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Notes to Accounts of Pix Transmissions Ltd.

Mar 31, 2015

1. Company Information:

Pix Transmissions Limited was incorporated on 22nd July 1981 as a private limited company in the State of Maharashtra, India. The status of Pix Transmissions Limited changed from a Private Limited company to a Public Limited Company effective from 27th September 1989. Pix Transmissions Limited completed its initial public offering of its equity shares in India on 4th December 1989. It is now listed on The Stock Exchange, Mumbai (BSE).

2. Rights, preferences and restrictions attached to shares a. Equity Shares

The company has one class of shares having par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

1 Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company.

2 Term Loan and working Capital Facilities are further secured by personal guarantee of three Promoter's Directors.

3 Loan received against Hypothecation of vehicle is fully secured against vehicles.

1 Working Capital from banks are secured by first pari pasu charges on current assets and second charges on all fixed assets.

2 Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company.

3 Term loan/Working capital facilities are further secured by personal guarantee of four promoter directors.

4 New and previous term loans taken from banks are carried the interest rate 13.95% to 14.25%. The loans are repayable in the monthly installment as per repayment schedule

The Company has no information as to whether any of its vendors constitute a "Supplier" within the meaning of Section 2 (n) of the Micro, Small and Medium Enterprises Development Act, 2006 as no declarations were received under the said Act from them.

3. Contingent Liabilities

Particulars 31.03.2015 31.03.2014

Letters of Credit 62,764,867 112,488,645

Bill Discounting NIL NIL

Bank Guarantee 7,286,322 338,539

4. Depreciation on the Assets added / deducted during the year has been provided on pro-rata basis with reference to the months of addition/deduction.

5. The Company has received loans from Directors . The same has been grouped under long term borrowings.

6. The company has incurred expenditure on development of production of various new belts for local and Export market. The company intends to develop manufacture of speciality belts for the hitec applications and innovations that are coming in th power transmissions industry and Maintenance Free type belts for the new generation packaging machines and EPDM rubber cover belts for automotive industries.

7. These would be able to withstand higher temperature and perform longer. All the above are new generation products that the company is now proceeding to manufacture to take care of the future needs of the power transmissions industry.

Upto previous year the company has incurred expenditure on development of new product which yet to be manufactured commercially have been carry forward in Product Development Expenditures under the head Other

8. The Accounting Standard 15 (Revised 2005) on "Employee Benefits" issued by the Institute of Chartered Accountants of India (ICAI) has been adopted by the Company as under:

9. Defined Benefit Plan - The following figures as per actuarial valuation as at the Balance Sheet date have been debited to profit and loss account:

The company has manufacturing facility at Nagpur, India. It is not possible to directly attribute or allocate on a reasonable basis, the expenses, assets and liabilities to these geographical segments.

10 Deferred Tax:

Deferred Tax has been provided in accordance with Accounting Standard 22- Accounting for Taxes on income issued by the Institute of Chartered Accountants of India.

DEPRICIATION

The company has provided Depriciation on Fixed Assets, as prescribed by "PART C" of schedule II to the Companies Act 2013. The carrying values have been depreciated over the remaining useful lives of the assets and recognised in the statement of profit and loss account. Due to change in method of depreceiation, depreciation is lowered by ' 272 lakhs for the year ended 31/03/2015.

11 .Related Parties' Disclosures:

i. Names of Related parties with whom transactions have taken place during the year :

A. Subsidiary Companies

1. Subsidiary

1. Pix Transmissions (Europe) Limited, England

ii. Pix Middle East FZC, UAE

2. Fellow Subsidiaries

i. PIX Germany GmbH, Germany

(Subsidiary company of PIX Transmissions (Europe) Limited)

ii. PIX Middle East Trading LLC, UAE

(Subsidiary company of PIX Middle East FZC, UAE)

B. Joint Venture Company

i. PIX QCS Limited, Ireland

C. Key Management Personnel:

i. Mr. Sukhpal Singh Sethi

ii. Mr. Amarpal Sethi

iii. Mr. Sonepal Sethi

iv. Mr. Rishipal Sethi

v. Mr. Joe Paul

vi. Mr. Karanpal Sethi Vii. Miss Shirley Paul

D. Enterprises over which key Management Personnel or Relatives have influence

i. Amit Beneficiary Trust

ii. K. S. Beneficiary Trust

iii. R. S. Beneficiary Trust

iv. M/s Prominent Infrastructure Ltd

12. Additional Information pursuant to Part I and II of Schedule III to the Companies Act, 2013

13. Value of imported and indigenous raw materials stores and sapre parts consumed during the period. (As Certified by Management)

