Mar 31, 2016
b) GRATUITY
In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity, a non -funded, defined benefit retirement plan (the gratuity plan) covering all employees. The plan, subject to the provisions of the Act, provides a lump sum payment to vested employees at retirement or termination of employment with the company.
The Company estimates its liability on adhoc basis in the interim financial reports and on an actuarial valuation basis as of yearend balance sheet date carried out by an independent actuary, and is charged to Profit & Loss Account in accordance with AS-15 (revised).
c) LEAVE ENCASHMENT
Leave encashment cost is a defined benefit, and is accrued on adhoc basis in the interim financial reports and on An actuarial valuation basis as of yearend balance sheet date carried out by an independent actuary, and is charged to Profit & Loss Account in accordance with AS-15 (revised).
NOTE NO. 2- CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby profit/(loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
CASH AND CASH EQUIVALENTS
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid time deposits that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
(b) Terms / Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of ? 2/- per share. The equity shareholders of the Company have voting rights and are subject to the preferential rights as prescribed under law, if any. The equity shares are also subject to restriction as prescribed under the Companies Act, 2013. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.
During the year ended 31st March 2016, no dividend is declared by Board of Directors. (Previous year - Nil)
(c) Shares held by Holding / Ultimate holding company and/or their subsidiaries/associates: Nil (Previous year -Nil)
(A) NATURE OF SECURITY (I) PRIMARY SECURITY
Term Loan from IDBI is secured by first charge on immovable & movable assets, present and future except book debts, subject to the charge created or to be created in favor of bankers for securing working capital loan on stocks of raw material, semi finished goods, finished goods, stores and spares, consumables, book debts and other current assets held by the Company both present and future in the ordinary course of the business and further guaranteed by the Managing Director, Promoter Directors and an independent Director.
(B) Terms of Repayments :-
Repayable in equated quarterly installments of Rs 55,68,000/- each from the date of loan. Interest will be payable at 10%.
NATURE OF SECURITY :-
The Working Capital Loan taken from State Bank of India is secured by first exclusive hypothecation charge on all existing and future current assets, second hypothecation charge on all movable fixed assets (other than specially charged with other lenders) and personal guarantee of directors -Mr. Rita Mittal, Mr. Vinay Mittal and Mr. Atul Mittal.
NOTE 28 : OTHER NOTES
A. CONTINGENT LIABILITIES
(a) No provision has been made in the books of accounts by the company for a sum of Rs.5902380/-, Rs.1205225/- , Rs.4080705/- & Rs.1353174/- for which the demand has been raised by the Income Tax Department for the A.Y. 2000-01, A.Y.2003-04, A.Y.2007-08 & A.Y. 2012-13 respectively, against which a sum of Rs 5859356/- Rs.1205225/- & Rs.40,00,000/- has already been paid for A.Y 2000-01, A.Y.2003-04 & A.Y.2007-08 under protest. All the above liabilities stands before the Appellate Authority/Delhi High Court.
b) Guarantees
The company has guaranteed a sum of Rs. 80,746 Lacs (Previous Year Rs. 77,384 Lacs) against secured Loans taken by SSA International Ltd. from financial institutions; these are wholly owned subsidiaries of the Company.
B. DEFINED BENEFIT PLANS/LONG TERM COMPENSATED ABSENCES
The employee gratuity fund & leave encashment scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
As per actuarial valuations as on 31st March 2016 and recognized in the financial statement in respect of employee benefit schemes :-
C. RELATED PARTY DISCLOSURES
I. Related Parties with Whom Transactions have been Taken Place and Relationships.
S. No. Name of Related Parties Relationship
1 SSA International Limited Wholly owned Subsidiary company
2 Sam Buildcon Limited Wholly owned Subsidiary company
II. Related Parties with Whom Transactions have been Taken Place and Nature of Transactions (Amount in INR)
D. SEGMENT REPORTING
The company has identified a geographical reportable segment viz M/S Samtex Fashions Ltd. New York. Segments have been identified and reported taking into account the Differing risk and returns and the Financial business reporting systems. The accounting policies adopted for segment reporting are in line with the Accounting Policy of the Company. Except the Accounting period which is for the Segment is calendar year.
E. IMPAIRMENT OF ASSETS
The Company has revised the future discounted cash flows based on value in use of fixed assets and is hopefully sure that the recoverable amount is more than the amount carried in the books. Accordingly, no provision is required to be made for the impairment in the accounts.
