Home  »  Company  »  Sundaram Fasten.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sundram Fasteners Ltd.

Mar 31, 2015

1 SHARE CAPITAL

e) Terms / rights attached to shares :

The Company has only one class of equity shares having a par value of Rs. 1 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

g) Bonus Shares / Buy Back / Shares for consideration other than cash issued during the period of five years immediately preceding the financial year ended 31st March 2015 :

(i) Aggregate number of equity shares allotted as fully paid up pursuant to contracts without payment

being received in cash : Nil (ii) Aggregate number of equity shares allotted as fully paid up by way of Bonus Shares : Nil (iii) Aggregate number of equity shares bought back : Nil

2 Figures for the previous year have been re-grouped, wherever necessary to conform to current year classification.

3. Accounting policies / compliance of Accounting Standards issued by the Institute of Chartered Accountants of India.

Rs. lakhs 2014-15 2013-14

(4) AS 29: Provisions, Contingent Liabilities and Contingent Assets

(A) (i) Contingent Liabilities :

a) On Letters of Guarantee 3,463.59 946.65

b) On Letters of Credit 271.84 65.87

c) On partly paid shares of The Adyar Property Holding Co. Ltd. 0.01 0.01

d) The Company has furnished guarantees to fulfil various obligations of Cramlington Precision Forge Limited, UK wholly owned subsidiaries of the Company, the amount of which is to the extent of non fulfilment of obligations of the subsidiaries which is not ascertainable.

(ii) Liabilities disputed and not provided for :

a) Sales Tax / entry tax - under appeal 3,347.84 1,017.76

b) Excise Duty / Customs Duty / Service Tax - under appeal 633.89 504.19

c) Income-tax - under appeal 46.29 65.63

d) Others 212.92 1.56

(iii) Estimated amount of contracts remaining to be executed on capital account and not provided for 4,784.42 4,334.89

(iv) Contingent Assets :

Claim of additional compensation against land acquisition 23.29 23.29

(5) AS 30 : Financial Instruments : Recognition and Measurement

a) AS 30 was issued by the Institute of Chartered Accountants of India (ICAI) in 2007 but has not yet been notified by the Government under Section 133 of the Companies Act,2013.

b) The Institute of Chartered Accountants of India has clarified that to the extent of accounting treatments covered by any of the existing notified accounting standards (for eg. AS 11, AS 13 etc,) the existing accounting standards would continue to prevail over AS 30.

c) Since the company follows the accounting treatment specified in the AS 30 through the accounting treatment under existing accounting standards i.e AS 11 & AS 13 etc, AS 30 is not followed.


Mar 31, 2014

Rs lakhs 2013-14 2012-13

(1) AS 29: Provisions, Contingent Liabilities and Contingent Assets (i) Contingent Liabilities :

a) On Letters of Guarantee 946.65 1,135.26

b) On Letters of Credit 65.87 212.05

c) On Guarantee issued to Housing Development Finance

Corporation on behalf of employees - -

d) On partly paid shares of The Adyar Property Holding Co. Ltd. 0.01 0.01

e) The Company has given guarantees to fulfil various obligations of Cramlington Precision Forge Limited, UK and Sundram Fasteners (Zhejiang) Limited, China wholly owned subsidiaries of the Company, theamount of which is to the extent of non fulfilment of obligations of the subsidiaries which is not ascertainable.

(ii) Liabilities disputed and not provided for :

a) Sales Tax / entry tax - under appeal 1,017.76 1,663.53

b) Excise Duty / Customs Duty / Service Tax - under appeal 504.19 190.14

c) Income-tax - under appeal 65.63 52.34

d) Others 1.56 50.67

(iii) Estimated amount of contracts remaining to be executed on capital account and not provided for 4,334.89 6,910.71

(iv) Contingent Assets :

Claim of additional compensation against land acquisition 23.29 23.29

(2) AS 30 : Financial Instruments : Recognition and Measurement

a) AS 30 was issued by the Institute of Chartered Accountants of India (ICAI) in 2007 but has not yet been notified by the Government under Section 211(3C) of the Companies Act,1956.

b) The Institute of Chartered Accountants of India has clarified that to the extent of accounting treatments covered by any of the existing notified accounting standards (for eg. AS 11, AS 13 etc,) the existing accounting standards would continue to prevail over AS 30.

c) Since the company follows the accounting treatment specified in the AS 30 through the accounting treatment under existing accounting standards i.e AS 11 & AS 13 etc, AS 30 is not followed.


