Mar 31, 2015
1. General
The Company was incorporated on 22nd August 1991 with Registrar of
Companies, NCT Delhi and Haryana in the name of M/s Garuda Clays
Limited (a manufacturing company). Later on M/s Ramanuj Leasing Ltd
which was incorporated on 02.01.1985 and was doing leasing & finance
activities merged with M/s Garuda Clays Limited by order of the Hon'ble
High Court of Delhi dt.01.11.1999 and the said order was filed with
registrar of companies on 04.12.2000. The name of M/s Garuda Clays Ltd.
was later on changed to M/s Sainik Finance & Industries Limited.
The Company is engaged in non-banking finance activities and registered
with Reserve Bank of India as Non Banking Finance Company (NBFC). The
Reserve Bank of India has renewed its registration on 03/09/ 2003 vide
new registration certificate No. N.14.02967.
The Company was engaged in manufacturing of Portland Cement (ITC Code :
25.23.29.10) and Pre- stressed Concrete Pole (ITC Code-68.69.60.00).
The business operation with respect to manufacturing of Portland Cement
were discontinued in July, 2012 and the Plant machinery and equipment
thereof were dismantled for sale etc. However the business operation
with respect of Pre-stressed Poles continued till 2013 and thereafter
the company decided the dispose off the factory building etc in
entirety.
2. Deferred Tax - In accordance with the Accounting standard (AS-22)
relating to "Accounting for Taxes on Income", the company has recorded
cumulative net deferred tax liability of Rs.23,89,091/- in respect of
timing differences upto 1st April, 2014 as a reduction to General
Reserves. Further, the deferred tax asset of the year amounting to
Rs.1,45,627/- has been debited to the Profit & Loss Account.
3. The company has made provision on Non Performing Assets in
accordance with the RBI directives to the extent of Rs. 28,07,457/-
which has been debited to the Profit & Loss Account.
4. The company has made provision for Standard Assets accordance with
the RBI directives to the extent of Rs.17,84,172/- has been debited to
the Profit & Loss Account. During the year company has made an
provision of Rs.10,59,718 on 07-07-2014 for Standard Assets pertaining
to preveious year.
5. Upto the financial year ended 31.03.2014, the company has made
provision for gratuity of Rs.2,04,592/- under the payment of Gratuity
Act, 1972. The company has made provision of Rs. 3,01,871/- for
Gratuity in the financial year ended 31.03.2015.
6. Contingent Liability is - Nil (previous year - Nil)
7. Balances shown under the head of Current Assets, Loans and
Advances are considered as good and recoverable by the management.
8. Debit balances of debtors are subjected to confirmation and
reconciliation form respective parties. The final adjustment, if any,
in the account of parties shall be known only after confirmation /
reconciliation, the amount of which could not be ascertained.
9. As per the Accounting Standard, disclosure regarding related party
as defined in the are given below :
a. Enterprises where control Exist :
Subsidiaries - Nil
Other Entities under control of company - Nil
b. Other related party with whom the company had transactions, etc.
i) Associates and Others :
a) Sindhu Trade Links Limited Director Interested
b) Kapil Construction Private Limited -do-
c) Indus Portfolio Private Limited -do-
d) Shyam Indus Power Solutions Private Limited -do-
e) ACB (India) Limited -do-
f) ACB (India) Power Limited -do-
g) Kartikay Coal Washery Private Limited -do-
h) Bhilwara Tex-fin Limited -do-
i) Sarvesh Coaltech Private Limited -do-
j) Mittersen Agro Farms Private Limited Shareholding
k) Pragati Vanijaya Limited -do-
l) Blastec (India) Private Limited -do-
ii) Joint Venture Nil
iii) Key Management
a) Sh.Kuldeep Singh Solanki Director
b) Sh.Rudra Sen Sindhu Director
10. Prudential Norms of the Reserve Bank of India (RBI) :
a) Appropriated 20% of the net profit to "Reserve Fund" under section
45-IC of the RBI Act.1934. - Rs.64,17,452/- (Previous year
Rs.10,95,193/-)
Notes : i) As defined in Paragraph 2(1)(xii) of the Non-Banking
Financial Companies Acceptance of Public Deposits (Reserve Bank)
Directions, 1998.
ii) Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
iii) All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classified as long term or current in column (4) above.
