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Notes to Accounts of Sical Logistics Ltd.

Mar 31, 2016

1. Working capital facility is secured by composite hypothecation of entire raw materials, stock in process, stores and spares, packing material, finished goods, Plant & Machinery etc and Book debts & Trade Advances of the company both present and future as well as Equitable Mortgage of certain immovable properties.

Note 2.

78749994 nos. of SIOT Shares pledged with IDBI Trusteeship Services Ltd against term loan availed by the subsidiary from YES Bank lead consortium.

Note 3.

During the year, Sical Iron Ore Terminal (Mangalore) Limited converted its unsecured loan of Rs. 250 Lakhs (PY - Rs. 400 Lakhs)into Share Capital

1. Claims against the Company not acknowledged as debts Rs. 12,857.52 Lakh (Previous Year: Rs. 2,746.59 Lakh).

2. In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and not provided for:

a) Sales Tax, Service Tax, Customs, Wealth Tax and Income tax demands together with penalties under appeal amounts to Rs. 3,832.38 Lakh (Previous Year: Rs. 5,409.95 Lakh.)

b) Guarantees given by the Company for loans taken by other bodies corporate (including subsidiary companies to complete their projects) is Rs. 72,634 Lakh (Previous Year: Rs. 48,571 Lakh). Outstanding loan against such guarantees is Rs 32,907 Lakhs (Previous year: Rs 29,986 Lakhs)

c) Guarantees given by bankers for Performance of Contracts and Others is Rs. 6,295.09 Lakh (Previous Year: Rs. 3,887.58 lakh)

d) Guarantees given by bankers for Performance of Contracts and Others on behalf of subsidiaries is Rs 3,036 Lakh (Previous Year: Rs 3,036 Lakhs)

3. Micro, Small and Medium Enterprises Development Act, 2006

As per the information available with the company, there are no dues payable to creditors covered under this Act.

4. Employee Benefits

Disclosures required under Accounting Standard 15 on Employee Benefits are given below:

Defined Benefit Plan:

Employees'' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of services giving rise to additional unit of employee entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.


Mar 31, 2015

1 Claims against the Company not acknowledged as debts Rs. 2,746.59 Lakh (Previous Year: Rs.1042.32 Lakh).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and not provided for:

a) Sales Tax, Service Tax, Customs, Wealth Tax and Income Tax demands together with penalties under appeal amounts to Rs. 5,409.95 Lakh (Previous Year: Rs. 5,376.34 Lakh.)

b) Guarantees given by the Company for loans taken by other bodies corporate (including subsidiary companies to complete their projects) is Rs.48,571 Lakh (Previous Year: Rs. 48,571 Lakh). Outstanding loan against such guarantees is Rs 29,986 Lakhs (Previous year: Rs 31,860 Lakhs)

c) Guarantees given by bankers for Performance of Contracts & Others is Rs.3,887.58 Lakh (Previous Year: Rs. 3,036.00 lakh)

d) Guarantees given by bankers for Performance of Contracts & Others on behalf of subsidiaries is Rs 3,036 Lakh (Previous Year: Rs 2,616 Lakhs)

3 Micro, Small and Medium Enterprises Development Act, 2006

As per the information available with the company, there are no dues payable to creditors covered under this Act.

4 Employee Benefits

Disclosures required under Accounting Standard 15 on Employee Benefits are given below:

Defined Benefit Plan:

Employees' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of services giving rise to additional unit of employee entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

5. Corporate Social Responsibility:

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. As per the CSR policy of the Company, the activities as prescribed under Schedule VII of the Companies Act 2013 were permitted. The Company made a contribution of Rs 10.96 lakhs towards CSR activity to a trust imparting education.

6. Previous year's figures have been regrouped, reclassified and rearranged wherever necessary.


Mar 31, 2014

1 Claims against the Company not acknowledged as debts Rs. 1042.32 Lakh (Previous Year: Rs.1973.60 lakh).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and not provide for:

a) Sales Tax, Service Tax, Customs, Wealth Tax and Income tax demands together with penalties under appeal amounts to Rs. 5,376.34 Lakh (Previous Year: Rs. 15,335.62 Lakh.)

b) Guarantees given by the Company for loans taken by other bodies corporate (including subsidiary companies to complete their projects) is Rs.48,571 Lakh (Previous Year: Rs. 48,567.00 Lakh).

c) Guarantees given by bankers for Performance of Contracts & others is Rs.6,731.87 Lakh (Previous Year: Rs. 6,757.99 lakh).

