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Notes to Accounts of Sacheta Metals Ltd.

Mar 31, 2015

(1) There was no impairment loss on fixed assets on the basis of review carried out by the Management in accordance with AS – 28 issued by the Institute of Chartered Accountants of India.

a. Terms / Rights attached to equity shares :

The Company has Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Share is entitled to one vote per share.

NOTE : - (Working Capital Advances from SBI Mumbai are secured by HYPOTHECATION/PLEDE OF Companies entire Goods. Movable & other Assets Such as book Debts Outstanding Monies, Receivable, claims. Bills. Invoice, Documents, Contracts, Securities, Investments, & Rights all presents and future secured by : 1.Equitable Mortgage of Company's factory, C & B at block No. 33, Village Mahiyal. Talod (2) Hypothecation of Entire movable Machinery of the Company). Mr. S.K.Shah & Mrs. C.S.Shah, directors of Company gave personal Guarantee.

** Sales shown as net of Excise Duty, Credit/Utilisation of Excise Duty Pass/ Rotate Through Balance Sheet.

(2) The company has issued 65,62,500 Equity shares including 107500 forfeited shares on preferential basis during the year 2010-11. It had incurred an amount of Rs.5,00,000 towards preliminary expenses on account of issue of shares. Amount of Rs.1,00,000 being 1/5th is written of during the year.

(3) In accordance with the Accounting Standard "Related Party Disclosures" (AS-18) issued by The Institute of Chartered Accountants of India which came into effect from1st April, 2001, the names of related parties with relationship and transactions with them are disclosed as under :

1. Relationship :

i) Eskay Aluminum Pvt. Ltd.

Company Under the same Management

ii) P.D.R. Casting Industries

Proprietorship concern of a Director, Chetnaben.

iii) Sacheta International

Proprietorship concern of a Director, Satishbhai

iv) Suryoday Trading Co.

Proprietorship concern of a Director, Shalini Shah

v) Pranav Trading Co.

Proprietorship concern of a Director, Satishbhai

NOTE - 4 : OTHER NOTES RELATED TO FINANCIAL STATEMENTS :

(1) Previous years figures have been rearranged / regrouped / recast wherever necessary.

(2) Balances due to or due by the parties are subject to confirmation.

(3) Contingent Liabilities

(i) The Company has preferred an appeal against order of VAT Department for Financial Year 2008-09 for demand of Rs. 43,55,009. Against this demand the company has deposited VAT /CST of Rs. 690124 and submitted bank guarantee of Rs. 1025000.

(4) In the opinion of the Board and to the best of their Knowledge and belief, the value of the realization of current assets, loans and advances in the ordinary course of business would not be less than the amount of which they are stated in the balance sheet.

vi) Key Management personnel

1. Shri Satish K. Shah – Chairman Cum Managing Director

2. Smt. Chetana S. Shah – Jt. Managing Director

3. Ankit S. Shah – Executive Director

4. Pranav S. Shah- Executive Director

5. Segment information :

Based on the guiding principles given in AS-17 on Segments Reporting issued by the Institute of the Chartered Accountants of India. The Company's primary Business Segments is manufacturing of utensils. This being the single Segment, the company has not made Reporting as per business Segment. As far as geographical Segments are concerned, the company has bifurcated the activities into two parts viz.

1. Internationals

2. Domestic

6. The Company has started research & development unit wherein the company has incurred a revenue expenditure of Rs. 218827 and capital expenditure of Rs. 756414 on account of research & development.


Mar 31, 2014

NOTE :

(Working Capital Advances from SBI Mumbai are secured by HYPOTHECATION/PLEDE OF Companies entire Goods. Movable & other Assets Such as book Debts Oustanding Monies, Receivable, claims. Bills. Invoice, Documetns, Contracts,Securities, Investments, & Rights all presents and future secured by : 1.Equitable Mortgage of Company''s factory, C & B at block No. 33, Village Mahiyal. Talod (2) Hypothecation of Entire movable Machinery of the Company ). Mr. S.K.Shah & Mrs. C.S.Shah, directors of Company gave personal Guarantee.

NOTE - 2 : OTHER NOTES RELATED TO FINANCIAL STATEMENTS :

(1) Previous years figures have been rearranged / regrouped / recast wherever necessary.

(2) Balances due to or due by the parties are subject to confirmation.

(3) Contingent Liabilities

(i) The Company has preferred an appeal against order of VAT Department for Financial Year 2008-09 for demand of Rs. 43,55,009. Against this demand the company has deposited VAT /CST of Rs. 690124 and submitted bank guarantee of Rs. 1025000.

(4) In the opinion of the Board and to the best of their Knowledge and belief, the value of the realization of current assets, loans and advances in the ordinary course of business would not be less than the amount of which they are stated in the balance sheet.

