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Notes to Accounts of Priya Ltd.

Mar 31, 2015

1. (A) 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 dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(B) 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 will be in proportion to the number of equity shares held by the shareholders.

Note No. 2

1. Secured by hypothecation of Vehicle.

2. The above vehicle Loan was originally payable in 36 Installments and no default in repayment of Principal & Interest has been made by company as on Balance Sheet date. The rate of interest ranges between 1.99 % to 10.51 %.

Note No. 3

Secured against Hypothecation of Goods & Book Debts, Equitable mortgage on specific immovable properties of the company & related parties, Hypothecation of other Movable Assets of the company, personal guarantee of some directors of the company and corporate guarantee for the balance outstanding at the year end and Pledge of shares of the company by the Promoters.

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not been given.

The amount of per share dividend of Re. 1.00 (Previous year Re. 1.00) has been proposed to be distributed to equity shareholders for the year ended 31/03/2015. The total amount of dividend shall be Rs. 3,613,496/- (Including Dividend Distribution Tax Rs. 611,196/-). (Previous year Re. 3,512,541/- (Including Dividend Distribution Tax Rs. 510,241/-)

Note No. 4

Pursuant to Companies Act, 2013 (''the Act'') being effective from April 1, 2014, the Company has revised depreciation rates on tangible fixed assets as per useful life specified in Part ''C'' of Schedule II of the Act. and due to the same there has been a change in the estimated useful life of depreciable tangible assets which affects the depreciation in the current year ending 31st March, 2015 and in each period during the remaining useful life of the assets. Accordingly, the Company has re-worked depreciation with reference to the estimated economic lives of Fixed Assets prescribed by Schedule II of the Act during the year ended 31st March, 2015. In case of any asset whose life is completed as at 1st April 2014, the carrying value (Net of residual value) amounting to Rs.1.46 Lakhs has been adjusted to the Retained Earnings (net of deferred tax impact of Rs.0.70 Lakhs) and in other cases the carrying value has been depreciated over the remaining of the revised life of the assets. As a result the charge for depreciation is higher by Rs.11.56 Lacs for the year ended 31st March, 2015.

Margin money deposits amounting to Rs. 20,176,779/- (Previous year Rs. 20,612,522/-) are lying with bank against Bank Guarantees and Letter of Credit.

In the previous year the company deposited an amount of Rs. 3 crores, as abundant caution, with the Department of Revenue Intelligence (DRI) against an enquiry initiated by them. No show cause notice or demand letter has been received from the authorities after the deposit and hence this deposit is shown under the head "Short Term Loans and Advances" .

6. CONTINGENT LIABILITIES & COMMITMENTS

a) CONTINGENT LIABILITIES

Particulars As at As at March 31, 2015 March 31, 2014 1) Disputed Rent Liability 12,395,923 12,395,923

2) Disputed Income Tax Liability 3,328,240 3,194,760

3) Disputed Sales Tax Liability 8,190,115 8,190,115

4) Guarantees given - -

23,914,278 23,780,798

b) COMMITMENTS

Particulars As at As at March 31, 2015 March 31, 2014

- -

- -

7. Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

8. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

9. The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current presentation as per schedule III.


Mar 31, 2014

Note No. 1 Terms/rights attached to Equity Shares

(A) 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 dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(B) 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 will be in proportion to the number of equity shares held by the shareholders.

Note No. 2

1. Secured by hypothecation of Vehicle.

2. The above vehicle Loan was originally payable in 36 Installments and no default in repayment of Principal & Interest has been made by company as on Balance Sheet date. The rate of interest ranges between 1.99 % to 10.51 %.

Note No. 3

Secured against Hypothecation of Goods & Book Debts, Equitable mortgage on specific immovable properties of the company & related parties, Hypothecation of other Movable Assets of the company, personal guarantee of some directors of the company for the balance outstanding at the year end and Pledge of shares of the company by the Promoters.

Note No. 5

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not been given. The same has been relied upon by the Auditors.

The amount of per share dividend of Re. 1.00 (Previous year Re. 1.00) has been proposed to be distributed to equity shareholders for the year ended 31/03/2014. The total amount of dividend shall be Rs. 3,512,541/- (Including Dividend Distribution Tax Rs. 510,241/-). (Previous year Re. 3,512,541/- (Including Dividend Distribution Tax Rs. 510,241/-) Margin money deposits amounting to Rs. 20,612,522/- (Previous year Rs. 21,995,536/-) are lying with bank against Bank Guarantees and Letter of Credit.

