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Notes to Accounts of CJ Gelatine Products Ltd.

Mar 31, 2015

CONTINGENT LIABILITIES AND COMMITMENTS

1. Contingent liabilities

( a ) Guarantee Given to Sales Tax Authorities for permenant Registration 10,000 10,000

( b ) General Bond Executed in favour of Collection of Central Excise 200,000 200,000

( c ) Bond Executed in favour of Collector of Central Excise — —

(i) B-2 Bond of Rs. 50000/- 50,000 50,000

(ii) B-11 Bond of Rs. 600000/- 600,000 600,000

( d ) Central Excise (CNVT Credit of Service Tax) 578,000 578,000

( e ) Central Excise (Excise Duty Demand) 533,000 533,000

( f ) Bank Guarantee Given to Collection of Central Excise 125,000 125,000

( g ) Bank Guarantee (PBG) Given to MP Pollution Control Board 500,000 300,000

2,596,000 2,396,000

2. For details related to Contingent liabilities refer Note no.10.

3. No provision for gratuity and leave encashment towards present liability for future payment under the Payment of Gratuity Act, 1972 and terms of employment has been made as the amount is not ascertained.

4. a. The Excise Duty payable on finished goods not cleared from Factory as on the date of Balance Sheet is estimated at Rs.44.30 lakhs ( Previous Year -Rs.50.64 lakhs) on prevailing rates. The non-provision of this duty will not affect the profitability or otherwise of the year, being revenue neutral.

b. As per amended provisions, (1) Dues of excise duty on clearance of finished goods wherever applicable is payable in monthly installments w. e. from 01.02.2004 and (2) Statutory records under Excise Rules are dispensed with effect from 01.07.2000. The Company has acted on these amendments.

5. The Income Tax assessments of the Company have been made upto assessment year 2009-10 relevant to the previous year ended on 31.03.2009. Assessments relating to assessment year 2010-11 and subsequent years are yet to be completed.

6. a.During the year under audit, the Company has paid a sum of Rs.13,41,216/- comprising of Central Excise Duty arrears of Rs.532,800/- for the year 2007-08 along with Penalty Rs.532,800/- and penal interest Rs.275,616/- as per the Final Order No.A/1381/2012-EX(DB) dated 18/12/2012 issued by the Customs, Excise & Service Tax Appellate Tribunal, New Delhi and the above sum has been included under " Exceptional and Extra-ordinary items " in Note no.20.

b. Prior period expenses amounting to Rs.1,23,858/- includes salary arrears Rs.120,358/- for the previous year and Wealth Tax Rs.3,500/-for the year 2008-09 and the same have been shown under "Exceptional and Extra-ordinary items " in Note no.20.

7. As informed to us by the Management, the yield of finished products is slightly lower due to inferior quality of raw materials consumed for the production purpose and also due to relatively old machinery being used in production.

8. Deferred Tax Assets and Liabilities:

Income Tax comprises the current tax provision and the net change in the deferred tax asset or liability in the year. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. Deferred tax assets are recognized subject to management''s judgment that realization is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income statement in the period of enactment of the change. Provision relating to deferred tax liability / asset is not made.

9. Earnings in Foreign Exchange: Nil (Previous Year -Nil)

10. Sundry Debtors and Sundry Creditors are subject to balance confirmation.

11. In view of insufficient information from suppliers regarding their status as Micro, Small and Medium Scale Unit as per the Micro, Small and Medium Enterprises Development Act, 2006, the amount overdue, if any, to them cannot be ascertained.

12. Previous Year''s figures have been rearranged and / or regrouped wherever necessary.


Mar 31, 2014

1. CONTINGENT LIABILITIES AND COMMITMENTS

1. Contingent liabilities

(a) Guarantee Given to Sale$ Tax Authorities for permenani ftegisirat 10,000 10,000

( b) General Bond Executed in favour of Collection of Central Excise 200,000 200,000

( c ) Bond Executed in favour of Collector of Central Excise — —

(I) B-2 Bond of Rs. 50000/- 50,000 50,000

(it) B-11 Bond of Rs. 600000/- 600,000 600,000

( d) Central Excise (CNVT Credit of Service Tax) 578,000 578,000

(e) Central Excise (Excise Duty Demand) 533,000 533,000

(f) Bank Guarantee Given to Collection of Central Excise 125,000 125,000

(g) Bank Guarantee (PBG) Given to MP Pollution Control Board 300,000 —

2,396,000 2,096,000

2. For details related to Contingent liabilities refer Note no.10.

3. No provision for gratuity and leave encashment towards present liability for future payment under the Payment of Gratuity Act, 1972 and terms of employment has been made as the amount is not ascertained.

