Mar 31, 2018
1. Corporate Information
Hindustan Tin Works Limited ("the Company") is a public company incorporated on 11th December, 1958; equity shares of the company are listed on Bombay Stock Exchange, Calcutta Stock Exchange and Delhi Stock Exchange. The company is engaged mainly in the business of Manufacturing of Tin Cans, Printed/Lacquered Sheets, Components and trading in Tin Plates.
Notes:
1. Trade receivables are non-interest bearing and are generally on terms of 30 to 180 days.
2. No trade or other receivable are due from directors or other officers of the company either severally or jointly with any other person. Trade receivables include due from firms or private companies respectively in which any director is a partner, a director or a member to Rs. 19.40 Lakhs (31 March 2017: Rs. Nil, 1 April 2016: Rs 3.03 Lakhs)
(b) Terms/rights attached to equity shares
The company has issued only one class of equity shares having par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Notes:
a. Vehicle loans
1. Vehicle loans carry varies interest rate from 8.70% to 11.30% and repayable within 3 years. These loans are secured by hypothecation of vehicles purchased for which loan is received.
b. Foreign currency Term loan
1. Foreign currency term loans from Kotak Bank Limited
The loan taken in FCTL carrying interest link to the LIBOR (hedged at) 1.60% 4.00%
i. Rs.597.98 Lakhs loan is repayable monthly installments upto October, 2020. The loan is secured by pari-passu first charge on movable Fixed Assets of the company both present and future and Equitable Mortgage of immovable Murthal Property in addition by second charge on current assets of the company and guaranteed by Directors namely S/Sh. Vijay Bhatia, Ashok Bhatia and Sanjay Bhatia.
ii. Rs. 204.58 Lakhs loan is repayable monthly installments upto March, 2020. The loan is secured by first and exclusive Equitable Mortgage Charge on immovable Fixed Assets of the company being JA-0818 and JA- 0819 Jasola Office premises New Delhi and guaranteed by Directors namely S/Sh. Vijay Bhatia, Ashok Bhatia and Sanjay Bhatia.
2. ECB from Standard Chartered bank - Rs. 958.53 Lakhs loan carries interest rate LIBOR 3.00% rate. The loan is secured by pari-passu first charge on movable Fixed Assets of the company both present and future and Equitable Mortgage of immovable Murthal Property in addition by second charge on current assets of the company and guaranteed by Directors namely S/Sh. Vijay Bhatia, Ashok Bhatia and Sanjay Bhatia.
c. Term Loan From Banks
Term loan from Yes bank - The loan carries interest rate @ 0.95% spread over and above one year MCLR, repayable as - One Year Moratorium period for principle and thereafter monthly installment of principle. The term loan is secured by pari-passu first charge on movable Fixed Assets of the company both present and future and Equitable Mortgage of immovable Murthal Property in addition by second charge on current assets of the company and guaranteed by Directors namely S/Sh. Vijay Bhatia, Ashok Bhatia and Sanjay Bhatia.
Notes:
1. Short-term loan from bank is repayable within 180 days due in April 2018 and is guaranteed by Directors namely S/Sh. Vijay Bhatia, Ashok Bhatia and Sanjay Bhatia.
2. The loan is secured against subservient charge on the current asset and moveable fixed assets of the Company both present and future and guaranteed by Sh. Sanjay Bhatia.
3. Working Capital limits are secured by pari-passu first charge on Current Assets of the company both present and future and in addition by second charge on moveable fixed assets and Equitable Mortgage of immoveable Murthal property of the company The above working capital limits are guaranteed by Directors namely S/ Sh. Vijay Bhatia, Ashok Bhatia, and Sanjay Bhatia.
4. The above loan is against bill discounting of suppliers qauranteed by Directors namely S/ Sh. Vijay Kumar Bhatia, Ashok Kumar Bhatia, and Sanjay Bhatia.
Details of dues to micro, small and medium enterprises as defined under MSMED Act, 2006.
There are no micro, small and medium enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also as at March 31, 2018. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the Company,
2. Post employment benefit plans: Gratuity and Leave encashment
The Company has a funded defined benefit gratuity and leave encashment plan.
The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific benefit.
The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded status and amounts recognised in the balance sheet for the respective plans:
Due to its defined benefit plans, the Company is exposed to the following significant risks:
Changes in return on plan assets - A decrease in return on plan assets will increase plan liability.
Salary risk - The present value of the defined benefit plans liability is calculated by reference to the future salaries of the plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability,
3. Segment reporting
The primary segment reporting format is determined to be business segments as the company''s risks and rates of return are affected predominantly by differences in the nature of services rendered. Secondary information is reported geographically. The operating businesses are organized and managed separately according to the nature of the services provided, with each segment representing a strategic business unit that offers different services and serves different markets.
4. Significant accounting judgements, estimates and assumptions
The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Judgements
In the process of applying the Company''s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements:
Taxes
Significant judgements are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.
The Company reviews the carrying amount of deferred tax assets at the end of each reporting period. The policy for the same is explained in Note 2.2.14
Useful life of property, plant and equipment
The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods.
Provisions and contingent liabilities
A provision is recognised when the Company has a present obligation as a result of past event if it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits and leave encashment) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance sheet date. These are reviewed at each Balance sheet date and adjusted to reflect the current best esitmates. Contingent liabilities are not recognised in financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.
Defined benefit plans (gratuity benefits)
The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates for the respective countries.
Further details about gratuity obligations are given in Note 28.
Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. Carrying value and approximate fair values of financial instruments are same.
5. Financial risk management objectives and policies
The Company''s activities expose it to a variety of financial risks : market risk, credit risk and liquidity risk. The primary market risk to the Company is foreign exchange risk. The Company''s exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.
Market risk
The Company is exposed to foreign exchange risk through its sales and services outside India, and purchases and services from overseas suppliers in various foreign currencies. The exchange rate between the rupee and foreign currencies may fluctuate substantially in the future. Consequently, the results of the Company''s operations are adversely affected as the rupee appreciates / depreciates against these currencies.
Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. Trade receivables are typically unsecured and are derived from revenue earned from customers located primarily in India. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.
Credit risk on cash and cash equivalents is limited as the Company generally invest in deposits with banks.
Liquidity risk
The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company has no outstanding bank borrowings. The Company believes that the working capital is sufficient to meet its current requirements.
6. Commitments and contingencies
a. Leases
Operating lease commitments â Group as lessee
The Company has entered into operating leases on immovable properties and plant and machinery, with lease terms upto six years.
The Company has paid INR 38.71 Lakhs, (31 March 2017: INR 11.87 Lakhs) during the year towards minimum lease payment.
