Mar 31, 2016
1. As Per Section 135 of Companies Act 2013 Corporate Social Responsibility (CSR) Committee has been formed by the company. The Company has made provision for the CSR in books of accounts but no expenditure is incurred during the year as well as in previous year out of the fund.
2. LITIGATIONS
3. M/s Nawa Engineers & Consultants Pvt Ltd is client of Somi Conveyor Beltings Ltd. Who had issued cheque in foavour of Somi Conveyor Beltings Limited on 16.10.2014 of Rs. 200000.00 which was dishonored and Company has suied under section 138 of Negotiable Instruments Act in the Court of the Honble XVII ADDL Chief Metropolitan Magistrate at Hyderabad.
4 M/s Somi Conveyor Beltings Ltd has made Purchased Order of Zinc Oxide Dated 25.10.2012 at 99.70% Purity. Purchase Order Qty 16 9 Ton. Company has received gds on 10.11.2012 Bill No 123 of 9 Ton. Company has Tested and found on 54% Purity instead of 99.70%. Company has rejected the goods and send Letter on 22.11.2012. Again 16 Ton received of Low Quality. So Company send 16 Ton Immediately but 9 tons are remained with Company. Company has send the Legal notice on 12.04.2013
5. The Company is in the process of identifying Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium development Act, 2006. Hence, disclosure relating to amounts unpaid as at the yearend together with interest payable thereon has not been given.
Mar 31, 2015
1. PNB Demand Loan against FDR is secured against FDR.
2. PNB Car Loan is secured against new Santa Fee Car Purchased
3. BMW Car Loan is secured against new BMW Car Purchased
4. Buyers Credit is taken for purchase of New Steel Plant installed
during the year and it is secured against New Steel Cord Plant.
5. HDFC Car Loan is secured by way of Hypothecation of Car.
6. Working Capital Loan is secured by way of Hypothecation of Current
Assets present and future including entire stocks, raw materials,
consumable stores and spares, finished goods and book debts.
7. Other payables comprises of creditors for expenses and statutory
dues.
The gross block of Fixed Assets includes Rs. 54456021 on account of
revaluation of Land as at 15.02.2006 (Rs. 32000000), 16.02.2006 (Rs.
6693991), 26.03.2010 (Rs. 15762030).
Price Adjustment is made during the year on account of Creditors for
Capital Expenditure of Rs.12796341.00
During the year New Plant has been installed on which Borrowing Cost
has been capitalized of Rs. 1212812.00 as per AS-16.
During the Year Depreciation is calculated as per Schedule II of
companies Act and Depreciation on opening value is taken on
retrospective basis and difference is Rs.1202.
8. Unbilled Revenue comprises of Advance to raw material suppliers
and Advance against factory expenses.
9. Other Operating Income comprises of income from Duty Drawback .
10. Interest income comprises of interest receivable on FDR of
Rs.6572323 (Previous Year Rs. 1829305) & Interest received on deposit
to JVVN of Rs.123681 (Previous Year Rs. 126380) and other Interest.
11. Other Income includes discount received and insurance Claim of Rs.
1853763.
12. As per Accounting Standard 15 "Employee Benefits" the
disclosures as defined in the Accounting Standard are given below:
Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for
the year is as under:
Employer's contribution to Provident
Fund 220775 213694
Defined Benefit Plans
The employee's gratuity scheme managed by LIC is a defined as benefit
plan. The present value of obligation is on actuarial valuation using
the Projected Unit Credit Method, which recognises each period of
services as giving rise to additional unit of employees benefit
entitlement and measures each unit separately to build up the final
obligation.
13. RELATED PARTY DISCLOSURES:
(i) S.N. Name of the Related Party Relationship
1 Mr. O.P. Bhansali
2 Mr. Vimal Bhansali
3 Mr. Gaurav Bhansali Key Managerial Personnel (KMP)
4 Mr. Manish Bohra
5 Mr. Amit Baxi
6 Ms. Om Kumari Bhansali
7 Ms. Priya Bhansali
8 Ms. Anita Bohra Relative of Key Managerial
Personnel (RKMP)
9 Ms. Ruchi Bhansali
10 Ms. Madhu Mehta
11 M/s Oliver Micon Inc.
12 M/s Earth Movers enterprises
13 OM Prakash Bhansali HUF KMP/RKMP exercise significant
influence
14 Vimal Bhansali HUF
15 Gaurav Bhansali HUF
16 M/s Ghunguru Hotels & Resorts Ltd.
14. CONTINGENT LIABILITIES AND COMMITMENTS Rs. (In Lakhs)
(i) Guarantees
Performance Guarantees 770.34 749.00
Financial Guarantee 62.41 84.84
Guarantee against Buyer's Credit 1948.55 373.24
(ii) Letter of credit 364.14 73.60
As Per Section 135 of Companies Act 2013 Corporate Social
Responsibility Committee has been formed by
15. the company.
