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Notes to Accounts of ABC India Ltd.

Mar 31, 2015

OTHER NOTES ON FINANCIAL STATEMENTS

1. Contingent Liabilities & Commitments (to the extent not provided for) (Amount In Rs.)

Contingent Liabilities March 31, 2015 March 31, 2014

Guarantees and Counter guarantees 5,56,60,550 10,12,24,490

The Company may be contingently liable In respect of various court cases filed by / or against the Company, amount of which is unascertainable.

Capital Commitments : Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,48,83,649/- (P.Y. Rs. 1,49,13,649/-) has been made.

2. Books of accounts for Branches : The books of accounts for all branches are being compiled at company's Kolkata office on the basis of data, statements, vouchers etc. received from accounting centres, which have been checked by internal auditors thereat.

3. Balances of Trade Receivables, Advances & Deposits : Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

4. Fuel Pump at Pune: The Company's fuel pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and commission based on sales and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

c) There are no separate reportable secondary segments.

d) Accounting policies of the segment are the same as those described in summary of significant accounting policies as set out in Note No. 1.

5. Related party disclosures

Names of related parties Associates 1. Bhoruka Properties Private Limited

2. Assam Bengal Carriers Limited

3. M/s. Assam Bengal Carriers

4. Gusto Imports Private Limited

Key Management Personnel & Mr. Anand Kumar Agarwal their relatives Mr. Ashish Agarwal

Dr. Ashok Agarwal

6. Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.

Note to Financial Statements No. 1 to 28 are attached to and forming part of the Balance Sheet as at March 31, 2015 and Statement of Profit & Loss for the year ended on that date and have been signed for the purpose of identification.


Mar 31, 2014

1.0 OTHER NOTES ON FINANCIAL STATEMENTS

1.1 Contingent Liabilities & Commitments (to the extent not provided for)

Contingent Liabilities March 31, 2014 March 31, 2013 (Rs.) (Rs.)

Guarantees and Counter guarantees 10,12,24,490 10,46,82,321

The Company may be contingently liable in respect of various court cases filed by / or against the Company, amount of which is unascertainable.

Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,49,13,649/- (P.Y. Rs. 1,52,33,185/-) has been made.

1.2 Books of accounts for Branches

The books of accounts for all branches are being maintained at company''s office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors thereat.

1.3 Bad Debts

Bad debts are ascertained by the management, each year after due consideration and are accordingly written off. During the year Rs. 12,30,025/- (Previous Year Rs. 2,49,481/-) has been so written off.

1.4 Balances of Trade Receivables, Advances & Deposits

Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

1.5 Petrol Pump at Pune

The Company''s petrol pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

c) There are no separate reportable secondary segments.

d) Accounting policies of the segment are the same as those described in summary of significant accounting policies as set out in Note No. 1.

1.6 Related party disclosures Name of related parties

Subsidiary(Erstwhile) ABC Skyline Limited

I Associates

1. Bhoruka Properties Private Limited

2. Bhoruka Public Welfare Trust

3. Utsav Prakashan Limited

4. Assam Bengal Carriers Limited

5. M/S. Assam Bengal Carriers

6. Gusto Imports Private Limited

Joint Ventures(Erstwhile) Nissin ABC Logistics Private Limited

Key Management Personnel & their relatives

Mr. Anand Kumar Agarwal

Mr. Ashish Agarwal

Dr. Ashok Agarwal

1.7 The investment in erstwhile subsidiary company ABC Skyline Limited has been sold and hence as the company has no interest in the subsidiary.

1.8 Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.

Note to Financial Statements No. 1 to 28 are attached to and forming part of the Balance Sheet as at March 31, 2014 and Statement of Profit & Loss for the year ended on that date and have been signed for the purpose of identification.


Mar 31, 2013

1.1 Contingent Liabilities & Commitments (to the extent not provided for):

Contingent Liabilities March 31,2013 March 31,2012

Guarantees and Counter guarantees 10,46,82,321 13,07,83,290

Income tax liability in respect of which the Company has preferred NIL 3,20,273 appeals/ representations before appropriate authorities.

Based on Asst. Year

judicial precedence Company''s claim is likely to succeed. (2008-09)

The Company may be contingently liable in respect of various court cases filed by / or against the Company, amount of which is unascertainable.

Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,52,33,185/- (P.Y. Rs. 1,58,51,603/-) has been made.

1.2 Books of Accounts for Branches:

The books of accounts for all branches are being maintained at company''s office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors thereat.

1.3 Bad Debts:

Bad debts are ascertained by the management, each year after due consideration and are accordingly written off. During the year Rs. 2,49,481/- (Previous Year Rs. 1,33,539/-) has been so written off.

1.4 Balances of Trade Receivables, Advances & Deposits:

Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

1.5 Petrol Pump at Pune:

The Company''s petrol pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

1.6 Defined Benefit Plan as per AS-15 Employee Benefits:

In respect of Defined Benefit Plan, necessary disclosures are as under:

1.7 Segment Reporting:

The Company has two segments namely Freight and service division, and Petrol Pump division in terms of Accounting Standard-17 issued by the Institute of Chartered Accountants of India.

Earlier, warehousing facility division was also considered as segment, however the same having no significant business transactions, now stands merged with Freight and services division. The required disclosure are as follows:

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

1.8 The erstwhile Joint Venture agreement of the Company regarding Nissin ABC Logistics Ltd was mutually terminated during the year, consequent to which the company divested 19% interest out of 24% earlier. As such, the company has no interest in such Joint Venture.

1.9 Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.


