Thermax
BSE: 500411 | NSE: THERMAX | ISIN: INE152A01029 | Engineering
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Notes to Accounts | Year End : Mar '09 |
1. Contingent Liability a) Disputed demands in respect of Excise, Customs Duty and Service Tax Rs. 14.22 Crore (Previous Year Rs. 11.31 crore), Sales Tax Rs. 6.53 Crore (Previous YearRs. 1.28 Crore) and other Statutes Rs. 0.19 Crore (Previous YearRs. 1.04 Crore). b) Income Tax i) Demands disputed in appellate proceedings Rs. 24.53 Crore (Previous Year Rs. 13.83 Crore). ii) References / Appeals preferred by Income Tax department in respect of which, should the ultimate decision be unfavourable to the company, the liability is estimated to be Rs. 22.30 Crore (Previous YearRs. 21.30 Crore) c) Counter Guarantees given by the company to the banks on behalf of group companies : Rs. 6.32 Crore on behalf of Thermax Engineering Construction Co. Ltd. (TECC), Rs. 40.16 Crore on behalf of Thermax Instrumentation Ltd. (TIL) and Rs. 1.30 Crore on behalf of ME Engineering Ltd (ME Engg.), towards securing advances received from clients and performance of contracts.(Previous Year Rs. 9.88 Crore for TECC, Rs. 35.86 CroreforTILandRs. 1.09 Crore for ME Engg.). d) Counter Guarantees given to the banks for guarantees issued by them on companys behalf Rs. 837.11 Crore (Previous Year Rs. 626.56 Crore). e) Indemnity Bonds/Corporate Guarantees given by the company to the customers on behalf of ME Engineering - Rs. Nil (Previous Year Rs 1.62 Crore). f) Indemnity Bonds/Corporate guarantees given to Customs, other Government departments and various customers Rs. 33.49 Crore (Previous Year Rs 40.65 Crore). g) Liability for unexpired export obligations Rs. 19.67 Crore (Previous YearRs. 9.13 Crore). h) Claims against the company not acknowledged as debts Rs. 7.70 Crore (Previous Year Rs. 8.40 Crore). i) Bills Discounted with banks Rs. 73.45 Crore (Previous YearRs. 25.51 Crore). j) Liability in respect of partly paid shares in Parasrampuria Synthetics Ltd. Rs. 0.19 Crore (Previous YearRs. 0.19 Crore). 2. Micro & Small Enterprises Micro & Small enterprises as defined under the Micro, Small and Medium Enterprises Development Act 2006 (MSMED) have been identified to the extent of information available with the company. This has been relied upon by the auditors. Sundry Creditors included following amount due to MSMED parties : Rs. Crore Sr. Particulars _2008-09 No. Principal Interest Total a Total Outstandings dues to micro and small enterprises 0.59 0.00 0.59 b Principal amount and Interest due thereon remaining - - - unpaid as at end of the year c Amount of Interest paid in terms of Section 16 of MSMED 7.79 0.07 7.86 Act alongwith the amount of the payment made to supplier beyond appointed day d Outstanding Interest (where principal amount has been NA 0.00 0.00 paid off to the supplier but interest amount is outstanding as on March 31) e Total Interest outstanding as on March 31 (Interest inb NA 0.00 0.00 + interest in d above) 3. Share Capital Issued, Subscribed & Paid up Equity Capital includes 1,06,78,200 Equity Shares of Rs. 21- each allotted as fully paid up for consideration other than cash as per various schemes of amalgamation and 1,71,37,500 shares of Rs. 21- each issued by way of bonus shares on capitalisation of General Reserve. 4. Extra-ordinary items of expenses/income during the year are as follows Extra-ordinary item of income Rs. 1.36 crore (previous year Rs. 2.10 crore) during the current year represents write back of die provision made by the company during previous years towards possible financial obligations on account of counter-guarantees given by the company in relation to ME Engineering Ltd., UK. 5. Secured Loan Working capital facilities (packing credits, shipping loans, cash credits & overdrafts) from banks are secured by hypothecation of present and future stock of raw materials, consumables, spares, semi-finished goods, finished goods & book debts. 6. Other Liabilities Other Liabilities include following amounts which will be credited to Investors Education and Protection Fund (on expiry of the specified period, if the amount remains unclaimed at that time):- 7. In cases where letters of confirmation have been received from parties, book balances have been generally reconciled and adjusted, if required. In other cases, balances in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of account. 8. Foreign Exchange Transactions The year end foreign exposures in respect of monetary items that have not been hedged by a derivative instrument or otherwise are given below: Amounts receivable (net) in foreign currency on account of the following: Particulars Amount in Rs. Crore Amount in Foreign Currency Export of Goods 712 USD 1,407,022 Export of Goods 133 EURO 199,154 Export of Goods 0.57 GBP 79,257 9. Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for Rs. 39.16 Crore (Previous year Rs. 59.26 Crore). 10. Capitalisation of expenses Raw materials, labour and overheads capitalised in respect of Plant & Machinery Rs. 1.71 Crore (Previous Year Rs. 2.59 Crore). 11. Previous years expenses / income included under various heads of accounts: Rs. Crore Drawing & Design, Site Expenses / Technical Charges 0.02 Sales Reversal 9.60 Other Miscellaneous Expenses 0.11 12. Segment Reporting i The Company has disclosed Business Segment as the primary segment. Segments have been identified by the management taking into account the nature of the products, manufacturing process, customer profiles, risk and reward parameters and other relevant factors. The Companys operations have been mainly classified between two primary segments, Energy and Environment. Composition of business segments is as follows: ii Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly attributable to the business segment, are shown as unallocated cost. Assets and Liabilities that cannot be allocated between the segments are shown as a part of unallocated Assets and Liabilities respectively. iii Secondary segments have been identified with reference to geographical location of external customers. Composition of secondary segments is as follows: a) India b) Outside India iv Inter-segment transfer price is arrived at on the basis of cost plus a reasonable mark-up. 13. Disclosure, as required by AS - 28 (Impairment of Assets): In terms of Accounting Standard 28 (AS-28) there was no impairment loss on assets during the year under report. |
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| Source : Religare Technova | |
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