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Notes to Accounts of Machino Plastics Ltd.

Mar 31, 2015

Note 1.1 Rights, preference and restrictions attached to equity shares

The Company has one class of equity share having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held with a right to receive per share dividend declared by the company In the event of liquidation of the company, the holders of equity share shall be entitled to receive all of the remaining assets of the company, after distribution of all preferential amounts, if any. Such amount will be in the proportion to the number of equity shares held by stockholders.

Notes

Nature of securities

The cash credit facilities are secured by way of pari passu first charge on entire current assets of the Company including stocks of raw material, goods in transit and book debts along with a pari passu charge on entire fixed assets of the Company

* Cash credit facilities outstanding from The Bank of Tokyo-Mitsubishi UFJ, Ltd is Nil (Previous year Rs. 49,196,450/-) carry interest of 14.50% computed on the daily basis on the actual amount utilized, and are repayable on demand.

* Cash credit facilities outstanding from Allahabad Bank is Rs. 174,061,617/- (Previous year Rs. 166,093,515/-) carry interest of 12.70% computed on the daily basis on the actual amount utilized, and are repayable on demand.

* Cash credit facilities outstanding from Axis Bank Limited is Rs. 5,258,937/- (Previous year Rs. 59,035,560/-) carry interest of 12.50% computed on the daily basis on the actual amount utilized, and are repayable on demand.

2. Contingent liabilities and commitments (to the extent not provided for):

(i) Contingent liabilities not provided for

a) Demand under the Central Excise Act of Rs. 111,535,494/- (Previous year Rs. 111,535,494/-).

b) Demand under the Income Tax Act of Rs. 2,182,598/- (Previous year Rs. 1,646,625/-).

c) Demand under the Sales Tax Act of Rs. 621,691/- (Previous year Rs. 621,691/-).

(ii) Guarantees

In respect of bank guarantees: Rs.1,558,000/- (Previous year Rs. 1,558,000/-)

(iii) Commitments

a) Estimated amount of contracts, remaining to be executed on capital account (net of advances) Rs.30,306,871/- (Previous year Rs. 3,581,597/-).

b) The Hon''ble High Court of Punjab and Haryana has awarded enhanced compensation to land looser in respect of land acquired by HSIIDC, A Government Agency, from whom the company has purchased on 16th March 2005, four acres of land for its factory at Manesar. In turn HSIIDC has demanded a sum of Rs.42,320,250/- in respect of land allotted to the company. The company has paid Rs 39,360,951/- lacs (inclusive of all interest due to delay payment) and the said enhancement have formed the cost of free hold land at Manesar. The company has received an additional notice from HSIIDC dated 29th August 2014 demanding additional cost / charges in respect of Plot No 128 & 129, Sector 8, IMT Manesar amounting to Rs 23,184,000/-. The company has paid Rs 4,753,038/- lacs (inclusive of all interest due to delay payment) in respect of additional demand.

3. During the year ended 31st March 2009 company has revalued its land (free hold) by Rs. 149,621,982/- substituting its historical cost of Rs 47,253,018/- by revalued amount of Rs. 196,875,000/-. The said revaluation was done by an external valuer using comparable method.

4. (i) Contribution to defined benefit plan

The company has a defined benefit gratuity plan, Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with "Life Insurance Corporation" in the form of a qualifying insurance policy.

5. Other income includes interest received Rs. 187,238/- (Previous year Rs. 1,137,545/-), tax deducted thereon is Rs. 13,924/- (Previous year Rs. 74,251/-), Profit on sale of fixed assets Nil (Previous year 1,177,946/- ), Sundry creditors written off Rs. 3,359,738/- (Previous year Nil), Duty draw back received Rs 77,009/- (Previous year Nil).