Mar 31, 2013

1 Figures for the previous year have been re-classified / re-arranged / re-grouped, wherever necessary to conform to current year classification.

(2) (AS 2) : Financial Instruments : Recognition and Measurement

a) AS 30 was issued by the Institute of Chartered Accountants of India (ICAI) in 2007 but has not yet been notified by the Government under Section 211(3C) of the Companies Act,1956.

b) The Institute of Chartered Accountants of India has clarified that to the extent of accounting treatments covered by any of the existing notified accounting standards (for eg. AS 11, AS 13 etc,) the existing accounting standards would continue to prevail over AS 30.

c) Since the company follows the accounting treatment specified in the AS 30 through the accounting treatment under existing accounting standards i.e AS 11 & AS 13 etc, AS 30 is not followed.


Mar 31, 2012

A) Terms / rights attached to shares :

The Company has only one class of equity shares having a par value of Re 1 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferred amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) Bonus Shares / Buy Back / Shares for consideration other than cash issued during the period of five years immediately preceding the financial year ended 31st March 2012 :

(i) Aggregate number of equity shares allotted as fully paid up pursuant to contracts without payment being received in cash : Nil

(ii) Aggregate number of equity shares allotted as fully paid up by way of Bonus Shares 10,50,64,185 equity shares of Re 1 each were issued as fully paid Bonus Shares in the proportion of 1 : 1 by capitalization of General Reserve on 29th January 2007.

(iii) Aggregate number of equity shares bought back : Nil

** Based on the information available with the Company in respect of Micro, Small & Medium Enterprises (as defined in 'The Micro, Small & Medium Enterprises Development Act, 2006'). The Company is generally regular in making payments of dues to such enterprises. Hence the question of payments of interest or provision therefore towards belated payments does not arise.

@ Do not individually account for more than 10% of the total consumption.

* The above particulars excludes inter unit transfers.

1 Figures for the previous year have been re-classified / re-arranged / re-grouped, wherever necessary to conform to current year classification as per the requirement of Revised Schedule VI to the Companies Act, 1956.

2. Accountings policies / compliance of Accounting sidnudrus issued by me institute of Chartered Accountants of India


Mar 31, 2011

A) On Letters of Guarantee 1,474.72 1,060.28

The Company has given guarantees to fulfill various obligations of Cramlington Precision Forge Limited, UK and Sundram Fasteners(Zhejiang) Limited, People's Republic of China, wholly- owned subsidiaries of the Company the amount of which is to the extent of non-fulfilment of obligations of the subsidiaries which is not ascertainable.

b) On Letters of Credit 171.88 3,328.80

c) On Guarantee issued to Housing Development Finance Corporation on behalf of employees 6.01 13.43

d) Bills discounted - 5,637.26

e) On partly paid shares of The Adyar Property Holding Co. Ltd. 0.01 0.01

f) Claims against the Company not acknowledged as debts - 2.54

g) Estimated contingent liability for stamp duty in respect of leased land at Uttarakhand 3.62 3.62

2. Disclosures required under the Companies Act, 1956

1) Share Capital:

a) The subscribed and paid up capital include:

i) 20,00,000 Equity Shares of Re 1 each issued by conversion of loan into equity. (Last year No. of Equity Shares 20,00,000 of Re 1 each)

ii) 18,46,09,145 Equity Shares of Re 1/- each allotted as fully paid bonus shares by capitalisation of General Reserve and Share Premium amounting to Rs 1,846.09 lakhs. (Last year 18,46,09,145 Equity Shares of Re 1/- each amounting to Rs 1,846.09 lakhs)

iii) 56,110 fully paid-up Equity Shares of Re 1 each allotted pursuant to a scheme of amalgamation of Odin Metal Powders Limited, Hyderabad, with the Company. (Last year 56,110 Equity Shares of Re 1 each)

iv) 29,07,565 fully paid-up Equity Shares of Re 1 each allotted pursuant to a scheme of amalgamation of TVS Autolec Limited, Chennai, with the Company. (Last year 29,07,565 fully paid-up Equity Shares of Re 1 each)

v) 10,50,64,185 Equity Shares of Re 1 each allotted as fully paid bonus shares by capitalisastion of General Reserve amounting to Rs. 1,050.64 lakhs in the year 2006-2007

vi) No. of Equity shares held by T V Sundram Iyengar & Sons Limited, Madurai - 5,33,12,000 shares and its subsidiary - 5,07,73,280 shares of face value of Re 1/- each (Last year No. of Equity shares held by T V Sundaram Iyengar & Sons Limited, Madurai - 5,33,12,000 and its subsidiary 5,07,73,280 of face value Re 1 each)

