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Notes to Accounts of Arcee Industries Ltd.

Mar 31, 2014

CORPORATE INFORMATION

Arcee Industries Limited was incorporated in the year 1992. The company is engaged in the activity of manufacturing of Rigid PVC Pipes. The Equity Shares of the Company is listed in BSE Limited. Mumbai.

1. Deferred Tax

Deferred Taxation Assets and Deferred Taxation Liabilities have been calculated as per AS-22 issued by the 1CAI. Deferred Taxation Assets has been taken in to consideration as the management is assured that the company will generate sufficient profits in future to derive full benefit of current unabsorbed depreciation and losses. This assurance is based upon company''s track record and the future outlook of the PVC pipe industry.

2. Contingent Liabilities on account of (Amount in Rs.) 2013-2014. 2012-2013

Bank Guarantee 6,00,000 5,00,000

3. Disclosure under Micro, Small and Medium Enterprises Development (MSMED)Act, 2006:

Dues in respect, Micro and Small enterprises are being regularly met as per agreed terms and, as such, there remains no liability towards interest. Principal amounts remaining payable in respect of such parties, as at 31st March, 2014, amount to Rs. 4,77,115/- (Previous Year Rs. 28,89,350/-)

4. Certain balances representing Debtors and Creditors, are subject to reconciliation and receipt of confirmations from parties, pursuant to confirmation requests sent by the company.

5. Figures for the year have been rounded-off to the nearest rupees.

6. Figures for the previous year figures have been reclassified/regrouped wherever required.


Mar 31, 2013

1. Deferred Tax

Deferred Taxation Assets and Deferred Taxation Liabilities have been calculated as per AS-22 issued by the ICAI. Deferred Taxation Assets has been taken in to consideration as the management is assured that the company will generate sufficient profits in future to derive full benefit of current unabsorbed depreciation and losses. This assurance is based upon company''s track record and the future outlook of the PVC pipe industry.

2. Contingent Liabilities on account of

(Amount in Rs.)

2012-2013 2011-2012

Bank Guarantee 5,00,000 5,00,000

ILC - 91,44,840

3. Disclosure under Micro, Small and Medium Enterprises Development (MSMED) Act 2006:

Dues in respect, Micro and SmaEI enterprises are being regularly met as per agreed terms and, as such: there remains no liability towards interest. Principal amount/s remaining payable in respect of such parties, as at 31s! March, 2013, amount to Rs. 28,89,350/- (Previous Year Rs. 14,26,085/-).

4. Certain balances representing Debtors and Creditors, are subject to reconciliation and receipt of confirmations from parties, pursuant to confirmation requests sent by the company.

5 Figures for the year have been rounded-off to the nearest rupees.

6. Figures are as per revised Schedule VI of the Companies Act, 1956 w.e.f. financial year 2011-2012.


Mar 31, 2012

1. CORPORATE INFORMATION

Arcee Industries Limited was incorporated in the year 1992. The company is engaged in the activity of manufacturing of Rigid PVC Pipes.

The Equity Shared of the Company is listed in Bombay Stock Exchange Limited, Mumbai.

1. Deferred Tax

Deferred Taxation Assets and Deferred Taxation Liabilities have been calculated as per AS-22 issued by the ICAI. Deferred Taxation Assets has been taken in to consideration as the management is assured that the company will generate sufficient profits in future to derive full benefit of current unabsorbed depreciation and losses. This assurance is based upon company's track record and the future outlook of the PVC pipe industry.

2. Contingent Liabilities on account of (Amount in Rs.)

2011-2012 2010-2011

Bank Guarantee 5,00,000 5,00,000

ILC 91,44,840 -

3. Disclosure under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006:

Dues in respect, Micro and Small enterprises are being regularly met as per agreed terms and, as such, there remains no liability towards interest. Principal amount/s remaining payable in respect of such parties, as at 31st March, 2012, amount to Rs. 14,26,085/- (Rs. 12,60,722/-).

4. Certain balances representing Debtors and Creditors, are subject to reconciliation and receipt of confirmations from parties, pursuant to confirmation requests sent by the company.

5. Figures for the year have been rounded-off to the nearest rupees.

6. The Revised Schedule VI has become effective from 1s' April, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous Year's figures have been regrouped and reclassified, wherever necessary to correspond with the Current Year's classification/disclosure.


