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Notes to Accounts of Hindustan Foods Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Hindustan Foods Ltd ('the Company") was incorporated in the year 1984 and is engaged in the business of manufacturing Cereal Based Foods with its domicile presence in Goa.

OTHER NOTES :

2. Contingent Liabilities

Claims against the Company by Excise Department, disputed and not accepted - Rs. 27,15,489/- (Previous Year - Rs. 14,67,117/-).

Bank Guarantees issued by bankers on behalf of the Company Rs.28,35,000/-(Previous Year- Rs. 28,35,000/-). Bank Guarantees for Rs. 25,00,000/- are secured by pledge of fixed deposits of M/s. V S Dempo Holdings Private Limited of equivalent amount.

3. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs. 25 lacs (previous year Rs. 50 lacs).

4. Loan from M/s. V S Dempo Holdings Private Limited is secured by charge on Fixed Assets of the Company.

5. Cash Credit Rs. 20 Lacs from Bank of Maharashtra is secured by hypothecation of stock and book debts.

Cash Credit of Rs. 50 Lacs from Bank of Maharashtra is secured by pledge of fixed deposits of M/s. V S Dempo Holdings Private Limited.

6. Deposit with Banks includes Rs.6,98,789/- under lien towards guarantees given on behalf of the Company (Previous Year Rs.2,48,789/-).

7. To comply with the requirement of the Micro, Small And Medium Enterprises Development Act 2006, which became effective from 2nd October, 2006, the Company requested its suppliers to confirm whether they are covered as Micro , Small or Medium enterprise as is defined in the said Act. As the Company did not receive any communication from its suppliers informing their coverage as such enterprise, it is considered that none of them are covered as such enterprise under the said Act.

8. The Company has written back loans of value - Rs. 11,05,88,178/- based on the consent received from Lenders and the same is reflected under 'Other Income'.

9. The carrying amount of fixed assets as on 01.04.2014 that have exceeded the useful life as provided under Part 'C' of Schedule II to the Companies Act, 2013 aggregating Rs. 1,88,944/- has been charged off to Retained Earnings.

10. No provision for Income tax (Current) has been made in the absence of taxable income for the year.

11. The Accounting Standard 22, Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India has become applicable to the Company from 01.04.2001 and to comply with the same the Company reviewed its Deferred Tax Assets and Liabilities. The timing differences mainly arising on account of Un-absorbed Business Loss and Depreciation relating to earlier years have given rise to net Deferred Tax Asset as on 31.03.2014 as well as for the year. As a prudent policy the said net Deferred Tax Asset has not been recognized in the Accounts.

12. The Company manufactures intermediates/finished cereal based foods for itself and for third parties which constitutes single business segment. Accordingly there are no business/ geographical segments to be reported under Accounting standards (AS) 17 issued by the Institute of Chartered Accountants of India.

13. Related Party Disclosures as per Accounting Standard 18 issued by the Institute of Chartered Accountants of India :

14. Previous year's figures have been recast & regrouped wherever necessary.


Mar 31, 2014

1. CORPORATE INFORMATION

Hindustan Foods Ltd ("the Company") was incorporated in the year 1984 and is engaged in the business of manufacturing Cereal Based Foods with its domicile presence in Goa.

2. i) Terms and Rights attached to Shares

The Company has two class of shares. The Equity Shares have a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share. The Preference Shares have par value of Rs. 1001- per share and carry dividend of 9% per annum from the date of allotment. The dividend shall be payable at the time of declaration of dividend on Equity Shares. The Preference Shares shall be redeemed not later than 19 years from the date of issue.

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

3. Contingent Liabilities

Claims against the Company by Excise Department, disputed and not accepted - Rs. 14,64,117/-.

Bank Guarantees issued by bankers on behalf of the Company Rs.28,35,000/- (Previous Year- Rs. 28,35,000/-). Bank Guarantees for Rs. 25,00,000/- are secured by pledge of fixed deposits of M/s. V S Dempo Holdings Private Limited of equivalent amount.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs. 50 lacs (previous year Rs. 150 lacs).

5. Loan from M/s. V S Dempo Holdings Private Limited is secured by charge on Fixed Assets of the Company.

6. Cash Credit Rs. 20 Lacs from Bank of Maharashtra is secured by hypothecation of stock and book debts. Cash Credit of Rs. 50 Lacs from Bank of Maharashtra is secured by pledge of fixed deposits of M/s. V S Dempo Holdings Private Limited.

7. Deposit with Banks includes Rs.2,48,789/- under lien towards guarantees given on behalf of the Company (Previous Year Rs.2,48,789/-).