(5) Payment to Auditors includes :

2013-14 2012-13

Audit Fees 70000 70000

Tax Audit Fees 4000 4000

For Taxation Matters 3000 3000

77000 77000 (6) The company has issued 65,62,500 Equity shares including 107500 forfeited shares on preferential basis during the year 2010-11. It had incurred an amount of Rs.5,00,000 towards preliminary expenses on account of issue of shares. Amount of Rs.1,00,000 being 1/5th is written of during the year.

(7) Prior Year Adjustments represents:

Particulars 2013-14 2012-13

a) Sundries -- 58321 58321

(8) In accordance with the Accounting Standard "Related Party Disclosures" (AS-18) issued by The Institute of Chartered Accountants of India which came into effect from1st April, 2001, the names of related parties with relationship and transactions with them are disclosed as under :

1. Relationship :

i) Eskay Alluminium Pvt. Ltd.

Company Under the same Management

ii) P.D.R. Casting Industries

Proprietorship concern of a Director, Chetnaben.

iii) Sacheta International

Proprietorship concern of a Director, Satishbhai

iv) Suryoday Trading Co.

Proprietorship concern of a Director, Shalini Shah

v) Pranav Trading Co.

Proprietorship concern of a Director, Satishbhai

vi) Key Management personnel

1. Shri Satish K. Shah – Chairman Cum Managing Director

2. Smt. Chetana S. Shah – Jt. Managing Director

3. Ankit S. Shah – Executive Director

3. Segment information :

Based on the guiding principles given in AS-17 on Segments Reporting issued by the Institute of the Chartered Accountants of India. The Company''s primary Business Segments is manufacturing of utensils. This being the single Segment, the company has not made Reporting as per business Segment. As far as geographical Segments are concerned, the company has bifurcated the activities into two parts viz

1. Internationals

2. Domestic

4. The Company has started research & development unit wherein the company has incurred a revenue expenditure of Rs. 287430 and capital expenditure of Rs. 2213524 on account of research & development.


Mar 31, 2013

(1) Previous years figures have been rearranged / regrouped / recast wherever necessary.

(2) Balances due to or due by the parties are subject to confirmation.

(3) Contingent Liabilities

(i) The Company haspreferred an appeal against order of VAT Department for Financial Year 2008-09 for demand of Rs. 9061429. Against this demand the company has depositedVAT /CST of Rs. 416143 and submitted bank guarantee of Rs. 750000.

(4) In the opinion of the Board and to the best of their Knowledge and belief, the value of the realization of current assets, loans and advances in the ordinary course of business would not be less than the amount of which they are stated in the balance sheet.

(5) The company has issued 65,62,500 Equity shares including 107500 forfeited shares on preferential basis during the year 2010-11. It had incurred an amount of Rs.5,00,000 towards preliminary expenses on account of issue of shares. Amount of Rs.1,00,000 being 1/5th is written of during the year.

(6) In accordance with the Accounting Standard "Related Party Disclosures" (AS-18) issued by The Institute of Chartered Accountants of India which came into effect fromlst April, 2001, the names of related parties with relationship and transactions with them are disclosed as under:

1. Relationship:

i) EskayAlluminium Pvt. Ltd.

Company Under the same Management

ii) P.D.R. Casting Industries

Proprietorship concern of a Director, Chetnaben.

iii) Sacheta International

Proprietorship concern of a Director, Satishbhai

iv) Suryoday Trading Co.

Proprietorship concern of a Director, Shalini Shah

v) Pranav Trading Co.

Proprietorship concern of a Director, Satishbhai

vi) Key Management personnel

1. Shri Satish K. Shah - Chairman Cum Managing Director

2. Smt. Chetana S. Shah - Jt. Managing Director

3. Ankit S. Shah - Executive Director

2. The following transactions were carried out with the related parties in the ordinary course of business. Details relating to parties referred in item 1(i),(ii),(iii),(iv) and (v):

7. Segment information :

Based on the guiding principles given in AS-17 on Segments Reporting issued by the Institute of the Chartered Accountants of India. The Company''s primary Business Segments is manufacturing of utensils. This being the single Segment, the company has not made Reporting as per business Segment. As far as geographical Segments are concerned, the company has bifurcated the activities into two parts viz

1. Internationals

2. Domestic

Gross result of geographical segments.


Mar 31, 2012

(1) There was no impairment loss on fixed assets on the basis of review carried out by the Management in accordance with AS -28 issued by the Institute of Chartered Accountants of India.

a. Terms I Rights attached to equity shares :

The Company has Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Share is entitled to one vote per share.

NOTE:

(Working Capital Advances from SBI Mumbai are secured by HYPOTHECATION/PLEDE OF Companies entire Goods. Movable & other Assets Such as book Debts Oustanding Monies, Receivable, claims. Bills. Invoice, Documetns, Contracts,Securities, Investments, & Rights all presents and future secured by : 1.Equitable Mortgage of Company's factory, C & B at block No. 33, Village Mahiyal. Talod (2) Hypothecation of Entire movable Machinery of the Company ). Mr. S.K.Shah & Mrs. C.S.Shah, directors of Company gave personal Guarantee.

