Home  »  Company  »  Indian Sucrose L  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Indian Sucrose Ltd.

Mar 31, 2015

1. The figures have been rounded off to the nearest rupee.

2. The previous year's figures have been regrouped and re- classified, wherever necessary, to make them comparable.

3. The previous year figures in the financial statements are not comparable against the current year figures since the previous year statements have been prepared for the 6 months period ending 31.03.2014 as against the Current year statements which has been prepared for the 12 month period ended 31.03.2015.

4. All the current assets, loans and advances in the opinion of the Board, have a value on realization, which in the ordinary course of business shall at least be equal to the amount at which it is stated in the Balance Sheet.

5. Balances of sundry debtors, creditors and advances are subject to confirmation /reconciliation. The management does not expect any material discrepancy affecting the current year financial results.

6. Registrations in respect of part of Land & Building appearing under fixed assets schedule is pending amounting to Rs. 21,62,50,000/-.

7. The company has entered into PPA agreement with Punjab State Power Corporation Limited for supply of power. As per the terms of the agreement, PSPCL has raised dues of Rs. 2,89,57,333/- towards defaulting amount, (Shown as Recoverable from Mukerian Paper Limited)

In view of the above, PPA agreement, the company is of the opinion that no further dues will be payable to Punjab State Power Corporation Limited on any earlier account.

8.. Contingent Liability in respect of:

i) Sale Tax demand of Rs. 11,19,000/- (Previous year 11,19,000/-), no provision is made against such liability as management has been advised that full relief may be given at appellate level.

ii) A liability of Rs 92,95,485/- was raised by the Sales Ta x Department towards purchase tax for the years 1999-2000 to 2003-2004.

For F/Y 2004-05 and from F/Y 2006-07 onwards with the introduction of VAT, company do not foresee any such liability. However, if such liability still arises it will be to the tune of Rs. 14,63,50,054/- for the financial year 2004-05 and from 2006-07 to 2013-14.

- Sale Tax demand of Rs. 5,67,489/- pertaining to financial 1997- 98.

iii) The company has deposited Rs.1,49,50,000/- under protest with sales Tax Department as stated at sr no ii (above) and 100% demand of 29,21,600/-(under protest) towards PSECL raised by Electricity Board in respect of Service Charges.

iv) Company has given corporate guarantee of Rs.13.69 Crore to State Bank of India in respect of loan taken by Co's Associate concern Rangar Breweries Ltd.

v) The company has given third party guarantee to the banks to the tune of Rs 103.00 crores outstanding as on 31.03.2015 towards loan to farmers under Tri-party Agrrement.

36. The Company has distributed Agro inputs valuing Rs 4,35,47,208/- (previous year Rs 66,55,222/-) for the development of sugarcane's cultivation in its reserved zone at subsidized price of Rs 3,78,53,536/- (Previous year Rs 58,65,974/- ). The net difference of Rs 56,93,672/- (Previous year Rs 7,89,247/-) has been included under the Cane development expenses and accordingly charged to Profit & Loss Account.

9. In accordance with the Accounting Standard AS –28 'Impairment of Assets' issued by by The Institute of Chartered Accountants of India, the company has carried out an exercise to ascertain the impairment, if any, in the company value of its fixed assets. However, no such case found.

10. As per the Accounting Standard (AS) 17 on Segment Reporting issued by The Institute of Chartered Accountants of India, presently there is only one reportable segment i.e. sugar.

11. Sundry Debtor includes a sum of Rs Nil (previous year Rs. 3,09,76,686/-) due from a associates Company.

12. Pursuant to Accounting Standard (AS)-15 (Revised 2005) "Employee Benefits", the disclosure of employees benefits are given below :- I) Defined Contribution Plan and amount recognized in (Rs.)

Profit and Loss Account

- Employer's Contribution to provident fund 37,74,451/- II) Defined Benefit Plan

- Employee benefits in respect of Gratuity and Leave Encashment are based on Actuarial Valuation as on 31st March 2015. The details are given below:-

13. The company is in process of identifying its suppliers as Micro, Small and Medium Enterprises as defined under the "Micro, Small and Medium Enterprises Development Act 2006". However the company has not received any intimation/communication from their suppliers regarding applicability of this act to them. Therefore no such disclosure under the said act has been furnished.

