Mar 31, 2015
1. The Term Loan from Bank of Baroda of Rupees 15542958/-(Previous Year
of Rupees 31542958/-) is secured by way of First charge over immovable
assets of the Company and equitable mortgage of landed property
situated at Village Aaspur Ka & Abdulpur Munna,
2. 9KM Nagina Road, District-Bijnor. The loan is further secured by way
of second charge on the current assets of the Company and personal
guarantee of the promoter / directors of the company.
3. Working Capital Borrowings from Bank of Baroda are secured against
Hypothecation of Stock and Book Debts of the Company. In addition to
above, First Charge as Collateral Security over Building and Plant &
Machinery both present and future have been created in favour of Bank
of Baroda.
4. Land, Building and Plant & Machinery were revalued by Rupees
10,02,83,565/- by an approved valuer on 31.03.1996.The resultant
surplus amounting Rupeesl 0,02,83,565/- was credited to Capital Reserve
from which depreciation on revalued portion is being written off every
year. Depreciation charged for the year include Rupees 11,82,511/-
(Previous Year Rupees 13,87,410/-) which is amount of depreciation for
the year on the revalued portion and has been transferred from
revaluation reserve and credited to Statement of Profit & Loss for the
year. This has no impact on profit for the year.
5. Depreciation for the period in the sum of Rupees 3,82,50,774/- is
inclusive of the amount of Rupees 11,82,511/- which has been
transferred from Capital Reserve.
6.(I) RETIREMENT BENEFITS
The Company has adopted the Revised Accounting Standard-15
(Revised-2005) 'Employee Benefits'. The relevant policies are:
7 SHORT TERM EMPLOYEE BENEFITS
Short term employee benefits are, recognized in the period during which
the services have been rendered.
Long Term Employee Benefits
8 Defined Contribution plan
(i) Provident Fund Scheme
Contribution to this scheme are expensed in the Statement of Profit &
Loss.
These contribution are made to the fund administered and managed by the
Government of India. The Company has no further obligations under these
plans beyond its monthly contribution.
(ii) Gratuity
Group Gratuity cum Life Assurance Scheme with the Life Insurance
Corporation of India has been taken in such a way that the gratuity
enefits will be payable under an irrevocable trust. The trustees
appointed for the purpose of administrating the Scheme shall insure
gratuity benefits with the LlC. The Company shall pay to the trustees
such contributions as are required to secure Gratuity benefits to the
employees which will include the liberalized death cover to the
employees.
The employees gratuity fund scheme managed by the Life Insurance
Corporation of India is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognizes each period of service
as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation.
9. ADDITIONAL NOTES ON FINANCIAL STATEMENTS
1. (a) Previous year figures have been reworked, rearranged regrouped
and reclassified, wherever considered necessary.
(b) Figures have been rounded off to the nearest rupee.
2. In the opinion of the Board of Directors, Current Assets, Loans &
Advances have a value of realization in the ordinary course of business
at least equal to the amount at which they have been stated in the
Balance Sheet. The provisions for all known liabilities are adequate
and not in excess of amount considered reasonably necessary.
3. Contingent Liability not provided for:
(I) In land Bank Guarantee given by Bank of Baroda for the Company
amounting for Rs. 16.75 Lacs and L/C amount Rs. 78.91 Lacs outstanding
as on 31.03.2015.
(ii) Estimated amounts of contracts remaining to be executed on capital
account and not provided for Rs. NIL (PreRs.ious Year NIL).
4. In compliance to the Accounting Standard-22 on "Accounting for
Taxes on Income" issued by the Institute of Chartered
Accountants of India (ICAI), Deferred Tax Asset of Rs. 7,36,536/-
(Previous Year Rs.14,28,360/- has been provided as at 31st March 2015
and the same has been charged to the Statement of Profit & Loss of the
Company. This pertains to the timing difference in Depreciation on
Assets as per books of accounts. The Deferred Tax Liability has been
calculated by applying tax rate that have been enacted and applicable
as on the Balance Sheet date. No liability has been computed in respect
of difference considered to be of permanent nature
Current Year Previous Year
31.03.2015 31.03.2014
Amount in Rs. Amount in Rs.
Salary &
allowance 3300000 1987500
Total 3300000 1987500
7. There are no impairment of assets in terms of Accounting
Standard-28 issued by the Institute of Chartered Accountants of India.
