Home  »  Company  »  Shah Foods Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Shah Foods Ltd.

Mar 31, 2015

1 Corporate information

Shah Foods Ltd. Is a public limited company in India and incorporated under the provision of the company Act. 1956. Its shares are listed in BSEL. The Company's activities are in manufacturing of Biscuits for Britannia Industries Limited and Trading of shares and securities.

2. Rights & Restriction attached to shares Equity shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

3. (AJMETHOD OF ACCOUNTING :

Expenses are provided on mercantile system except cash system for Insurance Claims, Sales Tax Refund.

The Accounts have been prepared on historical cost basis of accounting. All expenses and income to the extent considered payable and receivable unless stated otherwise are accounted for on accrual basis. Accounting policies not specifically referred to are in consistent with generally accepted accounting practices.

(BJ) FIXED ASSETS:

Fixed Assets are stated at cost of acquisition or construction less Depreciation. All costs relating to the acquisition and installation of fixed assets are capitalised.

(CJ) DEPRECIATION:

Depreciation on Fixed Assets has been provided on straight line method as per rates specified in amended schedule XIV of the Companies Act, 1956 Vide Notification No GSR 758 (2) dated 16th December 1993 other than free hold land for full year.

(DJ) INVENTORIES:

Raw Materials & Furnace Oil is valued at cost. Stock of Shares of Trading activity is valued at cost or market value whichever is lower.

(EJ) INVESTMENT:

Unquoted Investments are stated at cost.

(FJ) GRATUITY:

Payment for present liability of future payment of gratuity is being made to approve Gratuity Funds which fully covers the same under cash accumulation scheme of the Life Insurance Corporation of India.

4. Previous year's figures have been regrouped / rearranged wherever necessary to make them comparable with current year's figures.

5. Provision made of Rs. 5,80,000 for Income Tax has been made from current year profit and Rs. 3,410 for deferred Tax has been made from current year profit on the basis of claims and deductions as per Income Tax Act 1961.

6. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18

* RELATED PARTY

A) Associate Companies: (1) IND ASIA Funds Advisors Pvt. Ltd. (2) Helios Greentech Pvt. Ltd.

B) Vice chairman: Shri. Janak P. Shah

C) Directors

(1) Shri. Sushil P. Shah (2) Shri. Pradip P. Shah (3) Shri Virendra P. Shah (4) Shri. Shrichand R. Kahar (5) Shri. Nirav J. Shah (6) Mrs. Pushpa J. Shah

* RELATED PARTY TRANSCATIONS

A) Associate Companies - Nil -

B) Directors

* Details of remuneration to Vice Chairman, Operations Director are disclosed in the notes to accounts.

* There are no write offs/write back of any amounts for any of the above-related party.

7. Expenditure incurred on employees covered u/s 217(2A) of the companies act,1956- Rs. NIL (Previous year Rs. NIL)

8. During the year under review, Britannia Industries Limited deducts TDS on job-work receipts on job charges including excise duty and hence TDS rate & job charges are not comparable.

9. Balance confirmations for debit/credit balances have been sought.

10. Additional information pursuant to para III and IV of part II of schedule VI of Companies Act, 1956 to the extent applicable.(As certified by the Directors)

11. Expenditure in foreign currency during the year on account of royalty, know-how, professional consultancy fees, interest and other matters Rs. Nil. (Previous years Rs. Nil).

12. C.I.F. Value of imports of raw materials, components and spares Rs. Nil.(Previous year Rs. Nil)

13. Earning in foreign exchange on account of export etc. Rs.Nil.

14. Remittance in foreign currency on account of dividend etc. Rs.NIL. (Previous year Nil)

15. In the opinion of Board of Directors, the current assets, loans & advances are approximately of the same value, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.


Mar 31, 2014

1. Corporate information

Shah Foods Ltd. is a public limited company in India and incorporated under the provisions of the Companies Act 1956. its shares are listed in BSEL. The company''s activities are in manufacturing of Biscuits for Britannia Industries Limited and Trading of shares and securities.

