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Sunil Hitech Engineers
BSE: 532711|NSE: SUNILHITEC|ISIN: INE305H01010|SECTOR: Power - Transmission/Equipment
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Explore Sunil HitechEng connections « Mar 10
Notes to Accounts Year End : Mar '11
1.  Contingent Liabilities:                       (Rs. in Lacs)
 
 Particulars                              31.03.2011       31.03.2010
 
 a) Counter Guarantees given to bank 
 against guarantees given by them          37,484.01        27,567.62
 
 b) Bank Letter of Credit outstanding 
 at the year end                            3,746.66         1,016.75
 
 c) Sales Tax demand disputed, 
 contested in appeal                             Nil           374.31
 Amount paid there against and 
 shown as Advances recoverable
 
 d) Service Tax demand disputed, 
 contested in appeal                          181.18           181.18
 Amount paid there against and shown as
 Advances Recoverable
 
 e) Corporate Guarantee given on behalf of :- 
 
 i) SEAM Industries Limited, a 
 subsidiary company                         3,842.00         2,492.00
 
 Loans/ LC/ BG outstanding at the year end  2,596.54         1,071.69
 
 ii) Others                                 5,000.00         5,000.00
 
 Loans outstanding at the year end          4,999.75         5,124.01
 
 f) Claims against the Company not 
 acknowledge as debts                          11.53              Nil
 
 2.  Estimated amount of contracts remaining to be executed on capital
 account Rs. 619.17 Lacs (Rs. 249.45 Lacs), net of advances of Rs. Nil
 (Rs. 2.77 Lacs).
 
 3.  Provision for current tax includes provision for wealth tax Rs.
 5.57 Lacs (Rs. 5.20 Lacs)
 
 4.  Unamortised issue expenses at the beginning of the year amounting
 to Rs. 66.91 Lacs has been charged to the revenue.
 
 5.  Balances of some of the Sundry Debtors and Sundry Creditors are
 subject to confirmation / reconciliation and adjustments, if any.
 
 6.  Employee Benefits:
 
 As required by Accounting Standards-15 ''Employee Benefits'' the
 disclosures are as under:
 
 Defined Contribution Plans:
 
 The Company offers its employees defined contribution plans in the form
 of Provident Fund (PF) and Employees'' Pension Scheme (EPS) with the
 government and certain state plans such as Employees'' State Insurance
 (ESI). PF and EPS cover substantially all regular employees and the ESI
 covers eligible workers. Contributions are made to the Government''s
 funds. While both the employees and the Company pay predetermined
 contributions into the PF and the ESI Scheme, contributions into the
 EPS is made only by the Company. The contributions are normally based
 on a certain portion of the employee''s salary.
 
 Defined Benefit Plans: Leave Encashment:
 
 The Company''s employees are entitled for compensated absences which are
 allowed to be accumulated and encashed as per the Company rules.
 
 Upto previous year ended on 31st March 2010, liability of compensated
 absences was provided as per management''s estimate.  From this year the
 same is being provided based on report of independent actuary using the
 Projected Accrued Benefit Method which is same as the Projected Unit
 Credit Method in respect of past services. Accordingly, incremental
 liability for compensated absences upto last year as per actuarial
 valuation amounting to Rs. 105.14 Lacs and also liability for the year
 amounting to Rs. 49.61 Lacs have been charged to the revenue.
 
 Gratuity:
 
 The employees'' gratuity fund scheme is a defined benefits plan. The
 present value of obligation is determined based on actuarial valuation
 using the Projected Unit Credit Method, which recognizes each period of
 services as giving rise to additional unit of employee benefits
 entitlement and measures each unit separately to build up the final
 obligation.
 
 The Company makes annual contributions to the Employees'' Group
 Gratuity-cum Life Assurance (Cash Accumulation) Scheme of the LIC, a
 funded defined benefit plan for employees. The scheme provides for
 payment to employees as under:
 
 i) On normal retirement / early retirement / withdrawal / resignation:
 As per the provisions of Payments of Gratuity Act, 1972 with vesting
 period of 5 years of service.
 
 ii)    On the death in service:
 
 As per the provisions of Payment of Gratuity Act, 1972 without any
 vesting period.
 
