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Notes to Accounts of Hindustan Everest Tools Ltd.

Mar 31, 2015

1. SHARE CAPITAL

(a) Right attached to Equity Shares:

The Company has one class of equity shares having at par value of Rs. 10/- per share. Each share holder is eligible for one vote per share held. The dividend proposed by the Board of Director is subject to the approval of the share holders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation,the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their share holding.

2. Nature of security

Packing/Cash Credit Limits from Bank secured by hypothecation of Raw Material, Stores, Tools & Dies (not forming part of Plant & Machinery) Finished Goods, Work-in progress,Bill of lading and /or Goods in course of clearance or in transit & First charge on Movable/Immovable Assets of the Company other than those having exclusive charge. These loans further secured by personal guarantees of Chairman & Managing Director of the Company.

3. COMMITMENTS AND CONTINGENT LIABILITIES

As at As at 31.03.2015 31.03.2014 (Rs) (Rs.)

a) Commitments:

Estimated amount of contract remaining to be executed and not provided for (Advance paid Rs.Nil Previous year Rs.Nil)

b) Contingent Liabilities Nil Nil

Bonds & Bank Guarantees outstanding (Margine Money paid Rs. 183000/- (Previous year Rs. 1,83,000/-) 80,000 80,000

80,000 80,000

4. Trade Receivable and Trade Payable given are subject to reconciliation and confirmation. Adjustment in carrying amount, if any, shall be made on completion of reconciliation and confirmation thereof. In the opinion of the management, there shall not be any material impact on carrying amount of these accounts.

5. The company is engaged in the Hand tool business, which in the context of Accounting Standard-17 is considered the only primary business segment. However, Secondary segment reporting is performed on the basis of the location of the customer.

* Including export incentive Rs. 20783955/- (Previous year Rs. 20686494/-)

All the business assets of the company are situated in India except export debtors Rs17271128/-(Previous year Rs.5540660/-)

6. DISCLOSURE PURSUANT TO ACCOUNTING STANDARD -15 ON EMPLOYEES BENEFITS

1) Define Contribution Plan

The Company has recognised the following amounts in the profit & loss Statement for the year Contribution to Employees Provident Fund Rs.2235771/- (Previous year Rs.1536761/-)

7. RELATED PARTY DISCLOSURES

a) Association of persons having significant influence on Key management personnel

S.K.Mandelia (HUF)

B.G.Mandelia (HUF)

b) Key Management Personnel

Shri S.K.Mandelia (Chairman & Managing Director)

Shri B.G.Mandelia (Vice Chairman & Jt. Managing Director)

Shri V.K.Khanna ( Executive Director Finance)

c) Relative of the Key Management.

Mrs. Neeta Khanna-wife of Shri V.K.Khanna Executive Director (Finance)

Shri Anant Vijay Mandelia Marketing Executive son of Shri B.G.Mandelia.

8. Previous Year figures has been reclassified/regrouped to confirm current year figures.


Mar 31, 2014

(A) Right attached to Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

1.1 (a) Secured against Land, Building and Plant & Machinery and other immovable & movable fixed assets of the Company. These Loans further secured by personal gurantees of Chairman & Managing Director of the company.

(b) (i) Term Loan from a bank carrying interest rate (BPLR(10.20%) 5.25%) and payable in quarterly installment of Rs. 3,00,000/-.

(c) Vehicle loan from a bank secured by hypothecation of vehicles financed and carries interest rate of 10.50% to 12.50% per annum. Payable in 6-36 equal monthly installment beginning with April, 2013.

Nature of security

Packing/Cash Credit Limits from Bank secured by hypothecation of Raw Material Stores, Tools & Dies (not forming part of Plant & Machinery) Finished Goods, Work-in-progress, Bill of lading and /or Goods-in-course of clearance or in transit & First Charge on Movable/Immovable Assets of the Company other than those having exclusive charge.These Loans further secured by personal guarantees of Chairman & Managing Director of the company.

2.1 The company has not received any intimation from any of its suppliers regarding their status under the Micro Small Medium Enterprises Act and hence disclosures, relating to amounts unpaid as at the year end along with interest if any payable as required under the said Act have not been given.

2.2 Trade Payables are subject to reconciliation & confirmations.

As at As at 31st March, 2014 31st March, 2013 (Rs.) (Rs.)

b) Contingent Liabilities

Bonds & Bank Guarantees outstanding (Margin Money paid Rs. 1,83,000/- 80,000 80,000

Previous year Rs. 1,83,000/-) 80,000 80,000

2.3 The company is engaged in the Hand tool business, which in the context of Accounting Standard-17 is considered the only primary business segment. However, Secondary segment reporting is performed on the basis of the location of the customer.

