Mar 31, 2017
1. Prior period adjustments includes income / expenses pertaining to earlier years amounting to Rs.3.62 lakhs (2016 - Rs.8.25 lakhs).
2. Goods In transit valuing Rs 70.10 lakhs (2016 - Rs.102.36 lakhs) are not declared as Operational revenue as the ownership has not been transferred to the customers, however, the same has been included in Sales tax return to arrive at the taxable sales as the movement of the goods starts after issuance of the invoice.
3. LIABILITIES WRITTEN BACK
Trade Payables amounting to Rs 4.85 lakhs which management consider as doubtful for payments has been written back during the year (2016 - Rs.9.73 Lakhs).
4. The Company has maintained the requisite details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016.
The details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 pursuant to the requirement of Notification G.S.R 308(E) dated 30th March 2017 are given below. Further, the Company has complied with all relevant guidelines/notifications issued by Reserve Bank of India from time to time in respect of holding and dealing with Specified Bank Notes, and that the company had proper controls, system and procedures in place for such compliances.
5. Previous year figures have been regrouped / recast, wherever necessary, so as to correspond with those of the current year.
6. The above Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India.
7. Figures in bracket indicate the cash outgo.
8. . Previous year figures have been regrouped wherever found necessary.
Mar 31, 2015
1. Deferred Tax Liabilities / (Assets)
Pursuant to Accounting Standard 22 - Accounting for taxes on income, the Company estimates deferred tax liability / (asset) using the applicable rate of taxation based on the impact of timing differences between financial statements and taxable income for the current year.
2. The Company is having Nil outstanding as on 31st March, 2015 (2014 - Nil) against Cash Credit limit from State Bank of Patiala, secured by pari-passu first charge over stocks in trade, stores, spares and book debts and additional charge over the fixed assets of the Company.
3. CONTINGENT LIABILITIES & COMMITMENTS
(Not provided for in Accounts as certified by the Management)
Particulars As at 31st March 2015 2014 (Rs. in Lacs) (Rs. in Lacs)
Claims against the Company, not acknowledged as debts.
i) Telephone & Telex (Disputed Amount) 1.47 1.47
ii) Employees / Workers dispute 8.00 8.00
iii) Excise / Service Tax / Sales Tax demand (pending in appeal) 10.12 124.55*
Counter guarantees to bank - 11.54
* includes Rs.99.04 lacs against demand order raised by Sales Tax Authorities on account of short submission of C Forms related to assessment of FY 2009-10. Against the said Order, the Company has filed an appeal before the Appellate Authority after depositing Rs.24.76 lacs being 25% of demand raised for considering all the balance C Forms available for re-assessment.
4. CURRENT ASSETS
Parties' accounts are subject to reconciliation and confirmation by them.
5. As the Company's principal business activity fall within a single primary business segment, viz. "Automobile Components", the disclosure requirements of Accounting Standard - 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India are not applicable.
6. In accordance with Accounting Standard -18, the related party disclosures for the year ended 31st March, 2015 are as follows :
i) Holding Company Mahindra & Mahindra Limited
ii) Associate Company Swaraj Engines Limited*
iii) Fellow Subsidiary Mahindra Engineering Services Limited**
iv) Key Management Personnel Shri Arun Arora
7. Miscellaneous income under Other Income includes a sum of Rs.3.70 lacs (2014 - Rs.3.70 lacs) being the depreciation on Plant & Machinery received as Capital Grant in aid which is adjusted against the grant received.
8. Trade Receivables includes debts aggregating to Rs.37.09 lacs, which may be doubtful of recovery. Adequate provisions for doubtful balances have been made in financial statements. Out of provision for doubtful debts / security deposits made in earlier years, Rs.3.40 lacs (2014 - Rs.53.81 lacs) has been written off during the year.
9. Prior period adjustments includes income / expenses pertaining to earlier years amounting to Rs.3.27 lacs (2014 - Rs.0.93 lacs).
10. In compliance with the provisions of the Companies Act, 2013 ('the Act'), the Company has reworked the depreciation with reference to estimated economic useful life of Fixed Assets prescribed by Schedule II of the Act except for Dies and Vehicles (Motor Car), where lower useful life has been considered in line with the existing practice.
Due to revision in estimated economic useful life, the charge for depreciation is lower by Rs.1.82 lacs for the year ended 31st March 2015. Further, Rs.56.87 lacs (net of tax) has been adjusted to Surplus (Retained Earnings - opening balance as on 1st April, 2014), being the carrying value of assets having Nil revised remaining useful life as on 1st April, 2014. Tax impact on the same, Rs.27.31 lacs has been adjusted in the Deferred Tax Assets.
12. Previous year figures have been regrouped / recast, wherever necessary, so as to correspond with those of the current year.
1. The above Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India.
2 Figures in bracket indicates the cash outgo.
3. Previous year figures have been regrouped wherever found necessary.