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Notes to Accounts of Centenial Surgical Suture Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION:

The principle activities of the Company comprise of manufacturing surgical sutures and medical devices. The company is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956 and listed on the BSE Limited (BSE) and Ahmedabad Stock Exchange Limited (ASE).

2. SHORT- TERM BORROWINGS

Cash credit facilities are secured by way of hypothecation of stock and book debts. It is further secured by collateral charge on immoveable properties, hypothecation of plant and machinery, other fixed assets of the Company, in addition to personal guarantee of the Promoter / Director.

3. CONTINGENT LIABILITIES: Rs. in Lakhs As at As at Particulars March 31, 2015 March 31, 2014

i) Letter of Credit opened 0.00 39.11

ii) Guarantees given by the Bankers on behalf of the Company 0.00 3.00

iii) Income tax demands disputed by Company pending in appeal 0.13 0.13

Future cash outflows in respect of liability under clause (iii) is dependent on decisions by relevant authorities of respective disputes, in respect of clauses (i) & (ii) liability is dependent on terms agreed upon with the parties.

4. The Board of Directors have not recommended any dividend for the year.

5. Disclosure of trade payables under current liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006". Amount outstanding as on March 31, 2015 to Micro, Small and Medium Enterprises on account of principal amount aggregate to Rs.299.91 Lakhs (Pr. Yr. Rs.341.05 Lakhs). As per the terms / understanding with the parties, no interest is payable and hence no provision has been made for the same.

6. The Company has one segment of activity namely "Surgical Sutures and Medical Devices".

7. EMPLOYEE BENEFITS

As required by Accounting Standard-15 'Employee Benefits' the disclosures are as under :

8.1. Defined Contribution Plans

The Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employees' Pension Scheme (EPS) with the government, and certain state plans such as Employees' State Insurance (ESI). PF and EPS cover substantially all regular employees and the ESI covers certain workers. Contributions are made to the Government's funds. While both the employees and the Company pay predetermined contributions into the Provident Fund and the ESI Scheme, contributions into the Pension fund is made only by the Company. The contributions are normally based on a certain proportion of the employee's salary. During the year, the Company has recognised the following amounts in the Account:

8.2. Defined Benefit Plans

Gratuity: The Company makes annual contributions to Employees' Group Gratuity-cum Life Assurance (Cash Accumulation) Scheme of LIC, a funded defined benefit plan for qualifying employees. The scheme provides for payment to vested employees as under:

8.2.1. On normal retirement / early retirement / withdrawal / resignation:

As per the provisions of Payments of Gratuity Act, 1972 with vesting period of 5 years of service.

8.2.2. On the death in service:

As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

Death Benefit: The Company provides for death benefit, a defined benefit plan (death benefit plan) to certain categories of employees. The death benefit plan provides a lump sum payment to vested employees on death, being compensation received from the insurance company and restricted to limits set forth in the said plan. The death benefit plan is non-funded.

Disclosures for defined benefit plans i.e. Gratuity (Funded Plan), based on actuarial reports as on March 31, 2015 are as under:

The estimate of future increase in compensation levels, considered in the actuarial valuation, have been taken on account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information has been certified by the actuary and relied upon by the auditors.

8.3. Leave Encashment:

No Provision has been made in the accounts towards encashment of earned leaves not availed by the employees upto March 31, 2015. Since their encashment as per the rules of the Company does not fall due on the same date. The same shall be accounted for as and when paid.

9. Excise duty related to differences between closing and opening stock and other adjustments are stated under operating and other expenses. Excise duty related to turnover is reduced from the Gross Revenue from Operations.

10. Figures unless stated specific are in lakhs.

11. As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 "Provision, Contingent Liabilities and Contingent Assets" as notified by the Companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources which would be required to settle the obligation.

12. RESEARCH AND DEVELOPMENT EXPENDITURE:

No Revenue expenses are incurred on research and development during the year.

13. Note on hedge and unhedged foreign currency assets and liabilities:

The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are as below:

14. The Company has not granted any loan/advances in the nature of loans, as stipulated in the clause 32 of the Listing Agreement with the Stock Exchanges. For this purpose, the loans to employees as per the Company's policy, security deposits paid towards premises taken on leave and license basis have not been considered. Hence, there are no investments by loans in the shares of the Parent Company and/or subsidiary companies.