Note No. 6

During the year the company deposited an amount of Rs. 3 crores, as abundant caution, with the Department of Revenue Intelligence (DRI) against an enquiry initiated by them. No show cause notice or demand letter has been received from the authorities after the deposit and hence this deposit is shown under the head " Short Term Loans and Advances" .

7. CONTINGENT LIABILITIES & COMMITMENTS

a) CONTINGENT LIABILITIES

Particulars As at As at March 31,2014 March 31,2013

1) Disputed Rent Liability 12,395,923 12,501,835

2) Disputed Income Tax Liability 3,194,760 3,935,784

3) Disputed Sales Tax Liability 8,190,115 8,190,115

23,780,798 24,627,734

b) COMMITMENTS

Particulars As at As at March 31,2014 March 31,2013

Estimated Amounts of Contract remaining to be executed - 50,000,000 on Capital account and not provided for

- 50,000,000

8. Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

9. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

10. Notes:-

(i) The company is into two main business segments, namely;

Electronics - Computer peripherals and systems

Chemicals - Export of Textile Dyes and Intermediates

Segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns, the organisation structure, and the internal financial reporting systems.

(ii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on areasonable basis.

11. The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.


Mar 31, 2013

1 CONTINGENT LIABILITIES & COMMITMENTS

a) CONTINGENT LIABILITIES

Particulars As at As at March 31, 2013 March 31, 2012

1) Disputed Rent Liability 12,501,835 12,459,661

2) Disputed Income Tax Liability 3,935,784 1,470,644

3) Disputed Sales Tax Liability 8,190,115 8,227,470

24,627,734 22,157,775

** Includes expenses like customs duty, freight etc. amounting to Rs.29,452,736/-(Previous Year Rs. 39,144,222/-)

Note No 2.1:

Directors Remuneration is inclusive of Provision of Rs. 15,00,000/- for Salary of Mr. Ashish Bhuwania, whose application for re-appointment as Executive Director is pending with Central Goverment.

3 Employee Benefits :

The Company''s defined benefit plan includes Gratuity/ Leave Encashment. The liability in respect of Gratuity/ Leave Encashment has been determined using Projected Unit Credit Method by an independent actuary. The company''s defined contribution plan includes Provident Fund and Superannuation Fund. The related disclosure are as under:

The company gives Warranties at the time of sale of main products to the customers. Under the terms of Contract of Sales, the company undertakes to make good by replacement or repairs, Manufacturing defects that arise within 1-3 years from the date of sale. A provision has been recognized for the expected warranty claims on products sold based on past experience.

b) Future minimum lease rentals receivables as on 31.03.2013 is NIL. (Previous Year NIL )

c) There is no Contingent Rent.

d) The company has given office premises on lease for a period ranging between 11 months to 7 years. The aggregate lease rent income of Rs. 8,793,000/- (Previous Year Rs. Rs.8,759,435/-) has been recognized as income in the Statement of Profit and Loss for the period under the Note No 21 " Other Income".

c) Sub lease income recognized in the Statement of Profit and Loss for the period

d) There is no Contingent Rent.

e) The Company''s major leasing arrangements are in respect of god owns/office premises (including furniture & fittings therein wherever applicable taken on leave and license basis). These leasing arrangements, which are mostly cancelable, range between 11 months to 5 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

4 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

5 In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

Notes:-

(i) The company is into two main business segments, namely;

Electronics - Computer peripherals and systems Chemicals - Export of Textile Dyes and Intermediates Segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns, the organization structure, and the internal financial reporting systems.

(ii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

6 The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.


Mar 31, 2012

Note No 1.1 Terms/rights attached to equity shares

(A) 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 dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(B) The amount of per share dividend of Re. 1.00 (Previous Year Re. 1.00) has been proposed to be distributied to equity shareholders for the year ended 31/03/2012. The total amount of dividend shall be Rs. 3,489,349/- (Including Dividend Distrubition Tax Rs. 487,049/-).

(C) 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 will be in proportion to the number of equity shares held by the shareholders.

Note No. 2.1

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not been given. The same has been relied upon by the Auditors.

