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Notes to Accounts of S S Organics Ltd.

Mar 31, 2015

1. Terms/rights attached to Equity shares

(i). 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 to one vote per share.

(ii). In the event of liquidation of the company,the holder 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.

2. The Deposits - ICD from Aurobindo Pharma Ltd are Secured by Hypothecation of Movable Fixed assets of the company.

3. "The Company has taken interest free unsecured loans from directors and the relatives. Since the company is sick industry and registered with Hon'ble Board for Industrial Financial Reconstruction as case No. 91/97, Company has accepted deposits from Directors and their relatives.

Based on the BIFR Scheme, Company has obtained interest free loans from the directors. Post approval of the BIFR Scheme, Unsecured loans will be converted into Equity."

4. In the absence of the information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the Management is unable to quantify the amounts due to Small scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

5. "a. A major fire accident was broke out on 07-Jan-2015, resulting into damage of Fixed assets of the company Management and the Insurance company is in the process of evaluating the loss occurred due to fire.

6. Actual outcome of the Insurance claim is not ascertained and due to lack of information loss could not be recognised in the current financial year 2014-15. On actual receipt of the claim, loss or profit if any, will be accounted.

7. CONTINGENT LIABILITIES:

Particulars As at As at 31st March, 15 31st March, 14

(i) Estimated Amount of Contracts Remaining to be executed on Capital account and not provided for 0.00 0.00

(ii) Exported obligation 70, 00,000 70, 00,000

(iii) Claims not acknowledged as debts 92,34,353 76,14,970

8. As per accounting standards 18, the disclosures of transactions with the related parties are given below:

9. List of related parties where control exists (KMP) with whom transactions have taken place

Sl. No Name of the Related Party Nature of Relationship

1 V N Sunanda Reddy Key Management Personnel

2 Dr. V Sai Sudhakar Key Management Personnel

3 V Gowtham Reddy Son of VN Sunanda Reddy

4 V Sumanth Simha Son of Dr. V Sai Sudhakar

*Previous year's figures have been regrouped, recast and reclassified where ever necessary to conform to the current year's classification.


Mar 31, 2014

1.1 The Deposits - ICD from Aurobindo Phrama Limited are Secured by Hypothecation of Movable Fixed Assets of the Company.

1.2 The Company has taken interest free unsecured loans from directors aggregating Rs. 5,04,44,219/- and Rs. 2,82,95,885/- from relatives of the directors. Since the Company was sick industrial Company and registered with Hon''ble Board for Industrial and Financial Reconstruction as case No. 91/97, Company has accepted deposits from Directors and their relatives to meet its financial commitments.

2.1 In the absence of the information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the management is unable to quantify the amounts due to small scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

b). CONTINGENT LIABILITIES:

As at As at Particulars 31st March, 14 31st March, 13

(i) Estimated Amount of Contracts Remaining Rs. Rs. to be executed on Capital account and not provided for 0.00 0.00

(ii) Exported obligation 70,00,000 70,00,000

(iii) Claims not acknowledged as debts 76,14,970 76,14,970

c). As per accounting standards 18, the disclosure of transactions with the related parties are given below: (i). List of related parties where control exists (KMP) with whom transactions have taken place

Sl. No Name of the Related Party Nature of Relationship

1 V. N. Sunanda Reddy Key Management Personnel

2 Dr. V. Sai Sudhakar Key Management Personnel

3 Dr. Jhansi Rani Venkineni Wife of Dr. Sai Sudhakar .V

4 V. Gowtham Reddy Son of V.N. Sunanda Reddy

5 V. Sumanth Simha Son of Dr. V. Sai Sudhakar

6 V. Snigdha Daughter of Dr. V. Sai Sudhakar

* Previous year''s figures have been regrouped, recost and reclassified where ever necessary to confirm to the current year''s classification.


