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Notes to Accounts of Oswal Overseas Ltd.

Mar 31, 2014

Terms/ rights attached to equity shares

The company has only one class of Equity Share having a par value of Rs. 10/- each. Holder of each equity share is entitled to one vote per share. The company has not allotted any shares for consideration other than cash during the last five years.

1) Term Loans

The Term Loan from State Bank Of India is secured by first charge on all the fixed assets of the company. It has further been secured by personal guarantee of directors. It is repayble in 60 equated monthly instalments of Rs.4.25 lacs/- each and the last installment is payable in April 2015.

2. The Term Loan from Sugar Development Fund is secured by way of second charge on the fixed assets of the company. It has further been secured by personal guarantee of directors. It is repayable in four annual instalments and the last installment is payable in october 2017.

3.The Vehicle Loans are secured by way of hypothecation of the respective vehicles.

4. Contingent Liabilities:-

Liabilities in respect of Income Tax and Sales Tax have been accounted for on the basis of respective returns filed with the relevant authorities. Additional demand, if any, arising at the time of assessment is accounted for in the year in which assessment is complete status of assessments is as under:

i) Income Tax assessments have been assessed up to the assessment year 2010-11 and there is no outstanding demand is case of completed assessments.

ii) Sales Tax assessments have been completed up to financial year 2010-11. The sales tax department has raised the following demanded an account of Entry Tax, purchase tax, penalty etc:

a) The ex parte order has been passed for the year 2009-10, and the matter is still pending before the joint commissioner.

b) The Sales Tax Department has raised a demand of Rs. 2.14 Lacs (P.Y. 2.14 Lacs) for the year 2005-06 against the company on account of disputed tax on interstate sale of Bagasse. The Company has filed an appeal with the Appellate Authority.

c) There are demands for alleged entry tax evasion totaling Rs. 442.7 Lacs against the company relating to various years. Rs. 29.35 Lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties paid under protest under Long Term Loans & Advances. The company has filed appeals with the appropriate authorities against the demand orders.

d) There is Sales tax demand on account sale of molasses and purchase from unregistered dealers of Rs. 4.85 Lacs against the company. An amount Rs. 0.71 Lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties paid under protest under Long Term Loans & Advances. The company has filed an appeal with the Additional Commissioner I (A), Sales Tax, Bareilly, against the demand order.

e) There is a Sales tax Penalty of Rs 0.60 lacs of financial year 2006-07 imposed on the company against Form ''C'' issued for the purchase of items not covered in Central Registration Certificate. An amount Rs. 0.30 lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties under protest under long term loans and advances The case is pending with the Tribunal.

f) There is disputed ITC and SIB report demand of Rs. 13.56 Lacs against the company. An amount of Rs. 1.20 Lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties paid under protest under Long Term Loans & Advances. The company has filed an appeal with the Additional Commissioner I (A), Sales Tax, Bareilly, against the demand order.

g) There is Provisional Assessment of Sales Tax demand raised for F.Y. 2011-12 of Rs. 42.17 Lacs against the company. The company has filed an appeal with the Additional Commissioner I (A), Sales Tax, Bareilly, against the demand order.

i) The Sales Tax Authorities have raised demand against the company for alleged sales tax evasion for financial year 2012-13 which the company provided bank guarantee of Rs. 4.03 Lacs to sale tax authorities against demand raised on account of alleged sales tax evasion The Company has filed appeal with the Additional Commissioner II (A), against the demand order.

iii) The Excise Department has disallowed Cenvat credit on various inputs of amount Rs. 4.67 lacs. The same amount has been shown under the head Taxes and duties deposited under protest under long term loans and advances. The case is pending with the appellate authority.

5. Balances of debtors, Creditors, advances and cane growers are subject to respective confirmation and reconcillations.

6. In the opinion of the Board of Directors, all the Current Assets, Loans and Advances, if realised in the ordinary course of business, have a value at least equal to the amount at which these are stated in the Balance Sheet.

7. Excise duty amounting to Rs. 42.03 lacs (Previous year 103.07 lacs) has been added in the closing stock and the same has also been shown as excise duty payable. However, this has no effect on the Loss for the year.

8. As per Accounting Standard - 15 "Employee Benefits", the disclosure of Employee Benefits as defined in the Accounting Standard are as follows:

(i) The provision for gratuity as per actuarial valuation is Rs. 11, 96,166.

