Mar 31, 2015
2015 2014
Rs. Rs.
1. Contingent Liabilities not provided for:
(i) Claims for Sales Tax/Excise/Service tax
not accepted by the Company for which
appeals are pending. 3,51,30,458 3,14,50,973
(ii) Claims against the Company not
acknowledged as debts. 10,02,740 11,33,669
(iii) Export obligations not fulfilled
against EPCG licences. 86,58,000 1,92,73,000
(iv) Duty drawback claim granted and
later revoked.
(The Company has effected transfer
in financial year 12-13 of lease
hold rights) 7,04,000 7,04,000
(v) Capital Commitments on unexecuted
Contract. - 8,68,545
(vi) The Income Tax Assessments have been
completed upto the Assessment year 2013-14
and there is no demand raised by
Income tax Department.
2. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated, if realised in the ordinary
course of business. The provision for depreciation and all known
liabilities is adequate and not in excess of the amount reasonably
necessary. The financial statements indicate that the Company has
accumulated losses and the net worth has been fully eroded. The Company
has decided to focus on growth of sale in food products and has plans
to develop the presence and share in the food market and in view of the
projections in growth, the financial statements have been prepared on a
going concern basis.
3. The Company has received a notice of demand from Commercial tax
Department of Government of Karnataka of Rs. 1,91,24,546/- including
interest of Rs. 1,21,36,564/- on reversal of decision of the Karnataka
High Court by the Supreme Court of India. The Company has not made any
provision for the same as it will be approaching through the Karnataka
Photographic Association by representing before the Authorities for
relief.
4. The Companies Act, 2013 requires Companies to compute the
Depreciation based on useful lives of assets prescribed in schedule II
to the Companies Act, 2013. In current year the company has provided
for the depreciation considering the balance of useful lives of assets
as per the schedule II in terms of section 123 of the Companies Act,
2013. Accordingly the depreciation charged includes of Rs.
1,15,35,618/- due to revision in provisioning requirement as per
Companies Act 2013.
5. In respect of Fixed Assets the provision for Impairment loss has
been revised to Rs. 44,14,254/- (Previous year Rs. 61,48,923/-) on
existing Fixed Assets.
6. The Company has effected transfer of Lease Hold rights of the plot
obtained from GIDC and the sale of factory building built thereon.
However formal consent of GIDC is awaited.
7. The Company has continued the Gratuity Scheme of LIC and has made
provision for Gratuity, after considering the corpus with LIC under the
scheme, on actual ascertainment of liability.
8. The Company has unabsorbed depreciation and carried forward losses
etc available for set off under Income Tax Act 1961. However in view of
present uncertainty regarding generation of sufficient future taxable
income, Net Deferred Tax Asset in respect of related credit for the
year has not been recognised in the accounts on prudent basis.
9. The names of Micro, Small and Medium Enterprises to whom the company
owes sums exceeding Rs. 1 Lakh each and which are outstanding for more
than 30 days as at 31st March, 2015 are NIL as the vendors of the
company have not filed intimation about their recognition as "Supplier"
under the provisions of The Micro Small & Medium Enterprises Development
Act 2006.
10. The company operates mainly in food processing segment.
11. Related party relationships have been identified by the management
and relied upon by the auditors.
Transaction with Related Parties a) List of Related Parties
With whom transactions have taken place during the year
Associate Company
New Vision Imaging Private Limited
New Vision Printing Services Private Limited
La Costa Enterprises Private Limited
Cherish Specialties Limited
Key Management Personnel
A. Y Fazalbhoy
B. S. Sridhara
P. Padmanabhan
Mar 31, 2014
2014 2013
Rs. Rs.
1. Contingent Liabilities not provided for:
(i) Claims for Sales Tax/Excise/Service tax
not accepted by the Company for which
appeals are pending. 3,14,50,973 3,34,93,973
(ii) Claims against the Company not acknowledged
as debts. 11,33,669 11,33,669
(iii) Export obligations not fulfilled
against EPCG licences. 1,92,73,000 1,92,73,000
(iv) Duty drawback claim granted and
later revoked. 7,04,000 7,04,000
(v) Capital Commitments on unexecuted
Contract. 8,68,545 -
(vi) The Income Tax Assessments have been completed upto the Assessment
year 2010-11 and there is no demand raised by Income tax Department.
2. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated, if realised in the ordinary
course of business. The provision for depreciation and all known
liabilities is adequate and not in excess of the amount reasonably
necessary.
3. In respect of fixed assets the provision for impairment loss of Rs.
61,48,923/- on existing Fixed Assets.
The food processing factory was partially working in the past when
impairment provision was made in respect of all assets including food
processing factory.
During the current year the company has decided to focus on growth in
sale of food products and has taken steps to renovate the factory
building to get HACCP Certification which certifies maintenance of
hygiene and sanitation standards in production of food products.
Accordingly, the management has reviewed the realizable value of
factory building in use and have written back partially the impairment
loss of Rs. 1,11,83,700/-
4. The Company has effected transfer of Lease Hold rights of the plot
obtained from GIDC and the sale of factory building built thereon.
However formal consent of GIDC is awaited.
5. The Company has continued the Gratuity Scheme of LIC and has made
provision for Gratuity, after considering the corpus with LIC under the
scheme, on actual ascertainment of liability.
6. The Company has unabsorbed depreciation and carried forward losses
etc available for set off under Income Tax Act 1961. However in view of
present uncertainty regarding generation of sufficient future taxable
income, Net Deferred Tax Asset in respect of related credit for the
year has not been recognised in the accounts on prudent basis.
7. The names of Micro, Small and Medium Enterprises to whom the
company owes sums exceeding Rs. 1 Lakh each and which are outstanding
for more than 30 days as at 31st March, 2014 are NIL as the vendors of
the company have not filed intimation about their recognition as
"Supplier" under the provisions of The Micro Small & Medium Enterprises
Development Act 2006.
8 The company operates mainly in food processing segment.
9. Related party relationships have been identified by the management
and relied upon by the auditors.
10. Transaction with Related Parties
a) List of Related Parties
With whom transactions have taken place during the year
Associate Company
New Vision Imaging Private Limited
New Vision Printing Services Private Limited
La Costa Enterprises Private Limited
Cherish Specialties Limited
Performance Logistics (India) Private Limited
Key Management Personnel
A.Y. Fazalbhoy
B. S. Sridhara
11. Previous year''s figures have been regrouped where necessary.
Mar 31, 2013
2013 2012
Rs. Rs.
1. Contingent Liabilities not
provided for:
(i) Claims for Sales Tax/Excise/Service
tax not accepted by the Company
for which appeals are pending 3,34,93,973 4,69,81,313
(ii) Claims against the Company not
acknowledged as debts. 11,33,669 1,32,25,000
(iii) Export obligations not fulfilled
against EPCG licences. 1,92,73,000 1,92,73,000
(iv)Duty drawback claim granted
and later revoked. 7,04,000 7,04,000
(v) The Income Tax Assessments have been completed upto the Assessment
year 2010-11 and there is no demand raised by Income tax Department.
(vi)Penalty imposed by Commissioner - Customs & Central Excise, Goa, in
respect of CVD on bulk (semi-packed / semi-finished) films which were
imported by Phil Marketing Services Pvt. Ltd. and given to Company for
further packing and in respect of which excise duty has been paid by
the Company. Customs, Excise & Service Tax Tribunal, Western Region
have passed order in July, 2012 against - 1,70,46,000 the recovery of
the penalty.
2. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated, if realised in the ordinary
course of business. The provision for depreciation and all known
liabilities is adequate and not in excess of the amount reasonably
necessary.
3. In respect of fixed assets the provision for impairment loss of Rs.
27116958/- on existing fixed assets is continued. Further the
management has reviewed the realisable value of assets in use and are
of the opinion that no further provision for impairment of fixed assets
is considered necessary.
4. The Company has effected transfer of Lease Hold rights of the plot
obtained from GIDC and the sale of factory building built thereon.
However formal consent of GIDC is awaited.
5. Gratuity liability in respect of ex-employees and employees
transferred to Associate Companies is being paid directly by the
Company for which the necessary provision has been made in the Books of
Accounts.
6. The Company has unabsorbed depreciation and carried forward losses
etc available for set off under Income Tax Act 1961. However in view of
present uncertainty regarding generation of sufficient future taxable
income, Net Deferred Tax Asset in respect of related credit for the
year has not been recognised in the accounts on prudent basis.
