Mar 31, 2014
COMPNAY OVERVIEW
Bloom Industries Ltd. Is a Iron Industry, Trading & providing Sharing,
decoiling, Corrugation with Labour Job Work & Warehousing Charges
Received at its factories located at Taloja, Dist.-Raigad
(Maharashtra).
1. CONTINGENT LIABILITY NOT PROVIDED FOR
As at 31.03.2014 As at 31.03.2013
(Rs. in Lakh) (Rs. in Lakh)
(a) Estimated amounts of
Capital contract NIL NIL
(b) The Income tax summary assessment u/s 143(1) have been completed
upto Assessment year 2011-2012.
The Company has received a FBT summary assessment U/s. 115WE for
Assessment year 2008-2009 on which a demand for Rs.34,000/- is raised
However on the letterdemand credit for Self Assessment FBTTax paid is
Rs. 29,699/- not given. The Company has filed a reply to the concern
authority for rectification of order and according to the management of
the company there is no tax due hence provision not required.
(c) Out of the forfeited equity shares of Rs.32.03 Lacs which were
forfeited in financial year 1994-95. Some allotees filed case against
forfeiture in respect of 10400 Equity Shares of Rs.10/-each which are
pending before various courts. In this respect company has not made any
provisions.
2. Value of Import during the year is Rs. Nil(Previous year Rs. Nil)
3. (a) Expenditure in foreign currency during theyear Rs. Nil
(Previous Year Rs. Nil). (b) Earning in foreign currency during the
year Nil (Previous Year Nil)
4. The Balance of Trade Receivable, Trade Payable and Loan & advances
are subject to confirmation and reconciliation.
5. There is no any amount due to Micro, Small and Medium Enterprises.
The disclosure is based on the information available with the company.
6. SEGMENT REPORTING
Since The Company primarily operates in one segment - Labour Job &
Warehousing facility segmental reporting as required under Accounting
standard -17 is not applicable. There is no reportable geographic
segment either
7. RELATED PARTY DISCLOSURES
a) Related parties with whom transactions have taken place during the
year
i) Key Management Person Kamal Kumar Chaudhary
Ashish Chaudhary
Sharad Kumar Gupta
ii) Enterprise over which the Key Jagdamba Salts
Management Personnel is able to
exercise significant influence
8. DEFERRED TAX ASSETS/LIABILITY.
The AS -22 (Accounting Standard for "Accounting for Taxes on Income")
issued by ICAI becomes applicable to the company w.e.f.01.04.2002.
The Deferred tax liability on account of the timing difference in the
rates of depreciation has not been recognized as on 31.03.2014. Because
according to the management opinion this does not affect the financial
status & profitability of the company considering the substantially
MATCredit available to the Company.
9. Figures have been Rounded Off to the nearest Rupee.
Mar 31, 2013
Note 1
COMPNAY OVERVIEW
Bloom Industries Ltd. Is a Iron Industry, Trading provided Sharing,
decoiling,Corrugation with Labour Job Work & Warehousing Charges
Received at its factories located atTaloja, Dist.-Raigad (Maharashtra).
2. FORFEITURE OF EQUITYSHARES
Out of the forfeited equity shares of Rs.32.03 Lacs which were
forfeited in financial year 1994-95. Some allotees filed case against
forfeiture in respect of 10400 Equity Shares of Rs. 10/- each which are
pending before various courts. In this respect company has not made any
provisions.
3. MANAGERIAL REMUNERATION :
(a) Director''s Remuneration: Rs.1,80,000/- (previous year Rs.
1,80,000/-)
(b) The remuneration stated above is in accordance with the provisions
of and Schedule XIII to the Companies Act, 1956.
Since the remuneration stated above is the within the limit of
remuneration paid to the managerial personnel, calculation of
managerial remuneration under Section 198 of the Companies Act, 1956 is
not applicable
4. CONTINGENT LIABILITY NOTPROVIDED FOR:
As at
31.03.2013 As at
31.03.2012
(Rs. in Lakh) (Rs. in Lakh)
(a) Estimated amounts of Capital
contract NIL NIL
(b) The Income tax summary assessment u/s 143(1) have been completed
upto Assessment year2010-2011 and 2011-2012 for which assessment order
is still awaited.
The Company has received a FBT summary assessment U/s. 115WE for
Assessment year 2008-2009 on which a demand for Rs.34,000/- is raised
However on the letter demand credit for Self Assessment FBT Tax paid is
Rs. 29,699/- not given. The Company has filed a reply to the concern
authority for rectification of order and according to the management of
the company there is no tax due hence provision not required.