L. TRANSACTION WITH MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from vendors regarding their status and status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence necessary disclosures under this Act have not been given.
M. OTHERS
(i) Fixed assets installed and put to use have been certified by the management and relied upon by the auditors, being a technical matter.
(ii) In the opinion of the directors, current assets, loans and advances are of the value stated if realized in the ordinary course of business except otherwise stated. The provision for all the known liabilities is adequate and not in excess of the amount considered reasonably necessary.
(iii) The personal accounts of the parties are subject to their respective confirmations
(iv) Security deposit includes Rs. 26,36,950/- (Previous Year Rs. 1857055/-) equivalent US$ 39815 (Previous Year US$ 30920) representing security given by the New York Trading Office of the company.
(v) The Company had applied for Issue of exemption cetficate from service tax and under notification no. 12/2013 on November 21, 2014 the issuance of certificate is still pending. According the company has not deposited service tax under reverse charge mechanism on payment made for service availed and covered under reverse charge mechanism.
(vi) Investment of Rs. 60 lakhs invested in M/S Yogendra Worsted Limited are valued at cost since the said company is unlisted company accordingly management is unable to ascertain the market value of the investment.
(vii) The Amount of sale and purchase includes Inter Branch transaction of Rs. 20,95,93,144 during the year and in previous year of Rs. 24,48,69,795.(Refer Note No. 28 (D).
(viii) Balances of Debtors & Creditors are subject to confirmation and reconciliation consequential effect (if any) on the account remained unascertained.
N. PREVIOUS YEAR FIGURES
The Company has regrouped/reclassified the previous year figures to make them comparable with current year figures.
Mar 31, 2015
1. Terms / Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of
Rs.10/- per share. The equity shareholders of the Company have voting
rights and are subject to the preferential rights as prescribed under
law, if any. The equity shares are also subject to restriction as
prescribed under the Companies Act, 2013. The company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing
annual general meeting.
During the year ended 31st March 2015, no dividend is declared by Board
of Directors. (Previous year - Nil).
2. A NATURE OF SECURITY:-
(I) PRIMARY SECURITY
Term Loan from IDBI is secured by first charge on immovable & movable
assets, present and future except book debts, subject to the charge
created or to be created in favor of bankers for securing working
capital loan on stocks of raw material, semi finished goods, finished
goods, stores and spares, consumables, book debts and other current
assets held by the Company both present and future in the ordinary
course of the business and further guaranteed by the Managing Director,
Promoter Directors and an independent Director.
(B) Terms of Repayments :-
Repayable in equated quarterly installments of Rs. 55,68,000/- each
from the date of loan. Interest will be payable at 10%.
3. NATURE OF SECURITY
The Working Capital Loan taken from State Bank of India is secured by
first exclusive hypothecation charge on all existing and future current
assets, second hypothecation charge on all movable fixed assets (other
than specially charged with other lenders) and personal guarantee of
directors -Mrs. Rita Mttal, Mr. Vinay Mittal and Mr. Atul Mittal.
4. CONTINGENT LIABILITIES
(a) No provision has been made in the books of accounts by the company
for a sum of Rs.5902380/-, Rs.1205225/- , Rs.4080705/- & Rs.1353174/-
for which the demand has been raised by the Income Tax Department for
the A.Y. 2000-01, A.Y.2003-04, A.Y.2007-08 & A.Y. 2012-13 respectively,
against which a sum of Rs 5859356/- Rs.1205225/- & Rs.40,00,000/- has
already been paid for A.Y 2000-01, A.Y.2003-04 & A.Y.2007-08 under
protest. All the above liabilities stands before the Appellate
Authority/ Delhi High Court.
5 .GUARANTEES
The company has guaranteed a sum of Rs. 77,384 Lacs (Previous Year Rs.
73,841 Lacs) against secured Loans taken by SSA International Ltd. from
financial institutions; these are wholly owned subsidiaries of the
Company.
6. DEFINED BENEFIT PLANS/LONG TERM COMPENSATED ABSENCES
The employee gratuity fund & leave encashment scheme is a defined
benefit plan. The present value of obligation is determined based on
actuarial valuation using the Projected Unit Credit Method which
recognizes each period of services as giving rise to additional unit of
employee benefit entitlement and measures each unit separately to build
up the final obligation.