4. a. The Excise Duty payable on finished goods not cleared from Factory as on the date of Balance Sheet is estimated at Rs.50.64 Lakhs (Previous Year -Rs.3i.42 Lakhs) on prevailing rates. The non-provision of this duty will not affect the profitability or otherwise of the year, being revenue neutral.

5. As per amended provisions, (1) Dues of excise duty on clearance of finished goods wherever applicable is payable in monthly installments w. e. from 01.02.2004 and (2) Statutory records under Excise Rules are dispensed with effect from 01.07.2000, The Company has acted on these amendments,

6. The Income Tax assessments of the Company have been made upto assessment year 2009-10 relevant to the previous year ended on 31.03.2009, Assessments relating to assessment year 2030-11 and subsequent years are yet to be completed.

7. a. During the year under audit, the Company has paid a sum of Rs. 17,55,398/- ( Rupees Seventeen Lakhs Fifty Five Thousand Three Hundred Ninety Eight Only) towards Employees PF damages and interest for the period from Sept,2001 To Feb,2005 as per the Order ref. no.PFC/SRQ/BPL/Dam/iVlP/6297/2375 dated 05/02/2014 Issued by the Assistant P.F. Commissioner, Sub-Regional Office, Bhopal and the above sum has been included under " Exceptional and Extra- ordinary Items" in Note no.20

8. A sum of Rs. 11,99,893/- (Rupees Eleven Lakhs Ninety Nine Thousand Eight Hundred Ninety Three Only) was received during September,2013, by the Company as Compensation towards cost of damages to Stocks caused by the floods during Aug.2012 from the Oriental Insurance Company Limited, Mumbai, as per the Discharge Voucher dated 24/09/2013. The above receipt has been shown under "Exceptional and Extra-ordinary Items " in Note no,20.

9 A sum of Rs.26,86,714/- ( Rupees Twenty Six Lakhs Eighty Six Thousand Seven Hundred Fourteen Only) being the excess provisions/ liabilities in respect of ESIC [ Rs.22,61,316/-), VAT (Rs.4,25,398/- -Net) of earlier years written back and the Same has been included under " Exceptional and Extra-ordinary' Items" in Note no.20.

10. As informed to us by the Management, the yield of finished products is slightly lower due to inferior quality of raw materials consumed for the production purpose and also due to relatively old machinery being used in production, ,

11. Related Parties Disclosure in terms of Accounting Standard IS issued by the Institute Of Chartered Accountants of India

a. List of Related Parties:

i. Key Management Personnel:

1. Mr. Sachiv Sahni Chairman & Managing Director 2, Mr, Jaspal Singh Joint Managing Director

it. Subsidiaries: Nil

iii. Associated Companies/

Joint Ventures/Sister Concerns C. Jairam Private Limited S.P.SahniTrust Wadera Chemicals Co

12. Disclosure in terms of Accounting Standard 20 regarding Earning Per Share issued by the Institute Of Chartered Accountants Of India

13. Deferred Tax Assets and Liabilities:

Income Tax comprises of the current tax provision (which is Nil by virtue of book losses incurred by the Company for the Current year 2013-14) and the net change in the deferred tax asset or liability for the year. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. Deferred tax assets are recognized subject to management's judgment that realization is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income statement in the period of enactment of the change. Provision relating to deferred tax liability / asset has not been made.

14. Earnings in Foreign Exchange: Nil (Previous Year- Nil)

15. Sundry Debtors and Sundry Creditors are subject to balance confirmation.

16. In view of insufficient information from suppliers regarding their status as Micro, Small and Medium Scale Unit as per the Micro, Small and Medium Enterprises Development Act, 2006, the amount overdue, if any, to them cannot be ascertained,

17. Previous Year's figures have been rearranged and/or regrouped wherever necessary.


Mar 31, 2013

1. For details related to Contingent Liabilities refer Note No. 10.

2. No provision for gratuity and leave encashment towards present liability for future payment under the payment of Gratuity Act, 1972 and terms of employment has been made as the amount is not ascertained.

3. a) The excise duty payable on finished goods not cleared from factory as on the date of Balance sheet is estimated at Rs.31.42 Lakhs (Prev. year Rs. 17.75 Lakhs) on prevailing rates. The non-provision of this duty will not affect the profitability or otherwise of the year, being revenue neutral.

b) As per amended provisions, (1) the dues of excise duty on clearance of finished goods wherever applicable is payable in monthly installments w.e.f. 01.02.2004 and (2) statutory records under Excise Rules are dispensed with effect from 01.07.2000. The company has acted on these amendments.

