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Notes to Accounts of Menon Bearings Ltd.

Mar 31, 2017

Notes:

01) There is addition of Rs.93,40,000 to Share Capital during the year due to issue of Bonus Shares in the ratio of 1:5 made on 02/09/2016.

02) The Company has a single class of equity shares all equity shares rank equally with regard to dividends and shares in the company''s residual assets.

03) Equity shareholders list holding more than 5% of equity shares along with the number of equity shares held is as given below:

a. The company has availed term loan of Rs.10.00 Crores from Axis Bank Ltd, out of which Rs.3.25 Crores has been disbursed. There is an moratorium period of 6 months up to 30/09/2017 for the loan. The principal installment for the loan is Rs.16.67 lakhs per month. The loan is secured by first charge over entire movable and immovable fixed assets, both present and future, of the company situated at G-1, MIDC Gokul Shirgaon, Kolhapur. It is also collaterally secured by entire movable and immovable fixed assets, both present and future, of the company situated at G-1, MIDC Gokul Shirgaon, Kolhapur and C-1, Kagal Five Star MIDC, Hatkanangale. It is also secured by personal guarantee of Mr. Nitin Menon.

b. The Long Term Borrowing includes Car Loan taken by the Company from the Axis Bank. The unsecured loan represents Interest Free Sales Tax Deferral Loan from SICOM received under the incentive scheme of Government of Maharashtra.

Note No.4.

Contingent Liabilities

a. State Bank of India has given guarantees on behalf of the Company for Rs. 37.35 lakhs (Previous year Rs.52.06 lakhs and Axis Bank Ltd has given guarantees on behalf of the Company for Rs.7.00 lakhs. (Previous year NIL),

b. Central Sales Tax and MVAT assessments are completed up to 31.03. 2012. The liability in respect of pending assessments / appeals under BST/CST /VAT is unascertainable.

c. The Income Tax assessments are completed up to the Assessment Year 2014-2015. (Relevant to accounting year ended 31.03.2014).

d. Duty amount of export obligation under EPCG scheme is Rs.31.13 lakhs.

Note No.5.

Other Notes

a. Previous year figures are regrouped wherever necessary to conform to current year figures.

b. Amounts are rounded off to the nearest lakhs or decimal thereof.

c. The Company has accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability for Excise Duty in respect of finished goods in stock at the close of the year estimated at Rs. 56.58 lakhs and has not been provided in the accounts nor included in the valuation of the inventory. However they said liability, if accounted, would have no impact on the profit for the year.

The above information, given regarding Micro, Small and Medium Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the company


Mar 31, 2016

Note:

a) The Working Capital facilities from State Bank of India (MIDC Gokul Shirgaon Branch) are secured by stock of raw materials, semi-finished goods, finished goods and debtors collateral security of factory land & building situated at G-1, MIDC Gokul Shirgaon, Kolhapur-416234 and personal guarantee of Mr. Nitin Menon.

b) The Working Capital facilities from AXIS Bank Limited are secured by hypothecation of current assets including stock & book debts of the Company, both present and future and personal guarantee of Mr. Nitin Menon.

Note No.26

Contingent Liabilities

a. State Bank of India has given guarantee on behalf of the Company for R. 52.06 lacs (Previous year R. 31.95 lacs).

b. Central Sales Tax and MVAT assessments are completed up to 31.03.2010 respectively. The liability in respect of pending assessments / appeals under BST/CST /VAT is unascertainable.

c. The Income Tax assessments are completed up to the Assessment Year 2013-2014. (Relevant to accounting year ended 31.03.2013).Tax demand raised for A. Y. 2013-14 is R.13,03,190/- against which Company has gone into appeal. Liability if any, in respect of the pending assessments or appeals under the Income Tax Act, 1961 is unascertainable.

d. Duty amount under export obligation under EPCG scheme is R. 31,13,367.00

Note No.27

Other Notes

a. Previous year figures are regrouped wherever necessary to conform to current year figures.

b. Amounts are rounded off to the nearest lac or decimal thereof.

c. The Company has been accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability for Excise Duty in respect of finished goods in stock at the close of the year estimated at R. 72.57 lacs and has not been provided in the accounts nor included in the valuation of the inventory. However they said liability, if accounted, would have no impact on the profit for the year.

The above information given regarding Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the company.


