Home  »  Company  »  Metalyst Forgings  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Metalyst Forgings Ltd.

Sep 30, 2015

The Previous Year figures have been regrouped / reclassified, wherever considered necessary to conform to the current year's presentation.

Note No: 1. Rights, preferences and restrictions attached to Shares

Equity Shares: The Company currently has Issued equity shares having a par value of Rs 10/- per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the equity shareholders are eligible to receive the 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.

Preference Shares: During the year company has issued 0.1% non cummulative redeemable preference shares of Rs 10/- each. Preference shares will be redeemed at the end of five years from the date of allotment with a clause of extension with mutual consent of both the parties.

Particulars of Security

Term Debts from Financial Institutions/Banks are secured by way of first mortgage of company's all Immovable Properties ranking pari passu interse and hypothecation of whole of the Company's Movable Properties including Plant & Machinery, Machinery spares, tools and accessories and personal guarantee of one of the Directors of the Company.

Maturity Profile:

A) Term Loans from Banks and financial Institutions are within the interest band of 1% to 2.50% over and above the base rate and are repayable in quarterly installments up to the financial year 2024-2025.


Sep 30, 2014

The Previous period figures have been regrouped / reclassified, wherever considered necessary to conform to the current year''s presentation.

Note No: 2.1.3 There is no restriction on distribution of dividends and repayment of Capital.

Particulars of Security

Term Debts from Financial Institutions/Banks are secured by way of first mortgage of company''s all Immovable Properties ranking pari passu interse and hypothecation of whole of the Company''s Movable Properties including Plant & Machinery, Machinery spares, tools and accessories (save and except book debts) present and future, subject to prior charges created/ to be created in favour of the company''s bankers on inventories,book debts.

Interest Rate of External Commercial Borrowing is LIBOR 3%

There is no default in repayment of loans and payment of interest as on Balance sheet date.

Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the company has legally enforceable right to set of current tax assets against current tax liabilities and wherever the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

* Cash and cash equivalents, as on 30th September 2014 and 30th September 2013 includes restricted bank balances of Rs. 529.76 Lacs and Rs. 888.57 Lacs respectively. The restriction is primarily on account of cash and bank balances held as margin money deposited against guarantee/LC''s issued by bank and Earmarked Balances.

Note No. 2.33

Previous period figures being for 15 months are not comparable with the figures of current year.

Note No. 2.34

Related Party Disclosures & Transactions

As per AS-18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said standard are disclosed below:

A) Names of related parties & description of relationship

1) Holding: 1) Amtek Auto Ltd.

2) Subsidiaries of the Holding Company

1) Amtek Deutshland GmbH

2) Amtek Investment UK Ltd.

3) Amtek Germany Holding GP GmBH

4) Amtek Germany Holding GmBH & Co. KG

5) Amtek Holding BV

6) Amtek Global Technologies Pte. Ltd.

7) Amtek Transportation Systems Ltd.

8) Alliance Hydro Power Ltd.

9) Amtek India Limited

10) Amtek Defence Technologies Ltd.

11) JMT Auto Limited

3) Subsidiaries of Subsidiaries of the Holding Company

1) Amtek Tekfor Holding GmbH

2) Neumayer Tekfor GmbH

3) Tekfor Services GmbH

4) Neumayer Tekfor Rotenburg GmbH

5) Neumayer Tekfor Schmolln GmbH

6) Neumayer Tekfor Engineering GmbH

7) GfsV

8) Neumayer Tekfor Japan Co. Ltd.

9) Tekfor Inc.

10) Tekfor Maxico SA de CV

11) Neumayer Tekfor Automotive Brasil Ltda.

12) Neumayer Tekfor SpA

13) Tekfor Maxico Services

14) Tekfor Services Inc.

15) Amtek Powertrain Components B.V.

16) Amtek Powertrain RUS LLC

17) Amertec Systems Pvt. Ltd.

18) Amtek Kuepper GmbH

19) August Kupper GmbH

20) H.J Kupper System- Und Modultechnik GmbH

21) H.J Kupper Metallbearbeitung GmbH

22) SKD- GieBerei GMBH

23) Kupper Hungaria Kft

4) Associates of the Holding Company

1) ARGL Ltd. (Formerly known as Amtek Ring Gears Ltd.)

2) ACIL Ltd. (Formerly known as Amtek Crankshafts India Ltd.)

