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Notes to Accounts of Vamshi Rubber Ltd.

Mar 31, 2015

Corporate Information:

The Company was incorporated on 24th November, 1993 in the state of United Andhra Pradesh. The Company is engaged in the business of manufacturing of Tyre Retreading Materials.

NOTE NO. 1

Excise Duty Refund Receivable Balance:

The Company has paid Rs.17.48 lakhs towards the Excise Duty on Finished Products viz., Precured Tread Rubber, Cushion Gum, Vulcanizing solution during the period 1995-96, 1996-97 against the show cause notice issued by the Central Excise Department dispute in tariff classification and computation of aggregate value of clearances. The company has filed petition before the Honb'le High court of Andhra Pradesh and Telangana and pending for final decision. The amount is treated as Excise duty refund receivable account and shown under the head "Other Non Current Assets". The management is confident that the same will be recovered.

NOTE NO. 2

Cash Credit facility taken from State Bank of India, Hyderabad is secured by hypothecation of Stock of Raw Materials, Work-in-Progress, Finished Goods, Stores & Spares, Book Debts, Movable (not being pledge) and Immovable Properties etc., also guaranteed by four Directors of the Company in their personal capacity

NOTE NO. 3

In compliance with the Accounting Standard "AS-22 Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the company has recognized Rs. 21,53,924/- towards deferred tax asset the year 2014-15. The major component of deferred tax asset / liability is on account of timing difference in depreciation.

NOTE NO. 4

The company has published Quarterly financial results in accordance with the requirements of listing agreement with stock exchange. The recognition and measurement principle as laid down in the Accounting Standard – 25 "Interim Financial Reporting" have been followed in the presentation of these results.

NOTE NO. 5

Useful life of various assets was revised in accordance with schedule II of the companies Act 2013. The Change in useful life resulted in the completion of useful life of certain fixed assets before 31.03.2014. The carrying amount of the assets after retaining the salvage value was transferred to the retained earnings in the current year. The amount of which is Rs.75,43,175/-

NOTE NO. 6

Previous year figures have been regrouped wherever if thought necessary in conformity with the current year groupings. Paisa has been rounded off to the nearest rupee.

Notes to the financial statements and statement on accounting policies form an integral part of the balance sheet and profit and loss statement.


Mar 31, 2014

NOTE NO. 1

Contingent Liabilities not provided for:

2013-14 2012-13 Rs. (in lakhs) Rs. (in lakhs)

In respect of Bank Guarantees 86.37 20.50

In respect of Disputed Sale Tax Liability 2.86 2.86

In respect of Entry Tax – Bhopal 3.25 3.25

In respect of Corporate Guarantee to M/s. Fortune Tire Tech Limited 982.91 793.80

NOTE NO. 2

Excise Duty Refund Receivable Balance

The company has paid Rs.17.48 lakhs towards the Excise Duty on Finished Products viz., Precured Tread Rubber, Cushion Gum, Vulcanizing solution during the period 1995-96, 1996-97 against the show cause notice issued by the Central Excise Department dispute in tariff classification and computation of aggregate value of clearances. The company has filed petition before the Honb''le High court of Andhra Pradesh and pending the final decision. The amount is treated as Excise duty refund receivable account and shown under the head "Other Non Current Assets". The management is confident that the same will be recovered.

NOTE NO. 3

Cash Credit facility taken from State Bank of India, Hyderabad is secured by hypothecation of Stock of Raw Materials, Work-in-Progress, Finished Goods, Stores & Spares, Book Debts, Movable (not being pledge) and Immovable Properties etc., also guaranteed by four Directors of the Company in their personal capacity

NOTE NO. 4

In compliance with the Accounting Standard "AS-22 Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the company has recognized Rs. 10,41,989/- towards deferred tax Asset for the year 2013-14. The major component of deferred tax asset / liability is on account of timing difference in depreciation.

NOTE NO. 5

The company has published Quarterly financial results in accordance with the requirements of listing agreement with stock exchange. The recognition and measurement principle as laid down in the Accounting Standard – 25 "Interim Financial Reporting" have been followed in the presentation of these results.

NOTE NO. 6

Borrowing costs as per the Accounting Standard AS-16 are attributable to the acquisition or construction of qualifying assets are capitalized Rs. NIL as part of the cost of such assets. All other borrowing costs are charged to the profit and loss account Rs. NIL as incurred.

NOTE NO. 7

Previous year figures have been regrouped wherever if thought necessary in conformity with the current year groupings. Paise have been rounded off to the nearest rupee.

Notes to the financial statements. Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss statement.


Mar 31, 2013

NOTE NO. 1

Excise Duty Refund Receivable Balance

The company has paid Rs.17.48 lakhs towards the Excise Duty on Finished Products viz., Precured Tread Rubber, Cushion Gum, Vulcanizing solution during the period 1995-96, 1996-97 against the show cause notice issued by the Central Excise Department dispute in tariff classification and computation of aggregate value of clearances. The company has filed petition before the Honb''le High court of Andhra Pradesh and pending the final decision. The amount is treated as Excise duty refund receivable account and shown under the head "Other Non Current Assets". The management is confident that the same will be recovered.