4. The Income tax assessments of the Company have been made upto assessment year 2009-10 relevant to previous year ended on 31.03.2009. Assessment relating to assessment year 2010-11 is in progress.

5. As informed to us by the management the yield of finished products is slightly ower due to inferior quality of Raw Material Consumed for the Production purpose and also due to the old machinery used in production.

6. Related Parties Disclosure in terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India

a. List of related parties

i) Key Management Personnel:

1. Mr. Sachiv Sahni Chairman & Managing Director

2. Mr. Jaspal Singh Joint Managing Director

ii) Subsidiaries: NIL

iii) Associated Companies/Joint Venture: C. Jairam Private Limited

S.P. Sahni Trust Wadera Chemicals Co.

7. Deferred Tax Assets and Liabilities

Income tax comprises the current tax provision and the net change in the deferred tax asset or liability in the year. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and operating loss carry forward. Deferred tax assets are recognized subject to management''s judgment that realization is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income statement in the period of enactment of the change. Provision relating to Deferred tax Liability/Asset is not made.

8. Earnings in Foreign Exchange : Nil (Previous Year Nil)

9. Sundry Debtors and Sundry Creditors are Subject to balance confirmation.

10. In view of insufficient information from suppliers regarding their status as Micro, Small and Medium Scale Unit as per the Micro, small and Medium Enterprises Development Act,2006 as the amount overdue ,if any, to them cannot be ascertained.

11. Previous Year''s figures have been rearranged and/or regrouped wherever necessary.


Mar 31, 2012

1. For details related to Contingent Liabilities refer Note No.10.

2. No provision for Gratuity and leave encashment towards present liability for future payment under the payment of Gratuity Act, 1972 and terms of employment has been made as the amount is not ascertained.

3. a) The excise duty payable on finished goods not cleared from factory as on the date of Balance sheet is estimated at Rs. 17.75 Lakhs (Prev. year Rs.4.01 lakhs) on prevailing rates. The non-provision of this duty will not affect the profitability or otherwise of the year, being revenue neutral.

b) As per amended provisions, (1) the dues of excise duty on clearance of finished goods wherever applicable is payable in monthly installments w.e.f. 01.02.2004 and (2) statutory records under Excise Rules are dispensed with effect from 01.07.2000. The Company has acted on these amendments.

4. The Income tax assessments of the Company have been made upto assessment year 2009-10 relevant to previous year ended on 31.03.2009. Assessment relating to assessment year 2010-11 is in progress.

5. As informed to us by the management the yield of finished product is slightly lower due to inferior quality of Raw Materials consumed for the production purpose and also due to the old machinery used in production.

6. Deferred Tax Assets and Liabilities

Income tax comprises the current tax provision and the net change in the deferred tax asset or liability in the year. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred tax assets are recognized subject to management's judgment that realization is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income statement in the period of enactment of the change. Provision relating to Deferred Tax Liability/Asset is not made.

7 Earnings in Foreign Exchange : NIL (Previous Year Nil)

8. Sundry Debtors and Sundry Creditors are subject to confirmation.

9. In view of insufficient information from suppliers regarding their status as Micro, Small and Medium Sale Unit as per the Micro, Small and Medium Enterprises Development Act, 2006 as the amount overdue, if any, to them cannot be ascertained.

10. Previous Year's figures have been rearranged and/or regrouped wherever necessary.


Mar 31, 2011

1. Contingent Liabilities not provided for:

(i) Guarantee given to Sales Tax Authorities For permanent registration 10,000 10,000

(ii) General Bond executed in favour of Collector of Central Excise 2,00,000 2,00,000

(iii) Bonds executed in favour of Collector of Central Excise a)B-2 Bond 50,000 50,000

b) B/11 Bond 6,00,000 6,00,000

(iv) Central Excise (CNVT Credit of Service Tax) 5,78,000 5,78,000

(v) Central Excise (Excise Duty Demand) 5,33,000 5,33,000

(vi) Bank Guarantees given to Collector of Central Excise 1,25,000 1,25,000

(vii) Income Tax Liability for A. Y. 2010-11 6,40,465 _ 2. No provision for Gratuity and leave encashment towards present liability for future payment under the payment of Gratuity Act, 1972 and terms of employment has been made as the amount is not ascertained.

