Mar 31, 2015
1. Cash Credit and term loan limits is secured by hypothecation of
entire plant and machinery including all the assets being created under
expansion and all the current assets of the Company, equitable mortgage
of land, industrial building and plot of the company at Dabhel and
Vapi, office premises of associate company at Bangalore, personal
guarantee of Managing Director of the Company and corporate guarantee
of associate company. Term Loan is repayable in 71 EMIs
2. related party disclosure
As Per Accounting Standard 18, the disclosure of transaction with the
related parties are given below.
(i) List of Related parties where control exists with whom transaction
have taken place and relationship:
Sr, Name of the Related Party Relationship
No.
1 Hiitesh Topiiwaalla
2 Aartii Topiwaala Key Management Personal
3 Paramount Kum Kum Private Limited
4 Paramount Personal Care Private Limited
5 Parcos Brands Communication Private Associates
Limited
6 PETL Exports Private Limited
3. contingent liabilities and commitments
1) Contingent Liabilities in respect of :
a. The sales tax matter in dispute with the Commissioner of Commercial
Taxes, Surat, Gujarat, in respect of F.Y. 2005-06 is contested in
appeal. On the similar issue in the earlier years and later years the
decision was in favour of the Company.
b. Liability in respect of Letter of Credit opened with bank -
Rs.38,32,617/- ( Previous Year Rs.94,33,194).
c. The estimated amount of contracts remaining to be executed on
capital accounts (Net of Advance) and not provided for Rs.17,535,720/-
(Previous Year Rs. 22,669,820).
2) Some of the Balances of Debtors, Creditors, Loans and Advances are
subject to confirmation. Loss, if any, on account of this will be
recongnised in the year in which confirmation are received.
3) In the opinion of the Board, the current assets, loans and advances
are expected to realize at least the amount at which they are stated,
if realized in the ordinary course of business, and provision for all
known liabilities have been adequately made in the accounts.
4) Provision of Gratuity is made for those employees who have completed
five year of their services.
5) The company operates in one segment only namely "Cosmetics
Products", and transactions in geographical segment are not material,
therefore the segment wise figures are not given.
Mar 31, 2014
The Previous year figures have been regrouped/reclassified, where
necessary to conform to the current year presentation.
1. LONG TERM BORROWINGS
Vehicle Term Loan is secured against the hypothecation of vehicle.
Refer note 6.1 for bank loan.
2. SHORT TERM BORROWINGS
Cash Credit and term loan limits is secured by hypothecation of entire
plant and machinery including all the assets being created under
expansion and all the current assets of the Company, equitable mortgage
of land, industrial building and plot of the company at Dabhel and
Vapi, office premises of associate company at Bangalore, personal
guarantee of Managing Director of the Company and corporate guarantee
of associate company.
3. TRADE PAYBLES
The details of amount outstanding to Micro, Small and Medium
Enterprises: The Company is in the process of complying the
information, hence no details are incorporated for current and previous
years.
4. CASH AND BANK BALANCES
* Fixed deposits with bank includes NIL (P.Y. Rs. 5,16,462/-) deposit
more than 12 months maturity.
* Fixed Deposits includes Margin Money Deposit Rs. 28,99,924/- (P.Y.
Rs. 27,04,095/-) and NIL (P.Y. Rs. 1,66,75,000/-) stand as collateral
security with Bank.
# Balance with Bank includes Unclaimed dividend of Rs. 6,54,321/- (P.Y.
Rs. 4,22,621/-).
5. SHORT TERM LOAN AND ADVANCES
* Includes Advances to Suppliers Rs. 1,42,71,418/- ( P.Y Rs.
1,01,90,970/-) and Advance to Staff Rs. 21,51,471/- (P.Y. Rs.
19,51,978/-)
6. RELATED PARTY DISCLOSURE
As Per Accounting Standard 18, the disclosure of transaction with the
related parties are given below.
(i) List of Related parties where control exists with whom transaction
have taken place and relationship:
Sr. Name of the Related Party Relationship
No.
