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Notes to Accounts of Racl Geartech Ltd.

Mar 31, 2015

1 Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested.

NIL

2 Major expenditure on development of new components, where the benefit of such work is expected to accrue over an extended period and is not exhausted during the period covered by the Profit & Loss Account is treated as deferred revenue expenditure and written off over a period of five years. Accordingly 20% of such expenditure has been charged to revenue account and balance carried over to be charged in the subsequent years.

3 The company has been pursuing the civil suit against Mr. JPS Kanwar for the recovery of Rs.488.88 lacs.

4 The Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the Micro Small Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Further no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

5 The company had sent balance confirmation letters to the customers. The company has received balance confirmations from some of the parties.

6 In the opinion of the Board of Directors, Current Assets Loans and Advances shall have a value on realization,value on realization, in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

7 Accounting Standard 17 that relates to segmental reporting is not applicable as the company does not have any identifiable segment as defined in Accounting Standards. Moreover, the company deals only in the automotive components meant for two wheeled, three wheeled and four wheeled vehicles.

8 Accounting Standard 19 for lease accounting is not applicable as there were no lease transaction.

9 RELATED PARTY DISCLOSURE

As on 31-03-2015, none of the Directors is interested in any of the material related party transactions.


Mar 31, 2014

The previous year figures have been regrouped/reclassified,wherever necessary to conform to the current year presentation

1.1 There is only one class of shares of Company (i.e Equity shares)

1.2 The Company does not have any Holding, Subsidiary or Associates of holding Company.

1.3 Company has forfeited 1008400 equity sharesof Rs. 10/- each (on 21.04.2003) and 1900000 convertible share warrants having paid up value of Re. 1/- each (on 19.04.2010)

2.1 There has been no default in repayment of loans and interest

2.2 Secured term loans from Banks and Deffered payment liabilities (Deferred Sales tax loan) have been guaranteed by whole time directors.

2.3 Maturity Profile of term loans are as set out below:

2015-16 2016-17 2017-18 2018-19 2019-20 1st year 2nd year 3rd year 4th year 5th year

Term loans from bank 717.52 499.60 91 91 46 (Secured) Unsecured

2.4 Term Loan from Bank of India, Noida Branch is secured by 1st charge created by equitable mortgage of land & buildings thereon and hypothecation of entire immovable assets and plant & machinery,spares,tools and acessories and other assets (except book debts, other recoverable); both present and future ,subject to prior charge in favour of Company''s bankers on inventories and book debts & other recoverable created for security of the borrowings for working capital and second charge on immovable assets.

2.5 The Company has taken a corporate loan of Rs. 600.00 lacsfrom The Ratnakar Bank Limited.The said loan is secured by way of second charge on entire current assets & fixed assets of the Company (existing & future).

2.6 Interest free deferred sales tax loan availed in previous years from Pradeshiya Industrial & Investment Corporation of UP Ltd. (PICUP) is secured by way of second charge on all asset, whether immovable or movable of the Company along with extension of mortgage on immovable assets of the Company.

3.1 The cash credit limit from Bank of India are secured by way of hypothecation & first charge on inventories ,book debts and other recievables both present and future and by way of second charge on immovable assets of the Company. (Rs in lacs)

4 Contingent liabilities and commitments As at 31 As at 31 March 2014 March 2013

(to the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the Company not — — acknowledged as debt

(b) Guarantees — —

(c) Oustanding amount of letter of Credit — —

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for — —

(b) Uncalled liability on shares andd other investments partly paid — —

(c) Other commitments (specify nature) — —

Total — —

5 Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested. NIL

6 Major expenditure on development of new components, where the benefit of such work is expected to accrue over an extended period and is not exhausted during the period covered by the Profit & Loss Account is treated as deferred revenue expenditure and written off over a period of five years. Accordingly 20% of such expenditure has been charged to revenue account and balance carried over to be charged in the subsequent years.

7. The Company has been pursuing the civil suit against Mr. JPS Kanwar for the recovery of Rs.488.88 lacs.

8. The Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the Micro Small Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Further no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

9. The Company had sent balance confirmation letters to the customers. The Company has received balance confirmations from some of the parties.

