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Notes to Accounts of Pratiksha Chemicals Ltd.

Mar 31, 2014

A. Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.

During the year ended 31st March 2013, no dividend is declared by Board of Directors. (Previous year - Nil)

b. Shares reserved for issue under options: NIL

c. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares brought back during the period of five years immediately preceding the reporting date: NIL

d. Securities convertible into equity / preference shares issued along with the earliest date of conversion: NIL

e. Forfeited Shares : NIL

Indian rupee unsecured loan from Directors, Shareholders and their relatives carries interest @ 9 % p.a.as on the reporting date. Repayment Schedule of Unsecured Loan is not specified.

NOTE ; 2 ADDITIONAL IMQTFS -- 1. Contingent Liabilities and Capital Commitments: Rs. NIL (P.Y. NIL)

2. Deferred Tax Liability/Assets are not created in absence of virtual certainty.

3. No Provision for income tax is considered necessary in view of carry forward losses and unabsorbed deprecation under the Income Tax Act 1961.

4- RELATED PARTY DISCLOUSRE

(a) List of related parties with whom transactions have taken place during the year:

Name of related party Relationship

Jayesh K. Patel

Harish K. Bhatt Key Management Personnel

Harshad K. Patel

Asthu H. Patel

Dwijen H. Bhatt

Ratnakalaben H Patel Relatives of key Management personel

Surbhi ben H Bhatt Harshad K Patel (HUF)

Harish K Bhatt ( HUF)

Dhara Organisers Pvt. Ltd.

H. K. Builders

Concerns in which Directors are interested

J. K. Patel & Co.

There is no change in the number of equity shares during the period.

5. The company is entitled to setoff of carried forwarded losses and unabsorbed depreciation against the future taxable income under the Income-tax Act. However, as a matter of prudence, company is not recognizing the deffered tax assets as provided by Accounting Standard 22 — accounting for taxes on income.

6. Auditors'' Remuneration is made up of:

7. Director''s Remuneration:

a. The Company has been advised that the computation of net profits 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. In view of the inadequate profit, fixed monthly remuneration has been paid to the Directors as per Schedule-XIII to the Companies Act, 1956.

b. Directors Remuneration is made up of:


Mar 31, 2013

1. Contingent Liabilities and Capital Commitments Rs. NIL (P.Y. NIL)

2. Deferred Tax Liability/Assets are not created in view of fall in sales, and absence of virtual certainty.

3. No provision for income tax is considered necessary in view of carry forward losses and unabsorbed deprecation under the Income Tax Act 1961.

4. The company operates within a solitary business segment i.e. manufacturing of pigments, the disclosure requirements of Accounting Standard - 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India is not applicable.

5. The company has not disclosed outstanding dues to Small Scale Industrial undertakings and details regarding the same as company are not having any outstanding to SSI unit.

6. Director''s Remuneration :

(a) The Company has been advised that the computation of net profits 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. In view of the inadequate profit, fixed monthly remuneration has been paid to the Directors as per Schedule-XIII to the Companies Act, 1956.

7. Value of Imports on CIF Basis Rs. NIL (PY. NIL)

8. The company has reclassified / regrouped the previous year figures wherever it seems necessary.

NOTE A : CORPORATE INFORMATION :

Pratiksha Chemicals Limited was incepted in the year 1991 as Pratiksha Chemicals Pvt Ltd and started the commercial production of Phthalocyanine Pigment Green 7.ln the year 1994, Pratiksha Chemicals Py. Ltd was changed to a limited company and was christened as Pratiksha Chemicals Limited. Currently company is engaged in the manufacturing business of Pigment Green 7 and Copper Phthalocyanine Green Crude.


Mar 31, 2012

A. Terms / Rights attached to Equity Shares :

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian ru- pees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.

During the year ended 31st March 2012, no dividend is declared by Board of Directors.

(Previous year - Nil)

b. Shares reserved for issue under options : NIL

c. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares brought back during the period of five years immediately preceding the reporting date : NIL

d. Securities convertible into equity / preference shares issued along with the earliest date of conversion : NIL

e. Forfeited Share : NIL

NOTE A : CORPORATE INFORMATION :

Pratiksha Chemicals Limited was incepted in the year 1991 as Pratiksha Chemicals Pvt. Ltd. and started the commercial production of Phthalocyanine Pigment Green 7.In the year 1994, Pratiksha Chemicals Pvt. Ltd. was changed to a limited company and was christened as Pratiksha Chemicals Limited. Currently company is engaged in the manufacturing business of Pigment Green 7 and Copper Phthalocyanine Green Crude.

1. Contingent Liabilities and Capital Commitments Rs. NIL (P.Y. NIL)

2. The company has not made any provisions for Doubtful debts though considered doubtful for recovery amounting to Rs. 2,288,424/- as the management is still putting persuasive efforts for recovery.

