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Notes to Accounts of Toyama Electric Ltd.

Mar 31, 2014

Company overview

Toyama Electric Limited (''the company'') was incorporated as a private limited company on Julyl5th,1985 and domiciled in India and incorporated under the provisions of the Companies Act, 1956. Company was converted into Public company on 1st December, 1993 and listed in Bombay Stock exchange. The Company is engaged in the manufacturing and selling of electrical switches, transformers and components there of.

1) The reconciliation of the number of equity shares and share capital:

2 ) Rights, preferences, and restriction attached to shares.

The company has only one class of equity shares having par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of the liquidation of the Company, the holder of equity shares will be entitled to receive the remaining asset of the Company, after distribution of all preferential amount, the distribution will be proportionate to the number of equity shares held by the shareholders.

3) Capital Commitments Estimated amount contracts remaining to be executed on capital account and not provided for (Net of advances)- NIL (previous year-Rs. 170,000/-)

4) Segment Reporting

The Company operates in only one primary segment of business. Secondary segmental reporting is based on the geographical location of customers. During the year company had entire business within India hence separate segmental reporting is not applicable.

5) Balances in parties accoounts are subject to confirmation and reconciliation.

6) Based on the information available with the Company, there are no overdue amount payable to Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Further, the Company has not paid any interest to any Micro, Small and Medium Enterprises during the year. This has been relied upon by the auditors.

7) Impairment of Assets - Accounting Standard- 28

The Company has carrier! out a verification of Assets and found no material Impairment of Assets as on 31- 03-2014. therefore no provision is made in respect of Impairment of Assets during the year.

8) Leasing arrangements Operating Leases

i)The Company has taken various office premises under operating lease. These are generally not non- cancelable and range between 11 months and 3years and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits under certain agreements.

ii)Building is taken on operating lease with options of renewal against increased rent and premature termination of agreement.

iii)Lease payments are recognized in the statement of profit & loss under "Lease Rentals" in note no 24

iv)Future minimum lease payments under non- cancellable operating lease are Nil,

v)There are no contingent rents.

8) Remittance in Foreign Currency on account of dividends:

9) Investments in Mutal Funds and Other Equity Shares arc stated at cost. No provision for diminution in value is made since these investments are intended to be held for a longer period.

10) No depreciation has been provided on other office buildings as the same has not been used during the year.

11) There were no contingent liablities, Necessary provisions have been made in the books of accounts for the year 2013-14 in respect of all known liabilities. There were no contingents assets arise from the unplanned or other unexpected events that give rise to possibility of an inflow of economic benefits.

12) Previous year''s figures have been regrouped / reclassified wherever necessary to conform to current year''s classification.


Mar 31, 2013

1. Company overview

Toyama Electric Limited (''the company'') was incorporated as a private limited company on Julyl5th, 1985 and domiciled in India and incorporated under the provisions of the Companies Act, 1956. Company was converted into Public company on 1st December, 1993 and listed in Bombay Stock exchange. The Company is engaged in the manufacturing and selling of electrical switches, transformers and components there of.

2 Capital Commitments

Estimated amount of contracts remaining to be executed ori capital account and not provided for (Net of advances) - Rs.170,000/- (Previous Year-Rs NIL)

3 Segment Reporting

The Company operates in only one primary segment of business. Secondary segmental reporting is based on the geo- graphical location of customers. During the year company had entire business within India hence separate segmental reporting is not applicable.

4 Foreign currency exposures

Details of foreign currency exposure as at 31" March, 2013 s given below

5 Balances in parties accoounts are subject to confirmation and reconciliation.

6 Based on the information available with the Company, there are no overdue amount payable to Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Further, the Company has not paid any interest to any Micro, Small and Medium Enterprises during the year. This has been relied upon by the auditors.

7 Impairment of Assets - Accounting Standard- 28

The Company has carried out a verification of Assets and found no material Impairment of Assets as on 31-03-2013, therefore no provision is made in respect of Impairment of Assets during the year.

8 Leasing arrangements

Operating Leases

i The Company has taken various office premises under operating lease. These are generally not non-cancelable and range between 11 months and 3years and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits under certain agreements.

ii Building is taken on operating lease with options of renewal against increased rent and premature termination of agreement. iii Lease payments are recognized in the statement of profit & loss under "Lease Rentals" in note no 25

iv Future minimum lease payments under non- cancellable operating lease are Nil.

v There are no contingent rents.