7. The names of Micro, Small and Medium Enterprises to whom the
company owes sums exceeding Rs. 1 Lakh each and which are outstanding
for more than 30 days as at 31st March, 2013 are NIL as the vendors of
the company have not filed intimation about their recognition as
"Supplier" under the provisions of The Micro Small & Medium Enterprises
Development Act 2006.
8 The company operates mainly in food processing segment.
9. Previous year''s figures have been regrouped where necessary.
Mar 31, 2012
1. Contingent Liabilities not provided for:
(i) Claims for Sales Tax/Excise/Service tax
not accepted by the Company
for which appeals are pending 4,69,81,313 4,73,85,313
(ii) Claims against the Company not
acknowledged as debts. 1,32,25,000 1,32,25,000
(iii) Export obligations not fulfilled
against EPCG licences. 1,92,73,000 1,92,73,000
(iv)Duty draw back claim granted and
later revoked. 7,04,000 7,04,000
(v) The Income Tax Assessments have been
completed upto the Assessment year
2008-09 and there is no demand raised
by Income tax Department. - -
(vi) Penalty imposed by Commissioner-Customs &
Central Excise, Goa, in respect .
of CVD on bulk (semi-packed/semi-finished)
films which were imported by Phil .
Marketing Services Pvt. Ltd. and given to Company for further packing
And in 1,70,46,000 1,70,46,000 respect of which excise duty has been
paid by the Company. Customs, Excise & Service Tax Tribunal, Western
Region have granted stay against the recovery of the penalty.
2. In respect of fixed assets the provision for impairment loss of Rs.
5,18,82,172/- on existing fixed assets is continued. Further the
management has reviewed the realisable value of assets in use and are
of the opinion that no further provision for - impairment of fixed
assets is considered necessary.
3. Gratuity liability in respect of bx-employees and employees
transferred to Associate Companies is being paid directly by the
Company for which the necessary provision has been made in the Books of
Accounts.
4. The Company has unabsorbed depreciation and carried forward losses
etc available for set off under Income Tax Act 1961. However in view of
present uncertainty regarding generation of sufficient future taxable
income, Net Deferred Tax Asset in respect of related credit for the
year has not been recognised in the accounts on prudent basis.
5. The realisability of Defferred Tax Assets of erstwhile subsidary
has been reviwed and adjustment has been made in the previous year.
6. The names of Micro, Small and Medium Enterprises to whom the
company owes sums exceeding Rs. 1 Lakh each and which are outstanding
for more than 30 days as at 31st March, 2012 are NIL as the vendors of
the company have not filed intimation about their recognition as
"Supplier" under the provisions of The Micro Small & Medium Enterprises
Development Act 2006.
7 On account of uncertainty of restructuring of business no segment
reporting can be done.
8. Previous year's figures have been regrouped where necessary.
Mar 31, 2011
1. SCHEME OF AMALGAMATION
In accordance with the Scheme of Amalgamation (the" Scheme") as
approved by the Hon'ble High Court of Bombay at Goa vide its orders
dated 06-08-2010 the whole business and affairs of the erstwhile
GOKHATAK ENTERPRISES LIMITED the Wholly owned Subsidiary of the Company
(the "Transferor Company") have been transferred to and vested in the
Company with effect from the Appointed Date i.e. 01-04-2008. The
scheme has accordingly been given effect to in the accounts.
The amalgamation being in the nature of merger has been accounted for
under "Pooling of interests method" of accounting as prescribed by
Accounting Standard (AS)
2 "Accounting for Amalgamation" issued by the Institute of Chartered
Accountants of India.
As per the scheme all the Assets and Liabilities of the Transferor
Company have been taken at book value.
As per the Scheme, w.e.f. 1st April, 2008 upto 6th August, 2010
erstwhile Transferor Company has been carrying its business in "trust"
on behalf of the Company. All the Income and Expenditure of the
Transferor Company have been included in the Company.
2. Contingent Liabilities not provided for: 2011 2010
Rs. Rs.
(i) Estimated amounts of contract - 5,00,000
remaining to be executed on capital
account not . provided for (net of
ad vances)
(ii) Claims for Sales Tax / Excise / 4,73,85,313 9,59,72,654
Service Tax not accepted by the
Company for which appeals are pending.
