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Notes to Accounts of Roto Pumps Ltd.

Mar 31, 2015

1. Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for, Rs. 2,80,48,000/- (Previous year Rs. 4,16,99,647/-)

2. Financial and Derivative Instruments For Hedging Currency

Nominal amounts of derivative contracts entered into by the Company and outstanding as on 31st March 2015 is given below:

3. Revaluation of all the fixed assets (except Building under construction upto 31.03.1993) was carried out by an approved valuer as on 31st March, 1993, which resulted in an increase in the Gross Value of assets over original cost by Rs. 2,50,17,478/-. The net increase in the value, resulting from the revaluation amounting to Rs. 2,50,17,478/- has been credited to Revaluation Reserve, created during the year ended 31.03.1993. Of this Revaluation reserve, a sum of Rs. 2,41,27,512/- has been adjusted on account of depreciation/sale of revalued assets till 31st March,2015.

4. Depreciation for the year, on write up of assets due to revaluation as on 31.03.1993, has been recouped out of Revaluation Reserve.

5. Term Deposits with Bank of India, Janpath Branch amounting to Rs. 51,57,978.54 (Prev. year Rs. 39,96,874.16) and Term Deposit with Indusind Bank ,Barakhamba Road Branch amounting Rs. 15,21,138/- (Prve. Year Rs. NiL) are pledged with Bank of India as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.

Relatives of Key Managerial Personnel Mr. H. C. Gupta HUF

Mr. H. C. Gupta, Chairman & Managing Director of the Company is the Karta of H. C. Gupta HUF and the Company had taken on lease for Camp Office from H. C. Gupta HUF and paid Rs. 48,00,000/- towards rent (Prev year Rs. 12,00,000/ - towards rent & Rs. 12,00,000 for Security Deposit).

Mr. N. K Gupta HUF

Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of N. K. Gupta HUF and the Company has taken on lease a residential accommodation from N. K. Gupta HUF and paid Rs. 3,54,000/- towards rent during the year (Prev. year Rs. 14,16,000/-)

6. Income /(Loss) on difference in exchange rates on account of foreign currency transactions relating to Export Sales amounting to Rs. (2,65,326/-) ( Previous Year - Rs. 2,57,291/-) has been grouped with Export Sale.

7. Excise duty payable on finished goods/Scrap Stock lying in stock at factory amounting to Rs. 8,21,637/- (Prev. year Rs. 6,31,154/-) has been included in the value of the closing stock after creating suitable provision for liability.

8. In the opinion of the Board, the Current Assets, Loans and Advances are stated at a value, considered realisable in the ordinary course of business.

9. The Company's operations predominantly comprises of only one segment - Pumps & spares, therefore operationally segment reporting does not apply.

10. Deferred Tax

Deferred Tax assets and liabilities are being offset as they relate to taxes on income levied by the same governing laws.

Breakup of deferred tax assets / liabilities and reconciliation of current year deferred tax credit/charge.

11. The disclosure required under Accounting Standard 15-"Employee Benefits" notified in the Companies( Accounting Standards) Rules 2006, are given below:

DEFINED CONTRIBUTION PLAN

Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:

12. Taxation provisions for current year and previous year tax adjustments includes interest thereon.

13. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given

14. Remittance in foreign currency towards Dividend for 2013-14 to Ms. Debra Pauly, U.K. of Rs. 2,29,200/- on 76400 Equity Shares (Previous Year Rs. 1,91,000/-)

15. Previous Year's figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year's figures.

16. Figures have been rounded off to the nearest rupee.


Mar 31, 2014

1. Current Year Term Loan of Rs. 21,23,40,124/-( USD 3567542) includes Rs. 1,23,40,124/- on account of Foreign Exchange Difference against FCNR Loan in USD equivalent to Rs. 20 Crore availed from bank during the year. Out of the Total FCNR term Loan Rs. 3,98,13,773/- ( USD 668914.20) is shown in Current Liabilities for Long Term Borrowings and Rs. 17,25,26,351/- ( USD 2898627.80) is shown in Long Term Borrowings for Greater Noida Project which is Secured by

a) Sole Charge on assets funded under FCNR Term Loan.

b) First Exclusive charge on immovable property located at B-15, Phase-II, Extension, Noida.

c) First exclusive charge on immovable property of the company located at Plot no 31, Ecotech -XII,Greater Noida,U.P

