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Notes to Accounts of Solitaire Machine Tools Ltd.

Mar 31, 2015

1. EXTRAORDINARY ITEMS

Extra Ordinary item includes prior year expenses amounting to Rs.761,264/- ( Rs.366,685/-)

2 Company is contingently liable in respect of:

a) Penalty Levied by DGFT of Rs. 23 Lacs (Net of advance) (Previous year- Rs. 23 Lacs) and contested in appeal, vide WP No.1957 of 2000 pending at Delhi High Court.

b) Income Tax Demand under dispute and contested under appeal:

A.Y.2006-07 -Penalty Rs. Nil /- ( Previous year Rs. 8,00,000/-)

c) Bank Guarantees Current year Rs. Nil/-( P.Y Rs. 15,32,000/-)

d) There is a dispute regarding demand raised by Excise and Custom Department (CEGAT) of Rs. 3,54,036/- (Previous year Rs. 3,54,036/-) which is being contested on Order No. D/827/97 of Rs. 3,54,036/- dt. 14.08.1997. Amount has been paid against thereof as advance under protest and reflected under Non-Current Assets.

3 Related Party Disclosures have been set out as below. The related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the company.

a) Names of Related Parties and description of Relationship:

1) Subsidiaries : Shruchi Manufacturing Limited JBS Machinery Corporation

2) Associates : Adventure Advertising Private Limited Metal Perforation Private Limited.

3) Key Management

Personnel : Mr. A.J. Sheth - Chairman & Managing Director Mr. H.J. Badani-Vice Chairman & Managing Director Mr. Harsh Badani- Whole Time Director

4) Relatives of Key Management Smt. Jyoti P. Sheth - Wife of Chairman Emeritus Personnel and Associates

5) Chairman Emeritus Mr. P.J. Sheth

4 The Company has no reportable segment. Accordingly, pursuant to Accounting Standard (AS-17) on segment reporting issued by the institute of Chartered Accountant of India, segmental information is not required to be provided.

5 Sundry Creditors, Sundry Debtors, Loans and Advances are subject to confirmation.

6 The Company has no information as to whether any of its suppliers constitute small-scale industrial undertakings and therefore, the amount due to such suppliers has not been identified.

7 The company has not received any intimation from " suppliers" regarding their status under the Micro Small and Medium Enterprises Development Act; 2006 and, hence, disclosure, if any relating the amounts un paid as at 31st March,2015 together with interest paid and payable are required under the said Act have not been given.

8 A. Gratuity

The company's obligations towards the gratuity Fund is a Defined Benefit Plan. Every employee who has completed a continuous period of five years or more of services gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in form of a qualifying insurance policy.

The estimates of future salary increases, considered in actuarial variation, take account of inflation, seniority promotion and other relevant factors ,such as supply and demand in the employment market.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

9 There are no amounts due and outstanding, to be credited to Investor Education and Protection Fund.

10 Previous Year's figures have been regrouped / re-arranged wherever deemed necessary so as to make them comparable and figures are stated to the nearest rupee.


Mar 31, 2014

1. COMPANY IS CONTINGENTLY LIABLE IN RESPECT OF:

a). Penalty Levied by DGFT of Rs. 23 Lacs (Net of advance) (Previous year- Rs.23 lacs) and contested in appeal, vide WP No.1957 of 2000 pending at Delhi High Court.

b). Income Tax Demand under dispute and contested under appeal A.Y.2006-07-Penalty Rs.800,000/- (Previous year Rs. 800,000)

c) Bank Guarantees issued Rs.1,532,500/- (P.Y Rs.910,200/-)

d) ESIC Demand under dispute Rs. Nil/- (P.Y. 525,694/-)

2. Related Party Disclosures have been set out as below. The related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the companv.

A) NAMES OF RELATED PARTIES AND DESCRIPTION OF RELATIONSHIP:

1). Subsidiaries : Shruchi Manufacturing Limited JBS Machinery Corporation

2). Associates : Adventure Advertising Private Limited Metal Perforation Private Limited.

