Home  »  Company  »  Shanthi Gears  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Shanthi Gears Ltd.

Mar 31, 2015

1 (a) There are no Balances with banks with remaining maturity of more than 12 months from the balance sheet date.

Rs.Crores

2. Commitments and Contingent Liabilities Year ended Year ended 31-03-2015 31-03-2014

A. Commitments

Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) 1.64 0.85

B. Contingent Liabilities

a) Claims against the Company not acknowledged as debt 0.55 4.21

b) Disputed Demand for Additional Sales Tax on Central Sales Tax pertaining to the year 1998-99. The matter is pending before the Assistant Commissioner, Fast Track Assessment Circle-I, Coimbatore. The value has been paid under protest and writ petition is pending with Madras High Court. 0.01 0.01

c) Disputed Demand for Additional Sales Tax on Central Sales Tax pertaining to the year 1999-2000. The matter is pending before the Assistant Commissioner, Fast Track Assessment Circle-I, Coimbatore. The value has been 0.01 0.01 paid under protest and writ petition is pending with Madras High Court.

d) Disputed Excise Duty on Inter Unit transfer of Machinery - Duty Rs. 0.76 Crores and penalty Rs. 0.76 Crores. The matter is pending before the Appellate Tribunal, South 1.52 1.52 Zonal Bench, Chennai.

Note : Show Cause Notices received from various Government Agencies pending formal demand notices have not been considered as contingent liabilities.

3. Employee Benefits Plans

a) Defined Contribution Plan

The Company makes Provident Fund and Employees State Insurance scheme contributions which are defined contribution plans for qualifying employees. Under the scheme the Company is required to contribute a specified percentage of the payroll cost to fund the benefits. The Company recognised Rs.1.18 crores P.Y. Rs.1.01 crores) for Provident Fund contribution and Rs.0.09 crores (P.Y.Rs.0.08 crores) for Employees State Insurance scheme in the Statment of Profit and Loss. The contribution payable to these plans by the Company are at the rates specified in the rules of the schemes.

4. Segment Reporting

The Company's main business is manufacture of Gears & Gear Products. There are no separate reportable segments as per Accounting Standard 17 (AS17). Secondary segmental reporting is based on geographical location of customers and assets.

5. Operating Leases

The Company has operating lease agreements for office space and is cancellable on mutual consent. As per the lease terms an amount of Rs. 0.28 crores (P.Y. Rs.0.18 crores) is charged to statement of Profit and Loss. As lessor the Company realized an income of Rs.0.46 crores (P.Y.Rs. 0.43 crores) on properties under lease.

6. Previous period figures have been re-grouped wherever necessary to correspond with the current years' classification / disclosure.


Mar 31, 2014

1. (i) The Company has only one class of equity shares having par value of Rs. 1/- each. Each holder of Equity shares is entitled to one vote per share.

2.(i) Based on, and to the extent of information received from the suppliers regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED Act), and relied upon by the Auditors, there are no dues to such suppliers.

ii) Trade payable includes Rs. 4.86 crores representing cheques issued and not presented for payment.

3.(i) Includes amount due to Holding Company – Nil (PY Rs. 0.66 Crores Net of Tax). 8.(ii) There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

4.(i) There are no provisions that are not contingent and was not provided based on estimation as per Accounting Standard on Provisions, Contingent Liabilities and Contingent Assets (Accounting Standard-29).

5. (a) During the year, the Company has invested an aggregate of Rs. 60.92 crores (Previous Year Rs. 80.31 crores) and redeemed an aggregate of Rs. 48.75 crores (Previous Year Rs. 44.59 crores) of units in various Cash Management Schemes of Mutual Funds, invested for the purpose of deployment of temporary cash surpluses.

6. Segment Reporting

The Company''s main business is manufacture of Gears & Gear Products. There are no separate reportable segments as per Accounting Standard 17 (AS17). Secondary segmental reporting is based on geographical location of customers and assets.

7. The working capital facility with State Bank of India is secured by hypothecation of Inventory, Book Debts, Land & Buildings of A and C Units and certain items of Plant & Machinery. The working capital facility with IDBI Bank is secured by an exclusive charge on certain items of Plant & Machinery.

8. Previous period figures have been re-grouped/re-classified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1. Commitments and Contingent Liabilities

Rs. Crores

31-03-2013 31-03-2012

Commitments

Estimated amount of contracts remaining to be executed on Capital Account and not provided for 2.06 3.02

Contingent Liabilities

Bills Discounted 1.91

Claims against the Company not acknowledged as debt 7.25 7.25

Note:

Show Cause Notices received from various Government Agencies pending formal demand notices have not been considered as contingent liabilities.

2. Segment Reporting

The Company''s main business is manufacture of Gears & Gear Products. There are no separate reportable segments as per Accounting Standard 17 (AS 17).

3. Disclosure in respect of Related Parties pursuant to Accounting Standard 18

a) List of Related Parties

I. Entity with Significant Influence

Tube Investments of India Ltd (between 3rd September, 2012 and 19th November, 2012)

II. Holding Company

Tube Investments of India Ltd (with effect from 19th November, 2012)

III. Fellow Subsidiaries (with effect from 19th November, 2012)

a. Cholamandalam MS General Insurance Company Limited

b. Cholamandalam Investment and Finance Company Limited I. Cholamandalam Distribution Services Limited

ii. Cholamandalam Factoring Limited and

iii. Cholamandalam Securities Limited

(Subsidiaries of Cholamandalam Investment and Finance Company Limited)

c. TI Financial Holdings Limited

d. TICI Motors (Wuxi) Company Limited

e. Financiere C10 SAS I. Sedis SAS

ii. Societe De Commercialisation De Composants Industriels SARL and

iii. Sedis Co. Ltd.

