Mar 31, 2015
1. Term Loans from Banks are guaranteed by Two Promoter Directors and
One of their relatives.
2. Deferred Sales Tax is payable over period of 15 years. Loan from
related parties are not subjected to any repayment terms. Term Loans
are repayable over a period of 7 years from the date of disbursement
Buyers' credit are payable over a period of 3 years. Car Loan is
payable over a period of five years from the date of disbursement.
3. Term Loans from Cosmos Co Operative Bank Limited are secured by
first charge by way of equitable mortgage on the company's immovable
property situated at Bangalore and first charge on the Plant and
Machinery of the company.
4. Car Loan is secured by hypothecation of vehicles acquired under the
scheme.
The Short Term Borrowings are under Consortium Banking Arrangement with
Bank of India, State Bank of India and Cosmos Co-Operative Bank Limited
are secured by first pari-passu charge on hypothecation of stocks. Book
Debts and other Current Assets of the company and exclusive first
charge on company's immovable property situated at Asangaon,
Maharashtra (applicable for State Bank of India and Bank of India only)
and second pari- pasu charge on the Fixed Assets of the company
(including second charge by way of Equitable Mortgage of the immovable
properties in Bangalore). Short Term Borrowings are Guaranteed by Two
Promoter Directors and One of their relatives.
5 Trade Payables :
Trade Payables include a sum of Rs. 75.50 lacs (PY. Rs. 54.50 lacs) due
to SMEs to the extent such parties have been identified from available
information. The amount outstanding for more than 30 days as on
31.03.2015 is Rs. 22.12 (PY. Rs. 15.20) lacs. Trade payables are
subject to confirmation from parties .
Inventories are valued as follows
a. Stores and Spares at Cost on FIFO Method of Valuation
b. Raw Materials at Cost on FIFO Method of Valuation
c. Work in Progress at Cost*
d. Finished Goods at Cost*/ Net Realisable value whichever is less
* Cost includes Direct Labour, Applicable Overheads and Excise Duty in
case of Finished Goods.
6. Contingent Liabilities (not provided for in the accounts) : Rs. in
Lacs
Particulars 31.03.2015 31.03.2014
Factoring Obligations 911 861
Guarantees for Customs Duty 450 450
Guarantees for Financial 500 500
Institutions/Banks as security
Export Obligations under EPCG scheme 51 1,174
Disputed Income Tax 49 249
7.Related Party Disclosures :
I. Controlling Companies : NIL
II. List of Related Parties :
Fibre Foils Limited Related Party
Sansha Systems Limited Related Party
Shetron Enterprise Private Limited Related Party
Shetron Metropak Private Limited Subsidiary
Bunts Properties Private Limited Related Party
Mr. Diwakar S Shetty Key Management Personnel
Mr. Kartik Nayak Key Management Personnel
8. Segment Disclosure :
The Primary Segment based on the Business Segment. The Secondary
Segment is based on the Geographical Location of the customers.
Mar 31, 2014
A Term Loans from Banks are guaranteed by two promoter directors and
one of their relatives.
b. Deferred Sales tax is payable over period of 15 years. Loan from
related parties are not subjected to any repayment terms. Term Loans
are repayable over a period of 7 years from the date of disbursement.
Buyers'' credit are payable over a period of 3 years. Car Loan is
payable over a period of five years from the date of disbursement.
c. Term Loans from Cosmos Co Op Bank Ltd are secured by First charge
by way of Equitable Mortgage on the Company''s immovable property
situated at Bangalore and First charge on the Plant & Machinery of the
Company.
d. Car Loan is secured by hypothecation of vehicles acquired under the
scheme.
The Short Term Borrowings are under Consortium Banking arrangement with
Bank of India, State Bank of India and The Cosmos Co Op Bank Limited
are secured by First Pari-passu charge on the Hypothecation of stocks,
Books Debts and other Current Assets of the Company, exclusive First
charge on the Company''s immovable property situated at Asangaon,
Maharashtra and Second pari-passu charge on the Fixed Assets of the
Company (including second charge by way of extension of Equitable
Mortgage as on the immovable properties in Bangalore). Short Term
Borrowings are guaranteed by two promoter directors and one of their
relatives.
2. Trade Payables
Trade Payables include sum of Rs.54.50 lacs due to SMEs to the extent
such parties have been identified from available information. The
amount outstanding for more than 30 days as on 31.03.2014 is Rs.15.20
lacs. Trade payables are subject to confirmation from parties.
Advances are unsecured. Advances includes, advances to related parties
Rs. 250 lakhs (Rs. PY Rs.300 Lakhs) and others which in the opinion of the
management will realize values stated in the Balance sheet in the long
term. However the Company, as a prudent measure, has created a
contingency reserve to the extent of Rs.600 lacs(Long Term Loans and
Advances and other Non-Current Assets) for any possible erosion in the
value of said advances and other non-current assets in addition to
contingency reserve already created. Advances are subject to
confirmation from parties.
