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Notes to Accounts of Somi Conveyor Beltings Ltd.

Mar 31, 2015

1. PNB Demand Loan against FDR is secured against FDR.

2. PNB Car Loan is secured against new Santa Fee Car Purchased

3. BMW Car Loan is secured against new BMW Car Purchased

4. Buyers Credit is taken for purchase of New Steel Plant installed during the year and it is secured against New Steel Cord Plant.

5. HDFC Car Loan is secured by way of Hypothecation of Car.

6. Working Capital Loan is secured by way of Hypothecation of Current Assets present and future including entire stocks, raw materials, consumable stores and spares, finished goods and book debts.

7. Other payables comprises of creditors for expenses and statutory dues.

The gross block of Fixed Assets includes Rs. 54456021 on account of revaluation of Land as at 15.02.2006 (Rs. 32000000), 16.02.2006 (Rs. 6693991), 26.03.2010 (Rs. 15762030).

Price Adjustment is made during the year on account of Creditors for Capital Expenditure of Rs.12796341.00

During the year New Plant has been installed on which Borrowing Cost has been capitalized of Rs. 1212812.00 as per AS-16.

During the Year Depreciation is calculated as per Schedule II of companies Act and Depreciation on opening value is taken on retrospective basis and difference is Rs.1202.

8. Unbilled Revenue comprises of Advance to raw material suppliers and Advance against factory expenses.

9. Other Operating Income comprises of income from Duty Drawback .

10. Interest income comprises of interest receivable on FDR of Rs.6572323 (Previous Year Rs. 1829305) & Interest received on deposit to JVVN of Rs.123681 (Previous Year Rs. 126380) and other Interest.

11. Other Income includes discount received and insurance Claim of Rs. 1853763.

12. As per Accounting Standard 15 "Employee Benefits" the disclosures as defined in the Accounting Standard are given below:

Defined Contribution Plans

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:

Employer's contribution to Provident

Fund 220775 213694

Defined Benefit Plans

The employee's gratuity scheme managed by LIC is a defined as benefit plan. The present value of obligation is on actuarial valuation using the Projected Unit Credit Method, which recognises each period of services as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

13. RELATED PARTY DISCLOSURES:

(i) S.N. Name of the Related Party Relationship

1 Mr. O.P. Bhansali

2 Mr. Vimal Bhansali

3 Mr. Gaurav Bhansali Key Managerial Personnel (KMP)

4 Mr. Manish Bohra

5 Mr. Amit Baxi

6 Ms. Om Kumari Bhansali

7 Ms. Priya Bhansali

8 Ms. Anita Bohra Relative of Key Managerial Personnel (RKMP)

9 Ms. Ruchi Bhansali

10 Ms. Madhu Mehta

11 M/s Oliver Micon Inc.

12 M/s Earth Movers enterprises

13 OM Prakash Bhansali HUF KMP/RKMP exercise significant influence

14 Vimal Bhansali HUF

15 Gaurav Bhansali HUF

16 M/s Ghunguru Hotels & Resorts Ltd.

14. CONTINGENT LIABILITIES AND COMMITMENTS Rs. (In Lakhs)

(i) Guarantees

Performance Guarantees 770.34 749.00

Financial Guarantee 62.41 84.84

Guarantee against Buyer's Credit 1948.55 373.24

(ii) Letter of credit 364.14 73.60

As Per Section 135 of Companies Act 2013 Corporate Social Responsibility Committee has been formed by

15. the company.

Provision for the CSR has been made in books of accounts but no expenditure is made out of the fund during the year.