7. SEGMENT REPORTING
The company has identified a geographical reportable segment viz M/S
Samtex Fashions Ltd. New York. Segments have been identified and
reported taking into account the Differing risk and returns and the
Financial business reporting systems. The accounting policies adopted
for segment reporting are in line with the Accounting Policy of the
Company. Except the Accounting period which is for the Segment is
calendar year.
8. IMPAIRMENT OF ASSETS
The Company has revised the future discounted cash flows based on value
in use of fixed assets and is hopefully sure that the recoverable
amount is more than the amount carried in the books. Accordingly, no
provision is required to be made for the impairment in the accounts.
9. TRANSACTION WITH MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from vendors regarding their
status and status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence necessary disclosures under this Act have
not been given.
10 OTHERS
(i) Fixed assets installed and put to use have been certified by the
management and relied upon by the auditors, being a technical matter.
(ii) In the opinion of the directors, current assets, loans and
advances are of the value stated if realized in the ordinary course of
business except otherwise stated. The provision for all the known
liabilities is adequate and not in excess of the amount considered
reasonably necessary.
(iii) The personal accounts of the parties are subject to their
respective confirmations.
(iv) Security deposit includes Rs.18,57,055/- (Previous Year Rs.
16,81,708/-) equivalent US$ 30920 (Previous Year US$ 30920)
representing security given by the New York Trading Office of the
company.
11. PREVIOUS YEAR FIGURES
The Company has regrouped/reclassified the previous year figures to
make them comparable with current year figures.
Mar 31, 2014
NOTE 1 : OTHER NOTES
A. CONTINGENT LIABILITIES
a) No provision has been made in the books of accounts by the company
for a sum of Rs.5902380/-, Rs.1205225/-, & Rs.4080705/- for which the
demand has been raised by the Income Tax Department for the A.Y.
2000-01, A.Y. 2003-04, & A.Y.2007-08 respectively, against which a sum
of Rs 5859356/- Rs.1205225/- & Rs.40,00,000/- has already been paid for
A.Y 2000-01, A.Y.2003-04 & A.Y.2007-08 under protest. All the above
liabilities stands before the Appellate Authority/Delhi High Court.
b) GUARANTEES
The company has guaranteed a sum of Rs. 73,841 Lacs (Previous Year Rs.
59,360 Lacs) & Rs.NIL (Previous Year Rs. 575 Lacs) against secured
Loans taken by SSA International Ltd. & Sam Buildcon Ltd. respectively
from financial institutions; these are wholly owned subsidiaries of the
Company.
B. DEFINED BENEFIT PLANS/LONG TERM COMPENSATED ABSENCES
The employee gratuity fund & leave encashment scheme is a defined
benefit plan. The present value of obligation is determined based on
actuarial valuation using the Projected Unit Credit Method which
recognizes each period of services as giving rise to additional unit of
employee benefit entitlement and measures each unit separately to build
up the final obligation.
I. As per actuarial valuations as on 31st March 2014 and recognized in
the financial statement in respect of employee benefit schemes :-
C. RELATED PARTY DISCLOSURES
I. Related Parties with Whom Transactions have been Taken Place and
Relationships.
Name of the Parties Relationship
1. SSA International Ltd. Wholly Owned Subsidiary Co.
2. Sam Buildcon Ltd. Wholly Owned Subsidiary Co.
3. Samtex Foundation Associated concern
II. Related Parties with Whom Transactions have been Taken Place and
Nature of Transactions (Amount INR)
D. SEGMENT REPORTING
The company has identified a geographical reportable segment viz M/S
Samtex Fashions Ltd. New York. Segments have been identified and
reported taking into account the Differing risk and returns and the
Financial business reporting systems. The accounting policies adopted
for segment reporting are in line with the Accounting Policy of the
Company. Except the Accounting period which is for the Segment is
calendar year.
Segment Assets and Segment Liabilities represent Assets and Liabilities
in Respective segments.
As per Accounting Standard on Segment Reporting As -17, prescribed by
Companies (Accounting Standard) Rules 2006, The Company has reported
segment information.
E. IMPAIRMENT OF ASSETS
The Company has revised the future discounted cash flows based on value
in use of fixed assets and is hopefully sure that the recoverable
amount is more than the amount carried in the books. Accordingly, no
provision is required to be made for the impairment in the accounts.
L. TRANSACTION WITH MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from vendors regarding their
status and status under the Micro, Small and
Medium Enterprises Development Act, 2006. Hence necessary disclosures
under this Act have not been given.