Inventories are valued as follows:
a. Stores and Spares at cost on FIFO method of valuation
b. Raw Materials at cost on FIFO method of valuation
c. Work in progress at cost*
d. Finished Goods at cost*/ net realisable value whichever is less
*Cost includes material, direct labour and other applicable overheads
and excise duty in respect of finished goods.
3. Contingent Liabilities (not provided for in accounts): Rs. in Lacs
Particulars 31.03.2014 31.03.2013
Factoring obligations 861 863
Guarantees for Customs Duty 450 450
Guarantees for Financial
Institutions/Banks as security 500 500
Export Obligations under EPCG Scheme 1,174 2,464
Disputed Income Tax 249 249
Segment Disclosure:
The primary Segment based on the business segment. The secondary
segment is based on the geographical location of the customers.
a. Primary Segment Information:
The company''s line of business is "Metal Packaging" which constitutes a
segment in itself. Hence no separate disclosure is reported Secondary
segment information.
Figures for the previous year have been regrouped wherever necessary to
confirm to the classification for the current year.
Mar 31, 2013
1. Contingent Liabilities (not provided for in accounts):
Rs. in Lacs
Particulars 31.03.2013 31.03.2012
Letters of credit and guarantee
established and Bills
discounted under LC and others 3,231 3,291
Factoring obligations 863 759
Guarantees for Customs Duty 450 450
Guarantees for Financial
Institutions/Banks as security 500 500
Export Obligations 2,464 5,170
Disputed Income Tax 249 249
2. Provisions and Contingencies
A provision is recognised when the Company has a present legal or
constructive obligation as a past event and it is probable that an out
flow of resources will be required to settle the obligation in respect
of which reliable estimate can be made. Provisions (excluding
retirement benefits) are not discounted to its present value and are
determined based on estimate required to settle the obligation.
Contingent liabilities are not recognised but are disclosed in the
notes to financial statements.
Mar 31, 2012
There is no other class of Shares than the equity shares. There is no
change in the outstanding shares at the beginning or at the end of the
period. The company is a holding company of Shetron Metro Pack Pvt Ltd.
The other disclosure requirements of schedule VI regarding share
capital are not applicable to the Company. The following shareholders
hold more than 5% of value of shares.
1. Reserves And Surplus:
There is no change in any of the reserves as the amount outstanding at
the beginning of the year except in profit and loss account and
contingency reserve.
2.1 Term Loans from Banks are guaranteed by two promoter directors and
one of their relatives.
2.2 Deferred Sales tax is payable over period of 15 years. Loan from
related parties are not subjected to any repayment terms. Term Loans
are repayable over a period of 7 years from the date of disbursement.
Suppliers credit are payable over a period of 3 years. Car Loan is
payable over a period of five years from the date of disbursement.
2.3 Term Loans from Cosmos Co Op Bank Ltd are secured by First charge
by way of Equitable Mortgage on the CompanyÃs immovable property
situated at Bangalore and First charge on the Plant & Machinery of the
Company.
2.4 Loans under the Hire Purchase Scheme are secured by hypothecation
of vehicles acquired under the scheme
2.5 Installments of Term Loans due during the year to the extent of
Rs.140 Lakhs were paid during April/May 2012
The Short term borrowings are under Consortium Banking arrangement with
Bank of India and State Bank of India and are secured by First
Pari-passu charge on the Hypothecation of stocks, Books Debts and other
Current Assets of the Company, exclusive First charge on the
CompanyÃs immovable property situated at Asangaon, Maharashtra and
Second pari-passu charge on the Fixed Assets of the Company (including
second charge by way of extension of Equitable Mortgage as on the
immovable properties in Bangalore) of the Company. Short term
borrowings are guaranteed by two promoter directors and one of their
relatives.
3. Trade Payables
Trade Payables include sum of T 113 lacs due to SMEs to the extent such
parties have been identified from available information. The amount
outstanding for more than 30 days as on 31.03.2012 is ? 17 lacs. Trade
payables are subject to confirmation from parties.
* 19,70,100 equity shares of Shetron Metropak Pvt Ltd of Rs 10/-.
** 20,000 equity shares of Kalyan Janatha Sahakari Bank of Rs 25/- each
(Rs 5,00,000) and 1000 equity shares of Cosmos Co-Operative Bank Ltd of
Rs. 100/- each (Rs 1,00,000).
Advances are unsecured. Advances include advance to related parties (Rs
314 PY Rs161 Lakhs) and others which in the opinion of the management
will realize values stated in the Balance sheet in the long term.