8. To comply with the requirement of the Micro, Small And Medium Enterprises Development Act 2006, which became effective from 2nd October, 2006, the Company requested its suppliers to confirm whether they are covered as Micro, Small or Medium enterprise as is defined in the said Act. As the Company did not receive any communication from its suppliers informing their coverage as such enterprise, it is considered that none of them are covered as such enterprise under the said Act.

9. Depreciation on Plant & Machinery and Electrical Installation does not include an amount of Rs.67,37,828/- not provided for in previous years, when the factory was not in operation.

10. No provision for Income tax (Current) has been made in the absence of taxable income for the year.

11. The Accounting Standard 22, Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India has become applicable to the Company from 01.04.2001 and to comply with the same the Company reviewed its Deferred Tax Assets and Liabilities. The timing differences mainly arising on account of Un-absorbed Business Loss and Depreciation relating to earlier years have given rise to net Deferred Tax Asset as on 31.03.2014 as well as for the year. As a prudent policy the said net Deferred Tax Asset has not been recognized in the Accounts.

12. The Company manufactures intermediates/finished weaning food for itself and for third parties which constitutes single business segment. Accordingly there are no business/geographical segments to be reported under Accounting standards (AS) 17 issued by the Institute of Chartered Accountants of India.

13. Previous year''s figures have been recast & regrouped wherever necessary.


Sep 30, 2013

1. CORPORATE INFORMATION

Hindustan Foods Ltd (''the Company") was incorporated in the year 1984 and is engaged in the business of manufacturing Cereal Based Nutritional Foods with its domicile presence in Goa.

2. Contingent Liabilities

Bank Guarantees issued by bankers on behalf of the Company Rs.28,35,000/-(Previous Year- Rs. 3,35,000). Bank Guarantees for Rs. 25,00,000/- are secured by pledge of fixed deposits of V

S Dempo Holdings Private Limited of equivalent amount.

3. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs. 150 lacs (previous year Rs. 5 lacs).

4. Loan from Holding Company is secured by charge on Fixed Assets of the Company.

5. Cash Credit Rs. 20 Lacs from Bank of Maharashtra is secured by hypothecation of stock and book debts.

Cash Credit of Rs. 50 Lacs from Bank of Maharashtra is secured by pledge of fixed deposits of Holding Company

6. Deposit with Banks includes Rs.2,48,789/- under lean towards guarantees given on behalf of the Company (Previous Year Rs.2,48,789/-).

7. To comply with the requirement of the Micro, Small And Medium Enterprises Development Act 2006, which became effective from 2nd October, 2006, the Company requested its suppliers to confirm whether they are covered as Micro , Small or Medium enterprise as is defined in the said Act. As the Company did not receive any communication from its suppliers informing their coverage as such enterprise, it is considered that none of them are covered as such enterprise under the said Act.

8. Depreciation on Plant & Machinery and Electrical Installation does not include an amount of Rs.67,37,828/- not provided for in previous years, when the factory was not in operation.

9. No provision for Income tax (Current) has been made in the absence of taxable income for the year.

10. The Accounting Standard 22, Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India has become applicable to the Company from 01.04.2001 and to comply with the same the Company reviewed its Deferred Tax Assets and Liabilities. The timing differences mainly arising on account of Un-absorbed Business Loss and Depreciation relating to earlier years have given rise to net Deferred Tax Asset as on 30.09.2013 as well as for the year. As a prudent policy they said net Deferred Tax Asset has not been recognized in the Accounts.

11. The Company manufactures intermediates/finished weaning food for itself and for third parties which constitutes single business segment. Accordingly there are no business/geographical segments to be reported under Accounting standards (AS) 17 issued by the Institute of Chartered Accountants of India.

12. Related Party Disclosures as per Accounting Standard 18 issued by the Institute of Chartered Accountants of India :

Relationship t

Ultimate Holding Company:

M/s. V.S.Dempo Holdings Pvt. Ltd

Associate Companies :

M/s. Marmagoa Shipping & Stevedoring Company Pvt. Ltd.

M/s. Dempo Industries Pvt. Ltd.

M/s. Dempo Travels Pvt. Ltd.

13. Previous year''s figures have been recast & regrouped wherever necessary.

14. Value of Raw Material Consumption (Rs.)


Mar 31, 2011

1. Contingent Liabilities

Bank Guarantees issued by bankers on behalf of the Company Rs.3,35,0007- (Previous Year- Rs. 3,35,000).

2. Other Notes

a. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs.11 lacs (Previous Year Rs.8 lacs).

b. Loan from Holding Company is secured by charge on Fixed Assets of the Company.

c. Cash Credit Rs.20 Lacs from Bank of Maharashtra is secured by hypothecation of stock and book debts.

