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Notes to Accounts of Aurangabad Paper Mills Ltd.

Mar 31, 2015

1. Since the plant was not in operation during the year:

I. No depreciation has been provided on Fixed Assets. ( Previous year - NIL).

ii. No Provision for Income Tax has been made for the Current Financial Year due to carried forward of losses and accumulated Depreciation and as per the provisions of Section 115JB (Minimum Alternate Tax) of the Income Tax Act, 1961 as applicable to Profit of Sick Industrial Company.

iii. DEFERRED TAX LIABILITY

In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India, deferred tax assets and liability should be recognized for all timing differences in accordance with said Standard. However, considering the present financial position and requirement of the Accounting Standard regarding certainty/virtual certainty, the same is not provided for as an Asset (Net). However, the same will be reassessed at a subsequent Balance Sheet date and will be accounted for in the year of certainty/virtual certainty in accordance with the aforesaid Accounting Standard.

iv. During the year the Company has sold Fixed Assets worth Rs. 1,85,14,980/-and accordingly, the effect of the same is given in the Accounts.

v. During the year inventories of the value of Rs. 60,00,000/- are identified to be having insignificant market value and accordingly the effect of the same is given in the Accounts.

2. Contingent Liabilities not provided for:

I) Bills discounted with Banks Rs.2,11,283/- (Previous year Rs.2,11,283/-)

ii) Excise Modvat set off Rs.6,62,799/- (Previous year Rs.6,62,799/-) claimed, by the Company but disallowed by the Excise Authorities, the same is disputed in the Appeal.

3. Debenture Redemption Reserve was created in the year 1995-96 in respect of years ended 31st March, 1993 and 31st March, 1994 amounting to Rs.33,33,400/-. However, in the absence of profits, the Company has not set apart any further amount to Debenture Redemption Reserve for the Financial Years ended 31st March 1995, to 31st March, 2003 amounting to Rs.1,50,00,300/- in the aggregate.

4. Land includes Rs. 39,74,896/- ( Previous year Rs. 39,74,896/-) as Leasehold Land.

5. In the opinion of the Board of Directors of the Company, all items of Current Assets, Current Liabilities and Loan and Advances continue to have a realizable value of at least the amounts at which they are stated in the Balance Sheet.

Current Assets, Current Liabilities and Loans & Advances are subject to confirmation / reconciliation and consequential adjustments, if any.

6. There are no Micro, Small and Medium enterprises to which the Company owes dues, which are outstanding as at the Balance Sheet date. The above information has been determined to the extent

7. SEGMENT REPORTING:

The Company is not having any sales during the year . Therefore, the question of segment reporting does not arise as defined by Accounting Standard – 17 – "Segmental Reporting" issued by ICAI.

8. Previous Year's figures have been regrouped / reclassified where necessary, to conform to the current year's presentation.


Mar 31, 2014

1. Since the plant was not in operation during the year:

i. No depreciation has been provided on Fixed Assets. (Previous year - NIL)

ii. No Provision for Income Tax has been made for the Current Financial Year due to carried forward losses and accumulated Depreciation and as per the provisions of Section 115JB (Minimum Alternate Tax) of Income Tax Act, 1961 as applicable to Profit of Sick Industrial Company.

iii. DEFERRED TAX LIABILITY:

In accordance with the Accounting Standard 22 "Accounting for taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India, deferred tax assets and liability should be recognized for all timing differences in accordance with said Standards. However, considering the present financial position and requirement of the Accounting Standard regarding certainty/virtual certainty, the same is not provided for as an asset (net). However, the same will be reassessed at a subsequent Balance Sheet date and will be accounted for in the year of certainty/virtual certainty in accordance with the aforesaid Accounting Standard.

iv. During the year the Company has sold Fixed Assets worth Rs. 16,00,00,000/- and has incurred a Loss on Sale of Fixed Assets of Rs. 9,99,02,200/-

2. Contingent Liabilities not provided for:

i) Bills discounted with Banks Rs.2,11,283/-(Previous year Rs.2,11,283/-)

ii) Excise Moveds set off Rs.6,62,799/- (Previous year Rs.6,62,799/-) claimed, by the Company but disallowed by Excise Authorities, the same is disputed in Appeal.

3. Debenture Redemption Reserve was created in the year 1995-96 in respect of years ended 31st March, 1993 and 31st March, 1994 amounting to Rs.33,33,400/-. However, due to absence of profits, the Company has not set apart any further amount to Debenture Redemption Reserve for the Financial Years ended 31st March 1995 to 31st March 2003 amounting to Rs.1,50,00,300/- in the aggregate.

4. Land includes Rs. 37,17,923/- ( Previous year Rs. 37,39,668/-) as leasehold land.

5. In the opinion of the Board of Directors of the Company, all items of Current Assets, Current Liabilities and Loan and Advances continue to have a realizable value of at least the amounts at which they are stated in the Balance Sheet.

