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Notes to Accounts of Ceeta Industries Ltd.

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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