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Notes to Accounts of Trident Tools Ltd.

Mar 31, 2015

NOTE 1

Disclosure pursuant to Note no. 6(U) of Part I of Schedule III to the Companies Act, 2013 Related Party Disclosure

(a) List of Related Parties

i) Key Management Personnel

Ravi N.Gupta (Managing Director)

Narendra R. Gupta (Whole Time Director)

1. Previous figure have been regrouped and re-arranged wherever considered necessary.

2. Information with regards to other matters specified in schedule III to the Companies Act , 2013 is either NIL or not applicable to the Company for the year.


Mar 31, 2014

1. (a) Working Capital Loan - CC (H)

* Security :- Hypothecation of entire stock of raw materials, stock in progress and finished goods, consumable stores & spare & packing material etc., and Book debts arising out of genuine sale transaction.

* Rate of Interest :- BR 2.75% presently 13.00% P.A.

* Margin :- 25%

* Ceiling on Limits :-Total outstanding under CC (H) PC FOBP/FOUBP should not exceed Rs. 1500lacs.

(b) Packing Credit :

* Security :-First charge on entire current assets, present & future, including entire stocks, book debts, loans & advance etc. DP, however, to be allowed against stocks only as per CC (H) facility

* Amount Limit :- Upto Rs. 5.50 lacs (sub limit to CC (H) 1150 lacs Limit)

* Margin :- 10% for packing credit

* Terms of Repayment :- Each packing credit shall be adjusted by the borrower within the specified period (maximum 180 days) duly assessed on the basis of the total operating cycle from procurement of raw material to actual shipment of finished goods of validity period of Export order/LC, whichever is earlier

Note 2

EMPLOYEE BENEFITS - Disclosures pursuant to Accounting Standard - 15 (Revised)

Defined Contribution plans:

Contribution to the regional Provident Fund Commissioner to secure retrial benefits in respect of Employees'' Provident Fund and Employees'' Family Pension Fund, based on the Statutory Provisions as per the Employees'' provident Fund Scheme, Rs. 8,03,129/- (Previous Year Rs. 8,29,798/-) is recognised as an expense and shown under the head "Salary, Wages and Employees'' Benefits" (Schedule-23) in the Profit and Loss Account.

Note:- Figures in the bracket indicate previous year figures.

3. Details of Business Takeover

In terms of Business Takeover by way of Asset Purchase Agreement, M/s Narendra & Sons Strips LLP (referred to as Seller), the business of the said Seller has been purchased by M/s Trident Tools Limited (Purchaser) upon which the undertaking and the entire business, including all assets and liabilities of the Seller as mentioned in the Agreement for the Purchase of Business dated 18/11/2013stand transferred to and vested in the Purchaser books at their Book Value as determined by the Board of Directors of the Purchaser Company. Narendra & Sons Strips LLP were engaged in the new business Project of Edge Wire & Backing Material, which is a Raw Material for the Purchaser and it will become an import Substitution for the Purchaser

4. Previous figure have been regrouped and re-arranged wherever considered necessary.

5. Other additional information of part II of Schedule VI of the Companies Act,1956 are either Nil or Not Applicable


Mar 31, 2013

Note 1

EMPLOYEE BENEFITS - Disclosures pursuant to Accounting Standard - 15 (Revised)

Defined Contribution plans:

Contribution to the regional Provident Fund Commissioner to secure retrial benefits in respect of Employees'' Provident Fund and Employees'' Family Pension Fund, based on the Statutory Provisions as per the Employees'' provident Fund Scheme, Rs.666146/- (Previous Year Rs.400291/-) is recognized as an expense and shown under the head "Salary, Wages and Employees'' Benefits" (Schedule-23) in the Profit and Loss Account.

* No Interest cost and actuarial (gain)/loss since this is the first year of valuation

2. Details of Amalgamations

In terms of the Scheme of Arrangement (Amalgamation in the nature of Merger, under the Pooling of Interest Method), Quick cut Engineering Company private Limited (referred to as ''Transferor Companies''), has been merged with Trident Tools Limited (Transferee Company), upon which the undertaking and the entire business, including all assets and liabilities of the Transferor Companies stand transferred to and vested in the Transferee Company at their Book value as determined by the Board of Directors of the Transferee Company. Quick cut Engineering Company Private Limited was engaged in the business of all types of tools, instrument, spares etc. i.e. in the same line of business with the transferee Company.

The Scheme of Arrangement filed by the Company has been approved by the Honourable High Courts of Judicature at Bombay, with an appointed date of 1st April, 2012 and an effective date of 05th July, 2013 (''the Effective Date''), being the date on which all the requirements under the Companies Act, 1956 have been completed.

Pursuant to the Scheme, the Company will allot 49,50,000 equity shares of Rs. 10/- each (42.30 % of shares in the Transferee Company) to the shareholders in the Transferor Companies in the proportion of 99 Equity shares of Rs.10/- each of the transferee Company, for 1 Equity share of Rs. 10/- each held by the shareholder of the Transferor Company.

