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Notes to Accounts of Menon Pistons Ltd.

Mar 31, 2015

1) Contingent Liability: Contingent Liabilities are not provided for in respect of :

1) Guarantees:

IDBI Bank Ltd. has issued Guarantees on behalf of the Company for Rs 30.58 lakhs (previous year Rs. 43.08 Lakhs) and Letters of Credit for Rs. 97.70 Lakhs (previous year Rs. 697.61 lakhs).

2) The Income Tax Assessments: are completed up to the Assessment year 2012-13 (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) VAT and Central Sales Tax: C.S.T. assessments are completed up to the accounting year 2005-2006. MVAT Audit Report for the year 2013-2014 was considered while finalizing the accounts. Liability reported is not final and the same is against non -receipt of 'C' Forms and ' F' Forms, which Company expects to receive in near future, hence not provided for.

2) Other Notes

2.1 Previous year figures are regrouped wherever necessary.

2.2 Paises are rounded off to the nearest rupee.

2.3 Auditors remuneration :

2.4) Excise Duty

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 lying in stock at the close of the year is estimated at Rs. 105.31 Lacs and has not been provided in the accounts and hence not included in the valuation of inventory of such goods. However, the said liability, if accounted, would have no impact on the profit/loss for the year.

2.5) Micro, Small and Medium Enterprises:

The Company is in the process of identifying the Micro, Small and Medium Enterprises and hence interest, if any payable as per Interest under the Micro, Small and Medium Enterprises Development Act, 2006 is not ascertainable.

2.6) Employee Benefit:

The Company has made provision in the Accounts for Gratuity on the basis of Actuarial valuation. The particulars under AS 15 (revised) furnished below are those which are relevant and available to company for this year.


Mar 31, 2014

1) M/s. Menon Exports: This is a partnership firm and an Export House. Menon Exports purchases goods from M/s. Menon Pistons Ltd. and other outside parties for the purpose of export outside India. Two of the Partners of the firm are Directors of Menon Pistons Ltd. The balance amount receivable from the firm is considered as good.

2) M/s. Menon Engineering Services: This is a partnership firm. Menon Engineering Services supplies goods to Menon Pistons Ltd. One of the Partner of the firm is Director of Menon Pistons Ltd.

Apart from the above Director , all other Directors are Non Executive directors. The Company has not entered into any transactions with them. They are paid sitting fees from the company for the Board Meetings attended by them.

3) M/s. Menon Bearings Ltd: is a public limited listed company, having Mr. Ram Menon, as Chairman, Mr. R. D. Dixit as Vice Chairman & Managing Director, Mr. Nitin Menon as Jt.Managing Director and Mr. Sachin Menon as Director. There are no transactions.

Note: There are no write offs/write backs of any amount for any of the above Parties during the Year 2013-2014

4) Other Parties: Apart from the above-mentioned parties, following parties are also related parties of the Company. However, no transactions have taken place with these parties in the year 2013-14.

1. Menon Metals and Alloys P. Ltd.

2. Menon Automobiles

Note: There are no write off / write backs of any amount for any of the above Parties during the Year 2013-14.

n) Lease accounting as per Accounting Standard 19 is not applicable to the Company since no Lease transaction during the year 2013-14.

p) Consolidated Financial Statements as per Accounting Standard 21 is not applicable to the company, as the Company does not have any subsidiary.

a. There is no change during the year in number of shares.

b. The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting.

c. Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held.


Mar 31, 2013

1) Contingent Liability: Contingent Liabilities are not provided for in respect of:

1) Guarantees: ! D B I Bank Ltd, has issued Guarantees on behalf of the Company for Rs 39.73 lacs (previous year Rs. 67.49 Lacs) and Letters of Credit for Rs. 376.25 Lacs (previous year Rs. 676.60 lacs).

2) The Income Tax Assessments: are completed up to the Assessment year 2010-11 (Relevant to Accounting year ended 31.03.2010). Liability, if any in respect of the pending assessments, or appeals underthe Income-Tax Act, 1961 is unascertainable.

3} VAT and Central Sales Tax: C.S.T. assessments are completed up to the accounting year 2005-2006. MVAT Audit Report for the year 2011-2012 was considered while finalizing the accounts. Liability reported is not final and the same is against non -receipt of ''C Forms and '' F'' Forms, which Company expects to receive in near future, hence not provided for.

