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Notes to Accounts of Sat Industries Ltd.

Mar 31, 2015

NOTE 1

The outstanding balances of Debtors, Creditors, Loans and advances either debit or credit are subject to confirmation by the parties.

NOTE 2

As per the opinion of the Management, the creditors outstanding in the balance sheet to whom the Company owes dues on account of principal amount together with interest do not fall in the category of Micro, Small & Medium Enterprises as defined in the Micro, Small, Medium Enterprises Development Act, 2006, and accordingly no additional disclosures have been made by the management. In the absence of confirmation from the creditors and based on the management explanation as above the facts are relied upon by us.

NOTE 3

In the opinion of the management and to the best of their knowledge and belief the value on realisation of loans, advances and other current assets in the ordinary course of the business shall not be less than the amount at which they are stated in Balance Sheet. Further provisions have been made for all known and accrued liabilities.

NOTE 4 :

Related Party Transactions

Disclosure of the relationship and transactions in accordance with Accounting Standard 18- Related Party Disclosures issued by the Institute of Chartered Accountants of India :

NOTE 5 :

SEGMENT INFORMATION

The Company is principally engaged in the business of international trading in UAE and there are negligible operations in India and therefore disclosure as per AS 17 segment reporting is not applicable to the company.

NOTE 6

The Company's foreign branch situated at U.A.E. is audited by the local auditor for the financial year ended on 31st March, 2015.

NOTE 7

As on 31.03.2015, the Company has closed its operation of foreign branch and there will be no further activities carried out in the future as per the management.

NOTE 8

The balance sheet of the Company has been prepared as per Schedule III of the Companies Act, 2013. The figures of previous period have been regrouped/ rearranged and / or recast wherever found necessary.

NOTE 9

Disclosure relating to amount outstanding at year end and Maximum outstanding during the year of Loans and Advances, in nature of loan, required as per Clause 32 of the Listing Agreement, are given below:


Mar 31, 2014

NOTE : 1

The Company has allotted 3300000 warrants on 13-11-2010 to M/s Sat Invest Pvt. Ltd. convertible into equity share of Rs.2/- each at a premium of Rs.39/- each within 18 months from the date of allotment. The Company has received Rs.3,38,25,000/- being 25% of the amount of share warrants within the stipulated time and same is shown in shareholders fund after the capital of the Company.During the month of May 2012, the share warrant money has been forfeited since the company did not receive the balance money within the stipulated time period. This amount was transferred to Capital Reserve under the heading "Reserves and Surplus".

NOTE 1.1:

The above loans taken are interest free and repayable on demand basis and subject to confrmation

Note 1.2 Even though no yield is received from these subsidiary/Associate companies, the provision for erosion in value i any, of these investments are not made since in the opinion of management, these are long term and does no require provisioning.

Note 1.3 Sat E-Com Ltd. is no longer a subsidiary company because the investments held in it of 311,480 equity share have been sold in June, 2013 at Rs. 20 per share.

NOTE 1.4

The total outstanding of sundry debtors as on year end is Rs. 22,229,993/- (P.Y. Rs. 38,162,623) out of which substantial amount of debtors of Rs. 18,618,075/-(P.Y. Rs. 34,550,705) (foreign currency AED 1,144,664/- (P.Y AED 2,335,375/-) is outstanding from its foreign branch for which confrmations are awaited.

Also we are unable to comment on the outstanding for a period less than six months since these are pertaining to the branch and we have relied upon the management.

NOTE 1.5

Out of the above balances, Rs. 35,344/- (AED 2,173) [(P.Y. Rs. 3181) (P.Y. AED 215)] is pertaining to the foreign branch and has been relied upon by us as per the verifcation of the local foreign auditor.

NOTE 2

a. The outstanding balances of Debtors, Creditors, Loans and advances either debit or credit are subject to confrmation by the parties.

b. The balance sheet has been prepared as per Revised Schedule VI. Hence the fgures have been regrouped, reclassifed and rearranged where ever necessary.

