Home  »  Company  »  Wendt India  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Wendt India Ltd.

Mar 31, 2016

Note 1. (iii)

Rights, Preferences and Restrictions attached to shares

The Company has only one class of equity shares with voting rights (one vote per share). The dividends proposed by the Board of directors is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the equity shareholders are entitled to receive only the residual assets of the Company. The distribution of dividend is in the proportion to the number of equity shares held by the shareholders.

2.(11) SEGMENT DISCLOSURE

A) PRIMARY SEGMENT INFORMATION

Notes on Segment Information

3) The Company is organized into two main business segments, namely :

a) Super Abrasives and b) Machines, Accessories and Components.

The above segments have been identified taking into account the organization structure as well as the differing risks and returns of these segments. The Company has identified business segments as its primary segments.

4) Segment Assets and Segment Liabilities of the Company''s business have not been identified to any reportable segment, as these are used interchangeably between segments and hence segment disclosure relating to capital employed has not been given.

5.(13) Operating leases

a) The Company is obligated under cancelable operating leases towards residential accommodation, which are renewable at the option of both the lessor and the lessee. Total rental expense debited to the Statement of Profit and Loss under cancelable operating leases amounts to Rs. 14.10lacs. (Previous year: Rs 12.00 lacs).

There are no sub-lease payments received/receivable recognized in the statement of profit and loss. Also, there are no contingent rents payable and there are no restrictions imposed by lease agreements such as those concerning dividends and additional debt.

b) The Company has leased out a portion of its factory building to a related party.

The lease agreement is for a period of 24 months and can be terminated by either party by giving one month notice.

6.(18)DETAILS OF ACQUISITION OF BUSINESS DURING THE YEAR

The Company has acquired the "Diamond Tool" business from Star Diamond Tools Private Limited at a consideration of Rs. 250 lacs, under slump sale on 29th March, 2016. The business transfer agreement excluded the immovable property, fixtures & fittings located at the factory, vehicles, cash and bank balance and computers and software of the seller company. Pending installation of the tangible assets and registration of the intangible assets as on March 31, 2016, the company has classified the assets under the head "Capital Work-in-Progress". The inventories have been included undercurrent assets.

7.(19)Previous year''s figures have been regrouped / reclassified wherever necessary to make them comparable with the current year''s classification /disclosure.


Mar 31, 2015

NOTE No.1

A COMPANY OVERVIEW

Wendt (India) Limited was incorporated on August 21st 1983 under the provisions of the erstwhile Companies Act,1956, and is a joint venture between Wendt GmbH Germany and Carborundum Universal Limited, India. Wendt (India) Limited is a leading manufacturer of Super Abrasives, High precision Grinding, Honing and Special Purpose Machines and High Precision components. The Company's registered office is in Bangalore and factory is situated in Hosur, Tamilnadu.

NOTE 2 - SHARE CAPITAL (Rs. in lacs)

Note 2 (iii)

Rights, Preferences and Restrictions attached to shares

The Company has only one class of equity shares with voting rights (one vote per share). The dividends proposed by the Board of directors is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the equity shareholders are entitled to receive only the residual assets of the Company. The distribution of dividend is in the proportion to the number of equity shares held by the shareholders.

NOTE

(a) The unclaimed dividend of Rs. 30.14 lacs represents those relating to the years 2007-08 to 2013-2014 and no part thereof has remained unpaid or unclaimed for a period of seven years from the date they became due for payment requiring transfer to the Investor Education and Protection Fund.

Note (i) :-Balance with banks includes Rs.10.52 lacs as deposits with remaining maturity of more than 12 months from the balance sheet date

Note (i)

The above excise duty relates to difference between the opening and closing stock of finished goods. The excise duty shown as deduction from sales in the statement of profit and loss represents excise duty on sales during the year.

Note - 3

NOTES FORMING PART OF THE FINANCIAL STATEMENTS ADDITIONAL INFORMATION TO FINANCIAL STATEMENTS

31.03.2015 31.03.2014

1 Contingent Liability and commitments to the extent not provided for:

1A Contingent Liabilities

a) Claims against the Company not acknowledged as debt: Disputed income 59.32 59.32 tax demands under appeal

The Company has received favourable orders from the Income Tax Appellate Tribunal (ITAT), in respect of two assessment years. In respect of one assessment year, the Company has received a favourable order from Commissioner of Income Tax - Appeals (CIT-A), but the order giving effect to the ITAT and CIT -A order is yet to be received by the Company.