(iii) Claims against the Company not 1,32,25,000 2,50,42,516
acknowledged as debts. -
(iv) Export obligations not fulfillied 1,92,73,000 1,92,73,000
against advance/EPCG licences.
(v) Duty drawback claim granted and 7,04,000 7,04,000
later revoked.
(vi) Counter Guarantee given to bankers - 15,97,000
against guarantee given by them
for Sales . Tax and Deposit for
Electricity.
(vii) The Income Tax Assessments have - -
been completed upto the Assessment
Year 2008-09 and there is no
demand raised by Income Tax
Department.
(viii)Penalty imposed by Commissioner 1,70,46,000 1,70,46,000
- Customs & Central Excise, Goa,
in respect of CVD on bulk
(semi-packed / semi-finished)
films which were imported by
Phil Marketing Services Pvt.
Ltd. and given to the Company
for further packing and in
respect of which Excise Duty
has been paid by the Company.
Customs,Excise & Service Tax
Tribunal, Western Region have
granted stay against the
recovery of the penalty.
3. 1,00,000 -13.75% Redeemable Cumulative Preference Shares of Rs. 100
each of the Company are held equally by General Insurance Corporation
of India and New India Assurance Co. Ltd. These were due for redemption
in June 2003. Dividend on Non Convertible Cumulative Redeemable
Preference Shares upto the due date of Redemption not provided for,
there being no profit : Rs. 41,25,000/-. Proposal for settlement of
redemption of the said Preference Shares and waiver of right to
cumulative dividend has been submitted by the Company.
4. In respect of Fixed Assets the provision for impairment loss of Rs.
5,18,82,172/- on existing Fixed Assets is continued. Further the
management has reviewed the realisable value of assets in use and are
of the opinion that no further provision for impairment of fixed assets
is considered necessary.
5. During the financial year 2007-08 the Company had funded the actual
liability for gratuity in respect of continuing employees amounting to
Rs. 28,39,032/-. Further liability in respect of the gratuity based on
the actuarial valuation informed by LIC has been provided in the Books
of Accounts and funded. Gratuity liability in respect of ex- employees
and employees transferred to Associate Companies is being paid directly
by the Company for which the necessary provision has been made in the
Books of Accounts.
6. The Company has unabsorbed depreciation and carried forward losses
etc. available for set off under Income Tax Act 1961. However in view
of present uncertainty regarding generation of sufficient future
taxable income, Net Deferred Tax Asset in respect of related credit for
the year has not been recognised in the accounts on prudent basis.
7. The readability of Deferred Tax Assets of erstwhile subsidiary has
been reviewed and adjustment has been made in the current year.
8. Extraordinary items relate to write back of Provision made in
earlier year for Sales-tax, arising due to favourable decision of
Tribunal and of cessation of liability for customs duty on goods in
Bonds.
9. Cost of goods sold includes the value of Rs. 17,98,097/-of obsolete
stocks written off during the year.
10. Earning in Foreign Currency Exports of Goods on F.O.B. basis
11. The names of Micro, Small and Medium Enterprises to whom the
Company owes sums exceeding Rs. 1 lac each and which are outstanding
for more than 30 days as at 31st March, 2011 are nil; as the vendors of
the Company have not filed intimation about their recognition as
"Supplier" under the provisions of The Micro, Small & Medium
Enterprises Development Act, 2006.
12. On account of uncertainty of restructuring of business no segment
reporting can be done.
13. Previous year's figures have been regrouped where necessary.
Mar 31, 2010
1. SCHEME OF AMALGAMATION
In accordance with the Scheme of Amalgamation (the" Scheme") as
approved by the Honble High Court of Bombay at Goa vide its orders
dated 06-08-2010 the whole business and affairs of the erstwhile
GOKHATAK ENTERPRISES LIMITED the Wholly owned Subsidiary of the Company
(the "Transferor Company") have been transferred to and vested in the
Company with effect from the Appointed Date i.e. 01-04-2008. The
scheme has accordingly been given effect to in the accounts.
The amalgamation being in the nature of merger has been accounted for
under "Pooling of interests method" of accounting as prescribed by
Accounting Standard (AS) 14 "Accounting for Amalgamation" issued by the
Institute of Chartered Accountants of India.