14. Imports Current Year Previous Year

A Raw Materials ( On CIF Basis) 220,084,472 274,031,571

B Capital Goods ( On CIF Basis) 42,427,800 87,290,956

Stores & Spares 3,155,870 -

Trading Goods 1,333,675 -

15. Expenditure in Foreign currency Current Year Previous Year

A. Travelling 16,519,719 13,931,966

B. Others 2,999,616 1,628,910

1. Earning in Foreign Currency Current Year Previous Year

A. Exports of Goods (On FOB basis) 949,411,398 928,559,873

B. Dividend 0 4,110,120

Notes: The previous year figures are regrouped , wherever necessary to confirm with this year classification.


Mar 31, 2014

1. Company Information:

PIX Transmissions Limited was incorporated on 22nd July 1981 as a private limited company in the State of Maharashtra, India. The status of PIX Transmissions Limited changed from a Private Limited company to a Public Limited Company effective 27th September 1989. PIX Transmissions Limited completed its initial public offering of its equity shares in India in 4th December 1989. It is now listed on The Stock Exchange, Mumbai (BSE).

Rights, preferences and restrictions attached to shares

a. Equity Shares

The company has one class of shares having par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

b. Preference Shares

Convertible Preference Shares

During the year, 4,69,610 6% Redeemable Cumulative Preference Shares has been redeemed at par.

1. Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company.

2. Term Loan and working Capital Facilities are further secured by personal guarantee of four Promoter''s Directors.

3. Loan received against Hypothecation of vehicle is fully secured against vehicles.

4. Working Capital from banks are secured by first pari pasu charges on current assets and second charges on all fixed assets.

5. Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company.

6. Term loan/Working capital facilities are further secured by personal guarantee of four promoter''s directors.

Note: In the opinion of the Board of Directors, the Current assets, Loans and Advances are approximately of the values stated, if realized in the ordinary course of business. The Provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

Note :2: Aggregate value of quoted investment 146,175,587/- previous year nil. Unquoted investment Rs. 13,391,960/- previous year Rs. 13,402,092/-

Note: Book Debts, Advances, Bank Deposits and Credit balances are taken subject to their respective confirmation.

The Company has not received information from vendors regarding their status under the Micro Small and Medium Enterprises Development Act, 2006. Hence disclosures relating to amounts un-paid as at yearly end together with interest paid / payable under this Act have not been given.

Note: Sundry Advances includes deposit to the various government departments, amount receivable from Excise and Sales Tax departments, paid to subsidiaries companies and advance towards capital goods.

3 Contingent Liabilities

Particulars 31.03.2014 31.03.2013

Letters of Credit 112,488,645 125,674,715

Bill Discounting NIL NIL

Bank Guarantee 338,539 2,817,660

4 Depreciation on the Assets added / deducted during the year has been provided on pro-rata basis with reference to the months of addition/deduction.

5 The Company has received loans from Directors. The same has been grouped under long term borrowings.

6 The company has incurred expenditure on development of production of various new belts for local and Export market. The company intends to develop manufacture of speciality belts for the hitec applications and innovations that are coming in the power transmissions industry and Maintenance Free type belts for the new generation packaging machines and EPDM rubber cover belts for automotive industries. These would be able to withstand higher temperature and perform longer.

7 All the above are new generation products that the company is now proceeding to manufacture to take care of the future needs of the power transmissions industry.

Up to previous year the company has incurred expenditure on development of new product which yet to be manufactured commercially have been carry forward in Product Development Expenditures under the head Other Non-Current Assets.

8 Defined Benefit Plan - The following figures as per actuarial valuation as at the Balance Sheet date have been debited to profit and loss

9. The previous year figures are regrouped, where ever necessary to confirm with this year''s classification.


Mar 31, 2013

1 Company Information:

PIX Transmissioos Limited was incorporated on 22nd July 1981 as a private limited company in the State of Maharashtra, India. The status of PIX Transmissions Limited changed from a Private Limited company to a Public Limited Company effective 27th September 1989. PIX Transmissions Limited completed its initial public offering of its equity shares in India in 4th December 1989. It is now listed on The Stock Exchange, Mumbai (BSE).

2 Contingent Liabilities

Particulars 31.03.2013 31.03.2012

Letters of Credit 125,674,715 2653.65 lacs

Bill Discounting NIL 2047.81 lacs

Other matters 2,817,660 26,182,705

3 Depreciation on the Assets added / deduction during the year has been provided on pro-rata basis with reference to the months of addition/deduction.

