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Notes to Accounts of Divyashakti Granites Ltd.

Mar 31, 2015

1. Corporate information:

Divyashakti Granite Limited was Incorporated on 4th June, 1991 in the state of Andhra Pradesh. The Company's objectives are manufacture of polished granite slabs, tiles & monuments. The Company undertook to set up a 100% Export Oriented Unit (EOU) at Narsapur Village, Medak District, Andhra Pradesh and it's Reg. Office at 7-1-58, Divyashakti Complex, Ameerpet, Hyderabad, Andhra Pradesh, Divyashakti Granites Limited, ever since its inception in 1991, has carved a niche for itself for producing world-class granite. Despite its brief presence, the company has grown into one of the Country's largest 100% Export Oriented Granite Processing Units in a wide spectrum of colors, textures and finish, to customers world-wide.

2. Terms/rights attached to equity shares:

The Company has only one class of equity share having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting. In the event of liquidation of the compnay, the holders of equity shares will be entitled to receive remaining assets of the company, after distrubution of all preferential amounts. The distrubution will be in proportionate to the paid up share capital held by the shareholders.

3. EMPLOYEE BENEFIT PLANS A Defined contribution plans

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.1.78 lakhs (Year ended 31 March, 2013 Rs. 1.52 lakhs ) for Provident Fund contributions and Rs.1.76 lakhs (Year ended 31 March, 2013 Rs. 1.80 lakhs) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

4. Contingent Liabilities

Rs. in lakhs.

Sl. Particulars 2014-15 2013-14 No.

i Foreign Letters of Credit opened in favour of Suppliers for which goods are yet to be received. 262.51 69.01

ii Guarantees given by Bank (BG) 4.75 4.75

5. The Company has entered into sale agreement for the purchase of office premises at Ameerpet, Hyderabad with M/s N.V.Rattaiah & Co, at a sale price of Rs.28,42,278/- on 2nd April, 1993. The Conveyance deed has not yet been executed.

6. Confirmation letters have been sent in respect of sundry debtors/creditors and loans and advances. In view of all confirmations not having been received, the balances are subject to reconciliation and adjustments if any.

7. The Company has not received any Memorandum as required to be filed by the suppliers with the notified authority under the Micro, Small & Medium Enterprises Development Act, 2006) to claim their status as micro, small & medium enterprises. Consequently the amount paid/payable to such parties during the year is NIL.

8. The company's business during the reporting period consists of single reportable segment i.e. manufacturing and sale of Polished Granite only. Hence no separate disclosure pertaining to segment reporting as per AS l7 as issued by ICAI is made.

9. Deferred Tax provision has been made as per Accounting Standard No.22 of Institute of Chartered Accountants of India.

10. CORPORATE SOCIAL RESPONSIBILITY AND GOVERNANCE COMMITTEE

As per section 135(1) of Companies Act, 2013 the provision of Corporate Social Responsibility are applicable to the Company. The Company constituted CSR Committee and framed CSR Policy. The Company has to be spent an amount of Rs.25.08 lakhs towards Corporate Social Responsibility. However, the Company could not spend the above amount since the company was unable to identify the projects as per its approved CSR policy.

11.Figures in the Balance Sheet and Statement of Profit and Loss have been rounded off to the nearest rupee.

12. Previous year figures have been regrouped and reclassified wherever necessary.

13. Schedules 1.01 to 1.13, 2.01 to 2.11 and 3.01 to 3.14 form part of Balance Sheet and Statement of Profit and Loss and have been authenticated.


Mar 31, 2014

1. Corporate information:

Divyashakti Granite Limited was Incorporated on 4th June, 1991 in the state of Andhra Pradesh. The Company''s objectives are manufacture of polished granite slabs, tiles & monuments. The Company undertook to set up a 100% Export Oriented Unit (EOU) at Narsapur Village, Medak District, Andhra Pradesh and it''s Reg. Office at 7-1-58, Divyashakti Complex, Ameerpet, Hyderabad, Andhra Pradesh, Divyashakti Granites Limited, ever since its inception in 1991, has carved a niche for itself for producing world-class granite. Despite its brief presence, the company has grown into one of the Country''s largest 100% Export Oriented Granite Processing Units in a wide spectrum of colors, textures and finish, to customers world-wide.



