Mar 31, 2015
1) Terms and rights attached to Equity Share.
The company has only one class of Equity share having a Par Value of
Rs.10/- each. Each holder of equity share is entitled for one vote per
share. The company declares and pays dividend in Indian rupees. The
dividend proposed by the Board of Directors is subject to approval by
the share holders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holder of equity shares
will 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.
2) From State Bank of India
I) Term loan of Rs. 1.00 Crore from State Bank of India was sanctioned
on 16/04/14 for a period of 5 years. Current EMI per month is Rs. 1.67
Lacs.
Note : Secured against Registered Mortgage on Factory land & building
situated at C12, M.I.D.C., Ambad, Nashik-422010
a) Estimated amounts of contracts remaining to be executed on capital
account but not provided Rs. 61.25 (Previous year Rs. 3.17).
b) For Income Tax (Disputed at various higher authorities) Rs. 64.45
(Previous year-64.45)
3) The company is in process of compiling the data of suppliers which
are covered under the "Micro, Small & Medium Enterprises Development
Act, 2006". Hence the details pertaining to that are not disclosed
separately. However, Out of the total Trade payables Rs. 507.93 lacs (
Previous Year Rs. 490.54 lacs ) are due to Small Scale Industrial
Units. No amount is outstanding for more than 30 days with SSI Units.
Information regarding small scale industrial undertakings has 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.
The Company has single scheme for payment of gratuity to all eligible
employees calculated at 15 days of last drawn Salary, depending upon
tenure of service for each year of completed service, subject to
minimum service of five years, payable at the time of separation upon
superannuation or on exit otherwise.
(i) In respect of Defined contribution schemes-
a) The Company contributes 12% of Salary for all eligible employees
towards Provident Fund managed by the Central Government.
b) The Company also contributes a certain percentage of Salary for all
eligible employees in managerial cadre towards Superannuation Funds
managed by approved trusts or by Life Insurance Corporation of India.
4) Segment Information:
a) Primary Segment:
The Company is exclusively engaged in the business of designing and
manufacturing of propeller Shafts and other accessories required for
automotive, industrial and other applications. These in the context of
Accounting Standard 17 on Segment Reporting issued by the Institute of
Chartered Accountants of India, are considered to constitute one single
primary segment.
5) Consequent to enactment of Companies Act,2013(the Act) and its
applicability for accounting periods commencing from 01-04-2014, the
company has recalculated the remaining useful life of Fixed Assets in
accordance with provisions to Schedule II to the Act. In case of Fixed
Assets which have completed their useful life in terms of Schedule II
of the Act the carrying value (net of residual value)of such assets as
on 1st April 1st, 2014 has been adjusted to Retained Earnings and in
case of other fixed assets the carrying value (net of residual value)
is being depreciated as per straight line method over the re-calculated
remaining useful life. The depreciation expenses charged for the year
ended 31st March, 2015 is higher by Rs.157.93 lacs, had the company
continued with the previously prescribed depreciation rates as per
Schedule XIV of the companies act, 1956.
6) Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2014
1. Previous years figures have been regrouped wherever necessary to
conform with current year''s classification.
2) Contingent Liabilities & Commitments not Provided For :
a) Estimated amounts of contracts remaining to be executed on capital
account but not provided Rs. 3.17 Lacs ( Previous year Rs. 3.13 Lacs )
b) For Income Tax (Disputed at various higher authorities) Rs. 64.45
Lacs ( Previous year - NIL )
3) The company is in process of compiling the data of suppliers which
are covered under the
"Micro, Small & Medium Enterprises Development Act, 2006". Hence the
details pertaining to that are not disclosed separately. However, Out
of the total Trade payables Rs. 490.54 lacs ( Previous Year Rs. 588.49
lacs ) are due to Small Scale Industrial Units. No amount is
outstanding for more than 30 days with SSI Units . Information
regarding small scale industrial undertakings has 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.