2. Previous Year Term Loan of Rs. 37,83,879/- from Banks consist of Plant and Machinery loans secured against hypothecation of respective Plant and Machinery, guaranteed by the Chairman & Managing Director and Dy. Mananging Director and collaterly secured by:

a) Equitable Mortgage of Immovable Factory Land and Building, located at Roto House, 14 Noida Special Economic Zone, Noida.

b) Equitable Mortgage of factory land and building located at B-14, Phase-II, Extension, Noida.

c) Negative Lien (Pledge of shares of Housing Society) on Company''s Flat no 54, 5th Floor, Ajay Deep Building, 240 Nariman Street, Mumbai.

d) Hypothecation of Plant & Machinery and other fixed assets of the company.

3. Terms of Repayment:

a) FCNR Term Loan from bank is repayable in 16 equal quarterly instalments of USD 2,22,971.40/- start from Sept,14.

b) Term Loans from others consists of vehicle loans repayable in 36 monthly equal installments.

c) The company has availed Buyer'' Credit from Bank of India of USD 650000 which is due for payment in June,14.

4. The working Capital loans are secured against hypothecation of stocks, book debts and Plant & Machinery, guaranteed by the Chairman & Managing Director and Dy. Mananging Director and collaterly secured by:

a) Equitable Mortgage of Immovable Factory Land and Building, located at Roto House, 14 Noida Special Economic Zone, Noida.

b) Equitable Mortgage of factory land and building located at B-14, Phase-II, Extension, Noida.

c) Negative Lien (Pledge of shares of Housing Society) on Company''s Flat no 54, 5th Floor, Ajay Deep building, 240 Nariman Street, Mumbai.

d) Hypothecation of Plant & Machinery and other fixed assets of the company.

5. CONTINGENT LIABILITIES & COMMITMENTS

5.1 Contingent Liabilities (Amount in Rs.)

PARTICULARS 2013-14 2012-13

i) Disputed Income Tax (appeals pending) 50,54,838 50,54,838

ii) Bank Guarantee 2,67,39,973 2,16,53,193

iii) Labour Cases 59,34,857 43,82,214

5.2 Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for, Rs. 4,16,99,647/- (Previous year Rs. 9,32,29,992/-).

6. Revaluation of all the fixed assets (except Building under construction upto 31.03.1993) was carried out by an approved valuer as on 31st March, 1993, which resulted in an increase in the Gross Value of assets over original cost by Rs. 2,50,17,478/-. The net increase in the value, resulting from the revaluation amounting to Rs. 2,50,17,478/-has been credited to Revaluation Reserve, created during the year ended 31.03.1993. of this Revaluation reserve, a sum of Rs. 2,40,82,343/- has been adjusted on account of depreciation/sale of revalued assets till 31st March, 2014.

7. Depreciation for the year, on write up of assets due to revaluation as on 31.03.1993, has been recouped out of Revaluation Reserve.

8. Term Deposits with Bank of India, Janpath Branch amounting to Rs. 39,96,874/- (Prev. year Rs. 37,21,415/-) are pledged with Bank of India as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.

9. Income /(Loss) on difference in exchange rates on account of foreign currency transactions relating to Export Sales amounting to Rs. (2,57,291/-) ( Previous Year - Rs. 34,42,735/-) has been grouped with Export Sale.

10. Excise duty payable on finished goods/Scrap Stock lying in stock at factory amounting to Rs. 6,31,154/- (Prev. year Rs. 11,11,553/-) has been included in the value of the closing stock after creating suitable provision for liability.

11. In the opinion of the Board, the Current Assets, Loans and Advances are stated at a value, considered realisable in the ordinary course of business.

12. The Company''s operations predominantly comprises of only one segment - Pumps & spares, therefore segment reporting does not apply.

13. Deferred Tax

Deferred Tax assets and liabilities are being offset as they relate to taxes on income levied by the same governing laws.

Breakup of deferred tax assets / liabilities and reconciliation of current year deferred tax credit/charge.

14. Taxation provisions for current year and previous year tax adjustments includes interest thereon.

15. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given.

16. Remittance in foreign currency towards Dividend for 2012-13 to Ms. Debra Pauly, U.K. of Rs. 1,91,000/- on 76400 Equity Shares (Previous Year Rs. 1,91,000/-).

