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Notes to Accounts of Ahimsa Industries Ltd.

Mar 31, 2015

1. Confirmation of Batances has not been obtained from Debtors / Creditors therefore as per the books of accounts only.

2. Previous Year's figures have been regrouped and re-arranged wherever it is necessary. Figures shown in the bracket is related to Ihe previous year.

3. Duty drawback has been accounted on actual receipt basis.

4. Related Party Transa tlion Di scl osure.

In accordance with the requirement of accounting standard 1SH

"Related Party Disclosure5n Notified by the Central Government Under the companies the Act, 2003. the details of related party transaction are given below.

a) Listof Related parties :

Description of Relationship Names of related parties

Company in which directors of the company is able Genera) Additives Put Ltd to exercise control or have significant influence

Mr.Ashutosh D.Gandhi -

Managing Director

Mrs.Sneha A.Gandhi - Key Management Perscnnel (KMP) Whole-time DirectoR

Shrenik M, Kriatwala - CFO

Gajara J. Joshi - CS

Relative of Kay Management Personnel " Salortl A Gandhi- Daughter of MD

Ashu tosh 5" Gandhi HUF

Chatna S. Kh atwala - Wife of CFO

5. CONTINGENT LIABILITY,

(i) The company has executed Bond for Rs. 50/- lacsCFrfty Lacs oniy) for nonpayment of Central Excise Duty for purchase cf excisable goods. In the event erf failure of export of the goods as per the terms and conditions of Bond executed is not made than Excise Duty is payable to the extent applicable.

(ii)The company has imported plant and customs duty is not paid to the amount of Rs. 96.21/- Lacs {with 15% interest per annum) on the basis of undertaking given to the President of the India, The Assistant Commissioner of Customs ICD-Khodiyar, Gandhinagar. They will export the goods manufactured form Imported plant within the period of Eight Years. The obligation as specifying terms of the notification of the Government of India in the ministry of Finance (Department of Revenue) No. 102/2009 Dated 11.06.2009

(iii) The company has imported plant and customs duty is not paid to the amount of Rs. 116.33/- Lacs (with 15% interest per annum) on the basic of undertaking given to the President of the India, The Assistant Commissioner of Customs ICD- Khodiyar, Gandhinagar. They will export the goods manufactured form imported plant within the period of Eight Years. The obligation as specifying terms of the notification of the Government of India in the ministry of Finance (Department of Revenue] No. 102/2009 Dated 11.00.2009

In case of failure of fulfillment said obligation the company will be liable to pay customs duties and interest thereon.

(iv) Trie State of Gujarat through Commissioner of Commercial Tax,C-2,Rajya Kar Btiavan.Ashram Road. Ahrnadabad has filled en appeal against the order of Gujarat Valued Added Tax Tribunal, Ahmedabad has ordered to consider PET Preform is being Packing Material falling under Entry 55 of Schedule II of the Gujarat Value Added Tax. 2003 wnareas The Department of Commercial Tax, Gujarat filled an Appeal intD a High Court of Gujarat against the ordered of the Tribunal to consider the Entry treated as Residuary Entry 87 of 2nd Schedule of The Gujarat VaJue Added Tax. 2003 and ievy the Tax @ 12.5% plus 2.5% as a Additional Tax Instead of 4% plus 1% as Additiona] Tax as ordered by Gujarat Vulue Added Tax Tribunal, Ahmedabad .Amount of Ihe Liability can not be quantified. If Honorable High Court of Gujarat set aside the order of the Tribunal, the Liability may arise on the sales made at Local Rate.

- Figures aire Certified by the. Management.

** As the company make an arrange for required Plant and Machineries from outsiders1 agencies, therefore company has no installed capacity during year under review.

- This figure includes Job Wcurk carried out of 3124 KG.

 
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