Home  »  Company  »  Hind Industries  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Hind Industries Ltd.

Mar 31, 2015

1. SEGMENT REPORTING:

The Management of the affairs of the company and its internal reporting is only on the basis of the significant product line, i.e. meat. Hence, segment reporting is not required. Accordingly, the disclosure requirements of Accounting Standard - 17 (AS-17) on "Segment Reporting", issued by the Institute of Chartered Accountants of India is not applicable.

2. In the opinion of the management, the Current Assets, Loans and Advances are realizable at the value stated in the Balance Sheet, in the ordinary course of business.

3. Due to realignment of the value of Trade Receivables, to make it commensurate with the closing exchange rate, Sales & Trade Receivables have accordingly been increased by Rs. 85.48 lacs. (Previous year increase - Rs. 68.55 lacs).

4. Balances under Trade Receivable, Trade Payable, Loans and Advances are subject to confirmation and reconciliation and consequent adjustments thereof. The outstanding Trade Receivables which may not be recoverable could not be ascertained at the year end.

5. The company has given on loan its finished goods inventory at various intervals to its subsidiary company which is subsequently received in due course. In the opinion of the management, the above practice is adopted to have better realization as per the practice prevailing in the industry.

6. There exists no indication for the management to conclude that any of its cash generating units are impaired and accordingly no provision for impairment is required to be made in the financial statements.

7. Research and Development Expenses : NIL ( Previous Year - NIL )

8. Amount due to small scale industrial undertakings/ suppliers under the MSME Act, 2006 :

As per the certificate of representation received from the Company, it has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act could not be furnished.

9. The company shall make available the separate financial statements of the subsidiary to the shareholders of the holding and subsidiary company whenever required at any point of time.

10. Previous year figures have been reclassified in accordance with current year requirements.-


Mar 31, 2014

As at As at Particulars 31.03.2014 31.03.2013 (Rs. in lacs) (Rs. in lacs)

1. CONTINGENT LIABILITIES

(a) Claims against the Company not acknowledged as Debt: NIL NIL

(b) Guarantees and other Contingencies

Guarantees given for:

Subsidiary 29,305 31780

Associate Company 1,050 1,050

Others 75.25 78.18

2 SEGMENT REPORTING

The Management of the affairs of the company and its internal reporting is only on the basis of the significant product line, i.e. meat. Hence, segment reporting is not required. Accordingly, the disclosure requirements of Accounting Standard – 17 (AS-17), on "Segment Reporting", issued by the Institute of Chartered Accountants of India is not applicable.

3 In the opinion of the management, the Current Assets, Loans and Advances are realizable at the value stated in the Balance Sheet, in the ordinary course of business.

4. Due to realignment of the value of Trade Receivables, to make it commensurate with the closing exchange rate, Sales & Trade Receivables have accordingly been increased by Rs. 68.55 lacs. (Previous year increase - Rs. 59.71 lacs).

5. Balances under Trade Receivable, Trade Payable, Loans and Advances are subject to confirmation and reconciliation and consequent adjustments thereof. The outstanding Trade Receivables which may not be recoverable could not be ascertained at the year end.

6. The company has given on loan its finished goods inventory at various intervals to its subsidiary company which is subsequently received in due course. In the opinion of the management, the above practice is adopted to have better realisation as per the practice prevailing in the industry.

7. There exists no indication for the management to conclude that any of its cash generating units are impaired and accordingly no provision for impairment is required to be made in the financial statements.

8. Research and Development Expenses: NIL (Previous Year – NIL)

9. Amount due to small scale industrial undertakings/ suppliers under the MSME Act, 2006:

As per the certificate of representation received from the Company, it has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act could not be furnished.

10. The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption.

The company shall make available the separate financial statements of the subsidiary to the shareholders of the holding and subsidiary company whenever required at any point of time.

11. Disclosures as required u/s 212 of the Companies Act 1956,

PARTICULARS WITH REGARD TO SUBSIDIARY COMPANY Name of the Subsidiary : Hind Agro Industries Limited

Country of Incorporation : India

Registered Address : CDF Complex,

Anupshahar Road, Aligarh – 202122, Uttar Pradesh

12. Previous year figures have been reclassified in accordance with current year requirements.


Mar 31, 2013

1. SEGMENT REPORTING

The Management of the affairs of the company and its internal reporting is only on the basis of the signifcant product line, i.e. meat. Hence, as per the opinion of management, segment reporting is not required. Accordingly, the disclosure requirements of Accounting Standard -17 (AS-17) on "Segment Reporting", issued by the Institute of Chartered Accountants of India, are not applicable.