(i) Compensation suit filed under section 12B of MRTP Act by M/s Himalaya International Ltd. has been decided in favour of the complainant by the MRTP Commission (now competition appellate tribunal) vide order dated 07.07.2008. The total amount involved is Rs. 349.75 lacs. The company has filed an appeal before the Hon''ble Delhi High Court for the relief and Hon''ble High Court has remanded back the matter to Competition appellate tribunal and the tribunal has passed judgment in favour of the company, M/s Himalayan International Limited has filed an appeal before Appellate Tribunal for reviewing the decision now appellate tribunal has dismissed the case in the hearing held on 2nd September 2015 by taking cognizance of the pendency of civil suit in the Hon''ble Delhi High Court which was instituted by M/s Himalaya International Ltd. Suit filed in the Hon''ble Delhi High Court has now been transferred to Hon''ble Tis Hazari District Court Delhi by order dated 28.1 1.2015 in view of Notification No 27187/DHC/Orgl dated 24.11.2015 and the case is now being heard in Hon''ble Tis Hazari District Court Delhi.
(ii) Rs 21.34 Lakhs for the year 2008-09 to 2017-18 may be payable to Haryana Sales Tax Department towards L.A.D.T. The company has filed an appeal before the Hon''ble High Court Chandigarh for the relief and the Hon''ble High Court has granted stay against L.A.D.T. and declared L.A.D.T. unconstitutional. The department has filed Appeal before the Hon''ble Supreme Court for granting stay and the same is pending, however no demand has been raised by the Haryana Sales Tax Department.
(iii) The Company purchased 7.55 bigha land in Katha Baddi in 2006-07 for setting up a new project but due to change in Tax Policy of the Central Government, company could not set up the unit with in specified/ extended time allowed u/s 118 of Himachal Pradesh Tenancy and Land Reform Act 1972.The purchase price of the same is Rs 189.84 lac. District Collector (DC), Solan had issued show cause notice to acquire the land as per the provision of the Act. The reply of the notice was filed and the company through its legal representative has argued the case. The District Collector has given the judgment which is not in favor of the company. The company has filed appeal against the order of the District Collector with Divisional Commissioner (Appeal) and the proceeding is pending.
c. Capital commitments
Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for in the books of account as at March 31, 2018 is Rs. 53.64 Lakhs (31 March 2017: Rs. 5.45 Lakhs, 1 April 2016: Rs. 158.51 Lakhs).
7. Few export consingments are reported damaged in transit. The consignments are insured and under investigation by the insurer, the impact of which is yet to be ascertained on the Company. Since the financial implications is yet to be quantified, no provision is made in the books.
8. Reconciliation from previous GAAP
The following reconciliations provide a quantification of the effect of differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind AS 101 whereas the notes explain the significant differences thereto.
I. Balance sheet reconciliations as of April 1, 2016 and March 31, 2017.
II. Reconciliations of statement of profit and loss for the year ended March 31, 2017
II. Notes to the balance sheet and statement of profit and loss reconciliations
IV. Explanation of material adjustments to statement of cash flows
III. Notes to the balance sheet and statement of profit and loss reconciliations
1. Proposed dividend
Under previous GAAP dividend on equity shares recommended by the board of directors (''proposed dividend'') was recognised as a liability in the financial statements in the period to which it relates. Under Ind As, such dividend is recognised as a liability when approved by the shareholders in the general meeting. The Company accordingly, has de-recognised the proposed dividend liability with the corresponding increase being recognised in equity.
2. Sale of goods
Under Indian GAAP, sale of goods was presented as net of excise duty. However, under Ind AS, sale of goods includes excise duty. Excise duty on sale of goods is separately presented on the face of statement of profit and loss. Thus sale of goods under Ind AS has increased by INR 2,334.97 Lakhs with a corresponding increase in other expense.
3. Remeasurement differences
Under previous GAAP there was no concept of other comprehensive income and hence, previous GAAP profit is reconciled to total comprehensive income as per Ind AS. Under previous GAAP the remeasurements of the net defined benefit liability were recognised in the statement of profit and loss. Under Ind AS, the said remeasurement differences net of the related tax impact are recognised in other comprehensive income.
IV. Explanation of material adjustments to statement of cash flows
There were no material differences between the statements of cash flows presented under Ind AS and the Previous GAAP except due to definition of Cash and cash equivalents under these two GAAPs.
9. Previous year audit was done by M/s M.L. Puri & Co., Chartered Accountants.
Mar 31, 2016
1. Contingent Liabilities and Commitments
2. Contingent Liabilities
(a) In respect of Bank guarantee outstanding as on 31st March, 2016 amounting to Rs. Nil (previous year Rs. 23.56Lacs).
(b) Compensation suit filed under section 12B of MRTP Act by M/s Himalaya International Ltd. has been decided in favour of the complainant by the MRTP Commission (now competition appellate tribunal) vide order dated 07.07.2008. The total amount involved is Rs. 349.75 lacs. The company has filed an appeal before the Hon''ble Delhi High Court for the relief and Hon''ble High Court has remanded back the matter to Competition appellate tribunal and the tribunal has passed judgment in favour of the company. M/s Himalayan International Limited has filed an appeal before Appellate Tribunal for reviewing the decision now appellate tribunal has dismissed the case in the hearing held on 2nd September 2015 by taking cognizance of the pendency of civil suit in the Hon''ble Delhi High Court which was instituted by M/s Himalaya International Ltd. Suit filed in the Hon''ble Delhi High Court has now been transferred to Hon''ble Tis Hazari District Court Delhi by order dated 28.11.2015 in view of Notification No 27187/DHC/Orgl dated 24.11.2015 and the case is now being heard by Hon''ble Tis Hazari District Court Delhi.
(c) Rs 21,34,410/- for the year 2008-09 to 2015-16 may be payable to Haryana Sales Tax Department towards L.A.D.T. The company has filed an appeal before the Hon''ble High Court Chandigarh for the relief and the Hon''ble High Court has granted stay against L.A.D.T. and declared L.A.D.T. unconstitutional. The department has filed Appeal before the Hon''ble Supreme Court for granting stay and the same is pending, however no demand has been raised by the Haryana Sales Tax Department.
(d) The Company purchased 7.55 bigha land in Katha Baddi in 2006-07 for setting up a new project but due to change in Tax Policy of the Central Government, company could not set up the unit within specified/extended time allowed u/s 118 of Himachal Pradesh Tenancy and Land Reform Act 1972.The purchase price of the same is Rs 189.84 lac. District Collector (DC), Solan had issued show cause notice to acquire the land as per the provision of the Act. The reply of the notice was filed and the company through its legal representative has argued the case. Final Hearing was held on 30.04.2016 and order is awaited.
3. Commitments
(a) The estimated amount of contract remaining to be executed on capital account and not provided for, net of advances Rs. 158.51 Lacs. (Previous year Rs. 263.08 Lacs)
4. Other liabilities:
(a) There is no goods lying in the custom warehouse so custom duty payable amounting to Rs. Nil (previous year Nil).
(b) Excise duty payable on finished goods lying in the Godown amounting to Rs. 59.22 lacs (previous year Rs 95.19 lacs).
(c) Unclaimed dividend of Rs. 6.70 Lacs as on 31st Mar 2016 is lying with Bank.
