Mar 31, 2016
1. Confirmation of debit & credit balances
Debit and credit balances of sundry creditors, sundry debtors, loans and advances to the extent n ot confirmed are subject to confirmation and reconciliation with the parties as at March 31, 2016.
2. Value of current assets loans and advances
In the opinion of the management, current assets, loans and advances have a value on realization in the normal course of business not less than the value at which they are stated in the Balance Sheet.
3. Adjustment of Tax deducted at source and MAT Credit from provision for Current Tax will be made after preparing the income tax return.
4. Depreciation on tangible assets is provided on the reducing balance method over the useful lives of assets estimated by the Management. Depreciation for assets purchased / sold during the period is proportionately charged. Intangible assets are amortized over their respective individual estimated useful lives on a reducing balance method, commencing from the date the asset is available to the Company for its use.
5. Store & Space consumption has been grouped under Material consumption.
6. Previous year''s figures
Previous Years figures have been recasted / regrouped / reclassified, whenever considered necessary.
Mar 31, 2015
1. Based on the information available with the Company regarding the
status of suppliers as defined under MSMED Act, 2006, there was no
principal amount overdue and no interest was payable to the Micro, Small
and Medium Enterprises on 31st March, 2015 as per the terms of Contract.
2. Contingent Liabilities and Commitments (to the extent not provided
for)
Contingent liabilities
Guarantees (Bank Guarantee given to NSIC) 200.00 200.00
Commitments
Estimated amount of contracts unexecuted
on capital account 0.00 227.97
Total 200.00 427.97
3. Disclosures in terms of AS-15 'Employees Benefit Expenses' are as
under: The disclosures as required are not being made in view of
Accounting Policy No. IIH.
4. Disclosures in terms of AS-17 'Segment Reporting' are as under :
Primary Segment Reporting : ( by business segment)
PVC PIPES, WIRE & CABLE,
Manufacturing Goods :
COPPER WIRE
Trading Goods: PVC RESIN, COPPER WIRE AND
OTHERS
5. Disclosures in terms of AS-18 'Related Party Transactions' are as
under :
List of Related Parties Relationship
Shri Sanjay Gupta Director
Ms. Shakuntla Gupta Director
Shri Sidhant Gupta Director
Ms. Rita Gupta Director
Superlink Polyfab Ltd. Subsidiary Company
100% Subsidiary
Sanjita Polymat Ltd. (Hong kong) Company
Sanco Enterprises Pvt. Ltd. Enterprise significantly influenced
by Key Management Personal
(Related parties relationship is as identified by the Company and
relied upon by the Auditors).
6. The Ministry of Corporate Affairs, Government of India, vide General
Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011
respectively has granted a general exemption from compliance with
section 212 of the Companies Act, 1956, subject to the fulfillment of
conditions stipulated in the circular. The Company has satisfied the
conditions stipulated in the circular and hence is entitled to the
exemption. Necessary informations relating to the subsidiaries has been
included in the Consolidated Financial Statements.
7. The useful life of Fixed Assets have been revised in accordance with
schedule II of the Companies Act 2013. The depreciation for the year
is lower by Rs.0.83 lacs due to change in useful life of Fixed Assets.
The Assets whose useful life is already exhausted as on 01.04.2014
depreciation amounting to Rs.133.19 lacs have been adjusted to General
Reserve.
8. There was no default of repayment of Principal and interest on Long
Term Borrowing and Short Term Borrowings.
9. In the absence of confirmation from the parties the debit & credit
balances in respect of Sundry Debtors, Security Deposits and Advances
received from Customers & Sundry Creditors have been taken as reflected
in the books. Balance appearing under the heads Current Assets, Loans
and Advances and Current Liabilities are subject to confirmation.
10. In the opinion of the Board of Directors of the company, the
current assets, loans and advances have the value at least equal to the
figures stated in the Balance Sheet on realization in the ordinary
course of business and provision for all determinable/known liabilities
have been made in the accounts when reliable estimates can be made of
the amount of obligation.
11. Unhedged Foreign Currency Exposure
Export Debtors : NIL NIL
12. Adjustment of Tax Deducted at Source and MAT Credit from Provision
for Current Tax will be made after preparing the Income Tax Return.
13. Stores & Spares consumption has been grouped under Material
consumption.
14. Previous year Figures have been reworked, regrouped, re-arranged
and reclassified wherever considered necessary to make them comparable
with current year's figures. Figures in brackets where ever given are
for the previous year.
Mar 31, 2014
31/03/2014 31/03/2013
1 Contingent liabilities and
commitments (to the extent not provided
for) Contingent liabilities
(i) Claims against the company not
acknowledged as debt 0.00 0.00
(ii) Guarantees (Bank Guarantee
given to NSIC) 2,00,00,000.00 1,00,00,000.00
(iii) Other money for which the
company is contingently liable 0.00 0.00
Sub Total 2,00,00,000.00 1,00,00,000.00
Commitments
(i) Estimated amount of contracts
unexecuted on capital account 0.00 0.00
(ii) Uncalled liability on shares
and other investments partly paid 0.00 0.00
(iii) Other commitments 0.00 0.00
Sub Total 0.00 0.00
Total 2,00,00,000.00 1,00,00,000.0
AS-5 Net Profit or Loss for the Period, Prior Period Items and Changes
in Accounting Policies When items of income or expense within profit or
loss from ordinary activities are of size, nature or incidence that
their disclosure is relevant to explain the performance of the
enterprise for the period, the nature and amount of such item is
disclosed separately.
AS-5 Net Profit or Loss for the Period, Prior Period Items and Changes
in Accounting Policies
Extraordinary items- income or expenses that arise from events or
transactions that are clearly distinct from the ordinary activities of
the enterprises and are not expected to recur frequently or regularly.
from the ordinary activities of the enterprises and are not expected to
recur frequently or regularly.
The nature and amount of each extraordinary item is separately
disclosed in the statement of Profit and Loss in such manner that its
impact on current profit or loss can be perceived.
2 Segment Reporting :
a) Primary Segment Reporting : ( by business segment)
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting ( AS - 17), taking into account the organizational
structure as well as the differential risk and returns of these
segments. detail of products included in each of the segments are as
under :
3. M/s Sanjita Polymet Ltd. (Company incorporated in Hong Kong as
100% subsidiary of M/s Sanco Industries Ltd. w.e.f. August,2013) is not
in operation till date and no Capital has been introduced so far in
this company. That is why is not required to give consolidated
accounts.
4. In the absence of confirmation from the parties the debit & credit
balances in respect of Sundry Debtors, Security Deposits and Advances
received from Customers & Sundry Creditors have been taken as reflected
in the books. Balance appearing under the heads CurrentAssets, Loans
andAdvances and Current Liabilities are subjecttoconfirmation.
4A In the opinion of the Board of Directors of the company, the
current assets, loans and advances have the value at least equal to the
figures stated in the Balance Sheet on realization in the ordinary
course of business and provision for all determinable/known liabilities
have been made in the accounts when reliable estimates can be made of
the amount of obligation.
5. Previous year Figures have been reworked, regrouped, re-arranged
and reclassified wherever considered necessarytomake them comparable
with current year''s figures.
6. There has no Default of Principal repayment and interest repayment
on Long term Borrowings and Short term Borrowings.