Note No 3.1

Aggregate market value of Quoted Investments Rs. 15,625,635/- (previous year Rs. 20,895,690/-)

Note No 4.2

Accounting Policy of Investments

Long term Investments are stated at cost. Provision for diminution in value of long term investments is made only if such decline is other than temporary in the opinion of the management. Dividends are accounted for as and when received.

Note No 5.1

Accounting Policy of Deferred Tax

The deferred tax for timing differences between the book profits and tax profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is a virtual certainty that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

6. CONTIGENT LIABILITY

As at March As at March Particulars 31.2012 31.2011

1) Disputed Rent Liability 12,459,661 12,459,661

2) Disputed Income Tax Liability 1,470,644 11,145,349

3) Disputed Sales Tax Liabilty 8.227.470 8.374.904

22,157,775 31,979,914

Accounting Policy of Employee Benefit

(i) Short term employee benefits are recognised as an expense at the undiscounted amounts in the Statements of Profit & Loss for the year in which the related service is rendered .

(ii) Contribution payable to the Provident Fund and Superannuation Scheme which is Defined Contribution Scheme is charged to Statement of Profit and Loss as and when incurred.

(iii) Liabilities in respect of defined benefit plans are determined based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognised immediately in the Statement of Profit and Loss.

Notes:-

(i) The company is into two main business segments, namely;

Electronics - Computer peripherals and systems Chemicals - Export of Textile Dyes and Intermediates Segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns, the organisation structure, and the internal financial reporting systems.

(ii) Segment Revenue, Results, Assets and Liabilities induce the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

c) Sub lease Income recognized In the statement of Profit and Loss for the period

d) There is no Contingent Rent.

e) The Company''s major leasing arrangements are in respect of godowns/office premises (including furniture & fittings therein wherever applicable taken on leave and licence basis). These leasing arrangements, which are mostly cancelable, range between 11 months to 5 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

5. Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

6. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

7. The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.


Mar 31, 2011

1. Contingent Liabilities:

2010-2011 2009-2010 Rs. Rs.

i) Disputed Income Tax liability 11,145,349 20,347,317

ii) Disputed Sales tax liability 8,374,904 10,260,882

iii) Disputed Rent liability 12,459,661 -

2. Lease Disclosures for Operating Leases:

d) There is no Contingent Rent.

e) The Companys major leasing arrangements are in respect of godowns/office premises (including furniture & fittings therein wherever applicable taken on leave and licence basis).

These leasing arrangements, which are mostly cancelable, range between 11 months to 5 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

3. The company has not received information from vendors regarding their status under the Micro,small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not been given.

The same has been relied upon by the Auditors.

4. Segment Information For The Year Ended 31st March, 2011

B. Information about Secondary Business Segments

Notes:- (i) The company is into two main business segments, namely;

Electronics - Computer peripherals and systems

Chemicals - Export of Textile Dyes and Intermediates

Segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns, the organisation structure, and the internal financial reporting systems.

(ii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

5. Related parties disclosure in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

Note:

Names of related parties and description of relationship:

1. Parties where control exists

(a) Priya International Ltd.

(b) Priya Chemicals

(c) Gaurav Electrochem Pvt.Ltd.

(d) Brent Properties Investment Pvt.Ltd.

e) Chesire Properties Investment Pvt.Ltd.

(f) Halifax Properties Investment Pvt.Ltd.

2. Key Management Personnel

(a) Mr. A. K. Bhuwania

(b) Mr. Ashish Bhuwania

(c) Mr. Aditya Bhuwania

3. Relative of Key Management Personnel

(a) Mrs. Saroj Bhuwania, wife of Mr. A.K.Bhuwania

6. Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

7. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

8. Figures in brackets relates to previous year. Previous years figures have been regrouped/ rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2010

1. Contingent Liabilities:

2009-2010 2008-2009

RS. RS.

i) Disputed Income Tax liability 20,347,317 19,213,840

ii) Disputed Sales tax liability 10,260,882 14,772,428



2. The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development Act,2006 and been given. The same has been hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not relied upon by the Auditors.

Names of related parties and description of relationship: 1. Parties where control exists (a) Priya International Ltd.

3. Key Management Personnel (a) Mr. A. K. Bhuwania

(b) Priya Chemicals

(c) GauravElectrochemPvt.Ltd.

(d) Brent Properties Investment Pvt.Ud.

(e) Chesire Properties Investment Pvtltd.