4 The Company has received loans from Promoters / Directors and their relatives. The same has been grouped under long term borrowings.

5 The company has incurred expenditure on development of production of various new belts for local and Export market. The company intends to develop manufacture of speciality belts for the hitec applications and innovations that are coming in the power transmissions industry and MF type belts for the new generation packaging machines and EPDM rubber cover belts for automotive industries. These would be able to withstand the temps and perform longer.

All the above are new generation products that the co is now proceeding to manufacture to take care of the future needs ofthepowertransmissions industry.

During the year the company has incurred expenditure on development of new product which yet to be manufactured commercially the expenses incurred up to 31.03.2013 is have been carry forward in Product Development Expenditures.

6 Segment Reporting:

The Company is engaged in the business of Industrial Rubber Products and there is no reportable segment as per Accounting Standard (AS 17) ''Segment Reporting''.

The company identified geographical locations as secondary segments. The products of the company are sold both in the domestic & export markets, which are considered different geographical segments.

The products of the company are sold both in the domestic & export markets, which are considered different geographical segments. Segment-wise revenues are as under:

7 Deferred Tax:

Deferred Tax has been provided in accordance with Accounting Standard 22- Accounting for Taxes on income issued by the Institute of Chartered Accountants of India.

The major components of the net deferred tax liability as on 31.03.2013 are as under:

8 Related Parties'' Disclosures:

i. Names of Related parties with whom transactions have taken place during the year:

A. SubsidiaryCompanies

PIX Middle East FZC,UAE

B. Joint Venture Companies

I. PIX Europe Limited

ii. PIX QCS Limited

C. Key Management Personnel:

i. Mr. Sukhpal Singh Sethi

ii. Mr. Amarpal Sethi

iii. Mr. Sonepal Sethi

iv. Mr. Rishipal Sethi

v. Mr. Joe Paul

vi. Mr. Karanpal Sethi

D. Relatives of key Management Personnel

i. Mrs. Nirmal Sethi

ii. Mrs. Davinder Sethi

iii. Mrs. Inderjeet Sethi

iv. Mrs. Kamalpreet Sethi

v. Mrs. Saba Sethi

vi. MissShirleyPaul

E. Enterprises over which key Management Personnel or Relatives have influence

i. Amit Beneficiary Trust

ii. K.S. Beneficiary Trust

iii. R.S. Beneficiary Trust

9 The figures of current year are not comparable with those of previous year in view of sale of Hose Division in the current year.

10 The previsous year figures are regrouped, where ever necessary.


Mar 31, 2012

1. Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company.

2. Corporate loan and working capital from banks are secured by first pari passu charge on current assets and second charge on all fixed assets.

3. Term/Corp loan and working capital facilities are further secured by personal guarantee of three promoter directors.

4. Term loan from bank was taken during the financial year 2008-09 and carries the interest @ 13.75% to 14.5%. The loan is repayable in monthly instalments as per repayment schedule starting from April 2010.

1. Working capital from banks are secured by first pari passu charge on current assets and second charge on all fixed assets.

2. Working capital facilities are further secured by personal guarantee of three promoter directors.

3. Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company.

Note:

1. Aggregate value of quoted investment nil previous year nil. Unquoted Investment Rs. 15,417,192/- previous year Rs. 18,171,592/-.

2. The shares of subsidiary company sold during the year. The loss on Investment has been transferred to profit and loss account.

1. Contingent liability not provided in respect of:-

i) Letters of Credit opened by Bank Rs.2653.65 lacs (Previous year Rs.2,786.30 lacs).

ii) Foreign bills discounted by Banks Rs.2047.81 lacs (Previous year Rs. 1,481.62 lacs).

iii) Dividend Payable on 6% non convertible cumulative redeemable preference shares of Rs.20,678,955 (Previous year Rs. 17,861,295) and 6% convertible preference shares of Rs. 5,503,750 (Previous year Rs. 1,618,750).

2. Depreciation:

(a) Depreciation has been calculated on straight line method at the rates given in Schedule XIV of the Companies Act, 1956.

(b) Depreciation on the Assets added / deduction during the year has been provided on pro-rata basis with reference to the months of addition / deduction.

3. The Company has received loans from Promoters/ Directors and their relatives. The same has been grouped under longterm borrowings.

4. The provision has made in the accounts for the present liabilityforfuture payment of Gratuity to employees ofthe Company in terms of Gratuity Act, 1972.

