Mar 31, 2015
1. EMPLOYEE BENEFIT
As required by Revised AS 15, Provident fund and gratuity are defined
contribution scheme and the contributions made are charged to profit &
loss account. Leave encashment liability is a defined benefit
obligation and is provided for on the basis of actuarial valuation done
using projected unit credit method at the end of the financial year.
Defined Benefit Plans/ Long Term Compensated Absence as per Actuarial
Valuation on 31st March 2015:-
2. LEASES
(i) The company has not taken so far any asset on finance lease during
the year. In respect of operating lease of office premises the leasing
arrangements which are not non cancelable range between 11 months and
39 months generally or longer and are usually renewable by mutual
consent on mutually agreeable terms. The aggregate of lease rental
payable are charged as rent under the head "office and administrative
expenses Rs.573036 (Previous Year Rs.568945) has been charged to
revenue accordance with the terms and conditions of respective lease
agreement.
(ii) Future Minimum lease rental in respect of Assets given on
operating lease in the form of Building and Plant & Machinery
The minimum future lease payment as on 31/03/2015 are as under:
3. Segment Reporting : 31.1 Business Segments :-
In the opinion of the management and as per the explanation given to
us, there are four reportable segment of the company
(1) Soya Division (Up to August 2013)
(2) Welding Division
(3) Real Estate Division
(4) Investment Division
a. Segmental revenue includes sales and other income directly
indentifiable with/allocable to the Particular segment.
b. Segmental expenses that are directly identifiable with allocable to
particulars segment are considered for determining the segment result.
4. Related Parties Disclosure
As per Accounting Standard -18 issued by the Institute of Chartered
Accountants of India, the Company's related parties and transactions
are disclosed below:
(a) Holding Company - Sam Exim Limited.
(b) Associated Companies Ability Dealtrade Pvt. Ltd., Chronos Retail
Pvt. Ltd., Dwekam Electrodes Private Ltd., Dwekam Weld-Tech Private
Ltd., Anisha Realty Pvt. Ltd., D&H Secheron Projects Pvt. Ltd., D&H
Secheron Resources Pvt. Ltd., Dwekam Realty Pvt. Ltd., D&H Secheron
Realty Pvt. Ltd., D&H Secheron Impex Pvt. Ltd,. Indian Organics &
Pharmaceuticals Pvt. Ltd., Indore Aeromatics Pvt. Ltd., Indotrade India
Ltd., Manapa Project Developers LLP, Mandhari Trading Pvt. Ltd.,
Minimart Tie-up Pvt. Ltd., Swan Finance Ltd., NSB Securities Pvt. Ltd.,
DKG Finvest Pvt. Ltd. Solartech Multitrade Pvt. Ltd., Venus Multitrade
Pvt. Ltd.
(c) Key Managerial Person ÂMr. Ashutosh A Maheshwari, Chairman, Mr.
Anil Maloo, Executive Director (Up to December 2014), Mrs. Gitanjali A.
Maheshwari, Whole Time Director (from August 2014) & Mrs. Kishore
Kale, Director (from November 2014).
(d) Relative - Mrs. Seema A. Maheshwari & Suman A Maheshwari.
5. Derivative Instruments
The Company has not entered into any forward derivative instruments to
hedge the foreign currency during the year.
6. Disclouser required under section 22 for Micro, Small & Medium
Enterprises:
a. Trade payable includes Rs. NIL (Previous year Rs. NIL) due to Micro
& Small Enterprises registered under the Micro, Small & Medium
Enterprises Development Act, 2006 (MSMED, Act 2006) .
b. No interest is paid / payable during the year to any enterprise
registered under the MSME.
c. The above information has been determined to the extent such
parties could be identified on the basis of the information available
to the company, regarding the status of the supplier under the MSME.
7. (a) The business activities of Soya Division have been
discontinued during the previous year and the management has decided to
close the operation of the said division by selling out its Plant &
Machineries etc. (b) Certain Plant & Machinery of Soya Division
retired from the Active use of the business in previous year and the
company has sold out most of the assets during the year and some
remaining assets have been stated as "Assets held for disposal" and
shown under "Other Current Assets".
