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Notes to Accounts of Sarda Plywood Industries Ltd.

Mar 31, 2015

1. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. 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.

2. Nature of securities:

Term loan from entities other than banks is secured by first charge on the Company's immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by hypothecation of all plant and machinery and other fixed assets of the Company, both present & future, and is additionally secured by personal guarantee of the Managing Director.



As at As at 31st March, 31st March, 2015 2014

3. Contingent Liabilities not provided for in respect of :

a) Uncalled Capital against partly paid-up shares held as investment 8,000 8,000

b) Demand raised by Govt. authorities in respect of Taxes and Duties and contested 78,447,196 68,318,082 by the Company

Amount Paid against above 1,399,318 1,450,316

4. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March, 2015 as micro or small or medium enterprises. Consequently the amount due to micro and small enterprises as per section 22 of the abovesaid Act is Rs. Nil (Previous year Rs. Nil).

5. Segment information as per Accounting Standard - 17 on 'Segment Reporting':

The Company has identified two business segments viz. Plywood and Tea. Segments have been identified and reported taking into account the nature of the products, the differing risks and returns, the organisational structure & internal business reporting system.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment Assets and Segment Liabilities represent assets and liabilities of respective segments. Investments, tax related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

6. The company has charged depreciation based on the revised remaining useful life of the assets as per the requirment of Schedule II of the Companies Act, 2013 effective from April 1, 2014. Further based on transitional provisions provided in note 7(b) of Schedule 11, an amount of Rs. 29.49 lacs (Net of Deferred Tax Rs. 14.83Lacs) has been adjusted with retained earnings. The impact of such change on current year depreciation is not material.

7. Names of related parties & description of relationship

Associates : P S Plywood Products Pvt. Ltd. Enterprises over which KMP and his relatives have significant influence : Abhinandan Fintex Pvt. Ltd. Calcutta Technicians & Advisers Ltd. Madhya Bharat Papers Ltd. J S M & Company

Key Management Personnel : Shri Sudeep Chitlangia (Managing Director) Shri Sohan Lal Yadav (Whole Time Director) Ms. Jaya Sengupta (CFO) Shri Ravi Kumar Murarka (Company Seceratory)

8. Disclosure under clause 32 of the Listing Agreement:

There are no transactions (except related party transactions) which are required to be disclosed under Clause 32 of the Listing Agreement with the Stock Exchanges where the Equity Shares of the Company are listed.

9. Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities and Contingent Assets :

a) No provision for Contingent Liabilities was made during the year and no provision was outstanding at the beginning and at the end of the year.

b) The Contingent Liabilities mentioned at Sl No.2 are dependent upon Court decision / out of court settlement / disposal of appeals etc.

10. Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

A. Basis used to determine the Expected Rate of Return on Plan Assets:

The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of plan assets held, assessed risks, historical results of return on plan assets and the Company's policy for plan assets management.

B. Basis of estimates of rate of escalation in salary

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

C. Other disclosures

The Gratuity Expenses have been recognized in "Contribution to Provident, Pension & Other Funds" and provision for Sick Leave and Earned Leave Encashment in "Salaries and Wages" under Note No. 25.

11. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2014

1. Nature of securities

Term loan from entities other than banks is secured by first charge on the Company''s immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by hypothecation of all plant and machinery and other fixed assets of the Company, both present & future, and is additionally secured by personal guarantee of the Managing Director.

2 Notes :

a) Land, Building and Plant & Machinery were revalued on 30th June 1985 as per valuation report of M/S. Consolidated Enterprises on the basis of net replacement value and appreciation on revaluation aggregating to Rs. 1,63,77,041/- was credited to Capital Reserve.

b) Intangible Assets

The unamortised amount of Computer Software (Acquired) Rs. 71,49,182 (Previous year Rs. 45,66,301/-) is to be amortised at the rate of 20% per annum over a period of1-5 years as the case may be.

3 Note No. :

Other disclosures

1. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March 2014 as micro or small or medium enterprises. Consequently the amount due to micro and small enterprises as per section 22 of the abovesaid Act is Rs. Nil (Previous year Rs. Nil).

2. Segment information as per Accounting Standard - 17 on ''Segment Reporting''

The Company has identified two business segments viz. Plywood and Tea. Segments have been identified and reported taking into account the nature of the products, the differing risks and returns, the organisational structure & internal business reporting system.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment Assets and Segment Liabilities represent assets and liabilities of respective segments. Investments, tax related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

4 Disclosure under clause 32 of the Listing Agreement:

There are no transactions (except related party transactions) which are required to be disclosed under Clause 32 of the Listing Agreement with the Stock Exchanges where the Equity Shares of the Company are listed.

5 Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities and Contingent Assets :

a) No provisions for Contingent Liabilities was made during the year and no provision was outstanding at the beginning and at the end of the year.

b) The Contingent Liabilities mentioned at Sl No.2 are dependent upon Court decision / out of court settlement / disposal of appeals etc.

6 Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

7 The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2013

(A) The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. 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.