(f) Halifax Properties Investment P.Ltd.

(b) Mr. Ashish Bhuwania

(c) Mr. Aditya Bhuwania

4. Relative of Key Management Personnel

(a) Mrs. Saroj Bhuwania, wife of Mr.A.K.Bhuwania

5. Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

6. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

7. Figures in brackets relates to previous year. Previous years figures have been regrouped/ rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2009

1. Contingent Liabilities:

2008-2009 2007-2008 RS. RS

i) Disputed Income Tax liability 19,213,840 19,213,840

ii) Disputed Sales tax liability 14,772,428 14,695,194

iii) Disputed Cess liability - 313,314

Assets given on Lease

2. There is no Contingent Rent.

3. The company has given office premises on lease for a period ranging between 11 months to 7 years. The aggregate lease rent income of Rs.5,939,872/- (Previous Year Rs.5,506,647/-) has been recognized as income in the Profit and Loss for the period under the schedule " Other Income".

4. The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not been given. The same has been relied upon by the Auditors.

Names ol related parties and description of relationship:

1. Parties where control exists 2. Key Management Personnel

la) Priya International Ltd. (a) Mr. A. K. Bhuwania

(b) Priya Chemicals (b) Mr. Ashish Bhuwania

(c) Gaurav Electrochem Pvt.Ltd. (c) Mr. Aditya Bhuwania

(d) Brent Properties Investment Pvt.Ltd.

(e) Chesire Properties Investment PvtLtd. 3. Relative of Key Management Personnel

(f) Halifax Properties Investment P.Ltd. (a) Mrs. Sara] Bhuwania, wife of Mr A K.Bhuwania

5. Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

6. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

7. Figures in brackets relates to previous year. Previous years figures have been regrouped/ rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2008

1. Contingent Liabilities:

2007-2008 2006-2007 Rs. Rs

i) Disputed Income Tax liability 19,213,840 19,065,694

ii) Disputed Sales tax liability 14,695,194 10,918,306

iii) Disputed Cess liability 313,314 313,314

iv) Claims against the Company not acknowledged as debts. - 48,314

v) Counter Guarantee given to bankers in respect of guarantee given by them. 109,683 405,000

2. The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not been given. The same has been relied upon by the Auditors.

3. Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

4. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

5. Sundry Debtors includes Rs.1,22,89,030/- in respect of which legal cases are pending and Rs.37,25,285/- outstanding since long, which are considered good and the management is hopeful of recovery and accordingly no provision has been made in the accounts.

6. The company has made provision of Rs.1500000/- towards remuneration payable to Director, Mr. Ashish Bhuwania pending approval from the Central Government.

7. Figures in brackets relates to previous year. Previousyears figures have been regrouped/ rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2007

1. Contingent Liabilities :

2006-2007 2005-2006 Rs Rs

i) Disputed Income tax liability 19,065,694 19,658,321

ii) Disputed Sales tax liability 10,918,306 14,770,645

iii) Disputed Cess liability 313.314 313,314

iv) Claims against the Company not acknowledged as debts 48.314 48,314

v) Counter Guarantee given to bankers in respect of guarantee given by them 405,000 550,000

2. The amount of exchange difference in respect of forward exchange contracts to be recognised in the Profit & Loss account of next year is Rs. 421,823/- (Previous year Rs. 163.463/-)

3. Sundry creditors includes outstanding due to Small Scale Industrial Undertakings of Rs.917.650/- (Previous year Rs.3,690,650/-) and due to other than Small Scale Industrial Undertakings of Rs. 160,790,332/- (Previous year Rs.145,275,986/-). Small Scale Industrial Undertaking to whom the amount are due from more than 30 days are as follows; M/s. Ravi Dyeware Co.& M/s Sarigam Industrial Products.

Note: The Small Scale Industrial Undertakings have been determined based on the information available with the company and the same has been relied upon by the auditors.

4. In the absence of necessary information with the company, relating to the registration status of supplier under the Micro, Small & Medium Enterprises Development Act 2006, the information required under the said Act could not be complied and disclosed.

5. Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

6. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

7. During the year the company has changed the accounting policy for leave encashment pursuant to the revised Accounting Standard 15, accordingly the opening liability is Rs.940,698/- has been accounted by debiting Rs.624,059/- to General Reserve and Rs.316,639/- to Deffered Tax Assets account. Further in addition to the opening liability Rs. 66,452/- das been credited to the current year Profit & Loss account on account of leave entitlement. Consequently the provision are higher by Rs. 874,246/- and Reserve are lower by Rs.874,246/-.

