Mar 31, 2015
1. Right/preference/restrictions attached to equity shares
Terms/rights attached to equity shares: The Company has only one class
of equity shares having at par value of Rs.10 per share. Each holder of
equity share is entitled to one vote per share. In the event of
liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of Company after distribution of
all preferential amounts,if any. The distribution will be in proportion
to the number of equity shares held by the share holders.
2.Employee Benefits:
Shortterm benefits
i. Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit & loss account of the year in which
the related service is rendered.
ii. Post employment benefits
Gratuity and leave encashment which are defined benefits are accrued
based on the actuarial valuation as at Balance sheet date by an
independent actuary. The Company has opted for a Group Gratuity cum
life Insurance Scheme of the Life Insurance Corporation of India for
part of the employees and the contribution is charged to the profit and
loss account each year. For other than funded plan, the expense is
recognized, as calculated on the basis of present value of the amount
payable as determined by the actuarial valuation. The liability
recognized in the balance sheet is the present value of the defined
benefit obligation less the fair value of funded plans. All actuary
gain and losses are charged to the profit and loss account.
3. Contingent liabilities not provided for:
a) Sales Tax Authorities have raised demand for Rs. 12.75 Lac (
Previous year Rs. 12.75 lac) for various assessment years and the
matters are pending with Appellate Authorities and High Court. As per
opinion, the appeals are likely to be decided in favour of the Company.
b) The Excise Department has raised a demand of Rs. 1.52 lac against
Service Tax on Transaction charges and the matters are pending with the
appellate authorities. As per opinion, the appeals are likely to be
decided in the favour of the Company (Previous Year: Rs. 1.52 Lac).
c) The company has given counter guarantee to the bankers against
guarantees issued by Banks on behalf of the company amounting to Rs.
588.67 Lacs (Previous Year: Rs. 524.00 Lac). The liability may arise in
case of failure in supply of material or malfunctioning of products
supplied by the Company.-
4. Estimated amount of contracts remaining to be executed on
capital account and not provided for is
Rs. NIL (Previous Year: Rs. NIL).
5. Preferential allotment of convertible warrants and its conversion
into Equity Shares. During the
year NIL (Previous year NIL)
6. The Company has recalled the balance outstanding loan of
Rs.230.34 lacs(Previous Year Rs.290.34 lacs) given to M/s Rungta
Projects Limited. The balance dues are yet to be recovered and as
explained, the company is taking adequate steps to recover fully during
2015-16. year.
7. Segment Information
The financial results relates mainly to Irrigation products. In
accordance with Accounting Standard 17, financial results of Hiring of
Equipments are not shown separately, since it is less than the limit
specified for separate disclosure.
8. Figures of previous year have been regrouped wherever found
necessary to make them comparable with that of current year.
Mar 31, 2014
(1) Employee Benefits:
Short term benefits
i. Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit & loss account of the year in which
the related service is rendered.
ii. Post employment benefits
Gratuity and leave encashment which are defined benefits are accrued
based on the actuarial valuation as at Balance sheet date by an
independent actuary. The Company has opted for a Group Gratuity cum
life Insurance Scheme of the Life Insurance Corporation of India for
part of the employees and the contribution is charged to the profit and
loss account each year. For other than funded plan, the expense is
recognized, as calculated on the basis of present value of the amount
payable as determined by the actuarial valuation. The liability
recognized in the balance sheet is the present value of the defined
benefit obligation less the fair value of funded plans. All actuary
gain and losses are charged to the profit and loss account.
(2) Contingent liabilities not provided for:
a) Sales Tax Authorities have raised demand for Rs. 12.75 Lac (
Previous year Rs. 12.75 lac) for various assessment years and the
matters are pending with Appellate Authorities and High Court. As per
opinion, the appeals are likely to be decided in favour of the Company.
b) The Excise Department has raised a demand of Rs. 1.52 lac against
Service Tax on Transaction charges and the matters are pending with the
appellate authorities. As per opinion, the appeals are likely to be
decided in the favour of the Company (Previous Year: Rs. 1.52 Lac).
c) The company has given counter guarantee to the bankers against
guarantees issued by Banks on behalf of the company amounting to Rs.
524.00 Lacs (Previous Year: Rs. 620.71 Lac). The liability may arise in
case of failure in supply of material or malfunctioning of products
supplied by the Company.
(3) Estimated amount of contracts remaining to be executed on
capital account and not provided for is Rs. NIL (Previous Year:
Rs. NIL).