However the Company, as a prudent measure, has created a contingency
reserve to the extent of Rs 300 lacs for any possible erosion in the
value of said advances. Advances are subject to confirmation from
parties.
Advances for the year ended 31.3.2011
includes Capital Advances Rs 815
Lakhs.
Administrative Expenses includes Audit
Fees as statutory auditor of
8.15 lakhs (PY Statutory Audit Fees Rs 6.50
lakhs, Certificate fees Rs1.05 lakhs
and Taxation matters Rs 3.50
lakhs).
4. Contingent Liabilities
(not provided for in accounts): Rs in Lacs
Particulars 31.03.2012 31.03.2011
Letters of credit and guarantee established
and Bills
discounted under LC and others 3,291 3,945
Factoring obligations 759 700
Guarantees for Customs Duty 450 450
Guarantees for Financial
Institutions/Banks as security 500 500
Future Lease Rentals Payable 9 3
Export Obligations 5,1706,242
Disputed Income Tax 249 249
Segment Disclosure:
The primary Segment based on the business segment. The secondary
segment is based on the geographical location of the customers.
a. Primary Segment Information:
The company's line of business is "Metal Packagingà which constitutes
a segment in itself. Hence no separate disclosure is reported Secondary
segment information.
Figures for the previous year have been regrouped wherever necessary to
confirm to the classification for the current year.
Mar 31, 2010
Secured Loans:
1. The Term Loans are secured by First Charge by way of Equitable
Mortgage on the CompanyÃs immovable property situated at Bangalore and
first charge on the Plant & Machinery of the Company.
2. The Working Capital Credit Facilities are under Multiple Banking
Arrangement and are secured by First parri passu charge on the
Hypothecation of Stocks, Book Debts and other Current Assets and Second
Parri Passu Charge on the Fixed Assets (including extension of
Equitable Mortgage on the immovable properties) of the Company.
3. During the year the company has fully redeemed the Debentures
subscribed by Citicorp Finance India Ltd., paid the outstanding term
loan dues to Bank of India, Yes Bank Ltd, The Hong Kong and Shanghai
Banking Corporation Ltd and others by availing Term Loan from Cosmos
Co-operative Bank Ltd.
4. Loans from the Hire Purchase Scheme are secured by hypothecation of
Vehicles acquired under the Scheme.
As at 31.03.2010 As at 31.03.2009
Rs. In lacs Rs. In lacs
1. Contingent Liabilities
i. Letters of Credit established 2,381.00 2,324.98
ii. Inland Bills/LCs Discounting
outstanding and guarantees given by
bank on behalf of the Co.. 30.05 0.05
iii.Guarantees given by the company in
favour of Collector of Customs
and other Company 950.00 550.00
iv. Future lease rentals payable 6.83 24.91
v. Income Tax department has raised
demand for the assessment year
2006-07 250.00 250.00
The Compnay has prefered an appeal
against the order. The matter is
pending before the appellate authority.
2. Estimated amount of contracts remaining
to be executed on capital account net
of advance and not provided for. 2,949.00 2,996.72
3. The Company is availing export benefit
under Advance License and DEPB Schemes.
5 The Company has imported certain Plant & Machinery earlier year under
EPCG scheme. The licensing authority has fixed the export obligation of
Rs.2667.93 lacs, to be completed over a period of 8 years.
6 Sundry Debtors, Loans & Advances, Sundry Creditors and Deposits are
subject to confirmation. The Capital work in progress includes Euro
450,000 paid as advance to an overseas supplier for import of
machinery. The Management is taking necessary steps to expedite
execution of the supply of the machinery.
7 Sundry Creditors include a sum of Rs.88.97 lacs due to SMEs, to the
extent such parties have been identified from available information.
The amount outstanding for more than 30 days as on 31.03.2010 is Rs.
68.87 Lacs.
8 Shetron Metropak Private Ltd, a JV Company, wherein the Company has
invested 50% of equity has reported loss resulting in erosion of
equity. However the management is of the view the promoters of the JV
company are taking effective steps to recoup the losses and therefore
no provision need to be made towards the dimuniton in the value of
investment.
9 Deferred Tax
Tax provision has been made in accordance with the requirements under
the Accounting Standard 22 "Accounting for Taxes on Income" and
accordingly, the Deferred Tax Liability and Deferred Tax Asset has been
restated as at March 31, 2010
10 Segment Disclosure
The primary Segment based on the business segment. The secondary
segment is based on the geographical location of the customers.
a. Primary Segment Information
The companys line of business is "Metal Packaging" which consitutes a
segment in itself. Hence no separate disclosure is reported
11. Figures for the previous year have been regrouped wherever
necessary to confirm to the classification for the curent year.
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