8. Figures in brackets relates to previous year. Previous years figures have been regrouped/ rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2006

1. Contingent Liabilities :

2005-2006 2004-2005 Rs. Rs.

i) Disputed Income tax liability 19,658,321 16,229,499

ii) Disputed Sales tax liability 14,770,645 10,374,926

in) Disputed Cess liability 313,314 -

iv) Claims against the Company not acknowledged as debts. 48,314 48,314

v) Counter Guarantee given to bankers in respect of guarantee given by them. 550,000 716,145

2. The amount of exchange difference in respect of forward exchange contracts to be recognised in the Profit & Loss account of next year is Rs. 163,463/- (Previous year Rs. 8,238/-)

3. Lease Disclosures for Operating Leases :

Assets taken on Lease 2005-2006 2004-2005 Rs. Rs.

a) The total of Future minimum Lease payments under Non-cancelable operating leases for:

(i) Not later than one year - 701,250

(ii) Later than one year and not later than five years - -

b) Lease payment recognized in the statement of Profit & Loss for the period under the schedule "Other Expenses" 6,278,488 6,704,945

c) Sub tease income recognized in the statement of Profit and Loss for the period 4,260,000 4,336,818

d) There is no Contingent Rent.

e) The Companys major leasing arrangements are in respect of godowns/office premises (including furniture & fittings therein wherever applicable taken on leave and licence basis). These leasing arrangements, which are mostly cancelable, range between 11 month to 5 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

Assets given on Lease

1. The details of Premises given on lease are as following:

2005-2006 2004-2005 Rs. Rs.

Original Cost 34,869,404 34,869,404

Accumulated Depreciation 7,003,209 5,536,567

Written Down Value 27,866,195 29,332,837

Depreciation for the period recognized in the statement of Profit and Loss 1,466,642 1,543,833

2. Future minimum lease rentals receivables as on 31.03.2006 is NIL. (Previous Year NIL)

3. There is no Contingent Rent.

4. The company has given office premises on lease (or a period ranging between 11 months to 7 years. The aggregate tease rent income of Rs.50,71,958/- (Previous Year Rs.46,31,119/-) has been recognized as income in the Profit and Loss for the period under the schedule "Other Income".

4. Sundry creditors includes outstanding due to Small Scale Industrial Undertakings of Rs.36,90,650 (Previous year Rs.27,96,450/-) and due to other than Small Scale Industrial Undertakings of Rs.14,58,01,619 (Previous year Rs.16,56,59,079/-). Small Scale Industrial Undertaking to whom the amount are due from more than 30 days are as follows; Ms. Ravi Dyeware Co. Note: The Small Scale Industrial Undertakings have been determined based on the information available with the company and the same has been relied upon by the auditors.

5. Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and consequential adjustment. if any.

10. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

11. Figures in brackets relates to previous year. Previous years figures have been regrouped/rearranged wherever necessary to make them comparable with those of the current year.


Mar 31, 2005

1. Contingent Liabilities not provided for:

2004-2005 2003-2004 Rs. Rs.

i) Disputed Income tax liability 16,229,499 ii) Disputed Sales tax liability 10,374,926 7,224,435 iii) Claims against the Company not accounted as debts. 48,314 48,314 iv) Counter Guarantee given to bankers in respect of 716,145 711,145 guarantee given by them.

2. The amount of exchange difference in respect of forward exchange contracts to be recognised in the Profit & Loss account of next year is Rs. 8,238/- (Previous year Rs. 1,87,342/-)

3. Sundry creditors includes outstanding due to Small Scale Industrial Undertakings of Rs.27,96,450/- (Previous year Rs.25,82,250/-) and due to other than Small Scale Industrial Undertkings of Rs.16,56,59,079/- (Previous year Rs.21,14,90,888/-). Small Scale Industrial Undertaking to whom the amount are due from more than 30 days are as follows; M/s. Ravi Dyeware Co. Note: The Small Scale Industrial Undertakings have been determined based on the information available with the company and the same has been relied upon by the auditors.

4. Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

5. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

6. Figures in brackets relates to previous year. Previous years figures have been regrouped / rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2004

1. Contingent Liabilities not provided for:

i) Guarantee given by bankers on behalf of the company Rs.1,50,000/- to Custom Authorities, Rs.1,00,000/- to Office of Trade Tax, Rs.1,30,000/- to Excise Department, Rs.3,31,145/- to Sales Tax Department (Previous Year Rs.150.000/- to Custom Authorities, Rs.100,000/- to Office of Trade Tax, Rs.130,000/-to Excise Department, Rs.NIL to Sales tax Department)

ii) Appeal Lying before the Calcutta Municipal Corporation: Rs. 48314/- (Previous Year Rs. 48314/-)

iii) Disputed Income tax liability Rs.NIL (Previous Year Rs. 3071686/-) against which appeals are pending.

iv) Disputed Sales tax liability Rs. 7224435/- (Previous Year Rs. NIL)

2003-2004 2002-2003 Rs. Rs.

4. VALUE OF IMPORTS ON CIF BASIS

Traded goods 809,666,594 812,902,604

809,666,594 812,902,604

5. EXPENDITURE IN FOREIGN CURRENCY

Commission on Exports 9,224,361 12,606,971 Remuneration to Executive Director 1,500,000 1,326,612 Travelling expenses 24,175 39,735

10,748,536 13,973,318

6. EARNINGS IN FOREIGN CURRENCY

Export [On FOB Basis] 198,578,126 137,590,123

7. MANAGERIAL REMUNERATION

Remuneration to Executive Directors 2,101,000 1,935,733

8. PAYMENT TO AUDITORS.

a) Audit Fees 191,000 141,000

b) Tax Audit Fees 50,000 50,000

c) Tax Matters 42,500 20,000

d) Other Matters 0 2,500

e) Company Law Matters 50,750 0

f) Towards Service Tax 19,280 15,280

353,530 228,780

9. Lease Disclosures:

(A) Assets acquired on Hire Purchase Agreement No asset has been acquired under the hire purchase agreement during the year. (Previous Year Rs.8,13,688)

The written down value of hire purchased assets is Rs.4,39,294 (Previous Year Rs.5,92,758)-

i) The total minimum lease payments as at 31/03/2004 Rs.2,22,970 (Previous Year Rs.4,66,210)

ii) Present value of minimum lease payments as on 31/03/2004 Rs.2,09,993 (Previous Year Rs.4,26,882)

iii) The total of minimum lease payments as at 31/03/2004 and their present value for each of the following periods

2003-04 2003-04 2002-03 2002-03 Present Minimum lease Present Minimum lease value Payments value Payments Rs. Rs. Rs. Rs.

(a) Not later than one year 210002 222970 229093 243240

(b) Later than one year and not later 0 0 197789 222970 than five years

(c) Later than five years 0 0 0 0

(B) Operating Leases:

i) The total of future minimum lease payments under non - cancellable operating lease for each of the following period

2003-04 2002-03 Rs. Rs.

(a) Not later than one year 1335872 328050

(b) Later than one year and not later than five years 1615781 1259073

(c) Later than five years 0 0

ii) Lease payments recoginised in the statement of the Profit and Loss for the period 1171679 54000

iii) There is no contingent rent.

10. Sundry creditors includes outstanding due to SmallScaie Industrial Undertakings of Rs.2582250 (Previous Year Rs.415250f) and due to other than Small Scale Industrial Undertakings of Rs.215417068 (Previous Year Rs. 101197296).

Small Scale Industrial Undertaking to whom the amount are due from more than 30 days are as follows:

M/s. Ravi Dyeware Co.

Note: The Small Scale Industrial Undertakings have been determined based on the information available with the company and the same has been relied upon by the auditors.

11 Balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

12. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

17. During the year Company has started manufacturing of Computer Systems, however, there is no excise duty payable by the company as the clearances of manufactured goods for the year has not exceeded Rupees one crore as provided in the Notification No. 8/2003-C.E. dated 01-03-2003.

18. Previous years figures have been Regrouped/Rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2003

1. Purchases of Computer parts and peripherals is net off of self consumption of 2822 nos. (Previous year 3313)

2. Purchases of Computer parts and peripherals includes 5297 nos. (previous year 47206) received for replacement and net off 6616 nos (previous year NIL) issued for replacement.

3. Figures in Brackets are in respect of Previous Year.

2002-2003 2001-2002 Rs. Rs.