NOTE 3

As per the opinion of the Management, the creditors outstanding in the balance sheet except creditors for foreign branch to whom the Company owes dues on account of principal amount together with interest do not fall in the category of Micro, Small & Medium Enterprises as defned in the Micro, Small, Medium Enterprises Development Act, 2006, and accordingly no additional disclosures have been made by the management. In the absence of confrmation from the creditors and based on the management explanation as above the facts are relied upon by us.

No comments are offered on the creditors outstanding in the balance sheet of foreign branch of the company as the audit of foreign branch is done by local auditors.

NOTE 4

In the opinion of the management and to the best of their knowledge and belief the value on realisation of loans, advances and other current assets in the ordinary course of the business shall not be less than the amount at which they are stated in Balance Sheet. Further provisions have been made for all known and accrued liabilities.

NOTE 5 : SEGMENT INFORMATION

The Company is principally engaged in the business of international trading in UAE and there are negligible operations in India and therefore disclosure as per AS 17 segment reporting is not applicable to the company.

NOTE 6

The Company''s foreign branch situated at U.A.E. is audited by the local auditor for the fnancial year ended on 31st March, 2014.

NOTE 7

The company has not appointed whole-time company secretary as required by the provisions of section 383A of the Companies Act, 1956. The company may face penalty for contravention of the section. However, to appoint a Company Secretary, Company is continuously making efforts and looking for right person but the effort has not been materialized.


Mar 31, 2013

NOTE 1

As per the opinion of the Management, the creditors outstanding in the balance sheet except creditors for foreign branch to whom the Company owes dues on account of principal amount together with interest do not fall in the category of Micro, Small & Medium Enterprises as defined in the Micro, Small, Medium Enterprises Development Act, 2006, and accordingly no additional disclosures have been made by the management. In the absence of confirmation from the creditors and based on the management explanation as above the facts are relied upon by us.

No comments are offered on the creditors outstanding in the balance sheet of foreign branch of the company as the audit of foreign branch is done by local auditors.

NOTE 2

In the opinion of the management and to the best of their knowledge and belief the value on realisation of loans, advances and other current assets in the ordinary course of the business shall not be less than the amount at which they are stated in Balance Sheet. Further provisions have been made for all known and accrued liabilities.

NOTE 3 : Related Party Transactions

Disclosure of the relationship and transactions in accordance with Accounting Standard 18- Related Party Disclosures issued by the Institute of Chartered Accountants of India :

NOTE 4 : SEGMENT INFORMATION

The Company is principally engaged in the business of international trading in UAE and there are negligible operations in India and therefore disclosure as per AS 17 segment reporting is not applicable to the company.

NOTE 5

The Company''s foreign branch situated at U.A.E. is audited by the local auditor for the financial year ended on 31st March, 2013.

NOTE 6

The company has not appointed whole-time company secretary as required by the provisions of section 383A of the Companies Act, 1956. The company may face penalty for contravention of the section. However, to appoint a Company Secretary, Company is continuously making efforts and looking for right person but the effort has not been materialized

NOTE 7:

Information pursuant to Para 5(ii) and Para 5(iii) of the General Information to Statement of Profit & Loss:


Mar 31, 2012

NOTE 1

a. The outstanding balances of Debtors, Creditors, Loans and advances either debit or credit are subject to confirmation by the parties.

b. The balance sheet has been prepared as per Revised Schedule VI. Hence the fgures have been regrouped, reclassified and rearranged where ever necessary.

NOTE 2

As per the opinion of the Management, the creditors outstanding in the balance sheet except creditors for foreign branch to whom the Company owes dues on account of principal amount together with interest do not fall in the category of Micro, Small & Medium Enterprises as defned in the Micro, Small, Medium Enterprises Development Act, 2006, and accordingly no additional disclosures have been made by the management. In the absence of confirmation from the creditors and based on the management explanation as above the facts are relied upon by us.

