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Notes to Accounts of Asahi Industries Ltd.

Mar 31, 2015

1. Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961.

2. There is no payment due to small scale industries.

e. Sales Tax Department has raised a demand (including interest) of Rs.49,14,000 (Rupees Forty Nine Lacs Fourteen Thousand Only) in respect of Sales Tax exemption granted to the Company for the years 1996-97, 1997- 98 and 1998-99. No provision for the said liability is made in the books of accounts and the Company has preferred an Appeal against the said Order which is pending. The Company has made an Application to the Government of Gujarat for granting reliefs as per directions of Hon'ble BIFR.which is pending before High Power Committee of Government of Gujarat.

3. Deferred tax Assets/ Liabilities has been provided in a accordance with the Accounting Standard-22 - "Accounting for taxes on income" issued by the ICAI applicable with effect from 1st April 2001.The Deferred tax Assets/(Liabilitiies) as on 31st March, 2015 amounting to 153.43 Lacs is the tax on the difference between the book depreciation and tax depreciation.

4. Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

5. The figures of the previous year are regrouped /rearranged whenever necessary to correspond with current year figure.

6. 1..AS-18 Related Party Disclosure: Nil

Other parties with whom the company has entered into transaction during the year.

i) Associates where key management personnel and their relatives have significant influence;- Nil

ii) Key Management Personnel: a. Narayan Ghumatkar - Managing Director

iii) Relative of Key Management Personnel:- Nil

7. a Value of Imports of CIF basis in 2014-2015 2013-2014 respect of:

Capital Goods Nil Nil

Stores & Spares Nil Nil

b Expenditure in Foreign Currency on Account Of:

Interest in rupee on foreign Currency Nil Nil Loans payable

c . F.O.B. Value of Exports Nil Nil.

8. Contingent Liabilities and Commitments (to the extent not provided for) :

(Rs.in Lacs)

Particular As at 31st As at 31st March 2015 March 2014

(i) Contingent Liabilities :

(a) Claims against the company not acknowledge as debt

(b) Guarantees

(i) Bank Guarantee

(ii) Corporate Guarantee Given :

(c ) Other money for which the 12895.00 12895.00

company is contingently liable : 550.00 550.00


Mar 31, 2014

1 a. Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961.

b. There is no payment due to small scale industries.

c. Sales Tax Department has raised a demand (including interest) of Rs. 49,14,000 (Rupees Forty Nine Lacs Fourteen Thousand Only) in respect of Sales Tax exemption granted to the Company for the years 1996-97, 1997-98 and 1998-99. No provision for the said liability is made in the books of accounts and the Company has preferred an Appeal against the said Order which is pending. The Company has made an Application to the Government of Gujarat for granting reliefs as per directions of Hon''ble BIFR. which is pending before High Power Committee of Government of Gujarat.

d. Deferred tax Assets/ Liabilities has been provided in a accordance with the Accounting Standard-22 - "Accounting for taxes on income" issued by the ICAI applicable with effect from 1st April 2001.The Deferred tax Assets/ (Liabilitiies) as on 31st March, 2014 amounting to 108.22 Lacs is the tax on the difference between the book depreciation and tax depreciation.

e. Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

f. The figures of the previous year are regrouped /rearranged whenever necessary to correspond with current year figure.

g. 1 AS-18 Related Party Disclosure: Nil

h. Contingent Liabilities and Commitments (to the extent not provided for) : (Rs. In Lacs)

Particular As at 31st As at 31st March 2014 March 2013

(i) Contingent Liabilities :

(a) Claims against the company not acknowledge as debt

(b) Guarantees

(i) Bank Guarantee (ii) Corporate Guarantee Given : 12895.00 12895.00

(c) Other money for which the company is contingently liable : 550.00 550.00


Mar 31, 2013

A. Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961.

B. There is no payment due to small scale industries. e Sales Tax Department has raised a demand (including interest) of Rs. 49,14,000 (Rupees Forty Nine Lacs Fourteen Thousand Only) in respect of Sales Tax exemption granted to the Company for the years 1996-97, 1997-98 and 1998-99. No provision for the said liability is made in the books of accounts and the Company has preferred an Appeal against the said Order which is pending. The Company has made an Application to the Government of Gujarat for granting reliefs as per directions of Hon''ble BIFR.which is pending before High Power Committee of Government of Gujarat.

C. Deferred tax Assets/ Liabilities has been provided in a accordance with the Accounting Standard-22 "Accounting for taxes on income" issued by the ICAI applicable with effectfrom 1st April 2001.The Deferred tax Assets/(Liabilitiies) as on 31st March, 2013 amounting to 47.73 Lacs is the tax on the difference between the book depreciation and tax depreciation.

D. Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

E. The figures of the previous year are regrouped /rearranged whenever necessary to correspond with current year figure.

F. AS—18 Related Party Disclosure: Nil

G. Contingent Liabilities and Commitments (to the extent not provided for) : (Rs. In Lacs) Particular As at 31st As at 31st March 2013 March 2012

(i) Contingent Liabilities :

(a) Claims against the company not acknowledge as debt

(b) Guarantees

(i) Bank Guarantee (ii) Corporate Guarantee Given : 12895.00 12895.00

(c) Other money for which the company is contingently liable : 550.00 550.00


Mar 31, 2012

A. Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961.

b. There is no payment due to small scale industries.

c. Sales Tax Department has raised a demand (including interest) of Rs 49,14,000 (Rupees Forty Nine Lacs Fourteen Thousand Only) in respect of Sales Tax exemption granted to the Company for the years 1996-97, 1997-98 and 1998-99. No provision for the said liability is made in the books of accounts and the Company has preferred an Appeal against the said Order which is pending. The Company has made an Application to the Government of Gujarat for granting reliefs as per directions of Hon'ble BIFR.which is pending before High Power Committee of Government of Gujarat.

d. Deferred tax Assets/ Liabilities has been provided in a accordance with the Accounting Standard - 22 - "Accounting for taxes on in come" issued by the ICAI applicable with effectfrom 1st April 2001. The Deferred tax Assets/(Liabilitiies) as on 31st March, 2012 amount ing to(Rs 11.94 Lacs) is the tax on the difference between the book depreciationand tax depreciation.

e. Current Assets, Loans & Advances are approximately of the value stated, if realized in theordinary course of business.

f. The figures of the previous year are regrouped /rearranged whenever necessary tocorrespond with current year figure.

i. 1. AS-18 Related Party Disclosure: Nil

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key management personnel and their relatives have significant influence;- Nil

ii) Key Management Personnel : a. Jaikumar Mishra - Managing Director

iii) Relative of Key Management Personnel :- Nil

g. Contingent Liabilities and Commitments (to the extent not provided for) :

(Rs in Lacs)

Particular As at 31st March 2012 As at 31st March 2011

(i) Contingent Liabilities :

(a) Claims against the company not acknowledge as debt

(b) Guarantees

(i) Bank Guarantee

(ii) Corporate Guarantee Given : 12895.00 12895.00

(c) Other money for which the company 550.00 550.00 is contingently liable :


Mar 31, 2010

1. Contingent Liabilities:

a) No provision for gratuity has been made as no employee has put in the qualifying period of service for entitlement of this benefit.

b) No provision for non fulfillment of Export obligation with Kandla Free Trade Zone has been made in the books of accounts as Jaybharat Textile & Real Estate Ltd a Promoter Company has given an undertaking to Kandla Free Trade Zone for meeting export obligations worth Rs.5.55 Crores undertaken by the Company.

c) In respect of Corporate Guarantee of Rs.90 Crore in favour of Bank of for securing Term Loan granted to Real time Properties Ltd, a subsidiary of Jaybharat Textile & Real Estate Ltd, which is a Promoter of the Company.

2. Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961.

3. There is no payment due to small scale industries. Hi. 49.14 LtCi

4. Sales Tax Department has raised a demand (including interest) of respect of Sales Tax exemption granted to the Company for the years 1996-97, 1997-98 and 1998-99. No provision for the said liability is made in the books of accounts and the Company has preferred as Appeal against the said Order which is pending. BIFR in its order dated 03.05.2006 has taken note of Companys request to repeal the said demand and period during which the company was sick and could not continue production be excluded for reckoning the 8 continuous years of production. Accordingly Company has made an Application to the Government of Gujrat for granting reliefs as per directions of Honble BIFR.

5. Deferred tax Assets/ Liabilities has been provided in a accordance with the Accounting Standard-22 - "Accounting for taxes on income" issued by the ICAI applicable with effect from 1st April 2001 The Deferred tax Assets as on 31st March, 2010 amounting to Rs.112.46 Lacs is the tax on the difference between the book depreciation and tax depreciation.

6. Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

7. The figures of the previous year are regrouped/rearranged whenever necessary to correspond with current year figure.

8. AS-18 Related Party Disclosure:

1. Related party disclosures as required by AS-18 "Related Party Disclosures" are given Below: Related parties are as identified by the Company where significance influence exists: NIL

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key management personnel and their relatives have significant influence; - Nil

ii) Key Management Personnel: a. J.K.MISHRA - Managing Director

iii) Relative of Key Management Personnel: - Nil

Notes:

1. No amount pertaining to Related Parties has been provided for as doubtful debts. Also, no amount has been written off/written back during the year.

2. Figures in brackets represent corresponding amount of previous years.

10. Additional information pursuant to the provisions of paragraphs 3 and 4 in Para II of schedule VI to the Companies Act, 1956.

A. Licensed & Installed Capacity and Production

 
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