Mar 31, 2015
1. Refund Claims for CENVAT credit which has been rejected have been
debited to CENVAT Credit Receivable which will be adjusted against
future liabilities amounting to Rs. 472929/- (previous year Rs.
396309/-). Service tax Refund claim pending in appeal amounting to Rs.
485669/-(previous year Rs. 485669/-)
2. In the absence of necessary information relating to the suppliers
registered as Micro, Small and Medium enterprises under the Micro,
Small and Medium Enterprises(Development) Act, 2006, the Company has
not been able to identify such suppliers and the information required
under the said Act could not be compiled and disclosed.
3. The details of the company's post-retirement benefit plans for
gratuity for its employees determined as per actuarial valuation by
Life Insurance Corporation of India are given below :
4. Since fair value of plan assets is more than the present value of
obligations no liability/assets or profit/loss has been recoganised in
the Balance Sheet and Statement of Profit and Loss.
a. Premium paid for the year amounting to Rs. 246467/- (Previous year
Rs. 219175/-) has been debited to the Profit & Loss Account under
Payments to & for employees.
b. The Plan assets of the company are managed by Life Insurance
Corporation of India and the composition of investments relating to
these assets is not available with company.
5. The company does not have more than one reportable segment in terms
of Accounting Standard 17 "Segment Reporting".
6. Balances of Sundry Creditors, Sundry Debtors, Advances & dues
against term loan are subject to confirmation.
7. Related party disclosure as per AS-18
As required by Accounting Standard AS-18 "Related Parties Disclosure"
issued by "The Institute of Chartered Accountants of India" are as
follows :-
8. As required by Accounting Standard AS-22 on accounting for Taxes on
Income, no deferred tax liability / asset has been computed because
there is no reasonable certainty that sufficient future taxable profits
will be available.
9. There is no impairment loss on any assets in terms of AS-28 issued
by the Institute of Chartered Accountants of India.
10. Previous period figures have been regrouped/rearranged, wherever
considered necessary, to confirm to the current year classification.
Mar 31, 2014
1 Rights Preference and restrictions attached to the equity shares
The equity shares of the company having par value of Rs.5, per share,
rank pari passu in all respects including voting rights and
entitlement to dividend and share in the company residual asset.
2 Long Term Borrowings :
a. Vehicle loans including current maturities are secured by
hypothecation of vehicle against which such loan has been taken.
b. Repayments terms of outstanding long term borrowings
Vehicle loans are repayable in equal monthly installments over a term
of 3 years
c. Vehicle Loan from HDFC bank taken against cost of new car which
includes Insurance Rs.Nil (Previous Year Rs.3,05,033/-) and Life time
Road Tax Rs.Nil (Previous year Rs.17,73,145/-) which has been debited
to Revenue Expenses.
3 Short Term Borrowings
Nature of Security
Working Capital facilities from a bank is secured by hypothecation of
stock of raw materials, semi finished goods, finished goods, stores
and spares and Book debts/Receivables of the Company, both present and
future and further secured by way of first charge on all immovable
properties and movable properties / fixed assets both present and
future, and personal guarantee of three promoters directors,
4 In the opinion of the Board, all assets other than fixed assets
and non current investments, have a realisable value in the oridinary
course of business which is not different from the amount at which it
is stated.
5 Contingent liabilities and commitments
Particulars As at 31 As at 31
March, 2014 March, 2013
Rs. Rs.
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt
Demand for return of Service Tax refund
received against the company has filed an 485,669 485,669
appeal
Demand for Income Tax and FBT against
which the Company has preferred appeals 184,956 954,662
(b) Liabilities on account of unexpired 5,079,307 10,095,891
letter of credit
(c) Pending outcome of legal and other
claims filed- by the company, additional
Liabilities that may arise in this respect
on final settlement is currently not
ascertainable and has accordingly not
provided for
Total 5,749,932 11,536,222
6 Refund Claims for CENVAT credit which has been rejected have been
debited to CENVAT Credit Receivable which will be adjusted against
future liabilities amounting to Rs.3,96,309/- (previous year
Rs.4,45,304/-) Service tax Refund claim pending in appeal amounting to
Rs.485669/- (previous year Rs.4,85,669/-)
7 In the absence of necessary information relating to the suppliers
registered as Micro, Small and Medium enterprises under the Micro,
Small and Medium Enterprises (Development) Act, 2006, the Company has
not been able to identify such suppliers and the information required
under the said Act could not be compiled and disclosed.