The said amounts have been arrived at based on the assessment orders received from the relevant authority. Outflows, if any, arising out of this claim would depend on the outcome of the decision and the Company's rights for further appeal before the Judiciary.

1B Commitments

a) Estimated amount of contracts remaining to be executed on capital account 319.83 437.35

(in respect of tangible assets) and not provided for (net of advances Rs.40.39 lacs; previous year Rs.18.74 lacs)

b) Other Commitments

2 The Company has a working capital limit - - with State Bank of India, secured by hypothecation of stock and book debts and collateral charge on all fixed assets other than land and building. However, the Company has not utilized the said facility during the current / previous year.

3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Particulars 31.03.2015 31.03.2014

(I) Principal amount remaining unpaid to any supplier as at the end of the accounting year 45.60 43.22

(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year - -

(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day - -

(iv) The amount of interest due and payable for the year - -

(v) The amount of interest accrued and remaining unpaid at the end of the accounting year - -

(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid - -

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

4 During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1,2014, the Company has revised the depreciation to align to the useful life with those assets specified in Schedule II

The details of previously applied depreciation method, rate / useful life are as follows:

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1,2014, and has adjusted an amount of Rs. 125.85 lacs (net of deferred tax of Rs. 64.80 lacs) against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

The depreciation expense in the Statement of Profit and Loss for the year is higher by Rs. 260.20 lacs consequent to the change in the useful life of the assets.

5. Employee Benefits I Defined Contribution Plans

During the year, the Company has recognized the following amounts in the Statement of Profit and Loss:

The estimate of future salary increases considered in actuarial valuation, is in respect of salary on which gratuity is payable and takes account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

A) Change in Present Value of Obligation :-

* The details with respect to the composition of investments in the plan assets have not been disclosed in the absence of the aforesaid information. Further, details of experience adjustments have not been disclosed in the absence of relevant information from the actuary.

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

6. SEGMENT DISCLOSURE

A) PRIMARY SEGMENT INFORMATION Notes on Segment Information

1) The Company is organised into two main business segments, namely : a) Super Abrasives and b) Machines, Accessories and Components.

The above segments have been identified taking into account the organisation structure as well as the differing risks and returns of these segments. The Company has identified business segments as his primary segments.

2) Segment Assets and Segment Liabilities of the Company's business have not been identified to any reportable segment, as these are used interchangeably between segments and hence segment disclosure relating to capital employed has not been given.

7 In accordance with Accounting Standard 18 'Related Party Disclosures', the Company has compiled the required information as detailed below.

1) List of Related parties

i) Party with whom control exists -Subsidiaries

a) Wendt Grinding Technologies Ltd, Thailand

b) Wendt Middle East FZE

ii) Venturers to the joint venture with whom transactions have taken place during the year

a) Carborundum Universal Limited (CUMI)

b) Wendt GmbH Germany

iii) Company in which director is a director

Ace Designers Ltd

iv) Key Management Personnel Mr.Rajesh Khanna, CEO

v) Relatives of Key Management Personnel

Mrs. Preethi Khanna - Wife of Mr. Rajesh Khanna

a) The related party relationships are as identified by the Company, on the basis of information available with the Company and relied upon by the auditors.

b) No amounts in respect of related parties have been written off / back other than any amount included above during the year.

c) Provision for diminution in value of investments in Wendt Middle East FZE Rs.76.56 lacs has been written back during the previous year.

8 Operating leases

a) The Company is obligated under cancelable operating leases towards residential accomodation, which are renewable at the option of both the lessor and the lessee. Total rental expense debited to the Statement of Profit and Loss under cancelable operating leases amounts to Rs. 12.00 lacs. (Previous year: Rs 9.50 lacs).

There are no sub-lease payments received / receivable recognised in the statement of profit and loss. Also, there are no contingent rents payable and there are no restrictions imposed by lease agreements such as those concerning dividends and additional debt.

b) The Company has leased out a portion of its factory building to a related party.

