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Notes to Accounts of Servotech Engineering Industries Ltd.

Mar 31, 2015

1. Corporate Information

Servo tech Engineering Industries Ltd. (the Company) is a public company domiciled in India and incorporated under the provisions of the companies Act, 1956. Its share are listed on Bombay Stock Exchange Ltd. The Company is engaged in the trading & Supply of turnkey projects of Solvent Extraction Plants, Castor Oil Plants, Edible Oil Plants, Oil Refinery Plants, Vanaspati Plants, and Dairy & Food Processing Plants, Chemical/Petrochemical, Pharmaceutical Plants etc. Distilleries & its all type of equipment's, Accessories, Spare parts & Components.


Mar 31, 2014

1. Corporate Information

Servotech Engineering Industries Ltd. (the Company) is a public company domiciled in India and incorporated under the provisions of the companies Act, 1956. Its share are listed on Bombay Stock Exchange Ltd. The Company is engaged in the trading & Supply of turnkey projects of Solvent Extraction plants, Castor Oil Plants, Edible Oil plants, Oil Refinery Plants, Vanaspati Plants, and Dairy & food Processing Plants, Chemical/Petrochemical, Pharmaceutical Plants etc. Distilleries & its all type of equipment''s, Accessories, Spare parts & Components.

2.1 All Balances of sundry Debtors, Creditors, Loan & Advances are subject to confirmations

2.2 Provision has been made for Income tax as per the provisions if Income Tax Act 1961.

2.3 In order to comply with the requirement of the Micro, Small and Medium Enterprises Development Act 2006, as the company has not received any memorandum ( as required by to be filed by the suppliers with the notified authority under Micro, Small and Medium Enterprises Development Act 2006) claiming their status as micro or medium enterprises the information as required to be given above is considered to be NIL.

2.4 On accordance with the Accounting Standard on " Related Party Disclosure"(AS-18),the disclosure in respect of transactions with the company''s related parties are as follows :

a) Associate company

(in which some of directors are interested) : Lahoti Exports Pvt Ltd

b) Key Managerial Person: : R S Lahoti (Director)

c) Material Transaction with related Party : Nil

2.5 In the opinion of the Board of Directors all the current assets, Loans & Advances are approximately of the value stated in the balance sheet as at 31st march, 2014 if realized in the ordinary course of business. The provision for depreciation and all known liabilities has been made and is adequate and not in excess of amount reasonably required.

2.6 In view of Accounting Standard -22 " Accounting for Taxes on Income", deferred tax Assets has been considering lack of virtual certainty of its realization of losses.

2.7. Previous year figures have been regrouped and rearranged, wherever necessary.


Mar 31, 2013

1. Corporate Information

Servotech Engineering Industries Ltd. (the Company) is a public company domiciled in India and incorporated under the provisions of the companies Act, 1956. Its share are listed on Bombay Stock Exchange Ltd. The Company is engaged in the trading & Supply of turnkey projects of Solvent Extraction plants, Castor Oil Plants, Edible Oil plants, Oil Refinery Plants, Vanaspati Plants, and Dairy & food Processing Plants, Chemical/Petrochemical, Pharmaceutical Plants etc. Distilleries & its all type of equipment''s, Accessories, Spare parts & Components.


Mar 31, 2012

1. Corporate Information

Servotech Engineering Industries Ltd. (the Company) is a public company domiciled in India and incorporated under the provisions of the companies Act, 1956. Its share are listed on Bombay Stock Exchange Ltd. The Company is engaged in the trading & Supply of turnkey projects of Solvent Extraction plants, Castor Oil Plants, Edible Oil plants, Oil Refinery Plants, Vanaspati Plants, and Dairy & food Processing Plants, Chemical/Petrochemical, Pharmaceutical Plants etc. Distilleries & its all type of equipment's, Accessories, Spare parts & Components.

2.1 Trade Receivables including Rs.21,80,048/- which are doubtful for recovery. The Management has taken necessary steps to recover the same. The Management is hopeful about the recovery; hence no provision has been considered.

2.2 Provision has been made for Income tax as per the provisions if Income Tax Act 1961.

2.3 In order to comply with the requirement of the Micro, Small and Medium Enterprises Development Act 2006, as the company has not received any memorandum ( as required by to be filed by the suppliers with the notified authority under Micro, Small and Medium Enterprises Development Act 2006) claiming their status as micro or medium enterprises the information as required to be given above is considered to be NIL

2.4 On accordance with the Accounting Standard on " Related Party Disdosure"(AS-18),the disclosure in respect of transactions with the company's related parties are as follows :

a) Associate company

(in which some of directors are interested) : Lahoti Exports Pvt Ltd

b) Key Managerial Person: : R S Lahoti (Director)

c) Material Transaction with related Party :

M/s. Amitex Engg. Services P Ltd. : Purchase - Rs. 84,46,432.00

(Director - M M Lahoti Son of MD)

2.5 All Balances of sundry Debtors, Creditors, Loan 8i Advances are subject to confirmations.

2.6 In the opinion of the Board of Directors all the current assets, Loans & Advances are approximately of the value stated in the balance sheet as at 31st march, 2012 if realized in the ordinary course of business. The provision for depreciation and all known liabilities has been made and is adequate and not in excess of amount reasonably required.


