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  Â
(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  Â
(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 Â
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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