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Notes to Accounts of Sibar Auto Parts Ltd.

Mar 31, 2015

1. Related Party Transactions :

List of Related Parties

a. Key Management Personnel

i) Mr. P. Veeranaryana

ii) Mr. P. Madhupratap

iii) Mr. K. Subbaiah

iv) Mrs. P. Suguna

b. Relative of Key Management Personnel

i) Mrs. P. Annapurna w/o Mr. P. Madhupratap

ii) Mrs. P. Charita

w/o Mr. P. Ravichandra

iii) Mr. P. Ravichandra

S/o of Mr. P. Veeranarayana

2 .The estimated amount of capital commitments on unexecuted order is NIL

3 .Sundry Debtors and Sundry Creditor''s balances are subject to reconciliation and confirmation.

4 . Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2014

A. Service Tax Input Credit

Service tax input credit is accounted for in the books in the period in which the underly- ing service received is accounted and when there is no uncertainty in availing / utilizing the credits.

B. Segment Information:

The Company operates in a single line of manufacturing which is subject to similar risks and returns. Also the business of the company is within a particular environment which is subject to similar risks and returns. Hence, there is no a business or geographical risks to be reported by the company.

II. Related Party Transactions :

List of Related Parties

a. Key Management Personnel

i) Mr. P.Veeranaryana

ii) Mr. P.Madhupratap

iii) Mr. K.Subbaiah

b. Relative of Key Management Personnel

i) Mrs. P. Suguna

w/o Mr. P. Veeranarayana

ii) Mrs. P. Annapurna w/o Mr. P. Madhupratap

iii) Mrs. P. Charita

w/o Mr. P. Ravichandra

iv) Mr. P. Ravichandra

S/O of Mr.P.Veeranarayana

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

XI. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

I. Segment Information:

The Company operates in a single line of manufacturing which is subject to similar risks and returns. Also the business of the company is within a particular environment which is subject to similar risks and returns. Hence, there is no a business or geographical risks to be reported by the company.

II. Related Party Transactions :

List of Related Parties

a. Key Management Personnel

i) Mr. P.Veeranaryana

ii) Mr. P.Madhupratap

iii) Mr. K.Subbaiah

b. Relative of Key Management Personnel

i) Mrs. P. Suguna

w/o Mr. P. Veeranarayana

ii) Mrs. P. Annapurna w/o Mr. P. Madhupratap

iii) Mrs. P. Charita

w/o Mr. P. Ravichandra

iv) Mr. P. Ravichandra

S/O of Mr.P.Veeranarayana

III. Contingent liabilities not provided for NIL

IV. During the year Company has recognized income as a result of waiver of liability of interest payable to Sibar Finance Ltd. and the amount of Rs 33,13,531/- has been disclosed under the head extra ordinary items, in the Statement of Profit and Loss.

V. Sundry debtors and sundry creditors'' balances are subject to reconciliation and confirmation

VI. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

I. Segment Information:

The Company operates in a single line of manufacturing which is subject to similar risks and returns. Also the business of the company is within a particular environment which is subject to similar risks and returns. Hence, there is no businesses or geographical to be reported by the company.

II. Related Party Transactions :

List of Related Parties

a. Key Management Personnel

i) Mr. P.Veeranaryana ii) Mr. P.Madhupratap iii) Mr. K.Subbaiah

b. Relative of Key Management Personnel

i) Mrs. P. Suguna w/o Mr. P. Veeranarayana

ii) Mrs. P. Annapurna w/o Mr. P. Madhupratap

iii) Mrs. P. Charita w/o Mr. P. Ravichandra

iv) Mr. P. Ravichandra S/O of Mr.P.Veeranarayana

III. Contingent liabilities not provided for

i. During the year 1996-97 the company has won the appeal against the order of Assistant commissioner of Income Tax Circle-1, Tirupati for the assessment year 1992-93 & 1993-94 and the company has got refund of "^. 3.33 lakhs. The Income Tax Department has gone for second appeal for which the company is contesting. The liabilities in this regard are Rs. 3.33 lakhs

ii. The company has not provided liability for Income-tax as against the orders of Assistant Commissioner of Income-Tax, Circle-2(1), Tirupati for the assessment years 1997-98, 1999-00 & 2000-01 as the company is disputing the claim. The amount works out to Rs. 3,27,849.

iii. The Company has not provided for claims arising from disputes amounting to Rs. 20 lakhs in connection with cases pending before the consumer court.

