Mar 31, 2019
Notes to Financial Account
38. Details of provisions and movements in each class of provisions.
(Rs. in Lakhs) |
|
Particulars |
Compensated Absences |
Carrying amount as at April 1, 2017 |
80.68 |
Add: Provision during the year 2017-18 |
10.30 |
Add: Unwinding of discounts |
- |
Less: Amount utilized during the year 2017-18 |
4.78 |
Less: Amount reversed during the year 2017-18 |
- |
Carrying amount as at March 31, 2018 |
86.20 |
Add: Provision during the year 2018-19 |
3.72 |
Add: Unwinding of discounts |
- |
Less: Amount utilized during the year 2018-19 |
0.18 |
Less: Amount reversed during the year 2018-19 |
- |
Carrying amount as at March 31, 2019 |
89.73 |
39. Corporate Social Responsibility (CSR)
(a) CSR amount required to be spent by the Company as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof during the year is Rs. 19.44 Lakhs (Previous Year Rs. 16.54 Lakhs)
(b) Expenditure related to Corporate Social Responsibility is Rs. 20.60 Lakhs (Previous Year Rs. 16.64 Lakhs)
Details of Amount spent towards CSR is given below:
(Rs. in Lakhs) |
||
Particulars |
2018-19 |
2017-18 |
Education |
3.80 |
6.51 |
Health |
0.36 |
1.32 |
Sports For Development |
0.10 |
7.10 |
Arts, Culture and Heritage |
13.44 |
0.20 |
Environment, animal welfare |
2.90 |
1.50 |
Total |
20.60 |
16.64 |
40. Fair Value of financial assets and liabilities
a) Set out below, is the fair value of the company''s financial instruments that are recognized in the financial statements
(Rs. in Lakhs)
Sr. No. |
Particulars |
Fair Value |
|
As at March 31, 2019 |
As at March 31, 2018 |
||
Financial Assets |
|||
a) |
Carried at amortized cost |
||
Non Current Loans-Security Deposits |
144.60 |
140.55 |
|
Trade receivable |
4,368.56 |
4,104.01 |
|
Current loans |
- |
562.87 |
|
Other financial assets |
8.68 |
11.41 |
|
Cash and cash equivalent |
137.67 |
192.95 |
|
Other bank balances |
47.91 |
69.90 |
|
4,707.41 |
5,081.68 |
||
b) |
Carried at FVTOCI |
||
Investments - Non Current |
0.37 |
0.37 |
|
0.37 |
0.37 |
||
Financial Liabilities |
|||
a) |
Carried at amortized cost |
||
Non Current Borrowings (Incl Current maturities) |
- |
13.22 |
|
Current borrowings at fixed rate of interest |
244.83 |
816.58 |
|
Trade payable |
1,099.79 |
1,041.98 |
|
Other current financial liabilities (Current) |
602.87 |
572.67 |
|
1,947.50 |
2,444.46 |
The fair value of the financial assets and liabilities are included at the amount at which the instrument that would be received to sell an asset or paid to transfer liability in an orderly transaction between market participants at the measurement date.
The carrying amounts of financial assets and liabilities measured at amortised cost are a reasonable approximation of their fair values.
Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the accounting standard. An explanation of each level is given in Note no 31.18 of Significant Accounting Policies.
b) Financial assets and liabilities for which fair value is disclosed
(Rs. in Lakhs)
Particulars |
Level 1 |
Level 2 |
Level 3 |
Non current investments -Carried at FVTOCI |
|||
March 31, 2019 |
- |
- |
0.37 |
March 31, 2018 |
- |
- |
0.37 |
41 A. Financial risk management policy and objectives
Company''s principal financial liabilities, comprise loans and borrowings, trade and other payables, and other financial liabilities. The main purpose of these financial liabilities is to finance company''s operations. Company''s principal financial assets include trade and other receivables, security deposits, investments, cash and cash equivalents and other bank balances that derive directly from its operations. Company is exposed to certain risks which includes market risk, credit risk and liquidity risk. Risk Management committee of the company oversees the management of these risks. This committee is accountable to audit committee of the board. This process provides assurance to the company''s senior management that company''s financial risk- taking activities are governed by the appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with company''s policies and risk appetite. The policies for managing these risks are summarised below.
1) Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits, foreign exchange transactions and other financial instruments. The Company uses expected credit loss model for assessing and providing for credit risk.
a) Trade receivable
Customer credit risk is managed by each business unit subject to the company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating score card and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. Trade receivables are non interest bearing and are generally on 30 days to 75 days credit terms. The company has no concentration of risk as customer base in widely distributed both economically and geographically.
i) Ageing analysis of trade receivable as on reporting date
(Rs. in Lakhs)
Particulars |
Not Due |
Less than 1 year |
More than 1 year |
Total |
March 31, 2019 |
2,982.54 |
1,0858.61 |
297.41 |
4,368.56 |
March 31, 2018 |
3,664.13 |
419.71 |
20.17 |
4,104.01 |
ii) Movement of impairment Allowance (allowance for bad and doubtful debts)
Particulars |
Total |
Loss Allowance as at April 1 2017 |
- |
Provided during the year |
- |
Amounts written off |
- |
Amount written back |
- |
Loss Allowance as at 31 March 2018 |
- |
Provided during the year |
- |
Amounts written off |
- |
Amount written back |
- |
Loss Allowance as at 31 March 2019 |
- |
b) Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the company''s treasury department in accordance with company''s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Company monitors rating, credit spreads and financial strength of its counter parties. Based on ongoing assessment company adjust it''s exposure to various counterparties. Company''s maximum exposure to credit risk for the components of statement of financial position is the carrying amount.
2) Liquidity risk
Liquidity risk is the risk that the company may not be able to meet it''s present and future cash flow and collateral obligations without incurring unacceptable losses. Company''s objective is to, at all time maintain optimum levels of liquidity to meet it''s cash and collateral requirements. Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including overdraft, debt from domestic banks at optimised cost.
The table summarises the maturity profile of company''s financial liabilities based on contractual undiscounted payments
(Rs. in Lakhs)
Particulars |
On demand |
Less than 1 year |
More than 1 year |
Total |
a) Trade Payables |
||||
March 31, 2019 |
- |
1,099.79 |
1,099.79 |
|
March 31, 2018 |
- |
1,041.98 |
- |
1,041.98 |
b) Borrowings |
||||
March 31, 2019 |
244.83 |
_ |
244.83 |
|
March 31, 2018 |
816.58 |
13.22 |
- |
829.80 |
c) Other Financial Liabilities |
||||
March 31, 2019 |
17.67 |
585.20 |
602.87 |
|
March 31, 2018 |
22.55 |
550.13 |
- |
572.67 |
The company has access to following undrawn facilities at the end of the reporting period
Particulars |
Floating Rate |
|
Expiring within 1 Year |
Expiring beyond 1 Year |
|
March 31, 2019 |
MCLR 0.90 |
- |
March 31, 2018 |
MCLR 0.90 |
- |
3) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk interest rate risk, currency risk and other price risk such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments. Company''s activities expose it to variety of financial risks, including effect of changes in foreign currency exchange rate and interest rate.
a) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.The company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
b) Foreign Currency Exposure Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities (when revenue or expense is denominated in a foreign currency).
