Mar 31, 2016
5. The company has accounted Rs, 1,18,31,568/- (P.Y. Rs, 1,58,73,300/-) as export benefit receivable and outstanding as on March 31, 2016 in terms of duty free import of Raw materials on the basis of advance licenses, DFRC and DEPB received/ receivable against export sale of the company as accepted, ascertained and estimated realizable benefit on accrual basis. The realization of said benefit is dependent on the utilization thereof, custom duty rate and exchange rate.
6. The Management has reviewed old outstanding trade receivable which are overdue for more than one year. Provision for doubtful debts is not made in view of trade practice in the laminate industries in respect of dues for supply of publication or Folder etc. to be adjusted when the same are returned in good condition. As per the opinion of Management they said dues are fully recoverable hence no provision is requited Bad and Doubtful debts.
7. Profit/ Loss on sale of Raw material has not been segregated in showing the consumption thereof (i.e. Consumption is net of sale of Raw material).
8. The company has not reconciled the balances with various parties appearing under Note of trade receivable, Loans & advances and trade & other payable. Hence impact of such reconciliation, if any, is not ascertained.
9. In the absence of any intimation from vendors regarding status of their registration under "Micro, Small & Medium Enterprise Development Act, 2006", the company is unable to comply with the disclosure requirement to be made under the said act.
10. The company has recognized MAT Credit Asset of Rs, 47.40 Lacs (P.Y. Rs, 15.46 Lacs) which can be recovered, based on the provisions of Section 115JAA/115JB of the Income Tax Act, 1961. The management based on the present trend of profitability and also the future profitability projections, is of the view that there would be sufficient taxable income in foreseeable future, which will enable the company to utilize MAT Credit Asset.
11. Consumption of Raw material and spare parts :
The value of consumption of Raw Material and spare parts for indigenous and imported is not furnished separately as separate record s thereof are not maintained.
12. In the opinion of the Board, any of the current assets, loans and advances has a value on realization in the ordinary course of business at least equal to the amount at which they are stated including old debtors of folders and publicity articles aggregating '' 62,70,420/-.
13. Related Party Information:
Information about related parties as required by AS-18:
Sr. Name of the related party Description of relations
No. Key management personnel
1. Mr. Sunil S. Gupta Managing Director
2. Mrs. Rupal S. Gupta Executive Director
3. Mr. Karan S. Gupta Executive Director
4. Mrs. Brinda K. Gupta CFO- One of Director''s Wife
Parties where control exists:-
1. Suncare Traders Limited Enterprise over which control exercised by key
management personnel
2. Karan Interior Limited Enterprise over which control exercised by key
management personnel
15. Segment Information :
a) Primary Segment - Business Segment :
The company manufactures and sales laminated sheets and wooden doors, Frames and Furniture which belong to the same product group of furnishing and construction material. The product has the same risks and returns, which are predominantly governed by market conditions, namely demand and supply position. Thus there is only one identifiable reportable segment.
17. Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard-3 on Cash Flow Statement issued by the Institute of Chartered accountants of India and figures in bracket represent outflow of cash.
18. The information required by clause 5(ii)(a),of part II of Schedule III of the companies Act, 2013 are as under:
NOTES :
Due to non receipt of balance 75% of amount of total warrant of '' 19.25/- per warrant on or before 18 months from date of allotment i.e.on or before 30th, october 2014, the Company during the financial year 2014-15, forfieted Part Payment received against Convertible Preferance Warrants as mentioned hereinabove.
(i) Car loan from HDFC Bank Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(ii) Car loan from Kotak Mahindra Prime Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(iii) Loan from Reliance Capital Ltd. Is secured primarily by first charge on Plant and Machinery of the company and collaterally by personal guarantee by Directors.
(iv) Loan from Religare Finvest Ltd. was secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally personal guaranteed by Directors.During the year under report the same has been fully repaid.
(v) Loan from Bajaj Finance Ltd. bearing Loan Agreement No. : 418CSH17862363 is secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally by personal guarantee by Directors.