M. OTHERS
(i) Fixed assets installed and put to use have been certified by the
management and relied upon by the auditors, being a technical matter.
(ii) In the opinion of the directors, current assets, loans and
advances are of the value stated if realized in the ordinary course of
business except otherwise stated. The provision for all the known
liabilities is adequate and not in excess of the amount considered
reasonably necessary.
(iii) The personal accounts of the parties are subject to their
respective confirmations.
(iv) Security deposit includes Rs.18,57,055/- (Previous Year Rs.
16,81,708/-) equivalent US$ 30920 (Previous Year US$ 30920)
representing security given by the New York Trading Office of the
company.
(v) The Gross Block for the current year does not include the Fixed
Assets situated at the trading office in New York, accordingly no
depreciation has been charged on the same. (previous year depreciation
Rs.44,588).
N. PREVIOUS YEAR FIGURES
The Company has regrouped/reclassified the previous year figures to
make them comparable with current year figures.
Mar 31, 2013
A. CONTINGENT LIABILITIES
a) No provision has been made in the books of accounts by the company
for a sum of Rs.5902380/-, Rs.1205225/- , & Rs.4080705/- for which the
demand has been raised by the Income Tax Department for the A.Y.
2000-01, A.Y.2003- 04, & A.Y.2007-08 respectively, against which a sum
of Rs 5859356/- Rs.1205225/- & Rs.40,00,000/- has already been paid for
A.Y 2000-01, A.Y.2003-04 & A.Y.2007-08 under protest. All the above
liabilities stands before the Appellate Authority/Delhi High Court.
b) GUARANTEES
The company has guaranteed a sum of Rs. 59360 Lacs (Previous Year Rs.
47,615 Lacs) & Rs.575 Lacs (Previous Year Rs. 575 Lacs) against secured
Loans taken by SSA International Ltd. & Sam Buildcon Ltd. respectively
from financial institutions; these are wholly owned subsidiaries of the
Company.
B. DEFINED BENEFIT PLANS/LONG TERM COMPENSATED ABSENCES
The employee gratuity fund & leave encashment scheme is a defined
benefit plan. The present value of obligation is determined based on
actuarial valuation using the Projected Unit Credit Method which
recognizes each period of services as giving rise to additional unit of
employee benefit entitlement and measures each unit separately to build
up the final obligation.
C. SEGMENT REPORTING
The company has identified a geographical reportable segment viz M/S
Samtex Fashions Ltd. New York. Segments have been identified and
reported taking into account the Differing risk and returns and the
Financial business reporting systems. The accounting policies adopted
for segment reporting are in line with the Accounting Policy of the
Company. Except the Accounting period which is for the Segment is
calendar year.
Segment Assets and Segment Liabilities represent Assets and Liabilities
in Respective segments.
D. IMPAIRMENT OF ASSETS
The Company has revised the future discounted cash flows based on value
in use of fixed assets and is hopefully sure that the recoverable
amount is more than the amount carried in the books. Accordingly, no
provision is required to be made for the impairment in the accounts.
Note.* (i) The above installed capacity may vary in different types of
garments are produced.
(ii) Licensed and installed capacity being technical matter are relied
upon as certified by the management.
E. TRANSACTION WITH MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from vendors regarding their
status and status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence necessary disclosures under this Act have
not been given.
F. OTHERS
(i) Fixed assets installed and put to use have been certified by the
management and relied upon by the auditors, being a technical matter.
(ii) In the opinion of the directors, current assets, loans and
advances are of the value stated if realized in the ordinary course of
business except otherwise stated .The provision for all the known
liabilities is adequate and not in excess of the amount considered
reasonably necessary.
(iii) The personal accounts of the parties are subject to their
respective confirmations
(iv) Gross Block under Fixed Assets includes assets worth Rs.875,266/-
(Previous year Rs.875,266/-) or equivalent to US$ 18536 (Previous Year
US$ 18,536) situated at the Trading Office of the Company at New York.
(v) Security deposit includes Rs.16,81,708/- (Previous Year Rs.
15,75,064/-) equivalent US$ 30920 (Previous Year US$ 30920)
representing security given by the New York Trading Office of the
company.
(vi) During the year, The Company has made the preferential allotment
of 50,00,000 Equity shares of Rs.28 per share(with Premium of Rs.18 per
share) on 29th March, 2013. The Excess amount of Share Application
money of Rs.4,75,317 received is pending for refund and same has been
shown under the head "Other Current Liabilities".
