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Notes to Accounts of Siyaram Silk Mills Ltd.

Mar 31, 2014

1) Contingent Liabilities & Commitments

a) Contingent Liabilities :

i) Guarantees given by the Company''s bankers on behalf of the Company 684.12 590.05

ii) Disputed claims for excise and sales tax 84.50 84.50

iii) Custom Duty which may arise if obligation for export is not fulfilled. 627.00 556.03

iv) Income tax Demand, interest & penalty under dispute 505.53 399.05

b) Commitments :

i) Estimated amount of contracts remaining to be executed on capital account and 174.73 1419.78 not provided for (Net of advance)

Defined Benefit Plan

An actuarial valuation was carried out in respect of Gratuity and long term Leave encashment benefit plans based on the following assumptions.

The estimates of rate of escalation in salary considered in actuarial valuation, taking into account inflation,seniority,promotion and other relevent factors including supply and demand in the employment market. The above information is certified by the actuary.

The expected rate of return on plan assets is determined considering several applicable factors mainly, the composition of plan assets held, assessed risks, historical results of return on plan assets and the Company''s policy for plan asset management.

2) Prior period items included under respective accounts in the Profit and Loss Rs. 27.15 Lacs debit (Rs. 29.73 Lacs debit).

3) Related Party disclosures :

As per Accounting standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below.

List of related parties where control exists and related parties with whom transactions have taken place and relationships:

(a) Key Management Personnel (KMP) :

Shri Ramesh D. Poddar - Chairman & Managing Director, Shri Pawan D. Poddar - Jt. Managing Director,

Shri Shrikishan D. Poddar - Executive Director, Shri Ashok Jalan - Sr.President cum Director, Shri Arvind Poddar - Director,

Shri Gaurav Poddar - Executive Director

(b) Relatives of Key Management Personnel (KMP) :

Smt. Ashadevi R. Poddar, Smt. Vibha S. Poddar, Smt. Sangeeta Poddar, Shri Abhishek Poddar, Shri Avnish Poddar, Smt. Megha Poddar, Smt. Smriti Poddar.

(c) Other Related Parties (Enterprises - KMP having significant influence / Owned by Major Shareholders)

Balkrishna Synthetics Ltd., S.P.Investrade (I) Ltd., Sanchana Trading & Finance Ltd., Santigo Textile Mills Ltd., Oxemberg Fashions Ltd., Beetee Textile Industries Ltd., Futuristic Concepts Media Ltd., Vishal Furnishing Ltd., Fabwear Garments, Poddar Bio Diesel Pvt.Ltd., Poddar Brothers Investment Pvt. Ltd., Balkrishna Paper Mills Ltd., Balkrishna Industries Ltd., Seeom Fabrics Ltd., Govind Rubber Ltd., Image Commercial Pvt. Ltd., GRL International Ltd.

Notes : i) Parties identified by the Management and relied upon by the Auditors.

ii) No amount in respect of the related parties have been written off/back or are provided for during the year

4) Leases - Operating Leases.

i) The Company has taken various residential / commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry.

ii) During the year the Company has given on non-cancellable operating leases commercial premises, the cost of which Rs. 3315.86 Lacs (Previous year Rs. 2761.99 Lacs) and the accumulated depreciation of Rs. 466.13 Lacs (Previous year Rs. 398.77 lacs) are included under Fixed Assets Schedule. The depreciation provided on the above Assets in the statement of Profit and Loss for the year is Rs. 66.14 Lacs (Previous year Rs. 56.64 lacs).

The future minimum lease payments receivable in respect of aforesaid leases as at 31.03.2014 are as follows.

5) Figures in brackets in these notes are in respect of previous year.

6) Previous years figures have been regrouped and rearranged wherever necessary to make them comparable with the current year figures.


Mar 31, 2013

1) Contingent Liabilities & Commitments :

a) Contingent Liabilities :

i) Guarantees given by the Company''s bankers on behalf of the Company 590.05 728.47

ii) Disputed claims for excise and sales tax 84.50 128.86

iii) Custom Duty which may arise if obligation for export is not fulfilled. 556.03 63.00

iv) Income tax Demand, interest & penalty under dispute 399.05 69.93

b) Commitments:

i) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advance) - -

2) The Excise Department has valued texturised and twisted yam manufactured at Silvassa Unit on the higher side and raised additional demand of Rs.201 Lacs. On appeal, the excise Tribunal, Delhi has passed the order in favour of Company. However, the Department has filed an appeal in the Supreme Court, which is pending. The Company does not expect any liability on this account.

3) Prior period items included under respective accounts in the Statement of Profit and Loss Rs.29.73 Lacs debit (T1.80 Lacs debit).

