Mar 31, 2015
1 Corporate information
The Company is engaged in the business of manufacturing value added
Glass in various forms viz. Tempering, Designing, Insulating and
Laminated Glass and also engaged in Retail & wholesale trading in a
wide range of home interior products and Electronic goods.
2.1 Investment in Un Quoted Securities
The company has invested in 4000 Equity Shares of Rs. 10 each fully
paid for Rs. 50,00,000/- in Shakti Banquet Pvt. Ltd. The company has
not received the audited financial statements for the year ended 31st
March, 2015 and hence the fair value of shares cannot be estimated.
2.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
The Company is in the process of confirming with its suppliers
regarding their status as Micro and Small Enterprises as defined under
"Micro, Small and Medium Enterprises Development Act, 2006". Since the
relevant information is presently not available, necessary disclosures
relating to principal amount and interest paid /payable to Micro and
Small Enterprises have not been made in these accounts.
2.3 Sundry Debtors, Loans and Advances and Sundry Creditors:
The balances of Sundry Debtors, Sundry Creditors, Inter-corporate
Deposits and Loans and Advances have not been confirmed by some of the
parties.
2.4 In the absence of convincing evidence assuring future taxable
income, the company has not made provision for deferred tax asset.
3.5 Previous years figures are regrouped & rearranged wherever
necessary.
3.2 Employee benefit plans
3.2.a Defined contribution plans
The Company makes Provident Fund contributions in respect of all the
qualifying employees. Under the Schemes, the Company is required to
contribute a specified percentage of the payroll costs to fund the
benefits. The Company recognised Rs. 1046180/- (Year ended 31 March,
2014 Rs. 1254864/-) for Provident Fund contributions in the Statement
of Profit and Loss. The contributions payable to these plans by the
Company are at rates specified in the rules of the schemes.
3.2.b Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
ii. Compensated Absences
The following table sets out the funded status of the defined benefit
schemes and the amount recognised in the financial statements:
The discount rate is based on the prevailing market yields of
Government of India securities as at the Balance Sheet date for the
estimated term of the obligations.
The estimate of future salary increases considered, takes into account
the inflation, seniority, promotion, increments and other relevant
factors.
The Expected Rate of Return on Plan Assets is based on expectations of
the average long term rate of return expected on the investments of the
fund during the estimated term of obligations.
3.3 Segment information
The Company has identified business segments as its primary segment and
geographic segments as its secondary segment. Business segments are
primarily Glass Processing Division and Retail Trading Division.
Revenues and expenses directly attributable to segments are reported
under each reportable segment. Expenses which are not directly
identifiable to each reportable segment have been allocated on the
basis of associated revenues of the segment and manpower efforts. All
other expenses which are not attributable or allocable to segments have
been disclosed as unallocable expenses. Assets and liabilities that are
directly attributable or allocable to segments are disclosed under each
reportable segment. All other assets and liabilities are disclosed as
unallocable.The Company does not have geographical segments.
Mar 31, 2014
CORPORATE INFORMATION
The Company is engaged in the business of processing of value added
Glass in various forms viz. Tempering, Designing, Insulating and
Laminated Glass. The Company also has Trading and Retail division
offering a wide range of home interior products and Electronic goods.
The Company has during the year changed the name of the company from
Sezal Glass Limited to Sejal Glass Limited vide Certificate of
Incorporation dated 20th march, 2014
1 Investment in Un Quoted Securities
The company has invested in 4000 Equity Shares of Rs.10 each fully paid
amounting to Rs.50,00,000/- in Shakti Banquet Pvt.Ltd. The company has
not received the audited financial statements from the year ended 31st
March, 2014 and hence the fair value of shares cannot be estimated.
(Amount in Rs.)