5. In the Annual General Meeting held on 17th September, 2015 special resolution have been passed and salaries have been revised up to Rs.120.00 lacs each per annum for Managing Director Mr. Sanjay Bhatia, Whole Time Directors Mr. Vijay Kumar Bhatia and Mr. Ashok Kumar Bhatia and up to Rs 20 lac per annum to Whole Time Director Mr. P P Singh w.e.f. 1st October, 2015 under schedule V and all other applicable provisions of Companies Act 2013.
6. Based on information so far available with the company in respect of MSME (as defined in the Micro Small Medium Enterprises Development Act 2006) there are no delays in payment & dues to such enterprises during the year. There are no outstanding amounts of such Creditors as on 31.03.16. (Previous year outstanding Rs. NIL).
7. Disclosure pursuant to Accounting Standard (11)
(i) "Effects of change in Foreign Exchange Rates"
(a) The amount of difference in foreign exchange rate, debited /credited to profit & loss account for the financial year 2015-16 are as follows.
8. Disclosure pursuant to Accounting Standard - 15 "Employee Benefits"
(a) The company has recognized Rs.60.50 lacs in the Profit & Loss Account for the year ended 31.03.2016 under defined plan.
9. The Company has identified Business segment as its primary segment and geographical segment as its secondary segment. The products of the company have been grouped under ''Manufacturing'' and ''Trading'' segments (primary segment) depending upon the sector to which they are predominantly identified in the market.
10. Manufacturing products include metal containers, Components & printed / lacquered sheets.
11. Trading includes purchase & sales of Tinplates, Easy Open Ends
|
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Name of Key Managerial Personal |
Relative of Key Managerial Personnel |
Other Related Party where control exists |
Sh. Vijay Kumar Bhatia Sh. Ashok Kumar Bhatia Sh. Sanjay Bhatia Sh. PP Singh |
Mr. Paras Bhatia Mr. Saket Bhatia Mr. Gaurav Bhatia Mr. Atit Bhatia Mrs. Manju Bhatia Mrs. Sareeta Bhatia |
Hi-tech Surfactants Pvt. Ltd. Parmanand Vijay Kumar Vijay Brothers Innopac Innopac Containers Pvt. Ltd. Artistique Designer Products Petainer Innopac Packaging Pvt. Ltd. |
|
The shares in Joint Venture Company have been sold on 17-04-2015 and thereafter it ceases to be Joint Venture Company. Therefore the payment of royalty and management services has been taken proportionately up to 16-04-2015. The total payment during the year for Management Service Agreement and Royalty was Rs.2271369/- and Rs.749292/- respectively.
12.. The company has an obligation to pay Rs.5.62 lacs on account of Uttar Pradesh Trade Tax as on 31st March, 2012 on account of past events, therefore, a provision Rs.11.52 lacs (Rs.5.90 lacs already paid) has been made by the company in the books of account as on 31st March, 2012 as required under the Accounting Standard-29 issued by the Institute of Chartered Accountants of India on ''Provisions, Contingent Liabilities and Contingent Assets''. Further, details of Contingent Liabilities have been given above as per the Accounting Standard-29:
13. Earnings In Foreign Currency
Export Goods on FOB Basis Rs. 7188.25 Lacs (Previous Year Rs. 6711.14 Lacs).
14. Previous year''s figures have been regrouped/ reclassified wherever practicable to confirm to current year''s presentation.
complaint received from any employee during the financial year 2015-16 and hence no complaint is outstanding as on 31st March, 2016.
Mar 31, 2015
Terms & Conditions
1. The Term Loans A to E above are secured by pari-passu first charge
on gross block of Fixed Assets of the company both present and future
in addition by second charge on current assets of the company and
guaranteed by Directors namely S/Sh. Vijay Bhatia, Ashok Bhatia and
Sanjay Bhatia.
2. Auto Loan of F above are secured against hypothecation of Vehicles.
A) The loan carrying interest link to the LIBOR 3.00% rate repayable
in 17 quarterly instalment each of USD 58823.53 from November 2015 to
November 2019 of ECB of USD 1.00 million , 1 7 quarterly installment
each of USD 58823.53 from February 2016 to February 2020 of ECB of USD
1.00 million.
B) The loan carrying interest link to the bank base rate repayable in
75 monthly instalment of '' 24.00 lacs commencing from Jan. 2014 to
March 2020 ( due to drawdown on different date, presently balance
repayable in 60 monthly installment of Rs.24.51 lacs from April 2015
onward).
C) The loan carrying interest link to the bank base rate repayable in
18 quarterly instalment of '' 15.00 lacs from Dec.2010 to march 2015 and
4 installment of '' 16.25 lacs from June 2015 to March 2016.
D) The loan carrying interest link to the bank base rate repayable in
21 quarterly instalment of '' 15.00 lacs from Dec.2010 to Dec.2015 and 1
installment of '' 20.00 lacs in March 2016.
E) The loan carrying interest link to the bank base rate repayable in
18 quarterly instalment of Rs.18.20 lacs from Dec.2011 to March 2016 and
4 installment of Rs. 18.10 lacs from June 2016 to March 2017.
F) There are 17 Auto Loans which are repayable in verying amounts on
monthly basis and the last instalment will be payable in December 2017.
3. Loan from LIC is Secured against Keyman policy of the company.
The above LIC loan will be repaid at the time of maturity (i.e in
Financial Year 2017-18)
2. COMPANY OVERVIEW
Hindustan Tin Works Limited ("the company") is a public company
incorporated on 11th December, 1958 under the Companies Act, 1956;
equity shares of the company are listed on Bombay Stock Exchange,
Calcutta Stock Exchange and Delhi Stock Exchange. The company is
engaged mainly in the business of Manufacturing of Tin Cans, Printed /
Lacquered Sheets, Components and trading in Tin Plates.
2. Contingent Liabilities and Commitments
2.1 Contingent Liabilities
(a) In respect of Bank Guarantee outstanding as on 31st March, 2015
amounting to Rs.23.56 lacs (previous year Rs.20.28 Lacs).
(b Compensation suit filed under section 12B of MRTP Act by M/s
Himalaya International Ltd. has been decided in favour of the
complainant by the MRTP Commission (now competition appellate tribunal)
vide order dated 07.07.2008. The total amount involved is Rs. 349.75
lacs. The company has filed an appeal before the Hon''ble Delhi High
Court for the relief and Hon''ble High Court has remanded back the
matter to (now competition appellate appellate tribunal) and the
tribunal had judgment in favour of the company. M/s Himalayan
International Limited has filed an appeal before Appellate Tribunal for
reviewing the decision now appellate tribunal has adjourned the matter
sine die till decision of the Hon''ble Delhi High Court in the suit
filed by the Ms. Himalaya International Ltd.
(c) Income Tax demand for AY-2012-13 Rs. 16.25 Lacs .
(d) Rs 20,41,309/- for the year 2008-09 to 2014-15 may be payable to
Haryana Sales Tax Department towards L.A.D.T. The company has filed an
appeal before the Hon''ble High Court Chandigarh for the relief and the
Hon''ble High Court has granted stay against L.A.D.T. and declared
L.A.D.T. unconstitutional. However no demand has been raised by the
Haryana Sales Tax Department.