The lease agreement is for a period of 24 months and can be terminated by either party by giving one month notice.

Note:- Revenue expenditure shown above includes Depreciation on R&D assets of Rs. 34.92 lacs (Previous year Rs. 20.74 lacs) & Consultancy Services of Rs. 81.15 lacs (Previous year Rs. 91.15 lacs).

9 Previous year's figures have been regrouped / reclassified wherever necessary to make them comparable with the current year's classification / disclosure.


Mar 31, 2014

Note - 1 31.03.2014 31.03.2013

1 Contingent Liability and commitments to the extent not provided for:

1A Contingent Liabilities

a) Claims against the Company not acknowledged as debt: Disputed income 59.32 59.32

tax demands under appeal

The Company has received favourable orders from the Income Tax Appellate Tribunal (ITAT), in respect of two assessment years. In respect of I one assessment year, the Company has received a favourable order from Commissioner of Income Tax - Appeals (CIT-A), but the order giving effect to the ITAT and CIT -A order is yet to be received by the Company.

The said amounts have been arrived at based on the assessment orders received from the relevant authority. Outflows, if any, arising out of this claim would depend on the outcome of the decision and the Company''s rights for further appeal.

1B Commitments

a) Estimated amount of contracts remaining to be executed on capital account I 437.35 565.11 (in respect of tangible assets) and not provided for (net of advances

Rs.18.74 lacs; previous year Rs.35.97 lacs)

b) Other Commitments - 75 00

2 The Company has a working capital limit with State Bank of India, secured by I hypothecation of stock and book debts and collateral charge on all fixed assets other than land and building. However, the Company has not utilized the said facility during the current / previous year.

3 Value of imports on CIF basis:

Raw Materials 2,262.15 1,930.35

Traded goods 102.26 119.28

Stores and Spare parts 86.47 81.92

Capital Goods 267.88 153.14

4 Expenditure in Foreign Currency

Royalty - 77.90

Technical consultancy fee 91.15 30.09

Travel 36.28 38.93

Commission - 8.31

Others 22.42 24.35

5 Earnings in Foreign exchange :

i) FO.B.Value of goods exported 2 338 29 1718 99

ii) Others. 298.00 34.14

6 Earning per share (EPS) is calculated as under

a) Numerator -

Profit for the year 1,186.81 1,011.83

b) Denominator - weighted average number of equity shares

Basic and diluted 2,000,000 2,000,000

c) Nominal value of shares (in rupees) 10 10 Earnings per share (in rupees)

Basic and diluted 59.34 50.59

7 Operating leases

a) The Company is obligated under cancelable operating leases towards residential accomodation, which are renewable at the option of both thelessor and the lesseeT. Total rental expense debited to the Statement of Profit and Loss under cancelable operating leases amounts to Rs. 9.50 lacs. (Previous year: Rs 6.00 lacs).

There are no sub-lease payments received/receivable recognised in the statement of profit and loss. Also, there are no contingent rents payable and there are no restrictions imposed by lease agreements such as those concerning dividends and additional debt.

b) The Company has leased out a portion of its factory building to a related party.

The lease agreement is for a period of 11 months and can be terminated by either party by giving one month notice.

Details of the above referred lease are as given below:

Gross carrying amount 1,463.92

Less: Accumulated Depreciation 268.08

Net carrying amount 1,195.84

The depreciation recognized in respect of the factory building for the year is Rs. 44.18 lacs. There are no contingent rents receivable.

2. In accordance with Accounting Standard 18 ''Related Party Disclosures'', the Company has compiled the required information as detailed below.

1) List of Related parties

i) Party with whom control exists -Subsidiaries a Wendt Grinding Technologies Ltd, Thailand b Wendt Middle East FZE

ii) Venturers to the joint venture with whom transactions have taken place during the year a Carborundum Universal Limited (CUMI) b Wendt GmbH Germany

3. SEGMENT DISCLOSURE

A) PRIMARY SEGMENT INFORMATION Notes on Segment Information

1) The Company is organised into two main business segments, namely : a) Super Abrasives and b) Machines, Accessories and Components.