Mar 31, 2012

1.1 The Company has reserved issuance of 1,10,130 (Previous year 1,10,210) equity shares of Rs. 10 each for exercise or grant of options under Employee Stock Option Scheme to eligible employees. As per the terms of the Stock Option Scheme, 2007 of the Company, options vesting on or before 01/11 /2008 can be exercised @ Rs 50/- per equity shares and option vesting after 01/11/2008 can be exercised @ Rs 55/- per equity share. The options granted vest over a maximum period of 3 years from the date of grant.

2.1 There are no dues to Micro and Small Enterprises determined to the extent such parties have been identified on the basis of information available with the Company as at 31 March, 2012 which require disclosure under the Micro, Small and Medium Enterprises Development Act, 2006.

3 OTHER NOTES ON FINANCIAL STATEMENTS

3.1 Contingent Liabilities & Commitments (to the extent not provided for):

Contingent Liabilities March 31,2012 March 31,2011 (Rs.) (Rs.)

Guarantees and Counter guarantees 13,07,83,290 13,83,64,345

Income tax liability in respect of which the Company has preferred 3,20,273 3,20,273

appeals/ representations before appropriate authorities. Based on Asst. Year Asst. Year judicial precedence Company's claim is likely to succeed. (2008-09) (2008-09)

The Company may be contingently liable in respect of various court cases filed by / or against the Company, amount of which is unascertainable

Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,58,51,603/- (P.Y. Rs. 8,96,04,685/-) has been made.

3.2 Books of Accounts for Branches:

The books of accounts for all branches are being maintained at company's office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors thereat.

3.3 Bad Debts:

Bad debts are ascertained by the management, each year after due consideration and are accordingly written off. During the year Rs. 1,33,539/- (Previous Year Rs. 17,69,750/-) has been so written off. Although doubtful debts could not be specifically quantified, however, as an abundant precaution an amount of Rs. NIL (Previous Year Rs 28,72,688/-) is provided towards estimated bad debts.

3.4 Balances of Trade Receivables, Advances & Deposits:

Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

3.5 Petrol Pump at Pune:

The Company's petrol pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

3.6 Utilisation of money realized under ESOP:

The money realized pursuant to exercise of options by employees has been utilized in the business of the Company especially for funding capital investments.

3.7 Statement Regarding Subsidiary Company

(a) The interest of ABC India Limited in its subsidiary company, ABC Skyline Limited at the end of the financial year March 31,2012 is entire share capital of 50,000 equity shares of Rs. 10/- each issued by the subsidiary company.

(b) The net aggregate amount, so far as it concerns members of the holding company and is not dealt with in the attached financial statements of the holding company is loss for the period from January 13,2012 to March 31,2012 amounts to Rs. 19,360/-.

(c) The net aggregate amount, so far as it concerns members of the holding company and are dealt with in the attached financial statements of the Holding Company is loss for the period from January 13,2012 to March 31,2012 amounts to Rs. NIL.

3.8 interest in Joint Venture

The Company has 24 % interest in the joint venture, viz Nissin ABC Logistics Pvt. Limited, incorporated in India, which is engaged in logistic service business.

3.9 Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.


Mar 31, 2010

1. The books of accounts for all branches are being maintained at companys office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors there at.

2. The Company has no dues to entities falling under the provisions of Micro, Small & Medium Enterprises Development Act, 2006.

3. Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,43,99,398/-(P.Y.Rs. 78,74,515/-) has been made.

4. Contingent Liabilities not provided for (Rs. in Lacs)

Particulars 31st March, 2010 31st March, 2009

Guarantees and Counter guarantees

given by the Company 655.01 574.97

Income tax liability in respect

of which the Company has preferred

appeals/representations before

appropriate authorities. Based on

judicial precedence Companys

claim is likely to succeed.

Assessment Year 2006-07 0.59 0.00

In respect of various court cases filed by/or against the Company, amounffe unascertainable,

Note: (i) As the liability for gratuity is provided on an actuarial basis and the liability for leave encashment is provided for the company as a whole, the amount pertaining to the Chairman and Managing Director is not ascertainable and therefore, not included above.

6. Earnings from transportation and related activities includes Rs. 37,94,878/- (P.Y. Rs.1,01,41,365/-) being earnings in foreign exchange out of which Rs. 4,29,950/- (P.Y. Rs. 3,24,657/-) remained un-realised at the year end.

7. Expenditure on foreign tour undertaken by executives amounted to Rs. 17,47,201 (P.Y. Rs. 48,50,345/-) which includes cost of foreign currency purchased for Rs. 7,72,784/- (P.Y. Rs. 28,46,105/-) and other expenses Rs. 9,74,417/- (P.Y. Rs. 20,04,240/-). Apart from above the company has remitted foreign exchange worth Rs. 18,52,213/- (P.Y Rs 2,32,098/-) on account of freight by overseas constituents spent on companys behalf and/or freight collected by company on their behalf, transfer to branch and payment of license subscription fee.

8. (a) Bad debts are ascertained by the management, each year after due consideration and written off. During the year Rs.1,58,339/- ( P.Y. Rs. 25,58,644/-) has been written off. Although doubtful debts could not be specifically quantified, however, as an abundant precaution an amount of Rs.62,087/- (P.Y. Rs. 18,35,205/-) has been provided towards estimated bad debts.

(b) Balances of Deposits and Advances are subject to confirmation from the respective parties.

9. Segment Reporting

Business segment: As per AS-17 issued by The Institute of Chartered Accountant of India the company has two segments namely Freight and Service division and Petrol Pump division.

Note.

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

c) There are no separate reportable secondary segments.

d) Accounting policies of the segment are the same as those described in summary of significant account policies as set out in Note no. 1 of Schedule 15.

10. Previous year figures have been re-grouped and re-arranged wherever necessary and figures in brackets in Balance Sheet, Profit & Loss Account and Schedules thereto are for the previous year.

 
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