41B. Impairment of financial assets: Expected credit loss Provision for expected credit loss
Internal rating |
Category |
Description of category |
Basis of recording expected credit loss |
|
Loans and deposits |
Trade receivables |
|||
A |
High quality asset, negligible credit risk |
Assets where the counter party has strong capacity to meet obligations and where risk is negligible or nil. |
12 months expected credit losses |
Life- time expected credit losses -simplified approach |
B |
Standard asset, moderate credit risk |
Assets where there is moderate risk of default and where there has been low frequency of defaults in past. |
||
C |
Low quality asset, High credit risk |
Assets where there is high probability of default. In general, assets where contractual payments are more than year past due are categorised as low quality asset. Also includes where credit risk of counter party has increased significantly through payments may not be more than a year past due. |
Life- time expected credit losses |
|
D |
Doubtful asset- credit impaired |
Assets are written off, when there is no reasonable expectations of recovery. Where loans and receivables have been written off, the company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss. |
Asset is written off |
As at 31st March 2019
1) Expected credit loss for loans, security deposits and investments
(Rs. in Lakhs)
Particulars |
Asset group |
Internal rating |
Estimated gross carrying amount of default |
Expected probability of default |
Expected credit losses |
Carrying amount net of impairment provision |
|
Loss allowance measured at 12 months expected credit losses |
Financial assets for which credit risk has not increased significantly from inception |
Loans Fixed Deposits |
A A |
144.60 32.66 |
144.60 32.60 |
||
Loss allowance measured at life time expected credit losses |
Financial assets for which credit risk has increased significantly and not credit impaired |
Nil |
|||||
Financial assets for which credit risk has increased significantly and credit impaired |
Nil |
2) Expected credit loss for trade receivables under simplified approach
(Rs. in Lakhs)
Particulars |
Not due |
Past due but not impaired |
Total |
|
Less than 1 year |
More than 1 year |
|||
Gross carrying amount |
2,982.54 |
1,088.61 |
297.41 |
4,368.56 |
Expected loss rate |
- |
- |
- |
- |
Expected credit losses (Loss allowance provision |
- |
- |
- |
- |
Carrying amount of trade receivable (Net of impairment) |
2,982.54 |
1,088.61 |
297.41 |
4,368.56 |
As at 31st March 2018
1) Expected credit loss for loans, security deposits and investments
(Rs. in Lakhs)
Particulars |
Asset group |
Internal rating |
Estimated gross carrying amount of default |
Expected probability of default |
Expected credit losses |
Carrying amount net of impairment provision |
|
Loss allowance measured at 12 months expected credit losses |
Financial assets for which credit risk has not increased significantly from inception |
Loans Fixed Deposits |
A A |
703.42 |
55.97 | 55.97 |
703.42 |
Loss allowance measured at life time expected credit losses |
Financial assets for which credit risk has increased significantly and not credit impaired |
Nil |
|||||
Financial assets for which credit risk has increased significantly and credit impaired |
Nil |
2) Expected credit loss for trade receivables under simplified approach
(Rs. in Lakhs)
Particulars |
Not due |
Past due but not impaired |
Total |
|
Less than 1 year |
More than 1 year |
|||
Gross carrying amount |
3,664.13 |
419.71 |
20.17 |
4,104.01 |
Expected loss rate |
- |
- |
- |
- |
Expected credit losses (Loss allowance provision) |
- |
- |
- |
- |
Carrying amount of trade receivable (Net of impairment) |
3,664.13 |
419.71 |
20.17 |
4,104.01 |
42. Capital management
For the purpose of the company''s capital management, capital includes issued equity capital , share premium and all other equity reserves. The primary objective of the company''s capitaI management is to maximise the shareholders value.
The company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. Company monitors capital using a gearing ratio, which is, net debt divided by total capital plus net debt. Company''s policy is to keep the gearing ratio between 20% and 40%. The company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued operations. However, recently company has focused on becoming zero debt company in order to minimise interest burden and maximum profits.
Particulars |
As at March 31, 2019 |
As at March 31, 2018 |
Loans and borrowings (including Current maturities) |
244.83 |
829.80 |
Less: Cash and Bank Balance |
185.58 |
262.84 |
Net debt |
59.25 |
566.96 |
Equity |
7,771.61 |
7,147.59 |
Capital and net debt |
7,830.86 |
7,714.55 |
Gearing % |
0.76% |
7.35% |
43. Leases
Operating lease commitments â Company as lessor
The company has entered into operating leases for land and non-factory building, with lease terms of ten years. The company has the option to lease the assets for additional terms. The lease rent is increased by 10% after 3 years. Future minimum rentals payable under non-cancellable operating leases as at March 31,2019 are as follows:
Particulars |
As at March 31, 2019 |
As at March 31, 2018 |
Within one year |
4.24 |
1.56 |
After one year but not more than 5 years |
18.00 |
- |
More than five year |
20.52 |
- |
Total |
42.76 |
1.56 |
44. Segment Reporting
Company operates in single segment as business of Pistons, Pins and Auto Shafts (Auto Components). The Executive Management Committee monitors the operating results of entire company as whole for the purpose of making decisions about resource allocation and performance assessment.
