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Notes to Accounts of Patels Airtemp (India) Ltd.

Mar 31, 2015

1. Capital Commitments & Contingent Liabilities not provided for:

a) Contingent Liabilities (Rs. in lacs)

Particulars As at 31/03/2015 As at 31/03/2014

Outstanding Bank Guarantees 3185.83 1671.48

Outstanding Foreign Bank Guarantees US$ 24,48,814.67 US$ 70143.69

Outstanding Inland Letter of Credit 34.42 75.98

Outstanding Foreign Letter of Credit US$ 30,17,342.45 NIL

b) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account [net of advances] and not provided for Rs. NIL Lacs (P.Y Rs. 12.37 Lacs)

2. As per the information given to us, the Company has provided Rs. NIL (P.Y. Rs. 2,59,700/-) as permanent diminution in value of Investment.

3. SEGMENT INFORMATION

Primary Segment - Business Segment

The Company's operation predominantly comprise of only one segment. In view of the same,separate segmental information is not required to be disclosed as per the requirement of Accounting Standard 17

Secondary Segment - Geographical Segment

The analysis of geographical segment is based on the geographical location of the customers. The geographical segments considered for disclosure are as follows:

Sales within India include sales to customers located within India.

Sales outside India include sales to customers located outside India.

Information pertaining to Secondary Segment

Gross revenue from operations as per Geographical Locations

4. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.

5. Balances of Unsecured Loan, Trade Receivable and Payables & loans and advances are subject to confirmation from respective parties.

6. During the Current year, the Company has implemented Schedule II of the Companies Act, 2013, effective from 1st April, 2014, and has accordingly computed the depreciation based on revised useful life of the of the fixed assets, prescribed by Schedule II of the act. The Carrying Value of the fixed assets of Rs. 66.43 Lacs (net of deferred tax credit of Rs. 31.91 Lacs) which have completed their useful life as on 1st April 2014 has been adjusted in the opening balance of retained earnings as on 01-04-2014.

The company has taken defined benefit plan i.e. Employee Group Gratuity Scheme from the Life Insurance Corporation (LIC) of India which provides Gratuity linked to the final salaries and is funded in a manner such that the contribution are set at a level that is expected to be sufficient to pay the benefits falling due in the same period. It is not practicable to determine the present value of the Company's obligation or the related current service cost as the LIC compute its obligation on its own basis that differ materially from the basis used in the Company's financial statements i.e. the company recognized / charged only the amount paid to the LIC as a contribution towards Gratuity Scheme.

The expense recognized in the statement of Profit & Loss, which is equal to the contribution due / paid for the year.

8. Previous year's figures have been re-grouped/rearranged wherever necessary to make them comparable with current years figures.


Mar 31, 2014

1. CAPITAL COMMITMENTS & CONTINGENT LIABILITIES NOT PROVIDED FOR :

a) Contingent Liabilities

(Rs. in lacs)

As at 31/03/2014 As at 31/03/2013

Outstanding Bank Guarantees 1671.48 2245.25

Outstanding Foreign Bank Guarantees US$70143.69 US$ 36,2721.91

Outstanding Inland Letter of Credit 75.98 47.70

b) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account [net of advances] and not provided for Rs 1 2.37 Lacs (P.Y Rs.NIL)

2. As per the information given to us, the Company has provided Rs. 259700 as diminution in value of Investment treating the same in Permanent nature.

3. SEGMENT INFORMATION

Primary Segment - Business Segment

The Company''s operation predominantly comprise of only one segment. In view of the same,separate segmental information is not required to be disclosed as per the requirement of Accounting Standard 17.

Secondary Segment - Geographical Segment

The analysis of geographical segment is based on the geographical location of the customers. The geographical segments considered for disclosure are as follows:

Sales within India include sales to customers located within India.

Sales outside India include sales to customers located outside India.

4. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.

5. Balances of Unsecured Loan, Trade Receivable and Payables & loans and advances are subject to confirmation from respective parties.

