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Notes to Accounts of Bisil Plast Ltd.

Mar 31, 2015

Note : 1

Basis of preparation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as prescribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companies Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been prepared in Indian rupees.

Note : 2

The Financial statements for the year ended March 31,2015 had been prepared as per the then applicable, pre-revised schedules VI to the companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2015 are prepared as per Revised Schedule VI. Accordingly, the previous year figure have also been reclassified to confirm to this year's classification. Such reclassification of previous year figure does not impact recognition and measurement principles followed for preparation of financial statements.

The company has only one class of equity shares having per value of Rs. 1/- per share. Each shareholder is entitled to one vote per share with a right to receive per share dividend declared by the company. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the company (after distribution of all preferential amounts, if any) in the proportion of equity shares held by the shareholders.

No provision for Income Tax has been made in view of carried forward losses.

Note : 3

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 4

The Company has closed down in business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 5

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 6

Balances are subject to confirmation.

In the opinion ofthe board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 7

RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on " Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :

The are no transactions with related parties.

Note : 8

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 9

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22-"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.


Mar 31, 2014

Note : 1.1

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 1.2

The Company has closed down its business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 1.3

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 1.4

Balances are subject to confirmation.

Note : 1.5

In the opinion of the board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 1.6

RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Insutitute of Chartered Accountants of India are given below :

The are no transactions with related parties.

Note : 1.7

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 1.8

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22- "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Note : 1.9

The additional information as required by Part-II of schedule VI of the companies Act, 1956 are not given as the same are not applicable.


Mar 31, 2013

1 Basis of preparation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as prescribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companies Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been prepared in indian rupees.

Note : 2

The Financial statements for the year ended March 31,2012 had been prepared as per the then applicable, pre-revised schedules VI to the companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2013 are prepared as per Revised Schedule VI. Accordingly, the previous year figure have also been reclassified to confirm to this year''s classification. Such reclassification of previous year figure does not impact recognition and measurement principles followd for preparation of financial statements.

Note : 3

During the year the company has sold its entire block of plant and machinery as the company has closed down its business activities. The profit arising on such sale in treated as profit from discontining business.

Note : 4

No provision for Income Ta x has been made in view of carried forward losses.

Note : 5

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 6

The Company has closed down in business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 7

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 8

Balances are subject to confirmation.

Note : 9

In the opinion of the board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 10

RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on " Related Party Disclosures" issued by the Insutitute of Chartered Accountants of India are given below :

The are no transaction with related parties.

Note : 11

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 12

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22- "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Note : 13

The additional information as required by Part-II of schedule VI of the companies Act, 1956 are not given as the same as are not applicable.


Mar 31, 2012

Note : 1

1 Basis of preparation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as prescribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companies Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been prepared in Indian rupees.

Note : 2

The Financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised schedules VI to the companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figure have also been reclassified to confirm to this year's classification. Such reclassification of previous year figure does not impact recognition and measurement principles followed for preparation of financial statements.

The company has only one class of equity shares having per value of Rs. 1/- per share. Each shareholder is entitled to one vote per share with a right to receive per share dividend declared by the company. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the company (after distribution of all preferential amounts, if any) in the proportion of equity shares held by the shareholders.

# Term Loan from the Charotar Nagrik Sah. Bank Ltd. against Hypothecation of plant & Machineries & Personal Guarantee of Directors

@ The Company has been making default in the repayment of principal and interest. During the year the company has entered into one time settlement with the said bank and accordingly the company has to pay Rs. 3,32,24,407, out of which the company has paid Rs. 96,90,051/-. comprising of Interest of Rs. 56,92,734/- and principal of Rs. 39,37,317/-. The balance will be paid in the equal monthly installment of Rs. 23,53,396/- with simple interest of 6%

Note : 3

The Company had taken Term Loan from Charotar Nagrik Sahakari Bank Ltd. The company has been irregular in the repayment of its instalment and also in the payment of interest since many years. The company was also not making the provision for interest.

During the year the company has entered into One Time Settlement (OTS) with the said bank, whereby the final amount payable to the bank was determind at Rs. 3,32,24,407/-. Out of the said amount the company has paid Rs. 96,90,051/- being interest payable for earlier year of Rs. 56,92,734/- and principal of Rs. 39,97,317/-.

The difference in the amount outstanding as per the accounts of the company and the OTS is considered as interest and is treated as optional and extraordinary item.

Note : 4

During the year the company has sold its entire block of plant and machinery as the company has closed down its business activities. The profit arising on such slae in treated as profit from discontinuing business.

Note : 5

No provision for Income Tax has been made in view of carried forward losses.

Note : 6

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 7

The Company has closed down in business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 8

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 9

Balances are subject to confirmation.

Note : 10

In the opinion of the board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 11 RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on " Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :

The are no transaction with related parties.

Note : 12

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 13

Earnings Per Share :

Net Profit for the year - 29818172

No.Of Equity Shares fully paid up 52551400

Earnings per shares Rs. - 0.57

Note : 14

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22- "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Note : 15

The additional information as required by Part-II of schedule VI of the companies Act, 1956 are not given as the same as are not applicable.


Mar 31, 2010

1. Contingent liabilities for uncompleted contract of capital expenditure not provided for Bs. NIL

2009-10 2008-09

2. Directors Remuneration :

Managing Director :

Salary - 72.000

3. Corresponding figures of previous year and / or rearranged wherever found necessary

4. Balances are subject to confirmation.

5. In the opinion ot the board, Current Assets, Loans & Advances are Approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

6. Since the Company is engaged in the business of Manufacturing Mineral water only and selling within the state of Gujarat the Accounting Standard 17 on "Segment Repoting" is not applicable.

7. Earnings Per Share :

Net Profit for the year (3451263)

No.of Equity Shares fully paid up 52551400.00

No.of Equity Shares partly paid up 2894000.00

Weighted average of shares 52307000.00

Face value of shares Re. 1./-

Eamings per shares Re. -

8. The Company has unabsorbed depreciation and carried forward losses under Ihe Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainity of sufficient future taxable income, deferred tax asset/liabilities has not been recognised by way of prudence in accordance with AS-22"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

 
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