(c) Out of the forfeited equity shares of Rs.32.03 Lacs which were
forfeited in financial year 1994-95. Some allotees filed case against
forfeiture in respect of 10400 Equity Shares of Rs. 10/-each which are
pending before various courts. In this respect company has not made any
provisions.
5. Value of Import during the year is Rs. Nil(PreviousyearRs. Nil)
6. (a) Expenditure in foreign currency during theyear Rs.Nil
(PreviousYearRs.Nil). (b) Earning in foreign currency during the year
Nil (Previous Year Nil)
7. The Balance of Trade Receivable, Trade Payable and Loan & advances
are subject to confirmation and reconciliation.
8. There is no any amount due to Micro, Small and Medium Enterprises.
The disclosure is based on the information available with the company.
9. SEGMENT REPORTING
Since The Company primarily operates in one segment - Labour Job &
Warehousing facility segmental reporting as required under Accounting
standard -17 is not applicable. There is no reportable geographic
segment either
10. RELATED PARTY DISCLOSURES
a) Related parties with whom transactions have taken place during the
year
i) Key Management Person Kamal Kumar Chaudhary
AshishChaudhary Sharad Kumar Gupta
ii) Enterprise over which the Key Jagdamba Salts
Management Personnel is able to exercise significant influence
11. DEFERRED TAX ASSETS / LIABILITY
The AS-22 (Accounting Standard for "Accounting for Taxes on Income")
issued by ICAI becomes applicable to the company w.e.f.01.04.2002.
The Deferred tax liability on account of the timing difference in the
rates of depreciation has not been recognized as on 31.03.2013. Because
according to the management opinion this does not affect the financial
status & profitability of the company considering the substantially
MATCredit available to the Company.
12. Figures have been Rounded Off to the nearest Rupee
13. Payment to Auditors Audit fees inclusive of service tax Rs
28,090/- and other Professional fees Rs. 5,009/- (Previous year Audit
fees Rs. 27,575/- and professional fees Rs 5,515/-).
Mar 31, 2012
COMPNAY OVERVIEW
Gloom Industries Lid Is a Iron Industry. Trading provided Sharing,
Warehousing Charges Recewed a tits factories located atTaloja,
Dist.-Raigad (Maharashtra).
1 FORFEITURE OF EQUITYSHARES
Out of Ihe forfeited equity shares of Rs.32.D3 Lacs which were
forfeited in financial year 1994-95. Some allotees filed case against
forfeiture in respect of 1040D Equity Shares of Rs.10/-each which are
pending before various courts. In this respect company has not made any provisions.
2. MANAGERIALREMUNERATION :
(a) Director's Remuneration: Rs.1.80.000/- (previous year Rs.
1,80.000/-)
(b) The rem une ration stated above is in accordance with the revisions
of and Schedule XIII to Ihe Compan ies Act 1986
Since the remuneration stated above is the within ihe limit of
remuneration paid to the managerial personnel, calculation of
managerial remuneration under Section 158 of the Companies AcL 1956 is
not applicable.
3 CONTINGENT LIABILITY NOT PROVIDED FOR:
As at 31.03.2012 As at 31.03.2011
(Rs in Lakh) (Rs. in Lakh)
(a) Estimated amounts of
Capita I contract NIL NIL
(b) The Income tax summary assessment ute 143(1) have been completed
upto Assessment year 2009-2010. Except fur Assessment year for
A.Y. 2006-2007. 2007-06 & 2010-2011 for which assessment order is
Still ewalled.
The Company has received a FBI summary assessment UfA 115WE for
Assessment year 2008-20D9 an which a demand for Rs. 34,000/- is ra Ised
However on the letter demand credit for Self Assessment FBT Tax paid
is Rs. 29,699/- not given. The Company has filed a reply to the
concern autho rity for rectification of orderand according to the
management ofthe company there is no tax due hence provision not
required.
(c) Out of the forfeited equity shares of Rs.32.03 Lacs which were
forfeited in financial year 1994-95. Some allolees filed case ag ainsl
fuheiiu re in respect of 10*00 Equity S hares of R s. 1OZ-each which a
re pending before various courts. In this respect company has net made
any provisions.
4. Value of Import during the year is Rs.Nilfprewous year Re Mil)
5. (a) Expenditure in foreign currency during the year Rs. Nil
(Previous Year Rs. Nil). (b) Earning in foreign currency during the
year Nil (Previous Year Nil)
6- The Balance otTnjde Receivable, Trade Payable and Loan & advances a
re subject to co nfirmaiion and reconciliation.
7. There a no any amount
8. The financial statements for the year ended 31st March, 2Q1 u*6
been prepared as per the then applicable, pro-revised schedule VI to
ine Companies Act, 1956. Consequent to (he notification under trie
Companies Act, 1956. the financial statement, for the year ended 31st
March. 2012 ane prepared under revised Schedule VI Accordingly ihe
previous year figures have also been reclassified to confirm to this
year's classifications.
