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Notes to Accounts of Pitti Laminations Ltd.

Mar 31, 2015

1. SEGMENT REPORTING

a) Primary Segment Reporting

The Company has identified "Manufacture of Electrical Stampings & Die Cast Rotors" as the only primary reportable segment.

2. RELATED PARTY DISCLOSURES

Related parties where control exists or where significant influence exists and with whom transactions have taken place during the year:

A. List of Related parties:

I) Directors / Relatives

Shri Sharad B Pitti Shri Akshay S Pitti Smt Shanti B Pitti Smt Madhuri S Pitti Smt Radhika A Pitti Shri Y B Sahgal Shri Sanjay Srivastava * Shri GVSN Kumar

* Shri Sanjay Srivastava, Executive Director has resigned with effect from 3rd May'2014 from the Board of the Company.

II) Directors' interest

1) Pitti Castings Private Limited,

2) Pitti Electrical Equipment Pvt. Ltd.,

3) Pitti Components Limited

4) Pitti Holdings Private Limited

5) Badrivishal Pannalal Pitti Trust

3. The Company has provided for Cess as specified in section 441 A of the Companies Act, 1956 and in the absence of any notification by the Central Govt, the company could not deposit the same with the appropriate authority.

4. No asset is impaired during the year as the assets are having recoverable value which is more than the carrying amount.

The information has been given in respect of such vendors to the extent they could be identified as micro and small enterprises on the basis of information available with company.

5. Letters have been written for confirmation of debit and credit balances pertaining to debtors and creditors and reply from the parties is awaited.

6. The Company has prepared these financial statements as per the format prescribed by schedule III to Companies Act, 2013 issued by Ministry of Corporate Affairs.

Previous year's figures have been regrouped/ rearranged wherever necessary to confirm to current year's grouping/ classification.


Mar 31, 2014

Notes: 1

a i) Term loans from scheduled bank, Oriental Bank of commerce is secured by equitable mortgage of movable and immovable properties and first charge on the present and future fixed assets of the company situated at Plant I and Plant II Nandigaon, Mahaboobnagar district. A.P Further these are secured by a second charge on the present and future current assets of the company and personal guarantee provided by the Chairman and Managing Director & Vice Chairman and Managing Director. (Refer Note 2.8 (a) for terms of repayment).

ii) Term loans from scheduled bank, State Bank of India is secured by equitable mortgage of movable and immovable properties and first charge on the present and future fixed assets of the company situated at Plant I and Plant II Nandigaon, Mahaboobnagar district. A.P Further these are secured by a second charge on the present and future current assets of the company and personal guarantee provided by the Chairman and Managing Director & Vice Chairman and Managing Director and their relative.

b) The above term loan from others is secured by exclusive charge on the machinery purchased to the extent funded and personal guarantee provided by the Chairman and Managing Director & Vice Chairman and Managing Director. (Refer Note 2.8 (a) for terms of repayment).

c) Secured against lien on FDR from Agroha Co-operative Urban Bank. (Loan closed in September 2013).

d) Secured against hypothecation of vehicles. Long term liability for previous year has been cleared during FY 2013-14 (Refer Note 2.8 (b) for terms of repayment for current year liability).

e) Represents 14 years interest free sales tax deferment loan received from Government of Andhra Pradesh. Repayment commences from January 2018 based on the deferment availed in the respective years.

Notes: 2

a) Terms of repayment are given below:

i) Loan taken from Oriental Bank of Commerce is repayable in quarterly instalments of Rs. 68.75 lacs each till January 2016.

ii) Loan taken from TATA Capital Financial Service Ltd., is repayable in quarterly instalments of Rs. 18.89 lacs each till April, 2017

iii) Loan taken from TATA Capital Financial Service Ltd., is repayable in quarterly instalments of Rs. 2.36 lacs each till April'' 2017

iv) Loan taken from TATA Capital Financial Service Ltd., is repayable in quarterly instalments of Rs. 12.82 lacs each inclusive of interest till April'' 2017

v) Loan taken from L & T Finance Ltd., is repayable in quarterly instalments of Rs. 29.25 lacs each till June''2016

b) Terms of repayment are given below:

i) Loan taken from Axis Bank is repayable in monthly instalments of Rs. 0.17 lacs each inclusive of interest till November 2014

Notes: 3

a) Terms of repayment are given below:

i) Loan taken from Oriental Bank of Commerce is repayable in quarterly instalments of Rs. 68.75 lacs each till January 2016.