8 The details of the company''s post-retirement benefit plans for
gratuity for its employees '' determined as per actuarial valuation by
Life Insurance Corporation of India are given below:
9 The company does not have more than one reportable segment in
terms of Accounting Standard -17 "Segment Reporting".
10 Balances of Sundry Creditors, Sundry Debtors, Advances & dues
against term loan are subject to confirmation.
11 As required by Accounting Standard AS-22 on accounting for Taxes
on Income, no deferred tax liability / asset has been computed because
there is no reasonable certainty that sufficient future taxable
profits will be available.
12 There is no impairment loss on any assets in terms of AS-28 issued
by the Institute of Chartered Accountants of India.
13 Previous period figures have been regrouped/rearranged, wherever
considered necessary, to confirm to the current year classification.
Mar 31, 2013
1. In the opinion of the Board, all assets other than fixed assets and
non current investments, have a realisable value in the oridinary
course of business which is not different from the amount at which it
is stated.
2 Contingent liabilities and commitments
Particulars As at 31 As at 31
March, 2013 March, 2012
Rs. Rs.
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt Demand for entry
tax against which the Company has
preferred an appeal 330,000 330,000
Demand for return of Service Tax refund
received against the company has filed
an appeal 485,669 487,058
Demand for Income Tax and FBT against
which the Company has preferred appeals 954,662 -
(b) Liabilities on account of unexpired
letter of credit 10,095,891 13,406,416
(c) Pending outcome of legal and other
claims filed by the company,
additional Liabilities that may arise
in this respect on final settlement is
currently not ascertainable and has
accordingly not provided for
Total 11,866,222 14,223,474
Since fair value of plan assets is more than the present value of
obligations no liability/assets or profit/loss has been recognised in
the Balance Sheet and Profit & Loss Account.
a. Premium paid for the year amounting to Rs.632838/- (Previous year
Rs.512405/-) has been debited to the Profit & Loss Account under
Payments to & for employees.
b. The Plan assets of the company are managed by Life Insurance
Corporation of India and the composition of investments relating to
these assets is not available with company.
3. The company does not have more than one reportable segment in
terms of Accounting Standard - 17 "Segment Reporting".
4. Balances of Sundry Creditors, Sundry Debtors, Advances & dues
against term loan are subject to confirmation.
5. Related party disclosure as per AS-18
6. As required by Accounting Standard AS-22 on accounting for Taxes
on Income, no deferred tax liability / asset has been computed because
there is no reasonable certainty that sufficient future taxable profits
will be available.
7. There is no impairment loss on any assets in terms of AS-28 issued
by the Institute of Chartered Accountants of India.
8. Previous period figures have been regrouped/rearranged, wherever
considered necessary, to confirm to the current year classification.
Mar 31, 2012
1a Rights Preference and restrictions attached to the equity shares
The equity shares of the company having par value of Rs.5, per share,
rank pari passu in ail respects including voting rights and entitlement
to dividend and share in the company residual asset.
a. Secured loans are covered by
Term Loan including current maturities are secured by First charge on
all the company's movable and immovable assets, both present and future
subject to prior charge on specified movable assets created for working
capital requirements.
Term loan is additionally secured by the personal guaranteed of three
promoter Directors of the Company Vehicle loans including current
maturities are secured by hypothecation of vehicle against which such
loan has been taken.
b. Repayments terms of outstanding long term borrowings
Vehicle loans are repayable in equal monthly installments over a term
of 3 years
1 In the opinion of the Board, all assets other than fixed assets and
non current investments, have a realisable value in the oridinary
course of business which is not different from the amount at which it
is stated.
2. The revised schedule VI as notified under the Companies Act, 1956,
has become applicable to the Company for presentation of its financial
statements for the year ending 31st March, 2012. The adoption of the
revised Schedule VI requirements has significantly modified the
presentation and disclosure which have been complied with in these
financial statements. Previous year figures have been reclassified in
accordance with the current year requirement.
3 Contingent liabilities and commitments
Particulars As at 31 As at 31
March, 2012 March, 2011
Rs. Rs.
