Home  »  Company  »  Pratik Panels  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Pratik Panels Ltd.

Mar 31, 2014

1 Balances of personal accounts like Unsecured Loans, Receivables, Payables and Loans & Advances are subject to their respective confirmations and reconciliations,

2 Figures of the previous year have been regrouped or rearranged, wherever considered necessary, to suit the current year''s presentation.

3 Contingent liabilities & commitments (to the extent not provided for) Contingent liabilities.


Mar 31, 2013

1.01). Accounting Assumptions

The financial statements are prepared under the historical cost convention, on accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 and the accounting standards notified by the Companies (Accounting Standards) Rules, 2006 (Indian GAAP), as adopted consistently by the Company.

1.02). Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and any revision to such accounting estimates is recognised prospectively in the period in which the results are ascertained.

2 Balances of personal accounts like Unsecured Loans, Receivables, Payables and Loans & Advances are subject to their respective confirmations and reconciliations.

3 Figures of the previous year have been regrouped or rearranged, wherever considered necessary, to suit the current year''s presentation.


Mar 31, 2012

(i) Terms/rights attached to Equity Shares:

The company has one class of equity shares having a par value of Rs. 10.00 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution shall be according to the members right and interest in the Company.

NOTES : 1. The lease hold land has been obtained from M.P. Audyogik Vikas Nigam (Raipur) Limited for a term of 99 Years.

No amortization on account of lease hold land has been made in the books of account during the year.

2. Depreciation has been provided at the rates and in the manner prescribed in Income Tax Act. 1961.

Note: Figures shown in Brackets represent previous year figures.

Notes to accounts forming part of Financial Statement ended on 31.03.2012

3 Balances of personal accounts like Unsecured Loans, Receivables, Payables and Loans & Advances are subject to their respective confirmations and reconciliations.

4 Figures of the previous year have been regrouped or rearranged, wherever considered necessary, to suit the current year's presentation.


Mar 31, 2011

1 CONTINGENT LIABILITIES

a. Estimated amount of contracts remaining Not Ascertained to be executed on Capital Account and (Not Ascertained) not provided for.

b. Outstanding guarantee furnished to Rs. NIL Lacs Banks in respect of Letter of Credit. Rs. (NIL)Lacs

c. Claims against the Company/disputed NIL liabilities not acknowledged as debts. (NIL)

2. Balances under Secured Loans, Unsecured Loans, Sundry Debtors, Cash & Bank Balances, Advance and Deposited, Current Liabilities and Provisions, Sundry Creditors and Other Credit Balances etc. are subject to confirmation and reconciliation, if any

3. Mercantile method of Accounting is employed by the concern except otherwise specifically stated However where the amount is immaterial / negligible and or where the establishment of accrual and or determination of accrual and or determination of amount is not possible, no provisions are made

4. During the year depreciation on fixed assets is provided on WDV method at the rate and in the manner prescribed in the Income Tax Act, 1961.

5. Provision for Income Tax has not been made as the company has incurred loss during the year

6. Provision for Fringe Benefit Tax liabilities has been made during the year as advise to the Company.

7. In the opinion of the management the current assets loans and advances are approximately of the value stated if realized in the ordinary course of business and provision for all known liabilities are adequate and not in excess of the amount reasonable necessary

8. Previous Year's figures have been regrouped / rearranged wherever considered necessary.

9. The Company has taken a policy from Life Insurance Corporation of India towards the liabilities on account of gratuity payment.

10. As informed by the Director that no material event have occurred after the fate of Balance Sheet

11. The Company is not making any provisions for deferred tax liability in the books of accounts as advise to the Company.


Mar 31, 2010

1 CONTINGENT LIABILITIES

a. Estimated amount of contracts remaining Not Ascertained to be executed on Capital Account and not provided for. (Not Ascertained)

b. Outstanding guarantee furnished to Rs. NIL Lacs Banks in respect of Letter of Credit. Rs. (NIL)Lacs

c. Claimsagainst the Company/disputed NIL liabilities not acknowledged as debts. (NIL)

2. Balances under Secured Loans, Unsecured Loans, Sundry Debtors, Cash & Bank Balances, Advance and Deposited, Current Liabilities and Provisions, Sundry Creditors and Other Credit Balances etc. are subjectto confirmation and reconciliation, if any.

3. Mercantile method of Accounting is employed by the concern except otherwise specifically stated.

However where the amount is immaterial / negligible and or where the establishment of accrual and or determination of accrual and or determination of amount is not possible, no provisions are made.

4. During the year depreciation on fixed assets is provided on WDV method at the rate and in the manner prescribed in the IncomeTax Act, 1961.

5. Provision for Income Tax has not been made as the company has incurred loss during the year.

6. Provision for Fringe Benefit Tax liabilities has been made during the year as advise to the Company.

7. In the opinion of the management the current assets loans and-advances are approximately of the value stated if realized in the ordinary course of business and provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

8. Previous Years figures have been regrouped / rearranged wherever considered necessary.

9. Bank fixed deposit of Rs. 51500.00 have been deposited towards security deposit as follows :

1. F.D.R.of Rs. 20,000/-WithM.P.A.K.V.N.(R)Ltd., Bhopal

2. F.D.R. of Rs. 7,000/-With Sales Tax Department, Raipur

3. F.D.R.of Rs. 10,000/-With Sales Tax Department, Bangalore

4. F.D.R.of Rs. 13,500/-With Excise Department, Raipur

5. F.D.R.of Rs. 1,000/-With Forest Department, Raipur

Interest on these

. will be accounted for on cash basis.

10. The Company has taken a policy from Life Insurance Corporation of India towards the liabilities on account of gratuity payment.

11. The Company has been advised that the Computation of net profit for the purpose of Directors remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Remuneration has been paid to the Director as per Schedule XIII of the Company Act, 1956 as mentioned below:

1. Salary to Managing Director Rs. 2.52 Lacs P.A.

(Previous Year Rs. 2.52 Lacs PA)

2. Salary to Executive Director Rs. 2.16 Lacs P.A.

(Previous Year Rs. 2.16 Lacs P.A.)

12. As informed by the Director that no material event have occurred after the fate of Balance Sheet.

13. The Company is not making any provisions for deferred tax liability in the books of accounts as advise to the Company.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X