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Notes to Accounts of KMG Milk Food Ltd.

Mar 31, 2015

1 RELATED PARTY DISCLOURES: -

Particulars of transactions with related party The following is a summary of significant related party transaction List of the Parties with whom transaction have taken place and relationship:

A Company under same management

1 KMG Non-Ferrous Metal P Ltd( Nature- Unsecured Loan) - -

2 Lease

Permission given on operative lease Building and Plant & Machinery

The total future minimum lease rental receivable at the balance sheet date is as under:-

3 Contigent liabilities 1

No provision has been made in the account for doubtful debts and advances. These all are considered by the management as recoverable.

The pending court cases against and for the company is as under:

A 2

In the matter of M/s Goel Agencies Pvt. Ltd/M/s Fair Deal Agencies, Ludhiana vs. Company/ Shri Basudev Garg/Smt. Mithlesh Garg for Rs.6, 00,528.15 – Ludhiana

3 In the matter of Semen Bank Officer/Haryana Live Stock Development Board, Pehowa, Harayana(Milk Cess) vs. Company of Rs 35,01,14,839/ –as interest 1,57,59,375/- as principal.

4 In the matter of Company vs Hitkari Industries Ltd in the Karkadoma Court for Rs.185000 123671/- Delhi. Company V/s Shree Ganesh Trading Co. Kurukshetra, Kurukshetra Court for Rs 128693 Interest

5

B Court Cases for Recovery U/S 138

6 In the matter of Company vs. Baldev Bhui in the Karkadoma Court for Rs.1, 30,000/- Delhi.

7 In the matter of Company vs. Prem Prakash in the Karkadoma Court for Rs.90,000 67,000/- Delhi.

4 Previous year figures are regroupped/rearrange wherever necessary to conform to this year's classification.


Mar 31, 2014

NOTE-1:SHARE CAPITAL

(b) Rights / preferences / restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders.In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

Note-2 : Other Long Term Liabilies

(a) No interest is paid / payable during the year to any enterprise registered under the MSME.

(b) The above information has been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under MSME.

3 RELATED PARTY DISCLOURES: -

Particulars of transactions with related party

The following is a summary of significant related party transaction

List of the Parties with whom transaction have taken place and relationship:

4 Lease

Permission given on operative lease Building and Plant & Machinery

5 Contigent liabilities

1 No provision has been made in the account for doubtful debts and advances. These all are considered by the management as recoverable.

A The pending court cases against and for the company is as under:

2 In the matter of M/ s Goel Agencies Pvt. Ltd/M/ s Fair Deal Agencies, Ludhiana vs. Company/ Shri Basudev Garg/Smt. Mithlesh Garg for Rs.6, 00,528.15 - Ludhiana

3 In the matter of Semen Bank Officer/Haryana Live Stock Development Board, Pehowa, Harayana(Milk Cess) vs. Company of Rs 26,04,15,499/ -as interest 1,57,59,375/- as principal.

4 In the matter of Company vs Hitkari Industries Ltd in the Karkadoma Court for Rs.123671/- Delhi.

5 Company V/s Shree Ganesh Trading Co. Kurukshetra, Kurukshetra Court for Rs 128693 Interest B Court Cases for Recovery

6 In the matter of Company vs. Baldev Bhui in the Karkadoma Court for Rs.1, 30,000/- Delhi.

7 In the matter of Company vs. Prem Prakash in the Karkadoma Court for Rs.90,000 67,000/- Delhi.

8 Company v/s Paradise Plastopack pvt ltd, Delhi, Pradeshik Cooperative diary Federation ltd, Lucknow,Gangol Sehkari Dugdh Utpadak Sangh ltd ( Meerut),and Herman Milk Food ltd,Pataila, in the Kurukhetra Court for Rs 275524 Interest

6 Previous year figures are regroupped/rearrange wherever necessary to conform to this year''s classification.

7 Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.


Mar 31, 2013

1 CONTIGENT LIABILITIES

1 No provision has been made in the account for doubtful debts and advances. These all are considered by the management as recoverable.

A The pending court cases against and for the company is as under:

2 In the matter of M/s Goel Agencies Pvt. Ltd/M/s Fair Deal Agencies, Ludhiana vs. Company/ Shri Basudev Garg/Smt. Mithlesh Garg for Rs.6, 00,528.15 – Ludhiana

3 In the matter of Semen Bank Officer/Haryana Live Stock Development Board, Pehowa, Harayana(Milk Cess) vs. Company of Rs 20,21,22,314/ –as interest.

4 In the matter of Company vs Hitkari Industries Ltd in the Karkadoma Court for Rs.123671/- Delhi.

B Court Cases for Recovery

5 In the matter of Company vs. Baldev Bhui in the Karkadoma Court for Rs.1, 30,000/- Delhi.

6 In the matter of Company vs. Prem Prakash in the Karkadoma Court for Rs.90,000 67,000/- Delhi.

2 Previous year figures are regroupped/rearrange wherever necessary to conform to this year''s classification.


Mar 31, 2012

(a) Rights/ preferences/ restrictions attached to equity shares

The company has only one class of equity shars having a par value of Rs. 10 per share Each holder of equity shares is entiltled to one vote per share.