3) Amtek Tekfor Automotive Ltd.

5) Joint Venture of Holding Co.

1) MPT Amtek Automotive (India) Ltd.

2) SMI Amtek Crankshafts Pvt. Ltd.

6) Associates of Subsidiaries of the Holding Company

1) Amtek Railcar Pvt. Ltd.

2) Terrasoft Infosystems Pvt. Ltd.

7) Joint Venture of Subsidiary of the Holding Company

1) SFE GmbH

8) Key Management Personnel

1) Shri S. Rajagopalan


Sep 30, 2013

Note No: 1 NOTES TO ACCOUNTS

The Previous period figures have been regrouped / reclassified, wherever considered necessary to conform to the current year''s presentation.

Particulars of Security

Term Debts from Financial Institutions/Banks are secured by way of first mortgage of company''s all Immovable Properties ranking pari passu interse and hypothecation of whole of the Company''s Movable Properties including Plant & Machinery, Machinery spares, tools and accessories (save and except book debts) present and future, subject to prior charges created/ to be created in favour of the company''s bankers on inventories,book debts.

Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the company has legally enforceable right to set of current tax assets against current tax liabilities and wherever the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

Particulars of Security

Working Capital facilities are secured by hypothecation of raw material, semi-finished goods/stock-in-process, consumable stores and book debts of the company.

Note No: 1.2 CONTINGENT LIABILITIES (Rupees In Lacs)

Particulars As At As At 30.09.2013 30.06.2012

Disputed Statutory Dues in respect of Excise Duty/Income Tax/ Service Tax/Sales Tax/VAT/ Entry Tax etc.(Including Interest & Penalty) 367.28 127.17

Bank Guarantees issued by bank on company''s behalf 393.05 132.45

Unexpired Letter of credit issued by bank on company''s behalf 400.61 29.77

Total 1,160.94 289.39

*Contingent Assets are neither recognised nor disclosed.

Note No. 1.3

Related Party Disclosures & Transactions

As per AS-18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said tandard are disclosed below:

A) Names of related parties & description of relationship

1) Holding: 1) Amtek Auto Ltd.

2) Subsidiaries

1) Amtek Deutshland GmbH

2) Amtek Investment UK Ltd.

3) Amtek Germany Holding GP GmBH

4) Amtek Germany Holding GmBH & Co. KG

5) Amtek Holding BV

6) Amtek Global Technologies Pte. Ltd.

7) Amtek Transportation Systems Ltd.

8) Alliance Hydro Power Ltd.

9) Amtek India Limited

10) Amtek Defence Technologies Ltd.

11) JMT Auto Limited

3) Subsidiaries of Subsidiaries of the Holding Company

1) Amtek Tekfor Holding GmbH

2) Neumayer Tekfor GmbH

3) Tekfor Services GmbH

4) Neumayer Tekfor Rotenburg GmbH

5) Neumayer Tekfor Schmolln GmbH

6) Neumayer Tekfor Engineering GmbH

7) GfsV

8) Neumayer Tekfor Japan Co. Ltd.

9) Tekfor Inc.

10) Tekfor Maxico SA de CV

11) Neumayer Tekfor Automotive Brasil Ltda.

12) Neumayer Tekfor SpA

13) Tekfor Maxico Services

14) Tekfor Services Inc.

15) SFE GmbH

16) Amtek Powertrain Components B.V.

17) Amtek Powertrain RUS LLC

18) Amertec Systems Pvt. Ltd

4) Associates of the Holding Company

1) ARGL Ltd. (Formerly known as Amtek Ring Gears Ltd.)

2) ACIL Ltd. (Formerly known as Amtek Crankshafts India Ltd.)

5) Joint Venture of Holding Co.

1) Amtek Tekfor Automotive Ltd.

2) MPT Amtek Automotive (India) Ltd.

3) SMI Amtek Crankshafts Pvt. Ltd.

6) Joint Venture''s of Subsidiaries of the Holding Company

1) Amtek Railcar Pvt. Ltd.