2) Other Notes

2.1 Previousyearfigures are regrouped wherever necessary.

2.2 Raises are rounded off to the nearest rupee.

2.3 Auditors remuneration:

2.4) Excise Duty

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 lying in stock at the close of the year is estimated at Rs 102.34 Lacs and has not been provided in the accounts and hence not included in the valuation of inventory of such goods. However, the said liability, if accounted, would have no impact on the profit/loss for the year.

2.5) Micro, Small and Medium Enterprises:

The Company is in the process of identifying the Micro, Small and Medium Enterprises and hence interest, if any payable as per Interest underthe Micro, Small and Medium Enterprises Development Act, 2006 is not ascertainable and the Auditors relied upon this submission

2.6) Employee Benefit:

The Company has made provision in the Accounts for Gratuity on the basis of Actuarial valuation. The particulars under AS 15 (revised) furnished below are those which are relevant and available to company for this year.


Mar 31, 2012

1) Contingent Liability: Contingent Liabilities are not provided for in respect of :

1) Guarantees: I D B I Bank Ltd. has issued Guarantees on behalf of the Company for Rs 67.49 lacs (previous year Rs. 47.78 Lacs) and Letters of Credit for Rs. 676.60 Lacs (previous year Rs. 608.96 lacs).

2) The Income Tax Assessments: are completed up to the Assessment year 2009-10 (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.

3) VAT and Central Sales Tax: C.S.T. assessments are completed up to the accounting year 2004-2005. MVAT Audit Report for the year 2010-2011 was considered while finalizing the accounts. Liability reported is not final and the same is against non -receipt of 'C' Forms and ' F' Forms, which Company expects to receive in near future, hence not provided for.

2) Other Notes

2.1 Previous year figures are regrouped wherever necessary.

2.2 Paises are rounded off to the nearest rupee.

2.3 Auditors remuneration :

2.4) Excise Duty

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 lying in stock at the close of the year is estimated at Rs 82.58 Lacs and has not been provided in the accounts and hence not included in the valuation of inventory of such goods. However, the said liability, if accounted, would have no impact on the profit/loss for the year.

2.5) Micro, Small and Medium Enterprises :

The Company is in the process of identifying the Micro, Small and Medium Enterprises and hence interest, if any payable as per Interest under the Micro, Small and Medium Enterprises Development Act, 2006 is not ascertainable and the Auditors relied upon this submission

2.6) Employee Benefit:

The Company has made provision in the Accounts for Gratuity on the basis of Actuarial valuation. The particulars under AS 15 (revised) furnished below are those which are relevant and available to company for this year.


Mar 31, 2011

A) Contingent Liability: Contingent Liabilities are not provided for in respect of:

1) Guarantees: I D BI Bank Ltd. have issued Guarantees on behalf of the Company for?. 47.78 lacs (previous year Rs. 44.47Lacs) and Letters of Credit for?. 608.96 Lacs (previous year?. 377.35 lacs).

2) The Income Tax Assessments : are completed up to the Assessment year 2008-09 (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) VAT and Central Sales Tax: Sales Tax & C.S.T. assessments are completed up to the accounting year 2004- 2005. MVAT Audit Report for the year 2009-2010 was considered while finalizing the accounts. Liability reported is not final and the same is against non -receipt of 'C Forms and ' F' Forms, which Company expects to receive in near future, hence not provided for.

4) EPCG Obligation is pending amounting to Rs. 1.18 crores, which will be fulfilled within the prescribed time limit. Custom duty of?. 19.69 Lacs against this obligation is contingent, and not provided for.

5) Excise Duty 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 lying in stock at the close of the year is estimated at ?. 71.78 Lacs and has not been provided in the accounts and hence not included in the valuation of inventory of such goods. However, the said liability, if accounted, would have no impact on the profit/loss for the year.

6) Micro, Small and Medium Enterprises:

The Company is in the process of identifying the Micro, Small and Medium Enterprises and hence interest, if any payable as per Interest under the Micro, Small and Medium Enterprises Development Act, 2006 is not ascertainable and the Auditors relied upon this submission

 
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