Home  »  Company  »  Mazda Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Mazda Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION

Mazda Limited (the 'Company' ) is a public limited company incorporated in 1990 under provisions of the Companies Act, 1956. The Company is an Engineering company engaged in the business of manufacturing and sales of Vacuum Systems, Condensers, Steam Jet Ejectors, L.P. Heaters , H.P. Heaters, Evaporaters and Pollution Control Equipments. The Company's Head Quartes and four manufacturing plants are located in Ahmedabad, Gujarat State. The Company sells its products in the domestic as well as export markets. The equity shares of the Company are listed on the Bombay Stock Exchange Limited(BSE) and Ahmedabad Stock Exchange Limited(ASE).

2 CONTINGENT LIABILITIES NOT PROVIDED FOR

Claims against the company not acknowledged as debts:

Income Tax:

- In respect of matters decided against the Company, for

which the Company is in appeal with higher authorities. 1,347,900 519,580

1,347,900 519,580

3 INFORMATION IN RESPECT OF RELATED PARTIES

(i) List of Related Parties and their Relationships

As Per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below :

i) List of Related Parties and Nature of Relationship

a) Key Management Personnel Mr. Sorab R. Mody, Managing Director Mr. Percy X. Avari , Whole-Time Director Mrs. Shanaya Mody Khatua, Whole-Time Director

b) Relatives of Key Management Personnel Mrs. Sheila S. Mody Mrs. Khushnum Percy Avari

c) Enterprises Having Significant Influence H.T.Engineering (Gujarat) Pvt. Ltd. Croll Reynolds Co. Inc New Jersy, U.S.A

(ii) Related Party Transactions

Following are the transactions and amount outstanding with related parties as defined under Accounting Standard- 18 on "Related Parties Disclosure" as defined under the Companies (Accounting Standards Rules), 2006 :

4 DETAILS OF EMPLOYEE BENEFITS

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the plan.

The overall expected rate of return on assets is determined based on the market price prevailing on that date, applicable to the period over which the obligation is to be settled.

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 leave pay is payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement an attaining superannuation age.

5 OPERATING LEASE:

The Company has entered into operating lease arrangements for Factory Sheds and Office Buildings. Lease agreement on Operating Lease arrangements, debited to the Profit & Loss Account and future minimum lease payments in respect of cancellable operating leases are summarized below:

6 In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans and Advances on its realization will not be less than the amount at which these are stated in the Balance Sheet. Balances are subject to confirmation, are included in Sundry Debtors, Sundry Creditors and Other Advances.

7 SEGMENT REPORTING:

In accordance with the Accounting Standard-17 (AS-17) 'Segment Reporting' issued by the Institute of Chartered Accountants of India, the details are as under :

i) The Company's operation predominantly relates to manufacture of Engineering Goods like Vacuum Products, Evaporators, pollution Control Equipments and also involved in the manufacturing of food products like food colour, various fruit jams & fruit mix powders etc.

ii) The Secondary segment is geographical, determined and based on the location of the Customers. Customers are classified as Domestic and Overseas.

8 Pursuant to the enactment of the Companies Act, 2013, the company has applied estimated useful lives as specified in Schedule II. Accordingly the unamortised carrying value is being depreciated/amortised over the revised/remaining useful lives. The written down valued of fixed assets whose lives have expired as at April 2014 have been adjusted net of tax, in the Profit and Loss Account.

9 CORPORATE SOCIAL RESPONSIBILITY

As mandated by Section 135 of the Companies Act, 2013, the company has constituted a CSR Committee. The company has identified areas for its CSR activities as specified in Schedule VII of the Companies Act, 2013 and incurred expenses as disclosed in Note 28 to these financial statements towards such activities.

10 Previous Year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification/ disclosure.


Mar 31, 2014

1 CORPORATE INFORMATION

Mazda Limited (the ''Company'' ) is a public limited company incorporated in 1990 under provisions of the Companies Act, 1956. The Company is an Engineering company engaged in the business of manufacturing and sales of Vacuum Systems, Condensers, Steam Jet Ejectors, L.P. Heaters , H.P. Heaters, Evaporaters and Pollution Control Equipments. The Company''s Head quartes and four manufacturing plants are located in Ahmedabad, Gujarat State. The Company sells its products in the domestic as well as export markets. The equity shares of the Company are listed on the Bombay Stock Exchange Limited(BSE) and Ahmedabad Stock Exchange Limited(ASE).

(a) The Company has only one class of equity shares having a par value of Rs. 10 per share. Each equity shareholder is entitled to one vote per share. In the event of liquidation of the Company, the equity shareholders 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.

