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Notes to Accounts of Himalaya Granites Ltd.

Mar 31, 2015

1. Terms/Rights attached to the Equity Shares

The Company has only one class of equity shares having a par value of ' 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

2. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. This distribution will be in proportion to the number of equity shares held by the shareholders.

3. The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/disinvestment.

4. The Company for the period of five years immediately preceding the date of Balance Sheet has not:

i. Allotted any class of shares as fully paid pursuant to contract(s) without payment being received in cash.

ii. Allotted fully paid up shares by way of bonus shares.

iii. Bought back any class of shares.

5. DISCLOSURES REGARDING EMPLOYEE BENEFITS :

i) Defined Contribution Plan: Employee benefits in the form of Provident Fund is considered as defined contribution plan and the contributions to Employees' Provident Fund Organisation established under The Employees' Provident Fund and Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due.

ii) Defined Benefit Plan: Retirement benefits in the form of Gratuity are considered as defined benefit obligations and is provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet. As the Company has not funded its liability, it has nothing to disclose regarding plan assets and its reconciliation.

iii) As there is no change in number of employees as well as in their remuneration during the year, third party acturial valuation has not been done at the year end and estimated provision has been considered.

ix) Amount incurred as expense for defined contribution to Provident Fund is ' 120805 (Previous Year ' 122254).

6. EXCEPTIONAL ITEMS

Compensation to employees on full & final settlement

7. CONTINGENT LIABILITIES AND COMMITMENTS

1. Contingent liabilities

a. Disputed Demand NIL (Previous Year NIL)

21.2 Commitments

a. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) Nil (Previous year Nil)

b. Uncalled liability on shares and other investments which are partly paid ' NIL (Previous year ' NIL)

c. Other commitments ' NIL (Previous year ' NIL)

8. In accordance with the provisions of the Companies Act 2013, effective from 1st April, 2014, the Company has reassessed the remaining useful lives of its fixed assets prescribed by Schedule II to the Act or actual useful life of assets, whichever is lower. In case of any asset whose life has completed as above, the carrying value, net of residual value of ' 4340421, as at April 1, 2014 has been adjusted to the Surplus in the Statement of Profit & Loss and in other cases the carrying value has been depreciated over the remaining of the revised life of the assets and recognized in the Statement of Profit and Loss.

9. The figures for the previous period are re -grouped, wherever necessary so as to be in conformity with the figures of the current period's classification/disclosure.

10. INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES

As the Company has not procured any supply of materials, the provisions of Micro, Small and Medium Enterprises Act, 2006 are not applicable

11. SEGMENT REPORTING (AS - 17)

As there is neither more than one business segment nor more than one geographical segment, segment information as per AS - 17 is not required to be disclosed

12. RELATED PARTY (Disclosure as per Accounting Standard AS - 18)

A) Related parties with whom transactions have taken place during the year

Key Managerial Personnel

i) Sri Ramesh Kumar Haritwal, Managing Director & CEO ii) Sri Saurabh Mittal, Non - Executive Chairman

Enterprise ownded/influenced by Key managerial personnel or their relatives

i) Greenply Industries Ltd.

ii) Greenlam Industries Ltd.

Note : Related Party Relationship is as identified by the Company and relied upon by the Auditors

13. CURRENTTAX:

In view of brought forward losses, provision for income tax is not considered necessary


Mar 31, 2014

1 CONTINGENT LIABILITIES AND COMMITMENTS :

1.1 Contingent liabilities

a. Disputed Demand of Income Tax in Appeal Rs.NIL (Previous Year Rs.7637154)

2 INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES :

As the Company has not procured any supply of materials, the provisions of Micro, Small and Medium Enterprises Act, 2006 are not applicable.

3 SEGMENT REPORTING (UNDER ACCOUNTING STANDARD AS - 17 ISSUED BY ICAI) :

As there is neither more than one business segment nor more than one geographical segment, segment information as per AS - 17 is not required to be disclosed.

4. CURRENT TAX:

In view of brought forward losses, provision for income tax is not considered necessary


Mar 31, 2013

1. FIXED ASSETS:

Capitalised at acquisition cost including directly attributable costs such as freight, insurance, installation charges and incidental expenses for bringing the assets to its working condition for use.