6. The company had made Investment of Face Value of Rs.12,500,000/- in equity shares of Caparo Maruti Limited. The investee company has disputed the shareholding of the Company. The company has filed a petition to Hon''ble Company Law Board, who gave company an option to sell shares to majority shareholders after valuation to make an exit. The Company filed an appeal in the Hon''ble Delhi High Court which dismissing company''s appeal upheld Company Law Board order thereafter SLPs were preferred against the orders of the Hon''ble High Court of Delhi before the Hon''ble Supreme Court of India by both the parties. The matter is still sub-judice.

7. During the year the company has determined the estimated useful life of its fixed assets based on the technical evaluation as permitted under the provision of Schedule II of Companies Act, 2013 and has provided depreciation accordingly w.e.f. 01st April 2014. This has resulted into depreciation for the year ended 31st March 2015 being higher by Rs 6,096,217/-.

8. The company is exclusively engaged in the business of manufacturing plastic moulded parts for automotive, appliances and industrial application and allied products, which is considered as the only reportable segment referred to in statement on Accounting Standard (AS) -17 "Segmental Reporting". The geographical segmentation is not relevant, as there is insignificant export.

9. Information as required by Accounting Standard - (AS) - 18 "Related Parties Disclosures" as follows:

List of related parties:

a) Associate companies

Maruti Suzuki India Limited Suzuki Motor Corporation, Japan

b) Enterprises over which key management personnel

And their relatives are able to exercise significant influence

Machino Motors Private Limited Machino Techno Sales Limited Machino Transport Private Limited Machino Finance Private Limited Machino Media Private Limited Machino Auto Comp Tooling Private Limited Machino Polymers Limited Rajiv Exports Industries Private Limited Grandmaastters Mold Limited Pranaa Plastics Limited

c) Key management personnel & relatives

Mr M.D.Jindal - Chairman

Mr Sanjiivv Jindall - Managing Director cum Vice Chariman & Son of Chairman

Mrs Kamla Jindal - Spouse of Chairman

Mrs Sarita Jindal - Spouse of Managing Director

Mr Aditya Jindal - Executive Director & Son of Managing Director

Ms Simta Jindal - Daughter of Managing Director

10. The figures are adjusted to the nearest rupee and figures for previous year have been regrouped / rearranged to conform to the classification in the current year.


Mar 31, 2014

Note 1.1 Rights, preference and restrictions attached to equity shares

The Company has one class of equity share having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held with a right to receive per share dividend declared by the company

In the event of liquidation of the company, the holders of equity share shall be entitled to receive all of the remaining assets of the company, after distribution of all preferential amounts, if any. Such amount will be in the proportion to the number of equity shares held by stockholders.

2. Contingent liabilities and commitments (to the extent not provided for):

(i) Contingent liabilities not provided for

a) Demand under the Central Excise Act of Rs. 111,535,494/- (Previous year Rs. 111,535,494/-).

b) Demand under the Income Tax Act of Rs. 1,646,435/- (Previous year Rs. 13,079,410/-).

c) Demand under the Sales Tax Act of Rs.621,691/- (Previous year Nil).

(ii) Guarantees

In respect of bank guarantees: Rs.1,558,000/- (Previous year Rs. 1,500,000/-)

(iii) Commitments

Estimated amount of contracts, remaining to be executed on capital account (net of advances) Rs.3,581,597/- (Previous year Rs. 17,975,216/-).

3. During the year ended 31st March 2009 company has revalued its land (free hold) by rupees Rs. 149,621,982/-) substituting its historical cost of Rs 47,253,018/- by revalued amount of Rs. 196,875,000/-. The said revaluation was done by an external valuer using comparable method.

4. (i) Contribution to defined benefit plan

The company has a defined benefit gratuity plan, Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with "Life Insurance Corporation" in the form of a qualifying insurance policy.

5. Other income includes interest received Rs. 1,137,545/- (previous year Rs. 976,405/-), tax deducted thereon is Rs. 74,251/- (previous year Rs. 97,652/-), Profit on sale of fixed assets Rs.1,177,946/- (Previous year 44,199/-), Gain from Foreign Fluctuation Rs. 35,871/- (Previous year Nil), Discount received Rs. Nil (Previous year Rs.6,596,161/-).