2.2 Commitments
(a) The estimated amount of contract remaining to be executive on
capital account and not provided for, net of advances Rs. 263.08 Lacs.
(Previous year Rs.54.62 Lacs)
3. Other liabilities:
(a) There is no goods lying in the custom warehouse so custom duty
payable amounting to Rs. Nil (previous year Nil).
(b) Excise duty payable on finished goods lying in the Godown amounting
to Rs. 95.19 lacs (previous year Rs 31.97 lacs).
4. Information in respect of employees who are in receipt of
remuneration in aggregate amounting to Rs. 6000000/- p.a or more, if
employed for full year or Rs. 500000/- per month if employed part of
the year is not given as no employee falls under the said category.
5. Based on information so far available with the company in respect
of MSME (as defined in the Micro Small Medium Enterprises Development
Act 2006) there are no delays in payment & dues to such enterprises
during the year. There are no outstanding amounts of such Creditors as
on 31.03.15. (Previous year outstanding Rs. NIL)
(b) The amount of exchange difference (other than regarded as borrowing
cost) debited to the carrying amount of fixed assets is Rs 12.45 Lac
(Previous year: Rs.38.20 lacs)
(c) (i) The derivative instruments against export that are hedged in
general without any specific transaction and outstanding as on 31.03.15
US$ 19.00 lacs (INR 1245.00 lacs) for the year 2015-16 to be adjusted
against Export realization in the year 2015-16 {previous year US$ 21.00
lacs ( INR 1349.74 lacs)
6.1 The Company has identified Business segment as its primary segment
and geographical segment as its secondary segment. The products of the
company have been grouped under ''Manufacturing'' and ''Trading'' segments
(primary segment) depending upon the sector to which they are
predominantly identified in the market.
6.2 Manufacturing products include metal containers, Components &
printed / lacquered sheets.
6.3 Trading includes purchase & sales of Tinplates, Easy Open Ends
7. The company has an obligation to pay Rs.5.62 lacs on account of
Uttar Pradesh Trade Tax as on 31st March, 2012 on account of past
events, therefore, a provision Rs.11.52 lacs ( Rs.5.90 lacs already
paid) has been made by the company in the books of account as on 31st
March, 2012 as required under the Accounting Standard-29 issued by the
Institute of Chartered Accountants of India on ''Provisions, Contingent
Liabilities and Contingent Assets''. Further, details of Contingent
Liabilities have been given above as per the Accounting Standard-29:
8. Previous year''s figures have been regrouped/ reclassified wherever
practicable to confirm to current year''s presentation.
Mar 31, 2014
1. a) The company has issued only one class of shares referred to as
Equity Shares habing a per value of Rs. 10/-. All equity shares carry
one vote per share without restrictions and are entitled to dividend,
as and when declared. All shares rank equally with regard to the
company''s residual assets.
b) The amount of per share dividend recognised as distributions to
equity shareholders for the year ended March 31,2014 is Rs.0.80
(Previous year: Rs. 0.50), subject to approval by shareholders in the
ensuing annual general meeting.
Terms & Conditions
1. The Term Loans C and E to G above are secured by pari-passu first
charge on gross block of Fixed Assetsof the company both present and
future in addition by second charge on current assets of the company.
2. Auto Loan of H above are secured against hypothecation of Vehicles.
of the above, C and E to G are guaranteed by Directors namely S/ Sh.
Vijay Bhatia, Ashok Bhatia, and Sanjay Bhatia.
C) The loan carrying interest link to the bank base rate repayable in
75 monthly instalment of Rs. 24.00 lacs commencing from Jan. 2014 to
March 2020
E) The loan carrying interest link to the bank base rate repayable in
18 quarterly instalment of Rs. 15.00 lacs from Dec.2010 to march 2015
and 4instamentof Rs. 16.25 lacs from June 2015 to March 2016
F) The loan carrying interest link to the bank base rate repayable in
21 quarterly instalment of Rs. 15.00 lacs from Dec.2010 to Dec.2015 and
1 installment of Rs. 20.00 lacs in March 2016
G) The loan carrying interest link to the bank base rate repayable in
18 quarterly instalment of Rs. 18.20 lacs from Dec.2011 to March 2016
and 4 installment of Rs. 18.10 lacs from June2016 to March 2017
H) There are 11 Auto Loans which are repayable in verying amounts on
monthly basis and the last instalment will be payable in March 2017.
2. Loan from LIC is Secured against Keyman policy of the company.
The above LIC loan will be repaid at the time of maturity (i.e in
Financial Year 2017-18)
3. COMPANY OVERVIEW
Hindustan Tin Works Limited ("the company") is a public company
incorporated on 11th December, 1958 under the Companies Act, 1956;
equity shares of the company are listed on Bombay Stock Exchange,
Calcutta Stock Exchange and Delhi Stock Exchange. The company is
engaged mainly in the business of Manufacturing of Tin Cans, Printed /
Lacquered Sheets, Components and trading in Tin Plates.
Contingent Liabilities and Commitments
4. Contingent Liabilities
(a) In respect of Bank Guarantee outstanding as on 31st March, 2014
amounting to Rs.20.28 lacs (previous year Rs.20.28 Lacs).
(b) Compensation suit filed under section 12B of MRTP Act by M/s
Himalaya International Ltd. has been decided in favour of the
complainant by the MRTP Commission (now competition appellate tribunal)
vide order dated 07.07.2008. The total amount involved is Rs. 349.75
lacs. The company has filed an appeal before the Hon''ble Delhi High
Court for the relief and Hon''ble High Court has remanded back the
matter to (now competition appellate appellate tribunal) and the
tribunal had judgment in favour of the company. M/s Himalayan
International Limited has filed an appeal before Appellate Tribunal for
reviewing the decision now appellate tribunal has adjourned the matter
sine die till decision of the Hon''ble Delhi High Court in the suit
filed by the Ms. Himalaya International Ltd.
(c) Income Tax demand of Rs.3.62 Lacs for Assessment Year 2010-11 of
Rs. 32.32 Lac for Assessment Year 2011-12.
(d) Rs. 20,41,309/- for the year 2008-09 to 2013-14 may be payable to
Haryana Sales Tax Department towards L.A.D.T. The company has filed an
appeal before the Hon''ble High Court Chandigarh for the relief and the
Hon''ble High Court has granted stay against L.A.D.T. and declared
L.A.D.T. unconstitutional. However no demand has been raised by the
Haryana Sales Tax Department.
5. Information in respect of employees who are in receipt of
remuneration in aggregate amounting to Rs. 6000000/- p.a or more, if
employed for full year or Rs. 500000/- per month if employed part of
the year is not given as no employee falls under the said category.
6. Based on information so far available with the company in respect
of MSME (as defined in the Micro Small Medium Enterprises Development
Act 2006) there are no delays in payment & dues to such enterprises
during the year. There are no outstanding amounts of such Creditors as
on 31.03.14. (Previous year outstanding Rs. NIL)
7. Disclosure pursuant to Accounting Standard 5
In view of option allowed by the Ministry of Corporate Affairs vide its
notification dated 29th December, 2011 on Accounting Standard 11, the
company has exercised the option and changed its accounting policy to
account for "any gain or loss arising on account of exchange difference
either on settlement or on translation is accounted for in the Profit &
Loss account except in case of long term foreign asset (other than
regarded as borrowing cost) in which case they are adjusted to the
carrying cost of such assets.