2. INVENTORIES:

a) Stock of Raw Materials, Consumables, Stores and spare parts and Goods under Process are valued at cost. Cost represents purchase price and other costs for bringing inventories upto their present location and condition and is generally determined on weighted average basis.

b) Finished goods are valued at lower of cost and net realisable value.

3. TAXATION:

Income-tax expenses comprises current tax and deferred tax charge or release. The deferred tax charge or credit is recognised using current tax rates. Where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets based on expected future profits. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Such assets are reviewed as at each Balance Sheet date to reassess realisation.

4. FOREIGN CURRENCY TRANSACTIONS:

a) Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of the transactions.

b) In conformity with revised Accounting Standard (AS – 11), issued by the Institute of Chartered Accountants of India (ICAI), monetary items denominated in foreign currencies at the year end and not covered by forward exchange contracts are translated at year end rates and those covered by forward exchange contracts are translated at the rate ruling at the date of transaction as increased or decreased by the difference between the forward rate and exchange rate on the date of transaction, such difference having been amortised over the life of the contract.

c) Non-monetary items carried at historical cost are reported using the rate at the date of transaction.

d) Other non-monetary items are carried at fair value, are reported using the rate that existed when the fair values were determined.

5. CONTINGENT LIABILITIES :

Contingent Liabilities are not provided for but are disclosed by way of Notes on Accounts.

6. VAT, SERVICE TAX & EDUCATION CESS

Various expenses are accounted for after deducting the refunds receivable in respect of VAT, Service Tax & Education cess.

7. DEPRECIATION:

a) Depreciation on Fixed Assets is provided for on straight line method in accordance with and generally at the rates specified in Schedule XIV to the Companies Act, 1956.

b) Depreciation in respect of additions to assets has been charged on pro rata basis with reference to the period of use of such assets. The provision for depreciation for multiple shifts has been made on the basis of the actual utilisation of respective eligible assets.

8. EMPLOYEE BENEFITS:

a) Short-term employee benefits are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related service is rendered.

b) Post Employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The amount charged off is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of past employment and other long term benefits are charged to the Statement of Profit and Loss.

9.1 Amount due and outstanding to be credited to the Investor Education and Protection Fund Nil (Previous Year Nil)

10.1 DISCLOSURES REGARDING EMPLOYEE BENEFITS

Defined Contribution Plan: Employee benefits in the form of Provident Fund and ESIC are considered as defined contribution plan and the contributions to Employees'' Provident Fund Organisation established under The Employees'' Provident Fund and Miscellaneous Provisions Act 1952 and Employees'' State Insurance Act, 1948, respectively, are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due.

Defined Benefit Plan: Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet. As the Company has not funded its liability, it has nothing to disclose regarding plan assets and its reconciliation. Defined Benefit Obligation at the year end amounted to Rs. 243029 (previous year Rs. 187206).

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

The above information is certified by the actuary.

Para 132 of Accounting Standard 15 (revised 2005) does not require any specific disclosures except where expense resulting from compensated absence is of such size, nature or incidence that its disclosure is relevant under Accounting Standard 5 or Accounting Standard 18. In the opinion of the management the expense resulting from compensated absence is not significant and hence no disclosures are prepared under various paragraphs of AS 15 (revised 2005).

11. CONTINGENT LIABILITIES AND COMMITMENTS

11.1 Contingent liabilities

a. Disputed Demand of Income Tax in Appeal Rs. 7637154 (Previous Year Rs. 7637154)

12. INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES

As at 31st March, 2013, no supplier has intimated the Company about its status as Micro or Small enterprises or its registration with the appropriate authority under Micro, Small and Medium Enterprises Act, 2006. So, no disclosure is made. The Company has compiled this information based on the current information in its possession.

13. SEGMENT REPORTING (Under Accounting Standard AS - 17 issued by ICAI)

As there is neither more than one business segment nor more than one geographical segment, segment information as per AS - 17 is not required to be disclosed.

14. RELATED PARTY (Under Accounting Standard AS - 18 issued by ICAI)

A) List of Related Parties

Parties with whom the Company has entered into transactions during the year

Parties where control exists

i) Greenply Industries Ltd.

ii) Sri Ramesh Kumar Haritwal, Managing Director & CEO

iii) Sri Saurabh Mittal, Non - Executive Chairman

Note : Related Party Relationship is as identified by the Company and relied upon by the Auditors.

15. CURRENT TAX

In view of brought forward losses, provision for income tax is not considered necessary.