14. Legal & Professional charges include Rs.1.20 Crore paid on account of professional consultancy in relation to pending purchase tax case.

15. Financial Statements shows that Amount Recoverable From Oswal Papers & Allied Industries Rs. 4986104/- but no suit filed against the Company and Company is also in Liquidation.

16. Total TDS default of Rs. 1890750/- includes Current Year Default of Rs. 134914/- i.e. 129131/- for Short Deduction and 5783/- on account of Interest on Deduction Default u/s 201.


Mar 31, 2014

1. The figures have been rounded off to the nearest rupee.

2. The previous year''s figures have been regrouped and re-classified, wherever necessary, to make them comparable.

3. The previous year figures in the financial statements are not comparable against the current year figures since the current year statements have been prepared for the 6 months period ending 31.03.2014 as against the previous year statements which has been prepared for the 12 month period ended 30.09.2013.

4. All the current assets, loans and advances in the opinion of the Board, have a value on realization, which in the ordinary course of business shall at least be equal to the amount at which it is stated in the Balance Sheet.

5. Balances of sundry debtors, creditors and advances are subject to confirmation /reconciliation. The management does not expect any material discrepancy affecting the current year financial results.

6. Registrations in respect of part of Land & Building appearing under fixed assets schedule is pending.

7. The company has entered into PPA agreement with Punjab State Power Corporation Limited for supply of power. As per the terms of the agreement, PSPCL has raised dues of Rs.2,89,57,333/- towards defaulting amount, (Shown as Recoverable from Mukerian Paper Limited)

In view of the above PPA agreement, the company is of the opinion that no further dues will be payable to Punjab State Power Corporation Limited on any earlier account.

8. Contingent Liability in respect of:

i) Sale Tax demand of Rs.11,19,000/- ( Previous year 11,19,000/- ), no provision is made against such liability as management has been advised that full relief may be given at appellate level.

ii) A liability of Rs.1,19,63485/- was raised by the Sales Tax Department towards purchase tax for the years 1999-2000 to 2003-2004.

For F/Y 2004-05 and from F/y 2006-07 onwards with the introduction of VAT, company do not foresee any such liability. However, if such liability still arises it will be to the tune of Rs.16,43,07,575/- for the financial year 2004-05and from 2006-07 to 2013-14.

- Sale Tax demand of Rs.5,67,489/- pertaining to financial 1997-98.

iii) Bank guarantee against principal amount of Sugarcane Development Fund Rs.NIL (Previous year Rs.3,60,00,000/).

iv) The company has deposited Rs.2,00,000/- under protest is pending with CESTAT, New Delhi. Demand raised by department Rs.13,72,569/-

9. The Company has distributed Agro inputs valuing Rs.66,55,222/- (previous year Rs.2,25,83,307/-) for the development of sugarcane''s cultivation in its reserved zone at subsidized price of Rs.58,65,975/- (Previous year Rs.1,85,04,054/- ). The net difference of Rs.789,247/- (Previous year Rs.40,79,253/-) has been included under the Cane development expenses and accordingly charged to Profit & Loss Account.

10. In accordance with the Accounting Standard AS -28 ''Impairment of Assets'' issued by by The Institute of Chartered Accountants of India, the company has carried out an exercise to ascertain the impairment, if any, in the company value of its fixed assets. However, no such case found.

11. Current Liabilities also includes Rs.28,91,57,202/- (Previous year Rs.51,73,64,265/-) against amount pending to be disbursed to farmers, being Net of Rs.113,71,90,656/- being loan to farmer from Schedule Banks under scheme for loan to farmers against Sugar Cane Receivables wherein the Company is acting as ''Managing Agent /Facilitator''.

12. As per the Accounting Standard (AS) - 17 on Segment Reporting issued by The Institute of Chartered Accountants of India, presently there is only one reportable segment i.e. sugar.

