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Notes to Accounts of Omax Autos Ltd.

Mar 31, 2015

(A) Gross turnover is net of inter unit transfer of Rs. 9,546.91 lac (Previous Year Rs. 11,543.20 lac)

(B) Gross turnover includes direct & deemed exports of Rs. 1,457.96 lac (Previous Year Rs. 1,894.81 lac)

(C) Enterprises covered under the Micro, Small & Medium Enterprises Development Act 2006 have been identified by the company on the basis of information available. There is no outstanding balance payable more than the period stipulated in the said Act.

(D) Computation of Net Profit for the purpose of Section 197 of the Companies Act, 2013.

**Note : Other Directors includes Mr Ravinder Mehta, Managing Director; Mr. Ramesh Bahadur Singh, Whole-time Director (Appointed as Whole-time Director of the Company w.e.f. 23.01.2015); Mrs. Sakshi Kaura, Joint Managing Director and Mr. Jagdish Chandra Jhuraney, Whole-time Director (Resigned from the directorship w.e.f. 31.12.2014).

In case of Mr. Jatender Kumar Mehta (Managing Director), the Company had taken the approval of shareholders by passing Special Resolution through postal ballot, on 26.03.2015, for a total Remuneration not exceeding Rs. 120 lac (One Hundred Twenty Lac) per annum. Accordingly, the Company has paid Mr. Mehta Rs. 117.6 Lac (One hundred Seventeen Lac and Sixty Thousand) as his remuneration for the FY 2014-15.

(E) The Company has in- house R&D centre at IMT Manesar, Gurgaon (Haryana). Ministry of Science & Technology (Department of Scientific and Industrial Research) has accorded recognition to this centre, which is valid upto 31.03.2015 vide its letter no. TU/IV-RD/2906/2012 dtd. 01.04.2012 to this centre, further this recognition has been extended till 31.03.2018 vide its letter no TU/IV-RD/2906/2015 dated 27.04.2015-

(F) Management is of the opinion that, any of the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(G) Related Party Disclosure as required under Accounting Standard-18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are given below :

(H) SEGMENT REPORTING:

The company is primarily engaged in the business of Auto Components for Two Wheeler and Four wheeler industry, which are governed by the same set of risk and returns. As the company's business activity falls within a single primary business segment, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by The Institute of Chartered Accountants of India are not applicable. Exports being less than 10% ,Geographical segment reporting is also not required.

(I) The Company has sold part of land situated at Sultanpur village of Farrukh Nagar district for Rs. 1,153.34 lacs and earned a profit of Rs. 766.05 lacs which has been shown as a exceptional item in Statement of Profit and Loss .

(J) During the year Company has transferred 24500 nos (49%) Equity Shares of Gmax Auto Limited to AG Industries Pvt. Ltd. at Rs. 10 each.

(K) Previous Year's figures have been regrouped, rearranged & recasted wherever necessary to make them comparable with the current year's figures.

(L) Figures has been rounded off to the nearest Rupees in lac.

(M) Accompanying notes to the financial statements are an integral part of the Financial Statements.


Mar 31, 2014

NOTE - 1 : LONG-TERM BORROWINGS*

a) Fully hedged ECB Term Loan from ICICI Bank Ltd. is secured by way of first pari passu charge/mortgage by deposit of title deeds of Land & Building and hypothecation of other movable fixed assets of Dharuhera Plant both present and future. Term Loan is bearing 9.85% P.A interest and finally repayable by June 2014 in one remaning half yearly instalment of avg. Rs.365 lac.

b) Fully hedged ECB Term Loans from Standard Chartered Bank is secured by deposit of title deed of Land & Building & hypothecation of other moveable fixed assets of Manesar plant. Term Loan is bearing 10.25% P.A interest and finally repayable by March 2016 in sixteen quarterly instalments of avg. Rs. 253 lac each beginning from June 2012.

c) Term Loan from IndusInd Bank Limited (this stands after taken over of whole outstanding of DBS Bank Ltd which earlier taken over outstanding of United Bank of India) is secured by deposit of title deed of Land & Building & hypothecation of other moveable fixed assets of Speedomax plant. Term Loan is bearing 11.25% P.A interest and finally repayable by March 2016 in eight remaning quarterly instalments of avg. Rs. 299.57 lac each.

