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Notes to Accounts of Triton Valves Ltd.

Mar 31, 2014

1. Company Overview

Triton Valves Limited (the Company) was incorporated on 10th September 1975 as a Limited Company with its Registered office at Bangalore. The Company is engaged in the business of Manufacturing of valves and cores for the automobile tubes and supplies to tyre and tube manufacturers. The Company had a technical collaboration with M/s Pingeot Bardin S.A. of France for the first five years.The manufacturing facility was set up in the Belavadi Industrial Estate at Mysore. The Company is a market leader for its products from the Year 1992.

2. Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):

Based on the information available with the company, there are no Micro, Small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

3. Confirmation letters of balances to Sundry Debtors & Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

4. The actuarial value of Gratuity liability As at 31st March 2014 is Rs. 27,568,754/- (31st March 2013, Rs. 21,215, 068) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India

Gratuity Report under AS-15 (Revised 2005) for year ended 31st Mar 2014

The following tables sets out the funded status of the gratuity plans and the amounts recognized in the Company''s financial statements as at 31st March, 2014

Excess of Actual over estimated return on plan assets NIL

(Actual rate of return - Estimated rate of return as ARD falls on 31st March)

5. Rs.17,85,06,563/- of Excise duty paid includes Rs.31,94,879/- (Rs.35,48,795) being provision made for duty payable on the unsold stock of finished goods.

6 Related Party Transactions:

Information given in accordance with the requirements of Accounting Standard 18 on related party disclosures issued by the Institute of Chartered Accountants of India

7 Derivative Instruments

a) During the year, the company has not entered into any formal hedging policy to hedge its exposure in foreign currency and interest rate (if any). Hence, the outstanding derivative instruments as on March 31, 2014 is NIL (March 31, 2013 - Nil)


Mar 31, 2013

1. Company Overview

Triton Valves Limited (''the Company) was incorporated on 10th September 1975 as a Limited Company with its Registered office at Bangalore. The Company is engaged in the business of Manufacturing of valves and cores for the automobile tubes and supplies to tyre and tube manufacturers. The Company had a technical collaboration with M/s Pingeot Bardin S.A. of France for the first five years. The manufacturing facility was set up in the Belavadi Industrial Estate at Mysore. The Company is a market leader for its products from the Year 1992.

(a) Terms/ rights attached to equity shares

I. The Company has only one class of equity shares having a par value of Rs. 10/- per share.

Each holder of equity share is entitled to one vote per share.

ii. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

i. Indian Rupee Term Loans from Banks (secured) consist of:

Term Loan from HDFC Bank carrying interest rate @ 12% p.a. and repayable in 66 equated monthly instalments beginning from September29, 2011.

Term Loan from Kotak Mahindra Bank carrying interest rate @ PLR minus 2.65 p.a. and repayable in 50 equated monthly instalments beginning from June, 2013.

ii. Foreign currency Term Loans from Banks (secured) consist of:

FCNRTerm Loan from HDFC Bank carrying interest rate @ 9.5% p.a.and repayable in 16 equated quarterly instalments beginning from September, 2011.

ECB Term Loan from Standard Chartered Bank carrying interest rate @ 9.75% p.a. and repayable in 48 equated monthly instalments beginning from November, 2011.

iii. Indian Rupee Term Loan and Foreign Currency Term Loans are secured:

(a) By way of First pari passu charge, on hypothecation of all the plant and machinery at the Company''s existing plant at Belavadi Industrial Area and Hebbal Industrial Estate, Mysore, Company''s Registered Office and Company Flat at Bangalore,

(b) By way of First pari passu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area and Hebbal IndustriaArea, Mysore, Company''s Registered Office and Company Flat at Bangalore,

(c) By way of Second Paripassu charge, on hypothecation of Company''s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, and

(d) Further secured by personal guarantee of the Managing Director.

Cash credit from banks carry interest rate @ 11.5% - 14% p.a. and are repayable on Demand

(I) Cash credit from banks are secured:

(a) By way of first Paripassu charge, on hypothecation of Company''s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future,

(b) By way of Second paripassu charge, on hypothecation of all the plant and machinery at the company''s existing plant at Belavadi Industrial Area, Hebbal Industrial Area, Mysore and Company''s registered Office and Company Flat at Bangalore,

(c) By way of Second paripassu charge, on Equitable mortgage of Land and Building at Belavadi IndustrialArea and Hebbal IndusatrialArea, Mysore, Company''s registered Office and Company Flat at Bangalore.

