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Notes to Accounts of Dhampure Specialty Sugars Ltd.

Mar 31, 2015

1. Quoted investments have been valued at cost, Market value of all the quoted shares as at the balance sheet date is Rs. 407959/- However diminution in value other than temporary is provided. The profit / loss arising on account of sales are recognized in the statement of Profit & Loss Account.

2. Related party disclosures as per accounting standard - AS-18 issued by the institute of Chartered Accountants of India.

3. Sundry Debtors, Creditors, Advance from Customers, Sundry Deposits are subject to Confirmation and are as per books of accounts and will require necessary adjustment on Reconciliation.

4. Sales Tax Assessments for earlier years are in progress. Demands, if any shall be accounted for on the completion of assessments.

5. Contingent Liabilities

a. For a demand of Central Excise Duty being contested - Rs. 50,76,707/- (Including interest of Rs. 15,22,721/-) for the period from F.Y. 2007-08 to 2011-12. The matter is pending with the Customs, Excise & Service Tax Appellate Tribunal, New Delhi.

b. Claims not acknowledged as debts - Nil

6. In the opinion of the directors of the company current assets, loans and advances, unsecured loans and current liabilities have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provisions for all know liabilities have been made.

7. Additional information as required by Part-ii Schedule VI of the Companies Act, 1956:

8. Deferred Tax Liability/ Assets

As required by Accounting Standard -22'' Accounting for taxes on income issued by Instituted of Chartered Accountants of India, deferred tax assets on profits for the year has been created.

9. Figures have been rounded off to the nearest paisa.

10. Previous year figures

The company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2014

1. (a) Terms/rights attached to equity shares

The company has only one class of equity shares having par value of Rs. 10/- per share. Each holder of equity shares is entitiled to one vote per shares. The company has proposed dividend @ 8% for the F.Y. 2013 - 2014

(b) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date : N.A.

2. Quoted investments have been valued at cost, Market value of all the quoted shares as at the balance sheet date is Rs. 3,88,532/-. However diminution in value other than temporary is provided. The profit / loss arising on account of sales are recognized in the statement of Profit & Loss Account.

3. Related party disclosures as per accounting standard - AS-18 issued by the institute of Chartered Accountants of India.

4. Sundry Debtors, Creditors, Advance from Customers, Sundry Deposits are subject to confirmation and are as per books of accounts and will require necessary adjustment on reconciliation.

5. Sales Tax Assessments for earlier years are in progress. Demands, if any shall be accounted for on the completion of assessments.

6. Contingent Liabilities

a. For a demand of Central Excise Duty being contested - Rs. 50,76,707/- (Including interest of Rs. 15,22,721/-) for the period from F.Y. 2007-08 to 2011-12. The matter is pending with the Customs, Excise & Service Tax Appellate Tribunal, New Delhi.

b. Claims not acknowledged as debts - Nil

7. In the opinion of the directors of the company current assets, loans and advances, unsecured loans and current liabilities have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provisions for all know liabilities have been made.

8. Deferred Tax Liability/ Assets

As required by Accounting Standard -22" Accounting for taxes on income " issued by Instituted of Chartered Accountants of India, deferred tax assets on profits for the year has been created.

9. Figures have been rounded off to the nearest paisa.

10. Commission expenses is state net of income amounting to Rs. 1784939/- (Previous year Rs. 1929892/-)

11. Previous year Figures.

The company has reclassified previous year figures to conform to year''s classification.


Mar 31, 2013

1. Quoted investments have been valued at cost, Market value of all the quoted shares as at the balance sheet date is Rs. 681113/-. However diminution in value other than temporary is provided. The profit / loss arising on account of sales are recognized in the statement of Profit & Loss Account.

2. Related party disclosures as per accounting standard - AS-18 issued by the institute of Chartered Accountants of India.

List or Related Parties:-

(a) Directors & Relatives

Mr. Sorabh Gupta Managing Director

Mr. N.K. Gupta Director

(b) Mr. Sorabh Gupta, the Director is the key management personnel who have the authority and responsibility for planning , directing and controlling the activities of the company Mr. N.K. Gupta Father

Other related parties with whom transactions have taken place during the year.

Dhampur Alco Chem Ltd., Key man is also the key man of the company.

3. Sundry Debtors, Creditors, Advance from Customers, Sundry Deposits are subject to confirmation and are as per books of accounts and will require necessary adjustment on reconciliation.

4. Sales Tax Assessments for earlier years are in progress. Demands, if any shall be accounted for on the completion of assessments.