17. Previous Year''s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year''s figures.

18. Figures have been rounded off to the nearest rupee.


Mar 31, 2013

1 CONTINGENT LIABILITIES & COMMITMENTS

1.1 Contingent Liabilities (Amount in Rs.)

"Particulars 2012-13 2011-12

i) Disputed Sales Tax (appeals pending) - 403,642

ii) Disputed Income Tax (appeals pending) 50,54,838 50,54,838

iii) Bank Guarantee 2,16,53,193 2,33,42,385

iv) Labour Cases 43,82,214 35,74,214

1.2 Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for, Rs. 9,32,29,992/-(Previous year Rs. 2,428,769/-)

2 Revaluation of all the fixed assets (except Building under construction upto 31.03.1993) was carried out by an approved valuer as on 31st March, 1993, which resulted in an increase in the Gross Value of assets over original cost by Rs. 2,50,17,478/-. The net increase in the value, resulting from the revaluation amounting to Rs. 2,50,17,478/- has been credited to Revaluation Reserve, created during the year ended 31.03.1993. Of this Revaluation reserve, a sum of Rs. 2,39,74,556/- has been adjusted on account of depreciation/sale of revalued assets till 31st March, 2013.

3 Depreciation for the year, on write up of assets due to revaluation as on 31.03.1993, has been recouped out of Revaluation Reserve.

4 Term Deposits with Bank of India, Janpath Branch amounting to Rs. 37,21,415/- (Prev. year Rs. 89,24,823/-) are pledged with Bank of India as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.

Relatives of Key Managerial Personnel Mr. H.C. Gupta HUF

Mr. H.C. Gupta, Chairman & Managing Director of the Company is the Karta of H.C. Gupta HUF and the Company had taken on lease a residential accommodation from H.C. Gupta HUF and paid Rs. Nil towards rent during the year (Prev year Rs. 4,65,000/-)

Mr. N.K Gupta HUF

Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of N.K. Gupta HUF and the Company has taken on lease a residential accommodation from N.K. Gupta HUF and paid Rs. 14,16,000/- towards rent during the year (Prev. year Rs. 14,16,000/-)

5 Income/(Loss) on difference in exchange rates on account of foreign currency transactions relating to Export Sales amounting to Rs. 34,42,735/- (Previous Year - (Rs. 38,91,826/-)) has been grouped with Export Sale.

6 Excise duty payable on finished goods/Scrap Stock lying in stock at factory amounting to Rs. 11,11,553/- (Prev. year Rs. 5,61,602/-) has been included in the value of the closing stock after creating suitable provision for liability.

7 In the opinion of the Board, the Current Assets, Loans and Advances are stated at a value, considered realizable in the ordinary course of business.

8 The Company''s operations predominantly comprises of only one segment-Pumps & spares, therefore segment reporting does not apply.

9 Deferred Tax

Deferred Tax assets and liabilities are being offset as they relate to taxes on income levied by the same governing laws.

Note: The Company has recognized the Deferred Tax Assets of Rs. 7,98,662/- (Previous year Deferred Tax Charge Rs. 37,01,921/-) during the year and debited to Profit & Loss Account.

10. Taxation provisions for current year and previous year tax adjustments includes interest thereon.

11. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given.

Note : Export of goods includes sales at Foreign Branches Rs. 36,75,14,645/- (Prev. Year Rs. 27,54,42,238/-) Service Charges includes charges at Foreign Branches Rs. 4,07,484/- (Prev. Year Rs. 11,67,897/-)

Interest Income includes interest at Foreign Branches Rs. 3,043/- (Prev. Year Rs. 25,724/-)

Note : Expenses of Foreign Branch includes Capital goods (net of sales) installed and used at Foreign Branch Rs. 17,71,128/- (Prev. Year Rs. 4,13,795/-)

12. Remittance in foreign currency towards Dividend for 2011-12 to Ms. Debra Pauly, U.K. of Rs. 1,91,000/- on 76400 Equity Shares (Previous Year Rs. 1,91,000/-)

13. Previous Year''s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year''s figures.

14. Figures have been rounded off to the nearest rupee.


Mar 31, 2012

1.1 Application Money on 9,300 Equity Shares @ Rs 10/- per Share alongwith premium @ Rs 45/- per share aggregating toRs 5,11,500/ - allotted on 11.11.1994 has not yet been realised as the same was paid by an applicant through a forged stock invest which has been dishonoured by the bankers.

