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Notes to Accounts of Taparia Tools Ltd.

Mar 31, 2014

1) Provisions and contingencies

Contingent Liabilities as on 31-03-2014 not provided for in respect of:

a) Estimated amount of contract remaining to be executed on capital account is Nil (Nil).

b) Claims against the Company not acknowledged as Debts are Rs. 67.56 lakhs ( Rs. 52.68 lakhs).

2) Depreciation

Depreciation for the year on revised future life as ascertained by Valuers and revalued figures of fixed assets and that on the original cost of the fixed assets work out to Rs. 66,64,907 and Rs. 61,02,511 respectively. The transfer of Rs. 5,62,396 from Fixed Assets Revaluation Reserve to statement of profit & loss represents difference between depreciation on revalued figures and that on original cost.

3) Segment reporting

The Company is exclusively in the hand tools business segment.

4) Related Party Disclosures

Disclosures as required by Accounting Standard - 18 "Related Party Disclosures" are given below:

a) List of Related Parties/Associates/Subsidiary Companies : Nil

b) Key Management Personnel (KMP) : Shri H. N. Taparia (Chairman and Managing Director)

D r. M. G. Nathani (Executive Director) (Up to 29/03/2014) Shri Sivaramakrishnan (Director – Operations) Shri V. S. Datey (Company Secretary)

c) Details of transactions relating to KMP as referred to in item (b) above : Remuneration : Rs. 112.51 lakhs (Refer Note No. 30)

5) Balances of certain Debtors, Creditors and advances for which confirmations have not been received, are subject to reconciliations.

6) Lease

The Company has taken certain office/factory premises on operating lease basis. Lease payments in respect of such leases recognized in statement of Profit & Loss Rs. 23.20 lakhs (previous year Rs. 17.58 lakhs)

7) Retirement Benefit Plans

a) Defined Contribution Plans:

Contribution to Defined contribution Plans is recognized as expense in the statement of Profit and Loss, as they are incurred.

b) Defined Benefit Plan:

The Company makes annual contributions to employees'' group gratuity-cum-life assurance scheme of the Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. The present value of the defined benefit obligation and the related current service cost were measured using the projected unit credit method with actuarial valuation being carried out at each balance sheet date.

The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

8) Research and Development Expenses

Expenditure on Research and Development is as under:

Capital -

Recurring Rs. 76.24 Lakhs

Total Rs. 76.24 Lakhs

Total R & D Expenditure as percentage of Total Turnover 0.29%

Note : Figures in brackets are of previous year

9) Previous Year''s figures have been recast/regrouped wherever necessary.


Mar 31, 2013

1) Provisions and contingencies

Contingent Liabilities as on 31-03-2013 not provided for in respect of:

a) Estimated amount of contract remaining to be executed on capital account is Nil (Nil).

b) Claims against the Company not acknowledged as Debts are Rs. 52.68 lakhs (Rs. 45.41 lakhs).

2) Depreciation

Depreciation for the year on revised future life as ascertained by Valuers and revalued figures of fixed assets and that on the original cost of the fixed assets work out to Rs. 72,27,303 and Rs. 66,64,907 respectively. The transfer ofRs. 5,62,396 from Fixed Assets Revaluation Reserve to statement of profit & loss represents difference between depreciation on revalued figures and that on original cost.

3) Segment reporting

The Company is exclusively in the hand tools business segment.

4) Related Party Disclosures

Disclosures as required by Accounting Standard - 18 "Related Party Disclosures" are given below:

a) List of Related Parties/Associates/Subsidiary Companies : Nil

b) Key Management Personnel (KMP) : Shri H. N. Taparia (Chairman and Managing Director)

Dr. M. G. Nathani (Executive Director) Shri P.S. Krishnan (Director - Operations)

c) Details of transactions relating to KMP

as referred to in item (b) above : Remuneration : Rs. 88.21 lakhs (Refer Note No. 30)

5) Balances of certain Debtors, Creditors and Advances for which confirmations have not been received, are subject to reconciliations.

6) Lease

The Company has taken certain office/factory premises on operating lease basis. Lease payments in respect of such leases recognized in statement of Profit & Loss Rs. 17.58 lakhs (previous year Rs. 15.04 lakhs)

7) Retirement Benefit Plans

a) Defined Contribution Plans:

Contribution to Defined contribution Plans is recognized as expense in the statement of Profit and Loss, as they are incurred.

b) Defined Benefit Plan:

The Company makes annual contributions to employees'' group gratuity-cum-life assurance scheme of the Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. The present value of the defined benefit obligation and the related current service cost were measured using the projected unit credit method with actuarial valuation being carried out at each balance sheet date.

The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

8) Previous Year''s figures have been recast/regrouped wherever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for in respect of

[a] Estimated amount of contract remaining to be executed on capital account is Nil [Rs. 15,71,794/-].

[b] Claims against the Company not acknowledged as Debts are Rs. 45,41,795 [Rs. 45,41,795].

2. Depreciation for the year on revised future life as ascertained by Valuers and revalued figures of fixed assets and that on the original cost of the fixed assets work out to Rs. 61,53,633/- and Rs. 59,00,049/-respectively. The,transfer of Rs. 2,53,584/- from Fixed Assets Revaluation Reserve" to Profit S. Loss Account represents difference between depreciation on revalued figures and that on original cost.

3. Other income includes MVAT Receivable - Rs. 91,58,336/- and Refund on MVAT of earlier years Rs. 54,44,596.

4. Segment Reporting

The Company is exclusively in the hand tools business segment.

5. Related Party Disclosures

Disclosures as required by the Accounting Standard -18 "Related Party Disclosures" are given below:

a] List of Related Parties/Associates/Subsidiary Companies:

Nil.

b] Key Management Personnel:

Shri H.N. Taparia (Chairman S, Managing Director] Dr. M.G. Nathani (Executive Director]

c] i] Transactions with Associate Company Nil

ii] Outstanding balance of Associate Company Nil

d] Details of transactions relating to Key Management Personnel as referred to in item b] above Remuneration : Rs. 22.62 lakhs (Refer Note No.10)

6. Impairment of Assets

The carrying amounts of assets are reviewed at each balance sheet date if there is an indication of impairment based on the internal and external factors.

An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable amount. An impairment loss, if any, is charged to the Profit and Loss Account in the year in which the asset is identified as impaired. Reversal of impairment loss recognized in prior years is recorded when there is an indication that impairment loss recognised for the asset no longer exists or has been decreased.

7. Income tax assessment is completed upto assessment year 2006-2007. The Honourable High Court, Mumbai confirmed the appeals for the assessment years 1996-97, 1997-98 and 1998-99 as per the Appellate Orders issued by ITAT, Pune Bench and now they are pending in the Honourable Supreme Court of India, New Delhi.

8. Some of the Debit & Credit Balances on the Debtors account and Loans and Advances remain unconfirmed.

9. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

10. Retirement Benefit Plans

The Company adopted the Accounting Standard-15 "Employees Benefits" (AS-15) effective from April 1st, 2007 consequent upon the change in accounting policy. The necessary details have been disclosed in the Defined Benefit Plan.

A. Defined Contribution Plans:

Contribution to Defined contribution Plans is recognized as expense in the Profit & Loss Account, as they are incurred.

B. Defined Benefit Plan:

The Company makes annual contributions to employees group gratuity- cum-life assurance scheme of the Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees.

The present value of the defined benefit obligation and the related current service cost were measured using the projected unit credit method with actuarial valuation being carried out at each balance sheet date.

The employees gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The actuary certifies the above information.

11. Previous years figures have been recast or regrouped wherever necessary.

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

 
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