Cash Credit of Rs.50 Lacs from Bank of Maharashtra is secured by pledge of fixed deposits of Holding Company.

d. Deposit with Banks includes Rs.2,48,789/- under lien towards guarantees given on behalf of the Company (Previous Year Rs.2,48,789/-).

e. To comply with the requirement of the Micro, Small and Medium Enterprises Development Act, 2006, which became effective from 2nd October, 2006, the Company requested its suppliers to confirm whether they are covered as Micro, Small or Medium enterprise as is defined in the said Act. As the Company did not receive any communication from its suppliers informing their coverage as such enterprise, it is considered that none of them are covered as such enterprise under the said Act.

f. Depreciation on Plant & Machinery and Electrical Installation does not include an amount of Rs.67,37,828/- not provided for in previous years, when the factory was not in operation.

g. Remuneration to Auditors : Audit Fees : 33,090 Tax Audit 5,515 Others : 44,120 82,721

h. No provision for Income tax (Current) has been made in the absence of taxable income for the year.

i. The Accounting Standard 22, Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India has become applicable to the Company from 01-04-2001 and to comply with the same the Company reviewed its Deferred Tax Assets and Liabilities. The timing differences mainly arising on account of Un-absorbed Business Loss and Depreciation relating to earlier years have given rise to net Deferred Tax Asset as on 31-03-2011 as well as for the year. As a prudent policy the said net Deferred Tax Asset has not been recognized in the Accounts.

j. The Company manufactures intermediates/finished weaning food for itself and for third parties which constitutes single business segment. Accordingly there are no business/ geographical segments to be reported under Accounting Standards (AS) 17 issued by the Institute of Chartered Accountants of India.

k. Related Party Disclosures as per Accounting Standard 18 issued by the Institute of Chartered Accountants of India :

1) Relationship

(a) Holding Company:

M/s. V.S.Dempo Holdings Pvt. Ltd.

(b) Fellow Subsidiary:

M/s. Marmagoa Shipping & Stevedoring Company Pvt. Ltd. M/s. Dempo Industries Pvt. Ltd. M/s. Dempo Travels Pvt. Ltd.


Mar 31, 2010

1. Contingent Liabilities :

Bank Guarantees issued by bankers on behalf of the Company Rs.3,35,000/- (Previous Year- Rs. 3,35,000).

2. Other Notes:

a. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs. 8 lacs (previous year Rs. 2 lacs).

b. Loan from Holding Company is secured by charge on Fixed Assets of the Company.

c. Cash Credit Rs. 20 Lacs from Bank of Maharashtra is secured by hypothecation of stock and book debts.

Cash Credit of Rs. 50 Lacs from Bank of Maharashtra is secured by pledge of fixed deposits of Holding Company.

d. Deposit with Banks includes Rs.2,48,789/- under lien towards guarantees given on behalf of the Company (Previous Year Rs.2,48,789/-).

e. To comply with the requirement of the Micro , Small and Medium Enterprises Development Act 2006, which became effective from 2nd October, 2006, the Company requested its suppliers to confirm whether they are covered as Micro, Small or Medium enterprise as is defined in the said Act. As the Company did not receive any communication from its suppliers informing their coverage as such enterprise, it is considered that none of them are covered as such enterprise under the said Act.

f. Depreciation on Plant & Machinery and Electrical Installation does not include an amount of Rs.67,37,828/- not provided for in previous years, when the factory was not in operation.

g. Remuneration to Auditors :

Audit Fees : 22,060

Tax Audit : 5,515

Others : 33,090

60,665

h. No provision for Income tax (Current) has been made in the absence of taxable income for the year.

i. The Accounting Standard 22, Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India has become applicable to the Company from 01-04-2001 and to comply with the same the Company reviewed its Deferred Tax Assets and Liabilities. The timing differences mainly arising on account of Un-absorbed Business Loss and Depreciation relating to earlier years have given rise to net Deferred Tax Asset as on 31-03-2009 as well as for the year. As a prudent policy the said net Deferred Tax Asset has not been recognized in the Accounts.

j. The Company manufactures intermediates/finished weaning food for itself and for third parties which constitutes single business segment. Accordingly there are no business/geographical segments to be reported under Accounting Standards (AS) 17 issued by the Institute of Chartered Accountants of India.

k. Related Party Disclosures as per Accounting Standard 18 issued by the Institute of Chartered Accountants of India : 1) Relationship

(a) Holding Company:

M/s. Esmeralda Investments Pvt. Ltd

(b) Fellow Subsidiary:

M/s. Marmagoa Shipping & Stevedoring Company Pvt. Ltd. M/s. Dempo Industries Pvt. Ltd. M/s. Dempo Travels Pvt. Ltd.

 
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