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Notes to Accounts of Nikhil Adhesives Ltd.

Mar 31, 2015

NOTE 1. Dividend proposed to be distributed to equity shareholders is Nil per share (Previous Year Rs. 0.80 per share).

NOTE 2. Loss on account of Foreign Exchange Fluctuations (Net) was treated as an exceptional item, in the financial year 2013-2014 since the same occured due to exceptionally volatile global market developments during the said reporting period.

NOTE 3. In terms of clause 46A of AS 11 "The Effects of Changes in the Foreign Exchange Rates" as inserted by Notification No. G.S.R. 914(E) dated 29th December, 2011 issued by the Ministry of Corporate Affairs, Government of India, the company has opted to capitalise the foreign exchange differences arising on long term monetary item, in so far as it relates to acquisition of depreciable capital assets, against the cost of such assets and depreciate the said adjustment over the balance life of the asset. Accordingly, the foreign exchange differences of Rs. 31,47,787/-, for the year has been added to the cost of the fixed assets relating to the expansion project at Dahej (Gujarat). (Previous year Rs. 110,95,903/-)

NOTE 4. : The company is liable to pay Income Tax as per provisions of section 115JB of the Income Tax Act for the Financial year 2014-15. Since the same can be recouped against future years income, it has not been charged as Tax expense to the extent it can be recouped.

NOTE 5. DETAILS OF LEASING ARRANGEMENTS

Operating Lease: As a Lessee

The company has entered into cancellable operating leases. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving notice for the period ranging from two months to three months or lessee giving two months notice.

Lease payments amounting to Rs. 4,232,854/-(Previous year Rs. 4,396,380/-) are included in rental expenditure in the Statement of Profit and Loss during the current year.

NOTE 6. EMPLOYEE BENEFIT PLANS

(a) Defined Contribution Plans:

The amount recognised as expense in respect of Defined Contribution Plans (Contribution to Provident Fund) aggregate to 29,76,329/- (Previous year 23,37,020/-).

(b) Retirement Benefit - Gratuity:

The employees of the Company are eligible for gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit. The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

The following table summaries the components of the employee benefit expenses recognised in the Statement of Profit and Loss and the amount recognised in the Balance sheet for the gratuity provision made under actuarial method.

Statement of Profit and Loss Net employee benefit expenses recognised in Employee Benefit Expenses (Note No 25)

NOTE 7. : There are no amounts payable to any Micro, Small and Medium Enterprises as identified by the Management from the information available with the Company and relied by Auditors.

NOTE 8. : The accounts of the Trade Receivables and Trade Payables who have not responded to the Company's request for confirmation of balances, are subject to reconciliation, if any, required.

NOTE 9. : Figures have been rounded off to nearest rupees.


Mar 31, 2014

NOTE 1 : CONTINGENT LIABILITIES AND COMMITMENTS As at As at Particulars 31 March 2014 31 March 2013

Contingent Liabilities :

Claims against the Company not acknowledged NIL NIL as debts

Guarantees given by the Company''s Banker on 24,183,857 34,994,857 behalf of the Company

NOTE 2 : Dividend proposed to be distributed to equity shareholders is Nil per share (Previous Year Rs. 0.80 per share).

NOTE 3 : Loss on account of Foreign Exchange Fluctuation (Net) has been treated as an exceptional item, since the same has resulted from exceptionally volatile global market developments during the reporting periods.

NOTE 4 : In terms of clause 46A of AS 11 "The Effects of Changes in the Foreign Exchange Rates" as inserted by Notification No. G.S.R. 914(E) dated 29th December, 2011 issued by the Ministry of Corporate Affairs, Government of India, the company has opted to capitalise the foreign exchange differences arising on long term monetary item, in so far as it relates to acquisition of depreciable capital assets, against the cost of such assets and depreciate the said adjustment over the balance life of the asset. Accordingly, the foreign exchange differences ofRs. 110,95,903/-, for the year has been added to the cost of the fixed assets relating to the expansion project at Dahej (Gujarat). (Previous yearRs. 72,58,260/-)

NOTE 5 : The company is liable to pay Income Tax as per provisions of section 115JB of the Income Tax Act for the Financial year 2013-14. Since the same can be recouped against future years income, it has not been charged as Tax expense to the extent it can be recouped.