3). Key Management Personnel : Mr. A J. Sheth - Chairman & Managing Director Mr. H.J. Badani -Vice Chairman & Managing Director Mr. Harsh Badani - Whole Time Director

4). Relatives of Key Management Smt. Jyoti P. Sheth - Wife of Chairman Emeritus Personnel and Associates

5). Chairman Emeritus Mr. P.J. Sheth

3. The Company has no reportable segment. Accordingly, pursuant to Accounting Standard (AS-17) on segment reporting issued by the institute of Chartered Accountant of India, segmental information is not required to be provided.

4. The company has not reported liabilities of Gratuity which is a defined benefit plan in accordance with Accounting Standard 15 issued by Institute of Chartered Accountants of India as it is covered under Group Gratuity Scheme of Life Insurance Corp. of India.

5. There is a dispute regarding demand raised by Excise and Custom Department (CEGAT) of Rs. 3,54,036.00 ( Previous year Rs. 3,54,036/-) which is being contested on Order No. D/827/97 of Rs.3,54,036.00 dt. 14.08.1997. Amount has been paid against thereof as advance under protest.

6. Sundry Creditors, Sundry Debtors, Loans and Advances are subject to confirmation.

7. The company has not received any intimation from " suppliers" regarding their status under the Micro Small and Medium Enterprises Development* Act 2896 and, hence, disclosure, if any the awaits un paid as at 31st March,2OT4 together with interest paid and ratable are required under the said Act have not been gain.

8. There are no amounts due and outstanding, to be credited to and Protection Fund.

9. The Accounts sf Subsidiary Companies have not been consolidated in the Financial Statements of the Company, as the amounts involved are not material

10. Previous Year’s figures have been regrouped / rearranged wherever Jetmore necessary so as to make them comparable and figures.


Mar 31, 2013

The Company declares and pays dividends 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.

The Board of Directors, in their meeting on 04-5-2013 proposed a dividend of Rs.0.75 per equity share. The proposal is subject to the approval of share holders at their Annual General Meeting to be held on The total dividend appropriation for the year ended 31st March, 2013 amounted to Rs. 3,959,273/-including corporate dividend tax of Rs. 552,641/- During the year ended March, 31, 2012 the amount per share dividend recognised as distributions to equity share holders was Rs. 1.50. The total dividend appropriation for the year ended March 31, 2012 amounted to Rs.7,918,717/- including corporate dividend tax of Rs.1,105,453/-.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

1 Extra-ordinary item includes prior years gratuity contribution to LIC Group Gratuity Scheme Rs.Nil (P.Y. Rs.836,724/-) prior years listing fees to Baroda Etock Exchange Nil (P.Y.Rs.34759/-) penalty towards compounding u/s 297 Rs.Nil (P.Y,Rs,150,000/-)

2 Company is contingently liable in respect of:

a). Penalty Levied by DGFT of Rs. 23 Lacs (Net of advance) (P.Y. Rs.23 lacs) and contested in appeal, vide WP No. 1957 of 2000 pending at Delhi High Court.

b). Income Tax Demand under dispute and contested under appeal:

A.Y.2006-07-Penalty Rs.800,000/- ( P.Y. Rs. 800,000)

c). Bank Guarantees issued Rs.910,200/-( P.Y Rs.3,615,000)

d). ESIC Demand under dispute Rs.525,694/-(P.Y. Rs. NIL)

3 Related Party Disclosures have been set out as below. The related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the company.

* Figures in Brackets are of previous year.

4 The Company has no reportable segment. Accordingly, pursuant to Accounting Standard (AS-17) on segment reporting issued by the institute of Chartered Accountant of India, segmental information is not required to be provided.

5 The company lias not reported liabilities of Gratuity which is a defined benefit plan in accordance with Accounting Standard 15 issued by Institute of Chartered Accountants of India as it is covered under Group Gratviity Scheme of Life Insurance Corp. of

6 There is a dispute regarding demand raised by Excise and Custom Department ( CEGAT) of Rs. 354,036.00 ( P. Y. Rs. 354,036/-) which is being contested on Order No. D/827/97 of Rs.354,036.00 dt. 14.08.1997. Amount has been paid against thereof as advance under protest.

7 Sundry Creditors, Sundry Debtors & Loans and Advances are subject to confirmation.

8 The Company has no information as to whether any of its suppliers constitute small-scale industrial undertakings and therefore, the amount due to such suppliers has not been identified.