16. LITIGATIONS

a. M/s Nawa Engineers & Consultants Pvt Ltd is client of Somi Conveyor Beltings Ltd. Client has issued cheque in favour of Somi Conveyor Beltings Limited on 16.10.2014 of Rs 200000.00 which was dishonour and Company has sued under section 138 of Negotiable Instrument Act, 1881 in the Court of the Honourable XVII ADDL Chief Metropolitan Magistrate at Hyderabad.

b. M/s OSM Projects Pvt Ltd is client of Somi Conveyor Beltings Ltd. Client has issued cheque in favour of Somi Conveyor Beltings Limited on 06.10.2012 of Rs 766364.00 which was dishonoured Twice and Company has sued under section138 of Negotiable Instrument Act, 1881 in the Jodhpur Court .

c. M/s Somi Conveyor Beltings Ltd has made Purchased Order of Zinc Oxide Dated 25.10.2012 at 99.70% Purity. Purchase Order Qty 16 9 Ton. Company has received goods on 10.11.2012 Bill No 123 of 9 Ton. Company has Tested and found on 54% Purity instead of 99.70%. Company has rejected the goods and send Letter on 22.11.2012. Again 16 Ton received of Low Quality. So Company send 16 Ton Immidately but 9 tons are remained with Company. Company has send the Legal notice to M/s Falcon Chemox Pvt. Ltd. on 12.04.2013

17. The Company is in the process of identifying Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium development Act, 2006. Hence, disclosure relating to amounts unpaid as at the year end together with interest payable thereon has not been given.


Mar 31, 2014

1.1 Leave Encashment given by company is not retirement benefit but it is encashed in every year.

1.2 As per Accounting Standard 15 "Employee Benefits" the disclousures as defined in the Accounting Standard are given below:

Defined Contribution Plans

Contribution to Defined Contribution Plans, recongnised as expense for the year is as under :

Employer''s contribution to Provident Fund 213694 246750

Defined Benefit Plans

The employee''s gratuity scheme managed by LIC is a defined benefit plan. The present value of obligation on actuarial valuation using the Projected Unit Credit Method, which recongnises each period of services as giving rise to additional unit of employees befefit entitlement and measures each unit separately to build up the final obligation.

1.3 Excess Provision on account of Quantity made due to technical error amounting to Rs. 937157, now Written Back.

2. RELATED PARTY DISCLOSURES :

(i) S.N. Name of Related Party Relationship

1. O.P. Bhansali

2. Vimal Bhansali

3. Gaurav Bhansali Key Managenal Personnel (KMP)

4. Om Kumari Bhansali

5. Priya Bhansali

6. Ruchi Bhansali

7. Madhu Mehta Relative of Key Managerial Personnel (RKMP)

8. Oliver Micon Inc.

9. Earth Movers Enterprises 10.Om Prakash Bhansali HUF

11. Vimal Bhansali HUF

12. Gaurav Bhansali HUF

13. Ghunguru Hotels & Resorts Ltd. KMP/RKMP exercise significant influence

3. CONTINGENT LIABILITIES AND COMMITMENTS Rs. (In Lakhs) Current Year Previous Year Amount Rs Amount Rs

(i) Claims against company disputed liabilities

Entry Tax Demand 4.59 4.59

(ii) Guarantees

Performance Guarantees 749.00 617.51

Financial Guarantee 84.84 4.76

Guarantee against Buyer''s Credit 373.24 531.07

(iii) Letter of credit 73.60 307.23

4. The Company is in the process of identifying Micro, Small and Medium Enterprises as defined under the Micro, Small Medium development Act, 2006. Hence, disclousure relating to amounts unpaid as at the year end together with interest payable thereon has not been given.


Mar 31, 2013

1.1 Other Operating Income comprises of Income from DEPB License (export incentive) & Duty Drawback.

2.1 Interest income comprises interest receivable on FDR of Rs. 1841995 (Previous Year Rs. 1193823) & interest received on deposit to JWN of Rs. 128028 (Previous Year Rs, 78522J.

2.2 Other income includes discount received, Sales Tax Subsidy received of Rs. 1237415 and insurance Gfaim of Rs. 302662.

