Professional Documents
Culture Documents
01/04/2010
to
31/03/2011
MARK
EXHAUST
SYSTEMS
LIMITED
U32204DL1993PLC055905
AAACM1497Q
S-430,,
Greater
Kailash-ii,
New
Delhi,
Delhi, India, 110048
Commercial
and
Industrial
12/04/2012
01/04/2011
01/04/2011
31/03/2012
Standalone
Balance Sheet
INR
Lakhs
Indirect Method
13/07/2012
14/07/2012
Name of company
Corporate identity number
Permanent account number of entity
Address of registered office of company
Type of industry
Date of board meeting when final accounts were approved
Period covered by financial statements
Date of start of reporting period
Date of end of reporting period
Nature of report standalone consolidated
Content of report
Description of presentation currency
Level of rounding used in financial statements
Type of cash flow statement
Date from which register of members remained closed
Date till which register of members remained closed
31/03/2012
01/04/2010
31/03/2011
..(1)
DirectorsSigningBoardReport1
01/04/2011
to
31/03/2012
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director
Last name of director
Designation of director
Director identification number of director
Date of signing board report
Rattan
Kapur
Managing Director
00304573
12/04/2012
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
12/04/2012
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
The
is
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
collaboration with M/s M/S Klarius, UK. Start of Production of this model is expected w.e.f. September, 12.
Your company has also been selected for development and manufacturing of Exhaust Systems for new Motorcycle muffler by M/s Suzuki
Motorcycles. Start of Production of this models is expected during Financial year 2012-13.
Your company is under discussion with various Two-wheeler and four wheeler manufacturers operating in India and abroad for supply of Exhaust
Systems and Door Sashes for their various new models.
3. ENVIRONMENT PROTECTION and SAFETY
Your company and its collaborators are jointly working to create a better environment for the future. MESL range of mufflers, Catalytic
Converters and Exhaust Manifold perform a social role by helping to conserve natural energy resources, reduce exhaust pollution and provide
greater safety for product users.
Your company has made significant contribution and innovation in the field of environmental protection and securing the quality of air in spite of
the explosive growth in the Automobile Sector in the country.
In line with our value statement and quality policy, continual improvement with emphasis on safety, wastage and environment and to be a
responsible corporate citizen, environment, health and safety excellence has been extensively promoted as a corporate culture within the
Company.
Your company has developed a structured approach to assess environment, health and safety hazards/issues associated with the research,
development and manufacture of our products. It is our endeavor therefore, to ensure that the workplace is safe and environment is protected at all
times.
Doing the right things right ensures that the environment, including the natural resources are well protected and the industry adopts a model of
sustainable development.
The Company is also committed to improving the safety at the work place. During the year, a number of initiatives were taken towards
strengthening the existing safety infrastructure at the manufacturing sites. Environment, Health and Safety training programs were also organized
on a regular basis for employees. Hygiene at work was continually monitored to ensure that the workplace supports and ensures good health of
the employees.
4. HUMAN RESOURCES
Human resources are the most valued of all assets of the Company. The Company provides challenges, encourages initiative, and recognizes and
rewards excellence through performance incentives, bonus etc. as motivated employees are vital for the success of any business.
The Companys HR policies and processes are aligned to effectively drive its expanding business and forays into emerging opportunities. This
has been achieved by continuously investing in learning and development programs, creating a compelling work environment, empowering
employees at all levels and maintaining well-structured reward and recognition mechanisms.
Employee engagement remains a key focus of HR initiatives undertaken by the Company. The Company enables its employees to meet their
career objectives through rotation across projects, functions and locations. The Company helps employees build new skills and competencies and
promotes knowledge sharing and team building.
During the year the Employee Relations in the company remained harmonious and cordial.
5. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Greater emphasis on effective implementation of control systems has been given by effective functioning of internal audit and inspection
machinery. For this purpose, expert help in the form of outside internal auditors has been taken. The internal auditors are reporting on Quarterly
basis to the Board Audit subcommittee for ensuring effective and speedy compliance of their observations, suggestions and modification in the
systems of the company.
6. CORPORATE GOVERNANCE
MESL has made a significant attempt at incorporating the best practices of corporate governance. Even though requirements of Clause 49 of the
Listing Agreement (Corporate Governance code) are applicable to the companies, which are listed in any of the Stock Exchange of India, MESL
has voluntarily introduced a number of additional disclosures annexed herewith under the heading Corporate Governance Disclosures.
7. DIRECTORS
In accordance with the provisions of Companies Act, 1956 and Articles of Association of the company Sh. S. Natarajan, Sh. Sandeep Chandhok
and Sh. Hiroshi Sakamoto shall retire by rotation at the next Annual General Meeting and being eligible have offered themselves for re
appointment.
Sh. R.P.Goyal, chairman of the company, left for his heavenly abode on 22nd October,2011 after a brief illness.
The company places on record its sincere appreciation and gratitude to Sh.R.P.Goyal for his pioneering efforts during his association with the
company for almost two decades.
8. RESPONSIBILITY STATEMENT
In terms of Section 217(2AA) of the Companies Act,1956, your directors confirm as under :
a) that in the preparation of annual accounts, the applicable accounting standards have been followed and that no material departures have been
made from the same;
b) that they have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012 and of the Profit or Loss of the Company
for the year ended 31st March, 2012;
4
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
c) that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) That they have prepared the annual accounts on a going concern basis.
9. INSURANCE
All properties and insurable assets of the company including Building, Plant and Machinery and stocks had been adequately insured, wherever
necessary, and to the extent required.
10. FIXED DEPOSITS
During the year under review, the company has not accepted any deposit under Section 58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposit) Rules, 1975.
11. AUDITORS
M/s Uberoi Sood and Kapoor, Chartered Accountants, New Delhi, the Statutory Auditors of the Company, retire at the conclusion of ensuing
Annual General Meeting and being eligible offer themselves for reappointment. They have furnished a certificate to the effect that the proposed
re-appointment, if made, will be in accordance with the provisions of Section 224 (1-B) of the Companies Act, 1956.
12. AUDITORS REPORT
The Auditors Report is self-explanatory.
STATUTORY INFORMATION
Particulars of Employees:
In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975, a Statement of particulars of Employees forming a part of Directors report needs to be annexed.
Details of the employees of the company whose remuneration was more than the prescribed limit of Rs. 24,00,000/- per annum is enclosed
herewith, forming part of this report.
TECHNOLOGY ABSORPTION
Statements giving the details of conservation of energy and Efforts made for Technology Absorption in accordance with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 in form A and B are annexed hereto as Annexure - 1 forming part of
this report.
FOREIGN EXCHANGE EARNING AND OUT GO
The foreign exchange inflow - Rs. 29.82 Lacs
The foreign exchange outgo on account of raw material, Technical Know How fee, Traveling, Interest and Royalty was Rs. 4942.39 Lacs.
The foreign exchange outgo on account of Capital Goods and Spares was Rs. 711.66 Lacs.
ACKNOWLEDGMENT
The Board of Directors wish to place on record their sincere gratitude for the cooperation extended to the company by the Central Government,
Government of Haryana, its bankers namely Mizuho Corporate Bank Ltd., Corporation Bank, Standard Chartered Bank, HDFC Bank Limited and
its technical collaborators namely, Futaba Industrial Co. Ltd., Japan.
The Directors also wish to place on record their appreciation for valuable suggestions, co-operation and timely assistance received by the
company from Maruti Suzuki India Limited.
Your directors wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the Company to remain at the forefront of the industry despite increased
competition from several existing and new players.
On behalf of the Board
Rattan Kapur
Chairman Cum Managing Director
Date : 12th April,2012
Place : New Delhi.
ANNEXURE TO DIRECTORS' REPORT
Information as per Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 and forming part of the Directors Report for the year ended 31st March, 2012.
(A) Conservation of Energy
[a] Energy Conservation Measures
Taken :
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
[b] Additional investment and proposals, if any, being implemented for reduction of consumption of energy.
[c] Impact of the measures at (a) and
(b) above for reduction of energy consumption and consequent impact on the cost of production of goods
[d] Total energy consumption The company is according a special focus on energy conservation and the continuous efforts are being made to
optimize and reduce energy consumption. The company follows a strict schedule of preventive maintenance and servicing of its energy intensive
machines and equipments to ensure that they operate at optimum energy consumption levels.
Nil
4. Expenditure on R and D
Technology absorption, adaptation and innovation
1. Efforts in brief made towards technology absorption adaptation and innovation.
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
2. Benefit derived as a result of the above efforts e.g. product improvement, cost reduction, product development, import substitution.
3. In case of imported technology (imported during last 5 years reckoned from the beginning of the financial year) following information may be
furnished.
a] Technology imported
b] Year of Import
d] If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action. 1.1) New Model Technology
Absorption.
1.2) Indigenization of CKD parts.
1.3) Development of new models for
Exports.
2.1) Commercial Production of New
Models started.
2.2) Reduction in the material cost by
Decrease in Import of CKD parts.
3.1) Localization of Door sashes.
3.2) Development of new models for export market by using in-house technology.
3.3) Development of mufflers for 2 wheelers using in-house design and development expertise.
Amount incurred has been shown under respective account heads.
The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken Kogyo Co. Ltd. Japan and M/s Futaba Industrial Co.
Ltd, Japan. The company has fully absorbed the technology and started making components using the technology.
Our customers have been able to save massive foreign exchange outflow on account of our companys efforts as exhaust systems and Door
Sashes were earlier imported by them.
The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken Kogyo Co. Ltd., Japan and M/s Futaba Industrial Co.
Ltd, Japan.
For Exhaust Systems: 2004-05, 2005-06, 2006-07,2007-08
For Door Sashes : 2000-01, 2004-05
Yes. The company is now designing new products for its customers using in house technology.
