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Notes to Accounts of Schablona India Ltd.

Mar 31, 2015

1.1 In terms of Accounting Standard "22" issued by The Institute of Chartered Accountants of India, the Company has recognized a net deferred tax assets of Rs. 111.91 lacs (previous year Rs.53.67 lacs) on a reasonable and conservative basis, which would be available for set off against the future profits of the Company.

1.2 In accordance with the Accounting Standard "17" issued by The Institute of Chartered Accountants of India, the necessary disclosure in respect of reportable segments has been given in Annexure "A" which forms part of the Balance Sheet.

1.3 Pursuant to Notification No. G S R 129(E) dated 22nd February, 1999 issued by Ministry of Law & Justice and Company Affairs and The Micro, Small & Medium Enterprises Development Act, 2006, the name(s) of the small scale industrial undertaking(s) to whom the Company owe a sum exceeding Rs. 1.00 Lac which is outstanding for more than 30 days as on 31.03.2015 have not been furnished in view of insufficient information from the suppliers regarding their status as SSI unit hence amount overdue to small scale industrial undertakings as on 31.03.2015 cannot be ascertained. However, no specific claims have been received for interest from suppliers with reference to the "Interest on Delayed Payments Small Scale Ancillary Industrial Undertakings Act, 1993".

1.4 In accordance with Accounting Standard "9", "Recognition of Revenue", issued by the Institute of Chartered Accountants of India, the Company has reduced inter unit sales/purchase from the purchase & sales of respective units amounting to Rs. 138.55 lacs (previous year Rs. 208.21 lacs). However, the above has no impact on the profitability of the Company for the year. Further, sales for the year includes export sales of Rs. 5.27 lacs (previous year Rs. 4.74 lacs).

1.5 In the opinion of the management, Current Assets and Loans & Advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

1.6 Balances in Trade Receivables, Trade Payables, Short Term Loans and Advances, Long Term Loans and Advances are subject to confirmation/ reconciliation/ adjustment, if any. The effect of such adjustments shall be determined and accounted for in the year of determination.

1.7 As per requirements of Schedule-II to the Companies Act, 2013 (' Act') effective from 1st April,2014, the Company has revised the useful life of the fixed assets during the year. As a result Rs.31.75 lacs pertaining to assets for which the remaining useful life was Nil as on 1st April, 2014 has been adjusted from retained earnings. Further depreciation charged for the year ended 31st March, 2015 would have been lower by Rs. 10.69 lacs respectively.

1.8 Previous year's figures have been regrouped/ rearranged/ reclassified wherever consider necessary in order to meet current year classification.


Mar 31, 2014

(Rs. in Lacs) 31.03.2014 31.03.2013

1.1 Contingent Liabilities not provided for

a) Contingent liabilities not provided for in respect of Co-surety given to Sales Tax authorities on behalf of M/s. Somany Ceramics Limited 12.50 12.50

b) Sales Tax demand against which appeal has been filed by the Company 108.26 33.42

120.76 45.92

1.2 Related party disclosure in accordance with the Accounting Standard "18" issued by The Institute of Chartered Accountants of India:

Related Parties with whom transactions have taken place & description of relationship : None

1.3 In accordance with the Accounting Standard "17" issued by The Institute of Chartered Accountants of India, the necessary disclosure in respect of reportable segments has been given in Annexure "A" which forms part of the Balance Sheet.

1.4 Pursuant to Notification No. G S R 129(E) dated 22nd February, 1999 issued by Ministry of Law & Justice and Company Affairs and The Micro, Small & Medium Enterprises Development Act, 2006, the name(s) of the small scale industrial undertaking(s) to whom the Company owe a sum exceeding Rs. 1.00 Lac which is outstanding for more than 30 days as on 31.03.2014 have not been furnished in view of insufficient information from the suppliers regarding their status as SSI unit hence amount overdue to small scale industrial undertakings as on 31.03.2014 cannot be ascertained. However, no specific claims have been received for interest from suppliers with reference to the "Interest on Delayed Payments Small Scale Ancillary Industrial Undertakings Act, 1993".

1.5 In accordance with Accounting Standard "9", "Recognition of Revenue", issued by the Institute of Chartered Accountants of India, the Company has reduced inter unit sales/purchase from the purchase & sales of respective units amounting to Rs. 208.21 lacs (previous year Rs. 102.80 lacs). However, the above has no impact on the profitability of the Company for the year. Further, sales for the year includes export sales of Rs. 4.74 lacs (previous year Rs. 7.48 lacs).

1.6 In the opinion of the management, Current Assets and Loans & Advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

1.7 Balances in Trade Receivables, Trade Payables, Short-Term Loans and Advances & Long-Term Loans and Advances are subject to confirmation/ reconciliation/ adjustment, if any. The effect of such adjustments shall be determined and accounted for in the year of determination.

1.8 Previous year''s figures have been regrouped/ rearranged/ reclassified wherever consider necessary in order to meet current year classification.