2.4 DISCLOSURE PURSUANT TO ACCOUNTING STANARD -15 ON EMPLOYEES BENEFITS

I) Define Contribution Plan.

The Company has recognised the following amounts in the profit & loss Statement for the year Contribution to Employees Provident Fund Rs.3429146/- (Previous year Rs. 4447494/-)

II) Define Benefit Obligation (DBO)

The following table set out the status of unfunded gratuity plan as required under AS-15 (Revised -2005)

a) A reconciliation of opening and closing balances of the present value of the defined benefit obligation (DOB)

2.5 RELATED PARTY DISCLOSURES

a) Association of persons having significant influence on Key management personnel S.K.Mandelia (HUF)

B.G.Mandelia (HUF)

b) Key Management Personnel

Shri S.K.Mandelia (Chairman & Managing Director)

Shri B.G.Mandelia (Vice Chairman & Jt. Managing Director)

Shri V.K.Khanna ( Executive Director Finance)

c) Relative of the Key Management.

Mrs. Neeta Khanna-wife of Shri V.K.Khanna Excutive Director (Finance) Shri Anant Vijay Mandelia Marketing Executive son of Shri B.G.Mandelia.


Mar 31, 2013

1.1 Deferred tax assets on unabsorbed depreciation has been recognised to the extent deferred tax liability on timing difference of depriciation provided , the reversal of which will result in sufficient income.

2.1 (a) Trade Receivables become due on the date of Invoice.

(b) Export Debts are not covered by any hedge instrument or otherwise Rs. 5540660/-(previous year Rs.11079567/-)

(c) Trade Receivables are subject to reconciliation & confirmation.

3.1 Advance to suppliers are subject to reconciliation and confirmation.

NOTE-4: COMMITMENTS AND CONTINGENT LIABILITIES

a) Commitments:

Estimated amount of contract remaining to be executed and not provided for

(Advance paid Rs. NIL Previous year Rs.Nil) Nil Nil

b) Contingent Liabilities

Bonds & Bank Guarantees outstanding (Margine Money paid Rs. 1,83,000/- 80,000 80,000

Previous year Rs. 1,83,000/-) 80,000 80,000

5.1 Cost of own manufactured Dies & Tools during the year as certified and valued by the Management Rs. 992337/- (Previous year Rs. 1365059/-)

NOTE- 6 :

Expenses/adjustment relating to previous years not separately shown and same have been debited/credited to respective heads of accounts Rs. 195606/- Net Debit (Previous year Rs.135240/- (Net Credit))

7.1 The company is engaged in the Hand tool business, which in the context of Accounting Standard-17 is considered the only primary business segment. However, Secondary segment reporting is performed on the basis of the location of the customer.

7.2 DISCLOSURE PURSUANT TO ACCOUNTING STANARD -15 ON EMPLOYEES BENEFITS

I) Define Contribution Plan.

The Company has recognised the following amounts in the profit & loss Statement for the year Contribution to Employees Provident Fund Rs.4447494/- (Previous year Rs. 4665102/-)

II) Define Benefit Obligation (DBO)

The following table set out the status of unfunded gratuity plan as required under AS-15 (Revised -2005)

a) A reconciliation of opening and closing balances of the present value of the defined benefit obligation (DOB)

7.3 RELATED PARTY DISCLOSURES

a) Association of persons having significant influence on Key management personnel S.K.Mandelia (HUF)

B.G.Mandelia (HUF)

b) Key Management Personnel

Shri S.K.Mandelia (Chairman & Managing Director)

Shri B.G.Mandelia (Vice Chairman & Jt. Managing Director)

Shri V.K.Khanna ( Executive Director Finance)

c) Relative of the Key Management.

Mrs. Neeta Khanna-wife of Shri V.K.Khanna Excutive Director (Finance) Shri Anant Vijay Mandelia Marketing Executive son of Shri B.G.Mandelia.

7.4 Previous year figures has been reclassified/ regrouped to confirm current year figures.


Mar 31, 2012

1.1 The company has not received any Intimation from any of its suppliers regarding their status under the Micro Small Medium Enterprises Act and hence disclosures, relating to amounts unpaid as at the year end alonng with interest if any payable as required under the said Act have not been given.

1.2 Trade Payables are subject to reconcilition & confirmations.

2.1 Cost of own manufactured Dies & Tools during the year as certified and valued by the Management Rs. 992337/- (Previous year Rs. 1365059/-)

NOTE- 3 :

Expenses/adjustment relating to previous years not seperately shown and same have been debited/credited to respective heads of accounts Rs. 135240/- Net Debit (Previous year Rs. 147280/- (Net Credit).