9. SEGMENTREPORTING
Since The Company primarily operate* In one segment - Labour Job ã
Warehousing fndlBy segmentar reporting as required under Aeeoununo
standard -17 is not applicable. There is no reportable geog
raphicsegment either
10. DEFERRED TAX ASSETS / LIABILITY.
Depreciation has not been recogniied û on 31.03.3012. However according
to the management opinion this (foes not affect Ihe financial statu* &
orolitabilitv of the company substartially considering- the a vailable
MAT Credit.
11. Figures have been Rounded Off to the nearest Rupee.
12. Payment to Auditors Audit & Ta* Audit fees indualve of Service
taxfts.27.375/-and Other Professions I fees. Rs.5,5157
Mar 31, 2010
1. FORFEITURE OF EQUITY SHARES
Out of the forfeited equity shares of Rs.32.03 Lacs which were
forfeited in financial year 1994-95. Some allotees filed case against
forfeiture in respect of 10400 Equity Shares of Rs. 10/- each which are
pending before various courts. In this respect company has not made any
provisions.
2. MANAGERIAL REMUNERATION :
(a) Directors Remuneration: Rs. 1,80,000/- (previous year Rs.
1,80,000/-)
(b) The remuneration stated above is in accordance with the provisions
of and Schedule XIII to the Companies Act, 1956.
Since the remuneration stated above is the within the limit of
remuneration paid to the managerial personnel, calculation of
managerial remuneration under Section 198 of the CompaniesAct, 1956 is
not applicable.
3. CONTINGENT LIABILITY NOT PROVIDED FOR:
As at31.03.2010 As at 31.03.2009
(Rs. in Lakh) (Rs. in Lakh)
(a) Estimated amounts of
Capital contract NIL NIL
(b) The Income tax summary assessment u/s 143(1) have been completed
upto Assessment year 2005-2006. Assessment order for A.Y. 2006-2007,
2007-08 & 2009-2010 is still awaited. The Company has receive a summary
assessment U/s. 143(1) for Assessment year 2008-2009 on which a demand
for Rs.6,66,8607- is raised However on the same demand credit for TDS
and Self Assessment Tax paid is not given. The company has filed a
reply to the concern authority for rectification of order and according
to the management of the company there is no tax due hence provision
not required.
The Company as receive a FBT summary assessment U/S.115WE for
Assessment year 2008-2009 on which a demand for Rs.34.000/- is raised
However on the same demand credit for Self Assessment FBT Tax paid is
not given. The Company has filed a reply to the concern authority for
rectification of order and according to the management of the company
there is no tax due hence provision not required.
(c) Out of the forfeited equity shares of Rs. 32.03 Lacs which were
forfeited in financial year 1994-95. Some allotees filed case against
forfeiture in respect of 10400 Equity Shares of Rs.10/-each which are
pending before various courts. In this respect company has not made any
provisions.
4. Value of Import during the year is Rs. Nil(PreviousyearRs. Nil)
5 (a) Expenditure in foreign currency during the year USD $ Nil Rs. Nil
(Previous Year US $ Nil Rs. Nil).
(b) Earning in foreign currency during the year Nil (Previous Year Nil)
6. The Balance of Sundry Debtors, Creditors and advances are subject
to confirmation and reconciliation.
7. There is no any amount due to Micro, Small and Medium Enterprises.
The disclosure is based on the information available with the company
8. Previous years figure have been regrouped and recast whenever
necessary to make them Comparable with the current year.
9. SEGMENT REPORTING
The Company has disclosed business segment as the primary segment.
Segments have been identified taking into account the nature of the
products and services, the differing risks & returns & the
organisational structure.
The categories in the reported business segments are as follows:-
1) Sale of Salt.
2) Labour Job Charges.
3) Shares, Security & Commodity.
4) Other services
10. RELATED PARTY DISCLOSURES
a) Related parties with whom transactions have taken place during the
year
i) Key Management Person Kamal Kumar Chaudhary
Ashish Chaudhary
Sharad Kumar Gupta
Vimal Sharma
Rajesh kumar Nagori
ii) Enterprise over which
the Key Jagdamba Salts
Management Personnel is able to Colour Steel Co.
exercise significant influence Ashish Ispat Centre
11. DEFERRED TAX ASSETS/ LIABILITY.
The AS -22 (Accounting Standard for "Accounting for Taxes on Income")
issued by ICAI becomes applicable to the company w.e.f.01.04.2002.
