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Setco Automotive
BSE: 505075|ISIN: INE878E01013|SECTOR: Auto Ancillaries
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Mar 12
Notes to Accounts Year End : Mar '13
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.
Source : Dion Global Solutions Limited
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