3. No provision for income tax is considered necessary in view of carry forward losses and unabsorbed deprecation under the Income Tax Act 1961.

4. The company operates within a solitary business segment i.e. manufacturing of pigments, the disclosure requirements of Accounting Standard - 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India is not applicable.

5. In current year company has not amortized 1/5th of deferred revenue expenditure.

6. The company has not disclosed outstanding dues to Small Scale Industrial undertakings and details regarding the same as company are not having any outstanding to SSI unit.

7. Related Party Disclosures :

(a) List of related parties with whom transactions have taken place during the year :

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below :

8. The company is entitled to setoff of carried forwarded losses and unabsorbed depreciation against the future taxable income under the Income-tax Act. However, as a matter of prudence, company is not recognizing the differed tax assets as provided by Accounting Standard 22 - accounting for taxes on income.

9. (a) The Company has been advised that the computation of net profits 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. In view of the inadequate profit, fixed monthly remuneration has been paid to the Directors as per Schedule-XIII to the Companies Act, 1956.

10. Hitherto the Company has adopted the old Schedule VI to the Companies Act 1956 for the preparation and presentation of its financial statements. However, from the current year the Company has adopted the Revised Schedule VI to comply with the notification made under the Companies Act 1956. Accordingly the Company has reclassified / regrouped the previous year figures to confirm to this year's classification.


Mar 31, 2010

1. Contingent Liabilities and Capital Commitments Rs. NIL (P.Y NIL)

2 The company has not made any provisions for Doubtful debts though considered doubtful for recovery ; amounting to Rs. 22, 88,424- as the management is still putting persuasive efforts for recovery.

3. No provision for income tax is considered necessary in view of carry forward losses and unabsorbed deprecation under the Income Tax Act 1961.

4 The company operates within a solitary business segment i.e. manufacturing of pigments, the disclosure requirements of Accounting Standard - 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India is not applicable.

5, In current year company has not amortized 1/5th of deferred revenue expenditure.

6. Related Party Disclosures:

(a) List of related parties with whom transactions have taken place during the year:

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below.

(a) List of related parties with whom transactions have taken place during the year and relationship :

Sr,

No. Name of related party Relationship

1 Jayesh K. Patel

2 Harish K. Bhatt

3 Harshad K. Patel Key Management Personnel

4 Minor Asthu H. Patel

5 Minor Dwijen H. Bhatt

6 Ratnakala ben H Patel Relatives of key Management personnel

7 Surbhi ben H Bhatt.

8 Harshad K Patel (HUF)

9 Harish K Bhatt ( HUF)

10 Dhara Organisers Pvt. Ltd. Concerns in which Directors are interested 11 H. K. Builders

12 J. K. Patel & Co.

13 The Previous year figures have been re-grouped, rearrange and reworked wherever necessary so as to make them comparable with those of the current year.


Mar 31, 2009

1. Contingent Liabilities land Capital Commitments Rs. NIL (P.Y NIL)

2. The company has not made any provisions for Doubtful debts though considered doubtful for recovery amounting to Rs. 22,88,424/- as the management is still putting persuasive efforts for recovery.

3. No provision for income tax is considered necessary in view of carry forward losses and unabsorbed deprecation under the Income Tax Act 1961.

4. The company operates within a solitary business segment i.e. manufacturing of pigments, the disclosure requirements of Accounting Standard - 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India lis not applicable.

5. In current year company has not amortized 1/5th of deferred revenue expenditure.

6. Related Party Disclosures:

(a) List of related parties with whom transactions have taken place during the year:

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

(a) List of related parties with whom transactions have taken place during the year and relationship:

Sr. No. Name of related party Relationship

1 Jayesh K. Patel

2 Harish K. Bhatt

3 Harshad K. Patel Key Management Personnel

4 Minor Asthu h. Patel

5 Minor Dwijen H. Bhatt

6 Ratnakala bed H Patel Relatives of key Management personnel

7 Surbhi ben H Bhatt

8 Harshad K Patel (HUF)

9 Harish K Bhatt (HUF)

10 Dhara Organisers Pvt. Ltd. Concerns in which Directors are interested

11 H. K. Builders:

12 J. K. Patel & Co.

9. The company is entitled to setoff of carried forwarded losses and unabsorbed depreciation against the future taxable income under the Income-tax Act. However, as a matter of prudence, company is not recognizing the differed tax assets as provided by Accounting Standard 22 - accounting for taxes on income.

10. (a) The Company has been advised that the computation of net profits 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. In view of the losses, fixed monthly remuneration has been paid to the Directors as per Schedule-XIII to the Companies Act, 1956.

11 The Previous year figures have been re-grouped, rearrange and reworked wherever necessary so as to make them comparable with those of the current year.

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