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Notes to Accounts of Saboo Brothers Ltd.

Mar 31, 2015

1. NATURE OF OPERATIONS:

The Company was engaged in manufacturing of capital goods machineries used in manufacturing of Portland Cement, mineral grinding machineries etc. Previously the Company was also manufacturing refractory Cement but the manufacturing activities were closed due to high cost and not having regular demand. The Company is now exploring the possibilities for investing in related new business activities.

2. The balances grouped under sundry debtors, creditors and advances are still under reconciliation and confirmation from respective parties awaited. The final adjustment if any shall be made only after reconciliation.

3. The stock of raw material, semi-finished goods and stores are as per inventory prepared, valued and certified by the management.

4. In the opinion of the management current assets and advances if realized in the ordinary course of business have value of realization at least of the amount at which they are stated in the Balance Sheet.

5. Depreciation on fixed assets has been recalculated during the year based on useful life of the assets as specified in schedule II of the companies Act, 2013. Carrying amount of the assets have either been depreciated over remaining useful of the assets or have been charged to Profit & Loss Account for the year, where remaining useful life of the assets is nil, after retaining their residual value.

6. As per the information available with the company there are no small scale industrial undertaking to whom the Company owed any sum as at 31st, March 2015 and there is no balances outstanding for more than 30 days as at 31st, March, 2015.

7. The Company has decided to pay remuneration of Rs.,00,000/- P.A. to whole-time director which is subject to the approval of shareholders in General meeting.

8. Sundry debtors include Rs. NIL (Maximum balance outstanding any time during the year was Rs.NIL) from the firm and companies in which directors are interested.

9. Income Taxes

A tax expense comprises current, deferred and fringe benefit tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax. Deferred income tax reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred Tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. If the Company has carry forwarded unabsorbed depreciation or carry forwarded tax losses, deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. Due to uncertainty of income, deferred Tax has not been accounted for as the Company has huge accumulated business losses.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Since there is loss during the year, accumulated losses and unabsorbed depreciation for earlier years the earning per share is negative figure.

10. Segment information for the year ended 31.03.15 terms of AS-17 is not required to be given.

11. Additional information as required under para 5 of Part-II of Schedule III to the Companies Ac, 2013 to the extent applicable to the company is as under:-

b) Value of imports calculated on C.I.F. basis by the Company during the financial year - NIL.

c) Expenditure in foreign currency during the financial year on account of royalty, know-how, professional and consultation fees, interest, and other matters- NIL

d) The amount remitted during the year in foreign currencies on account of dividends with a specific mention of the total number of non-resident shareholders, the total number shares held by them on within the dividends were due and the year to which the dividends related- NIL

e) Earnings in foreign exchange. NIL


Mar 31, 2014

A. NATURE OF OPERATIONS:

The Company was engaged in manufacturing of capital goods machineries used in manufacturing of Portland Cement, mineral grinding machineries etc. Previously the Company was also manufacturing refractory Cement but the manufacturing activities were closed due to high cost and not having regular demand. The Company is not exploring the possibilities for investing in related business activities.

PARTICULARS OF CONTINGENT LIABILITY 2014 2013

Claimed against the company not acknowledge the debts as NIL NIL

Contract remaining to be executed on capital account NIL NIL

Contingent liabilities

Bill discounted with bank NIL NIL

Disputed income tax demand Rs.27.45 Lac Rs.27.45 Lacs

Disputed excise demand NIL NIL

2. The balances grouped under sundry debtors, creditors and advances are still under reconciliation and confirmation from respective parties awaited. The final adjustment if any shall be made only after reconciliation.

3. The stock of raw material, semi-finished goods and stores are as per inventory prepared, valued and certified by the management.

4. In the opinion of the management current assets and advances if realized in the ordinary course of business have value of realization at least of the amount at which they are stated in the Balance Sheet.

5. As per the information available with the company there are no small scale industrial undertaking to whom the Company owed any sum as at 31st, March 2014 and there is no balances outstanding for more than 30 days as at 31st, March ,2014.