Mar 31, 2014

1. CONTINGENT LIABILITIES: Rs in Lakhs As at As at Particulars March 31 2014 March 31 2013

i) Letter of Credit opened 39.11 25.58

ii) Guarantees given by the Bankers on behalf of the Company 3.00 3.00

iii) Income tax demands disputed by Company pending in appeal 0.13 2.30

Future cash outflows in respect of liability under clause (iii) is dependent on decisions by relevant authorities of respective disputes, in respect of clauses (i) & (ii) liability is dependent on terms agreed upon with the parties.

2. The Board of Directors have not recommended any dividend for the year.

3. Disclosure of trade payables under current liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006". Amount outstanding as on March 31, 2014 to Micro, Small and Medium Enterprises on account of principal amount aggregate to Rs.341.05 Lakhs (Pr.Yr. Rs.339.19 Lakhs). As per the terms / understanding with the parties, no interest is payable and hence no provision has been made for the same.

4. The Company has one segment of activity namely "Surgical Sutures and Medical Devices".

5. EMPLOYEE BENEFITS

As required by Accounting Standard-15 ''Employee Benefits'' the disclosures are as under :

5.1. Defined Contribution Plans

The Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employees'' Pension Scheme (EPS) with the government, and certain state plans such as Employees'' State Insurance(ESI). PF and EPS cover substantially all regular employees and the ESI covers certain workers. Contributions are made to the Government''s funds. While both the employees and the Company pay predetermined contributions into the Provident Fund and the ESI Scheme, contributions into the Pension fund is made only by the Company. The contributions are normally based on a certain proportion of the employee''s salary. During the year, the Company has recognised the following amounts in the Account:

5.2. Defined Benefit Plans

Gratuity: The Company makes annual contributions to Employees Group Gratuity-cum Li Assurance (Cash Accumulation) Scheme of LIC, a funded defmed benefit plan for qualifying employees. The scheme provides for payment to vested employees as under:

5 2 1 On normal retirement / early retirement / withdrawal / resignation.

As per the provisions of Payments of Gratuity Act, 1972 with vesting period of 5 years of service.

5.2.2. On the death in service:

As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

Death Benefit- The Company provides for death benefit, a defined benefit plan (death benefit plan) to certain categories of employees. The death benefit plan provides a lump sum payment to vested employees on death, being compensation received from the insurance company and restricted to limits set forth in the said plan. The death benefit plan is non-funded.

Disclosures for defined benefit plans i.e. Gratuity (Funded Plan), based on actuarial reports as on March 31,2014 are as under:

The estimate of future increase in compensation levels, considered in the actuarial valuation have been taken on account of inflation seniority, promotion and other relevant factors such as supplementary in employment market. The above information has been certified by the actuary and relied upon by the auditors.

5.3. Leave Encashment:

No Provision has been made in the accounts towards encashment of earned leaves not availed by the Company does not fall due on the same date. The same shall be accounted for as and when paid.

6. Excise duty related to differences between closing and opening stock and other adjustments are stated fron^ Operations ^ eXPenSeS'' Exdse duty related to turnover is reduced from the Gross Revenue

7. Figures unless stated specific are in lakhs.

8. As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS)''29 Provision, Contingent Liabilities and Contingent Assets" as notified by the Companies (Accounting Standards) Rules 2006, m respect of any present obligation as a result of a past event that could lead to a probable outflow of resources which would be required to settle the obligation.

9. RESEARCH AND DEVELOPMENT EXPENDITURE:

No Revenue expenses are incurred on research and development during the year.

10. Note on hedge and unhedged foreign currency assets and liabilities:

The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are as below:

11, The Company has not granted any loan/advances in the nature of loans, as stipulated in the clause 32 of the '' Listing Agreement with the Stock Exchanges. For this purpose, the loans to employees as per the Company''s policy, security deposits paid towards premises taken on leave and license basis have not been considered. Hence, there are no investments by loans in the shares of the Parent Company and/or subsidiary companies.


Mar 31, 2013

1 CORPORATE INFORMATION::

The principle activities of the Company comprise of manufacturing surgical sutures and medical devices. The company is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956 and listed on the Bombay Stock Exchange Limited (BSE) & Ahmedabad Stock Exchange Limited (ASE).