 7.  Disclosure of Sundry Creditors under Current Liabilities is based
 on the information available with the Company regarding the status of
 the suppliers as defined under the Micro, Small and Medium Enterprises
 Development Act, 2006 and relied upon by the Auditors. Amount
 outstanding (not overdue) as on 31st March, 2011 to Micro, Small and
 Medium Enterprises on account of principal amount aggregate to Rs.
 78.12 Lacs (Rs. 91.24 Lacs) and interest payable thereon Rs. Nil (Rs.
 Nil) and interest paid during the year Rs. Nil (Rs. Nil).
 
 8.  Due to natural calamity occurred at SECHI Site, the Company has
 incurred loss of Rs. 147.50 Lacs in FY 09-10 and same has been provided
 as extraordinary loss in the books of accounts for the period ended
 31st March, 2010, The site and the assets thereon were sufficiently
 insured and claim of Rs. 50 Lacs received in current year has been
 accounted as extraordinary income.
 
 9. Disclosure for operating leases under Accounting Standard
 19-Accounting for Leases:
 
 The Company has taken various residential /office premises (including
 furniture and fittings, therein as applicable), under operating lease
 or leave and license agreements. These are generally cancellable and
 ranges from 5 months to 15 years under leave and license, or longer for
 other leases and are renewable by mutual consent on mutually agreeable
 terms. The company has given refundable interest free security deposits
 in accordance with the agreed terms. The lease payments of Rs. 271.50
 Lacs (Rs. 182.73 Lacs) are recognised in the Profit and Loss Account
 under Rent under Schedule-19
 
 10. Disclosure required by clause 32 of the listing agreement ( as
 certified by the management) :
 
 A.  Interest-free loans and advances in the nature of loans to: Nil
 
 11. Related Party Disclosure for the year as required by Accounting
 Standard 18 are given below: Category I : Subsidiary Company
 
 SEAM Industries Ltd
 
 Sunil Hitech Energy Pvt. Ltd
 
 SHEL Investments Consultancy Pvt. Ltd
 
 Category II: Associate Company:
 
 Gangakhed Sugar & Energy Ltd
 
 Category III: Directors, Key Management Personnel and their Relatives:
 
 Mr. R.M. Gutte
 
 Mrs. S. R. Gutte
 
 Mr. Sunil R. Gutte
 
 Mr. Vijay R. Gutte
 
 Mr. M. N. Mohanan
 
 Mr. S. K. K. Ramaiah
 
 Relatives of Key Management Personnel
 
 Relative of Director: Mrs. Swati Phad
 
 Category IV: Enterprise over which persons covered under Category III
 
 above are able to exercise significant control:
 
 Trimurti Towers Pvt. Ltd
 
 Sadoday Laxmi Infrastructure Pvt. Ltd
 
 Shanti Laxmi Contractors Pvt. Ltd
 
 Purple Haze Motion Pictures Pvt. Ltd
 
 12.  In terms of the requirements of the Accounting standard-28 on
 Impairment of Assets issued by the Institute of Chartered Accountants
 of India, the amount recoverable against Fixed Assets has been
 estimated for the period by the management based on present value of
 estimated future cash flows expected to arise from the continuing use
 of such assets. The recoverable amount so assessed was found to be
 adequate to cover the carrying amount of the assets, therefore no
 provision for impairment in value thereof has been considered
 necessary, by the management.
 
 13.  Segment Reporting:
 
 a.  Business Segments:
 
 Business segments have been identified in line with Accounting
 Standards on Segment Reporting AS 17.  The Company''s businesses are
 classified into following three primary business segments.
 
 a) Project
 
 b) Overhauling & Maintenance (O & M)
 
 c) Supply
 
 Project Segment: This segment is engaged in the business of
 fabrication, Erection & commissioning of Boilers (Power Plant) ESP,
 Rotating Machineries, Sugar Plant, Transmission & Distribution and EPC
 contract and Balance of Plant (BOP).
 
 O & M Segment: This segment is engaged in the business of Repair &
 Maintenance, Overhauling, and Renovations of Boilers and auxiliaries,
 Ash Handling Systems etc.
 
 Supply Segment: Supply of Electrodes, Boiler Spare Parts, Coal, Steel
 and other material at various Thermal Power Plants.
 
 14.  Figures in brackets indicate previous year''s figures.
 
 15.  Previous year''s figures have been re-grouped / reclassified /
 rearranged wherever necessary to make them comparable to those for the
 current year.
Source : Dion Global Solutions Limited
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