(i) Loans from Punjab National Bank is secured primarily by first charge on entire current assets (present and future) of the company including stock of Raw material, Finish goods, stores & spares consumables Book debts, work in progress, demand/usance bills accompanied by RRs and GRs of approved transport companies, DP/DA bills and counter guarantee from borrower :
Further secured by following collateral securities.
(a) Registered Mortaged of factory Land & building at Block No.:- 267,268,269,271/P/2 at village - oran, Taluka - Prantij, Dist:- Sabarkantha.
(b) Registered Mortaged of Plot No.:- 28, Saket, Himalya Darshan Society, Makarba, Ahmedabad in the name of Director Dr. Sunil Gupta.
(c) Registered Mortaged of Office No - 1, 2/F, Sumel Complex, S.G. Highway, Thaltej, Ahmedabad. in the name of Director Dr. Sunil Gupta.
(d) Personal guarantee in individual capacity of Director Shri. Sunil Gupta and Smt. Rupal S. Gupta.
Additional Disclosure
17. In abesence of the information from vendors regarding status of their registration under "Micro, Small and medium enterprise Act , 2006 ", the company is unable to comply with the disclosure requirement to be made under the said Act.
(i) Car loan from HDFC Bank Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(ii) Car loan from Kotak Mahindra Prime Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(iii) Loan from Reliance Capital Ltd. Is secured primarily by first charge on Plant and Machinery of the company and collaterally by personal guarantee by Directors.
(iv) Loan from Religare Finvest Ltd. was secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally personal guaranteed by Directors.During the year under report the same has been fully repaid.
(v) Loan from Bajaj Finance Ltd. bearing Loan Agreement No. : 418CSH17862363 is secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally by personal guarantee by Directors.
Note 18 Earning per Share
Net Profit after tax has been used as numerator and no. of shares has been used as denominator for calculating the basic and diluted earning per share
Mar 31, 2015
Corporate Information
Bloom Dekor Limited is a public company domiciled in India and
incorporated under the provision of Companies Act, 1956. Its shares
are listed on Bombay Stock Exchange in India. The Company is engaged
in manufacturing and selling of laminated sheets and Doors. The company
laters to both domestic and international markets.
2. The company has accounted Rs. 1,58,73,300/- (P.Y.Rs. 79,92,888/-) as
export benefit receivable and outstanding as on 31/03/2015 in terms of
dutyfree import of Raw materials on the basis of advance licenses, DFRC
and DEPB received/ receivable against export sale of the company as
accepted, ascertained and estimated realizable benefit on accrual
basis. The realization of said benefit is dependent on the utilization
thereof, custom duty rate and exchange rate.
3. Profit/ Loss on sale of Raw material has not been segregated in
showing the consumption thereof (i. e. Consumption is net of sale of
Raw material).
4. The company has not reconciled the balances with various parties
appearing under Note of trade receivable, Loans & advances and trade &
other payable. Hence impact of such recondliation, if any, is not
ascertained.
5. In the absence of any intimation from vendors regarding status of
their registration under "Micro, Small & Medium Enterprise Development
Act, 2006", the company is unable to comply with the disclosure
requirement to be made under the said act.
6. The company has recognized MAT Credit Asset of Rs. 15.46 Lacs (P.Y. Rs.
37.34 Lacs) which can be recovered, based on the provisions of Section
115JAA/115JB of the Income Tax Act, 1961. The management based on the
present trend of profitability and also the future profitability
projections, is of the view that there would be sufficient taxable
income in foreseeable future, which will enable the company to utilize
MAT Credit Asset.
7. Consumption of Raw material and spare parts:
The value of consumption of Raw Material and spare parts for indigenous
and imported is not furnished separately as separate record s thereof
are not maintained.