2.1 Term Loan from Banks consist of Plant and Machinery loans secured against hypothecation of respective Plant and Machinery and guaranteed by the Chairman and Managing Director, Dy. Managing Director and one other Director and collaterly secured by:

a) Equitable Mortgage of Factory Land and Building located at Roto House, 14 NSEZ, Noida.

b) Equitable Mortgage of factory Land and Building located at B-14, Phase-ll, Extension, Noida.

c) Negative Lien (Pledge of shares of Housing Society) on Company's Flat no 54, 5th Floor, Ajai Deep, Nariman Street, Mumbai,

2.2 Terms of Repayment:

a) Term Loan from bank is repayable in 20 equal quarterly instalments of Rs 7,50,000/- each

b) Term Loans from others consists of vehicle loans repayable in 36 monthly equal installments and secured by hypothecation of respective vehicles.

c) Deferred Payment liabilities consists of facility from Greater Noida Industrial Development Authority in respect of Industial land financing of Rs 4,98,40,000/- repayable in 10 half yearly installments of Rs 49,84,000/- alongwith interest theron at 11%.

3.1 The working Capital loans are secured against hypothecation of stocks and book debts and guaranteed by the Chairman and Managing Director, Dy. Managing Director and one other Director and collaterly secured by:

a) Equitable Mortgage of Factory Land and Building located at Roto House, 14 NSEZ, Noida.

b) Equitable Mortgage of factory Land and Building located at B-14, Phase-ll, Extension, Noida.

c) Negative Lien (Pledge of shares of Housing Society) on Company's Flat no 54, 5th Floor, Ajai Deep, Nariman Street, Mumbai.

d) Hypothecation of plant & machinery installed that at B-14 & 15, Phase-ll, Extension, Noida and Roto House, 14 NSEZ, Noida.

4.1 Other payable includes Rs 3,58,92,367/- for Capital liability (Previous yearRs 14,21,621/-) and Rs 1,01,62,769/- on account of advance from customers (Previous year Rs 1,62,48,892/-and balance on account of other expenses payable.

5 CONTINGENT LIABILITIES & COMMITMENTS

5.1 Contingent Liabilities (Amount in Rs.)

PARTICULARS 2011-12 2010-11

i) Disputed Sales Tax (appeals pending) 4,03,642 6,87,089

ii) Disputed Income Tax (appeals pending) 50,54,838 50,54,838

iii) Bank Guarantee 2,33,42,385 2,98,59,936

iv) Labour Cases 35,74,214 33,25,342

5.2 Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for, Rs 24,28,769/- (Previous year Rs 3865494/-)

6. Revaluation of all the fixed assets (except Building under construction upto 31.03.1993) was carried out by an approved valuer as on 31st March, 1993, which resulted in an increase in the Gross Value of assets over original cost by Rs 2,50,17,478/-. The net increase in the value, resulting from the revaluation amounting to Rs 2,50,17,478/- has been credited to Revaluation Reserve, created during the year ended 31.03.1993. Of this Revaluation reserve, a sum of Rs 2,38,52,459/- has been adjusted on account of depreciation/sale of revalued assets till 31st March, 2012.

7. Depreciation for the year, on write up of assets due to revaluation as on 31.03.1993, has been recouped out of Revaluation Reserve.

8. Term Deposits with Bank of India, Janpath Branch amounting to Rs 89,24,823/- (Prev. year Rs 72,85,658/-) are pledged with Bank of India as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.

9. Term Deposit With ANZ Banking Group Limited, Melbourne amounting to AUD 48,376.00 (Rs 25,41,198/-) (Previous Year AUD 48,376/- & Rs 22,12,597/-) are pledged with ANZ Banking Group Limited as margin on Bank Guarantee.

Relatives of Key Managerial Personnel Mr. H. C. Gupta HUF

Mr. H. C. Gupta, Chairman & Managing Director of the Company is the Karta of H. C. Gupta HUF and the Company has taken on lease a residential accommodation from H. C. Gupta HUF and paid Rs 4,65,000/- towards rent during the year (Prev year Rs 17,70,000/-)

Mr. N. K Gupta HUF

Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of N. K. Gupta HUF and the Company has taken on lease a residential accommodation from N. K. Gupta HUF and paid Rs 14,16,000/- towards rent during the year (Prev. year Rs 13,32,000/-)

10. Income /(Loss) on difference in exchange rates on account of foreign currency transactions relating to Export Sales amounting to Rs 38,91,826/- (Previous Year - (Rs 25,414/-)) has been grouped with Export Sale.

