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Notes to Accounts of Agarwal Industrial Corporation Ltd.

Mar 31, 2015

1. Background:

Agarwal Industrial Corporation Ltd is a public company incorporated under the provisions of the Companies Act, 1956. The Company is principally engaged in the business activities of manufacturing and trading of Petrochemicals (Bitumen and Bituminous Products), Logistics of Bitumen and LPG and energy generation through Wind Mills.

2. Basis Of Preparation:

The financial statements have been prepared in accordance with the Generally Accepted accounting Principles in India under the historical cost convention on accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

3. Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of Equity Shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaning assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

4. CONTINGENT LIABILITIES & EVENT OCCURING AFTER THE BALANCE SHEET DATE: (Rs. in Lacs)

Particulars As on 31st As on 31st March, 2015 March, 2014

a. Disputed demand not provided for in respect of: -

i) Sales Tax 2.72 2.72

ii) Entry Tax 111.58 111.58

iii) Import Duty 32.00 25.00

b. To the best of knowledge of the management, there are no events occurring after the Balance sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

5. Related Party Disclosures

(i) Name of the related Parties and Description of relationship

Subsidiary Bituminex Cochin Pvt Ltd.

Key Management Personnel Mr. Jaiprakash Agarwal Mr. Lalit Agarwal Mr. Ramchandra Agarwal Mr. Rakesh Bhalla

Concerns in which Directors are interested ANZ Transporters Agarwal Gas Carriers Agarwal Translink P Ltd Agarwal Petrochem P Ltd

6. The balances of Unsecured Loans, Creditors, Debtors and Loans and Advances are subject to confirmation and reconciliation, if any.

7. The previous year's figures have been regrouped / reclassified, wherever requires to align the financial statement. Figures in brackets represent corresponding figures for the previous year.


Mar 31, 2014

A) Background:

Agarwal Industrial Corporation Ltd is a public company incorporated under the provisions of the Companies Act, 1956. The Company is principally engaged in the business activities of manufacturing and trading of Petrochemicals (Bitumen and Bituminous Products), Logistics of Bitumen and LPG and energy generation through Wind Mills.

b) Basis Of Preparation:

The financial statements have been prepared in accordance with the Generally Accepted accounting Principles in India under the historical cost convention on accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

2. CONTINGENT LIABILITIES & EVENT OCCURING AFTER THE BALANCE SHEET DATE:

(Rs in Lacs)

Particulars As on 31st As on 31st March, 2014 March, 2013

a. Disputed demand not provided for in respect of:-

i) Sales Tax (Net of Part Payment) 1.90 Nil

ii) Entry Tax (Net of Part Payment) 78.10 Nil

b. To the best of knowledge of the management, there are no events occurring after the Balance sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

3. Related Party Disclosures

(i) Name of the related Parties and Description of relationship

Subsidiary Key Management Personnel :

Bituminex Cochin Pvt Ltd.

Mr. Jaiprakash Agarwal

Mr. Lalit Agarwal

Mr. Ramchandra Agarwal

Mr. Mahendra Agarwal

Relatives of Key Management Personnel :

Sudha Agarwal

Concerns in which Directors are interested :

ANZ Transporters

Agarwal Gas Carriers

Agarwal Translink P Ltd

Agarwal Petrochem P Ltd

4. Additional information of part II of schedule VI of the Companies Act, 1956 are not applicable to the company or information in this regards is Nil

5. The previous year''s figures have been regrouped / reclassified, wherever requires to align the financial statement. Figures in brackets represent corresponding figures for the previous year.


Mar 31, 2013

NOTE "1" BACKGROUND :

Agarwal Industrial Corporation Ltd (''The Company'') is public company under the provisions of the Companies Act, 1956.The Company is principally engaged in Logistics, Manufacturing of Bituminous Products, Import & Export of Bituminex and Bituminous products, Trading of Petroleum products and other similar activities.

NOTE "2"

BASIS OF PREPARATION :

The Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The Financial statements have been prepared under the historical cost conversion on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.


Mar 31, 2012

NOTE "1"

BACKGROUND :

Agarwal Industrial Coporation Ltd ('The Compnay') is public company under the provisions of the Companies Act, 1956.The Company is principally engaged in Logistics, Manufacturing of Bituminous Products, Import & Export of Bituminex and Bituminous products, Trading of Petroleum products and other similar activities.

NOTE "2"

BASIS OF PREPARATION :

The Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in india (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevantprovisions of the Companies Act, 1956. The Financial statements have been prepared under the historical cost conversion on an accural basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

a). RELATED PARTIES DISCLOSURES:

I RELATED PARTIES

A Key Management Personnel

Mr.Jaiprakash Agarwal , Managing Director

B Relatives of the Key Management Personnel

Mr.Lalit Agarwal

Mr.Ramchandra Agarwal

Mr.Mahendra Agarwal

b) The Company has not appointed a Company Secretary as per provisions of section 383 A of the Companies Act, 1956.

c) (A) Previous year figures have been regrouped whenever necessary .