(ii) The provision for leave encashment as per Actuarial valuation certificate is Rs.3, 19,376/-

9. Segment Reporting

Primary Segment

Based on the guiding principles given in the Accounting Standard - 17 "Segment Reporting" issued by ICAI, the Company''s segments are Sugar, Power and Furnace.

Revenue and expenses have been accounted for on the basis of their relationship to the operating activities of the respective segment.

Segment Identification

Business segments have been identified on the basis of the nature of products/services, the risk return profile of individual businesses, the organizational structure and the internal reporting system of the company

10. Related Party Disclosures:

Disclosures as required by the Accounting Standard -18 "Related Party Disclosures" issued by the ICAI are given below:

A. Relationship

a) Associate Companies

1. M/s Moon Trading Co. Pvt. Ltd.

2. M/s Moon Network Pvt. Ltd.

3. M/s Moon Restaurant. Pvt. Ltd.

4. M/s Moon I.T.Services. Pvt. Ltd.

5. M/s Rajan Hotel Pvt. Ltd.

6. M/s Hotel Yamuna View Ltd.

b) Key Management Personnel:

1. S. Paramjeet Singh - Director

2. S. Manjeet Singh - Director

c) Relatives of Key Management Personnel:

1. S. Mohan Singh - Father of S.Manjeet Singh

11. Impairment of Assets

As per Accounting Standard -28 "Impairment of Assets" issued by ICAI, the management has reviewed its cash generating units as on 31.03.2014. No indication has been found by the management to suggest that the recoverable amount of Asset is less than the carrying amount. Hence no impairment loss on asset has been recognized

12. In view of insufficient information from the suppliers regarding their status as Small, Micro & Medium Enterprises, amount over due to such undertakings can not be ascertained. However, the company has not received any claim in respect of interest on such dues.

13. As per Tripartite agreement between the company, bankers and the individual farmers, banker disburses the crop loan to farmers through the company and the company provides guarantee to the Bank on behalf of farmers for repayment of loan with interest. The crop loans outstanding as at the end of the financial year were Rs 265.41Lacs (P.Y.342.91 Lacs)

12. Previous year figures have been recasted/ regrouped/ rearranged wherever necessary to make them comparable with that of current year.


Mar 31, 2013

1.1 Contingent Liabilities :-

a) Liabilities in respect of Income Tax and Sales Tax have been accounted for on the basis of respective returns filed with the relevant authorities. Additional demand, if any, arising at the time of assessment will be accounted for in the year in which assessment is complete.

i) Income Tax assessments have been assessed up to the assessment year 2010-11 and there is no outstanding demand is case of completed assessments.

ii) Sales Tax assessments have been completed up to financial year 2008-09 and there is no demand outstanding in respect of these assessments.

b) The company has a demand of Rs. 2.14 Lacs(P.Y. 2.14 Lacs) on account of disputed tax on interstate sale of Bagasse. The Company has filed an appeal with the Appellate Authority.

c) The Company has total demand of Rs. 437.77 Lacs(P.Y. 437.77) on account of disputed entry tax for various years. Rs. 26.88 Lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties paid under protest under Long Term Loans & Advances. The company has filed appeals with the appropriate authorities against the demand order.

d) The company has a demand of Rs. 18.04 Lacs (P.Y. 18.04) on account of sale of molasses and purchase from unregistered dealers. Rs. 0.71 Lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties paid under protest under Long Term Loans & Advances. The company has filed an appeal with the Additional Commissioner 1(A), Sales Tax, Bareilly, against the demand order.

e) The company has a demand of Rs. 4.29 Lacs on account of disputed ITC and SIB report. Rs. 1.20 Lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties paid under protest under Long Term Loans & Advances. The company has filed an appeal with the Additional Commissioner 1(A), Sales Tax, Bareilly, against the demand order.

f) The company has a demand of Rs. 4.93 Lacs(P.Y. 4.93 Lacs) on account of purchase of scrap under CST/VAT. Rs. 2.47 Lacs has been deposited with the authorities and the same has been shown under the head Taxes and Duties paid under protest under Long Term Loans & Advances. The company has filed an appeal with the Additional Commissioner 1(A), Sales Tax, Bareilly, against the demand order.

g) The company has a demand of Rs. 42.17 Lacs under Provisional Assessment of Sales Tax for F.Y. 2011-12. The company has filed an appeal with the Additional Commissioner 1(A), Sales Tax, Bareilly, against the demand order.

h) The company provided bank guarantee of Rs. 4.03 Lacs to sale tax authorities against demand raised on account of alleged sales tax evasion. The Company has filed appeal with the Additional Commissioner 11(A), against the demand order.

i) Sales Tax Authorities raised a demand of Rs. 8.13 Lacs on account of certain discrepancies in the dispatch documents. Rs. 8.13 Lacs has been deposited with the Sales Tax Authorities and the same has been shown under the head Taxes and Duties paid under protest undgjiLong Term Loans & Advances. The case has been decided in the favour of the company.