9 The company has not received any intimation from " suppliers" regarding their status under the Micro Small and Medium Enterprises Development Act; 2006 and, hence, disclosure, if any relating the amounts un paid as at 31st March,2012 together '' with interest paid and payable are required under the said Act have not been given.

10 There are no amounts due and outstanding, to be credited to Investor Education and Protection Fund.

11 The Accounts of Subsidiary Companies have not been consolidated in the Financial Statements of the Company, as the amounts involved are not material.

12 Previous Year''s figures have been regrouped / re-arranged wherever deemed necessary so as to make them comparable and figures are stated to the nearest rupee.


Mar 31, 2012

The previous period figures have been regrouped/reclassified, wherever necessary to conform to the current presentation.

The Company has only one class of shares referred to as equity shares having a par value of "10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends 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.

The Board of Directors, in their meeting on 28-4-2012proposed a dividend of Rs. 1.50 per equity share. The proposal is subject to the approval of share holders at their Annual General Meeting to be held on 31-5-12. The total dividend appropriation for the year ended 31st March, 2012 amounted to Rs.79,18,717/-including corporate tax of Rs 11.05.453/-

During the year ended March, 31, 2011 the amount per share dividend recognised as distributions to equity share holders was Rs. 1.00. The total dividend appropriation for the year ended March 31, 2011 amounted to Rs. 52,96,631/- including corporate dividend tax of Rs.7,54,455/-.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be inproportion to the number of equity shares held by the shareholders.

1.1 Related Party Disclosures have been set out as below. The related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the company.

1.2 The Company has no reportable segment. Accordingly, pursuant to Accounting Standard (AS-17) on segment reporting issued by the institute of Chartered Accountant of India, segmental information is not required to be provided.

1.2 The company has not reported liabilities of Gratuity which is a defined benefit plan in accordance with Accounting Standard 15 issued by Institute of Chartered Accountants of India as it is covered under Group Gratuity Scheme of Life Insurance Corp. of India.

1.3 There is a dispute regarding demand raised by Excise and Custom Department (CEGAT) of Rs. 3,54,036.00 (Previous year Rs. 3,54,036/-) which is being contested on Order No. D/827/97 of Rs.3,54,036.00 dt. 14.08.1997. Amount has been paid against thereof as advance under protest.

1.4 Sundry Creditors, Sundry Debtors, Loans and Advances are subject to confirmation.

1.5 The Company has no information as to whether any of its suppliers constitute small-scale industrial undertakings and therefore, the amount due to such suppliers has not been identified.

1.6 The company has not received any intimation from " suppliers" regarding their status under the Micro Small and Medium Enterprises Development Act; 2006 and, hence, disclosure, if any relating the amounts un paid as at 31st March,2012 together with interest paid and payable are required under the said Act have not been given.

1.7 There are no amounts due and outstanding, to be credited to Investor Education and Protection Fund.

1.8 The Accounts of Subsidiary Companies have not been consolidated in the Financial Statements of the Company, as the amounts involved are not material.

1.9 Previous Year's figures have been regrouped / re-arranged wherever deemed necessary so as to make them comparable and figures are stated to the nearest rupee.


Mar 31, 2011

1). Company is contingently liable in respect of:

a). Penalty Levied by DGFT of Rs. 23 Lacs (Net of advance) (Previous year- Rs.23 lacs) and contested in appeal, vide WP No. 1957 of 2000 pending at Delhi High Court.

b). Income Tax Demand under dispute and contested under appeal: A.Y.2006-07 Rs.215,571/- (Previous year Rs.215,571) A.Y.2007-08 Rs. 192,840/-(Previous Year Rs. 192,480)

c). Bank Guarantees issued Rs.1,51,62,226

2). There is a dispute regarding demand raised by Excise and Custom Department (CEGAT) of Rs. 354,036 ( Previous year Rs. 3,54,036/-) which is being contested on Order No. D/827/97 of Rs.354,036 dt. 14.08.1997. Amount has been paid against thereof as advance under protest.

3) The Company has no reportable segment. Accordingly, pursuant to Accounting Standard (AS-17) on segment reporting issued by the institute of Chartered Accountant of India, segmental information is not required to be provided.

4). The company has not reported liabilities of Gratuity which is a defined benefit plan in accordance with Accounting Standard 15 issued by Institute of Chartered Accountants of India as it is covered under Group Gratuity Scheme of Life Insurance Corp. of India.

