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Sanghi Industries

BSE: 526521|NSE: SANGHIIND|ISIN: INE999B01013|SECTOR: Cement - Products & Building Materials
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Jun 15
Notes to Accounts Year End : Mar '16

Note 1. Contingent Liabilities and Commitments

The claims against the company not acknowledged as debt amount to Rs, 130.75 Cr. (Previous year Rs, 151.94 Cr.) and interest and penalty thereon as may be decided at the time of disposal of the claim. Against above, the Company has deposited a sum of Rs, 50.64 Cr. (Previous Yfear Rs, 52.95 Cr.) with respective authorities as deposit.

Note 2. Deferred Tax (Assets) / Liabilities

For recognition of Deferred Tax Asset (DTA) where the Company has unabsorbed depreciation under Income Tax Act, 1961: the virtual certainty of realization of such assets is prescribed as a criteria in AS 22. For the current year, the Company has not recognized such DTA in the accounts on prudent basis.

The Company is in the business of manufacturing and sale of cement and clinker which is considered to constitute one single primary segment. The secondary segment based on geographical segmentation are considered to be business outside India and within India.

Domestic revenue includes Rs, 0.25 crore self consumption (Previous Year Rs, 0.36 crore)

Note 3. related Party Disclosure as per Accounting Standard 18:

a. Key Management Personnel:

Mr. Ravi Sanghi - Chairman and Managing Director

Mr. Aditya Sanghi - Whole Time Director Mr. Alok Sanghi - Whole Time Director

Mrs. Bina Engineer - Whole Time Director Mr. N. B. Gohil - Whole Time Director

b. Subsidiary, Joint Venture and Associates:

The Company has incorporated subsidiary Company in China named, Sange Testing Services (Shanghai) Co., Ltd. on March 20, 2015. However, no investment is made till March 31, 2016.

c. Enterprises over which persons described in (a) above are able to exercise significant influence

1. Sanghi Infrastructure Ltd.

2. Kachchh Steels Pvt. Ltd.

Note 4. Additional information pursuant to the provisions of Schedule III to the Companies Act, 2013 is as under:

Note 5. In conformity to the Companies Act 2013, the Company has changed its Accounting year to 31st March and hence, the current financial year ended on 31st March 2016 is for the period of 9 months and not comparable with those of the previous year.

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