4) Deferred Tax
The Company has accounted for Deferred Tax in accordance with
Accounting Standard- 22 " Accounting for Taxes on Income " issued by
the Institute of Charterd Accountants of India. The Deferred Tax
during the year for Timing difference is accounted using tax rates that
have been enacted, the net difference arising thereon is debited to the
Profit & Loss Account. The break up of net deferred tax Liability as
on 31st March 2014 is as under :
The Company has single scheme for payment of gratuity to all eligible
employees calculated at 15 days of last drawn Salary, depending upon
tenure of service for each year of completed service, subject to
minimum service of five years, payable at the time of separation upon
superannuation or on exit otherwise.
(ii) In respect of Defined contribution schemes -
a) The Company contributes 12% of Salary for all eligible employees
towards Provident Fund managed by the Central Government.
b) The Company also contributes a certain percentage of Salary for all
eligible employees in managerial cadre towards Superannuation Funds
managed by approved trusts or by Life Insurance Corporation of India.
5) Segment Information :
a ) Primary Segment :
The Company is exclusively engaged in the business of designing and
manufacturing of propeller Shafts and other accessories required for
automotive, industrial and other applications. These in the context of
Accounting Standard 17 on Segment Reporting issued by the Institute of
Chartered Accountants of India, are considered to constitute one single
primary segment.
6) Details of provisions and movements in each class of provisions as
required by the Accounting Standard on Provisions, Contingent
Liabilities and Contingent Assets
7) Directors'' Remuneration :
i) As employee wise break-up of contribution to gratuity fund is not
ascertainable, the same has not been included in the above figure.
ii) Remuneration of Rs.18.00 Lacs paid to Chairman Mr. S.C.Saran is as
per approval of Central Government
8) The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosure.
Mar 31, 2013
1) Contingent Liabilities & Commitments not Provided For:
a) Estimated amounts of contracts remaining to be executed on capital
account but not provided Rs. 3.13 Lacs (Previous year Rs. 114.51 Lacs)
b) For Income Tax (Disputed at various higher authorities) Rs. 43.81
Lacs (Previous year-NIL)
2) The company is in process of compiling the data of suppliers which
are covered under the "Micro, Small & Medium Enterprises Development
Act, 2006". Hence the details pertaining to that are not disclosed
separately. However, Out of the total Trade payables Rs. 588.49 lacs
(Previous Year Rs. 435.47 lacs ) are due to Small Scale Industrial
Units. No amount is outstanding for more than 30 days with SSI Units.
Information regarding small scale industrial undertakings has 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.
3) Deferred Tax
The Company has accounted for Deferred Tax in accordance with
Accounting Standard- 22 "Accounting for Taxes on Income "issued by the
Institute of Charterd Accountants of India. The Deferred Tax during
the year for Timing difference is accounted using tax rates that have
been enacted, the net difference arising thereon is debited to the
Profit & Loss Account. The break up of net deferred tax Liability as
on 31 st March 2013 is as under:
The Company has single scheme for payment of gratuity to all eligible
employees calculated at 15 days of last drawn Salary, depending upon
tenure of service for each year of completed service, subject to
minimum service of five years, payable at the time of separation upon
superannuation or on exit otherwise.
(i) In respect of Defined contribution schemes -
a) The Company contributes 12% of Salary for all eligible employees
towards Provident Fund managed by the Central Government.
b) The Company also contributes a certain percentage of Salary for all
eligible employees in managerial cadre towards Superannuation Funds
managed by approved trusts or by Life Insurance Corporation of India.
4) Segment Information:
a) Primary Segment:
The Company is exclusively engaged in the business of designing and
manufacturing of propeller Shafts and other accessories required for
automotive, industrial and other applications. These in the context of
Accounting Standard 17 on Segment Reporting issued by the Institute of
Chartered Accountants of India, are considered to constitute one single
primary segment.
b) Secondary Segment:
(Figures in brackets relate to previous year)
Two secondary segments have been identified based on geographical
locations of Customers.
5) The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosure.
Mar 31, 2012
1.1) Terms and rights attached to Equity Share.
The company has only one class of Equity share having a Par Value of
Rs.10/- each. Each holder of equity share is entitled for one vote per
share. The company declares and pays dividend in Indian rupees. The
dividend proposed by the Board of Directors is subject to approval by
the share holders in the ensuring Annual General Meeting.
In the event of liquidation of the company, the holder of equity shares
will 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.