The above segments have been identified taking into account the organisation structure as well as the differing risks and returns of these segments. The Company has identified business segments as its primary segments.

4. Previous year''s figures have been regrouped / reclassified wherever necessary to make them comparable with the current year''s classification / disclosure.


Mar 31, 2013

A COMPANY OVERVIEW

Wendt (India) Limited was incorporated on August 21 st, 1983 under the provisions of the Companies Act, 1956, and is a joint venture between Wendt GmbH, Germany and Carborundum Universal Limited, India. Wendt (India) Limited is a leading manufacturer of Super Abrasives, High precision Grinding, Honing and Special Purpose Machines and High Precision components.The Company''s registered office is in Bangalore and factory is situated in Hosur, Tamilnadu.

1 Operating leases

The Company is obligated under cancelable operating leases towards residential accomodation, which are renewable at the option of both the lessor and the lessee. Total rental expense debited to the Statement of Profit and Loss under cancelable operating leases amounts to Rs.6.00 lacs (Previous year: Rs 6.09 lacs). There are no sub-lease payments received/receivable recognised in the statement of profit and loss. Also, there are no contingent rents payable and there are no restrictions imposed by lease agreements such as those concerning dividends and additional debt.

2 In accordance with Accounting Standard 18 ''Related Party Disclosures'', the Company has compiled the required information as detailed below.

1) List of Related parties

i) Party with whom control exists -Subsidiaries a Wendt Grinding Technologies Ltd, Thailand b Wendt Middle East FZE, Sharjah

ii) Venturers to the joint venture with whom transactions have taken place during the year a Carborundum Universal Limited (CUMI) b Wendt GmbH Germany

3 SEGMENT DISCLOSURE

A) PRIMARY SEGMENT INFORMATION Notes on Segment Information

1) The company is organized into two main business segments, namely : a) Super Abrasives and b) Machines, Accessories and Components.

The above segments have been identified taking into account the organisation structure as well as the differing risks and returns of these segments. The Company has identified business segments as its primary segments.

2) Segment Assets and Segment Liabilities of the Company''s business have not been identified to any reportable segment, as these are used interchangeably between segments and hence segment disclosure relating to capital employed has not been given.

4. Previous year''s figures have been regrouped / reclassified wherever necessary to make them comparable with the current year''s classification / disclosure.


Mar 31, 2012

COMPANY OVERVIEW

Wendt (India) Limited was incorporated on August 21 st 1983 under the provisions of the Companies Act, 1956, and is a joint venture between Wendt GmbH, Germany and Carborundum Universal Limited, India. Wendt (India) Limited is a leading manufacturer of Super Abrasives, High precision Grinding, Honing and Special Purpose Machines and High Precision components.

31.03.2012 31.03.2011

1 Contingent Liability and commitments not provided for:

a) Disputed income tax demands under appeal 59.32 59.32 The company has received favourable orders from the Commissioner of Income Tax (Appeals) (CIT-A) in respect of two assessment years, however the department is in appeal with the Income Tax Appellate Tribunal. In respect of one assessment year, the Company has received a favourable order from CIT-A but the order giving effect to the CIT -A order is yet to be received by the Company.

The said amounts has been arrived at based on the assessment order received from the relevant authority. Outflows, if any, arising out of this claim would depend on the outcome of the decision and the Company's rights for further appeal before the Judiciary.

b) Guarantees given by Company's Bankers - 75.00

c) Bills Discounted 46.99 90.65

d) Estimated amount of contracts remaining to be executed on capital account 618.51 760.21 (in respect of tangible assets) and not provided for (net of advances Rs.48.05 lacs (previous year Rs.29.41 lacs)

e) Other commitments (in respect of goods and services) (net of advances of 180.98 22.94 Rs.47.86 lacs (previous year Rs.16.34 lacs)

2 The Company is having a working capital limit with State Bank of India, secured by hypothecation of stock and book debts and collateral charge on all fixed assets other than land and building. However, the Company has not utilized the said facility.

3 SEBI Disclosure requirement (as required under Clause 32 of the Listing Agreement)

Additional information to comply with SEBI disclosure requirement.

