Mar 31, 2019
1. The Company is engaged in one segment only i.e. Machine Tools for Automotive and other classified industries which are governed by the same set of risk and returns. The said treatment is in accordance with the guiding principle enunciated in the AS-17 on Segment Reporting.
2. Previous year figures have been regrouped / reclassified to conform to this year''s classification.
Mar 31, 2014
1 Change in the Share Capital NIL NIL
Change In Shareholders holding more than 5% NIL NIL
2 Equity shares allotted as fully paid up pursuant to
a contract without payment being received in cash for
the period of five years immediately proceeding the
date of Balance Sheet NIL NIL
3 Equity shares allotted as fully paid up by Way
of bonus shares by capitalization of General Reserve
for the period of five years immediately proceeding
the date of Balance Sheet NIL NIL
3.1 Cash Credit Advances from Bank of Baroda Payable on demand are
secured by way of hypothecation of whole of the Company''s present and
future stocks of raw materials, goods-in-process, finished goods,
consumable stores & spares & book debts and further secured by way of
mortgage by deposit of the title deeds in respect of Company''s
immovable property situated at C-37, Panki Industrial Area, PO Udyog
Nagar, Kanpur. Overdraft from State Bank of India is secured against
pledge of fixed deposit of the company.
4. In case of winding up petition filed by the Company before Hon''ble
High Court of Allahabad for recovery of Inter Corporate Deposit against
M/sTrackparts of India Ltd., the Company is following up the case for
balance dues of Rs. 55.50 lacs. Full provision in respect of above was
made in financial year 2003-04. Another case under Negotiable
Instruments Act is also pending in local court at Kanpur.
It is not practical to furnish detailed item wise information of raw
materials & components consumed in view of the large number of items
which differ in size & nature, each being less than ten percent in
value of the total value,
5 CONTINGENT LIABILITIES & COMMITMENTS
(i) Counter guarantees given by the Company in favour of Bank of Baroda
against guarantees given by them on behalf of Company Rs. NIL (Previous
year Rs. 1371300/-). The bank has held Rs. NIL (Previous year
Rs.592086/-) as margin money against these guarantees in the form of
Fixed Deposit.
(ii) Claims against the Company for demands raised by ESI Corporation
till 2001 not acknowledged as debts - Rs. 571813/- (Previous year Rs.
571813/-) out of which Rs. 460109/- (Previous year Rs. 460109/-) has
been deposited under protest.
Further the company has also disputed the calculation of demand raised
by the department. Since the ESI Corporation has not acknowledged the
basis of their demand, the difference has not been deposited.
(iii) Claim against the company for various labour cases filed, not
acknowledged as debt since the amount is not ascertainable.
6 EMPLOYEE BENEFITS - As per Accounting Standard-15 (Revised 2005)
(i) Gratuity Fund - Gratuity is administered through Group Gratuity
Scheme with LIC and annual premium thereon is paid and accounted for as
and when demanded based on actuarial valuation made by LIC as required
in Accounting Standard -15 (revised 2005).
(ii) Leave Encashment - Provision for leave encashment has been made by
the management.
(iii) Defined Contribution Plans - During the financial year ended
31.03.2014, the Company has recognized the following amounts in the
Profit & loss account for employee benefits.
7 The Company is engaged in one segment only i.e. Machine Tools for
Automotive and other classified industries which are governed by the
same set of risk and returns. The said treatment is in accordance with
the guiding principle enunciated in the AS-17 on Segment Reporting.
8 Previous year figures have been regrouped / reclassified to conform
to this year''s classification.
Mar 31, 2013
1. EMPLOYEE BENEFITS
As per Accounting Standard-15 (Revised 2005)
(i) Gratuity Fund - Gratuity is administered through Group Gratuity
Scheme with LIC and annual premium thereon is paid and accounted for as
and when demanded based on actuarial valuation made by LIC as required
in Accounting Standard - 15 (revised 2005).
2. RELATED PARTY DISCLOSURES
As required under AS-18 issued by Institute of Chartered Accountants of
India
(i) Key Management Personnel & their relatives
(a) Mr. P.K. Bhargava, Chairman & Managing Director
(b) Mrs. Ranjana Bhargava, Whole Time Director
(c) Ms. Rakshita Bhargava, Director
3. The Company is engaged in one segment only i.e. Machine Tools for
Automotive and other classified industries which are governed by the
same set of risk and returns. The said treatment is in accordance with
the guiding principle enunciated in the AS-17 on Segment Reporting.
4. Previous year figures have been regrouped / reclassified to
conform to this year''s classification.
Mar 31, 2012
1. CONTINGENT LIABILITIES
(i) Counter guarantees given by the Company in favour of its
Bank against guarantees given by them on behalf of Company
Rs. 23,23,108/- (Previous year Rs.31,02,648/-). The
bank has held Rs. 5,50,737/-(Previous year Rs.5,16,192/-)
as margin money against these guarantees in the form of
Fixed Deposit.