Mar 31, 2012

1. SHARE CAPITAL :

1.2 There is no change in number of shares outstanding and so, no reconciliation is given

2. OTHER CURRENT LIABILITIES :

1.1 Amount due and outstanding to be credited to the Investor Education and Protection Fund Nil (Previous Year Nil)

3. EMPLOYEES BENEFITS EXPENSE

3.1 DISCLOSURES REGARDING EMPLOYEE BENEFITS

Defined Contribution Plan: Employee benefits in the form of Provident Fund and ESIC are considered as defined contribution plan and the contributions to Employees' Provident Fund Organisation established under The Employees' Provident Fund and Miscellaneous Provisions Act 1952 and Employees' State Insurance Act, 1948, respectively, are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

The above information is certified by the actuary.

Para 132 of Accounting Standard 15 (revised 2005) does not require any specific disclosures except where expense resulting from compensated absence is of such size, nature or incidence that its disclosure is relevant under Accounting Standard 5 or Accounting Standard 18. In the opinion of the management the expense resulting from compensated absence is not significant and hence no disclosures are prepared under various paragraphs of AS 15 (revised 2005).

4. CONTINGENT LIABILITIES AND COMMITMENTS

4.1 Contingent liabilities

a. Counter guarantees given to the banker/others in respect of the others guarantees given by them, for removal of excisable goods/customs duty Rs. Nil (Previous Year Rs. 15000000)

b. Disputed Demand of Income Tax in Appeal Rs. 7637154 (Previous Year Rs. 7637154)

5. INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES

As at 31st March, 2012, no supplier has intimated the Company about its status as Micro or Small enterprises or its registration with the appropriate authority under Micro, Small and Medium Enterprises Act, 2006. So, no disclosure is made. The Company has compiled this information based on the current information in its possession.

6. SEGMENT REPORTING (Under Accounting Standard AS - 17 issued by ICAI)

As there is neither more than one business segment nor more than one geographical segment, segment information as per AS - 17 is not requires to be disclosed

7. RELATED PARTY (Under Accounting Standard AS - 18 issued by ICAI)

A) List of Related Parties

Parties with whom the Company has entered into transactions during the year

Parties where control exists

i) Greenply Industries Ltd.

ii) Sri Ramesh Kumar Haritwal, Managing Director & CEO

iii) Sri Saurabh Mittal, Non - Executive Chairman

Note : Related Party Relationship is as identified by the Company and relied upon by the Auditors.

8. CURRENT TAX

In view of loss for the current year, no provision is made for Income Tax.


Mar 31, 2010

31.03.2010 31.03.2009 Rs. Rs.

1) CONTINGENT LIABILITIES

Contingent liabilities not provided for:

i) Counter guarantees given to the banker /others in respect of the others guarantees given by them, for removal of excisable goods/customs duty 15000000 15000000

ii) Disputed Demand of Income Tax in Appeal 7637145 7637145

2. Segment Reporting (Under Accounting Standard AS -17 issued by ICAI)

Segment information has been prepared in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company. As part of Secondary reporting, revenues are attributed to geographical areas based on the location of the customers. The following table present the revenue, profit, assets and liabilities information relating to the business / geographical segment for the year ended 31st March, 2010.

NOTES:

a) Segment Assets and Liabilities :

All Segment Assets and liabilities are directly attributable to the segment. Segment assets include all operating assets used by the segment and consist principally of fixed assets, inventories, sundry debtors, advances and operating cash and bank balances. Segment assets and liabilities do not include investments, inter-corporate deposits and advances, share capital, reserves and surplus, borrowings, provision for gratuity, proposed dividend and income tax (both current and deferred).

b) Segment Revenue and Expenses :

Segment revenue and expenses are directly attributable to the segment. It does not include dividend income, profit on sale of investments, interest expense , other expenses which cannot be allocated on a reasonable basis and provision for income tax (both current and deferred).

3. Related Party Disclosures (under Accounting Standard AS - 18 issued by ICAI)

A) List of Related Parties

Parties with whom the Company has entered into transactions during the year

Parties where control exists

i) Greenply Industries Ltd.

ii) Sri Shiv Prakash Mittal, Chairman

iii) Sri Ramesh Kumar Haritwal, Managing Director & CEO

iv) Sri Saurabh Mittal, Director

Note : Related Party Relationship is as identified by the Company and relied upon by the Auditors.

 
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