**Based on the information available with the Company in respect of Micro, Small & Medium Enterprises (as defined in The Micro, Small & Medium Enterprises Development Act, 2006). The Company is generally regular in making payments of dues to such enterprises. Hence, the question of payments of interest or provision therefor towards belated payments does not arise.

* The Company has entered into derivatiave contracts to hedge against exchange risk. There are no marked to market losses in respect of all outstanding derivative contracts at the Balance Sheet date

** Hedged by means of Principal Only Swap from JPY to USD. USD-INR leg is unhedged and is included at (b) below

* The Company has entered into derivatiave contracts to hedge against exchange risk. There are no marked to market losses in respect of all outstanding derivative contracts at the Balance Sheet date

2) In terms of Notification No SO 301 (E) dated 8th February 2011 of Ministry of Corporate Affairs, Board of Directors has given consent for non disclosure of information relating to the quantitative details of turnover, raw material consumption, opening and closing stocks of goods produced.


Mar 31, 2010

(1) AS 29: Provisions, Contingent Liabilities and Contingent Assets ( i) Contingent Liabilities :

a) On Letters of Guarantee 1,060.28 3,344.41

b) On Letters of Credit 3,328.80 100.04

c) On Guarantee issued to Housing Development Finance

Corporation on behalf of employees 13.43 19.34

d) Bills discounted 5,637.26 360.05

e) On partly paid shares of The Adyar Property Holding Co. Ltd. 0.01 0.01

f) The Company has given guarantees to fulfill various obligations of Cramlington Precision Forge Limited, UK, a wholly owned subsidiary of the Company, and Sundram Fasteners (Zhejiang) Limited, China the amount of which is to the extent of non- fulfilment of obligations of the subsidiaries.

g) Claims against the Company not acknowledged as debts 2.54 - h) Estimated contingent liability for stamp duty in respect of leased

land at Uttarakhand 3.62 3.62

2. Disclosures required under the Companies Act, 1956

1) Share Capital:

The subscribed and paid up capital include:

i) 20,00,000 Equity Shares of Re 1 each issued by conversion of loan into equity. (Last year No. of Equity Shares 20,00,000 of Re 1 each)

ii) 18,46,09,145 Equity Shares of Re 1/- each allotted as fully paid bonus shares by capitalisation of General Reserve and Share Premium amounting to Rs 1,846.09 lakhs. (Last year 18,46,09,145 Equity Shares of Re 1/- each amounting to Rs 1,846.09 lakhs.)

iii) 56,110 fully paid-up Equity Shares of Re 1 each allotted pursuant to a scheme of amalgamation of Odin Metal Powders Limited, Hyderabad, with the Company. (Last year 56,110 Equity Shares of Re 1 each)

iv) 29,07,565 fully paid-up Equity Shares of Re 1 each allotted pursuant to a scheme of amalgamation of TVS Autolec Limited, Chennai, with the Company. (Last year 29,07,565 fully paid-up Equity Shares of Re 1 each)

v) 10,50,64,185 Equity Shares of Re 1 each allotted as fully paid bonus shares by capitalisastion of General Reserve amounting to Rs. 1,050.64 lakhs in the year 2006-07.

vi) T V Sundram Iyengar & Sons Limited, Madurai - 5,33,12,000 shares and its subsidiary - 5,07,73,280 shares of face value of Re 1/- each. (Last year No. of Equity shares held by T V Sundaram Iyengar & Sons Limited, - 2,66,56,000 and its subsidiary 2,53,86,640 of face value Re 1 each)

Note: Last years figures have been regrouped wherever necessary to conform to current years classification.

3) Computation of Net Profit as per Section 309 (5) read with Sections 198 & 349 of the Companies Act, 1956 and calculation of commission payable to the Chairman and Managing Director and Executive Director.

 
Subscribe now to get personal finance updates in your inbox!