11. CIF Value of Import of Raw Materials Components, Spare parts &
Capital goods : Nil
a) Expenditure in Foreign Currency : Nil
b) Remittance in Foreign Currency : Nil
c) Earning in Foreign currency : Nil
(CIF Value in Exports)
12. Additional information in accordance of Companies Act, 2013. The
company was discontinued its manufacturing operation in the Cement and
Poles segment in Financial year 2012-13.
a) Licensed & Installed Capacity and Actual Production in MT: Nil
(Previous Year- Nil)
b) Quantitative Detail of Consumption of Raw Materials and packing
material : Nil (Previous Year- Nil )
13. Previous Years Figures are regrouped /reclassified wherever
necessary.
Mar 31, 2014
1. DEFERRED TAX LIABILITY
Deferred Tax - In accordance with the Accounting standard (AS-22)
relating to ÂAccounting for Taxes on IncomeÂ, the company has recorded
cumulative net deferred tax liability of Rs.74,53,375/- in respect of
timing differences upto 1st April, 2013 as a reduction to General
Reserves. Further, the deferred tax asset of the year amounting to
Rs.50,64,284/- has been debited to the Profit & Loss Account
2. PROVISIONS
2.1 The company has made provision on Non Performing Assets in
accordance with the RBI directives to the extent of Rs. 27,48,897/-
which has been debited to the Profit & Loss Account.
2.2 Upto the financial year ended 31.03.2013, the company has made
provision for gratuity of Rs.7,39,574/- under the payment of Gratuity
Act, 1972. The company has made provision of Rs. Nil - for Gratuity in
the financial year ended 31.03.2014. Although the company has paid
gratuity to employees left.
3. INVESTMENTS
3.1 The company has made an investment of Rs.25,00,000 in the equity
shares of M/s Haryana Financial Corporation(HFC). The said equity
shares were forfeited by HFC and the company has filed an appeal
against the same before the HonÂble Company Law Board at New Delhi. The
company law board has given directions for filing of a case before the
appropriate court of law and the company has accordingly filed a case
with HonÂble Delhi High Court. During the year the Board of directors
has decided to written off the said Investments.
4. In the opinion of the Board, Current Assets, Loans and Advances are
approximately of the value stated, if realised in the ordinary course
of business. Provision for Depreciation on Fixed Assets and other known
liabilities has not been made in excess of the amount reasonably
necessary.
5. Debit & credit balances of parties are subject to confirmation.
6. Basic earnings per share are calculated by dividing the net profit
or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
7 Related party Disclosures
a. Enterprises where control Exist : Subsidiaries - Nil Other Entities
under control of company - Nil
b. Other related party with whom the company had transactions, etc.
i) Associates
a) Sainik Mining And Allied Services Ltd.
b) Kapil Construction Private Limited
c) Indus Portfolio Private Limited
d) Global Coal Mining Private Limited
e) Shyam Indus Power Solutions Private Limited
f) ACB (India) Power Limited
g) Aryan Clean Coal Technologies Pvt.Ltd.
h) Kartikay Coal Washery Private Limited
i) Sarvesh CoalTech Private Limited
j) Mittersen Coal Tech Pvt.Ltd. (Shareholding)
k) Pragati Vanijaya Ltd. (Shareholding)
l) Blastec (India) Pvt.Ltd. (Shareholding)
ii) Joint Venture - Nil
iii) Key Management Personnel Nil
8. Other information
Notes : i) As defined in Paragraph 2(1)(xii) of the Non-Banking
Financial Companies Acceptance of Public Deposits (Reserve Bank)
Directions, 1998.
ii) Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
iii) All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classified as long term or current in column (4) above.
9. Additional information in accordance with Part-II of Schedule VI of
Companies Act, 1956. The company has discontinued its operation in the
Cement and Poles manufacturing segment w.e.f. 31st July, 2012 and
thereafter installed capacity (Plant & Machinery) has been partially
removed and sold.
Mar 31, 2013
1. GENERAL
The Company was incorporated on 22nd August 1991 with Registrar of
Companies, NCT Delhi and Haryana in the name of M/s Garuda Clays
Limited (a manufacturing company). Later on M/s Ramanuj Leasing Ltd
which was incorporated on 02.01.1985 and was doing leasing & finance
activities merged with M/s Garuda Clays Limited by order of the Hon''ble
High Court of Delhi dt. 01.11.1999 and the said order was filed with
registrar of companies on 04.12.2000. The name of M/s Garuda Clays Ltd.
was later on changed to M/s Sainik Finance & Industries Ltd. and
Company Identification Number is L26912DL1991PLC045449
The Company was engaged in manufacturing of 43 & 53 Grade Portland
Cement (ITC Code : 25.23.29.10) and Pre-stressed Concrete Pole (ITC
Code-68.69.60.00). The Company''s manufacturing unit was located at
Rewari, Haryana.