10 Consumption of Raw Material

11 In the opinion of the Board of Directors, Current Assets Loans and Advances shall have a value on realization, value on realization, in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

12 Accounting Standard 17 that relates to segmental reporting is not applicable as the Company does not have any identifiable segment as defined in Accounting Standards. Moreover, the Company deals only in the automotive components meant for two wheeled, three wheeled and four wheeled vehicles.

13 Accounting Standard 19 for lease accounting is not applicable as there were no lease transaction.

14 RELATED PARTY DISCLOSURE

As on 31-03-2014, none of the Directors is interested in any of the related party transactions.

We have verified the above cash flow statement of RAUNAQ AUTOMOTIVE COMPONENTS LTD. derived from Audited Financial Statements for the year ended 31st March, 2014 and found the same in accordance therewith, and also with the requirement of clause 32 of the listing agreement with Stock Exchanges.


Mar 31, 2013

1 Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested. NIL

2 Major expenditure on development of new components, where the benefit of such work is expected to accrue over an extended period and is not exhausted during the period covered by the Profit & Loss Account is treated as deferred revenue expenditure and written off over a period of five years. Accordingly 20% of such expenditure has been charged to revenue account and balance carried over to be charged in the subsequent years.

3 The company has been pursuing the civil suit against Mr. JPS Kanwar for the recovery of Rs.488.88 lacs.

4 The Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the Micro Small Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Further no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

5 The company had sent balance confirmation letters to the customers. The company has received balance confirmations from some of the parties.

6 In the opinion of the Board of Directors, Current Assets Loans and Advances shall have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

7 Accounting Standard 17 that relates to segmental reporting is not applicable as the company does not have any identifiable segment as defined in Accounting Standards. Moreover, the company deals only in the automotive components meant for two wheeled, three wheeled and four wheeled vehicles.

8 Accounting Standard 19 for lease accounting is not applicable as there were no lease transaction.

9 RELATED PARTY DISCLOSURE

As on 31-03-2013, none of the Directors is interested in any of the related party transactions.


Mar 31, 2012

1.1 There is only one class of shares of company (i.e Equity shares)

1.2 The company does not have any Holding, Subsidiary or Associates of holding company.

1.3 Company has forfeited 1008400 partly paid equity shares of Rs. 10/- each (on 21-04-2003) and 1900000 convertible share warrants having paid up value of Re. 1/- each (on 19-04-2010).

2.1 There has been no default in repayment of loans and interest

2.2 Secured term loans from Banks and Deffered payment liabilities (Deferred Sales tax loan) have been guaranteed by whole time directors.

2.3 Term Loan from Bank of India,Noida Branch is secured by 1st charge created by equitable mortgage of land & buildings thereon and hypothecation of entire immovable assets and plant & machinery,spares,tools and acessories and other assets (except book debts, other recoverable); both present and future .subject to prior charge in favour of company's bankers on inventories and book debts & other recoverable created for security of the borrowings for working capital and second charge on immovable assets.

2.4 The company has taken a Corporate loan of Rs. 600.00 lacs from The Ratnakar Bank Limited, out of which company has availed Rs. 300.00 lacs on 31st March 2012. The said loan is secured by way of second charge on entire current assets & fixed assets of the company (existing & future).

2.5 Interest free deferred sales tax loan availed in previous years from Pradeshiya Industrial & Investment Corporation of UP Ltd (PICUP) is secured by way of second charge on all asset .whether immovable or movable of the company along with extension of mortgage on immovable assets of the company.

3.1 The cash credit limit from Bank of India are secured by way of hypothecation & first charge on inventories ,book debts and other recievables both present and future and by way of second charge on immovable assets of the company.

4.1 The margin money on Letter of Credit is secured by pledging of Term Deposit Receipts to the schedule Bank.

(Rs. in lacs)

5 Contingent liabilities and commitments As at 31 March 2012 As at 31 March 2011

(to the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt - -

(b) Guarantees 51.01 -

(c) Outstanding amount of letter of Credit 135.62 265.81

186.63 265.81

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for - -

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

(c) Other commitments (specify nature) - -

Total - -

186.63 265.81

6 Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested. NIL *

7 Major expenditure on development of new components, where the benefit of such work is expected to accrue over an extended period and is not exhausted during the period covered by the Profit & Loss Account is treated as deferred revenue expenditure and written off over a period of five years. Accordingly 20% of such expenditure has been charged to revenue account and balance carried over to be charged in the subsequent years.