8. In the opinion of the Board, any of the current assets, loans and
advances has a value on realization in the ordinary course of business
at least equal to the amount at which they are stated, except old
debtors of folders and publicity articles aggregating Rs. 41,64,579/-
9. Related Party Information:
Information about related parties as required by AS-18:
Name of the related party Description of relations Key
management personnel
1 Dr. Sunil Gupta Managing Director
2 Mrs. Rupal Gupta Whole Time Director
3 Mr. Karan Gupta Executive Director
Parties where control exists :-
1 Suncare Traders Limited
Enterprise over which control exercised by key management personnel
2 Karan Interior Limited
Enterprise over which control exercised by key management personnel
3 Anik Holding Pvt. Limited
Enterprise over which control exercised by key management personnel
The company has issued One Convertible Preference Warrant of type A
having aggregate value ofRs. 1,20,00,000/- and 9,98,375 convertible
warrants of type B atRs. 19.25/- each on preferential allotment basis to
a pramoter and a strategic invenstor by passing a resolution by
circulation on 10/01/2013 against which part payment received for type
A & B Warrant. During the financial year 2013-2014 the company allotted
8,50,000/- Eq share of Rs. 10/- each at the premium of Rs. 9.25/- per share
from B Type Warrant Following Warrant are pending for allotement due to
non receipt of Balance Amount.
Additional Disclosure for secured Loan:
(i) Car loan from HDFC Bank Ltd is secured primarily by First charge on
vehicle mortgage to bank and collaterally by personal gurantee by
directors.
(ii) Loans from Reliance capital Ltd is secured primarily by first
charge on plant & machinery of the company and collaterally by personal
gurantee by directors.
(ii) Loan from Religare Finvest Ltd is secured primarily by first
charge on Residential bunglow situated at 9, Kalhar Bunglows, Silaj,
Ahmedabad and collaterally by personal gurantee by directors.
Additional Disclosure for secured Loan:
(i) Loans from Punjab National Bank is secured primarily by first
charge on entire current assets (present and futer) of the company
including stock of Rawmaterial, Finish goods, stores & spears
consumables Book debts, work in progress, demand/usance bills, DP/DA
bills and counter guarantee from borrower and further secured by
following collateral securities.
a) Registered Mortaged of factory Land & building at Block No.:-
267,268,269,27l/P/2 at village - oran, Taluka - Prantij, Dist:-
Sabarkantha.
b) Registered Mortaged of Plot No.:- 28, Saket, Himalya Darshan
Society, Makarba, Ahmedabad
c) Registered Mortaged of Office No -1,2/F, Sumel Complex, S.G.
Highway, Thaltej, Ahmedabad.
d) Personal guarantee in indivual capacity of Director Shri. Sunil
Gupta and Smt. Rupal S. Gupta.
Additional Disclosure
1. In abesence of the information from vendors regarding status of
their registration under "Micro, Small and medium enterprise Act,
2006 ", the company is unable to comply with the disclosure
requirement to be made under the said Act.
Additional Disclosure for secured Loan:
(i) Car loan from HDFC Bank Ltd is secured primarily by First charge on
vehicle mortgage to bank and collaterally by personal gurantee by
directors.
(ii) Loans from Reliance capital Ltd is secured primarily by first
charge on plant & machinery of the company and collaterally by personal
gurantee by directors.
(ii) Loan from Religare Finvest Ltd is secured primarily by first
charge on Residential bunglow situated at 9, Kalhar Bunglows, Silaj,
Ahmedabad and collaterally by personal gurantee by directors.
Mar 31, 2014
Corporate Information
Bloom Dekor Limited is a public company domiciled in India and
incorporated under the provisions of The Companies Act, 1956. Its
shares are listed on Bombay Stock Exchange in India. The company is
engaged in the manufacturing and selling of laminated sheets and Doors.
The company caters to both domestic and international markets.
1 Contingent liabilities not provided for
Particulars 31.03.2014 31.03.2013
(Rs.in Lacs) (Rs.in Lacs)
a) Letter of Credit opened for import of
Raw materials 64.96 624.70
b) Letter of Credit opened for indigenous
Raw material 207.49 130.14
c) Sales bills discounted With Bankers 93.21 70.77
d) Letter of Credit for Capital Goods - 82.06
e) Income tax demand disputed in appeals 194.43 137.53
f) Gujarat Sales Tax disputed in appeals 5.98 5.98
g) Excise & Service tax demand disputed
in appeals 5.38 6.24
Note :Future cash outflows in respect of (e) (f) & (g) above are
determinable on receipt of judgements / decisions pending with various
forums / authorities.
