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Notes to Accounts of Shivagrico Implements Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(in rupees)

Particulars As at

31st March, 31st March, 2015 2014 Claims of Excise Duty not acknowledged by the company (matters under Appeal with Rajasthan High Court Jodhpur against Tribunal Order) 3,626,539 6,050,582

Claims of Excise Duty not acknowledged by the company (matters with Joint Commissioner of Central Excise, Jaipur -II) 1,161,633 1,161,633

Claims of Excise Duty not acknowledged by the company (matters with CESTAT, New Delhi) 109,378 292,024

Claims of Service Tax not acknowledged by the company (matters with CESTAT, New Delhi) - 81,576

4,897,550 7,585,815

2. AMOUNT DUE TO SSI UNITS

There are no dues payable to small scale industrial undertaking and included under sundry creditors.

3. AMOUNT UNPAID TO MICRO. SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT. 2006

There are no dues to Micro and Small Enterprises as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

3. RELATED PARTY TRANSACTIONS

List of related parties/ relatives

Sr. Name of related party Relationship

1 Shri Hemant V Ranawat Key Management Personnel

2 Shri Vimalchand M Jain Key Management Personnel

3 Shri Vinit Ranawat Relative of Key Management Personnel

4 Smt Bharti Kothari Relative of Key Management Personnel

5 Smt. Mohini V. Jain Relative of Key Management Personnel

6 Mokalsar Stones Pvt Ltd Others

7 Sanghvi Dhanrupji Devaji & Co Money Changers Pvt. Ltd Others

5. SEGMENT REPORTING

The Company deals in Rolling and Forging of agricultural implements. All products made by the company essentially emanate from Rolling & Forging division and therefore it is reported as an independent business segment. The Company operates its business in domestic market only. As per General Clarification -11 on segment reporting issued by The Institute of Chartered Accountants of India,there is no reportable segment as defined in Accounting Standard -17.

6.

a) Advances recoverable in cash or in kind or for value to be received Rs.1,52,01,548/- (Previous Year

Rs.1,02,83,31/-) include CENVAT receivable and personal ledger accounts Balances with excise department

Rs.47,47,584/- (Previous year Rs. 42,90,659 /-), and receivable from Sales Tax Department Rs. 68,41,685/- (Previous Year Rs.29,79,320/-) adjustable against duty payable.

b) "Stores consumed (including obsolete spares written off) exclude cost of wages and salaries and other expenses for the stores items manufactured departmentally and the same are charged to wages and salaries and other revenue accounts. Stock of Stores does not include any departmentally manufactured items; hence no impact on the profit of the year."

c) Repairs to Building and Repairs to Machinery carried on departmentally exclude the cost of wages & salaries and other expenses which are charged to wages and salaries and other revenue accounts.

d) i) Sundry Creditors include Rs. NIL due to small Scale Industrial undertaking (Previous Year Rs. NIL)

ii) There are no Small Scale Undertakings to whom the company owes amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.

iii) The above information has been complied in respect of parties to the extent to which they could be identified as small-scale undertaking on the basis of information available with the company

7. Deferred Tax Assets / Liability

As per the requirement of the accounting Standard 22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the deferred tax asset recognised during the year is Rs. 602081/- ( Previous Year Rs.58897/-).

8. Disclosure pursuant to Accounting Standard (AS) 15 (Revised) "Employee Benefits"

(a) The Company has adopted Accounting Standard (AS) 15 (revised 2005) on Employee Benefits on 1st April, 2005.

(b) The Company operates the following unfunded defined benefit plans :

(i) Post retirement gratuity (Refer Note No. 1(f) of Notes to Accounts for accounting policies adopted)

(c) The actuarial valuation of the present value of the defined benefit obligation has been carried out as at 31st March, 2015. The following tables set out the amounts recognised in the financial statements as at 31st March, 2015 for the above mentioned defined benefit plans [Previous year figures have not been given as the Company has adopted revised Accounting Standard AS 15 for the first time during the financial year ended as on 31st March, 2015]:

9. The previous period figures have been regrouped/reclassified, wherever necessary to conform to the current period presentation.


Mar 31, 2014

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(in rupees)

Particulars As at 31st March,2014 31st March,2013

Claims of Excise Duty not acknowledged by the company (matters under Appeal with Rajasthan High Court Jodhpur against Tribunal Order) 6,050,582 6,050,582

Claims of Excise Duty not acknowledged by the company (matters with Joint Commissioner of Central Excise, Jaipur -II) 1,161,633 1,161,633

Claims of Excise Duty not acknowledged by the company (matters with CESTAT, New Delhi) 292,024 292,024

Claims of Service Tax not acknowledged by the company (matters with CESTAT, New Delhi) 81,576 81,576

7,585,815 7,585,815

2 AMOUNT DUE TO SSI UNITS

There are no dues payable to small scale industrial undertaking and included under sundry creditors.