4) Related Party disclosures :

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting standard are given below.

List of related parties were control exists and related parties with whom transactions have taken place and relationships:

(a) Key Management Personnel (KMP) :

Shri Dharaprasad R. Poddar - Chairman (upto 16th May, 2012), Shri Ramesh D. Poddar - Chairman and Managing Director, Shri Pawan D. Poddar - Jt. Managing Director, Shri Shrikishan D. Poddar - Executive Director, Smt. Vijaylaxmi A Poddar - Executive Director (upto 30th May, 2012), Shri Ashok Jalan - Sr.President cum Director, Shri Arvind Poddar - Director, Shri Gaurav Poddar - Executive Director (w.e.f. 1st August, 2012).

(b) Relatives of Key Management Personnel (KMP):

Smt. Ashadevi R. Poddar, Smt. Vibha S. Poddar, Smt. Sangeeta Poddar, Shri Abhishek Poddar, Shri Avnish Poddar, Smt. Megha Poddar, Smt.Smriti Poddar.

(c) Other Related Parties (Enterprises - KMP having significant influence / Owned by Major Shareholders)

Balkrishna Synthetics Ltd., Govind Rubber Ltd., S.P.Investrade (I) Ltd., Sanchana Trading & Finance Ltd., S.P. Finance & Trading Ltd. Santigo Textile Mills Ltd., Balgopal Holdings and Traders Ltd, Oxemberg Fashions Ltd, Beetee Textile Industries Ltd., Futuristic Concepts Media Ltd.,Vishal Furnishing Ltd., Fabwear Garments, Poddar Bio Diesel Pvt Ltd.,Poddar Brothers Investment Pvt. Ltd., Balkrishna Paper Mill Ltd, GRL International Ltd., Balkrishna Industries Ltd.,Seeom Fabrics Ltd., Image Commercial Pvt. Ltd., SPG Realty Pvt. Ltd.

5) The Company is engaged only in Textile business and there are no separate reportable segments as per Accounting Standard 17.

6) Leases - Operating Leases.

i) The Company has taken various residential / commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry.

ii) During the year the Company has given on non-cancellable operating leases commercial premises, the cost of which Rs.2,761.99 Lacs( Previous year Rs.923.63 Lacs) and the accumulated depreciation of Rs.398.77 Lacs (Previous yearRs.348.80 lacs) are included under Fixed Assets Schedule. The depreciation provided on the above Assets in the statement of Profit and Loss for the year is Rs.56.64 Lacs (Previous year Rs. 28.21 lacs).

7) Figures in brackets in these notes are in respect of Previous Year.

8) Previous years figures have been regrouped and rearranged wherever necessary to make them comparable with the Current Year figures.


Mar 31, 2012

A) Terms/rights attached to equity/preference shares :

The company has issued only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

1) Contingent Liabilities & Commitments

a) Contingent Liabilities :

i) Guarantees given by the Company's bankers on behalf of the Company 728.47 696.13

ii) Disputed claims for excise and sales tax 128.86 128.86

iii) Custom Duty which may arise if obligation for export is not fulfilled. 63.00 75.00

iv) Income tax Demand, interest & penalty under dispute 69.93 415.19

b) Commitments :

i) Estimated amount of contracts remaining to be executed on 5,148.41 553.72 capital account and not provided for (Net of advance)

2) The Excise Department has valued texturised and twisted yam manufactured at Silvassa Unit on the higher side and raised additional demand of Rs. 203 Lacs. On appeal, the excise Tribunal, Delhi has passed the order in favour of Company. However, the Department has filed an appeal in the Supreme Court, which is pending. The Company does not expect any liability on this account.

3) Prior period items included under respective accounts in the Profit and Loss Account Rs. 1.80 Lacs debit (12.47 Lacs debit).

4) Related Party Disclosures :

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below.

(List of related parties were control exists and related parties with whom transactions have taken place and relationships:

(a) Key Management Personnel (KMP):

Mr. Dharaprasad R. Poddar- Chairman,

Mr. Ramesh D. Poddar - Vice Chairman & Managing Director,

Mr. Pawan D. Poddar - Jt. Managing Director,

Mr. Shrikishan D.Poddar - Executive Director,

Smt. Vijayalaxmi A Poddar -Executive Director,

Shri Ashok Jalan - Sr.President cum Director,

Shri Arvind Poddar- Director

(b) Relatives of Key Management Personnel (KMP):

Smt.Ashadevi R. Poddar,

Smt. Vibha S. Poddar,

Shri Gaurav Poddar,

Shri Abhishek Poddar

(c) Other Related Parties (Enterprises - KMP having significant influence / Owned by Major Shareholders)

