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Notes to Accounts of Poona Dal & Oil Industries Ltd.

Mar 31, 2015

1. Legal Status And Business Activity

a) Constitution: - The Company POONA DAL AND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) Activity: - The Company is engaged in the business of manufacturing and trading in edible oil and pulses.

2. Significant Judgments Employed In Applying Accounting Policies

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows:

Impairment

Management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets in phase manner over period of 5 years to determine whether there are any indications that they may be impaired. In the absence of such information, no further action is taken.

3. Key Sources Of Estimation Uncertainty

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows:

Residual values are assumed to the extent of 5% of cost of acquisition that are reasonably expected to exist at the end of the assets' estimated useful life.

Inventory provisions

Management regularly undertakes a review of the company's inventory (Note 18), stated at INR 188,797,732 (previous year INR 117,969,090) in order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1, 19.2 and 21) and assess the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports INR Rs. 2739.02 Lacs (P.Y. Rs. 6198.18 Lacs).

5. FOB Value of Export NIL (P.Y. Rs. NIL).

6. Expenditure in Foreign Currency NIL (P.Y. Rs. NIL).

7. Small And Medium Enterprises Dues

As per the information & explanation given by the management, there is no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. Deferred Tax Provision

As required by Accounting Standard 22 -(Accounting for taxes on Income) issued by Institute of Chartered Accountants of India, Company has recognised deferred taxes which result from the time difference between book profit & tax profit arrived at Rs. 36,35,693/- & deferred taxes comes to Rs. 11,79,600/-. As it resulted as Deferred Tax Asset same has not been provided for in the books of accounts. Difference of 2,05,926 due to change in working of depreciation as per schedule II of the Companies Act, 2013 has been hit to reserve account it resulted into deferred tax assets; the same also has not been accounted into the books of accounts.

9. Comparative Figures

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations.


Mar 31, 2014

Notes to Account :- 1. Legal Status And Business Activity

a) Constitution: - The Company POONA DAL AND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) Activity: - The Company is engaged in the business of manufacturing and trading in edible oil and pulses.

2. Significant Judgments Employed In Applying Accounting Policies

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows:

Impairment

Management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets in phase manner over period of 5 years to determine whether there are any indications that they may be impaired. In the absence of such information, no further action is taken.

3. Key Sources Of Estimation Uncertainty

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows:

Residual values are assumed to be zero unless a reliable estimate of the current value can be obtained for similar assets of ages and conditions that are reasonably expected to exist at the end of the assets'' estimated useful lives.

Inventory provisions

Management regularly undertakes a review of the company''s inventory (Note 18), stated at INR 117,969,090 (previous year INR 63,670,692) in order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1, 19.2 and 21) and assess the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports

6198.18 Lacs (P.Y. Rs. 20,767.96 Lacs). In most of cases goods are imported on CNF basis and insurance expenses are debited to statement of profit & loss.

5. FOB Value of Export

NIL (P.Y. Rs. NIL).

6. Expenditure in Foreign Currency

NIL (P.Y. Rs. NIL).

7. Small And Medium Enterprises Dues

As per the information & explanation given by the management, there is no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. Deferred Tax Provision

As required by Accounting Standard 22 -(Accounting for taxes on Income) issued by Institute of Chartered Accountants of India, Company has recognised deferred taxes which result from the time difference between book profit & tax profit arrived at Rs. 576,507/- & deferred taxes comes to Rs. 187,048/-. As it resulted as Deferred Tax Asset same has not been provided for in the books of accounts.

9. Comparative Figures

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations. As per our attached Report of even date For and on behalf of the Board of Directors


Mar 31, 2013

1. Legal Status And Business Activity

a) Constitution - The Company POONA DAL AND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) Activity - The Company is engaged in the business of manufacturing and trading in edible oil and pulses.

2. Significant Judgments Employed In Applying Accounting Policies

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows:

Impairment

Management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets in phase manner over period of 5 years to determine whether there are any indications that they may be impaired. In the absence of such information, no further action is taken.