Details of assets and liabilities acquired on amalgamation and treatment of the difference between the consideration and the value of the net identifiable assets acquired, and the treatment thereof:

3. Previous figure have been regrouped and re-arranged wherever considered necessary.

4. Other additional information of part II of Schedule VI of the Companies Act, 1956 are either Nil or N.A


Mar 31, 2012

(a) Term loans:-

P.N.B.TERM LOAN A/C NO.175600IB20032773 - (Rs.50 Lacs)

- Security :- Various machineries to be purchased out of the term loan

- Rate of Interest :- 15.25%

- Margin :- 25%

- Terms of Repayment :- 78 equal monthly instalment starting from 26/04/2008 and last instalment is due on 26/09/2014

P.N.B.TERM LOAN A/C NO.175600IB20032834 - (Rs.350 lacs)

-Security :- Various machineries to be purchased out of the term loan, as per the Quotation approved by SSIO.

-Rate of Interest :- BPLR TP 1% i.e. 11 0.50 1 = 12.50% p.a.

-Margin :- 25%

-Terms of Repayment :-Moratorium - 6 months from the date of first release and thereafter 84 equal monthly instalment starting from 01.10.2010 and last instalment is due on 30.09.2017, total door to door tenor of 90 months.

P.N.B.TERM LOAN A/C NO.175600IB20032904 - (Rs.1150 lacs)

- Security :- Various machineries to be purchased out of the term loan.

- Rate of Interest :- BR TP 0.50 4.50% = 15.75% p.a.

- Margin :- 25%

- Terms of Repayment :-Moratorium - 12 months from the date of first release and thereafter 72 monthly instalment*** starting from October 2012 and last instalment is due on 30.09.2018, total door to door tenor of 84 months

(b) Motor Car loan taken from PNB against hypothecation of Motor Car:- P.N.B.MOTOR CAR A/C NO.175600IB20332922 (Tata LPT) - (Rs. 7 Lacs)

- Security :- Hypothecation of Motor Car ( TATA LPT)

- Rate of Interest :- 15.25% p.a.

- Margin :- 25%

- Terms of Repayment :- 84 equal monthly instalment of Rs.8330/- starting from 23/12/2011 and last instalment is due on 23/12/2018

P.N.B.MOTOR CAR LOAN A/C NO.175600NG00002969 (Swift) - (Rs.4.64 Lacs)

- Security :- Hypothecation of Motor Car ( SWIFT)

- Rate of Interest :- 12% p.a.

- Margin :- 25%

- Terms of Repayment :- 84 equal monthly instalment of Rs.8000/- starting from 31/08/2007 and last instalment is due on 31/08/2014

P.N.B.MOTOR CAR LOAN A/C NO.175600NG00003126 (Innova) - (Rs.10.36 Lacs)

- Security :- Hypothecation of Motor Car ( INNOVA)

- Rate of Interest :- 12% p.a.

- Margin :- 25%

- Terms of Repayment :- 84 equal monthly instalment of Rs.18567/- starting from 25/07/2011 and last instalment is due on 25/07/2018

P.N.B.MOTOR CAR LOAN A/C NO.175600NG00003311 (Vento)

- Security :- Hypothecation of Motor Car ( VENTO)

- Rate of Interest :- 12% p.a.

- Margin :- 25%

- Terms of Repayment :- 84 equal monthly instalment of Rs.19500/- starting from 25/04/2012 and last instalment is due on 25/04/2019

(a) Working Capital Loan - CC (H)

- Security :- Hypothecation of entire stock of raw materials, stock in progress and finished goods, consumable stores & spare & packing material etc., and Book debts arising out of genuine sale transaction.

- Rate of Interest :- BR 4.50% presently 15.25% P.A.

- Margin :- 25%

- Ceiling on Limits :- Total outstanding under CC (H) PC FOBP/FOUBP should not exceed Rs.1050 lacs.

(b) Packing Credit :

- Security :-First charge on entire current assets, present & future, including entire stocks, book debts, loans & advance etc. DP, however, to be allowed against stocks only as per CC (H) facility

- Amount Limit :- Up to Rs.500 lacs (sub limit to CC (H) 1050 lacs Limit)

- Margin :- 25% for packing credit

- Terms of Repayment :- Each packing credit shall be adjusted by the borrower within the specified period (maximum 180 days) duly assessed on the basis of the total operating cycle from procurement of raw material to actual shipment of finished goods of validity period of Export order/LC, whichever is earlier

Note 1

EMPLOYEE BENEFITS - Disclosures pursuant to Accounting Standard - 15 (Revised) Defined Contribution plans:

Contribution to the regional Provident Fund Commissioner to secure retrial benefits in respect of Employees' Provident Fund and Employees' Family Pension Fund, based on the Statutory Provisions as per the Employees' provident Fund Scheme, Rs.666146/- (Previous Year Rs.400291/-) is recognised as an expense and shown under the head "Salary, Wages and Employees' Benefits" (Schedule-23) in the Profit and Loss Account.

2. Previous figure have been regrouped and re-arranged wherever considered necessary.

3. Other additional information of part II of Schedule VI of the Companies Act,1956 are either Nil or Not Applicable

 
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