(ii) Claims against the Company for demands raised by ESI
Corporation till 2001 not acknowledged as debts -
Rs. 5,71,813/- (Previous year Rs.5,71,813/-) out of which
Rs. 4,60,109/- (Previous year Rs. 4,60,109/-) has
been deposited under protest. Further the company has
also disputed the calculation of demand raised by the
department. Since the ESI Corporation has not acknowledged
the basis of their demand, the difference has not been
deposited.
(iii) Claim against the company for various labour cases
filed, not acknowledged as debt since the amount is not
ascertainable.
2. EMPLOYEE BENEFITS
As per Accounting Standard-15(Revised 2005)
(A) Gratuity Fund - Gratuity is administered through Group Gratuity
Scheme with LIC and annual premium thereon is paid and accounted for as
and when demanded based on actuarial valuation made by LIC as required
in Accounting Standard-15 (revised 2005). As against total demand
raised by LIC, the Company had charged Rs. 33,84,444/- (including
current service cost Rs.5,69,013/-) to the revenue during the current
Financial year.
(B) Leave Encashment - Provision for leave encashment amounting to Rs.
17,98,171/- has been made by the management.
3. Related Party Disclosures
As required under AS-18 issued by Institute of Chartered Accountants of
India :-
(i) Key Management Personnel & Relatives
(a) Mr. P.K. Bhargava Chairman & Managing Director
(b) Mrs. Ranjana Bhargava Whole Time Director
(c) Ms. Rakshita Bhargava Director
(ii) Associate Companies
(a) EMA Megatherm Induction Equipments Pvt. Ltd.
4. The Company is engaged in one segment only i.e. Machine Tools for
Automotive and other classified industries which are governed by the
same set of risk and returns. The said treatment is in accordance with
the guiding principle enunciated in the AS-17 on Segment Reporting.
5. Till the year ended 31.03.2011, the Company was using pre-revised
Schedule VI of the Companies Act, 1956 for preparation & Presentation
of its financial statements. During the Current year ended 31.03.2012,
the revised Schedule VI as notified under the Companies Act, 1956 has
become applicable to the Company. Previous year figures have been
regrouped / reclassified to conform to this year's classification.
Mar 31, 2011
1. CONTINGENT LIABILITIES
(i) Counter guarantees given by the Company in favour of its Bankers
against guarantees given by them on behalf of Company Rs. 3102648/-
(Previous year Rs. 2342265/-). The bank has held Rs. 516192/-
(Previous year Rs.1104381/-) as margin money against these guarantees
in the form of Fixed Deposit.
(ii) Claims against the Company for demands raised by ESI Corporation
till 2001 not acknowledged as debts - Rs. 571813/- (Previous year Rs.
571813/-) out of which Rs. 460109/- (Previous year Rs. 460109/-) has
been deposited under protest. Further the company has also disputed the
calculation of demand raised by the department. Since the ESI
Corporation has not acknowledged the basis of their demand, the
difference has not been deposited.
(iii) Claim against the company for various labour cases filed, not
acknowledged as debt since the amount is not ascertainable.
2. SECURITY OF CASH CREDIT ADVANCES :
Cash Credit Advances from Bank of Baroda are secured by way of
hypothecation of whole of the Company's present and future stocks of
raw materials, goods-in-process, finished goods, consumable stores &
spares & book debts and further secured by way of mortgage by deposit
of the title deeds in respect of Company's immovable property situated
at C-37, Panki Industrial Area, P.O. Udyog Nagar, Kanpur.
3. TAX ASSESSMENT
Advance Income tax as shown in Schedule 'D' is net of provisions. The
Sales Tax and Income Tax Assessments of the Company have been completed
upto Assessment year 2007-08 & 2008-09 respectively. Any tax liability
on cases pending under assessment/ appeal will be met as and when the
same arises.
4. In case of winding up petition filed by the Company before Hon'ble
High Court of Allahabad for recovery of Inter Corporate Deposit against
M/s Trackparts of India Ltd., the Company is following up the case for
balance dues of Rs. 55.50 lacs. Full provision in respect of above was
made in financial year 2003-04. Another case under Negotiable
Instruments Act is also pending in local court at Kanpur.
5. EMPLOYEE BENEFITS - As per Accounting Standard-15(Revised 2005)
(A) Gratuity Fund - Gratuity is administered through Group Gratuity
Scheme with LIC and annual premium thereon is paid and accounted for as
and when demanded based on actuarial valuation made by LIC as required
in Accounting Standard-15 (revised 2005). As against total demand
raised by LIC, the Company had paid/charged Rs. 4,67,265/- towards
current service cost and incremental gratuity liability towards past
services due to enhancement of limits amounting to Rs. 24,33,818/- is
not provided for and shall be met as and when arise.
(B) Leave Encashment - Provision for leave encashment amounting to Rs.
15,51,826/- has been made by the management.
6. Related Party Disclosures
As required under AS-18 issued by Institute of Chartered Accountants of
India :-
(i) Key Management Personnel & Relatives
(a) Mr. P.K. Bhargava Chairman & Managing Director
(b) Mrs. Ranjana Bhargava Whole Time Director
(c) Ms. Rakshita Bhargava Director
(ii) Associate Companies
(a) M/s DiaTech Tools India Pvt. Ltd.
