Mar 31, 2015
NOTE - 1 Corporate information
Poison Limited ("The Company") was incorporated on 21st December, 1938 by Mr. Pestonji Edulji Dalal and others. The management of the Company taken over by Late Mr. Jagdish Kapadia, Former Chairman and Mr. Amol Kapadia, Managing Director in 2001. The principal activities of the Company comprise Manufacturing and selling of SYNTHETIC ORGANIC TANNING SUBSTANCE for Domestic and Export market. Plant of the Company is located in Amba, TalukaShahuwadi, Dist. Kolhapur, Maharashtra.
NOTE - 2 SHARE CAPITAL
(i)Terms/rights attached to equity shares:
The Company is having only one class of equity shares having par value of Rs. 50/ - each. Each holder equity shareholders was Rs NIL (March 31, 2014: Rs. NIL)
In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after the distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.
NOTE - 3
Related party transactions for the year ended 31st MARCH 2015
Description of relationship Names of related parties
Holding Company AJI Commercial Pvt Ltd
Fellow Subsidiaries (with whom company has BK Giulini Specialities Pvt Ltd
made transactions during the year) Europa chemicals Pvt Ltd
Dudhwala Builders P Ltd
Key management Personnel (KMP) Mr. Amol Kapadia - Managing Director
Fellow Associates AJI Investment P Ltd,
AJK Investment P Ltd,
Oriental Pharmaceuticals Industries Ltd
New Commercial Investment & Trading Ltd
New Commercial Mills Ltd
Mar 31, 2014
1. Corporate information
Polson Limited ("The Company") was incorporated on 21st December, 1938 by Mr. PestonjiEduljiDalal and others. The management of the Company taken over by Late Mr. Jagdish Kapadia, Former Chairman and Mr. Amol Kapadia, Managing Director in 1970. The principal activities of the Company comprise Manufacturing and selling of SYNTHETIC ORGANIC TANNING SUBSTANCE for Domestic and Export market. Plant of the Company is located in Amba, TalukaShahuwadi, Dist. Kolhapur, Maharashtra.
2. Statement of Significant Accounting Policies adopted by the Company in the preparation of Financial Statements as at and for the year ended March 31, 2014
2.1 Basis of accounting and preparation of financial statements
2.2 Employee benefits
Employee benefits include provident fund, superannuation fund, gratuity and performance bonus.
Defined contribution plans
The Company''s contribution to provident fund and superannuation fund are considered as defined contribution plans and are charged as an expense as they fall due based on the amount of contribution required to be made.
Defined benefit plans
The Company does not have Gratuity Fund System; however, Gratuity and Bonus to staff are accounted on cash basis or provided at the time of retirement.
2.3 Borrowing costs
Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Costs in connection with the borrowing of funds to the extent not directly related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan. Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset upto the date of capitalisation of such asset is added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted.
2.4 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. For the purpose of calculating the diluted earnings per share, the net profit / (loss) for the period attributable to the equity shareholders and the weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations.
2.5 Taxes on income
"Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.
Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.
Current and deferred tax relating to items directly recognised in equity are recognised in equity and not in the Statement of Profit and Loss.
2.6 Research and development expenses
Revenue expenditure pertaining to research is charged to the Statement of Profit and Loss. Development costs of products are also charged to the Statement of Profit and Loss unless a product''s technological feasibility has been established, in which case such expenditure is capitalised. The amount capitalised comprises expenditure that can be directly attributed or allocated on a reasonable and consistent basis to creating, producing and making the asset ready for its intended use. Fixed assets utilised for research and development are capitalised and depreciated in accordance with the policies stated for Tangible Fixed Assets and Intangible Assets.
2.7 Provisions and contingencies
A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.
2.8 Hedge accounting
The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable forecast transactions. The Company designates such forward contracts in a cash flow hedging relationship by applying the hedge accounting principles set out in "Accounting Standard 30 Financial Instruments: Recognition and Measurement". These forward contracts are stated at fair value at each reporting date. Changes in the fair value of these forward contracts that are designated and effective as hedges of future cash flows are recognised directly in "Hedging reserve account" under Reserves and surplus, net of applicable deferred income taxes and the ineffective portion is recognised immediately in the Statement of Profit and Loss. Amounts accumulated in the "Hedging reserve account" are reclassified to the Statement of Profit and Loss in the same periods during which the forecasted transaction affects profit and loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. For forecasted transactions, any cumulative gain or loss on the hedging instrument recognised in "Hedging reserve account" is retained until the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, the net cumulative gain or loss recognised in "Hedging reserve account" is immediately transferred to the Statement of Profit and Loss.