d) Term Loan from Hongkong Shanghai and Banking Corporation Ltd is secured by deposit of title deed of Land & Building & hypothecation of other moveable fixed assets of Sprocket Plant. Term Loan is bearing fixed 10.00% P.A interest and finally repayable by March 2017 in sixteen quarterly instalments of avg. Rs. 156.25 lac each beginning from April 2014.

e) Rupee Term Loan from ICICI Bank Ltd. is secured by way of first pari passu charge with TATA Capital Financial Services Limited on Land & Building and hypothecation of Plant & Machinery both present and future of Dharuhera Plant. Term Loan is bearing 12.25% P.A interest and finally repayable by March 2018 in sixteen instalments of avg. Rs. 62.50 lac each.

f) Term Loan from TATA Capital Financial Services Limited is secured by way of exclusive charge on all the present and future fixed assets (excluding land & building ) of Lucknow project , negative lien on the building/ super structure created on the land covered under term loan and hypothecation of receivables of Lucknow plant in respect of supply to TATA Motor Ltd. Further Term loan is secured by way of first pari passu charge with ICICI Bank Ltd on Land & Building and hypothecation of Plant & Machinery both present and futureof Dharuhera Plant. Term Loan is bearing 11.40% P.A interest and finally repayable by July 2015 in six remaning quarterly instalments of avg. Rs. 194 lac each.

g) Sales Tax Deferment is fully secured by way of bank guarantees issued by bank.This is interest free and finally repayable by Jan. 2017 in remaning thirty four monthly instalments of avg. Rs. 9.16 lac each.

h) Vehicle Loans are secured by way of hypothecation charge. TATA Capital Financial Services Ltd loan is bearing 10.50% p.a interest and finally repayable by Feb. 2016 in remaning 23 monthly instalments of avg. Rs. 0.76 lac each. Axis Bank Ltd loan is bearing 9.50% p.a interest and finally repayable by Feb. 2016 in remaning 23 monthly instalments of avg. Rs. 0.53 lac each. ICICI Bank Ltd loan is bearing 9.93% p.a interest and finally repayable by Aug. 2015 in remaning 17 monthly instalments of avg. Rs. 2.08 lac each. BMW Financial Services Ltd loan is bearing 10.44% p.a interest and finally repayable by Sept. 2015 in remaning 18 monthly instalments of avg. Rs. 0.36 lac each.

Rs. in lac

I Particulars As at As at 31.03.2014 31.03.2013

(a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

(A) Claims against the company not acknowledged as debt

(i) Excise & Service Tax matters 543.20 410.39

(ii) Sale Tax 174.55 185.34

(iii) Income Tax - 62.30

(B) Outstanding Guarantees issued by banks 442.30 75.72

(C) Other money for which the company is contingently liable

(i) Letter of credits 361.20 55.64

(ii) Bills discounted

(ii) Commitments

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 338.61 1465.65

(ii) Uncalled liability on shares and other investments partly paid - -

(iii) Other commitments 272.28 165.47

- Advance Licence/ EPCG

(b) Gross turnover is net of inter unit transfer of Rs. 11,543.20 lac (Previous Year Rs. 10,676.26 lac)

(c) Gross turnover includes direct & deemed exports of Rs. 1,894.81 lac (Previous Year Rs. 6,588.36 lac)

(d) Enterprises covered under the Micro, Small & Medium Enterprises Development Act 2006 have been identified by the company on the basis of information available. There is no outstanding balance payable more than the period stipulated in the said Act.

(h) The Company has in- house R&D centre at IMT Manesar ,Gurgaon (Haryana). Ministry of Science & Technology (Department of Scientific and Industrial Research) has accorded recognition to this centre, which is valid upto 31.03.2015 vide its letter no. TU/IV-RD/2906/2012 dtd. 01.04.2012 for this centre.