Mar 31, 2013

(Rs. in Lacs)

31.03.2013 31.03.2012

1. Contingent Liabilities not provided for

a) Contingent liabilities not provided for in respect of Co-surety given to Sales Tax authorities on behalf of M/s. Somany Ceramics Limited 12.50 12.50

b) Sales Tax demand against which appeal has been filed by the Company 33.42 8.41

45.92 20.91

2. Related party disclosure in accordance with the Accounting Standard "18" issued by The Institute of Chartered Accountants of India:

A. Related Parties with whom transactions have taken place & description of relationship : M/s. Scope Vinimoy Private Limited (Enterprise having Common Key Management Person)

B. Transaction that have taken place during the period 1st April, 2012 to 31st March, 2013 with related parties by the Company :

3. In accordance with the Accounting Standard "17" issued by The Institute of Chartered Accountants of India, the necessary disclosure in respect of reportable segments has been given in Annexure "A" which forms part of the Balance Sheet.

4. Pursuant to Notification No. G S R 129(E) dated 22nd February, 1999 issued by Ministry of Law & Justice and Company Affairs and The Micro, Small & Medium Enterprises Development Act, 2006, the name(s) of the small scale industrial undertaking(s) to whom the Company owe a sum exceeding Rs. 1.00 Lac which is outstanding for more than 30 days as on 31.03.2013 have not been furnished in view of insufficient information from the suppliers regarding their status as SSI unit hence amount overdue to small scale industrial undertakings as on 31.03.2013 cannot be ascertained. However, no specific claims have been received for interest from suppliers with reference to the "Interest on Delayed Payments Small Scale Ancillary Industrial Undertakings Act, 1993".

5. In accordance with Accounting Standard "9", "Recognition of Revenue", issued by the Institute of Chartered Accountants of India, the Company has reduced inter unit sales/purchase from the purchase & sales of respective units amounting to Rs. 102.80 lacs (previous year Rs. 94.42 lacs). However, the above has no impact on the profitability of the Company for the year. Further, sales for the year includes export sales of Rs. 7.48 lacs (previous year Rs. 14.74 lacs).

6. In the opinion of the management, Current Assets and Loans & Advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

7. Balances in Trade Receivables, Trade Payables, Short-Term Loans and Advances, Long-Term Loans and Advances & Other Non-Current Assets are subject to confirmation/ reconciliation/ adjustment, if any. The effect of such adjustments shall be determined and accounted for in the year of determination.

8. An amount of Rs. 5.54 lacs is incurred during the financial year 2011-12 on addition and alteration of Furniture & Fixture on rented premises. During the year cover under audit, the Company has vacated the said rented premises. Consequently the Company has written off entire balance amount outstanding under the head "Other Non-Current Assets" amounting to Rs. 5.08 lacs in Statement of Profit and Loss during the financial year under reference.

9. Previous year’s figures have been regrouped/ rearranged/ reclassified wherever consider necessary in order to meet current year classification.


Mar 31, 2012

(Rs. in Lacs)

31.03.2012 31.03.2011

1. Contingent Liabilities not provided for

a) Contingent liabilities not provided for in respect of Co-surety given to Sales Tax authorities on behalf of M/s. Somany Ceramics Limited 12.50 12.50

b) Sales Tax demand against which appeal has been filed by the Company 8.41 0.71

20.91 13.21

2. Related party disclosure in accordance with the Accounting Standard "18" issued by The Institute of Chartered Accountants of India:

A. Related Parties with whom transactions have taken place & description of relationship : M/s. Scope Vinimoy Private Limited (Enterprise having Common Key Management Person)

B. Transaction that have taken place during the period 1st April, 2011 to 31st March, 2012 with related parties by the Company :

3. In terms of Accounting Standard "22" issued by The Institute of Chartered Accountants of India, the Company has recognized a net deferred tax assets of Rs. 11.38 lacs (previous year liability Rs. 7.07 lacs) on a reasonable and conservative basis, which would be available for set off against the future profits of the Company.

4. In accordance with the Accounting Standard "17" issued by The Institute of Chartered Accountants of India, the necessary disclosure in respect of reportable segments has been given in Annexure "A" which forms part of the Balance Sheet.

5. Pursuant to Notification No. G S R 129(E) dated 22nd February, 1999 issued by Ministry of Law & Justice and Company Affairs and The Micro, Small & Medium Enterprises Development Act, 2006, the name(s) of the small scale industrial undertaking(s) to whom the Company owe a sum exceeding Rs. 1.00 Lac which is outstanding for more than 30 days as on 31.03.2012 have not been furnished in view of insufficient information from the suppliers regarding their status as SSI unit hence amount overdue to small scale industrial undertakings as on 31.03.2012 cannot be ascertained. However, no specific claims have been received for interest from suppliers with reference to the "Interest on Delayed Payments Small Scale Ancillary Industrial Undertakings Act, 1993".

6. In accordance with Accounting Standard "9", "Recognition of Revenue", issued by the Institute of Chartered Accountants of India, the Company has reduced inter unit sales/purchase from the purchase & sales of respective units amounting to Rs. 94.42 lacs (previous year Rs. 106.12 lacs). However, the above has no impact on the profitability of the Company for the year. Further, sales include export sales of Rs. 54.52 lacs (including Rs. 39.78 lacs exported to Nepal) previous year Rs. 51.62 lacs (including Rs. 46.87 lacs exported to Nepal).