13. Prior period item (net) amounting to Rs.22,67,708/- (previous year Rs.3,15,733/-) include:-

14. Sundry Debtor includes a sum of Rs.3,09,76,686/- (previous year Rs.96,77,686/-) due from a associates Company.

15. Pursuant to Accounting Standard (AS)-15 (Revised 2005) "Employee Benefits", the disclosure of employees benefits are given below :-

I) Defined Contribution Plan and amount recognized in (Rs.) Profit and Loss Account

- Employer''s Contribution to provident fund 19,76,774/-

II) Defined Benefit Plan

-Employee benefits in respect of Gratuity and Leave Encashment are based on Actuarial Valuation as on 31st March 2014. The details are given below:-

16. The company is in process of identifying its suppliers as Micro, Small and Medium Enterprises as defined under the "Micro, Small and Medium Enterprises Development Act 2006". However the company has not received any intimation/communication from their suppliers regarding applicability of this act to them. Therefore no such disclosure under the said act has been furnished.

17. Legal & Professional charges include Rs.0.83 Crore paid on account of professional consultancy in relation to pending purchase tax case (pending at Supreme Court).

18. Related Party Disclosures

a) Detail relating to related party Parties where control exists Yadu Resorts (India) Limited

b) Other related parties where transaction have taken place during the year

i) Subsidiary Company :- NIL

ii) Associates Company :- Rangar Breweries Limited

c) Key Management Personnel

Sh. Dharampal Singh Non-Executive Director

Sh. Kunal Yadav Chairman & Managing Director

Sh. Jitender Singh Non-Executive Director

d) Relative of Key Management Personnel : NIL

e) Enterprise significantly influenced by Directors and /or their relatives Cosmos Industries Ltd.

Yadu Sugar Limited

Scorpion New Communication Pvt. Ltd.

Scorpion Media Pvt. Ltd.

Top-Images Estates Pvt. Ltd.


Sep 30, 2013

1. The fgures have been rounded off to the nearest rupee.

2. The previous year''s fgures have been regrouped and re-classifed, wherever necessary, to make them comparable.

3. The previous year fgures in the fnancial statements are not comparable against the current year fgures since the current year statements have been prepared for the 12 months period ending 30.09.2013 as against the previous year statements which has been prepared for the 18 month period ended 30.09.2012.

4. All the current assets, loans and advances in the opinion of the Board, have a value on realization, which in the ordinary course of business shall at least be equal to the amount at which it is stated in the Balance Sheet.

5. Balances of certain sundry debtors, creditors and advances are subject to confrmation /reconciliation. The management does not expect any material discrepancy affecting the current year fnancial results.

6. Registrations in respect of part of Land & Building appearing under fxed assets note, is pending.

7. The company has entered into PPA agreement with Punjab State Power Corporation Limited (PSPCL) for supply of power. As per the said agreement, PSPCL has raised dues of:- 2,89,57,333 towards defaulting amount, (Shown as Recoverable from Mukerian Paper Limited in current fnancial statements) - 49,23,000/- towards Cost of bay, (Capitalised and shown under Fixed Asset) - 2,24,74,582/- towards Cost of transmission line (Capitalised and shown under Fixed Asset)

In view of the above PPA agreement, the company is of the opinion that no further dues will be payable to Punjab State Power Corporation Limited on any earlier account.

In light of the above agreement and in the absence of any confrmation of the security deposit of - 28,54,233/- appearing in our books of accounts with Punjab State Electricity Board, the same has been written off.

8. Contingent Liability in respect of:

i) Sales tax demand of -11,19,000 (Previous year 11,19,000), no provision is made against such liability as management has been advised that full relief may be given at appellate level.

ii) - A liability of - 1,19,63,485/- was raised by the Sales Tax Department towards purchase tax for the years 1999-2000 to 2003-2004.

For FY 2004-05 and from F/y 2006-07 onwards with the introduction of VAT, company do not foresee any such liability. However, if such liability still arises it will be to the tune of -12,64,36,638/- for the fnancial year 2004-05 and from 2006-07 to 2012-13.

