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Torrent Cables Ltd. Notes to Accounts, Torrent Cables Ltd. Company
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Notes to Accounts of Torrent Cables Ltd.

Mar 31, 2014

1 CORPORATE INFORMATION

Torrent Cables Limited is primarily engaged in the business of Manufacturing and Selling of Power Cables. The Company has its manufacturing plant at Yoginagar, Mission Road, Nadiad, Dist. Kheda, Gujarat and sells goods primarily in India.

NOTE - 1

CONTINGENT LIABILITIES & COMMITMENTS (Rs. in lacs)

PARTICULARS As at As at 31 March 2014 31 March 2013

a) Contingent Liabilities:

Guarantees & Undertakings 2,561.43 3,907.17

Outstanding Letters of Credit 394.76 376.72

Claims against the company not acknowledged as debts 63.36 55.11

Disputed Sales Tax matters 428.75 428.75

Disputed CST demand 78.66 50.25

Disputed Income-tax matters 407.65 122.19

Disputed Wealth tax matters 12.14 -

b) Commitments:

Estimated amounts of contracts remaining to be executed on capital account and not provided for - 97.71

B. DISCLOSURE REGARDING DERIVATIVE INSTRUMENTS

a) The Company uses forward commodity contracts to hedge its market risks primarily arising from frequent fluctuation in commodity prices.

c) Mark-to-Market loss in respect of the above contracts as at 31 March 2014 is Nil (As at 31March 2013 Rs. 1.50 lacs)

NOTE - 2 SEGMENT INFORMATION

The Company is primarily engaged in die business of production of cables. All die activities of die Company revolve around die main business. Furdier, since all die sales of die Company are in die domestic market, die Company does not have any separate geographical segment. As such diere are no separate reportable segments as per AS-17 "Segment Reporting" issued by die Institute of Chartered Accountants of India.

NOTE - 3

RELATED PARTY TRANSACTIONS

A) Names of the related parties and nature of relationships :

a) Parent Company

Torrent Private Limited

b) Enterprises Controlled by Parent Company

Torrent Power Limited

Torrent Pharmaceuticals Limited

Gujarat Lease Financing Limited

Torrent Financiers

Torrent Energy limited

Torrent Power Services Private Limited

AEC Cements & Constructions Limited

c) Key Management Personnel

Mr. Raghuvir Karan Parakh, Director-in-Charge

NOTE - 4

OPERATING LEASE RENT

The Company has taken premises on cancellable operating leases and lease rent amounting to Rs. Nil (previous year Rs. 3.40 lacs) has been debited to the Statement of Profit and Loss in respect of the same.

NOTE - 5

ASSETS GIVEN ON OPERATING LEASE

The Company has provided a building alongwifh furniture, fixtures and other equipments on lease to a party. Gross carrying amount of the building alongwifh furniture, fixtures and other equipment! provided on lease as on 31 March 2014 is Rs. 570.18 lacs (as on 31 March 2013 Rs. 570.18 lacs) and accumulated depreciation as on 31 March 2014 is Rs. 197.81 lacs (as on 31 March 2013 Rs. 174.08 lacs). Total depreciation expense recognized in the Statement of Profit and Loss is Rs. 23.72 lacs (previous year Rs. 25.85 lacs).

The future minimum lease payments receivable under the operating lease are as follows:

i) Not later than one year Rs. 57.75 lacs (previous year Rs. 57.75 lacs).

ii) Later than one year and not later than five years Rs. Nil (previous year Rs. Nil).

NOTE - 6

PREVIOUS YEAR''S FIGURES

Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to the current year''s classification.


Mar 31, 2013

1 CORPORATE INFORMATION

Torrent Cables Limited is primarily engaged in the business of Manufacturing and Selling of Power Cables. The Company has its manufacturing plant at Yoginagar, Mission Road, Nadiad, Dist. Kheda, Gujarat and sells goods primarily in India.

NOTE - 2

CONTIGENT LIABILITIES & COMMITMENTS

(Rs. in lacs) As at As at PARTICULARS 31st March 2013 31st March 2012

a) Contigent liabilities:

Guarantees & Undertakings 3,907.17 2,210.81

Outstanding Letters of Credit 376.72 617.28

Claims against the company not acknowledged as debt 55.11 39.73

Disputed Sales Tax matters for the years 2002-03 & 2003-04 428.75 428.75

Disputed CST demand 50.25

Disputed Income-tax matters 122.19

b) Commitments:

Estimated amounts of contracts remaing to be executed on capital account and not provided for 97.71 -

NOTE - 3

SEGMENT INFORMATION

As the Company''s activity falls within a single segment viz. cables and all sales being in the domestic market, the disclosure requirements of Accounting Standard 17, "Segment Reporting" are not applicable.

NOTE - 4

OPERATING LEASE RENT

The Company has taken premises on cancellable operating leases and lease rent amounting to Rs. 3.40 lacs (previous year Rs. 8.40 lacs) has been debited to the statement of profit & loss in respect of the same.

NOTE - 5

ASSETS GIVEN ON OPERATING LEASE

The Company has provided a building alongwith furniture, fixtures and other equipments on lease to a party. Gross carrying amount of the building alongwith furniture, fixtures and other equipments provided on lease as on 31-03-2013 is Rs. 570.18 lacs (as on 31-03-2012 Rs. 570.18 lacs) and accumulated depreciation as on 31-03-2013 is Rs. 174.08 lacs (as on 31-03-2012 Rs. 148.22 lacs). Total depreciation expense recognized in the statement of profit & loss is Rs. 25.85 lacs (previous year Rs. 28.30 lacs).

