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Notes to Accounts of Sarthak Industries Ltd.

Mar 31, 2015

COMPANY INFORMATION

Sarthak Industries Ltd. (Formerly known Avanti LPG (India) Ltd. and initially known Malav Metals Pvt. Ltd.) is a public limited company incorporated on 23.12.1982. The Company is engaged in manufacturing of LPG Cylinders at works situated at Industrial Area, Pithampur, Dist. Dhar (M.P.) The LPG Cylinders are supplied to Oil Companies like Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd. and also to private companies. Apart from this, Company is also engaged in trading of agri-commodities, Mining and Mineral Based Industry on opportunity basis. The Company is listed with the Bombay Stock Exchange (BSE) and MP Stock Exchange (MPSE).

1. The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend if any, proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2. Pursuant to amalgamation of Gloryshine Property Developers Pvt Ltd (Transferor Company) into and with the company, approved by the shareholders of the company and sanctioned by Hon'ble High Court at Mumbai on 21st October 2011, the company has issued and allotted 14,00,000 equity shares of Rs. 10 each fully paid up on 5th December 2011, to the shareholders of transferor company for consideration otherwise than in cash.

3. During the period of five years immediately preceding the Balance Sheet date as at 31st March, 2015, the company has not:

a) allotted any shares as fully paid up by way of bonus shares,

b) bought back any shares.

Disclosure as per AS-15 (Revised) "Employee Benefits"

4. (A) GRATUITY

The employees gratuity is defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected Unit Credit Method, which recognize each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

(B)LEAVE ENCASHMENT

The liability in respect of leave encashment is determined using actuarial valuation carried out as at Balance Sheet date. Actuarial gain and losses are recognized in full in statement of Profit and Loss for the year in which they occur.

Liability on account of Leave Encashment as at the year end Rs. 3,11,696 (Previous Year Rs. 5,60,192).

(Amount in Rs.)

2014-2015 2013-2014

5. Contingent Liabilities and Commitments

A. Contingent Liabilities

a) Sales Tax, CCI and other demand disputed 67881175 68567037 in appeals (Amout deposited Rs. 19963039 (Previous Year Rs. 19964039))

b) Corporate Guarantee given on behalf of others 90000000 90000000

B. Commitments Nil Nil

6. In the opinion of the Board of Directors the current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. The company has made adequate provision for all known liabilities.

7. Earlier years accumulated unprovided Depreciation on Fixed Assets Rs. Nil (Previous year Rs. 4044436)

8. Trade Payable includes Bills payable Rs. 61249533 (Previous Year Rs. 85422553).

9. Leases : Operating Leases Where Company is lessee

The Company has taken various premises under operating leases with these are renewable on periodic basis at the option of both lessor and lessee. The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs.1628442 (Pre.Year Rs.1103241). The company has not recognized any contingent rent as expense in the statement of profit and loss.

Where company is lessor

The assets given on operating leases by the Company are included in fixed assets. The lease rentals recognized as income in the statement of profit and loss on a straight line basis over the lease term. Costs, including depreciation are recognized as an expense in the statement of Profit and loss. Initial direct costs are recognized immediately in the statement of Profit and loss. The company has not recognized any contingent rent as income in the statement of profit and loss.

The aggregate amount of operating lease income recognized in the Statement of Profit and Loss is Rs. 30,57,852 (Previous Year Rs. 29,12,240).

10. Lease hold land allotted by IDA to the company included in stock in trade, possession of which have been hand over but lease deed of the same is yet to be executed pending full payment on allotment.

11. Related Party Disclosure :

a. Key management personne

Name Designation

Mr. Virendra Kumar Gupta Executive Director

Mr. Yogender Mohan Sharma Whole Time Director

Name Remarks

Mr. Virendra Kumar Gupta Ceased w.e.f. 22.05.2014

Mr. Yogender Mohan Sharma Appointed w.e.f. 15.07.2014

b. Other Party - Associate

Giriraj Buildcon Company is a Partner

12. Capital work-in-progress represents Building under construction of Rs 94,973 (Previous Year Rs. 94,973) and Plant and Machinery under installation of Rs 6,44,201 (Previous Year Rs. 6,44,201).

