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Notes to Accounts of Sinnar Bidi Udyog Ltd.

Mar 31, 2015

Note :1

In past the company used to manufacture and sell ''Bidis''

The Bidi''s manufactured by the company were sold to Traders / Exporters, who used to export them to various countries. Bidi''s sold to some such Traders/Exporters were exported by them to USA.

As per the prevailing law in USA, the responsibility of depositing the amount in Escrow Deposit Fund (On account of sales of tobacco products in that country) was of the manufacturer of tobacco products.

Accordingly , on the basis of demand raised against the company for non-fulfillment of this requirement - a sum of Rs.211.40 Lacs is provided for in the books of the company upto 31 st March 2015. (31 st March 2014 - Rs 201.46 Lacs) (Refer Note No.5)

During the current year no any fresh demand was made against the company. The current year figure of appearing in Statement of Profit and Loss Rs.9.95 Lacs represents foreign exchange loss on restatement of outstanding liability of escrow fund demand provision already made in earlier years (Previous year: Loss Rs. 17.76 Lacs)

Note :2

A) The company has established a seperate Gratuity Fund Trust to take care of the Gratuity Liability of its employees. It is informed that against the accrued gratuity liability as on 31st March, 2015 ascertained by the company of Rs. 9,27,298/- (Previous year Rs.9,64,746/-) the Gratuity Fund Trust has investments to the tune of Rs 7,57,647/-. (Previous year Rs 7,43,716/-). The shortfall of Rs 1,69,651/-(Previous year Rs. 2,21,029/-) has been provided for in the accounts of the current year.

B) This gratuity liability calculated by the company/trust takes into account the sum that would have been payable as gratuity to all the eligible employees as on the last day of the financial year as per the Payment of Gratuity Act, 1972 in the absence of Acturial Valuation as per Accounting Standard -15 (Revised).

C) Similarly the liability arising on account of accrued leave salary is provided for in the accounts which considers the sum that would have been payable to the eligible employees as on the last day of the financial year in absence of Acturial Valuation as per Accounting Standard -15 (Revised).

D) Looking at the small number of employees as on 31 st March 2015, the management is of the opinion that, the liability provided for in the books / funds available with the Gratuity Fund Trust are sufficient to cover these obligations.

Note :3

It is informed that Income Tax Assessments have been completed upto A.Y.2011-12.

Note :4

RELATED PARTY DISCLOSURES:

RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC

(i) Associates / Entities in which Promoters are able to exercise significant influence:

1. Rasbihari Enterprises Ltd.

2. Vidarbha Bidi Ltd.

3. Yogi Ayurvedic Products Pvt Ltd.

4. Tip Top Health Zone Pvt.Ltd.

5. STS Exports Ltd.

6. M/s. S.K. Sarda.

7. Sungrowth Manpower Services Pvt Ltd.

8. City Centre Mall Nashik Pvt. Ltd.

9. Sarda Milk & Agra Produce Pvt. Ltd.

10. Sarda Fresh Fruits Pvt. Ltd.

11. Rasbihari Properties Pvt. Ltd.

12. Nashik Natural Products Pvt. Ltd.

13. S. K. Sarda Developers Pvt. Ltd.

(ii) Relatives / Members of Promoter Group:

1. Shri KB Sarda.

2. Sau K.K.Sarda.

3. Shri SK Sarda.

4. Sau.S.V.Sisodiya.

(iii) Key Management Personnel:

Shri C.B.Patil

Note :4

The Company revised depreciation rates on tangible fixed assets w.e.f. 01-04-2014 as per useful life specified in the Schedule II of the Companies Act, 2013. As Prescribed in said Schedule II, an amount of Rs. 1.89 lacs (net of taxes Rs.1.31 lacs) have been charged to the opening balance of the retained earnings for the assets in respect of which the remaining useful life is NIL as on 1st April 2014, and in respect of other assets on that date, depreciation has been calculated based on the remaining useful life of those assets. Had the Company continued with the previously applicable Schedule XIV rates, charge for depreciation for the year ended March 31,2015 would have been lower and the net profit would have been higher by Rs.1.82 lacs.

Note :5

Figures for the previous year have been regrouped wherever considered practicable and necessary.


