Mar 31, 2015
1. Confirmations of certain parties for amounts due to them/amounts due
from them as per accounts of the Company are not received. Provision
for doubtful debts, if any, in respect of above and the consequential
adjustments, if any, arising out of reconciliation is unascertainable
at this stage.
2. Previous year's figures have been regrouped, reclassified and
rearranged wherever necessary to confirm this year's classification.
3. Consequent to the applicability of the Companies Act, 2013 (the Act)
with effect from 1st April 2014, the comapny has realigned the
remaining useful life of its Fixed Assets in accordance with the
provsions prescribed under schedule-ll to the Act. Consequently the
carrying value of the fixed assets having nil useful life as on 01st
April 2014 amounting to Rs. 491,683/- (Net of Deffered Tax of Rs.
219,870/-) has been adjusted to the opening balance of profit and loss
account and carrying value of assets having balanced useful life (net
of residual value) is being depreciated over the residual remaining
useful life. Accordingly the depreciation expense charged for the year
ended 31st March 2015 is lower Rs.1.33 lacs.
4. Figures have been rounded off to nearest of rupee. Figures in
brackets indicate negative values.
5. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value, if realized, during the ordinary course
of business.
6. Contingent Liability and Capital Commitments:
Rs. in Lakhs
Particulars 2014-2015 2013-2014
Guarantee given to bank 56,000 56,000
Contracts remaining to NIL NIL
be executed on capital account
Excise demands against the
company not acknowledged as debts and
not provided for as the same are 8,79,562 8,79,562
disputed by the company in appeal.
7. The balances of sundry debtors and sundry creditors are subject to
confirmation from respective parties. Necessary adjustments, if any,
will be made when accounts are reconciled / settled.
8. Expenditure incurred by the Company on Employees :
a. If employed for a part of the financial year and where in receipt
of remuneration for the year which in aggregate was not less than Rs.60
Lacs : Rs. Nil.
b. If employed for a part of the financial year and where in receipt
of remuneration for any part of the year at the rate which in aggregate
was not less than Rs.5 lacs per month : Rs. Nil
9. Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)
10. Remittance in Foreign Exchange on account of Travelling etc. Rs.
Nil/- (Previous Year Rs.NIL)
11. Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)
12. Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)
13. Suppliers/Service providers covered under Micro, Small, Medium
Enterprises Development Act, 2006 have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this information required to be disclosed u/s. 22
of the said Act is not given.
14. Disclosure for leases under Accounting Standard 19 :
a Financial Lease :
The net carrying amount of assets acquired under financial lease : Nil
b Operational Lease :
The amount of payments for operational lease on assets : Nil
15. Segment Reporting:
The company manufactures only one product. The sale of the product is
in Indian markets only. Hence there are no reportable business
segments/geographical segments.
16. In accordance with Accounting Standard (AS-28) on "Impairment of
Assets" issued by the Institute of Chartered Accountants of India the
company during the year carried out an exercise to assess the
impairment loss of assets. Based on such exercise, there is no
impairment of assets. Accordingly no adjustment in respect of loss on
impairment of assets is required to be made in the accounts.
17. Related party Disclosure.
Disclosures as required by Accounting Standard 18 "Related Party
Disclosures" are given below.
A Related Party
Ashish D. Panchal - Managing Director
Kantaben D. Panchal - Director
B Key Management Personnel
Ashish D. Panchal - Managing Director
Rasik B. Panchal - CFO
18. Disclosures pursuant to Accounting Standard -15 ( Revised) "
Employee Benefits" :
A. Defined Contribution Plan:
The company has recognised as an expense in the profit and loss account
in respect of defined contribution plan - Provident Fund of Rs.
1,77,447/- (Previous year Rs. 1,77,426/-) administered by the
Government.
B. Defined benefit plan and long term employment benefit General
Description:
* Gratuity (Defined Benefit Plan):
The company has obtained report from Actuary for Gratuity liability.
* Leave Wages:
The leave wages are payable to all eligible employees at the rate of
daily salary/wages for each day of accumulated leave and are paid
during the financial year itself. Therefore no liability is accrued at
the end of the financial year for leave benefits as per practice
followed by the company year to year.
Mar 31, 2014
1 Confirmations of certain parties for amounts due to them/amounts due
from them as per accounts of the Company are not received. Provision
for doubtful debts, if any, in respect of above and the consequential
adjustments, if any, arising out of reconciliation is unascertainable
at this stage.
