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Notes to Accounts of Swiss Glasscoat Equipments Ltd.

Mar 31, 2015

1. Nature of Securities

I Term Loans (A Above) obtained from Karur Vysya Bank is secured by way of hypothecation of assets acquired through said term loan.

II Vehicles Loans acquired on H.P Loans form Banks (B Above) are secured by exclusive charged on respective Vehicle purchased through those loans.

2. RELATED PARTY DISCLOSURES

Related Party disclosure as required by AS-18, are given below:

I Relationship:

a Subsidiary of the Company Nil

b Associates and Joint Ventures Nil

c Individual having control / Mr. Sudarshan Amin significant influence (Managing Director)

d Key Managerial Personnel [KMP] & Mr. Sudarshan Amin Relatives thereof (Managing Director) Mrs. Nita Amin, Ms. Phagun Amin

e Enterprises over which (c) & (d) Chemfilt above have significant influence

3. As the Company's business activity, in the opinion of the Management, falls within a single primary segment subject to the same risk and return, the disclosure requirement of Accounting Standard AS-1 7 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

4. CONTINGENT LIABILITIES AND COMMITMENTS

i Contingent Liabilities

a Claims against the Company/disputes & liabilities not acknowledge against debt - -

b Guarantee 74,337,495 43,849,916

c Letter of Credit 18,433,244 58,432,554

ii Commitments

a Estimated amt. of contract remaining to be executed on capital advance 1,027,846 5,730,500

b Other commitments - -

There is a pending litigation against the Company for compensation of loss of profit of Rs. 5,00,00,000/-. The Company has been legally advised that the compensation demanded is likely to be deleted and accordingly no provision is considered necessary.

5. PROPOSED DIVIDEND

The Board of Directors have proposed equity dividend of INR 2.70 (Previous Year INR 2.50) per equity share of INR 10 each. The aggregate amount of equity dividend proposed to be distributed is INR 1,61,99,198 (Previous Year INR 1,45,27,813) Including Dividend distribution tax of INR 26,99,198 (Previous Year INR 20,27,813).

6. PREVIOUS YEAR FIGURES

Previous year figures are regrouped, rearranged and recast wherever required to make them comparable with those of year under review.


Mar 31, 2014

1. As the Company''s business activity, in the opinion of the Management, falls within a single primary segment subject to the same risk and return, the disclosure requirement of Accounting Standard AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

2. CONTINGENT LIABILITIES AND COMMITMENTS

i Contingent Liabilities

a Claims against the Company/disputes & liabilities not acknowledge against debt - 607,781

b Guarantee 43,849,916 68,738,724

c Letter of Credit 58,432,554 75,831,183

ii Commitments

a Estimated amt. of contract remaining to be executed on capital advance 5,730,500 3,522,678

b Other commitments - -

3. PROPOSED DIVIDEND

The Board of Directors have proposed equity dividend of Rs. 2.50 (Previous Year Rs. 2.20) per equity share of Rs. 10 each. The aggregate amount of equity dividend proposed to be distributed is Rs.1,45,27,813 (Previous Year Rs.1,27,84,475) Including Dividend distribution tax of Rs 20,27,813 (Previous Year Rs. 17,84,475).

4. PREVIOUS YEAR FIGURES

Previous year figures are regrouped, rearranged and recast wherever required to make them comparable with those of year under review.

5. Notes 1 to 36 form an integral part of the financial statements.


Mar 31, 2013

1 As the Company''s business activity, in the opinion of the Management, falls within a single primary segment subject to the same risk and return, the disclosure requirement of Accounting Standard AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

2 PROPOSED DIVIDEND

The Board of Directors have proposed equity dividend of Rs. 2.20 (Previous Year Rs. 2.20) per equity share of Rs. 10 each. The aggregate amount of equity dividend proposed to be distributed is INR.12,784.48 thousands (Previous Year INR 12,784.48 thousands) including Dividend Distribution Tax of INR 1,784.48 thousands (Previous Year INR 1,784.48 thousands).

3 PREVIOUS YEAR FIGURES

Previous year figures are regrouped, rearranged and recast wherever required to make them comparable with those of year under review.

4 Notes 1 to 36 form an integral part of the financial statements.


Mar 31, 2012

NOTE - 1.1 NATURE OF SECURITIES

I. Term Loans (A Above) obtain from. State Bank of India is Secured by way of hypothecation of Wind Mill with all its accessories located at plot No. BAR 06 at village ; Baridia, Taluka : Dwarka, District: Jamnagar, Gujarat and Karur Vysya Bank is secured by way of hypothecation of assets acquired through said term loan.

