Mar 31, 2015
1. Terms/rights attached to equity shares:
The company has only one class of equity shares having a par value of
Re.1/- per share. Each holder of equity shares is entitled to one vote
per share. No dividend proposed by the Board of Diretors for the year
ended 31st March, 2015.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the numberof equity shares held by the shareholders
2. Contingent liabilities and commitments (to the extent not provided
for)
Particulars 2014-15 2013-14
Amount Amount
(Rs.) (Rs.)
(I) Contingent Liabilities
(a) Claims against the company not acknowledged 2,842,570 2,842,570
as debt (Sales Tax Demand for 1988-89 under
dispute Rs. 20,49,049/- under Orissa Sales
Tax Tribunal, Cuttack, and Rs. 791025/-as
Rajasthan State Tax and Rs. 2496/- as
Central Sales Tax for 1998-99 is pending
under appeal before Rajasthan Tax Board,
Ajmer.)
(b) Other money for which the company is
contingently liable 170,700 170,700
(Bank Guarantees in favour of Customs
Department issued by bank on our behalf
valied upto March, 2015)
3.013.270 3,013,270
(ii) Commitments - -
3.013.270 3,013,270
3. In the opinion of the Board, all assets other than fixed assets and
non current investments, have a realisable value in the ordinary course
of business which is not different from the amount at which it is
stated.
a) Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives of the fixed assets as specified in
Schedule II. Accordingly the unamortized carrying value of assets is
being depreciated / amortized over the remaining useful lives. The
written down value of Fixed Assets whose lives have expired as at 1st
April 2014 have been adjusted net of tax, in the opening balance of
Profit and Loss Account, which is amounting to Rs.18,89,543/-.
b) The total MAT credit available to the company is Rs.89,90,587/-.
c) No interest was provided on or after 1st January, 2015 on a loan of
Rs. 482.50 lacs, as because the party did not paid any interest due on
loan after 30th September, 2013. Now the company is taking all legal
steps to recover the principal loan amount with interest due thereon by
taking control on the security taken against the loan to the party.
4. Related Party Transactions
As per AS 18 issued by The Institute of Chartered Accountants of India,
the related party transactions are as follows:
List of related Parties:
Key Management Personnel:
Sri K.M. Poddar, Managing Director
Sri Anubhav Poddar, Chief Financial Officer
Miss Sneha Binani, Company Secretary
Other Related Persons:
Rashmi Properties & Investments Ltd.
Coronation Refrigetation Industries Ltd.
Likhami Trading & Mfg. Co. Ltd.
Nouveau Metal Industries Ltd.
Uma Poddar
Vrinda Poddar
Vaibhav Poddar
Mar 31, 2014
1. Terms/rights attached to equity shares:
The company has only one class of equity shares having a par value of
Re.1/- per share. Each holder of equity shares is entitled to one vote
per share. No dividend proposed by the Board of Diretors for the year
ended 31st March, 2014. In the event of liquidation of the company, the
holders of equity shares will be entitled to receive remaining assets
of the company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders
Note 2
a) Contingent liabilities and commitments (to the extent not provided
for)
Particulars 2013-14 2012-13
Amount (Rs.) Amount (Rs.)
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt (Sales Tax Demand
under dispute Rs. 20,49,049/- under 2,842,570 2,842,570
Orissa Sales Tax Tribunal, Cuttack, and
Rs. 791025/-as Rajasthan State Tax and
Rs. 2496/- as Central Sales Tax is
pending under appeal before Rajasthan Tax
Board, Ajmer.)
(b) Other money for which the company
is contingently liable (Bank Guarantees 170,700 170,700
in favour of Customs Department issued by
bank on our behalf valied upto March,
2015)
3.013.270 3,013,270
(ii) Commitments - -
3.013.270 3,013,270
b) In the opinion of the Board, all assets other than fixed assets and
non current investments, have a realisable value in the ordinary course
of business which is not different from the amount at which it is
stated.
Note 3
Depreciation on Plan and Machinery charged to single shift basis in the
current financial year instead of triple shift basis charged in
previous year.