4. VALUE OF IMPORTS ON CIF BASIS

Traded goods 812,902,604 972,261,373

812,902,604 972,261,373

5. EXPENDITURE IN FOREIGN CURRENCY

Commission on Exports 17,937,575 29,492,345

Remuneration of Executive Director 1,326,612 409,320

Travelling expenses 39,735 24,350

19,303,922 29,926,015

6. EARNINGS IN FOREIGN CURRENCY Export [On FOB Basis] 137,590,123 205,611.556

7. MANAGERIAL REMUNERATION Salary 1,935,733 1,009,320

8. PAYMENT TO AUDITORS. a) Audit Fees 141,000 116,000

b) Tax Audit Fees 50,000 40,000

c) Tax Matters 20,000 20,000

d) Other Matters 2,500 10,000

e) Towards Service Tax 15,280 7,800

228,780 193,800

9. PAYMENT OF DIVIDEND (In Foreign Currency)

a) Amount Not applicable 322000

b) No.of Non-Resident Share holders Not applicable 4

c) No of Shares Not applicable 161000

d)-Year Not applicable 2001-02

10. Hire Purchase Installments payable

No asset has been acquired under the hire purchase agreement during the year. (Previous Year Rs.8,13,688) The written down value of these assets is Rs.5,92,758 (Previous Year Rs.7,99,836)

i) Total minimum lease payments as at 31/03/2003 Rs.4,66,210 (Previous Year Rs.7,09,450)

ii) Present value of minimum lease payments as on 31/03/2003 Rs.4,26,882 (Previous Year Rs.6,31,148)

iii) The total of minimum lease payments as at 31/03/2003 and their present value for each of the following periods

2002-03 2002-03 2001-02 2001-02 Present Minimum lease Present Minimum lease value Payments value Payments Rs. Rs. Rs. Rs.

Not later than one year 229093 243240 229093 243240

Later than one year 197789 222970 402055 466210 and not later than five years

Later than five years 0 0 0 0

11. Sundry creditors includes outstanding due to Small Scale Industrial Undertakings of Rs.4152500 (Previous year Rs.9034280) and due to other than Small Scale Industrial Undertkings of Rs. 101197296 (Previous year Rs. 212653201).

There are no Small Scale Industrial Undertaking to whom the amount are due from more than 30 days.

Note: The Small Scale Industrial Undertakings have been determined based on the information available with the company.

12. Balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

13. In the opinion of the Board, current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

Electronics - Computer peripherals

Chemicals - Export of Textile Dyes and Intermediates Segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns, the organisation structure, and the internal financial reporting systems.

(ii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

Note:

Names of related parties and description of relationship:

1 Parties where control exists

2. Directors of the Company

(a) Priya International Ltd.

(a) Mr. Aditya Bhuwania

(b) Priya Chemicals

b) Mr. Ashish Bhuwania

(c) Gaurav Chemicals P.Ltd.

(d) Brent Properties & Investment P.Ltd.

3. Relative of Director

(e) Chesire Properties & Investment P.Ltd.

a) Mrs. Saroj Bhuwania, wife of Mr.A.K.Bhuwania

(f) Norman Properties & Investment P.Ltd.

(g) Halifax Properties & Investment P.Ltd.

(h) Priya Infotech P.Ltd.

14. EARNINGS PER SHARE 2002-03 2001-02

a. Net Profit/fLoss) available for equity share holders (Rs.) (Numerator used for calculation) (16520287) (27074592)

b. Weighted average number of equity shares 3002300 3002300 (Denominator used for calculation)

c. Basic and diluted earnings per share of Rs.10/- each (Rs.): -5.50 -9.02

15. The Loss incurred can be set off against profit in subsequent year upto eight years as per the recognised as deferred provisions of Income Tax Act 1961. The Company has made good profits in the past. The loss incurred during the year has been recognised as deferred tax asset as the Company is virtually certain that sufficient future taxable income will be available against such deferred tax asset in view of restructuring and cost reduction measures been taken by the companyand introduction of new produdit lines.

16. Previous years figures have been Regrouped/Rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2002

OTHER NOTES.