2 Previous year''s figures have been regrouped, reclassified and
rearranged wherever necessary to confirm this year''s classification.
3 Figures have been rounded off to nearest of rupee. Figures in
brackets indicate negative values.
4 In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value, if realized, during the ordinary course
of business.
5 Contingent Liability and Capital Commitments:
Amount in Rs.
Particulars 2013-14 2012-13
Guarantee given to bank 56,000 56,000
Contracts remaining to be executed on
capital account. NIL NIL
Excise demands against the company not
acknowledged as debts and not 8,79,562 879562
provided for as the same are disputed
by the company in appeal.
6 The balances of sundry debtors and sundry creditors are subject to
confirmation from respective parties. Necessary adjustments, if any,
will be made when accounts are reconciled / settled.
7 Expenditure incurred by the Company on Employees:
a. If employed for a part of the financial year and where in receipt
of remuneration for the year which in aggregate was not less than Rs.60
Lacs: Rs. Nil.
b. If employed for a part of the financial year and where in receipt
of remuneration for any part of the year at the rate which in aggregate
was not less than Rs.5 lacs per month: Rs. Nil
8 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)
9 Remittance in Foreign Exchange on account of Travelling etc. Rs.
Nil/- (Previous Year Rs.NIL)
10 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)
11 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)
12 Suppliers/Service providers covered under Micro, Small, Medium
Enterprises Development Act, 2006 have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this information required to be disclosed u/s. 22
of the said Act is not given.
13 Disclosure for leases under Accounting Standard 19: a Financial
Lease:
The net carrying amount of assets acquired under financial lease: Nil b
Operational Lease:
The amount of payments for operational lease on assets: Nil
14 Segment Reporting:
The company manufactures only one product. The sale of the product is
in Indian markets only. Hence there are no reportable business
segments/geographical segments.
15 In accordance with Accounting Standard (AS-28) on "Impairment of
Assets" issued by the Institute of Chartered Accountants of India the
company during the year carried out an exercise to assess the
impairment loss of assets. Based on such exercise, there is no
impairment of assets. Accordingly no adjustment if respect of loss on
impairment of assets is required to be made in the accounts.
16 Related party Disclosure. :- Disclosures as required by Accounting
Standard 18 "Related Party Disclosures" are given below. A Related
Party
Ashish D. Panchal - Managing Director
Kantaben D. Panchal - Director B Key Management Personnel
Ashish D. Panchal - Managing Director
17 Disclosures pursuant to Accounting Standard -15 ( Revised) "
Employee Benefits":
A Defined Contribution Plan:
The company has recognised as an expense in the profit and loss account
in respect of defined contribution plan  Provident Fund of
Rs.1,77,426/- (Previous year Rs.1,37,438/-) administered by the
Government.
B Defined benefit plan and long term employment benefit General
Description:
- Gratuity (Defined Benefit Plan):
The company has obtained report from Actuary for Gratuity liability.
- Leave Wages:
The leave wages are payable to all eligible employees at the rate of
daily salary/wages for each day of accumulated leave and are paid
during the financial year itself. Therefore no liability is accrued at
the end of the financial year for leave benefits as per practice
followed by the company year to year.
Mar 31, 2013
1 Confirmations of certain parties for amounts due to them/amounts due
from them as per accounts of the Company are not received. Provision
for doubtful debts, if any, in respect of above and the consequential
adjustments, if any, arising out of reconciliation is unascertainable
at this stage.
2 Previous year''s figures have been regrouped, reclassified and
rearranged wherever necessary to confirm this year''s classification.
3 Figures have been rounded off to nearest of rupee. Figures in
brackets indicate negative values.
4 In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value, if realized, during the ordinary course
of business.
5 Contingent Liability and Capital Commitments :
Rs. in Lakhs
Particulars 2012-2013 2011-2012
Guarantee given to bank 56,000 56,000
Contracts remaining to be executed on
capital account NIL NIL
Excise demands against the company not
acknowledged as debts and not provided for
as the same are disputed by the company in
appeal. 8,79,562 11,79,562
6 The balances of sundry debtors and sundry creditors are subject to
confirmation from respective parties. Necessary adjustments, if any,
will be made when accounts are reconciled / settled.