G. PREVIOUS YEAR FIGURES
Fixed assets installed and put to use have been certified by the
management and relied upon by the auditors, being a technical matter.
Mar 31, 2012
NOTE 1: CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby
profit/(loss) before extraordinary items and tax is adjusted for the
effects of transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments. The cash flows
from operating, investing and financing activities of the Company are
segregated based on the available information.
CASH AND CASH EQUIVALENTS
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid time
deposits that are readily convertible into known amounts of cash and
which are subject to insignificant risk of changes in value.
NOTE 2 : OTHER NOTES
A. Contingent liabilities
a) No provision has been made in the books of accounts by the company
for a sum of Rs.5902380/- Rs.1205225/- Rs.489296/- & Rs.4080705/- for
which the demand has been raised by the Income Tax Department for the
A.Y. 2000- 01, A.Y.2003-04, A.Y.2006-07 & A.Y.2007-08 respectively,
against which a sum of Rs 5859356/- Rs.1205225/- & Rs.40,00,000/- has
already been paid for A.Y 2000-01, A.Y.2003-04 & A.Y.2007-08 under
protest.All the above liabilities have been disputed by the company
before the Appellant Authority/Delhi High Court.
b) Guarantees
The company has guaranteed a sum of Rs. 47615 Lacs (Previous Year Rs.
42450 Lacs) & Rs.575 Lacs (Previous Year Rs. 575 Lacs) against secured
Loans taken from financial institutions by SSA International Ltd. & Sam
Buildcon Ltd. Respectively; wholly owned subsidiaries of the Company.
c) Other money for which the Company is contingently liable
Letters of Credit in foreign currency established for purchase of raw
materials/ consumables and capital goods amounting to Rs.2,13,49,517
(Previous year Rs.180,20,122 ). The liability is converted into Rupees
as per the exchange rate prevailing as on 31st March, 2012.
B. Fixed assets installed and put to use have been certified by the
management and relied upon the by the auditors, being a technical
matter.
D. Share Application Money Pending Allotment
As at 31 March 2012, the Company has received an amount of
Rs.6,33,01,941 towards share application money towards equity shares of
the Company at a premium of Rs. 18 per share. The share application
money was received pursuant to an invitation to offer shares and in
terms of such invitation, the Company is required to complete the
allotment formalities by 31 March 2013. The Company has sufficient
authorized capital to cover the allotment of these shares.
E. In the opinion of the directors current assets, loans and advances
are of the value stated if realized in the ordinary course of business
except otherwise stated .The provision for all the known liabilities is
adequate and not in excess of the amount considered Reasonably
necessary.
F. The personal accounts of the parties are subject to their
respective confirmations.
3 SEGMENT INFORMATION :-
The company has identified a geographical reportable segment viz M/S
Samtex Fashions Ltd. New York. Segments have been identified and
reported taking into account the Differing risk and returns and the
Financial business reporting systems. The accounting Policies adopted
for segment reporting are in line with the Accounting Policy of the
Company. Except the Accounting period which is for the Segment is
calendar year.
G. a) Gross Block under Fixed Assets includes assets worth Rs.875049/-
(Previous year Rs.633,491/-) or equivalent to US$ 18536 (Previous Year
US$ 13794) Situated at the Trading Office of the Company at New York.
b) Security deposit includes Rs.15,75,064/- (Previous Year Rs.
13,80,578/-) equivalent US$ 30920 (Previous Year US$ 30920)
representing security given by the New York Trading Office of the
company.
H. DEFINED BENEFIT PLANS/LONG TERM COMPENSATED ABSENCES :
(A). The employee gratuity fund & leave encashment scheme is a defined
benefit plan. The present value of obligation is determined based on
actuarial valuation using the Projected Unit Credit Method which
recognizes each period of services as giving rise to additional unit of
employee benefit entitlement andmeasures each unit separately to build
up the final obligation.
I. Micro, Small and Medium Enterprises
The Company has not received information from vendors regarding their
status and status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence necessary disclosures under this Act
have not been given.
J. Previous years figures have been regrouped and reclassified wherever
necessary to make them comparable to those the current year, and have
been rounded of to the nearest rupees.
K. Notes 1 to 32 form an integral part of the Financial Statements as
at 31st March, 2012 and have been authenticated as such.
