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Notes to Accounts of Safari Industries (India) Ltd.

Mar 31, 2015

1) Each Equity Shareholder is entitled to one vote per share.

2) Of the 19,52,500 equity shares held by Mr. Sudhir Jatia, Promoter& Managing Director of the Company, 17,87,500 shares (his holding prior to preferential allotment)are subject to a lock-in of 6 months and 1,65,000 equity shares (shares allotted to him on conversion of the share warrants) are subject to a lock-in of 3 years, from the date of the respective trading approvals granted/to be granted by the Bombay Stock Exchange, in accordance with the provisions of SEBI (Issue of Capital Disclosure Requirement) Regulations 2009.

8,30,000 Shares allotted to Tano India Private Equity Fund II are subject to a 1 year lock-in from the date of the trading approval granted by the Bombay Stock Exchange

3. Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of advances) Rs. 2.58 lacs (Rs. 6.68 lacs).

4. Contingent Liabilities not provided for :

Sr.No. Particulars

(a) Counter Guarantees given by the 21.87 50.72 Company

(b) Claims / demands against the Amount not Amount Company by employees/ex-employees, not

disputed /not acknowledged as ascertain ascert debts : -able ainable

(c) Disputed Sales Tax Liabilities 59.67 66.23 (Net of Advance Rs. 21.23 Lacs)

(d) Rent and Telephone Bills Disputes 0.58 NIL

5. Depreciation:

Effective from 01.04.2014, the Company has adopted the useful lives of its Tangible Fixed Assets as per Part C of Schedule II of the Companies Act, 2013 and provided depreciation accordingly, except in respect of Furniture and Fixtures installed at the Company's retail stores, for which, the useful life of 2 years has been adopted, as hitherto. The same is based on the nature of assets at the said stores and the internal evaluation of the uncertainty of the number of years for which such stores may continue to remain in operation at the same location.

In respect of assets of which the remaining useful lives have been exhausted as on April 1,2014, the carrying amount of assets after retaining residual value, amounting to Rs. 8.13 lacs (Net of Deferred Tax Credit of Rs. 3.9 lacs) has been recognized in the opening balance of General Reserve.

The provision of depreciation in terms of Companies Act 2013 as aforesaid has resulted in higher provision by Rs. 45.27 lacs for the year as compared to the provision in terms of erstwhile Companies Act, 1956.

6. Segment Reporting :

The Company's activities pertain to a single reportable segment of travel goods as per Accounting Standard - 17.

7. Disclosure for operating lease under Accounting Standard 19 - "Leases"

The Company has entered into agreements for taking on leave and license under operating lease for office Premises/warehouses, including furniture & fittings therein, as applicable. These agreements are not non-cancelable and are for tenures between 3 months

8. Micro, Small and Medium Enterprises

Based on the information in possession with the Company no supplier has been identified as being covered under the Micro, Small and Medium Enterprises Development Act, 2006 ("the Act").

Accordingly no amount of dues outstanding as at 31st March, 2015 have been identified as relating to the Micro, Small and Medium Enterprise referred to in the said Act.

9. Trade receivables, Trade Payables and Advances/Deposits balances are subject to confirmation and subsequent reconciliation.

10. Previous year figures have been regrouped or reclassified wherever necessary. Figures in bracket relates to previous year.


Mar 31, 2014

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 6.68 Lacs (Net of advances) (Previous Year Rs. 20.96 Lacs)

2. Contingent Liabilities not provided for :

Current Year Previous Year Sr.No. Particulars (Rs. in Lakhs) (Rs. in Lakhs)

(a) Counter Guarantees given by the Company 50.72 19.45

(b) Claims / demands against the Company by employees, disputed / Amount not Amount not not acknowledged as debts : ascertainable ascertainable

(c) Disputed Sales Tax liabilities 66.23 64.15

3. Segment Reporting :

The Company''s activities pertain to a single reportable segment of travel goods as per Accounting Standard - 17 on Segment Reporting.

4. Related Party Disclosures : Related Party Disclosures, as required by Accounting Standard - 18 :

i) Name of the related parties & description of relationship.

Safari Sales Private Limited : Enterprise in which Key Management Personnel has significant influence

Safari Investments Private Limited : Enterprise in which Key Management Personnel has significant influence Tarapur Vastra Udyog Private Limited : Enterprise in which relative of Key Management Personnel has significant influence

Key Management Personnel :

Mr. Sudhir Jatia : Managing Director

Relative of Key Management Personnel :

Mr. Mohanlal Jatia : Father of Mr Sudhir Jatia

ii) The following transactions were carried out with related parties

5. Employee Benefits:

Consequent upon adoption of Revised Accounting Standard 15 on "Employee Benefits" ("AS-15"), issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made :

6. Micro, Small and Medium Enterprises

Based on the information in possession with the Company no supplier has been identified as being covered under the Micro, Small and Medium Enterprises Development Act, 2006 ("the Act"). Accordingly no amount of dues outstanding as at 31st March, 2014 have been identified as relating to the Micro, Small and Medium Enterprises referred to in the said Act.