6. The company has accounted Rs. 79,92,888/- (P.Y. Rs. 79,39,466/-) as
export benefit receivable and outstanding as on 31/03/2014 in terms of
duty free import of Raw materials on the basis of advance licences,
DFRC and DEPB received/receivable against export sale of the company as
accepted, ascertained and estimated realizable benefit on accrual
basis. The realisation of said benefit is dependent on the utilisation
thereof, custom duty rate and exchange rate.
7. Profit/ Loss on sale of Raw material has not been segregated in
showing the consumption thereof (i.e. Consumption is net of sale of Raw
material )
8. The company has not reconciled the balances with various parties
appearing under Note of trade receivable, loans & advances and trade &
other payable. Hence impact of such reconciliation, if any, is not
ascertained.
9. In the absence of any intimation from vendors regarding status of
their registration under "Micro, Small & Medium Enterprise Development
Act, 2006", the company is unable to comply with the disclosure
requirement to be made under the said act.
10. The Company has recognised MAT Credit Asset of Rs.15.46 Lacs (P.Y.
Rs. 37.34 Lacs) which can be recovered, based on the provisions of
Section 115JAA of the Income Tax Act, 1961. The management based on the
present trend of profitability and also the future profitability
projections, is of the view that there would be sufficient taxable
income in foreseeable future, which will enable the company to utilise
MAT Credit Asset.
11. Consumption of Raw material and spare parts :
The values of consumption of Raw material and spare parts for
indigenous and imported is not furnished separately as separate records
thereof are not maintained.
12. In the opinion of the Board, any of the current assets, and loans
and advances has a value on realisation in the ordinary course of the
business at least equal to the amount at which they are stated.
14. Segment Information :
a) Primary Segment  Business Segment :
The company manufactures and sales laminated sheets and wooden doors,
Frames and Furniture which belong to the same product group of
furnishing and construction material. The product has the same risks
and returns, which are predominantly governed by market conditions,
namely demand and supply position. Thus there is only one identifiable
reportable segment.
15. Cash Flow Statement has been prepared under the "Indirect Method"
as set out in Accounting Standard-3 on Cash Flow Statements issued by
the Institute of Chartered Accountants of India and figures in bracket
represent outflow of cash.
16. Employee Benefit Plans :
i) Defined Contribution Plans :
Contribution to Provident Fund of Rs. 10.61 Lacs (P.Y. 8.38 Lacs) is
recognized under the head of ''Provident Fund'' in Profit and Loss
Account.
Mar 31, 2013
Corporate Information
Bloom Dekor Limited is a public company domiciled in India and
incorporated under the provisions of The Companies Act, 1956. Its
shares are listed on Bombay Stock Exchange in India. The company is
engaged in the manufacturing and selling of laminated sheets and Doors.
The company caters to both domestic and international markets.
1. Contingent liabilities not provided for
31.03.2013 31.03.2012
Rs.in Lacs Rs.in Lacs
a) Letter of Credit opened
for import of Raw materials 624.7 200.61
b) Letter of Credit opened for
indigenous Raw material 130.14 107.25
c) Sales bills discounted With Bankers 70.77 35.45
d) Letter of Credit for Capital Goods 82.06 0.00
e) Income tax demand disputed in appeals 137.53 165.81
f) Gujarat Sales Tax disputed in appeals 5.98 5.98
g) Insurance claim NIL 20.41
h) Excise & Service tax demand
disputed in appeals 6.24 9.87
Note :Future cash outflows in respect of (e) (f) & (h) above are
determinable on receipt of judgements / decisions pending with various
forums / authorities.
2. The company has accounted Rs. 79,39,466/- (P.Y.Rs. 1,12,39,124/-) as
export benefit receivable and outstanding as on 31-03-2013 in terms of
duty free import of Raw materials on the basis of advance licences,
DFRC and DEPB received/receivable against export sale of the company as
accepted, ascertained and estimated realizable benefit on accrual
basis. The realisation of said benefit is dependent on the utilisation
thereof, custom duty rate and exchange rate.
