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SENSEX NIFTY India | Notes to Account > Machine Tools > Notes to Account from Solitaire Machine Tools - BSE: 522152, NSE: N.A

Solitaire Machine Tools

BSE: 522152|ISIN: INE410A01013|SECTOR: Machine Tools
Jun 18, 14:53
2.1 (6.74%)
Solitaire Machine Tools is not listed on NSE
Mar 15
Notes to Accounts Year End : Mar '17


The Company is exclusively engaged in a single business segment of manufacture and sale of Grinding Machines and accordingly this is the only primarily reportable segment

Geographical Segments:

Secondary segmental reporting is based on the geographical location of customers. The geographical segment have been disclosed on revenue within India (Sales to customers within India) and revenues outside India (Sales to customers located out-side India). Secondary segment assets and liabilities are based on the location of such assets/liability.

2. Sundry Creditors, Sundry Debtors, Loans and Advances are subject to confirmation

3. The Company has no information as to whether any of its suppliers constitute small-scale industrial undertakings and therefore, the amount due to such suppliers has not been identified.

4 The company has not received any intimation from suppliers regarding their status under the Micro Small and Medium Enterprises Development Act; 2006 and, hence, disclosure, if any relating the amounts un paid as at 31st March,2017 together with interest paid and payable are required under the said Act have not been given.

5 A. Gratuity

The company''s obligations towards the gratuity Fund is a Defined Benefit Plan. Every employee who has completed a continuous period of five years or more of services gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in form of a qualifying insurance policy.

The Following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the fund status and amounts recognized in the Balance sheet

The estimates of future salary increases, considered in actuarial variation, take account of inflation, seniority promotion and other relevant factors ,such as supply and demand in the employment market

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

6 Prior Period Items:

Exceptional Items include prior period items as follows

a) Relating to administrative expenses Rs. 60,528/-

b) Relating to Investments in foreign subsidiary company Rs. 3,785,542/Relating to write-off of investment in foreign subsidiary company M/s JBS Machinery Corp in USA which was involuntary dissolved as per the order dated 9-8-13 of the Secretary of state ILLINOIS. As the dissolution was affected in earlier years and noticed by management during year the same is treated as prior period item in current year.

As per management the subsidiary is non operational and technology it owns is fully exhausted and obsolete and accordingly management having no intention to revive the company, the investment are written off.

7 There are no amounts due and outstanding, to be credited to Investor Education and Protection Fund

8 Corporate Social Responsibility (CSR)

The provisions of Section 135 of the Companies Act,2013 regarding Corporate Social Responsibility activity is not applicable to the company.

9 Statement showing details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016, as required by notification issued by MCA on 30th March, 2017.

10 Previous Year''s figures have been regrouped / re-arranged wherever deemed necessary so as to make them comparable and figures are stated to the nearest rupee.

Source : Dion Global Solutions Limited
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