2. In the opinion of the management, the Current Assets, Loans and Advances are realizable at the value stated in the Balance Sheet, in the ordinary course of business.

3. Balances under Trade Receivable, Trade Payable, Loans and Advances are subject to confrmation and reconciliation and consequent adjustments thereof. The outstanding Trade Receivables which may not be recoverable could not be ascertained at the year end.

4. The company has given on loan its fnished goods inventory at various intervals to its subsidiary company which is subsequently received in due course. In the opinion of the management, the above practice is adopted to have better realisation as per the practice prevailing in the industry.

5. There exists no indication for the management to conclude that any of its cash generating units are impaired and accordingly no provision for impairment is required to be made in the fnancial statements.

6. Research and Development Expenses: NIL (previous Year – NIL)

7. Amount due to small scale industrial undertakings/ suppliers under the MSME Act, 2006:

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act could not be furnished.

8. The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfllment of conditions stipulated in the circular. The Company has satisfed the conditions stipulated in the circular and hence is entitled to the exemption.

The company shall make available the separate fnancial statements of the subsidiary to the shareholders of the holding and subsidiary company whenever required at any point of time.

9. Disclosures as required u/s 212 of the Companies Act 1956,

PARTICULARS WITH REGARD TO SUBSIDIARY COMPANY

Name of the Subsidiary : Hind Agro Industries Limited

Country of Incorporation : India

Registered Address : Central Dairy Farm Complex


Mar 31, 2012

1. SHORT TERM BORROWINGS

Secured against the current assets of the company including raw material, work in progress, finished goods and advance to suppliers existing and future ( stocks at Sahibabad and other places ). Entire book debts is hypothecated to the consortium.

FBN/FBP/DP/DA 90 days : DPN by the company and documents of title to goods covered by foreign bills purchased/negotiated against firm contracts/drawn under irrevocable LCs of prime banks.

Cheque BP : DPN by the company and Agreement for bills purchased ( for local/out station cheques ).

Bank Guarantee : Counter guarantee by the company. Pledge of fixed deposits equivalent to 10% ( as margin ) of guarantee amount and 2nd charge on the fixed assets of the company including capital work in progress.

Equitable Mortgage of residential flat at 69, Cat III, 2nd and 3rd Floor and servant quarter No. 6, Siddartha Enclave, DDA, SFS Scheme, Ashram, New Delhi in the name of Mr. Sirajuddin Qureshi and pledge of fixed deposit of Rs. 0.93 crore and personal guarantee of the directors.

2. TRADE RECEIVABLES

Provision for Doubtful Debts.

Periodically, the Company evaluates all customer dues to the Company for collectability. The need for provisions is assessed based on various factors including collectability of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customer's ability to settle. The Company normally provides for trade receivable outstanding for six months or longer from the invoice date, as at the Balance Sheet date. The Company pursues the recovery of the dues, in part or full.

3. PERSONNEL EXPENDITURE

EMPLOYEE BENEFITS :

Defined Benefit Plan : The company provides for its liability towards gratuity as per the actuarial valuation.

FINANCIAL ASSUMPTION :

a) Discount Rate : The rate used to discount post employment benefit obligations (both funded and unfunded) has been determined by reference to market yields at the balance sheet date on government bonds. The currency and term of the government bonds is consistent with the currency and estimated term of the post employment benefit obligations.

b) Salary Increase : Salary increase is taken in to account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

c) Rate of Return on Plan Assets : The liability is not funded and rate of return on plan assets is not relevant to this report.

4. As per the expert advice received by the management a sum of Rs. 6,60,04,197/- has been written off during the year, being the amount recoverable from the government on account of export incentives. As and when if received, such export incentives shall be accounted for as income.

5. 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 March 31, 2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these financial statements.

