Home  »  Company  »  SAR Auto Products  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of SAR Auto Products Ltd.

Mar 31, 2015

1.CORPORATE INFORMATION

Sar Auto Products Limited is a company limited by shares with domicile in India. It is incorporated under the provisions of the Companies Act, 1956. The Company's main object is to manufacture gears, gear boxes and other transmission components.

Director's Information

Sr. No. Name Director Identification Number

1 Mr. Rameshkumar Durlabhjibhai Virani 00313236

2 Mr. Shreyas Rameshbhai Virani 00465240

3 Mr. Issacthomas Charianthomas Kavunkal 02995332

4 Mrs. Aarti Chintan Sodha 06978954

2. Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

3. List of related parties and relationships:

Related Party Nature of Relationship

Mr. Ramesh D. Virani

Mr. Shreyas R. Virani Key Management Personnel

Mrs. Rajashree R. Virani Relatives of Key Management Personnel

Mrs. Urmiben S. Virani

4. Segment Reporting

Based on guiding principles in the Accounting Standard 17 - "Segment Reporting", the primary business segment of the Company is machining of auto components. Further, the surplus money available with the company continues to be deployed under the professional guidance in Portfolio Management Scheme, Fixed Deposits and Shares and securities. Hence As the Company operates in a single primary business segment, disclosure requirements of Accounting Standard 17 - "Segment Reporting", are not applicable.

5. Contingent Liabilities not provided for Nil

6. Foreign Exchange:

As at As at Particulars 31.03.2015 31.03.2014

Earning In Foreign Exchange

FOB value of exports 11,056,436 17,731,777

Imports

CIF Value of Imports 589,463 554,208

Expenditure in Foreign Exchange

Professional Fees - 10,704

7. The company has written off an amount of Rs. 2,87,39,882 being export receivable which has been outstanding since last several years and the management does not foresee receipt of the said amount. The Reserve Bank of India vide its circular RBI/2012-13/435 A.P. (DIR Series) Circular No. 88 permits write-off up to only 5% of export realization in the previous calendar year (i.e. to the extent of Rs. 9,93,848).Any Amount in excess of this limit will have to be referred to the region office of Reserve Bank of India before writting off such excess amount.

However, the company, having made adequate efforts has failed to realize the outstanding export receivables amounting to Rs. 2,87,39,882 and thus Company has written off total amount as bad debts without refering to the regional office of Reserve Bank of India as per the above circular.

8. Estimated amount of Contract remaining to be executed on Capital Accounts and not provided for, net of advance is - NIL ( Previous year - NIL)

9. The company has requested the suppliers to give information about their status as Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006. In the absence of this information, company is unable to provide the details in "Trade Payables" regarding the over dues to such Enterprises.

10. The outstanding balances as at 31.03.2015 in respect of Trade receivables, Trade payables, Loans & Advances and other payables & receivables are subjected to confirmation from respective parties and consequential reconciliation and/ or adjustments arising there from, if any. The Management, however, does not expect any material variation.

11. According to the opinion of the management of the Company the value of realization of Trade & Other Receivables and Loans & Advances given in the ordinary course of business would not be less than the amount at which they are stated in the Balance sheet.

12. Previous year's figure have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2013

1. Segment Reporting

Based on guiding principles in the Accounting Standard 17 - "Segment Reporting", the primary business segment of the Company is machining of auto components, Further, the surplus money available with the company continues to be deployed under the professional guidance in Portfolio Management Scheme, Fixed Deposits and Shares and securities. Hence As the Company operates in a single primary business segment, disclosure requirements of Accounting Standard 17 - "Segment Reporting", are not applicable.

2. Contingent Liabilities not provided for NIL

3. Estimated amount of Contract remaining to be executed on Capital Accounts and not provided for, net of advance is - NIL (Previous year - NIL)

4. The company has requested the suppliers to give information about their status as Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006. In the absence of this information, company is unable to provide the details in "Trade Payables" regarding the over dues to such Enterprises.

5. The outstanding balances as at 31.03.2013 in respect of Trade receivables, Trade payables, Loans & Advances and other payables & receivables are subjected to confirmation from respective parties and consequential reconciliation and or adjustments arising there from, if any. The Management, however, does not expect any material variation.

6. According to the opinion of the management of the Company the value of realization of Trade & Other Receivables and Loans & Advances given in the ordinary course of business would not be less than the amount at which they are stated in the Balance sheet.

7. Previous year''s figure have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

1. Segment Reporting:

The Company is engaged in the business of machining of Auto Components. Further, the surplus money available with the company continues to be deployed under the professional guidance in Portfolio Management Scheme, Fixed Deposits and Shares and securities and the same has not been shown as separate segment for the purpose of Segment Reporting under AS-17.

2. The outstanding balances as at 31.03.2012 in respect of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation from respective parties and consequential reconciliation and or adjustments arising there from, if any. The Management, however, does not expect any material variation.

3. According to the opinion of the Management the realizable value of current assets, loans & advances and other receivables in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

4. Contingent Liabilities NIL

5. Impairment of Assets:

At each balance sheet date, the management reviews the carrying amount of its assets included in each cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Recoverable amount is higher of an asset''s net selling price and the value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an assets and from its disposal at the end of the useful life.

6. The company has requested the suppliers to give information about their status as Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006. In the absence of this information, company is unable to provide the details regarding the over dues to such Enterprises.

7. The figures of the previous year are regrouped rearranged wherever necessary to bring it in line with current year.


Mar 31, 2011

1. Segment Repoting:

The Company is engaged in the business of machining of Auto Components. Further, the surplus money available with the company continues to be deployed under the professional guidance in Portfolio Management Scheme, Fixed Deposits and Shares and securities and the same has not been shown as separate segment for the purpose of Segment Reporting under AS-17.

2. The outstanding balances as at 31.03.2011 in respect of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation from respective parties and consequential reconciliation and or adjustments arising there from, if any. The Management, however, does not expect any material variation.

3. According to the opinion of the Management the realizable value of current assets, loans & advances and other receivables in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

4. Contingent Liabilities NIL

5. Impairment of Assets:

At each balance sheet date, the management reviews the carrying amount of its assets included in each cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Recoverable amount is higher of an asset''s net selling price and the value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an assets and from its disposal at the end of the useful life.

6. The company has requested the suppliers to give information about their status as Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006. In the absence of this information, company is unable to provide the details regarding the over dues to such Enterprises.

7. The figures of the previous year are regrouped rearranged wherever necessary to bring it in line with current year.

8. Schedules 01 to 19 form an integral part of the accounts and have been duly authenticated

 
Subscribe now to get personal finance updates in your inbox!