8. In the opinion of the Board, the current assets, loans and
advances have a value on realization on the ordinary course of
business, at least equal to the amount at which the same is stated in
the Balance Sheet. There are no contingent liabilities other than
those stated above.
9. The Company has reclassified and regrouped the Previous Year
Figures to confirm the current classification.
Mar 31, 2014
I. BACKGROUND:
SAM INDUSTRIES LIMITED was incorporated on 7th February 1994 and
commenced its business operation on 5th October 1994. The Company is
presently doing the business of operating lease of Welding Electrodes,
Real estate & Investment business. However the company has discontinued
the business of Soya.
1. Terms / Rights Attached to Shares Equity Shares The Company has
only one class of Equity shares having a par value of 10/-. Each holder
of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees if any
During the Year Ended 31st March 2014 the amount per share dividend
recognized as distributions to equity shareholders was Rs. NIL( For
31st March 2013 was Rs NIL).
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
2. EMPLOYEE BENEFIT
As required by Revised AS 15, Provident fund and gratuity are defined
contribution scheme and the contributions made are charged to profit &
loss account. Leave encashment liability is a defined benefit
obligation and is provided for on the basis of actuarial valuation done
using projected unit credit method at the end of the financial year.
Defined Benefit Plans/ Long Term Compensated Absence as per Actuarial
Valuation on 31st March 2014:-
3. LEASES
(i) The company has not taken so far any asset on finance lease during
the year. In respect of operating lease of office premises the leasing
arrangements which are not non cancelable range between 11 months and
39 months generally or longer and are usually renewable by mutual
consent on mutually agreeable terms. The aggregate of lease rental
payable are charged as rent under the head "office and administrative
expenses Rs.5,68,945 (Previous Year Rs.4,88,412) has been charged to
revenue accordance with the terms and conditions of respective lease
agreement.
4. Related Parties Disclosure
As per Accounting Standard -18 issued by the Institute of Chartered
Accountants of India, the Company''s related parties and transactions
are disclosed below:
(a) Holding Company - Sam Exim Limited.
(b) Associated Companies- Dwekam Electrodes Private Limited, Dwekam
Weld- Tech Private Limited, AAM Venture Pvt. Ltd., Anisha Realty Pvt.
Ltd., Dwekam Realty Pvt. Ltd., D&H Secheron Realty Pvt. Ltd., D&H
Secheron Impex Pvt. Ltd,. Indore Aeromatics Pvt. Ltd., Swan Finance
Ltd., NSB Securities Pvt. Ltd., DKG Finvest Pvt. Ltd.
(c) Key Managerial Person -Mr. Ashutosh A Maheshwari, Chairman, Mr.
Anil Maloo, Executive Director & Mr. Ashish Dave, Technical Director
(Up to December 2012).
(d) Relative - Mr. Arvind A. Maheshwari, Arvind A. Maheshwari-HUF and
Mrs. Seema A. Maheshwari, Suman A Maheshwari.
5. Contingent Liabilities
Contingent Liabilities not provided for
36.1 Sales tax demands (in appeal/revision) 7,85,000 7,85,000
6. Derivative Instruments
The Company has not entered into any forward derivative instruments to
hedge the foreign currency during the year.
7. Disclosure required under section 22 for Micro, Small &
Medium Enterprises:
a. Trade payable includes Rs. NIL (Previous year Rs. 3,14,003/-) due
to Micro & Small Enterprises registered under the Micro, Small & Medium
Enterprises Development Act, 2006 (MSMED, Act 2006) .
b. No interest is paid / payable during the year to any enterprise
registered under the MSME.
c. The above information has been determined to the extent such
parties could be identified on the basis of the information available
to the company, regarding the status of the supplier under the MSME.
8. (a) The business activities of Soya Division have been discontinued
during the year and the management has decided to close the operation
of the said division by selling out its Plant & Machineries etc.
However the building & Other assets are being used by the other
divisions of the company. In view of the above the company has impaired
the assets of this division in 2012-13 also and booked a loss of Rs.