Not Applicable.
Annexure B
Information under Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 and forming part
of Directors report for the year ending 31st March, 2012.
Name / Designation Gross Remuneration (Rs) Qualification Experience in Years Date of Commencement of Employment Age Last employment
before joining company
7
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Rattan Kapur, Managing Director 6662130/- B.Com. (Hons.) 33 Years 1st January, 1998 56 Years Mark Auto Industries Limited
Rohan Kapur Executive Director 3504000/- Graduate 7 Years 14th April, 2005 29 Years First Employment
- Gross remuneration comprises of salary, allowances, companys contribution to Provident fund and taxable value of other perquisites.
- The appointment of Managing Director is on contractual basis for a period of five years w.e.f. 1st October, 2011.
- The Appointment of Executive Director is on contractual basis for the period of Five Years w.e.f. 14th April 2010.
CORPORATE GOVERNANCE
1. THE COMPANYS PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE
The companys Philosophy on Code of Governance as adopted by the company is as under:
Ensure that the quantity, quality and frequency of financial and managerial information, which management shares with the Board, fully places
the board members in control of the company affairs.
Ensure that the Board exercises its fiduciary responsibilities towards shareholders and creditors, thereby ensuring high accountability.
Ensure that decision-making is transparent and documentary evidence is traceable through the minutes of the meetings of the Board/ Committee
thereof.
The board, the employees and all concerned are fully committed towards maximizing long-term value to the shareholders and the company.
Ensure that the core values of the company are protected.
Ensure that the company upgrades it self from time to time to be at par with any other world class company in automobile sector.
2. BOARD OF DIRECTORS
Meetings and Attendance
During the year ended 31st March 2012, Four Board meetings were held on the following Dates (i) 11th April, 2011 (ii) 16th July, 2011 (iii) 23rd
November, 2011 (iv) 28th January, 2012.
Attendance of Directors at Board Meeting
and the Annual General Meeting (AGM) (16th July, 2011)
Name of Director No. of Board meetings attended Whether attended the AGM
Mr. R.P. Goyal
Chairman 01 No
Mr. Rattan Kapur
Managing Director 04 Yes
Mr. M. M. Singh
Additional Director 04 Yes
Mr. S. Natarajan
Director 04 Yes
Mr. Rohan Kapur
Director 03 Yes
Mr. K.T. S. Tulsi
Director 04 Yes
Mr. Sandeep Chandhok
Director 04 Yes
Mr. Hiroshi Sakamoto
Director 04 Yes
3. COMMITTTEES OF THE BOARD
(i) Audit Committee
Terms of Reference of the Audit Committee are as per Section 292 A of the Companies Act, 1956, includes overseeing financial reporting
processes, reviewing periodic financial results, reviewing with the management the financial statements and adequacy of internal control systems,
reviewing the adequacy of internal audit function, discussions with the auditors about the scope of audit including the observations of the
auditors, discussion with internal auditors on any significant findings, reviewing the performance of Statutory Auditors and Internal Auditors and
recommend their appointment and remuneration to the board, considering their independence and effectiveness.
Composition and Attendance
During the year ended March 31, 2012, Four meetings of the audit Committee was held on the following date: i) 11th April, 2011 (ii) 16th July,
2011 (iii) 23rd November 2011 (iv) 28th January, 2012.
Name of director No. Meetings attended
Mr. R.P. Goyal
Chairman 01
8
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Mr. S. Natarajan
Director 04
Mr. K.T. S. Tulsi
Director 04
Mr. Sandeep Chandhok
Director 04
The Company Secretary acts as the Secretary of the committee.
ii) Remuneration Committee
MESL has a duly constitute Remuneration Committee. The committee consists of two independent Directors namely, Mr. S. Natarajan, Director
and Mr. K.T.S. Tulsi, Director.
Remuneration Policy
The Remuneration Policy of the Company for managerial personnel is primarily based on the following:
Performance of the company, its divisions and units.
Track record, potential and performance of individual managers and External competitive environment.
Remuneration of Directors (for the year ended 31st March, 2012)
The remuneration of the directors is decided by the board of Directors as per the recommendation of the Remuneration Committee and
remunerations policy of the company within the ceiling fixed by the shareholders.
(iii) Share Transfer Committee
During the year ended March 31 2012, no meeting of Share Transfer Committee was held.
4. GENERAL BODY MEETINGS
The Last three Annual General Meeting were held as per details given below:
Year Date Day Time Venue
2009 17/07/2009 Friday 6.00 P.M. Hotel Taj Palace, 2 Sardar Patel Marg, New Delhi
2010 17/07/2010 Saturday 600 P.M Hotel Taj Palace, 2 Sardar Patel Marg, New Delhi
2011 16/07/2011 Saturday 600 P.M Hotel Taj Palace, 2 Sardar Patel Marg, New Delhi
No special Resolution was put through postal ballot last year nor is it proposed to put any special resolution to vote through postal ballot this year.
DISCLOSURES PURSUANT OT SCHEDULE XIII, PART II, IN SECTION II PARAGRAPH 1, CLAUSE (B) IV (2), AS AMENDED VIDE
NOTIFICATION NO. GSR 36 (E), DATED 16TH JANUARY, 2002 BY DEPARTMENT OF COMPANY AFFAIRS:
I. Executive Directors
Name of the Director Salary and Allowances (Rs.)
Commission
(Rs.) Perquisites
(Rs.) Contribution to PF
Tenure
Mr. Rattan Kapur
Managing Director
5782462/- Nil 512468/- 367200/- 5 Years
Mr. Rohan Kapur Executive Director 3240000/- Nil 48000/- 216000/- 5 Years
Exclusive of provision for future liabilities in respect of retirement benefits, which are based on actuarial valuation done on overall Company
basis.
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
5. DISCLOSURES
A. Related Party Transactions
The Company has not entered into any transaction of material nature with the promoters the Directors or the management, their subsidiaries or
relatives etc. that may have any potential conflict with the interests of the company.
B. Compliances by the Company
The Company has complied with the requirements of the SEBI and other statutory authorities on all matters related to capital markets during the
last three years; no penalties or strictures have been imposed on the Company by the SEBI or any other statutory authorities relating to the above.
Plant Locations of the Company
1. 39/7, Begumpur Khatola
Delhi Jaipur highway
Gurgaon- 122001
2. Village Binola, Bhora Kalan,
Delhi Jaipur highway
Distt Gurgaon
Gurgaon.
10
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
11
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
12
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
Auditors1
01/04/2011
to
31/03/2012
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor
Auditors firm
Uberoi Sood &
Kapoor
Sachin Dev Sharma
001462N
080399
606, Vishal Bhawan,
95 Nehru Place,
New DElhi-110019
AAAFU1674L
Z99999999
12/04/2012
12/04/2012
13
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
Auditor's
favourable remark
[Member]
01/04/2011
to
31/03/2012
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report
[LineItems]
Disclosure in auditors report relating to fixed assets
14
Yes
(a) The Company
has
maintained
proper
records
showing
full
particulars including
quantitative details
and situation of fixed
assets.
Textual information
(10) [See below]
(c) No substantial
part of the fixed
assets has been
disposed off during
the year.
Yes
(a) The inventory
has been physically
verified by the
management
at
reasonable intervals.
(b) The procedures
of
physical
verification
of
inventories followed
by the management
are reasonable and
adequate in relation
to the size of the
company and the
nature
of
its
business.
Textual information
(11) [See below]
Yes
Textual information
(12) [See below]
As in point 3(a)
&3(b) above
As in point 3(a)
&3(b) above
As in point 3(a)
&3(b) above
Textual information
(13) [See below]
Yes
5(a) The particulars
of contracts or
arrangements
reffered to in section
301 of the Act have
been entered in the
register required to
be maintained under
that section
Textual information
(14) [See below]
Textual information
(15) [See below]
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Disclosure in auditors report relating to term loans used for purpose other than for purpose they
were raised
Disclosure in auditors report relating to nature and amount of fund raised for short-term has
been used for long-term or vice versa
Disclosure in auditors report relating to purpose and end use of money raised through public issues
15
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
21. According to the
information
and
explanations given
by the management,
we report that no
fraud on or by the
company has been
noticed or reported
during the year.
Disclosure in auditors report relating to any material fraud reported during period
(21)
No
16
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
17
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2012;
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section
(4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.
18
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
e. on the basis of written representations received from the directors as on 31 March, 2012, and taken on record by the Board of Directors, we do
hereby certify that none of the directors of the company as on 31 March, 2012, is disqualified for appointment as a director in terms of clause (g)
of sub section (1) of section 274 of the Companies Act, 1956 on the said date;
19
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
3. (a) The company has not granted any loans to the companies, firms or other parties covered in the register maintained under section 301 of the
Companies Act, 1956. Accordingly, sub-clauses (iii)(b) to sub-clauses (iii)(d) of the Order are not applicable to the company.
(b) The company has not taken any loans from companies, firms or other parties covered in the register maintained under section 301 of the
Companies Act, 1956. Accordingly, sub-clauses (iii)(f) to sub-clauses (iii)(g) of the Order are not applicable to the company.
4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with
the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.
5. (a) The particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained
under that section.
(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of the Act in respect of any party during the year have been made at prices
which are reasonable having regard to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public to which the provisions of section 58A, 58AA or any other relevant provision of
the Companies Act, 1956 and the rules made thereunder would apply.
7. In our opinion, the company has an internal audit system commensurate with the size and the nature of its business.
8. We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to
the Rules made by the Central Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 and we are
of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed
examination of the records with a view to determining whether they are accurate or complete.
9. (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees state insurance, investor education and protection fund, income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, employees state insurance, investor education and protection fund, income tax, wealth tax, sales tax, service
tax, customs duty and excise duty were outstanding, as at 31 March, 2012 for a period of more than six months from the date they became
payable.