(4) Preferential allotment of convertible warrants and its
conversion into Equity Shares.
During the year NIL (Previous year NIL)
(5) As regards the balance payment of Rs.250 Lac Cumulative
Redeemable Preference Shares subscribed by IDBI Bank Ltd, the company
has re-paid in full (in 3 EMI) to IDBI Bank Ltd till 30.06.2013 in
terms of One Time Settlement (OTS) of dues vide letter Ref: No.1052
SAIC/Pref. Shares/2012-13 dated March 28, 2013 of the IDBI Bank Ltd,
Mumbai. The CRPS dues become NIL.
(6) The Company has recalled the outstanding loan of Rs.290.34
lacs(Previous Year Rs.290.34 lacs) given to M/s Rungta Projects
Limited. The dues are yet to be recovered and as explained, the company
is taking adequate steps to recover the same. The management is of the
opinion that the outstanding loan will be fully recoverable during the
financial year 2014-15.
(7) Segment Information
The financial results relates mainly to Irrigation products. In
accordance with Accounting Standard 17, financial results of Hiring of
Equipments are not shown separately, since it is less than the limit
specified for separate disclosure.
(8) Figures of previous year have been regrouped wherever found
necessary to make them comparable with that of current year.
Mar 31, 2013
1 (1). Employee Benefits:
Shortterm benefits
i. Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit & loss account of the year in which
the related service is rendered.
ii. Post employment benefits
Gratuity and leave encashment which are defined benefits are accrued
based on the actuarial valuation as at Balance sheet date by an
independent actuary. The Company has opted for a Group Gratuity cum
life Insurance Scheme of the Life Insurance Corporation of India for
part of the employees and the contribution is charged to the profit and
loss account each year. For other than funded plan, the expense is
recognized, as calculated on the basis of present value of the amount
payable as determined by the actuarial valuation. The liability
recognized in the balance sheet is the present value of the defined
benefit obligation less the fair value of funded plans. All actuary
gain and losses are charged to the profit and loss account.
1 (2). Contingent liabilities not provided for:
a) Sales Tax Authorities have raised demand for Rs. 12.75 Lac (Previous
year Rs. 12.75 lac for various assessment years and the matters are
pending with Appellate Authorities and High Court. As per opinion, the
appeals are likely to be decided in favour of the Company.
b) The Excise Department has raised a demand of Rs. 1.52 lac against
Service Tax on Transaction charges and the matters are pending with the
appellate authorities. As per opinion, the appeals are likely to be
decided in the favour of the Company (Previous Year: Rs. 1.52 Lac).
c) The company has given counter guarantee to the bankers against
guarantees issued by Banks on behalf of the company amounting to Rs.
620.71 Lacs (Previous Year: Rs. 744.96 Lac). The liability may arise in
case of failure in supply of material or malfunctioning of products
supplied by the Company.
1(3). Estimated amount of contracts remaining to be executed on
capital account and not provided for is Rs. NIL (Previous Year: Rs.
NIL).
1(4) Preferential allotment of convertible warrants and its
conversion into Equity Shares. During the year NIL (Previous year NIL.)
1(5) As regards. Cumulative Redeemable Preference Shares of Rs.250
Lac (Previous Year Rs- 334 lac) subscribed by IDBI Bank Ltd, the
company has re-paid the balance payment of Rs 250 Lac outstanding as on
31.03.2013 in full (in 3 EMI) to IDBI Bank Ltd till 30.06.2013 in terms
of One Time Settlement (OTS) of dues vide letter Ref: No. 1052
SAIC/Pref. Shares/2012-13 dated March 28, 2013 of the IDBI Bank Ltd,
Mumbai. The CRPS dues become NIL as on 30.06.2013.
(b) As per explanation given to us the management has obtained
certificates from the firms for the balance amount invested as
mentioned before each as above as on 31.03.2013.Although no business
activity during the year under review, in the opinion of management the
investment is considered good.
1(6). Name and balances with the Bank, other than scheduled Banks in
Current Accounts are as under.
In none of these Banks any of the directors or their relative is
interested.
1(7). The Company has recalled the outstanding loan of Rs. 290.34
lacs(Previous Year Rs. 290.34lacs) given to M/s Rungta Projects
Limited. The dues are yet to be recovered and as , explained, the
company is taking adequate steps to recover the same. The management is
of the opinion that the outstanding loan will be fully recoverable during
the financial year 2013-14
$ Accessories, components and fittings includes purchase of various
bought out items used in Sprinkler/ Drip Irrigation System and
individually none of them account for 10% or more of the total value of
raw material consumed.