36,40,853/- considering the realizable value of Plant. Again the
company got further valuation of the remaining Plant & Machinery which
were lying as on 31.03.2014 and provided further impairment loss of Rs.
25,54,373 in this year.
(b) Certain Plant & Machinery of Soya Division retired from the Active
use of the business and the company has decided to sell out the same
have been stated as "Assets held for disposal" and shown under "Other
Current Assets"
9. Assets held for disposal includes certain part of Assets that are
lying with third Parties on our behalf.
10. In the opinion of the Board, the current assets, loans and advances
have a value on realization on the ordinary course of business, at
least equal to the amount at which the same is stated in the Balance
Sheet. There are no contingent liabilities other than those stated
above.
11. The Company has reclassified and regrouped the Previous Year
Figures to confirm the current classification.
Mar 31, 2013
1. BACKGROUND:
SAM INDUSTRIES LIMITED was incorporated on 7th February, 1994 and
commenced its business operation on 5th October, 1994. The Company is
presently doing the business of Soya, operating lease of Welding
Electrodes, Real estate & Investment business.
2 LEASES
The company has not taken so far any asset on finance lease during the
year. In respect of operating lease of office premises the leasing
arrangements which are not non cancelable range between 11 months and
39 months generally or longer and are usually renewable by mutual
consent on mutually agreeable terms. The aggregate of lease rental
payable are charged as rent under the head office and administrative
expenses Rs.4,88,412 (Previous Year Rs.4,97,824) has been charged to
revenue accordance with the terms and conditions of respective lease
agreement.
3. Processing Charges Income includes commitment charges received on
account of non execution of contract and also netting of Commitment
charges paid during the year.
4. In the opinion of the Board, the current assets, loans and
advances have a value on realization on the ordinary course of
business, at least equal to the amount at which the same is stated in
the Balance Sheet. There are no contingent liabilities other than
those stated above.
5. The Company has reclassified and regrouped the Previous Year
Figures to confirm the current classification.
Mar 31, 2012
I. BACKGROUND:
SAM INDUSTRIES LIMITED was incorporated on 7th February 1994 and
commenced its business operation on 5th October 1994. The Company is
presently doing the business of Soya, operating lease of Welding
Electrodes, Real estate & Investment business.
Note - "1" EMPLOYEE BENEFIT
As required by Revised AS 15, Provident fund and gratuity are defined
contribution scheme and the contributions made are charged to profit &
loss account. Leave encasement liability is a defined benefit
obligation and is provided for on the basis of actuarial valuation done
using projected unit credit method at the end of the financial year.
Defined Benefit Plans/ Long Term Compensated Absence as per Actuarial
Valuation on 31st March 2012.
Note - "2" LEASES
The company has not taken so far any asset on finance lease during the
year. In respect of operating lease of office premises the leasing
arrangements which are not non cancelable range between 11 months and
39 months generally or longer and are usually renewable by mutual
consent on mutually agreeable terms. The aggregate of lease rental
payable are charged as rent under the head "office and administrative
expenses Rs.4,97,824 (Previous Year Rs.4,82,508) has been charged to
revenue accordance with the terms and conditions of respective lease
agreement.
Note - "3" Segment Reporting:
3.1 Business Segments:-
In the opinion of the management and as per the explanation given to
us, there are four reportable segments of the company
1) Soya Division
2) Welding Division
3) Real Estate Division
4) Investment Division
a. Segmental revenue includes sales and other income directly
identifiable with allocable to the Particular segment.
3.2 Geographical Segments:-
The Company caters mainly to the need of Indian market. The Export
Turnover is Nil.
Note - "4Ã Related Parties Disclosure
As per Accounting Standard -18 issued by the Institute of Chartered
Accountants of India, the Company's related parties and transactions
are disclosed below:
(a) Holding Company - Sam Exim Limited
(b) Associated Companiesà Dwekam Electrodes Private Limited and Dwekam
Weld-Tech Private Limited.
é Key Managerial Person ÃMr. Ashutosh A Maheshwari, Chairman, Mr.
Anil Maloo, Executive Director & Mr. Ashish Dave,
Technical Director (b) Relative à Mr. Arvind A. Maheshwari and Mrs.
