Mar 31, 2015
Note 1. CONTIGENT LIABILITIES NOT PROVIDED IN THE ACCOUNTS
i. Bank Guarantee in respect of Government Supplies 2.44 0.00
Note 2. Cash and cash equivalent:
Cash and Cash Equivalents for the purpose of cash flow statement comprise cash on hand and cash at bank including fixed deposit with original maturity period of three months or less and short term highly liquid investments with an original maturity of three months or less.
Note 3. Previous year's figures have been regrouped and rearranged wherever necessary to make them comparable with current year's figures.
Mar 31, 2014
Mar 31, 2012
A. Defined Benefit Plans:
Gratuity and Leave Encashment for Employees at Head Office (Mumbai) and Gratuity for Employees at Plant (Sihor)
The company has made an arrangement with LIC of India in respect of the above liabilities payable to employees at the time of their retirement or otherwise. The present value of obligation is determined on Actuarial Valuation carried out by an independent certified Actuary by using the Proj ect Unit Credit Method (PUCM). In the year 2008- 09, the AS-15 had become mandatory for the Company, accordingly in following AS-15, the Company had recognized liability in respect of Gratuity and Leave Encashment (including past liabilities) based on Actuarial Valuation carried out by an independent Actuary. In the year 2009-10 and 2010-11, liabilities in respect of above two payments were recognized in accounts based on value determined by LIC of India. However, for the year 2011- 12, liabilities in respect of above payments are recognized in the accounts based on Actuarial Valuation carried out by independent Actuary. Since the parameters adopted while determining the liabilities by LIC of India for the year 2010-11 are not comparable with the parameters adopted by the Actuary for the year 2011-12, comparative figures for the year 2010-11 are not provided.
Leave Encashment for employees at Plant:
Provision for Leave Encashment payable to employees (at plant) at the time of their retirement or otherwise is estimated based on present salary drawn by the employees as on the date of Balance Sheet and accordingly provisions are made in the accounts. Provision for the current year is Rs 1,23,989/- (Rs 3,44,828/- for the F.Y. 31st March, 2011).
Mar 31, 2010
1. The liability for excise duty on finished goods lying in stock at the close of the year estimated at Rs.3.15 lacs (as at 31st March 2009 Rs. 6.99 lacs) has not been provided for in the Accounts and hence not included in the valuation of inventory of such products. However, the said liability, if accounted, would have no impact on profit forthe year.
2. Related party disclosure: As per accounting standard AS-18 issued by the Institute of Chartered Accountants of India: Promoters: 1 .Shri Uttam N.Bhuta 2. Bhuta Holdings Pvt. Ltd. Enterprises under common control of promoters: Bhuta Holdings Pvt. Ltd.
Key management personnel: I.ShriUttamN.Bhuta 2.ShriAshishU.Bhuta.
The companys related party balances and transactions are as follows:
i. Shri Uttam N.Bhuta, chairman and managing director-remuneration paid Rs.23.76 lacs and dividend paid Rs. 5.23 lacs.
ii. Ashish U.Bhuta, whole time director (son of Shri Uttam N. Bhuta, CMD)- remuneration paid Rs.28.22 lacs and dividend paid Rs. 3.29 lacs. iii. Bhuta Holdings Pvt. Ltd-Rent paid Rs.24 lacs, and Total Security Deposit Rs.45 lacs and Dividend paid Rs. 9.36 lacs.
3. Taxation:Tax expenses comprise of current and differed taxes. Current income tax are measured at the amount expected to be paid to the tax authorities in accordance with the indian income tax act.
4. Contingent liabilities: Foreign bills discounted Rs.28.85 lacs.
5. Earnings per share:
The company has reported basic earnings per share of Rs. 8.13 in accordance with AS-20, "Earnings Per Share". The basic earning per equity share has been computed by dividing the profit aftertax by number of equity shares.
6. In the opinion of the board of directors, all the current assets, loans and advances have value on realisation at least of an amount equal to the amount at which they are stated in the balance sheet.
7. Previous years figures have been regrouped and rearranged wherever necessary.