(b) According to the records of the company, there are no dues on account of any dispute of income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess except the following:Nature of the Statutory Dues Amount (` in Lacs) Period to which the amount relates Forum where the dispute is pending
T. D. S. 54.57 Assessment Years
2001-02 to 2006-07 Appeal has been filed with ITAT Delhi. ITAT Delhi has set aside the order and the matter is restored back to CIT (A) for a
fresh decision.
Income Tax 87.23 Assessment Year
2009-10 Jt. Commissioner of Income Tax(OSD)
10. The company does not have accumulated losses. The company has not incurred any cash loss during the financial year covered by our audit
and in the immediately preceding financial year.
11. The company has not defaulted in repayment of dues to a financial institution or banks.
12. Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other securities.
13. Clause(xiii) is not applicable to the company.
14. The company is not dealing or trading in shares, securities and debentures except investment in shares for which proper records have been
maintained and timely entries have been made in those records. We also report that the company has held the shares, debentures and other
investments in its own name.
15. The company has not given any guarantee for loans taken by others from bank or financial institutions.
16. According to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised.
17. In our opinion and according to the information and explanations given to us, the funds raised on short terms basis have not been used for long
term investments.
18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301
of the Act.
19. The company has not issued any debentures.
20
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
21
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
1,000
3,353.16
4,353.16
0
Long-term borrowings
Deferred tax liabilities (net)
Other long-term liabilities
Long-term provisions
Total non-current liabilities
Current liabilities [Abstract]
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
Total current liabilities
Total equity and liabilities
Assets [Abstract]
Non-current assets [Abstract]
Fixed assets [Abstract]
Tangible assets
Intangible assets
Tangible assets capital work-in-progress
Total fixed assets
Non-current investments
Long-term loans and advances
Other non-current assets
Total non-current assets
Current assets [Abstract]
Current investments
Inventories
Trade receivables
Cash and bank balances
Short-term loans and advances
Total current assets
Total assets
22
31/03/2011
1,000
2,781.45
3,781.45
0
4.75
(A) 1,779.6
634.02
46.6
687.5
29.25
(B) 78.88
2,539.1
(C) 61.12
782.62
(D) 1,064.6
9,540.76
1,056.28
(E) 1,073.93
10,166.99
2,102.36
(F) 241.81
11,903.45
18,795.71
(G) 159.46
13,502.74
18,066.81
(H) 8,545.36
0
153.05
8,698.41
(I) 8,114.72
0
152.52
8,267.24
(J) 9.44
441.27
0
9,149.12
(K) 9.44
1,021.7
0
9,298.38
0
3,208.48
4,772.56
231.9
1,433.65
9,646.59
18,795.71
0
2,389.57
4,562.31
995.3
821.25
8,768.43
18,066.81
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Footnotes
(A) ECB Loan taken from MIZUHO Corporate Bank Limited is payable half yearly installment as per amortization schedule starting
from October 31, 2013 to April 30, 2016
(B) Provisions for employees Benefits Leave encashment
(C) Provisions for employees Benefits Leave encashment
(D) Secured Loans *Loans repayable on demand from Bank :Rs.991.66 **Related Parties : Rs.72.94 * The cash Credit Facilities taken
from Corporation Bank, Standard Chartered Bank, Mizuhu Corporate Bank Ltd & Yes Bank Ltd are secured by hypothecation stock of
raw material, work in progress, Finished Goods and other materials and book debts. ** Payable in monthly installment as per repayment
schedule (Secured by Hypothecation of respective fixed assets)
(E) Secured Loans *Loans repayable on demand from Bank :Rs.1062.84 **Related Parties : Rs.11.09 * The cash Credit Facilities taken
from Corporation Bank, Standard Chartered Bank, Mizuhu Corporate Bank Ltd & Yes Bank Ltd are secured by hypothecation stock of
raw material, work in progress, Finished Goods and other materials and book debts. ** Payable in monthly installment as per repayment
schedule (Secured by Hypothecation of respective fixed assets)
(F) Provisions for employees benefits: Leave Encashments Rs.2.76 Provision for Bonus: Rs.36.49 Gratuity Rs. 5.40 Other Rs. 166.06
Provisions for Taxation (Net) Rs. 31.10
(G) Provisions for employees benefits: Leave Encashments Rs.5.70 Provision for Bonus: Rs.28.09 Gratuity Rs. 0 Other Rs. 125.67
Provisions for Taxation (Net) Rs. 0
(H) Vehicles include Vehicles on hire purchase (Gross Block) amounting to Rs. 42.25 lacs (Previous Yrs Rs. 52.16 Lacs) During the
year, the company has changed the accounting policy for charging depreciation on JIGS & DIES capitalized under the head Plant &
Equipment. The rate has been changed from 11.31% to 19% on SLM basis. This change has resulted in reduction of profit for the year
ended 31.3.2012 by Rs. 18.71 lacs.
(I) The amount of Foreign exchange fluctuation increased to the carrying amount of plant & machinery during the year is Rs.210.74/(Previous Yr. -288.67 decreased)
(J) Aggregate Value of Quoted investment. Book Value 9.44 & market value 80.93
(K) Aggregate Value of Quoted investment. Book Value 9.44 & market value 105.05
..(1)
DirectorsSigningBalanceSheet1 DirectorsSigningBalanceSheet2
01/04/2011
to
31/03/2012
Details of signatories of balance sheet [Abstract]
Details of directors signing balance sheet [Abstract]
Details of directors signing balance sheet [LineItems]
Name of director signing balance sheet [Abstract]
First name of director
Last name of director
Designation of director
Director identification number of director
Date of signing of balance sheet by director
Rattan
Kapur
Managing Director
00304573
12/04/2012
01/04/2011
to
31/03/2012
Seshagiri
Natarajan
Director
00457834
12/04/2012
SANJAY GUPTA
ADNPG1413B
12/04/2012
23
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
01/04/2010
to
31/03/2011
794.65
759.49
233.3
1,265.15
1.16
40.03
1,078.15
2.37
(A) -3.8
(B) 0.58
(C) -40.61
0
(D) -5.15
0
1,452.88
1,111.24
(E) -818.91
(F) -816.69
(G) -210.25
(H) -1,086.65
(I) -802.41
(J) -288.91
(K) -626.24
-235.26
Dividends received
Interest received
Income taxes (paid) refund
Other inflows (outflows) of cash
Proceeds from government grants
24
3,133.88
(L) 704.83
0
-2,693.07
-1,240.19
-445.54
0
0
0
200.15
0
0
1,646.46
2,757.7
3,517.19
0
0
0
288.4
(M) 0
-645.69
3,228.79
0
0
-645.69
0
0
3,228.79
0
0
0
0
0
0
(N) 3.8
31/03/2010
25.68
(O) 1,696.34
1.16
41.19
0
(P) 2,348.45
2.37
5.58
0
(Q) -1.98
0
(R) 637.5
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Net cash flows from (used in) investing activities before extraordinary
items
Net cash flows from (used in) investing activities
Cash flows from used in financing activities [Abstract]
Proceeds from issuing shares
Proceeds from issuing other equity instruments
Proceeds from issuing debentures notes bonds etc
Proceeds from borrowings
Repayments of borrowings
Dividends paid
Interest paid
Net cash flows from (used in) financing activities before extraordinary
items
Proceeds from extraordinary items
Payment for extraordinary items
Net cash flows from (used in) financing activities
Net increase (decrease) in cash and cash equivalents before effect of
exchange rate changes
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents cash flow statement at end of period
Footnotes
(A) Loss on sale of Fixed Assets: .07 Less profit on sale of fixed assets: -3.87
(B) Loss on sale of Fixed Assets: .98 Less profit on sale of fixed assets:0.40 Net 0.58
(C) Provision for Wealth tax : .58 Less: Interest Income Received: 41.19
(D) Provision for Wealth tax : .43 Less: Interest Income Received: -5.58 Net
(E) Decrease (Increase) in Inventories
(F) Decrease (Increase) in Inventories
(G) Decrease (Increase) in Trade Receivables
(H) Decrease (Increase) in Trade Receivables
(I) Decrease (Increase) in Other Receivables
(J) Decrease (Increase) in Other Receivables
(K) (Decrease) Increase in Trade Paybles
(L) (Decrease) Increase in liabilities Other then Trade Payables
(M) Redemption/(Investments) in fixed deposits having maturity of more then 3 months
(N) Proceeds from sale of fixed assets
(O) Purchase of Fixed Assets
(P) Purchase of Fixed Assets
(Q) Redemption/(Investments) in fixed deposits having maturity of more then 3 months
(R) Redemption/(Investments) in fixed deposits having maturity of more then 3 months
(S) Proceeds from long term borrowings
(T) Proceeds from short term borrowings
(U) Proceeds from short term borrowings
(V) Proceeds from Long Term Borrowings
25
-1,652.17
-1,677.32
-1,652.17
-1,677.32
0
0
0
0
0
0
(S) 1,774.85
(T) 227.08
(U) 9.32
0
233.3
(V) 1,220.33
0
40.04
1,532.23
-1,033.29
0
0
1,532.23
0
0
-1,033.29
-765.63
518.18
-765.63
203.28
518.18
968.66
450.48
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
01/04/2011
to
31/03/2012
Disclosure of shareholding more than five
per cent in
company [Abstract]
Disclosure of shareholding more than five
per cent
in company [LineItems]
Equity
Type of share
Name of shareholder
CIN of shareholder
Country of incorporation or residence
of
Shareholder 2 [Member]
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
Equity
Equity
Equity
Spinx Auto (India) Private Spinx Auto (India) Private
Maruti Suzuki India Ltd
Maruti Suzuki India Ltd
Limited
Limited
L34103DL1981PLC011375 L34103DL1981PLC011375 U74899DL1995PTC067057 U74899DL1995PTC067057
INDIA
shareholder
Number of shares held in company
Percentage of shareholding in company
INDIA
[shares] 44,37,000
44.37%
INDIA
[shares] 44,37,000
44.37%
INDIA
[shares] 18,75,000
18.75%
[shares] 18,75,000
18.75%
..(2)
01/04/2011
to
31/03/2012
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Type of share
Name of shareholder
CIN of shareholder
Country of incorporation or residence of
shareholder
Number of shares held in company
Percentage of shareholding in company
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
Equity
Equity
Equity
Equity
Chanson Shipping & Chanson Shipping & Sankie
Giken Sankie Giken Kogyo
Packaging Co. Private Ltd Packaging Co. Private Ltd Kogyo Co. Ltd
Co. Ltd
U74899DL1971PTC005523 U74899DL1971PTC005523
INDIA
INDIA
[shares] 12,75,000
12.75%
JAPAN
[shares] 12,75,000
12.75%
[shares] 7,50,000
7.50%
JAPAN
[shares] 7,50,000
7.50%
..(3)
01/04/2011
to
31/03/2012
Disclosure of shareholding more than five per cent in company [Abstract]
Disclosure of shareholding more than five per cent in company [LineItems]
Type of share
Name of shareholder
PAN of shareholder
Country of incorporation or residence of shareholder