11. Excise duty payable on finished goods/Scrap Stock lying in stock at factory amounting to 7 5,61,602/- (Prev. year Rs 353,873/-) has been included in the value of the closing stock after creating suitable provision for liability.

12. Profit/Loss on Sales and Impairement of fixed assets account includes Rs Nil - (Prev. Year - Rs 4,79,939/-) towards loss on impairment of assets.

13. In the opinion of the Board, the Current Assets, Loans and Advances are stated at a value, considered realisable in the ordinary course of business.

14. The Company's operations predominantly comprises of only one segment - Pumps & spares, therefore segment reporting does not apply.

15. Deferred Tax

Deferred Tax assets and liabilities are being offset as they relate to taxes on income levied by the same governing laws.

16 The disclosure required under Accounting Standard 15- "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

DEFINED BENEFIT PLAN

The Employees' gratuity fund scheme managed by Reliance Life Insurance Company Ltd. is a defined benefit plan. The present value of obligation for gratuity and leave encashment is determined on the basis of Acturial Valuation Report made at the year end.

17. Taxation provisions for current year and previous year tax adjustments includes interest thereon.

18. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given.

Note : Export of goods includes sales at Foreign Branches Rs 27,54,42,238/- (Prev. Year Rs 23,91,33,438/-) Service Charges includes charges at Foreign Branches Rs 11,67,897/- (Prev. Year Rs 16,60,514/-) Interest Income includes interest at Foreign Branches Rs 25,724/- (Prev. Year Rs 26,306/-)

Note : Expenses of Foreign Branch includes Capital goods (net of s&les) installed and used at Foreign Branch Rs 4,13,795/- (Prev. Year Rs 34,10,982/-)

19. Remittance in foreign currency towards Dividend for 2010-11 to Ms. Debra Pauly, U.K. of Rs 1,91,000/- on 76400 Equity Shares (Previous Year Rs 1,52,800/-)

20. Previous Year's figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year's figures.

21. Figures have been rounded off to the nearest rupee.


Mar 31, 2011

1 Others

I) Contingent liabilities not provided for, are disclosed by way of notes.

II) Contingencies which can be reasonably ascertained are provided for.

(B) Contingent Liabilities: (Amount in Rs.)

Particulars 2010-11 2009-10

i) Disputed Sales Tax (appeals pending) 6,87,089 6,70,096

ii) Disputed Income Tax (appeals pending) 50,54,838 50,54,838

iii) Bank Guarantee 2,98,59,936 2,05,25,302

iv) Labour Cases 33,25,342 29,21,756

(C) Notes:

1 Revaluation of all the fixed assets (except Building under construction upto 31.03.1993) was carried out by an approved valuer as on 31st March, 1993, which resulted in an increase in the Gross Value of assets over original cost by Rs. 2,50,17,478/-. The net increase in the value, resulting from the revaluation amounting to Rs. 2,50,17,478/- has been credited to Revaluation Reserve, created during the year ended 31.03.1993. Of this Revaluation reserve, a sum of Rs. 2,37,17,601/- has been adjusted on account of depreciation/sale of revalued assets till 31st March, 2011.

2 Depreciation for the year, on write up of assets due to revaluation as on 31.03.1993, has been recouped out of Revaluation Reserve.

3 The Credit Facilities from Bank of India as detailed in Schudule 3, relating to secured loans are collaterally secured against :-

a Equitable Mortgage of Land & Building located at B-14,Phase-ll Extn. Noida and Roto House,Noida Special Economic Zone, Noida.

b Hypothecatioin of Plant & Machinery installed at B-14 & B-15, Phase-ll Extn. Noida and Roto House, Noida Special Economic Zone, Noida.

c Lien on Flat No. 54, 5th floor, Ajai Deep, Nariman Street, Mumbai.