2. The Board of Directors have not recommended any dividend for the year.

3. Disclosure of trade payables under current liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006". Amount outstanding as on March 31, 2013 to Micro, Small and Medium Enterprises on account of principal amount aggregate to Rs.339.19 Lakhs (Pr.Yr. Rs. 276.19 Lakhs Lakhs). As per the terms/ understanding with the parties, no interest is payable and hence no provision has been made for the same.

4. The Company has one segment of activity namely "Surgical Sutures and Medical Devices".

5. Employee Benefits

As required by Accounting Standard-15 ''Employee Benefits'' the disclosures are as under :

5.1. Defined Contribution Plans

The Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employees''Pension Scheme (EPS) with the government, and certain state plans such as Employees'' State Insurance(ESI). PF and EPS cover substantially all regular employees and the ESI covers certain workers. Contributions are made to the Government''s funds. While both the employees and the Company pay predetermined contributions into the Provident Fund and the ESI Scheme, contributions into the Pension fund is made only by the Company. The contributions are normally based on a certain proportion of the employee''s salary. During the year, the Company has recognised the following amounts in the Account:

5.2. Leave Encashment: cu™OT1h nf parned leaves not availed by the employees No Provisionhas beennuuieintheac not faU Jw on the same upto March 31, 2013. Since their encashment as per the rules ot the company date The same shall be accounted for as and when paid.

6 Figures unless stated specific are in lakhs. resources which would be required to set.le the obli8a.io„.

7. The Company has not granted any loan/advances in the nature of loans, as stipulated in the clause 32 of the Listing Agreement with the Stock Exchanges. For this purpose, the loans to employees as per the Company''s policy, security deposits paid towards premises taken on leave and license basis have not been considered. Hence, there are no investments by loans in the shares of the Parent Company and/ or subsidiary companies.


Mar 31, 2012

1 CORPORATE INFORMATION:

The principle activities of the Company comprise of manufacturing surgical sutures and medical devices, is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956 and listed on the Bombay Stock Exchange Limited (BSE) & Ahmedabad Stock Exchange Limited (ASE).

2. Contingent Liabilities: Rs. In Lakhs

Particulars For the Year For the Year ended ended March 31, 2012 March 31, 2011

i) Letter of Credit opened 192.23 196.46

ii) Guarantees given bv the Bankers on behalf of the company 1.25 0.00

iii) Income tax demands disputed by Company pending in appeal. 0.13 0.13

Future cash outflows in respect of liability under clause (iii) is dependent on decisions bv relevant authorities of respective disputes, in respect of clauses (i) & (ii) liability is dependent on terms agreed upon with the parties.

3. The Board of Directors have not recommended any dividend for the year.

4. Disclosure of trade payables under current liabilities is based on the information available with the Companv regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006". Amount outstanding as on March 31, 2012 to Micro, Small and Medium Enterprises on account of principal amount aggregate to Rs.276.19 Lakhs (Pr.Yr. ^230.92 Lakhs). As per the terms/ understanding with the parties, no interest is payable and hence no provision has been made for the same.

5. The Companv has one segment of activity namelv "Surgical Sutures and Medical Devices".

6. Employee Benefits

As required by Accounting Standard-15 'Employee Benefits' the disclosures are as under :

6.1. Defined Contribution Plans

The Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employees'Pension Scheme (EPS) with the government, and certain state plans such as Employees' State Insurance(ESI). PF and EPS cover substantially all regular employees and the ESI covers certain workers. Contributionsare made to the Government's funds. While both the employees and the Company pay predeterminedcontributions into the Provident Fund and the ESI Scheme, contributions into the Pension fund is made only bythe Company. The contributions are normally based on a certain proportion of the employee's salary. During the year, the Company has recognised the following amounts in the Account:

6.2. Defined Benefit Plans

Gratuity: The Company makes annual contributions to Employees' Group Gratuity-cum Life Assurance (Cash Accumulation) Scheme of LIC, a funded defined benefit plan for qualifying employees. The scheme provides for payment to vested employees as under:

6.2.1. On normal retirement / early retirement / withdrawal / resignation:

As per the provisions of Payments of Gratuity Act, 1972 with vesting period of 5 years of service.