Current Assets, Current Liabilities and Loans & Advances are subject to confirmation / reconciliation and consequential adjustments, if any.

6. There are no Micro, Small and Medium Enterprises to which the Company owes dues, which are outstanding as at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company, which has been relied upon by the Auditors.

7. SEGMENT REPORTING:

The Company is not having any sales during the year. Therefore, the question of segment reporting does not arise as defined by Accounting Standard 17 - "Segmental Reporting" issued by ICAI.


Mar 31, 2013

1. Since the plant was not in operation during the year:

i. No depreciation has been provided on Fixed Assets. ( Previous year - NIL).

ii. No Provision for Income Tax has been made for the Current Financial Year due to carried forward of losses and accumulated Depreciation and as per the provisions of Section 115JB (Minimum Alternate Tax) of Income Tax Act, 1961 as applicable to Profit of Sick Industrial Company.

iii. DEFERRED TAX LIABILITY:

In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India, deferred tax assets and liability should be recognized for all timing differences in accordance with said standards. However, considering the present financial position and requirement of the Accounting Standard regarding certainty/virtual certainty, the same is not provided for as an asset (net). However, the same will be reassessed at a subsequent Balance Sheet date and will be accounted for in the year of certainty/virtual certainty in accordance with the aforesaid Accounting Standard.

iv. During the year the company has sold fixed Assets worth Rs. 1,21,84,400/- and has incurred a Loss on Sale of Fixed of Rs. 5,43,873/-

2. Contingent Liabilities not provided for :

i. Bills discounted with Banks Rs.2,11,283/- (Previous year Rs.2,11,283/-)

ii. Excise Modvat set off Rs.6,62,799/- (Previous year Rs.6,62,799/-) claimed, by the company but disallowed by Excise Authorities, the same is disputed in Appeal.

3. Debenture Redemption Reserve was created in the year 1995-96 in respect of years ended 31st March, 1993 and 31st March, 1994 amounting to Rs.33,33,400/-. However, due to absence of profits, the company has not set apart any further amount to Debenture Redemption Reserve for the Financial years ended 31st March 1995 to 31st March 2003 amounting to Rs.1,50,00,300/- in the aggregate.

4. Land includes Rs. 37,39,668/- ( Previous year Rs. 37,61,143/-) as leasehold land.

5. In the opinion of The Board of Directors of the Company, all items of Current Assets, Current Liabilities and Loan and Advances continues to have a realizable value of at least the amounts at which they are stated in the balance sheets.

Current Assets, Current Liabilities and Loans & Advances are subject to confirmation / reconciliation and consequential adjustments, if any.

6. There are no Micro, Small and Medium enterprises to which the Company owes dues, which are outstanding as at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the company, which has been relied upon by the auditors.

7. The Foreign Exchange Outflow during the year amounts to Rs. NIL (Previous Year: Rs. NIL)

8. SEGMENT REPORTING :

The Company is not having any sales during the year . Therefore, the question of segment reporting does not arise as defined by Accounting Standard – 17 – "Segmental Reporting" issued by ICAI.


Mar 31, 2010

1. Since the plant was not in operation and in the absence of any income during the year: i. No depreciation has been provided on Fixed Assets. (Previous year - Nil).

ii. No Provision has been made for Income Tax.

iii. Advances to the tune of Rs. NIL (Previous Year Rs. NIL)

iv. DEFERRED TAX LIABILITY

In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India, deferred tax assets and liability should be recognized for all timing differences in accordance with said standards. However, considering the present financial position and requirement of the Accounting Standard regarding certainty / virtual certainty, the same is not provided for as an asset (net). However, the same will be reassessed at a subsequent Balance Sheet date and will be accounted for in the year of certainty / virtual certainty in accordance with the aforesaid Accounting Standard.

2. Contingent Liabilities not provided for:

i) Bills discounted with Banks Rs.2,11,283/- (previous year Rs.2,11,283/-)

ii) Bank Guarantees outstanding Rs.2,11,000/- (previous year Rs.2,11,000/-)

iii) Excise modvat set off Rs.6,62,799/- (previous year Rs.6,62,799/-) claimed, by the company but disallowed by Excise Authorities, the same is disputed in Appeal.

3. Debenture Redemption Reserve was created in the year 1995-96 in respect of years ended 31 st March, 1993 and 31st March, 1994 amounting to Rs.33,33,400/-. However, due to absence of profits, the company has not set apart any further amount to Debenture Redemption Reserve for the Financial years ended 31st March, 1995 to 31st March, 2003 amounting to Rs. 1,50,00,300/- in the aggregate.

4. Land includes Rs. 38,04,903/- (previous year Rs. 38,26,648/-) as leasehold land.

5. The figures for the previous year have been rearranged and regrouped wherever necessary.

6. Additional information as required under Part IV of the Companies Act, 1956.

 
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