1(8) Segment Information
The financial results relates mainly to Irrigation products. !n
accordance with Accounting Standard 17, financial results of Hiring of
Equipments are not shown separately, since it is less than the limit
specified for separate disclosure.
1(9) Figures of previous year have been regrouped wherever found
necessary to make them comparable with that of current year.
Mar 31, 2012
1(1) Employee Benefits:
i. Short term benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit & loss account of the year in which
the related service is rendered.
ii. Post employment benefits
Gratuity and leave encashment which are defined benefits are accrued
based on the actuarial valuation as at Balance sheet date by an
independent actuary. The Company has opted for a Group Gratuity cum
life Insurance Scheme of the Life Insurance Corporation of India for
part of the employees and the contribution is charged to the profit and
loss account each year. For other than funded plan, the expense is
recognized, as calculated on the basis of present value of the amount
payable determined by the actuarial valuation. The liability recognized
in the balance sheet is the present value of the defined benefit
obligation less the fair value of funded plans. All actuary gain and
losses are charged to the profit and loss account.
1(2) Contingent liabilities not provided for:
a. Sales Tax Authorities have raised demand for Rs. 12.75 Lac (
Previous year Rs. 12.75 lac for various assessment years and the
matters are pending with Appellate Authorities and High Court. As per
opinion, the appeals are likely to be decided in favour of the Company.
b. The Excise Department has raised a demand of Rs. 1.52 lac against
Service Tax on Transaction charges and the matters are pending with the
appellate authorities. As per opinion, the appeals are likely to be
decided in the favour of the Company (Previous Year: Rs. 1.52 Lac).
c. The company has given counter guarantee to the bankers against
guarantees issued by Banks on behalf of the company amounting to Rs.
744.96 Lacs (Previous Year: Rs. 464.63 Lac). The liability may arise in
case of failure in supply of material or malfunctioning of products
supplied by the Company.
1(3) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. NIL (Previous Year: Rs. NIL).
1(4) Preferential allotment of convertible warrants and its conversion
into Equity Shares. During the year NIL ( Previous year NIL)
1(5) The Company has not redeemed the Cumulative Redeemable Preference
Shares of Rs 334 Lac subscribed by IDBI Bank Limited and also dividend
has not been provided on these shares since Nov.2005.
a. All the above Firms have suspended their businesses and no annual
accounts are being prepared by these Firms. No profit or loss from
these firms is accounted for against the share of the Company in the
Firms. In the opinion of the management, the profit or loss of the
Firms are not material, considering the suspension of the businesses.
The management is of the opinion that investment in the Capital of
these Firms is fully recoverable.
1(6) Name and balances with the Bank, other than scheduled Banks in
Current Accounts are as under. In none of these Banks any of the
directors or their relative is interested.
1(7) The Company has recalled the loan given to M/s Rungta Projects
Limited in Nov'' 09 with interest charged up to Sep''09. The dues are
yet to be recovered and as explained, the company is taking adequate
steps to recover the same. No interest is being charged on the loan
from Oct'' 09 onwards, considering the uncertainty over recovery of
interest after recall of loan. The management is of the opinion that
the outstanding is fully recoverable.
1(8) Figures of previous year have been regrouped wherever found
necessary to make them comparable with that of current year.
Mar 31, 2011
1. Contingent liabilities not provided for:
a. Sales Tax Authorities have raised demand for Rs. 12.75 lacs (
Previous year Rs. 19.74 lacs for various assessment years and the
matters are pending with Appellate Authorities and High Court. As per
opinion, the appeals are likely to be decided in favor of the Company.
b. The Excise Department has raised a demand of Rs. 1.52 lacs against
Service Tax on Transaction charges and the matters are pending with the
appellate authorities. As per opinion, the appeals are likely to be
decided in the favor of the Company (Previous Year: Rs. 1.52 Lacs).
c. The company has given counter guarantee to the bankers against
guarantees issued by Banks on behalf of the company amounting to Rs.
464.43 Lacs (Previous Year: Rs. 351.90 Lacs). The liability may arise
in case of failure in supply of material or malfunctioning of products
supplied by the Company.
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. NIL (Previous Year: Rs. NIL).