Number of shares held in company
Percentage of shareholding in company
26
01/04/2010
to
31/03/2011
Equity
Equity
Rattan Kapur HUF Rattan Kapur HUF
AAFHR4026Q
AAFHR4026Q
INDIA
INDIA
[shares] 5,87,000
[shares] 5,87,000
5.87%
5.87%
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
01/04/2011
to
31/03/2012
Disclosure of classes of share capital [Abstract]
Disclosure of classes of share capital [LineItems]
Number of shares authorised
Value of shares authorised
Number of shares issued
Value of shares issued
Number of shares subscribed and fully paid
Value of shares subscribed and fully paid
Number of shares subscribed but not fully paid
Value of shares subscribed but not fully paid
Total number of shares subscribed
Total value of shares subscribed
Value of shares paid-up [Abstract]
Number of shares paid-up
Value of shares called
Value of shares paid-up
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Decrease in number of shares during period
[Abstract]
Other decrease in number of shares
Total decrease in number of shares during
period
Total increase (decrease) in number of
shares outstanding
Number of shares outstanding at end of period
Reconciliation of value of shares outstanding
[Abstract]
Changes in share capital [Abstract]
Decrease in share capital during period
[Abstract]
Other decrease in amount of shares
Total decrease in share capital during
period
Total increase (decrease) in share capital
Share capital at end of period
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Application money received for
allotment of securities and due for
refund, principal
Application money received for
allotment of securities and due for
refund, interest accrued
Total application money received for
allotment of securities and due for refund
and interest accrued thereon
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
[shares] 1,05,00,000
1,500
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000
[shares] 1,05,00,000
1,500
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
1,000
[shares] 1,00,00,000
1,000
1,000
27
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
0
1,000
0
1,000
0
1,000
0
1,000
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(2)
Equity shares
[Member]
31/03/2010
Disclosure of classes of share capital [Abstract]
Disclosure of classes of share capital [LineItems]
Type of share
Number of shares authorised
Value of shares authorised
Number of shares issued
Value of shares issued
Number of shares subscribed and fully paid
Value of shares subscribed and fully paid
Number of shares subscribed but not fully paid
Value of shares subscribed but not fully paid
Total number of shares subscribed
Total value of shares subscribed
Value of shares paid-up [Abstract]
Number of shares paid-up
Value of shares called
Value of shares paid-up
Par value per share
Details of shares not fully called [Abstract]
Amount per share called
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Decrease in number of shares during period
[Abstract]
Other decrease in number of shares
Total decrease in number of shares during
period
Total increase (decrease) in number of
shares outstanding
Number of shares outstanding at end of period
Reconciliation of value of shares outstanding
[Abstract]
Changes in share capital [Abstract]
Decrease in share capital during period
[Abstract]
Other decrease in amount of shares
Total decrease in share capital during
period
Total increase (decrease) in share capital
Share capital at end of period
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Application money received for
allotment of securities and due for
refund, principal
Application money received for
allotment of securities and due for
refund, interest accrued
Total application money received for
allotment of securities and due for refund
and interest accrued thereon
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
Equity
Equity
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000
[shares] 0
[shares] 0
0
0
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000
[shares] 0
1,000
28
[shares] 1,00,00,000
1,000
1,000
[INR/shares] 10
[shares] 1,00,00,000
1,000
1,000
[INR/shares] 10
[INR/shares] 10
[INR/shares] 10
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
0
1,000
0
1,000
[shares] 0
1,000
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(3)
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
[shares] 5,00,000
500
[shares] 0
0
[shares] 0
0
[shares] 0
0
[shares] 0
0
Redeemable
Redeemable
Preference Shares
Preference Shares
[shares] 5,00,000
[shares] 5,00,000
[shares] 5,00,000
500
500
500
[shares] 0
[shares] 0
[shares] 0
0
0
0
[shares] 0
[shares] 0
[shares] 0
0
0
0
[shares] 0
[shares] 0
[shares] 0
0
0
0
[shares] 0
[shares] 0
[shares] 0
0
0
0
[shares] 0
0
0
29
[shares] 0
0
0
[shares] 0
0
0
[INR/shares] 100
[shares] 0
0
0
[INR/shares] 100
[INR/shares] 0
[INR/shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
[shares] 0
0
0
0
0
0
0
0
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
01/04/2010
to
31/03/2011
Yes
Yes
No
No
No
No
..(1)
Reserves [Member]
01/04/2011
to
31/03/2012
Statement of changes in reserves [Abstract]
Statement of changes in reserves [LineItems]
Changes in reserves [Abstract]
Additions to reserves [Abstract]
Profit (loss) for period
Other additions to reserves
Total additions to reserves
Deductions to reserves [Abstract]
Other utilisation of securities premium if
permitted
Other deductions to reserves
Total deductions to reserves
Appropriations for dividend, dividend tax and
general reserve [Abstract]
Dividend appropriation [Abstract]
Interim dividend appropriation [Abstract]
Interim equity dividend appropriation
Interim preferred dividend
appropriation
Interim special dividend appropriation
Total interim dividend appropriation
Final dividend appropriation [Abstract]
Final equity dividend appropriation
Final preferred dividend appropriation
Final special dividend appropriation
Total final dividend appropriation
Total dividend appropriation
Dividend tax appropriation [Abstract]
Equity dividend tax appropriation
Preferred dividend tax appropriation
Total dividend tax appropriation
Transfer to general reserve
Total appropriations for dividend,
dividend tax and general reserve
Appropriation towards bonus shares
Total changes in reserves
Reserves at end of period
Description of nature and purpose of other
reserves/funds
Venturer's share of post-acquisition reserves
of jointly controlled enterprise
Disclosure of details of transfer to
capital redemption reserve on account
of company purchases of own shares
Surplus [Member]
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
571.71
0
571.71
636.7
0
636.7
571.71
0
571.71
636.7
0
636.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
571.71
3,353.16
0
636.7
2,781.45
0
571.71
3,353.16
0
636.7
2,781.45
[ As per Member(s)
[ As per Member(s) ] NA
]
0
[ As per Member(s)
[ As per Member(s) ] 0
]
30
0
0
0
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(2)
Surplus [Member]
31/03/2010
Statement of changes in reserves [Abstract]
Statement of changes in reserves [LineItems]
Reserves at end of period
2,144.75
01/04/2010
to
31/03/2011
0
0
0
0
0
0
..(1)
Long-term [Member]
Term loans [Member]
Term loans from banks [Member]
Unsecured borrowings [Member]
Unsecured borrowings [Member]
01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Terms of repayment of long-term loans and
other long-term loans
01/04/2011
to
31/03/2012
31/03/2011
1,779.6
ECB loan taken from Mizuho
Corporate Bank Ltd is payable half
yearly
instalment
as
per
amortisation schedule starting
from october 31, 2013 to April 30,
2016
31/03/2011
1,779.6
ECB loan taken from Mizuho
Corporate Bank Ltd is payable half
yearly
instalment
as
per
amortisation schedule starting
from october 31, 2013 to April 30,
2016
..(2)
Long-term [Member]
Foreign currency term loans from banks
Loans and advances from related parties
[Member]
[Member]
Unsecured borrowings [Member]
Secured borrowings [Member]
01/04/2011
01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]
31/03/2011
1,779.6
Nature of security
Terms of repayment of long-term loans and
other long-term loans
to
31/03/2012
0
ECB loan taken from Mizuho
Corporate Bank Ltd is payable half
yearly
instalment
as
per
amortisation schedule starting from
october 31, 2013 to April 30, 2016
31
01/04/2010
to
31/03/2011
4.75
Secured by hypothecation of
respective fixed assets
Payable in monthly instalement as
per repayment agreement
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(3)
Long-term [Member]
Loans and advances from others [Member]
Secured borrowings [Member]
01/04/2011
01/04/2010
to
31/03/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]
01/04/2011
to
31/03/2012
Nature of security
Short-term [Member]
Loans repayable on demand [Member]
Secured borrowings [Member]
4.75
991.66
01/04/2010
to
31/03/2011
1,062.84
other
..(4)
Short-term [Member]
Loans repayable on demand from banks Loans and advances from related parties
[Member]
[Member]
Secured borrowings [Member]
Secured borrowings [Member]
01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]
01/04/2010
to
31/03/2011
991.66
1,062.84
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
72.94
11.09
Secured
by S e c u r e d
by
Textual information Textual information hypothecation
of Hypothecation
of
(24) [See below]
(25) [See below]
respective
fixed Respective
Fixed
assets
Assets
Nature of security
..(5)
Short-term [Member]
Loans and advances from others
[Member]
Secured borrowings [Member]
01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]
72.94
01/04/2010
to
31/03/2011
11.09
Secured
by
Secured
by
hypothecation
of
hypothecation
of
respective
fixed
respective fixed assets
assets
Nature of security
32
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
33
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
01/04/2011
to
31/03/2012
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
1,508.69
31/03/2010
Accumulated
depreciation
and
impairment
[Member]
01/04/2011
to
31/03/2012
1,508.69
1,901.06
1,901.06
-1,265.16
-1,078.15
26.29
36.85
27.45
36.85
26.29
36.85
27.45
36.85
187.1
187.1
187.1
187.1
430.63
796.62
1,658.94
1,873.61
1,228.31
(A) 8,545.36
(B) 8,114.72
18,502.03
16,843.09
1,265.16
14,969.48
9,956.67
Footnotes
(A) Vehicles include Vehicles on hire purchase (Gross Block) amounting to Rs. 42.25 lacs (Previous Yrs Rs. 52.16 Lacs) During the
year, the company has changed the accounting policy for charging depreciation on JIGS & DIES capitalized under the head Plant &
Equipment. The rate has been changed from 11.31% to 19% on SLM basis. This change has resulted in reduction of profit for the year
ended 31.3.2012 by Rs. 18.71 lacs.