II. Vehicles Loans acquired on HP Loans form Banks (B Above) are secured by exclusive charged on respective Vehicle purchased through those on.

NOTE - 2 RELATED PARTY DISCLOSURE

Related Party disclosure as required by AS-18, are given below:

I) Relationship;

a) Subsidiary of the Company

- Nil

b) Associates and Joint Ventures

- Nil

c) Individuals having significant influence

- Mr. Sudarshan Amin (Managing Director)

d) Key Managerial Personnel & Relatives thereof

- Mr. Sudarshan Amin (Managing Director)

- Mr.Sudarshan Amin (Managing Director)

- Mr. Ambalal Patel (Whole Time Director)

- Mr. PhagunAmin (Executive Director)

- Mrs Urmilaben Patel, Mr. Tanmay Patel

e) Enterprises over which (c) & (d) above have significant influence

- Chemfilt

- Cera Coats

Note 3

As The Company's business activity, in the opinion of the management, falls within a single primary segment subject to the same risk and return, the disclosure requirement of Accounting Standard AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

Note 4 CONTINGENT LIABILITIES AND COMMITMENTS

(INR In '000s) As at As at 31st March 2012 31st March 2011

(i) Contingent Liabilities

(a) Claims against the Company/disputes & liabilities not acknowledge against debt 6568,00 9534.25

(b) Guarantee 61230.85 62392.11

(c) Letter of Credit 37668,94 61876.60

(ii) Commitments

(a) Estimated amt. of contract remaining to be executed on capital advance 2226.61 14070.00

(b) Other commitments

NOTE 5 PROPOSED DIVIDEND

The Board of Directors have proposed equity dividend of Rs. 2,20 (Previous Year Rs. 2,00) per equity share of Rs. 10 each. The aggregate amount of equity dividend proposed to be distributed is Rs. 12784.48 thousands (Previous Year Rs. 11622.25 thousands) Including Dividend distribution tax of Rs 1784.48 thousands (Previous Year Rs. 1622.25 thousands)

NOTE 6 PREVIOUS YEAR FIGURES

During the year ended 31 st March, 2012, the Revised Schedule VI notified under The Companies Act, 1956 has become applicable to the company for preparation and presentation of its financial statement. The adoption of revised schedule VI dose not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosure made in the financial statement. The company has also reclassified the previous year figure in accordance with the requirement applicable in the current year. In view of this reclassification, certain figures of current year are not strictly comparable with those of the previous year.

NOTE 7

Note 1 to 36 form an integral part of the financial statements.


Mar 31, 2010

1. Previous years figures have been regrouped, rearranged and recast wherever necessary.

2. The schedules referred to in the Balance Sheet and Profit and Loss Account form an integral part of the accounts.

3. Contingent liabilities not provided for in respect of:

(Rs. In000s)

Particulars 2009-10 2008-09

Guarantees given by the Bank on behalf of the Company 27817.34 21231.77

II Letter of Credit 11246.39 5805.04

III [claims not acknowledged as debt Nil 1204.52

4. Related Party Transactions:

Related Party disclosures as required by AS-18 are given below: I) Relationship:

a) Individuals having control / significant influence

- Mr. Sudarshan Amin (Managing Director)

- Mr. Ambalal Patel (Whole-time Director)

b) Key Managerial Personnel

- Mr. Sudarshan Amin (Managing Director)

- Mr. Ambalal Patel (Whole-time Director)

c) Relatives of Key Managerial Personnel

- Neeta Amin, Phagun Amin & Chandni Amin

- Urmilaben Patel, Tanmay Patel, Ekta Patel, Palak Patel

d) Enterprises over which (a), (b) & (c) above have significant influence

- Chemfilt

- Euro Mixers

- Cera Coats

5. Segment Reporting:

As the Companys business activity, in the opinion of the Management, falls within a single primary segment subject to the same risk and returns, the disclosure requirements of Accounting Standard AS-17 "Segment Reporting" are not applicable.

6. The Company has not received any information from suppliers or service providers, that whether they are covered under the "Micro, Small and Medium Enterprise Development Act, 2006". Consequently, Disclosures relating to amount unpaid at the year-end together with interest payable, if any, as required under the said Act are not ascertainable.

7. Employee Benefits:

(i) Defined Contribution Plans:

The Company has recognized Rs. 818.35 thousands (P.Y. Rs. 712.59 thousands) for Provident Fund Contribution as expenses under the defined contribution plan in the Profit and Loss account for the year ended 31st March, 2010.

(ii) Defined Benefit Plan:

The Company recognizes benefit towards the gratuity at each balance sheet date.

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at March 31, 2010 by an actuary. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation.

 
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