Seema A. Maheshwari
Note - "5" Contingent Liabilities
(Amount in Rs.)
Contingent Liabilities not provided for 2011-12 2010-11
Guarantee issued/ Letter of credit issued
by the bankers
1. 3,00,000 3,00,000
covered by the counter Guarantee of the company
2. Sales tax demands (in appeal/revision) 7,85,000 7,85,000
3. Excise Duty
4. Guarantee to financial institution
5. Income Tax demands (in Appeal)
6. Claims against the company not acknowledged as debts
Note- "6" Derivative Instruments
The Company has not entered into any forward derivative instruments to
hedge the foreign currency during the year.
Note - "7" Disclosure required under section 22 for Micro, Small &
Medium Enterprises:
a. Trade payable includes Rs. 3,14,003/- (Previous year Rs.
6,33,929/-) due to Micro & Small Enterprises registered under t h e
Micro, Small & Medium Enterprises Development Act, 2006 (MSMED, Act
2006) .
b. No interest is paid / payable during the year to any enterprise
registered under the MSME.
c. The above information has been determined to the extend such
parties could be identified on the basis of the information available
to the company, regarding the status of the supplier under the MSME.
Note - "8" Processing Charges Income includes commitment charges
received on account of non execution of contract and also netting of
Commitment charges paid during the year.
Note - "9" In the opinion of the Board, the current assets, loans and
advances have a value on realization on the ordinary course of
business, at least equal to the amount at which the same is stated in
the Balance Sheet. There are no contingent liabilities other than those
stated above.
Note - "10" Till the Year End 31-03-2011 the company was using old
Schedule VI of the Companies Act 1956, for the preparation and
presentation of its Financial Statements. During the year ended
31-03-2012, the Revised Schedule VI notified under the Companies Act
1956, has became applicable to the Company. The Company has
reclassified and regrouped the Previous Year Figures to confirm the
current classification.
Mar 31, 2010
1. BACKGROUND:
SAM INDUSTRIES LIMITED was incorporated on 7Ã February 1994 and
commenced its business operation in 5TH October 1994. The Company is
presently doing the business of Soya, on operating lease of Welding
Electrodes, Real estate, & Investment business.
(Rs. in Lacs)
2009-2010 2008-2009
Estimated amount of contracts remaining
to be executed on Capital - 5.13
2. Contingent Liability not Provided for
Guarantee issued / Letter of credit
issued by the bankers _
covered by the counter Guarantee of
the company 3.00 -
2.2 Sales tax demands (in appeal / revision) 7.85 7.85
2.3 Excise Duty - -
2.4 Guarantee to financial institution for - -
2.5 Income tax demands (in appeal) - -
2.6 Claims against the company not
acknowledged as debts 3 Auditors
Remuneration
3.1 Audit Fees 0.50 0.50
3.2 Tax Audit & Tax Accounts 0.25 0.25
3.3 Other Professional Sen/ices 0.01 0.00
3.4 Service Tax 0.08 0.08
4. In the opinion of the Board, the current assets, loans and advances
have a value on realization on the ordinary course of business, at
least equal to the amount at which the same is stated in the Balance
Sheet. There are no contingent liabilities other than those stated
above.
5. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PARA 3 AND 4
OF PART II OF SCHEDULE VI OF THE COMPANIES ACT, 1956.
6. The Company, to confirm to accounting standard i.e. accounting for
investment issued by the Institute of chartered Accountants of India
that are mandatory, value the carrying amount of current investments at
lower of cost or fair market value. Accordingly the company has
reversed the excess provision for diminution in the value of
investments to the extent of Rs. 31.95 Lacs during the year. (Previous
Year Rs. 51.07 Lacs has been provided for diminution in the value)
7. Actuarial Valuation:
(a) As required by Revised AS 15, Provident fund and gratuity are
defined contribution scheme and the contributions made are charged to
profit & loss account. Leave encashment liability is a defined benefit
obligation and is provided for on the basis of actuarial valuation done
using projected unit credit method at the end of the financial year.