2.01 Contingent Liabilities. Rs. in lakhs.

Sl. Particulars 2013-14 2012-13 No.

i Foreign Letters of Credit opened in 69.01 528.88 favour of Suppliers for which goods are yet to be received.

ii Guarantees given by Bank (BG) 4.75 4.75

2.02 The Company has entered into sale agreement for the purchase of office premises at Ameerpet, Hyderabad with M/s N.V.Rattaiah & Co, at a sale price of Rs.28,42,278/- on 2nd April, 1993. The Conveyance deed has not yet been executed.

2.03 Confirmation letters have been sent in respect of sundry debtors/creditors and loans and advances. In view of all confirmations not having been received, the balances are subject to reconciliation and adjustments if any.

2.04 The Company has not received any Memorandum as required to be filed by the suppliers with the notified authority under the Micro, Small & Medium Enterprises Development Act, 2006) to claim their status as micro, small & medium enterprises. Consequently the amount paid/payable to such parties during the year is NIL.

2.05 The company''s business during the reporting period consists of single reportable segment i.e. manufacturing and sale of Polished Granite only. Hence no separate disclosure pertaining to segment reporting as per AS 17 as issued by ICAI is made.

2.06 Deferred Tax provision has been made as per Accounting Standard No.22 of Institute of Chartered Accountants of India.


Mar 31, 2013

I. Corporate information:

Divyashakti Granite Limited was Incorporated on 4th June, 1991 in the state of Andhra Pradesh. The Company''s objectives are manufacture of polished granite slabs, tiles & monuments. The Company undertook to set up a 100% Export Oriented Unit (EOU) at Narsapur Village, Medak District, Andhra Pradesh and it''s Reg. Office at 7-1-58, Divyashakti Complex, Ameerpet, Hyderabad, Andhra Pradesh, Divyashakti Granites Limited, ever since its inception in 1991, has carved a niche for itself for producing world- class granite. Despite its brief presence, the company has grown into one of the Country''s largest 100% Export Oriented Granite Processing Units in a wide spectrum of colours, textures and finish, to customers world-wide.

NOTE: 1.1 EXCEPTIONAL ITEMS

i) Trade payables relating to the purchases made /services received during the earlier years, no longer payable amounting to Rs. 10,36,04,251/- written back to the statement of profit and loss.

ii) IncomeTax relating to earlier years amounting to Rs.1,57,20,252/- has been paid during the year on account of disallowance of purchases/services relating to earlier years.

iii) Excess provision for Gratuity amounting to Rs.9,16,198/- written back to the statements of profit and loss.

1.02 The Company has entered into sale agreement for the purchase of office premises at Ameerpet, Hyderabad with M/s N.V.Rattaiah & Co, at a sale price of Rs.28,42,278/- on 2nd April, 1993. The Conveyance deed has not yet been executed.

1.03 Confirmation letters have been sent in respect of sundry debtors/creditors and loans and advances. In view of all confirmations not having been received, the balances are subject to reconciliation and adjustments if any.

1.04 The Company has not received any Memorandum as required to be filed by the suppliers with the notified authority under the Micro, Small & Medium Enterprises Development Act, 2006) to claim their status as micro, small & medium enterprises. Consequently the amount paid/payable to such parties during the year is NIL.

1.05 The company''s business during the reporting period consists of single reportable segment i.e. manufacturing and sale of Polished Granite only. Hence no separate disclosure pertaining to segment reporting as per AS 17 as issued by ICAI is made.

1.06 Deferred Tax provision has been made as per Accounting Standard No.22 of Institute of Chartered Accountants of India.

1.07 Figures in the Balance Sheet and Statement of Profit and Loss have been rounded off to the nearest rupee.

1.08 Previous year rigures have been regrouped ana recidsairieo whercver necessary.

1.09 Schedules 1.01 to 1.14,2.01 to 2.12 and 3.01 to 3.13 form part of Balance Sheet and Statement of Profit and Loss and have been authenticated.


