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Notes to Accounts of Sakuma Exports Ltd.

Mar 31, 2015

1 Corporate information

Sakuma Exports Limited(Government of India recognised Star Trading House) is a public limited company domiciled in India and incorporated under the provisions of Companies Act 1956. Its shares are listed on Bombay Stock Exchange(BSE) and National Stock Exchnage (NSE). The company is engaged in exports of commodities like Sugar, Rice,Maize.Sesame Seeds. Ground Nuts,Pulses,Oil Meal, Raw Cotton etc. and Import of commodities like Sugar, Coal and Oil .The company caters to both domestic and international markets.

2.1 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and guide lines issued by the Securities and Exchange Board of India (SEBI). The financial statements have been prepared on accrual basis under the historical cost convention on the accrual basis of accounting, unless stated otherwise. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year except for depreciation and amortization as described in the accounting policy on depreciation and amortization.

2.2 Contingent liabilities and commitments (to the extent not provided for)

As at As at Particulars 31 March, 2015 31 March, 2014

(A) Contingent liabilities

(a) Claims against the Company not acknowledged as debt with respect to

(i) Sugar Import Consignment pertaining to year 2009-10 USD 11,23,425 & USD 11,23,425 &

Rs.60,43,987/- and Rs.60,43,987/and

Interest @8% Interest @8%

(ii) Quality issue of Goods Supplied 15,87,450 15,87,450

(iii) Disputed Income tax demands for AY 2009-10 14,60,411 14,60,411

(B) Commitments

(a) Uncalled liability

(i) Share Subscription Money payable for GKM General Trading LLC AED 117,600 AED 117,600

(ii) Share Subscription Money payable for Sakuma Exim DMCC AED 55 AED 55

(b) Other commitments

(i) Outstanding Currency Forward Contracts (Sale USD 27,850,691.02 USD 17,682,508

(ii) Outstanding Currency Forward Contracts (Buy) USD 4,194,000 USD 2,683,000

2.3 Details on derivatives instruments and unhedged foreign currency exposures

The following derivative positions are open as at 31 March, 2015. These transactions have been undertaken to act as economic hedges for the Company's exposures to various risks in foreign exchange markets and may / may not qualify or be designated as hedging instruments. The accounting for these transactions is stated in Notes 2.8, 2.18 and 2.19.

(a) Forward exchange contracts which are not intended for trading or speculative purposes but for hedge purposes to establish the amount of reporting currency required or available at the settlement date for receivables.

(i) Outstanding forward exchange contracts entered into by the Company as on 31 March, 2015

2.4 Corporate Social Responsibilty Expenditure:

Company has set apart an amount of Rs17,79,866 to be spent as Corporate Social Responsibilty expenditure, however, as 31st March, 2015 the said amount is unspent.

Note 3 Disclosures under Accounting Standards:

3 Employee benefit plans:

3.1 Defined contribution plans:

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs4,39,683/- Year ended 31 March, 2014 Rs.3,01,702) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

3.2 Defined benefit plans:

The Company offers the following employee benefit schemes to its employees:

(i) Gratuity

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:

Note 4 Disclosures under Accounting Standards:

Note Particulars

4.1 Related Party transactions Details of related parties:

Description of relationship Names of related parties

Holding Company Sakuma Exports Limited

Subsidiaries Sakuma Exim DMCC (UAE)

GKM General Trading LLC (UAE)

Sakuma Exports Pte Ltd (Singapore)

Sakuma Exports (Ghana) Ltd (Subsidiary of Sakuma Pte Ltd)

Sakuma Exports (Tanzania) Private Ltd (Subsidiary of Sakuma Pte Ltd)

Key Management Personnel (KMP) Mr.Chander Mohan

Mr. Saurabh Malhotra

Relatives of KMP Mrs.Shipra Medirrata

Mrs Kusum Malhotra

Company in which KMP / Relatives of KMP Sakuma Finvest Private Limited can exercise significant influence

GMK System and Logistics Pvt Ltd

Sakuma Infrastructure and Realty Private Limited

C.K.K Exports pvt Ltd


Mar 31, 2014

1.1 Contingent liabilities and commitments (to the extent not provided for)

Particulars As at As at 31 March,2014 31 March,2013

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt with respect to

i) Sugar Import Consignment petaining to year 2009-10 USD 11,23,425 USD 11,23,425 & 60,43,987/- &Rs. 60,43,987/- Interest @8% Interest @8%

ii) Quality issue of Goods Supplied 15,87,450 15,87,450

iii) Disputed Income tax demands for 14,60,411 14,60,411 AY 2009-10

(ii) Commitments

(a) Uncalled liability

i) Share Subscription Money payable for GKM General Trading LLC AED 117600 AED 117600

ii) Share Subscription Money payable for Sakuma Exim DMCC AED 55 AED 55

(b) Other commitments

i) Outstanding Currency Forward USD 176,82,508 USD 58,29,899 Contracts (Sale)

ii) Outstanding Currency Forward USD 26,83,000 - Contracts (Buy)

1.2 Details on derivatives instruments and unhedged foreign currency exposures

The following derivative positions are open as at 31 March, 2014. These transactions have been undertaken to act as economic hedges for the Company''s exposures to various risks in foreign exchange markets and may / may not qualify or be designated as hedging instruments.