2.9 Insurance claims
Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that there is no uncertainty in receiving the claims.
2.10 Service tax input credit
Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilising the credits.
Mar 31, 2013
1. Corporate information
The principal activities of the Company comprise Manufacturing and selling of SYNTHETIC ORGANIC TANNING SUBSTANCE for Domestic and Export market. Plant is located in Amba, Taluka Shahuwadi, Dist. Kolhapur, Maharashtra.
NOTE - 2.1
Additional information to the financial statement for the year ended 31st MARCH 2013
Contingent liabilities and commitments (to the extent not provided for.
* The Company has filed two suits against Modipon Ltd., for unlawful termination of agreement for a sum aggregating to Rs.3,26,60,748/-. The said Company has made counter claim for Rs.4,76,30,582.68. The case is pending before the Court.
Mar 31, 2012
1 Corporate information
The principal activities of the Company comprise Manufacturing and selling of SYNTHETIC ORGANIC TANNING SUBSTANCE for Domestic and Eport market. Plant is located in Amba, Taluka Shahuwadi, Dist. Kolhapur, Maharashtra.
Mar 31, 2011
1) As and when employees are paid Gratuity, it is debited to Gratuity Account in that year.
2) There is no practice for getting the confirmation of balances from-the Debtors, Creditors and for Deposits, Loans and Advances.
3) The Company revalued some of its Assets on 1-4-1994.
4) Information required pursuant to paragraphs 3, 4C and 4D of part II of Schedule VI of the Companies Act, 1956 (Amended)
i) All the quantity figures are correct to the nearest unit of account which is inmate.
ii) During the year 2006-07, the company installed pulverize and other machines thus increasing the installed capacity to 1500 mt per month
5) Salary paid to Managing DirectorÂ» Rs.30.0O.0OO/-during 2010-11 (Previous year Rs.30,00.000/-)
6) C % 23,774 Bonds of R3.1,000/-each are Issued to M/oriental ' Pharmaceuticals Industries Limited.
7) The figures for the previous year, in the case of Profit& Loss Account, and as at the earth of previous year, in the case of Balance Sheet have been rearranged, wherever necessary for comparative purposes.
Mar 31, 2010
A. OTHER NOTES
1) As and when employees are paid Gratuity, it is debited to Gratuity Account in that year.
2) Against Loans, Deposits, Advances and Debtors amounting to Rs.13,23,071/- considered doubtful, no provision has been made. (Previous Year - Rs.13,23,071/-)
4) There is no practice for getting the confirmation of balances from the Debtors, Creditors and for Deposits, Loans and Advances.
5) The Company revalued some of its Assets on 1-4-1994.
7) Salary paid to Managing Director = Rs.30,00,000/- during 2009-10
(Previous year Rs. 30,00,000/-)
8) 0 % 23,774 Bonds of Rs.1,000/- each are issued to M/s Oriental Pharmaceuticals Industries Limited.
9) The figures for the previous year, in the case of Profit & Loss Account, and as at the end of previous year, in the case of Balance Sheet, have been rearranged, wherever necessary, for comparative purposes.
Related Party disclosure for the year ended March 31,2010.
Related Parties and their relation ships
Enterprises over which significant influence excercised by Key
BK GIULINI SPECIALITIES PVT LTD
AJK INVESTMENT PVT LTD
AJI INVESTMENT PVT LTD
AJI COMMERCIAL INVESTMENT
AJK COMMERCIAL INVESTMENT
NEW COMMERCIAL MILLS CO LTD
NEW COMMERCIAL INVESTMENT & TRADING CO LTD
ORIENTAL PHARMACEUTICALS INDUSTRIES LTD
LOTUS MILLS LTD
EUROPA CHEMICALS PVT LTD
Key Management Personnel :-