45. Previous Years figures are rearranged and regrouped wherever necessary
As per our report of even date |
For and on behalf of the Board of Directors of |
|
M/s. P. G. Bhagwat |
Menon Pistons Limited |
|
Chartered Accountants |
||
FRN:101118W |
||
Mr. Akshay B. Kotkar |
Mr. Sachin Menon |
Mr. R. D. Dixit |
Partner |
Chairman & Managing Director |
Director |
Membership No. 140581 |
DIN:00134488 |
DIN:00626827 |
Place : Kolhapur |
Mr. S.B.P. Kulkarni |
Mr. Pramod Suryavanshi |
Date : 10.05.2019 |
CFO & Associate Vice President |
Company Secretary |
Mar 31, 2018
Notes to Accounts
Note 1: Property, Plant and Equipment
(Rs. in Lakhs)
Particulars |
Tangible Assets |
Intangible asset |
Grand Total |
|||||||||||||
Land Free hold |
Land Lease hold |
Building |
Plant & Equipment |
Compu ter |
Electrical Installation |
Furniture & Fixtures |
Office Equipments |
Vehicles |
Total |
Goodwill |
Softwares |
Technical Know-how |
R&D |
Total |
||
Gross Block As at 1 April 2016 Additions Disposals Impairment of asset As at 31 March 2017 Additions Disposals Impairment of asset As at 31 March 2018 Depreciation/Amortisation As at 1 April 2016 Charge for the year Depreciation on disposal As at 31 March 2017 Charge for the year Depreciation on disposal As at 31 March 2018 Net block At 31 March 2018 At 31 March 2017 At 1 April 2016 |
||||||||||||||||
3.76 |
4.76 |
1,175.55 |
6,617.50 |
113.72 |
626.23 |
130.22 |
99.89 |
149.21 |
8,920.83 |
0.71 |
47.38 |
2.89 |
0.09 |
51.07 |
8,971.90 |
|
- |
- |
14.85 |
197.24 33.77 |
5.73 |
5.30 |
9.72 |
3.73 0.25 |
32.45 83.16 |
269.01 117.18 |
- |
2.92 |
- |
- |
2.92 |
271.93 117.18 |
|
3.76 |
4.76 |
1,190.39 |
6,780.97 |
119.45 |
631.53 |
139.94 |
103.36 |
98.50 |
9,072.66 |
0.71 |
50.30 |
2.89 |
0.09 |
53.99 |
9,126.65 |
|
- |
- |
6.52 |
153.25 |
8.82 |
0.48 |
19.61 |
18.82 |
- |
207.49 |
0.71 |
16.58 |
- |
- |
16.58 0.71 |
224.07 0.71 |
|
3.76 |
4.76 |
1,196.91 |
6,934.22 |
128.27 |
632.00 |
159.55 |
122.18 |
98.50 |
9,280.16 |
- |
66.88 |
2.89 |
0.09 |
69.86 |
9,350.02 |
|
- |
0.15 |
406.95 |
4,632.28 |
91.35 |
389.68 |
83.74 |
76.27 |
88.42 |
5,768.85 |
- |
43.43 |
2.89 |
0.09 |
46.42 |
5,815.26 |
|
- |
0.01 |
45.02 |
318.72 9.83 |
8.91 |
40.63 |
7.92 |
5.00 0.21 |
10.38 54.74 |
436.58 64.79 |
- |
1.36 |
- |
- |
1.36 |
437.94 64.79 |
|
- |
0.16 |
451.98 |
4,941.17 |
100.27 |
430.31 |
91.65 |
81.06 |
44.05 |
6,140.64 |
- |
44.79 |
2.89 |
0.09 |
47.77 |
6,188.42 |
|
- |
0.01 |
44.90 |
324.02 |
8.57 |
36.73 |
8.80 |
6.13 |
7.73 |
436.88 |
- |
3.98 |
; |
- |
3.98 |
440.86 |
|
- |
0.16 |
496.88 |
5,265.18 |
108.84 |
467.04 |
100.45 |
87.19 |
51.78 |
6,577.53 |
- |
48.76 |
2.89 |
0.09 |
51.75 |
6,629.27 |
|
3.76 |
4.60 |
700.04 |
1,669.03 |
19.43 |
164.96 |
59.10 |
34.99 |
46.72 |
2,702.63 |
- |
18.11 |
- |
- |
18.11 |
2,720.74 |
|
3.76 |
4.60 |
738.42 |
1,839.80 |
19.18 |
201.22 |
48.29 |
22.31 |
54.45 |
2,932.02 |
0.71 |
5.51 |
- |
- |
6.22 |
2,938.24 |
|
3.76 |
4.61 |
768.59 |
1,985.22 |
22.36 |
236.55 |
46.48 |
23.62 |
60.79 |
3,151.98 |
0.71 |
3.94 |
- |
- |
4.65 |
3,156.64 |
Notes:
1) Contractual obligations -Refer note no 33 for estimated amount of contract remaining to be executed on capital account
2) For Depreciation and amortisation refer accounting policy (Note 31.8).