(Subsidiaries of Financiere C10 SAS)

IV. Key Management Personnel (KMP)

Mr. P. Subramanian – Chairman and Managing Director (upto 3rd September, 2012)

Mr. Sreeram Srinivasan - President & Executive Director (with effect from 3rd September, 2012)

4. The working capital facility with State Bank of India is secured by hypothecation of Inventory, Book Debts, Land & Buildings of A and C Units and certain items of Plant & Machinery. The working capital facility with IDBI Bank is secured by an exclusive charge on certain items of Plant & Machinery.

5. Previous period figures have been re-grouped wherever necessary to correspond with the current years'' classification / disclosure.


Mar 31, 2012

1. Contingent Liabilities and Commitments

(i) Contingent Liabilities

(a) Guarantees given by the Company 70,690,553 41,933,395

(b) Letter of Credits 24,808,000 55,818,000

(c) Bills Discounted 19,075,863 16,511,340

(d) Claims against the Company not acknowledged as debts 72,462,947 72,382,697

(ii) Commitments

Estimated amount of contracts remaining to be executed and not provided for on account of Capital Accounts 30,197,136 19,537,832

Show cause notices have not been considered as Contingent Liabilities

2. (a) Working Capital facilities availed from State Bank of India are secured by Hypothecation of Raw Materials, Work-in-Progress, Finished goods, Stock in Trade and on Book Debts of the Company. In addition they are secured by Hypothecation of Land and Buildings of A and C unit and on specific items of Plant & Machinery. The debit balance at the end of the year 31st March 2012 is Rs.96,483 (P.Y.Rs.776,497 Dr)

(b) Against the facilities availed/to be availed from IDBI Bank Ltd., by way of Letter of Credit/ Bank Guarantee / Short term loan, the Company has created exclusive charge on the machines to be imported for Rs.10 Crores

3. Term loans (Foreign Currency Loans) availed from ICICI Bank are secured by Specific items of Plant & Machinery

4. The Company has never defaulted in payment of Loans & Interest

5. The Company has given counter guarantee to the Bank for the guarantees issued for Rs.20,802,035 (P.Y.Rs.13,382,866)

6. Income Tax Assessment is completed upto Assessment Year 2009-10

7. The Company's main business segment is manufacturing Gears and Gear Products. Hence there are no separate reportable segments as per Accounting Standard 17 (AS 17)

8. As per the information available with the Company, there are no dues outstanding including interest as on 31st March, 2012 to Small and Micro Enterprises as defined under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006

9. The Revised Schedule VI has become effective from 1st April 2011, for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year 's classification / disclosure.


Mar 31, 2010

1. CONTINGENT LIABILITIES:

Estimated amount of contracts remaining to be executed and not provided for:

a) On Capital Accounts Rs. 13.32 Crores.

b) On account of Guarantees issued Rs.4.72 Crores.

c) On account of Letter of credits established Rs.9.03 Crores

d) Claim against the Company not acknowledged as debts Rs.7.24 Crores

2. a) The Working Capital facilities and Corporate Loan availed from State Bank of India are secured by hypothecation of Raw Materials, Work-in-Progress, Finished Goods, Stock-in-Trade and on Book Debts of the Company. In addition, they are secured by the Hypothecation of Land and Buildings of SA Unit and XC Unit and on specific items of Plant & Machinery.

b) Foreign Currency Loans (External Commercial Borrowings) availed from ICICI Bank Limited are secured by specific items of Plant and Machinery.

c) Against the facilities availed / to be availed from IDBI Bank Ltd by way of Letter of Credit / Bank Guarantee / Short Term Loan, the Company has created exclusive charge on the machines to be imported for Rs. 10.00 Crores.

3. The Company has given counter guarantee to the Bank for the Guarantees issued for Rs.2.42 Crores.

4. Income Tax assessment is completed upto the Assessment year 2008-09

5. As per the information available with the Company there are no dues outstanding including inter- est as on 31st March, 2010 to Small and Micro enterprises as defined under Micro, Small and Me- dium Enterprises Development (MSMED) Act, 2006.

6. Additional information pursuant to provisions of paragraph 3,4C and 4D of part II of Schedule VI to the Companies Act, 1956,

A. Licensed and Installed Capacity:

Licensed Capacity : Not Applicable

Installed Capacity : Most of the Plant & Machinery being common for different Products manu- factured by the Company and installed capacity being dependent on Prod- uct mix, which in turn is decided by the actual demand for various Products from time to time, and also on availing of sub-contracting facilities, it is not feasible for the Company to indicate the exact installed capacity.

7. The Companys main business segment is manufacturing Gears and Gear Products. Hence there are no separate reportable segments as per the Accounting Standard 17 (AS 17).

List of Related Parties

1. Key Managerial Personnel

Mr. P. Subramanian, Chairman & Managing Director Ms. S. Sangeetha, Wholetime Director

2. Relatives of Key Managerial Personnel

a) Relatives: Ms. S. Savitha - Daughter of Shri. P. Subramanian and Sister of Ms. S. Sangeetha Ms. S. Sathya - Daughter of Shri. P. Subramanian and Sister of Ms. S. Sangeetha

b) Enterprises

Savitha Engineering Works (SEW) - Proprietrix - Ms. S. Savitha

8. The Company has not entered into any derivative contracts.

9. Disclosure under Accounting Standard 15 on Employee Benefits:

Disclosures in respect of Defined benefit obligations in respect of gratuity pursuant to Accounting Standard 15:

10. Figures have been rounded off to the nearest rupee. Previous years figures have been regrouped and reclassified wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!