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Notes to Accounts of Phoenix International Ltd.

Mar 31, 2015

1. RELATED PARTY DISCLOSURE

(i) In accordance with the requirements of Accounting Standard (AS-18) on Related Party Disclosures, the name of the related parties where control exists and/or with whom transactions have taken place during the year and description of relationships , as identified and certified by management are:-

2. SEGMENT REPORTING

A) PRIMARY SEGMENT INFORMATION

The Company has identified two reportable segments viz. Manufacturing of Shoes Upper and Rental Income from Immovable Property. As per Accounting Standard on Segment Reporting (AS-17), "Segment Reporting" the Company has reported segment information. Gross turnover of Company is Rs. 3,939.29 Lacs during the period 01.04.2014 to 31.03.2015 (Previous Year Rs. 3,778.34 Lacs).

3. Debit / Credit balances as on 31st March 2015 of Debtors, Creditors, Loans & Advances and other parties accounts are subject to confirmations.

4. The accounts of the company have been prepared on going concern basis as per Accounting Standard (AS-1) "Disclosure of Accounting Policies".

5. In the opinion of the management, there is no certainty that sufficient future taxable income will be available, the Company has not recorded cumulative Deferred Tax Assets on account of timing differences as stipulated in Accounting Standard (AS - 22) "Accounting for Taxes of Income"

6. The Company generally enters into cancelable operating leases for office premises, factory premises and residence of the employees, normally renewable on expiry.

7. No creditor has intimated about their status being of small scale industrial undertakings.

8. As per Accounting Standard 5, Net Profit or loss for the period, and Prior Period Item and Change in Accounting Policy Issued by ICAI, Prior period expenses of Rs. 66,08,958/- are include in electricity & water charges.

9. Previous year figures have been regrouped / rearranged wherever considered necessary to conform to the classification adopted in the current year.


Mar 31, 2014

1. CONTINGENT LIABILITIES NOT PROVIDED FOR For the Year Ended For the Year Ended

31st March, 2014 (Rs.) 31st March, 2013 (Rs.)

Income Tax, Sales Tax, Service Tax, Excise Duty and Custom Duty 157.00 Lacs 157.00 Lacs Demands under Appeals

Employees Provident Fund, Pension Fund, Deposit Linked - 18.64 Lacs Insurance Fund Demands under Appeals

2. FAIR VALUE OF CURRENT AND NON CURRENT ASSETS

In the opinion of Management, Non Current/Current Assets, Loans and Advances are of the value stated. If realized in the ordinary course of business and provision for all known liabilities is adequate.

3. Debit/Credit balances as on 31st March, 2014 in Debtors, Creditors, Loans & Advances and other Parties accounts are subjected to confi rmations.

4. Based on the guiding principles given in Accounting Standard (AS-17) "SEGMENT REPORTING", there are no separate reportable segments.

5. The accounts of the company have been prepared on going concern basis as per Accounting Standard (AS-1) "Disclosure of Accounting Policies".

6. Unamortized Expense of Rs. Nil (Previous year of Rs. 71,40,233/-) has been recognized as an expense in the profit & loss account.

7. As the Company has unabsorbed depreciation and unabsorbed losses which are to be carried forward as per the provision of Income Tax Act, 1961. In the opinion of the management, there is no certainty that suffi cient future taxable income will be available, the Company has not recorded cumulative Deferred Tax Assets on account of timing differences as stipulated in Accounting Standard (AS - 22) "Accounting for Taxes of Income"

8. The Company generally enters into cancelable operating leases for offi ce premises, factory premises and residence of the employees, normally renewable on expiry. Lease payments amounting to Rs. 23.45 lacs (Previous Year Rs. 19.89 Lacs) made under operating lease have been recognized as an expense in the profit and loss account.