3. Profit/ Loss on sale of Raw material has not been segregated in
showing the consumption thereof (i.e. Consumption is net of sale of
Raw material )
4. The company has not reconciled the balances with various parties
appearing under Note of trade receivable, loans & advances and trade &
other payable. Hence impact of such reconciliation, if any, is not
ascertained.
5. In the absence of any intimation from vendors regarding status of
their registration under "Micro, Small & Medium Enterprise Development
Act,2006Â, the company is unable to comply with the disclosure
requirement to be made under the said act.
6. The Company has recognised MAT Credit Asset of Rs.37.34 Lacs
(including Rs.39.97 Lacs till previous year) which can be recovered,
based on the provisions of Section 115JAA of the Income Tax Act, 1961.
The management based on the present trend of profitability and also the
future profitability projections, is of the view that there would be
sufficient taxable income in foreseeable future, which will enable the
company to utilise MAT Credit Asset.
7. Consumption of Raw material and spare parts
The values of consumption of Raw material and spare parts for
indigenous and imported is not furnished separately as separate records
thereof are not maintained.
8. In the opinion of the Board, any of the current assets, and loans
and advances has a value on realisation in the ordinary course of the
business at least equal to the amount at which they are stated.
9. Segment Information
a) Primary Segment  Business Segment :
The company manufactures and sales laminated sheets and wooden doors,
Frames and Furniture which belong to the same product group of
furnishing and construction material. The product has the same risks
and returns, which are predominantly governed by market conditions,
namely demand and supply position. Thus there is only one identifiable
reportable segment.
10. Cash Flow Statement has been prepared under the "Indirect MethodÂ
as set out in Accounting Standard-3 on Cash Flow Statements issued by
the Institute of Chartered Accountants of India and figures in bracket
represent outflow of cash.
11. EMPLOYEE BENEFIT PLANS:
1) Defined Contribution Palns : Contribution to Provident Fund of Rs.
8.38 Lacs (P.Y. Rs. 7.36 Lacs) is recognised under the head of ÂProvident
Fund` in Profit and Loss Account.
12. Others :
Excise Duty on Sales amounting to Rs. 5,77,18,057/- ( Previous Year : Rs.
4,26,09,448/- ) has been reduced from sales in statement of profit &
loss and excise duty on increase/ decrease in stock amounting to
Rs.11,47,411/- ( Previous Year : 29,969/- ) has been considered as
(income)/expense in note no.25 of financial statements.
Note : 13 Earning Per Share ( EPS )
Net profit after tax has been used as numerator and no. of shares has
been used as denominator for calculating the basic and diluted Earning
Per Shars.
Mar 31, 2012
Corporate Information
Bloom Dekor Limited is a public company domiciled in India and
incorporated under the provisions of The Companies Act, 1956. Its
shares are listed on Bombay Stock Exchange in India. The company is
engaged in the manufacturing and selling of laminated sheets and Doors.
The company caters to both domestic and international markets.
1. Contingent liabilities not provided for
31.03.2012 31.03.2011
Rs.in Lacs Rs.in Lacs
a) Letter of Credit opened for import of
Raw materials 200.61 112.37
b) Letter of Credit opened for indigenous
Raw material 107.25 151.38
c) Sales bills discounted With Bankers 35.45 34.95
d) Letter of Credit for Capital Goods 0.00 26.18
e) Income tax demand disputed in appeals 165.81 173.10
f) Gujarat Sales Tax disputed in appeals 5.98 5.98
g) Insurance claim 20.41 20.41
h) Excise & Service tax demand disputed in appeals 9.87 0.00
Note :Future cash outflows in respect of (e) (f) & (h) above are
determinable on receipt of judgements / decisions pending with various
forums / authorities.
