Jun 30, 2015
1. ABOUT THE COMPANY
Sanghi Industries Limited was incorporated in 1985 and is engaged in the manufacturing and marketing of cement and cement products in domestic and export market. The Company's manufacturing facilities are at Sanghipuram, Gujarat. Equity shares of the Company are listed on The National Stock Exchange and Bombay Stock Exchange.
2. Terms / Rights attached to equity shares
The Company has only one class of equity shares having a par value of ' 10 per share. Each holder of equity shares is entitled to one vote per share. 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 ensuring Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.
3. Terms of redemption of Redeemable Preference Shares
Preference Shares are redeemable in stepped up quarterly instalments from June 2011 to June 2018.
4. Details of shares alloted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back during immediately preceding five years. - NIL
5. Corporate Social Responsibility Expenses
a) Gross amount required to be spent by the Company during the year is Rs.1.13 cr. based on average net profit of last three years as per Section 198 of the Companies Act, 2013.
b) Amount spent during the year in cash on purposes other than construction / acquisition of any asset is Rs. 1.70 cr.
6. Contingent Liabilities and Commitments
The claims against the company not acknowledged as debt amount to Rs.151.94 cr. (Previous year Rs.139.35 cr.) and interest and penalty thereon as may be decided at the time of disposal of the claim. Against above, the Company has deposited a sum of Rs.52.95 cr. (Previous Year Rs.46.26 cr.) with respective authorities as deposit.
Rs. In crore)
As at As at 30.06.2015 30.06.2014
Excise & Service Tax 104.58 80.78
Customs 12.41 12.41
Sales Tax 1.76 1.76
Debt Recovery Tribunal - 11.21
Claims of Gujarat Water Supply and Sewerage Board 26.38 26.38
Land Revenue Tax 1.17 1.17
Electricity Duty 3.30 3.30
Other Claims against the Company 2.34 2.34
Total 151.94 139.35
hEstimated amount of contracts remaining to be executed on capital account and not provided for is '4.46 cr. Net of advances (Previous year '53.77 cr.)
7. Deferred Tax (Assets) / Liabilities
For recognition of Deferred Tax Asset (DTA) where the Company has unabsorbed depreciation under Income Tax Act, 1961, the virtual certainty of realization of such assets is prescribed as a criteria in AS 22. For the current year, the Company has not recognized such DTA in the accounts on prudent basis.
8. Segment Reporting
The Company is in the business of manufacturing and sale of cement and clinker which is considered to constitute one single primary segment. The Secondary segment based on geographical segmentation are considered to be Business Outside India and within India.
9. Related Party Disclosure as per Accounting Standard 18:
a. Key Management Personnel:
Mr. Ravi Sanghi - Chairman and Managing Director
Mr. Aditya Sanghi - Whole Time Director
Mr. Alok Sanghi - Whole Time Director
Mrs. Bina Engineer - Whole Time Director
Mr. N. B. Gohil - Whole Time Director
b. Subsidiary, Joint Venture and Associates:
The Company has incorporated subsidiary Company in China named, Sange Testing Services (Shanghai) Co., Ltd. on March 20, 2015. However, no investment is made till June 30, 2015.
10. Other expenses include NIL pertaining to prior period expenses (Previous year '0.17 crore).
11. Power and Fuel consumption include exchange loss of '0.82 crores. (Previous year Rs.2.96 crore)
12. Additional information pursuant to the provisions of Schedule V to the Companies Act, 2013 is as under:
13. As per the Mines and Minerals (Development and Regulations) Amendment Act, 2015, the Company is required, in addition to royalty, pay to the District Mineral Foundation of the district in which the mining operations are carried out, an amount not exceeding the royalty paid, in such a manner and subject to the categorization of the mining leases and the amounts payable by the various categories of lease holders, as may be prescribed by the Central Government.
The Company is also required to pay a sum equivalent to two percent of the royalty to the National Mineral Exploration Trust as per the requirement of the Mines and Minerals (Development and Regulations) Amendment Act, 2015.
As on the balance sheet date, contribution required to be made to District Mineral Foundation is not determined and rules for National Mineral Exploration trust are yet to be notified, hence no provision is made during the year ended June 30, 2015.
14. The previous year's figures have been regrouped/reclassified wherever necessary to conform with current year's classification.
