Home  »  Company  »  Sainik Finance & Ind  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sainik Finance & Industries Ltd.

Mar 31, 2015

1. General

The Company was incorporated on 22nd August 1991 with Registrar of Companies, NCT Delhi and Haryana in the name of M/s Garuda Clays Limited (a manufacturing company). Later on M/s Ramanuj Leasing Ltd which was incorporated on 02.01.1985 and was doing leasing & finance activities merged with M/s Garuda Clays Limited by order of the Hon'ble High Court of Delhi dt.01.11.1999 and the said order was filed with registrar of companies on 04.12.2000. The name of M/s Garuda Clays Ltd. was later on changed to M/s Sainik Finance & Industries Limited.

The Company is engaged in non-banking finance activities and registered with Reserve Bank of India as Non Banking Finance Company (NBFC). The Reserve Bank of India has renewed its registration on 03/09/ 2003 vide new registration certificate No. N.14.02967.

The Company was engaged in manufacturing of Portland Cement (ITC Code : 25.23.29.10) and Pre- stressed Concrete Pole (ITC Code-68.69.60.00). The business operation with respect to manufacturing of Portland Cement were discontinued in July, 2012 and the Plant machinery and equipment thereof were dismantled for sale etc. However the business operation with respect of Pre-stressed Poles continued till 2013 and thereafter the company decided the dispose off the factory building etc in entirety.

2. Deferred Tax - In accordance with the Accounting standard (AS-22) relating to "Accounting for Taxes on Income", the company has recorded cumulative net deferred tax liability of Rs.23,89,091/- in respect of timing differences upto 1st April, 2014 as a reduction to General Reserves. Further, the deferred tax asset of the year amounting to Rs.1,45,627/- has been debited to the Profit & Loss Account.

3. The company has made provision on Non Performing Assets in accordance with the RBI directives to the extent of Rs. 28,07,457/- which has been debited to the Profit & Loss Account.

4. The company has made provision for Standard Assets accordance with the RBI directives to the extent of Rs.17,84,172/- has been debited to the Profit & Loss Account. During the year company has made an provision of Rs.10,59,718 on 07-07-2014 for Standard Assets pertaining to preveious year.

5. Upto the financial year ended 31.03.2014, the company has made provision for gratuity of Rs.2,04,592/- under the payment of Gratuity Act, 1972. The company has made provision of Rs. 3,01,871/- for Gratuity in the financial year ended 31.03.2015.

6. Contingent Liability is - Nil (previous year - Nil)

7. Balances shown under the head of Current Assets, Loans and Advances are considered as good and recoverable by the management.

8. Debit balances of debtors are subjected to confirmation and reconciliation form respective parties. The final adjustment, if any, in the account of parties shall be known only after confirmation / reconciliation, the amount of which could not be ascertained.

9. As per the Accounting Standard, disclosure regarding related party as defined in the are given below :

a. Enterprises where control Exist : Subsidiaries - Nil

Other Entities under control of company - Nil

b. Other related party with whom the company had transactions, etc.

i) Associates and Others :

a) Sindhu Trade Links Limited Director Interested

b) Kapil Construction Private Limited -do-

c) Indus Portfolio Private Limited -do-

d) Shyam Indus Power Solutions Private Limited -do-

e) ACB (India) Limited -do-

f) ACB (India) Power Limited -do-

g) Kartikay Coal Washery Private Limited -do-

h) Bhilwara Tex-fin Limited -do-

i) Sarvesh Coaltech Private Limited -do-

j) Mittersen Agro Farms Private Limited Shareholding

k) Pragati Vanijaya Limited -do-

l) Blastec (India) Private Limited -do-

ii) Joint Venture Nil

iii) Key Management

a) Sh.Kuldeep Singh Solanki Director

b) Sh.Rudra Sen Sindhu Director

10. Prudential Norms of the Reserve Bank of India (RBI) :

a) Appropriated 20% of the net profit to "Reserve Fund" under section 45-IC of the RBI Act.1934. - Rs.64,17,452/- (Previous year Rs.10,95,193/-)

