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Notes to Accounts of Dollex Industries Ltd.

Mar 31, 2015

1. a) Taxes on Income:

Provision for Income Tax is made in accordance with the Income Tax Act, 1961

Accounting Standard 22 - Taxes on Income

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book profit and tax profit for the year is accounted using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is reasonable certainty that sufficient future taxable income will be available.

2. Contingent Liability (Rs. in lacs)

2015 2014

IT Cases in appeal 526.06 526.06

3. Small Scale Industrial Undertakings:

Name of Small Scale Industrial under takings to whom the company owes a sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days :- Nil

4. Deferred Revenue Expenditure:

Preliminary expenses are amortized in five equal annual installments.

5. In the opinion of the Board current assets, loans & advances have value of realization in the ordinary course of business at least equal to the amount of which they are stated and that provision for known liabilities is adequate and not in excess of the amount reasonably necessary.

6. Previous year figures have been regrouped and rearranged wherever considered necessary.


Mar 31, 2014

1. Taxes on Income:

Provision for Income Tax is made in accordance with the Income Tax Act, 1961

Accounting Standard 22 - Taxes on Income

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book profit and tax profit for the year is accounted using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is reasonable certainty that sufficient future taxable income will be available.

2. Contingent Liability

(Rs. in lacs)

2014 2013

IT Cases in appeal 526.06 526.06

Contingent Liabilities are generally not provided in the books of accounts.

3. Small Scale Industrial Undertakings:

Name of Small Scale Industrial under takings to whom the company owes a sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days :- NM

4. Deferred Revenue Expenditure:

Preliminary expenses are amortized in five equal annual installments.

5. In the opinion of the Board current assets, loans & advances have value of realization in the ordinary course of business at least equal to the amount of which they are stated and that provision for known liabilities is adequate and not in excess of the amount reasonably necessary.

6. Previous year figures have been regrouped and rearranged wherever considered necessary.


Mar 31, 2013

1. Contingent Liability Rs in Lacs

2013 2012

Bank Guarantee NIL NIL

Cases in Appeal 526.06 318.26

Other Liabilities NIL NIL

Contingent liabilities are generally not provided in the books of accounts.

2 Small Scale Industrial Undertakings:

Name of Small Scale Industrial under takings to whom the company owes a sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days:-Nil

3 Deferred Revenue Expenditure:

Preliminary expenses are amortized in five equal annual installments.

4 In the opinion of the Board current assets, loans & advances have value of realization in the ordinary course of business at least equal to the amount of which they are stated and that provision for known liabilities is adequate and not in excess of the amount reasonably necessary.

5 Previous year figures have been regrouped and rearranged wherever considered necessary.


Mar 31, 2012

1. Contingent Liability

Rs in Lacs

2012 2011

Bank Guarantee NIL NIL

Cases in Appeal 318.26 318.26

Other Liabilities NIL NIL Contingent liabilities are generally not provided in the books of accounts.

Installed Capacity being a technical matter has been taken as certified by the Management. Sales quantity is inclusive of Captive consumption and Shortage.

Figures in bracket relate to previous year.

2 Small Scale Industrial Undertakings

Name of Small Scale Industrial under takings to whom the company owes a sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days:- Nil

3 Deferred Revenue Expenditure

Preliminary expenses are being amortized in five equal annual installments.

Repairs and maintenance of Sugar unit is amortized over lease period of 6 years.

4 In the opinion of the Board current assets, loans & advances have value of realization in the ordinary course of business at least equal to the amount of which they are stated and that provision for known liabilities is adequate and not in excess of the amount reasonably necessary.

5 Previous year figures have been regrouped and rearranged wherever considered necessary.


Sep 30, 2011

A) Accounting Standard 17

The company is engaged in manufacturing as well as trading activity. Segment wise information is as under:

Segments have been identified taking into account the nature of the products, the different risks and returns, the organizational structure and the internal reporting system.

b) Accounting Standard 19 - Lease

The Company has entered into an agreement in the nature of lease/leave and license as under:

Office at Mumbai w.e.f. 31.01.2011

Sugar Unit w.e.f. 22.08.2006

c) Taxes on Income:

Provision for Income Tax is made in accordance with the Income Tax Act, 1961

Accounting Standard 22 - Taxes on Income

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book profit and tax profit for the year is accounted using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is reasonable certainty that sufficient future taxable income will be available.

Installed Capacity being a technical matter has been taken as certified by the Management.

Sales quantity is inclusive of Captive consumption and Shortage.

Figures in bracket relate to previous year.

Opening Stock, Purchases, Closing Stock & Sales of trading division

Quantity - Compost-In MT.

1 Small Scale Industrial Undertakings

Name of Small Scale Industrial under takings to whom the company owes a sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days :- Nil

2 Deferred Revenue Expenditure

Preliminary expenses are being amortized in five equal annual installments. Repairs and maintenance of Sugar unit is amortized over lease period of 6 years.

3 In the opinion of the Board current assets, loans & advances have value of realization in the ordinary course of business at least equal to the amount of which they are stated and that provision for known liabilities is adequate and not in excess of the amount reasonably necessary.

4 Previous year figures have been regrouped and rearranged wherever considered necessary.


Sep 30, 2009

1 The company has changed its accounting year from March to September vide ROC order dated 7th May, 2008. Accordingly, previous accounting year was of 18 months ended 30th September, 2008.

2 The Company has issued 25,65,000 Convertible Warrants on 2nd January,2008 at a price of Rs. 111/ -.The warrants were issued against the payment of 10% and balance 90% was to be paid within 18 months. The time limit has expired and therefore the amount received has been forfeited and credited to reserve account.

The company has further alloted 2,08,88,000 Equity Shares as on 12th Sep., 2009 at a premium of Rs. 2.50/- per share.

3 The Company has sub-divided the Equity Shares of Rs. 10/- each to Rs. 5/- per share w.e.f. 20th May, 2008.

4 Previous year figures have been regrouped and rearranged wherever considered necessary.

 
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