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Notes to Accounts of Raghunath International Ltd.

Mar 31, 2014

1. Previous year''s figures have been regrouped, recast, rearranged wherever necessary to conform to this year''s classification. Figures in bracket represent figures pertaining to financial year 2012-2013, unless stated otherwise. Amounts are mentioned in Rupees.

2. There are no earnings and expenditures in foreign currency.

3. Contingent liabilities not provided for in respect of:

a) Excise duty of Rs. 103,934/- was paid under protest during the year 2003-2004 against demand raised by Central Excise Department. Excise Department has appealed against the order of the Tribunal, which was in favor of the company. Out of the total appealed amount of Rs. 3,286,165/-, appeal is pending for Rs. 103,934/-;

b) Further, excise duty of Rs. 713,093/- has been paid during the year 2008-2009 against the demand raised by Central Excise Department pertaining to earlier years. Appeal is pending with Central Excise Commissioner;

c) During the year 2008-2009, The Director General of Central Excise-Intelligence, New Delhi has served a show cause notice dated 01.10.2009 on the company raising a demand of Rs. 719,156,761/- consequent upon a raid conducted by The DGCEI, New Delhi on 09.05.2008 in the premises of the company. Although, the company did not have any activity whatsoever relating to Pan Masala business during the financial year 2008-09, still the company was made to deposit a sum of Rs. 30,000,000/- during the financial year 2008-09 with The DGCEI, New Delhi.

However, at present, the said show cause notice is pending for adjudication with The Commissioner, Central Excise, Kanpur, Uttar Pradesh.

d) "During the year 2012-2013, the Income Tax Department has raised a demand of Rs.19,628,086/- vide income tax assessment order dated 22.03.2013 in respect of assessment year 2005-06. The company has filed an appeal before The Hon''ble Commissioner of Income Tax (Appeals), which is still pending for disposal."

4. Deposit with Central Excise, Customs and Sales Tax Departments includes balance lying with Central Excise department on account of CENVAT claimed but not availed, with State Trade Tax Department and Entry Tax Department for Rs. 4,321,399/-, Rs. 1,470,065/- and Rs. 10,600/- (2012-2013 Rs. 4,321,399/-, Rs. 1,470,065/- and Rs. 10,600/-) respectively.

5. There were no Micro and Small enterprises to whom, amounts are outstanding for more than 45 days as at March 31, 2014 (Previous Year Rs. Nil). As at March 31, 2014, no supplier has intimated the company about its status as Micro and Small enterprises or its registration with the appropriate authority under The Micro, Small and Medium Enterprises Development Act, 2006.

6. Earnings Per Share

Basic Earnings per Share is calculated by dividing the net profit for the period attributable equity shareholders by the weighted average number of equity shares outstanding during the period.

Net Profit after tax 178,896.12 Weighted average no of shares outstanding (Equity shares of Rs 10 each) 5,000,200 Basis/Diluted Earnings Per Share 0.04

The Company does not have any outstanding dilutive potential equity share. Consequently, the Basic and diluted earnings per share remains same.

7. Related Party Disclosures

a) Following are Related Parties:

1. Key Management Personnel Mr. G.N. Choudhary

2. Associates R.G.M. Marketing Private Limited Raghunath Builders Private Limited

3. Individual and their Mr. Om Prakash Agrawal relatives having significant Mr. Jai Prakash Agrawal influence over the company Mr. Sri Prakash Agrawal Om Prakash Agrawal (HUF) Jai Prakash Agrawal (HUF) Sri Prakash Agrawal (HUF) Mr. Yuvraj Dalmia Mr. Pulkit Dalmia Mr. Prakhar Dalmia

4. Enterprises over which Lotus Infra Projects Private Limited persons mentioned in PJ. Softwares Private Limited paragraph number (3) above Sir Bio Tech India Limited exercise significant Eternity Townships Private Limited influence Raghunath Holdings and Finlease Private Limited

8. Notes nos.1 to 28 form an integral part of the Balance Sheet and Profit and Loss Account and have been duly authenticated.