6. EMPLOYEE BENEFIT OBLIGATION

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

Defined Contribution Plan :

Contribution to Defined Contribution Plan, recognized as expense for the year is as under :

The company has taken defined benefit plan i.e. Employee Group Gratuity Scheme from the Life Insurance Corporation (LIC) of India which provides Gratuity linked to the final salaries and is funded in a manner such that the contribution are set at a level that is expected to be sufficient to pay the benefits falling due in the same period. It is not practicable to determine the present value of the Company''s obligation or the related current service cost as the LIC compute its obligation on its own basis that differ materially from the basis used in the Company''s financial statements i.e. the company recognized / charged only the amount paid to the LIC as a contribution towards Gratuity Scheme. The expense recognized in the statement of Profit & Loss, which is equal to the contribution due / paid for the year.


Mar 31, 2013

1. CAPITAL COMMITMENTS & CONTINGENT LIABILITIES NOT PROVIDED FOR :

Contingent Liabilities

(Rs. in lacs)

As at 31/03/2013 As at 31/03/2012

Outstanding Bank Guarantees 2,245.25 2,088.76

Outstanding Foreign Bank Guarantees US$ 362,721.91 NIL

Outstanding Inland Letter of Credit 47.70 262.73

Outstanding Income Tax Demand (Gross) Nil 45.69

2. As per the informations given by the management the Company has only one reportable business segment. And hence segment wise information is not given.

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.

4. Balances of Unsecured Loan, Trade Receivable and Payables & loans and advances are subject to confirmation from respective parties.

5. EMPLOYEE BENEFIT OBLIGATION

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below :

Defined Contribution Plan:

Contribution to Defined Contribution Plan, recognized as expense for the year is as under :

The company has taken defined benefit plan i.e. Employee Group Gratuity Scheme from the Life Insurance Corporation (LIC) of India which provides Gratuity linked to the final salaries and is funded in a manner such that the contribution are set at a level that is expected to be sufficient to pay the benefits falling due in the same period. It is not practicable to determine the present value of the Company''s obligation or the related current service cost as the LIC compute its obligation on its own basis that differ materially from the basis used in the Company''s financial statements i.e. the company recognized / charged only the amount paid to the LIC as a contribution towards Gratuity Scheme. The expense recognized in the statement of Profit & Loss, which is equal to the contribution due / paid for the year.

6. MICRO, SMALL & MEDIUM ENTERPRISE

As per the Micro, Small & Medium Development Act, 2006 and to the extent of the information available, amounts unpaid as at the year end together with the interest paid / payable, is as follows:

7. Previous year''s figures have been re-grouped/rearranged wherever necessary so as to confirm to current year''s grouping.


Mar 31, 2012

1) Capital Commitments & Contingent Liabilities not provided for:

a) Capital Commitments;

Estimated amount of Contracts remaining to be executed on Capital Account (net of advances) & not provided for Rs . NIL/- (P. Y. 94,40,000/-)

b) Contingent Liabilities

(Rs in lacs)

As at 31/03/2012 As at 31/03/2011

Outstanding Bank Guarantees 2,088.76 1,411.56

Out standing Inland Letter of Credit 262.73& 109486 US$ 157.83

Outstanding Income Tax Demand (Gross) 45.69 106.77

2. As per the informations given by the management the Company has only one reportable business segment. And hence segment wise information is not given.

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.

4. Balances of Sundry debtors, Creditors and loans and advances are subject to confirmation from respective parties.

5. EMPLOYEE BENEFIT OBLIGATION

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below :

Defined Contribution Plan:

Contribution to Defined Contribution Plan, recognized as expense for the year is as under :

The company has taken defined benefit plan i.e. Employee Group Gratuity Scheme from the Life Insurance Corporation (LIC) of India which provides Gratuity linked to the final salaries and is funded in a manner such that the contribution are set at a level that is expected to be sufficient to pay the benefits falling due in the same period. It is not practicable to determine the present value of the Company's obligation or the related current service cost as the LIC compute its obligation on its own basis that differ materially from the basis used in the Company's financial statements i.e. the company recognized / charged only the amount paid to the LIC as a contribution towards Gratuity Scheme. The expense recognized in the statement of Profit & Loss, which is equal to the contribution due / paid for the year.