Provision for the CSR has been made in books of accounts but no
expenditure is made out of the fund during the year.
16. LITIGATIONS
a. M/s Nawa Engineers & Consultants Pvt Ltd is client of Somi
Conveyor Beltings Ltd. Client has issued cheque in favour of Somi
Conveyor Beltings Limited on 16.10.2014 of Rs 200000.00 which was
dishonour and Company has sued under section 138 of Negotiable
Instrument Act, 1881 in the Court of the Honourable XVII ADDL Chief
Metropolitan Magistrate at Hyderabad.
b. M/s OSM Projects Pvt Ltd is client of Somi Conveyor Beltings
Ltd. Client has issued cheque in favour of Somi Conveyor Beltings
Limited on 06.10.2012 of Rs 766364.00 which was dishonoured Twice and
Company has sued under section138 of Negotiable Instrument Act, 1881 in
the Jodhpur Court .
c. M/s Somi Conveyor Beltings Ltd has made Purchased Order of Zinc
Oxide Dated 25.10.2012 at 99.70% Purity. Purchase Order Qty 16 9 Ton.
Company has received goods on 10.11.2012 Bill No 123 of 9 Ton. Company
has Tested and found on 54% Purity instead of 99.70%. Company has
rejected the goods and send Letter on 22.11.2012. Again 16 Ton received
of Low Quality. So Company send 16 Ton Immidately but 9 tons are
remained with Company. Company has send the Legal notice to M/s Falcon
Chemox Pvt. Ltd. on 12.04.2013
17. The Company is in the process of identifying Micro, Small and Medium
Enterprises as defined under the Micro, Small and Medium development
Act, 2006. Hence, disclosure relating to amounts unpaid as at the year
end together with interest payable thereon has not been given.
Mar 31, 2014
1.1 Leave Encashment given by company is not retirement benefit but it
is encashed in every year.
1.2 As per Accounting Standard 15 "Employee Benefits" the disclousures
as defined in the Accounting Standard are given below:
Defined Contribution Plans
Contribution to Defined Contribution Plans, recongnised as expense for
the year is as under :
Employer''s contribution to Provident Fund 213694 246750
Defined Benefit Plans
The employee''s gratuity scheme managed by LIC is a defined benefit
plan. The present value of obligation on actuarial valuation using the
Projected Unit Credit Method, which recongnises each period of services
as giving rise to additional unit of employees befefit entitlement and
measures each unit separately to build up the final obligation.
1.3 Excess Provision on account of Quantity made due to technical
error amounting to Rs. 937157, now Written Back.
2. RELATED PARTY DISCLOSURES :
(i) S.N. Name of Related Party Relationship
1. O.P. Bhansali
2. Vimal Bhansali
3. Gaurav Bhansali Key Managenal Personnel (KMP)
4. Om Kumari Bhansali
5. Priya Bhansali
6. Ruchi Bhansali
7. Madhu Mehta Relative of Key Managerial Personnel (RKMP)
8. Oliver Micon Inc.
9. Earth Movers Enterprises 10.Om Prakash Bhansali HUF
11. Vimal Bhansali HUF
12. Gaurav Bhansali HUF
13. Ghunguru Hotels & Resorts Ltd. KMP/RKMP exercise significant
influence
3. CONTINGENT LIABILITIES AND COMMITMENTS Rs. (In Lakhs)
Current Year Previous Year
Amount Rs Amount Rs
(i) Claims against company
disputed liabilities
Entry Tax Demand 4.59 4.59
(ii) Guarantees
Performance Guarantees 749.00 617.51
Financial Guarantee 84.84 4.76
Guarantee against Buyer''s Credit 373.24 531.07
(iii) Letter of credit 73.60 307.23
4. The Company is in the process of identifying Micro, Small and
Medium Enterprises as defined under the Micro, Small Medium development
Act, 2006. Hence, disclousure relating to amounts unpaid as at the year
end together with interest payable thereon has not been given.
Mar 31, 2013
1.1 Other Operating Income comprises of Income from DEPB License
(export incentive) & Duty Drawback.
2.1 Interest income comprises interest receivable on FDR of Rs.
1841995 (Previous Year Rs. 1193823) & interest received on deposit to
JWN of Rs. 128028 (Previous Year Rs, 78522J.
2.2 Other income includes discount received, Sales Tax Subsidy
received of Rs. 1237415 and insurance Gfaim of Rs. 302662.