The Company has discontinued its manufacturing activities in the Cement
and Poles manufacturing segment. The Board of Directors, vide
resolution passed on 1st June, 2012, had taken a decision to suspend
the production of Cement etc. with immediate effect due to the erratic
power supply, high per unit cost of captive generation of power,
non-availability of quality raw material. Pursuant to the resolution
passed, the Company has discontinued its manufacturing operations
w.e.f. 31st July 2012 and has taken steps to dispose off the assets
deployed in the said operations.
The Company is also engaged in non-banking finance activities and
registered with Reserve Bank of India as Non Banking Finance Company.
The Reserve Bank of India has renewed its registration on 03/09/2003
vide new registration certificate No. N.14.02967.
2. In the opinion of the Board, Current Assets, Loans and Advances
are approximately of the value stated, if realised in the ordinary
course of business. Provision for Depreciation on Fixed Assets and
other known liabilities has not been made in excess of the amount
reasonably necessary.
3. Debit & credit balances of parties are subject to confirmation.
4. Basic earnings per share are calculated by dividing the net profit
or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
5. Schedule in terms of paragraph 9BB of Non-Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 2007
Notes : i) As defined in Paragraph 2(1)(xii) of the Non-Banking
Financial Companies Acceptance of Public Deposits (Reserve Bank)
Directions, 1998.
ii) Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
iii) All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classified as long term or current in column (4) above.
6. Additional information in accordance with Part-II of Schedule VI of
Companies Act,1956. The company has discontinued its operation in the
Cement and Poles manufacturing segment w.e.f. 31st July, 2012 and
thereafter the installed capacity of 66000 MTPA for Cement and 99000
Nos Poles per annum has been reflected on pro-rata basis for 4 months
as 22000 MT for Cement and 33000 Nos for Poles.
Mar 31, 2012
1. GENERAL
The Company was incorporated on 22nd August 1991 with Registrar of
Companies, NCT Delhi and Haryana in the name of M/s Garuda Clays
Limited (a manufacturing company). Later on M/s Ramanuj Leasing Ltd
which was incorporated on 02.01.1985 and was doing leasing & finance
activities merged with M/s Garuda Clays Limited by order of the Hon'ble
High Court of Delhi dt. 01.11.1999 and the said order was filed with
registrar of companies on 04.12.2000. The name of M/s Garuda Clays Ltd.
was later on changed to M/s Sainik Finance & Industries Ltd. and
Company Identification Number is L26912DL1991PLC045449.
The Company is now engaged in manufacturing of 43 & 53 Grade Portland
Cement (ITC Code : 25.23.29.10) and Pre-stressed Concrete Pole (ITC
Code-68.69.60.00). The Company's manufacturing unit are located at
Rewari, Haryana. The Company is also engaged in non-banking finance
activities and registered with Reserve Bank of India. The Reserve Bank
of India was renewed its registration on 03.09.2003 vide new
registration certificate No. N.14.02967.
2. DEFERRED TAX LIABILITY (Net)
2.1 Deferred Tax -In accordance with the Accounting standard (AS-22)
relating to "Accounting for Taxes on Income", the company has recorded
cumulative net deferred tax liability of Rs. 89,81,598/- in respect of
timing differences upto 1st April, 2011 as a reduction to General
Reserves. Further, the deferred tax asset of the year amounting to Rs.
1,74,197/- has been debited to the Profit & Loss Account
3. PROVISIONS
3.1 The company has made provision on Non Performing Assets in
accordance with the RBI directives to the extent of Rs. 75,36,775/-
which has been debited to the Profit & Loss Account.
3.2 Upto the financial year ended 31.03.2011, the company has made
provision for gratuity of Rs. 22,11,001/- under the payment of Gratuity
Act, 1972. The company has made provision of Rs. Nil - for Gratuity in
the financial year ended 31.03.2012. Although the company has written
back excess provision of Gratuity due to decrease in number of
employees.
4. INVESTMENTS
4.1 The company has made an investment of Rs. 25,00,000 in the equity
shares of M/s Haryana Financial Corporation(HFC). The said equity
shares were forfeited by HFC and the company has filed an appeal
against the same before the Hon'ble Company Law Board at New Delhi. The
company law board has given directions for filing of a case before the
appropriate court of law and the company has accordingly filed a case
with Hon'ble Delhi High Court, which is pending for disposal.