3 Deposit with Bank in pursuance of Rule 3 A of the Companies (Acceptance of Deposit) Rules, 1975 included under fixed deposits with banks Rs.1.06 Lakh (Previous Year: Rs. 8.08 Lakh).

4 Balance with Central Excise Authorities includes unutilised Cenvat Credits of Rs.Nil (Previous Year: Rs. Nil Lakhs).

5 The provision for Taxation includes Rs.Nil (Previous Year: Rs. 1.00 Lakh) towards Wealth tax.

6 Letters of confirmation of balances in respect of account of suppliers, debtors and principals, loans and advances and in-operative bank accounts have been called for and where not received is being followed up.

7 Sundry Creditors include Rs.Nil (Previous Year: Rs. Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

8 Micro, Small and Medium Enterprises Development Act, 2006

As per the information available with the company, there are no dues payable to creditors covered under this Act.

9. Employee Benefits

Disclosures required under Accounting Standard 15 on Employee Benefits are given below:

Defined Benefit Plan:

Employees'' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of services giving rise to additional unit of employee entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

10. Related Party disclosure:

I. Related parties where control exists

a. Tanglin Retail Reality Developments Pvt Ltd - Immediate Holding Company

b. Tanglin Developments Ltd - Intermediate Holding Company

c. Coffee Day Resorts Pvt Ltd - Ultimate Holding Company

Subsidiary Companies:

a. Sical Infra Assets Ltd. and its subsidiary - Sical Multimodal and Rail Transport Ltd

b. Bergen Offshore Logistics Pte. Ltd. and its subsidiary Norsea Global Offshore Private Ltd.

c. Sical Iron Ore Terminals Ltd

d. Sical Iron Ore Terminal (Mangalore) Ltd

e. Norsea Offshore India Ltd

f. Sical Adams Offshore Ltd

II Other related parties with whom trade transactions have taken place during the year

Joint Ventures

a. PSA Sical Terminals Ltd

b. Ennore Automotive Logistics Ltd.

Key Management Personnel

R Ram Mohan Managing Director

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


Mar 31, 2013

1 Claims against the Company not acknowledged as debts Rs. 1973.60 Lakhs (Previous Year: Rs.906.44 Lakhs).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and Provisions:

a) Sales Tax. Service Tax, Customs, Wealth Tax and Income Tax demands together with penalties under appeal amounts to Rs. 15335.62 Lakhs (Previous Year: Rs.8714.42 Lakhs).

b) Guarantees given by the Company for loans taken by other bodies corporate (subsidiary companies) to complete their projects is Rs 48567.00 Lakhs (Previous Year: Rs.46862.00 Lakhs).

c) Guarantees given by bankers for Performance of Contracts & others is Rs.6757.99 Lakhs (Previous Year: Rs.3609.48 Lakhs).

3 Sundry Debtors, Loans and Advances and Deposits include certain overdue and unconfirmed balances. Some of the accounts are under reconciliation. These include:

a) Retention money retained as per terms in contracts Rs. 5894.54 Lakhs (Previous Year: Rs.5781.27 Lakhs).

4 Deposit with Bank in pursuance of Rule 3 A of the Companies (Acceptance of Deposit) Rules, 1975 included under fixed deposits with banks Rs.8.08 Lakhs (Previous Year: Rs. 9.19 Lakhs).

5 Balance with Central Excise Authorities includes unutilised Cenvat Credits of Rs.Nil (Previous Year: Rs. 39.43 Lakhs).

6 The provision for Taxation includes Rs.1.00 Lakh (Previous Year: Rs. 1.00 Lakh) towards Wealth tax.

7 Letters of confirmation of balances in personal account of suppliers, debtors and principals, loans and advances and in-operative bank accounts have been called for and where not received is being followed up.