1. Contingent Liabilities not provided for :

i) Guarantee given by bankers on behalf of the company Rs. 1,50,000/- to Custom Authorities, Rs. 1,00,000/- to Office of Trade Tax, Rs. 1,30,000/- to Excise Department (Previous year Rs. 22,631/- to Custom Authorities)

ii) Appeal Lying before the Calcutta Municipal Corporation : Rs. 48.314/- (previous year Rs. 48.314/-)

iii) Disputed Income tax liability Rs. 16,74,288/- (Previous Year Rs. 16,74,288/-) against which appeals are pending.

2. VALUE OF IMPORTS ON GIF BASIS

2001-2002 2000-2001 Rs. Rs.

Traded goods 972,261,373 1,245,444,257

972,261,373 1,245,444,257

3. EXPENDITURE IN FOREIGN CURRENCY

Commission on Exports 29,492,345 11,018,461

Remuneration of Executive Director 409,320 1,591,832

Cost of Software 0 1,392,300

Travelling expenses 24,350 44,945

29,926,015 14,047,538

4. EARNINGS IN FOREIGN CURRENCY

Export [On FOB Basis] 205,611,556 237,171,929

5. MANAGERIAL REMUNERATION Salary 1,009,320 1,991,832

6. PAYMENT TO AUDITORS.

a) Audit Fees 116,000 116,000

b) Tax Audit Fees 40,000 40,000

c) Tax Matters 20,000 46,000

d) Other Matters 10,000 10,000

e) Service Tax 7,800 8,175

193,800 220,175

7. PAYMENT OF DIVIDEND (In Foreign Currency)

a) Amount 322,000 322,000

b) No. of Non-Resident Share holders 4 4

c) No of Shares 161,000 161,000

d) Year 2000-01 1999-00

8. There are no dues to Small Scale Industrial Undertakings.

9. Balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

10. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

11. The Loss incurred during the year can be set off against profit in subsequent year upto eight years as per the provisions of Income Tax Act 1961. The Company has made good profits in the past. The loss incurred during the year has been recognised as deferred tax asset as the Company is virtually certain that sufficient future taxable income will be available against such deferred tax asset.

12. Previous years figures have been Regrouped/Rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2001

CONTINGENT LIABILITIES NOT PROVIDED FOR ;

1. Guarantee given by bankers on the company Rs.22,631/- to Custom Authorities (Previous year Rs.22,631/-)

2. Appeal lying before the Calcutta Municipal Corporation : Rs.48,314/- (previous year Rs.48,314/-)

3. Disputed Income Tax liability Rs.1,674,288/- (previous year Rs.1,674,288/-) against which appeals are pending.

4. There are no dues to Small Scale Industrial Undertakings.

5. Balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and consequential adjustment, if any.

6. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

7. Previous year's figures have been Regrouped/Rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 2000

1. Estimated amount of Contracts remaining to be executed on Capital Account and not provided for [Net of advances] Rs.15,25,000/- (Previous year Rs.15,25,000/-).

2. Contingent Liabilities not provided for :

Guarantee given by bankers on the company Rs. 22631/- to Custom Authorities.

Appeal Lying before the Calcutta Municipal Corporation Rs. 48314.

Disputed Income tax liability NIL (Previous Year Rs. 24,07,161/-) (net of payments) against which appeals are pending. ;

3. Company has paid the remuneration to Executive director as per the approval of Annual General Meeting held on 28/9/99 Application for the same has been made to Central Government and the sanction for the same is awaited.

4. Debts due from Companies under same management

Priya International Ltd. Rs. 26,94,875/- (Previous year Rs. 1,83,82,916/-)

(Maximum amount due during the year Rs 3,88,22,100/-) (Previous year Rs. 3,55,75,450/-)

5. There are no dues to Small Scale Industrial Undertakings.

6. Previous year's figures have been Regrouped/Rearranged wherever necessary to make them comparable with those of the Current year.


Mar 31, 1998

SECURED LOANS

1.SECURED AGAINST HYPOTHECATION OF STOCK OF GOODS, BOOK DEBTS, INVESTMENTS AND OTHER ASSETS OF THE COMPANY AND ALSO PERSONALLY GUARANTEED BY SOME OF THE DIRECTORS.


Mar 31, 1997

1. Debts due from companies under the same management Priya Unternational Ltd. Rs. 181,61,832/-.

2. Previous years figures have been Regrouped/Rearranged wherever necessary to make them comparable with those of the current year.


Mar 31, 1996

No significant notes to accounts

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