7. In the opinion of the management, Current Assets and Loans & Advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

8. Balances in Trade Receivables, Trade Payables, Short-Term Loans and Advances, Long-Term Loans and Advances & Other Non-Current Assets are subject to confirmation/reconciliation/adjustment, if any. The effect of such adjustments shall be determined and accounted for in the year of determination.

9. An amount of Rs. 5.54 lacs is incurred during the financial year 2011-12 on addition and alteration of Furniture & Fixture on rented premises. The said amount is amortized over a period of three years based on lease period as per rent agreement. Rs. 0.46 lacs is debited under the head Deferred Revenue Expenditure Written Off and balance of Rs. 5.08 lacs shown under the head Other Non Current Assets in Balance Sheet.

10. Previous year's figures have been regrouped/ rearranged reclassified to confirm to the revised Schedule VI to the Companies Act, 1956 which has become applicable for accounting year commencing on 1st April, 2011.


Mar 31, 2010

(Amount in Rs.)

31/03/2010 31/03/2009

1. Contingent Liability not provided for

a) Contingent liabilities not provided for in respect of :

i. Unexpired letter of credit 880,000 530,000 established by Central Bank of India, Bahadurgarh, on behalf of the Company

ii. Bank Guarantee issued by 1,646,000 1,646,000

Central Bank of India, Bahadurgarh, on behalf of the Company

b) Contingent liabilities not provided for 1,250,000 1,250,000 in respect of Co-surety given on behalf of M/s. Somany Ceramics Limited

c) Sales Tax demand for the year 2006-07 55,960 47,826

2. Managerial Remuneration : To Non Whole-time Directors

3. Commission to Non-whole time Directors

4. Related party disclosure in accordance with the Accounting Standard "18" issued by The Institute of Chartered Accountants of India :

A. Related Parties with whom transactions have taken place & description of relationship : M/s. Scope Vinimoy Private Limited (Enterprise having Common Key Management Person)

B. Transaction that have taken place during the period April 1, 2009 to March 31, 2010 with related parties by the Company :

5. In terms of Accounting Standard "22" issued by The Institute of Chartered Accountants of India, the Company has recognized a net deferred tax liability of Rs. 352,070/- (previous year Rs. 881,874/-) on a reasonable and conservative basis, which would be available for set off against the future profits of the Company.

Deferred Tax Liability comprises of :

6. In accordance with the Accounting Standard "17" issued by The Institute of Chartered Accountants of India, the necessary disclosure in respect of reportable segments has been given in Annexure "A" which forms part of the Balance Sheet.

7. Pursuant to Notification No. G S R 129(E) dated 22nd February, 1999 issued by Ministry of Law & Justice and Company Affairs and The Micro, Small & Medium Enterprises2 Development Act, 2006, the name(s) of the small scale industrial undertaking(s) to whom the Company owe a sum exceeding Rs. 1.00 Lac which is outstanding for more than 30 days as on 31.03.2010 have not been furnished in view of insufficient information from the suppliers regarding their status as SSI unit hence amount overdue to small-scale industrial undertakings as on 31.03.2010 cannot be ascertained. However, no specific claims have been received for interest from suppliers with reference to the "Interest on Delayed Payments Small Scale Ancillary Industrial Undertakings Act, 1993".

8. In accordance with Accounting Standard "9", "Recognition of Revenue", issued by the Institute of Chartered Accountants of India, the Company has reduced inter unit sales/purchase from the purchase & sales of respective units amounting to Rs. 7,396,000/- (previous year Rs. 5,716,186/-). However, the above has no impact on the profitability of the Company for the year. Further, sales includes export sales of Rs.102,080/-(previous year Rs. Nil).

9. In the opinion of the management, Current Assets and Loans & Advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

10. Balances in Sundry Debtors, Creditors and Loans & Advances are subject to confirmation/ reconciliation/ adjustment if any. The effect of such adjustments shall be determined and accounted for in the year of determination.

11. An amount of Rs. 1,869,915/- was incurred during the financial year 2008-09 on addition and alteration of Furniture & Fixture on rented premises. The said amount shall be amortized over a period of five years based on lease period as per rent agreement. Rs. 301,518/- has been debited under the head Deferred Revenue expenditure and balance of Rs. 1,194,414/- shown under the head "Miscellaneous Expenditure" in Balance Sheet.

12. Additional information pursuant to the provisions of paragraph 3, 4C and 4D of Part II of Schedule VI of Companies Act, 1956 for the year ended 31st March, 2010

* As Certified by the Management & relied upon by Auditors being a technical matter.

13. Schedule "1" to "18" form an integral part of Balance Sheet and Profit and Loss Account.

14. The figures have been rounded off to nearest rupee.

15. Figures for the previous year have been regrouped / rearranged wherever considered necessary.

 
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