Notes : i) As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

ii) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

iii) All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

11. CIF Value of Import of Raw Materials Components, Spare parts & Capital goods : Nil

a) Expenditure in Foreign Currency : Nil

b) Remittance in Foreign Currency : Nil

c) Earning in Foreign currency : Nil (CIF Value in Exports)

12. Additional information in accordance of Companies Act, 2013. The company was discontinued its manufacturing operation in the Cement and Poles segment in Financial year 2012-13.

a) Licensed & Installed Capacity and Actual Production in MT: Nil (Previous Year- Nil)

b) Quantitative Detail of Consumption of Raw Materials and packing material : Nil (Previous Year- Nil )

13. Previous Years Figures are regrouped /reclassified wherever necessary.


Mar 31, 2014

1. DEFERRED TAX LIABILITY

Deferred Tax - In accordance with the Accounting standard (AS-22) relating to “Accounting for Taxes on Income”, the company has recorded cumulative net deferred tax liability of Rs.74,53,375/- in respect of timing differences upto 1st April, 2013 as a reduction to General Reserves. Further, the deferred tax asset of the year amounting to Rs.50,64,284/- has been debited to the Profit & Loss Account

2. PROVISIONS

2.1 The company has made provision on Non Performing Assets in accordance with the RBI directives to the extent of Rs. 27,48,897/- which has been debited to the Profit & Loss Account.

2.2 Upto the financial year ended 31.03.2013, the company has made provision for gratuity of Rs.7,39,574/- under the payment of Gratuity Act, 1972. The company has made provision of Rs. Nil - for Gratuity in the financial year ended 31.03.2014. Although the company has paid gratuity to employees left.

3. INVESTMENTS

3.1 The company has made an investment of Rs.25,00,000 in the equity shares of M/s Haryana Financial Corporation(HFC). The said equity shares were forfeited by HFC and the company has filed an appeal against the same before the Hon’ble Company Law Board at New Delhi. The company law board has given directions for filing of a case before the appropriate court of law and the company has accordingly filed a case with Hon’ble Delhi High Court. During the year the Board of directors has decided to written off the said Investments.

4. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. Provision for Depreciation on Fixed Assets and other known liabilities has not been made in excess of the amount reasonably necessary.

5. Debit & credit balances of parties are subject to confirmation.

6. 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 year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

7 Related party Disclosures

a. Enterprises where control Exist : Subsidiaries - Nil Other Entities under control of company - Nil

b. Other related party with whom the company had transactions, etc.

i) Associates

a) Sainik Mining And Allied Services Ltd.

b) Kapil Construction Private Limited

c) Indus Portfolio Private Limited

d) Global Coal Mining Private Limited

e) Shyam Indus Power Solutions Private Limited

f) ACB (India) Power Limited

g) Aryan Clean Coal Technologies Pvt.Ltd.

h) Kartikay Coal Washery Private Limited

i) Sarvesh CoalTech Private Limited

j) Mittersen Coal Tech Pvt.Ltd. (Shareholding)

k) Pragati Vanijaya Ltd. (Shareholding)

l) Blastec (India) Pvt.Ltd. (Shareholding)

ii) Joint Venture - Nil

iii) Key Management Personnel Nil

8. Other information

Notes : i) As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

ii) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

iii) All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

9. Additional information in accordance with Part-II of Schedule VI of Companies Act, 1956. The company has discontinued its operation in the Cement and Poles manufacturing segment w.e.f. 31st July, 2012 and thereafter installed capacity (Plant & Machinery) has been partially removed and sold.


Mar 31, 2013

1. GENERAL

The Company was incorporated on 22nd August 1991 with Registrar of Companies, NCT Delhi and Haryana in the name of M/s Garuda Clays Limited (a manufacturing company). Later on M/s Ramanuj Leasing Ltd which was incorporated on 02.01.1985 and was doing leasing & finance activities merged with M/s Garuda Clays Limited by order of the Hon''ble High Court of Delhi dt. 01.11.1999 and the said order was filed with registrar of companies on 04.12.2000. The name of M/s Garuda Clays Ltd. was later on changed to M/s Sainik Finance & Industries Ltd. and Company Identification Number is L26912DL1991PLC045449

The Company was engaged in manufacturing of 43 & 53 Grade Portland Cement (ITC Code : 25.23.29.10) and Pre-stressed Concrete Pole (ITC Code-68.69.60.00). The Company''s manufacturing unit was located at Rewari, Haryana.