Due to that Fixed Assets has increased by Rs 38,20,080/- with
consequent increase in profit for the year by Rs 38,20,080/-
8. The Company has identified Business segment as its primary segment
and geographical segment as its secondary segment. The products of the
company have been grouped under ''Manufacturing'' and ''Trading'' segments
(primary segment) depending upon the sector to which they are
predominantly identified in the market.
8.1 Manufacturing products include metal containers, Components &
printed / lacquered sheets.
8.2 Trading includes purchase & sales of Tinplates, Easy Open Ends
9. The company has an obligation to pay Rs.5.62 lacs on account of
Uttar Pradesh Trade Tax as on 31st March, 2012 on account of past
events, therefore, a provision Rs. 11.52 lacs (Rs.5.90 lacs already
paid) has been made by the company in the books of account as on 31st
March, 2012 as required under the Accounting Standard-29 issued by the
Institute of Chartered Accountants of India on ''Provisions, Contingent
Liabilities and Contingent Assets''. Further, details of Contingent
Liabilities have been given above as per the Accounting Standard-29:
10. Earnings In Foreign Currency
Export Goods on FOB Basis Rs. 6763.23 Lacs (Previous Year Rs. 4743.01
Lacs).
11. Previous year''s figures have been regrouped/ reclassified wherever
practicable to confirm to current year''s presentation.
Mar 31, 2013
1. COMPANY OVERVIEW
Hindustan Tin Works Limited ("the company") is a public company
incorporated on 11th December, 1958 under the Companies Act, 1956;
equity shares of the company are listed on Bombay Stock Exchange,
Calcutta Stock Exchange and Delhi Stock Exchange. The company is
engaged mainly in the business of Manufacturing of Tin Cans, Printed /
Lacquered Sheets, Components and trading in Tin Plates.
2. Contingent Liabilities and Commitments
2.1 Contingent Liabilities
(a) In respect of Bank Guarantee outstanding as on 31st March, 2013
amounting to Rs.20.28 lacs (previous year Rs.233.93 Lacs ).
(b ) Compensation suit filed under section 12B of MRTP Act by M/s
Himalaya International Ltd. has been decided in favour of the
complainant by the MRTP Commission (now competition appellate tribunal)
vide order dated 07.07.2008. The total amount involved is Rs. 349.75
lacs. The company has filed an appeal before the Hon''ble Delhi High
Court for the relief and Hon''ble High Court has remanded back the
matter to (now competition appellate tribunal) and the tribunal had
given the judgment in favour of the company. M/s Himalayan
International Limited has filed an appeal before Appellate Tribunal for
reviewing the decision now appellate tribunal has adjourned the matter
sine die.
(c) Income Tax demand Rs.8.83 Lacs for Assessment Year 2008-09 and
demand of Rs.3.62 Lacs for Assessment Year 2010-11.
(d) Rs 19,88,241/- for the year 2008-09 to 2012-13 may be payable to
Haryana Sales Tax Department towards L.A.D.T. The company has filed an
appeal before the Hon''ble High Court Chandigarh for the relief and the
Hon''ble High Court has granted stay against L.A.D.T. and declared
L.A.D.T. unconstitutional. However no demand has been raised by the
Haryana Sales Tax Department now matter is pending before the hon''ble
Supreme Court on department appeal.
2.2 Commitments
(a) The estimated amount of contract remaining to be executive on
capital account and not provided for, net of advances Rs. 11.88 Lacs.
(Previous year Rs.28.20 Lacs)
3. Other liabilities:
(a) There is no goods lying in the custom warehouse so custom duty
payable amounting to Rs. Nil (previous year Nil).
(b) Excise duty payable on finished goods lying in the Godown amounting
to Rs. 78.57 lacs (previous year Rs 70.69 lacs).
(C) Unclaimed dividend of Rs. 8.29 Lacs as on 31st Mar 2013 is lying
with Bank.
4. Information in respect of employees who are in receipt of
remuneration in aggregate amounting to Rs. 6000000/- p.a or more, if
employed for full year or Rs. 500000/- per month if employed part of
the year is not given as no employee falls under the said category.
5. Based on information so far available with the company in respect
of MSME (as defined in the Micro Small Medium Enterprises Development
Act 2006) there are no delays in payment & dues to such enterprises
during the year. There are no outstanding amounts of such Creditors as
on 31.03.13. (Previous year outstanding Rs. NIL)
6. Disclosure pursuant to Accounting Standard 5
In view of option allowed by the Ministry of Corporate Affairs vide its
notification dated 29th December, 2011 on Accounting Standard 11, the
company has exercised the option and changed its accounting policy to
account for "any gain or loss arising on account of exchange difference
either on settlement or on translation is accounted for in the Profit &
Loss account except in case of long term foreign asset (other than
regarded as borrowing cost) in which case they are adjusted to the
carrying cost of such assets.
Due to that Fixed Assets has increased by Rs 3447055/- with consequent
increase in profit for the year by Rs 3447055/- 34. Disclosure
pursuant to Accounting Standard (11) "Effects of change in Foreign
Exchange Rates"
(a) The amount of difference in foreign exchange rate, debited
/credited to profit & loss account For the financial year 2012-13 are
as follows.
(b) The amount of exchange difference (other than regarded as borrowing
cost) debited to the carrying amount of fixed assets is Rs 34.47 Lac
(Previous year: Rs.72.02 lacs)
(c) (i) The derivative instruments that are hedged and outstanding as
on 31.03.13 US$ NIL (INR NIL)
{previous year US$ Nill ( INR Nill).
(ii) The foreign currency exposures that are not hedged by derivative
instruments or otherwise are as under :
7.1 The Company has identified Business segment as its primary segment
and geographical segment as its secondary segment. The products of the
company have been grouped under ''Manufacturing'' and ''Trading'' segments
(primary segment) depending upon the sector to which they are
predominantly identified in the market.
7.2 Manufacturing products include metal containers, Components &
printed / lacquered sheets.
7.3 Trading includes purchase & sales of Tinplates, Easy Open Ends,
Scrap.
8. The company has an obligation to pay Rs.5.62 lacs on account of
Uttar Pradesh Trade Tax as on 31st March, 2012 on account of past
events, therefore, a provision of Rs.11.52 lacs (Rs.5.90 lacs already
paid) has been made by the company in the books of account as on 31st
March, 2012 as required under the Accounting Standard-29 issued by the
Institute of Chartered Accountants of India on ''Provisions, Contingent
Liabilities and Contingent Assets''. Further, details of Contingent
Liabilities have been given above as per the Accounting Standard-29:
9. Earnings In Foreign Currency
Export Goods on FOB Basis Rs. 4743.01 Lacs (Previous Year Rs. 3956.01
Lacs).