5. The company has incurred expenditure on development of production of various new belts for local and Export market. The company intends to develop manufacture of speciality belts for the hitec applications and innovations that are coming in the power transmissions industry and MF type belts for the new generation packaging machines and EPDM rubber cover belts for automotive industries. These would be able to withstand the temps and perform longer.

All the above are new generation products that the company is now proceeding to manufacture to take care of the future needs of the power transmissions industry.

During the year the company has incurred expenditure on development of new product which are yet to be manufactured commercially, the expenses incurred up to 31.03.2012 have been carried forward in capital work-in-progress.

Opening balance as 01.04.2011 Rs. 38,050,000 Addition during the year Rs. 170,621,953

Total Work-in-Progress as on 31.03.2012

Rs. 208,671,953

6. The Accounting Standard 15 (Revised 2005) on "Employee Benefits" issued by the Institute of chartered Accountants of India has been adopted by the Company as under:

7. The Value of Stocks is as per inventory taken, prepared, valued and certified by the Management.

8. The Company continues to follow Cash System of Accounting with regard to reimbursement of Bank interest, charges, commission and fixed deposit.

9. The figure of sales shown during the year includes the amount of Excise, wherever applicable.

10. Book debts, advances, bank deposits and credit balances are taken subject to their respective confirmation.

11. In the opinion of the Board of Directors, the Current assets, loans and advances are approximately of the values stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

12. Capital Commitment: Estimated value of contracts, remaining to be executed on capital account to the extent not provided is Nil.

13. Sundry Advances includes deposit to the various government departments, amount receivable from Excise and Sales Tax departments, paid to subsidiaries companies and advance towards capital goods.

14. The Company is engaged in the business of Industrial rubber products and there is no reportable segment as per Accounting Standard (AS 17) 'Segment Reporting'.

The company has manufacturing facility at Nagpur, India. It is not possible to directly attribute or allocate on a reasonable basis, the expenses, assets and liabilities to these geographical segments.

15. Joint Venture Companies: The Company's interest, as a venture, in a jointly controlled entity (Incorporated joint venture) is:

16. The Company has foreign subsidiaries known as

1) PIX South America Importacao E Exportacao DeCorreias E Mangueiras Ltda., Brazil has been closed and advance given to this party transfer to bad debts.

2) PIX Middle East FZC, UAE. The annual accounts from subsidiary companies attached herewith.

17. Deferred Tax:

(a) Deferred Tax has been provided in accordance with Accounting Standard 22 - Accounting for Taxes on income - issued by the Institute of Chartered Accountants of India.

18. Related Parties' Disclosures:

1. Names of related parties with whom transactions have taken place during the year:

(a) Joint Venture Companies

i) PIX Europe Limited

ii) PIX QCS Limited

Subsidiary Companies

I) PIX South America Importacao E Exportacao De Correias E Mangueiras Ltda, Brazil (The above subsidiary closed with effect from 15th April, 2011)

ii) PIX Middle East FZC, UAE

(b) Key Management Personnel:

(1) Mr Sukhpal Singh Sethi

(2) Mr Amarpal Sethi

(3) Mr Sonepal Sethi

(4) Mr Rishipal Sethi

(5) Mr Joe Paul

(6) Mr Karanpal Sethi

19. The Company has not received information from vendors regarding their status under the Micro Small and Medium Enterprises Development Act, 2006. Hence disclosures relating to amounts un- paid as at yearly end together with interest paid / payable under this Act have not been given.

20. Additional information pursuant to the provision of paragraph 3 and 4 of Part II of the Schedule VI to the Companies Act, 1956.

21. The company has foreign subsidiaries known as PIX South America Importacao E Exportacao De Correias E Mangueiras Ltda, Brazil & PIX Middle East FZC, UAE. The annual audited accounts from subsidiary companies have not been received. Hence consolidated Profit & Loss accounts and Balance Sheet have not been attached. The accounts will be consolidated thereafter & report will be sent on request received from shareholders.