2. Rights & Restriction attached to shares

Equity shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

3. {A}METHOD OF ACCOUNTING:

Expenses are provided on mercantile system except cash system for Insurance Claims, Sales Tax Refund.

The Accounts have been prepared on historical cost basis of accounting. All expenses and income to the extent considered payable and receivable unless stated otherwise are accounted for on accrual basis. Accounting policies not specifically referred to are in consistent with generally accepted accounting practices.

{B} FIXED ASSETS :

Fixed Assets are stated at cost of acquisition or construction less Depreciation. All costs relating to the acquisition and installation of fixed assets are capitalised.

{C} DEPRECIATION:

Depreciation on Fixed Assets has been provided on straight line method as per rates specified in amended schedule XIV of the Companies Act, 1956 Vide Notification No GSR 758 (2) dated 16th December 1993 other than free hold land for full year.

{D} INVENTORIES:

Raw Materials & Furnace Oil is valued at cost. Stock of Shares of Trading activity is valued at cost or market value whichever is lower.

{E} INVESTMENT:

Unquoted Investments are stated at cost.

{F}GRATUITY:

Payment for present liability of future payment of gratuity is being made to approve Gratuity Funds which fully covers the same under cash accumulation scheme of the Life Insurance Corporation of India.

4. Previous year''s figures have been regrouped/rearranged wherever necessary to make them comparable with current year''s figures.

5. Provision made of Rs. 1,90,000 for Income Tax has been made from current year profit and Rs. 34,278 for deferred Tax has been added back in current year profit on the basis of claims and deductions as per Income Tax Act 1961.

* Details of remuneration to Vice Chairman, Operations Director are disclosed in the notes to accounts.

* There are no write offs/write back of any amounts for any of the above-related party.

6. Expenditure incurred on employees covered u/s 217(2A) of the companies act,1956- Rs. NIL (Previous year Rs. NIL)

7. During the year under review, Britannia Industries Limited deducts TDS on job-work receipts on job charges including excise duty and hence TDS rate & job charges are not comparable.

8. Balance confirmations for debit/credit balances have been sought.

9. Additional information pursuant to para III and IV of part II of schedule VI of Companies Act, 1956 to the extent applicable.(As certified by the Directors)

10. Expenditure in foreign currency during the year on account of royalty, know-how, professional consultancy fees, interest and other matters Rs. Nil. (Previous years Rs. Nil).

11. C.I.F. Value of imports of raw materials, components and spares Rs. Nil.(Previous year Rs. Nil)

12. Earning in foreign exchange on account of export etc. Rs.Nil.

13. Remittance in foreign currency on account of dividend etc. Rs.NIL. (Previous year Nil)

14. In the opinion of Board of Directors, the current assets, loans & advances are approximately of the same value, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.


Mar 31, 2012

1. Corporate information

The company's activities are in manufacturing bo Biscuits for Britannia Industries Limited and Trading of shares and securities.

a. Rights & Restriction attached to shares Equity shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In ttie event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. METHODOF ACCOUNTING:

Revenue expenditure pertaining to research is charged to the Statement of Profit and Loss. Development costs of products Expenses are provided on mercantile system except cash system for Insurance Claims, Sales Tax Refund, The Accounts have been prepared on historical cost basis of accounting. All expenses and income to the extent considered payable and receivable unless stated otherwise are accounted for on accrual basis. Accounting policies not specifically referred to are in consistent with generally accepted accounting practices.

{A}FIXED ASSETS:

Fixed Assets are stated at cost of acquisition or construction less Depreciation. All costs relating to the acquisition and installation of fixed assets are capitalised.

(B) DEPRECIATION:

Depreciation on Fixed Assets has been provided on straight line method as per rates specified in amended schedule XIV of the Companies Act. 1956 Vide Notification No GSR 758 (2) dated 16th December 1993 other than free hold land for full year.

(C) INVENTORIES:

Raw Materials & Furnace Oil is valued at cost. Stock of Shares of Trading activity is valued at cost or market value whichever is lower.

