) has been incurred on benefits provided to the Non-Executive Chairman of the Company, as Advisor.

5. The net difference on account of foreign exchange translations credited to the Profit and Loss Account is Rs. 241,646 (previous year: debited Rs. 1,712,630),

6. The Company operates in a single segment, manufacture, trading and sale of Kitchenware.

7. The identification of vendors as a "Supplier" under the Micro, Small and Medium Enterprises Development Act, 2006 has been done on the basis of information to the extent provided by the vendors to the Company. This has been relied upon by the auditors.

8. Research and development costs debited to the Profit and Loss Account is Rs. 10,121,160 (previous year: Rs. 10,935,237).

9. As at the year end, the Company has not entered into any Forward Exchange Contracts (or other derivative instruments) to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables. The year end foreign currency exposures, which are only in respect of Export receivables/payables, that have not been hedged by a derivative instrument or otherwise amount to Rs. 1,766,623 (US $ 39,347) [previous year: Rs. 1,481,495 (US $ 29,238)].

10. Additional information as required under Part II of Schedule VI to the Companies Act, 1956. (a) Particulars in respect of goods manufactured/sold

11. Related Parly Disclosures: 1. Related Parries

(a) Individual having control and relatives:

Mr. Brahm Vasudeva Chairman and relatives: Mr. Neil Vasudeva Mr. Nikhil Vasudeva Ms. Anuradha S. Khandelwal Ms. Gitanjali V. Nevatia Ms. Gayatri S. Yadav

(b) Key Management Personnel and their relatives:

Mr. S. Dutta Choudhury Vice-Chairman & Chief Executive Officer Mr. K. Sundararaghavan Wholetime Director (up to April 15, 2009) Mr. M. A. Teckchandani Wholetime Director Mrs. Sonya Dutta Choudhury Relative Mrs. S. M. Teckchandani Relative Mrs. Prabha Raghavan Relative (up to April 15, 2009)

12. Previous years figures have been regrouped wherever necessary to conform to this years classification.

13. Previous years figures wherever applicable are written in brackets.

 
Subscribe now to get personal finance updates in your inbox!