IV. During the year, the Company repaid the secured loans taken from IDBI Bank, Central Bank of India and State Bank of India under compromise settlement Scheme. The Total outstanding of the principal and interest stood at Rs. 6, 86, 22,972/- and Rs. 6,29,82,426/- respectively. Against this the Company could get relief in the form of waiver of Rs. 1,74,50,000/- from principal and Rs. 5,07,65,029/- from the interest outstanding under the O.T.S. Principal amount of Rs. 1,74,50,000/- waived in compromise settlement was transferred to Capital Reserve and total interest amount waived by Banks was disclosed under ExtraOrdinary Items. (Refer Note No. 23)

V. As the Company stopped chrome plating operations, relevant cost of plant and Machinery has been written off as there are no economic benefits arising from the said asset

(Refer Note No.8)

VI. Sundry debtors and sundry creditors' balances are subject to reconciliation and Confirmation

VII.The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1. Contingent liabilities not provided for.

(i) During the year 1996-97 the company has won the appeal against the order of Assistant commissioner of Income Tax Circle-1, Tirupati for the assessment year 1992-93 & 1993- 94 and the company has got refund of Rs. 3.33 lakhs. The Income Tax Department has gone for second appeal for which the company is contesting. The liabilities in this regard are Rs. 3.33 lakhs.

(ii) The company has not provided liability for Income-tax as against the orders of Assistant Commissioner of Income- Tax, Circle-2(1), Tirupati for the assessment years 1997- 98, 1999-00 & 2000-01 as the company is disputing the claim. The amount works out to Rs. 3,27,849.

(iii) The Company has not provided interest for the year on Loans outstanding to State Bank of India and IDBI Bank as the Company is disputing the claims of the Banks. Since the matter is sub-judice and the amount of the settlement is not known, the same could not be ascertained.

(iv) The Company has not provided for claims arising from disputes amounting to Rs. 20 lakhs in connection with cases pending before the consumer court.

2. The Company has not provided gratuity liability; in the absence of Information the amount could not be quantified.

3. As there is no virtual certainty regarding the taxable income for the future years, no deferred tax assets has been provided on account of the carried forward losses. However, Deferred Tax Liability has been recognized on the timing difference arising in case of Depreciation.

4. Since the Company is manufacturing only one item, no segment reporting is given.

5. There are no related party transactions during the year.

6. Previous year figures were regrouped or rearranged wherever considered necessary to be in line with the current year classification.


Mar 31, 2010

1. CAPITAL COMMITMENTS:

The estimated amount of capital commitments on unexecuted order is Rs. NIL.

2. Sundry debtors and sundry creditors balances are subject to reconciliation and confirmation.

3. Contingent liabilities not provided for.

(i) During the year 1996-97 the company has won the appeal against the order of Assistant commissioner of Income Tax Circle-1, Tirupati for the assessment year 1992-93 & 1993- 94 and the company has got refund of Rs. 3.33-lacs. The Income Tax Department has gone for second appeal for which the company is contesting. The liabilities in this regard are Rs. 3.33-lacs.

(ii) The company has not provided liability for Income-tax as against the orders of Assistant Commissioner of Income- Tax, Circle-2(1), Tirupati for the assessment years 1997- 98,1999-00 & 2000-01 as the company is disputing the claim. The amount works out to Rs.3,27,849

(iii) The Company has not provided interest for the year on Loans outstanding to State

Bank of India, Central Bank of India and IDBI Bank balance amount as the Company is disputing the claims of the Banks. Since the matter is sub-judice and the amount of the settlement is not known, the same could not be ascertained.

(iv) The Company has not provided for claims arising from disputes amounting to Rs. 20 lakhs in connection with cases pending before the consumer court.

4. The Company has not provided gratuity liability; in the absence of Information the amount could not be quantified.

5. As the Company does not expect sufficient future taxable Income, no deferred tax assets has been provided.

6. Since the Company is manufacturing only one item no segment reporting is given.

There are no related party transactions during the year.

7. Previous year figures were regrouped or rearranged wherever considered necessary to be in line with the current year classification.

 
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