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Notes to Accounts of Hindustan Tin Works Ltd.

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, 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.

 
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