Mar 31, 2010
1. Contingent liabilities not provided for in respect of:
a) Letters of Credit in foreign currency established for purchase of
raw materials/ consumables and capital goods amounting to
Rs.380,28,143/- (previous year Rs.203,57,338/- ) the liability is
converted into Rupees as per the exchange rate prevailing as on 31st
March, 2010.
b) The company has guaranteed a sum of Rs.31090 Lacs (Previous Year Rs.
23202 Lacs) against secured Loans taken from financial institutions by
SSA International Ltd., a wholly owned subsidiary of the Company.
2. No provision has been made in the books of accounts by the company
for a sum of Rs. 5902380/-, Rs.890698/- Rs.489296/ - & Rs.4080705/- for
which the demand has been raised by the Income Tax Department for the
A.Y. 2000-01, A.Y.2003- 04, A.Y.2006-07 & A.Y.2007-08 respectively,
against which a sum of Rs 5859356/-, Rs. 8,90,698/- & Rs.40,00,000/-
has already been paid for A.Y 2000-01, A.Y. 2003-04 & A.Y.2007-08 under
protest. All the above liabilities have been disputed by the company
before the Appellant Authority / Delhi High Court.
3. Fixed assets installed and put to use have been certified by the
management and relied upon the by the auditors, being a technical
matter.
4. In the opinion of the directors current assets, loans and advances
are of the value stated if realized in the ordinary course of business
except otherwise stated .The provision for all the known liabilities is
adequate and not in excess of the amount considered Reasonably
necessary.
5. The personal accounts of the parties are subject to their
respective confirmations.
6. The assets of the company have not been impaired during the year as
certified by the management of the company. The management has
conducted the test of impairment of assets using the value-in-use
method in accordance with the mandatory Accounting Standard -28 (AS 28)
on impairment of Assets issued by the Institute of Chartered
Accountants of India. For calculation of value-in-use, discount rate of
8% per annum is used being the average market rate of interest in the
opinion of the management.
7. Related Party Disclosure : -
i.) List of the Related parties with whom transactions have taken place
and the relationships :
s.
No. Name of the Party Relationship
1. SSA International Limited Wholly Owned Subsidiary Co.
2. SAM Buildcon Limited Wholly Owned Subsidiary Co.
3. Samtex Foundation Key Personal Management of the
related party
8. a) Gross Block under Fixed Assets includes assets worth
Rs.633,491/- (Previous year Rs.709,983/-) or equivalent to
US$ 13794 (Previous Year US$ 15426) Situated at the Trading Office of
the Company at New York.
b) Security deposit includes Rs.12,74,895/- (Previous Year Rs.
12,97,238/-) equivalent US$ 32017 (Previous Year US$ 32576)
representing security given by the New York Trading Office of the
company.
9. DEFINED BENEFIT PLANS/LONG TERM COMPENSATED ABSENCES :
(a). The employee gratuity fund & leave encashment scheme is a defined
benefit plan. The present value of obligation is determined based on
actuarial valuation using the Projected Unit Credit Method which
recognizes each period of services as giving rise to additional unit of
employee benefit entitlement and measures each unit separately to build
up the final obligation.
10. The company has adopted the accounting standard-15 (revised) i.e.
employees benefits from the previous financial year for computation of
gratuity & leave encashment. Hence, the excess provision of
Rs.25,94,073/- on valuation of gratuity & leave encashment on
01.04.2008 written back to the reserve & surplus account.
(Please see Sch. II).
11. Advance recoverable (Schedule X) includes an amount of Rs.NIL
(Previous Year Rs. 16,33,670/-) being Insurance claim receivable
against theft of Honda CRV car. The insurance claim is settled during
the financial year & short recovery of claim of Rs. 64010/- is debited
to Loss on Theft of car (Schedule -XIX).
12. Sundry creditors (Schedule-XI) includes a disputed amount of
Rs.9,97,202/- (Previous Year Rs.9,97,202/-) Payable to M/ s Ten Cate
Permess Inc. The matter with party is pending before court.
13. The sales made by the company from its Delhi office is of goods
are exempt from sales tax, hence no Registration under Sales Tax Act,
is obtained.
14. The construction of Flats under Employees Housing Project Scheme
has been completed during the Financial year 2009- 10.
15. Previous years figures have been regrouped and reclassified
wherever necessary to make them comparable to those the current year,
and have been rounded of to the nearest rupees.
16. Schedule I to XXII form an integral part of the Balance Sheet as
at 31st March, 2010 and have been authenticated as such.
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