22. The previous year figures are regrouped and rearranged to compare with those of current year.


Mar 31, 2010

1. Contingent liability not provided in respect of :-

i) Letters of Credit opened by Banks Rs. 1282.34 Lacs (Previous year Rs.900.75 Lacs)

ii) Foreign bills discounted by Banks Rs. 1569.84 lacs (Previous year Rs. 1585.55)

iii) Dividend Payable on 6% non convertible cumulative redeemable preference shares of Rs.127, 77,385 (Previous year 78, 30,000)

2. In terms of the approval of the Shareholders obtained at the Extra-ordinary General Meeting of the Company held on 11th February 2009, the Company has issued and allotted 28,00,000 warrants (face value Rs.30/- each) and amount paid-up of Rs.30/- each on 27* February 2009 to Promoters and Promoters Group on preferential basis to finance the long term corporate fund. The holders of each warrant will be entitled to apply for and be allotted one equity share of Rs.10/- each of the Company, at a price of Rs.30/- (including Rs.20/- on account of premium), any time after the date of allotment but on or before the expiry of 18 months from the date of allotment, in one or more tranches, of the above, the holders of 15,60,000 warrants have exercised the option and were allotted one equity share per warrant. Total amount received of Rs.468.00 Lacs has been utilized towards financing of Long Term corporate fund including capital expenditure for ongoing expansion of company project.

3. Depreciation

(a) Depreciation has been calculated on straight Line Method at the rates given in Schedule XIV of the Companies Act, 1956.

(b) Depreciation on the Assets added / deduction during the year has been provided on pro-rata basis with reference to the months of addition/deduction

4. The Company has received loans from Promoters / Directors and their relatives. The same has been grouped under unsecured loans.

5. The provision has made in the accounts for the present liability for future payment of Gratuity to employees of the Company in terms of Gratuity Act, 1972.

6. The Accounting Standard 15 (Revised 2005) on "Employee Benefits" issued by the Institute of chartered Accountants of India has been adopted by the Company as under:

C. The Company has recognized as Leave Encashment Rs. 19,00,639/- the Profit and Loss Accounts as per actuarial Valuation as on Balance Sheet date.

7. The Value of Stocks are as per inventory taken, prepared, valued and certified by the Management.

8. The Company continues to follow Cash System of Accounting with regard to reimbursement of Bank Interest, Charges, Commission, and Fixed Deposit.

9. The Figures of Sales shown during the year includes the amount of Excise, VAT and Central Sales Tax wherever applicable.

10. Book Debts, Advances, Bank Deposits and Credit balances are taken subject to their respective confirmation.

11. In the opinion of the Board of Directors, the Current assets, Loans and Advances are approximately of the values stated, if realized in the ordinary course of business. The Provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

12. a) Addition to fixed assets includes Pre-Operative expenses of Rs.2320.97 Lacs (Previous Year Rs.277.34 Lacs)

b) During the year Work In Progress of Rs. 408,891,033/-as on 31st March, 2009 has been capitalized and transfer to the respective heads as project is completed.

13. CAPITAL COMMITMENT

Estimated value of contracts, remaining to be executed on capital account to the extent not provided for Rs.324.00 Lacs.

14. Sundry Advances includes deposit to the various government departments, amount receivable from Excise and Sales Tax departments, paid to subsidiaries companies and advance towards capital goods.

15. The Company is engaged in the business of Industrial Rubber Products and there is only secondary segmental reporting as per Accounting Standard (AS 17) Segment Reporting.

Related parties disclosures;

1. Names of Related parties with whom transactions have taken place during the year:

(a) Joint Venture Companies

i) Pix Europe Limited

ii) Pix QCS Limited

Subsidiary Companies

ii) Pix South America Importacao E Exportacao

De Correias E Mangueiras Ltda, Brazil

ii) Pix Middle East FZC, UAE

(b) Key Management Personnel:

(1) Mr. Sukhpal Singh Sethi

(2) Mr. Amarpal Sethi

(3) Mr. Sonepal Sethi

(4) Mr. Rishipal Sethi

(5) Mr. Joe Paul

(6) Mr. Karanpal Sethi

(c) Relatives of key management personnel

1. Mrs. Nirmal Sethi

2. Mrs. Davinder Sethi

3. Mrs. Inderjeet Sethi

4. Mrs. Kamalpreet Sethi

5. Mrs. Saba Sethi

6. Miss Shirley Paul

(d) Enterprises over which key Management personnel or relatives have influence

1. Amit Beneficiary Trust

2. K. S. Beneficiary Trust

3. R. S. Beneficiary Trust

16. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures relating to amounts un-paid as at yearly end together with interest paid / payable under this Act have not been given.

17. Balance Sheet Abstract and Companys General Business Profit pursuant to part IV of Schedule VI of the Companies Act, 1956 is attached.

18. Cash Flow Statement for the year ended 01.04.2009 to 31.03.2010 pursuance to listing agreement with Stock Exchange is attached.

19. The Previous year figures are regrouped and rearranged to compare with those of current year.

 
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