Mar 31, 2013
Note 1
Related Party Transactions
As per AS 18 issued by The Institute of Chartered Accountants of India,
the related party transactions are as follows:
List of related Parties:
Key Management Personnel:
Sri K.M. Poddar
Sri Arabinda De
Sri S.K. Chhawchharia
Sri S.L. Singhania
Sri O.P. Kedia
Sri Vaibhav Poddar
Sri Anubhav Poddar
Associate Persons:
Ceeta Synthetics & Turfs Ltd.
Rashmi Properties & Investments Ltd.
Coronation Refrigeration Industries Ltd.
Tetron Commercial Limited
Likhami Trading & Mfg. Co. Ltd.
Nouveau Metal Industries Ltd.
Uma Poddar
Mar 31, 2012
NOTE 1
Corporate information
Ceeta Industries Limited is a domestic public limited company
incorporated under the provisions of the Indian Companies Act, 1956.
The company is mainly engaged in the manufacture of granite products.
In view of continuing unfavourable trading condition in the export
market for granite products, the company being an export oriented unit
(EOU), the company from time to time take opportunity to undertake
activities such as trading, handling and transportation and deployment
of funds for short term with the corporates.
NOTE 2
Basis of preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
Mar 31, 2010
1. Depreciation on the fixed assets of Udaipur has been provided on
Straight Line Method (SLM) as per the Companys uniform policy though
these assets remained in-operative through out the year.
2. Consequent upon one time settlement with SBl Capital Market on
dispute on teased equipments at Udaipur, the Company written back the
liability of Rs. 59,90,224/- after adjustment of Security Deposit of
Rs. 23,30,000/-and payment of Rs. 12,37,500/-
3. Contingent Liability not provided for in respect of :-
(a) Bank Guarantees in favour of Customs department issued by bank on
behalf of the Company is Rs. 1,70,700/- which is valid up to
27.03.2011.
(b) Claims against the company not acknowledged as debt is Sales Tax
Demand under dispute Rs.98,21,910/- (Previous year Rs. 98,21,910/-).
(c) The Commercial Tax Department of Udaipur have raised a demand of Rs
791025/-as R.S.T. and Rs 2496/- as C.S.T. for earlier years pending
under appeal before the Rajasthan Tax Board, Ajmer.
(d) The Commercial Tax Recovery Department of Tumkur raised a demand of
Rs. 1,73,06,671/- against C.S.T. for 2003-04 and 2004-05 and the same
is under dispute and matter is under sub-judice. The debt has not been
acknowledged.
4. The company claims reimbursement of Central Sales Tax paid on
purchase of indigenous goods in term of Excise Policy 2002-2007.
5. Some of the debit and credit balances are subject to confirmation.
6. As per the information available with the company, Sundry Creditors
do not include any amount payable to micro, small & medium enterprises
under the provisions of Micro, Small and Medium Enterprises Development
Act, 2006.
7. Previous years figures have been regrouped / rearranged wherever
necessary.
8. The company pays an annual premium in terms of the comprehensive
group gratuity scheme policy with TATA AIG Life Insurance Company
Limited covering eligible employees. The premium is based on actuarial
valuation. The Company reinstated the total amount paid for gratuity
fund in the asset side and liability based on actuarial valuation on
the liabilities side,
9. As the company is having deferred tax asset by concept of prudence,
no provision has been made in the books.
10. Related Party Disclosures
As per AS 18 issued by The Institute of Chartered Accountants of India,
the Companys related parties disclosed below: -
List of related Parties
(a) Likhami Trading & Mfg. Co.Ltd
(b) Rashmi Properties & Investments Ltd.
(c) Vaibhav Heavy Vehicles Ltd.
(d) Coronation Refrigeration Industries Ltd
(e) Nouveau Metal Industries Ltd.
(f) Ceeta Synthetics & Turfs Ltd.
(g) Impact Stoneworks Pvt. Ltd.
(h) Shree Fincap Ltd.
(i) Smt.Vrinda Poddar
(j) Sri. Vaibhav Poddar Enterprise under Common Control Kingstone
Krystals Ltd.. - Subsidiary Company
Key Management Personnel
Sri K. M. Poddar - Managing Director
Sri Arabinda De - Director
Sri S.K. Chhawchharia - Director Sri.
S.L. Singhania - Director
Sri Anubhav - President
Signature of Schedule 1 to 14 as per our annexed report of even date.
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