9. Previous year''s figures have been regrouped/rearranged & reclassified as necessary.


Mar 31, 2013

1. RELATED PARTY DISCLOSURE

i) In accordance with the requiremnets of Accounting Standard (AS-18) on Related party Disclosures, the name of the related parties where control exist and/or with whom transactions have taken place during the year and description of relationships , as identified and certified by management are :-

(a) Key Managerial Personnel (KMP) Mr. Narender Kumar Makkar

Mr. Arun Kr. Sinha Mr. Narender Aggarwal Mr. P.M. Alexander

(b) Subsidiary Companies

Phoenix Industries Limited Phoenix Cement Limited

(c) Enterprise under direct/Indirect common control:

Focus Energy Limited

2. DISCLOSURE WITH RESPECT TO EMPLOYEES'' BENEFITS

Company has neither made the provision for Gratuity during the year nor provide the Acturial certificate for the Gratuity provision as stipulated in Accounting Standard AS-15 ''Employee Benefits". As per policy of the company , Leave Encashment has to be accounted for year to year basis, hereby as per management, there is no Leave Encahment during the year.

3. CONTINGENT LIABILITIES NOT PROVIDED FOR

Income Tax, Sales Tax, Excise Duty and Custom Duty Demands 157.00 Lacs 24.50 Lacs under Appeals

Employees Provident Fund, Pension Fund, Deposit Linked 18.64 Lacs

Insurance Fund Demands under Appeals

4. Debit/ Credit balances as on 31st March, 2013 in Debtors, Creditors, Loans & Advances and other Parties accounts are subjects to confirmations.

5. Based on the guiding principles given in Accounting Standard (AS-17)"SEGMENT REPORTING", there are no separate reportaDle segments.

6. The accounts of the company have been prepared on going concern basis as per Accounting Standard( AS-1) "Disclosure of Accounting Policies"

7. Unamortized Expense of Rs. 7140233/- (Previous year of RS. 6755964/-) has been recognised as an expense in the profit & loss account.

8. As the Company has unabsorbed depreciation and unabsorbed losses which are to be carried forward as per the provision of Income Tax Act, 1961. In the opinion of the management, there is no certainty that sufficient future taxable income will be available, the Company has not recorded cumulative Deferred Tax Assets on account of timing differences as stipulated in Accounting Standard (AS - 22) "Accounting for Taxes of Income"

9. The Company generally enters into cancelable operating leases for office premises, factory premises and residence of the employees, normally renewable on expiry. Lease payments amounting to Rs. 18.20 lacs (Previous Year RS. 18.24 lacs) made under operating lease have been recognised as an expense in the profit and loss account.

10. Some Banks balances as on 31st March,2013 are subject to confirmations.

11. No Creditors has intimated about their status being of small scale industrial undertaking.

12. Previous year''s figures have been regrouped/rearranged & reclassified as necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for

As at 31.03.2010 As at 31.03.2009 (Rs. In Lacs) (Rs. in Lacs)

(a) Income Tax, Sales Tax, Excise Duty and Custom 11.37 11.37 Duty demands under Appeals.

(b) Corporate Guarantee for loans availed by Focus 19700.00 19700.00 Energy Limited.

2. The accounts of the Company have been prepared on going concern basis.

3. No creditor has intimated about their status being of small scale industrial undertaking.

4. As the Company has unabsorbed depreciation and unabsorbed losses to the tune of Rs. 4629.13 lacs which are to be carried forward as per the provisions of the Income Tax Act,1961, in the opinion of the management there is no certainty that sufficient future taxable income will be available, the Company has not recorded cumulative Deferred Tax Assets / Liabilities on account of timing differences as stipulated in Accounting Standard (AS-22)" Accounting for Taxes on Income".

5 Disclosure pursuant to Accounting Standard - 15

a) Consequent upon the adoption of Accounting Standard - 15 (Revised) - Employee Benefits, in accordance with the stipulations contained therein, the company has adjusted Rs.6,78,205/- towards the transitional effect of defined benefit obligation in respect of employee benefits up-to 31st March, 2007 to the balance of General Reserve as on 1st April,2007.

b) Defined Contribution Plan

6. Segment Reporting:

i) Based on the guiding principles given in Accounting Standard (AS-17) "Segment Reporting" .there are no separate reportable segment.

