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.