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.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article