4 The Company has been allotted 20001.4 square meter land by Greater Noida Industrial Development Authority (GNIDA) at Ecotech XII, Greater Noida and the lease deed for the same has been executed on 31st March, 2010. The 70% value of the Land cost i.e. Rs. 4,98,40,000/- has been financed by the GNIDA at 11 % rate of interest, payable in 10 (ten) installment. As per terms of finance, the land will be re-possessed by GNIDA in case of default in payment of two consecutive installments. The financing towards land cost by GNIDA has been shown as deferred Payment credit under Secured Loan.

5 Term Deposits with Bank of India, Janpath Branch amounting to Rs. 72,85,658/- (Prev. year Rs. 25,75,000/-) are pledged with Bank of India as Margin on Bank Guarantees, Letter of Credit and Foreign bills purchased by them.

6 Term Deposit With ANZ Banking Group Limited, Melbourne amounting to AUD 48,376.00 (Rs. 22,12,597/-) (Previous Year AUD Rs. 48,376/- & Rs. 19,77,006/-) are pledged with ANZ Banking Group Limited as margin on Bank Guarantee.

ii) Relatives of Key Managerial Personnel

H. C. Gupta HUF

Shri Harish Chandra Gupta, Chairman & Managing Director of the Company is the Karta of H. C. Gupta HUF and the Company has taken on lease a residential accommodation from H. C. Gupta HUF and paid Rs. 17,70,000/- towards rent during the year (Prev year Rs. 15,00,000/-)

N. K Gupta HUF

Shri Anurag Gupta, Dy. Managing Director of the Company is the karta of N. K. Gupta HUF and the Company has taken on lease a residential accommodation from N. K. Gupta HUF and paid Rs. 13,32,000/- towards rent during the year (Prev. year Rs. 10,80,000/-)

9 Application Money on 9,300 Equity Shares @ Rs. 10/- per Share alongwith premium @ Rs. 45/- per share aggregating to Rs. 5,11,500/- allotted on 11.11.1994 has not yet been realised as the same was paid by an applicant through a forged stock invest which has been dishonoured by the bankers.

10 Income /(Loss) on difference in exchange rates on account of foreign currency transactions relating to Export Sales amounting to Rs. 25,414/- (Previous Year - (Rs. 13,95,824/-)) has been grouped with Export Sale.

11 Excise duty payable on finished goods/Scrap Stock lying in stock at factory amounting to Rs. 3,53,873/- (Prev. year Rs. 1,62,968/-) has been included in the value of the closing stock after creating suitable provision for liability.

12 Profit/Loss on Sales and Impairement of fixed assets account Includes Rs. 4,79,939/- (Prev. Year-Rs. 1,14,611/-) towards loss on impairment of assets.

13 In the opinion of the Board, the Current Assets, Loans and Advances are stated at a value, considered realisable in the ordinary course of business.

14 The Company's operations predominantly comprise of only one segment - Pumps & spares, therefore segment reporting does not apply.

15 Deferred Tax

a Deferred Tax assets and liabilities are being offset as they relate to taxes on income levied by the same governing laws.

b Breakup of deferred tax assets / liabilities and reconciliation of current year deferred tax credit/charge.

B DEFINED BENEFIT PLAN

The Employees' gratuity fund scheme managed by Reliance Life Insurance Company Ltd. is a defined benefit plan. The present value of obligation for gratuity and leave encashment is determined on the basis of Acturial Valuation Report made at the year end.

16 Taxation provisions for current year and previous year tax adjustments includes interest thereon.

17 Previous Year's figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year's figures.

18 Figures have been rounded off to the nearest rupee

ix) Remittance in foreign currency towards Dividend for 2009-10 to Ms. Debra Pauly, U.K. of Rs. 1,52,800/- on 76400 Equity Shares (Previous Year Rs. 1,52,800/-)


Mar 31, 2010

(A) Contingent Liabilities: Amount (Rs.)

Particulars 2009-10 2008-09

i) Disputed Sales Tax (appeals pending) 6,70,096 8,14,322

ii) Disputed Income Tax (appeals pending) 50,54,838 50,54,838

iii) Bank Guarantee 2,05,25,302 2,00,17,988

iv) Labour Cases 29,21,756 27,33,097

(C) Notes:

1 Revaluation of all the fixed assets (except Building under construction upto 31.03.1993) was carried out by an approved valuer as on 31st March, 1993, which resulted in an increase in the Gross Value of assets over original cost by Rs. 2,50,17,478/-. The net increase in the value, resulting from the revaluation amounting to Rs.2,50,17,478/- has been credited to Revaluation Reserve, created during the year ended 31 03 1993.