10. The company prepares and presents its financial statements as per
Schedule VI of the Companies Act, 1956; as applicable to it from time
to time. In view of the revision to the Schedule VI as per a
notification issued during the year by the Central Government, the
financial statement for the financial year ended 31st March, 2013 have
been prepared as per the requirements of the Revised Schedule VI to the
Companies Act, 1956. Previous year''s figures have been regrouped /
reclassified wherever practicable to confirm to current year''s
presentation.
Mar 31, 2012
1. b) The company has issued only one class of shares referred to as
Equity Shares having par value of Rs. 10/-. All equity shares carry one
vote per share without restrictions and are entitled to dividend, as
and when declared. All shares rank equally with regard to the company's
residual assets.
c) The amount of per share dividend recognised as distributions to
equity shareholders for the year ended March 31,2012 is Rs.0.70
(Previous year: Rs. 1.40), subject to approval by shareholders in the
ensuing annual general meeting.
Terms & Conditions
1. The Loan from Standard Chartered Bank under (A) above is secured by
specific charge on fixed assets of the company financed by bank.
2. The Term Loans B to G above are secured by pari-passu first charge
on gross block of Fixed Assets of the company both present and future
except specific charge on fixed assets financed by Standard Chartered
Bank under ECB of USD 1650000/- of A above in addition by second charge
on current assets of the company.
3. Auto Loan of H above are secured against hypothecation of Vehicles
of the above, A to G are guaranteed by Directors namely S/ Sh. Vijay
Kumar Bhatia, Ashok Kumar Bhatia, and Sanjay Bhatia.
A) The loan carrying interest link to the LIBOR 3.00% rate repayable
in 17 quarterly instalment consist of 4 instalment each of USD 66000/-
from March 2010 to Dec. 2010, 4 installment each of USD 82500/- from
March 2011 to Dec.2011, 4 installment each of USD 99000/- from March
2012 to Dec.2012 and 5 installment each of USD 132000/- from March 2013
to March 2014.
B) The loan carrying interest link to the bank base rate repayable in
22 quarterly instalment of Rs. 35.50 lacs from Aug. 2008 to Nov. 2013 and
1 installment of Rs. 24.00 lacs payable in Feb.2014.
C) The loan carrying interest link to the bank base rate repayable in
18 quarterly instalment of Rs. 58.33 lacs commencing from June 2007 and
account adjusted in Sep. 2011
D) The loan carrying interest link to the bank base rate repayable in
22 quarterly instalment of Rs. 25.00 lacs from Dec. 2008 to March 2009, Rs.
37.50 lacs from June 2009 to March 2013 and Rs. 38.75 lacs from June 2013
to March 2014
E) The loan carrying interest link to the bank base rate repayable in
18 quarterly instalment of Rs. 15.00 lacs from Dec. 2010 to March 2015
and 4 instament of Rs. 16.25 lacs from June 2015 to March 2016
F) The loan carrying interest link to the bank base rate repayable in
21 quarterly instalment of Rs. 15.00 lacs from Dec. 2010 to Dec. 2015 and
1 installment of Rs. 20.00 lacs in March 2016
G) The loan carrying interest link to the bank base rate repayable in
18 quarterly instalment of Rs. 18.20 lacs from Dec. 2011 to March 2016
and 4 installment of Rs. 18.10 lacs from June 2016 to March 2017
H) There are 8 Auto Loans which are repayable in verying amounts on
monthly basis and the last instalment will be payable in August 2014.
4. Loan from LIC is Secured against Keyman policy of the company.
The above LIC loan will be repaid at the time of maturity (i.e in
Financial Year 2017-18)
a) There has been no defaults in repayment of any of the loans or
interest thereon at the end of the year.
Note:
Of the above Inventories a,d and e are valued at cost or market price
whichever is lower
* Work-in-progress is valued at raw material Process cost
# Finished goods is valued at market price or cost whichever is lower.
(determination of cost selling price less 10%)
NOTE
Fixed Deposits lying with Banks under Lien of Rs. 366.27 (Previous
year: Rs. 468.55 lacs)
Required margin against LC/ BG / Security against interest on borrowing
as on 31.03.12 Rs.196.75 lacs ( Previouis Year Rs. 345.13 lacs )
1. COMPANY OVERVIEW
Hindustan Tin Works Limited ("the company") is a public company
incorporated on 11th December, 1958 under the Companies Act, 1956;
equity shares of the company are listed on Bombay Stock Exchange,
Calcutta Stock Exchange and Delhi Stock Exchange. The company is
engaged mainly in the business of Manufacturing of Tin Cans, Printed /
Lacquered Sheets, Components and trading in Tin Plates.
2. Contingent Liabilities and Commitments
2.1 Contingent Liabilities
(a) In respect of Bank Guarantee outstanding as on 31st March, 2012
amounting to Rs.233.93 lacs (previous year Rs.98.40 Lacs).
(b) Case pending before CESTAT has been remanded back to the
commissioner for reconsideration for recovery of Rs.132000/-. Against
this Rs.60,000/- has been deposited by the Company.
(c) Compensation suit filed under section 12B of MRTP Act by M/s
Himalaya International Ltd. Has been decided in favour of the
complainant by the MRTP Commission vide order dated 07.07.2008. The
total amount involved is Rs. 349.75 lacs. The company has filed an
appeal before the Hon'ble Delhi High Court for the relief and Hon'ble
High Court has remanded back the matter to MRTP Commission and MRTP
commission has given the judgment in favour of the company. M/s
Himalayan International Limited has filed an appeal before Competition
Appellate Tribunal for reviewing the decision.
(d) Income Tax demand Rs.14.50 Lacs for Assessment Year 2008-09 and
demand of Rs.29.60 Lacs for assessment year 2009-10.
(e) Rs 1683710/- for the year 2008-09 to 2011-12 may be payable to
Haryana Sales Tax Department towards L.A.D.T. The company has filed an
appeal before the Hon'ble High Court Chandigarh for the relief and the
Hon'ble High Court has granted stay against L.A.D.T. and declared
L.A.D.T. unconstitutional. However no demand has been raised by the
Haryana Sales Tax Department.
2.2 Commitments
(a) The estimated amount of contract remaining to be executive on
capital account and not provided for, net of advances Rs. 28.20 Lacs.
(Previous year Rs. 99.39 Lacs)
3. Other liabilities:
(a) There is no goods lying in the custom warehouse so custom duty
payable amounting to Rs. Nil (previous year Nil).
(b) Excise duty payable on finished goods lying in the Godown amounting
to Rs.70.69 lacs (previous year Rs 46.58 lacs).
4. Information in respect of employees who are in receipt of
remuneration in aggregate amounting to Rs. 6000000/- p.a or more, if
employed for full year or Rs. 500000/- per month if employed part of
the year is not given as no employee falls under the said category.