- Sale Tax demand of Rs. 5,67,489/- pertaining to fnancial year 1997-98.

iii) Bank guarantee against principal amount of Sugarcane Development Fund -3,60,00,000/- (Previous year -2,00,00,000/-).

iv) The company has deposited -8,00,000/- under protest under the order of H''ble High Court Chandigarh towards Service Tax, at present the appeal is pending with the CESTAT, Chandigarh.

9. The company had acquired Mukerian paper mill from ARCIL.in an auction which was challenged by the defaulting party. The Punjab and Haryana High Court has decided the said case in favor of the company. However, it is pending at the supreme court level.

10. Provident fund which were pending at appellate level have been settled at 5,84,200/- The same have been charged to fnancial statements.

11. The Company has distributed Agro inputs valuing - 2,25,83,307/-(previous year - 3,09,46,450/-) for the development of sugarcane''s cultivation in its reserved zone at subsidized price of - 1,85,04,054/-(Previous year - 2,65,62,905/-). The net difference of - 40,79,253/-(Previous year - 43,83,545/-) has been included under the Cane development expenses and accordingly charged to Proft & Loss Account.

12. In accordance with the Accounting Standard AS –28 ''Impairment of Assets'' issued by by The Institute of Chartered Accountants of India, the company has carried out an exercise to ascertain the impairment, if any, in the company value of its fxed assets. However, no such case found.

13. Current Liabilities also includes -51,73,64,265/- (Previous year -86,01,08,820/- ) being Net of -56,43,25,235/- being loan to farmer from Schedule Banks under scheme for loan to farmers against Sugar Cane Receivables wherein the Company is acting as ''Managing Agent /Facilitator''.

14. As per the Accounting Standard (AS) – 17 on Segment Reporting issued by The Institute of Chartered Accountants of India, presently there is only one reportable segment i.e. sugar.

15. Sundry Debtor includes a sum of -3,96,77,686/- ( previous year -5,37,07,686/- ) due from a associate Company.

16. The company is in process of identifying its suppliers as Micro, Small and Medium Enterprises as defned under the "Micro, Small and Medium Enterprises Development Act 2006". However the company has not received any intimation/communication from their suppliers regarding applicability of this act to them. Therefore no such disclosure under the said act has been furnished.

17. RELATED PARTY DISCLOSURES

In accordance with the requirements of Accounting Standard (AS) -18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the names of the related parties where control exists and with whom transactions have taken place during the period and description of relationship as identifed and certifed by the management are:


Sep 30, 2012

1. The fgures have been rounded off to the nearest rupee.

2. The previous year''s fgures have been regrouped and re-classifed, where ever Necessary, Since the current period consist of 18 months therefore, the fgures of previous year being 12 months are not comparable.

3. All the current assets, loans and advances in the opinion of the Board, have a value on realization, which in the ordinary course of business shall at least be equal to the amount at which it is stated in the Balance Sheet.

4. Balances of certain sundry debtors, creditors and advances are subject to Confrmation /reconciliation. The management does not expect any material discrepancy affecting the current year fnancial results.

5. During the year the company has extended the period of Balancesheet to se

6. Other income includes NIL (Previous year Rs.59.20 Lakhs) as income against Levy sugar rate difference and Rs. 1 Crore has been considered as income on account of penalty charged against cancellation of agreement. and Rs. 24.20 Lakhs has also been shown as income on account of commission.

7. Part of Land & Building appearing under fxed assets schedule, registration if applicable is pending.

8. Contingent Liability in respect of:

i) The Punjab State electricity board has created various demands in fnancial years ended on 31.03.1998 & 31.3.1999 aggregating to Rs.18.29 Lakhs ( previous year Rs.18.29 Lakhs) against which company has paid Rs.8.09 Lakhs under protest in earlier year, this amount of Rs.8.09 Lakhs has already been written off in the earlier year and balance amount Rs.10.20 Lakhs, in the opinion of the company is not payable.

ii) Sales tax demand of Rs.11.19 lakhs (previous year Rs.12.12 lakhs) no provision is made against such liability as management has been advised that full relief may be given at the appellate level.