Mar 31, 2013

Note No. 1. Additional Information to the Financial Statements:

a). Due to Deadlock in the Management of the company during the F.Y. 2006-07, at present No statutory records pertaining to PF, ESI, Secretarial records etc, are available in the company for the F.Y:2012-13.

b). Deposits, Loans and advances, inoperative bank accounts, unsecured loans and sundry creditors are subject to confirmation and reconciliation. However necessary action in this regard is already initiated. Pending confirmation/ reconciliation and review by the Company, consequential adjustments arising thereon, if any are presently are not ascertainable.

c). CONTINGENT LIABILITIES:

As at As at

Particulars 31st March, 13 31st March, 12

(i) Estimated Amount of Contracts Remaining Rs. Rs. to be executed on Capital account and not provided for 0.00 0.00

(ii) Exported obligation 70,00,000 70,00,000

(iii) Claims not acknowledged as debts 76,14,970 76,14,970

i). During the Current Financial Year, The company has not provided for Depreciation on its fixed assets and not made any Revenue from its Operations and declared any dividend, since the company is sick company under the preview of BIFR. Therefore if the depreciation would have been provided then the Loss after depreciation and tax would be increased to Rs. 2,63,45,0911-


Mar 31, 2012

A. Terms / rights attached to Equity shares

(i). The Company has only one classe of equity shares having a par value of Rs. 10 per share. Each holder of Equity shares is entitled to to one vote per share.

(ii). In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the '' company, after disttibution of all preferntial amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1.1 The Deposits - ICD from Aurobindo Phrama Limited are Secured by Hypothecation of Movable Fixed assets of the company

1.2 The Company has taken interest free unsecured loans agrregaring Rs. 71,10,591 & Rs. 1,12,97864/-from others parties

2.1 In the absence of the information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the Management is unable to quantify the amounts due to Smal scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

3.1 Other Payables consists of Amounts payable towards Tds, Sales tax, Excise duty, Professional tax, ESI etc

4.1 During the Current Financial Year, since the Employee statutory records are not traceable. The Management has not provided for Gratuity and Leave encashment, as per Actuarial valuation as per Accounting Standard -15. The salaries and wages which were paid in part to the Employees are recognized as Staff salary and advances, since the salaries and wages are not provided for full value in Books of accounts due to Court pending case. Hence Employee Statutory obligations like PF, ESI, Professional tax are also not provided for in the books of accounts.

4.2 Others includes Provison for Fringe Benefit Tax

5.1 Investments consists of 49,390 Equity shares in M/s Pattancheru Enviro-Tech Ltd of Rs. 10/- each

6.1 Amount paid to the Central Excise Department, consequent to Search Proceedings carried out by the said depart ment. The said payment is to meet the liability, if any, to the department. Pending outcome of the said proceedings, the payment is reflected as loans and advances in these accounts

7.1 The Management is in the process of Confirmation and reconciliation of balances of sundry debtors at the end of the year. Pending confirmation of balances and reconciliation of the debtors and the consequent impact on the profits/ Losses is not ascertained. a) Due to Deadlock in the Management of the company during the FY: 2006-07, at present No statutory records pertaining to Finance, Central Excise, sales and purchases, Commercial Taxes, PF, ESI, Secretarial records etc, are available in the company for the FY : 2011-12.

b). Deposits, Loans and advances, inoperative bank accounts, unsecured loans and sundry creditors are subject to confir- mation and reconciliation. However necessary action in this regard is already initiated. Pending confirmation/reconcilia- tion and review by the Company, consequential adjustments arising thereon, if any are presently are not ascertainable.

a). During the Current Financial Year, the company has not provided for depreciation on its fixed assets, since the company is not a going concern as on 31s March 2012. Depreciation has been provided in books of accounts, the loss after tax will be increased by Rs. 1,19,98,130/-

b). 28 cases are pending against the company as on 31st March 2012.

c). Figures for the previous period have been regrouped and reclassified wherever necessary to be in conformity with the current period.

d). The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements Previous year''s figures have been regrouped/ reclassfied wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2011

1) Due to Deadlock in the Management of the company during the FY: 2006-07, at present No statutory records pertaining to Finance, Central Excise, sales and purchases, Commercial Taxes, PF, ESI, Secretarial records etc, are available in the company for the FY : 2010-11.