No comments are offered on the creditors outstanding in the balance sheet of foreign branch of the company as the audit of foreign branch is done by local auditors.

NOTE 3

In the opinion of the management and to the best of their knowledge and belief the value on realisation of loans, advances and other current assets in the ordinary course of the business shall not be less than the amount at which they are stated in Balance Sheet. Further provisions have been made for all known and accrued liabilities.

NOTE 4 : SEGMENT INFORMATION

The Company is principally engaged in the business of international trading in UAE and there are negligible operations in India and therefore disclosure as per AS 17 segment reporting is not applicable to the company.

NOTE 5

The Company's foreign branch situated at U.A.E. is audited by the local auditor for the financial year ended on 31st March, 2012.

NOTE 6

The company has not appointed whole-time company secretary as required by the provisions of section 383A of the Companies Act, 1956. The company may face penalty for contravention of the section. However, to appoint a Company Secretary, Company is continuously making efforts and looking for right person but the effort has not been materialized


Mar 31, 2011

1) The total outstanding of sundry debtors as on year end is Rs. 38,006,086/- (P.Y. Rs. 31,134,510) out of which substantial amount of debtors of Rs. 34,394,168/-(RY. Rs. 26,674,842) (foreign currency AED 2,789,968 (P.Y Rs. 2,175,762) is outstanding from its foreign branch for which confirmations are awaited.

2) a) In the opinion of the management and to the best of their knowledge and belief the value on realisation of loans, advances and other current assets in the ordinary course of the business shall not be less than the amount at which they are stated in Balance Sheet. Further provisions have been made for all known and accrued liabilities.

b) The outstanding balances of Debtors, Creditors, Loans and advances either debit or credit are subject to confirmation by the parties.

3) a) As per the opinion of the Management, the creditors outstanding in the balance sheet except creditors for foreign branch to whom the Company owes dues on account of principal amount together with interest do not fall in the category of Micro, Small & Medium Enterprises as defined in the Micro, Small, Medium Enterprises Development Act, 2006, and accordingly no additional disclosures have been made by the management. In the absence of confirmation from the creditors and based on the management explanation as above the facts are relied upon by us.

b) No comments are offered on the creditors outstanding in the balance sheet of foreign branch of the company as the audit of foreign branch is done by local auditors.

4) Figures relating to previous year have been regrouped/ rearranged wherever necessary.

5) Since there is no commission payable to directors, the mode of computation of net profit as required U/S 198 & 349 of the Companies Act, 1956 is not given.

Even though no yield is received from these subsidiary/Associate companies, the provision for erosion in value if any, of these investments are not made since in the opinion of management, these are long term and do not require provisioning.

6) Additional information pursuant to paragraphs nos. 3 & 4 of part II of Schedule VI of the Companies Act, 1956 as certified by the management.

The quantity details as mentioned above are relating to UAE branch and therefore details are subject to verification and are relied upon as per the information provided by the management.

7) Disclosure of the relationship and transactions in accordance with Accounting Standard 18- Related Party Disclosures issued by the Institute of Chartered Accountants of India :

8) SEGMENT INFORMATION

The Company is principally engaged in the business of international trading in Dubai and there are negligible operations in India and therefore discloser as per AS 17 segment reporting is not applicable to the company.

9) During the year the Company has allotted 3300000 warrants on 13-11-2010 to M/s Sat Invest Pvt. Ltd. convertible into equity share of Rs.2/- each at a premium of Rs.39/- each within 18 months from the date of allotment. The Company has received Rs.3,38,25,000/- being 25% of the amount of share warrants within the stipulated time and same is shown in shareholders fund after the capital of the Company.

10) In the opinion of management, there is no impairment of fixed assets as prescribed in the accounting standard (AS-28) on impairment of assets.