2.1 From State Bank of India
1) Term loan of Rs. 2.00 Crore from State Bank of India was sanctioned
on 01/08/11 for a period of 5 years. Current EMI per month is Rs. 4.70
Lacs.
2) Term loan of Rs.1.80 Crore from State Bank of India was sanctioned
on 27/09/2008 for a period of 6 years. Current EMI per month is Rs.
4.15 Lacs.
Note : Secured against Registered Mortgage on Factory land & building
situated at C12,MIDC, Ambad, Nashik-422010
2.2 From ICICI Bank
1) Term loan for car of Rs. 7.00 Lacs from ICICI Bank was sanctioned on
15/05/2011for a period of 3 years. Current EMI per month is Rs. 0.23
Lacs
3) Contingent Liabilities & commitments Not Provided For :
a) Estimated amounts of contracts remaining to be executed on capital
account but not provided Rs.114.51Lacs ( Previous year Rs.- 5.10 Lacs )
b) For Income Tax (Disputed at various higher authorities)
Rs. Nil ( Previous year12.69 Lacs)
The item "Spare Parts" in paragraph 4D (ii) of Schedule VI of the
Companies Act,1956 is interpreted to mean components used in the
manufacture of finished products or sold as such and not spare parts
used for repairs and maintenance of machinery.
4) The company is in process of compiling the data of suppliers which
are covered under the Micro, Small & Medium Enterprises Development
Act, 2006". Hence the details pertaining to that are not disclosed
seperately. However, Out of the total Trade payables Rs.435.47 lacs (
Previous Year Rs.293.74 lacs) are due to Small Scale Industrial Units.
No amount is outstanding for more than 30 days with SSI Units.
Information regarding small scale Industrial undertakings has 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.
5) Deferred Tax
The Company has accounted for Deferred Tax in accordance with
Accounting Standard- 22 " Accounting for Taxes on Income " issued by
the Institute of Charterd Accountants of India. The Deferred Tax
during the year for Timing difference is accounted using tax rates that
have been enacted, the net difference arising thereon is debited to the
Profit & Loss Account. The break up of net deferred tax Liability as
on 31st March 2012 is as under :
The Company has single scheme for payment of gratuity to all eligible
employees calculated at 15 days of last drawn Salary, depending upon
tenure of service for each year of completed service, subject to
minimum service of five years, payable at the time of seperation upon
superannuation or on exit otherwise.
(ii) In respect of Defined contribution schemes -
a) The Company contributes 12% of Salary for all eligible employees
towards Provident Fund managed by the Central Government.
b) The Company also contributes a certain percentage of Salary for all
eligibe employees in managerial cadre towards Superannuation Funds
managed by approved trusts or by Life Insurance Corporation of India.
6) Segment Information :
a ) Primary Segment :
The Company is exclusively engaged in the business of designing and
manufacturing of propeller Shafts and other accessories required for
automotive, industrial and other applications. These in the context of
Accounting Standard 17 on Segment Reporting issued by the Institute of
Chartered Accountants of India, are considered to constitute one single
primary segment.
Note
i) As employee wise break-up of contribution to gratuity fund is not
ascertainable, the same has not been included in the above figure.
ii) Remuneration of Rs.18.00 Lacs paid to Chairman Mr. S.C.Saran is as
per approval of Central Government.
7) The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2011
1) Contingent Liabilities Not Provided For :
a) Estimated amounts of contracts remaining to be executed on capital
account but not provided Rs.5.10 Lacs( Previous year- Rs.1.90)
b) For Income Tax (Disputed at various higher authorities) Rs. 12.69
Lacs
2) Computation of Profit for the year ended 31 March, 2011 Under
Section 349/350 of the Companies Act, 1956 read with section 198 of the
Act:
As there is inadequate profit as per section 198 of the companies Act,
1956 , no commission is payable to the director.
Note:
i) As employee wise break-up of contribution to gratuity fund is not
ascertainable, the same has not been included in the above figure. ii)
Remuneration of Rs.18.00 Lacs paid to Chairman Mr. S.C.Saran is as per
the approval of Central Government.