Jun 30, 2013
Note : 1 (a) : ABOUT THE COMPANY
Sanghi Industries Limited is engaged in the manufacturing and marketing of cement and cement products in domestic and export market. The CompanyÂs manufacturing facilities are at Sanghipuram'' Gujarat. Equity shares of the Company are listed on The National Stock Exchange and Bombay Stock Exchange.
NOTE 2 For recognition of Deferred Tax Asset (DTA) where the Company has unabsorbed depreciation under Income Tax Act'' 1961; the virtual certainty of realisation of such assets is prescribed as a criteria in AS 22. For the current year'' the Company has not recognized such DTA in the accounts on prudent basis.
NOTE 3 RELATED PARTY DISCLOSURE:
a. Key Management Personnel:
i. Mr. Ravi Sanghi Â Chairman and Managing Director ii. Mr. Aditya Sanghi Â Whole Time Director iii. Mr. Alok Sanghi Â Whole Time Director iv. Mrs. Bina Engineer Â Whole Time Director v. Mr. N.B. Gohil Â Whole Time Director
NOTE 4 Other Expenses include Rs.2.01 Crore pertaining to prior period expenses (Previous year NIL).
NOTE 5 Additional information pursuant to the provisions of paragraph 3'' 4C and 4D of Part (II) of Schedule VI to the Companies Act'' 1956 is as under (Certified by the management):
Note 6 The previous yearÂs figures have been regrouped/reclassified wherever necessary to conform with current yearÂs classification.
7. The preparation of financial statements in conformity with generally accepted accounting principles requires 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 results of operations during the reporting period. Although these estimates are based upon managementÂs best knowledge of current events and actions'' actual results could differ from these estimates. Differences between actual results and estimates are recognized in the period in which the results are known / materialized.
8. The accounts are prepared on historical cost convention and in compliance with the Generally Accepted Accounting Principles in India and in all material respect with the Accounting Standards notified under The Companies Accounting Standards Rule 2006 and the relevant provision of The Companies Act'' 1956.
Jun 30, 2012
A) Disclosure of Sundry Creditors under Current Liabilities is based on the information provided by the supplier regarding their status as defined under the "Micro, Small and Medium Enterprises Development Act, 2006". Amount overdue as on 30th June 20I2 to Micro, Small and Medium Enterprises on account of principal amount together with interest, aggregate to Rs. Nil (previous year Rs. Nil).
b) No provision for Income Tax is made in the current period in view of the computation of income resulting in loss as per the normal computation as per provision of the Income Tax Act for AY 20I2-I3. MAT Credit Entitlement for the current period Rs. Nil (PY. Rs. 3.I0 crores) . The Deferred Tax Liability and Deferred Tax Assets as on 30.06.20I2 computed as per AS 22 is as under:
c) Related Party Disclosure :
a. Key Management Personnel:
i. Mr. Ravi Sanghi - Chairman and Managing Director
ii. Mr. Aditya Sanghi - Whole Time Director
iii. Mr. Alok Sanghi - Whole Time Director
iv. Mrs. Bina Engineer - Whole Time Director
v. Mr. N.B. Gohil - Whole Time Director
b. Particulars of remuneration paid to Chairman and Managing Director and Whole time Directors are given in Para 4 of the Report on Corporate Governance.
c. As informed, there are no subsidiaries or associate companies.
d) The claims against the company not acknowledged as debt amount to Rs. 118.14 crore (Previous year Rs. 126.35 crore) and interest and penalty thereon as may be decided at the time of disposal of the claim. Against above, the Company has deposited a sum of Rs. 49.11 crore (Previous Year- Rs. 54.24 crore) with respective authorities as deposit.
e) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 0.82 crore (net of advances) (Previous year Nil)
f) Foreign currency exposure that are not hedged by derivative instruments or otherwise as on 30th June, 20I2 amount to Rs. 2II.39 crore ( Previous Year Rs. 202.75 crore )
g) The previous year's figures have been regrouped/reclassified wherever necessary to conform to current year's classification. However, previous year's figures are for I5 months and therefore, are not comparable.
h) Additional information pursuant to the provisions of paragraph 3, 4C and 4D of Part (II) of Schedule VI to the Companies Act, I956 is as under (Certified by the management):