iii) A liability of Rs.119.63 lakhs was raised by the Sales Tax Department towards purchase tax for the years 1999-2000 to 2003-2004. Similarly on the same basis, there may arise purchase tax liability of Rs.41.48 Lakhs for the years 2004-2005. As regards the fnancial year 2005-06 for which vat liabilities to the extent of Rs.179.19 Lakhs since been waived by the Sales Tax Authority. From F/y 2006-07 onwards with the introduction of VAT and favourable decisions in like cases by the Hon''ble courts, company do not foresee any such liability. However, if such liability still arises it will be to the tune of Rs. 1167.13 Lakhs for the fnancial year 2006-07 to 2011-12.

iv) Bank guarantee against principal amount of Sugarcane Development Fund 360.00 Lakhs (Previous year 200.00 Lakhs)

v) The company has deposited Rs. 8.00 Lakhs under protest under the order of H''ble High Court Chandigarh towards Service Tax, at present the appeal is pending with the Chief Commissioner Excise, Chandigarh.

vi) Provident fund dues of Rs. 14.36 Lakhs, pending at appellate level.

vii) Preference Dividend payable on cumulative Redeemable

Preference Shares of Rs. 75,25,000/- ( previous year 12,25,000/-)

9. Loans and Advances include Rs.28.54 Lakhs as security deposit with Punjab State Electricity Board for which in the opinion the company is refundable but the same is still pending.

10. The Company has distributed Agro inputs valuing Rs.309.46 Lakhs (previous year Rs.381.48 Lakhs) for the development of sugarcane‘s cultivation in its reserved zone at subsidized price of Rs.265.62 Lakhs (Previous year Rs.370.77 Lakhs ) The net difference of Rs.43.84 Lakhs (Previous year Rs.10.71 Lakhs) has been included under the Cane development expenses and accordingly charged to Proft & Loss Account.

11. Consequent upon AS –28 Impairment of Assets being mandatory by the Institute of Chartered Accountants of India, the company has carried out an exercise to ascertain the impairment, if any, in the company value of its fxed assets. However, no such case found.

12. Current Liabilities also includes Rs. 8324 Lakhs ( Previous year Rs. 4153 Lakhs ) being Net of Rs. 2782 lakh being loan to farmer from Schedule Banks under scheme for loan to farmers against Sugar Cane Receivables wherein the Company is acting as ‘Managing Agent /Facilitator''.

13. The business activity of the company falls within a single primary business segment viz sugar and basically sale of the product is within the country.

14. Prior period item (net) amounting to Rs.125410/- (previous year Rs.20000/- ) include:-

15. During the fnancial year 2007-08, the company has availed a Term Loan of Rs.1349 Lakhs for the payment of cane dues for the season 2006-07 and 2007-08 as per scheme for Extending fnancial assistance to Sugar Industries. A sum of NIL (Previous year Rs. 33.48 Lakhs ) on account of Interest on the aforesaid loan is pending for reimbursment by the Central Government as per scheme.

16. Short term loan & advances included amount Rs. 21,31,50,000 returnable against sale of assets.

17. Sundry Debtor includes a sum of Rs. 537.08 Lakhs ( previous year Rs.664.30 Lakhs ) due from a subsidiary Company.

18. Pursuant to Accounting Standard (AS)-15 ( Revised 2005) "Employee Benefts", the disclosure of employees benefts are given below :-

I) Defned Contribution Plan and amount recognized in Proft and Loss Account

II) Defned Beneft Plan

-Employee benefts in respect of Gratuity and Leave

Encashment are based on Actuarial Valuation as on 30th September 2012. The details are given below :

19. The company is in process of identifying its suppliers as Micro, Small and Medium Enterprises as defned under the " Micro, Small and Medium Enterprises Development Act 2006". However the company has not received any intimation/communication from their suppliers regarding applicability of this act to them. Therefore no such disclosure under the said act has been furnished.