As at As at
31st March, 2014 31st March, 2013
2 Contingent liabilities and commitments
(to the extent not provided for)
(i) (i) Contingent liabilities
(a) Claims by Larsen & Toubro 10,039,726 10,039,726
Limited against the
Company not acknowledged
as debt
(b) Guarantees executed in favour of
- Dakshin Gujrat Vij Company Ltd - -
- Administration of Dadra and - 3,625,000
Nagar Haveli Electricity
Department
- Chalet Hotels Private Limited - 2,125,130
- The Indian Hotels Company - 7,337,339
Limited
- Saint Gobain Glass India Limited - 30,000,000
- Against advance received from 1,724,818 -
a party
- Juniper Hotels Pvt Ltd
(ii) Customs duty payable for default 12,318,351 10,999,915
in completing export obligation
against advance license
(iii) Export obligation under EPCG 52,768,656 21,004,730
licence availed
(iv) Claims by parties towards damages 5,893,917 5,893,917
(v) Penalty Demand by Income tax 19,142,004 12,684,631
Department
(vi) Penalty paid to GIDC under 13,972,689 13,972,689
protest
(vii) Penalty Demand by Sales 31,555,798 -
tax Department
(viii) Interest and penalty 7,958,736 2,485,434
claimed by GIDC for Plot at
Jagadia Industrial Area
Total 155,374,695 120,168,511
3.1 Employee benefit plans
3.1.a Defined contribution plans
The Company makes Provident Fund contributions in respect of all the
qualifying employees. Under the Schemes, the Company is required to
contribute a specified percentage of the payroll costs to fund the
benefits. The Company recognised Rs. 1229127/-(Year ended 31 March,
2013 Rs. 1712848/-) for Provident Fund contributions in the Statement
of Profit and Loss. The contributions payable to these plans by the
Company are at rates specified in the rules of the schemes.
4 Segment information
The Company has identified business segments as its primary segment and
geographic segments as its secondary segment. Business segments are
primarily Glass Processing Division and Retail Trading Division.
Revenues and expenses directly attributable to segments are reported
under each reportable segment. Expenses which are not directly
identifiable to each reportable segment have been allocated on the
basis of associated revenues of the segment and manpower efforts. All
other expenses which are not attributable or allocable to segments have
been disclosed as unallocable expenses. Assets and liabilities that are
directly attributable or allocable to segments are disclosed under each
reportable segment. All other assets and liabilities are disclosed as
unallocable. The Company does not have geographical segments.
Mar 31, 2013
1 CORPORATE INFORMATION
The Company is engaged in the business of processing of value added
Glass in various forms viz. Tempering, Designing, Insulating and
Laminated Glass. The Company also has Trading and Retail division
offering a wide range of home interior products and Electronic goods.
2.1 Temperory Diminution of Investment
The company has invested in Shares of Inventure Growth and Securities
Limted as its Long Term Investment for Rs.3,77,06,280. The Market value
of these Shares as on the reporting date is Rs.36,98,520. The reduction
in the Share value is a Temperory diminution, which has resulted on
account of the Market forces. The turnover and the profitability of the
said company does not show any adverse impact which has resulted in the
fall in the market price.
2.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
In the absence of data on suppliers falling under the category of
Micro, Small and Medium Enterprises, the information regarding the
transactions is not provided.
3.1 Employee benefit plans
3.1.a Defined contribution plans
The Company makes Provident Fund contributions in respect of all the
qualifying employees. Under the Schemes, the Company is required to
contribute a specified percentage of the payroll costs to fund the
benefits. The Company recognised Rs. 1712848/-(Previous Year Rs. 1841907)
for Provident Fund contributions in the Statement of Profit and Loss.
The contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
3.1.b Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
ii. Compensated Absences
The following table sets out the funded status of the defined benefit
schemes and the amount recognised in the financial statements:
3.2 Discontinuing operations
The Company did not have any discontinued operations during the year.
However, during the year 2011-2012, pursuant to the approval of the
Shareholders and other authorities as required, the Company has
transferred the Float Glass Division at Bharuch to Saint Gobain Glass
India Limited on a slump sale basis with effect from the close of
business on 31st May, 2011. The Float Glass Division business was
reported as part of Float Glass Division segment of the Company during
the Previous Year 2011-12. The results of the discontinued business
during the year 2011-2012 until discontinuation were as
under:
Mar 31, 2012
1 Corporate information
The Company is engaged in the business of processing of value added
Glass in various forms viz. Tempering, Designing, Insulating and
Laminated Glass. The Company started manufacturing of Float Glass
during the previous year. This activity was discontinued w.e.f 1st
June, 2011. The Company also has Trading and Retail division offering
a wide range of home interior products.
