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Notes to Accounts of Bhageria Industries Ltd.

Mar 31, 2013

1 Corporate information

The main business is manufacturing and sale of chemicals and dyes ,Dye intermidiate required for Dye manufacturer. The Company is also engaged in merchant export of related item.

2.1 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of indentifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises, Development Act, 2006. Accordingly the disclosurs in the respect of amount payable to such Micro, Small, and Medium Enterprises as at March 31, 2012 has not been made in the financial statements, However, in view of the Management impact of the interest, if any, that may be payable in accordance with the Act is not expected to be material.

Note 3 Disclosures under Accounting Standards Note 23.1 (a) Defined Contribtion Plan

Note 3.1 (a) Defined benefit plan

The employee''s gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

3.2 Segment information

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company is engaged in one segment i.e. manufacturing and Trading in Chemicals and dyes and Dyes intermediates.. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are Africa and Others.

4 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification /disclosure.


Mar 31, 2012

1 Corporate information

The main business is manufacturing and sale of chemicals and dyes, Dye intermediate required for Dye manufacturer. The Company is also engaged in merchant export of related item

(I) Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. in the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount to various stakeholders of the company.

2.1 Monies received against share warrants

During the C.Y., the company has allotted 45,00,000 (Fourty Five Lacs) equity shares on preferential basis of Face Value of Rs 10/- each at an exercise price of Rs 30/- (Including Premium).

As at 31 March, 2012 As at 31 March, 2011

2.2 Contingent liabilities and commitments (to the extent not provided for)

(i) Commitments

(a) Income Tax Disputes 18.92 18.92

2.3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of indentifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises, Development Act; 2006. Accordingly the disclosurs in the respect of amount payable to such Micro, Small, and Medium Enterprises as at March 31, 2012 has not been made in the financial statements, However, in view of the Management impact of the interest, if any, that may be payable in accordance with the Act is not expected to be material.

Note 3.1 Defined benefit plan

The employee's gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates 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.

3.2 Segment information

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company is engaged in one segment i.e. manufacturing and Trading in Chemicals and dyes and Dyes intermediates. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are Africa and Others.

4 The Revised Schedule VI has become effective from 1 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 / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1. Balances of sundry debtors, loans and advances and sundry creditors are subject to confirmation.

2. In the opinion of the Board of Directors of the Company the Current Assets, Loans and Advances have a value on realizations in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequate and are not in excess of the amount reasonably necessary.

3. The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

4. Income Tax Assessments have been completed up to assessment year 2008-2009 pertaining to previous accounting year ended on 31.03.2008. The company does not foresee any Liabilities tor the uncompleted Assessments.

5. Sales Tax Assessments have been completed up to the Accounting year ended as on 31.03.2005 in respect of Mumbai Jurisdiction. Sales Tax Assessments have been completed upto accounting year ended as on 31.03.2007 in respect Vapi of Jurisdiction. The company does not foresee any Liabilities for the uncompleted Assessments.

6. The liability of Excise Duty on finished goods of Rs 16.77 Lacs (Previous Year 2.66 Lacs has been provided in the accounts and has been included in the valuations of the finished goods. This accounting treatment has no impact on the profit of the year.

7. Fixed Deposit Receipt with Banks Rs. 117.11 Lacs (Previous Years Rs. 157.38 Lacs) are pledged with bank for availing credit facilities and against L/C margin.

8. Small Scale Industries

The management is currently in the process ot identifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosures in respect of amount payable to such Micro, Small and Medium Enterprises as at March 31st 2011 has not been made in the financial statements. However, in view of the management, the impact of the interest, if, any, that may be payable in accordance with the provisions of the Act is not expected to be material.

9. Prior Period Adjustments

Considering the nature of the business, all the prior period adjustments, including those ascertained and determined during the year have been accounted for under the respective heads of accounts.

There are certain changes which have been effected in the accounting policy which result in appropriate presentation of financial statements, however it does not have any material impact in the current as well as in future periods.

10. With the consent and approval of the Company the Board had been authorized to allot on preferential basis upto 45,00,000 [Forty Five Lacs] Equity Shares of face value of Rs.10/- each at an exercise price of Rs.30/-(including Premium) which is not lower than the minimum price specified as per Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000 and Chapter VII of the SEBI (Issue Of Capital And Disclosure Requirements) Regulations, 2009 and accordingly the application money of Rs. 787.50 lacs has been received.


Mar 31, 2010

A. NATURE OF OPERATIONS

Bhageria Dye Chem. Ltd., a public limited company operates as integrated chemical organizations with the business encomprising production & distribution of chemicals.

The company presently has manufacturing facilities in India. The companys major market is Asia & Europe. Europe is the largest market. The major product is Vinyl Sulphone.

1. The figures of the previous accounting period are re-grouped, re-classified wherever necessary.

2. Contingent liabilities: (Rs. in Lacs)

Sr. No Particulars Current Year Previous Year

a) Bank Guarantee & Import LVC 30.01 347.83

b) Disputed Income Tax Dues (Net) 91.86 91.86



3. Balances of sundry debtors, loans and advances, Deposits and sundry creditors are subject to confirmation.

4. In the opinion of the Board of Directors of the Company the Current Assets, Loans and Advances have a value on realizations in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequate and are not in excess of the amount reasonably necessary.

5. During the current year, the Company has received Rs 57.27 Lacs as Grant under bi-lateral international agreement towards phasing out the consumption of carbon tetrachloride related to implementation of the Montreal Protocol. This amount is shown as Extraordinary income in the Profit & Loss Account. The Company has incurred an expense of Rs. 11.73 Lacs for obtaining the grant which is included in the Legal and Professional fees.

6. The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

7. Income Tax Assessments have been completed up to assessment year 2007-2008 pertaining to previous accounting year ended on 31.03.2007. The company does not foresee any Liabilities for the uncompleted Assessments.

8. Sales Tax Assessments have been completed up to the Accounting year ended as on 31.03.2005 in respect of Mumbai Jurisdiction. Sales Tax Assessments have been completed upto accounting year ended as on 31.03.2006 in respect of Vapi (Gujarat) The company does not foresee any Liabilities for the uncompleted Assessments.

9. The liability of Excise Duty on finished goods of Rs 2.66 Lacs (Previous Year 2.47 Lacs) has been provided in the accounts and has been included in the valuations of the finished goods. This accounting treatment has no impact on the profit of the year.

10. Fixed Deposit Receipt with Banks Rs. 90.34 Lacs (Previous Years Rs. 678.23 Lacs) are pledged with bank for availing credit facilities and against L/C margin.

11. As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India is as follow:

Companys related parties

Key Managerial Personnel Shri. Suresh Bhageria Shri. Vinod Bhageria

Other Directors

Shri. O.P. Bubna

Dr. Shyam Agrawal

Shri. P.S. Dalvi

Shri. S. P. Tulsian (up to 19.02.2010)

12. Segmental Reporting as per AS-17

Primary Segment

The company is engaged in one segment i.e. manufacturing and trading in chemicals and dyes & dyes intermediates.

13. Small Scale Industries

The management is currently in the process of identifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosures in respect of amount payable to such Micro, Small and Medium Enterprises as at March 31, 2010 has not been made in the financial statements. However, in view of the management, the impact of the interest, if, any, that may be payable in accordance with the provisions of the Act is not expected to be material.

14. Prior Period Adjustments

Considering the nature of the business, all the prior period adjustments, including those ascertained and determined during the year have been accounted for under the respective heads of accounts.

There are certain changes which have been effected in the accounting policy which result in appropriate presentation of financial statements, however it does not have any material impact in the current as well as in future periods.



 
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