Note : Debit balance of statement of profit and loss shall be shown as a negative figure under the head 'Surplus' Similarly, the balance of 'Reserves and Surplus', after adjusting negative balance of surplus, if any, shall be shown under the head 'Reserves and Surplus' even if the resulting figure is in the negative.

I DISCONTINUING OPERATIONS: -

The company has not discontinued operations during the Financial Year under review.

ii RELATED PARTY DISCLOURES: -

Particulars of transactions with related party

The following is a summary of significant related party transaction: -

iii CONTINGENT LIABILITIES

1. No provision has been made in the account for doubtful debts and advances. These all are considered by the management as recoverable.

2. The pending court cases against and for the company is as under:

A In the matter of M/s Goel Agencies Pvt. Ltd/M/s Fair Deal Agencies, Ludhiana vs. Company/ Shri Basudev Garg/ Smt. Mithlesh Garg for Rs.6, 00,528.15 - Ludhiana.

B In the matter of Semen Bank Officer/Haryana Live Stock Development Board, Pehowa, Harayana(Milk Cess) vs. Company for Rs.17,90,02,069/-(Including Interest of Rs 15,51,38,319/ - Chandigarh.

C In the matter of Company vs Hitkari Industries Ltd in the Karkadoma Court for Rs.1, 85, 000 123671/- Delhi.

D In the matter of Company vs. Paradise Plastopack Pvt ltd in the court of Kurukshetra, Haryana and Rohini, Delhi for Rs 2,75,524/-plus Interest.

Court Cases for Recovery

A In the matter of Company vs. Baldev Bhui in the Karkadoma Court for Rs.1, 30,000/- Delhi.

B In the matter of Company vs. Prem Prakash in the Karkadoma Court for Rs.90,000 67,000/- Delhi.

C In the matter of Company vs. Jindal Trading Co. in the Karkadoma Court for Rs.84000/- Delhi.

iV The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre- revised Schedule VI to the Companies Act,1956. Consequent to the notification under the Companies Act,1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.


Mar 31, 2011

1. The previous year's figures have been regrouped, rearranged wherever necessary.

2. Information required under schedule VI to the Companies Act, 1956 has been given only to the extent applicable.


Mar 31, 2010

1. RELATED PARTY DISCLOSURES: -

Particulars of transactions with related party The following is a summary of significant related party transaction: -

i) List of the Parties with whom transaction have taken place and relationship:

SI. No. Name of the Related Parties Relationship

Smt Mithlesh Garg Relative of the Director of the company

2. PARTICULARS OF MANAGERIAL REMUNERATION

No remuneration paid to managerial personnel during the financial year and Previous Year.

3. CONTINGENT LIABILITIES

A

1. No provision has been made in the account for doubtful debts and advances. These all are considered by the management as recoverable.

2. The pending court cases against and for the company is as under:

I. In the matter of State of Haryana/Company vs. Pawan Goel of siphoning of Rs.60/- Crores - Kururkshetra.

II. In the matter of State of Haryana/Company vs. Mohan Industries for Rs. 1, 50,000/- Kurukshetra,

III. In the matter of State of Haryana/Company vs. OM Bandar for Rs. 15, 00000/- Kurukshetra,

IV. In the matter of State of Haryana/Company vs. Sterling Agro Industries Ltd. for Rs. 12,00000/- Kurukshetra.

V. In the matter of M/s Haryana Agro Industries Corporation vs. Shri Basudev Grag/ Shri R.L.Gupta/Company for Rs. 12409123/- for buy of equity- Chandigarh.

VI. In the matter of M/s Goel Agencies Pvt. Ltd/M/s Fair Deal Agencies, Ludhiana vs. Company/ Shri Basudev Garg/Smt. Mithlesh Garg for Rs.6,00,528.15 -Ludhiana.

VII. In the matter of Semen Bank Officer/Haryana Live Stock Development Board, Pehowa, Harayana(Milk Cess) vs. Company for Rs.l0,97,59,975.25/ (Including Interest of Rs 8,80,23,100/- Chandigarh.

VIII. Company vs. Baldev Bhui in the Karkadoma Court for Rs.l, 30,000/- Delhi.

IX. Company vs. Prem Prakash in the Karkadoma Court for Rs.90, 000 67,000/- Delhi.

X. Company vs. Jindal Trading Co. in the Karkadoma Court for Rs.8400/- Delhi.

XI. Company vs Hitkari Industries Ltd in the Karkadoma Court for Rs.l, 85,000 123671/- Delhi.

XII. In the matter of M/s Parle Product Pvt. Ltd vs. Company in the District Bhuj Court for Rs.10,00,000/- Gujrat.

XIII. Company vs. Indian Feeds & Fodder in the Kamal Court for Rs 65000/- plus Interest, Kamal

XIV. Company vs. Paradise Plastopack Pvt ltd in the court of Kurukshetra, Haryana and Rohini, Delhi for Rs.2,75,524/-

3, The following Contingent Liabilities has been arisen in current year on account of Sale Tax. (a) In the matter of DETC, Kaithal vs Company for Rs.2,52,720/- Chandigarh Tribunal.

NOTES TO THE ACCOUNTS

1. The previous year's figures have been regrouped, rearranged wherever necessary.

2. Information required under schedule VI to the Companies Act, 3956 has been given only to the extent applicable.

 
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