2.1 Monies received against share warrants
The Company at their Annual General Meeting held on 15th September,
2009 have resolved to create, offer, issue and allot up to 50,00,000
warrants, convertible into 50,00,000 equity shares of Rs.10/- each at a
premium of Rs.30/- on a preferential allotment basis, in accordance with
the SEBI Guidelines on preferential issue. Sub- sequent to the
subdivision of face value of the Equity shares from Rs.10/- to Rs.1/- each,
50,00,000 warrants became 5,00,00,000 warrants of the face value of
Rs.1/- each. The Promoters had opted to convert 3,55,00,000 warrants into
Equity shares on various dates. As the Promoters did not exercise the
option to convert the balance 145,00,000 warrants, the right to apply
for Equity shares had lapsed on June 2, 2011 as per the terms of the
issue. Accordingly, 145,00,000 warrants stand cancelled and
consequently the entire amount received thereon from the warrant
holders has been forfeited by the Company and transferred to General
Reserve
As at 31st March, As at 31st March,
2012 2011
2.2 Contingent liabilities and
commitments (to the extent
not provided for)
(i) Contingent liabilities
(a) Claims by Larsen & Toubro
Limited against the Company 10,039,726 42,500,000
not acknowledged as debt
(b) Guarantees executed in
favor of
- Dakshin Gujrat Vij Company Ltd 20,171,000 -
- Gujarat Gas Company Limited - 117,613,684
- Quippo Energy Private Limited - 30,000,000
- Administration of Dadra and
Nagar Haveli Electricity
Department 3,625,000 3,625,000
- Parties against advance 15,000,000 10,625,938
(c) Other money for which the
Company is contingently
liable (give details)
(i)Claims by Gujarat Gas Company
for Minimum Guaranteed - 1,023,088,698
Off take
(ii) Customs duty payable for
default in completing export 12,382,672 15,986,329
obligation against advance license
(iii) Export obligation under EPCG
license availed - US $ 29,119,996 4,228,138
3,94,202.06 @ Rs.50.875 = US $
including interest Rs.90,64,966 (Pre-
vinous year US $ 93958.62 @ Rs.
45 = US $
(iv) Claims by parties towards
damages 5,893,917 5,893,917
(v)Penalty Demand by Income
tax Department 8,597,477 -
(vi) Penalty paid to GIDC under
protest 13,972,689 -
(vi) Bank Charges debited to
Unpaid dividend account - 51,555
Total 118,802,477 1,253,561,704
(ii) Commitments
(a) Estimated amount of contracts
remaining to be executed - -
on capital account and not
provided for
Tangible assets 22,254,467 114,800,000
2.3 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006 In the absence of data on
suppliers falling under the category of Micro, Small and Medium
Enterprises, the information regarding the transactions is not
provided.
3.1 Employee benefit plans
3.1.a Defined contribution plans
The Company makes Provident Fund contributions in respect of all the
qualifying employees. Under the Schemes, the Company is required to
contribute a specified percentage of the payroll costs to fund the
benefits. The Company recognized Rs. 1841907/-(Year ended 31 March, 2011Rs.
3676268) for Provident Fund contributions in the Statement of Profit and
Loss. The contributions payable to these plans by the Company are at
rates specified in the rules of the schemes.
3.1.b Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
ii. Compensated Absences
The following table sets out the funded status of the defined benefit
schemes and the amount recognized in the financial statements:
3.2 Segment information
The Company has identified business segments as its primary segment and
geographic segments as its secondary segment. Business segments are
primarily Processing Division, Float Glass Manufacturing Plant and
Retail Division. Revenues and expenses directly attributable to
segments are reported under each reportable segment. Expenses which are
not directly identifiable to each reportable segment have been allocated
on the basis of associated revenues of the segment and manpower
efforts. All other expenses which are not attributable or allocable
to segments have been disclosed as unallowable expenses. Assets and
liabilities that are directly attributable or allocable to segments are
disclosed under each reportable segment. All other assets and
liabilities are disclosed as unallowable. The Company does not have
geographical segments.
3.3 Discontinuing operations
During the year, pursuant to the approval of the Shareholders and other
authorities as required, the Company has transferred the Float Glass
Division at Barouche to Saint Gobain Glass India Limited on a slump sale
basis with effect from the close of business on 31st May, 2011 for a
consideration of Rs.686 crores less a Net Current Asset of Rs.23 crores.