(b) For current financial year the Dividend Proposed to be distributed to equity shareholders Rs. 5.50 per Share (Previous Year Rs. 5 per Share as final dividend). The Dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting and Company pays the same in Indian Rupees.

(c) There are no shares alloted as fully paid up during the period of five years immediately preceeding the reporting date i.e. 31/03/2014.

* Cash credit facility, Export Packing Credit facility from the State Bank of India are secured by the Pledge/Hypothecation of stock, book debts and equitable mortgage of the assets of the company and collateral security of premise owned by Mr. S.R Mody, situated at Odhav GIDC and also personally guaranteed by Mr. S.R.Mody, who is the Managing Director of the company.

* Excise Duty on Sales amounting to Rs. 900.02 lacs (March 31, 2013: Rs. 997.71 lacs) has been reduced from sales in Statement of Profit and Loss. Under the head of Excise & Customs duty amounting to Rs. 11.76 lacs (March 31, 2013: (Rs. 3.22 lacs) has been considered as manufacturing expense in Note 24 of financial statements.

* As per Company''s management, it is not possible to give the details of Inventories of Work-in-Progress and Finished goods as the Company is manufacturing customised engineering goods and every machine is unique based on demand of customer and hence, the same is difficult to bifurcate at any point of time given.

* includes provision for leave encashment (net) Rs. 1,573,886/- ( March 31, 2013; Rs. 2,95,878/-)

2 CONTINGENT LIABILITIES NOT PROVIDED FOR

Company''s Performance Guarantee are secured by way of hypothecation of Fixed Deposits in some cases. The Outstanding Performance Guarantee as on 31-03-2014 is Rs. 5.81 Crores (Previous year Rs. 6.10 Crores) and Outstanding Indemnity Bond for Performance as on 31-03-2014 are Rs. 29.59 Lacs (Previous year Rs. 49.24 Lacs).

3 INFORMATION IN RESPECT OF RELATED PARTIES

(i) List of Related Parties and their Relationships

As Per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below :

a) List of Related Parties : Nature of Relationship

i) Ahura Controls Pvt. Ltd. : Mrs. Sheila S. Mody, a Director of the Company is also the Managing Director of Ahura Controls Private Limited.

ii) Croll Reynolds Co. Inc. : Mr. Samuel W. Croll-III who is a Director of the company is also a Director of Croll-Reynolds Co. Inc. U.S.A.

iii) Mr. Sorab R. Mody : Promoter and Managing Director of the Company.

iv) Mr. Percy X. Avari : Key Management Personnel being the Whole-Time Director of the Company.

v) Mrs. Sheila S. Mody : Director and Wife of Mr. Sorab R. Mody, Promoter and Managing Director of the Company.

vi) Mrs. Shanaya Mody Khatua : Whole-Time Director and daughter of Mr. Sorab R. Mody, Promotor and Managing Director of the Company.

vii) H.T.Engineering (Gujarat) Pvt. Ltd. : Mrs. M.N.Tarapore who is a Director of H.T.Engineering (Gujarat) Pvt. Ltd. is a Sister of Mr. Percy X. Avari who is a Whole-Time Director of the Company.

viii) Tarapore Enterprise : Mr. M.N.Tarapore Husband of Mrs. M.N.Tarapore is proprietor of Tarapore Enterprise. Mrs. M.N.Tarapore is sister of Mr. Percy X. Avari who is a Whole-Time Director of the Company.

ix) Mrs. Khushnum Percy Avari : Wife of Mr. Percy X. Avari, Whole-Time Director of the Company.

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 leave pay is payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement an attaining superannuation age.

4 In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans and Advances on its realization will not be less than the amount at which these are stated in the Balance Sheet. Balances are subject to confirmation, are included in Sundry Debtors, Sundry Creditors and Other Advances.

5 SEGMENT REPORTING:

In accordance with the Accounting Standard-17 (AS-17) ''Segment Reporting'' issued by the Institute of Chartered Accountants of India, the details are as under :

i) The Company''s operation predominantly relates to manufacture of Engineering Goods like Vacuum Products, Evaporators, pollution Control Equipments and also involved in the manufacturing of food products like food colour, various fruit jams & fruit mix powders etc.

ii) The Secondary segment is geographical, determined and based on the location of the Customers. Customers are classified as Domestic and Overseas.

iii) Fixed Assets used in the Company''s business or liabilities contracted have not been identified to any of the reportable segments, as allocation of assets and liabilities to segments is currently not practicable.