(D) INVESTMENT:

Unquoted Investments are stated at cost.

(E) GRATUITY:

Payment for present liability of future payment of gratuity is being made to approve Gratuity Funds which fully covers the same under cash accumulation scheme of the Life Insurance Corporation of India.

3 Previous year's figures have been regrouped / rearranged wherever necessary to make them comparable with current year's figures.

4 Provision made of Rs. 2,12,000 for Income Tax has been made from current year profit and Rs. 12,017 for deferred Tax has been added back in current year profit on the basis of claims and deductions as per Income Tax Act 1961.

5 RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 RELATED PARTY

A) Associate Companies Plaskon Private Limited IND ASIA Funds Advisors Pvt. Ltd.

B) Chairman: Shri Pradip P. Shah

C) Vice chairman: Shri. Janak P. Shah

D) Directors Shri. Sushil P. Shah

Shri. Virendra P. Shah

Shri. Shrichand R. Kahar

Shri. Nirav J. Shah

6 Expenditure incurred on employees covered u/s 217(2A) of the companies act, 1956- Rs. NIL (Previous year Rs. NIL)

7 During the year under review, Britannia Industries Limited deducts TDS on job-work receipts on job charges including excise duty and hence TDS rate & job charges are not comparable.

8 Balance confirmations for debit/credit balances have been sought.

9 Expenditure in foreign currency during the year on account of royalty, know-how, professional consultancy fees, interest and other matters Rs. Nil. (Previous years Rs. Nil).

10 C.I.F. Value of imports of raw materials, components and spares Rs. Nil.(Previous year Rs. Nil)

11 Earning in foreign exchange on account of export etc. Rs.Nil.

12 Remittance in foreign currency on account of dividend etc. Rs.NIL. (Previous year Nil)

13 In the opinion of Board of Directors, the current assets, loans & advances are approximately of the same value, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.


Mar 31, 2010

(1) Previous years figures have been regrouped/rearranged wherever necessary to make them comparable with current years figures.

(2) Provision of Rs. 10,34,068 for Income Tax and Rs. 1,088 for differed tax for F.Y. 2009-2010 has been made from current year profit on the basis of claims and deductions as per Income Tax Act 1961.

(3) RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18

- RELATED PARTY

(A) Associate Companies Plaskon Private Limited. Ind Asia Fund Advisors Pvt. Ltd.

(B) Vice Chairman : Shri. Janak P. Shah

(C) Directors Shri. Pradip P. Shah

Shri Sushil P. Shah Shri Virendra P. Shah Shri Shrichand R. Kahar Shri Nirav J. Shah

- RELATED PARTY TRANSACTIONS

(A) Associate Compaines - Nil

(B) Directors - Nil

- Details of remuneration to Vice Chairman & Director-Operations are Disclosed the notes to accounts.

- There are no write offs/write back of any amounts for any of the above - related party.

(4) Expenditure incurred on employees covered u/s 217(2A) of the Companies Act, 1956- Rs. NIL (Previous year Rs. NIL)

(5) During the year under review, Britannia Industries Ltd. deducted TDS on Job-work receipts on job charges including excise duty and hence TDS rate & job charges are not comparable.

(6) Balance confirmations for debit/credit balances have been sought.

(7) Additional information pursuant to para III and IV of part II of schedule VI of Companies Act, 1956 to the extent applicable, (As certified by the Directors)

(8) Expenditure in foreign currency during the year on account of royalty, know-how, professional consultancy fees, interest and other matters Rs. NIL. (Previous year Rs. Nil).

(9)C.I.F. Value of imports of raw materials, components and spares Rs. NIL. (Previous year Rs. NIL)

(10)Earning in foreign exchange on account of export etc. Rs. NIL

(11)Remittance in foreign currency on account of dividend etc. Rs. NIL. (Previous year NIL)

(12) In the opinion of Board of Directors, the current assets, loans & advances are approximately of the same value, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

 
Subscribe now to get personal finance updates in your inbox!