NOTE 6 DETAILS OF LEASING ARRANGEMENTS

Operating Lease: As a Lessee

The company has entered into cancellable operating leases. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving notice for the period ranging from two months to three months or lessee giving two months notice.

Lease payments amounting to Rs. 4,396,380/-(Previous year Rs. 4,166,079/-) are included in rental expenditure in the Statement of Profit and Loss during the current year.

(a) Defined Contribution Plans:

The amount recognised as expense in respect of Definied Contribution Plans (Contribution to Provident Fund) aggregate to Rs. 23,37,020/- (Previous year Rs. 22,51,219/-).

(b) Retirement Benefit - Gratuity:

The employees of the Company are eligible for gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit. The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

The following table summaries the components of the employee benefit expenses recognised in the Statement of Profit and Loss and the amount recognised in the Balance sheet for the gratuity provision made under actuarial method.

Statement of Profit and Loss

Notes :

1) The Information stated above is in conformity with Accounting Standard 17 "Segment Reporting" issued by The Institute of Chartered Accountants of India.

2) The Business Segment is the Primary Segment of the Company and there is no geographical segment having differing risk and returns.

3) For comparison with previous year, refer Note No. 42(b)

Notes :

1) The Information stated above is in confirmity with Accounting Standard 17 "Segment Reporting" issued by The Institute of Chartered Accountants of India.

2) The Business Segment is the Primary Segment of the Company and there is no geographical segment having differing risk and returns.

The following details give the information pursuant to Accounting Standard - 18 " Related Party Disclosures"

(a) Name of the Related Parties and Nature of Relationship

Name Nature of Relationship

Umesh J. Sanghavi Promoter Directors and Key Management Personnel (KMP)

Rajendra J. Sanghavi Promoter Directors and Key Management Personnel (KMP)

Tarak J. Sanghavi Promoter Directors and Key Management Personnel (KMP)

Ashok J. Sanghavi Promoter and Relative of Directors

Anita U. Sanghavi Relative of Director

Mrunalini R. Sanghavi Relative of Director

Rekha T. Sanghavi Relative of Director

Vasant Polymers & Chemicals Pvt. Ltd. A Company Significantly Influenced by relatives of KMP.

NOTE 7 : There are no amounts payable to any Micro, Small and Medium Enterprises as identified by the Management from the information available with the Company and relied by Auditors.

NOTE 8 : The accounts of the Trade Receivables and Trade Payables who have not responded to the Company''s request for confirmation of balances, are subject to reconciliation, if any, required.

NOTE 9 : Figures have been rounded off to nearest rupees.


Mar 31, 2013

NOTE 1 : CONTINGENT LIABILITIES AND COMMITMENTS

As at As at Particulars 31 March 2013 31 March 2012

Contingent Liabilities :

Claims against the Company not acknowledged as debts NIL NIL

Guarantees given by the Company''s Banker on behalf of the Company 34,994,857 1,552,950



NOTE 2 : Dividend proposed to be distributed to equity shareholders is ` 0. 80 per share (Previous Year ` 0.80 per share).

NOTE 3 : Loss/Gain on account of Foreign currency translation (Net) has been treated as an exceptional item, since the same has resulted from exceptionally volatile global market developments during the reporting periods.

NOTE 4 : Pursuant to Notification no. G.S.R.(914)E dated 29th December 2011, issued by MCA, the Company has adjusted exchange differences of ` 72,58,260/- arising on reporting of long term foreign currency monetary items, in so far as they relate to the acquisition of depreciable assets, against the cost of such assets and depreciate the said adjustment over the balance life of the asset.

NOTE 5 : The company is liable to pay Income Tax as per provisions of section 115JB of the Income Tax Act for the Financial year 2012-13. Since the same can be recouped against future years income, it has not been charged as Tax expense to the extent it can be recouped.