Mar 31, 2011

1. In the opinion of Board, the current assets are approximately at the value stated except doubtful debts as per notes no.4 & 6, as if realized in the ordinary course of business.

2. The Principal & interest thereon payable to Oriental Bank of Commerce on working capital loan had settled with ARCI Ltd with amount of Rs. 70,00,000/-. And same has been already repaid.

3. No provision has been made for Bad debts which are considered as doubtful of recovery.

4. No provision has been made for accrued liability on retirement benefits i.e gratuity and encashment of leave as recommended by the Institute of Chartered Accountants of India vide Accounting standard No. 15, it is the practice of the company to account for this as and when paid.

5. Provision has been made for Income tax as per the provisions if Income Tax Act 1961.

6. As per the package scheme of Incentives issued by Sicom Ltd. under Rule 31B of the Schedule to Government Notification U/s. 41 vide Certificate No. 401407-S/R-31B/970 dated 24.03.1999. As per the incentive scheme, the company is entitled to defer the Sales Tax liability as per the returns / assessment pertaining to the period from 01.02.1999 to 31.05.2002. The amount of incentives availed during the period will be repaid after expiry of incentive period. The Company has availed the aforesaid incentives as under :

Apart from that the company had paid the sum of Rs. 10,20,205/- as full & final payment according to Assessment order issued by concern authority.

7. In order to comply with the requirement of the Micro, Small and Medium Enterprises Development Act 2006, as the company has not received any memorandum ( as required by to be filed by the suppliers with the notified authority under Micro, Small and Medium Enterprises Development Act 2006) claiming their status as micro or medium enterprises the information as required to be given above is considered to be NIL.

8. In accordance with the Accounting Standard on " Related Party Disclosure"(AS-18),the disclosure in respect of transactions with the company's related parties are as follows :

9. All Balances of sundry Debtors, Creditors, Loan & Advances are subject to confirmations & reconciliation there of what's ever necessary

10. In view of Accounting Standard -22 " Accounting for Taxes on Income", deferred tax Assets has been considering lack of virtual certainty of its realization of losses.

I) Licensed Capacity : Not applicable

II) Installed : Not applicable

Units Produced : Refer to appoint no. III below

III) Quantitative details : Regarding Machineries, Equipments regarding opening stock and fabrication works etc.

consumption and Turnover As the Company is engaged in the business of supplying machineries, equipments and other materials as per customers Specifications, it is no possible to give quantitative details of each and every term. The company has not maintained record for raw materials store and spare parts and work in progress.

11. Previous year figures have been regrouped and rearranged, wherever necessary.

12. Balance Sheet Abstract and General Profile of the Company is enclosed herewith.


Mar 31, 2010

1. In the opinion of Board, the current assets are approximately at the value stated except doubtful debts as per notes no.4 & 6, as if realized in the ordinary course of business.

2. The Principal & interest thereon payable to Oriental Bank of Commerce on working capital loan had settled with ARCI Ltd with amount of Rs. 70,00,000/-. Apart form that Rs. 50,00,000/- has been already repaid.

3. No provision has been made for Bad debts which are considered as doubtful of recovery.

4. No provision has been made for accrued liability on retirement benefits i.e gratuity and encashment of leave as recommended by the Institute of Chartered Accountants of India vide Accounting standard No. 15, it is the practice of the company to account for this as and when paid.

5. The company has advanced the sum of Rs. 19,25,000/- to contractors towards fixed assets but they have not supplied materials till date. No Provision has been made in books of accounts for Capital work in progress of Rs. 19,25,000/- , which is considered on doubtful for recovery.

6. Provision has been made for Income tax as per the provisions if Income Tax Act 1961.

7. As per the package scheme of Incentives issued by Sicom Ltd. under Rule 31B of the Schedule to Government Notification U/s. 41 vide Certificate No. 401407-S/R-31B/970 dated 24.03.1999. As per the incentive scheme, the company is entitled to defer the Sales Tax liability as per the returns / assessment pertaining to the period from 01.02.1999 to 31.05.2002. The amount of incentives availed during the period will be repaid after expiry of incentive period. The Company has availed the aforesaid incentives as under :

8. In accordance with the Accounting Standard on " Related Party Disclosure"(AS-18),the disclosure in respect of transactions with the company's related parties are as follows :

9. All Balances of sundry Debtors, Creditors, Loan & Advances are subject to confirmations & reconciliation there of what's ever necessary

10. In view of Accounting Standard -22 " Accounting for Taxes on Income", deferred tax Assets has been considering lack of virtual certainty of its realization of losses.

11. Previous year figures have been regrouped and rearranged, wherever necessary.

12. Balance Sheet Abstract and General Profile of the Company is enclosed herewith. Manufacturer of turnkey projects of Solvent Extraction plants, Castor Oil Plants, Edible Oil plants, Oil Refinery Plants, Vanaspati Plants, and Dairy & food Processing Plants, Chemical/Petrochemical, Pharmaceutical Plants etc. Distilleries & its all type of equipment's, Accessories, Spare parts & Components. Signature to Schedule '1' to '18' as per our report of even date

 
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