6.2.2. On the death in service:

As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

Death Benefit : The Company provides for death benefit, a defined benefit plan (death benefit plan) to certain categories of employees. The death benefit plan provides a lump sum payment to vested employees on death, being compensation received from the insurance company and restricted to limits set forth in the said plan. The death benefit plan is non funded.

The estimate of future increase in compensation levels, considered in the actuarial valuation, have been taken on account of inflation, seniority, promotion and other relevant factors such as supply & demand in the employment market. The above information has been certified by the actuary and relied upon by the auditors.

6.3. Leave Encashment:

No Provision has been made in the accounts towards encashment of earned leaves not availed by the employees upto March 31, 2012. Since their encashment as per the rules of the company does not fall due on the same date. The same shall be accounted for as and when paid.

7. Excise dutv related to differences between closing and opening stock and other adjustments are stated under operating and her expenses. Excise duty related to turnover is reduced from the Gross Revenue from Operations.

8. Figures unless stated specific are in lakhs.

9. As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 "Provision, Contingent Liabilities and Contingent Assets" as notified by the Companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources which would be required to settle the obligation.

10. Research and Development expenditure:

No Revenue expenses are incurred on research and development during the year.

11. The Company has not granted any loan/advances in the nature of loans, as stipulated in the clause 32 of the Listing Agreement with the Stock Exchanges. For this purpose, the loans to employees as per the Company's policy, security deposits paid towards premises taken on leave and license basis have not been considered.

12. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosures made in the financial statements. Previous years figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1). There are no contingent liabilities as certified by the Management.

2). In the opinion of the Board of Directors the current assets and loans and advances have a value on realisation in the ordinary course of business, at least equal to the amounts at which these are stated and that the provisions for the known liabilities are adequate and not in excess of the amount reasonably necessary.

3). Debit balances in the accounts of suppliers and others are subject to confirmation and reconciliation.

4). Creditors for Goods and Expenses includes Rs.23091657/- (Previous year Rs.15168490/-) due to Micro, Small & Medium Enterprise. Micro, Small & Medium Enterprise having outstanding for more than 30 days and exceeding Rs.1.00 lakh each. (M/s. Akshay Printers, M/s. Sanfran Inc., M/s. Seal -O- Pack, M/s. Surgi Pack (India) Pvt. Ltd. & M/s. Quality Needles (P) Ltd.)

5). Segment Reporting - Accounting Standard (AS 17)

The Company has only one business as primary segment i.e. manufacturing of Medical Devices - Surgical Sutures etc.

6). Figures have been rounded of to the nearest rupee.

7). Previous year's figures have been regrouped and rearranged wherever necessary.


Mar 31, 2010

1). There are no contingent liabilities as certified by the Management.

2). In the opinion of the Board of Directors the current assets and loans and advances have a value on realisation in the ordinary course of business, at least equal to the amounts at which these are suited and that the provisions for the known liabilities are adequate and not in excess of the amount reasonably necessary.

3). Debit balances in the accounts of suppliers and others are subject to confirmation and reconciliation.

4). During the year the company has not provided for Deferred Tax Asset, Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future The Net effect of Deferred Tax Asset of Rsr3,16 lakhs pertaining to earlier periods has been written back in accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India.

5). Creditors for Goods and Expenses includes Rs.15168490/- {Previous year Rs. 1 5107651) due to Micro, Small & Medium Enterprise. Micro, Small & Medium Enterprise having outstanding for more than 30 days and exceeding Rs,1.00 lakh each. (M/s. Akshay Printers, M/s. Sanfran Inc., M/s. Seal -O Pack, M/s, Surgi Pack (India) Pvt Ltd. & M/s. Quality Needles (P Ltd.)

6). Retirement Benefits :

In accordance with Accounting Standard 15 on Employees Benefits as notified by the Companies (Accounting Standards) Rules, 2006, the following disclosures have been made:

ii. The details of post-retirement benefit plans for gratuity are given below which is certified by the actuary and relied upon by the auditors:

7). Segment Reporting - Accounting Standard (AS 17)

The Company has only one business as primary segment i.e. manufacturing of Medical Devices - Surgical Sutures etc.

8) Figures have been rounded of to the nearest rupee.

9) Previous years figure have been regrouped and rearranged necessary.

 
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