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Notes to Accounts of Paramount Cosmetics (I) Ltd.

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 :

 
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