3 AMOUNT UNPAID TO MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

There are no dues to Micro and Small Enterprises as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. SEGMENT REPORTING

The Company deals in Rolling and Forging of agricultural implements. All products made by the company essentially emanate from Rolling & Forging division and therefore it is reported as an independent business segment. The Company operates its business in domestic market only. As per General Clarification -11 on segment reporting issued by The Institute of Chartered Accountants of India,there is no reportable segment as defined in Accounting Standard -17.

5)

a) Advances recoverable in cash or in kind or for value to be received Rs. 1,02,83,311/- (Previous Year Rs. 83,42,392/-) include CENVAT receivable and personal ledger accounts Balances with excise department Rs.42,90,659/-(Previous year Rs. 35,48,744 /-), and receivable from Sales Tax Department Rs. 29,79,320/- (Previous Year Rs. 22,09,141/-) adjustable against duty payable.

b) Stores consumed (including obsolete spares written off) exclude cost of wages and salaries and other expenses for the stores items manufactured departmentally and the same are charged to wages and salaries and other revenue accounts. Stock of Stores does not include any departmentally manufactured items; hence no impact on the profit of the year.

c) Repairs to Building and Repairs to Machinery carried on departmentally exclude the cost of wages & salaries and other expenses which are charged to wages and salaries and other revenue accounts.

d) i) Sundry Creditors include Rs. NIL due to small Scale Industrial undertaking (Previous Year Rs. NIL)

ii) There are no Small Scale Undertakings to whom the company owes amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.s


Mar 31, 2013

The previous period figures have been regrouped/reclassified, wherever necessary to conform to the current period presentation.

i. The company has only two classes of shares referred to as equity shares and cumulative redeemable preference shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(in rupees)

Particulars As at

31st March,2013 31st March,2012

Claims of Excise Duty not acknowledged by the company (matters under Appeal with Rajasthan High Court Jodhpur against Tribunal Order) 6,050,582 6,050,582

-

Claims of Excise Duty not acknowledged by the company (matters with Joint Commissioner of Central Excise, Jaipur -II) 1,161,633 1,161,633

-

Claims of Excise Duty not acknowledged by the company (matters with CESTAT, New Delhi) 292,024 292,024

-

Claims of Service Tax not acknowledged by the company (matters with CESTAT, New Delhi) 81,576 81,576

-

7,585,815 7,585,815

2 AMOUNT DUE TO SSI UNITS

There are no dues payable to small scale industrial undertaking and included under sundry creditors.

3 AMOUNT UNPAID TO MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

There are no dues to Micro and Small Enterprises as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4 SEGMENT REPORTING

The Company deals in Rolling and Forging of agricultural implements. All products made by the company essentially emanate from Rolling & Forging division and therefore it is reported as an independent business segment.The Company operates its business in domestic market only. As per General Clarification -11 on segment reporting issued by The Institute of Chartered Accountants of India,there is no reportable segment as defined in Accounting Standard -17.

5)

a) Advances recoverable in cash or in kind or for value to be received Rs.83,42,392/- (Previous Year Rs. 82,00,379/ -) include CENVAT receivable and personal ledger accounts Balances with excise department Rs.35,48,744 /- (Previous year Rs. 23,12,710), receivable from Sales Tax Department Rs. 22,09,141/- (Previous Year Rs. 13,24,702/ -) and additional duty Rs.NIL/-(Previous Year Rs,41,782/-) adjustable against duty payable.

b) Stores consumed (including obsolete spares written off) exclude cost of wages and salaries and other expenses for the stores items manufactured departmentally and the same are charged to wages and salaries and other revenue accounts. Stock of Stores does not include any departmentally manufactured items; hence no impact on the profit of the year.

c) Repairs to Building and Repairs to Machinery carried on departmentally exclude the cost of wages & salaries and other expenses which are charged to wages and salaries and other revenue accounts.

d) i) Sundry Creditors include Rs. NIL due to small Scale Industrial undertaking (Previous Year Rs. NIL)

ii) There are no Small Scale Undertakings to whom the company owes amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.

NOTE:

1) Figures within brackets represent captive consumption during the year.

2) Includes production by conversion and job work done by third parties into finished goods for sale.

3) Excludes production on conversion done for third parties :- Rolling Products 8371.005 MT (Previous Year 10286.955 MT) and forging products 828107 Nos (Previous Year 1783913 Nos)

6) Disclosure pursuant to Accounting Standard (AS) 15 (Revised) "Employee Benefits"

(a) The Company has adopted Accounting Standard (AS) 15 (revised 2005) on Employee Benefits on 1st April, 2005.

(b) The Company operates the following unfunded defined benefit plans :

(i) Post retirement gratuity (Refer Note No. 1(f) of Notes to Accounts for accounting policies adopted)

(c) During the financial year ended 31st March, 2013, the Company has not made a payment however made a provision of Rs. 1,21,709/- (Previous year Rs. 1,87,046/-) to Life Insurance Corporation of India as contribution to the defined benefit plan.

