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Notes to Accounts of Sika Interplant Systems Ltd.

Mar 31, 2015

Figures as Figures as particu|ars at the at the end of end of current previous Reporting Reporting Period Period

1. CONTINGENT LIABILITY AND COMMITMENTS

* Bank Guarantee 7,974,918 10,788,534

* Capital Commitments to the extent not provided in the books 1,163,480 -

TOTAL 9,138,398 10,788,534

2. The information required to be disclosed under the Micro, Small, 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. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

3. Capital Reserve and Securities Premium have arose pursuant to a scheme of merger approved by the Honorable High Court of Karnataka.

Related Party Information

Relationship

a. Where significant influence exists(Subsidiaries)

1. M/s. Sikka N Sikka Engineers Pvt Ltd

2. M/s. Emsac Engineering Pvt Ltd

3. M/s. Sika Tourism Pvt Ltd

4. M/s. Sterling Technologies Pte Ltd

5. M/s. Ultraweld Engineers Pvt Ltd

6. M/s. Gourmet Estates Pvt Ltd

b. Key Management Personnel

1. Mr. Rajeev Sikka

2. Mr. Kunal Sikka

c. Relatives of Key Management Personnel

1. Mrs. Krishna Sikka

2. Mrs. Anuradha Sikka

4. As per Accounting Standard 15 "Employment Benefits", the disclosures as defined in the Accounting Standard with regard to Note no.25 are given below:

5. Defined Benefit Plan

The employee's 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, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for Compensated Absences is recognised in the same manner as gratuity.

The discount rate is based on the prevailing market yields of government of India securities as the Balance Sheet date for the estimated term of the obligations. The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Experience adjustment figures are not included as same has not been provided by the Actuary.

The Company has covered its gratuity liability by a Group Gratuity Policy named 'Employee Group Gratuity Assurance Scheme' issued by LIC of India. Under the plan the eligible employees are entitled to Gratuity under a defined benefit plan.

6. A lease hold land is allotted by KIADB to the company and the company has also been incurring capital expenses in the same regard. The company has made an application for further renewal which is pending for approval.

7. Litigation

The Company is subject to legal proceeding and claims which have arisen in respect of the rights in and / or title to two immovable properties of the Company and such legal proceedings are pending and being litigated appropriately.

The Management does not reasonably expect that these legal actions, when ultimately concluded and determined, will have a material and adverse effect on the Company's results of operation or financial position

8. Previous year's figures have been regrouped / recast / restated, wherever necessary, to make them comparable with those of the current year.


Mar 31, 2014

Figures as at the Figures as at the Particulars end of current end of previous Reporting Period Reporting Period

1. CONTINGENT LIABILITY AND COMMITMENTS

- Bank Guarantee 10,788,534 49,822,786

TOTAL 10,788,534 49,822,786

2. The information required to be disclosed under the Micro, Small, 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. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

3. Capital Reserve and Securities Premium have arose pursuant to a scheme of merger approved by the Honorable High Court of Karnataka.

4. Expenditure in Foreign Currency in respect of

Related Party Information Relationship

a. Where significant influence exists(Subsidiaries)

1. M/s. Sikka N Sikka Engineers Pvt Ltd

2. M/s. Emsac Engineering Pvt Ltd

3. M/s. Sika Tourism Pvt Ltd

b. Key Management Personnel

1. Mr. Rajeev Sikka

2. Mr. Kunal Sikka

c. Relatives of Key Management Personnel

1. Mrs. Krishna Sikka

2. Mrs. Anuradha Sikka

Defined Benefit Plan

The employee''s 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, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for Compensated Absences is recognised in the same manner as gratuity

The discount rate is based on the prevailing market yields of government of India securities as the Balance Sheet date for the estimated term of the obligations. The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Experience adjustment figures are not included as same has not been provided by the Actuary.

The Company has covered its gratuity liability by a Group Gratuity Policy named ''Employee Group Gratuity Assurance Scheme'' issued by LIC of India. Under the plan the eligible employees are entitled to Gratuity under a defined benefit plan.

5. Previous year''s figures have been regrouped / recast / restated, wherever necessary, to make them comparable with those of the current year.


Mar 31, 2013

1. The information required to be disclosed under the Micro, Small, 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. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

2. Capital Reserve and Securities Premium are as per the scheme of merger approved by the Honorable High Court of Karnataka.