8 Sundry Creditors include Rs.Nil (Previous Year: Rs. Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

9 Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of medium and small enterprises, as defined under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amounts payable to such medium and small enterprises as at 31 March 2013 has not been made in the financial statements. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

10 Related Party disclosure:

I Related parties where control exists

Subsidiary Companies

a Sical Infra Assets Ltd. and its subsidiaries, Sical Multimodal and Rail Transport Ltd.,Nagpur Sical Gupta Road

Terminal Ltd. & NagpurSical Gupta Logistics Ltd.

b Bergen Offshore Logistics Pte. Ltd. & its subsidiary Norsea Global Offshore Private Ltd.

c Sical Iron Ore Terminals Ltd.

d Sical Iron Ore Terminal (Mangalore) Ltd.

e Norsea Offshore India Ltd.

f Sical Adams Offshore Ltd.

II Other related parties with whom trade transactions have taken place during the year

Joint Ventures

PSA Sical Terminals Ltd

Ennore Automotive Logistics Ltd.

Key Management Personnel

R Ram Mohan Managing Director

11. Segment Information for the year ended 31 March 2013

Information about primary Business Segment

The Company is primarily engaged in providing integrated logistics services which is considered as single business segment in terms of segment reporting as per AS 17. There being no services rendered outside India there are no separate geographical segments to be reported on.

12 Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary.


Mar 31, 2012

1 Claims against the Company not acknowledged as debts Rs 906.44 Lakh (Previous Year: Rs 374.86 lakh).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and Provisions:

a Sales Tax, Service Tax, Customs, Wealth Tax and Income tax demands together with penalties under appeal amounts to Rs 8714.42 Lakh (Previous Year: Rs 8889.86 Lakh.)

b Guarantees given by the Company for loans taken by other bodies corporate (subsidiary companies) to complete their projects is Rs 46862.00.Lakh (Previous Year: Rs 47509.00 Lakh).

c Guarantees given by bankers for Performance of Contracts & others is Rs 3,609.48 Lakh (Previous Year: Rs 2631.70 lakh).

3 Sundry Debtors, Loans and Advances and Deposits include certain overdue and unconfirmed balances. Some of the accounts are under reconciliation. These include:

Retention money retained as per terms in contracts Rs 5781.27 Lakhs (Previous Year: Rs 5690.85lakh).

4 Deposit with Bank in pursuance of Rule 3 A of the Companies (Acceptance of Deposit) Rules, 1975 included under fixed deposits with banks Rs 9.19 Lakh (Previous Year: Rs 67.56 Lakh).

5 Balance with Central Excise Authorities includes unutilised Cenvat Credits of Rs 39.43 Lakhs (Previous Year: Rs 23.83 Lakhs).

6 The provision for Taxation includes Rs 1.00 Lakh (Previous Year: Rs 1.00 Lakh) towards Wealth tax.

7 Letters of confirmation of balances in personal account of suppliers, debtors and principals, loans and advances and in- operative bank accounts have been called for and where not received is being followed up.

8 Sundry Creditors include Rs Nil (Previous Year: Rs Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

9 Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of medium and small enterprises, as defi ned under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amounts payable to such medium and small enterprises as at 31 March 2012 has not been made in the financial statements. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

Defined Benefit Plan:

Employees' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined Benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognises each period of services giving rise to additional unit of employee entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

As per the transitional provisions specified in the Standard, the difference in the liability as per the existing policy followed by the Company and that arising on adoption of this standard is required to be charged to opening reserves and surplus account. However, there is no significant impact on adoption of the Standard which is required to be adjusted to the opening balance of reserves and surplus.

10 Related Party disclosure

I Related parties where control exists

Subsidiary Companies

a Sical Infra Assets Ltd.and its subsidiaries Sical Distriparks Ltd.,Sical Multimodal and Rail Transport Ltd.,Nagpur

Sical Gupta Road Terminal Ltd. & Nagpur Sical Gupta Logistics Ltd. b Bergen Offshore Logistics Pte. Ltd. & its subsidiary Norsea Global Offshore Private Ltd. c Sical Iron Ore Terminals Ltd.

d Sical Iorn Ore Terminal (Mangalore) Ltd. e Norsea Offshore India Ltd.

II Other related parties with whom trade transactions have taken place during the year Joint Ventures

PSA Sical Terminals Limited Ennore Automotive Logistics Limited

Key Management Personnel

R Ram Mohan Managing Director (From 26 September 2011)

LR Sridhar Managing Director (Up to 26 September 2011)

11 Foreign Currency Convertible Bonds:

The company had raised US$ 75 million during the year 2006-07 by way of issue of Foreign Currency Convertible Bonds, and the amount so raised have been used towards capital expenditure and investments in foreign subsidiaries. The outstanding Foreign currency convertible bonds (FCCB) of face value US$ 36.75 million were redeemed on the due date Viz. 19 April 2011.