Loans and advances in the nature of loans to subsidiary

Wendt Middle East FZE, Sharjah 26.33 11.51

(Maximum amount outstanding Rs.81.51 lacs (previous year Rs.49.16 lacs))

4 Value of imports on CIF basis:

Raw Materials and Components 1,914.22 1,628.49

Traded goods 116.93 79.55

Stores and Spare parts 157.80 120.15

Capital Goods 562.94 167.13

5 Expenditure in Foreign Currency

Royalty 195.46 164.71

Travel 27.93 25.86

Commission 1.62 -

Others 1.67 2.43

6 Earnings in Foreign exchange :

i) F.O.B.Value of goods exported 1,946.43 1,446.02

ii) Others. 64.23 144.39

7 Earnings per share (EPS) is calculated as under

a) Numerator -

Net profit for the year 1,729.07 1,595.09

b) Denominator - weighted average number of equity shares Basic and diluted 2,000,000 2,000,000

c) Nominal value of shares (in rupees) 10 10 Earnings per share (in rupees)

Basic and diluted 86.45 79.76

8 Operating leases

The Company is obligated under cancelable operating leases towards residential accommodation, which are renewable at the option of both the lessor and the lessee. Total rental expense debited to the Statement of Profit and Loss under cancelable operating leases amounts to Rs.6.09 lacs (Previous year: Rs 5.32 lacs).

There are no sub-lease payments received/receivable recognized in the statement of profit and loss. Also, there are no contingent rents payable and there are no restrictions imposed by lease agreements such as those concerning dividends and additional debt.

9 In accordance with Accounting Standard 18 'Related Party Disclosures', the Company has compiled the required information as detailed below.

1) List of Related parties

i) Party with whom control exists -Subsidiaries a Wendt Grinding Technologies Ltd, Thailand

b Wendt Middle East FZE, Sharjah

ii) Venturers to the joint venture with whom transactions have taken place during the year a Carborundum Universal Limited (CUMI)

b Wendt GmbH, Germany

There are no outstanding derivative instruments as at the end of the year (previous year Rs.Nil)

10 SEGMENT DISCLOSURE

A) PRIMARY SEGMENT INFORMATION Notes on Segment Information

1) The company is organized into two main business segments, namely :

a) Super Abrasives and b) Machines, Accessories and Components.

The above segments have been identified taking into account the organization structure as well as the differing risks and returns of these segments.

2) Segment Assets, Segment Liabilities and Fixed Assets used in Company's business have not been identified to any reportable segment, as these are used interchangeably between segments and hence segment disclosure related to total carrying amount of segment assets, liabilities and fixed assets have not been given.

12. The Revised Schedule VI has become effective from 1st April 2011 for the preparation and presentation of the financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to make them comparable with the current year's classification / disclosure.


Mar 31, 2011

(Rs. in 000s)

31.03.2011 31.03.2010

A 1 Contingent Liability not provided for:

a) Disputed income tax demands under appeal 5,932 5,932 The company has received favourable orders from the Commissioner of Income Tax (Appeals) (CIT-A) in respect of two assessment years, however the department is in appeal with the Income Tax Appellate Tribunal. In respect of one assessment year, the Company has received a favourable order from CIT-A but the order giving effect to the CIT -A order is yet to be received by the Company.

The said amounts has been arrived at based on the assessment order received from the relevant authority. Outflows, if any, arising out of this claim would depend on the outcome of the decision and the Companys rights for further appeal before the Judiciary.

b) Guarantees given by Companys Bankers 18,551 6,313

c) Bills Discounted 9,065 1,990

2 The Company is having a working capital limit with State Bank of India, secured by hypothecation of stock and book debts and collateral charge on all fixed assets other than land and building.

3 During the year the Company, based on the Boards approval has converted loan given to Wendt Middle East FZE a subsidiary, into equity amounting to Rs.3,685 (000s). The Company has completed the necessary regulatory formalities in this regard. Accordingly the investment in the said subsidiary stands increased to Rs.15,316 (000s) from Rs.11,631 (000s)

4 There are no dues to Micro and Small Enterprises as per Micro, Small and Medium Enterprises Development Act 2006 which are outstanding for more than 45 days at the Balance Sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors

5 The unclaimed dividend of Rs. 2,120 (000s) represents those relating to the years 2004 to 2010 and no part thereof has remained unpaid or unclaimed for a period of seven years from the date they became due for payment requiring transfer to the Investor Education and Protection Fund.