8. Related Parties Disclosures:
Holding Company : NIL
Subsidiary Company : NIL
Key Managerial Personnel : Mr. Sandeep Jain Related Party :
Anju Jain, Mohit Jain
Shubhi Jain, Centurion Paper and Board
Centurion Rubber, Centurion Industries Private Limited
10. In addition to the significant accounting policies applicable to the
business segment as set out in Note 27, Notes to Accounts, the
accounting policies in relation to segment accounting are as under:
11 The Company has disclosed Business Segment as the primary segment
have been identified taking into account the nature of the products,
the differing risks and returns, the organization structure and
internal reporting system. The Company's operations predominantly
relates to manufacturing of paper and other business segment comprises
of Soda Ash.
12. Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each of the
segments as also amounts allocated on a reasonable basis. The expenses,
which are not directly relatable to the business segments are shown as
unallocated corporate expenses.
13. Assets and Liabilities that cannot be allocated between the
segments are shown as un-allocable corporate assets and liabilities
respectively.
14. There are no secondary reportable segments as all operations and
customers are located in India. The Company operates in a single
geographical segment.
15. INTANGIBLE ASSETS
There are no intangible assets as on date of balance sheet.
Mar 31, 2014
1. (a) Previous year figures have been reworked, rearranged regrouped
and reclassified, wherever considered necessary.
(b) Figures have been rounded off to the nearest rupee.
2. In the opinion of the Board of Directors, Current Assets, Loans &
Advances have a value of realization in the ordinary course of business
at least equal to the amount at which they have been stated in the
Balance Sheet. The provisions for all known liabilities are adequate
and not in excess of amount considered reasonably necessary.
3. Contingent Liability not provided for:
(i) In land Bank Guarantee given by Bank of Baroda for the Company
amounting for Rs.16.76 Lacs and L/C amount Rs.112.42 Lacs outstanding
as on 31.03.2014.
(ii) Estimated amounts of contracts remaining to be executed on capital
account and not provided for Rs.NIL (Previous Year NIL).
4. Based on the information available with the Company, there are no
dues outstanding/ payable to Small Scale Industrial Units where the
balance in respect of each party as at the yearend exceeds Rs.100000/-,
outstanding for more than 30 days.
There are no micro, small and medium enterprise to whom the company
owes dues which are outstanding for more than 45 days as on the Balance
Sheet date. This information is required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 and has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
5. There are no impairment of assets in terms of AS-28 issued by the
Institute of Chartered Accountants of India.
i. The Company has disclosed Business Segment as the primary segment
have been identified taking into account the nature of the products,
the differing risks and returns, the organization structure and
internal reporting system. The Companies operations predominantly
relates to manufacturing of paper and other business segment comprises
of Soda Ash.
ii. Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each of the
segments as also amounts allocated on a reasonable basis. The expenses,
which are not directly relatable to the business segments are shown as
unallocated corporate expenses.
iii. Assets and Liabilities that cannot be allocated between the
segments are shown as un-allocable corporate assets and liabilities
respectively.
iv. There are no secondary reportable segments as all operations and
customers are located in India. The Company operates in a single
geographical segment.
6. INTANGIBLE ASSETS
On account of prudence and as originally recommended by Accounting
Standard 26 on "Intangible Assets", issued by the Institute of
Chartered Accountants of India, expenditure on miscellaneous
expenditure had been charged to the Statement of Profit & Loss. There
are no intangible assets as on date of balance sheet.
Mar 31, 2013
1.(a) Previous year figures have been reworked, rearranged regrouped
and reclassified, wherever considered necessary.
(b) Figures have been rounded off to the nearest rupee.
2. In the opinion ofthe Board of Directors, Current Assets, Loans and
Advances have a value of realization in the ordinary course of business
at least equal to the amount at which they have been stated in the
Balance Sheet. The provisions for all known liabilities are adequate
and not in excess of amount considered reasonably necessary.
3. Contingent Liability not provided for:
i. In land Bank Guarantee given by Bank of Baroda for the Company
amounting for Rs. 61.53 Lacs and L/C amount Rs. 125.15 Lacs outstanding
as on 31.03.2013.
ii. Estimated amounts of contracts remaining to be executed on capital
account and not provided for Rs. NIL (Previous Year NIL).
4. Based on the information available with the Company, there are no
dues outstanding/ payable to Small Scale Industrial Units where the
balance in respect of each party as at the year end exceeds Rs.
100000/-, outstanding for more than 30 days.
There are no micro, small and medium enterprise to whom the company
owes dues which are outstanding for more than 45 days as on the Balance
Sheet date. This information is required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 and has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
5. There are no impairment of assets in terms of AS-28 issued by the
Institute of Chartered Accountants of India.