6. The company had made Investment of Face Value of Rs.12,500,000/- in equity shares of Caparo Maruti Limited. The investee company has disputed the shareholding of the Company. The company has filed a petition to Hon''ble Company Law Board, who gave company an option to sell shares to majority shareholders after valuation to make an exit. The Company filed an appeal in the Hon''ble Delhi High Court which dismissing company''s appeal upheld Company Law Board order thereafter SLPs were preferred against the orders of the Hon''ble High Court of Delhi before the Hon''ble Supreme Court of India by both the parties. The matter is still sub-judice.

7. The Hon''ble High Court of Punjab and Haryana has awarded enhanced compensation to land looser in respect of land acquired by HSIIDC, A Government Agency, from whom the company has purchased on 16th March 2005, four acres of land for its factory at Manesar. In turn HSIIDC has demanded a sum of Rs.42,320,250/- in respect of land allotted to the company. IMT Manesar Association has filed petition in the Hon''ble High Court of Punjab and Haryana challenging the demand of behalf of industries at Manesar. The Hon''ble High Court has directed allottees, to deposit 60% of demanded amount, pending final judgement. The company has paid Rs. 29,838,112/- including interest and the said enhancement has formed the cost of free hold land at Manesar.

8. The company is exclusively engaged in the business of manufacturing plastic moulded parts for automotive, appliances and industrial application and allied products, which is considered as the only reportable segment referred to in statement on Accounting Standard (AS) -17 "Segmental Reporting". The geographical segmentation is not relevant, as there is insignificant export.

9. Information as required by Accounting Standard - (AS) - 18 "Related Parties Disclosures" as follows:

List of related parties:

a. Associate companies

Maruti Suzuki India Limited Suzuki Motor Corporation, Japan

b) Enterprises over which key management personnel

And their relatives are able to exercise significant influence

Machino Motors Private Limited Machino Techno Sales Limited Machino Transport Private Limited Machino Finance Private Limited Machino Media Private Limited Machino Auto Comp Limited Machino Auto Comp Tooling Private Limited Machino Polymers Limited Rajiv Exports Industries Private Limited Grandmaastters Mold Limited Pranaa Plastics Limited

c. Key management personnel & relatives

Mr M.D.Jindal - Chairman

Mr Sanjiivv Jindall - Managing Director cum Vice Chairman & Son of Chairman

Mrs Kamla Jindal - Spouse of Chairman

Mrs Sarita Jindal - Spouse of Managing Director

Mr Aditya Jindal - Executive Director & Son of Managing Director

Ms Simta Jindal - Daughter of Managing Director

10. The figures are adjusted to the nearest rupee and figures for previous year have been regrouped / rearranged to confirm to the classification in the current year.


Mar 31, 2013

1. Contingent liabilities and commitments (to the extent not provided for): (i) Contingent liabilities not provided for

a) Demand under the central excise act of Rs. 111,535,494/- (Previous year Rs. 139,256,442/-).

b) Demand under the income tax act of Rs. 13,079,410/- (Previous year Rs. Nil). (ii) Guarantees

a) In respect of bank guarantees : Rs.1,500,000/- (Previous year Rs. 1,000,000/-)

(iii) Commitments

a) Estimated amount of contracts, remaining to be executed on capital account (net of advances) Rs. 17,975,216/- (Previous year Rs. Nil).

2. During the year ended 31st March 2009 company has revalued its land (free hold) by (Rs. 149,621,982/-) substituting its historical cost of Rs 47,253,018/- by revalued amount of Rs. 196,875,000/-. The said revaluation was done by an external valuer using comparable method.

3. (i) Contribution to defned beneft plan

The company has a defned beneft gratuity plan, every employee who has completed fve years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with "Life Insurance Corporation" in the form of a qualifying insurance policy.

