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SPEL Semiconductor

BSE: 517166|NSE: SPICELEC|ISIN: INE252A01019|SECTOR: Computers - Hardware
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Mar 16
Notes to Accounts Year End : Mar '18

Notes to Abridged Ind AS Financial Statements for the year ended 31st March, 2018

(All amounts in Rs Lakhs unless otherwise stated)

1. Basis of Preparation

a) The Abridged Ind AS Financial statements have been prepared on the basis of the complete set of Ind AS financial statments for the year ended March 31st 2018, in accordance with first proviso to Section 136(1) read with Rule 10 of Companies (Accounts) Rules, 2014.

b) The financial statements have been prepared in accordance with Ind AS notified under the companies (Indian Accounting Standards) Rules, 2015, Up to the year ended March 31, 2017, the Company prepared its financial statements in accordance with the requirements of previous GAAP, which includes, Standards notified under the Companies, (Accounting Standards) Rules, 2006, These are the Company''s frist Ind AS financial statements. The date of transition to Ind As is April 1, 2016. In accordance with Ind As 101 on First time adoption of Ind AS, the Company has prepared its first Ind AS financial statements which include :

i) Three balance sheets namely, the opening Balance sheet as at April 1, 2016 (the transition date) by reconignising all assets and liabilities whose recongnition is required by Ind AS, not recognising assets or liablilities which are not permitted by Ind AS, by reclassifying assets and liabilities from previous GAAP as required by Ind AS, and applying Ind AS in measurement of recognised assets and liabilities, and Balance sheets as at March 31, 2018 and 2017 and.

ii) Two statements each of profit and loss; cash flows and changes in equity for the years ended March 31, 2018 and 2017 together with related notes.

c) The same accounting policies have been applied for all the periods presented except when the Company has made use of certain exception and / or exemptions. The financial statements have been prepared on the historical cost basis except for Property, Plant and Equipment and Intangible assets that are measured at fair values at April 1, 2016 and such fair values are consirded as its deemed cost as on the transition date.

2. Complete Balance sheet, Statement of profit and Loss (Including Other Comprehensive Income), the statement of cash flows,the statement of Changes in equity, other statements and notes thereto prepared as per the requirements of Divison II to the Schedule III to the Act are available at the Company''s website at link : www.spel.com.Copy of the financial statements is also available for inspection at the registered office of the Company during working hours for period of 21 days before the date of AGM.

Notes to Abridged Ind AS Financial Statements for the year ended 31st March, 2018

(All amounts in Rs Lakhs unless otherwise stated)

5. DEFERRED TAX LIABILITIES (NET) (Note 1.4 to the Ind AS Financial Statements)

Particulars

As at March 31, 2018

As at March 31, 2017

As at April 1, 2016

a) Deferred tax liabilities

27,06.64

29,20.80

37,67.24

b) Deferred tax (assets)

(459.22)

(7,27.54)

(5,42.34)

22,47.42

21,93.26

32,24.90

6. CURRENT FINANCIAL ASSETS - CASH AND BANK BALANCES

(Note 1.7(a) to the Ind AS Financial Statements)

Cash and Cash Equivalents

As at March 31, 2018

As at March 31, 2017

As at April 1, 2016

i) Balances with banks in current ac

count 0.20

5,53.01

1.05

ii) Cash on hand

0.27

0.38

1.14

0.47

5,53.39

2.19

b) Other Bank Balances

ii) Margin money deposits #

60.55

60.03

51.25

61.02

6,13.42

53.44

7. REVENUE FROM OPERATIONS

(Note 2.1 of Ind AS Financial Statements)

Year Ended March 31, 2018

Year Ended March 31, 2017

a) Sale of products

Export sales

37,27.62

29,89.00

b) Revenue from services

-

4,33.03

5,62.86

c) Other operating revenues

_

- Scrap sales

-

0.00

5.66

1.36

41,66.31

35,53.22

Notes to Abridged Ind AS Financial Statements for the year ended 31st March, 2018

(All amounts in Rs Lakhs unless otherwise stated)

8. EXCEPTIONAL ITEMS

(Note 2.9 of the Ind AS Financial Statements)

Year Ended March 31, 2018

Year Ended March 31, 2017

a) Loss on Transfer of Immovable Property (Refer Note 2.9(a)

-

3,30.78

b) Provision for inventory written back (Net)

(1,66.81)

-

(Refer Note 2.9 (b))

-

c) Inventory written off (Refer Note 2.9 (b))

33.34

20,39.13

(1,33.47)

23,69.91

(a) Provision for inventory written-back (net) in the current year is based on the accounting policy for obsolete/ non-moving inventory adopted from the transition date(April 1, 2016).Value of Inventory written off in current year represents loss on settlement of insurance claim .Inventory written-off in previous year is due to customers cancelling their orders due to change in technology and opting not to reimport the finished products produced from raw material supplied by them.

(b) Loss on transfer of Immovable Property comprising Land and Building in the previous year is recognised on the basis of agreements entered into, surrender of possession of the said properties in lieu of part consideration and legal opinion obtained in the matter during the previous year.