5. Based on information so far available with the company in respect
of MSME (as defined in the Micro Small Medium Enterprises Development
Act 2006) there are no delays in payment & dues to such enterprises
during the year. There are no outstanding amounts of such Creditors as
on 31.03.12. (Previous year outstanding Rs. NIL)
6. Disclosure pursuant to Accounting Standard 5
In view of option allowed by the Ministry of Corporate Affairs vide its
notification dated 29th December, 2011 on Accounting Standard 11, the
company during the year has exercised the option and changed its
accounting policy to account for "any gain or loss arising on account
of exchange difference either on settlement or on translation is
accounted for in the Profit & Loss account except in case of long term
foreign asset (other than regarded as borrowing cost) in which case
they are adjusted to the carrying cost of such assets.
Due to change in Accounting Policy, Fixed Assets has increased by Rs
7202330/- with consequent increase in profit for the year by Rs
7202330/-
7. Disclosure pursuant to Accounting Standard (11)
"Effects of change in Foreign Exchange Rates"
(a) The amount of difference in foreign exchange rate, debited
/credited to profit & loss account For the financial year 2011-12 are
as follows.
(b) The amount of exchange difference (other than regarded as borrowing
cost) debited to the carrying amount of fixed assets is Rs 72.02 Lac
(Previous year: Nil)
(c) (i) The derivative instruments that are hedged and outstanding as
on 31.03.12 US$ NIL (INR NIL)
{previous year US$ 5.89 lacs (INR 264.48 lacs).
8. Disclosure pursuant to Accounting Standard - 15 "Employee
Benefits"
(a) The company has recognized Rs.44.35 lacs in the Profit & Loss
Account for the year ended 31.03.2012 under defined plan.
8.1 The Company has identified Business segment as its primary segment
and geographical segment as its secondary segment. The products of the
company have been grouped under 'Manufacturing' and 'Trading' segments
(primary segment) depending upon the sector to which they are
predominantly identified in the market.
8.2 Manufacturing products include metal containers, Components &
printed / lacquered sheets.
8.3 Trading includes purchase & sales of Tinplates, Easy Open Ends,
DEPB.
9. The company has an obligation to pay Rs.5.62 lacs on account of
Uttar Pradesh Trade Tax as on 31st March, 2012 on account of past
events, therefore, a provision Rs.11.52 lacs ( Rs.5.90 lacs already
paid) has been made by the company in the books of account as on 31st
March, 2012 as required under the Accounting Standard-29 issued by the
Institute of Chartered Accountants of India on 'Provisions, Contingent
Liabilities and Contingent Assets'. Further, details of Contingent
Liabilities have been given above as per the Accounting Standard-29:
10. Earnings In Foreign Currency
Export Goods on FOB Basis Rs. 3956.01 Lacs (Previous Year Rs. 5838.89
Lacs).
11. The company prepares and presents its financial statements as per
Schedule VI of the Companies Act, 1956; as applicable to it from time
to time. In view of the revision to the Schedule VI as per a
notification issued during the year by the Central Government, the
financial statement for the financial year ended 31st March, 2012 have
been prepared as per the requirements of the Revised Schedule VI to the
Companies Act, 1956. Previous year's figures have been regrouped /
reclassified wherever practicable to confirm to current year's
presentation.
Mar 31, 2011
1. The subscribed capital includes :
(a) 27343 equity shares of Rs.10/- each fully paid up issued at par to
the Share holders of erstwhile Conwel Cans India Ltd. in terms of the
merger (as per BIFR Order Date. 9/12/96, on rehabilitation cum
amalgamation/Merger scheme of Conwel Cans India Ltd.)
(b) Bonus Issues :
(i) 2,76,480 equity shares have been issued as bonus shares by
capitalization of General Reserves amounting to Rs.27,64,800/- during
the Financial Year 1992-93.
(ii) 15,71,560 equity shares have been issued as bonus shares by
capitalization of General Reserve to the extent of Rs.78,57,800/-and
Revaluation Reserve to the extent of Rs.78,57,800/- during the
Financial Year 1994-95.
(c) 75,000 equity shares of Rs.10/- each have been allotted as fully
paid up in pursuant to a contract without payment being received in
cash.
2. The company has no obligation to pay as on 31st March, 2011 on
account of past event, therefore, no provision has been made by the
company in the books of account as on 31st March, 2011 as required
under the Accounting Standard-29 issued by the Institute of Chartered
Accountants of India on 'Provisions, Contingent Liabilities and
Contingent Assets'. Further, details of Contingent Liabilities have
been given below as per the Accounting Standard-29:
Contingent Liabilities:
(a) In respect of Bank Guarantee outstanding as on 31st March, 2011
amounting to Rs.98.40lacs (previous year Rs.216.85 Lacs ).
(b) (i). The Demand of Rs. 1152000/- raised by Trade Tax Deptt. of
Uttar Pradesh for the year 1996- 97, 1997-98 and 1998-99 is disputed
before the Hon'ble Allahabad High Court. The Allahabad High Court
granted stay for a sum of Rs. 562000/- The Company has deposited
Rs. 590000/- against the said demand.
(ii) Case pending before CESTAT has been remanded back to the
commissioner for reconsideration for recovery of Rs.132000/-. Against
this Rs.60,000/- has been deposited by the Company .
(c) Compensation suit filed under section 12B of MRTP Act by M/s
Himalaya International Ltd. has been decided in favour of the
complainant by the MRTP Commission vide order dated 07.07.2008. The
total amount involved is Rs. 349.75 lacs. The company has filed an
appeal before the Hon'ble Delhi High Court for the relief and Hon'ble
High Court has granted stay against of the order of MRTP and Hon'ble
High Court has remanded back this matter with Competition Appellate
Tribunal New Delhi and the Tribunal has passed an order and dismissed
the Compensation Application of M/S Himlaya International Ltd.
(d) Rs.1203335/- for the year 2008-09 & 2009-10 is due to Haryana Sales
Tax Department towards L.A.D.T The company has filed an appeal before
the Hon'ble High Court Chandigarh for the relief and the Hon'ble High
Court has granted stay against L.A.D.T.
( e) E.S.I. paid under protest Rs.33666/- is included in Loans &
Advances. Company is contesting for the refund of same before the
department.
3. Other Liability:
(a) There is no goods lying in the custom warehouse so custom duty
payable amounting to Rs. Nil (previous year Nil).
(b) Excise duty payable on finished goods lying in the Godown amounting
to Rs.46.58 lacs (previous year Rs 124 lacs).
(c) Unclaimed dividend of Rs. 8.10 Lacs as on 31st Mar 2011 is lying
with Bank.
4. The estimated amount of contract remaining to be executive on
capital account and not provided for, net of advances Rs.99.39 lacs.
(Previous year Rs 511.76 lacs).
5. Information in respect of employees who are in receipt of
remuneration in aggregate amounting to Rs. 6000000/- p.a or more, if
employed for full year or Rs. 500000/- per month if employed part of
the year is not given as no employee falls under the said category.