11) The Company's foreign branch situated at U.A.E. is audited by the local auditor for the financial year ended on 31st March, 2011.

12) The company has not appointed whole-time company secretary as required by the provisions of section 383A of the Companies Act, 1956. The company may face penalty for contravention of the section. However, to appoint a Company Secretary, Company is continuously making efforts and looking for right person but the effort has not been materialized


Mar 31, 2010

1) Contingent Liability: NIL

2) The Company has not appointed wholetime company secretary as required by the provisions of section 383A of the Companies Act, 1956. The company may face penalty for contravention of the section. However, to appoint a Company Secretary, The Company is continuously making efforts and looking for right person but the effort has not been materialised.

3) In the opinion of the management and to the best of their knowledge and belief the value on realisation of loans, advances and other current assets in the ordinary course of the business shall not be less than the amount at which they are stated in Balance Sheet. Further provisions have been made for all known and accrued liabilities.

4) The outstanding balances of Debtors, Creditors, Loans and advances either debit or credit are subject to confirmation by the parties.

5) Previous years figures have been rearranged, regrouped to make them comparable.

6) Since there is no commission payable to directors, the mode of computation of net profit as required U/S 198 & 349 of the Companies Act, 1956 is not given.

7) Important note of Sat Middleeast Ltd., U.A.E.

a) Contingent Liabilities: At 31st December, 2009, the Company had contingent liabilities in respect of bank guarantees entered into the normal course of business from which it is anticipated that no material liabilities will arise. The Company has given guarantees amounting to AED 5000 (31st December 2008 - AED 5000) to third parties.

c) Commitments :

Capital Commitments: At 31 December 2009 there were no outstanding commitments (31 December 2008: AED Nil).

Purchase commitments: At 31 December 2009 the Company had no outstanding purchase commitments (31 December 2008: AED Nil).

8) a) The Companys position on consolidation for sundry debtors includes substantial trade and other receivables of INR757,096,782/- (foreign currency AED 61,753,408) (Previous Year INR 705,600,798/- AED 51177962) from various other countries including the country in which its subsidiary operates (UAE) and outstanding period is not verifiable, however considered good for recovery and no provision is called for on account of doubtful or bad debts.

b) Likewise, loans and advances in consolidation of INR 134,401,084/- (foreign currency AED10,962,568) (Previous Year INR 230,903,462/- AED 16,747,669) mainly consist from its subsidiary at UAE and consist of amount advanced to business associates which are expected to be collected within one year as per management but still not recovered and considered good for recovery with no provision called for doubtful or bad loans or advances.

9) As per the opinion of the Management, the creditors outstanding in the balance sheet except creditors for foreign branch and foreign subsidiaries are since previous year and as per the management there are no creditors which are Micro, Small & Medium Enterprises as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made by the management. In the absence of confirmation from the creditors and based on the management explanation as above the facts are relied upon by the auditors.

a) No comments are offered on the creditors outstanding in the balance sheet of foreign branch and foreign subsidiaries of the company as the audit of foreign branch and foreign subsidiaries is done by local auditors. We have relied upon the audit report and notes to accounts of their respective auditors.

b) No comments are offered on the creditors outstanding in the balance sheet of foreign branch and foreign subsidiaries of the company as the audit of foreign branch and foreign subsidiaries is done by local auditors. We have relied upon the audit report and notes to accounts of their respective auditors.

10) Interest in Joint Venture Company / Jointly controlled operations as per Accounting Standard 27 is as below:

i) The Company is holding 1,95,37,500 ( face value Rs 2 per share) ( Previous Year 27,54,930 face value RslO per share) equity shares [41.29% equity as on 31.03.10 (Previous Year 57.90%)] in the Joint Venture Company M/s. Sah Polymers Limited which is in to manufacturing and trading activity.

11) The quantity details of inventory for foreign branch of the Company are subject to verification and relied upon as per the information provided by the management.

 
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