1.2. Balances in respect of some of debtors and suppliers are subject to confirmation.

1.3. In the opinion of the Board of Directors, all the Current Assets, Loans and Advances, if realised in the ordinary course of business, have a value at least equal to the amount at which these are stated in the Balance Sheet.

1.4. Excise duty amounting to Rs. 103.071acs (Previous year 164.77 lacs)has been added in the closing stock and the same has also been shown as excise duty payable. However, this has no effect on the Loss for the year.

1.5. As per Accounting Standard - 15 "Employee Benefits", the disclosure of Employee Benefits as defined in the Accounting Standard are as follows:

1.6. Segment Reporting

Primary Segment

Based on the guiding principles given in the Accounting Standard - 17 "Segment Reporting" issued by ICAI, the Company''s segments are Sugar, Power and Furnace.

Revenue and expenses have been accounted for on the basis of their relationship to the operating activities of the respective segment.

Segment Identification

Business segments have been identified on the basis of the nature of products/services, the risk return profile of individual businesses, the organizational structure and the internal reporting system of the company

1.7. Related Party Disclosures:

Disclosures as required by the Accounting Standard -18 "Related Party Disclosures" issued by the ICAI are given below:

A. Relationship

a) Associate Companies

1. M/s Moon Trading Co. Pvt. Ltd.

2. M/s Moon Network Pvt. Ltd.

3. M/s Moon Restaurant. Pvt. Ltd.

4. M/s Moon I.T.Services. Pvt. Ltd.

5. M/s Rajan Hotel Pvt. Ltd.

6. M/s Hotel Yamuna View Ltd.

b) Key Management Personnel:

1. S. Paramjeet Singh - Director

2. S. Manjeet Singh - Director

c) Relatives of Key Management Personnel:

1. S. Mohan Singh - Father of S.Manjeet Singh

1.8. Deferred Tax

Deferred tax assets(DTA) and liabilities(DTL) are being offset as they relate to taxes on income levied by the same governing taxation laws.

1.9. Impairment of Assets

As per Accounting Standard -28 "Impairment of Assets" issued by ICAI, the management has reviewed its cash generating units as on 31.03.2013. No indication has been found by the management to suggest that the recoverable amount of Asset is less than the carrying amount. Hence no impairment loss on asset has been recognized

1.10. In view of insufficient information from the suppliers regarding their status as Small, Micro & Medium Enterprises, amount over due to such undertakings can not be ascertained. However, the company has not received any claim in respect of interest on such dues.


Mar 31, 2012

1. Contingent Liabilities:-

A) Estimated amount of contract remaining to be executed on capital account and not provided for Rs. Nil (Previous year Rs Nil).

B) Liability in respect of Sales Tax , Excise Duty and Income tax has been accounted for on the basis of respective returns filed with the relevant authorities. Additional demand, if any, arising at the time of assessment is accounted for in the year in which the assessment is completed.

a) The assessment of Sales Tax has been completed up to Financial Year 2007-08.

b) There is no outstanding demand in respect to the completed assessment.

The Company has not made provision against these demands, though part of the amount has been deposited under protest.

2. Balances in respect of some of debtor and, suppliers are subject to confirmation.

3. In view of insufficient information from the suppliers regarding their status as Small, Micro & Medium Enterprises, amount over due to such undertakings cannot be ascertained. However, the company has not received any claim in respect of interest on such dues.

4. Previous year figures have been resisted / regrouped / rearranged wherever necessary to make them comparable.

5. The figures have been rounded off to nearest rupee.


Mar 31, 2010

1. Legal status and business activity

a) OSWAL OVERSEAS LIMITED is an offshore company with limited liability registered under the provision of Offshore Companies regulations of Jebel Ali Free Zone of 2003 under registration No of 2384.

b) The company was incorporated on 24 July 2006 and is established to carry out business of general trading and investment activities. The company has not generated any revenue as it has not begun any commercial activities.

2. Current account

This amount represents current account balance of the shareholder of the company.

3. Contingent liability

There was no contingent liability of a significant amount at the balance sheet date.

4. Comparative figures

Previous years figures have been regrouped/reclassified wherever necessary to conform to the presentation adopted in the current year.

 
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