6. Based on information so far available with the company in respect
of MSME (as defined in the Micro Small Medium Enterprises Development
Act 2006) there are no delays in payment & dues to such enterprises
during the year. There is no outstanding amounts of such Creditors as
on 31.03.11. (previous year outstanding Rs. NIL)
7. Disclosure pursuant to Accounting Standard (11) Ã "Effects of
change in Foreign Exchange Rates"
(b) (i) The derivative instruments that are hedged and outstanding as
on 31.03.11 US$ 5.89. lacs (INR 264.48lacs ) {previous year US$ 13.48
lacs ( INR 614.74 lacs).
8. Disclosure pursuant to Accounting Standard à 15 "Employee
Benefits"
A) The company has recognized Rs.63.57 lacs in the Profit & Loss
Account for the year ended 31.03.2011 under defined plan.
b) i) Company's share of the contingent liabilities of the Rexam HTW
Beverage Can (India) Limited is Rs. 15,517,320/- (Previous year Rs.
15,517,320)
(ii) Company's share of the Capital Commitments of the Rexam HTW
Beverage can (India) Limited is Rs.13.68 crore (Previous year Rs. Nil)
9. Additional information pursuant to the provision of paragraph 3(i)
(a), 4C & 4D of part II of schedule VI of the Companies Act, 1956.
10. Figures of Previous year has been re-grouped /re-classified or
re-arranged wherever necessary.
Mar 31, 2010
1. The subscribed capital includes:
(a) 27343 eauity shares of Rs.10/- each fully paid up issued at par to
the Share holders of erstwhile Conwel Cans India Ltd. in terms of the
merger (as per BIFR Order Date. 9/12/96, on rehabilitation cum
amalgamation/Merger scheme of Conwel Cans India Ltd.)
(b) Bonus Issues:
(i) 2,76,480 equity shares have been issued as bonus shares by
capitalization of General Reserves amounting to Rs.27,64,800/- during
the Financial Year 1992-93.
(ii) 15,71,560 equity shares have been issued as bonus shares by
capitalization of General Reserve to the extent of Rs.78,57,800/-and
Revaluation Reserve to the extent of Rs. 78,57,800/- during the
Financial Year 1994-95.
(c) 75,000 equity shares of Rs. 10/- each have been allotted as fully
paid up in pursuant to a contract without payment being received in
cash.
2. The company has no obligation to pay as on 31 st March, 2010 on
account of past event, therefore, no provision has been made by the
company in the books of account as on 31 st March, 2010 as required
under the Accounting Standard-29 issued by the Institute of Chartered
Accountants of India on Provisions, Contingent Liabilities and
Contingent Assets. Further, details of Contingent Liabilities have
been given below as per the Accounting Standard-29:
Contingent Liabilities:
(a) In respect of Bank Guarantee outstanding as on 31 st March, 2010
amounting to Rs.216.85 lacs (previous year Rs.67.00 Lacs).
(b) (i). The Demand of Rs. 11,52,000/- raised by Trade Tax Deptt. of
Uttar Pradesh for the year 1996-97,1997-98 and 1998-99 is disputed
before the Honble Allahabad High Court. The Allahabad High Court
granted stay for a sum of Rs. 5,62,000/-. The Company has deposited
Rs. 5,90,000/- against the said demand.
(ii) Case pending before CESTAT has been remanded back to the
commissioner for reconsideration for recovery of Rs. 1,32,000/-.
Against this Rs.60,000/- has been deposited by the Company.
(c) Compensation suit filed under section 12B of MRTP Act by M/s
Himalaya International Ltd. has been decided in favour of the
complainant by the MRTP Commission vide order dated 07.07.2008. The
total amount involved is Rs. 349.75 lacs. The company has filed an
appeal before the Honble Delhi High Court for the relief and Honble
High Court has granted stay against of the order of MRTP and case is
pending before the Honble High Court for hearing.
(d) Rs. 12,03,335/- for the year 2008-09 & 2009-10 is due to Haryana
Sales Tax Department towards L.A.D.T The company has filed an appeal
before the Honble High Court Chandigarh for the relief and the Honble
High Court has granted stay against L.A.D.T.
(e) E.S.I, paid under protest Rs.33,666/- is included in Loans &
Advances. Company is contesting for the refund of same before the
department.
(f) The company is in receipt of a letter from RBI asking for post
facto approval of Foreign Investment Promotion Board (FIPB) for the
issue of 2,50,000 zero coupon convertible warrant in the year 2005 to a
non resident company, as warrant are not covered under FEMA .The matter
is under process. After receiving the approval from FIPB the company
will file application for compounding with RBI. The liability on
Account of compounding is not ascertainable.
3. Other Liability:
(a) There is no goods lying in the custom warehouse so custom duty
payable amounting to Rs. Nil (previous year Nil).
(b) Excise duty payable on finished goods lying in the Godown amounting
to Rs. 124.00 lacs (previous year Rs. 72.14 lacs).
4. Based on information so far available with the company in respect of
MSME (as defined in the Micro Small Medium Enterprises Development Act
2006) there are no delays in payment & dues to such enterprises during
the year. There is no outstanding amount of such Creditors as on
31.03.10. (Previous year outstanding Rs NIL).
(b) (i) the derivative instruments that are hedged and outstanding as
on 31.03.2010 US$13.48 iacs (INR 614.74 lacs) Euro is nil {previous
year US$ 4.43 (INR 226,91 lacs), Euro 1.21 lacs (INR 69.83 lacs)}
5. Disclosure pursuant to Accounting Standard - 15 "Employee
Benefits"
A) The company has recognized Rs 22.63 Lacs in the Profit & Loss
Account for the year ended 31.03.2010 under defined benefit plan.
1. The Company has identified Business segment as its primary segment
and geographical segment as its secondary segment. The products of the
company have been grouped under Manufacturing and Trading segments
(primary segment) depending upon the sector to which they are
predominantly identified in the market.
2. Manufacturing products include metal containers, Components &
printed sheets.
3. Trading includes purchase & sales of Tinplates. DEPB License.
4. Previous years figures have been regrouped / reclassified wherever
practicable to confirm to current years presentation.
6. Joint venture (Accounting Standard - 27)
Pursuant to compliances of Accounting Standard -2 7 issued by the
Institute of Chartered Accountants of India, relevant disclosures
relating to Joint Venture are as follows:-
a) Name of joint ventures Country of Proportion of
Incorporation Ownership
Rexam HTW Beverage Can (India)
Limited India 15%
b) i) Companys share of the contingent liabilities of the Rexam HTW
Beverage can (India)
Limited is Rs. 15,517,320 (Previous year Rs. 15,517,320)
(ii) Companys share of the Capital Commitments of the Rexam HTW
Beverage can (India) Limited is Rs. Nil (Previous year Rs. 14,856,800)
(iii) Guarantees given on behalf of joint venture outstanding at the
close of the year amounting to Rs. Nil (previous year Nil)
(iv) Aggregate amount of companys interest in Rexam HTW Beverage Can
(India) Limited as per accounts is as under :-
7. Additional information pursuant to the provision of paragraph
3(i)(a), AC & 4D of part II of schedule VI of the Companies Act, 1956.
NOTE:
Since License system under the New Industrial policy has been dispensed
with, therefore no license capacity has been given.
Installed capacity is certified by the management and not verified by
the Auditor being a technical matter.