2 Depreciation for the year, on write up of assets due to revaluation as on 31.03.1993, has been recouped out of Revaluation Reserve.

3 The Credit Facilities from Bank of India as detailed in Schudule 3, relating to-secured loans are collaterally secured against :-

a Equitable Mortgage of Land & Building located at B-14,Pnase-ll Extn. Noida and Roto House,Noida Special Economic Zone, Noida.

b Hypothecatioin of Plant & Machinery installed at B-14 & B-15, Phase-ll Extn. Noida and Roto House, Noida Special Economic Zone, Noida.

c Lien on Flat No. 54, 5th floor, Ajai Deep, Nariman Street, Mumbai.

4 The Company has been allotted 20,001.40 square meter land by Greater Noida Industrial Development Authority (GNIDA) at EcotechXIl, Greater Noida and the lease deed for the same has been executed on 31st March, 2010. Hence the Company has capitaised the Land as at the end of current year alongwith upto date interest amount and registration charges. The 70% value of the Land cost i.e. Rs.4,98,40,000/- has been financed by the GNIDA at 11% rate of interest, payable in 10 (ten) instalment. As per terms of finance, the land will be re-possessed by GNIDA in case of default in payment of two consecutive installments The financing towards land cost by GNIDA has been shown as deferred Payment credit under Secured Loan.

5 Term Deposits with Bank of India, Janpath Branch amounting to Rs. 25,75,000/- (Prev. year Rs. 25,77,845/-) are pledged with Bank of India as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.

6 Term Deposit With ANZ Banking Group Limited, Melbourne amounting to AUD 48376.00 ( Rs 1977,006/-) ( Previous Year AUD 48376/- & Rs. 1689048/-) are pledged with ANZ Banking Group Limited as margin on Bank Guarantee.

ii) Relatives of Key Managerial Personnel

Mr. H. C. Gupta HUF

Mr. H. C. Gupta, Chairman & Managing Director of the Company is the Karta of H. C. Gupta HUF and the Company has taken on lease a residential accommodation from H. C. Gupta HUF and paid Rs. 15,00,000/- towards rent during the year (Prev year Rs. 14,25,00/-)

Mr. N. K Gupta HUF

Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of N. K. Gupta HUF and the Company has taken on lease a residential accommodation from N. K. Gupta HUF and paid Rs. 10,80,000/- towards rent during the year (Prev. year Rs. 10,35,000/-)

7 Application Money on 9,300 Equity Shares @ Rs. 10/- per Share alongwith premium @ Rs. 45/- per share aggregating to Rs. 5,11,500/- allotted on 11.11.1994 has not yet been realised as the same was paid by an applicant through a forged stock invest which has been dishonoured by the Bankers.

8 Income /(Loss) on difference in exchange rates on account of foreign currency transactions relating to Export Sales amounting to ( Rs 13,95,824/-) ( Previous Year - Rs. 29,09,803/-) has been grouped with Export Sale.

9 Excise duty payable on finished goods/Scrap Stock lying in stock at factory amounting to Rs.1,62,968/- (Prev. year Rs .2,35,305/-) has been included in the value of the closing stock after creating suitable provision for liability.

10 Profit/Loss on Sales and Impairement of fixed assets account includes Rs 1,14,611/ - ( Prev. Year - Rs. 3,75,650/-) towards loss on impairment of assets.

11 In the opinion of the Board, the Current Assets, Loans and Advances are stated at a value, considered realisable in the ordinary course of business.

12 The Companys operations predominantly comprises of only one segment - Pumps & spares, therefore segment reporting does not apply.

13 Deferred Tax

a Deferred Tax assets and liabilities are being offset as they relate to taxes on income levied by the same governing laws.

b Breakup of deferred tax assets / liabilities and reconciliation of current year deferred tax charge.

14 The disclosure required under Accounting Standard 15-"Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

NOTE: The provision of Gratuity has been made on the basis of Acturial certificate considering the ceiling limit of Rs.3,50,000/- .

15 Taxation provisions for current year and previous year tax adjustments includes interest etc.

16 Previous Years figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current years figures.

17 Figures have been rounded off to the nearest rupee.

18 Schedule 1 to 14 form integral part of the accounts.

 
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