7 Expenditure incurred by the Company on Employees:
a. If employed for a part of the financial year and where in receipt
of remuneration for the year which in aggregate was not less than Rs.60
Lacs: Rs. Nil.
b. If employed for a part of the financial year and where in receipt
of remuneration for any part of the year at the rate which in aggregate
was not less than Rs.5 lacs per month: Rs. Nil
9 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)
10 Remittance in Foreign Exchange on account of Travelling etc. Rs.
Nil/- (Previous Year Rs.89,700/-)
11 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)
12 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)
13 Suppliers/Service providers covered under Micro, Small, Medium
Enterprises Development Act, 2006 have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this information required to be disclosed u/s. 22
of the said Act is not given.
14 Particulars of Earnings Per Share :
Earning per share computed in accordance with Accounting Standard 20
issued by The Institute of Chartered Accountants of India.
15 Disclosure for leases under Accounting Standard 19:
a Financial Lease :
The net carrying amount of assets acquired under financial lease : Nil
b Operational Lease :
The amount of payments for operational lease on assets : Nil
16 Segment Reporting:
The company manufactures only one product. The sale of the product is
in Indian markets only. Hence there are no reportable business
segments/geographical segments.
17 In accordance with Accounting Standard (AS-28) on "Impairment of
Assets" issued by the Institute of Chartered Accountants of India the
company during the year carried out an exercise to assess the
impairment loss of assets. Based on such exercise, there is no
impairment of assets. Accordingly no adjustment if respect of loss on
impairment of assets is required to be made in the accounts.
18 Disclosures pursuant to Accounting Standard -15 ( Revised) "
Employee Benefits":
A Defined Contribution Plan:
The company has recognised as an expense in the profit and loss account
in respect of defined contribution plan - Provident Fund of Rs.
1,37,438/- (Previous year Rs. 1,42,634/-) administered by the
Government.
B Defined benefit plan and long term employment benefit
General Description:
Gratuity (Defined Benefit Plan):
The company has obtained report from Actuary for Gratuity liability.
Leave Wages:
The leave wages are payable to all eligible employees at the rate of
daily salary/wages for each day of accumulated leave and are paid
during the financial year itself. Therefore no liability is accrued at
the end of the financial year for leave benefits as per practice
followed by the company year to year.
Mar 31, 2012
1 Confirmations of certain parties for amounts due to them/amounts due
from them as per accounts of the Company are not received. Provision
for doubtful debts, if any, in respect of above and the consequential
adjustments, if any, arising out of reconciliation is unascertainable
at this stage.
2 Previous year's figures have been regrouped, reclassified and
rearranged wherever necessary to confirm this year's classification.
3 Figures have been rounded off to nearest of rupee. Figures in
brackets indicate negative values.
4 In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value, if realized, during the ordinary course
of business.
5 Contingent Liability and Capital Commitments :
Rs. in Lakhs
Particulars 2011-2012 2010-2011
Guarantee given to bank 56,000 56,000
Contracts remaining to be executed on
capital account NIL NIL
Excise demands against the company
not acknowledged as debts and
not provided for as the same are
disputed by the company in appeal. 11,79,562 11,79,562
6 The balances of sundry debtors and sundry creditors are subject to
confirmation from respective parties. Necessary adjustments, if any,
will be made when accounts are reconciled / settled.
7 Expenditure incurred by the Company on Employees :
a. If employed for a part of the financial year and where in receipt
of remuneration for the year which in aggregate was not less than Rs.60
Lacs: Rs. Nil.
b. If employed for a part of the financial year and where in receipt
of remuneration for any part of the year at the rate which in aggregate
was not less than Rs.5 lacs per month: Rs. Nil
8 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)
9 Remittance in Foreign Exchange on account of dividend, royalty etc.
Rs. 89,700/-(Previous Year Rs. 89,700/-)
10 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)
11 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)
12 Suppliers/Service providers covered under Micro, Small, Medium
Enterprises Development Act, 2006 have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this information required to be disclosed u/s. 22
of the said Act is not given.
13 Disclosure for leases under Accounting Standard 19 :
a Financial Lease :
The net carrying amount of assets acquired under financial lease: Nil
b Operational Lease :
The amount of payments for operational issue on assets: Nil
14 Segment Reporting:
The company manufactures only one product. The sale of the product is
in Indian markets only. Hence there are no reportable business
segments/geographical segments.