(d) Further secured by personal guarantee of the Managing Director.

2. CONTINGENT LIABILITIES

a) Letters of Credit outstanding 93,100,777 112,773,048

b) Estimated amount of contracts remaining to 907,688 30,741,138 be executed on capital accounts and not provided for

c) In respect of Income-tax Matters 2,327,115 -

d) Bank guarantee 100,000 -

3. Confirmation letters of balances to Sundry Debtors & Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

4. The actuarial value of Gratuity liability As at 31st March 2013 is Rs. 21,215,068/- (Rs.20,563,878) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India Gratuity Report under AS-15 (Revised 2005) for year ended 31st March 2013

The following tables sets out the funded status of the gratuity plans and the amounts recognized in the Company''s financial statements as at 31 March, 2013

5. The actuarial value of Leave Encashment liability As at 31st March 2013 is Rs. 2,952,582/- ( nil ) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India Group Leave Encashment Report under AS-15 (Revised 2005) for year ended 31st March 2013

The following tables sets out the funded status of the Leave encashment plans and the amounts recognized in the Company''s financial statements as at 31st March, 2013

6. Rs.18,09,84,669/- of Excise duty paid includes Rs.35,48,795/- (Rs.28,89,991) being provision made for duty payable on the unsold stock of finished goods.

7. Related Party Transactions:

Information given in accordance with the requirements of Accounting Standard 18 on related party disclosures issued by the Institute of Chartered Accountants of India

8. The previous year''s figures are regrouped and rearranged wherever necessary.


Mar 31, 2012

1. Company overview

Triton Valves Limited ('the Company) was incorporated on 10th September 1975 as a Limited Company with its Registered office at Bangalore. The Company is engaged in the business of Manufacturing of valves and cores for the automobile tubes and supplies to tyre and tube manufacturers. The Company had a technical collaboration with M/s Pingeot Bardin S.A. of France for the first five years. The manufacturing facility was set up in the Belavadi Industrial Estate at Mysore. The Company is a market leader for its products from the Year 1992.

(a) Terms/ Rights attached to Equity Shares

i. The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.

ii. In the event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the Shareholders.

i. Indian Rupee Term Loans from Banks (secured) consist of ;

"Term Loan from HDFC Bank carrying interest rate @ 12% p.a. and repayable in 66 equated monthly instalments beginning from September 29, 2011."

Term Loan from Kotak Mahindra Bank carrying interest rate @ PLR - 3.5% p.a. and repayable in 45 equated monthly instalments beginning from July 2, 2009.

Term Loan from Kotak Mahindra Bank carrying interest rate @ PLR - 3.5% p.a. and repayable in 39 equated monthly instalments beginning from January 2, 2010.

ii. Foreign currency Term Loans from Banks (Secured) consist of;

FCNRTerm Loan from HDFC Bank carrying interest rate @ 9.5% p.a.and repayable in 60 equated monthly instalments beginning from February 12, 2008.

ECB Term Loan from Standard Chartered Bank carrying interest rate @ 9.75% p.a. and repayable in 60 equated monthly instalments beginning from November 4, 2011.

iii. Indian Rupee Term Loan and Foreign Currency Term Loans are secured:

(a) by way of First pari passu charge, on hypothecation of all the plant and machinery at the Company's existing plant at Belavadi Industrial Area, Mysore and Registered Office, at Bangalore.

(b) by way of First pari passu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area, Mysore and Company's Registered Office, at Bangalore.

(c) by way of Second Paripassu charge, on hypothecation of Company's entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, and

(d) further secured by personal guarantee of the Executive Director.

In the current Financial year, the Company has opted for Life Insurance Corporation of India's group leave encashment scheme; accordingly contributed Rs.2,897,277 towards the liability as at 31 March 2012 as per the actuarial valuation provided by Life Insurance Corporation of India . Excess provision of Rs.295,200 has been reversed during the year. Hence no provision has been made for current year.

Cash credit from banks carry interest rate @ 11.5% - 14% p.a.