2. The company has accounted Rs.1,12,39,124/- (P.Y.Rs.81,82,978/-) as
export benefit receivable and outstanding as on 31-03-2012 in terms of
duty free import of Raw materials on the basis of advance licences,
DFRC and DEPB received/receivable against export sale of the company as
accepted, ascertained and estimated realizable benefit on accrual
basis. The realisation of said benefit is dependent on the utilisation
thereof, custom duty rate and exchange rate.
3. Profit/ Loss on sale of Raw material has not been segregated in
showing the consumption thereof (i.e. Consumption is net of sale of
Raw material )
4. The company has not reconciled the balances with various parties
appearing under Note of trade receivable, loans & advances and trade &
other payable. Hence impact of such reconciliation, if any, is not
ascertained.
5. In the absence of any intimation from vendors regarding status of
their registration under "Micro, Small & Medium Enterprise Development
Act,2006", the company is unable to comply with the disclosure
requirement to be made under the said act.
6. Provision for Taxation (MAT) Rs.11.48 lakhs (P.Y.Rs.Nil) has been made
in this accounts as per the related provisions contained in the Income
Tax Act, 1961 and Rs. 11.48 lakhs is shown as "MAT Credit Receivable"
under Loans & Advances.
The Company has recognised MAT Credit Asset of Rs.39.97 Lacs (including
Rs.28.76 Lacs till previous year) which can be recovered, based on the
provisions of Section 115JAA of the Income Tax Act, 1961. The
management based on the present trend of profitability and also the
future profitability projections, is of the view that there would be
sufficient taxable income in foreseeable future, which will enable the
company to utilise MAT Credit Asset.
7. Consumption of Raw material and spare parts
The values of consumption of Raw material and spare parts for
indigenous and imported is not furnished separately as separate records
thereof are not maintained.
8. In the opinion of the Board, any of the current assets, and loans
and advances has a value on realisation in the ordinary course of the
business at least equal to the amount at which they are stated.
9. Segment Information
a) Primary Segment - Business Segment :
The company manufactures and sales laminated sheets and wooden doors,
Frames and Furniture which belong to the same product group of
furnishing and construction material. The product has the same risks
and returns, which are predominantly governed by market conditions,
namely demand and supply position. Thus there is only one identifiable
reportable segment.
10. Cash Flow Statement has been prepared under the "Indirect Method"
as set out in Accounting Standard-3 on Cash Flow Statements issued by
the Institute of Chartered Accountants of India and figures in bracket
represent outflow of cash.
11. EMPLOYEE BENEFIT PLANS:
1) Defined Contribution Palns : Contribution to Provident Fund of Rs.
7.36 Lacs (P.Y. Rs. 7.40 Lacs) is recognised under the head of 'Provident
Fund' in Profit and Loss Account.
2) DEFINED BENEFIT PLAN - GRATUITY
Consequent upon adoption of Accounting Standard on "Employee Benefit"
(AS-15) (Revised 2005) issued by the Institute of Chartered Accountants
of India, as required by the Standards, the following disclosures are
made :
F Insurer Managed Funds (Life Insurance Corporation of India)
The overall expected rate of return on assets is determined based on
the market prices prevailing on that date, applicable to the period
over which the obligation is to be settled. There has Been significant
change in the expected rate of return on assets due to the improved
stock scenario.
12. Previous Year Figures :
Till the year ended 31st March,2011, the company was using pre-revised
schedule VI to the Companies Act,1956, for preparation and presentation
of its financial statements. During the year ended 31st March,2012, the
revised schedule VI notified under the Companies Act,1956, has become
applicable to the company. The company has reclassified previous year
figures to conform to this year's classification.
13. Others :
Excise Duty on Sales amounting to Rs. 4,26,09,448/- ( Previous Year : Rs.
3,48,24,452/- ) has been reduced from sales in statement of profit &
loss and excise duty on increase/ decrease in stock amounting to
Rs.29,969/- (Previous Year : Nil ) has been considered as
(income)/expense in note no.25 of financial statements.
Mar 31, 2011
1. The figures of the previous year have been regrouped wherever,
necessary so as to make it comparable with those of current year.