1. Hiitesh Topiiwaalla Key
Management
2. Aartii Topiwaala Personal
3. Paramount Kumkum Private Limited Associates
4. Paramount Personal Care Private Limited -"do"-
5. Parcos Brands Communication Private Limited -"do"-
6. PETL Exports Private Limited -"do"-
7. CONTINGENT LIABILITIES AND COMMITMENTS
1. Contingent Liabilities in respect of:
a. The sales tax matter in dispute with the Commissioner of Commercial
Taxes, Surat, Gujarat, in respect of F.Y. 2005-06 of Rs. 57,640,954/=is
contested in appeal. On the similar issue in the earlier years and
later years the decision was in favour of the Company.
b. Liability in respect of Letter of Credit opened with bank - NIL
(Previous Year Rs. 3,075,676).
c. The estimated amount of contracts remaining to be executed on
capital accounts (Net of Advance) and not provided for Rs. 22,669,820/-
(Previous Year Rs. 1,588,715).
2. Balances of Debtors, Creditors, Loans and Advances are subject to
confirmation.
3. In the opinion of the Board, the current assets, loans and advances
are expected to realize at least the amount at which they are stated,
if realized in the ordinary course of business, and provision for all
known liabilities have been adequately made in the accounts.
4. The future liability towards the payment of interest on Hire
Purchase loans will be accounted as and when accrue.
5. The company operates in one segment only namely "Cosmetics
Products", and transactions in geographical segment are not material,
therefore the segment wise figures are not given.
Mar 31, 2013
Contingent liabilities are not recognized but are disclosed in the
notes.
Contingent assets are neither recognized nor disclosed in the financial
statements.
1 CONTINGENT LIABILITIES AND COMMITMENTS
1. Contingent Liabilities in respect of :
a. The sales tax matter in dispute with the Commissioner of Commercial
Taxes, Surat, Gujarat, in respect of F. Y. 2005-06 is contested in
appeal. On the similar issue in the earlier years the decision was in
favour of the Company.
b. Liability in respect of Letter of Credit opened with bank - Rs.
30,75,676 ( Previous Year Rs.14,43,380).
c. The estimated amount of contracts remaining to be executed on
capital accounts (Net of Advance) and not provided for Rs. 15,88,715
(Previous Year Rs. 3,67,67,090).
2. Balances of Debtors, Creditors, Loans and Advances are subject to
confirmation.
3. In the opinion of the Board, the current assets, loans and advances
are expected to realize at least the amount at which they are stated,
if realized in the ordinary course of business, and provision for all
known liabilities have been adequately made in the accounts.
4. The future liability towards the payment of interest on Hire
Purchase loans will be accounted as and when accrue.
Mar 31, 2012
1.1 Cash Credit limit is secured by hypothication of entire plant and
machinery and all the current assets of the Company, equitable mortgage
of industrial plot of the company at Dabhel and Vapi, office premises
of associate company at Bangalore, personal guarntee of a Director of
the Company and corporate guarantee of associate company.
b. Liability in respect of Letter of Credit opened with bank -
Rs.14,43,380( Previous Year Rs.63,96,866).
2 : Commitments of :
The estimated amount of contracts remaining to be executed on capital
accounts (Net of Advance) and not provided for Rs. 3,67,67,090
(Previous Year Rs. 9,96,052).
3. Balances of Debtors, Creditors, Loans and Advances are subject to
confirmation.
4. In the opinion of the Board, the current assets, loans and advances
are expected to realize at least the amount at which they are stated,
if realized in the ordinary course of business, and provision for all
known liabilities have been adequately made in the accounts.
5. The future liability towards the payment of interest on Hire
Purchase loans will be accounted as and when accrue.
6. The Company operates in one segment only namely"Cosmetics
Products". And transactions in geographical segment are not material,
therefore the segment wise figures are not given.
7 CONTIGENT LIABILITIES AND COMMITMENTS
1 : Contigent Liabilities in respect of :
Mar 31, 2010
1. CONTINGENT LIABILITIES IN RESPECT OF :- a) Guarantee given to Sales
Tax Department for Rs. 50,000 (Previous Year Rs. 15,00,000)
b) Guarantee given to Corporates for Rs. 30,00,000. (Previous Year Rs.
Nil)
c) The Sales Tax demand in dispute at various depots and contested in
appeal.