Mar 31, 2015

1 a. The Term Loan from State Bank of India (MIDC Gokul Shirgaon Branch) is secured by hypothecation of Plant & Machinery and Mortgage of Building situated at G-1, MIDC Gokul Shirgaon, Kolhapur owned by the Company. The Term Loan Guaranteed by Shri. Nitin Menon. The Company had availed Rs. 5 Crores Term Loan, the repayment started from October 2011. Installment of Rs.7.50 lacs p.m.

b. The Term Loan from AXIS Bank Limited is secured by hypothecation of Plant & Machinery and mortgage of immovable property situated at C-1, Five Star MIDC, Kagal, Kolhapur owned by the Company. The Term Loan is personally Guaranteed by Shri. Nitin Menon. Loan taken from Axis bank Limited is repayable with installment of Rs. 9.71 lacs p.m.

c. The Long Term Borrowing includes Car Loan taken by the Company from the State Bank of India.

d. The Unsecured Loan represents Interest Free Sales Tax Deferral Loan from SICOM received under the Incentive Scheme of Government of Maharashtra.

2 Contingent Liabilities

a. State Bank of India has given guarantee on behalf of the Company for Rs. 31.95 lacs (Previous year Rs. 31.70 lacs)

b. Central Sales Tax and MVAT assessments are completed up to 31.03.2010 respectively. The liability in respect of pending assessments / appeals under BST/CST /VAT is unascertainable.

c. The Income Tax assessments are completed up to the Assessment Year 2012-2013. (Relevant to accounting year ended 31.03.2012). Liability if any, in respect of the pending assessments or appeals under the Income Tax Act, 1961 is unascertainable.

3 Other Notes

a. Previous year figures are regrouped wherever necessary to conform to current year figures.

b. Amounts are rounded off to the nearest lac or decimal thereof.

c. The Company has been accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability for Excise Duty in respect of finished goods in stock at the close of the year estimated at Rs. 54.39 lacs and has not been provided in the accounts nor included in the valuation of the inventory. However the said liability, if accounted, would have no impact on the profit for the year.


Mar 31, 2014

Note No.1 Contingent Liabilities

a. State Bank of India has given guarantee on behalf of the Company for Rs. 31.70 lacs (Previous year Rs. 24.97 lacs). Letter of credit for Rs. 170.04 lacs from State Bank of India.(Previous year Rs. 39.85 lacs).

b. Central Sales Tax and VAT assessments are completed up to financial year 2009-10, except financial year 2007-08. The liability in respect of pending assessments / appeals under CST /VAT is unascertainable.

c. The Income Tax assessments are completed up to the Assessment Year 2011-2012. (Relevant to accounting year ended 31st March, 2011). Liability if any, in respect of the pending assessments or appeals under the Income Tax Act, 1961 is unascertainable.

Note No.2 Other Notes

a. Previous year figures are regrouped wherever necessary to conform to current year figures.

b. Amounts are rounded off to the nearest lac or decimal thereof.

c. The Company has been accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability in respect of finished goods in stock at the close of the year estimated at Rs. 43.33 lacs and has not been provided in the accounts nor included in the valuation of the inventory. However the said liability, if accounted, would have no impact on the profit for the year.


Mar 31, 2013

Note No.1 Contingent Liabilities

a. State Bank of India has given guarantee on behalf of the Company for Rs. 24.95 lacs.. (previous year Rs. 20.00 lacs). Letter of credit for Rs. 39.85 lacs from State Bank of India.(Previous year Rs. 76.24 lacs)

b. Central Sales Tax and Bombay Sales Tax assessments are completed upto 31.03.2006. The liability in respect of pending assessments / appeals under BST/CST /VAT is unascertainable.

c. The Income Tax assessments are completed up to the Assessment Year 2010-2011. (relevant to accounting year ended 31.03.2010). Liability if any, in respect of the pending assessments or appeals under the Income Tax Act, 1961 is unascertainable.

Note No.2 Other Notes

a) Previous year figures are regrouped wherever necessary to conform to current year figures.

b) Amounts are rounded off to the nearest lac or decimals thereof.

c) The Company has been accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability in respect of finished goods in stock at the close of the year estimated at Rs. 51.63 lacs and has not been provided in the accounts nor included in the valuation of the inventory. However, the said liability, if accounted, would have no impact on the profit for the year.


Mar 31, 2012

A) The Term Loan from State Bank of India (MIDC Gokul Shirgaon Branch) is secured by hypothecation of Plant & Machinery and Building situated at G-1, MIDC Gokul Shirgaon, Kolhapur owned by the Company. The Term Loan is jointly and severally Guaranteed by Mr. Ram Menon & Mr. Nitin Menon. The Company had availed Rs. 5 Crores Term Loan, the repayment started from October 2011.

b) The Term Loan from AXIS Bank Limited is secured by hypothecation of Plant & Machinery and immovable property situated at C-1, Five Star MIDC, Kagal, Kolhapur owned by the Company. The Term Loan is personally Guaranteed by Mr. Nitin Menon. Loan taken from AXIS Bank Limited is repayable with installment of Rs.19.71 Lakhs.

c) The Long Term Borrowing includes Car Loan taken by the Company from the IDBI Bank Ltd, AXIS Bank Ltd and Maruti Udyog Ltd. & State Bank Of India.

d) The Unsecured Loan represents Interest Free Sales Tax Deferral Loan from SICOM received under the Incentive Scheme of Government of Maharashtra.

