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Notes to Accounts of Alfred Herbert (India) Ltd.

Mar 31, 2015

1. There has been no change / movement in the number of outstanding shares as at the beginning and at the end of our reporting period.

2. The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company 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 in proportion to the number of equity shares held by Equity Shareholders.

3. Contingent Liabilities and Commitments

i) Contingent Liability not provided for in respect of income Tax demand amounting to Rs.19,720/- (2013-14 Rs.501,285/-)

ii) Estimated amount of contracts remaining to be executed on capital account and not provided for - Rs.9,309,604/- (2013-14 - Rs.36,151,192/-).

4. Factory Land - in response to the Company''s Writ Petition against the order of the Assistant Commissioner of Forest, Karnataka for vacating the Company''s property in Whitefield which had been acquired from KIADB. The single bench of Hon''ble High Court at Karnataka upheld the Company''s contention and held that the land did not belong to the forest department. A review petition has been filed by the forest department (involving several industries including the Company situated in the same vicinity) and the same is currently pending before the said court.

5. Effective from April 1, 2014, the Company has charged Depreciation based on the revised remaining useful life of the assets as per the requirement of Schedule ii of the Companies Act, 2013. Due to the above depreciation charge for the year ended March 31, 2015 is lower by Rs.21,548/-. Further, based on transitional provision provided in Note 7(b) of Schedule ii, Depreciation of Rs.213,612/- and Deferred Tax of Rs.66,006/- thereon have been adjusted to General Reserve.

6. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plan''s Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised).

Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31st March 2015.

7. Leave Encashment

According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.

8. There are no reported Micro Enterprises and small Enterprises as defined in the Micro, small and Medium Enterprises Development act 2006, to whom Company owes dues.

9. the Company operates mainly in one business segment and therefore the segment Reporting as per the Accounting standard (As-17) is not applicable to the Company.

10. in accordance with Accounting standard 22 "accounting for taxes on income" (As-22) the company has accounted for deferred taxes during the year.

11. Related parly disclosure as identified by the management in accordance with the Accounting Standard 18 on "Related Party Transactions" are as follows Related Parties

Name Relationship

Alfred Herbert Limited Subsidiary Company

Herbert Holdings Limited Subsidiary Company

Jain industrial & Commercial Services Pvt. Ltd. Associate Company

Chief Executive Officer Key Management Personnel

Chief Financial Officer Key Management Personnel

12. previous year’s figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.


Mar 31, 2013

1. Building Plan Sanction Fees Rs.7,135,678/- (2012 – Rs.7,135,678/-) paid for construction of building has been carried forward as Capital-Work-in-Progress to be allocated/adjusted on completion of construction.

2. Depreciation for the year as per Fixed Assets Schedule (Note 2.7) includes Rs.181,400/- (2012 – Rs.185,008/-) being depreciation on the increased value of Building due to the effect of revaluation and accordingly the same has been adjusted from Capital Revaluation Reserve.

3. Interest on loans except to the extent there is uncertainty as to the realisation has been accounted for on accrual basis.

4. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plan''s Liabilities, including those related to death-in-service and incapacity benefits.

5. There are no reported micro, small and medium enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

6. The Company operates mainly in one business segment and thereby the segment reporting as required by AS-17 is not applicable.

7. In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS-22) the company has accounted for deferred taxes during the year.

8. Previous year''s figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.


Mar 31, 2012

1. The Company has only one class of equity share having a par value of Rs, 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company is subject to the approval of the shareholders in the ensuing Annual General Meeting, In the event of liquidation of the Company, the holOers of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of equity shares held by Equity Shareholders.

2. Building Plan Sanction Fees Rs. 7,135,678/- paid for construcion of building has been carried forward as Capital-work-in-Prograss to be allocated/adjusted on completion of construction.

3. Interest on loans except to the extent there is uncertainty as to the realistion has been accounted for an accural basis.

4. Loans and advances include Rs. 20,000,000/- which are overdue for payment. Pending outcome of steps for recovery taken by the Comapny, full provision for these non-performing assets amountiong to Rs. 20,000,000/- has been made in the previous years in accordance with Non-Banking Financial Companies Prudential Norms of Reserve Bank of India.

5. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected unit Credit (PUC) actuarial method has been used to assess the plan's Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised).

Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31 st March 2012.

6. There are no reported micro, small and medium enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

7. The Company operates mainly in one business segment and hereby the segment reporting as required by AS- 17 is not applicable.

8. In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS-22) the company has accounted for deferred taxes during the year.

9. Previous year's figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.


Mar 31, 2011

A. Interest on loans except to the extent there is uncertainty as to the realisation has been accounted for on accrual basis.

b. Loans and advances include Rs.200 lacs, which are overdue for payments Pending outcome of steps for recovery taken by the Company, full provision for these non-performing assets amounting to Rs.200 lacs has been made in the previous years in accordance with Non-Banking Financial Companies Prudential Norms of Reserve Bank of India.

c. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plans Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised). Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31st March 2011.

d. There are no reported micro, small and medium enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

e. In accordance with Accounting Standard 22 "Accounting tor taxes on Income" (AS22) issued by the ICAI, the company has accounted for deferred taxes during the year.

f. Related party disclosure as identified by the management in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India ("ICAI") are as follows:-

Name of the related parties where control exists - Subsidiary Companies:

i) Alfred Herbert Limited

ii) Herbert Holdings Limited.

Disclosure of transaction between the Group and Related Parties and status of outstanding balances as on 31st March 2011.

g. Previous years figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.


Mar 31, 2010

A. Interest on loans except to the extent there is uncertainty as to the realisation has been accounted for on accrual basis.

b. Loans and advances include Rs.200 lacs, which are overdue for payment. Pending outcome of steps for recovery taken by the Company, full provision for these nonperforming assets amounting to Rs.200 lacs has been made in the previous years in accordance with Non-Banking Financial Companies Prudential Norms of Reserve Bank of India.

c. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Schei r ie is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plans Liabilities, including those related to death-in-service and incapacity benefits,

d, Previous years figures have been regrouped / rearranged/registered wherever necessary, to make it comparable with current year figures.

 
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