12 Previous year's figures have been regrouped and rearranged wherever necessary.


Mar 31, 2010

1 Claims against the Company not acknowledged as debts Rs 467.82 Lakhs (Previous Year: Rs 686.62 Lakhs).

2 Estimated amount of contracts remaining to be executed on capital account and not provided for Rs 1.34 crores (Previous Year: Rs 1.34 crores).

3 In accordance with Accounting Standard-29, the following are considered as Contingent Liabilities and Provisions:

a Sales Tax, Service Tax, Customs, Wealth Tax and Income Tax demands together with penalties under appeal amounts to Rs 4868.12 Lakhs (Previous Year: Rs 2,373.10 Lakhs.)

b Guarantees given by the Company against loans availed by the subsidiary companies for the purpose of executing the projects which are under construction are Rs 47509.00 Lakhs (Previous Year: Rs 6214.00 Lakhs).

c Guarantees given by bankers for Performance of Contracts & others Rs 3925.63 Lakhs (Previous Year: Rs 3878.46 Lakhs).

4 Sundry Debtors, Loans and Advances and Deposits include certain overdue and unconfirmed balances. Some of the accounts are under reconciliation. These include:

a Retention money retained as per terms of contract Rs 7069.22 Lakhs (Previous Year: Rs 6,998.92 Lakhs).

b Rs 2338.68 Lakhs (Previous year: Rs 2,338.68 Lakhs) is due from ONGC, has been referred to an Outside Expert committee formed for the purpose of resolving the pending issues.

c With regard to IMFL division which has been sold during the year 2001-02:

i Rs 172.44 Lakhs (Previous Year: Rs 172.44 Lakhs) receivable from Sales Tax authorities on Sales Tax remitted both by the Company and its customer relating to the sales made in earlier years. A writ has been fi led before the Honble High Court of Madras for recovering the amount remitted in excess.

5 Deposit with Bank in pursuance of Rule 3A of the Companies (Acceptance of Deposit) Rules, 1975 include Rs 52.61 Lakhs (Previous Year: Rs 46.09 Lakhs) under fixed deposits with banks.

6 Balance with the Central Excise Authorities includes unutilised Cenvat Credits of Rs 25.32 Lakhs (Previous Year: Rs 116.70 Lakhs).

7 The provision for Taxation includes Rs 1.00 Lakh (Previous Year: Rs 1.00 Lakh) towards Wealth tax.

8 Letters of confi rmation of balances in personal account of suppliers, debtors and principals, loans and advances and in-operative bank accounts have been called for and wherever not received is being followed up.

9 Sundry Creditors include Rs Nil (Previous Year: Rs Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by the auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

10 Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of medium and small enterprises, as defi ned under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amounts payable to such medium and small enterprises as at 31 March 2010 has not been made in the financial statements. However, the management is of the view that the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

The Company has obtained exemption for its Provident Fund under Section 17 of the Employees Provident Fund and Miscellaneous Provisions Act, 1952.

Defined Benefit Plan:

Employees Gratuity fund scheme managed by the Life Insurance Corporation of India is a defined benefi t plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognises each period of service giving rise to additional unit of employee entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

As per the transitional provisions specified in the Standard, the difference in the liability as per the existing policy followed by the Company and that arising on adoption of this standard is required to be charged to opening reserves and surplus account. However, there is no significant impact on adoption of the Standard which is required to be adjusted to the opening balance of reserves and surplus.

11 Foreign Currency Convertible Bonds:

The company had raised USD 75 million during the year 2006-07 by way of issue of Foreign Currency Convertible Bonds, and the amount so raised have been used towards capital expenditure and investments in foreign subsidiaries, the balance unutilized is Rs Nil Lakh. (Rs 2705.04 Lakhs). During the FY 2009-10, the company had bought back 38250 Nos. of FCCBs of face value USD 38.25 million out of the total issued FCCBs

12 Previous years fi gures have been regrouped and rearranged wherever necessary.

 
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