(B) The amount of Foreign exchange fluctuation increased to the carrying amount of plant & machinery during the year is Rs.210.74/(Previous Yr. -288.67 decreased)
34
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(2)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
Land [Member]
Owned assets [Member]
Gross carrying
amount
[Member]
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
01/04/2011
to
31/03/2012
1,078.15
1.16
1.16
1,076.99
193.82
193.82
8,728.37
7,651.38
35
193.82
193.82
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(3)
Land [Member]
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
Buildings
[Member]
Owned assets
[Member]
Carrying
amount
[Member]
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
31/03/2010
0
-64.06
0
0
0
0
-64.06
193.82
193.82
36
1,227.66
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(4)
Buildings [Member]
Owned assets [Member]
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
245.44
Accumulated
depreciation
and
impairment
[Member]
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
01/04/2011
to
31/03/2012
245.44
-49.43
64.06
0
0
0
0
196.01
245.44
64.06
1,737
1,737
1,291.71
1,095.7
37
1,491.56
509.34
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(5)
Buildings [Member]
Owned assets [Member]
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
245.44
-64.06
-49.43
49.43
-64.06
196.01
1,227.66
1,291.71
49.43
445.29
395.86
38
Gross carrying
amount
[Member]
01/04/2011
to
31/03/2012
0
1,095.7
1,737
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(6)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
245.44
Plant and
equipment
[Member]
Owned assets
[Member]
Carrying
amount
[Member]
01/04/2011
to
31/03/2012
1,368.17
64.06
49.43
-1,083.64
0
0
187.1
0
187.1
245.44
1,737
1,491.56
39
64.06
49.43
509.34
445.29
471.63
395.86
6,682.59
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(7)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
1,336.79
01/04/2011
to
31/03/2012
1,368.17
01/04/2010
to
31/03/2011
31/03/2010
Accumulated
depreciation
and
impairment
[Member]
01/04/2011
to
31/03/2012
1,336.79
-912.52
1,083.64
0
0
187.1
187.1
424.27
1,555.27
1,336.79
15,376.74
13,821.47
6,211.33
5,787.06
40
1,083.64
12,484.68
8,694.15
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(8)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
912.52
912.52
7,610.14
6,697.62
41
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
01/04/2011
to
31/03/2012
1,368.17
1,336.79
1,368.17
-1,083.64
-912.52
187.1
187.1
187.1
471.63
424.27
1,555.27
6,682.59
6,211.33
187.1
5,787.06
15,376.74
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(9)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
1,336.79
Furniture and
fixtures
[Member]
Owned assets
[Member]
Carrying
amount
[Member]
01/04/2011
to
31/03/2012
5.94
1,083.64
912.52
-8.39
0
0
0
0
1,336.79
13,821.47
12,484.68
42
1,083.64
912.52
8,694.15
7,610.14
-2.45
6,697.62
31.12
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(10)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
9.96
Accumulated
depreciation
and
impairment
[Member]
01/04/2011
to
31/03/2012
5.94
01/04/2010
to
31/03/2011
31/03/2010
01/04/2011
to
31/03/2012
9.96
-6.5
8.39
0
0
0
0
0
3.46
33.57
30.11
43
5.94
9.96
116.3
110.36
8.39
100.4
85.18
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(11)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
6.5
6.5
76.79
70.29
44
Vehicles [Member]
Owned assets [Member]
Gross carrying
amount
[Member]
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
01/04/2011
to
31/03/2012
83.89
255.28
83.89
-85.78
-90
26.29
36.85
26.29
36.85
-1.89
138.99
262.55
264.44
47.04
125.45
709
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(12)
Vehicles [Member]
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
255.28
Motor vehicles
[Member]
Owned assets
[Member]
Carrying
amount
[Member]
01/04/2011
to
31/03/2012
83.89
85.78
90
-85.78
27.45
36.85
1.16
27.45
36.85
1.16
0
0
0
227.83
661.96
434.13
45
48.93
88.84
446.45
397.52
-1.89
308.68
262.55
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(13)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
255.28
Accumulated
depreciation
and
impairment
[Member]
01/04/2011
to
31/03/2012
83.89
01/04/2010
to
31/03/2011
31/03/2010
01/04/2011
to
31/03/2012
255.28
-90
85.78
26.29
36.85
27.45
36.85
26.29
36.85
27.45
36.85
47.04
227.83
48.93
709
661.96
0
0
0
138.99
264.44
125.45
46
434.13
446.45
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(14)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
50.69
53.59
90
-23.29
-19.7
1.16
1.16
27.4
33.89
147.62
119.85
88.84
397.52
308.68
47
Gross carrying
amount
[Member]
01/04/2011
to
31/03/2012
50.69
50.69
85.96
369.17
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(15)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
53.59
Computer
equipments
[Member]
Owned assets
[Member]
Carrying
amount
[Member]
01/04/2011
to
31/03/2012
40.42
23.29
19.7
-17.95
0
0
0
0
0
53.59
318.48
264.89
48
23.29
19.7
221.55
198.63
22.47
178.93
70.71
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(16)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
26.11
Accumulated
depreciation
and
impairment
[Member]
01/04/2011
to
31/03/2012
40.42
01/04/2010
to
31/03/2011
31/03/2010
01/04/2011
to
31/03/2012
26.11
-14.45
17.95
0
0
0
0
0
11.66
48.25
36.59
49
40.42
26.11
245.28
204.87
17.95
178.76
174.57
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(17)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period
31/03/2010
14.45
14.45
156.62
142.17
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
10.27
27.48
-5.34
-5.25
4.93
22.23
76.9
71.6
01/04/2011
to
31/03/2012
10.27
10.27
49.37
123.88
..(18)
01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets [LineItems]
Reconciliation of changes in tangible assets
[Abstract]
Changes in tangible assets [Abstract]
Additions other than through business
combinations tangible assets
Depreciation tangible assets
Total changes in tangible assets
Tangible assets at end of period
31/03/2010
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
31/03/2010
27.48
27.48
113.61
50
86.13
5.34
5.34
46.98
5.25
5.25
42.01
36.76
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
01/04/2011
to
31/03/2012
Factory
building
[Member]
Plant and
equipment
[Member]
Owned assets
[Member]
Owned assets
[Member]
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
[
As
p e r straight
Member(s) ]
method
[
As
per
11.31
Member(s) ]
line straight
method
line straight
method
19%
19%
line straight
method
line
11.31
01/04/2010
to
31/03/2011
F i x e d
a s s e t s
Textual information
[See below]
(26)
Textual information
[See below]
(27)
Vehicles
include Vehicles on hire
purchase (Gross Block)
amounting to Rs. 29.12
Lacs (Previous Year Rs.
