Mobile Nav

Market

NOTES TO ACCOUNTS

Frontier Springs Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 79.64 Cr. P/BV 2.11 Book Value (₹) 95.83
52 Week High/Low (₹) 275/136 FV/ML 10/1 P/E(X) 9.48
Bookclosure 30/09/2019 EPS (₹) 21.33 Div Yield (%) 0.49
Year End :2018-03 

Company Overview

FRONTIER SPRINGS LTD. is a Listed Public Limited Company having its Registered office at KM-25/4 Kalpi Road Rania Kanpur-Dehat and is mainly engaged in the production of L.B.Springs and Hot Coiled Compression Spring and forging items for Wagon, Locomotives and Carriage and are regularly supplying to Railways, Bogie Manufactures, Chittaranjan Locomotive Works, Diesel Locomotive Works, Integrate Coach Factory, Rail Coach Factory. In addition to the supply to the Railways, the Unit is also supplying the Springs to Heavy Engineering Industries & original Earth Movers Equipment manufacturers i.e. BEML, TELCON, Bharat Heavy Electricals Ltd.

Since last about 33 years FRONTIER SPRINGS LTD. is registered with RDSO (Ministry of Railways) for supply of springs to Indian Railways and the unit has developed large number of springs as per the latest specification of the RDSO.

The Company has set up three plants to meet the demand requirements of the above stated Industries at 1. KM-25/4, Rania Kanpur Dehat, 2. 91/2, Kunja, Paonta Sahib, Sirmaor Himanchal Pradesh, 3. Forging Unit at KM-25/4, Rania Kanpur Dehat

(1) (i) It has been informed to us by the management of Company that due to change in Market Value of ICICI Prudential Mutual Funds on 31st March 2018, there is change in value of Rs.1,04,792.08 which has been duly mentioned in note no. 2 on Financial Statement of Non-Current Investment.

(ii) It has been further informed to us by the management of Company that due to change in Market Value of ICICI Prudential Mutual Funds on 31st March 2018, there is change in value of Rs.1,23,915.45 and change in Market value as on 31st March 2018 of SBI Dual Advantage Fund there is change in value to Rs. 21,240.00 which has been duly mentioned in Note no. 6 on Financial Statement of Current Investment.

The amount being nominal hence it is decided not to present the same in other comprehensive income. If the change would have been made then the Total Figures of Balance sheet would have been Rs. 59,48,46,184.16, figures of Total Reserves would have been Rs. 25,76,73,543.94, presentation of Non-Current Investment, Current Investment & Other Comprehansive Income and change in Equity will stand as follows:

Notes: The applicability of Ind As has come for first time for the relevent year of the Company hence only figures of current years have been prepared in accordance to the same and the presentation of previous years figures have been accordingly changes to make it comparable.

1.1 Capital Work-in-Progress of Rs. 33,76,159.40 includes:

i) Rs. 10,29,731.00 on account of Plant & Machinery wok-in-progress for Coiling Machine and Rs. 23,46,428.40 on account of building Work-in-progress for construction of workshed at Rania and office at Panki Kanpur. (Previous Year Rs.88,18,870.00 on account of workshed Building Work-in-Progress and Rs. 10,29,731.00 on account of Plant & Machinery Work-in-Progress for coiling machine.)

2.1 Advance for Capital items of Rs.38,42,877.00 include as under:

i) Rs.31,52,877/- advance to Unitech Limited on account of booking of a flat at Gurgaon, Rs.5,50,000.00 advance for office equipments and Rs. 1,40,000/- given advance to supplier on account of spares for furnace repairing.

(Prev.Yr.Rs.31,52,877/- advance to Unitech Limited on account of booking of a flat at Gurgaon, Rs.7,00,000.00 advance for building material for road construction and Rs. 1,40,000/- given advance to supplier on account of spares for furnace repairing).

2.2 Security deposits of Rs.75,23,409.00 include as under:

i) Rs.25,60,262/- deposit for electricity with U. P. S. E. B. and H. P S. E. B. (Prev.Yr. Rs.25,60,262/-), and Rs. 8,000/- with Central Excise (Prev. Yr. Rs.Nil).

ii) Rs.46,26,377/- deposit with Indian Railway against warrantee (Prev.Yr.Rs.33,99,624/-), Rs.30,505/- deposit for gas cylendar with IOC (Prev.Yr.Rs.27,450/-) and Rs. 1,20,000/- deposit with sales tax at Ludhiana.(Prev. Yr. Rs. 120000/)

iii) Rs.65,805/- deposit for Telephone with BSNL (Prev. Yr. Rs.65,805/-) and Rs. 10,000/-deposit to Standard Chartered Bank for transfer of shares. (Prev. Yr. Rs.10,000/-) and Rs. 1,02,500/- deposit against rent.(Pre.Yr. Rs. 1,64,000/-)

3.1 Balance with YES Bank Ltd. of Rs. 4,85,550/- is on account of Unpaid Dividend Rs.1,83,218/- for the period 2010-11 and Rs. 3,02,332/- for the period 2011-12.

The Company has issued only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the share holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The proportion to the number of equity shares held by the shareholders.

4. DEFERRED TAX LIABILITIES (NET)

AS-22 issued by the Institute of Chartered Accountants of India, the major components of accumulated deferred tax assets & accumulated deferred tax liabilities recognised up to the current financial year is as under : -

The difference Deferred Tax Assets for the year ended 31st March,2018 Rs. 79,07,899.00 has been debited to Profit & Loss Account.

5.1 Primary secured by the hypothecation of Company's entire current assets (both present and future) and the first charge on entire fixed assets of the Company inclusive of equitable mortgage of Factory land & building situated at E-14,Panki Industrial Area Kanpur, and first charge on entire fixed assets of the Company inclusive of equitable mortgage of factory land & building situated at KM-25/4, Kalpi Road, Rania Kanpur, also first charge on entire fixed assets of the Company inclusive of equitable mortgage of factory land & building situated at 91/2,Kunja Paonta shahib (H.P). Loans are guaranteed by Directors Shri K.L. Bhatia, Shri Kapil Bhatia, Shri Neeraj Bhatia.

6. REMITTANCE IN FOREIGN CURRENCY ON ACCOUNT OF DIVIDEND

The Company has not paid any dividend in respect of shares held by Non-Residents on repatriation basis. The exact amount of dividend remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is given herein below:

Notes

The value of sales is stated :-

(A) Inclusive of Sales Tax, Excise Duty & GST.

(B) Inclusive items manufactured and sold only.

(C) Net of Goods Returned.

Notes :-

(i) The quantitative details stated above are based on the certification given by the management.

(ii) The installed capacity is not being verified by us as a technical matter and it is taken as certified by the management.

(iii) The quantities have been shown to the nearest units.

Attention Investors :
Prevent Unauthorised transactions in your account --> Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile / email at the end of the day .......... Issued in the interest of investors
Attention Investors :
Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day......................issued in the interest of investors.
Attention Investors :
KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
Attention Investors :
No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.
“Investment in securities market are subject to market risks, read all the related documents carefully before investing”.