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Notes to Accounts of Paushak Ltd.

Mar 31, 2014

1 Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) Rs.176.97 lacs (Previous year for Rs.35.55 lacs)

2 Contingent Liabilities : Amount (Rs.)

Sr. No. Particulars 2013-2014 2012-2013

i) Disputed claims for excise duty 12,229,402 11,212,163

ii) Income Tax 731,756 364,216

3 The Company has entered in to a Option Purchase Agreement for a parcel of land at Bangalore with Real Estate Developer. The Company has given deposits of Rs. 8,50,00,000/- towards acquiring Option Rights having Total Value of Rs. 18,94,86,000/-. The Company can exercise its Option Rights at any time before the expiry of 48 Months from the date of execution i.e. 21-06-2013 of the Agreement.

4 Segment Reporting :

a) Primary Segment:

The Company has identified "Speciality Chemicals" as the only primary reportable segment.

b) Secondary Segment (By Geographical Segment)

5 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1 Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) Rs. 35.55 lacs (Previous year for Rs.18.66 lacs)

2 Contingent Liabilities : (Rs.)

No. Particulars 2012-2013 2011-2012

i) Disputed claims for excise duty 1,12,12,163 1,07,29,373

ii) Income Tax 3,64,216 1,00,620

2. Micro, Small and Medium Enterprises Development Act, 2006

As per requirement of Section 22 of Micro, Small & Medium Enterprises Development Act, 2006 following information is disclosed to the extent identifiable:

4 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period :

Since there is no change in the number of shares outstanding at the beginning and at the end of the reporting period, no reconciliation statement has been prepared.

(b) The rights, preferences and restrictions including restrictions on the distribution of dividends and the repayment of capital:

The company is having only one class of shares i.e Equity carrying a nominal value of Rs10/- per share.

Every holder of the equity share of the Company is entitled to one vote per share held.

In the event of liquidation of the Company, the equity shareholders will be entitled to receive remaining assets of the Company after the distribution / repayment of all creditors. The distribution to the equity shareholders will be in proportion of the number of shares held by each shareholder.

1 Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) Rs18.66 Lacs (Previous year for Rs 39.31 Lacs)

2 Contingent Liabilities: (Rs.)

Sr. Particulars 2011-2012 2010-2011 No.

i) Bond guarantees for two body corporate - 73,21,469

ii) Disputed claims for excise duty 1,07,29,373 78,33,919

iii) Income Tax 1,00,620 2,94,165

3 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1 Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) Rs.39.31 lacs (Previous year for Rs.50.60 lacs)

2. Contingent Liabilities :

Sr. No. Particulars 2010-2011 2009-2010

i) Bond guarantees for two body 73,21,465 73,21,469 corporate

ii) Disputed claims for excise 78,33,919 63,97,241 duty

iii) Income Tax 2,94,165 24,76,557

3. Previous year's figures have been regrouped / re-arranged wherever necessary, to make them comparable with current year figures.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) Rs. 50.60 lacs (Previous year for Rs. Nil)

2. Contingent Liabilities:

Sr. No. Particulars 2009-2010 2008-2009

i) Bond guarantees for two bodies corporate 73,21,469 73,21,469

ii) Disputed claims for excise duty 63,97,241 43,05,948

iii) Income Tax 24,76,557 28,82,155

3.The company has accounted for Deferred Tax in accordance with the Accounting Standards -22 "Accounting for Taxes on Income".This has resulted in a Deferred Tax Asset (Net)amounting to Rs.1,15,74,898/-as at the year end.Deferred Tax for the Current Year amounting to Rs.5,91,688/-has been recognized in the Profit and Loss Account under provision for Taxation.

4.Previous years figures have been regrouped /re-arranged wherever necessary,to make them comparable with current year figures.

 
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