13. Previous year's figures are regrouped or rearranged wherever considered necessary to make them comparable with current year's figures.


Mar 31, 2014

COMPANY INFORMATION

Sarthak Industries Ltd. (Formerly known Avanti LPG (India) Ltd. and initially known Malav Metals Pvt. Ltd.) is a public limited company incorporated on 23.12.1982. The Company is engaged in manufacturing of LPG Cylinders at works situated at Industrial Area, Pithampur, Dist. Dhar (M.P.) The LPG Cylinders are supplied to Oil Companies like Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd. and also to private companies.Apart from this, Company is also engaged in trading of agri-commodities, Mining and Mineral Based Industry on opportunity basis. The Company is listed with the Bombay Stock Exchange (BSE) and MP Stock Exchange (MPSE).

2013-2014 2012-13 1 Contingent Liabilities and Commitments (Amount in Lacs)

1 Contingent Liabilities

a) Outstanding Bank guarantee 80.64 115.62

b) Sales Tax, CCI and other demand disputed in appeals 486.03 480.85

c) Corporate Gurantee given on behalf of others 900.00 900.00

2 Commitements Nil Nil

3 In the opinion of the Board of Directors the current assets,loans and advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. The company has made adequate provision for all known liabilities.

4 Earlier years accumulated unprovided Depreciation on Fixed Assets Rs. 4044436 (previous year Rs. 4044436).

The Company has availed in earlier year the benefit of Sales Tax deferment scheme as per terms & conditions of Notification No. 3-32-94-ST-V-(5) dated 28/2/95 issued by department of Commercial tax, Govt. of MP. has been deferred and carried forward as unsecured loan from Govt. of Madhya Pradesh. The necessary exemption / deferment certificate is yet to be received from the concerned authorities. The Company moved writ petition before the Hon''ble High Court, Indore to get exemption certificate which was allowed against state order of MP High Court bench, Indore, the State Level Committee has moved a writ appeal before the Hon''ble division bench, MP High Court bench at Indore no. 168/2008 which is disposed of by the Hon''ble High Court and being State Govt. 30 not challenged the same, the order of the Hon''ble High Court in Writ Petition become final. Now Company is in process of getting exemption certificate from Commercial Tax Department, Madhya Pradesh.

5 Trade Payable includes Bills payable Rs. 85422553 (Previous Year Rs. 55400391).

6 Leases : Operating Leases Where Company is lessee

The Company has taken various premises under operating leases with these are renewable on periodic basis at the option of both lessor and leasee. The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs.1103241 (Pre.Year Rs.1219001). The company has not recognized any contingent rent as expense in the statement of profit and loss.

Where company is lessor

The assets given on operating leases by the Company are included in fixed assets.The lease rentals recognized as income in the statement of profit and loss on a straight line basis over the lease term. Costs, including depreciation are recognised as an expense in the statement of Profit and loss. Initial direct costs are recognised immediately in the statemetn of Profit and loss. The company has not recognized any contingent rent as income in the statement of profit and loss.

7 Lease hold land alloted by IDA to the company included in stock in trade, possession of which have been hand- over but lease deed of the same is yet to be executed pending full payment on allotement.

8 The financial statements have been prepared in line with the requirements of Revised Schedule VI of Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2012. Accordingly, assets and liabilities are classified between current and non-current considering 12 month period as operating cycle.

9 Previous year''s figures are regrouped or rearranged wherever considered necessary to make them comparable with current year''s figures

10 Company information, Significant Accounting policies and practices adopted by the Company are disclosed as under.


Mar 31, 2013

1 In the opinion of the Board of Directors trie current assets.ioans and advances hsva value on realisation In the ordinary course of business, at least equal to tho amount at which they art stated In the Balance Sheet. The company has made adequate provision for all known liabilities.

