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Home > Equity Market > Setco Automotive Ltd.- Notes To Account >

Setco Automotive Ltd.- Notes To Account

Industry: Auto Ancl - Dr. Trans & Steer - Clutch
BSE Code :505075
NSE Code :
Business Group:Not Applicable
LTP (Rs.)
ISIN No :INE878E01013
Face Value/M Lot :10.00/1
P/E Ratio : 22.06
Market Cap : 511.68 Cr
You can view the entire text of Notes to accounts of the company for the latest year.
Year End : 03 / 2013
1 EXCEPTIONAL ITEM

The exceptional item of Rs. NIL (Previous year Rs. 2,84,40,454/-) represents amount of charge towards sharing of cost saving benefits in respect of Uttarakhand unit, as recovered by a major customer,

2 MAT CREDIT

During the year, Company has recognized MAT Credit of Rs. 3,96,91,788/- (Previous year Rs. 9,14,38,334/-) and same is shown as adjustment from the current tax amount in the statement of profit and loss.

3 SALES- IN- TRANSIT

The Products dispatched from the factory, which remained in transit in respect of which the risk and reward have not been transferred till the date of approval of financial statements amounts to Rs. 3,17,87,995/- tRs. 3,14,36,815/-). With a view to reflect true and correct position of revenue, the said amount is reduced from total sales of the year and the stock value there of Rs, 2,37,60,321/- CRs. 2,27,30,187/-) is shown under the head "Finished Goods" in Note 17 under the head "Inventories"

4 CONTINGENT LIABILITIES & COMMITMENTS

A. Contingent Liabilities:-

i) Guarantee given by the bank on behalf of the Company Rs. Nil (Rs. 21,35,170/-)

ii) Guarantee given for ?1.40 million ( ?2.3 million) to iCICI Bank Limited, U.K. for ultimate subsidiary's credit facilities Rs. 11,59,06,000/-(Rs. 18,91,06,000/-)

iii) Guarantee given for $ 0.65 million C$ 0.65 million ) to ICICI Bank Limited, Singapore, for ultimate subsidiary's credit facilities Rs. 3,55,16,000/-CRs. 3,34,23,000/-)

iv) Guarantee given for $ 5.995 million ($ 5.995 million) to Bank of Baroda, New York, USA for ultimate subsidiary's credit facilities Rs. 32,75,66,800/-- (Rs. 30,82,62,900/-)

v) Warranty Claims raised by Customer but not acknowledged Rs. 1,53,11,238/- (Rs. 1,18,58,292/-).

B. Commitments:-

i) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 3,93,82,394/- (Rs. 3,54,79,767/-)

5 TRADE RECEIVABLES & PAYABLES

i) Trade payables' balances are under reconciliation process. Necessary adjustments, if any, will be accounted when the same is reconciled. In respect of Trade receivables and other debit/credit balances, balance confirmations have not been obtained and therefore, are subject to reconciliation and adjustment if any.

ii) In the opinion of the management, current and non-current assets are recoverable in the normal course of business.

6 VALUE OF IMPORTED AND INDIGENEOUS RAW MATERIALS, COMPONENTS AND STORES AND SPARES CONSUMED AND PRECENTAGE OF EACH TO TOTAL CONSUMPTION

The Consumption of Raw Materials & Components includes consumption of Imported Components Rs. 66,79,30,377/- (Rs. 52,91,84,782/-) which is 31,08% [23.05%) in total consumption.

7. EMPLOYEE BENEFITS

Disclosure pursuant to AS - 15 (Revised! 'Employee Benefits'

i) Defined Contribution Plans

An amount of Rs 1,79,61,804/- (Rs. 1,55,34,984/-) (Provident Fund S. ESIC) is recognized as an expense and included in Note 25 under the head "Employee Benefits",

ii) Defined Benefit Plans

8 Research & Development

During the year, the Company has set up a separate Research & Development Centre (R&D Centre) which is approved/recognized by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India. The new R&D Centre envisages reduction in costs through value engineering and research with new material and processes, development of new range of products, research & development, innovation, upgradation & improvement in the existing range of products on regular basis.

9 Figures in brackets represent previous year's figures.

10 Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

Visit the Setco Automotive Ltd. company profile page for more information on the company. Learn about Setco Automotive Ltd. raw material report, capital structure information, and list of bankers, auditors & registrars. Get live equity market updates and browse through breaking news stories from the Indian share market.

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