Mar 31, 2013

(a) NATURE OF OPERATION

Raghunath International Limited (The "Company") is mainly engaged in Real Estate including renting activities and trading and agency business.

1. Previous year''s fi gures have been regrouped, recast, rearranged wherever necessary to conform to this year''s classifi cation. Figures in bracket represent fi gures pertaining to fi nancial year 2011–2012 unless stated otherwise. Amounts are mentioned in Rupees.

2. There are no earnings and expenditures in foreign currency.

3. Contingent liabilities not provided for in respect of:

(a) Excise duty of Rs. 103,934/– was paid under protest during the year 2003–2004 against demand raised by Central Excise Department. Excise Department has appealed against the order of the Tribunal, which was in favor of the company. Out of the total appealed amount of Rs. 3,286,165/–, appeal is pending for Rs. 103,934/–;

(b) Further, excise duty of Rs. 713,093/– has been paid during the year 2008–2009 against the demand raised by Central Excise Department pertaining to earlier years. Appeal is pending with Central Excise Commissioner;

(c) During the year 2008–2009, The Director General of Central Excise–Intelligence, New Delhi has served a show cause notice dated 01.10.2009 on the company raising a demand of Rs. 719,156,761/– consequent upon a raid conducted by The DGCEI, New Delhi on 09.05.2008 in the premises of the company. Although, the company did not have any activity whatsoever relating to Pan Masala business during the fi nancial year 2008–09, still the company was made to deposit a sum of Rs. 30,000,000/– during the fi nancial year 2008–09 with The DGCEI, New Delhi. However, at present, the said show cause notice is pending for adjudication with The Commissioner, Central Excise, Kanpur, Uttar Pradesh.

(d) "During the year, The Income Tax Department has raised a demand of Rs.19,628,086/– vide income tax assessment order dated 22.03.2013 in respect of assessment year 2005–06. The company has fi led an appeal before The Hon''ble Commissioner of Income Tax (Appeals), which is still pending for disposal."

4. Deposit with Central Excise, Customs and Sales Tax Departments includes balance lying with Central Excise department on account of CENVAT claimed but not availed, with State Trade Tax Department and Entry Tax Department for Rs. 4,321,399/–, Rs. 1,470,065/– and Rs. 10,600/– (2011–2012 Rs. 4,321,399/–, Rs. 1,470,065/– and Rs. 10,600/–) respectively.

5. There were no Micro and Small enterprises to whom, amounts are outstanding for more than 45 days as at March 31, 2013 (Previous Year Rs. Nil). As at March 31, 2013, no supplier has intimated the company about its status as Micro and Small enterprises or its registration with the appropriate authority under The Micro, Small and Medium Enterprises Development Act, 2006.

6. Notes nos. 1 to 29 form an integral part of the Balance Sheet and Profi t and Loss Account and have been duly authenticated.


Mar 31, 2012

1. Segment Reporting

Pan Masala and allied products, trading/agency and real estate are considered three main business segments, whereas other remaining activities are considered constituting un-allocable business segment in the context of accounting Standard -17 on Segment Reporting, issued by the Institute of Chartered Accountants of India.Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segment. The expenses, which are not directly relatable to the business segment, are shown as unallocated cost. Assets and Liabilities, which cannot be allocated between the segments, are shown as unallocated assets and liabilities respectively.

2. Previous year's figures have been regrouped, recast, rearranged wherever necessary to conform to this year's classification. Figures in bracket represent figures pertaining to financial year 2010-2011 unless stated otherwise. Amounts are mentioned in Rupees.