Mar 31, 2014

31.03.2014 31.03.2013 RUPEES RUPEES

NOTE 1:

NOTES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2014 AND STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED ON THAT DATE 1. Contingent Liabilities ( Rs. Lacs)

Claims against the company not acknowledged as debts :

a) Escrow Fund Matter 2182932 1990536

b) Labour / ESIC Matters 813514 813514 No interest is calculated on the above contingent liabilities for want of information. 2996446 2804050 In the opinion of the management , no provision is required against contingent liabilities stated above.

2. A) The company has established a seperate Gratuity Fund Trust to take care of the Gratuity Liability of its employees. It is informed that against the accrued gratuity liability as on 31st March, 2014 ascertained by the company of Rs. 9,64,746/- (Previous year Rs.7,70,699/-) the Gratuity Fund Trust has investments to the tune of Rs 7,43,716/-. (Previous year Rs 6,83,914/-). The shortfall of Rs 2,21,029/-(Previous year Rs. 43,230/- ) has been provided for in the accounts of the current year.

B) This gratuity liability calculated by the company/trust takes into account the sum that would have been payable as gratuity to all the eligible employees as on the last day of the financial year as per the Payment of Gratuity Act, 1972 in the absence of Acturial Valuation as per Accounting Standard - 15 (Revised).

C) Similarly the liability arising on account of accrued leave salary is provided for in the accounts which considers the sum that would have been payable to the eligible employees as on the last day of the financial year in absence of Acturial Valuation as per Accounting Standard - 15 (Revised).

D) Looking at the small number of employees as on 31st March 2014, the management is of the opinion that, the liability provided for in the books / funds available with the Gratuity Fund Trust are sufficient to cover these obligations.

3. RELATED PARTY DISCLOSURES :

RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC

(i) Associates / Entities in which Promoters are able to exercise significant influence :

1. Rasbihari Enterprises Ltd.

2. Vidarbha Bidi Ltd.

3. Yogi Ayurvedic Products Pvt Ltd.

4. Tip Top Health Zone Pvt.Ltd.

5. STS Exports Ltd.

6. M/s. S.K. Sarda.

7. Sungrowth Manpower Services Pvt Ltd.

8. City Centre Mall Nashik Pvt. Ltd.

9. Sarda Milk & Agro Produce Pvt. Ltd.

10. Sarda Fresh Fruits Pvt. Ltd.

11. Rasbihari Properties Pvt. Ltd.

12. Nashik Natural Products Pvt. Ltd.

13. S. K. Sarda Developers Pvt. Ltd.

(ii) Relatives / Members of Promoter Group :

1. Shri K B Sarda.

2. Sau K.K.Sarda.

3. Shri S K Sarda .

4. Sau. S.S.Sarda.

5. Sau.S.V.Sisodiya.

4. Figures for the previous year have been regrouped wherever considered practible and necessary.


Mar 31, 2013

2012-2013 2011-2012 RUPEES RUPEES

NOTE 1:

NOTES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2012 AND STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED ON THAT DATE

1. Contingent Liabilities ( Rs. Lacs)

Claims against the company not acknowledged as debts :

a) Escrow Fund Matter Nil 1,909,129

b) Labour / ESIC Matters 813,514 813,514

813,514 2,722,643

In the opinion of the management , no provision is required against contingent liabilities stated above.

2. A) The company has established a separate Gratuity Fund Trust to take care of the Gratuity Liability of its employees. It is informed that against the accrued gratuity liability as on 31st March, 2013 ascertained by the company of Rs. 7,70,699/-(Previous year Rs.11,85,829/-) the Gratuity Fund Trust has investments to the tune of Rs 6,83,914/-. (Previous year Rs

11,42,599/-). The shortfall of Rs 86,785/-(Previous year Rs.

43,230/- ) has been provided for in the accounts of the current year.

B) This gratuity liability calculated by the company/trust takes into account the sum that would have been payable as gratuity to all the eligible employees as on the last day of the financial year as per the Payment of Gratuity Act, 1972 in the absence of Actuarial Valuation as per Accounting Standard - 15 (Revised).

C) Similarly the liability arising on account of accrued leave salary is provided for in the accounts which considers the sum that would have been payable to the eligible employees as on the last day of the financial year in absence of Actuarial Valuation as per Accounting Standard - 15 (Revised).

D) Looking at the small number of employees as on 31st March 2013, the management is of the opinion that, the liability provided for in the books / funds available with the Gratuity Fund Trust are sufficient to cover these obligations.

