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Notes to Accounts of Senbo Industries Ltd.

Mar 31, 2014

1. Contingent Liabilities and Commitments

Note Current Year Previous Year (Rs.) (Rs.)

Claim against the Company not acknowledged as debt 3,171,849 3,171,849

Bank Guarantees in favour of

West Bengal State Electricity Distribution Company 226,000 226,000

Claim of Central Excise duty under Appeal to Tribunal 770,818 770,818

Corporate Guarantee to secure the various credit facilities extended to a Group Company by a Bank 476,800,000 476,800,000

2. In the opinion of the Management, the recoverable amount of the existing assets being higher than those of respective carrying amount of such assets, no impairment loss has arisen on the Balance Sheet date.

3. Party confirmations in respect of outstanding balances for Sundry Debtors, Sundry Creditors, Loans and Advances have been taken into consideration to the extent received.

4. Fixed Assets and Inventories of the Company situated at Sonarpur Factory have been physically verified by the Management during the year under review. Upon verification non moving items of spares for Rs.15,00,000/- having no realizable value have been written off in the accounts.

5. MICRO, SMALL & MEDIUM ENTERPRISES

The Company has not received any memorandum as required to be filed with notified authority under the Micro, Small and Medium Enterprises Development Act, 2006 claiming their status as on 31st. March, 2014 (and also 31st. March, 2013) as micro, small and medium enterprises. Consequently the amount paid/ payable to these parties during the year (and also previous year) is nil.

6.Figures for the previous year have been re-arranged and re-grouped wherever necessary


Mar 31, 2013

1. In the opinion of tie Management, the recoverable amount of tie existing assets being higher than those o" rasped ve carrying a mount of such assets, no impairment loss las arisen on the Balance Sieet elate,

2. Fxed Assets and I nvenloriss of the Company situated atSorarpur Factory could not bsverifieidurng the year under review due to closure cfthe factory.

3. Party confirmatons in respect of outstanding balances for Sundry'' Debtors. Sundry Creditors, Loans and Advances have been taken i nto consideration to the extent received.

4. TD3 amounli ng to Rs. 10.39,306 u pto the financial yea r 2005 -2OOS has been Mitten off during the year d ue to non avail abiSity of credit far the same curing Income Tax assessment for the relevant years, which has since been completed.

5. Due to non receipt of confirmed statement, interest on securty deposit with Central Medical Stores and WB5EB could not be provided.

6. MICRO,SMALL&MEDIUM ENTERPRISES

Tie Company has not receved any memorandum as required to be filed with notifies authority under the Micro. Sma I and Meciumi Enterprises Development Act, 2DD6 claiming their status as on 31st. March, 2C13 (and also 31st. March, 2D12jas ¦Tiicro.srrall and medium enterprises. Consequently tie amount paid/payable to these parties during the year (and also previous year) is nil.

7. Figures for the previous year have been re-arranged and re-grouped wherever necessary.


Mar 31, 2012

Contingent Liabilities and Commitments

Contingent Liabilities

Current Year Previous Year (Rs.) (Rs.)

Claim against the Company 3,171,849 3,171,849 not acknowledged as debt

Bank Guarantees in favour 226,000 226,000 of West Bengal State Electricity Distribution Company

Claim of Central Excise 770,818 770,818 duty under Appeal to Tribunal

Corporate Guarantee to secure the various credit facilities extended to a Group Company by a Bank 476,800,000

1. In the opinion of the Management, the recoverable amount of the existing assets being higher than those of respective carrying amount of such assets, no impairment loss has arisen on the Balance Sheet date.

2. Party confirmations in respect of outstanding balances tor Sundry Debtors, Sundry Creditors, Loans and Advances have been taken into consideration to the extent received,

3. The immovable properties including land & building of the Company located at its factory at Sonarpur was mortgaged with a bank to secure repayment of the credit facilities of Rs. 47.68 crores extended by the Bank to a Group Company.

4. Micro, Small & Medium Enterprises and Medium Enterprises DevelopmentAct, 2006 claiming their status as on 31st. March 2012 (and also 31st March, 2011) as micro, small and medium enterprises consequently the amount paid/payable to these paties during the year (and also previous year) is nil.


Mar 31, 2010

1. In the opinion of the Management, the recoverable amount of the assets [ either the entire Plant & Machinery relating to Intra-Venous Fluid Manufacturing Plant, the only CGU of the Company or the assets] being higher than those of respective carrying amount of such assets, no impairment loss has arisen on the Balance Sheet date.

2. Contingent Liabilities Amount in Rupees

Current Year Previous Year

(a) Bank gurantees in favour of West Bengal State Electricity Distribution Company Ltd. 226,000 921,000

(b) Claim against the Company not acknowledged 3,171,849 3,171,849

(c) Claim of Central Excise duty under Appeal to Tribunal 770,818 Nil

3. As no interest has been charged on Inter-Corporate Borrowings, the same has not been estimated and provided in the accounts.

4. Party confirmations in respect of outstanding balances for Sundry Debtors, Sundry Creditors, Loans and Advances have been taken into consideration to the extent received.

5. The Contract with M/s. Base Engineering, the Contractor responsible for Renovation work of Factory, was terminated due to poor and sub-standard quality of work and materials. At present, the matter is under litigation.

6. On unilaterally suspension of contract of conversion of job by M/s. Fresenius Kabi Pvt. Ltd. (Fresenius) with effect from 21st August, 2006, the settlement of contentious issues with Fresenius relating to increase in conversion charge, Godown rent, Vat, TDS certificates and Scrap by the Company and counter-claim of Fresenius has remained unresolved till date and no adjustment has been made in the related accounts therefor.

7. ADVANCE RECEIVED AGAINST SALE OF PLANTS MACHINERY

As agreed by the Company, Scott-Edit Advanced Research Laboratories & Education Ltd. paid an advance amount of Rs. 3.75 crore only out of Rs. 6.12 crores during 2009 -10 against sale of IV Fluids manufacturing machineries for which appropriate resolutions were passed by the Companys shareholders on 17th March, 2010. The aforesaid amount was used by the Company towards part repayment of unsecured loan received from associated companies.

8. Adjustment relating to previous year amounting to Rs. 2,65,764/- represents net of margin money for Bank Guarantee, released by Bank amounting to Rs. 7,74,012/- and partly offset by prior period salary Rs. 1,37,097/- interest and delayed payment charges, etc. Rs.3,71,151/- of the same year.

9. MICRO, SMALLS MEDIUM ENTERPRISES

The Company has not received any memorandum as required to be filed with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006 claiming their status as on 31st. March, 2010 (and also 31st. March, 2009) as micro, small and medium enterprises. Consequently the amount paid / payable to these parties during the year (and also previous year) is nil.

10. The Company is yet to fully adopt Accounting Standard 15 "Employee Benefits" (Rules 2005) issued by the Institute of Chartered Accountants of India and detailed disclosures relating to Defined Benefit Plans could not be made part of this Accounts and Report.

11. RELATED PARTY DISCLOSURES

Disclosures as required under Accounting Standard 18 are given below:

List of Related Parties:

Associated Companies Key Management Personnel & their Relatives

Senbo Engineering Limited Sri Kajal Sengupta

Embicon Engineering Pvt. Ltd. Sri Kingshuk Sengupta

Eleena Holdings Pvt. Ltd. Sri C. S. Choudhury

Senbo Exim & Impex Pvt. Ltd. Dr. Shaibal Chakraborty

Sri Pradip Kumar Chakraborty

Dr. Asish Kumar Sengupta

12. Figures for the previous year have been re-arranged and re-grouped wherever necessary.

 
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