ii) Loan taken from TATA Capital Financial Service Ltd., is repayable in quarterly instalments of Rs. 18.89 lacs each till April, 2017

iii) Loan taken from TATA Capital Financial Service Ltd., is repayable in quarterly instalments of Rs. 2.36 lacs each till April'' 2017

iv) Loan taken from TATA Capital Financial Service Ltd., is repayable in quarterly instalments of Rs. 12.82 lacs each inclusive of interest till April'' 2017

v) Loan taken from L & T Finance Ltd., is repayable in quarterly instalments of Rs. 29.25 lacs each till June'' 2016

b) Terms of repayment are given below:

i) Loan taken from Axis Bank is repayable in monthly instalments of Rs. 0.17 lacs each inclusive of interest till November 2014

Rs. in lacs

Particulars As at As at 31st March, 31st March, 2014 2013 Note: 4 CONTINGENT LIABILITIES NOT PROVIDED FOR

A) Claims against the Company not acknowledged as debts:

i) Income Tax Liability in respect of the appeals preferred by the company with CIT 122.18* 173.50* (Appeals) and appeals preferred by the Department in the High Court of Judicature of A.P. Hyderabad, pending disposal. (Net of refund receivable)

ii) Service Tax liability for which appeal is pending 139.02* 134.19*

B) Commitments / Contingent Liabilities:

i) Liability against factoring of bills - -

ii) Estimated amount of contracts remaining to be executed on Capital accounts 290.23 21.17

iii) Bank guarantees 265.32 308.50

* No provision is considered necessary since the company expects favorable decision.

Note: 5

The Company has provided for Cess as specified in section 441 A of the Companies Act, 1956 and in the absence of any notification by the Central Govt. the company could not deposit the same with the appropriate authority.

Note: 6

No asset is impaired during the year as the assets are having recoverable value which is more than the carrying amount.

Note: 7

Letters have been written for confirmation of debit and credit balances pertaining to debtors and creditors and reply from the parties is awaited.

Note: 8

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act''1956 issued by Ministry of Corporate Affairs.

Previous year''s figures have been regrouped/ rearranged wherever necessary to confirm to current year''s grouping/ classification.


Mar 31, 2013

Note 1.1 Segment Reporting:

a) Primary Segment Reporting –

The Company has identifi ed "Manufacture of Electrical Stampings & Die Cast Rotors" as the only primary reportable segment.

b) Secondary Segment (by Geographical Segment)

Note 1.2 Related party disclosures:

Related parties where control exists or where signifi cant infl uence exists and with whom transactions have taken place during the year:

A. List of Related parties:

I) Directors / Relatives

Shri Sharad B Pitti Shri Akshay S Pitti Smt Shanti B Pitti Smt Madhuri S Pitti Smt Radhika A Pitti Shri Y B Sahgal Shri Sanjay Srivastava Shri G Vijaya Kumar

II) Directors'' interest

1) Pitti Components Limited

2) Vaksh Steels Private Limited

3) Pitti Castings Private Limited

4) Pitti Electrical Equipment Private Limited

5) Pitti Holdings Private Limited

6) Badrivishal Pannalal Pitti Trust

Note 1.3

The Company has provided for Cess as specifi ed in section 441 A of the Companies Act, 1956 and in the absence of any notifi cation by the Central Govt. the Company could not deposit the same with the appropriate authority.

Note 1.4

No asset is impaired during the year as the assets are having recoverable value which is more than the carrying amount.

Note 1.5

Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)

The information has been given in respect of such vendors to the extent they could be identifi ed as micro and small enterprises on the basis of information available with company.

Note 1.6

Letters have been written for confi rmation of debit and credit balances pertaining to debtors and creditors and reply from the parties is awaited.

Note 1.7

Financial and derivative instruments:

All fi nancial and forward contracts entered into by the Company are for hedging purpose only.

Note 1.8

The Company has prepared these fi nancial statements as per the format prescribed by Revised Schedule VI to the Companies Act, 1956 issued by Ministry of Corporate Affairs.

Previous year''s fi gures have been regrouped/ rearranged wherever necessary to confi rm to current year''s grouping/ classifi cation.


Mar 31, 2012

Note 1 CONTINGENT LIABILITIES NOT PROVIDED FOR

A) Claims against the Company not acknowledged as debts:

i) Income Tax Liability in respect of the appeals preferred by the Department in the High Court of Judicature of A.P. Hyderabad, pending disposal 121.62* 121.62*

ii) Service Tax liability for which appeal is pending 117.72* 22.52*

B) Commitments / Contingent Liabilities:

i) Liability against factoring of bills 487.31 1466.75

ii) Estimated amount of contracts remaining to be executed on Capital accounts 537.56 588.89

iii) Bank guarantees 40.90 12.77

* No provision is considered necessary since the Company expects favorable decision.