3) Refer Note 42 on first time adoption
4) No Provision for Impairment loss is made during the year.
5) Company has Hypothecated Property, Plant and Equipments- Vehicles & Land and Building situated at 182, Shiroli, Kolhapur & at H1,MIDC, Kupwad, Sangli, against the Borrowings from HDFC Bank & IDBI Bank.
Notes to the Financial Statements
Note 2 : Non-current investments |
Par Value/ Face Value Per Unit Rs. |
As at March 31, 2018 |
As at March 31, 2017 |
As at April 1, 2016 |
|||
(1) At Fair value through |
|||||||
Other Comprehensive |
|||||||
Income (FVTOCI) Investment |
10.00 |
3,675.00 |
0.37 |
3,675.00 |
0.37 |
3,675.00 |
0.37 |
In Unquoted Equity |
|||||||
Instruments |
|||||||
Total |
0.37 |
0.37 |
0.37 |
1. Aggregate amount of Unquoted Investments |
0.37 |
0.37 |
0.37 |
2. Face value per unit in Rupees unless otherwise stated. |
|||
3. Refer Note 39 for Financial assets at fair value through Other Comprehensive Income - unquoted equity instruments |
|||
4. Refer Note 40A on risk management objectives and policies for financial instruments. |
Rsin Lakhs |
|||
Note 3 : Loans (Non current) |
As at March 31, 2018 |
As at March 31, 2017 |
As at April 1, 2016 |
Unsecured Deposits |
140.55 |
130.06 |
127.24 |
TOTAL |
140.55 |
130.06 |
127.24 |
Deposits are measured at amortised cost.
Rs in Lakhs |
|||
Note 4 : Other non-current assets |
As at March 31, 2018 |
As at March 31, 2017 |
As at April 1, 2016 |
Capital advances |
208.14 |
19.89 |
15.68 |
Sales Tax recoverable |
26.00 |
26.00 |
26.00 |
Tax paid in advance (net of provision) |
162.52 |
154.80 |
154.67 |
Other Non Current assets |
2.02 |
6.32 |
6.23 |
TOTAL |
398.68 |
207.01 |
202.58 |
Advance to Directors or to firm / Private company where Director is interested |
103.58 |
16.00 |
Rs in Lakhs |
|||
Note 5 : |
As at March 31, |
As at March 31, |
As at April 1, |
Inventories |
2018 |
2017 |
2016 |
Raw materials |
|||
Raw materials and components |
297.37 |
346.37 |
350.02 |
Raw materials in transit |
- |
- |
- |
Work-in-progress |
296.87 |
326.61 |
236.67 |
Finished goods |
|||
Finished goods |
594.32 |
661.48 |
698.56 |
Finished goods in transit |
18.44 |
- |
- |
Stores and spares |
379.10 |
358.59 |
366.92 |
TOTAL |
1,586.10 |
1,693.05 |
1,652.15 |
Amount Recognized in Profit and Loss Account:
Write-Down of Inventory to net realizable value amounts to Rs. Nil (31st March 2017 Rs. Nil, 31st March 2016 Rs. Nil). These were recognized as expenses during the yea rand included in raw material consumptions.
