Mar 31, 2015
1. Share capital
Terms Rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs. 10 per share. Each holder of equity share is entitled to one vote
per share. The Company declares and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts.
The distribution will be in proportion to the no. of equity shares held
by the shareholder.
2. EMPLOYEE BENEFITS
i) Short Term Employee Benefits.
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits.
Benefits such as salaries, wages, short terms compensated absences,
etc., and the expected cost of bonus, ex-gratia are recognised in the
period in which the employee renders the related service.
ii) Long Term Employee Benefits
The disclosures as per the revised AS-15 are as under:
A. Brief description of the Plans
Gratuity: The Company has a defined benefit gratuity plan, every
employee who has completed five years or more of service gets a
gratuity on death or resignation or retirement at 15 days [last drawn
salary] for each completed year of service.
The scheme is funded with an insurance company in the form of a
qualifying insurance policy.
Leave Wages: The leave wages are payable to all eligible employees at
the rate of daily salary for each day of accumulated leave on death or
on resignation or upon retirement on attending superannuation age.
C. Defined Benefit Plan:
The employees'' gratuity fund scheme managed by Life Insurance
Corporation of India is a defined benefit plan.
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment is recognized in the
same manner as gratuity.
3. Contingent Liability and commitments
a) Guarantee given by Bank on behalf of the Company - Nil {Previous
Year Rs Nil }, against which the company has given counter guarantee.
b) Demands made by the Income Tax Department towards Wealth Tax - Rs.
15.43 Lacs {Previous Year Rs 15.43 Lacs),against which the Company has
preferred appeals.
c) Demands made by Employees State Insurance Corporation Rs 5.08 Lacs
(Previous Year Rs 5.08 Lacs) against which Company has preferred
appeals
d) Demands made by Service Tax Department Rs 0.98 Lacs (Previous Year
Rs Nil) against which Company has preferred appeals
4. The Company''s business comprises entriely of manufacture and sale of
engineering goods, which is confined to the terriotorial, limits of the
country, where the risks and returns are largely similar.
As such, the Company has only one business segment and only one
georgraphical segment.
5. Related Party disclosure
Associated Companies
The Ravalgaon Sugar Farm Ltd
Carina Finvest Ltd
Mar 31, 2014
Terms Rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs.10 per share. Each holder of equity share is entitled to one vote
per share. The Company declares and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts.
The distribution will be in proportion to the number of equity shares
held by the shareholder.
1.1 Repayable in annual installments from financial year 2012-13 to
financial year 2020-21.
The total amount outstanding from Sicom is Rs. 135.84 lacs, out of
which Rs. 22.54 is repayable from April-2014 to March-2015. Balance
amount is re-payable within 5 years from the date of completion of the
assessment of the relevant year.
2.1 Working Capital borrowings from the banks are secured by way of
hypothecation of company''s current assets both present and future, and
by way of equitable mortgage of company''s immovable properties.
3.1 There is no amount due and outstanding to be credited to the
Investor Education and Protection Fund.
4.1 Includes Security deposit of Rs. Nil Lacs (Previous Year Rs. 15.00
Lacs) given to companies in which directors are interested against
lease of premises.
EMPLOYEE BENEFITS
i) Short Term Employee Benefits.
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits. Benefits
such as salaries, wages, short terms compensated absences, etc., and
the expected cost of bonus, ex-gratia are recognised in the period in
which the employee renders the related service.
ii) Long Term Employee Benefits
The disclosures as per the revised AS-15 are as under: r
A. Brief description of the Plans
Gratuity : The Company has a defined benefit gratuity plan, every
employee who has completed five years or more of service gets a
gratuity on death or resignation or retirement at 15 days [last drawn
salary] for each completed year of service. The scheme is funded with
an insurance company in the form of a qualifying insurance policy.
Leave Wages: The leave wages are payable to all eligible employees at
the rate of daily salary for each day of accumulated leave on death or
on resignation or upon retirement on attending superannuation age.
C. Defined Benefit Plan:
The employees'' gratuity fund scheme managed by Life Insurance
Corporation of India is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognizes each period of service
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
obligation for leave encashment is recognized in the same manner as
gratuity.
5. Contingent Liability and Commitment
a) Guarantee given by Bank on behalf of the Company - Nil {Previous
Year Rs. 2.76 lacs}, against which the Company has given counter
guarantee.
b) Demands made by the Income Tax Department towards Wealth Tax -
Rs.15.43 lacs (Previous Year Rs. 15.43 lacs), against which the Company
has preferred appeals.
c) Demands made by Employees State Insurance Corporation Rs. 5.08 lacs
(Previous Year Rs. 5.08 lacs) against which the Company has preferred
appeals.
6 The Company''s business comprises entirely of manufacture and sale of
engineering goods, which is confined to the territorial limits of the
country, where the risks and returns are largely similar. As such, the
Company has only one business segment and only one geographical
segment.
7 The Company is re-evaluating its existing business model considering
the nature of industry. Accordingly, there is no impact on going
concern assumption.
Mar 31, 2013
1 Contingent Liability and Commitment
a) Guarantee given by Bank on behalf of the Company  Rs. 2.76 lacs
(Previous Year Rs. 12.25 lacs), against which the Company has given
counter guarantee.
b) Demands made by the Income Tax Department towards Wealth Tax Â
Rs.15.43 lacs (Previous Year Rs. 15.43 lacs), against which the Company
has preferred appeals.
c) Demands made by Employees State Insurance Corporation Rs. 5.08 lacs
(Previous Year Rs. 5.08 lacs) against which the Company has preferred
appeals.