3 It is informed that Income Tax Assessments have been completed upto A.Y.2011-12 .

2. RELATED PARTY DISCLOSURES :

RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC

( i ) Associates / Entities in which Promoters are able to exercise significant influence :

1. Rasbihari Enterprises Ltd.

2. Vidarbha Bidi Ltd.

3. Yogi Ayurvedic Products Pvt Ltd.

4. Tip Top Health Zone Pvt.Ltd.

5. STS Exports Ltd.

6. M/s. S.K. Sarda.

7. Sungrowth Manpower Services Pvt Ltd.

8. City Centre Mall Nashik Pvt. Ltd.

9. Sarda Milk & Agro Produce Pvt. Ltd.

( ii ) Relatives / Members of Promoter Group :

1. Shri K B Sarda.

2. Sau K.K.Sarda.

3. Shri S K Sarda .

4. Sau. S.S.Sarda.

5. Sau.S.V.Sisodiya.

6. Madura A.Saboo.

(iii) Key Management Personnel :

Shri C.B.Patil Shri N.L.Patil


Mar 31, 2012

Note:-

The Bidi's manufactured by the company were sold to Traders / Exporters, who used to export them to various countries.In earlier years, Bidi's sold to some such Traders/Exporters were exported by them to USA.

As per the prevailing law in USA, the responsibility of depositing the amount in Escrow Deposit Fund (On account of sales of tobacco products in that country) was of the manufacturer of tobacco products.

Accordingly , on the basis of demand raised against the company for non-fulfillment of this requirement - a sum of Rs. 172.78 Lacs is provided for in the books of the company upto 31st March 2012.

During the current year no any fresh demand was made against the company. The current year figure of appearing in Statement of Profit and Loss Rs.21.98 Lacs represents foreign exchange loss on restatement of outstanding liability of escrow fund demand provision already made in earlier years (Previous year: Gain Rs. 1.65 Lacs)

1. Contingent Liabilities (Rs. Lacs)

Claims againstthe company not acknowledged as debts:

a) Escrow Fund Matter 1909129 1666196

b) Labour/ESIC Matters 813514 813514

2722643 2479710

2. A) The company has established a seperate Gratuity Fund Trust to take care of the Gratuity Liability of its employees. It is informed that against the accrued gratuity liability as on 31st March, 2012 ascertained by the company of Rs. 11,85,829/- (Previous year Rs.16,69,435/-) the Gratuity Fund Trust has investments to the tune of Rs 11,42,599/-. (Previous year Rs 17,24,095/-). The shortfall of Rs.

43,230/-(Previous year Nil ) has been provided for in the accounts of the current year. -

B) This gratuity liability calculated by the company takes into account the sum that would have been payable as gratuity to all the eligible employees as on the last day of the financial year as per the Payment of Gratuity Act, 1972 in the absence of Acturial Valuation as per Accounting Standard -15 (Revised).

C) Similarly the liability arising on account of accrued leave salary is provided for in the accounts which considers the sum that would have been payable to the eligible employees as on the last day of the financial year in absence of Acturial Valuation as per Accounting Standard -15 (Revised).

D) Looking at the small number of employees as on 31st March 2012, the management is of the opinion that, the liability provided for in the books / funds available with the Gratuity Fund Trust are sufficient to cover these obligations.

3. It is informed that Income Tax Assessments have been completed upto A.Y.2010-11 .

4. Amounts paid and/or payable to the Auditorfor services rendered:

AuditFees 115815 115815

Certification Work/Other Misc. 34195 28680

5 Segment Reporting:

a) Primary Segment:

The company considers Tobacco Products and Tobacco as one business segment

b) Secondary Segment:

All the sales of the company are in the Indian Market and hence, there are no reportable geographical segments.

6 Impairment of Assets (AS:28):

Required provision has been made for impairment of fixed assets.

7. Contingent Liabilities & Contingent Assets (AS:29): .

In the opinion of the management , no provision is required against contingent liabilities referred in Note 26( 1).

8 Future Lease Obligations

The company has entered into various operating lease agreements and the amounts paid under such agreements have been charged to revenue as rent under Note 24. All these agreements are cancellable in nature.