(b) Figures in bracket are of the previous year.


Mar 31, 2011

1 There is no contingent liabilities during this year as well as in the previous year.

2 The accounts of the sundry debtors, sundry creditors and certain Loan & Advances are subject to confirmation and reconciliation, if any. The difference as may notice on reconcilation will be duly accounted for on completion thereof. In the option of management , the ultimate difference will not be material .

3 Provision for gratuity has not been made in the books of accounts since none of the employees has completed the qualifying period of service.

4 In the opinion of the Board and to the best of their knowledge and belief, the value of realisation of current assets , loans and advances , in the ordinary course of business would not be less then the amount at which they are stated in the Balance-Sheet and provision for all known and determined liabilities is adequate and not in excess of amount reasonable required.

5 The Company has a Authorised Service Centre of Ashok Leyland at Asangaon, Dist. Thane which is a part of transportation business and it is included in the transportation business activity in the segment reporting

6 Segment Reporting

The Company's operations relate to the business segments namely transportation, service centre, Power Generation by Windmill and Manufacturing of Bitumens & Bituminous Products. These business segments represents primary basis of information set out in the financial statements. In accordance with the Accounting Standard 17 on Segment Reporting issued by the ICAI, the segment information for the year ended March 31,2011 is as follows:

Segment assets include all operating assets used by a segment and consist primarily of debtors,current assets and fixed assets net of provisions and allowances.Segment liabilities include all operating liabilities and consist principally of creditors and other payables.

Related parties relationships as stated in (A) to ( B) above are identified by the Company as required under Accounting Standard 18(AS-18) and realted upon by the Auditors

7 The Company has not appointed a Company Secretary as per provisions of section 383 A of the Companies Act, 1956.

8 Additional information pursuant to the provision of paragragh 3 , 4 C and 4 D of Part II of Schedule VI of the Companies Act, 1956 are not applicable to the company.

9 (A) Previous year figures have been regrouped whenever necessary .

(B) Figures in bracket are of the previous year .

Schedule A to O have been signed by the Board of Directors and Auditors and form an integral part of of Balance Sheet and Profit & Loss Account.


Mar 31, 2010

1 There is no contigent liabilities during this year as well as in the previous year.

2 The accounts of the sundry debtors, sundry creditors and certain Loan & Advances are subject to confirmation and reconciliation, if any. The difference as may notice on reconcilation will be duly accounted for on completion thereof. In the option of management , the ultimate difference will not be material .

3 Provision for gratuity has not been made in the books of accounts since none of the employees has completed the qualifying period of service.

4 In the opinion of the Board and to the best of their knowledge and belief, the value of realisation of current assets, loans and advances , in the ordinary course of businees would not be less then the amount at which they are stated in the Balance-Sheet and provision for all known and determined liabilities is adequate and not in excess of amount reasonable required.

5 The Company has a Authorised Service Centre of Ashok Leyland at Asangaon, Dist. Thane which is a part of transportation business and it is included in the transportation business activity in the segment reporting.

6 Segment Reporting

The Companys operations relate to the business segments namely transportation, service centre, Power Generation by Windmill and Manufacturing of Bitumens & Bituminous Products. These business segments represents primary basis of information set out in the financial statements. In accordance with the Accounting Standard 17 on Segment Reporting issued by the ICAI, the segment information for the year ended March 31,2010 is as follows:

Segment assets include all operating assets used by a segment and consist primarily of debtors,current assets and fixed assets net of provisions and allowances.Segment liabilities include all operating liabilities and consist principally of creditors and other payables.

7 RELATED PARTIES DISCLOSURES:

I RELATED PARTIES

A Key Management Personnel

Mr.Jaiprakash Agarwal , Managing Director

B Relatives of the Key Management Personnel

Mr.Lalit Agarwal Mr.Ramchandra Agarwal Mr.Mahendra Agarwal

Related parties relationships as stated in (A) to ( B) above are identified by the Company as required under Accounting Standard 18(AS-18) and realted upon by the Auditors

8 The Company has not appointed a Company Secretary as per provisions of section 383 A of the Companies Act, 1956.

9 Additional information pursuant to the provision of paragragh 3 , 4 C and 4 D of Part II of Schedule VI of the Companies Act, 1956 are not applicable to the company.

10 (A) Previous year figures have been regrouped whenever necessary .

(B) Figures in bracket are of the previous year .

Schedule A to N have been signed by the Board of Directors and Auditors and form an integral part of of Balance Sheet and Profit & Loss Account

 
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