NOTE 6 DETAILS OF LEASING ARRANGEMENTS

Operating Lease: As a Lessee The company has entered into cancellable operating leases. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving notice for the period ranging from two months to three months or lessee giving two months notice.

Lease payments amounting to ` 4,166,079/-(Previous year ` 3,310,848/-) are included in rental expenditure in the Statement of Profit and Loss during the current year.

NOTE 7 EMPLOYEE BENEFIT PLANS

(a) Defined Contribution Plans:

The amount recognised as expense in respect of Definied Contribution Plans (Contribution to Provident Fund) aggregate to ` 22,51,219/- (Previous year ` 20,17,993/-).

(b) Retirement Benefit - Gratuity:

The employees of the Company are eligible for gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit. The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

The following table summaries the components of the employee benefit expenses recognised in the Statement of Profit and Loss and the amount recognised in the Balance sheet for the gratuity provision made under actuarial method.

NOTE 8 : There are no amounts payable to any Micro, Small and Medium Enterprises as identified by the Management from the information available with the Company and relied by Auditors.

NOTE 9 : The accounts of the Trade Receivables and Trade Payables who have not responded to the Company''s request for confirmation of balances, are subject to reconciliation, if any, required.

NOTE 10 : Figures have been rounded off to nearest rupees.


Mar 31, 2011

1. Previous years figures have been regrouped and / or rearranged wherever necessary to make them comparable with current years figures.

2. The accounts of the Sundry Debtors and Creditors who have not responded to the Companys request for confirmation of balances, are subject to reconciliation, if any, required.

13.03.2011 31.03.2010 Particulars Amount(Rs.) Amount(Rs.)

3 (a) Contingent Liabilities NIL NIL

(b) Estimated amount of contracts remaining to be executed on capital NIL NIL account - not provided for.

4 Retirement Benefit - Gratuity

The employees of the Company are eligible for Gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit. The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

5. Related Party Disclosures.

The following details give the information pursuant to Accounting Standard - 18 " Related Party Disclosures" issued by The Institute of Chartered Accountants of India.

A) Name of the Related Parties and nature of Relationship

Name Nature of Relationship

List of Related Parties

Umesh J. Sanghavi Promoter Directors and Key Management Personnel (KMP)

Rajendra J. Sanghavi " "

Tarak J. Sanghavi " "

Ashok J. Sanghavi Promoter and Relative of Directors

Anita U. Sanghavi Relative of Director

Mrunalini R. Sanghavi " "

Nikhil U. Sanghavi " "

Vasant Polymers & Chemicals Pvt. Ltd. A Company Significantly Influenced by relatives of KMP.

Zeki Software Solutions Pvt Ltd " "

6. There are no Micro & Small Enterprises, to whom the company owes dues which are outstanding for more than 45 days as at 31/03/2011.This information as required to be disclosed under Micro, Small & Medium Enterprises Development Act,2006 has been determined to the extent such parties have been identified on the basis of the information available to the company


Mar 31, 2010

1. (a) During the year the company has promoted wholly owned subsidiary company - Sanghavi Logistics Pvt. Ltd. which is yet to commence its business activities.

(b) Previous years figures have been regrouped and / or rearranged wherever necessary to make them comparable with current years figures.

2. The accounts of the Sundry Debtors and Creditors who have not responded to the Companys request for confirmation of balances, are subject to reconciliation, if any, required.

Notes :

1) The Information stated above is in conformity with Accounting Standard 17 "Segment Reporting" issued by The Institute of Chartered Accountants of India.

2) The Business Segment is the Primary Segment of the Company and there is no geographical segment having differing risk and returns.

3) For comparison with previous year, refer Note No. 17(b)

4. There are no Micro & Small Enterprises, to whom the company owes dues which are outstanding for more than 45 days as at 31/03/2010.This information as required to be disclose d under Micro, Small & Medium Enterprises Development Act,2006 has been determined to the extent such parties have been identified on the basis of the information available to the company

 
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