20. RELATED PARTY DISCLOSURES

a) Detail relating to related party

Parties where control exists Yadu Resorts (India) Limited

b) Other related parties where transaction have taken place during the year

i) Subsidiary Company :- Rangar Breweries Limited

ii) Associates Company :- Nil

iii) Key Management Personnel

Mr Dharam Pal Singh Chairman

Mr Kunal Yadav Managing Director

iv) Relative of Key Management Personnel

v) Enterprise signifcantly infuenced by Directors and /or their relatives Cosmos Induestries Ltd.

21. During the year ended 31st March, 2012, the revised format of accounts was notifed by revised Schedule VI under the Companies Act, 1956. The new format has been followed for preparation and presentation of the fnancial statements. The adoption of revised Schedule VI, as aforesaid do not impact recognition and measurement principles followed for preparation of the fnancial statements. The Company has reclassifed the previous year''s fgures in accordance with the requirements applicable in the current year.


Mar 31, 2010

1. The figures have been rounded off to the nearest rupee.

2. The previous years figures have been regrouped and re- classified, where ever necessary, to make them comparable.

3. All the current assets, loans and advances in the opinion of the Board, have a value on realization, which in the ordinary course of business shall at least be equal to the amount at which it is stated in the Balance Sheet.

4. Balances of certain sundry debtors, creditors and advances are subject to confirmation/reconciliation. The management does not expect any material discrepancy affecting the current year financial results.

5. Other income appearing under Schedule 13 includes Rs. 102.04 Lakhs against encashment of performance bank guarantee from supplier. as a penalty clause in the contract.

6. Part of Land & Building appearing under fixed assets schedule, registration if applicable is pending.

7. Contingent Liability in respect of:

i) The Punjab State electricity board has created various demands in financial years ended on 31.03.1998 & 31.3.1999 aggregating to Rs 18.29 Lakhs ( previous year Rs 18.29 Lakhs) against which company has paid Rs 8.09 Lakhs under protest in earlier year, this amount of Rs 8.09 Lakhs has already been written off in the earlier year and balance amount Rs.10.20 Lakhs, in the opinion of the company is not payable.

ii) Sales tax demand of Rs 12.12 lakhs (previous year Rs 12.12 lakhs) no provision is made against such liability as management has been advised that full relief may be given at the appellate level.

iii) A liability of Rs 119.63 lakhs was raised by the Sales Ta x Department towards purchase tax for the years 1999-2000 to 2003-2004. Similarly on the same basis, there may arise purchase tax liability of Rs 41.48 Lakhs for the years 2004- 2005. As regards the financial year 2005-06 for which vat liabilities to the extent of Rs. 179.19 Lakhs since been waived by the Sales Tax Authority. From F/y 2006-07 onwards with the introduction of VAT and favourable decisions in like cases by the Honble courts, company do not foresee any such liability. However, if such liability still arises it will be to the tune of Rs. 680.68 Lakhs for the financial year 2006-07 to 2009-10.

iv) Bank guarantee against principal amount of Sugarcane Development Fund 160.00 Lakhs ( Previous year NIL)

v) The company has deposited Rs. 8.00 Lakhs under protest under the order of Hble High Court Chandigarh towards Service Tax, at present the appeal is pending with the Chief Commissioner Excise, Chandigarh.

vi) Provident fund dues of Rs. 14.36 Lakhs, pending at appellate level.

8. Loans and Advances include Rs 28.54 Lakhs as security deposit with Punjab State Electricity Board for which in the opinion the company is refundable but the same is still pending.

9. The Company has distributed Agro inputs valuing Rs 128.31 lakhs (previous year Rs 153.77 lakhs for the development of sugarcanes cultivation in its reserved zone at subsidized price of Rs 99.13 lakhs (Previous year Rs 107.77 lakhs ) The net difference of Rs 29.18 lakhs (Previous year Rs 46.00 lakhs) has been included under the Cane development expenses and accordingly charged to Profit & Loss Account.

10. Consequent upon AS -28 Impairment of Assets being mandatory by the Institute of Chartered Accountants of India, the company has carried out an exercise to ascertain the impairment, if any, in the company value of its fixed assets. However, no such case found.

