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Notes to Accounts of Hittco Tools Ltd.

Mar 31, 2014

1. The Company has only one class of shares, referred to as equity shares, having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share held.

The Company declares and pays dividend in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Dividend, if any, is payable to the shareholders in proportion to their shareholding.

The Company has not declared dividend during the year.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

2. CONTINGENT LIABILITIES AND COMMITMENTS

Particulars As at 31.03.2014 As at 31.03.2013 Rs. Rs.

(to the extent not provided for)

Bank Guarantees extended by bankers 4,405,000 -

On account of capital contracts remaining to be executed 720,517 -

Income Tax 1,535,620 -

3. SEGMENT REPORTING

The Company is engaged primarily in one segment of manufacture of tools and hence the Segment reporting is not applicable.

4. In the Opinion of Board of Directors, Current Assets, Loans and Advances, have atleast the value as stated in the Balance Sheet, if realised in the ordinary course of the business.

5. Confirmation from debtors and creditors have not been received in a few cases

6. Pursuant to Accounting Standard (AS 28) - Impairment of assets, the Company assessed its fixed assets for impairment as at March 31,2014 and concluded that there has been no significant impaired fixed asset that needs to be recognised in the books of account.

7. The Company is yet to appoint the Chief Financial officer in place of the one, who has resigned on 31st July 2013 and hence the financial state- ments have not been attested by a Chief Financial officer.


Mar 31, 2013

1.1 In the Opinion of Board of Directors, Current Assets, Loans and Advances, have at least the value as stated in the Balance Sheet, if realized in the ordinary course of the business.

1.2 Confirmation from debtors and creditors have not been received in a few cases.

1.3 Pursuant to Accounting Standard (AS 28) - Impairment of assets, the Company assessed its fixed assets for impairment as at March 31,2013 and concluded that there has been no significant impaired fixed asset that needs to be recognized in the books of account.


Mar 31, 2012

1.Contingent Liabilities 2011-2012 2010-2011

a) Bank Guarantee 408,033.00 431,033.00

2) Expenditure in Foreign Currency Raw Materials , Consumables & Traded Goods 10,778,396.08 10,917,992.15

Foreign Travel 3,123,376.00 1,023,450.00

Advance Payment 78,353.00 1,069,492.00

Exhibition Expenses 823,770.00 258,473.00

Training Expenses - 249,049.41

Capital Goods 789,815.00 11,814,965.61

3) Earnings in Foreign Currency

Export of goods on FOB/CIF basis 11,558,317.00 12,433,805.70

4) Director's remuneration

Salary (Including Commission) 2,634,000.00 2,284,300.00

PF 28,080.00 28,080.00

5) Payments made to Auditors :

(Including Tax Deducted at source and Tax Audit Fee and other services)

6) The balance of Sundry Creditors, Debtors and Loans & advances are subject to confirmation.

7) The Company has been accounting liability of excise duty on finished products lying in bonded godown as and when clearance are made. The liability in respect of such in bonded godown goods lying at the close of the current year will be quantified only on the date of clearance and has not been provided in the books of accounts and hence not included in the valuation of inventory of such goods. However, non-provision of excise duty as above has no effect on the profit and the net current assets.

8) Particulars on small scale industries have been furnished to the extent such parties have been identified on the basis of information available with the company.The small scale Industries to whom the company owes any sum which is outstanding more than 30 days as on 31st March 2012: 1.Machine Elements 2.Indragith Industries 3.U Tech Rubber Products Pvt Ltd

9) In accordance with AS -22 'Accounts for Taxes on Income' issued by ICAI, the Company has accounted for deferred tax during the year. The Company has significant amount of carried forward losses and unabsorbed depreciation under Income Tax Act. However, as a matter of prudence, Deferred Taxes Assets have been been recognised only to the the extent of Deferred tax Liability. The component of Deferred Tax Assets to the extent of is recognised and Deferred Tax Liability on 31st March 2012 are as follows :

10) Sundry Creditors under Current liabilities includes Rs. 1,36,334.25- (PY : Rs. 2,88,367.17-) due to SSI units.

11) Company has invested during the previous year in HITTCO TOOLS (THAILAND) Limited and amount is still pending for allotment.

12) Pursuant to the Notification No.447(E) dated February 28,2011 and Notification No.653(E) dated March 31,2011, Issued by the Ministry of Corporate Affairs, the Company has started preparing its financial statements as per revised Schedule VI to the Companies Act ,1956 W.e.f April, 2011.Accordingly , the previous periods /years have also been regrouped/rearranged, wherever required to align the financial statements to the revised format.


Mar 31, 2011

2010-2011 2009-2010

1. Contingent Liabilities

a) Bank Guarantee 431033.00 26,533.00

2) The balance of Sundry Creditors, Debtors and loan & advances are subject to confirmation.

3) The Company has been accounting liability of excise duty on finished products lying in bonded godown as and when clearances are made. The liablity in respect of such goods lying at the close of the current year will be quantified only on the date of clearance and has not been provided in the books of accounts and hence not included in the valuation of inventory of such goods. However, non-provision of excise duty as above has no effect on the profits and the net current assets.

4) Particulars on small scale industries have been furnished to the extent such parties have been identified on the basis of information available with the company.The small scale Industries to whom the company owes any sum which is outstanding more than 30 days as on 31st March 2011- 1.Machine Elements 2.Indragith Industries 3.Prago Engineering 4.Prameen Industries 5.U Tech Rubber Products Pvt Ltd

5) Value of Imports on CIF basis

Raw-materials 12233004.93 (Rs.7843517.00)

6) Sundry Creditors under Current liabilities includes Rs. 288367.17/- (PY : Rs.1,37,489.17/-) due to SSI units.

7) Figures of previous year has been regrouped and reclassified whereever necessary.


Mar 31, 2010

2009-2010 2008-2009

1 1. Contingent Liabilities

a) Bank Guarantee 26,533.00 67,896.00

2) The Company has been accounting liability of excise duty on finished products lying in bonded godown as and when clearances are made. The liablity in respect of such goods lying at the close of the current year will be quantified only on the date of clearance and has not been provided in the books of accounts and hence not included in the valuation of inventory of such goods. However, non-provision of excise duty as above has no effect on the profits and the net current assets.

3) Particulars on small scale industries have been furnished to the extent such parties have been identifed on the basis of information available with the company.The small scale Industries to whom the company owes any sum which is outstanding more than 30 days as on 31st March 2010-

1 .Machine Elements 2.1ndragith Industries 3.Prago Engineering 4.Prameen Industries 5.U Tech Rubber Products Pvt Ltd

4) Licensed and Installed Capacity:

Product Name : Drill bits & Taps

Licensed Capcaity : Not Applicable

Installed Capactiy Drills : 48,00,000 pieces (48,00,000 pieces)

Taps : 1,20,000 pieces ( 1,20,000 Pieces)

5) Sundry Creditors under Current liabilities includesRs. 1,37,489.17/- (PY :Rs.2,26,584/-) due to SSI units.

6 Figures of previous year has been regrouped and reclassified whereever necessary.

 
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