7. Trade receivables, Trade Payables and Advances/Deposits balances are subject to confirmation and subsequent reconciliation.

8. Previous year figures have been regrouped or reclassified wherever necessary.


Mar 31, 2013

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 20.96 Lacs (Net of advances) (Previous Year Rs. Nil)

2. Contingent Liabilities not provided for : Current Year Previous Year

Sr. No. Particulars (Rs. in Lakhs) (Rs. in Lakhs)

(a) Bills discounted with Central Bank of India 448.30

(b) Counter Guarantees given by the Company 19.45 22.73

(c) Claims / demands against the Company by employees, disputed / Amount not Amount not not acknowledged as debts : ascertainable ascertainable

(d) Disputed Sales Tax liabilities 64.15 59.05

3. Segment Reporting :

The Company''s activities pertain to a single reportable segment of travel goods as per Accounting Standard - 17 on Segment Reporting.

4. Related Party Disclosures :

Related Party Disclosures, as required by Accounting Standard - 18 : i) Name of the related parties & description of relationship.

Safari Sales Private Limited Enterprise in which Key Management Personnel has significant influence

Safari Investments Private Limited Enterprise in which Key Management Personnel has significant influence

Tarapur Vastra Udyog Private Limited Enterprise in which relative of Key Management Personnel has significant influence

Key Management Personnel :

Mr. Sudhir Jatia Managing Director (w.e.f. 18th April,2012)

Mr. A. S. Mehta Managing Director (upto 18th April, 2012)

Relative of Key Management Personnel :

Mr. Mohanlal Jatia Father of Mr Sudhir Jatia

5. Disclosure for operating lease under Accounting Standard 19 - "Leases”

a) The Company has entered into agreements for taking on leave and license under operating lease for office Premises/warehouses, including furniture & fittings therein, as applicable. These agreements are not non-cancelable and are for tenures between 3 months & 10 years and are renewable by mutual consent on mutually agreeable terms. The specified disclosure in respect of these agreements is given below :

6. Employee Benefits:

Consequent upon adoption of Revised Accounting Standard 15 on "Employee Benefits" ("AS-15"), issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made:

7. Micro, Small and Medium Enterprises

Based on the information in possession with the Company no supplier has been identified as being covered under the Micro, Small and Medium Enterprises Development Act, 2006 ("the Act").

Accordingly no amount of dues outstanding as at 31st March, 2013 have been identified as relating to the Micro, Small and Medium Enterprises referred to in the said Act.

8. Balances of Trade receivables, Trade Payables and Advances/Deposits are subject to confirmation and subsequent reconciliation.

9. Previous year figures have been regrouped or reclassified wherever necessary.


Mar 31, 2012

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. Nil (Previous Year Rs. Nil).

2.Contingent Liabilities not provided for: Current Year Previous Year Sr. No. Particulars (Rs.in Lakhs) (Rs. in Lakhs) (a) Bills discounted with Central Bank of India 448.30 448.41

(b) Counter Guarantees given by the Company 22.73 17.84

(c) Claims/demands against the Company by employees, disputed/ amount not amount not not acknowledged as debts: ascertainable ascertainable

(d) Disputed Sales Tax and Income-Tax liabilities 59.05 162.18

3. Segment Reporting:

The Company's activities pertain to a single reportable segment of travel goods as per Accounting Standard -17 on Segment Reporting.

4. Micro, Small and Medium Enterprises

Based on the information in possession with the Company no supplier has been identified as being covered under the Micro, Small and Medium Enterprises Development Act, 2006 ("the Act").

Accordingly no amount of dues outstanding as at 31st March,2012 have been identified as relating to the Micro, Small and Medium Enterprise referred to in the said Act.

5. Sundry Debtors', Creditors' and Advances'/Deposits' balances are subject to confirmation and subsequent reconciliation.

6. Financial statements for the year ended March 31,2011 were prepared as per the applicable, pre-revised Schedule VI to the Companies Act, 1956..Consequent to the Notification of revised Schedule VI, the financial statements for the year ended March 31,2012 are prepared in terms of revised Schedule VI. Accordingly, previous year's figures have also been re-classified, regrouped and rearranged to conform to this year's classification.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. Nil (Previous Year Rs. Nil).