3.1 Leave Encashment given by company is not retirement benefit but it is encashed in every year,

3.2 As per Accounting Standard 15 "Employee Benefits''1 the disclosures as defined in the Accounting Standard are given below:

4. CONTINGENT LIABILITIES AND COMMITMENTS

Rs, (In Lakhs)

(i) Cfaims against company disputed liabilities

Entry Tax Demand 2.66 2.66

(ii) Guarantees

Performance Guarantees 67.81 182.04

Financial Guarantee 4.76 54.88

Guarantee against Buyer''s Credit 531.07 531 07

(iii) Letter of credit 307.23 127.73

5 The Company is in the process of identifying Micro, Small and Medium Enterprises as defined under the Micro, Small Medium development Act, 2006, Hence, disclousure relating to amounts unpaid as at the year end together with interest payabfe thereon has not been given.


Mar 31, 2012

1.1 Un billied Revenue comprises of Advance to raw material suppliers and Advance against factory expenses

1.2 Share issue expenses not written off are to be written off within 12 months.

2.1 Other Operating Income comprises of income from DEPB License (export incentive).

3.1 Interest income comprises interest receivable on FDR of Rs. 1193823 (Previous Year Rs. 359819) received on deposit to JWN of Rs. 78522 (Previous Year Rs. 56138).

3.2 Other income includes discount received and insurance claim received of Rs. 466816 during the year.

4.1 Leave Encashment given by company is not retirement benefit but it is encashed in every year.

4.2 As per Accounting Standard 15 "Employee Benefits" the disclousures as defined in the Accounting Standard are given below:

Defined Contribution Plans

Contribution to Defined Contribution Plans, recongnised as expense for the year is as under:

Employer's contribution to Provident Fund 270316 170439

Defined Benefit Plans

The employee's gratuity scheme managed by LIC is a defined benefit plan. The present value of obligation on actuarial valuation using the Projected Unit Credit Method, which recongnises each period of services as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

5. CONTINGENT LIABILITIES AND COMMITMENTS Rs (In Lakhs)

(i) Claims against company disputed liabilities

Entry Tax Demand 2.66 2.66

(ii) Guarantees

Performance Guarantees 182.04 742.64

Financial Guarantee 54.88 -

Guarantee against Buyer's 531.07

(iii) Letter of credit 127.73 155.96

6. The Company is in the process of identifying Micro, Small and Medium Enterprises as defined under the Micro, Small Medium Deveiopment Act,2006. Hence, disclousure relating to amounts unpaid as at the year together with interest payable thereon has not been given.


Mar 31, 2010

1. WORKING CAPITAL

The Working capital facilities amounting to Rs. 750 lacs {previous year Rs. 600.00 Lacs) have been sanctioned by bank and are secured by hypothecation of stocks, spares and book debts.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR;

31.03.2010 31.03.2009

Letters of Credit 17219379.00 9916560.00

Bank Guarantees 16641000.00 8880159.00

3. FOREIGN CURRENCY TRANSACTION

The amount of exchange rate difference in respect of foreign currency transactions has been recognised in the Profit and Loss Account amounting to Rs. 249129.00 (previous year Rs. (175635.00)).

4. PRE OPERATIVE EXPENSES

Company has made expenditure on new project to the tune of Rs. 147.99 lacs in last year. Company has amortised Rs. 2959898.00 (l/5th of Rs. 147.99 lacs), which is recognized in Profit & Loss A/c.

5. CASH AND CASH EQUIVALENTS

Cash and cash equivalents in the cash flow statement comprises of cash at bank, cash in hand and liquid investments as per AS-3 on cash flow statement.

6. CAPITAL WORK-IN-PROGRESS

In respect of supply-cum-erection, the value of supplies received at site and accepted is treated as Capital Work-in- Progress.

Incidental Expenditure during construction (net) including corporate office expenses for the year is apportioned to capital Work-in-Progress on the basis of accretion thereto.

7. The company has reported a profit to the tune of Rs. 49.95 Lacs on account of surplus and unused land disposed off during the year, which has been included in Other Income head of Profit & Loss A/c.

8. The company is in the process of identifying Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium enterprises Development Act, 2006. Hence disclosure relating to amounts unpaid as at the year end together with interest payable thereon has not been given.

9. Previous years figures have been re-cast, regrouped and re-arranged wherever considered necessary to make them comparable.

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