(i) Cash credit from banks are secured:

(a) by way of first Pari passu charge, on hypothecation of Company's entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future,

(b) by way of Second pari passu charge, on hypothecation of all the plant and machinery at the Company's existing plant at Belavadi Industrial Area, Mysore and the Registered Office at Bangalore,

(c) by way of Second pari passu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area, Mysore and the Registered Office at Bangalore and

(d) further secured by personal guarantee of the Executive Director.

(ii)The above Loans are received from Managing Director and Executive Director of the Company at the interest rate of 10.5% p.a.

* Customer deposits are repayable within 6-9 months from the reporting date upon completion of supply contracts.

(Amount in Rupees) As at As at 31 March, 2012 31 March, 2011

2. Contingent Liabilities :

a) Letters of Credit outstanding 112,773,048 29,866,705

b) Estimated amount of contracts remaining to be executed on capital accounts and not provided for 30,741,138 91,178,366

3. "Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):

Based on the information available with the company, there are no Micro, Small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006".

4. Confirmation letters of balances to Sundry Debtors &

Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

5. The actuarial value of Gratuity liability As at 31st March 2012 is Rs. 20,563,878/- (Rs.20,602,252) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India

6. Rs.14,92,74,665/- of Excise duty paid includes Rs. 28,89,991/- (Rs.38,79,848) being provision made for duty payable on the unsold stock of finished goods.

7. The previous year's figures are regrouped and rearranged wherever necessary.


Mar 31, 2010

31.03.2010 31.03.2009 RS. RS.

1. Contingent Liabilities

a. Letters of Credit outstanding 19,002,604 1,897,310

b. Bank Guarantee - 60,166

c. Demand raised by Income Tax Dept. for Asst. Year 2006-07 & 2007-08 not acknowledegd as debt. 3,171,800 1,303,103

No provision in the accounts is made since the Company has filed an appeal against the order with the Commissioner of Income Tax (Appeal - III). The Company has deposited Rs.1,327,557 being 50 % of the demand

2. Disclosure as per the provisions of Micro, Small and Medium Enterprises Development Act, 2006: Amount due to Small Scale Industries for more than 30 days, but within the agreed terms:

1) Western Extrusion Industries Rs. 5,960,102/-

3. Interest amounting to Rs. 497,008/- (Rs. 6,081,781) paid on Term Loans during the year has been proportionately capitalised on the additions to Fixed assets which have been acquired out of Loan funds

4. Stock of Raw Materials includes materials in transit worth Rs.Nil (3,261,949) and with subcontractors for processing worth Rs. 16,942,144 (Rs.22,265,085)

5. Confirmation letters of balances to Sundry Debtors & Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

6. Fixed Deposit of Rs.4,625,027 (Rs.4,305,998) with HDFC Bank Limited is against the Margin on Letters of credit.

7. Miscellaneous Expenses include Net Loss on sale of fixed assets Rs.54,077 (Rs.437,612).

8. Remuneration to Auditors: For Audit Rs.110,300 (Rs.100,000) for Tax Audit Rs. 16,545 (Rs. 15,000), Other services Nil (15,000) & Towards Expenses: Rs.17,626 (Rs.29,217).

9. Administration Expenses include Rent: Rs.346,466 (Rs.310,772), Rates & Taxes: Rs.627,832 (Rs.816,038) Postage a Telephone: Rs.974,541 (Rs.931,176) Printing a Stationery:Rs.1,257,117 (Rs. 1,209,424), Watch a Ward: Rs.1,524,351 (Rs.1,612,387), Travelling Expenses: Rs.2,912,359 (Rs.2,631,690), Foreign Travel: Rs.774,255 (Rs.187,733). Vehicle Maintenance: Rs.407,132 (Rs..484,184), Light a water: Rs.128,110 (Rs.134,484).

10. The actuarial value of Gratuity liability as on 31st March 2010 is Rs.17,044,999 (Rs.16,017,382) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India.

11. Rs.803,337,956 of Excise duty paid includes Rs.1,027,326 (Rs.834,196) being provision made for duty payable on the unsold stock of finished goods.

12 Related Party Transactions:

Information given in accordance with the requirments of Accounting Standard 18 on related Party disclosures issued by the Institute of Chartered Accountants of India.

(A) M/s Suvardhan Speciality Tooling Division, Mysore. Partnership Firm.

(B) Key management personnel: Mrs. Anuradha M. Gokarn, Mr. Aditya M. Gokarn.

13. Previous years figures have been regrouped to conform with that of Current years presentation.

 
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