6. Previous year's figures have been re-grouped/rearranged wherever necessary so as to confirm to current year's grouping.

7. Information required in terms of Part IV of Schedule VI to the Companies Act 1956 as compiled by the Company is attached.


Mar 31, 2010

1) Contingent Liabilities not provided for:

Estimated amount of Contracts remaining to be executed on Capital Account (net of advances) & not provided for Rs. 898400/- (P. Y. NIL)..

(Rs in lacs)

As at 31/03/2010 As at 31/03/2009

Outstanding Bank Guarantees 1081.07 780.96

Out standing Foreign Letter of Credit

(73865 US $) NIL 37.41

Outstanding Income Tax Demand for

F. Y. 2006-07 36.62 NIL

2. RELATED PARTY INFORMATION

The company has transactions with following related parties

a) Associates Thermflow Engineers Pvt. Ltd.

b) Key Management Personal

1. Narayanbhai G.Patel

2. Narendrabhai G. Patel

3. D.C.Narumalani

4. Prakashbhai N. Patel

5. Sanjivkumar N. Patel

7. SECURED LOANS

Working Capital from BOB

Working Capital facilities from Bank of Baroda is secured by way of hypothecation of raw-materials, stores and spares, work-in-progress of finished goods and book debts of the company both present and future and first charge on companys plant & machinery and factory land and building situated at Plot no. 805, 806, 807, and 810 at Rakanpur, Tal. Kalol, Dist. Gandhinagar and also equitable mortgage on plot no 811 as collateral security and is also personally guaranteed by the Promoters of the company.

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if ealized in the ordinary course of business. The provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.

4. Balances of Sundry debtors, Creditors and loans and advances are subject to confirmation from respective parties.

5. Inventories of finished goods costing around Rs. 1.47 Lacs (P.Y Rs 1.45 lacs) are non-moving in nature. However, the management is of the view that they are in good condition and are realizable in ordinary course of business and therefore, no provision is considered necessary in respect of the said non-moving inventories.

6. The recoveries in respect of certain receivables have become sticky/disputed. However, the company has taken appropriate steps including initiation of legal proceedings wherever required for the purpose of recovery of such sticky book debts. Since the company is fairly confident of successfully recovering majority of the said sticky debts, the company has not considered it necessary for making any provision for doubtful debts. The recoveries of certain sticky / disputed receivables have become suspectable and in opinion of the management they become doubtful. The management is of the opinion that it is in the interest of the company to write off the same and also the company has taken appropriate steps including initiation of legal proceedings where ever required.

The company has taken defined benefit plan i.e. Employee Group Gratuity Scheme from the Life Insurance Corporation (LIC) of India which provides Gratuity linked to the final salaries and is funded in a manner such that the contribution are set at a level that is expected to be sufficient to pay the benefits falling due in the same period. It is not practicable to determine the present value of the Companys obligation or the related current service cost as the LIC compute its obligation on its own basis that differ materially from the basis used in the Companys financial statements i.e. the company recognized / charged only the amount paid to the LIC as a contribution towards Gratuity Scheme. The expense recognized in the statement of Profit & Loss, which is equal to the contribution due / paid for the year. in previous year, if any, relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said Act have not been made. )

7. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PARAGRAPH 3 AND 4 OF PART II OF SCHEDULE VI TO THE COMPANIES ACT, 1956.

8. Previous years figures have been re-grouped/rearranged wherever necessary so as to confirm to current years grouping.

9. Information required in terms of part IV of schedule VI to the companies Act, 1956 is attached.

 
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