29.12 Lacs).
Textual information (28)
[See below]
51
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
31/03/2012
Disclosure of intangible assets [Abstract]
Disclosure of intangible assets [LineItems]
Reconciliation of changes in intangible assets [Abstract]
Intangible assets at end of period
31/03/2011
..(1)
ClassificationOfNoncurrentInvestments1
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
52
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
01/04/2010
to
31/03/2011
Textual information (30)
[See below]
(A) 9.44
80.93
0
0
(B) 9.44
105.05
0
0
Footnotes
(A) Trade Investment (Valued at Cost) 3100 (31march 2011: 3100) equity shares of Rs/ 10/- each fully paid up of corporation bank Ltd:
Rs. 2.48 11600 (31st March 2011: 11600 equity shares of Rs.10/- each) Fully Paid up of State Bank of Travencore Ltd: Rs. 6.96
(B) Trade Investment (Valued at Cost) 3100 (31march 2011: 3100) equity shares of Rs/ 10/- each fully paid up of corporation bank Ltd:
Rs. 2.48 11600 (31st March 2011: 11600 equity shares of Rs.10/- each) Fully Paid up of State Bank of Travencore Ltd: Rs. 6.96
01/04/2010
to
31/03/2011
Textual information (32)
[See below]
53
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Trade receivables notes [Abstract]
Trade receivables [Abstract]
Subclassification of trade receivables
[Abstract]
Subclassification of trade receivables
[LineItems]
Breakup of trade receivables [Abstract]
Trade receivables, gross
Allowance for bad and doubtful debts
Total trade receivables
Details of trade receivables due by
directors, other officers or others
[Abstract]
Trade receivables due by directors
Trade receivables due by other officers
Trade receivables due by others
Total trade receivables due by
directors, other officers or
others
Details of trade receivables due by
firms or companies in which any director
is partner or director [Abstract]
Trade receivables due by firms in
which any director is partner
Trade receivables due by private
companies in which any director
is member
Total trade receivables due by firms
or companies in which any director is
partner or director
4,772.56
0
4,772.56
31/03/2011
4,562.31
0
4,562.31
31/03/2012
31/03/2011
4,772.56
0
4,772.56
4,562.31
0
4,562.31
0
0
0
0
0
0
0
54
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [LineItems]
Provisions [Abstract]
Provisions for employee benefits
[Abstract]
Provision gratuity
Provision leave encashment
Provision other employee related
liabilities
Total provisions for employee benefits
Provision for corporate tax [Abstract]
Provision for current tax
Total provision for corporate tax
Total provisions
31/03/2011
5.4
81.64
0
66.82
202.55
153.76
289.59
31.1
31.1
320.69
Long-term [Member]
31/03/2012
31/03/2011
78.88
61.12
220.58
78.88
61.12
0
0
220.58
78.88
61.12
..(2)
Short-term [Member]
31/03/2012
Subclassification and notes on liabilities and assets [Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [LineItems]
Provisions [Abstract]
Provisions for employee benefits [Abstract]
Provision gratuity
Provision leave encashment
Provision other employee related liabilities
Total provisions for employee benefits
Provision for corporate tax [Abstract]
Provision for current tax
Total provision for corporate tax
Total provisions
55
31/03/2011
5.4
2.76
202.55
210.71
0
5.7
153.76
159.46
31.1
31.1
241.81
0
0
159.46
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
Long-term [Member]
Capital advances [Member]
Security deposits [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Loans and advances due by others
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director
56
31/03/2011
31/03/2012
31/03/2011
83.07
807.75
202.17
100.46
83.07
807.75
202.17
100.46
0
0
0
0
0
0
68.95
0
0
68.95
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(2)
Long-term [Member]
Other loans and advances [Member]
Prepaid expenses [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Nature of other loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director
01/04/2011
to
31/03/2012
31/03/2011
31/03/2011
156.03
113.49
88.3
156.03
113.49
88.3
Advance Rent
57
0
0
0
0
0
0
0
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(3)
Long-term [Member]
Advance tax [Member]
Advance income tax paid [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Nature of other loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director
58
01/04/2010
to
31/03/2011
31/03/2011
31/03/2012
45.76
45.76
45.76
45.76
Net of Advance tax paid
0
0
0
0
0
0
0
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(4)
Long-term [Member]
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director
59
Short-term [Member]
Loans advances given suppliers
[Member]
Unsecured considered good [Member]
31/03/2011
31/03/2012
31/03/2011
67.73
67.73
842.74
316.84
67.73
67.73
842.74
316.84
0
0
0
0
0
0
0
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(5)
Short-term [Member]
Loans advances given employees [Member]
Cenvat receivable [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]
01/04/2010
to
31/03/2011
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Nature of other loans and advances
31/03/2012
31/03/2012
31/03/2011
551.09
464.71
7
Fair value of Plan Assets (Net of
Obligation) for Gratuity
551.09
464.71
0
0
0
0
0
0
0
0
..(6)
Short-term [Member]
Other loans and advances, others
[Member]
Unsecured considered good [Member]
01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets [Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and advances
Loans and advances
Nature of other loans and advances
Details of loans and advances due by directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by directors, other officers or others
Details of loans and advances due by firms or companies in which any
director is partner or director [Abstract]
Loans and advances due by private companies in which any director is member
Total loans and advances due by firms or companies in which any director
is partner or director
60
01/04/2010
to
31/03/2011
39.82
0
39.82
Others
32.7
0
32.7
Others
0
0
0
0
0
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Inventories notes [Abstract]
Inventories [Abstract]
Classification of inventories [Abstract]
Details of inventories [LineItems]
Inventories
Goods in transit
Mode of valuation
3,208.48
325.47
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
2,389.57
64.31
1,334.78
853.19
325.47
64.31
At cost (net of At cost (net of
CENVAT)
CENVAT) calculated
calculated on the on the basis of
[ As per Member(s)
[ As per Member(s) ] basis of weighted weighted
average
]
average method or method
or
net
net realisable value realisable
value
whichever is lower. whichever is lower.
..(2)
Work-in-progress [Member]
01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Inventories notes [Abstract]
Inventories [Abstract]
Classification of inventories [Abstract]
Details of inventories [LineItems]
Inventories
Mode of valuation
01/04/2010
to
31/03/2011
987.14
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
806.66
473.49
423.12
At cost (net of At lower of cost
CENVAT) calculated calculated on the
At estimated cost At estimated cost upto
on the basis of weighted basis of weighted
upto estimated stage estimated stage of
average method or net average method or
of process.
process
realisable
value net
realisable
whichever is lower.
value.
..(3)
01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Inventories notes [Abstract]
Inventories [Abstract]
Classification of inventories [Abstract]
Details of inventories [LineItems]
Inventories
Mode of valuation
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
82.4
237.08
5.2
5.21
At cost (net of At cost (net of
CENVAT)
CENVAT) calculated
calculated on the on the basis of
At
estimated At
estimated
basis of weighted weighted
average
realisable value.
realisable value.
average method or method
or
net
net realisable value realisable
value
whichever is lower. whichever is lower.
Scrap Stock
Scrap Stock
61
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
(A) 46.6
46.6
46.6
Textual information (33)
[See below]
0
78.7
0
0
0
(B) 29.25
29.25
29.25
0
0
0
0
0
0
0
0
977.58
1,056.28
0
(34)
1,158.54
2,102.36
0
86.19
65.33
(C) 0
(D) 0
(E) 187.3
187.3
15.98
203.28
28.62
231.9
(F) 967.63
967.63
1.03
968.66
26.64
995.3
Textual information
[See below]
01/04/2010
to
31/03/2011
28.62
Footnotes
(A) Advance from customers against supplies
(B) Advance from customers against supplies
(C) Fixed Deposits with Banks against Bank Guarantee
(D) Fixed Deposits with Banks against Bank Guarantee
(E) Balance with Bank (in Current Account)
(F) Balance with Bank (in Current Account)
(G) Fixed Deposits with Banks against Bank Guarantee
62
942.17
1.65
0
0
0
(G) 26.64
28.62
26.64
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
d)
Liability recognized in the Balance Sheet
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Present Value of obligations as at the end of the year 81.64 175.28 66.82 146.53
Fair value of Plan Assts as at the end of the year Nil 169.88 Nil 153.53
Unfunded Status 81.64 5.40 66.82 (7.00)
Net Assets/(Liability) Recognized in Balance Sheet (81.64) (5.40) (66.82) (7.00)
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Total Expense recognised in Profit and Loss Account 20.52 16.26 36.86 55.27
f) Current and Non Current Liability / Asset
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Liability / ( Current Assets) 2.76 5.40 5.70 (7)
Non Current Liability 78.88 Nil 61.12 Nil
Total Liability / ( Total Assets) 81.64 5.40 66.82 (7)
g) Experience adjustment
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Experience Adjustment (Gain) / Loss for Plan liabilities (5.28) 1.71 23.59 Nil
Experience Adjustment (Gain) / Loss for Plan assets Nil 2.32 Nil Nil
64
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
01/04/2010
to
31/03/2011
Textual
information
[See below]
(35)
Textual
information
[See below]
(A) 216.42
Other commitments
Total commitments
Total contingent liabilities and commitments
Amount of dividends proposed to be distributed to equity shareholders
Amount of per share dividend proposed to be distributed to equity
shareholders
Percentage of equity shares held up by major shareholders
Percentage of equity shares held up by others
Deposits accepted or renewed during period
Deposits matured and claimed but not paid during period
Deposits matured and claimed but not paid
Deposits matured but not claimed
Interest on deposits accrued and due but not paid
Share application money received during year
Share application money paid during year
Amount of share application money received back during year
Amount of share application money repaid returned back during year
Number of person share application money paid during year
Number of person share application money received during year
Number of person share application money paid as at end of year
Number of person share application money received as at end of year
Whether maintenance of cost records by company has
been mandated under any cost accounting records
rules notified under section 209(1)(d) of
companies act,1956
If yes, whether company has filed compliance report with central
government
Whether audit of cost records of company has been
mandated by central government under section 233B of
Companies Act, 1956
If yes, choose products industries covered under cost audit
Whether company has filed cost audit report
If yes, SRN of form-1
Unclaimed share application refund money
Unclaimed matured debentures
Unclaimed matured deposits
Interest unclaimed amount
(36)
(B) 247.86
1,099.27
(C) 748.84
965.26
965.26
0
1,347.13
1,347.13
0
[INR/shares] 0
[INR/shares] 0
89.24%
10.76%
0
0
0
0
0
0
0
0
0
[Qty] 0
[Qty] 0
[Qty] 0
[Qty] 0
0
0
0
0
0
0
0
0
0
[Qty] 0
[Qty] 0
[Qty] 0
[Qty] 0
Yes
Yes
Yet to be filed
Yet to be filed
Yes
Yes
AUTOMOTIVE COMPONENTS
Yes
S17517426
AUTOMOTIVE COMPONENTS
No
0
0
0
0
Footnotes
(A) CAPITAL AND OTHER COMMITMENT (a) Estimated amount of contracts remaining to be executed on capital account (net of
advances) and not provided for is ` 216.42 Lacs (Previous Year ` 247.86 Lacs) as certified by the management. (b) Estimated amount of
contracts remaining to be executed on other commitment account (net of advances) and not provided for is ` 748.84 Lacs (Previous Year
1099.27 Lacs) as certified by the management.
(B) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is Rs 247.86 Lacs
(Previous Year Rs. 104.29 Lacs) as certified by the management.