6. The Company has not paid the remuneration to the Managing Director.

7. Sundry debtors include Rs. NIL (Maximum balance outstanding any time during the year was Rs. 1312222.00) from the firm and companies in which directors are interested.

8. Income Taxes

A tax expense comprises current, deferred and fringe benefit tax. Current income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax. Deferred income tax reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred Tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. If the Company has carry forwarded unabsorbed depreciation or carry forwarded tax losses, deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. Due to uncertainty of income deferred Tax need not be accounted for as the Company has huge accumulated business losses.

9. Previous year figures have been regrouped wherever necessary so as to correspond with those of the current year.

10. Segment information for the year ended 31.03.14

As the company has been operating in a single segment of business i.e engineering goods, segment wise reporting in terms of AS-17 is not required to be given.


Mar 31, 2013

A. NATURE OF OPERATIONS:

The Company is presently engaged in manufacturing of capital goods machineries used in manufacturing of Portland Cement, mineral grinding machineries etc. Previously the Company was also manufacturing refractory Cement but the operation was closed due to high cost and not having regular demand.

1. The balances grouped under sundry debtors, creditors and advances are still under reconciliation and confirmation from respective parties awaited. The final adjustment if any shall be made only after reconciliation.

2. The stock of raw material, semi-finished goods and stores are as per inventory prepared, valued and certified by the management.

3. In the opinion of the management current assets and advances if realized in the ordinary course of business have value of realization at least of the amount at which they are stated in the Balance Sheet.

4. As per the information available with the company there are no small scale industrial undertaking to whom the Company owed any sum as at 31st, March 2013 and there is no balances outstanding for more than 30 days as at 31st, March ,2013.

5. The Company has not paid the remuneration to the Managing Director in view of not claiming the remuneration by managing director due to losses suffered by the Company..

6. Sundry debtors include Rs.1312222.00 due from the firm and companies in which directors are interested. Similarly Advances include Rs. 3625000.00 given to firms and companies in which directors are interested.

7. Income Taxes

A tax expense comprises current, deferred and fringe benefit tax. Current income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax. Deferred income tax reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred Tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. If the Company has carry forwarded unabsorbed depreciation or carry forwarded tax losses, deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. Due to uncertainty of income deferred Tax need not be accounted for as the Company has huge accumulated business losses.

8. Previous year figures have been regrouped wherever necessary so as to correspond with those of the current year.

9. Segment information for the year ended 31.03.13

As the company has been operating in a single segment of business i.e engineering goods, segment wise reporting in terms of AS-17 is not required to be given.


Mar 31, 2012

A. NATURE OF OPERATIONS: -

The Company is presently engaged in manufacturing of capital goods machineries used in manufacturing of Portland Cement, mineral grinding machineries etc. Previously the Company was also manufacturing refractory Cement but the operation was closed due to high cost and not having regular demand.

1. The balances grouped under sundry debtors, creditors and advances are still under reconciliation and confirmation from re-spective parties awaited. The final adjustment if any shall be made only after reconciliation.

2. The stock of raw material, semi-finished goods and stores are as per inventory prepared, valued and certified by the management.

3. In the opinion of the management current assets and advances if realized in the ordinary course of business have value of realization at least of the amountat which they are stated in the Balance Sheet.

4. As per the information available with the company there are no small scale industrial undertaking to whom the Company owed any sum as at 31st, March 2012 and there is no balances outstanding for more than 30 days as at 314t, March,2012.

5. The Company hasnot paid the remuneration to the Managing Director in view of not claiming the remuneration by managing director due to losses suffered by the Company..

6. Sundry debtors include Rs.32.58 (Rs. 25.50 lakhs) due from the firm and companies in which directors are interested. Similarly Advances include Rs. (Rs.84.40 lakhs) given to firms and companies in which directors are i interested.

7. Income Taxes

A tax expense comprises current, deferred and fringe benefit tax. Current income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax. Deferred income tax reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred Tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. If the Company has carry forwarded unabsorbed depreciation or carry forwarded tax losses, deferred tax assets are recognized only if 1 there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.

Due to uncertainty of income deferred Tax need not be accounted for as the Company has huge accumulated business losses.

