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Notes to Accounts of Tirupati Foam Ltd.

Mar 31, 2015

1. SHARE CAPITAL

1.1 Rights/Preferences and Restrictions attached to Equity Shares

The company has only one class of Equity shares having a par value of Rs. 10 per share. Each share holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity'shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.

2. (a) Defined Benefit Plan

No Liability in respect of present or future liability of Gratuity has been ascertained and provided in the accounts (P.Y- not ascertained and provided for).

Company is in process of taking Actuarial Valuation of Gratuity. Company will provide the same as and when the valuation is available.

(b) Defined Contribution Plan

The Company has recognized the following amount in Profit and Loss Account which is included under contribution of funds.

3. Contingent liabilities and committments (to the extent not provided for)

Particulars As at As at 31st March,2015 31st March,2014

(A) Contingent Liabilities NIL NIL

(B) Commitments Letters of Credit 7,645,253 15,376,860

4. Derivative Instruments and Unhedged Foreign Currency Exposure

The company enters into forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions and firm commitments. The company does not enter into any derivative instruments for trading or speculative purposes.

5. RELATED PARTY DISCLOSURE

A) Name of related parties and nature of relationship:

i) Key Management Personnel

Mr.Roshan P.Sanghavi Managing Director

Mr.Deepak T.Mehta Executive Director

Mr.Satish A.Mehta Executive Director

ii) Relatives of Key Management Personnel

a) Relatives of Mr. Roshan P. Sanghavi

Mrs.Meena R. Sanghavi Wife

Mr.Poonamch and K. Sanghavi Father

Mrs. Kantaben P. Sanghavi Mother

Mr.Manish P.Sanghavi Brother

Komil R. Sanghavi Son

Roshan P. Sanghavi (HUF) HUF of Director

b) Relatives of Mr. Deepak T. Mehta

Mrs. Urmila D.Mehta Wife

Mr. Anurag D Mehta Son

Mr. Takhatmal N.Mehta Father

Mrs. Kamlaben T. Mehta Mother

Mr. Lokesh T. Mehta Brother

Mrs. Minal R. Shah Sister

Deepak T. Mehta (HUF) HUF of Director

c) Relatives of Mr. Satish A. Mehta

Mrs. Rita S.Mehta Wife

Mr. Amritlal C.Mehta Father

Mrs.Vimlaben A.Mehta Mother

Mr. Naman S.Mehta Son

Satish A. Mehta (HUF) HUF of Director

Ms. Charmy S. Mehta Daughter

Mrs. Vidhi N. Mehta Daughter In law

6. The Company has only one reportable primary segment i.e. Flexible Polyurethane Foam. The Company mainly caters to the needs of the domestic market and hence there are no reportable geographical segments.

7. Previous year's figures have been rearranged and reclassified wherever necessary. As per our report of even date attached


Mar 31, 2013

1. GENERAL INFORMATION

The Company was incorporated as a Tirupati Foam Private Limited on 14th October, 1986, at Ahmedabad in the state of Gujarat. It was converted into Public Limited Company on 12th December 1995 and changed the name to Tirupati Foam Limited. The company''s shares are listed at Ahmedabad Stock Exchange, Vadodara Stock Exchanges and Bombay Stock Exchange (Indonext).

2. CONTINGENT LIABILITIES:

Nature of Liabilities 2012-13 2011-12

Letters of Credit NIL 6,000,000

3. EMPLOYEE BENEFITS

(a) Defined Benefit Plan

No Liability in respect of present or future liability of Gratuity has been ascertained and provided in the accounts (P.Y.—not ascertained and provided for).

This is in contravention with the Accounting Standard 15 issued by the Institute of Chartered Accountants of India in respect of accounting for retirement benefits.

(b) Defined Contribution Plan

The Company has recognized the following amount in Profit and Loss Account which is included under contribution of funds.

4. The Company has only one reportable primary segment i.e. Flexible Polyurethane Foam. It has identified Geographical segment as the secondary segment. During the year and the previous comparable year, the value of export sales made by the Company did not exceed the quantitative threshold set. Accordingly, reporting on disclosures in the secondary format of geographical segment are not applicable to the Company.

5. Previous year''s figures have been rearranged and reclassified wherever necessary.


Mar 31, 2012

1.1 The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

(#) Other Trade Payables represents amount payable to various parties for Services and Expenses.

- 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 relating to amount unpaid as at year end together with interest paid/ payable under this Act have not been given.

2. EMPLOYEE BENEFITS

(a) Defined Benefit Plan

No Liability in respect of present or future liability of Gratuity has been ascertained and provided in the accounts (P.Y.—not ascertained and provided for). This is in contravention with the Accounting Standard 15 issued by the Institute of Chartered Accountants of India in respect of accounting for retirement benefits.