(b) EMA Megatherm Induction Equipments Pvt. Ltd.
7. In the opinion of the Board, the Current assets, loans and advances
are realizable at a value which is at least equal to the amount at
which these are stated in the ordinary course of business.
8. The Company is engaged in one segment only i.e. Machine Tools for
Automotive and other classified industries which are governed by the
same set of risk and returns. The said treatment is in accordance with
the guiding principle enunciated in the AS-17 on Segment Reporting.
9. Previous year figures have been regrouped wherever necessary.
10. Schedules A to H form an integral part of the Balance Sheet and
Profit & Loss Account.
Mar 31, 2010
1. CONTINGENT LIABILITIES
(i) Counter guarantees given by the Company in favour of its Bankers
against guarantees given by them on behalf of Company Rs. 2342265/-
(Previous year Rs. 2258677/-). The bank has held Rs. 1104381/-
(Previous year Rs. 1037510/-) as margin money against these guarantees
in the form of Fixed Deposit.
(ii) Claims against the Company for demands raised by ESI Corporation
till 2001 not acknowledged as debts - Rs. 571813/- (Previous year Rs.
571813/-) out of which Rs. 460109/- (Previous year Rs. 460109/-) has
been deposited under protest. Further the company has also disputed the
calculation of demand raised by the department. Since the ESI
Corporation has not acknowledged the basis of their demand, the
difference has not been deposited.
(iii) Claim against the company for demand raised by Central Excise
department Rs. 519252/- (Previous year Rs. 259626/-) (deposited under
protest) not acknowledged as debts (matter sub-judice).
(iv) Claim against the company for various labour cases filed, not
acknowledged as debt since the amount is not ascertainable.
2. SECURITY OF CASH CREDIT ADVANCES :
Cash Credit Advances from Bank of Baroda are secured by way of
hypothecation of whole of the Companys present and future stocks of
raw materials, goods-in-process, finished goods, consumable stores &
spares & book debts and further secured by way of mortgage by deposit
of the title deeds in respect of Companys immovable property situated
at C-37, Panki Industrial Area, P.O. Udyog Nagar, Kanpur.
3. Advance Income tax as shown in Schedule D is net of provisions.
The Sales Tax and Income Tax Assessments of the Company have been
completed upto Assessment year 2007-08. Any tax liability on cases
pending under assessment/ appeal will be met as and when the same
arises.
* Previous year Sales includes Rs. 1545860/- being value of one machine
used for captive consumption. There is no opening or closing stock of
goods produced.
* It is not practicable to furnish detailed item wise information of
raw materials & components consumed in view of the large number of
items which differ in size & nature, each being less than ten percent
in value of the total value.
4. In case of winding up petition filed by the Company before Honble
High Court of Allahabad for recovery of Inter Corporate Deposit against
M/s Trackparts of India Ltd., the Company is following up the case for
balance dues of Rs. 55.50 lacs. Full provision in respect of above was
made in financial year 2003-04. Another case under Negotiable
Instruments Act is also pending in local court at Kanpur.
5. EMPLOYEE BENEFITS - As per Accounting Standard- 15(Revised 2005)
(A) Gratuity Fund - Gratuity is administered through Group Gratuity
Scheme with LIC and annual premium thereon is paid and accounted for as
and when demanded. Actuarial valuation is made by LIC as required in
Accounting Standard -15 (revised 2005) on Project Unit Credit Method.
The Actuarial Assumptions are :-
* Mortality Rate - LIC (1994-96) ultimate
* Withdrawal Rate - 1% to 3% depending on Age
* Discount Rate - 8%p.a.
* Salary Escalation - 4%
The Company has provided Additional Contribution towards short fall in
existing Gratuity fund as demanded by LIC under Group Gratuity Scheme
as Defined Contribution Plan from the opening General Reserve in terms
of AS-15. The present value of Past Service Benefit as per LIC was Rs.
7083207/-.
(B) Leave Encashment - Provision for leave encashment amounting to Rs.
1335804/- has been made by the management.
6. Related Party Disclosures
As required under AS-18 issued by Institute of Chartered Accountants of
India :-
(i) Key Management Personnel - Mr. P.K. Bhargava Chairman & Managing
Director
Mrs. Ranjana
Bhargava Whole Time Director
(ii) Details of remuneration to Managing Director & Whole Time Director
are given at Note No. 16 above and Sitting Fees to other Directors -
Rs. 62000/- (Previous year Rs. 40000/-).
(iii) Transactions carried out with the related party - DiaTech Tools
India Pvt. Ltd., Kanpur, during the year in the ordinary course of
business :-
7. In the opinion of the Board, the Current assets, loans and
advances are realizable at a value which is at least equal to the
amount at which these are stated in the ordinary course of business.
8. The Company is engaged in one segment only i.e. Machine Tools for
Automotive and other classified industries which are governed by the
same set of risk and returns. The said treatment is in accordance with
the guiding principle enunciated in the AS-17 on Segment Reporting.
9. Previous year figures have been regrouped wherever necessary.
10. Schedules A to H form an integral part of the Balance Sheet and
Profit & Loss Account.
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