Balkrishna Synthetics Ltd.,

Govind Rubber Ltd.,

S.P.Investrade (I) Ltd.,

Sanchana Trading & Finance Ltd.,

S.P. Finance & Trading Ltd.,

Santigo Textile Mills (P) Ltd.,

Balgopal Holdings and Traders Ltd,

Oxemberg Fashion Ltd.,

Beetee Textile Industries Ltd.,

Futuristic Concepts Media Ltd.,

Vishal Furnishing Ltd.,

Fabwear Garments, Poddar Bio Diesel Pvt Ltd.,

Poddar Brothers Investment Pvt. Ltd.,

Balkrishna Paper Mill Ltd.,

GRL International Ltd.,

Balkrishna Inds.Ltd.,

Seeom Fabrics Ltd.,

Image Commercial Pvt. Ltd.,

SPG Reality Pvt. Ltd.

5) The activities of the Company relate to only one Segment i.e. Textiles.

6) Leases - Operating Leases.

i) The Company has taken various residential / commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry.

ii) During the year the Company has given on non-cancellable operating leases commercial premises, the cost of which Rs. 923.63 Lacs( Previous year Rs. 861.22 Lacs) and the accumulated depreciation of Rs. 348.80 Lacs (Previous year Rs. 255.46 lacs) are included under Fixed Assets Schedule.

The depreciation provided on the above Assets in the Profit and Loss Account for the year is Rs. 28.21 Lacs (Previous year Rs. 24.55 lacs).

k) Amounts remitted during the year in Foreign Currency on account of Dividend.

The Company has not made remittances in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittance in foreign currencies on account of dividends have been made by or on behalf of Non-resident shareholders. The particulars of dividend paid to Non-resident shareholders are as under.

Dividend in respect of Year 2010-11

(103 Shareholder holding 45,363 Equity Shares) 3.18 -

Dividend in respect of Year 2009-10

(57 Shareholder holding 31,546 Equity Shares) - 1.89

7) Figures in brackets in these notes are in respect of previous year.

8) The previous years/periods figures have been regrouped to be in conformity with the revised schedule VI of the Companies Act, 1956.


Mar 31, 2011

Rs. in Lacs Current Year Previous Year

1) Contingent Liabilities in respect of

a) Guarantees given by the Companys bankers on behalf of the Company 696.13 607.95

b) Disputed claims for excise and sales tax 128.86 51.52

c) Custom Duty which may arise if obligation for export is not fulflled. 75.00 69.00

d) Income tax Demand,interest & penalty under dispute 415.19 361.80

2) The Excise Department has valued texturised and twisted yarn manufactured at Silvassa Unit on the higher side and raised additional demand of Rs.203 Lacs. On appeal, the excise Tribunal, Delhi has passed the order in favour of Company. However, the Department has fled an appeal in the Supreme Court, which is pending. The Company does not expect any liability on this account.

3) Prior period items included under respective accounts in the Profit and Loss Account Rs.12.47 Lacs debit (Rs.3.14 Lacs debit).

4) Related Party disclosures :

As per Accounting standard 18, the disclosures of transactions with the related parties as defned in the Accounting standard are given below.

List of related parties were control exists and related parties with whom transactions have taken place and relationships: (a) Key Management Personnel (KMP) :

Mr. Dharaprasad R. Poddar- Chairmain, Mr. Ramesh D. Poddar - Vice Chairman & Managing Director, Mr. Pawan D. Poddar - Jt. Managing Director, Mr. Shrikishan D.Poddar - Executive Director,Smt.Vijayalaxmi A Poddar -Executive Director, Shri Arvind Poddar- Director, Shri Ashok Jalan Sr.President & Director.

(b) Relatives of Key Management Personnel (KMP) :

Smt.Ashadevi R. Poddar, Smt. Vibha S. Poddar, Shri Gaurav Poddar, Shri Abhishek Poddar

(c) Other Related Parties (Enterprises - KMP having signifcant infuence / Owned by Major Shareholders) Balkrishna Synthetics Ltd., Govind Rubber Ltd., S.P.Investrade (I) Ltd., Sanchana Trading & Finance Ltd., S.P. Finance & Trading Ltd. Santigo Textile Mills (P) Ltd., Balgopal Holdings and Traders Ltd, Oxemberg Fashion Ltd., Beetee Textile Industries Ltd., Futuristic Concepts Media Ltd.,Vishal Furnishing Ltd., Fabwear Garments,Poddar Bio Diesel Pvt Ltd.,Poddar Brothers Investment Pvt. Ltd. Balkrishna Paper Mill Ltd,GRL International Ltd.,Balkrishna Inds.Ltd.,Seeom Fabrics Ltd.,Image Commercial Pvt. Ltd.