Mar 31, 2012

I. Corporate information:

Divyashakti Granite Limited was Incorporated on 4th June, 1991 in the state of Andhra Pradesh. The Company's objectives are manufacture of polished granite slabs, tiles & monuments. The Company undertook to set up a 100% Export Oriented Unit (EOU) at Narsapur Village, Medak District, Andhra Pradesh and it's Reg. Office at 7-1-58, Divyashakti Complex, Ameerpet, Hyderabad, Andhra Pradesh, Divyashakti Granites Limited, ever since its inception in 1991, has carved a niche for itself for producing world- class granite. Despite its brief presence, the company has grown into one of the Country's largest 100% Export Oriented Granite Processing Units in a wide spectrum of colours, textures and finish, to customers world-wide.

1.01 Contingent Liabilities.

Rs.in lakhs.

SI. No. Particulars 2011-12 2010-11

i Foreign Letters of Credit opened in favour of Suppliers 265.98 305.14 for which goods are yet to be received.

ii Guarantees given by Bank (BG) 4.75 4.75

1.02 The Company has entered into sale agreement for the purchase of office premises at Ameerpet, Hyderabad with M/s N.V.Rattaiah & Co, at a sale price of Rs.28,42,278/- on 2nd April, 1993. The Conveyance deed has not yet been executed.

1.03 Confirmation letters have been sent in respect of sunrt uebtors/creditors and loans and advances. In view of all confirmations not having been received, the balances are subject to reconciliation and adjustments if any.

1.04 The Company has not received any Mp.friorandum as required to be filed by the suppliers with the notified authority under the Micr0) Small & Medium Enterprises Development Act, 2006) to claim their stati as micro, small & medium enterprises. Consequently the amount paid/payable to sUCh parties during the year is NIL.

1.05 The company's business during the reporting period consists of single reportable segment i.e. manufar*tUrjng ancj sa|e 0f p0]jshed Granite only. Hence no separate disclosure pertaining f0 segment reporting as per AS 17 as issued by ICA! is made.

1.06 deferred Tax provision has been made as per Accounting Standard No.22 of Institute of Chartered Accountants of India.

2.1 Figures in the Balance Sheet and Statement of Profit and Loss have been rounded off to the nearest rupee.

2.2 Previous year figures have been regrouped and reclassified wherever necessary.

2.3 Schedules 1.01 to 1.14, 2.01 to 2.10 and 3.01 to 3.13 form part of Balance Sheet and Statement of Profit and Loss and have been authenticated.


Mar 31, 2011

1. Contingent Liabilities. Rs in Lakhs

SI. Particulars 2010-11 2009-10 No.

i Foreign Letters of Credit opened in favour of 305.14 214.37 Suppliers for which goods are yet to be received.

ii Guarantees given by Bank (BG) 4.75 4.75

iii Income Tax demands disputed by the Company and 532.05 532.05 are pending in Appeals (Details in Item 2 below)

It is considered that no provision is required.

2. The Company has entered into sale agreement for the purchase of office premises at Ameerpet, Hyderabad with M/s. N.V.Rattaiah & Co,, at a sale price of Rs.28,42,278/- on 2nd April 1993. The Conveyance deed has not yet been executed.

3. Confirmation letters have been sent in respect of sundry debtors/creditors and loans and advances. In view of all confirmations not having been received, the balances are subject to reconciliation and adjustments, if any.

4. The Company has not received any Memorandum (as required to be filed by the suppliers with the notifed authority under the Micro, Small and Medium Enterprises Development Act, 2006) to claim their status as micro, small & medium enterprises. Consequently, the amount paid / payable to such parties during the year is NIL.

5. The Company's business during the reporting period consists of single reportable segment i.e. manufacturing and sale of Polished Granite only. Hence no separate disclosure pertaining to segment reporting as per AS 17 as issued by ICAI is made.

6. Deferred Tax provision has been made as per Accounting Standard No.22 of Institution of Chartered Accountants of India.