Mar 31, 2011

1. CONTINGENT LIABILITIES (Amount in Rs.)

2010-2011 2009-2010

Bank Guarantee 5,00,000 Nil

2. TAXATION

Current Tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book and tax profit for the year is accounted for using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is virtual certainty that sufficient future taxable income will be available.

Deferred Taxation Assets and Deferred Taxation Liabilities have been calculated as per AS-22 issued by the ICAI. Deferred Taxation Assets has been taken in to consideration as the management is assured that the company will generate sufficient profits in future to derive full benefit of current unabsorbed depreciation and losses. This assurance is based upon company's track record and the future outlook of the PVC pipe industry.

3. SEGMENT INFORMATION (AS-17)

The company is engaged primarily in the business of Rigid PVC Pipes. The production facility is located at one place and the business is fully concentrated in India. As the basic of nature of these activities are governed by the same set of risks and returns, these have been grouped as a single business segment. Accordingly, segment reporting disclosure as envisaged in Accounting Standard (AS-17) "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable to the Company.

4. IMPAIRMENT OF ASSETS (AS-28)

Pursuant to accounting standard (AS-28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company assessed its assets for impairment as at 31st March, 2011 and concluded that there has been no significant impaired assets that needs to be recognized in the books of accounts.

5. RELATED PARTY DISCLOSURES

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below :-

RELATED PARTIES

A) Associate Companies

(i) Arcee Ispat Udyog Limited

(ii) APL Fincap Limited

(iii) Phoenix Irrigation Limited

B) Key Management personnel

(i) Sh. R.C. Gupta, Whole Time Director

(ii) Smt. Krishna Gupta, Director

(iii) Sh. S.P. Kanodia, Director

(iv) Sh. Manoj Goyal, Director

(v) Sh. Pankaj Agarwal, Director

6. In the opinion of Board of Directors Current Assets, Loans and Advances have the value at which these have been stated in the Balance Sheet, If realised in the ordinary course of business.

7. Creditors include amount due to Small Scale Industrial Undertakings Rs. 12,60,722/- Creditors include the following Small Scale Industrial Undertaking having outstanding balance exceeding Rupees One Lacs for more than 30 days.

1. Kunal Calcium (P) Limited, Yamuna Nagar

2. Synergy Poly Additives (P) Limited, Solan

8. The balances in parties account are subject to confirmation.

9. Paise has been rounded off to the nearest rupees.

10. Previous year figures have been regrouped/rearranged wherever necessary.

11. Schedule 1 to 16 form integral part of the Balance Sheet and Profit & Loss Account and have been duly authenticated.


Mar 31, 2010

1. CONTINGENT LIABILITIES

Nil

2. TAXATION

Current Tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book and tax profit for the year is accounted for using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is virtual certainty that sufficient future taxable income will be available.

3. SEGMENT INFORMATION {AS-17)

The company is engaged primarily in the business of Rigid PVC Pipes. The production facility is located at one place and the business is fully concentrated in India. As the basic of nature of these activities are governed by the same set of risks and returns, these have been grouped as a single business segment. Accordingly, segment reporting disclosure as envisaged in Accounting Standard (AS-17) "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable to the Company.

4, IMPAIRMENT OF ASSETS (AS-28)

Pursuant to accounting standard (AS-28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company assessed its assets for impairment as at 31st March, 2010 and concluded that there has been no significant impaired assets that needs to be recognized in the books of accounts.

5. In the opinion of Board of Directors Current Assets, Loans and Advances have the value at which these have been stated in the Balance Sheet, If realised in the ordinary course of business.

6. Creditors include amount due to Small Scale Industrial Undertakings Rs, 8,75,024/- Creditors include the following Small Scale Industrial Undertaking having outstanding balance exceeding Rupees One Lacs for more than 30 days.

Kushal Pipes, Sonipat

7. The balances in parties account are subject to confirmation.

8. Paise has been rounded off to the nearest rupees.

9. Previous year figures have been regrouped/rearranged wherever necessary.

10 Schedule 1 to 16 form integral part of the Baiance Sheet and Profit & Loss Account and have been duly authenticated.

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