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt
Demand for entry tax against which the
Company has preferred an appeal 330,000 330,000
Demand for return of Services Tax refund
received against the company has
filed an appeal 487,058
(b) Liabilities on account of unexpired
letter of credit 13,406,416 3,900,496
(c) Pending outcome of legal and other
claims filed by the company, additional
Liabilities that may arise in this respect
on final settlement is currently not
ascertainable and has accordingly not
provided for 14,223,474 4,230,496
4 The Company's appeal before CESTAT for rejection of refund claim of
cenvat credit of service tax amounting to Rs.2,47,773/- (previous year
Rs.2,47,773/-) for the period from 01.01.2005 to 31.03.2006 has been
decided in company's favour. However while granting refund an amount of
Rs.239726/- has been rejected against which a fresh appeal has been
filed with CESTST, Bangalore. Also out of the refund claim of
Rs.11,07,720/- (Previous Year 428212/-) for the period from April 2009
to March 2011, Rs.674575/- (Previous Year 158573/ -) has been rejected
against which company has filed an appeal except for Rs.2435/- for
which Company has decided not to file an appeal as filing an appeal
will cost more than the claim amount involved. Claim received during
the year for period prior to 01.04.2009 amounting to Rs.8047/-
(previous year Rs.48611/-) has been credited under other income in
Profit & Loss Account.
5. In the absence of necessary information relating to the suppliers
registered as Micro, Small and Medium enterprises under the Micro,
Small and Medium Enterprises (Development) Act, 2006, the Company has
not been able to identify such suppliers and the information required
under the said Act could not be compiled and disclosed.
Since fair value of plan assets is more than the present value of
obligations no liability/assets or profit/loss has been recoganised in
the Balance Sheet and Profit & Loss Account.
a. Premium paid for the year amounting to Rs.512405/- (Previous year
Rs.300773/-) has been debited to the Profit & Loss Account under
Payments to & for employees.
b. The Plan assets of the company are managed by Life Insurance
Corporation of India and the composition of investments relating to
these assets is not available with company.
6. The company does not have more than one reportable segment in
terms of Accounting Standard - 17 "Segment Reporting".
7. Balances of Sundry Creditors, Sundry Debtors, Advances & dues
against term loan are subject to confirmation.
8. As required by Accounting Standard AS-22 on accounting for Taxes
on Income, no deferred tax liability / asset has been computed because
there is no reasonable certainty that sufficient future taxable profits
will be available.
9. There is no impairment loss on any assets in terms of AS-28 issued
by the Institute of Chartered Accountants of India.
Mar 31, 2011
1. The Company's appeal before CESTST for rejection of refund claim of
cenvat credit of service tax amounting lo Rs.2,47.773/- (previous year
Rs. 2,47,773/-) for the period from 01.01.2005 to 31.03.2006 has been
decided in company's favour However while granting refund an amount of
Rs.2,39,726/- has been rejected against which funnier appeal is to be
filed. Also out of the refund claim of Rs.4,28,212/- for the period
from April 2009 to 30th June 2010, Rs.1,56.573/- has been rejected
against which company is in process of filing appeal. Claim received
during the year for period prior to 01.0.4 2009 amounting to
Rs.45,611/- [previous year Rs.4.26,343/-) has been credited under ether
income in Profit & Loss Account.
2. In the absence of necessary information relating to the suppliers
registered as Micro, Small and Medium enterprises under the Micro,
Small and Medium Enterprises (Development) Act, 2005, the Company has
riot been abte to identify such suppliers and the infomnaticn required
under
3. The amounts to be recognized in the balance sheet and statements of
profit and loss Account Present value of obligations as at the end of
year Fair value of plan assets as at the end of the year Funded status
Net Asset/(1iability) recognized in balance shee1
4. Expenses Recognised in statement of Profit & Loss Account Current
Service cost Interest Cost Expected return on plan assets Net Actuarial
(gain)/ Loss recognised in the year Expenses recognised in statement of
Profit & loss' 1 Since fair value of plan assets is more than the
present value of obligations no liability/assets or profit/loss has
been recognised in the Balance Sheet and Profit & Loss Account
a. Premium paid for the year amounting to Rs.300773 (Previous year Rs
148847) has been debited to the Profit & Loss Account under Payments to
& for employees.
b. The Plan assets of the company are managed by Life Insurance
Corporation of india and the composition of investments relating to
these assets is not available with company.
5. As required by Accounting Standard AS-22 on accounting for Taxes
ort Income, no deferred tax liability / asset has been computed because
there is no reasonable certainty that sufficient future taxable profits
will be available.
6. There is no impairment loss on any assets in terms of AS-28 issued
by the Institute of Chartered Accountants of India.