5) The activities of the Company relate to only one Segment i.e. Textiles.

6) Leases - Operating Leases.

i) The Company has taken various residential / commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry.

ii) During the year the Company has given on non-cancellable operating leases commercial premises, the cost of which Rs.861.22 Lacs( Previous year Rs.821.30 Lacs) and the accumulated depreciation of Rs.255.46 Lacs (Previous year Rs.222.72 lacs) are included under Fixed Assets Schedule.

The depreciation provided on the above Assets in the Profit and Loss Account for the year is Rs.24.55 Lacs (Previous year Rs. 26.36 lacs).

7) Figures in brackets in these notes are in respect of previous year.

8) Figures of previous year have been regrouped/rearranged, wherever necessary.


Mar 31, 2010

(Rs. In Lacs)

Current Year Previous Year

1) Contingent Liabilities in respect of:

a) Guarantees given by the Companys bankers on behalf of the Company 607.95 363.53

b) Disputed claims for excise and sales tax 51.52 21.54

Current Year Previous Year

c) Custom Duty which may arise if obligation for export is not fulfilled. 69.00 33.52

d) Income tax Demand,interest & penalty under dispute 361.80 105.57

e) Claims against the Company not acknowledge as debt State Government subsidy. - 172.51

The estimates of rate of escalation in salary considered in actuarial valuation,taking into account inflation, seniority, promotion and other relevent factors including supply and demand in the employment market. The above information is certified by the actuary. The expected rate of return on plan assets is determined considering several applicable factors mainly, the composition of plan assets held,assessed risks,historical results of return on plan assets and the Companys policy for plan asset management.

2) The demand raised by the State government due to closure of Murbad unit has been settled and net amount of Rs.61.10 Lacs has been paid during the year.

3) Demand in respect of TDS payable on account of the survey in the previous year has been settled and the net demand of Rs.0.71 Lacs has been paid during the year.

4) Related Party disclosures :

As per Accounting standard 18, the disclosures of transactions with the related parties as defined in the Accounting standard are given below. List of related parties were control exists and related parties with whom transactions have taken place and relationships:

(a) Key Management Personnel (KMP):

Shri Dharaprasad R. Poddar - Chairmain, Shri Ramesh D. Poddar - Vice Chairman & Managing Director, Shri Pawan D. Poddar - Jt. Managing Director, Shri Shrikishan D.Poddar - Executive Director, Smt.Vijayalaxmi A. Poddar-Executive Director, Shri Ashok Man Sr.President & Director, Shri Arvind Poddar - Director.

(b) Relatives of Key Management Personnel (KMP):

Smt. Ashadevi R. Poddar, Smt. Vibha S. Poddar, Shri Harshit S. Poddar, Shri Gaurav Poddar, Smt. Megha A. Poddar, Shri Shrikishan D. Poddar, Shri Abhishek S. Poddar,

(c) Other Related Parties (Enterprises - KMP having significant influence / Owned by Major Shareholders Balkrishna Synthetics Ltd. ,Govind Rubber Ltd., S. P. Investrade (India) Ltd., Sanchana Trading & Finance Ltd., S.P.Finance& Trading Ltd., Santigo Textile Mills Pvt. Ltd., Balgopal Holdings and Traders Ltd, Oxemberg Fashions Ltd., Beetee Textile Industries Ltd., Futuristic Concepts Media Ltd., Vishal Furnishings Ltd., Fabwear Garments, Poddar Bio Diesel Pvt. Ltd., Poddar Brothers Investment Pvt. Ltd. Balkrishna Paper Mills Ltd, GRL International Ltd, Balkrishna Inds Ltd.,

5) The activities of the Company relate to only one Segment i.e. Textiles.

6) Leases - Operating Leases.

i) The Company has taken various residential / commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry.

ii) During the year the Company has given on non-cancellable operating leases commercial premises, the cost of which Rs. 821.30 Lacs( Previous year Rs. 828.22 Lacs) and the accumulated depreciation of Rs. 222.72 Lacs (Previous year Rs. 246.76 lacs) are included under Fixed Assets Schedule.

The depreciation provided on the above Assets in the Profit and Loss Account for the year is Rs. 26.36 Lacs (Previous year Rs. 26.52 lacs).

m) Amounts remitted during the year in Foreign Currency on account of Dividend.

The Company has not made remittances in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittance in foreign currencies on account of dividends have been made by or on behalf of Non-resident shareholders. The particulars of dividend paid to Non-resident shareholders are as under.

7) Figures in brackets in these notes are in respect of previous year.

8) Figures of previous year have been regrouped/rearranged, wherever necessary.



 
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