11. Current Liabilities also includes Rs. 5039.84 Lakhs ( Previous year Rs. 2499.00 lakhs ) from Punjab National Bank under scheme for loan to farmers against Sugar Cane Receivables wherein the Company is acting as Managing Agent /Facilitator.

12 . The business activity of the company falls within a single primary business segment viz sugar and basically sale of the product is within the country.

13. During the financial year 2007-08, the company has availed a Term Loan of Rs 1349 lakhs for the payment of cane dues for the season 2006-07 and 2007-08 as per scheme for Extending financial assistance to Sugar Industries. A sum of Rs. 180.38 lakhs on account of Interest on the aforesaid loan has to be reimbursed by the Central Government as per scheme. Pending reimbursement of the said amount , the same has been included in Advance Recoverable in cash or kind in Schedule 11.

14. Advance Recoverable in cash or kind appearing under schedule 11 for Loans & Advances includes an amount aggregating Rs.2121.00 lakhs (Previous year 1034.00 lakhs) paid towards purchase of Assets of a company, where the Managing Director of the company is interested as a Director.

15. Sundry Debtor includes a sum of Rs. 746.72 Lakhs ( previous year Rs. 612.94 Lakhs) due from a subsidiary Company.

16. The company has received share application money of Rs.700 lakhs towards the issue of 700000, 6% cumulative preference share having face value of Rs.100/- each which will be convertible into equity share of Rs.10/- each at a premium of Rs.4/- each at any time after the expiry of 12 months but not later than 60 month from the date of their issue, subject to the approval of the shareholders meeting of the company.

17. Pursuant to Accounting Standard (AS)-15 (Revised 2005) "Employee Benefits", the disclosure of employees benefits are given below :-

I) Defined Contribution Plan and amount recognized in (Rs. in lakhs)

Profit and Loss Account

- Employers Contribution to provident fund 31.79

18. The company is in process of identifying its suppliers as Micro, Small and Medium Enterprises as defined under the " Micro, Small and Medium Enterprises Development Act 2006". However the company has not received any intimation/ communication from their suppliers regarding applicability of this act to them. Therefore no such disclosure under the said act has been furnished.

19. RELATED PARTY DISCLOSURES

a) Detail relating to related party Parties where control exists Yadu Resorts India Ltd.

b) Other related parties where transaction have taken place during the year

i) Subsidiary Company :- Ranger Breweries Limited

ii) Associates Company :- Nil

iii) Key Management Personnel

Mr D.P. Singh Chairman

Mr Deepak Yadav Managing Director

Mr Jitender Singh Director

Mr Pawan Dewan Director

Mr Kunal Singh Director

Mr.Sheoraj Ahlawat Director

iv) Relative of Key Management Personnel

Mrs Umlesh Yadav

v) Enterprise significantly influenced by Directors and /or their relatives

Cosmos Induestries Ltd.

Tirupati Sugars Ltd.


Mar 31, 2009

1. The figures have been rounded off to the nearest rupee.

2. The previous years figures have been regrouped and re- classified, where ever necessary, to make them comparable.

3. All the current assets, loans and advances in the opinion of the Board, have a value on realization, which in the ordinary course of business shall at least be equal to the amount at which it is stated in the Balance Sheet.

4. Balances of certain sundry debtors, creditors and advances are subject to confirmation/reconciliation. The management does not expect any material discrepancy affecting the current year financial results.

5. Contingent Liability in respect of:

i) The Punjab State electricity board has created various demands in financial years ended on 31.03.1998 & 31.3.1999 aggregating to Rs 18.29 Lakhs (previous year Rs 18.29 Lakhs) against which company has paid Rs 8.09 Lakhs under protest in earlier year, this amount of Rs 8.09 Lakhs has already been written off in the earlier year and balance amount Rs. 10.20 Lakhs, in the opinion of the company is not payable.

ii) Sales tax demand of Rs 12.12 lakhs ( previous year Rs 12.12 lakhs) no provision is made against such liability as management has been advised that full relief may be given at the appellate level.

