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Notes to Accounts of SIP Industries Ltd.

Sep 30, 2014

1. DIRECTOR''S REMUNERATION

Mr. K.C. Raghunathan continues as Managing Director without remuneration w.e.f 21st August 2011

2. No provision has been made pending disposal of rectification petition filed u/s.154 of Income Tax Act,1961 and waiver petition filed for waiver of interest.

3. No provision has been made towards Tax in view of the Loss incurred by the Company.

4. The Company created Employees'' Gratuity Trust and Group Gratuity Policy has been taken with Life Insurance Corporation of India. The Annual Premium calculated by LIC as per acturial assessment has been charged to revenue. During the year the Company has not made any payment from Gratuity fund.

5. Sundry Debtors and Sundry Creditors and Advances are as per books subject to confirmation and reconciliation.

6. Deferred Tax for the Year 2013-14

Deferred Tax Asset has not been created in respect of Losses including depreciation incurred by the Company during the year on a conservative basis.

7. Investment in SIP Florals Private Limited has been valued at cost. The decline in value of investment is temporary and non-significant, hence not provided for.

8. Previous year''s figures have been regrouped and reclassified wherever necessary.

9. Figures have been rounded off to the nearest Rupee.


Sep 30, 2013

1. DIRECTOR''S REMUNERATION

Mr. K.C. Raghunathan continues as Managing Director without remuneration w.e.f 21st August 2011.

4. No provision has been made pending disposal of rectification petition filed u/s. 154 of Income Tax Act,1961 and waiver petition filed for waiver of interest.

5. No provision has been made towards Tax in view of the Loss incurred by the Company.

6. The Company created Employees'' Gratuity Trust and Group Gratuity Policy has been taken with Life Insurance Corporation of India. The Annual Premium calculated by LIC as per actuarial assessment has been charged to revenue. During the year the Company has made payment of Rs. 0.67218 lacs on account of workers settlement paid out of gratuity fund.

7. Sundry Debtors and Sundry Creditors and Advances are as per books subject to confirmation and reconciliation.

11. Investment in SIP Florals Private Limited has been valued at cost. The decline in value of investment is temporary and non-significant, hence not provided for.

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


Sep 30, 2010

1. DIRECTORS REMUNERATION

Mr. K.C. Raghunathan continues as Managing Director without remuneration w.e.f 1st January 2006

2. MANAGERIAL REMUNERATION: Nil

3. The disputed liabilities towards Income Tax including interest Rs 64.79 lacs and Sales Tax Nil pending disposal of appeals / representations / waiver petitions have not been provided for. Similar refund claims of the Company are pending with the Department.

4. No provision has been made towards Tax in view of the Loss incurred by the Company.

5. The Company created Employees Gratuity Trust and Group Gratuity Policy has been taken with Life Insurance Corporation of India. The Annual Premium calculated by LIC as per acturial assessment has been charged to revenue. During the year the Company has not made any payment from Gratuity fund.

6. Sundry Debtors and Sundry Creditors and Advances are as per books subject to confirmation and reconciliation.

7. Deferred Tax for the Year 2009-2010

Deferred Tax Asset has not been created in respect of Losses including depreciation incurred by the Company during the year on a conservative basis.

8. Disclosure in respect of related parties pursuant to Accounting Standard 18 : Associates

a) SIP Technologies & Exports Limited

b) SIP Florals Private Limited

9. Investment in SIP Florals Private Limited has been valued at cost. The decline in value of investment is temporary and non-significant, hence not provided for.

10. Previous years figures have been regrouped and reclassified wherever necessary.

11. Figures have been rounded off to the nearest Rupee.


Sep 30, 2009

1. DIRECTORS REMUNERATION:

Mr. K.C. Raghunathan continues as Managing Director without remuneration w.e.f 1st January 2006

2. MANAGERIAL REMUNERATION: Nil

3. The disputed liabilities towards Income Tax including interest Rs. 64.79 lacs and Sales Tax Nil pending disposal of appeals / representations / waiver petitions have not been provided for. Similar refund claims of the Company are pending with the Department.

4. No provision has been made towards Tax in view of the Loss incurred by the Company.

5. The Company created Employees Gratuity Trust and Group Gratuity Policy has been taken with Life Insurance Corporation of India. The Annual Premium calculated by LIC as per acturial assessment has been charged to revenue. During the year the Company has made payment of Rs. 0.0467 lacs on account of workers settlement paid out of Gratuity Fund.

6. Sundry Debtors and Sundry Creditors and Advances are as per books subject to confirmation and reconciliation.

7. Deferred Tax for the Year 2008-2009

Deferred Tax Asset has not been created in respect of Losses including depreciation incurred by the Company during the year on a conservative basis

8. Disclosure in respect of related parties pursuant to Accounting Standard 18 : Associates

a) SIP Technologies & Exports Limited

b) SIP Florals Private Limited

Key Managerial Personnel :

K.C. Raghunathan, Chairman & Managing Director

9. Investment in SIP Florals Private Limited has been valued at cost. The decline in value of investment is temporary and non-significant, hence not provided for.

10. Previous years figures have been regrouped and reclassified wherever necessary.

11. Figures have been rounded off to the nearest Rupee.

 
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