9 Investments in Mutal Funds and Other Equity Shares are stated at cost. No provision for diminution in value is made since these investments are intended to be held for a longer period.

10 No depreciation has been provided on other office buildings as the same has not been used during the year.

11 There were no contingent liablities. Necessary provisions have been made in the books of accounts for the year 2012-13 in respect of all known liabilities. There were no contingents assets arise from the unplanned or other unexpected events that give rise to possibility of an inflow of economic benefits.

12 Previous year''s figures have been regrouped / reclassified wherever necessary to conform to current year''s classification,


Mar 31, 2011

1. Contingent Liabilities:

a)Estimated amount of contracts remaining to be executed on Capital account and not provided for Rs 35,94,216 (Nil) b) Contingent Liability not provided for: Bank Guarantee Rs Nil (15.61 lakhs).

2. Balances in Sundry debtors, Loans and advances, Current liabilities are subject to confirmation by the parties.

3. Related Party Disclosure: A. Key Management Personnel & their relative 1) Mr. S M M Azeez - Director Mr. Mustafa Kamal - Son 2) Mr. Mustafa Kamal - Chairman and Managing Director Mrs. Farah Kamal 26.51 63.12- Wife

B. Other Companies and Firms

1) Toyama Controls & Systems Private Limited - Associate Company

4. Consumption of Raw Materials & Components (Excluding Traded Items)

b) Since numerous small items constitute the consumption of raw materials and components, each less than 10% of the total value of consumption, the quantitative details are not furnished.

5. Value of imports of Raw material on CIF basis Rs. 22,67,981 (Rs.16,00,490) Value of imports of Capital Goods on CIF basis Rs. 10,26,700 (Nil)

6. Number of Non-Resident shareholders 240 (253)

7. Earnings in Foreign Currency on accrual basis FOB value of Exports Rs 3,44,641 (49,606).

8. Expenditure in foreign currency towards foreign travel Rs Nil (Nil). Foreign exchange outgo on account of dividend - Rs 21,150/- (Rs. Nil)

9. There are no delays in payment to Micro and Small Enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in schedule I 'Sundry Creditors' regarding Micro and small Enterprises as been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

10. Employee Benefits

As per Accounting Standard 15"Employee Benefit '', the disclosers of Employee benefit as defined in Accounting Standard are given below:

11. Leasing Arrangements:

Operating Leases

i) The Company has taken various office premises under operating lease. These are generally not non-cancelable and range between 11 months and 3years and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits under certain agreements.

ii) Lease payments are recognised in the Profit and Loss account under " Rent" in schedule Q

iii) Future Minimum Lease Payments Expected to be paid under Non- Cancelable lease Rs Nil.

There are no contingent rents

12. Figures in brackets relate to previous year.

13. Previous year's figures have been regrouped & readjusted wherever necessary to confirm to current year's classification


Mar 31, 2010

1. Contingent Liabilities:

a) Estimated amount of contracts remaining to be executed on Capital account and not provided for Nil (Nil)

b) Contingent Liability not provided for: Bank Guarantee Rs 15.61 lakhs (15.53 lakhs).

2. Balances in Sundry debtors, Loans and advances, Current liabilities are subject to confirmation by the parlies.

3. Related Party Disclosure:

A Key Management Personnel & their relative

1) Mr. S M M Azecz Director Mr. Mustafa Kamal Son

2) Mr. Mustafa Kamal Chairman and Managing Director Mis. Farah Kamal Wife

B Other Companies and Firms

1) Toyama Controls & Systems Private Limited Associate Company

2) Tescon Elevators (P) Ltd. Associate Company

4. Expenditure in foreign currency towards foreign travel Rs Nil (Nil). Foreign exchange outgo on account of dividend RsNil (Rs. 19125)

5. There arc no delays in payment to Micro and Small Enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in schedule I Sundry Creditors regarding Micro and small Enterprises as been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

6. Leasing Arrangements:

Operating Leases

i) The Company has taken various office premises under operating lease. These arc generally not non-cancelable and range between I I months and 3years and arc renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits under certain agreements.

ii) Lease payments are recognised in the Profit and Loss account under " Rent" in schedule Q

iii) Future Minimum Lease Payments Expected to be paid under Non- Cancelable lease Rs Nil.

There are no contingent rents

7. Figures in brackets relate to previous year.

8. Previous years figures have been regrouped & readjusted wherever necessary to confirm to current years classification

 
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