2) The Management is in the process of Confirmation and reconciliation of balances of sundry debtors at the end of the year. Pending confirmation of balances and reconciliation of the debtors and the consequent impact on the Profits/ Losses is not ascertained.

3) During the Current Financial Year, since the Employee statutory records are not traceable, the Management has not provided for Gratuity and Leave encashment as per Actuarial valuation as per Accounting Standard -15. The salaries and wages which were paid in part to the Employees are recognized as Staff salary and advances, since the salaries and wages are not provided for full value in Books of accounts due to Court pending case. Hence Employee Statutory obligations like PF, ESI, and Professional tax are also not provided for in the books of accounts.

4). Deposits, Loans and advances, inoperative bank accounts, unsecured loans and sundry creditors are subject to confir- mation and reconciliation. However necessary action in this regard is already initiated. Pending confirmation/reconcilia- tion and review by the Company, consequential adjustments arising thereon, if any are presently are not ascertainable.

5). In the absence of the information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the Management is unable to quantify the amounts due to Small scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

6). Leases:

The Company has no financial leases. Operating lease is in the nature of lease of office premises with no restrictions and is renewable at mutual concept.

7). FOREIGN EXCHANGE TRANSACTIONS:

Inflow- Nil Outflow - Nil

8). Loans and Advances includes amount paid to the Central Excise Department, consequent to Search Proceedings car ried out by the said department. The said payment is to meet the liability, if any, to the department. Pending outcome of the said proceedings, the payment is reflected as loans and advances in these accounts.

9). During the Current Financial Year, the company has not provided for depreciation on its fixed assets, since the company is not a going concern as on 318 March 2011 .Depreciation has been provided in books of accounts, the loss after tax will be increased by Rs. 1,11,43,944/- 15). 28 cases are pending against the company as on 31st March 2011.

10). Figures for the previous period have been regrouped and reclassified wherever necessary to be in conformity with the current period.


Mar 31, 2010

1) Due to Deadlock in the Management of the company during the FY: 2006-07, at present No statutory records pertaining to Finance, Central Excise, sales and purchases, Commercial Taxes, PF, ESI, Secretarial records etc, are available in the company for the FY : 2009-10.

2) The Management is in the process of Confirmation and reconciliation of balances of sundry debtors at the end of the year. Pending confirmation of balances and reconciliation of the debtors and the consequent impact on the Profits/ Losses is not ascertained.

3) During the Current Financial Year, since the Employee statutory records are not traceable, the Management has not provided for Gratuity and Leave encashment as per Actuarial valuation as per Accounting Standard - 15. The salaries and wages which were paid in part to the Employees are recognized as Staff salary and advances, since the salaries and wages are not provided for full value in Books of accounts due to Court pending case. Hence Employee Statutory obligations like PF, ESI, and Professional tax are also not provided for in the books of accounts.

4). Deposits, Loans and advances, inoperative bank accounts, unsecured loans and sundry creditors are subject to confirmation and reconciliation. However necessary action in this regard is already initiated. Pending confirmation/reconciliation and review by the Company, consequential adjustments arising thereon, if any are presently are not ascertainable.

5). In the absence of the information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the Management is unable to quantify the amounts due to Small scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

6). Leases:

The Company has no financial leases. Operating lease is in the nature of lease of office premises with no restrictions and is renewable at mutual concept.

7). CONTINGENT LIABILITIES:

As at As at 31st March, 10 31st March, 09 Rs Rs

(i) Estimated Amount of Contracts Remaining to be executed on Capital account and not provided for 0.00 0.00

(ii) Exported obligation 70,00,000 70,00,000

(iii) Claims not acknowledged as debts 76,14,970 76,14,970

8). Loans and Advances includes amount paid to the Central Excise Department, consequent to Search Proceedings car ride out by the said department. The said payment is to meet the liability, if any, to the department. Pending outcome of the said proceedings, the payment is reflected as loans and advances in these accounts.