* General reserve is primarily created to comply with the requirements of section 205 (2A) of Companies Act, 1956. This is a free reserve, and can be utilized for any general purpose.

Term loan from entities other than banks is secured by first charge on the Company''s immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by hypothecation of all plant and machinery and other fixed assets of the Company, both present & future, and is additionally secured by personal guarantee of the Managing Director.

Notice here hypothecation of present & future stocks and book debts and second charge on the Company''s immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by second charge on all plant & machinery and other fixed assets of the Company bossed &fZ and is additionally secured by personal guarantees of Managing Director near is no amount due and outstanding to be credited to Investor Education & Protection Fund.

Notes

Notes Land, Building and Plant & Machinery were revalued on 30- June 1985 as per valuation report: of MS Consolidated Enterprises on the basis of net replacement value and appreciation on revaluation aggregating to Rs. 1,63,77,041/ was credited to Capital Reserve.

b) The amount of Computer Software (Acquired) Rs. 45 66,301/- (Previous year Rs. S5,977/-) is to be amortized at the rate of 20% per annum over a period of 2 - 5 years as the case may be.

Carried forward losses have been recognized as deferred tax assets as there is virtual certainty that such deferred tax asset can be realized against future taxable profits in the forthcoming financial years.

* Deferred tax assets and deferred tax liabilities have been offset as they relate to the same governing taxation laws.

* includes Rs. 59,07,544/- (Previous year Rs. 8,61,995) under litigation.

* The amount of Excise Duty & cess shown above represents differential excise duty on opening & closing stock of finished goods.

1. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority ! under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31!t March 2013 as f micro or small or medium enterprises. Consequently the amount due to micro and small enterprises as per section 22 of f the above said Act is Rs. Nil (Previous year Rs. Nil).

2. Segment information as per Accounting Standard -17 on '' Segment Reporting i The Company has identified two business segments viz. Plywood and Tea. Segments have been identified and reported i taking into account the nature of the products, the differing risks and returns, the organizational structure & internal ! business reporting system.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of -the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallowable".

b) Segment Assets and Segment Liabilities represent assets and liabilities of respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

Notes*

c, The pries good and taoee no p— fo, doubtful deb* in respect of due, tan such related parties is required.

3. Disclosure under clause 32 of the Listing Agreement:

There are bow transactions (except related party transactions) which are required to be disclosed under Clause 32 of the Listing Agreement with the Stock Exchanges where the Equity Shares of the Company are listed.

4. Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities and Contingent Assets :

a) No provisions for Contingent Liabilities was made during the year and no provision was outstanding at the beginning and at the end of the year.

b) The Contingent Liabilities mentioned at SI No.2 are dependent upon Court decision / out of court settlement / disposal of appeals etc. ,

5. Disclosure pursuant to AS -15 (revised 2005) on "Employee Benefits"

Defined Contribution Plan:

Employee benefits in the form of Provident Fund, Pension Scheme and Superannuation Fund are considered as defined contribution plan and die contributions are made in accordance with the relevant statute and are recognized as an expense when employees have rendered service entitling them to the contributions. The contribution to defined contribution plan,

Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation

using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in die balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

Any asset resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amount recognized in the statement of profit and loss in respect of Employees Benefit Schemes based on actuarial reports is as follows:

I. Basis used to determine the Expected Rate of Return on Plan Assets

The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of plan assets held, assessed risks, historical results of return on plan assets and the Company s policy for plan assets management.

II Basis of estimates of rate of escalation in salary.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, | promotion and other relevant factors including supply and demand in the employment market. The above


Mar 31, 2012

Note No : 1.1

Share capital

(e) The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. 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.

Note No : 2 Long-term borrowings

(a) Nature of securities:

Term loan from entities other than banks is secured by first charge on the Company's immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by hypothecation of all plant and machinery and other fixed assets of the Company, both present & future, and is additionally secured by personal guarantee of the Managing Director.

Note No : 3.1 FIXED ASSETS

a)Land. Building and Plant & Machinery were revalued on 30th June 1985 as per valuation report of M/s. Consolidated Enterprises on the basis of net replacement value and appreciation on revaluation aggregating to Rs. 1,63,77.041/- was credited to Capital Reserve.

b) Intangible Assets

The unamortised amount of Computer Software (Acquired) Rs. 49.85.977/- (Previous year Rs. 16,31.249/-) is to be amortised at the rate of 20% per annum over a period of 3 - 5 years as the case may be.

As at AS at 31.03.2012 31.03.2011 Rs. Rs.

Note No. : 3.2

1 Estimated amount of contract remaining to be executed not provided for 5,464,406 505.877

2. Contingent Liabilities not provided for in respect of:

a) Uncalled Capital against partly paid-up shares held as investment 8,000 8,000

b) Guarantees furnished by Company's Bankers on behalf of the Company 465,845 465,845

e) Demand raised by Govt. authorities in respect of Taxes and Duties and contested by the Company . 37,640,576 30.001,270

4. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro. Small and Medium Enterprises Development Act. 2006) claiming their status as on 31st March 2012 as micro or small or medium enterprises. Consequently the amount due to micro and small enterprises as per section 22 of the above said Act is Rs. Nil (Previous year Rs. Nil).