8. Previous year figures have been regrouped wherever necessary so as to correspond with those of the current year.


Mar 31, 2010

1. The Refractory cement plant of the company at village Salavas has been closed down due to sluggish demand and high cost. However the company has claimed the depreciation on the straight line method at the rate prescribed under the Companies Act.

2. During the year the Company has written off Rs. /- in respect of certain long overdue advances and sundry debtors since the management has considered necessary to write off the debts as these are not recoverable

3. The balances grouped under sundry debtors, creditors and advances are still under reconciliation and confirmation from respective parties awaited. The final adjustment if any shall be made only after reconciliation.

4. The stock of raw material, semi-finished goods and stores are as per inventory prepared, valued and certified by the management.

5. In the opinion of the management current assets and advances if realized in the ordinary course of business have value of realization at least of the amount at which they are stated in the Balance Sheet.

6. As per the information available with the company there are no small scale industrial undertaking to whom the Company owed any sum as at 31st, March 2010 and there is no balances outstanding for more than 30 days as at 31st, March ,2010.

7. The Company has not paid the remuneration to the Managing Director in view of not claiming the remuneration by managing director due to losses suffered by the Company..

8. Sundry debtors include Rs. (Rs. 15 lakhs) due from the firm and companies in which directors are interested. Similarly Advances include Rs. (Rs.60 lakhs) given to firms and companies in which directors are interested.

9. Income Taxes

A tax expense comprises current, deferred and fringe benefit tax. Current income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax. Deferred income tax reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred Tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. If the Company has carry forwarded unabsorbed depreciation or carry forwarded tax losses, deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. Due to uncertainty of income deferred Tax need not be accounted for as the Company has huge accumulated business losses.

10. Previous year figures have been regrouped wherever necessary so as to correspond with those of the current year.


Mar 31, 2009

A. NATURE OF OPERATIONS:

The Company is presently engaged in manufacturing of capital goods machineries used in manufacturing of Portland Cement, mineral grinding machineries etc. Previously the Company was also manufacturing refractory Cement but the operation was closed due to high cost and not having regular demand.

PARTICULARS OF CONTINGENT LIABILITY

2009 2008

Claimed against the company not acknowledge the debts as certified by management. NIL NIL

Contract remaining to be executed on capital account NIL NIL

Contingent liabilities Bill discounted with bank NIL NIL

Disputed income tax demand 10 Lacs 5 lacs

Disputed excise demand NIL NIL

2. The Refractory cement plant of the company at village Saiavas has been closed down and all the machinery has been sold during the year. The Company has shown the loss of Rs.272330007 during the year on account of claiming the depreciation at straight line method.

3. During the year the Company has written off Rs. 1003000/ in respect of certain long overdue advances and sundry debtors since the management has considered necessary to write off the debts as these are not recoverable.

4. The balances grouped under sundry debtors, creditors and advances are still under reconciliation and confirmation from respective parties awaited. The final adjustment if any shall be made only after reconciliation.

5. The stock of raw material, semi-finished goods and stores are as per inventory prepared, valued and certified by the management.

6. In the opinion of the management current assets and advances if realized in the ordinary course of business have value of realization at least of the amount at which they are stated in the Balance Sheet.

7. As per the information available with the company there are no small scale industrial undertaking to whom the Company owed any sum as at 31st, March 2008 and there is no balances outstanding for more than 30 days as at 31st, March ,2009.

8. The Company has not paid the remuneration to the Managing Director in view of not claiming the remuneration by managing director due to losses suffered by the Company.

9. Sundry debtors include Rs. 92.49 lacs due from the firm and companies in which directors are interested. Similarly Sundry Creditor include Rs. 26.47 lacs taken from the firms and companies in which directors are interested.

10. Income Taxes

A tax expense comprises current, deferred and fringe benefit tax. Current income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax. Deferred income tax reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred Tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. If the Company has carry forwarded unabsorbed depreciation or carry forwarded tax losses, deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. Due to uncertainty of income deferred Tax need not be accounted for as the Company has hugeaccumulated business losses.

11. Previous year figures have been regrouped wherever necessary so as to correspond with those of the current year.

 
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