Total expenditure incurred towards In-house Research and Development activities during the year 2013-14 are as under -

(i) In the opinion of the Board, any of the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(j) Related Party Disclosure as required under Accounting Standard-18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are given below :

1) Relationship :

a) Key management Personnel & their Relatives :

Mr. Jatender Kumar Mehta Managing Director

Mrs. Kiran Mehta Wife

Mr. Devashish Mehta Son

Mrs. Sakshi Kaura Whole Time Director

Mrs. Sandhya Katyal Daughter

Mr. Ravinder Kumar Mehta Managing Director

Mrs. Usha Mehta W ife

Mrs. Ekta Dewan Daughter

Mrs. Sarika Dhanda Daughter

Mr. Varun Mehta Son

Mr. S.M.Mehta Brother

Mr. S.K.Mehta Brother

Mr. Krishan Chand Chawla Whole Time Director

Mrs. Savita Chawla Wife

Mrs. Deepti Kumar Daughter

Ms. Ridhima Chawla Daughter

Mr. Jagdish Chandra Jhuraney Whole Time Director

b) Entities over which key management personnel and their relatives are able to exercise significant influence.

i) Forerunner Capital Investments Limited

ii) Green Systems Limited

iii) Mehta Engineers Limited

iv) Omax Bikes (P) Limited

v) Omax Fusions Limited

vi) Vishal Engineers

vii) Autotech Components (P) Ltd

viii) J.K. Mehta (HUF)

ix) R.K. Mehta (HUF)

x) S.K. Mehta (HUF)

xi) S.M. Mehta (HUF)

xii) Gurgaon Energy & Infrastructure Ltd.

(xiii) Haridwar Estates Pvt. Ltd.

xiv) B.G.J.C & Associates

xv) Gmax Auto Ltd.

xvi) Automax Constructions Ltd.

(k) SEGMENT REPORTING:

The company is primarily engaged in the business of Auto Components for Two Wheeler and Four wheeler industry, which are governed by the same set of risk and returns. As the company''s business activity falls within a single primary business segment, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by The Institute of Chartered Accountants of India are not applicable. Exports being less than 10%, Geographical segment reporting is also not required.

(m) The Company had approached the Settlement Commission of Income Tax against the demand raised by the Income Tax Dep''t for search conducted u/s 132 in the F/Y 2010-11. During the year under review, Settlement Commission settled the matter and fixed the tax liabiility at Rs. 264.95 lac which was duly paid and charged to the Profit and Loss account for the year under review as Prior period tax.

(n) Previous Year''s figures have been regrouped, rearranged & recasted wherever necessary to make them comparable with the current year''s figures.

(o) Figures has been rounded off to the nearest Rupees in lac.

(p) Accompanying notes to the financial statements are an integral part of the Balance Sheet.


Mar 31, 2013

(a) The Company has in- house R&D centre at IMT Manesar, Gurgaon (Haryana). Ministry of Science & Technology (Department of Scientific and Industrial Research) has accorded recognition to this centre at IMT Manesar, Gurgaon, up to 31.03.2012 vide its letter no. TU-IV/RD/2906/2009 dtd.28.08.2009 and further, the benefit was extended upto 31.03.2015 vide its letter no. TU/IV-RD/2906/2012 dtd. 01.04.2012 for this centre.

(b) In the opinion of the Board, any of the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(c) Related Party Disclosure as required under Accounting Standard-18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are given below :

d) Relationship :

a) Key management Personnel & their Relatives :

Mr. Jatender Kumar Mehta Managing Director

Mrs. Kiran Mehta Wife

Mr. Devashish Mehta Son

Mrs. Sakshi Kaura Whole Time Director

Mrs. Sandhya Katyal Daughter

Mr. Ravinder Kumar Mehta Managing Director

Mrs. Usha Mehta Wife

Mrs. Ekta Dewan Daughter

Mrs. Sarika Dhanda Daughter

Mr. Varun Mehta Son

Mr. S. M. Mehta Brother

Mr. S. K. Mehta Brother

Mr. Krishan Chand Chawla Whole Time Director

Mrs. Savita Chawla Wife

Mrs. Deepti Kumar Daughter

Ms. Ridhima Chawla Daughter

b) Entities over which key management personnel and their relatives are able to exercise significant influence.

i) Forerunner Capital Investments Limited

ii) Green Systems Limited

iii) Mehta Engineers Limited

iv) Omax Bikes (P) Limited

v) Omax Fusions Limited

vi) Vishal Engineers

vii) Autotech Components (P) Ltd

viii) J. K. Mehta (HUF)

ix) R. K. Mehta (HUF)

x) S. K. Mehta (HUF)

xi) S. M. Mehta (HUF)

xii) Gurgaon Energy & Infrastructure Ltd.

(xiii) Haridwar Estates Pvt. Ltd.

xiv) B.G.J.C & Associates

xv) Gmax Auto Ltd.