6 Deferred Tax

6.1 Notes

Tax provision has been made in accordance with the requirements under the Accounting Standard 22 "Accounting for Taxes on Income" as detailed below.

7 In accordance with Accounting Standard 18 Related Party Disclosures, the Company has compiled the required information as detailed below.

1) List of Related parties

I) Party with whom control exists -Subsidiaries

a Wendt Grinding Technologies Ltd

b Wendt Middle East FZE

ii) Venturers to the joint venture with whom transactions have taken place during the year

a Carborundum Universal Limited (CUMI)

b Wendt GmbH Germany

Transaction with related parties

a) The related party relationships are as identified by the Company, on the basis of information available with the Company and relied upon bytheauditors.

b) No amounts in respect of related parties have been written off/ back other than any amount included above during the year.

8. Employee Benefits

I Defined Contribution Plans

a. Provident Fund

b. Superannuation Fund

c. Employers Contribution to Employees State Insurance

d. Employers Contribution to Employees Pension Scheme 1995.

II Defined Benefit Plan

a) Contribution to Gratuity Fund :

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

9 Segment Disclosure

A) PRIMARY SEGMENT INFORMATION

Notes on Segment Information

1) The company is organised into two main business segments, namely:

a)Super Abrasives & b) Machines, Accessories and Components.

The above segments have been identified taking into account the organisation structure as well as the differing risks and returns of these segments.

2) Segment Assets, Segment Liabilities & fixed assets used in Companys business have not been identified to any reportable segment, as these are used interchangeably between segments and hence segment disclosure related to total carrying amount of segment assets, liabilities and fixed assets have not been given.

10 Previous years figures have been reclassified / regrouped wherever necessary to facilitate comparison with those for the current year


Mar 31, 2010

1 Contingent Liability not provided for:

31.03.2010 31.03.2009

a) Disputed income tax demands under appeal 59,32 59,32

b) Guarantees given by Companys Bankers 63,13 11,75

c) Bills Discounted LC 19,90 2,08



2 Micro and Small Enterprises as per the Micro , Small and Medium Enterprises Development Act 2006 have been identified by the company based on the information available with the company. This has been relied upon by the auditors. Based on such identification there are no dues outstanding to such parties for more than 45 days as at the Balance Sheet date.

3 The unclaimed dividend of Rs. 18,36 (000) represents those relating to the years 2003 to 2009 and no part thereof has remained unpaid or unclaimed for a period of seven years from the date they became due for payment requiring a transfer to the Investor Education and Protection Fund.

3.1 Notes

Tax provision has been made in accordance with the requirements under the Accounting Standard 22 “Accounting for Taxes on income " as detailed below.

4 In accordance with Accounting Standard 18 Related Party Disclosures , the Company has compiled the required information as detailed below.

1) List of Related parties

i) Party with whom control exists -Subsidiaries

a Wendt Grinding Technologies Ltd

b Wendt Middle East FZE

ii) Parties having significant influence with whom transactions have taken place during the year

a Carborundum Universal Limited (CUMI)

b Wendt GmbH Germany

a) The related party relationships are as identified by the Company, on the basis of information available with the Company and relied upon by the auditors.

b) No amounts in respect of related parties have been written off / back other than any amount included above during the year.

5. Employee Benefits

I Defined Contribution Plans

a. Provident Fund

b. Superannuation Fund

c. Employers Contribution to Employees State Insurance

d. Employers Contribution to Employees Pension Scheme 1995.

* Included in Contribution to provident and other funds (Refer Schedule 10)

II Defined Benefit Plan

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

* The details with respect to the composition of investments in the fair value of plan assets have not been disclosed in the absence of the aforesaid information.

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

6 Segment Disclosure

Segment Assets, Segment Liabilities & fixed assets used in Companys business have not been identified to any reportable segment, as these are used interchangeably between segments and hence segment disclosure related to total carrying amount of segment assets, liabilities and fixed assets have not been given.

7 Previous years figures have been reclassified regrouped wherever necessary to facilitate comparison with those for the current year.

Find IFSC