9. Contingent Liabilities

( Note 3.9 of the Ind AS Financial Statements) Claims against the Company not

As at March 31, 2018

As at March 31, 2017

As at April 1, 2016

acknowledged as debts (net)

i) Income tax demand (Refer Note 7(a) below

4,46.47

3,02.83

40.19

ii) Letter of credit for letter of purchases

1,84.81

2,56.27

1,41.09

(a) These have been disputed by the Company on account of issues of applicability and classification. Future cash outflows in respect of the above are determinable only on receipt of judgement / decisions pending with various forums / authorities.

10.

Commitments

( Note 3.10 of the Ind AS Financial Statements)

Nil

Nil

Nil

Significant Related Party Transactions

2018

2017

April 1, 2016

a) List of parties where control exists

Ultimate Holding company

- Natronix Semiconductor Technology Pvt. Limited

a. Business Promotion - Marketing fee

83.51

98.84

b. Trade payable (net)

2,25.47

1,64.31

94.28

b) Subsidiary company

- Spel America Inc.

a. Business Promotion - Marketing fee

-

-

b. Trade payable

35.79

35.60

54.11

c) Fellow subsidiaries

- Natronix Semiconductor Technology Limited

a. Sale of goods

4.25

-

b. Trade receivable

0.37

-

d) Key management personnel

Mr. D Balakrishnan, CEO and Director Remuneration

39.29

34.27

Mr.V.Srinivasan, Chief Financial Officer Remuneration (From April 02, 2016)

15.47

14.74

Mr S S Arunachalam, Company Secretary Remuneration

13.58

12.40

11. Segment Information

( Note 3.7 to the Ind AS Financial Statements)

The Company is principally engaged in a single business segment viz. Integerated circuits based on nature of products, risks, returns and the internal business reporting system, there is no other reportable segment in terms of Ind AS 108 Operating Segments.

12. Related Party Disclosure

( Note 3.8 to the Ind AS Financial Statements )

a) List of Parties where control exists

Ultimate Holding Company

Natronix Semiconductor technology Pvt. Limited

Subsidiary Company

b) Other Related Parties Fellow Subsidiary

Natronix Semiconductor technology Pvt. Limited

Subsidiary

- Spel America Inc.

Key Managerial Personnel

Mr.D.Balakrishnan CEO and Director

Mr.V Srinivasan Chief Financial Officer

Mr. S S Arunachalam Company secretary

Notes to the Ind AS 2Financial Statements

(All amounts in Rs Lakhs unless otherwise stated)

13. Disclosures required under the Micro, Small & Medium Development Act, 2006

(Note 3.14 to the Ind AS Finanical Statements)

The Company has certain dues to suppliers registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act). The disclosures pursuant to the said MSMED Act are as follows:

Particulars

2017-18

2016-17

2015-16

The Principal amount (2017-18 : 2.30; 2016-17 : 2.60; 2015-16: 3.76 ) and the interest due (2017-18 : 5.56 ;2016-17 : 3.99; 2015-16: 3.10 ) thereon remain unpaid to suppliers at the end of each accounting year.

7.86

6.59

6.86

The amount of Interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 along with the amount of payment made to the supplier beyond the appointed day during the accounting year.

-

-

-

Principal amounts paid to suppliers registered under the MSMED Act, beyond the appointed day during the year

0.30

0.98

2.48

The amount of interest accrued and remaining unpaid at the end of each accounting year.

1.57

0.89

1.04

The amount of further interest remaining due and payable even in the succeeding years until such date when the interest dues above are actually paid to the small enterprises, for the purpose of disallowance of a deductible expenditure u/s 23 of the Micro, Small and Medium Enterprises Development Act, 2006.

5.56

3.99

3.10

The above information regarding Micro, Small and Medium Enterprises have been detemined to the extent such parties have been indentified on the basis of information available with the Company.

14. The Company is facing the trend of declining top-line. The Company is engaged in-house technology upgradation in the process, thereby strengthening the efforts to bring in new products and improving Capacity utilization. The Company''s brand image and capabilities are well acknowledged by customers who have a strong role in improving its top line and would generate commensurate cash accruals in the ensuing years. All the above efforts are supported by promoters who have infused funds to improve liquidity to settle obligations as and when they fall due.The Company, in preparing the financial statements on a going concern basis, has kept in view all the above said parameters of business. (Note 3.16 to the Ind AS Finanacial Statements)

15. SPEL America Inc has elected to dissolve and consequently has not been considererd for consolidation for the year. (Note 3.17 to the Ind AS Finanacial Statements)

16. The figures for the previous year have been reclassified / regrouped wherever necessary.

As Per our report of even date

For and on behalf of the Board

For M.S.Krishnaswami & Rajan

K.Ravikumar

N.Suryanarayanan

M. Jayasankar

Chartered Accountants

Director

Director

Director

Firm Registration No. 01554S

DIN: 001 19753

DIN: 02282919

DIN: 00048351

M S Murali - Partner

D.Balakrishnan

Enakshi Bhattacharya

Membership No. 26453

Directors CEO

Director

Place: Chennai

DIN: 02131242

DIN: 05277571

Date: May 29, 2018

V Srinivasan

S.S. Arunachalam

Chief Financial Officer

Company Secreatry

Source : Dion Global Solutions Limited
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