2 EarBer years accumulated unprovided Depreciation on Fixed Assets R». 4044436 (previous year Rs. 4044436).

3 The Company has availed in earlier year the benefit of Sales Tax deferment scheme as per terms & conditions of Notification No. 3-32-94-ST-V-{5) dated 2672/95 Issued by department of Commercial tax, Govt, of M.P. has been deferred and carried forward as unsecured loan from Govt, of Madhya Pradesh. The necessary exemption / deferment certificate Is yet to be received from the concerned authorities. The cJrnpany moved writ petition before the Hontrte High Court, Indore to get exemption oertiftcata which was allowed against state order of MP High Court bench, Indore, the State Level Committee has moved a writ appeal before the Hon''ble division bench, MP High Court bench at Indore no. 168/2008 which is pending for further order.

4 Sundry creditors includes Bills payable Rs. 55400381 (Previous Year 39940144),

5 Leases: Operating Leases '' Where Company Is lessen

The Company has taken various premises under operating leases With these are renewable on periods basis at the option ol both lessor and leasee. The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs.1201501 (Pre.Year Rs.648633 ). The company has not recognized any contlng*"* wit *» expense In the statement of profit and toss. Total future lease rental payable as al balance sheet date

Where company Is lessor

The assets given on operating leases by the Company are included In fixed assets/The lease rentals recognized «s income in 8w statement of profit and loss on a straight line basis over the lease term. Costs, including depreciation are recognised as an . expense In the statement of Profit and loss, Initial direct costs are recognised Immediately in the statemetn of Profit and loss. Ths company has not recognized any contingent rent as income in the statement of proft and loss.

The agreegate amount of operating lease income.reoognised In the Statemetn of Profft and Loss is Rs. 2684040 (Pre year Rs. 1833300). Total future lease rental receivable as at balance sheet date

6 a. Trade Payables includes Rs. Nil (Previous Year Nil) amount''due to micro smalt and medium enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) Act,

b. The details of amount outstanding to Micro, Small and Medium Enterprises are as under:

7 The company has transferred the land of Rs. 348255436 being hetd as stock In trade to fixed assets during the y«8f.

8 The financial statements have been prepared In One with the requirements of Revised Schedule VI of Companies Act, 1956 M Introduced by the Ministry of Corporate Affaire from the financial year ended on $1" March 3012. Accordingly, assets and (abflttiaa ant classified between current and non-current considering 12 month period «t.op*r*tir»8 cydft.

9 Previous year''s flgucea aw regrouped or rearranged wherever considered ne«s»ary tomato them corirawbtewlhcuflwityesrt figures

10 Current year''s figures are for twelve month* ended on 31.03.2013 where a* prevtowyaart flgurat are tor rtlna month* ending 31.03.2012.

11 Company information, Significant Accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure A.


Mar 31, 2012

1.1 The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding._

1.2 Pursuant to amalgamation of Glorishine Property Developers Pvt Ltd (Trasferor Company) into and with the company, approved by the shareholders of the company and sanctioned by Hon'ble High Court at Mumbai on 21st October 2011, the company has issued and allotted 1400000 equity shares of Rs. 10 each fully paid up on 5th December 2011, to the shareholders of transferor company for consideration otherwise than in cash.

2011-2012 2010-2011 3 Contingent Liabilities (Amount in Lacs)

a) Bank guarantee 114.56 62.84

b) Disputed liabilities not acknowledged as debts 519.83 602.49

4 In the opinion of the Board of Directors the current assets,loans and advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. The company has made adequate provision for all known liabilities.

5 Earlier year accumulated unprovided Depreciation on Fixed Assets Rs. 4044436 (previous year Rs. 4044436)

6 The Company has availed in earlier year the benefit of Sales Tax deferment scheme as per terms & conditions of Notification No. 3- 32-94-ST-V-(5) dated 28/2/95 issued by department of Commercial tax, Govt. of M.P. has been deferred and carried forward as unsecured loan from Govt. of Madhya Pradesh. The necessary exemption/deferment certificate is yet to be received from the concerned authorities. The company moved writ petition before the Hon'ble High Court, Indore to get exemption certificate which was allowed against state order of MP High Court bench, Indore, the State Level Committee has moved a writ appeal before the Hon'ble division bench, MP High Court bench at Indore no. 168/2008 which is pending for further order.

