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.