Mar 31, 2013

1. CORPORATE INFORMATION

Mazda Limited (the ''company'' ) is a public limited company incorporated in 1990 under provisions of the Companies Act, 1956. The Company is an Engineering company engaged in the business of manufacturing and sales of Vacuum Systems, Condensers, Steam Jet Ejectors, L.P. Heaters, H.P. Heaters, Evaporaters, Pollution Control Equipments and Vapor Absorption Systems. The company''s Head Quarters and four manufacturing plants are in Ahmedabad, Gujarat State. The company sells its products in the domestic as well as export markets. The equity shares of the company are listed on the Bombay Stock Exchange Limited (BSE) and Ahmedabad Stock Exchange Limited (ASE).

2. OPERATING LEASE

The Company has entered into operating lease arrangements for Factory Sheds and Office Buildings. Lease agreement on Operating Lease arrangements, debited to the Profit & Loss Account and future minimum lease payments in respect of non cancellable operating leases are summarized below:

3. In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans andAdvances on its realization will not be less than the amount at which these are stated in the Balance Sheet. Balances are subject to confirmation, are includedinSundry Debtors, Sundry Creditors and OtherAdvances.

4. SEGMENTREPORTING

In accordance with the Accounting Standard-17 (AS-17) ''Segment Reporting'' issued by the Institute of Chartered Accountants of India, the details are as under :

(i) The Company''s operation predominantly relates to manufacture of Engineering Goods like Vacuum Products,

Evaporators, pollution Control Equipments and alsoinvolvedinthe businessoffood items.

(ii) The Secondary segment is geographical, determined and based on the location of the Customers. Customers are classifiedasDomesticandOverseas.

(iii) FixedAssets used in the Company''s business or liabilities contracted have not been identified to any of the reportable segments, as allocation of assets and liabilities to segments is currently not practicable.


Mar 31, 2012

1. CORPORATE INFORMATION

Mazda Limited (the 'Company') is a public limited company incorporated in 1990 under provisions of the Companies Act, 1956. The Company is an Engineering company engaged in the business of manufacturing and sales of Vacuum Systems, Condensers, Steam Jet Ejectors, L.P. Heaters , H.P. Heaters, Evaporators and Pollution Control Equipments. The Company's Head Quarters and three manufacturing plants are in Ahmadabad, Gujarat State. The Company sells its products in the domestic as well as export markets. The Company has recently set up its forth unit in Ahmadabad as a part of capacity enhancement. The equity shares of the Company are listed on the Bombay Stock Exchange Limited(BSE) and Ahmadabad Stock Exchange Limited(ASE).

(A) The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share. In the event of liquidation of the Company, the equity shareholders 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.

(B) For current financial year, the Dividend proposed to be distributed to equity shareholders Rs. 4/- per share (previous year Rs. 3.50 per share as final dividend and Rs. 3.50 per shares as interim dividend). The Dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting and Company pays the same in Indian Rupees.

(C) There are no shares allotted as fully paid up during the period of five years immediately preceding the reporting date i.e. 31/03/2012.

* Cash credit facility, Export Packing Credit facility from the State Bank of India are secured by the Pledge/ Hypothecation of stock, book debts and equitable mortgage of the assets of the company and co-laterai security of premise owned by Mr. S.R Mody, situated at Odhav GIDC and also personally guaranteed by Mr. S.R. Mody, who is the Managing Director of the company.

There is no amount due and outstanding to be credited to Investors Education and Protection Fund as at March 31,2012.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR

CONTINGENT LIABILITIES NIL NIL~

3. OPERATING LEASE

The Company has entered into operating lease arrangements for Factory Sheds and Office Buildings. Lease agreement on Operating Lease arrangements, debited to the Profit & Loss Account and future minimum lease payments in respect of non cancellable operating leases are summarized below:

4. In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans and Advances on its realization will not be less than the amount at which these are stated in the Balance Sheet. Balances are subject to confirmation, are included in Sundry Debtors, Sundry Creditors and Other Advances.

5. SEGMENT REPORTING

In accordance with the Accounting Standard-17 (AS-17) 'Segment Reporting' issued by the Institute of Chartered Accountants of India, the details are as under:

(i) The Company's operation predominantly relates to manufacture of Engineering Goods like Vacuum Products, Evaporators, pollution Control Equipments and also involved in the business of food items.

(ii) The Secondary segment is geographical, determined and based on the location of the Customers. Customers are classified as Domestic and Overseas.

(iii) Fixed Assets used in the Company's business or liabilities contracted have not been identified to any of the reportable segments, as allocation of assets and liabilities to segments is currently not practicable.

6. PREVIOUS YEAR COMPARATIVES

The Financial statements for the year ended March 31,2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, The Financial statements for the year ended March 31,2012 are prepared as per The Financial statements for the year ended March 31,2011 Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

 
Subscribe now to get personal finance updates in your inbox!