3. Impairment of Assets

In accordance with Accounting Standard - 28 issued by the Institute of Chartered Accounts of India, management has made an assessment and found that there is no impairment in the valueoffixed assets.

4. Balances in loans, advances, deposits given and loans received, Sundry Debtors, Creditors and Unpaid Dividend are subject to confirmation and reconciliation.

5. Previous year''s figures have been regrouped / recast / restated, wherever necessary, to make them comparable with those of the current year.


Mar 31, 2012

1. The information required to be disclosed under the Micro, Small, 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. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

2. Capital Reserve and Securities Premium are as per the scheme of merger approved by the Honorable High Court of Karnataka.

3. Impairment of Assets

In accordance with Accounting Standard - 28 issued by the Institute of Chartered Accounts of India, management has made an assessment and found that there is no impairment in the value of fixed assets.

Related Party Information Relationship

a. Where significant influence exists(Affiliates)

1. M/s. Sikka N Sikka Engineers Pvt Ltd

2. M/s. Emsac Engineering Pvt Ltd

3. M/s. Ultraweld Engineers Pvt Ltd

b. Key Management Personnel

1. Mr. Rajeev Sikka

2. Mr. Sanjeev Sikka (upto 31.5.2011)

c. Relatives of Directors

1. Mrs. Krishna Sikka

2. Mrs. Anuradha Sikka

3. Mrs. Anita Sikka (upto 31.5.2011)

4. Balances in loans, advances, deposits given and loans received, Sundry Debtors, Creditors and Unpaid Dividend are subject to confirmation and reconciliation.

5.Previous year's figures have been recast / restated, wherever necessary, to make them comparable with those of the current year.


Mar 31, 2010

1. Contingent Liabilities not provided for in the books of Accounts

In respect of Bank Guarantees:Rs.93,45,018/-(Previous Year :Rs.1,08,31,400/-)

2. a) Term loan of Rs 510 lakhs has been sanctioned by Canara Bank for factory expansion at Bommasandra against which Rs 101.52 Lakhs utilized upto 31.3.2010. The same is secured on equitable mortgage of land of M/s Sikka and Sikka Engineers Pvt Ltd, a 100% Subsidiary of the company. In addition to above M/s Sikka and Sikka Engineers Pvt Ltd have given corporate guarantee. Loan payable within one year is Rs.70,80,000/-.

b)The Secured loan represents the liability towards purchase of motorcars under a financing arrangement with Citi Bank and is secured by hypothecation of the said vehicle and personal guarantee of Directors. Balance as at March 31, 2010 includes Rs.87,271/- .Payable within one year is Rs.87,271/- (Previous year Rs. 10,33,897/-).

3. Capital commitments to the extent not provided for in the books of accounts in respect of projects undertaken by the Company is estimated at Rs.1,49,58,868/- based on definite agreements entered.

4. The cash in the current accounts of scheduled banks includes a dividend bank account with a balance of Rs.4,05,937/- and the same represents unclaimed dividend. (Previous Year Rs.3,08,173).

5. a) The information required to be disclosed under the Micro, Small, 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. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

b) According to the information available with the Company, as at March 31, 2010 there are no outstanding dues to Small Scale Undertakings. (Previous Year : Rs.NIL).

6. Figures of Previous year have been regrouped / rearranged wherever necessary.

7. Advances includes, a loan of Rs 20,03,483/- given to Sika UK Ltd, a Subsidiary company in which company holds 55%. In view of the losses incurred by subsidiary, entire net worth has been eroded and hence advance is doubtful of recovery and not provided for. However management is of the opinion that the amount is fully recoverable as this represents development of products and the Company has ongoing operations.

Related Party Information

Relationships

a. Where significant influence exists(Affiliates)

1. M/s.Sikka N Sikka Engineers Pvt Ltd

2. M/s.Emsac Engineering Pvt Ltd

3. Sika UK Ltd

4. M/s.Gourmet Estates Pvt Ltd

5. M/s.Moneyplant Estates Pvt Ltd

6. M/s.Ultraweld Engineers Pvt Ltd

7. M/s.Softspace Network Pvt Ltd

8. M/s.Softspace Computing Pvt Ltd

b. Key Management Personnel

1. Mr.Rajeev Sikka

2. Mr.Sanjeev Sikka

c. Ralatives of Directors

1. Mrs.Anuradha Sikka

2. Mrs.Anita Sikka

3. Mr.S.B.Sikka

4. Mrs.Krishna Sikka

 
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