iii) A liability of Rs 119.63 lakhs was raised by the Sales Tax Department towards purchase tax for the years 1999-2000 to 2003-2004. Similarly on the same basis, there may arise purchase tax liability of Rs 41.48 Lakhs for the years 2004- 2005. As regards the financial year 2005-06 onwards, with the introduction of VAT and favourable decisions in like cases by the honble courts, company do not forsee any such liability. However, if such liability still arises it will be to the tune of Rs. 754.54 lakhs for the financial year 2005-06 to 2008- 2009.

iv) Bank guarantee against principal amount of Sugarcane Development Fund NIL (Previous year Rs.108.81 lakhs)

6. Loans and Advances include Rs 28.54 lacs as security deposit with Punjab State Electricity Board for which in the opinion the company is refundable but the same is still pending.

7. The Company has distributed Agro inputs valuing Rs 153.77 lakhs (previous year Rs 98.45 lakhs for the development of sugarcanes cultivation in its reserved zone at subsidized price of Rs 138.59 lakhs (Previous year Rs 89.74 lakhs ) The net difference of Rs 15.18 lakhs (Previous year Rs 8.71 lakhs has been included under the Cane development expenses and accordingly charged to Profit & Loss Account.

8. Consequent upon AS -28 Impairment of Assets being mandatory by the Institute of Chartered Accountants of India, the company has carried out an exercise to ascertain the impairment, if any, in the company value of its fixed assets. However, no such case found.

9. Current Liabilities also includes Rs. 2499 Lakhs ( Previous year Rs. Nil ) from Punjab National Bank under scheme for loan to farmers against Sugar Cane Receivables wherein the Company is acting as Managing Agent /Facilitator and the amount Rs. 2499 Lakhs is lying in the Escrow Account as on 31st March 2009.

10. The business activity of the company falls within a single primary business segment viz sugar and basically sale of the product is within the country.

11. Prior period item (net) amounting to Rs. 728601/- (previous year Rs 60000 ) include:-

12. During the year ended 31 st March 2009 company has availed a Term Loan of Rs. 1349 lakhs for the payment of cane dues for the season 2006-07 and 2007-08 as per scheme for Extending financial assistance to Sugar Industries. A sum of Rs. 166.44 lakhs on account of Interest has been debited by the Bank to the Company to be reimbursed as per scheme. Pending reimbursement of the said amount from the Bank in accordance with the scheme, the same has been included in Advance Recoverable in cash or kind in Schedule 11.

13. Advance Recoverable in cash or kind appearing under schedule 11 for Loans & Advances includes an amount aggregating Rs. 1034 lacs paid as share application money on short term Investment as well as for advance towards purchase of Assets to a company, where the Managing Director of the company is interested as a Director.

14. Sundry Debtor includes a sum of Rs. 612.94 Lacs due from a subsidiary Company.

15. Pursuant to Accounting Standard (AS)-15 ( Revised 2005) "Employee Benefits", the disclosure of employees benefits are given below :-

I) Defined Contribution Plan and amount recognized in

(Rs. in lakhs)

Profit and Loss Account

- Employers Contribution to provident fund 30.71

16. The company is in process of identifying its suppliers as Micro, Small and Medium Enterprises as defined under the "Micro, Small and Medium Enterprises Development Act 2006". However the company has not received any intimation/ communication from their suppliers regarding applicability of this act to them. Therefore no such disclosure under the said act has been furnished.

17. RELATED PARTY DISCLOSURES

a) Detail relating to related party Parties where control exists Yadu Resorts Ltd

b) Other related parties where transaction have taken place during the year

i) Subsidiary Company: - Ranger Breweries Limited

ii) Associates Company: - Nil

iii) Key Management Personnel

Mr D.P. Singh Chairman

Mr Deepak Yadav Managing Director

Mr Jitender Singh Director

Mr Pawan Dewan Director

Mr Kunal Singh Director

Mr.Sheoraj Ahlawat Director

iv) Relative of Key Management Personnel

Mrs Umlesh Yadav

Mr. Kunal Singh

v) Enterprise significantly influenced by Directors and /or their relatives Nil

 
Subscribe now to get personal finance updates in your inbox!