The Company has discontinued its manufacturing activities in the Cement and Poles manufacturing segment. The Board of Directors, vide resolution passed on 1st June, 2012, had taken a decision to suspend the production of Cement etc. with immediate effect due to the erratic power supply, high per unit cost of captive generation of power, non-availability of quality raw material. Pursuant to the resolution passed, the Company has discontinued its manufacturing operations w.e.f. 31st July 2012 and has taken steps to dispose off the assets deployed in the said operations.

The Company is also engaged in non-banking finance activities and registered with Reserve Bank of India as Non Banking Finance Company. The Reserve Bank of India has renewed its registration on 03/09/2003 vide new registration certificate No. N.14.02967.

2. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. Provision for Depreciation on Fixed Assets and other known liabilities has not been made in excess of the amount reasonably necessary.

3. Debit & credit balances of parties are subject to confirmation.

4. 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 year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

5. Schedule in terms of paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007

Notes : i) As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

ii) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

iii) All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

6. Additional information in accordance with Part-II of Schedule VI of Companies Act,1956. The company has discontinued its operation in the Cement and Poles manufacturing segment w.e.f. 31st July, 2012 and thereafter the installed capacity of 66000 MTPA for Cement and 99000 Nos Poles per annum has been reflected on pro-rata basis for 4 months as 22000 MT for Cement and 33000 Nos for Poles.


Mar 31, 2012

1. GENERAL

The Company was incorporated on 22nd August 1991 with Registrar of Companies, NCT Delhi and Haryana in the name of M/s Garuda Clays Limited (a manufacturing company). Later on M/s Ramanuj Leasing Ltd which was incorporated on 02.01.1985 and was doing leasing & finance activities merged with M/s Garuda Clays Limited by order of the Hon'ble High Court of Delhi dt. 01.11.1999 and the said order was filed with registrar of companies on 04.12.2000. The name of M/s Garuda Clays Ltd. was later on changed to M/s Sainik Finance & Industries Ltd. and Company Identification Number is L26912DL1991PLC045449.

The Company is now engaged in manufacturing of 43 & 53 Grade Portland Cement (ITC Code : 25.23.29.10) and Pre-stressed Concrete Pole (ITC Code-68.69.60.00). The Company's manufacturing unit are located at Rewari, Haryana. The Company is also engaged in non-banking finance activities and registered with Reserve Bank of India. The Reserve Bank of India was renewed its registration on 03.09.2003 vide new registration certificate No. N.14.02967.

2. DEFERRED TAX LIABILITY (Net)

2.1 Deferred Tax -In accordance with the Accounting standard (AS-22) relating to "Accounting for Taxes on Income", the company has recorded cumulative net deferred tax liability of Rs. 89,81,598/- in respect of timing differences upto 1st April, 2011 as a reduction to General Reserves. Further, the deferred tax asset of the year amounting to Rs. 1,74,197/- has been debited to the Profit & Loss Account

3. PROVISIONS

3.1 The company has made provision on Non Performing Assets in accordance with the RBI directives to the extent of Rs. 75,36,775/- which has been debited to the Profit & Loss Account.

3.2 Upto the financial year ended 31.03.2011, the company has made provision for gratuity of Rs. 22,11,001/- under the payment of Gratuity Act, 1972. The company has made provision of Rs. Nil - for Gratuity in the financial year ended 31.03.2012. Although the company has written back excess provision of Gratuity due to decrease in number of employees.

4. INVESTMENTS

4.1 The company has made an investment of Rs. 25,00,000 in the equity shares of M/s Haryana Financial Corporation(HFC). The said equity shares were forfeited by HFC and the company has filed an appeal against the same before the Hon'ble Company Law Board at New Delhi. The company law board has given directions for filing of a case before the appropriate court of law and the company has accordingly filed a case with Hon'ble Delhi High Court, which is pending for disposal.