(d) The actuarial valuation of the present value of the defined benefit obligation has been carried out as at 31st March, 2012. The following tables set out the amounts recognised in the financial statements as at 31st March, 2012 for the above mentioned defined benefit plans [Previous year figures have not been given as the Company has adopted revised Accounting Standard AS 15 for the first time during the financial year ended as on 31st March, 2012


Mar 31, 2012

1. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(in rupees)

Particulars As at

31st March, 2012 31st March, 2011

Claims of Excise Duty not acknowledged by the company (matters under Appeal with Rajasthan High Court Jodhpur against Tribunal Order) 6,050,582 6,050,582

Claims of Excise Duty not acknowledged by the company (matters with Joint Commissioner of Central Excise, Jaipur -II) 1,161 633 1,161,633

Claims of Excise Duty not acknowledged by the company (matters with CESTAT, New Delhi) 292,024 292,024

Claims of Service Tax not acknowledged by the company (matters with CESTAT, New Delhi) 81,576 81,576

Claims of Service Tax not acknowledged by the company (matters with CESTAT, New Delhi) - 66,311

Particulars As at

31st March, 2012 31st March, 2011

Estimated amount of contracts remaining to be executed on Capital account and not provided for - 1,516,287

7,585,815 9,168,413

2 AMOUNT DUE TO SSI UNITS

There are no dues payable to small scale industrial undertaking and included under sundry creditors.

3 AMOUNT UNPAID TO MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

There are no dues to Micro and Small Enterprises as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

1 ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS.

a) Advances recoverable in cash or in kind or for value to be received Rs.81.34,172/- (Previous Year Rs. 51,56,292/-) include CENVAT receivable and personal ledger accounts Balances with excise department Rs.23,12,710 /- (Previous year Rs. 20,03,926), receivable from Sales Tax Department Rs. 13,24,702/ (Previous Year Rs. 7,93,489/-) and additional duty Rs.41,782/-(Previous Year Rs,13,069/-) adjustable against duty payable.

b) "Stores consumed (including obsolete spares written off) exclude cost of wages and salaries and other expenses for the stores items manufactured departmentally and the same are charged to wages and salaries and other revenue accounts. Stock of Stores does not include any departmentally manufactured items; hence no impact on the profit of the year.

c) Repairs to Building and Repairs to Machinery carried on departmentally exclude the cost of wages & salaries and other expenses which are charged to wages and salaries and other revenue accounts.

d) (i) Sundry Creditors include Rs. NIL due to small Scale Industrial undertaking (Previous Year Rs. NIL) '

ii) There are no Small Scale Undertakings to whom the company owes amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.

iii) The above information has been complied in respect of parties to the extent to which they could be identified as small-scale undertaking on the basis of information available with the company

e) Advance and Deposits with Public Bodies Rs. 11,27,901/- (Previous Year Rs. 10,68,801/-) include balances with excise department Rs.500/-

(Previous year Rs. 500/-).

NOTE :

1) Figures within brackets represent captive consumption during the year.

2) Includes production by conversion and job work done by third parties into finished goods for sale.

3) Excludes production on conversion done for third parties. - Rolling Products 10286.955 MT (Previous Year 11149.185 MT)) and Forging Products - 1783913 Nos. (Previous Year 2145736 Nos.)

3) Deferred Tax Assets / Liability

As per the requirement of the accounting Standard 22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the deferred tax asset recognised during the year is Rs. 63773/- ( Previous Year Rs.2632117/-). The year end position of Deferred Tax Liability is given below :

4) Disclosure pursuant to Accounting Standard (AS) 15 (Revised) "Employee Benefits"

(a) The Company has adopted Accounting Standard (AS) 15 (revised 2005) on Employee Benefits on 1st April, 2005.

(b) The Company operates the following unfunded defined benefit plans :

(i) Post retirement gratuity (Refer Note No. 1(f) of Notes to Accounts for accounting policies adopted)

(c) During the financial year ended 31st March, 2012, the Company has made a payment of Rs. 1,87,046/- (Previous year Rs. 2,95,183/-) to Life Insurance Corporation of India as contribution to the defined benefit plan.

(d) The actuarial valuation of the present value of the defined benefit obligation has been carried out as at 31st March, 2012. The following tables set out the amounts recognised in the financial statements as at 31st March, 2012 for the above mentioned defined benefit plans [Previous year figures have not been given as the Company has adopted revised Accounting Standard AS 15 tor the first time during the financial year ended as on 31st March, 2012 ]:

The Company has identified its business segments as its primary reporting format which comprises of (1) Rolling and Forging and (2) Others. All products made by the company essentially emanate from Rolling & Forging division and therefore it is reported as an independent business segment and other segment includes trading in goods & merchandise.

The secondary segment is a geographical segment determined based on, the location of the consumer. Consumers are classified as either domestic or overseas comprising of Gulf, African & European countries.

 
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