Rsin Lakhs
Note 6 : |
As at March 31, |
As at March 31, |
As at April 1, |
Trade receivables |
2018 |
2017 |
2016 |
Unsecured |
|||
Considered Good |
4,104.01 |
3,156.73 |
2,794.99 |
From Related Parties |
941.44 |
441.84 |
617.00 |
From Others |
3,162.57 |
2,714.89 |
2,177.99 |
Considered Doubtful |
- |
- |
- |
Break-up for security details: |
4,104.01 |
3,156.73 |
2,794.99 |
Secured, considered good |
- |
- |
- |
Unsecured, considered good |
4,104.01 |
3,156.73 |
2,794.99 |
Doubtful |
- |
- |
- |
Impairment Allowance (allowance for bad |
- |
- |
- |
anddoubtful debts) |
|||
TOTAL |
4,104.01 |
3,156.73 |
2,794.99 |
1. Trade receivables are measured at amortised cost.
2. No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person.
3. Trade or other receivables due from firms or private companies respectively in which any director is a partner, a director or a member Rs. 941.44 (March 31, 2017 : Rs. 441.84 lakhs, April 1, 2016 : Rs. 617.00 lakhs).
4. Trade receivables are non-interest bearing and are generally on terms of 30 to 75 days
5. Movement of impairment Allowance (allowance for bad and doubtful debts)
Particulars |
Rs in Lakhs |
At April 1, 2016 Provided during the year Amounts written off Amount written back |
- |
At March 31, 2017 |
- |
Provided during the year Amounts written off Amount written back |
- |
At March 31, 2018 |
- |
6. Refer Note 40A & 40B on credit risk of trade receivables, which explains how the Company manages and measures credit quality of trade receivables that are neither past due nor impaired.
Rs in Lakhs |
|||
Note 7a : Cash and cash equivalents |
As at March 31, 2018 |
As at March 31, 2017 |
As at April 1, 2016 |
Cash on hand |
2.50 |
5.48 |
6.58 |
Balance with Bank |
|||
Current accounts and debit balance in |
|||
cash credit accounts |
190.45 |
111.66 |
234.86 |
Deposits with bank |
_ |
_ |
_ |
TOTAL |
192.95 |
117.14 |
241.44 |
Rs in Lakhs |
|||
Note 7b : Other bank balances |
As at March 31, 2018 |
As at March 31, 2017 |
As at April 1, 2016 |
Unpaid dividend accounts |
13.93 |
13.06 |
19.55 |
Deposits with original maturity of more than three months but less than 12 months |
55.97 |
723.95 |
317.47 |
TOTAL |
69.90 |
737.01 |
337.02 |
Refer Note 40A on risk management objectives and policies for financial instruments.
|
Rs in Lakhs |
||
Note 8 : Loans (Current) |
As at March 31, 2018 |
As at March 31, 2017 |
As at April 1, 2016 |
Advances to Related Parties |
562.87 |
940.00 |
1,188.74 |
TOTAL |
562.87 |
940.00 |
1,188.74 |
1. Loans are measured at amortised cost.
2. Loans are non-derivative financial assets carried at amortised cost which generate a fixed or variable interest income for the Company. The carrying value may be affected by changes in the credit risk of the counterparties.