5). Related Party Disclosures have been set out as below. The related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the company.

a) Names of Related Parties and description of Relationship:

1). Subsidiaries : Shruchi Marketing Limited

JBS Machinery Corporation

2). Associates : Adventure Advertising private Limited

Metal Perforation Private Limited.

3). Key Management

Personnel ShriA.J.Sheth - Chairman & Managing Director

ShriH.J.Badani - Vice Chairman & Managing Director

Shri Harsh Badani - Whole Time Director

4). Relatives of Key Management Smt. Jyoti P. Sheth -Wife of Chairman Emeritus

Personnel and Associates

5). Chairman Emeritus Shri P. J. Sheth

6). Sundry Creditors, Sundry Debtors, Loans and Advances are subject to confirmation.

7). The Company has no information as to whether any of its suppliers constitute small-scale industrial undertakings and therefore, the amount due to such suppliers has not been identified.

8). The company has not received any intimation from "suppliers" regarding their status under the Micro Small and Medium Enterprises Development Act; 2006 and, hence, disclosure, if any relating the amounts un paid as at 31st March,2011 together with interest paid and payable are required under the said Act have not been given.

9). There are no amounts due and outstanding, to be credited to Investor Education and Protection Fund.

10). The Accounts of Subsidiary Companies have not been consolidated in the Financial Statements of the Company, as the amounts involved are not material.

11). Previous Years figures have been regrouped / re-arranged wherever deemed necessary so as to make them comparable and figures are stated to the nearest rupee. 17). Balance Sheet abstract and Companys general business profile as required in Part IV of Schedule VI of the Companies Act, 1956 is appended herein below; 18). Bankers of the Company M/s Axis Bank Ltd. has appointed Mr.Prakash Bhavsar, Govt Approved Valuer towards valuation of Land & Building of the Company. The Valuation of Land & Building as per his Report is as on 15/02/2011 Rs.11,38,00,000/-


Mar 31, 2010

1). Company is contingently liable in respect of:

a). Penalty Levied by DGFT of Rs. 23 Lacs (Net of advance) ( Previous year- Rs.23 lacs) and contested in appeal, vide WP No. 1957 of 2000 pending at Delhi High Court.

b). Income Tax Demand under dispute and contested under appeal: A.Y.2006-07 Rs.215571/- (Previous year Rs.215571) A.Y.2007-08 Rs. 192840/- (Previous Year Rs. Nil)

2). There is a dispute regarding demand raised by Excise and Custom Department ( CEGAT) of Rs. 354,036.00 ( Previous year Rs. 354036/-) which is being contested on Order No. D/827/97 of Rs.354,036.00 dt. 14.08.1997. Amount has been paid against thereof as advance under protest.

3) The Company has no reportable segment. Accordingly, pursuant to Accounting Standard (AS-17) on segment reporting issued by the institute of Chartered Accountant of India, segmental information is not required to be provided.

6). The company has not reported liabilities of Gratuity which is a defined benefit plan in accordance with Accounting Standard 15 issued by Institute of Chartered Accountants of India as it is covered under Group Gratuity Scheme of Life Insurance Corp. of India

7). Related Party Disclosures have been set out as below. The related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the company.

9). Sundry Creditors, Sundry Debtors, Loans and Advances are subject to confirmation.

10). The Company has no information as to whether any of its suppliers constitute small-scale

industrial undertakings and therefore, the amount due to such suppliers has not been identified.

11). The company has not received any intimation from " suppliers" regarding their status under the Micro Small and Medium Enterprises Development Act; 2006 and, hence, disclosure, if any relating the amounts un paid as at 31st March,2010 together with interest paid and payable are required under the said Act have not been given.

12). There are no amounts due and outstanding, to be credited to Investor Education and Protection Fund.

13). The Accounts of Subsidiary Companies have not been consolidated in the Financial Statements of the Company, as the amounts involved are not material.

15). Additional information pursuant to the provisions of paragraphs 3, 4(C) and 4(D) of Part II of the Schedule VI of the companies Act, 1956:

16). Previous Years figures have been regrouped / re-arranged wherever deemed necessary so as to make them comparable.

17). Balance Sheet abstract and Companys general business profile as required in Part IV of Schedule VI of the Companies Act, 1956 is appended herein below;

 
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