8 The company has been pursuing the civil suit against Mr. JPS Kanwar for the recovery of Rs.488.88 lacs.

9 The Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the Micro Small Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Further no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

10 The company had sent balance confirmation letters to the customers. The company has received balance confirmations from some of the parties.

11 In the opinion of the Board of Directors, Current Assets Loans and Advances shall have a value on realization,value on realization, in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

12 Accounting Standard 17 that relates to segmental reporting is not applicable as the company does not have any identifiable segment as defined in Accounting Standards. Moreover, the company deals only in the automotive components meant for two wheeled, three wheeled and four wheeled vehicles.

13 Accounting Standard 19 for lease accounting is not applicable as there were no lease transaction.

14 RELATED PARTY DISCLOSURE

As on 31-03-2012, none of the Directors is interested in any of the related party transactions.


Mar 31, 2010

(1) Major expenditure on development of new components, where the benefit of such work is expected to accrue over an extended period and is not exhausted during the period covered by the Profit & Loss Account is treated as deferred revenue expenditure and written off over a period of five years. Accordingly 20% of such expenditure has been charged to revenue account and balance carried over to be charged in the subsequent years.

(2) The company has been pursuing the civil suit against Mr. JPS Kanwar for the recovery of Rs.488.88 lacs.

(3) The Company has initiated the process of obtaining confirmation from suppliers who have registered . themselves under the Micro Small Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Further no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

(4) The Company has adopted Accounting Standard 15 on employees benefits w.e.f. April 1, 2009 relevant disclosure are as under:

(5) The company had sent balance confirmation letters to the customers. The company has received balance confirmations from some of the parties.

(6) a) Term Loan from State Bank of India, Nehru Place Branch is secured by 1st Charge created by equitable mortgage of land and buildings thereon and hypothecation of entire immovable assets and plant & machinery, spares, tools and accessories and other assets (except book debts, other recoverable); both present and future, subject to prior charge in favour of companys bankers on inventories and book debts & other recoverable created for security of the borrowings for working capital and second charge on immovable assets.

b) Interest Free deferred sales tax loan availed in previous years from Pradeshiya Industrial & Investment Corporation of UP Ltd. (PICUP) is secured by way of second charge on all assets, whether immovable or movable, of the company along with extension of mortgage on Immovable assets of the company.

c) The cash credit limits from State Bank of India are secured by way of hypothecation & first charge on inventories, book debts and other receivables, both present and future and by way of second charge on immovable assets of the company.

d) The margin money on Letter of Credit is secured by pledging of Term Deposit Receipts to the Schedule Bank.

(7) Contingent liabilities not provided for: (Rs. In lacs)

As at As at

31.03.2010 31.03.2009

a. Outstanding amount of Letter of Credits - 19.80

b. Bank Guarantee 29.00 10.00

(8) Estimated amount of the contracts remaining to be executed. NIL NIL



(9) Additional information pursuant to Part II of Schedule VI to the Companies Act, 1956 is as follows and is based upon the information considered as sufficient by the management to give these in the manner as given in the accounts and notes:

(10) In the opinion of the Board of Directors, Current Assets Loans and Advances shall have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

(11) The Company had issued 19.00 lacs convertible warrant of face value of Rs.10/- each at a premium of Rs.9/- per warrant in the financial year 2008-09. The company had received an amount of Rs.2/- per warrant (including a premium of Rs.1/- per warrant) aggregating Rs.38.00 lacs. The above amount has been forfeited by the company due to non payment of allotment money by the applicants. The same has been transferred to share forfeiture/premium account.

(12) Accounting Standard 17 that relates to segmental reporting is not applicable as the company does not have any identifiable segment as defined in Accounting Standards. Moreover, the company deals only in the automotive components meant for two wheeled, three wheeled and four wheeled vehicles.

(13) Accounting Standard 19 for lease accounting is not applicable as there were no lease transaction.

(14) RELATED PARTY DISCLOSURE

As. on 31-03-2010, none of the Directors is interested in any of the related party transactions.

(15) Schedule 1 to 17 form integral part of the Balance Sheet & Profit & Loss Account and have been duly authenticated.

(16) Previous year figures have been regrouped/recast wherever considered necessary.

 
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