2. The company has accounted Rs.81,82,978/- (P.Y.Rs. 1,48,07,707/-) as
export benefit receivable and outstanding as on 31-03-2011 in terms of
duty free import of Raw materials on the basis of advance licences,
DFRC and DEPB received/receivable against export sale of the company as
accepted, ascertained and estimated realizable benefit on accrual
basis. The realisation of said benefit is dependent on the utilisation
thereof, custom duty rate and exchange rate.
3. Profit/ Loss on sale of Raw material has not been segregated in
showing the consumption thereof (i.e. Consumption is net of sale of
Raw material)
4. The company has not reconciled the balances with various parties
appearing under grouping of sundry debtors, loans & advances and sundry
creditors. Hence impact of such reconciliation, if any, is not
ascertained.
5. In the absence of any intimation from vendors regarding status of
their registration under "Micro, Small & Medium Enterprise Development
Act,2006", the company is unable to comply with the disclosure
requirement to be made under the said act.
6. In accordance with Accounting Standard 22 'Accounting for Taxes on
Income' issued by the ICAI, the company has accounted for deferred
taxes during the year. The deferred tax Assets/Liabilities for the year
ended on March 31, 2011 amounting to Rs.6.91 lakhs has been also
credited/debited to Revenue.
Provision for Taxation (MAT) Rs.NIL lakhs (P.Y.Rs.19.06 lakhs) has been
made in this accounts as per the related provisions contained in the
Income Tax Act, 1961 and Rs. NIL lakhs is shown as "MAT Credit
Receivable" under Loans & Advances.
The Company has recognised MAT Credit Asset of Rs.28.76 Lacs (including
Rs.28.76 Lacs till previous year) which can be recovered, based on the
provisions of Section 115JAA of the Income Tax Act, 1961. The
management based on the present trend of profitability and also the
future profitability projections, is of the view that there would be
sufficient taxable income in foreseeable future, which will enable the
company to utilise MAT Credit Asset.
7. Consumption of Raw material and spare parts
The values of consumption of Raw material and spare parts for
indigenous and imported is not furnished separately as separate records
thereof are not maintained.
8. In the opinion of the Board, any of the current assets, and loans
and advances has a value on realisation in the ordinary course of the
business at least equal to the amount at which they are stated.
9. Segment Information
a) Primary Segment - Business Segment
The company manufactures and sales laminated sheets and wooden doors,
Frames and Furniture which belong to the same product group of
furnishing and construction material. The product has the same risks
and returns, which are predominantly governed by market conditions,
namely demand and supply position. Thus there is only one identifiable
reportable segment.
10. Cash Flow Statement has been prepared under the "Indirect Method"
as set out in Accounting Standard- 3 on Cash Flow Statements issued by
the Institute of Chartered Accountants of India and figures in bracket
represent outflow of cash.
11. Depreciation has been calculated in accordance with Section 205
(s) (b) of the companies Act, 1956 For the earlier years depreciation
was provided in respect of items of plant & Machinery and office office
equipment whose written down value has reached about 5 percent of their
original cost. The company has written back to the Profit and Loss
Account as adjustment relating to an earlier year a sum of
Rs.11,12,142/- (for Plant & Machinery Rs.11,04,646/- and for Office
Equipments Rs.7,496/-), being the access depreciation provided in
earlier year by credit to depreciation of current year and thereby
restricting the provisions of depreciation on Asset to 95% of their
original cost. 22. EMPLOYEE BENEFIT PLANS:
1) Defined Contribution Pains : Contribution to Provident Fund of Rs.
7.40 Lacs (P.Y. 7.17 Lacs) is recognised under the head of 'Provident
Fund' in Profit and Loss Account.
Mar 31, 2010
ADDITIONAL INFORMATION 31.03.2010 31.03.2009
Rs.in Lacs Rs.in Lacs
1. Contingent liabilities
not provided for
a) Letter of Credit opened for
import of Raw materials 279.93 238.79
b) Letter of Credit opened for
indigenous Raw material 40.00 19.00
c) Sales bills discounted
With Bankers 18.05 199.70
d) Letter of Credit for Capital Goods 32.60 30.85
e) Income tax demand disputed
in appeals 173.10 214.48
f) Gujarat Sales Tax disputed
in appelas 10.20 10.20
g) Insurance claim 20.41 20.41
2. Remuneration to Directors
a) During the year the company has inadequate profit as such managerial
remuneration paid in accordance with Schedule XIII to the Companies
Act, 1956 to the managing director and executive director as under: As
such computation of Net Profit in accordance with Section 198 of the
Companies Act, 1956 is not workout.