7. Related Party Transactions:-

i) In accordance with the requirements of Accounting Standard -(AS-18) on Related Party Disclosures, the name of the related parties where control exists and / or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are:-

a) Key Managerial Personnel

Mr. Narender Kumar Makkar Mr. Narendra Aggarwal Mr. Arun K.Sinha Mr. P. M.Alexander

b) Subsidiary Companies

Phoenix Cement Limited Phoenix Industries Limned

c) Enterprises under direct / indirect common control:

Focus Energy Limited

8 The Company genetdfy enttrs it to cancelable operating leases for office premises, godowns, factory premises and residence of the employees, normally renewable on expiry. Lease payments amounting to Rs. 9.49 (Previous Year Rs.7.18 lacs) made under operating leases have been recognized as an expenses in the profit and loss account.

9 Pior Period expenditure of Rs. lacs have been included under normal head of expenses.

10 Debit / Credit balances as on 31st March, 2010 irt Debtors, Creditors, Loans & Advances and other parties accounts are subject to confirmations.

11 In the opinion of the management, the value on realization of Current Assets and Loans & Advances in the ordinary course of business would be at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities is adequate.

12 Previous period figures have been regrouped / rearranged wherever considered necessary to conform to the classification adopted in the current year.

13 Information pursuant to part IV of Schedule VI to the Companies Act, 1956 is attached.


Mar 31, 2009

1. Contingent Liabilities not provided for

As at 31.03.2009 As at 3103.2008 (Rs. in Lacs) (Rs. in Lacs)

(a) IncomeTax, Sales Tax, Excise Duty and Custom Duty demands under Appeals. 11.37 11.37

(b) Corporate Guarantee for loans availed by Focus Energy Limited. 19700.00 10832.00

2. The accounts of the Company have been prepared on going concern basis.

3. No creditor has intimated about their status being of small scale industrial undertaking.

4. As the Company has unabsorbed depreciation and unabsorbed losses to the tune of Rs. 4730.62 lacs which are to be carried forward as per the provisions of the Income Tax Act,1961, in the opinion of the management there is no certainty that sufficient future taxable income will be available, the Company has not recorded cumulative Deferred Tax Assets / Liabilities on account of timing differences as stipulated in Accounting Standard (AS-22 ) "Accounting for Taxes on Income".

5 Disclosure pursuant to Accounting Standard - 15

a) Consequent upon the adoption of Accounting Standard -15 (Revised) - Employee Benefits, in accordance with the stipulations contained therein, the company has adjusted Rs.6,78,205/- towards the transitional effect of defined benefit obligation in respect of employee benefits up-to 31st March, 2007 to the balance of General Reserve as on 1st April,2007.

6. Segment Reporting:-

i) Based on the guiding principles given in Accounting Standard (AS-17) "Segment Reporting" .there are no separate reportable segment.

7. Related Party Transactions:-

i) In accordance with the requirements of Accounting Standard -(AS-18) on Related Party Disclosures, the name of the related parties where control exists and / or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are:- a) Key Managerial Personnel

Mr. Narender Kumar Makkar

Mr. NarendraAggarwal

Mr. Arun K.Sinha

b) Subsidiary Companies

Phoenix Cement Limited Phoenix Industries Limited

c) Enterprises under direct / indirect common control:

Focus Energy Limited (Formerly known as Phoenix Overseas Limited)

8 The Company generally enters into cancelable operating leases for office premises, godowns, factory premises and residence of the employees, normally renewable on expiry. Lease payments amounting to Fts.7.18 lacs made under operating leases have been recognized as an expenses in the profit and loss account.

9. Prior Period expenditure of Rs. 16.86 lacs have been included under normal head of expenses.

10. Debit / Credit balances as on 31" March, 2009 in Debtors, Creditors, Loans & Advances and other parties accounts are subject to confirmations.

11. In the opinion of the management, the value on realization of Current Assets and Loans & Advances in the ordinary course of business would be at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities is adequate.

12. Previous period figures have been regrouped / rearranged wherever considered necessary to conform to the classification adopted in the current year.

 
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