9). During the Current Financial Year, the company has not provided for depreciation on its fixed assets, since the company is not a going concern as on 31st March 2010.Depreciation has been provided in books of accounts, the loss after-tax will be increased by Rs. 1,11,93,852/- 15). 28 cases are pending against the company as on 31st March 2010.

10). Figures for the previous period have been regrouped and reclassified wherever necessary to be in conformity with the current period.


Mar 31, 2009

1) Due to Deadlock in the Management of the company during the FY: 2006-07, at present No statutory records pertaining to Finance, Central Excise, sales and purchases, Commercial Taxes, PF, ESI, Secretarial records etc, are available in the company for the FY : 2008-09.

2) The Management is in the process of Confirmation and reconciliation of balances of sundry debtors at the end of the year. Pending confirmation of balances and reconciliation of the debtors and the consequent impact on the Profits/ Losses is not ascertained.

3) During the Current Financial Year, since the Employee statutory records are not traceable, the Management has not provided for Gratuity and Leave encashment as per Actuarial valuation as per Accounting Standard -15. The salaries and wages which were paid in part to the Employees are recognized as Staff salary and advances, since the salaries and wages are not provided for full value in Books of accounts due to Court pending case. Hence Employee Statutory obligations like PF, ESI, and Professional tax are also not provided for in the books of accounts.

4). Deposits, Loans and advances, inoperative bank accounts, unsecured loans and sundry creditors are subject to confir- mation and reconciliation. However necessary action in this regard is already initiated. Pending confirmation/reconcilia- tion and review by the Company, consequential adjustments arising thereon, if any are presently are not ascertainable.

5). In the absence of the information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the Management is unable to quantify the amounts due to Small scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

6). Leases:

The Company has no financial leases. Operating lease is in the nature of lease of office premises with no restrictions and is renewable at mutual concept.

7). FOREIGN EXCHANGE TRANSACTIONS :

Inflow - Nil

Outflow - Nil

8). Loans and Advances includes the amount paid to the Central Excise Department, consequent to Search Proceedings carried out by the said department. The said payment is to meet the liability, if any, to the department. Pending out come of the said proceedings, the payment is reflected as loans and advances in these accounts.

9). During the Current Financial Year, the company has not provided for depreciation on its fixed assets, since the company is not a going concern as on 31s March 2009. Depreciation has been provided in books of accounts, the loss aftertax will be increased by Rs. 1,17,08,475/- 15). 37 cases are pending against the company as on 31s'' March 2009.

10). Figures for the previous period have been regrouped and reclassified wherever necessary to be in conformity with the current period.


Mar 31, 2008

1) Due to Deadlock in the Management of the company during the FY: 2006-07, at present No statutory records pertaining to Finance, Central Excise, sales and purchases, Commercial Taxes, PF, ESI, Secretarial records etc, are available in the company except the Sales tax returns for the FY : 2007-08.

2) The Management is in the process of Confirmation and reconciliation of balances of sundry debtors at the end ofthe year. Pending confirmation of balances and reconciliation of the debtors and the consequent impact on the Profits/Losses is not ascertained.

3) During the Current Financial Year, since the Employee statutory records are not traceable, the Management has provided for Gratuity and Leave encashment on estimated basis, instead of Actuarial valuation as per Accounting Standard - 15. The Management contributed its share towards PF and ESI in respect of Site Security wages only. The salaries and wages which were paid in part to the Employees are recognized as Staff salary and advances, since the salaries and wages are not provided for full value in Books of accounts due to Court pending case. Hence Employee Statutory obligations like PF, ESI, and Professional tax are also not provided for in the books of accounts.

4). Deposits, Loans and advances, inoperative bank accounts, unsecured loans and sundry creditors are subject to confir- mation and reconciliation. However necessary action in this regard is already initiated. Pending confirmation/reconcilia- tion and review by the Company, consequential adjustments arising thereon, if any are presently are not ascertainable.

5). In the absence ofthe information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the Management is unable to quantify the amounts due to Small scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

6). Leases :

The Company has no financial leases. Operating lease is in the nature of lease of office premises with no restrictions and is renewable at mutual concept.