Note 2.1 EMPLOYEE BENEFIT PLANS

i) A summary of the Gratuity & Leave Encashment plans are as follows

Assumptions:

Note 2.2 SEGMENT REPORTING:

a) Primary Segment Reporting -

The Company has identified "Manufacture of Electrical Stampings & Die cast Rotors" as the only primary reportable segment.

1. Total carrying amount of segment assets by geographical location of assets, for each geographical segment whose assets are 10% or more of the total assets of all geographical segments and the additions to the same are as under.

Note 2.3 RELATED PARTY DISCLOSURES:

Related parties where control exists or where significant influence exists and with whom transactions have taken place during the year:

A. List of Related parties:

I) Directors / Relatives

1) Shri Sharad B Pitti

2) Shri Akshay S Pitti

3) Smt Shanti B Pitti

4) Smt Madhuri S Pitti

5) Shri Y B Sahgal

6) Shri Sanjay Srivastava

7) Shri G Vijaya Kumar

II) Directors' interest

1) Pitti Components Limited

2) Vaksh Steels Private Limited,

3) Pitti Castings Private Limited,

4) Pitti Electrical Equipment Pvt. Ltd.,

5) Badrivishal Pannalal Pitti Trust

Note 2.4

The Company has provided for Cess as specified in section 441 A of the Companies Act, 1956 and in the absence of any notification by the Central Govt. the company could not deposit the same with the appropriate authority.

Note 2.5

No asset is impaired during the year as the assets are having recoverable value which is more than the carrying amount. Note|2.40| MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 (MSMED)

Disclosure required as per section 22 of the Micro, Small and Medium Enterprise Development Act, 2006 (MSMED Act.) as at 31.03.2012.

Note 2.6

Letters have been written for confirmation of debit and credit balances pertaining to debtors and creditors and reply from the parties is awaited.

Note 2.7

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act'1956 issued by Ministry of Corporate Affairs.

Previous year's figures have been regrouped/ rearranged wherever necessary to confirm to current year's grouping/ classification.


Mar 31, 2010

2009-10 2008-09

Rs. in lacs Rs. in lacs

1. Contingent Liabilities not provided for Income Tax Liability in respect of the appeal preferred by the Department with ITAT pending disposal Nil 145.48

Service Tax Liability for which appeal is pending 12.19* 14.07

Sales Tax Liability for which appeals are pending Nil 236.25

Liability against factoring of bills 1001.78 2522.02

Estimated amount of contracts remaining to be executed on Capital accounts not provided for 469.60 475.60

* No provision is considered necessary since the company expects favorable decision.

2. The company has availed sales tax deferral benefit of Rs.283.92 lacs. Out of this the commercial tax department has disallowed the companys claim of Rs.179.77 lacs. The company has paid a sum of Rs.153.39 lacs to the department under protest and appealed to the Appellate tribunal. The company had won the case vide Order T.A No: 717/08 dated 02nd June, 2009 and TA No 718/08 dated 4th November, 2009. The same is included in the loans and advances.

3. Segment Reporting :

a) Primary Segment Reporting -

The Company has identified "Manufacture of Electrical Stampings & Die cast Rotors" as the only primary reportable segment.

b) Secondary Segment (by Geographical Segment)

II) Directors interest in firm - 1) Hyderabad Laminations

& Stampings

2) Vaksh Steels Pvt. Ltd.,

3) Badrivishal Pannalal Pitti Trust

4) Pitti Electrical Equipment Pvt. Ltd.,

The information has been given in respect of such vendors to the extent they could be identified as micro and small enterprises on the basis of information available with the company. The identification of enterprises as micro, small or medium suppliers has been carried out during the current year.

4. Letters have been written for confirmation of debit and credit balances pertaining to debtors and creditors and reply from the parties is awaited.

5. Financial and derivative instruments: As on 31st March, 2010 As on 31st March, 2009 Forward contracts Rs.4641.30 lacs Rs.8048.70 lacs

a) All financial and forward contracts entered into by the company are for hedging purpose only.

b) In respect of outstanding forward contracts there is a net loss of Rs.139.87 lacs inclusive of premium taken on proportionate basis as on 31st March, 2010. The same is recognized in the books.

6. During the year the company has incurred non recurring expenditure of a sum of 1.20 $ Million equivalent to Rs 548.31 lacs towards Engineering analysis for repair procedures, actual repairs and other associated costs and the same has been shown in the financial results as an exceptional item of expenditure in the Profit & Loss Account.

7. The Other Income of Rs.721.32 lacs broadly consists of Export Incentives which include Salable licenses, Forex Gain on Hedging Operations, Interest on Deposits and Margins, Receipt of Duty Drawback.

8. Previous years figures have been regrouped/ rearranged wherever necessary to confirm to current years grouping/ classification.

 
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