As per the scheme all the Assets and Liabilities of the Transferor
Company have been taken at book value.
As per the Scheme, w.e.f. 1st April, 2008 upto 6th August, 2010
erstwhile Transferor Company has been carrying its business in "trust"
on behalf of the Company. All the Income and Expenditure of the
Transferor Company have been included in the Company.
The audited Consolidated Accounts of the Company for the year ended
31st March, 2009, which were circulated to the members of the Company
for the 26th AGM held on 25th September, 2009, have become merged
accounts of the Company andhave therefore been incorporated in the
previous years figures for F. Y. 2008-09 in the statement of Accounts
for the financial year ended 31st March, 2010. While giving effect to
the amalgamation of the Subsidiary Company capital reserve on
consolidation has been adjusted against the brought forward losses.
2. Contingent Liabilities not provided for:
(i) Estimated amounts of contract remaining to
be executed on capital account not 5,00,000
provided for (net of advances)
(ii) Claims for Sales Tax / Excise /
Service Tax not accepted by the Companies for 9,59,72,654 8,87,28,784
which appeals are pending.
(iii) Claims against the Company not
acknowledged as debts. 2,50,42,516 2,50,42,516
(iv) Export obligations not fulfillied
against advance /EPCG licences. 1,92,73,000 1,92,73,000
(v) Duty drawback claim granted and
later revoked. 7,04,000 7,04,000
(v) Counter Guarantee given to bankers
against guarantee given by them for Sales 15,97,000 15,97,000
Tax and Deposit for Electricity.
(vii) The Income Tax Assessments have
been completed upto the Assessment Year - 10,99,583
2006-07 and there is no demand raised by
Income Tax Department. The Liability
for A. Y. 1998-99 of Rs. 10,99,593/-
stands deleted.
(viii) Penalty imposed by Commissioner -
Customs & Central Excise, Goa, in respect of 1,70,46,000 1,70,46,000
CVD on bulk (semi-packed / semi-finished)
films which were imported by Phil
Marketing Services Pvt. Ltd. and
given to the Company for further
packing and in respect of which Excise
Duty has been paid by the Company. Customs,
Excise & Service Tax Tribunal, Western Region
have granted stay against the recovery of
the penalty.
3. 1,00,000 -13.75% Redeemable Cumulative Preference Shares of Rs. 100
each of the Company are held equally by General Insurance Corporation
of India and New India Assurance Co. Ltd. These were due for redemption
in June 2003. Dividend on Non Convertible Cumulative Redeemable
Preference Shares upto the due date of Redemption not provided for,
there being no profit Rs. 41,25,000/-. Proposal for settlement of
redemption of the said Preference Shares and waiver of right to
cumulative dividend has been submitted by the Company.
4. In respect of Fixed Assets the provision for impairment loss of Rs.
5,18,82,172/- on existing Fixed Assets is continued. Further the
management has reviewed the realisable value of assets in use and are
of the opinion that no further provision for impairment of fixed assets
is considered necessary. During the year the impairment loss of the
erstwhile wholly owned subsidiary Gokhatak Enterprises Limited which
has been merged with the Company has been reversed due to the sale /
scrap of Assets.
5. During the financial year 2007-08 the Company had funded the
actual liability for gratuity in respect of continuing employees
amounting to Rs. 28,39,032/-. Further liability in respect of the
gratuity based on the actuarial valuation informed by LIC has been
provided in the Books of Accounts and Funded. Gratuity liability in
respect of ex-
6 employees and employees transferred to Associate Companies is being
paid directly by the Company.for which the necessary provision has been
made in the Books of Accounts.
7. The Company has unabsorbed depreciation and carried forward losses
etc: available for set off under Income Tax Act 1961. However in view
of present uncertainty regarding generation of sufficient future
taxable income, Net Deferred Tax Asset in respect of related credit for
the year has not been recognised in the accounts on prudent basis.
8. The names of Small Scale Industrial Undertaking and to whom the
Company owes sums exceeding Rs. 1 lac each and which are outstanding
for more than 30 days as at 31 st March, 2010 are nil; as the vendors
of the Company have not filed intimation about their recognition as
"Supplier" under the provisions of the Small Scale Industrial
Undertaking Development Act, 2006.
9. Previous years figures have been regrouped where necessary.