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Notes to Accounts of Hilton Metal Forging Ltd.

Mar 31, 2014

1 Corporate information

Hilton Metal Forging Limited established in 2005 is a manufacturer of iron and steel forging, recognized export house, presently catering to the needs of Oil and Gas, Refineries and pharmaceutical industries. The company has its plant at Village Ghonsai, Taluka Wada, Dist Thane and Corporate office at 701 Palm Spring, Link Road, Malad West, Mumbai 400064, Maharashtra.



NOTE 2 :Contingent Liabilities and commitments ( to the extent not provided for)

(i) Contingent Liability

(a) Claims against the company not acknowledge as debt 409.86 409.86 MSEDCL has raised assessment bill for Rs 4,09,86,435/- U/s 135 of Electricity Act, 2003 alleging tampering with meter, which has been challenged in MSED Court Thane. The Honorable court while admitting the petition, ordered to Deposit of Rs 50 Lacs, pending disposal of petition.

(ii) Commitments

Discloser required under Section 22 of the Micro, Small and Medium enterprises Development Act

None

(dues to Micro and Small Enterprises could not be determined for wants of sufficient information to the extent such parties can be categorized /identified of its stature.

Disclosure as per Clause 32 of the Listing Agreement with Stock Exchanges:

Loans and advances in nature of loans given to subsidiaries, associates and others and investment in shares of the company by such parties:

Nil

Note : 3 Segment Information

The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organization and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance.

The Company is mainly engaged in Manufacturing of Steel Forgings and Flanges and Forged Fittings for oil & gas industry, Petrochemicals and refineries, which in the context of Accounting standard (AS) 17 "Segment Reporting is considered to be the only business segment


Mar 31, 2013

1 Corporate information

The company established in 2005 is manufacturer of iron and steel forging and recognized export house presently catering to the needs of Oil and Gas, Refineries and pharmaceutical industries. The company has its plant at Village Ghonsai, Taluka Wada, Dist Thane and Corporate office at 701 Palm Spring, Link Road, Malad West, Mumbai 400064, Maharashtra.

Note : 2 Segment Information

The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organization and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance.

The Company is mainly engaged in Manufacturing of Steel Forgings and Flanges and Forged Fittings is considered as only one segment as such in the context of Accounting standard (AS) 17 "Segment Reporting".

Note : 3 Related party Transactions

Key Management Personnel Mr Yuvraj Malhotra

Mr Navraj Malhotra

Relatives to KMP Mrs Diksha Malhotra

Miss Yashika Malhotra


Mar 31, 2012

1 Corporate information

The company esatablished in 2005 is manufacturer of iron and steel forging and recognised export house presently catering to the needs of Oil and Gas, Refinanries and pharmaceautical industries. The company has its plant at Village Ghonsai, Taluka Wada, Dist Thane and Corporate office at 701 Palm Spring, Link Road, Malad West, Mumbai 400064, Maharashtra.

2.23 Derivative contracts

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable forecast transactions. The Company designates such forward contracts in a cash flow hedging relationship by applying the hedge accounting principles set out in "Accounting Standard 30 Financial Instruments: Recognition and Measurement". These forward contracts are stated at fair value at each reporting date. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. If the forecasted transaction is no longer expected to occur, the net cumulative gain or loss recognised in "Hedging reserve account" is immediately transferred to the Statement of Profit and Loss.

2.24 Share issues expenses

Share issue expenses and re-operative expenses are written off and charged to profit and loss account The balance to the extent not written off is carried as an asset and is amortised over a period of 10 years

2.25 Insurance claims

Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that there is no uncertainty in receiving the claims.

2.26 Service tax input credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilising the credits.

Contingent Liabilities and commitments (to the extent not provided for)

(i) Contingent Liability

Claims against the company not acknowledge as debt

(b) Guarantees the company has not issued to as an other person or third party other money for which the company is contingently liable Material cleared under Bond UT-1 and CT

Details of derivatives instruments and unheeded foreign currency exposures.

The following derivative position are open as at 31st March 2012. these transactions have been under taken to act as economic hedges for the company's exposes to various risks in foreign exchange markets and may /may not qualify or to be designated as hedging instruments .the accounting of theses transactions is stated in

note 2.11 and 2.26

Forward Exchange contracts and options (being derivative instruments) which are not intended for trading or speculative purpose but for hedge purposes to establish the amount of reporting currency required or available at the statement date of certain payable or receivable.