3. Key Sources Of Estimation Uncertainty

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows :

Residual values are assumed to be zero unless a reliable estimate of the current value can be obtained for similar assets of ages and conditions that are reasonably expected to exist at the end of the assets'' estimated useful lives.

Inventory provisions

Management regularly undertakes a review of the company''s inventory (Note 18), stated at INR 63,670,692 (previous year INR 105,024,490) in order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1, 19.2 and 21) and assess the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports

Rs. 20767.96 lakhs (P. Y. Rs. 8,736.47 lakhs). In most of cases goods are imported on CNF basis and insurance expenses are debited to statement of profit & loss.

5. FOB Value of Export

NIL (P. Y. NIL).

6. Expenditure in Foreign Currency

NIL (P. Y. NIL).

7. Small And Medium Enterprises Dues

As per the information & explanation given by the management, there is no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. Deferred Tax Provision

As required by Accounting Standard 22 (Accounting for taxes on Income) issued by Institute of Chartered Accountants of India, Company has recognised deferred taxes which result from the time difference between book profit & tax profit arrived at Rs. 806,374/- & deferred taxes comes to Rs. 261,628/-. As it resulted as Deferred Tax Asset same has not been provided for in the books of accounts.

9. Comparative Figures

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations.


Mar 31, 2012

1. LEGAL STATUS AND BUSINESS ACTIVITY

a) POONADALAND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) The company manufactures & trades in edible oil & pulses.

2. SIGNIFICANT JUDGMENTS EMPLOYED IN APPLYING ACCOUNTING POLICIES

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised In the financial statements are as follows:

Impairment

At each reporting date, management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets to determine whether there are any indications that they may be Impaired. In the absence of such indications, no further action is taken.

3. KEY SOURCES OF ESTIMATION UNCERTAINTY

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a materia! adjustment to the carrying amounts of assets and liabilities within the next financial year. are as follows;

Residual values are assumed to be zero unless a reliable estimate of the current value can be obtained for similar assets of ages and conditions that are reasonably expected to exist at the end of the assets' estimated useful lives.

Inventory provisions

Management regularly undertakes a review of the company's inventory (Note 18), stated at INR 105.024,490 (previous year INR 162,693,481 Jin order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1,19.2 and 21) and assesses the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports

Rs. 8,736.47 Lacs (P.Y. Rs. 11,231.08 Lacs). In most of cases goods are imported on CNF basis and insurance expenses are debited to statement of profit & toss.

5. FOB Value of Export

NIL (P.Y Rs 1129.89 Lakhs).

6. Expenditure in Foreign Currency NIL (P.Y - NIL).

7. There are no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. COMPARATIVE FIGURES

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations.


Mar 31, 2010

1. CIF Value of Imports Rs. 15234.35 Lakhs (P.Y. Rs. 11799.92 Lakhs)

2. FOB Value of Export Rs.Nil (P.Y. Rs. Nil Lakhs)

3. Expenditure in Foreign Currency - Nil (P.Y. - Nil)

4. Related Party Disclosures

As per Accounting Standard -18 issued by the Institute of Chartered Accountants of India, the Companys related party disclosed as below

I. Particulars of Associate Companies / Firms



Name of Related Party Nature of Relationship

1 Poona Dal and Besan Mills Pvt. Ltd. Associate Company

2 Poona Flour & Foods Associate Firm



II. Key Management Personnel Relationship

1 Pradip Parakh Chairman / Managing Director

2 Sanjeev Garg Director

3 Pankaj C. Baldota Works Director

4. Rajendra D. Shetiya Works Director

5 Shailesh C. Doshi Works Director



Related Party Transactions Associate Company Associate Firms

1 Poona Dal & Besan Mills Pvt. Ltd.

Sales of Material/Rent Receipts 550000 -

Purchases of Material/Payments - -

5. There are no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

6. The previous year figures have been regrouped and/or reclassified wherever necessary.

 
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