Year 2009-2010 2008-2009 Forum
1992-1995 Rs.95,580 Rs.95,580 Commissioner( Appeals ) Daman
1999-2000 Rs.1,23,192 Rs.1,23,192 Board of Revenue, Guwahati
1998-1999 Rs.1,75,708 Rs.1,75,708 Board of Revenue, Guwahati
1997-1998 Rs.2,50,797 Rs.2,50,797 Board of Revenue, Guwahati
1996-1997 Rs.3,00,000 Rs.3,00,000 Board of Revenue, Guwahati
d) Claim not acknowledge as debts - Rs. 17,00,000/- (Previous year Rs.
17,00,000/-)
e) The estimated amount of contracts remaining to be executed on
capital accounts and not provided for Rs. 20,85,818 (Previous Year
Nil)
f) Letter of Credit of Rs. 12,86,299 (Previous Year Nil)
2. Balances of Debtors, Creditors, loans and advances are subject to
confirmation.
3. In the opinion of the Board, the current assets, loans and advances
are expected to realise atleast the amount at which they are stated, if
realised in the ordinary course of business, and provision for all
known liabilities have been adequately made in the accounts.
4. The provision for gratuity is made for those employees who have
completed 5 years of their service.
5. Loans and Advances includes Advances & Deposits to Companies in
which Directors are interested to the tune of Rs 6,05,602 (Previous Year
Rs. 6,05,602), Maximum amount outstanding during the year was Rs 6,05,602
(Previ- ous Year Rs. 6,05,602 )
6. The future liability towards the payment of interest on Hire
Purchase loans will be accounted as and when accrue.
7. The Company has valued its intellectual property at
Rs.10,00,00,000/- as at 31st March 2006 and the same was then credited
to Intellectual Property Equalization Fund. The value of the
intellectual property as per report of the valuer M/s Joy Dalia & Co.
Dt. 07.09.2007 is Rs.1384 Lacs. However the management has taken the
value in the books at Rs.1000 Lacs.
8. The management has revalued Office Building at Andheri and Land
and Factory Buildings at Vapi and Daman by M/s Neelam Technocraft, and M/s
Mahalaxmi Associates as on 31.03.2007 respectively, the difference in the
market value and the book value as on 31.03.2007 amounting to
Rs. 1,88,79,148 has been credited to the revalua- tion reserve account and
out of the revaluation reserve Rs. 1,53,54,555 was credited to the profit
and loss account in the financial year 2006-07.
9. Micro, Small and Medium Enterprises Dues
The Company has not received information from vendors regarding their
status under Micro, Small and Medium Enterprises Development Act, 2006
and hence disclosure relating to amounts unpaid as at the year end
together with interest paid / payable under this Act has not been
given.
10. There is no amount due and outstanding as on 31st March, 2010 to
be credited to Investor Education and Protection Fund.
11. The company operates in one segment only, namely "Cosmetics
Products." And transactions in geographical seg- ment are not material;
therefore the segment wise figures are not given.
12. Deferred Tax :- Accounting Standard No.22 "Accounting for tax on
Income" issued by Institute of Chartered Accoun- tants of India, there
is a net deferred tax assets amounting to Rs.44,75,364/- (Previous Year
deferred tax assets Rs. 1,12,49,994) on account of accumulated
business losses and unabsorbed depreciation up to 31.3.2010 which is
not accounted for.
In compliance with provisions of Accounting Standard and based on
General
Prudence, the Company has not recognized the deferred tax assets while
preparing the accounts of current year, the provision for the current
year has been made only for MAT liability in view of unabsorbed brought
forward losses. The deferred tax on the same has not been accounted
for.
13. RELATED PARTY DISCLOSURES:
(As identified by Management)
Name of the party and relationships
a) Companies and firms in which Directors/Directors Relatives exercise
control / significant influence:
Companies Firms
Shingar Limited Paramount Products
Paramount Kumkum Private Limited
b) Key management personnel
B.D.Topiwala à Chairman
Hitesh Topiwala à Managing Director
c) Relatives of key management personnel
Ms. Aarti H. Topiwala
14. Income Tax
The Company has paid Income Tax as per the Minimum Alternate Tax (MAT).
The company is entitled to carry forward and set off the MAT paid
against the income tax in subsequent years. In 2009-10 the company has
credited to the profit and loss account MAT credit of Rs. 21,05,797
relating to the financial year from 2005-06 to 2008-09.
15. Previous years figures have been regrouped / rearranged wherever
necessary so as to make them comparable with the figures of the current
year.