3. There are no earnings and expenditures in foreign currency.

4. Contingent liabilities not provided for in respect of:

a) Excise duty of Rs. 103,934/- was paid under protest during the year 2003-2004 against demand raised by Central Excise Department. Excise Department has appealed against the order of the Tribunal, which was in favor of the company. Out of the total appealed amount of Rs. 3,286,165/-, appeal is pending for Rs. 103,934/-;

b) Further, excise duty of Rs. 713,093/- has been paid during the year 2008-2009 against the demand raised by Central Excise Department pertaining to earlier years. Appeal is pending with Central Excise Commissioner;

c) During the year 2008-09, The Director General of Central Excise-Intelligence, New Delhi has served a show cause notice dated 01.10.2009 on the company raising a demand of Rs. 719,156,761/- consequent upon a raid conducted by The DGCEI, New Delhi on 09.05.2008 in the premises of the company. Although, the company did not have any activity whatsoever relating to Pan Masala business during the financial year 2008-09, still the company was made to deposit a sum of Rs. 30,000,000/- during the financial year 2008-09 with The DGCEI, New Delhi.

However, at present, the said show cause notice is pending for adjudication with The Commissioner, Central Excise, Kanpur, Uttar Pradesh.

5. Deposit with Central Excise, Customs and Sales Tax Departments includes balance lying with Central Excise department on account of CENVAT claimed but not availed, with State Trade Tax Department and Entry Tax Department for Rs. 4,321,399/-, Rs. 1,470,065/- and Rs. 10,600/- (2010-2011 Rs. 4,321,399/-, Rs. 1,470,065/- and Rs. 10,600/-) respectively.

6. There were no Micro and Small enterprises to whom amounts are outstanding for more than 45 days as at March 31, 2012 (Previous Year Rs. Nil). As at March 31, 2012, no supplier has intimated the company about its status as Micro and Small enterprises or its registration with the appropriate authority under The Micro, Small and Medium Enterprises Development Act, 2006.

7. Earning Per Share

Basic earning per share is calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

The Company does not have any outstanding dilutive potential equity share. Consequently, the basic and diluted earning per share remains the same.

8. Note No. 1 to 29 form an integral part of the Balance Sheet and the Profit and Loss Account and have been duly authenticated.


Mar 31, 2010

I. NATURE OF OPERATION

Raghunath International Limited (The "Company") is mainly engaged in Real Estate including renting activities and trading and agency business.

1. Previous years figures have been regrouped, recast, rearranged wherever necessary to conform to this years classification. Figures in bracket represent figures pertaining to financial year 2008-2009 unless stated otherwise. Amounts are mentioned in Rupees.

2. There are no earnings and expenditures in foreign currency.

3. The Profit and Loss Account includes payments and provision of remuneration of whole time Directors as per Schedule-XIII of the Companies Act, 1956.

For the year ended March 31, 2010, no commission has been paid; hence computation of profit under section 349 of the Companies Act, 1956 is not given.

4. The Company has given interest free loan of Rs. 100,000/- (2008-2009 - Rs. 424,177.07/-) to One party (Two Parties) under verbal agreement. Repayment period and terms have not been stipulated.

5. Advance against Land amounting to Rs. 2,315,000/- has been given to various farmers ranging between Rs. 10,000/- to Rs. 20,000/- during the year 1999-2000 as token money. In addition, the company has also given an advance of Rs. 1,011,250/- (2008-2009- Rs. 2,421,250/-) for purchase of land. The land Is yet to be purchased.

6. Out of gross block of fixed assets amounting to Rs. 18,291,744.07 (2008-09: Rs. 20,558,245.07), the company has disposed off the fixed assets of Rs. 4,134,758.28 (2008-09: Rs. 7,063,069/-). The (loss)/Proflt on sale of fixed assets are of (Rs. 274,403.84) (2008-09 Rs.711,138.23). In view of the management, it does not affect the concept of going concern.

7. Contingent liabilities not provided for in respect of:

a) Excise duty of Rs. 103,934/- was paid under protest during the year 2003-2004 against demand raised by Central Excise Department. Excise Department has appealed against the order of the Tribunal, which was in favor of the company. Out of the total appealed amount of Rs. 3,286,165/-, appeal is pending for Rs. 103,934/-;

b) Further, excise duty of Rs. 713,093/- has been paid during the year 2008-2009 against the demand raised by Central Excise Department pertaining to earlier years. Appeal is pending with Central Excise Commis- sioner;

c) During the year 2008-09, The Director General of Central Excise-Intelligence, New Delhi has served a show cause notice dated 01.10.2009 on the company. Raising a demand of Rs. 719,156,761/- consequent upon a,raid conducted by Te DGCEI, New Delhi on 09.05.2008 in the premises of the company. Although, the company did not have any activity whatsoever relation to Pan Masala business during the financial year 2008-09, still the company was made to deposit a sum of Rs. 30,000,000/- during the financial year 2008-09 with The DGCEI, New Delhi.