15 In accordance with Accounting Standard (AS-28) on "Impairment of
Assets" issued by the Institute of Chartered Accountants of India the
company during the year carried out an exercise to assess the
impairment loss of assets. Based on such exercise, there is no
impairment of assets. Accordingly no adjustment if respect of loss on
impairment of assets is required to be made in the accounts.
16 Related party Disclosure. :-
Disclosures as required by Accounting Standard 18 "Related Party
Disclosures" are given below.
A Related Party
Ashish D. Panchal - Managing Director
Kantaben D. Panchal - Director
B Key Management Personnel
Ashish D. Panchal - Managing Director
C Transactions with related parties
17 Disclosures pursuant to Accounting Standard -15 ( Revised) "
Employee Benefits":
A Defined Contribution Plan:
The company has recognised as an expense in the profit and loss account
in respect of defined contribution plan - Provident Fund of Rs.
1,42,634 (Previous year Rs. 1,33,642) administered by the Government.
B Defined benefit plan and long term employment benefit
General Description:
- Gratuity (Defined Benefit Plan):
The company has obtained report from Actuary for Gratuity liability.
- Leave Wages
The leave wages are payable to all eligible employees at the rate of
daily salary/wages for each day of accumulated leave and are paid
during the financial year itself. Therefore no liability is accrued at
the end of the financial year for leave benefits as per practice
followed by the company year to year.
Mar 31, 2011
1. Confirmations of certain parties for amounts due to them/amounts due
from them as per accounts of the Company are not received. Provision
for doubtful debts, if any, in respect of above and the consequential
adjustments, if any, arising out of reconciliation is unascertainable
at this stage.
2. Previous Year's figures have been regrouped and rearranged wherever
necessary to confirm this year's classification.
3. The figures in paisa have been rounded off to the nearest rupees.
Figures in brackets indicate negative values.
4. CONTINGENT LIABILITY:
Particulars 2010-2011 2009-2010
On account of guarantee given Rs. 56,000 Rs. 56,000
Excise demands against the
company not acknowledged Rs. 11,79,562 Rs. 11,79,562
as debts and not provided
for as the same are disputed
by the company in appeal.
5. Estimated amount of contract remaining to be executed on capital
account and not provided for ( net of Advances) Rs.NIL /- (Previous
Year Rs. 401400/-).
6. EXPENDITURE INCURRED BY THE COMPANY ON EMPLOYEES :
a. If employed for a part of the financial year and where in receipt
of remuneration for the year, which in aggregate was not less than
Rs.24 lacs: Rs. Nil
b. If employed for a part of the financial year and where in receipt
of remuneration for any part of the year at the rate which in aggregate
was not less than Rs.2 lacs per month: Rs. Nil
7. C.I.F. value of import of raw materials, components, stores,
spares, capital goods Rs. NIL. (Previous Year Rs. Nil)
8. Value of imported Raw Material Consumed Rs.NIL. (Previous Year Rs.
Nil)
9. Remittance in Foreign Exchange on account of dividend, royalty
etc. Rs.89700. (Previous Year Rs. Nil)
10. Earnings in foreign exchange Rs.NIL. (Previous Year Rs. Nil)
11. Advances for goods includes Rs. Nil (Previous Year Rs.
15,93,448/-) given to the Company/ firms in which few directors of the
Company were interested as a director.
12. Other advances include Rs. Nil (Previous Year Rs. 64,68,990/-) due
from a Company in which some of the directors are interested as
directors.
13. Sundry Debtors includes Rs. Nil (Previous Year Rs.7, 420/-) due
from a Company in which some of the directors are interested as
directors.
Mar 31, 2010
1. Confirmations of certain parties for amounts due to them/amounts
due from them as per accounts of the Company are not received.
Provision for doubtful debts, if any, in respect of above and the
consequential adjustments, if any, arising out of reconciliation is
unascertainable at this stage.
2. Previous Years figures have been regrouped and rearranged wherever
necessary to confirm this years classification.
3. The figures in paisa have been rounded off to the nearest rupees.
Figures in brackets indicate negative values.
4. CONTINGENT LIABILITY:
Particulars 2009-2010 2008-2009
On account of guarantee given Rs. 56,000 Rs.56,000/-
Excise demands against
the company not acknowledged Rs. 11,79,562 Rs.11,79,562/-
as debts and not provided for
as the same are disputed by
the company in appeal.