(b) Defined Contribution Plan

The Company has recognized the following amount in Profit and Loss Account which is included under contribution of funds.

3. In the opinion of the Board of Directors Current Assets and Loans and Advances have a value on realization in the ordinary course of business equal to the amount at which they are stated in the balance sheet.

4. Previous year''s figures have been rearranged and reclassified wherever necessary.


Mar 31, 2010

1. Contingent Liabilities:

Nature of Liabilities 2009-10 2008-09

Letter of Credit 21,667,200/- 24,089,540/-

2. During the year, there was Fire at factory premises where some portion of the Factory Building, Plant and Machinery, Electric Installation and Stock were Destroyed/Damaged. However, the same has been covered by Insurance policy with Reinstatement clause. Accordingly cost of Fixed Assets and Current Assets which were affected by Fire has been reimbursed by Insurance Company and therefore no loss was incurred by the Company. Those assets have been partly replaced before 31st March, 2010 and balance in subsequent period, but before the signing of this Balance Sheet and similarly the claim from Insurance Company has also been received in two parts. The accounting treatment has been/will be given matching with the replacement of assets in both the periods.

3. Provision of Rs.10,625,000/-(P.Y. Rs. 7,200,000) for taxation has been made for the current year.

4. Employees Benefits

a) Defined Benefit Plan:

No Liability in respect of present or future liability of Gratuity has been ascertained and provided in the accounts (P.Y. -- not ascertained and provided for). This is in contravention with the accounting Standard 15 issued by the Institute of Chartered Accountants of India in respect of accounting for retirement benefits.

b) Defined Contribution Plan:

The Company has recognised the following amount in Profit and Loss Account which is included under contribution to funds.

5. The Company has only one Primary & Secondary Segment. The Company is in the business of Manufacturing of Flexible Polyurethane Foam and Operates in India.

6. Micro, Small, Medium Enterprises Development Act, 2006

There are no Micro, Small and Medium Enterprises to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

7. Related Party Disclosure: A) Name of related parties and nature of relationship:

i) Key Management Personnel

Mr.Roshan P.Sanghvi - Managing Director

Mr.Babulal N.Shah - Joint Managing Director

Mr.Deepak T.Mehta - Executive Director

Mr.Satish A.Mehta - Executive Director

ii) Relatives of Key Management Personnel

a) Relatives of Mr.Roshan P.Sanghvi

Mrs.Meena R. Sanghvi - Wife

Mr.Poonamchand K. Sanghvi - Father

Mrs. Kantaben P. Sanghvi - Mother

Mr.Manish P.Sanghvi - Brother

Roshan P. Sanghvi (HUF) - HUF of Director

b) Relatives of Mr. Babulal N.Shah

Mrs. Manjulaben B.Shah - Wife

Mr.Mukesh B.Shah - Son

Mr.Vijay B.Shah - Son

Mr. Prakash B.Shah - Son

Babubhai N. Shah (HUF) - HUF of Director

c) Relatives of Mr.Deepak T. Mehta

Mrs. Urmila D.Mehta - Wife

Mr. Anurag D Mehta - Son

Mr. Takhatmal N.Mehta - Father

Mrs. Kamlaben T. Mehta - Mother

Mr. Lokesh T. Mehta - Brother

Deepak T. Mehta (HUF) - HUF of Director

d) Relatives of Mr. Satish A. Mehta

Mrs. Rita S.Mehta - Wife

Mr. Amritlal C.Mehta - Father

Mrs.Vimlaben A.Mehta - Mother

Mr. Naman S.Mehta - Son

Satish A. Mehta (HUF) - HUF of Director

Ms. Charmy S. Mehta - Daughter

8. The company had opted for deferral of payment of Sales Tax as per the option given by the Sales Tax Department of the Government of Gujarat. The deferred Sales Tax is being paid in six yearly instalments from the Financial Year 2005-2006. During the year the Company has repaid Rs.8,246,856/-

9. In the opinion of the Board of Directors, Current assets, loans and advances have a value on realisation in the ordinary course of business equal to the amount at which they are stated in the Balance Sheet.

10. Expenditure incurred on employees in receipt of remuneration of not less than Rs.2,400,000/- per annum or Rs.200,000/- per month if employed for a part of the year.

11. Directors Remuneration 672,000/- 432,000/-

12. Earnings per Equity Share:

Basic and Diluted Earnings per equity share are recorded in accordance with Accounting Standard 20 `Earnings per Share. Earning per share is calculated by dividing the profit attributable to the Equity Shareholders (after adjustment for deferred taxes) by the weighted average number of Equity Shares outstanding during the period. The numbers used in calculating basic and diluted earnings per Equity Share are as stated below

13. Previous years figures have been rearranged and reclassified wherever necessary.

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