Key Managerial Personnel: Mr.SandeepJain
Related Party:
Anju Jain MohitJain
Centurion Paper and Board Centurion Rubber
ii. Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each ofthe
segments as also amounts allocated on a reasonable basis. The expenses,
which are not directly relatable to the business segments are shown as
unallocated corporate expenses.
iii. Assets and Liabilities that cannot be allocated between the
segments are shown as un-allocable corporate assets and liabilities
respectively.
iv. There are no secondary reportable segments as all operations and
customers are located in India. The Company operates in a single
geographical segment. .
6. INTANGIBLE ASSETS
On account of prudence and as originally recommended by Accounting
Standard 26 on "Intangible Assets", issued by the Institute of
Chartered Accountants of India, expenditure on miscellaneous
expenditure had been charged to the Profit & Loss. There are no
intangible assets as on date of balance sheet.
Mar 31, 2012
1(1) RETIREMENT BENEFITS
The Company has adopted the Revised Accounting Standard-15
(Revised-2005) 'Employee Benefits' The relevant policies are:
Shot Term Employee Benefits
Short term employee benefits are, recognized in the period during which
the services have been rendered.
Long Term Employee Benefits
a) Defined Contribution plan
(i) Provident Fund Scheme
Contribution to this scheme are expensed in the Profit & Loss Account.
These contribution are made to the fund administered and managed by the
Government of India. The Company has no further obligations under these
plans beyond its monthly contribution.
(ii) Gratuity
Group Gratuity cum Life Assurance Scheme with the Life Insurance
Corporation of India has been taken in such a way that toe gratuity
benefits will be payable under an irrevocable trust. The trustees
appointed for the purpose of administrating the Scheme shall insure
gratuity benefits with the LIC. The Company shall pay to the trustees
such contributions as are required to secure Gratuity benefits to the
employees which will include the liberalized death cover to the
employees.
The employees gratuity fund scheme managed by the Life Insurance
Corporation of India is a defined benefit plan The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method which recognizes each penod of service as
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation.
DEFINED BENEFIT PUN Actuarial Assumptions
Mortality Rate - Indian Assured Lives Mortality Table (1994-1996)
Discount Rate- 8%p.a.
Interest Rate - 9%
Salary Escalation-7%
Withdrawal Rate -1 % to 3% depending on age
1.(a) Previous year figures have been reworked, rearranged regrouped
and reclassified, wherever considered necessary.
2. In the opinion of the Board of Directors, Current Assets, Loans and
Advances have a value of realization in the ordinary course of business
at least equal to the amount at which they have been stated in the
Balance Sheet. The provisions for all known liabilities are adequate
and not in excess of amount considered reasonably necessary.
3. Contingent Liability not provided for:
i. In land Bank Guarantee given by Bank of Baroda for the Company
amounting for Rs. 288.96 Lacs and L/C amount Rs. 152.27 Lacs outstanding as
on 31.03.2012.
ii. Estimated amounts of contracts remaining to be executed on capital
account and not provided for Rs. NIL (Previous Year NIL).
iii. Based on the information available with the Company, there are no
dues outstanding/ payable to SmaH Scale Industnal Units where the
balance in respect of each party as at the year end exceeds ? 100000/
outstanding for more than 30 days.
There are no micro, small and medium enterprise to whom the company
owes dues which are outstanding for more than 45 days as on the Balance
Sheet date. This information is required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 and has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
7. There are no impairment of assets in termsof AS-28 issued by the
Institute of Chartered Accountants of nidist.
Notes:
In addition to the significant accounting policies applicable to the
business segment as set out in Part Aof Schedule 21, Notes to Accounts,
the accounting policies in relation to segment accounting are as under
i. The Company has disclosed Business Segment as the primary segment
have been identified taking into
account the nature of the products, the differing risks and returns,
the organization structure and internal reporting system. The Companies
operations predominantly relates to manufacturing of paper and other
business segment comprises of Soda Ash.
ii. Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective
mounts identifiable to each of the segments as also amounts allocated
on a reasonable basis. The expenses, which are not directly relatable
to the business segment are shown as unallocated corporate expenses.
ii. Assets and Liabilities that cannot be allocated between the
segments are shown as un-allocable corporate
assets and liabilities respectively.
iv. There are no secondary reportable segments as all operations and
customers are located in India. The Company operates in a single
geographical segment.
1. INTANGIBLE ASSETS
On account of prudence and as originally recommended by Accounting
Standard 26 on "Intangible Assets", issued by the Institute of
Chartered Accountants of India, expenditure on miscellaneous
expenditure had been charged to the Profit & Loss Account. There are no
intangible assets as on date of balance sheet.