5. Estimated amount of contract remaining to be executed on capital
account and not provided for ( net of Advances) Rs.401400 - (Previous
Year Rs. Nil).
6. EXPENDITURE INCURRED BY THE COMPANY ON EMPLOYEES:
a. If employed for a part of the financial year and where in receipt
of remuneration for the year, which in aggregate was not less than
Rs.24 lacs: Rs. Nil
b. If employed for a part of the financial year and where in receipt
of remuneration for any part of the year at the rate which in aggregate
was not less than Rs.2 lacs per month: Rs. Nil
7. C.I.F. value of import of raw materials, components, stores,
spares, capital goods Rs. NIL. (Previous Year Rs. Nil)
8. Value of imported Raw Material Consumed Rs.NIL. (Previous Year Rs.
Nil)
9. Remittance in Foreign Exchange on account of dividend, royalty
etc. Rs.NIL. (Previous Year Rs. Nil)
10. Earnings in foreign exchange Rs.NIL. (Previous Year Rs. Nil) ë
11. Advances for goods includes Rs.15,93 448/- (Previous Year Rs.
15,93,448/-) given to the Company/ firms in which few directors of the
Company were interested as a director.
12. Other advances include Rs.64,68,9907- (Previous Year Rs.
64,68,990/-) due from a Company in which some of the directors are
interested as directors.
13. Sundry Debtors includes Rs. 7,420/- (Previous Year Rs.7, 420/-)
due from a Company in which some of the directors are interested as
directors.
14. Suppliers/Service providers covered under Micro,
Small, Medium Enterprises Development Act, 2006 have not furnished the
information regarding filing of necessary memorandum with the
appropriate authority. In view of this information required to be
disclosed u/s. 22 of the said Act is not given.
15. Disclosure for leases under Accounting Standard 19:
a) Financial Lease :
The net carrying amount of assets acquired under financial lease: Nil
b) Operational Lease :
The amount of payments for operational lease on assets: Nil 22. In
accordance with "Accounting Standard - 22" deferred tax asset of Rs
90709. /-(Previous year Deferred tax asset of Rs. 179828/-) for the
current year has been recognized in the Profit & Loss Account.
16. SEGMENT REPORTING:
The company manufactures only one product. The sale of the product is
in Indian markets only. Hence there are no reportable business
segments/geographical segments.
17. In accordance with Accounting Standard (AS-28) on "Impairment of
Assets" issued by the Institute of Chartered Accountants of India the
company during the year carried out an exercise to assess the
impairment loss of assets. Based on such exercise, there is no
impairment of assets. Accordingly no adjustment if respect of loss on
impairment of assets is required to be made in the accounts.
18. The Company has made advance payments to a few suppliers for
acquisition of fixed assets and for the purchase of goods and materials
aggregating to Rs. 11934938 (Previous year Rs. 11934938). We are
informed that the delay in receipt of the assets, goods and material is
on account of project being kept on hold on account of liquidity crunch
raised due to sudden death of two Managing Directors of the company in
succession. The company is in the process of pursuing acquisition of
assets/goods from parties.
19. RELATED PARTY DISCLOSURES
Disclosures as required by the Accounting Standard 18 "Related Party
Disclosures" are given below:
A RELATED PARTIES RELATION
(1) Ashish Agroplast Pvt. Ltd. Associated Company (Ceased to be an
associate W.e.f. 11/09/2009)
(2) Mr. Dinesh R. Panchal Director (Ceased to be Director
W.e.f. 11/09/2009)
(3) Smt. Kantaben D. Panchal : Director
B. CONCERN CONTROLLED BY RELATIVE OF KMP
(1) Mixoplast Relative of Directors was
Partner (Ceased to be a
Concern controlled by
relative of KMP)
(2) Mayur Plastic Industries Relative of Directors
was Partner (Cease to be
a Concern controlled by
relative of KMP)
C. KEYMANAGEMENT PERSONNEL AND RELATIVES
Mr.Ashish D. Panchal Managing Director
20 Employee Benefits :
(A) Gratuity (Defined benefit plan): The company has obtained report
from Actuary for Gratuity liability.
(B) Leave wages (Long term employment benefit) : The leave wages are
payable to all eligible employees at the rate of daily salary/wages for
each day of accumulated leave and are paid during the financial year
itself. Therefore no liability is accrued at the end of the financial
year for leave benefits as per practice followed by the company year to
year.
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