(C) Estimated Amount of contracts remaining to be executed on other commitment account (net of advances)as certified by the
management
65
0
0
0
0
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
66
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
[200800] Notes - Disclosure of accounting policies, changes in accounting policies and estimates
Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Disclosure of accounting policies, change in accounting policies and
changes in estimates explanatory [TextBlock]
Textual
information
[See below]
Textual
information
[See below]
01/04/2010
to
31/03/2011
(37)
(39)
67
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
68
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Advances paid towards acquisition of fixed assets, not received before the year-end are disclosed under Capital Advances.
2.7 Capital Work in Progress
The costs of assets not ready for use, before the year-end, are disclosed under Capital Work in progress.
2.8 Depreciation
Depreciation on fixed assets is provided using the Straight Line Method (SLM), based on the rates prescribed in the schedule XIV of the
Companies Act, 1956 except for certain fixed assets, where based on Managements estimate of the useful life of the assets, higher depreciation
has been provided on Straight Line Method (SLM) at the following rate:
Assets Rates (SLM)
Vehicle 19%
Jigs and Dies 19%
Depreciation is charged on pro- rata basis for assets purchased /sold during the year.
Individual assets costing upto Rs.5000/- are depreciated at the rate of 100 %.
Assets acquired on Finance Lease after 1 April 2001 is depreciated over the period of Lease Term.
2.9 Investments
(i) Current Investments
Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments
are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment
basis.
(ii) Long Term Investments (Non Current Investments)
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
opinion of the management.
2.10 Miscellaneous Expenditure
Miscellaneous Expenditure are being written off in accounting period in which incurred.
2.11 Foreign Currency Transactions
Foreign Currency transactions other than those covered by forward contracts are recorded at the exchange rate prevailing at the date of
transaction. Exchange differences arising on settlement of transactions are recognised as Income or expense in the year in which they arise.
At the Balance Sheet date all assets, other than fixed assets, and liabilities denominated in foreign currency but not covered by forward contract
are reported at the exchange rate prevailing at the Balance Sheet date. In view of notification dated 29.12.11 amending AS-11, the cost of
respective fixed assets are adjusted for increase or decrease in liabilities incurred for the purpose of acquiring such fixed assets due to application
of exchange rate prevailing at the Balance Sheet date.
Foreign currency transactions covered by forward contracts are recorded at the exchange rate prevailing at the date of inception of forward
contracts.
At the Balance Sheet date all assets and liabilities covered by forward contracts are stated at the forward contract rates.
The difference between the forward rate and the exchange rate at the inception of a forward contract is recognised as income or expense over the
life of the contract.
2.12 Valuation of Inventories
Raw Materials, Stores and Spares
At cost (net of CENVAT) calculated on the basis of weighted average method or net realisable value whichever is lower.
Work -in-Progress
At estimated cost upto estimated stage of process.
Finished Goods
At lower of cost calculated on the basis of weighted average method or net realisable value.
Material in Transit
69
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Gratuity
Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation Scheme of Life Insurance Corporation of India
(LIC). The contribution in respect of such scheme, based on the advices received from LIC, is made to the Gratuity Fund Trust. The liability
towards gratuity is provided on the basis of actuarial valuation carried out by an independent Actuary in accordance with the Accounting Standard
15 (Revised).
Provident Fund and Family Pension
In addition to the above benefits, all employees receive benefits from provident fund, which is a defined contribution plan. Both the employees
and the employer make monthly contribution equal to 12 % of the covered employees salary. This contribution is made to Governments
provident fund. The company has no further obligation under the provident fund plan beyond its monthly contribution.
Leave Encashment
Leave encashment is being given to the employees every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto
30 days is charged to Profit and Loss Account on the basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as
short-term leave.
2.14 Provisions and Contingent Liabilities
The Company recognizes a provision when there is a present obligation as a result of a past event and it is probable that it would involve an
outflow of resources and a reliable estimate can be made of the amount of such obligation. Such provisions are not discounted to their present
value and are determined based on the managements estimation of the obligation required to settle the obligation at the balance sheet date. These
are reviewed at each balance sheet date and adjusted to reflect managements current estimates.
A disclosure for a contingent liability is made where it is more likely than not that a present obligation or possible obligation may result in or
involve an outflow of resources. When no present or possible obligation exists and the possibility of an outflow of resources is remote, no
disclosure is made.
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased term are classified as Operating
leases.
Operating lease payments are recognised as an expense in the profit and loss account as per the terms of the agreements which are representative
of the time pattern of the users benefit.
71
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
72
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Depreciation on fixed assets is provided using the Straight Line Method (SLM), based on the rates prescribed in the schedule XIV of the
Companies Act, 1956 except for certain fixed assets, where based on Managements estimate of the useful life of the assets, higher depreciation
has been provided on Straight Line Method (SLM) at the following rate:
Assets Rate
Vehicle 19%
Depreciation is charged on pro- rata basis for assets purchased /sold during the year. Individual assets costing upto Rs.5000/- are depreciated at
the rate of 100 %.
Assets acquired on Finance Lease after 1 April 2001 is depreciated over the period of Lease Term
9) Investments
(i) Long Term Investments
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
managements opinion.
(ii) Current Investments
Current investments are stated at lower of cost and fair value.
10) Miscellaneous Expenditure
(i) Miscellaneous Expenditure are being written off in accounting period in which incurred.
(ii) Technical Know How Expenditure incurred prior to or on 31.03.2004 are being written off over a period of 5 years.
11) Foreign Currency Transactions
Foreign Currency transactions other than those covered by forward contracts are recorded at the exchange rate prevailing at the date of
transaction. Exchange differences arising on settlement of transactions are recognised as Income or expense in the year in which they arise.
At the Balance Sheet date all assets, other than fixed assets, and liabilities denominated in foreign currency but not covered by forward contract
are reported at the exchange rate prevailing at the Balance Sheet date. In view of notification dated 31.03.09 amending AS-11, the cost of
respective fixed assets are adjusted for increase or decrease in liabilities incurred for the purpose of acquiring such fixed assets due to application
of exchange rate prevailing at the Balance Sheet date.
Foreign currency transactions covered by forward contracts are recorded at the exchange rate prevailing at the date of inception of forward
contracts.
At the Balance Sheet date all assets and liabilities covered by forward contracts are stated at the forward contract rates.
The difference between the forward rate and the exchange rate at the inception of a forward contract is recognised as income or expense over the
life of the contract.
Gratuity
73
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation Scheme of Life Insurance Corporation of India
(LIC). The contribution in respect of such scheme, based on the advices received from LIC, are made to the Gratuity Fund Trust. The liability
towards gratuity is provided on the basis of actuarial valuation carried out by an independent Actuary in accordance with the Accounting Standard
15 (Revised).
Provident Fund and Family Pension
In addition to the above benefits, all employees receive benefits from provident fund, which is a defined contribution plan. Both the employees
and the employer make monthly contribution equal to 12 % of the covered employees salary. This contribution is made to Governments
provident fund. The company has no further obligation under the provident fund plan beyond its monthly contribution.
Leave Encashment
Leave encashment is being given to the employees every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto
30 days is charged to Profit and Loss Account on the basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as
short-term leave.
74
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
75
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
76
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Depreciation on fixed assets is provided using the Straight Line Method (SLM), based on the rates prescribed in the schedule XIV of the
Companies Act, 1956 except for certain fixed assets, where based on Managements estimate of the useful life of the assets, higher depreciation
has been provided on Straight Line Method (SLM) at the following rate:
Assets Rate
Vehicle 19%
Depreciation is charged on pro- rata basis for assets purchased /sold during the year. Individual assets costing upto Rs.5000/- are depreciated at
the rate of 100 %.
Assets acquired on Finance Lease after 1 April 2001 is depreciated over the period of Lease Term
9) Investments
(i) Long Term Investments
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
managements opinion.
(ii) Current Investments
Current investments are stated at lower of cost and fair value.
10) Miscellaneous Expenditure
(i) Miscellaneous Expenditure are being written off in accounting period in which incurred.
(ii) Technical Know How Expenditure incurred prior to or on 31.03.2004 are being written off over a period of 5 years.
11) Foreign Currency Transactions
Foreign Currency transactions other than those covered by forward contracts are recorded at the exchange rate prevailing at the date of
transaction. Exchange differences arising on settlement of transactions are recognised as Income or expense in the year in which they arise.
At the Balance Sheet date all assets, other than fixed assets, and liabilities denominated in foreign currency but not covered by forward contract
are reported at the exchange rate prevailing at the Balance Sheet date. In view of notification dated 31.03.09 amending AS-11, the cost of
respective fixed assets are adjusted for increase or decrease in liabilities incurred for the purpose of acquiring such fixed assets due to application
of exchange rate prevailing at the Balance Sheet date.
Foreign currency transactions covered by forward contracts are recorded at the exchange rate prevailing at the date of inception of forward
contracts.
At the Balance Sheet date all assets and liabilities covered by forward contracts are stated at the forward contract rates.
The difference between the forward rate and the exchange rate at the inception of a forward contract is recognised as income or expense over the
life of the contract.
Gratuity
77
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation Scheme of Life Insurance Corporation of India
(LIC). The contribution in respect of such scheme, based on the advices received from LIC, are made to the Gratuity Fund Trust. The liability
towards gratuity is provided on the basis of actuarial valuation carried out by an independent Actuary in accordance with the Accounting Standard
15 (Revised).
Provident Fund and Family Pension
In addition to the above benefits, all employees receive benefits from provident fund, which is a defined contribution plan. Both the employees
and the employer make monthly contribution equal to 12 % of the covered employees salary. This contribution is made to Governments
provident fund. The company has no further obligation under the provident fund plan beyond its monthly contribution.
