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CMI

BSE: 517330|NSE: CMICABLES|ISIN: INE981B01011|SECTOR: Cables - Telephone
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Mar 15
Notes to Accounts Year End : Mar '16

1. The most recent actuarial valuations of plan assets and the present values of the defined benefit obligations were carried out at 31st March, 2016. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Gratuity:

As per actuarial valuation, the Present Value of Obligation is Rs. 92.05 Lakhs and the Fair Value of Plan Assets is of Rs. 17.52 Lakhs and the Net Gratuity Liability is Rs. 74.53 Lakhs as on 31st March, 2016.

Leave Encashment:

As per actuarial valuation, the Present Value of Obligation is Rs. 9.94 Lakhs and the Fair Value of Plan Assets is of Rs. Nil and the Net Leave Encashment Liability is Rs. 9.94 Lakhs as on 31st March, 2016 and is provided in the books of account.

2. In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known liabilities has been made.

3. The Company has manufactured various types of Cables during the year under review; therefore there are no separate reportable segments as per Accounting Standard 17.

4. Leases:

i. The disclosure under Accounting Standard - 26 (Intangible Assets):-The Company has no Intangible Asset on lease as on 31st March, 2016.

ii. The disclosure under Accounting Standard -19 (Leases):-

All operating leases entered into by the Company are cancellable on giving notice of one to three months. As per AS-19 (Leases), the disclosure requirements for operating leases of the Company are as follows:

a. the total of future minimum lease payments under non-cancellable operating leases for each of the following periods:

i. not later than one year;

ii. later than one year and not later than five years;

iii. later than five years;

b. The total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date;

- Not Applicable

c. Lease payments recognized in the Statement of Profit and Loss for the period, with separate amounts for minimum lease payments and contingent rents;

- Details of lease payments recognized in the Statement of Profit and Loss for the period are as per Clause 1(a) here in above and there are no contingent rents.

d. Sub-lease payments received for (or receivable) recognized in the statement of profit and loss for the period;

- Not Applicable

e. A general description of the lessee''s significant leasing arrangements including, but not limited to, the following:

i. the basis on which contingent rent payments are determined;

ii. the existence and terms of renewal or purchase options and escalation clauses; and

iii. restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

- Not Applicable

5. Trade Payables include an amount of Rs. 0.67 Lakhs (Previous year Rs. 1.09 Lakhs) being amount payable to Micro, Small & Medium Enterprises (MSME) as defined in Micro, Small & Medium Enterprises Development Act, 2006. The outstanding exceeding Rs. 1.00 Lakh for a period in excess of 45 days at balance sheet date is nil.

The details of MSME dues have been furnished to the extent such parties have been identified by the Company based on information made available by them.

6. There are following TDS demands outstanding as on 31st March, 2016.

F.Y. Law Amounts

Prior Years TDS Rs. 64,469/-

7. That the Company has test marketed the Robotech items and sale of such items for Rs. 27.95 Lakhs ( Previous Year Rs 0.67 Lakhs) is included in Sale of Products.

8. Related Party Transactions as per Accounting Standard 18:

I. Key Managerial Personnel

Mr. Amit Jain Managing Director

Mr. V. K. Gupta Whole-time Director

Mr. Pyare Lal Khanna Director

Mr. Ramesh Chand Director

Mr. Subodh Kumar Barnwal Secretary

Mr. Raj Kumar (Up to 29th February, 2016) C.F.O.

Mr. Ghan Shyam Dass (From 01st March, 2016) C.F.O.

II. Parties in which the Key Managerial Personnel / Directors of the Company are interested:

a. M/s Wireco (India) - A proprietorship concern of Mr. Pyare Lal Khanna, Director of the Company.

b. Vardhman Cables India Pvt. Ltd. - Relative of Director is Director of the Company.

c. RKJ Alloys & Conductors Pvt. Ltd. - Relative of Director is Director of the Company.

d. Lancer Telecom (India) Pvt. Ltd. - Relative of Director is Director of the Company.

e. CMI Energy India Pvt. Ltd. -100% Subsidiary Company w. e. f. 29/02/2016.

III. Relatives of Key Managerial Personnel / Directors of the Company:

Mrs. Himani Jain

Notes:

a. Remuneration paid to:

Mr. Amit Jain - Rs. 27.00 Lakhs (Previous Year Rs. 21.00 Lakhs)

Mr. V. K. Gupta - Rs. 7.20 Lakhs (Previous Year Rs. 6.00 Lakhs)

b. Mr. Subodh Kumar Barnwal - Rs. 6.22 Lakhs (Previous Year Rs. 5.59 Lakhs)

c. Mr. Raj Kumar - Rs. 1.65 Lakhs (Previous Year Rs. 1.80 Lakhs)

Mr. Ghan Shyam Dass - Rs. 4.44 Lakhs (Previous Year Nil)

d. Interest paid / payable to:

Mr. Amit Jain - Rs. 32.93 Lakhs (Previous Year Rs. 12.30 Lakhs)

e. Lease rent (vehicle) paid / payable to:

Mr. Amit Jain - Rs. 3.00 Lakhs (Previous Year Rs. 0.75 Lakhs)

f. Interest received / receivable from:

CMI Energy India Pvt. Ltd. - Rs. 78.64 Lakhs (Previous Year Rs. Nil)

g. Reimbursement of expenses from:

CMI Energy India Pvt. Ltd. - Rs. 22.03 Lakhs (Previous Year Rs. Nil)

h. Transactions in unsecured loans received during the year with;

Mr. Amit Jain - Rs. 2,391.50 Lakhs (Previous Year Rs. 235.25 Lakhs)

Lancer Telecom (India) Pvt. Ltd. - Rs. 85.00 Lakhs (Previous Year 6.00 Lakhs)

RKJ Alloys & Conductors Pvt. Ltd. - Rs. 2,216.50 Lakhs (Previous Year 1,962.67 Lakhs) Vardhman Cables India Pvt. Ltd. - Rs. 25.00 Lakhs (Previous year Nil)

Himani Jain - Rs. 2.00 Lakhs (Previous year 5.00 Lakhs )

i. Transactions in unsecured loans received paid back during the year with;

Mr. Amit Jain - Rs. 1,627.61 Lakhs (Previous Year Rs. 253.37 Lakhs)

Lancer Telecom (India) Pvt. Ltd. - Rs. 85.00 Lakhs (Previous Year 6.00 Lakhs)

RKJ Alloys & Conductors Pvt. Ltd. - Rs. 2,216.50 Lakhs (Previous Year 2,307.67 Lakhs) Vardhman Cables India Pvt. Ltd. - Rs. 25.00 Lakhs (Previous Year 3.25 Lakhs)

Himani Jain - Rs. 2.00 Lakhs (Previous year Rs. 5.00 Lakhs ) j. Transactions in unsecured loans paid during the year to;

CMI Energy India Pvt. Ltd. - Rs. 10,132.34 Lakhs (Previous Year Rs. Nil) k. Transactions in unsecured loans paid received back during the year from;

CMI Energy India Pvt. Ltd. - Rs. 551.60 Lakhs (Previous Year Rs. Nil)

9. Certain debit and credit balances of the parties are subject to confirmations.

10. Previous year figures have been regrouped / rearranged wherever considered necessary.

11. Information required in terms of the Schedule III to the Companies Act, 2013 as compiled by the Company is attached.

Source :
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