The Float Glass Division business has been reported as part of Float
Glass Division segment of the Company. The results of the discontinued
business during the year until discontinuation were as under:
Mar 31, 2011
1. a) The name of the company was changed from 'Sejal Architectural
Glass Limited' to "SEZAL GLASS LIMITED" in terms of the special
resolution passed at the Extra Ordinary General Meeting of the
Shareholders of the Company held on May 15, 2010 and on
2. Contingent Liabilities :
Contingent liabilities not provided for in respect of receiving
approval from the Company Law Board.
b) The shareholders of the company have, in an Extra Ordinary General
Meeting held by the company, approved the subdivision of equity shares
of the company of the face value of Rs.10/- per share to 10 shares of
Re.1/- per share.
c) The Float Glass Manufacturing Plant at Jhagadia, Bharuch, has been
capitalised effective June 01, 2010 after the Float Glass Production
was stabilised.
d) The Company has revalued its Land and Buildings to project the
actual value of its immoveable property as at 31st March, 2011. The
resultant increase in its value as per the valuation report given by
Mr. Shyam Agrawal, approved Government Valuer has been correspondingly
credited to revaluation reserve which amounted to Rs. 72,47,97,837/-
for Land and Rs. 90,21,03,161/- for Building aggregating to Rs.
162,69,00,998/-. Depreciation on the incremental value of Buildings has
not been provided for as the same was accounted as of 31st March, 2011.
e) The Authorised Capital of the company has been increased from Rs.45
Crores to Rs.60 Crores during the year. However, the increase in
Authorised Capital is yet to be communicated to the Registrar of
Companies.
(Rs.)
2010-11 2009-10
Claims by Gujrat Gas Company for Minimum
Guaranteed Off take 1,02,30,88,698 9,00,00,000
Bank Guarantees Outstanding 16,18,64,622 9,96,71,016
Customs duty payable for default in
completing export obligation 1,59,86,329 80,20,538
against advance license - Processing
Division
Customs duty payable for default in
completing export obligation 42,28,138 Nil
under EPCG - Processing Division
(US $ 93,958.62 @ Rs. 45 = US $ 1)
Claims by parties towards damages 58,93,917 58,93,917
Claims by parties not acknowledged as debt 4,25,00,000 4,00,00,000
Income Tax Department demands Nil 20,35,473
Bank charges debited to unpaid Dividend
A/c with bank 51,555 51,555
3. Disclosure Pursuant to Accounting Standard AS 15 (Revised):
Gratuity
The company has accounted employee benefits as per Accounting Standard
15 (Revised) on Employee Benefits (Revised) issued by the Institute of
Chartered Accountants of India.
Presentation in Balance Sheet as per actuarial valuation as at March
31, 2011 Net Asset/(Liability) recognised in the balance sheet as at
March 31, 2011
a) Discount Rate:
The discount rate is based on the prevailing market yields of Indian
Government Securities as at the balance sheet date for the estimated
term of the obligations.
b) Expected Rate of Return on Plan Assets :
This is based on our expectation of the average long term rate of
return expected on investments of the fund during the estimated term of
the obligations.
c) Salary Escalation Rate:
The estimates of future salary increases considered takes into account
the inflation, seniority, promotion and other relevant factors.
4. Related Party Disclosures:
Disclosure as required by the Accounting Standard 18, "Related Party
Disclosure" is given below:
a) Names of Related Parties and Nature of Relationship:
i) Subsidiary N.A.
ii) Key Management Personnel Wholetime Directors and relatives of the
Key Management Personnel
with whom the Company had transactions
Key Management Personnel (Whole Time Directors) Relative of Key
Management Personnel
Shri Amrrut S. Gada Shri Shavjjibhai V. Gada, Father
Smt. Diwaliben S. Gada, Mother Smt. Bhavna A. Gada, Wife
Shri Dhirraj S. Gada Shri Shavjjibhai V. Gada, Father
Smt. Diwaliben S. Gada, Mother Smt.Anju D. Gada, Wife
Shri Miitesh K. Gada Shri Kanji V. Gada, Father
Smt. Navalben K. Gada, Mother Smt. Preeti M. Gada, Wife
Shri Aashish D. Kariaa
iii) Entities over which Key Management Personnel [Wholetime Directors]
are able to exercise significant influence:
Sezal Glass Craft Private Limited
Sezal International Limited
Sezal Insurance Broking Limited
Sezal Glass House
Sezal Realty and Infrastructure Limited
Sezal Finance Limited
Bhanu Cosmetics & Packaging Limited
Hero Paper Stores
Hero Multi Pap Private Limited
White Flag Media and Communications Limited
iv) Joint Venture - Sezal Firebaan Glass Private Limited
5. Events Occurring After the Balance Sheet Date:
The company is considering a possibility of transfer of its
manufacturing units by way of sale, lease or otherwise. In order to
take prior approval of shareholders for this major decision, the
company opted for voting by Postal Ballot by the shareholders. The
result of voting by Postal Ballot, after the Scrutinizers verify the
ballot reports, shall be available on or after 28th May, 2011.