Mar 31, 2010
1. (a) Previous year figures have been reworked, rearranged regrouped
and reclassified, wherever considered necessary.
(b) Figures have been rounded off to the nearest rupee.
2. In the opinion of the Board of Directors, current assets, loans and
advances have a value of realization in the ordinary course of business
at least equal to the amount at which they have been stated in the
Balance Sheet. The provisions for all known liabilities are adequate
and not in excess of amount considered reasonably necessary.
3. Contingent Liability not provided for:
i. In land bank guarantee given by Bank of Baroda for the Company
amounting to Rs. 7.27 lacs and L/C amounting to Rs.123.92 lacs
outstanding as on 31.03.2010.
ii. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year NIL).
4. The Term Loan from Bank of Baroda of Rs. 2,82,06,939/- (Previous
Year Rs.4,91,43,505/-) is secured by way of first charge over immovable
assets of the Company and equitable mortgage of landed property
situated at Village Aaspur ka & Abdulpur Munna, 9KM Nagina Road,
District - Bijnor. The loan is further secured by way of second charge
on the current assets of the Company and personal guarantee of the
promoter/directors of the Company.
5. Working capital loan from Bank of Baroda Rs. 5,97,73,890/-
(Previous Year Rs. 4,05,95,566/-) is secured by way of hypothecation of
stocks of raw material, stores & spares, stock in process, finished
goods, book debts and second charge over the plant & machinery of the
Company and equitable mortgage of landed property situated at Village
Aaspur ka & Abdulpur Munna, 9th Km Nagina Road, District Bijnor. the
loan is further secured by way of personal guarantee of the promoter /
directors of the Company.
6. the Company has taken vehicle loans from Bank of Baroda Rs.
4,50,000 (Previous year NIL) and Mahindra & Mahindra Financial Services
Ltd. Rs. 1,67,331 (Previous year NIL) which are secured by
hypothecation of the vehicles financed by them.
7. Land, Building and Plant & Machinery were revalued by
Rs.10,02,83,565/- by an approved valuer on 31.03.1996. The resultant
surplus amounting Rs. 10,02,83,565/- was credited to capital reserve
from which depreciation on revalued portion is being written off every
year. Depreciation charged for the year include Rs.23,51,132/-
(Previous Year Rs. 27,60,739/-) which is amount of depreciation for the
year on the revalued portion and has been transferred from revaluation
reserve and credited to Profit & Loss Account of the year.
8. Method of charging depreciation on boiler house and ETP plant has
been changed from Written Down Method (WDV) to Straight Line Method
(SLM), at the rates and in the manner prescribed in Schedule XIV of the
Companies Act, 1956. Accordingly, depreciation has been recalculated on
these assets in accordance with the changed method, from the date of
the asset coming into use, and the difference arising from the
retrospective re-computation has been adjusted in the accounts of the
year by crediting the differential amount of Rs. 2,01,29,995/- in the
Profit & Loss Account and increasing the net block of fixed assets by
equivalent amount. As a result of this change, the charge of
depreciation for the current year is lower by Rs.32,83,604/-.
Had there been no change in the method of depreciation, the charge for
the year would have been higher by Rs. 32,83,604/- and the net block of
assets would have been lower by Rs. 2,34,13,599/-.
On amounts added due to revaluation, made in the year 1996 on basis of
an independent valuers report, depreciation is charged as aforesaid
over the residual life of the assets as certified by the valuer and is
written off against capital reserve.
9. Based on the information available with the Company, there are no
dues outstanding/ payable to Small Scale Industrial Units where the
balance in respect of each party as at the year end exceeds Rs.
100000/-, outstanding for more than 30 days.
There are no micro, small and medium enterprise to whom the company
owes dues which are outstanding for more than 45 days as on the Balance
Sheet date. This information is required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 and has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
10. There are no impairment of assets in terms of AS-28 issued by the
Institute of Chartered Accountants of India.
11. Related Parties Disclosures:
Holding Company : NIL
Subsidiary Company : NIL
Key Managerial Personnel: Mr. Sandeep Jain
Related Party:
Anju Jain
Mohit Jain
Bijnor Steel & Alloys Private Limited
Mohit Petrochemicals Private Limited
Centurion Paper and Board
Centurion Castings Private Limited
12. INTANGIBLE ASSETS
On account of prudence and as originally recommended by Accounting
Standard 26 on "Intangible Assets", issued by the Institute of
Chartered Accountants of India, expenditure on miscellaneous
expenditure had been charged to the Profit & Loss Account. There are no
intangible assets as on date of balance sheet.
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