(b) Defined Benefit Plans/ Long Term Compensated Absence as per
Actuarial Valuation on 31st March 2010-
(c) The Liability relating to current year has been debited to profit &
loss account.
8. MICRO SMALL & MEDIUM ENTERPRISES:
Under, the Micro, Small and Medium Enterprises Development Act, 2006,
(MSMED) which came into force from 2nd October 2006, certain
disclosures are required to be made relating to Micro, Small and Medium
Enterprises. Accordingly, the disclosure in respect of the amounts
payable to such enterprises as at 31st March 2010 has been made in the
financial statements based on information received and available with
the Company. Further in the view of the management, the impact of
interest, if any, that may be payable in accordance with the provisions
of the Act is not expected to be material.
9. The Company has made Reserve of Rs.2,10,00,000/- (Previous Year Rs.
1,05,00,000/-) towards redemption of 9% Cumulative Redeemable
preference Shares of Rs.100/- each, during the year as per the
Resolution approved by Board of Directors out of current year profits.
10. The company has not taken so far any asset on finance lease during
the year. In respect of operating lease of office premises the leasing
arrangements which are not non cancelable range between 11 months and
39 months generally or longer and are usually renewable by mutual
consent on mutually agreeable terms. The aggregate of lease rental
payable are charged as rent under the head "office and administrative
expenses Rs.5.30 Lacs (Previous Year Rs.5.42 Lacs) has been charged to
revenue accordance with the terms and conditions of respective lease
agreement.
11. On the basis of the information and explanation given to us by the
management, No impairment loss in respect of assets has been recognized
during the financial year 2009-10.
12. Related Parties Disclosure
As per Accounting Standard -18 issued by the Institute of Chartered
Accountants of India, the Companys related parties and transactions
are disclosed below:
(a) Holding Company -Sam Exim Limited
(b) Associated Companies Dwekam Electrodes Private Limited and Dwekam
Weld-Tech Limited.
(c) Key Managerial Person Mr. Anil Maloo, Executive Director, Mr.
Ashutosh A Maheshwari, Vice Chairman, Mr. Ashish Dave, Technical
Director and Mr. Brij Kishore Jalan, Director.
(d) Relative Mr. Arvind A. Maheshwari and Mrs. Seema A. Maheshwari
13. The Company has not entered into any forward derivative
instruments to hedge the foreign currency during the year.
14. Segment Reporting
14.1 Business Segments:- In the opinion of the management and as per
the explanation given to us, there are five reportable segments of the
company
1) Soya Division
2) Welding Division
3) Investment Division
4) Real Estate Division
5) Biotech Division
a. Segmental revenue includes sales and other income directly
identifiable with allocable to the Particular segment.
14.2 Geographical Segments :-
The Company caters mainly to the need of Indian market. The Export
Turnover is only Rupees 11.77 lacs (0.55%).
15. Provision for Income Tax has been made as per normal rates
applicable to a company as per the Income Tax Act.
16. The valuation of closing stock of finished goods includes excise
Duty payable Rs. 10,448/- (Previous Year Rs. 3,08,344/-)
17. The Company is continue in claiming exemption from paying Vat Tax
Collected Vide its notification Number A-3-(l)-95-ST-V (43) dated 6th
June 1995.
18. Processing Charges Income includes commitment charges received on
account of non execution of contract also.
19. Previous year figures have been reclassified, regrouped and
rearranged wherever necessary.
Mar 31, 2009
(Rs. in Lacs)
1. Contingent liability 2008-2009 2007-2008
a) Estimated amount of contracts
remaining to be executed 5.13 36.51
on
capital amount and not provided for
b) Contingent Liability not Provided for
I. Guarantee issued / Letter of credit
issued by the bankers .. ....
covered by the counter Guarantee of
the company
II. Sales tax demands (in appeal /
revision) 7.85 7.85
III. Excise Duty (in appeal) Nil Nil
IV. Guarantee to financial
institution for Nil Nil
V. Compound Interest, Commitment
Charges & Liquidated
Damage due to Secured Creditors Nil Nil
(not provided / not ascertainable)
VI. Income tax demands (in appeal) Nil Nil
2. The Company, to confirm to accounting standard i.e. accounting for
investment issued by the Institute of chartered Accountants of India
that are mandatory, value the carrying amount of current investments at
lower of cost or fair market value. Accordingly the company has made
provision for diminution in the value of investments to the extent of
Rs. 51.07 Lacs during the year.(Previous Year 21.25 lacs)
3. In the opinion of the Board, the current assets, loans and advances
have a value on realization on the ordinary course of business, at
least equal to the amount at which the same is stated in the Balance
Sheet. There are no contingent liabilities other than those stated
above.
