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Arms Papers Ltd. Notes to Accounts, Arms Papers Ltd. Company
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Notes to Accounts of Arms Papers Ltd.

Mar 31, 2013

(A) Terms/rights,preferences and restrictions attached to securities:

The company has one class of equity shares having a par value of Rs. 10 each. Each share holder is eligible for one vote per share held. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential dues, in proportion to their shareholding.

I. Expected Employer''s contribution for the next financial year

On the basis of previous year''s trend, company is expecting to contribute the same amount as in 2012-13 to the defined contribution plan.

However, for the defined benefit plan company is not liable to contribute any amount as the plans are unfunded.

The estimate of rate of escalation in salary is considered in actuarial valuation, taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

1 Based on the guiding principles given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, the Company operates mainly in trading of paper products and all other activities are incidental thereto, which have similar risk and return, accordingly, there is no separate reportable Segment disclosure is required.


Mar 31, 2012

1 EMPLOYEE BENEFITS EXPENSE:

I. Expected Employer's contribution for the next financial year

On the basis of previous year's trend, company is expecting to contribute the same amount as in 2011-12 to the defined contribution plan.

However, for the defined benefit plan company is not liable to contribute any amount as the plans are unfunded.

The estimate of rate of escalation in salary is considered in actuarial valuation, taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

2 Based on the guiding principles given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, the Company operates mainly in trading of paper products and all other activities are incidental thereto, which have similar risk and return, accordingly, there is no separate reportable Segment disclosure is required.

3 Related Party Disclosure:

(a) List to Related Parties and Relationships:

i. Concern where significant interest exists. Nil

li. Key Management Personnel and Relatives.

Shri. Jamria Prasad Maheshwari - Managing Director

Shri. Hemant Chinubhai Mehta - Director

Shri. Arvind Baldwa - Director

4 Till the year ended 31 March 2011, the Company was using pre-revised Schedule VI to the Companies Act 1906 to preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company. The Company has re-classified previous year figures to conform to this year's classification. Previous year figures have been re-arranged, and re-grouped, wherever necessary to make them comparable with those of current year as per revised Schedule-VI.


Mar 31, 2011

1) Based on the information / documents / parties identified by the company and to the extent information available/ gathered, with respect to information as required to be disclosed as per Micro, Small & Medium Enterprise Development Act, 2006, there is no transaction with such parties during the year.

2) Based on the guiding principles given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, the Company operates mainly in trading of paper products and all other activities are incidental thereto, which have similar risk and return, accordingly, there is no separate reportable Segment disclosure is required.

3) (i) The Remuneration to Managing Directors of the Company has been paid as agreed to, which is lower than the permissible minimum remuneration as provided in Schedule XIII of the Companies Act, 1956. As such, computation of net profits under Section 349 of the Companies Act; 1956 has not been given.

(ii) The above excludes provision for gratuity and leave encashment, since these are based on actuarial valuation done on an overall company basis.

4) Deferred Tax Liability:

As required by the Accounting Standard 22" Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the company has provided for deferred tax liability during the year amounting to Rs. 5,369.

5) Disclosure pursuant to AS 15 (revised) "Employees Benefits"

Defined Benefit Plan

In the current year, the Company has adopted Accounting Standard 15 (AS-15) (Revised) "Employee Benefits" which is mandatory from accounting periods starting from Dec 7, 2006. Accordingly, the Company has provided for gratuity (unfunded) and leave encashment (unfunded) based on actuarial valuation done as per Projected Unit Credit Method.

VI. Actuarial Assumptions

The estimate of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary. Actuarial valuation done for the first time this year and hence previous year figures have not been given.

6) Related Party Disclosure:

(a) List of Related Parties and Relationships:

i. Concern where significant interest exists. Nil

ii. Key Management Personnel and Relatives.

Shri. Jamna Prasad Maheshwari - Managing Director

Shri. Hemant Chinubhai Mehta - Director

Shri. Arvind Baldwa - Director

7) Previous year figures have been re-arranged and re-grouped, wherever necessary to make them comparable with those of current year.


Mar 31, 2010

I. The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

ii. During the year the name of company has been changed to ARMS PAPER LTD vide fresh certificate of incorporation consequent upon change of name dated 14th May, 2009 by the Registrar of Companies, Gujarat. The new Corporate Identity Number is L21098-GJ1983-PLC006041.

iii. Contingent Liabilities:

Guarantee amounting to Rs 15000 (P.Y. Rs. 2865000) given by the Bankers in favor of various parties.

iv. Managerial Remuneration:

The Remuneration to Managing Director of the Company has been paid as agreed to, which is lower that the permissible minimum remuneration as provided in Schedule XIII of the companies Act, 1956. As such, Computation of net profit under section 349 of the companies Act, 1956 has not been given.

v. Deferred Tax Liability:

As required by the Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountant of India, the company has provided for deferred tax liability during the year amount to Rs 0.69 Lakhs (P.Y. 0.04 Lakhs)

vi. Related Party Disclosures

A. Related party disclosures, as required by AS-18, "Related Party Disclosures", are given below: (a) List of Related Parties and Relationships:

I. Promoter Group Company: Nil.

II. Key Management Personnel:

Shri Jamna Prasad Maheshwari Managing Director

Shri Hemant Chinubhai Mehta Director

Shri Arvind Baldwa Director



vii. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for depreciation and for all known Liabilities are adequate and not in excess of the amount reasonably necessary.

viii. Information pursuant to provisions of paragraph 3 & 4 of Part II, Schedule VI of the Companies Act, 1956.

 
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