6. Balances of sundry debtors, advances and sundry creditors are
subject to receipt of balance Confirmation letters.
7. The details of amounts due to Micro, Small and Medium Enterprises
under the Micro, Small and Medium Enterprises Development Act, 2006, as
per the information available with the company. Nil Nil
8. Previous year's figures have been regrouped / re-arranged wherever
necessary to conform with the current year's classification.
Mar 31, 2010
1. Contingent Liabilities :
Contingent liabilities not provided for in respect of
(Rs.)
2009-10 2008-09
Claims by Gujarat Gas for Minimum
Guarantee Offtake 4,50,00,000 Nil
Bank Guarantee given by Company
to State Bank of Patiala (off Margin 4,87,32,831 4,83,75,490
provided by the Company in the
form of Fixed Deposits with the
Bank)
Bank Guarantee given by Company to
Axis Bank in provided by
5,09,38,285 Nil
the Company in the form of Fixed
Deposits with the Bank)
CST not charged in Sales bill to
parties Nil 46,95,477
Claim by party towards damages 58,93,917 35,20,000
Claim by party not acknowledged
as debt 4,00,00,000 Nil
Income tax payable 20,35,473 Nil
2. Disclosure pursuant to Accounting Standard (AS) 15 (Revised) :
Gratuity
The Company has for the first time during the year ended March 31, 2009
adopted Accounting Standard 15 (Revised) on Employee Benefits (Revised)
issued by the Institute of Chartered Accountants of India.
a) Discount Rate :
The Discount Rate is based on the prevailing market yields of Indian
Government Securities as at the Balance Sheet date for the estimated
term of the obligations.
b) Expected Rate of Return on Plan Assets :
This is based on our expectation of the average long term rate of
return expected on Investments of the Fund during the estimated term of
the obligations.
c) Salary Escalation Rate:
The estimates of future Salary increases considered takes into account
the inflation, seniority, promotion and other relevant factoRs.
Leave Encashment
Actuarial Valuation of Leave Encashment Liability as required by
Accounting Standard 15 (Revised) has not been done. The same has been
provided on the basis of leave balance as at March 31, 2010 on the
basis of current salary drawn.
3. Related Party Disclosures :
Disclosure as required by the Accounting Standard 18, "Related Party
Disclosure" is given below:
a) Names of Related Parties and nature of Relationship:
i) Subsidiary N.A.
ii) Key Management Personnel : [Wholetime Directors] and relatives of
the Key Management Personnel with whom the Company had transactions
Key Management Personnel
Shri. Amrut S Gada Shri. Shivji V. Gada, Father
Smt. Diwaliben S. Gada, Mother
Smt. Bhavna A. Gada, Wife
Shri. Dhiraj S Gada Shri. Shivji V. Gada, Father
Smt. Diwaliben S. Gada, Mother
Smt. Anju D. Gada, Wife
Shri. Mitesh K Gada Shri. Kanji V. Gada, Father
Smt. Navalben K. Gada, Mother
Smt. Preeti M. Gada, Wife
iii) Entities over which Key Management Personnel [Wholetime Directors]
are able to exercise significant influence:
Sejal Glass Craft Private Limited
Sejal International Limited
Sejal Insurance Broking Limited
Sejal Glass House
Sejal Float Glass Limited
Sejal Finance Limited
Bhanu Cosmetics & Packaging Limited
Hero Paper Stores
Hero Multi Pap Private Limited
White Flag Media and Communications Limited
4. Events occurring after Balance Sheet date :
a) The shareholders of the Company had, in an Extra Ordinary General
Meeting held by the Company, approved the proposal to change in the
name of the Company from Sejal Architectural Glass Limited to ÃSezal
Glass Ltd
5. Deferred Tax liability :
Provision for Deferred Tax liability is arrived at on the timing
differences at the Tax rates as applicable for the current financial
year, after setting off rebate of 30% available u/s 80IB.
6. Balances in the accounts of Sundry Debtors, Sundry Creditors,
Advances to and from parties are subject to confirmation by the parties
and subject to reconciliation with the control account main ledger.
7. As regards to the compliance of the provisions relating to the
dues to the Small Scale Units in terms of the Companies (Amendment)
Act, 1999, the Company has no dues payable to Small Scale Units.
8. Previous years figures have been regrouped / re-arranged wherever
necessary to conform with the current years classification.