3.1 Leave Encashment given by company is not retirement benefit but it
is encashed in every year,
3.2 As per Accounting Standard 15 "Employee Benefits''1 the disclosures
as defined in the Accounting Standard are given below:
4. CONTINGENT LIABILITIES AND COMMITMENTS
Rs, (In Lakhs)
(i) Cfaims against company disputed liabilities
Entry Tax Demand 2.66 2.66
(ii) Guarantees
Performance Guarantees 67.81 182.04
Financial Guarantee 4.76 54.88
Guarantee against Buyer''s Credit 531.07 531 07
(iii) Letter of credit 307.23 127.73
5 The Company is in the process of identifying Micro, Small and Medium
Enterprises as defined under the Micro, Small Medium development Act,
2006, Hence, disclousure relating to amounts unpaid as at the year end
together with interest payabfe thereon has not been given.
Mar 31, 2012
1.1 Un billied Revenue comprises of Advance to raw material suppliers
and Advance against factory expenses
1.2 Share issue expenses not written off are to be written off within
12 months.
2.1 Other Operating Income comprises of income from DEPB License
(export incentive).
3.1 Interest income comprises interest receivable on FDR of Rs.
1193823 (Previous Year Rs. 359819) received on deposit to JWN of Rs.
78522 (Previous Year Rs. 56138).
3.2 Other income includes discount received and insurance claim
received of Rs. 466816 during the year.
4.1 Leave Encashment given by company is not retirement benefit but it
is encashed in every year.
4.2 As per Accounting Standard 15 "Employee Benefits" the disclousures
as defined in the Accounting Standard are given below:
Defined Contribution Plans
Contribution to Defined Contribution Plans, recongnised as expense for
the year is as under:
Employer's contribution to Provident Fund 270316 170439
Defined Benefit Plans
The employee's gratuity scheme managed by LIC is a defined benefit
plan. The present value of obligation on actuarial valuation using the
Projected Unit Credit Method, which recongnises each period of services
as giving rise to additional unit of employees benefit entitlement and
measures each unit separately to build up the final obligation.
5. CONTINGENT LIABILITIES AND COMMITMENTS Rs (In Lakhs)
(i) Claims against company disputed liabilities
Entry Tax Demand 2.66 2.66
(ii) Guarantees
Performance Guarantees 182.04 742.64
Financial Guarantee 54.88 -
Guarantee against Buyer's 531.07
(iii) Letter of credit 127.73 155.96
6. The Company is in the process of identifying Micro, Small and
Medium Enterprises as defined under the Micro, Small Medium
Deveiopment Act,2006. Hence, disclousure relating to amounts unpaid as
at the year together with interest payable thereon has not been given.
Mar 31, 2010
1. WORKING CAPITAL
The Working capital facilities amounting to Rs. 750 lacs {previous year
Rs. 600.00 Lacs) have been sanctioned by bank and are secured by
hypothecation of stocks, spares and book debts.
2. CONTINGENT LIABILITIES NOT PROVIDED FOR;
31.03.2010 31.03.2009
Letters of Credit 17219379.00 9916560.00
Bank Guarantees 16641000.00 8880159.00
3. FOREIGN CURRENCY TRANSACTION
The amount of exchange rate difference in respect of foreign currency
transactions has been recognised in the Profit and Loss Account
amounting to Rs. 249129.00 (previous year Rs. (175635.00)).
4. PRE OPERATIVE EXPENSES
Company has made expenditure on new project to the tune of Rs. 147.99
lacs in last year. Company has amortised Rs. 2959898.00 (l/5th of Rs.
147.99 lacs), which is recognized in Profit & Loss A/c.
5. CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the cash flow statement comprises of cash
at bank, cash in hand and liquid investments as per AS-3 on cash flow
statement.
6. CAPITAL WORK-IN-PROGRESS
In respect of supply-cum-erection, the value of supplies received at
site and accepted is treated as Capital Work-in- Progress.
Incidental Expenditure during construction (net) including corporate
office expenses for the year is apportioned to capital Work-in-Progress
on the basis of accretion thereto.
7. The company has reported a profit to the tune of Rs. 49.95 Lacs on
account of surplus and unused land disposed off during the year, which
has been included in Other Income head of Profit & Loss A/c.
8. The company is in the process of identifying Micro, Small and
Medium Enterprises as defined under the Micro, Small and Medium
enterprises Development Act, 2006. Hence disclosure relating to amounts
unpaid as at the year end together with interest payable thereon has
not been given.
9. Previous years figures have been re-cast, regrouped and
re-arranged wherever considered necessary to make them comparable.
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