2. Contingent Liabilities not provided for:

Current Year Previous Year Sr.No. Particulars (Rs. in Lakhs) (Rs. in Lakhs)

(a) Bills discounted with Central Bank of India 448.41 698.97

(b) Counter Guarantees given by the Company 17.84 21.62

(c) Claims / demands against the Company by employees, disputed / amount not amount not not acknowledged as debts: ascertainable ascertainable

(d) Disputed Sales Tax and Income-Tax liabilities 162.18 163.01

3. Segment Reporting:

The Companys activities pertain to a single reportable segment of travel goods as per Accounting Standard -17 on Segment Reporting.

4. Related Party Disclosures :

Related Party Disclosures, as required by Accounting Standard - 18 : i) Name of the related parties & description of relationship.

Key Management Personnel:

Mr. A. S. Mehta Managing Director

Relatives of Key Management Personnel:

Miss Maitri A. Mehta Daughter of Mr. A. S. Mehta

Miss Rachana A. Mehta Daughter of Mr. A. S. Mehta

5. Micro, Small and Medium Enterprises

Based on the information in possession with the Company no supplier has been identified as being covered under the Micro, Small and Medium Enterprises Development Act, 2006 ("the Act").

Accordingly no amount of dues outstanding as at 31st March, 2011 have been identified as relating to the Micro and Small Enterprise referred to in the said Act.

6. As per the revised Accounting Standard-15, on "Employee Benefits", expenditure under Voluntary Employees Separa- tion Schemes ("VESS") incurred up to 31st March, 2009 could be deferred only up to 31st March,2010. Accordingly, the company has charged to the Profit and Loss Account for the year 2009-10, the entire deferred expenditure carried under the head "Deferred Revenue Expenditure".

The Deferred Revenue Expenditure charged during the year includes Rs. Nil (P. Year .Rs. 22.87 Lacs) pertaining to prior periods.

7. Sundry Debtors, Creditors and Advances/Deposits balances are subject to confirmation and subsequent reconciliation.

8. Figures for the previous year have been regrouped, rearranged and recast, wherever considered necessary.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. Nil (Previous Year Rs. Nil).

2. Contingent Liabilities not provided for:

(Rs.in Lakhs) Sr. No. Particulars Current Year Previous Year

(a) Bills discounted with Central Bank of India 697.97 483.75

(b) Bills factored with State Bank of India -- 257.13

(c) Counter Guarantees given by the Company 21.62 17.22

(d) Claims / demands against the Company by employees, disputed / amount not amount not not acknowledged as debts: ascertainable ascertainable

(e) Disputed Sales Tax and Income-Tax liabilities 163.01 145.25

3. Segment Reporting:

The Companys activities pertain to a single reportable segment of travel goods as per Accounting Standard -17 on Segment Reporting.

4. Related Party Disclosures :

Related Party Disclosures, as required by Accounting Standard - 18 : i)

Name of the related parties & description of relationship. Key Management Personnel:

Mr. A. S. Mehta Managing Director



Relatives of Key Management Personnel:

Mrs. S. S. Mehta Mother of Mr. A. S. Mehta

Miss Maitri A. Mehta Daughter of Mr. A. S. Mehta

Miss Rachana A. Mehta Daughter of Mr. A. S. Mehta

5. Micro, Small and Medium Enterprises

Based on the information in possession with the Company no supplier has been identified as being covered under the Micro, Small and Medium Enterprises Development Act, 2006 ("the Act").

Accordingly no amount of dues outstanding as at 31st March,2010 have been identified as relating to the Micro and Small Enterprise referred to in the said Act.

6. Payment to & Provisions for Employees and Others (Schedule 10) includes Rs.51,000 (Previous Year Rs.48,111) in respect of prior period.

7. As per the revised Accounting Standard-15, on "Employee Benefits", expenditure under Voluntary Employees Separa- tion Schemes ("VESS") incurred up to 31st March, 2009 could be deferred only up to 31st March,2010. Accordingly, the company has changed the accounting policy and charged to the Profit and Loss Account, the entire deferred expenditure carried under the head "Deferred Revenue Expenditure".

The Deferred Revenue Expenditure charged during the year includes Rs.22.87 Lacs pertaining to prior periods. Similar expenditure for the year is also fully charged to the Profit and Loss Account, reflected under Payments to & Provisions for Employees and others".

8. Sundry Debtors and Creditors balances are subject to reconciliation and confirmation.

9. Figures for the previous year have been regrouped, rearranged and recast, wherever considered necessary.

10. ADDITIONAL INFORMATION PURSUANT TO THE PROVISION OF THE PARAGRAPHS 3 (i)(a) and (ii), 4C AND 4D, OF PART II OF SCHEDULE VI TO THE COMPANIES ACT, 1956.



 
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