7. The company vide notification No. S.O. 301(E) dated 8th February,
2011 is exempted from applicability of Para 3(i}(a), 3(ii)(a), 3(ii)(b)
and 3(it}(d) of pal II of Schedule VI and accordingly, information
required under this paragraph has not been disclosed in notes to the
accounts as per the Board Resolution dated 30.05,2011.
8. Previous year's figures have been regrouped and rearranged
wherever considered necessary to make them comparable with this year's
figures.
9. Information pursuant to pan IV of Schedule V) of the Companies
Act, 1956
Mar 31, 2010
1. Contingent liabilities are not provided for in respect of :
i) Estimated amount of Contracts remaining to be executed on Capital
Accounts & not provided for (net of advances) Rs.474250 (previous year
- Nil)
ii) Liabilities on account of unexpired letter of credit Rs.25.73,645
(Previous year Rs.61.11,013)
iii) Demand for Rs.3.30 lacs (Previous year Rs.3.30 Lacs) in respect of
entry tax has not been accepted by the company and the company has
filed appeals before the appropriate authorities against the same.
iv) Pending outcome of legal and other claims filed by the company,
additional liabilities that may arise in this respect on final
settlement is currently not ascertainable and has accordingly not been
provided for.
v) Demand for ESI amounting to Rs. 121391 (previous year - Nil) has not
been accepted by the company and an appeal has been filed before
appropriate authorities against the same. Rs. 60696 (previous year -
Nil) paid against the same is included in Loan and Advances.
vi) Demand for Refund of Service Tax claim received for Rs.868148
against which the company has preferred an appeal.
2. The Companys appeal for rejection of refund claim of cenvat credit
of service tax amounting to Rs 2,47,773 (previous year- Rs. 247773) for
the period from 01.01.2005 to 31.03.2006 filed in previous year is
still pending before the CESTAT. Claim received during the year for
earlier year amounting to Rs. 426343 (previous year Rs. 713498) has
been credited under other income in Profit & Loss Account. From current
year the expenses against which service tax refund has been claimed or
to be claimed are accounted for net of service tax.
3. In the absence of necessary information relating to the suppliers
registered as Micro, Small and Medium enterprises under the Micro,
Small and Medium Enterprises (Development) Act, 2006, the Company has
not been able to identify such suppliers and the information required
under the said Act could not be compiled and disclosed.
4. The details of the companys post-retirement benefit plans for
gratuity for its employees determined as per actuarial valuation by
Life Insurance Corporation of India are given below:
5. The following expenses related to expansion of the production unit
have been capitalised during the year.
6. Leasehold quarries are yet to become operational.
7. Sale Deeds in respect of Housing tenements are yet to be executed.
8. The company does not have more than one reportable segment in terms
of Accounting Standard - 17 "Segment Reporting".
9. Balances of Sundry Creditors, Sundry Debtors, Advances & dues
against car loan are subject to confirmation.
10. Related party disclosure as per AS-18
As required by Accounting Standard AS-18 "Related Parties Disclosure"
issued by "The Institute of Chartered Accountants of India" are as
follows :-
A. Particulars of Associate / Subsidiary Companies :
Name Nature of relationship
U.S.D. Industries Pvt. Ltd Associate Company
Granite Mart Ltd. Associate Company
Virdhi Commercial Co. Limited Associate Company
Glittek Infotech Limited Associate Company
B. Particulars of Key
Management Personnel :
Name Nature of relationship
Mr. Bimal Kumar Agarwal Promoter & Director
Mr. Kamal Kumar Agarwal Managing Director
Mr. Ashoke Agarwal Joint Managing Director
C. Particulars of Relatives of
Key Managerial Personnel
Name Nature of relationship
Mrs. Alpana Agarwal Wife of Managing Director
Mrs. Manjula Agarwal Wife of Joint Managing Director
D. Details of transactions with Associate Company
11. As required by Accounting Standard AS-22 on accounting for Taxes
on Income, no deferred tax liability asset has been computed because
there is no reasonable certainty that sufficient future taxable profits
will be available.
12. There is no impairment loss on any assets in terms of AS-28 issued
by the Institute of Chartered Accountants of India.
13. Previous years figures have been regrouped and rearranged
wherever considered necessary to make them comparable with this years
figures.
14. Information pursuant to part IV of Schedule VI of the Companies
Act, 1956
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article