9. Value Imported and Indigenous Material Consumed.

10 RELATED PARTY DISCLOSURES:

RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC

(i) Associates / Entities in which Promoters are able to exercise significant influence:

1 Rasbihari Enterprises Ltd

2 Vidarbha Bidi Ltd '

3 Yogi Ayurvedic Products Pvt Ltd

4 Tip Top Health Zone Pvt.Ltd.

5 STS Exports Ltd

6 M/s. S.K. Sarda

7 Sungrowth Manpower Services Pvt Ltd.

8 City Centre Mall (Nasik) Pvt. Ltd.

9 Sarda Milk&Agro Produce Pvt. Ltd.

(ii) Relatives / Members of Promoter Group:

1 Shri KB Sarda.

2 Sau K.K.Sarda.

3 Shri S K Sarda.

4 Sau. S.S.Sarda.

5.Sau. S.V.Sisodiya

6.MaduraA. Saboo

(i ii) Key Management Personnel:

Shri C.B.Patil .


Mar 31, 2011

1. Contingent Liabilities (Rs. Lacs) Claims against the company not acknowledged as debts:

a) Escrow Fund Matter 16.66 16.84

b) Labour/ESIC Matters 8.14 9.13

24.80 25.97

2. A) The company has established a seperate Gratuity Fund Trust to take care of the Gratuity Liability of itsemployees. It is informed that against the accrued gratuity liability as on 31st March, 2011 ascertained by the company of Rs. 16.69 lacs (Previous year Rs. 16.59 lacs) the Gratuity Fund Trust has sufficient investments to meet the entire liability. Therefore, no provision for gratuity is made in the accounts during the current year.

B) This liability takes into account the sum that would have been payable as gratuity to all the eligible employees as on the last day of the financial year as per the Payment of Gratuity Act, 1972 in the absence of Acturial Valuation as per Accounting Standard-15 (Revised).

C) Similarly the liability arising on account of accrued leave salary is provided for in the accounts which considers the sum that would have been payable to the eligible employees as on the last day of the financial year in absence of Acturial Valuation as perAccounting Standard-15 (Revised).

D) Looking at the small number of employees as on 31st March 2011, the management is of the opinion that, the liability provided for in the books / funds available with the Gratuity Fund Trust are sufficient to cover these obligations.

3. The Bidi's manufactured by the company were sold to Traders / Exporters, who used to export them to various countries.In earlier years, Bidi's sold to some such Traders/Exporters were exported by them to USA.

As per the prevailing law in USA, the responsibility of depositing the amount in Escrow Deposit Fund (On account of sales of tobacco products in that country) was of the manufacturer of tobacco products.

Accordingly , on the basis of demand raised against the company for non-fulfillment of this requirement- a sum of Rs.150.81 Lacs was provided for in the books of the company upto 31 st March 2011.

During the current year no any fresh demand was made against the company. The current year figure of appearing in Profit and Loss Account Rs. 1.65 Lacs represents foreign exchange gain on restatement of outstanding liability of escrow fund demand provision already made in earlier years.

4 It is informed that Income Tax Assessments have been completed upto A.Y.2008-09. In respect of A.Y.2007-08, company had filed loss return. The assessing officer made certain additions / disallowed some expenses- thereby reducing the loss. Company has filed an appeal against the said order which is pending before Commissioner of IncomeTax (Appeals).

5 The company has not received any intimation from its suppliers regarding their status underthe Micro, Small and Medium Enterprises DevelopmentAct, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end as required underthe said Act have not been furnished.

6. Segment Reporting:

a) Primary Segment:.

The company considers Tobacco Products and Tobacco as one business segment

b) Secondary Segment:

All the sales of the company are in the Indian Market and hence, there are no reportable geographical segments.

7. Impairment of Assets (AS:28): Required provision has been made for impairment of fixed assets.

8. Contingent Liabilities & Contingent

Assets (AS:29): In the opinion of the management, no provision is required against contingent liabilities referred in Schedule 6, Note 1 on Contingent Liabilities.

9. Information pursuant to paragraphs 3,4 C and 4 D of Part II of Schedule VI of the Companies Act, 1956.

(As Certified by Management)

10. RELATED PARTY DISCLOSURES :

RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC (i) Associates / Entities in which Promoters are able to exercise significant influence:

1. Rasbihari Enterprises Ltd

2. Vidarbha Bidi Ltd

3. Yogi Ayurvedic Products Pvt Ltd

4. TipTop Health Zone Pvt.Ltd.

5. STS Exports Ltd

6. M/s.S.K.Sarda

7. Sungrowth Manpower Services Pvt Ltd.

8. City Centre Mall Nashik Pvt. Ltd.

(ii) Relatives / Members of Promoter Group:

1. ShriKBSarda.

2. SauK.K.Sarda.

3. Shri S K Sarda.

4. Sau.S.S.Sarda.

(iii) Key Management Personnel: ShriV.S.Maydeo

11. Figures forthe previous year have been regrouped wherever considered practicable and necessary.


Mar 31, 2010

1. Contingent Liabilities ( Rs. Lacs)

Claims against the company not acknowledged as debts :

a) Escrow Fund Matter 16.84 19.01

b) Labour / ESIC Matters 9.13 9.97

25.97 28.98



2. A) The company has established a seperate Gratuity Fund Trust to take care of the Gratuity Liability of its employees. It is informed -at against the accrued gratuity liability as on 31st March 2010 ascertained by the company of Rs. 16.59 lacs (Previous year Rs.18 lacsthe Gratuity Fund Trust has sufficient investments to meet the entire liability. Therefore, no provision for gratuity is made in the accounts duringthe current year.

B) This liability takes into accountthe sum -at would have been payable as gratuity to allthe eligible employees as on the last day of the financial year as per the Payment of Gratuity Act, 1972 inthe absence of Acturial valuation as per Accounting Standard -15 (Revised).

C) Similarly the liability arising on account of accrued leave salary is provided for in the accounts which considers the sum -at would have been payable to the eligible employees as on the last day of the financial year in absence of Acturial Valuation as per Accounting Standard -15 (Revised).

D) Looking atthe small number of employees as on 31st March 2010,the management is of the opinion that,the liability provided for in the books / funds available with the Gratuity Fund Trust are sufficient to cover these obligations.

3. The Bidis manufactured by the company were sold to Traders / Exporters, who used to exportthem to various countries.ln earlier years, Bidis sold to some such Traders / Exporters were exported by them to USA

As perthe prevailing law in USA,the responsibility of depositingthe amount in Escrow Deposit Fund (On account of sales of tobacco products in that country) was of the manufacturer of tobacco products.

Accordingly , on the basis of demand raised against the company for non fulfillment of this requirement a sum of Rs.152.46 Lacs was provided for in the books of the company upto 31st March 2010.

Duringthe current year no any fresh demand was made against the company. The current year figure of Rs.19.62 Lacs represents foreign exchange gain on restatement of outstanding liability of escrow fund demand provision already made in earlier years.

4 It is informed that Income Tax Assessments have been completed uptoA.Y.2007-08 In respect of A.Y.2007-08, company had filed loss returnthe assessing officer made certain additions / disallowed some expenses ereby reducingthe loss.Company has filed an appeal againstthe said order which is pending before Commissioner of Income Tax (Appeals ).

9 the company has not received any intimation from its suppliers regarding their status under the Micro , Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end as required under the said Act have not been furnished.

12. Segment Reporting:

a) Primary Segment :

The company considers Tobacco Products and Tobacco as one business segment

b) Secondary Segment :

Allthe sales of the company are in the Indian Market and hence,there are no reportable geographical segments.

13. Impairment of Assets (AS:28) : Required provision has been made for impairment of fixed assets.

14. Contingent Liabilities & Contingent

Assets (AS:29) : Inthe opinion of the management, no provision is required against contingent liabilities referred in Schedule 7, Note 1 on Contingent Liabilities.

15. Information pursuant to paragraphs 3, 4 C and 4 D of Part II of Schedule VI of the Companies Act.1956.

(As Certified by Management)

17. RELATED PARTY DISCLOSURES :

RELATED PARTIES with WHOM THE COMPANY HAD TRANSACTIONS, ETC

(i) Associates / Entities in which Promoters are able to exercise significant influence :

1. Rasbihari Enterprises Ltd

2. Vidarbha Bidi Ltd

3. Yogi Ayurvedic Products Pvt Ltd

4. Tip Top Health Zone Pvt Ltd

5. STS Exports Ltd

6. Trustwory Trade & Transport Pvt Ltd

7. M/s. S.K. Sarda

8. Shrirang Tobacco Processors Ltd .

9. Shrirang Bidi Pvt.Ltd .

10. Kay Bee Food Products ( Nashik) Pvt Ltd .

11. Kiran Ayurvedic Products Pvt Ltd .

12. Snow Valley Hotels Pvt Ltd.

13. Pashupatina Tobacco Prod. Pvt Ltd .

14. Sungrow Manpower Services Pvt Ltd.

15. City Centre Mall (Nashik) Pvt. Ltd.

(ii) Relatives / Members of Promoter Group :

1. Shri K B Sarda.

2. Sau K.K.Sarda.

3. Shri S K Sarda.

4. Sau. S.S.Sarda.



 
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