4. Other income includes interest received Rs. 976,405/- (Previous year Rs. 4,668,248/-), tax deducted thereon is Rs. 97,652/- (previous year Rs. 1,73,008/-), Proft on sale of fxed assets Rs.44,199/- (Previous year 13,143,416/-), Gain from Foreign Fluctuation Rs. Nil (Previous year Rs. 2,881/-), Discount received Rs.6,596,161/- (Previous year Rs.4,233,395/-).

5. The company had made Investment of Face Value of Rs.12,500,000/- in equity shares of Caparo Maruti Limited. The investee company has disputed the shareholding of the Company. The company has fled a petition to Hon''ble Company Law Board, who gave company an option to sell shares to majority shareholders after valuation to make an exit. The Company fled an appeal in the Hon''ble Delhi High Court which dismissing company''s appeal upheld Company Law Board order thereafter SLPs were preferred against the orders of the Hon''ble High Court of Delhi before the Hon''ble Supreme Court of India by both the parties. The matter is still sub-judice.

6. The Hon''ble High Court of Punjab and Haryana has awarded enhanced compensation to land looser in respect of land acquired by HSIIDC, A Government Agency, from whom the company has purchased on 16th March 2005, four acres of land for its factory at Manesar. In turn HSIIDC has demanded a sum of Rs.42,320,250/- in respect of land allotted to the company. IMT Manesar Association has fled petition in the Hon''ble High Court of Punjab and Haryana challenging the demand on behalf of industries at Manesar. The Hon''ble High Court has directed allottees, in the hearing dated 30th April 2013, to deposit 40% of demanded amount, pending fnal judgement. The company has not yet paid any amount. However in case, the said enhancement is paid the same will form of cost of free hold land at Manesar.

7. An accident occurred in Manesar Plant of the company on 21st January 2012 causing damage to fxed assets Gross Valued at Rs. 33,202,884/- and WDV at Rs. 23,872,957/- and stock value of Rs. 2,606,334/- at cost. Company has in force an all industrial risk insurance policy at the time of accident which has arrangement for replacement / re-instatement of assets. Management is of the view that fnal adjustment for impact on carrying value of assets shall be carried out after settlement of insurance claims, since it is unascertainable at this stage.

8. The company is exclusively engaged in the business of manufacturing plastic moulded parts for automotive, appliances and industrial application and allied products, which is considered as the only reportable segment referred to in statement on Accounting Standard (AS) -17 "Segmental Reporting". The geographical segmentation is not relevant, as there is insignifcant export.

9. Information as required by Accounting Standard – (AS) - 18 "Related Parties Disclosures" as follows: List of related parties:

a. Associate companies

Maruti Suzuki India Limited Suzuki Motor Corporation, Japan

b. Enterprises over which key management personnel and their relatives are able to exercise signifcant infuence

Machino Motors Pvt. Limited Grandmaastters Mold Limited Machino Techno Sales Limited Machino Transport Private Limited Machino Finance Private Limited Machino Autocomp Pvt Ltd Machino Polymers Limited

c. Key management personnel & relatives

Mr. M.D.Jindal - Chairman

Dr. Sanjiivv Jindall - Managing Director & Son of Chairman

Mrs. Kamla Jindal - Spouse of Chairman

Mrs. Sarita Jindal - Spouse of Managing Director

Mr. Aditya Jindal - Son of Managing Director

Miss Simta Jindal - Daughter of Managing Director

10. The fgures are adjusted to the nearest rupee and fgures for previous year have been regrouped / rearranged to conform to the classifcation in the current year.


Mar 31, 2012

1. Contingent liabilities not provided for:

- Demand under the central excise act of Rs. 13,92,56,442/-(Previous year Rs. 13,92,56,442)

2. Estimated amount of contracts, remaining to be executed on capital account (net of advances) Rs. NIL (Previous year Rs. 26,90,693/-)

3. During the year ended 31st March 2009 company has revalued its land ( free hold) by rupees Rs. 14,96,21,982/-) substituting its historical cost of Rs 4,72,53,018/- by revalued amount of Rs. 19,68,75,000/-. The said revaluation was done by an external valuer using comparable method.

