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Notes to Accounts of Sarup Industries Ltd.

Mar 31, 2015

1. The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act 2013 as adopted consistently by the Company.

2. The company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

3.a Exceptional items @ NIL

4.b Extraordinary items # NIL

5. Monies received against share warrants— NIL

6. Share application money pending allotment — NIL

7. Contingent liabilities and commitments (to the extent not provided for)

As at 31 As at 31 March, 2015 March, 2014 Rs. Rs.

Contingent liabilities NIL NIL

(a) Claims against the Company not acknowledged as debt (give details)

(b) Guarantees @ (give details) 6,549,539.00 6,549,539.00

(c) Other money for which the Company is contingently liable (give details)

8. Details of unutilised amounts out of issue of securities made for specific purpose NA

9. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 NIL

10. Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

11. Details on derivatives instruments and unhedged foreign currency exposures - NA

12. Disclosure required in terms of Clause 13.5A of Chapter XIII on Guidelines for preferential issues, SEBI (Disclosure and Investor Protection) Guidelines, 2000

13. Details of fixed assets held for sale NIL

14. Related Party Transaction

Disclosure of Related party transaction in accordance with the Accounting Standard 18 (A S 18) "Related Party Disclosure" issued by the institute of Chartered Accountants of India.

In sub Head transaction

15. Research and development expenditure recognised as an expense - NIL

16. Interest in joint ventures- NA

17. Details of provisions


Mar 31, 2014

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

Deferred tax (liability) / asset

Tax effect of items constituting deferred tax liability

On difference between book balance and tax balance of fixed assets 555,458 293,901

Tax effect of items constituting deferred tax liability 555,458 293,901

Tax effect of items constituting deferred tax assets

Disallowances under Section 40(a)(i), 43B of the Income Tax Act, 1961 (424,852) 82,496

Tax effect of items constituting deferred tax assets (424,852) 82,496

Net deferred tax liability / (asset) 980,310 211,405

Note 2

The Company is in the business of manufacturing and dealing in footwear only which is in context to Accounting Standard AS 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is the only business segment.

Note 3

Related Party Transaction

Disclosure of Related party transaction in accordance with the Accounting Standard 18 (A S 18) "Related Party Disclosure" issued by the institute of Chartered Accountants of India. In sub Head transaction

Note 4

As per the information available with the Company there are no dues outstanding including interest as on 31st March, 2014 to small, medium and micro enterprises, as defined under Micro Small and Medium enterprises Development Act, 2006.

Note 5

There are no amounts due and outstanding to be credited to Investor Education Protection Fund.

Note 6

The Contingent Liabilities as per AS 29 of ICAI are as under

Bank Guarantee (Rs.) 6,889,539

Letter of credit (Rs.) 12,320,916

Note 7

The previous year''s figures have been reworked, regrouped and reclassified wherever necessary.

Note 8

Director''s Remuneration Rs. 5.01 Lacs.


Mar 31, 2013

Note 1

The Company is in the business of manufacturing and dealing in footwear only which is in context to Accounting Standard AS 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is the only business segment.

Note 2

Related Party Transaction

Disclosure of Related party transaction in accordance with the Accounting Standard 18 (A S 18) "Related Party Disclosure" issued by the institute of Chartered Accountants of India. In sub Head transaction

Note 3

As per the information available with the Company there are no dues outstanding including interest as on 31st March, 2013 to small, medium and micro enterprises, as defined under Micro Small and Medium enterprises Development Act, 2006

Note 4

There are no amounts due and outstanding to be credited to Investor Education Protection Fund.

Note 5

The Contingent Liabilities as per AS 29 of ICAI are as under

Bank Guarantee (Rs.) 6,549,539

Letter of Credit (Rs.) 2,811,190

Note 6

The previous year''s figures have been reworked, regrouped and reclassified wherever necessary.

Note 7

Director''s Remuneration Rs. 5.01 Lacs.


Mar 31, 2012

Note 1

The Company is in the business of manufacturing and dealing in footwear only which is in context to Accounting Standard AS 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is the only business segment.

Note 2

Related Party Transaction

Disclosure of Related party transaction in accordance with the Accounting Standard 18 (A S 18) "Related Party Disclosure" issued by the institute of Chartered Accountants of India. In sub Head transaction

Note 3

As per the information available with the Company there are no dues outstanding including interest as on 31st March, 2012 to small, medium and micro enterprises, as defined under Micro Small and Medium enterprises Development Act, 2006

Note 4

There are no amounts due and outstanding to be credited to Investor Education Protection Fund.

Note 5

The contingent liabilities as per AS. 29 of ICAI are as under -

Bank Guarantee - Rs. 6,549,539

Letter of credit - Rs. 3,126,355

Note 6

The previous year's figures have been reworked, regrouped and reclassified wherever necessary.

Note 7

Director's remuneration Rs. 9.46 Lacs.


Mar 31, 2010

1 a) The previous years figures have been reworked,regrouped and reclassified wherever necessary.

b) Figures have been presented in Lacs of rupees with two decimals.

c) Provision of Deferred Tax has been provided in accordance with the Accounting Standard 22-According for Taxation on income issued by The Institute of chartered Accountants of India.

2. a) The company has been advised that the computation of net profits for the purposes of Directors remuneration under section 349 of the companies Act 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid to the directors asa per Schedule XIII to the Companies Act 1956.

b) Directors remuneratin Rs. 8.58 Lacs.

3. There was no impairment loss on Fixed Assets on the Basis of review carried out by the management in Accordance with the accounting standard 28 issued by the Institute of Chartered Accountants of India.

4. Taxes on Income:

i) Current tax is measured and the amount expected to be paid to taxation authorities using the applicable tax rates and tax laws.

ii) Deferred tax assets & liabilities are measured using tax rates & tax laws that has been announced upto the balance sheet date. Deferred assets & Liabilities are recognised for the future tax consequences attributable to timing difference between taxable income and accounting income.

5. The Company is in the business of manufacturing & dealing in footwear only which is in context to accounting standard (AS=17) "Segment Reporting" issued by the institute of Chartered Accountant of India is the only business segment.

6. Related Party Transaction

Disclosure of Related party transaction in accordance with Accounting Standard 18 (A.S. 18) Related Party Disclosure", issued by the institute of Chartered Accounting of India. In sub head transaction.



Party Relationship Name of Transaction Volume (Rs)

Bawa Skin Company Common Key Rent Paid 396000.00

Managerial

Personnel

Bawa Skin Company Common Key Sale 948064.00

Managerial Personnel

7. As per the information available with the company there are not dues outstanding including interest as on 31st March 2010 to small, Medium and Micro enterprises, as defined under Micro, Small and Medium enterprises Development Act, 2006

8. There are no amounts due and outstanding to be credited to Investor Education Protection Fund.

 
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