4.2 The company has sold 2451 equity shares (face value of Rs. 10/-
each) of Sainik Mining And Allied Services Ltd at a price of Rs.
26910/-
5. EMPLOYEE BENEFITS EXPENSE
5.1 Compensation paid to Mr. Kulwant Singh due to causality happened
at Plant during the repairing of electricity control panel.
5.2 Salary includes Director remuneration of Rs. 390,000/- paid to Dr.
Punit Ghai, Director of the Company (Previous year Rs. Nil)
6. OTHER EXPENSES
6.1 Donation - Rs. Nil (Previous year Rs. 100000/- paid to Bhartiya
Janata Party Vishesh Sahyog Nidi-complied u/s 293A)
7. In the opinion of the Board, Current Assets, Loans and Advances
are approximately of the value stated, if realised in the ordinary
course of business. Provision for Depreciation on Fixed Assets and
other known liabilities has not been made in excess of the amount
reasonably necessary.
8. Event occurring between the date of Balance Sheet and date of
approval of financial statement (AS-4) -
The Board of Directors, vide resolution passed on 1st June, 2012, have
taken a decision to suspend the production of Cement etc. with
immediate effect due to the erratic power supply, high per unit cost of
captive generation of power, non-availability of quality raw material.
Pursuant to the resolution passed the Company has discontinued its
manufacturing operations w.e.f. 31st July 2012.
9. Debit & credit balances of parties are subject to confirmation.
10. Basic earnings per share are calculated by dividing the net profit
or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
11. Related party Disclosures:
b. Other related party with whom the company had transactions, etc.
i) Associates
a) Sainik Mining And Allied Services Ltd.
b) Kapil Construction Pvt. Ltd.
c) Indus Portfolio Pvt. Ltd.
d) Paramitra Holdings Pvt. Ltd.
e) Maneesha Finlease Ltd.
f) Global Coal Mining Pvt. Ltd.
g) Sindhu Trade Links Limited
h) Shyam Indus Power Solutions Pvt. Ltd.
i) Aryan Clean Coal Technologies Pvt. Ltd.
j) ACB (India) Ltd.
k) Aryan Energy Pvt. Ltd.
12. Schedule in terms of paragraph 9BB of Non-Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998
Mar 31, 2010
1) Claims against the company not acknowledged as debts Rs. NIL
(Previous year - Rs. NIL)
2) Estimated amount of contracts remaining to be executed on capital
account not provided for Rs. NIL (Previous Year - Rs. NIL)
3) In the opinion of the Board, Current Assets, Loans and Advances are
approximately of the value stated, if realised in the ordinary course
of business. Provision for Depreciation on Fixed Assets and other known
liabilities has not been made in excess of the amount reasonably
necessary.
4) Profit & Loss Account does not include any remuneration paid to
directors.
5) None of the Employees of the Company was in receipt of remuneration
exceeding Rs.2,00,000/- per month where employed for the part of the
year or Rs.24,00,000/- per annum where employed throughout the year.
6) Upto the financial year ended 31.03.2009, the company has made
provision for gratuity of Rs.20,82,355/- under the payment of Gratuity
Act, 1972. The company has made provision of Rs.772/- for Gratuity in
the financial year ended 31.03.2010.
7) Debit & credit balances of parties are subject to confirmation.
9) Previous year figures have been re-grouped/recast & rounded off to
make the same comparable with those of the current year. Paise have
been rounded off to nearest Rupee in the Previous Year figures.
8) The company has made provision on Non Performing Assets in
accordance with the RBI directives to the extent of Rs.53,69,548/-
which has been debited to the Profit & Loss Account.
9) The company has made an investment of Rs.25,00,000 in the equity
shares of M/s Haryana Financial Corporation(HFC). The said equity
shares were forfeited by HFC and the company has filed an appeal
against the same before the Honble Company Law Board at New Delhi. The
company law board has given directions for filing of a case before the
appropriate court of law and the company has accordingly filed a case
with Honble Delhi High Court, which is pending for disposal.
10) Deferred Tax: In accordance with the Accounting standard (AS-22)
relating to "Accounting for Taxes on Income", the company has recorded
cumulative net deferred tax liability of Rs.96.68 lacs in respect of
timing differences upto 1st April, 2009 as a reduction to General
Reserves. Further, the deferred tax asset of the year amounting to
Rs.2.00 lacs has been debited to the Profit & Loss Appropriation
Account.
11) Schedule 1-14 are duly authenticated and form an integral part of
the Balance Sheet as at 31st March, 2010.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article