3. a) The excise duty payable on finished goods not cleared from factory as on the date of Balance sheet is estimated at Rs. 4.01 Lakhs (Prev. year Rs.8.87 lakhs) on prevailing rates. The non-provision of this duty will not affect the profitability or otherwise of the year, being revenue neutral.

b) As per amended provisions, (1) the dues of excise duty on clearance of finished goods wherever applicable is payable in monthly installments w.e.f. 01.02.2004 and (2) statutory records under Excise Rules are dispensed with effect from 01.07.2000. The Company has acted on these amendments.

4. The Income tax assessments of the Company have been made upto assessment year 2008-09 relevant to previous year ended on 31.03.2008. Assessment relating to assessment year 2009-10 is in progress.

5. As informed to us by the management the yield of finished product is slightly lower due to inferior quality of Raw Materials consumed for the production purpose and also due to the old machinery used in production.

6. Related Parties Disclosure in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India

a. List of related parties:

i) Key Management Personnel:

1. Mr. A. L. Sahni Director

2. Mr. Sachiv Sahni Chairman & Managing Director

ii) Subsidiaries: NIL

iii) Associated Companies/Joint Ventures : C. Jairam Private Limited

S.P. Sahni Trust

7. Deferred Tax Assets and Liabilities

Income tax comprises the current tax provision and the net change in the deferred tax asset or liability in the year. Deferred tax assets and liabilities are recognised for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred tax assets are recognised subject to management's judgment that realisation is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in the income statement in the period of enactment of the change. Provision relating to Deferred Tax Liability/Asset is not made.

8. Earnings in Foreign Exchange : NIL (Previous Year Nil)

9. Sundry Debtors and Sundry Creditors are subject to confirmation.

10. In view of insufficient information from suppliers regarding their status as Small Scale Unit, the amount overdue, if any, to them can not be ascertained.

11. Previous Year's figures have been rearranged and/or regrouped wherever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for:

(i) Guarantee given to Sales Tax Authorities 10,000 10,00 For permanent registration

(ii) General Bond executed in favour of Collector of Central Excise 2,00,000 2,00,000

(iii) Bonds executed in favour of Collector of Central Excise a) B-2 Bond 50,000 50,000

b) B/11 Bond 6,00,000 6,00,000

(iv) Central Excise (CNVT Credit of Service Tax) 5,78,000 -

(v) Central Excise (Excise Duty Demand) 5,33,000 -

(vi) Bank Guarantees given to Collector of Central Excise 1,25,000 1,25,000

2. No provision for Gratuity and leave encashment towards present liability for future payment under the payment of Gratuity Act, 1972 and terms of employment has been made as the amount is not ascertained.

3. a) The excise duty payable on finished goods not cleared from factory as on the date of Balance sheet is estimated at Rs. 8.87 Lakhs (Prev. year Rs.18.44 lakhs) on prevailing rates. The non-provision of this duty will not affect the profitability or otherwise of the year, being revenue neutral. b) As per amended provisions, (1) the dues of excise duty on clearance of finished goods wherever applicable is payable in monthly installments w.e.f. 01.02.2004 and (2) statutory records under Excise Rules are dispensed with effect from 01.07.2000. The Company has acted on these amendments.

4. The Income tax assessments of the Company have been made upto assessment year 2007-08 relevant to previous year ended on 31.03.2007. Assessment relating to assessment year 2008-09 is in progress.

5. As informed to us by the management the yield of finished product is slightly lower due to inferior quality of Raw Materials consumed for the production purpose and also due to the old machinery used in production.

6. Related Parties Disclosure in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India

a. List of related parties:

i) Key Management Personnel:

1. Mr. A. L. Sahni Director

2. Mr. Sachiv Sahni Chairman & Managing Director ii) Subsidiaries: NIL

iii) Associated Companies/ Joint Ventures : C. Jairam Private Limited

S.P. Sahni Trust

b. Details of transactions relating to person referred to in item (i) above

7. Deferred Tax Assets and Liabilities

Income tax comprises the current tax provision and the net change in the deferred tax asset or liability in the year. Deferred tax assets and liabilities are recognised for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred tax assets are recognised subject to managements judgment that realisation is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in the income statement in the period of enactment of the change. Provision relating to Deferred Tax Liability/Asset is not made.

8 Earnings in Foreign Exchange : NIL (Previous Year Nil)

9. Sundry Debtors and Sundry Creditors are subject to confirmation.

10. In view of insufficient information from suppliers regarding their status as Small Scale Unit, the amount overdue, if any, to them can not be ascertained.

11. Previous Years figures have been rearranged and/or regrouped wherever necessary.

 
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