7) Key Management Personnel

1) Shri S. Rajagopalan


Jun 30, 2010

1. Schedule 1 to 11 form an integral part of the Balance Sheet and Profit & Loss Account.

2. Contingent Liabilities: (Rs. in Lacs)

Current Year Previous Year 30.06.2010 30.06.2009

a) Estimated amount of contracts 151.15 557.80 remaining to be executed on Capital Account and not provided for

b) Unexpired Letters of Credit 59.24 81.62

c) Disputed Statutory Dues in respect of Excise Duty/Service Tax 134.87 134.87

"Contingent Assets are neither recognized, nor disclosed

3. In the opinion of the Board of Directors, the current assets and loans and advances If, realized in the ordinary course of business, would be realised at least equal to the the amounts at which they have been stated in the Balance Sheet. Provision for all known liabilities have been made in the books of accounts.

4. The Company is primarily focused on manufacturing Steel Forgings. Therefore, there are no separate segments within the Company as defined by Accounting Standard 17 (Segment Reporting ), issued by the Institute of Chartered Accountants of India and hence, the same is not reported

5. Other liabilities under current liabilities include amount recovered from customers on account of CST/VAT/ Surcharge, but not deposited, as the Company had been issued an eligibility certificate for Sales Tax deferment under the Maharashtra Sales Tax Act, 1959 and HP Sales Tax Act.

6. Maximum amount outstanding at any time during the year due from / due to directors is Rs.Nil. (Previous year Rs. Nil.).

7. Confirmation of Balances in respect of some of debtors/creditors accounts as at 30th June, 2010 are yet to be received as at the date of the Auditor report.

8. (a) Sundry Creditors include a Sum of Rs.26.83 lacs (Previous Year Rs 48.69 lacs) due to Small & Medium Enterprises.

(b) The List of SMEs to whom Company owes a sum exceeding Rs.1,00,000 and which is outstanding for more than 30 days is as under:-

Ray Heat Treatment, Universal Engg. & Mfg. Industries & Shree Krishna Safety Products Pvt. Ltd etc.

(c) The Payments to SMEs have been made as per stipulated terms.

(d) The above information has been compiled in respect of parties to the extent to which they could be identified as SMEs on the basis of information available with the Company.

9. Market Value of the Quoted investments as on 30.06.2010 Sanghvi Movers Ltd. Rs. 191.15 Per Share (Aggregate value of Rs.6.69 lacs)

Dena Bank Rs. 93.05 Per Share (Aggregate value of Rs.6.53 lacs)

Market value of Grapco Mining & Co. Ltd, Good Value marketing Ltd, and Global Infrastructure & Technologies Ltd - Not Available

10. The Company, during the year, has allotted 18,30,000 equity shares of Rs.10/- each at premium of Rs.37/- per share against 18,30,000 warrants issued by it in the earlier years to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

11. RETIREMENT BENEFITS

Effective from financial year 2007-08, the Company has implemented Accounting Standard (AS)-15 (Revised -2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the Company.

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

12. RETIREMENT BENEFITS

1) Post Employment Benefit Plans:

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

For defined benefit schemes, the cost of providing benefits is determined using Projected Unit Credit Method, with actuarial valuation being carried out at each Balance Sheet date. Actuarial gain & losses are recognised in full in the profit & loss account for the period in which they occur. Past service cost is recognized to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognized in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognized past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

i) Gratuity Plan & Leave Encashment Plan

The Company, in accordance with AS-15 (Revised) ir
13. Related party Disclosures & transactions:

As per Accounting Standard AS -18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said standard are disclosed below :-

A) Names of related parties and description of relationship"

1) Holding: 1) Amtek Auto Ltd.

2) Subsidiary of Holding Co. 1) Amtek Crank Shafts India Ltd.

2) Amtek Deutschland GmbH

3) Amtek Investment UK Ltd.

4) Amtek Investmentlnc. US

5) Smith Jones Inc.

6) Amtek Ring Gears Ltd.

7) Amtek Transportation Systems Ltd.

8) Alliance Hydro Power Ltd.

3) Joint Venture of Holding Co. 1) Amtek Tekfor Automotive Ltd.

2) MPT Amtek Automotive (India) Ltd.

3) SMI Amtek Crankshafts Pvt. Ltd.

4) Associate 1) Amtek India Ltd. & it subsidiary

5) Key Management Personnel 1) Shri Arvind Dham

2) Shri S. Rajagopalan

14. Export sales include sale in transit to its overseas customers acknowledged in subsequent Year, indirect export / deemed export.

15. Details ot units manufactured, material consumed and sales include component bought and sold.

16. Previous years figures have been regrouped, rearranged and recasted wherever considered necessary.

 
Subscribe now to get personal finance updates in your inbox!