3. The figures of the previous year have been regrouped wherever,
necessary so as to make it comparable with those of current year.
4. (1) Excise duty on finished goods not cleared from the factory
estimated Rs.48.29 Lacs (Previous year Rs. 32.48 Lacs) have not been
provided and corresponding equivalent amount have not been considered
in valuation of inventories. However the said liabilities if accounted
for, would not have any impact on the profit for the year.
5. The company has accounted Rs.1,48,07,707/- (P.Y.Rs. 1,92,01,793/-)
as export benefit receivable and outstanding as on 31-03-2010 in terms
of duty free import of Raw materials on the basis of advance licences,
DFRC and DEPB received/receivable against export sale of the company as
accepted, ascertained and estimated realizable benefit on accrual
basis, the realisation of said benefit is dependent on the utilisation
thereof, custom duty rate and exchange rate.
6. In the absence of any intimation from vendors regarding status of
their registration under Micro, Small & Medium Enterprise Development
Act,2006",,the company is unable to comply with the disclosure
requirement to be made under the said act.
7. In accordance with Accounting Standard 22 Accounting for Taxes on
Income issued by the ICAI, the company has accounted for deferred
taxes during the year. The deferred tax Assets/Liabilities for the year
ended on March 31, 2010 amounting to Rs.25.37 lakhs has been also
credited/debited to Revenue. Following is the major component of
deferred tax liability/Assets.
Provision for Taxation (MAT) Rs.19.06 lakhs (P.Y.Rs.5.66 lakhs) has
been made in this accounts as per the related provisions contained in
the Income Tax Act, 1961 and Rs.19.06 lakhs is shown as "MAT Credit
Receivable" under Loans & Advances.
The Company has recognised MAT Credit Asset of Rs.Z8.76 Lacs (including
Rs.10.21 Lacs till previous year) which can be recovered, based on the
provisions of Section 115JAA of the Income Tax Act, 1961. The
management based on the present trend of profitability and also the
future profitability projections, is of the view that there would be
sufficient taxable income in foreseeable future, which will enable the
company to utilise MAT Credit Asset.
8. Consumption of Raw material and spare parts
The values of consumption of Raw material and spare parts for
indigenous and imported is not furnished separately as separate records
thereof are not maintained.
9. In the opinion of the Board, any of the current assets, and loans
and advances has a value on realisation in the ordinary course of the
business at least equal to the amount at which they are stated.
10. Segment Information
a) Primary Segment - Business Segment
The company manufactures and sales laminated sheets and wooden
engineered door which belong to the same product group of furnishing
and construction material. The product has the same risks and returns,
which are predominantly governed by market conditions, namely demand
and supply position. Thus there is only one identifiable reportable
segment.
11. Cash Flow Statement has been prepared under the "Indirect Method"
as set out in Accounting Standard- 3 on Cash Flow Statements issued by
the Institute of Chartered Accountants of India and figures in bracket
represent outflow of cash.
12. EMPLOYEE BENEFIT PLANS:
1) Defined Contribution Plans : Contribution to Provident Fund of Rs.
7.17 Lacs (P.Y. 4.78 Lacs) is recognised under the head of Provident
Fund in Profit and Loss Account.
2) DEFINED BENEFIT PLAN - GRATUITY
Consequent upon adoption of Accounting Standard on "Employee Benefit"
(AS - 15) (Revised 2005) issued by the Institute of Chartered
Accountants of India, as required by the Standards, the following
disclosures are made :
Signature To Schedule 1 To 19 Forming Part Of Balance Sheet And Profit
And Loss Account.
13) Additional Information as required under Part IV of Schedule VI to
the Companies Act, 1956.
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