6. CONTINGENT LIABILITIES

(a) Claims against the Company not acknowledged as Debt: Rs. NIL (Previous Year : NIL)

(b) Guarantees and other Contingencies

(Rs. In lacs)

As at As at 31-03-2012 31-03-2011

Guarantees Given for:

Subsidiary 7025.00 6391.41

Associate Company 1553.00 1050.00

Others 98.18 98.18

7. SEGMENT REPORTING

The Management of the affairs of the company and its internal reporting is only on the basis of the significant product line, i.e. meat. Hence, as per the opinion of management, segment reporting is not required. Accordingly, the disclosure requirements of Accounting Standard (AS-17), on "Segment Reporting", issued by the Institute of Chartered Accountants of India is not applicable.

8. In the opinion of the management, the Current Assets, Loans and Advances are realizable at the value stated in the Balance Sheet, in the ordinary course of business.

9. Balances under Trade Receivable, Trade Payable, Loans and Advances are subject to confirmation and reconciliation and consequent adjustments thereof. The outstanding Trade Receivables which may not be recoverable could not be ascertained at the year end.

10. Cess under section 441A of the Companies Act, 1956 has not been provided/deposited in view of the fact that notification as required under the Act has not yet been issued by the Central Government.

11. There exists no indication for the management to conclude that any of its cash generating units are impaired and accordingly no provision for impairment is required to be made in the financial statements.

12. Research and Development Expenses: NIL (Previous Year - Nil)

13. Amount due to small scale industrial undertakings/suppliers under the MSME Act, 2006:

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act could not be furnished.

14. The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption.

The company shall make available the separate financial statements of the subsidiary to the shareholders of the holding and subsidiary company whenever required at any point of time.

15. Previous year figures have been reclassified in accordance with current year requirements.


Mar 31, 2010

B.1 Claims against the Company not acknowledged as Debt:

Rs. NIL. (Previous Year: NIL)

B.2 Guarantees and other Contingencies

(Rs. In lacs)

CURRENT PREVIOUS

YEAR YEAR

As at As at

31-03-2010 31-03-2009

a) Given to Subsidiary

For Term Loan 896.41 1913.60

For Working Capital 5230.00 5230.00

b) Given to others 98.18 43.18

C.1 Segment Reporting

The Management of the affairs of the company and its internal reporting is only on the basis of the significant product line, i.e. meat. Hence, as per the opinion of management, segment reporting is not required. Accordingly, the disclosure requirements of Accounting Standard (AS- 17) on "Segment Reporting", issued by the Institute of Chartered Accountants of India is not applicable.

C.6 The Current Assets, Loans and Advances are realizable at the value stated in the Balance

Sheet, in the ordinary course of business. C.7 Mr. Sirajuddin Qureshi, Chairman & Managing Director, and Mrs. Kiran Qureshi, Director of the Company have given personal guarantee to Industrial Finance Corporation of India Ltd. for Rs. 414.30 lacs. Also the loan of Rs. 1631.84 lacs from the Bank of India is secured by Personal Guarantees of Mr. Sirajuddin Qureshi, Mrs Kiran Qureshi, Mr. Samar Qureshi, Dr.

Naseem Qureshi and Guarantee of M/s Islamuddin & Co. C.8 Balances under Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation and consequent adjustments thereof. The outstanding Debtors which may not be recoverable could not be ascertained at the year end. C.9 There exists no indication for the management to conclude that any of its cash generating units are impaired and accordingly no provision for impairment is required to be made in the financial statement. C.IOAs per re-negotiated terms and conditions with IFCI, the company is making payment as per revised terms.

C.11 High Security Registration Number Plate (HSRNP) project has started commercial Production. Accordingly, amount spent on the Capital Work In Progress have been capitalized under respective assets heads. C.12 Expenditure incurred on Salboni project has been capitalized as Capital Work In Progress, being pre-operative in nature. However, the management is pursuing for the necessary acquisition of land. C.13 Research and Development Expenses :- NIL (Previous year- NIL). C.14 Amount due to small scale industrial undertakings / suppliers under the MSME Act,

2006 :

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act could not be furnished. C.15 Fire broke-out at Sahibabad Plant of the Company and some finished goods were destroyed. As per the report of the Surveyor, the company has lodged a claim of Rs. 44 lacs with the insurance company. The effect of the same has been taken in the Profit and Loss

Account, which is pending for final settlement. The difference, if any, will be accounted for as and when received.

18 Previous years figures have been regrouped and reclassified wherever necessary to the extent possible to make them comparable with those of the current year.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X