3.2 The company is engagged in the Hand tool business, which in the context of Accounting Standard-17 is considered the only primary business segment. However, Secondary segment reporting is performed on the basis of the location of the customer.

3.3 DISCLOSURE PURSUANT TO ACCOUNTING STANARD -15 ON EMPLOYEES BENEFITS

1) Define Contribution Plan.

The Company has recognised the following amounts in the profit & loss Statement for the year Contribution to Employees Provident Fund Rs.46,65,102/- (Previous year Rs. 46,60,633/-)

2) Define Benefit Obligation (DBO)

The following table set out the status of unfunded gratuity plan as required under AS-15 (Revised -2005)

a) A reconciliation of opening and closing balances of the present value of the defined benefit obligation (DOB)

4.1 RELATED PARTY DISCLOSURES

a) Association of persons having significant influence on Key management personnel S.K.Mandelia (HUF)

B.G.Mandelia (HUF)

b) Key Management Personnel

Shri S.K.Mandelia (Chairman & Managing Director)

Shri B.G.Mandelia (Vice Chairman & Jt. Managing Director)

Shri V.K.Khanna ( Executive Director Finance)

c) Relative of the Key Management.

Mrs. Neeta Khanna-wife of Shri V.K.Khanna Excutive Director (Finance) Shri Anant Vijay Mandelia Marketing Executive son of Shri B.G.Mandelia.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

As at As at

31st March, 2010 31st March, 2009

(Rs.) (Rs.)

a) Bills discounted through bank and

Outstanding (as per Bank certificate 53,97,591 23,69,676

b) Bonds & Bank gurantees outstanding (Margine Money paid Rs.1,83,000/-

previous year Rs1,83,000/-) 1,00,000 1,67,000

2. Estimate amount of Capital Contract remaining to be executed and not provided for (Advance paid Rs. Nil Previous year Rs. Nil) Nil Nil



3 Expenses/adjustments relating to previous years not separately shown have been debited/credited to respective heads of accounts Rs. 1,59,591/-Net Credit (Previous year Rs.1,79,247/-) (Net Debit)

4. In the opinion of the Management the current assets and loans & advances are approximately at the value realisable in ordinary course of business.

5. Sundry debtors/creditors & loans and advances are subject to reconciliation and confirmation.

6. Cost of own manufactured Dies & Tools during the year as certified and valued by the Management Rs.9,26,917/- (previous year Rs.10,89,397/-).

7. a) No Provision for Income Tax has been made in the accounts as the Company have no taxable income as per the provision of Income tax Act, 1961

b) The Company has recognised deferred tax assets Rs. 50,85,268/- as on Balance Sheet date, which includes deferred tax assets on carry forward unabsorbed depreciation .Deferred Tax Assets on unabsorbed depreciation has been recognised only to the extent deferred tax libility provided due to the timing difference on depreciation.The reversal of which will result in sufficient income.

8. The Company is engaged in the Hand Tools Business, which in the context of Accounting Standard 17 is considered the only primary business segment. However, secondary segment reporting is performed on the basis of the location of the customer. All the business assets of the company are situated in India except Export debtors Rs.81,95,873(previous year Rs. 13,45,895/-)..

9. Related party Disclosures as required under Accounting Standard-18 issued by ICAI. to the extent identified by the Company

a) Association of persons having significant influence on Key Management personnel. S.K.Mandelia (HUF)

B.G.Mandelia (HUF)

b) Key Management Personnel

Shri S.K.Mandelia (Chairman & Managing Director)

Shri B.G.Mandelia ( Vice Chairman & Jt.Managing Director)

Shri V.K.Khanna (Executive Director (Finance)

c) Relatives of the Key Management.

1 Mrs.Neeta Khanna- wife of Shri V.KXhanna, Executive Director (Finance)

2 Shri Anant Vijay Mandelia Marketing Executive son of Shri B.G.Mandelia.

10 Disclosure as per Accounting Standared-15

i) Define Contribution Plan.

The Company has recognised the following amounts in the Profit & Loss Account for the year Contribution to Employees Provident Fund Rs. 29,53,975/-.

ii) Define Benefit Obligation(DBO)

The following table set out the status of the unfunded gratuity plan as required under AS-15(Revised 2005): a) A reconciliation of opening and closing balances of the present value of the defined benefit obligation (DBO):

11. The company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act,2006. Hence the necessary disclosures under the Act can not be made.

12. Previous years figures have been regrouped wherever found necessary to conform with current years classification.

 
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