5. Contingent Liabilities

a. For Sales tax Demand being contested Rs. 3,62,788/- for A.Y. 2009 -10 remand order pending, appellate order already receied in our favour and Rs. 1,31,48,319/- for A.Y. 2010-11 matter is under appeal with the special commissioner (objection) New Delhi in regards to C forms not filed at the time of assessment proceedings.

b. Claims not acknowledged as debts - Nil

6. In the opinion of the directors of the company current assets, loans and advances, unsecured loans and current liabilities have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provisions for all know liabilities have been made.

7. Deferred Ta x Liability/ Assets

As required by Accounting Standard -22'''' Accounting for taxes on income '''' issued by Instituted of Chartered Accountants of India, deferred tax assets on profits for the year has been created.

8. Figures have been rounded off to the nearest paisa.

9. Commission expenses is state net of income amounting to Rs. 1929892 (Previous year Rs. 1399375)

10. Previous year Figures.

The company has classified previous year figures to conform to year''s classification.


Mar 31, 2012

1. Quoted investments have been valued at cost, Market value of all the quoted shares as at the balance sheet date is Rs. 1074358/-. However diminution in value other than temporary is provided. The profit / loss arising on account of sales are recognized in the statement of Profit & Loss Account.

2. Related party disclosures as per accounting standard - AS-18 issued by the institute of Chartered Accountants of India.

List or Related Parties:-

(a) Directors & Relatives

Mr. Sorabh Gupta Managing Director

Mr. N.K. Gupta Director

(b) Mr. Sorabh Gupta, the Director is the key management personnel who have the authority and responsibility for planning , directing and controlling the activities of the company

Mr. N.K. Gupta Father

Other related parties with whom transactions have taken place during the year.

Dhampur Alco Chem Ltd., Key man is also the key man of the company.

3. Sundry Debtors, Creditors, Advance from Customers, Sundry Deposits are subject to confirmation and are as per books of accounts and will require necessary adjustment on reconciliation.

4. Sales Tax Assessments for earlier years are in progress. Demands, if any shall be accounted for on the completion of assessments.

5. Contingent Liabilities

a. For Sales Tax Demand being contested --- Nil

b. Claims not acknowledged as debts - Nil

6. In the opinion of the directors of the company current assets, loans and advances, unsecured loans and current liabilities have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provisions for all know liabilities have been made.

7. Deferred Tax Liability/ Assets

As required by Accounting Standard -22'''' Accounting for taxes on income issued by

Instituted of Chartered Accountants of India, deferred tax assets on profits for the year has been created.

8. Figures have been rounded off to the nearest paisa.

9. Previous year figures Till the year ended 31st March, 2011, the company was using pre - revised Schedule VI to the Companies act, 1956, for the preparation and presentation of its financial statements. During the year ended 31st March, 2012, the revised Schedule VI notified under the Companies act, 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year''s classification.


Mar 31, 2011

1. Contingent liability not provided for

Undertaking executed in favour of Central Excise Department upto a limit of Rs. 1,50,000/- for clearance of Export Goods without payment of Excise Duty.

2. In the opinion of Board, all current assets, loans and advances have value on realization in the ordinary course of business at least equal to the amount at which these are stated in the balance sheet.

3. Sundry debtors and creditors are subject to confirmation.

4. Logistic service Income and commission income are stated net of expresses amounting to Rs. 373718/- (Previous year Rs. Nil) and Rs. 1226722 (Previous year Rs. Nil.) Respectively.

5. As per the information available with the Company, there is no amount payable as at 31st March 2011 to Small Scale Industrial Undertakings.

6. Managerial Remuneration U/s 198 of the Companies Act, 1956 paid to the director of the company.

7. Segment Disclosures

The Company operates in single Segment of Speciality Sugars and Chemicals Therefore Accounting Standard-17 issued by ICAI on the Segment operating is not applicable.

8. Disclosure of details pertaining to related party transactions entered during the year in terms of Accounting Standard - 18. Related party disclosures issued by the Institute of Chartered Accountants of India.

I. List of Related Parties

a) Under Common Control Dhampur Alco Chem Limited.

b) Key Management Personnel

Mr. Sorabh Gupta, Managing Director

9. Paise have been rounded off to the nearest of rupee.

10. Previous year''s figures have been regrouped/rearranged wherever considered necessary to make these comparable with those of current year.

11. Schedules 1 to 14 form an integral part of the statement of accounts for the year ended 31st March 2011.

 
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