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Notes to Accounts of Salguti Industries Ltd.

Mar 31, 2015

1. During the year the Company is liable to pay an amount of Rs. 25,98,127/- pertaining to 2000- 2001, towards Sales Tax Deferment Amount, which was not paid by the Company as the Company was having refund to be received from the VAT Authorities. The Company has made an application to the sales tax authorities to adjust the refund against the sales tax liability for the current year. However, as on 31st March, 2015 this application is pending and no amount was adjusted against the liability.

2. Depreciation on Fixed Assets

A) In accordance with provisions of Schedule II of Companies Act,2013,in case of fixed assets which have completed the useful life as at 31st march 2014,the carrying value as on 01.04.2014 amounting to Rs 1,10,71,339/- has been recognized in the Retained earnings as a transitional provision.

Further in case of assets acquired prior to 1st April, 2014, the carrying value of assets is depreciated over the remaining useful life as specified in the companies Act, 2013 effective1st April, 2014.

B) Consequent to the implementation of the provisions of the Schedule II of the Companies Act, 2013, the depreciation expenses for the year Increased by Rs. 49,02,764/- 33. Segment Reporting:

As per AS – 17, it is not practicable for the company to identify the Expenditure and Capital employed between the segments

3. Closing Balances of Debtors and Creditors are subject to Confirmation.

4. Amount of delayed outstanding dues to Micro and Small Enterprise as per MSME Development Act, 2006, could not be ascertained at the end of the financial year.

5. The Company has not appointed Company Secretary for the Financial Year 2014-15.

6. Previous year's numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

7. The numbers have been rounded off to the nearest rupee.


Mar 31, 2014

1. Related Party Disclosures:

(a) Related Parties

Name of the Related Party Nature of Relationship

S. Gopal Reddy Chairman

S. Vishnu Vardhan Reddy Managing Director

S. Rajitha Reddy Whole Time Director

Salguti Builders Private Limited Common Directors

Salguti Textiles Limited Common Directors

2. Segment Reporting:

As per AS - 17, it is not practicable for the company to identify the Expenditure and Capital employed between the segments.

3. No Confirmations were obtained from Debtors/Creditors as to the balances receivable from/ payable them as at the date of Balance sheet.

4. Amount of delayed outstanding dues to Micro and Small Enterprise as per MSME Development Act, 2006, could not be ascertained at the end of the financial year.

5. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

6. The numbers have been rounded off to the nearest rupee.

Signatures to Note No. 1 to 38


Mar 31, 2013

BASIS OF PREPARATION:

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 (''the Act''). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year

USE OF ESTIMATES:

The preparation of financial statements is in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful lives of fixed assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

1. Segment Reporting:

As per AS – 17, it is not practicable for the company to identify the Expenditure and Capital employed between the segments.

2. No Confirmations were obtained from Debtors/Creditors as to the balances receivable from/ payable them as at the date of Balance sheet.

3. Amount of delayed outstanding dues to Micro and Small Enterprise as per MSME Development Act, 2006, could not be ascertained at the end of the financial year.

4. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

5. The numbers have been rounded off to the nearest rupee.


Mar 31, 2012

1. Working Capital Term Loan Sanction by APSFC on 29th March, 2010 of Rs. 100 Lakhs repayable in 36 monthly installments of Rs.3.20 lakhs each with 14.5% interest. Period of loan 5 Years including moratorium of 6 months .

2. Interest Free Unsecured loan taken from Share Holders.

3. Sales Tax Deferment sanction letter dated repayment schedule

4. Segment Reporting:

As per AS - 17, it is not practicable for the company to identify the Expenditure and Capital employed between the segments.

5. In relation to Secured Loans:

a) Term Loans taken by company from Andhra Bank, Bank of Baroda , Oriental Bank of Commerce are secured by way of hypothecation of plant and machinery, and buildings, and mortgage of Directors Agricultural land of S. Vishnu Vardhan Reddy and S.Rajitha Reddy & personal Guarantee of Directors of the company.

b) Cash Credit / Working capital loan from Andhra Bank, Bank of Baroda, Oriental Bank of Commerce is secured by way of hypothecation of second charge basis of all current assets of the company.