The future minimum lease payments receivable under the operating lease are as follows:

i) Not later than one year Rs. 57.75 lacs (previous year Rs. 57.75 lacs).

ii) Later than one year and not later than five years Rs. Nil (previous year Rs. Nil).

NOTE - 6

PREVIOUS YEAR FIGURES

Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to the current year''s classification.


Mar 31, 2011

1. Contingent liabilities not provided for: [Rs. in lacs]

As at As at 31-03-2011 31-03-2010

a) Guarantees & Undertakings 1341.02 1212.93

b) Outstanding Letters of Credit 850.80 861.39

c) Claims against the Company not Acknowledged as debts 31.17 24.03

d) Disputed Sales Tax matters for the year 2002-03 & 2003-04 428.75 428.75

2. Estimated amount of contracts (net of advances) remaining to be executed on capital account as on 31-03-2011 Rs. Nil (Previous Year Rs. 276.52 lacs).

3. Employee Defined Benefits:

The Company pays Gratuity at the rate of 15 days salary per year of service.

4. The Excise duty element has been considered as manufacturing expense for the purpose of finished goods valuation. The difference in the excise duty components of opening stock and closing stock has been accounted for in the profit and loss account (Refer Schedule -11).

5. QUANTITATIVE INFORMATION

A) Licensed and installed capacities and production:

(*) million (24 million core yards) on 3 shift basis

Notes: a) The installed capacities are as certified by the Management and is on three shifts working basis and is subject to product-mix planned by the Company.

b) The actual production has exceeded the installed capacity in certain cases. This has been possible by using the spare capacities of other lines.

c) The licenced capacity of 2000 Core Kms. for XLPE Cables (H.T.) also covers XLPE Cables (L.T.).

d) XLPE Cables (H.T.) installed capacity has been increased by expansion. For the year 2009-10 capacity was available only for one month and accordingly core kilometer installed capacity has been shown above.

6. The Company is engaged primarily in the business of Cables and related services. The production facility is located at one place and the business is fully concentrated in India. As the basic nature of these activities are governed by the same set of risks and returns, these have been grouped as a single business segment. Accordingly, segment reporting disclosure as envisaged in Accounting Standard (AS-17) "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable to the Company.

7. Related Party Disclosures as per Accounting Standard 18 - "Related Party Disclosures":

I) Related Party and their relationship

Names of the related parties

Controlling Company Torrent Pvt. Ltd.

Enterprises Controlled by the Torrent Power Ltd.

Controlling Company Torrent Pharmaceuticals Ltd.

Gujarat Lease Financing Ltd.

Torrent Financers

Torrent Energy Ltd.

Torrent Power Services Pvt. Ltd.

AEC Cements & Constructions Ltd.

Key Management Personnel Mr. Jagrut Vyas, Director-in-Charge

8. The break up of net deferred tax asset/liability as at Balance Sheet date, arising on account of timing differences in respect of:

In the current year, the Company has recognized deferred tax asset of Rs. 307.20 lacs on account of unabsorbed depreciation, restricted to the extent of net deferred tax liability on account of depreciation, as it is virtually certain that the reversal of timing differences on account of depreciation would result in sufficient taxable income against which the deferred tax assets can be realised.

9. The Company has taken premises on operating lease and lease rent amounting to Rs. 8.52 lacs (previous year Rs. 8.65 lacs) has been debited to the profit and loss account.

10. Assets given on operating lease:

The Company has provided a building alongwith furnitures, fixtures and other equipments on lease to a party. Gross carrying amount of the building alongwith the furniture, fixtures and other equipments provided on lease as on 31-03- 2011 is Rs. 596.96 lacs (as on 31-03-2010, Rs. 595.88 lacs) and accumulated depreciation as on 31-03-2011 is Rs. 134.45 lacs (as on 31-03-2010, Rs. 101.38 lacs).

Total depreciation expense recognized in the statement of Profit & Loss Account is Rs. 33.08 lacs (Previous year Rs. 36.45 lacs).

The future minimum lease payments receivable under the operating lease are as follows:

i) Not later than one year Rs. 52.50 lacs (Previous year Rs. 52.50 lacs).

ii) Later than one year and not later than five years Rs. Nil (Previous year Rs. Nil).

11. The Disclosures required under the Micro, Small & Medium Enterprises Development Act, 2006 are as under :

The above information and that given in Schedule - 10, "Current Liabilities and Provisions" regarding Micro Enterprise and Small Enterprise has been determined on the basis of information available with the Company. This has been relied upon by the Auditors. No interest has been accrued for delayed payments, if any.

12. Disclosure regarding Foreign Currency Exposure as at 31st March, 2011:

a) Interest payable on loan in the form of Suppliers Line of Credit arranged by Axis Bank Ltd. remains as an open exposure Rs. 11.28 lacs. (Previous Year covered through forward contract Rs. 23.93 lacs).

b) Axis Bank Ltd. has arranged a term loan in the form of Suppliers Line of Credit. As on 31-03-2011 the outstanding loan Rs. 891.80 lacs remains as an open exposure (Previous Year Rs. 860.28 lacs).

c) Amounts payable to the Suppliers of machinery in Foreign Currency amounting to Rs. 25.77 lacs (Previous Year Rs. 177.27 lacs) remains as an open exposure.

13. Previous years figures have been regrouped/rearranged wherever necessary.

14. The amounts in Balance Sheet and Profit & Loss A/c. are rounded off to the nearest thousand and indicated in lacs of rupees.

 
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