Leave Encashment
Leave encashment is being given to the employees every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto
30 days is charged to Profit and Loss Account on the basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as
short-term leave.
78
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
01/04/2011
to
31/03/2012
Disclosure of defined benefit plans [Abstract]
Disclosure of defined benefit plans [LineItems]
Description of accounting policy for defined
benefit plans
Description of type of plan
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
[ As per Member(s)
Textual information Textual information
[ As per Member(s) ]
]
(42) [See below]
(43) [See below]
[ As per Member(s)
[ As per Member(s) ] Retirement Plan
Retirement Plan
]
79
42.92
33.53
42.92
33.53
18.66
10.27
18.66
10.27
10.44
-57.87
10.44
-57.87
7.56
9.42
7.56
9.42
43.58
92.25
43.58
92.25
256.92
213.35
256.92
213.35
81.64
66.82
81.64
66.82
175.28
146.53
175.28
146.53
14.36
9.54
14.36
9.54
1.87
5.56
1.87
5.56
2.17
45.31
2.17
45.31
14.66
49.29
14.66
49.29
169.88
153.53
169.88
153.53
256.92
213.35
256.92
213.35
169.88
153.53
169.88
153.53
87.04
59.82
87.04
59.82
256.92
213.35
256.92
213.35
169.88
153.53
169.88
153.53
87.04
59.82
87.04
59.82
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
42.92
18.66
33.53
10.27
42.92
18.66
33.53
10.27
14.35
9.54
14.35
9.54
10.45
-57.87
10.45
-57.87
36.78
92.13
36.78
92.13
[ As per Member(s)
Leave Encashment, Leave Encashment,
[ As per Member(s) ]
]
gratuity
gratuity
0.00%
0.00%
8.75%
8.50%
0.00%
0.00%
8.83%
7.40%
0.00%
0.00%
7.00%
7.00%
256.92
213.35
256.92
213.35
169.88
-87.04
3.57
2.32
153.53
-59.82
23.59
0
169.88
-87.04
3.57
2.32
153.53
-59.82
23.59
0
..(2)
31/03/2010
Disclosure of defined benefit plans [Abstract]
Disclosure of defined benefit plans [LineItems]
Reconciliation of changes in present value of defined benefit obligation [Abstract]
Defined benefit obligation, at present value at end of period
Reconciliation of changes in fair value of plan assets [Abstract]
Plan assets, at fair value at end of period
Reconciliation of liability asset of defined benefit plans [Abstract]
Defined benefit obligation, at present value
Plan assets, at fair value
Experience adjustments on plan assets and plan liabilities [Abstract]
Defined benefit obligation, at present value
Plan assets, at fair value
121.1
104.24
121.1
104.24
121.1
104.24
80
01/04/2010
to
31/03/2011
(44)
Textual information
[See below]
(45)
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
81
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
d)
Liability recognized in the Balance Sheet
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Present Value of obligations as at the end of the year 81.64 175.28 66.82 146.53
Fair value of Plan Assts as at the end of the year Nil 169.88 Nil 153.53
Unfunded Status 81.64 5.40 66.82 (7.00)
Net Assets/(Liability) Recognized in Balance Sheet (81.64) (5.40) (66.82) (7.00)
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Total Expense recognised in Profit and Loss Account 20.52 16.26 36.86 55.27
f) Current and Non Current Liability / Asset
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Liability / ( Current Assets) 2.76 5.40 5.70 (7)
Non Current Liability 78.88 Nil 61.12 Nil
Total Liability / ( Total Assets) 81.64 5.40 66.82 (7)
g) Experience adjustment
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Experience Adjustment (Gain) / Loss for Plan liabilities (5.28) 1.71 23.59 Nil
Experience Adjustment (Gain) / Loss for Plan assets Nil 2.32 Nil Nil
83
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
84
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
01/04/2010
to
31/03/2011
Textual information (47)
[See below]
Textual information (49)
[See below]
85
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
CategoriesOfRelatedParties1
01/04/2011
to
31/03/2012
Disclosure of relationship and transactions between
related parties [Abstract]
Disclosure of relationship and transactions between
related parties [LineItems]
Name of related party
Country of incorporation or residence of related
party
Permanent account number of related party
CIN of related party
CategoriesOfRelatedParties2
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
ROHAN KAPUR
INDIA
INDIA
INDIA
AJOPK4186Q
AJOPK4186Q
INDIA
U34300DL1999PLC099507 U34300DL1999PLC099507
Key Management Key Management
Personnel
Personnel
Others
Others
11,989.07
Remuneration
14,128.87
35.04
34.72
0
0.00%
86
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(2)
CategoriesOfRelatedParties3
01/04/2011
to
31/03/2012
CategoriesOfRelatedParties4
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
Rattan Kapur
Rattan Kapur
Maruti
Limited
INDIA
INDIA
INDIA
AAIPK4387L
AAIPK4387L
Suzuki
India
L34103DL1981PLC011375 L34103DL1981PLC011375
Key Management Key Management
Joint venture
Associate
Personnel
Personnel
Remuneration
Remuneration
28,019.07
24,615.41
0.35
66.85
41.79
72.94
1,528.31
0
..(3)
CategoriesOfRelatedParties5
01/04/2011
to
31/03/2012
Disclosure of relationship and transactions between related parties [Abstract]
Disclosure of relationship and transactions between related parties [LineItems]
SPINX
AUTO
INDIA
PRIVATE LIMITED
INDIA
U74899DL1995PTC067057
Others
SALE, Purchase, recieving of
services
5,994.53
0
0
87
01/04/2010
to
31/03/2011
(50)
Textual information
[See below]
Yes
No
(51)
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
(` in Lacs)
Enterprises over which Key Management Personnel exercise Significant influence Current Year Previous Year
Purchase / Job Work of goods 11989.07 14128.87
Sale of goods 702.94 1416.20
Security Paid 36.55 Nil
Receiving of Services 93.06 52.08
Amounts receivable as on 31 March, 2012 27.37 141.72
Amounts payable as on 31 March, 2012 2165.99 2147.85
88
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Transactions with related parties during the year and balances in respect thereof are as follows:
(Rs. in Lacs)
Current Year Previous Year
Particulars Associates Key Management Personnel Associates Key Management Personnel
Sale of goods 28019.07 Nil 21367.26 Nil
Interest on Loans 1.01 Nil 8.75 Nil
Repayment of Finance 43.42 Nil 87.41 Nil
Remuneration to Directors Nil 76.51 Nil 65.22
Amounts receivable as on 31 March, 2011 891.70 Nil 657.95 Nil
Amounts payable as on 31 March, 2011 15.83 Nil 60.09 Nil
( Rs. in Lacs )
Enterprise over which Key Management Personnel exercises Significant influence Current Year Previous Year
Purchase / Job Work of goods 14128.87 7260.10
Sale of goods 1416.20 1623.50
Receiving of Services 52.08 57.18
Amounts receivable as on 31 March, 2011 141.72 200.36
Amounts payable as on 31 March, 2011 2147.85 563.78
..(1)
31/03/2012
31/03/2012
6,645.85
89
31/03/2011
720.04
540.76
31/03/2011
133.79
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(2)
Maturity [Axis]
31/03/2012
Disclosure of finance lease and operating lease by
lessee [Abstract]
Disclosure of operating lease by lessee [Abstract]
Disclosure of minimum operating lease payments
by lessee [Abstract]
Disclosure of operating lease by lessee
[LineItems]
Minimum operating lease payments payable
31/03/2011
2,086.96
31/03/2012
399.32
31/03/2011
4,018.13
186.93
01/04/2010
to
31/03/2011
(52)
Textual information
[See below]
175.1
(53)
86.31
175.1
86.31
The
Lease
agreement
The
Lease
agreement
renewable as per terms of renewable as per terms of
agreements
agreements
540.76
2086.96
4018.13
133.79
399.32
186.93
b. Leases payment recognized in the statement of profit and loss 175.10 86.31
c. A general description of the lessee's significant leasing arrangements. The lease agreement renewable as per terms of agreements. The lease
agreement renewable as per terms of agreements.
90
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
133.79
399.32
186.93
62.64
182.06
Nil
b. Leases payments recognised in the statement of profit and loss 85.88 66.03
c. A general description of the lessees significant leasing arrangements.
The lease agreement renewable as per terms of agreements. The lease agreement renewable as per terms of agreements.
(Rs. in Lacs)
01/04/2010
to
31/03/2011
91
[shares] 100
[shares] 100
[shares] 100
[shares] 100
571.71
571.71
636.7
636.7
571.71
571.71
636.7
636.7
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
No
01/04/2010
to
31/03/2011
(A) 40.08
(B) 25.21
(C) 11.36
51.44
(D) 15.72
40.93
(E) 685.46
(F) 726.09
(G) 0
685.46
92
(H) 2.34
728.43
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
Footnotes
(A) Provision for Leave Encashment Rs. 26.49 Provision for bonus Rs. 11.84 Provision for Gratuity Rs. 1.75
(B) Provision for Leave Encashment Rs. 22.19 Provision for bonus Rs.3.02
(C) Technical Know how Fee
(D) Technical Know How Fee
(E) Fixed Assets
(F) Fixed Assets
(G) Fair Value of Gratuity
(H) Fair Value of Gratuity
93
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
d)
94
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
No
No
01/04/2010
to
31/03/2011
(58)
Textual information
[See below]
(59)
96
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
..(1)
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
..(2)
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
01/04/2011
to
31/03/2012
01/04/2010
to
31/03/2011
Textual information
[See below]
01/04/2010
to
31/03/2011
(65)
Textual information
[See below]
(66)
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
98
MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
99
01/04/2010
to
31/03/2011
203.28
203.28
968.66
968.66
200.15
0
200.15
288.4
0
288.4
31/03/2010
450.48