3) The company is in process of compiling the data of suppliers which
are covered under the Micro, Small & Medium Enterprises Development
Act, 2006. Hence the details pertaining to that are not disclosed
seperately. However, Out of the total Sundry Creditors,Rs.293.74 lacs
(Previous Year Rs. 188.74 lacs) are due to Small Scale Industrial
Units. No amount is outstanding for more than 30 days with SSI Units.
Information regarding small scale industrial undertakings has 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.
4) Deferred Tax
The Company has accounted for Deferred Tax in accordance with
Accounting Standard -22 "Accounting for Taxes on Income" issued by the
Institute of Charterd Accountants of India.
The Deferred Tax during the year for Timing difference is accounted
using tax rates that have been enacted, the net difference arising
thereon is debited to the Profit & Loss Account.
The break up of net deferred tax Liability as on 31st March 2011 is as
under:
5) Gratuity
i) Disclosure as required by Accounting Standard 15 (Revised) on
Employee Benefits:- In respect of gratuity, a defined benefit scheme
(based on Actuarial Valuation)-
The Company has single scheme for payment of gratuity to all eligible
employees calculated at 15 days of last drawn Salary, depending upon
tenure of service for each year of completed service, subject to
minimum service of five years, payable at the time of seperation upon
superannuation or on exit otherwise.
ii) In respect of Defined contribution schemes -
a) The Company contributes 12% of Salary for all eligible employees
towards Provident Fund managed by the Central Government.
b) The Company also contributes a certain percentage of Salary for all
eligibe employees in managerial cadre towards Superannuation Funds
managed by approved trusts or by Life Insurance Corporation of India.
6) Segment Information :
a) Primary Segment:
The Company is exclusively engaged in the business of designing and
manufacturing of propeller Shafts and other accessories required for
automotive,industrial and other applications.These in the context of
Accounting Standard 17 on Segment Reporting issued by the Institute of
Chartered Accountants of India, are considered to constitute one single
primary segment.
b) Secondary Segment: (Figures in brackets relate to previous year)
Two secondary segments have been identified based on geographical
locations of customers,
7) Previous years figures have been regrouped and recast wherever
considered necessary.
Mar 31, 2010
1) Contingent Liabilities Not Provided For:
a) Estimated amounts of contracts remaining to be executed on capital
account but not provided Rs. 1.90 Lacs (Previous year- Nil)
b) For Income Tax (Disputed at various higher authorities) Rs. 13.35
Lacs
2) Computation of Profit for the year ended 31 March, 2010 Under
Section 349/350 of the Companies Act, 1956 read with section 198 of the
Act:
3) The company is in process of compiling the data of suppliers which
are covered under the Micro, Small & Medium Enterprises Development
Act, 2006". Hence the details pertaining to that are not disclosed
seperately. However, Out of the total Sundry Creditors.Rs.188.74 lacs
(Previous Year Rs. 98.40 lacs) are due to Small Scale Industrial Units.
No amount is outstanding for more than 30 days with SSI Units.
Information regarding small scale industrial undertakings has 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.
4) Deferred Tax
The Company has accounted for Deferred Tax in accordance with
Accounting Standard -22 "Accounting for Taxes on Income" issued by the
Institute of Charterd Accountants of India.
The Deferred Tax during the year for Timing difference is accounted
using tax rates that have been enacted, the net difference arising
thereon is debited to the Profit & Loss Account.
ii) In respect of Defined contribution schemes-
a) The Company contributes 12% of Salary for all eligible employees
towards Provident Fund managed by the Central Government.
b) The Company also contributes a certain percentage of Salary for all
eligibe employees in managerial cadre towards Superannuation Funds
managed by approved trusts or by Life Insurance Corporation of India.
c) In the past the company had estimated the total gratuity liability
on actual basis by debiting to Profit & Loss account. As there is
reduction in the Gratuity Liability calculated on actual basis, during
the current year the same has been credited to Profit & Loss account
under Schedule 17.
5) Segment Information :
a) Primary Segment:
The Company is exclusively engaged in the business of designing and
manufacturing of propeller Shafts and other accessories required for
automotive,industrial and other applications.These in the context of
Accounting Standard on Segment Reporting issued by the Institute of
Chartered Accountants of India, are considered to constitute one single
primary segment.
6) Previous years figures have been regrouped and recast wherever
considered necessary.
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