NOTE NO. 2

Cash Credit facility taken from State Bank of India, Hyderabad is secured by hypothecation of Stock of Raw Materials, Work-in-Progress, Finished Goods, Stores & Spares, Book Debts etc., also guaranteed by four Directors of the Company in their personal capacity

NOTE NO. 3

In compliance with the Accounting Standard "AS-22 Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the company has recognized Rs. 9,24,981/- towards deferred tax Asset for the year 2012-13. The major component of deferred tax asset / liability is on account of timing difference in depreciation.

NOTE NO. 4

The company has published Quarterly financial results in accordance with the requirements of listing agreement with stock exchange. The recognition and measurement principle as laid down in the Accounting Standard - 25 "Interim Financial Reporting" have been followed in the presentation of these results.

NOTE NO. 5

Borrowing costs as per the Accounting Standard AS-16 are attributable to the acquisition or construction of qualifying assets are capitalized Rs. 1,45,647/- as part of the cost of such assets. All other borrowing costs are charged to the profit and loss account Rs.2,63,068/- as incurred.

NOTE NO. 6

Previous year figures have been regrouped wherever if thought necessary in conformity with the current year groupings. Paise have been rounded off to the nearest rupee.

Notes to the financial statements. Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss statement.


Mar 31, 2012

NOTE NO.1 Current Year Previous Year Rs. in Lakhs Rs. in Lakhs

a) Contingent Liabilities not provided for:

a. Bank Guarantees 1.50 1.50

b. Disputed Sales Liability 20.96 20.96

NOTE NO. 2

a) Excise Duty Refund Receivable

The company has paid Rs. 17.48 lakhs towards the Excise Duty on Finished Products viz., Precured Tread Rubber, Cushion Gum, Vulcanising solution during the period 1995-96,1996-97 against the show cause notice issued by the Central Excise Department dispute in tariff classification and computation of aggregate value of clearances. The company has filed petition before the Honb'le High court of Andhra Pradesh and pending for final decision. The amount is treated as Excise duty refund receivable account and shown under the head "other non current assets". The management is confident that the same will be recovered.

NOTE NO. 3

a) SECURED LOANS:

i. LONG TERM LOAN

From State Bank of India, Commercial Branch, Bank Street, Koti, Hyderabad is secured by First Charge by deposit of title deeds of the immovable properties and by creation of equitable mortgage on additional properties and guaranteed by four directors of the company in their personal capacity. ii. SHORT TERM LOANS

From State Bank of India, Hyderabad is secured by hypothecation of Stock of Raw Materials, Work-in- Progress, Finished Goods, Stores & Spares, Book Debts etc., also guaranteed by four Directors of the Company in their personal capacity.

NOTE NO. 4

Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been determined based on the information available with the Company and the required disclosures are given below:

NOTE N0.5

compliance with the Accounting Standard "AS-22 Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the company has recognized Rs. 8,19,735/- towards deferred tax liability the year 2011 - 12. The major component of deferred tax asset / liability is on account of timing difference in depreciation.

NOTE N0.6

The company has published Quarterly financial results in accordance with the requirements of listing agreement with stock exchange. The recognition and measurement principle as laid down in the Accounting Standard - 25 "Interim Financial Reporting" have been followed in the presentation of these results,.

NOTE N0.7

Borrowing costs as per the Accounting Standard AS-16 are attributable to the acquisition or construction of qualifying assets are capitalized Rs. 1,79,833/- as part of the cost of such assets. All other borrowing costs are charged to the profit and loss account Rs.11,89,125/- as incurred.

NOTE N0.8

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been regrouped wherever if thought necessary in conformity with the current year groupings. Paise have been rounded off to the nearest rupee.

Notes to the financial statements, Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss statement.


Mar 31, 2010

Current Year Previous Year

Rs. Rs.

a) Contingent Liabilities not provided for:

Bank Guarantees issued 1,50,000 1,50,000

b) SECURED LOANS:

i. LONG TERM LOAN

From State Bank of India, Commercial Branch, Bank Street, Koti, Hyderabad is secured by First Charge by deposit of title deeds of the immovable properties by creation of equitable mortgage on additional properties and guaranteed by four directors of the company in their personal capacity.

ii. SHORT TERM LOANS

From State Bank of India, Hyderabad is secured by hypothecation of Stock of Raw Materials, Work-in-Progress, Finished Goods, Stores & Spares, Book Debts etc., also guaranteed by four Directors of the Company in their personal capacity.

d) Number of Employees who were in receipt of Rs.24,00,000 or more per annum or Rs.2,00,000 or more per month if employed for a part of the year.

i) @ Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been determined based on the information available with the Company and the required disclosures are given below:

j) In compliance with the Accounting Standard "AS-22 Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the company has recognized Rs.10,17,488/- towards deferred tax liability for the year 2009-10. The major components of deferred tax asset / liability is on account of timing difference in depreciation.

k) Quarterly financial results are published in accordance with the requirements of listing agreement with stock exchange. The recognition and measurement principle as laid down in the Accounting Standard - 25 "Interim Financial Reporting" have been followed in the presentation of these results.

e) Borrowing costs as per the Accounting Standard AS-16 are attributable to the acquisition or construction of qualifying assets are capitalized Rs. 3, 37,151/- as part of the cost of such assets. All other borrowing costs are charged to the profit and loss account Rs.24,99,451/- as incurred.

f) Paise have been rounded off to the nearest rupee.

g) Previous year figures have been regrouped wherever necessary.

Notes, Schedules, Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss account.

 
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