7 Balance of Creditors, Debtors, Deposits, Advances are partly confirmed

8 Sundry creditors includes Bills payable Rs. 39940144 (Previous Year 71477714).

9 Leases : (where Company is lessee Operating Lease

The Company has taken various premises under operating leases with no restrictions and are renewable / cancelable at the option of either parties. There is no escalation clause in the lease agreement. There is no sub-leases. There are no restrictions imposed by lease arrangements. The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs.848633 (Pre.Year Rs.1395000 ). The company has not recognized any contingent rent as expense in the statement of profit and loss

10 The company has not received any information from "Suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amount unpaid as at the year end together with interest paid / payable under this act have not been given.

11 Disclosure as per AS-15 (Revised) "Employee Benefit'

Defined Benefit Plan

The employees gratuity is defined benefit plan. The present value of obligation is determined based on actuarial valauation using the projected Unit Credit Method, which recognize each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment recognized in the same manner as gartuity.

12 Out of investment in equity shares of Anik Industries Limited, 10000 equity shares are pleged to Motilal Oswal Securities Ltd. aaainst loan.

13 Lease hold land alloted by IDA to the company included in current assets, possession of which have been hand- over but lease deed of the same is yet to be executed pending full payment on allotemen

14 The financial statements have been prepared in line with the requirements of Revised Schedule VI of Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2012. Accordingly, assets and liabilities are classified between current and non-current considering 12 month period as operating cycle. Consequently, the company has re-classified previous year figures to confirm to this year's classification

15 Current year's figures are for nine months ended on 31.03.2012 where as previous year's figures are for fifteen months ending 30.6.2011.

16 Company information, Significant Accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure A


Mar 31, 2010

2009-2010 2008-2009

1. CONTINGENT LIABILITIES (Amount in Lacs)

a) An amount of counter guarantee 44.00 45.08 given by bank to the company

b) Disputed liabilities not acknowledged as debts 130.09 130.09

c) Corporate guarantee given on behalf of others 850.00 850.00

2. Balance of Creditors, Debtors, Deposits, Advances are partly confirmed.

3. Earlier year accumulated unprovided Depreciation on Fixed Assets Rs. 4044436 (previous year Rs. 4044436).

4. The Company has availed in earlier year the benefit of Sales Tax deferment scheme as per terms & conditions of Notification No. 3-32-94-ST-V-(5) dated 28/2/95 issued by department of Commercial tax, Govt. of M.P. has been deferred and carried forward as unsecured loan from Govt. of Madhya Pradesh. The necessary exemption / deferment certificate is yet to be received from the concerned authorities. The company has moved an application to Honble Supreme Court of India for grant of exemption certificate, however company has provided for sales tax liability in the books.

5. In the opinion of the Board of Directors the current assets,loans and advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. The company has made adequate provision for all known liabilities.

6. Sundry creditors includes Bills payable Rs. 26645524 (Previous Year 13818386).

7. Leases : (where Company is lessee) Operating Lease

The Company has taken various commercial premises under Cancellable operating leases. These lease agreements are normally renewed on expiry.

8. There are no delay in payment to Micro, Small and Medium enterprises as requried to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006. The information given in schedule H current liabilities regarding Micro, Small and Medium enterprises has been determined to the extent such parties have been identified on the basic of information available with the company. This has been relied upon by the auditors.

9. Member of their AGM held on 30th September, 2009 have resolved to increase the authorised capital from Rs. 10.00 cror to 12.00 crore wef 30.09.09. It was observed that the form no. 5 and other documents in respect of the above are yet to be filed with competent authorities and provision for registration fees Rs. 100000 and stamp duty Rs. 40000 is also not made in the accounts.

10. Previous years figures have been rearranged and regrouped wherever necessary

 
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