However, at present, the said show cause notice is pending for adjudication with The Commissioner, Central Excise, Kanpur, Uttar Pradesh.

8. Deposit with Central Excise, Customs and Sales Tax Departments includes balance lying with Central Excise department on account of CENVAT claimed but not availed, with State Trade Tax Department and Entry Tax De- partment for Rs. 4,321,399/-, Rs. 1,470,065/- and Rs. 10,600/- (2007-2008 Rs. 4,321,399/-, Rs. 1,470,065/- and Rs. 10,600/-) respectively.

9. As per the information available with the Company, there are no creditors operating in Small Scale Industry owing sum exceeding Rs. 100,000/-, which is outstanding for more than forty five days.

10. Information pursuant to the provisions of paragraphs 3,4C, 4D of part II of Schedule VI of the Companies Act, 1956 in respect of manufacturing activities are not applicable.

11. Pending actuarial valuation for gratuity as per AS-15 issued by The ICAI, the company has provided liability for Gratuity amounting to Rs. 83,871/- (2008-2009 Rs, 17,307/-) during the year. However, the company has not actually paid any sum by way of gratuity during the year.

12. Related Party Disclosures:

a) Following are related parties:

(a) Key Management Personnel

(b) Associates

Mr. G. N. Choudhary

RGM Marketing Private Limited (Formerly Known as Vastu

Real Estate and Consultancy Services Private Limited)

Raghunath Builders Private Limited

Lotus Infraprojects Private Limited

Sunflower Durabuild Private Limited

P J Software Limited

Sir Bio-Tech India Limited

(c) Individual and their relatives having significant influence over the company

Mr. Om Prakash Agrawal Mr. Jai Prakash Agrawal Mr. Sri Prakash Agrawal Mr. Yuvraj Dalmia Master Pulkit Dalmia Master Prakhar Dalmia

(d) Enterprises over which persons mentioned in paragraph number (c) above exercise signifi- cant influence

Sri Prakash Agrawal (HUF)

Jai Prakash Agrawal (HUF)

Om Prakash Agrawal (HUF)

Lotus Infraprojects Private Limited

Sunflower Durabuild Private Limited

Good Luck Housing and Promoters Private Limited

P J Softwares Limited

Sir Bio Tech India Limited

13. The deferred tax Asset/ (Liability) for the current year is Rs. (25,161.30), (Previous Year Rs. (5,192.10)).

14. Confirmation from Debtors, Creditors, and advances to and from various parties were not received and their bal- ances are shown as appearing in the accounts.

15. The maximum amount due from directors or other officers of the company at any time during the year was Rs. 75,000/- (2008-2009 Rs. 45,000/-).

16. In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the balance sheet.

17. Balance Sheet Abstract and Companys General Business Profile (In terms of amendment of part IV of Schedule VI to the companies Act, 1956) is annexed herewith.

18. During the year, the company had sold all stocks of raw materials related to manufacturing of pan masala for Rs. 1,856,539.50/-.

19. a) Trading/agency and real estate are considered two main business segments, whereas other remaining ac- tivities are considered constituting unallocable business segment in the context of Accounting Standard -17 on Segment Reporting, issued by the Institute of Chartered Accountants of India.

c) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segment. The expenses, which are not directly relatable to the business segment, are shown as unallocated cost. Assets and Liabilities, which cannot be allocated between the segments, are shown as unallocated assets and liabilities respectively.

20. The company has recognised revenue from contract Rs. 19,250,612/- during the year as it has completed 100% of the total contract work.

21. Schedules A to Q form an integral part of the Balance Sheet and the Profit and Loss Account and have been duly authenticated.





 
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