(e) SEGMENT REPORTING:

The company is primarily engaged in the business of Auto Components for Two Wheeler and Four wheeler industry, which are governed by the same set of risk and returns. As the company''s business activity falls within a single primary business segment, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by The Institute of Chartered Accountants of India are not applicable. Exports being less than 10% ,Geographical segment reporting is also not required.

(f) Income tax matter u/s 245 C is pending with Hon''ble Settlement Commission for the Assessment Year 2005-06 to 2011-12 against which Rs. 271.31 Crore has been paid as tax & ineterest. The necessary entries shall be recorded in books on receipt of final verdict of settlement commission.

(g) Previous Year''s figures have been regrouped,rearranged & recasted wherever necessary to make them comparable with the current year''s figures.

(h) Figures has been rounded off to the nearest Rupees in lac.

(i) Accompanying notes to the financial statements are an integral part of the Balance Sheet.


Mar 31, 2012

As at As at

31.03.2012 31.03.2011

(a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

(A) Claims against the company not acknowledged as debt

(i) Excise & Service Tax matters 423.70 366.20

(ii) Sale Tax 30.96 4.51

(iii) Income Tax 62.30 -

(B) Outstanding Guarantees issued by bank 20.30 89.17

(C) Other money for which the company is contingently liable

(i) Letter of credits - 395.19

(ii) Bills discounted - 1,000.00

(ii) Commitments

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 307.81 424.12

(ii) Uncalled liability on shares and other 0.00 0.00 investments partly paid

(b) Other commitments 0.00 0.00

(c) The Company had entered in to a Swap transaction of amount in INR into amount in USD. The outstanding amount as on 31st March 2012 is NIL (Rs. 1140.35 lac Previous Year) and in USD NIL (USD 25.54 lac Previous Year). At the end of 31st March 2012 no outstanding remain in this regards. The actual loss/ gain has account for under "Financial Cost" as Currency loss/gain.

(d) Enterprises covered under the Micro, Small & Medium Enterprises Development Act 2006 have been identified by the company on the basis of information available. There is no outstanding balance payable more than the period stipulated in the said Act.

*Note : The total remuneration of Mr. Jatender Kumar Mehta and Mr. Ravinder Mehta had been approved in Annual General Meeting held on 30.09.2010 further the Government of India (Ministry of Company Affairs) has also accorded its approval vide letter no. B03342409/5/2011/CL/VII dated 18th April 2011. Further remuneration of Mr. Jatender Kumar Mehta and Mr. Ravinder Mehta have been revised w.e.f. 01.04.2012 with approval of shareholders through postal ballot process on 28th March, 2012, present salary (per month) of Mr. Jatender Kumar Mehta is Rs. 12,00,000- 1,25,000-17,50,000 and Mr. Ravinder Mehta salary is Rs. 1,50,000/-

(e) Deferred Tax (AS-22)

The break up of the net deferred tax liability arising on account of timing difference for the year ended 31st March,2012 is as under:

(f) Gross turnover is net of inter unit transfer of Rs. 8,259.50 lac (Previous Year Rs. 7,228.91 lac)

(g) Gross turnover includes direct & deemed exports of Rs. 9,671.63 lac (Previous Year Rs. 10,710.72 lac)

(h) Exceptional Income includes Rs. 728 lac maturity amount of Key Man Insurance Policy from LIC, In previous year, it represents Profit on Sale of Land and Behrampur warehouse.

(i) The Company incorporated a wholly owned Subsidiary Company on 20th Oct, 2011 in the name of "Gmax Auto Ltd.". This subsidiary company is yet to commence business.

(j) During the current year, Company has installed two 1.25 MW each Wind Turbine Generator in Rajasthan, India which have successfully commissioned and started to generate power.

(k) In the opinion of the Board, any of the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(l) Related Party Disclosure as required under Accounting Standard-18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are given below :

(m) Segment Reporting:

The company is primarily engaged in the business of Auto Components for Two Wheeler and Four wheeler industry, which are governed by the same set of risk and returns. As the company's business activity falls within a single primary business segment, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by The Institute of Chartered Accountants of India are not applicable. Exports being less than 10%, Geographical segment reporting is also not required.

(n) Previous Year's figures have been regrouped, rearranged & recasted wherever necessary to make them comparable with the current year's figures.

(o) Figures has been rounded off to the nearest Rs. in lac.

(p) Accompanying notes to the financial statements are an integral part of the Balance Sheet.

 
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