4. (i) Contribution to defined benefit plan

The company has a defined benefit gratuity plan, Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with "Life Insurance Corporation" in the form of a qualifying insurance policy.

* The estimates of rate of escalation in salary considered in actuarial valuation, taken into account inflation, seniority, per motion and other relevant factors including supply and demand in the employment market.

(ii) Contribution to defined contribution plan

As of 31-03-2012 31-03-2011

Provident Fund 36,65,500 40,42,679

5. Other income includes interest received Rs.46,68,248/- (previous year Rs. 47,98,305/-). tax deducted thereon is Rs. 1,73,008/- (previous year Rs. 4,04,105/-), Profit on sale of equity shares Rs.NIL (Previous year 9,46,98,800/-), Profit on sale of fixed assets Rs.1,31,43,416/- (Previous year 74,19,689/-), Gain from Foreign Fluctuation Rs.2,881/- (Previous year NIL), Discount received Rs.42,33,395/- (Previous year NIL).

6. The company had made Investment of Face Value of Rs.1,25,00,000/- in equity shares of Caparo Maruti Limited. The investee company has disputed the shareholding of the Company. The company has filed a petition to honble company law board, who gave company an option to sell shares to majority shareholders after valuation to make an exit. The Company filed an appeal in the Hon'ble Delhi High Court which dismissing company's appeal upheld company law board order thereafter SLPs were preferred against the orders of the Hon'ble High Court of Delhi before the Hon'ble Supreme court of India by both the parties. The matter is still sub-judice.

7. The sales / revenue have been accounted on the basis of purchase orders issued by customers. However in respect of a customer the discussion is going on for adjustment of prices, the agreed amount of which is not ascertainable. The same will be accounted on crystallization of amount.

8. An accident occurred in Manesar Plant of the company on 21st January 2012 causing damage to fixed assets Gross Valued at Rs. 3,32,02,884/- and WDV at Rs. 2,38,72,957/- and stock value of Rs. 26,06,334/- at cost. Company has in force an all industrial risk insurance policy at the time of accident which has arrangement for replacement / re-instatement of assets. Thus in the opinion of the management there is no likely hood of loss to the company, Management is of the view that adjustment for impact on carrying value of these assets shall be carried out in the amount after settlement of insurance claims, since it is uncertain able at this stage.

9. The company is exclusively engaged in the business of manufacturing plastic moulded parts for automotive, appliances and industrial application and allied products, which is considered as the only reportable segment referred to in statement on Accounting Standard (AS) -17 "Segmental Reporting". The geographical segmentation is not relevant, as there is insignificant export.

10. Information as required by Accounting Standard - (AS) - 18 "Related Parties Disclosures" as follows: List of related parties:

a. Associate companies

Maruti Suzuki India Limited

Suzuki Motor Corporation, Japan

b. Enterprises over which key management personnel and their relatives are able to exercise significant influence

Machino Motors Pvt. Limited

Grandmaastters Mold Limited

Machino Techno Sales Limited

Machino Transport Private Limited

Machino Finance Private Limited

Machino Autocomp Pvt Ltd

Machino Polymers Limited

c. Key management personnel & relatives

Mr. M.D.Jindal - Chairman

Dr. Sanjiivv Jindall - Managing Director & Son of Chairman

Mrs. Kamla Jindal - Spouse of Chairman

Mrs. Sarita Jindal - Spouse of Managing Director

Mr. Aditya Jindal - Son of Managing Director

Miss Simta Jindal - Daughter of Managing Director

11. In compliance with the Accounting Standard (AS) 22 "Accounting for Taxes on Income" deferred tax liability arising during the year on account of timing differences amounting Rs. 53,10,542/- has been recognised in the profit and loss account.

12. The figures are adjusted to the nearest rupee and figures for previous year have been regrouped / rearranged to conform to the classification in the current year.

 
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