4. Actuarial Valuation:
(A) As required by Revised AS 15, Provident fund and gratuity are
defined contribution scheme and the contributions made are charged to
profit & loss account. Leave encashment liability is a defined benefit
obligation and is provided for on the basis of actuarial valuation done
using projected unit credit method atthe end of the financial year.
(B) The Liability relating to current year has been debited to profit &
loss account and gain/excess provisions relating to earlier years has
been reduced from reserves.
(C) Defined Benefit Plans/ Long Term Compensated Absence as per
Actuarial Valuation on 31st March 2009:-
5. SSI STATUS:
(a) In view of insufficient information from the suppliers regarding
their status as Small Scale Industrial (SSI) Unit, amount over due to
Small SSI Undertakings as on 31st March, 2009 cannot be ascertained at
present.
(b) The company is still in the process of compiling details as
required under the Micro small and medium Enterprise Development Act,
2006
6. Reserve of Rs. 1,05,00,000/- (Previous Year Rs. 2,10,00,000/-)
towards redemption of 9% Cumulative Redeemable preference Shares of
Rs.100/- each has been made during the year as per Board Resolution out
of current profits as per Profit & Loss Account.
7. Director remuneration paid is as per approval of share holders and
schedule XIII of the Companies Act 1956
8. In respect of accounting Standard AS-19 "lease" issued by the
Institute of chartered Accountants of India that is mandatory w. e. f.
1st April 2001 and is applicable to all leased assets for which lease
commences on or after 1st April 2001, the company has not taken so far
any asset on finance lease during the year .In respect of operating
lease of office premises the leasing arrangements which are not non
cancelable range between 11 months and 39 months generally or longer
and are usually renewable by mutual consent on mutually agreeable
terms. The aggregate of lease rental payable are charged as rent under
the head "office and administrative expenses Rs.5.42 Lacs (Previous
Year Rs. 4.05 Lacs) has been charged to revenue accordance with the
terms and conditions of respective lease agreement.
9. On the basis of the information and explanation given to us by the
management, No impairment loss in respect of assets has been recognized
during the financial year 2008-09.
10. Segment Reporting
As per Accounting Standard -18 issued by the Institute of Chartered
Accountants of India, the Companys related parties and transactions
are disclosed below:
(a) Holding Company-Sam Exim Limited
(b) Associated Companies Dwekam Electrodes Private Limited and Dwekam
Weld-Tech Limited.
(c) Key Managerial Person Mr. Anil Maloo, Executive Director, Mr.
Ashutosh A Maheshwari, Vice Chairman, Mr. Ashish Dave, Technical
Director and Mr. BriJ Klshore Jalan, Director
(d) Relative Mr. Arvind A. Maheshwari and Mrs. Seema A. Maheshwari
11. The Company has not entered Into any forward derivative
instruments to hedge the foreign currency during the year.
12. Segment Reporting
In the opinion of the management and as per the explanation given to
us, there are five reportable segments of the company
1) Soya Division
2) Welding Division
3) Investment Division
4) Real Estate Division
5) Biotech Division
a. Segmental revenue Includes sales and other income directly
Identifiable with allocable to the Particular segment.
13. Provision for Income Tax has been made as per normal rates
applicable to a company as per the Income Tax Act
14. The valuation of closing stock of finished goods includes excise
Duty payable Rs.3,08,344/-
15. The Company is claiming exemption from paying Vat Tax Collected
Vide its notification Number A-3-(l)-95-ST-V (43) dated 6th June 1995.
16. Previous year figures have been reclassified, regrouped and
rearranged wherever necessary.