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Notes to Accounts of Bloom Industries Ltd.

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 £ 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 » 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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