3. Preferential allotment of convertible warrants and its conversion
into Equity Shares
a. During the year NIL (Previous year the company issued 20,50,000
Convertible warrants of Rs. 35/- each aggregating to Rs. 717.50 Lakhs,
which were converted into 20,50,000 Equity Shares of Rs. 10/- each at a
premium of Rs. 25/- each on 12.01.2010. The object of the issue was to
fund the expansion of operation at Greater Naiad including relocating
of Ghaziabad Unit to Greater Naiad.)
4. The arrear of cumulative dividend on cumulative Redeemable
Preference Shares is not provided at the revised rate of 7.5%. The
original dividend rate was 12% which was subsequently reduced to 7.50%.
b. All the above Firms have suspended their businesses and no annual
accounts are being prepared by these Firms. No profit or loss from
these firms is accounted for against the share of the Company in the
Firms. In the opinion of the management, the profit or loss of the
Firms are not material, considering the suspension of the businesses.
The management is of the opinion that investment in the Capital of
these Firms is fully recoverable.
5. Name and balances (Including maximum balances during the year) with
the Bank, other than scheduled Banks in Current Accounts are as under.
In none of these Banks any of the directors or their relative is
interested.
6. The Company has recalled the loan given to M/s Rungta Projects
Limited in Nov' 09 with interest charged up to Sep'09. The dues are yet
to be recovered and the company is taking adequate steps to recover the
same. No interest is being charged on the loan from Oct' 09 onwards,
considering the uncertainty over recovery of interest after recall of
loan. The management is of the opinion that the outstanding is fully
recoverable.
7. Profit & Loss account has been debited during the year with Rs.
26194/-, debited as sales tax expense being interest Rs. 25194/- on
delayed payment of sales tax and penalty Rs. 1000/- on delayed
submission of returns for the year 2007-08 of Jabalpur branch.
8 Segment Information
The financial results relates mainly to Irrigation products. In
accordance with Accounting Standard 17, financial results of Hiring of
Equipments are not shown separately, since it is less than the limit
specified for separate disclosure.
9 Figures of previous year have been regrouped wherever found
necessary to make them comparable with that of current year.
Mar 31, 2010
1. Contingent liabilities not provided for:
a. Sales Tax Authorities have raised demand of Rs. 19.74 lacs for
various assessment years and matters are sending with Appellate
Authorities and High Court. As per opinion, the appeals are likely to
be decided in favour of the Company. (Previous Year: Rs. 26.66 Lacs)
b. The Excise Department has raised a demand of Rs. 1.52 lacs against
Service Tax on Transportation charges and the matters are pending with
the appellate authorities. As per opinion, the appeals are likely to be
decided in the favour of the Company (Previous Year: Rs. 1.52 lacs)
c. The company has given counter guarantee to the bankers against
Guarantees issued by Banks on behalf of the company amounting to Rs.
351.90 Lacs (Previous year Rs. 294.13 Lacs). The liability may arrive
in case of failure in supply of material or malfunctioning of products
supplied by the Company.
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. NIL (Previous year Rs. Nil).
3. Preferential allotment of Convertible Warrants and its conversion
into Equity Shares
a. During the year, Company had issued 20,50,000 Convertible Warrants
of Rs. 35/- each aggregating to Rs. 717.50 Lakhs, which was converted
into 20,50,000 Equity Shares of Rs. 10/- each at a premium of Rs. 25/-
each on 12/01/2010. The object of the issue was to fund the expansion
of operation at Greater Noida including relocating of Ghaziabad Unit to
Greater Noida.
b. Out of the total fund of Rs. 717.50 lakhs raised through issue, Rs.
142.61 Lakhs has been utilised by giving advance to Greater Noida
Authority for purchase of land (including the payment of Rs. 120.53
lakhs incurred before the receipt of preferential warrants proceeds).
Out of the remaining unutilised part of the issue Rs. 528.25 lakhs
given as ICD and remaining utilised for existing business of the
Company.
4. The arrear of cumulative dividend on Cumulative Redeemable
Preference Shares calculated @ 7.50% is Rs. 135.80 lakhs (Previous year
Rs. 110.75 lakhs). The original dividend rate was 12% which was
subsequently reduced to 7.50% hence the arrear is calculated @ 7.50%.
5. The Company has recalled the loan given to M/s Rungta Projects
Limited in Nov-09 with interest charged up to Sep-09. The dues are yet
to be recovered and the Company is taking adequate steps to recover the
same. No interest is being charged on the loan from Oct-09 onwards
considering the uncertainty over recovery of interest after recall of
loan. The management is of the opinion that the outstanding is fully
recoverable.
6. Figures of previous year have been regrouped wherever found
necessary to make them comparable with that of current year.