The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organisation and management structure. The operating segments are the segments for which spear financial information is available and for which operating profit/loss amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance

The Company is mainly engaged in Manufacturing of Steel Forgings and Flanges and Forged Fittings for oil & gas industry, Petrochemicals and refineries, which in the context of Accounting standard (AS) 17 "Segment Reporting" is considered to be the only business segment


Mar 31, 2011

Amount Rs in Lacs Description 31st March 2011 31stMarch 2010 Amount Amount

1 Contingent Liability Not Provided For

1. Bank Guarantee Issued 213.76 124.82

2. Materials Cleared- UT-landCT-1 141.95 0.00

2 The company is covered under the provisions of Minimum Alternative Tax (MAT) and has provided income tax in the books as per section 115JB of the Income Tax Act, 1961.

3. The company has duly complied with the Accounting Standards referred in sub-section 3(c) of section 211 of the Companies Act 1956.

4. Fixed Assets:

The plot No 21, 25,26, 28,29 and 30 situated at wada, are still standing in the name of one of the director Mr Yuvraj Malhotra for want of mutation process to be completed for revenue records. Necessary steps are being taken to get the same mutated in the name of the company.

5. Current Assets:

In the Opinion of the Board of Directors of the Company, all items of the current assets including Loans and Advances continue to have a realizable value of at least the amount at which they are stated on the Balance Sheet.


Mar 31, 2010

1. Secured Loans

Term Loans from Banks are secured by way of first charge against mortgage of Companys immoveable assets at Wada, Dist Thane, Maharashtra, and through subsisting pari-passu second charge over Companys all moveable assets both present and future and guaranteed by CMD.

2. Working Capital facilities from the banks (included in Schedule III) are secured by way of hypothecation of stocks and book debts. The said facilities are also secured by way of second and subservient charges against mortgage of Companys immoveable assets at Wada, Dist Thane, Maharashtra and guaranteed by CMD.

3. Fixed Assets:

The plot No 21, 25, 26, 28, 29 and 30 situated at wada, are still standing in the name of one of the director Mr Yuvraj Malhotra for want of mutation process to be completed for revenue records. Necessary steps are being taken to get the same mutated in the name of the company.

4. Current Assets:

In the Opinion of the Board of Directors of the Company, all items of the current assets including Loans and Advances continue to have a realizable value of at least the amount at which they are stated on the Balance Sheet.

5. Contingent Liabilities not provided for

Guarantee given by the company Rs 124.82 Lacs (Rs121.83 Lacs)

6. At the closure of the year, the company has valued and accounted an amount of Rs 221.20 Lacs (Rs. 352.55 Lacs-) as export incentives being the benefit on account of entitlement to import duty-free materials under Entitlement Pass-book Scheme, as detailed in Accounting Policies A (5) (ii)

7. During the year, Material Worth Rs 235.16 Lacs (previous Year Rs. 148.14 Lacs) were called back due to radioactive contamination was noticed in material exported from India. Out of this material worth Rs 341,85449/ - have been re-exported after thorough checking during the year . The Balance worth Rs 41,45,664/-is under process of checking and will be re-exported in due course.

8. (A) Closing Stock of Raw material Include:

Goods Lying with Third Party

(b) Closing stock of Semi finished goods (WIP) includes" Goods lying with third party Nil (Nil)

9. The company has only one segment namely forgings, hence no separate disclosure of segment wise information has been made as required by accounting Standard 17 on "Segment Reporting" as issued by The Institute of Chartered Accountant of India.

10 Related Party Disclosures:

Names of related parties and description of relationship:

1. Key Management Personal Mr. Yuvraj Malhotra.

Mr. Navraj Malhotra

2. Relatives of Key Management Personal. Mrs. Diksha Malhotra

M/S. Yuvraj Malhotra HUF.

3. Enterprises significantly influenced by Hilton Steel Forging Pvt.Ltd key Management personal and Relatives. M/S. Delta Cut Tools

11. Public Issue Expenses and Preliminary expenses are amortized over a period of ten years.

12. Previous years figures have been regrouped and rearranged where ever necessary.

 
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