7. Related party disclosure :

a) Name of the party : M/s. Universal Extrusion Pvt.Ltd.,

Relationship : A company in which Managing Director is a director

Nature of : Packing wood material (purchase) Transaction

2010-11 2009-10

Transaction Value Rs. 46,32,980/- Rs. 33,43,658/- Balance outstanding as

on Balance Sheet : Rs. 11,96,387 10,73,407/- date (Creditor) (Creditor)

Amount Written : Nil Nil off/Back

b) Name of the party : M/s. Universal Marketing Pvt. Ltd.,

Relationship : A company in which Managing Director and Executive Director are directors

Nature of : Polished Granite Slabs Transaction (third party exports)

Transaction Value : Rs. 37,00,000/- Nil Balance outstanding as

on Balance Sheet : Rs. 3,18,745/- Rs. 40,18,745/- date (Creditor) (Creditor)

Amount Written : Nil Nil off/Back

c) Name of the party : M/s. N.V. Rattaiah & Co.,

Relationship : A Company in which Managing Director and Executive Directors are Partners.

Nature of : Advance paid for supply of Raw blocks Transaction

Transaction Value : Rs. 27,00,000/- Nil Balance outstanding as

on Balance Sheet : Rs. 80,00,000 Rs. 53,00,000/- date

Amount written : Nil off/Back

8. Figures in the Balance Sheet and Profit and Loss Account have been rounded off to the nearest rupee.

9. Previous year figures have been regrouped and reclassified wherever necessary.

10. Schedules 1.01 to 1.09 and 2.01 to 2.07 form part of Balance Sheet and Profit and Loss Account and have been authenticated.


Mar 31, 2010

1. Contingent Liabilities. Rs in Lakhs

Sl. No. Particulars 2009-10 2008-09

i Foreign Letters of Credit opened in favour of 214.37 Nil

Suppliers for which goods are yet to be received.

ii Guarantees given by Bank (BG) 4.75 4.75

iii Income Tax demands disputed by the Company and 532.05 Nil

are pending in Appeals (Details in Item 2 below)

It is considered that no provision is required.

2. The Company has entered into sale agreement for the purchase of office premises at Ameerpet, Hyderabad with M/s. N.V.Rattaiah & Co,, at a sale price of Rs.28,42,278/- on 2nd April 1993. The Conveyance deed has not yet been executed.

3. Confirmation letters have been sent in respect of sundry debtors/creditors and loans and advances. In view of all confirmations not having been received, the balances are subject to reconciliation and adjustments, if any.

4. The Company has not received any Memorandum (as required to be filed by the suppliers with the notifed authority under the Micro, Small and Medium Enterprises Development Act, 2006) to claim their status as micro, small & medium enterprises. Consequently, the amount paid / payable to such parties during the year is NIL.

5. The Companys business during the reporting period consists of single reportable segment i.e. manufacturing and sale of Polished Granite only. Hence no separate disclosure pertaining to segment reporting as per AS 17 as issued by ICAI is made.

6. Deferred Tax provision has been made as per Accounting Standard No.22 of Institution of Chartered Accountants of India.

8. Related party disclosure :

a) Name of the party M/s. Universal Extrusion Pvt.Ltd.,

Relationship A company in which Managing Director is a director

Nature of Transaction Packing wood material (purchase)

2009-10 2008-09

Transaction Value Rs. 33,43,658/- Rs.18,48,940/-

Balance outstanding as

on Balance Sheet date : Rs. 10,73,407 (Creditor) 13,89,749/- (Creditor)

Amount Written off/Back : Nil Nil

b) Name of the party M/s. Universal Marketing Pvt. Ltd.,

Relationship A company in which Managing Director and Executive

Director are directors Nature of Transaction Polished Granite Slabs (third party exports)

Transaction Value Nil Nil

Balance outstanding as

on Balance Sheet date : Rs. 40,18,745/- (Creditor) Rs. 55,18,745/- (Creditor) Amount Written off/Back : Nil Nil

c) Name of the party M/s. N.V. Rattaiah & Co.,

Relationship A Company in which Managing Director and Executive

Directors are Partners. Nature of Transaction Advance paid for supply of Raw blocks

Transaction Value Nil Nil

Balance outstanding as

on Balance Sheet date : Rs. 53,00,000/- Nil

Amount written off/Back : Nil



7. Figures in the Balance Sheet and Profit and Loss Account have been rounded off to the nearest rupee.

8. Previous year figures have been regrouped and reclassified wherever necessary.

9. Schedules 1.01 to 1.09 and 2.01 to 2.07 form part of Balance Sheet and Profit and Loss Account and have been authenticated.

 
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