5. Segment information as per Accounting Standard - 17 on Segment Reporting :

The Company has identified two business segments viz. Plywood and Tea. Segments have been identified and reported taking into account the nature of the products, the differing risks and returns, the organisational structure & internal business reporting system.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment Assets and Segment Liabilities represent assets and liabilities of respective segments. investments, tax related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

Notes :

a) There are no transactions between segments. Common costs are apportioned on a reasonable basis.

b) Since the company's activities/operations are primarily within the country, there is only one geographical segment.

c) Figures in the brackets pertain to previous year.

6. Related Party Disclosures

Notes:

a) Figures in the brackets pertain to previous year.

b) The Company has neither written off nor written back any amount recoverable/payable from/to any related party during the year.

c) The amount due from related parties are good and hence no provision for doubtful debts in respect of dues from such related parties is required.

Names of related parties & description of relationship

Associates : Abhinandan Fintex Pvt Ltd. Calcutta Technician & Advisers Ltd. Madhya Unarm Papers Ltd. P S Plywood Products Pvt. Ltd. Purma Timber Products Ltd.

Key Management Personnel : Shri Sudeep Chitlangia Shri Sohan Lal Yadav

7. Disclosure under clause 32 of the Listing Agreement:

There are no transactions (except related party transactions) which are required to be disclosed under Clause 32 of the Listing Agreement with the Stock Exchanges where the Equity Shares of the Company are listed.

8. Disclosure pursuant to AS-29 on Provision, Contingent Liabilities and Contingent Assets :

a) No provisions for Liabilities was made during the year and no provision was outstanding at the beginning and at the end of the year.

b) The Contingent liabilities mentioned at SI No. 1 are dependent upon Court decision/out of court settlement/disposal of appeals etc.

9. Disclosure pursuant to AS - 15 (revised 2005) on "Employee Benefits"

Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defibenefit obligation. The Present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet dale. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

VIII. Basis used to determine the Expected Rate of Return on Plan Assets:

The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of plan assets held, assessed risks, historical results of return on plan assets and the Company's policy

IX Basis of estimates of rate of escalation in salary

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation. seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

10. Previous year's figure have been rearranged/regrouped wherever necessary to conform to current year's presentation as required by the Revised Schedule VI to the Companies Act, 1956.


Mar 31, 2010

Rs. Rs.

1. Estimated amount of contract remaining to be executed

on Capital Account and not provided for , 137,700 25,106,109

2. Contingent Liabilities not provided for in respect of:

a) Uncalled Capital against partly paid-up shares held as investment 8,000 8.000

b) Demand raised by Govt.authorities in respect of Taxes and Duties and

contested by the Company . 24,385,039 24,459,239

3. Sundry Debtors include Rs. 861,995/- (Previous year Rs. 861,995/-) under litigation.

4. Segment information as per Accounting Standard -17 on Segment Reporting:

The Company has identified two business segments viz. Plywood and Tea. Segments have been identified and reported taking into account the nature of the products, the differing risks and returns, the organisational structure & internal business reporting system.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on rea- sonable basis have been disclosed as "Unallocable".

b) Segment Assets and Segment Liabilities represent assets and liabilities of respective segments. Investments,tax related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

Notes :

a) There are no transactions between segments. Common costs are apportioned on a reasonable basis.

b) Since the companys activities / operations are primarily within the country, there is only one geographical segment.

c) Figures in the brackets pertain to previous year.

a) Figures in the brackets pertain to previous year.

b) The Company has neither written off nor written back any amount recoverable / payable from / to any related party during the year.

c) The amount due from related parties are good and hence no provision for doubtful debts in respect of dues from such related parties is required.

5. Disclosure under clause 32 of the Listing Agreement:

There are no transactions (except related party transactions) which are required to be disclosed under Clause 32 of the Listing Agreement with the Stock Exchanges where the Equity Shares of the Company are listed.

6. Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities and Contingent Assets:

a) No provisions for Liabilities was made during the year and no provision was outstanding at the beginning and at the end of the year.

b) The Contingent liabilities mentioned at SI No.l are dependent upon Court decision / out of court settlement / disposal of appeals etc.

7. Land, Building and Plant & Machinery were revalued on 30th June 1985 as per valuation report of M/S. Consolidated Enterprises on the basis of net replacement value and appreciation on revaluation aggregating to Rs. 1,63,77,041/- was credited to Capital Reserve.

8. Intangible Assets

The unamortised amount of Computer Software (Acquired) Rs. 1,256,781/- is to be amortised at the rate of 20% per annum over a period of 4 - 5 years as the case may be.

9. Disclosure pursuant to AS - 15 (revised 2005) on "Employee Benefits"

Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

Any asset resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amount recognized in the profit and loss account in respect of Employees Benefit Schemes based on actuarial reports is as follows:

10. Figures for the previous year have been regrouped / rearranged wherever considered necessary to make them comparable with those of the current year.

 
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