|
Rs in Lakhs |
||
Note 9: Other financial assets (Current ) |
As at March 31, 2018 |
As at March 31, 2017 |
As at April 1, 2016 |
Others: Interest receivable on Bank Deposits |
11.41 |
7.24 |
9.59 |
TOTAL |
11.41 |
7.24 |
9.59 |
1. Other financial assets are measured at amortised cost.
2. Refer Note 40A on risk management objectives and policies for financial instruments.
Rs in Lakhs |
|||
Note 10 : |
As at March 31, |
As at March 31, |
As at April 1, |
Other current assets |
2018 |
2017 |
2016 |
Advances to Suppliers & others |
25.35 |
31.39 |
18.42 |
Unsecured, Considered Good |
|||
Related Parties |
5.81 |
- |
- |
Others |
19.54 |
31.39 |
18.42 |
Claims receivable |
17.73 |
105.11 |
110.69 |
Deposits and receivables from excise |
- |
70.33 |
84.83 |
Sales tax / VAT / service tax receivable (net) |
17.73 |
34.78 |
25.86 |
Prepaid Expenses |
67.52 |
32.67 |
32.49 |
Advances to Staff |
1.62 |
1.58 |
1.49 |
Employee Benfit Obligation- Gratuity |
109.12 |
135.80 |
156.77 |
( Refer Note 36) |
|||
Other Current Asset |
17.13 |
15.30 |
9.50 |
TOTAL |
238.47 |
321.85 |
329.36 |
Note 11 : Share capital |
No. of shares |
Rs in Lakhs |
Authorised share capital As at April 1, 2016 lncrease/(decrease) during the year (Note (b) below) |
5,500,000 |
49,500,000 |
As at March 31, 2017 |
55,000,000 |
550.00 |
lncrease/(decrease) during the year |
- |
- |
As at March 31, 2018 |
55,000,000 |
550.00 |
Issued share capital As at April 1, 2016 lncrease/(decrease) during the year (Note (b) below) |
5,100,000 45,900,000 |
510.00 |
As at March 31, 2017 |
51,000,000 |
510.00 |
lncrease/(decrease) during the year |
- |
|
As at March 31, 2018 |
51,000,000 |
510.00 |
Subscribed and fully paid up As at April 1, 2016 |
5,100,000
|
510.00 |
lncrease/(decrease) during the year (Note (b) below) |
45,900,000 |
|
As at March 31, 2017 |
51,000,000 |
510.00 |
lncrease/(decrease) during the year |
- |
|
As at March 31, 2018 |
51,000,000 |
510.00 |
1. Terms/Rights attached to the equity shares
a. The Company has only one class of equity shares having a par value of Re.I/- each. Each equity shareholder is entitled to one vote per share and has a right to receive dividend as recommended by Board of Directors subject to the necessary approval from the shareholders. The Company declares and pays dividend in Indian Rupees.
b. During the financial year 2016-2017,the Share Capital of the Company was sub-divided from share of Rs. 10/-each to Re. I/-each which has resulted into change in number of shares.
Mar 31, 2016
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.
As per records of the company, including its register of shareholders and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
1) Contingent Liability: Contingent Liabilities are not provided for in respect of:
a) Guarantees:
ID BI Bank Ltd. has issued Guarantees on behalf of the Company for Rs 33.47 lakhs (previous year Rs. 30.58 Lakhs) and Letters of Credit for Rs. NIL (previous year Rs. 97.70 lakhs).
b) The Income Tax Assessments are completed up to the Assessment year 2013-14 (Relevant to Accounting year ended 31.03.2013). Company has gone into appeal against the assessment order for A.Y. 2013-14. Liability, if any, in respect of the pending assessments, or appeals under the Income-Tax Act, 1961 is unascertainable.
c) VAT and Central Sales Tax:
VAT and C.S.T. assessments are completed up to the accounting year 2006-2007 and 2009-10. MVAT Audit Report for the year 2014-2015 was considered while finalizing the accounts. Liability reported is not final and the same is against non -receipt of ''C'' Forms and'' F1 Forms, which Company expects to receive in near future, hence not provided for.
2) Other Notes:
a) Previous year figures are regrouped wherever necessary.
b) Paises are rounded off to the nearest rupee.
d) 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. 135.97 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.
e) 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.
i) 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, 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
Mar 31, 2010
A) Contingent Liability: Contingent Liabilities are not provided for in
respect of :
1) Guarantees : I D B I Bank Ltd. have issued Guarantees on behalf of
the Company for Rs 44.47 lacs (previous year Rs. 36.88 Lacs) and
Letters of Credit for Rs. 377.35 Lacs (previous year Rs. 280.09 lacs).
2) The Income Tax Assessments : are completed up to the Assessment year
2007-08 (Relevant to Accounting year ended 31.03.2007). Tax demand of
Rs. 1.90 lacs was raised. These dues are paid. However, the Company has
preferred appeal against the same. 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 2008-2009 was considered while finalizing the accounts.
Liability reported is not final and the same is against non Ãreceipt of
C Forms and F Forms, which Company expects to receive in near
future, hence not provided for.
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 26.18
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.
5) Sundry Creditors
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.
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.