The Deferred tax liability on account of the timing difference in the
rates of depreciation has not been recognized as on 31.03.2010. However
according to the management opinion this does not affect the financial
status & profitability of the company substantially considering the
carry forward business loss and MAT Credit.
Mar 31, 2009
1. FORFEITURE OF EQUITY SHARES
Out of the forfeited equity shares of Rs. 32.03 Lacs which were
forfeited in financial year 1994-95 Sume allotees filed case against
forfeiture in respect of 10400 Equity Shares of Rs. 10/-each which are
pending before various courts. In this respect company has not made any
provisions.
2. MANAGERIAL REMUNERATION :
(a) Directors Remuneration: Rs.1,80,000/- (previous year Rs.
1,20,000/-)
(b) The remuneration stated above is in accordance with the provisions
of and Schedule XIII to the Companies Act, 1956.
Since the remuneration stated above is the within the limit of
remuneration paid to the managerial personnel, calculation of
managerial remuneration under Section 198 of the Companies Act, 1956 is
not applicable.
3. CONTINGENT LIABILITY NOT PROVIDED FOR:
As at31.03.2009 Asat 31.03.2008
(Rs. in Lakh) (Rs. in Lakh)
(a) Estimated amounts of
Capital contract NIL 46.00
(b) The Income tax summary assessment u/s 143(1) have been completed
upto Assessment year 2005-2006. Assessment order forA.Y
2006-2007,2007-08 & 2008-2009 isAwaited.
(c) Out of the forfeited equity shares of Rs.32.03 Lacs which were
forfeited in financial year1994-95. Some allotees filed case against
forfeiture in respect of 10400 Equity Shares of Rs. 10/-each which are
pending before various courts. In this respect company has not made any
provisions.
4. Information pursuant to the provisions of Paragraph 3 and 4C of Part
II Schedule VI ofthe CompaniesAct, 1956.
5. Value of Import during the year is Rs. Nil(Previous year Rs. Nil)
6. (a) Expenditure in foreign currency during the year USDS Nil Rs Nil
(Previous Year US $ Nil Rs. Nil). (b) Earning in foreign currency
during the year NIL (Previous Year Nil)
7. The Balance of Sundry Debtors, Creditors and advances are subject
to confirmation and reconciliation.
8. There is no any amount due to Micro, Small and Medium Enterprises.
The disclosure is based on the information available with the company.
9. Previous years figure have been regrouped and recast whenever
necessary to make them Comparable with the current year.
10. SEGMENT REPORTING
The Company has disclosed business segment as the primary segment.
Segments have been identified taking into account the nature of the
products and services, the differing risks & returns & the
organisational structure.
The categories in the reported business segments are as follows:-
1) Sale of Salt.
2) Labour Job Charges.
3) Shares & security.
4) Other services
11. RELATED PARTY DISCLOSURES
a) Related parties with whom transactions have taken place during the
year
i) Key Management Person Kamal Kumar Chaudhary
Ashish Chaudhary
Sharad Kumar Gupta
VimalSharma
RajeshkumarNagon
ii) Relative of Key Management
Personnel Smt. Rekha Rajgharia
iii) Enterprise over which the Key Jagdamba Salts
Management Personnel is able to Colour Steel Co.
exercise significant influence Ashish Ispat Centre
Kamal Kumar Chaudhary HUF
12. DEFERRED TAX ASSETS / LIABILITY
The AS -22 (Accounting Standard for "Accounting for Taxes on Income")
issued by ICAI becomes applicable to the company w.e.f.01.04.2002. The
Company had incurred cumulative loss of Rs. 173.02 Lacs as perils
Balance Sheet dated 31.03.2008 and adjust current year profit after Mat
Tax Rs. 25.63 lacs and cumulative losses as per income tax return filed
is amounted to Rs 230 48 Lacs up to the A.Y.2008-2009 and setoff
current year taxable profit Rs. 52.40 lacs and expiry of carry forward
capital loss & speculation loss of A. Y. 2001-2002 Rs.63.71 lacs and
additional of fresh short term capital loss amount Rs 14 16 Lakhs Net
balance Rs.128.53 lacs carry forward to next year. The only item
causing timing difference for deferred tax liability is "depreciation"
which is due to the different rate of depreciations The amount of
deferred tax liability arising on account of differential treatment of
"depreciation" can be fully offset against the amount of deferred tax
assets arising on account of cumulative losses incurred by the company
as per Clause 29 of the said accounting standard. However, the company
has not recognized the net balance of deferred tax assets in its
Balance Sheet dated 31* March, 2009, as there is no reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized (refer Clause 15
of AS-22)
13. Balance Sheet Abstract and Companys General Business Profile for
the year ended 31" March, 2009.
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