7). Loans and Advances includes a sum of Rs. 15,00,000/- paid to the Central Excise Department, consequent to Search Proceedings carried out by the said department. The said payment is to meet the liability, if any, to the department. Pending outcome of the said proceedings, the payment is reflected as loans and advances in these accounts.

8). During the Current Financial Year, the company as not provided for depreciation on its fixed assets, since the company is not a going concern as on 31s March 2008. Depreciation has been provided in the books of accounts, the loss after tax will be increased by Rs. 1,27,52,939/- 16). 16 cases are against the company as on 31st March 2008.

9). Figures for the previous period have been regrouped and reclassified wherever necessary to be in conformity with the current period.


Mar 31, 2007

1) Due to Deadlock in the Management of the company during the FY: 2006-07, at present No statutory records pertaining to Finance, Central Excise, sales and purchases, Commercial Taxes, PF, ESI, Secretarial records etc, are available in the company except the Sales tax returns for the FY : 2006-07 .

2) The Management is in the process of Confirmation and reconciliation of balances of sundry debtors at the end of the year. The management has recognized some of the debtors balances as Bad based on the age and recoverability of the debtors and the same was incorporated in financials. Pending confirmation of balances and reconciliation of the debtors and the consequent impact on the Profits/Losses is not ascertained.

3) During the Current Financial Year, since the Employee statutory records are not traceable, the Management has provided for Gratuity and Leave encashment on estimated basis, instead of Actuarial valuation as per Accounting Standard - 15. The Management contributed its share towards PF and ESI in respect of Site Security wages only. The salaries and wages which were paid in part to the Employees are recognized as Staff salary and advances, since the salaries and wages are not provided for full value in Books of accounts due to Court pending case. Hence Employee Statutory obligations like PF, ESI, and Professional tax are also not provided for in the books of accounts.

4) Due to Deadlock in the Management, the Present Management of the company is unable to ascertain the Inventory details as on 31st March 2007. Hence the Values for all those inventories are considered as Zero. The consequential impact resulting on the accounts is ascertained at present and effect was given to Profit and Loss statement under the heads "Raw materials Consumed" and (Increase)/Reduction of stocks.

5). Deposits, Loans and advances, inoperative bank accounts, unsecured loans and sundry creditors are subject to confir- mation and reconciliation. However necessary action in this regard is already initiated. Pending confirmation/reconcilia- tion and review by the Company, consequential adjustments arising thereon, if any are presently are not ascertainable.

6). In the absence of the information about the "Small scale industrial undertakings" status of its Sundry Creditors, at present the Management is unable to quantify the amounts due to Small scale industrial undertakings exceeding rupees one lakh which is outstanding for more than 30 days.

7). Prior period adjustments of Rs.43,348/- includes Service tax paid relating to previous years is of Rs. 37,938/- and other expenses of Rs. 5410/- relating to Previous years.

8). Leases:

The Company has no financial leases. Operating lease is in the nature of lease of office premises with no restrictions and is renewable at mutual concept.

9). DETAILS OF PRODUCTION, TURNOVER AND STOCKS OF FINISHED GOODS

Since the absence of the Inventory records, the Management is not able to furnish the Quantitative details about produc- tion, sales and finished goods.

10). DETAILS OF RAW MATERIALS CONSUMED

Since the absence of the Inventory records, the Management is not able to furnish the Quantitative details about item wise raw material consumption.

*The Value includes the Purchase cost and Transportation cost

11). FOREIGN EXCHANGE TRANSACTIONS:

Inflow - Nil

Outflow - Nil

12). Loans and Advances includes a sum of Rs. 15,00,000/- paid to the Central Excise Department, consequent to Search Proceedings carried out by the said department. The said payment is to meet the liability, if any, to the department. Pending outcome of the said proceedings, the payment is reflected as loans and advances in these accounts

13). 13 Cases are pending against the company as on 31st March 2007.

14). Figures for the previous period have been regrouped and reclassified wherever necessary to be in conformity with the current period.

 
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