4.2 The company has sold 2451 equity shares (face value of Rs. 10/- each) of Sainik Mining And Allied Services Ltd at a price of Rs. 26910/-

5. EMPLOYEE BENEFITS EXPENSE

5.1 Compensation paid to Mr. Kulwant Singh due to causality happened at Plant during the repairing of electricity control panel.

5.2 Salary includes Director remuneration of Rs. 390,000/- paid to Dr. Punit Ghai, Director of the Company (Previous year Rs. Nil)

6. OTHER EXPENSES

6.1 Donation - Rs. Nil (Previous year Rs. 100000/- paid to Bhartiya Janata Party Vishesh Sahyog Nidi-complied u/s 293A)

7. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. Provision for Depreciation on Fixed Assets and other known liabilities has not been made in excess of the amount reasonably necessary.

8. Event occurring between the date of Balance Sheet and date of approval of financial statement (AS-4) -

The Board of Directors, vide resolution passed on 1st June, 2012, have taken a decision to suspend the production of Cement etc. with immediate effect due to the erratic power supply, high per unit cost of captive generation of power, non-availability of quality raw material. Pursuant to the resolution passed the Company has discontinued its manufacturing operations w.e.f. 31st July 2012.

9. Debit & credit balances of parties are subject to confirmation.

10. 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 year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

11. Related party Disclosures:

b. Other related party with whom the company had transactions, etc.

i) Associates

a) Sainik Mining And Allied Services Ltd.

b) Kapil Construction Pvt. Ltd.

c) Indus Portfolio Pvt. Ltd.

d) Paramitra Holdings Pvt. Ltd.

e) Maneesha Finlease Ltd.

f) Global Coal Mining Pvt. Ltd.

g) Sindhu Trade Links Limited

h) Shyam Indus Power Solutions Pvt. Ltd.

i) Aryan Clean Coal Technologies Pvt. Ltd.

j) ACB (India) Ltd.

k) Aryan Energy Pvt. Ltd.

12. Schedule in terms of paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998


Mar 31, 2010

1) Claims against the company not acknowledged as debts Rs. NIL (Previous year - Rs. NIL)

2) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. NIL (Previous Year - Rs. NIL)

3) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. Provision for Depreciation on Fixed Assets and other known liabilities has not been made in excess of the amount reasonably necessary.

4) Profit & Loss Account does not include any remuneration paid to directors.

5) None of the Employees of the Company was in receipt of remuneration exceeding Rs.2,00,000/- per month where employed for the part of the year or Rs.24,00,000/- per annum where employed throughout the year.

6) Upto the financial year ended 31.03.2009, the company has made provision for gratuity of Rs.20,82,355/- under the payment of Gratuity Act, 1972. The company has made provision of Rs.772/- for Gratuity in the financial year ended 31.03.2010.

7) Debit & credit balances of parties are subject to confirmation.

9) Previous year figures have been re-grouped/recast & rounded off to make the same comparable with those of the current year. Paise have been rounded off to nearest Rupee in the Previous Year figures.

8) The company has made provision on Non Performing Assets in accordance with the RBI directives to the extent of Rs.53,69,548/- which has been debited to the Profit & Loss Account.

9) The company has made an investment of Rs.25,00,000 in the equity shares of M/s Haryana Financial Corporation(HFC). The said equity shares were forfeited by HFC and the company has filed an appeal against the same before the Honble Company Law Board at New Delhi. The company law board has given directions for filing of a case before the appropriate court of law and the company has accordingly filed a case with Honble Delhi High Court, which is pending for disposal.

10) Deferred Tax: In accordance with the Accounting standard (AS-22) relating to "Accounting for Taxes on Income", the company has recorded cumulative net deferred tax liability of Rs.96.68 lacs in respect of timing differences upto 1st April, 2009 as a reduction to General Reserves. Further, the deferred tax asset of the year amounting to Rs.2.00 lacs has been debited to the Profit & Loss Appropriation Account.

11) Schedule 1-14 are duly authenticated and form an integral part of the Balance Sheet as at 31st March, 2010.

 
Subscribe now to get personal finance updates in your inbox!