2 The Company''s'' business comprises entirely of manufacture and sale
of engineering goods, which is con fined to the territorial limits of the
country, where the risks and returns are largely similar.
As such, the Company has only one business segment and only one
geographical segment.
Mar 31, 2012
Terms Rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs.10 per share. Each holder of equity share is entitled to one vote
per share. The Company declares and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting. In
the event of liquidation of the Company, the holders of equity shares
will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in
proportion to the no. of equity shares held by the shareholder.
1.1 There is no amount due and outstanding to be credited to the
Investor Education and Protection Fund.
i) Short Term Employee Benefits.
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits. Benefits
such as salaries, wages, short terms compensated absences, etc., and
the expected cost of bonus, ex-gratia are recognised in the period in
which the employee renders the related service.
ii) Long Term Employee Benefits
The disclosures as per the revised AS-15 are as under:
A. Brief description of the Plans
Gratuity : The Company has a defined benefit gratuity plan, every
employee who has completed five years or more of service gets a
gratuity on death or resignation or retirement at 15 days[last drawn
salary] for each completed year of service. The scheme is funded with
an insurance company in the form of a qualifying insurance policy.
Leave Wages: The leave wages are payable to all eligible employees at
the rate of daily salary for each day of accumulated leave on death or
on resignation or upon retirement on attending superannuation age.
B. Defined Contribution Plan:
Contribution to Defined Contribution Plan, recognized are charged off
for the year are as under:
C. Defined Benefit Plan:
The employees' gratuity fund scheme managed by Life Insurance
Corporation of India is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognizes each period of service
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
obligation for leave encashment is recognized in the same manner as
gratuity.
2. contingent Liability ana commitment
a) Guarantee given by Bank on behalf of the Company - Rs. 12.25 lacs
(Previous Year Rs. 4.81 lacs), against which the Company has given
counter guarantee.
b) Demands made by the Income Tax Department towards Income Tax and
Wealth Tax - Rs. 18.10 lacs (Previous Year Rs. 18.10 lacs), against
which the Company has preferred appeals.
c) Demands made by Employees State Insurance Corporation Rs. 5.08 lacs
(Previous Year Rs. 5.08 lacs) against which the Company has preferred
appeals.
3 The Company's business comprises entirely of manufacture and sale
of engineering goods, which is confined to the territorial limits of
the country, where the risks and returns are largely similar. As such,
the Company has only one business segment and only one geographical
segment.
4 Pursuant to the Accounting Standard (AS29) - Provisions, Contingent
Liabilities and Contingent Assets, the disclosure relating to
provisions made in accounts for the year ended 31st March 2012 is as
Follows.
Mar 31, 2010
1. Contingent Liability on account of:
a) Guarantee given by Bank on behalf of the Company -Rs. 19.03 lacs
(Previous Year Rs. 6.21 lacs), against which the Company has given
counter guarantee.
b) Demands made by the Income Tax Department - Rs.18.10 lacs (Previous
Year Rs. 18.10 lacs), against which the Company has preferred appeals.
c) Demands made by Employees State Insurance Corporation Rs. 5.08 lacs
(Previous Year Rs. 5.08 lacs) against which the Company has preferred
appeals.
2. Under the package scheme of Incentive 1993, the company has been
permitted to defer the Sales Tax liability pertaining to the period
from 01.04.2001 to 30.11.05 by the way of interest free Sales Tax loan.
The repayment of the same would commence at the expiry of the 10th year
i.e. w.e.f. April. 2011 in five equal annual installments.
3. The Companys business comprises entirely of manufacture and sale
of engineering goods, which is confined to the territorial limits of
the country, where the risks and returns are largely similar. As such.
the Company has only one business segment and only one geographical
segment.
4. Related Party disclosure:
Associate Companies
- The Ravalgaon Sugar Farm Ltd
- Carnia Finvest Ltd
- Lanica Financial Services Pvt Ltd.
NOTES:
i. Figures in bracket indicate corresponding information in respect of
the previous year. ii. The Company manufactures as many as 50 General
items of Machinery used in Sugar and Confectionery Industries for which
Licensed / Installed Capacity requirements are not applicable.
5. The disclosure required under AS - 15 "Employee Benefits" notified
in the Companies (Accounting Standards) Rules 2006, are given below:
A. General description:
Gratuity ;
The Company has a defined benefit gratuity plan, every employee who has
completed five years or more of service gets a gratuity on death or
resignation or retirement at 15 days [last drawn salary] for each
completed year of service. The scheme is funded with an insurance
company in the form of a qualifying insurance policy- Leave Wages ;
The leave wages are payable to all eligible employees at the rate of
daily salary for each day of accumulated leave on death or on
resignation or upon retirement on attending superannuation age.
C. Defined Benefit Plan:
The employees gratuity fund scheme managed by Life Insurance
Corporation of India is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognizes each period of service
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
obligation for leave encashment is recognized in the same manner as
gratuity.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
factors including supply and demand in the employment market. The above
information is certified by the actuary.
16. Pursuant to the Accounting Standard ( AS 29) - Provisions,
Contingent Liabilities and Contingent Assets , the disclosure relating
to provisions made in accounts for the year ended 31s1 March, 2010 is
as Follows ;
Liability for Warranties
Particulars Amount (Rs. In Lacs )
Opeining Balance 2.28
Additions
Utilisation 0.21
Reversals
Closing Balance 2.07
17. Previous Years figures have been regrouped, wherever necessary,
to make them comparable with the figures for the Current Year.
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