Notes :

a) The Working Capital facilities from State Bank of India (MIDC Gokul Shirgaon Branch) are secured by stock of raw materials, semi-finished goods, finished goods and debtors collateral security of factory land & building situated at G-1, MIDC, Gokul Shirgaon, Kolhapur-416234.

b) The Working Capital facilities from AXIS Bank Limited are secured by hypothecation of current assets including stock & book debts of the Company, both present and future.

a) Aggregate market value of quoted investments as on 31-03-2012 is Rs. 95,28,992

b) Aggregate amount of unquoted investments Rs. 4,00,000.00

Note No.1 Contingent Liabilities

a. Axis Bank Ltd. and State Bank of India have given guarantees on behalf of the Company for Rs. 4.97 lacs and for Rs. 20.00 lacs respectively. (previous year Rs. 0.50 lac and Rs. 2.015 lacs). Letter of credit for Rs. 76.24 lacs from State Bank of India.(Previous year Rs. 101.30 lacs)

b. Central Sales Tax and Bombay Sales Tax assessments are completed upto 31.03.2005. The liability in respect of pending assessments / appeals under BST/CST /VAT is unascertainable.

c. The Income Tax assessments are completed up to the Assessment Year 2009-2010. (relevant to accounting year ended 31.03.2009). Liability if any, in respect of the pending assessments or appeals under the Income Tax Act, 1961 is unascertainable.

Note No.2

Other Notes

a. Previous year figures are regrouped wherever necessary to conform to current year figures.

b. Amounts are rounded off to the nearest lac or decimals thereof.

c. The Company has been accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability in respect of finished goods in stock at the close of the year estimated at Rs. 36.38 lacs and has not been provided in the accounts nor included in the valuation of the inventory. However, the said liability, if accounted, would have no impact on the profit for the year.


Mar 31, 2011

I. CONTINGENT LIABILITIES

1) Central Sales Tax and Bombay Sales Tax assessments are completed upto 31.03.2003. The liability in respect of pending assessments / appeals under BST / CST / VAT is unascertainable

2) The Income Tax assessments are completed up to the Assessment Year 2008-2009. (relevant to accounting year ended 31.03.2008). Liability if any, in respect of the pending assessments or appeals under the Income Tax Act, 1961 is unascertainable.

3) Axis Bank Ltd. and State Bank of India have given guarantees on behalf of the Company for Rs. 50,000/- and for Rs. 2,15,000/- respectively. ( Previous Year Rs. 50,000/- and Rs. 2,15,000/-) and Letter of Credit for Rs. 1,01,30,000/- from State Bank of India ( Previous year Rs."Nil")

4) The Export obligation remaining to be complied upto 13.10.2016, is Rs.5,48,826/- and duty involved into it is Rs.91,434/-

II. OTHER NOTES

1) Previous year figures are regrouped wherever necessary to conform to current year figures.

2) Paises are rounded off to the nearest rupee.

3) Disclosure relating to Micro, Small and Medium Enterprises

4) The Company has been accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability in respect of finished goods in stock at the close of the year estimated at Rs 28,33,766 and has not been provided in the accounts nor included in the valuation of the inventory. However the said liability, if accounted, would have no impact on the profit for the year.


Mar 31, 2010

1) Central Sales Tax and Bombay Sales Tax assessments are completed upto 31.03.2003. The liability in respect of pending assessments / appeals under BST/ CST / VAT is unascertainable

2) The Income Tax assessments are completed up to the Assessment Year 2007-2008. (relevant to accounting year ended 31.03.2007). Liability if any, in respect of the pending assessments or appeals underthe IncomeTaxAct, 1961 is unascertainable.

II. OTHER NOTES

1) Previous year figures are regrouped wherever necessary to conform to current year figures.

2) Paises are rounded off to the nearest rupee.

3) The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority underthe "Micro Small and Medium Enterprises Development Act 2006"), claiming their status as micro, small or medium enterprises. Consequently, the amount paid or payable to these parties during the year is unascertainable.

4) The Company has been accounting liability for Excise Duty on Finished Goods as and when they are cleared. A liability in respect of finished goods in stock at the close of the year estimated at Rs 18,48,768 and has not been provided in the accounts nor included in the valuation of the inventory. However the said liability, if accounted, would have no impact on the profit for the year.

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