The accounting for these transactions is stated in Notes 2.8, 2.18 and 2.19.

(a) Forward exchange contracts which are not intended for trading or speculative purposes but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of for receivables.

(i) Outstanding forward exchange contracts entered into by the Company as on 31 March, 2013

Note 2 Disclosures under Accounting Standards

2 Employee benefit plans

2.1 Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits.

The Company recognised Rs. 3,01,702/- (Year ended 31 March, 2013 Rs.2,44,243) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

2.2 Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

i. Gratuity

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:

Note 3 Disclosures under Accounting Standards (contd.)

3.1 Details of related parties:

Description of relationship Names of related parties

Holding Company Sakuma Exports Limited

Subsidiaries Sakuma Exim DMCC (UAE)

GKM General Trading LLC (UAE)

Sakuma Exports Pte Ltd (Singapore)

Sakuma Exports (Ghana) Ltd (Subsidiary of Sakuma Pte Ltd)

Sakuma Exports (Tanzania) Private Ltd (Subsidiary of Sakuma Pte Ltd)

Key Management Personnel (KMP) Mr. Chander Mohan

Mr. Saurabh Malhotra

Relatives of KMP Ms. Shipra Medirrata

Mrs Kusum Malhotra

Company in which KMP / Relatives of KMP Sakuma Finvest Private Limited can exercise significant influence GMK System and Logistics Pvt Ltd

Sakuma Infrastructure and Realty Private Limited C.K.K Exports pvt Ltd

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax (or) The Company has recognised deferred tax asset on unabsorbed depreciation and brought forward business losses based on the Management''s estimates of future profits considering the non-cancellable customer orders received by the Company.

Note 4 Previous year''s figures

4.1 Previous year''s figures have been regrouped /reclassified whereever necessary to correspond with the current year''s classification or disclosure.


Mar 31, 2013

1 Corporate information

Sakuma Exports Limited(Government of India recognised Trading House) is a public limited company domciled in India and incorporated under the provisions of Companies Act 1956. Its shares are listed on two stock exchange in India.The company is engaged in exports of commodities like Sugar, Rice,Maize.Sesame Seeds.Ground Nuts,Pulses,Oil Meal, Raw Cotton etc.The company caters to both domestic and international markets.

2.1 Details on derivativgs instruments and unhedged foreign currency exposures

The following derivative positions are open as at 31 March, 2013. These transactions have been undertaken to act as economic hedges for the Company’s exposures to various risks in foreign exchange markets and may / may not qualify or be designated as hedging instruments. The accounting for these transactions is stated in Notes 2.8, 2.18 and 2.19. (a) Forward exchange contracts which are not intended for trading or speculative purposes but for hedge purposes to establish the amount of reporting currency resuired or available at the settlement date of for receivables. (i) Outstanding forward exchange contracts entered into by the Company as on 31 March, 2013

Note 3 Disclosures under Accounting Standards

3 Employee benefi t plans

3.1 Defi ned contribution plans

The Company makes Provident Fund contributions to defi ned contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specifi ed percentage of the payroll costs to fund the benefi ts. The Company recognised Rs. 2,44,243/- (year ended 31 March, 2012 Rs. 2,45,676) for Provident Fund contributions in the Statement of Profi t and Loss. The contributions payable to these plans by the Company are at rates specifi ed in the rules of the schemes.

3.2 Defi ned benefi t plans

The Company offers the following employee benefi t schemes to its employees:

i. Gratuity

The following table sets out the funded status of the defi ned benefi t schemes and the amount recognised in the fi nancial statements:

4.1 Segment information

The Company has identifi ed business segments as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading in Commodities and Windmill Operation. As windmill opeartion is not meeting any of the criteria hence forth, we are not providing the primary segment information.

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fi xed assets under Income Tax (or) The Company has recognised deferred tax asset on unabsorbed depreciation and brought forward business losses based on the Management’s estimates of future profi ts considering the non-cancellable customer orders received by the Company.

Note 5 Previous year’s fi gures

5.1 Previous year’s fi gures have been reg rouped / reclassifi ed wherever necessar y to cor respond with the cur rent year’s classifi cation / disclosure.

 
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