NOTE - 2 : OTHER NOTES RELATED TO FINANCIAL STATEMENTS :

(1) Previous years figures have been rearranged / regrouped / recast wherever necessary.

(2) Balances due to or due by the parties are subject to confirmation.

(3) Contingent Liabilities

(i) The Company had preferred an appeal with the stamp duty authority for the earlier demand which was reduced to Rs. 22050. No provision has been made for this demand in the books of account. The amount of Rs. 5615 paid for stamp duty is shown in the balance sheet under the head "LOANS & ADVANCES".

(4) In the opinion of the Board and to the best of their Knowledge and belief, the value of the realization of current assets, loans and advances in the ordinary course of business would not be less than the amount of which they are stated in the balance sheet.

(5) The company has issued 26,61,700 Equity Shares on preferential basis during the year 2007-08. had incurred an amount of Rs.9,73,420 towards preliminary expenses on account of issue of shares. Amount of Rs.1,94,684 being 1 /5th is written of during the year. Moreover the company has issued 65,62,500 Equity shares including 107500 forfeited shares on preferential basis during the year 2010-11. It had incurred an amount of Rs.5,00,000 towards preliminary expenses on account of issue of shares. Amount of Rs.1,00,000 being 1/5th is written of during the year.

(6) In accordance with the Accounting Standard "Related Party Disclosures" (AS-18) issued by The Institute of Chartered Accountants of India which came into effect from 1st April, 2001, the names of related parties with relationship and transactions with them are disclosed as under:

1. Relationship:

i) Eskay Alluminium Pvt. Ltd.

Company Under the same Management

ii) P.D.R. Casting Industries

Proprietorship concern of a Director, Chetnaben.

iii) Sacheta International . Proprietorship concern of a Director, Satishbhai.

iv) Pranav Trading Co.

Proprietorship concern of a Director, Satishbhai

v) Key Management personnel

1. Shri Satish K. Shah - Chairman Cum Managing Director

2. Smt. Chetana S. Shah - Jt. Managing Director

3. Ankit S. Shah - Executive Director

7. Segment information :

Based on the guiding principles given in AS-17 on Segments Reporting issued by the Institute of the Chartered Accountants of India. The Company's primary Business Segments is manufacturing of utensils. This being the single Segment, the company has not made Reporting as per business Segment.

As far as geographical Segments are concerned, the company has bifurcated the activities into two parts v'z

1. Internationals

2. Domestic


Mar 31, 2010

OTHER NOTES:

(1) Previous years figures have been rearranged /regrouped / recast wherever necessary.

(2) Balances due to or due by the parties are subject to confirmation.

(3) Contingent Liabilities

(i) The Company had preferred an appeal with the stamp duty authority for the earlier demand which was reduced to Rs. 22050. No provision has been made for this demand in the books of account. The amount of Rs. 5615 paid for stamp duty is shown in the balance sheet under the head "LOANS & ADVANCES".

(4) In the opinion of the Board and to the best of their Knowledge and belief, the value of the realization of current assets, loans and advances in the ordinary course of business would not be less than the amount of which they are stated in the balance sheet.

(5) Managerial Remuneration of Rs.605955/- including perquisites of Rs. 107955/- (Previous year Rs.551501) has been paid during the year.

(6) The company has issued 26,61,700 Equity Shares on preferential basis during the year 2007-08. It had incurred an amount of Rs.9,73,420 towards preliminary expenses on account of issue of shares. Amount of Rs.1,94,684 being 1/5* is written of during the year.

(7) In accordance with the Accounting Standard "Related Party Disclosures" (AS-18) issued by The Institute of Chartered Accountants of India which came into effect from 1st April, 2001, the names of related parties with relationship and transactions with them are disclosed as under:

1. Relationship:

i) EskayAlluminium Pvt. Ltd.

Company Under the same Management

ii) P.D.R. Casting Industries

Proprietorship concern of a Director. Chetnaben.

iii) Sacheta International

Proprietorship concern of a Director, Satishbhai.

iv) Ankit Trading Company.

Proprietorship concern of Director, Ankit Shah.

v) Key Management personnel

1. Shri Satish K. Shah - Chairman Cum Managing Director

2. Smt. Chetana S. Shah - Jt. Managing Director

3. Ankit S. Shah - Executive Director

(8) Segment information :

Based on the guiding principles given in AS-17 on Segments Reporting issued by the Institute of the Chartered Accountants of India. The Companys primary Business Segments is manufacturing of utensils. This being the single Segment, the company has not made Reporting as per business Segment.

As far as geographical Segments are concerned, the company has bifurcated the activities into two parts viz.

1. International

2. Domestic

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