6. The Rajpur Unit has sanctioned Sales Tax Deferment issued by the Commissioner of Industries, Hyderabad. Hence whatever Sales Tax collected during the year is debited to Profit and Loss account and the same was shown under unsecured loans. Unsecured Loans includes Rs. 390.00 Lakhs (Previous year Rs. 388.48 Lakhs) Sales Tax Deferment amount.

7. No Confirmations were obtained from Debtors/Creditors as to the balances receivable from/ payable them as at the date of Balance sheet.

8. There are no dues to SSI Units outstanding for more than 30 days.

9. Previous year''s numbers have been regrouped, rearranged, recanted, wherever necessary to conform to Current Year Classification.

10. The numbers have been rounded off to the nearest rupee.


Mar 31, 2011

1. Segment Reporting:

As per AS - 17, it is not practicable for the company to identify the Expenditure and Capital employed between the segments.

2. In relation to Secured Loans:

a) Term Loans taken by company from Andhra Bank, Bank of Baroda , Oriental Bank of Commerce are secured by way of hypothecation of plant and machinery, and buildings, and mortgage of Directors Agricultural land of S. Vishnu Vardhan Reddy and S.Rajitha Reddy & personal Guarantee of Directors of the company.

b) Cash Credit / Working capital loan from Andhra Bank, Bank of Baroda, Oriental Bank of Commerce is secured by way of hypothecation of second charge basis of all current assets of the company.

3. Additional Information regarding Quantitative particulars under Part II of Schedule VI to the Companies Act, 1956.

The Company is engaged in the manufacture of only one type of item in Textiles as well as Plastics. The Quantitative details are as follows:

4. The Rajpur Unit has sanctioned Sales Tax Deferment issued by the Commissioner of Industries, Hyderabad. Hence whatever Sales Tax collected during the year is debited to Profit and Loss account and the same was shown under unsecured loans.

5. No Confirmations were obtained Iron Debtors/Creditors as to the balances receivable from/ payable them as at the date of Balance sheet.

6. There are no dues to SSI Units outstanding for more than 30 days.

7. Previous year's numbers have been regrouped, rearranged, recanted, wherever necessary to conform to Current Year Classification.

8. The numbers have been rounded off to the nearest rupee.


Mar 31, 2010

1. Detailed information regarding quantitative particulars under part II of Schedule VI to the Companies Act, 1956.

2. There are no dues to SSI Units outstanding for more than 30 days.

3. Term loans from Financial Institutions and Banks are secured against hypothecation of Land, Buildings and Plant & Machinery, Working capital limits from Bank is secured against hypothecation of stocks and Book Debts.

4. The Rajapur Unit has been sanctioned Sales Tax deferment issued by the Commissioner of Industries, Hyderabad. Hence Whatever Sales Tax collected during the year is debited to profit & loss account and the same was shown under un secured loans. Unsecured loans includes Rs 435.24 Lakhs (Previous year Rs 404.75 Lakhs ) Sales Tax deferment amount.

5. No confirmations were obtained from debtors/creditors as to the balances receivable from/ payable to them as at year end.

6. In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounts to Rs.2333744/- towards deferred income tax Liability. (Previous year Rs.3825808/- towards deferred income tax Liability).

7. Previous years figures have been regrouped wherever necessary.

8. The figures have been rounded off to the nearest rupee.


Mar 31, 2009

1. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975.

2. There are no dues to SSI Units outstanding for more than 30 days.

3. Term loans from Financial Institutions and Banks are secured against hypothecation of Land, Buildings and Plant & Machinery, Working capital limits from Bank is secured against hypothecation of stocks and Book Debts.

4. The Rajapur Unit has been sanctioned Sales Tax deferment issued by the Commissioner of Industries, Hyderabad. Hence Whatever Sales Tax collected during the year is debited to profit & loss account and the same was shown under un secured loans. Unsecured loans includes Rs 404.75 Lakhs (Previous year Rs 355.33 Lakhs) Sales Tax deferment amount.

5. No confirmations were obtained from debtors/creditors as to the balances receivable from/ payable to them as at year end.

6. In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounts to Rs.3825808/- towards deferred income tax Liability. (Previous year Rs.4066578/- towards deferred income tax Liability).

7. Previous years figures have been regrouped wherever necessary.

8. The figures have been rounded off to the nearest rupee.

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