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Notes to Accounts of Sanco Industries Ltd.

Mar 31, 2015

1. Based on the information available with the Company regarding the status of suppliers as defined under MSMED Act, 2006, there was no principal amount overdue and no interest was payable to the Micro, Small and Medium Enterprises on 31st March, 2015 as per the terms of Contract.

2. Contingent Liabilities and Commitments (to the extent not provided for)

Contingent liabilities

Guarantees (Bank Guarantee given to NSIC) 200.00 200.00

Commitments

Estimated amount of contracts unexecuted on capital account 0.00 227.97

Total 200.00 427.97

3. Disclosures in terms of AS-15 'Employees Benefit Expenses' are as under: The disclosures as required are not being made in view of Accounting Policy No. IIH.

4. Disclosures in terms of AS-17 'Segment Reporting' are as under :

Primary Segment Reporting : ( by business segment)

PVC PIPES, WIRE & CABLE, Manufacturing Goods : COPPER WIRE

Trading Goods: PVC RESIN, COPPER WIRE AND OTHERS

5. Disclosures in terms of AS-18 'Related Party Transactions' are as under :

List of Related Parties Relationship

Shri Sanjay Gupta Director

Ms. Shakuntla Gupta Director

Shri Sidhant Gupta Director

Ms. Rita Gupta Director

Superlink Polyfab Ltd. Subsidiary Company

100% Subsidiary

Sanjita Polymat Ltd. (Hong kong) Company

Sanco Enterprises Pvt. Ltd. Enterprise significantly influenced by Key Management Personal

(Related parties relationship is as identified by the Company and relied upon by the Auditors).

6. The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to the fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary informations relating to the subsidiaries has been included in the Consolidated Financial Statements.

7. The useful life of Fixed Assets have been revised in accordance with schedule II of the Companies Act 2013. The depreciation for the year is lower by Rs.0.83 lacs due to change in useful life of Fixed Assets. The Assets whose useful life is already exhausted as on 01.04.2014 depreciation amounting to Rs.133.19 lacs have been adjusted to General Reserve.

8. There was no default of repayment of Principal and interest on Long Term Borrowing and Short Term Borrowings.

9. In the absence of confirmation from the parties the debit & credit balances in respect of Sundry Debtors, Security Deposits and Advances received from Customers & Sundry Creditors have been taken as reflected in the books. Balance appearing under the heads Current Assets, Loans and Advances and Current Liabilities are subject to confirmation.

10. In the opinion of the Board of Directors of the company, the current assets, loans and advances have the value at least equal to the figures stated in the Balance Sheet on realization in the ordinary course of business and provision for all determinable/known liabilities have been made in the accounts when reliable estimates can be made of the amount of obligation.

11. Unhedged Foreign Currency Exposure

Export Debtors : NIL NIL

12. Adjustment of Tax Deducted at Source and MAT Credit from Provision for Current Tax will be made after preparing the Income Tax Return.

13. Stores & Spares consumption has been grouped under Material consumption.

14. Previous year Figures have been reworked, regrouped, re-arranged and reclassified wherever considered necessary to make them comparable with current year's figures. Figures in brackets where ever given are for the previous year.




Mar 31, 2014

31/03/2014 31/03/2013

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

(i) Claims against the company not acknowledged as debt 0.00 0.00

(ii) Guarantees (Bank Guarantee given to NSIC) 2,00,00,000.00 1,00,00,000.00

(iii) Other money for which the company is contingently liable 0.00 0.00

Sub Total 2,00,00,000.00 1,00,00,000.00

Commitments

(i) Estimated amount of contracts unexecuted on capital account 0.00 0.00

(ii) Uncalled liability on shares and other investments partly paid 0.00 0.00

(iii) Other commitments 0.00 0.00

Sub Total 0.00 0.00

Total 2,00,00,000.00 1,00,00,000.0



AS-5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies When items of income or expense within profit or loss from ordinary activities are of size, nature or incidence that their disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such item is disclosed separately.

AS-5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies

Extraordinary items- income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the enterprises and are not expected to recur frequently or regularly. from the ordinary activities of the enterprises and are not expected to recur frequently or regularly.

The nature and amount of each extraordinary item is separately disclosed in the statement of Profit and Loss in such manner that its impact on current profit or loss can be perceived.

2 Segment Reporting :

a) Primary Segment Reporting : ( by business segment)

1. Segments have been identified in line with the Accounting Standard on Segment Reporting ( AS - 17), taking into account the organizational structure as well as the differential risk and returns of these segments. detail of products included in each of the segments are as under :

3. M/s Sanjita Polymet Ltd. (Company incorporated in Hong Kong as 100% subsidiary of M/s Sanco Industries Ltd. w.e.f. August,2013) is not in operation till date and no Capital has been introduced so far in this company. That is why is not required to give consolidated accounts.

4. In the absence of confirmation from the parties the debit & credit balances in respect of Sundry Debtors, Security Deposits and Advances received from Customers & Sundry Creditors have been taken as reflected in the books. Balance appearing under the heads CurrentAssets, Loans andAdvances and Current Liabilities are subjecttoconfirmation.

4A In the opinion of the Board of Directors of the company, the current assets, loans and advances have the value at least equal to the figures stated in the Balance Sheet on realization in the ordinary course of business and provision for all determinable/known liabilities have been made in the accounts when reliable estimates can be made of the amount of obligation.

5. Previous year Figures have been reworked, regrouped, re-arranged and reclassified wherever considered necessarytomake them comparable with current year''s figures.

6. There has no Default of Principal repayment and interest repayment on Long term Borrowings and Short term Borrowings.

 
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