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Notes to Accounts of Shree Pushkar Chemicals & Fertilisers Ltd.

Mar 31, 2015

The company has no information as to whether any of its suppliers constitute Micro, Small or Medium Enterprises and therefore, the claims for suppliers and other related details as per the provisions of Micro, Small or Medium Enterprises Development Act, 2006 could not be ascertained. This has been relied by the auditors upon certificate by the management.

1. In the opinion of the Management, the Current Assets, Loans & Advances are approximately of the value stated and are realizable in the ordinary course of business. The provisions for all known liabilities are adequate.

2. There is no system of sending yearly confirmation letters in respect of balances reflected in respect of all significant Account under Trade Receivables, Trade Payable, Advance from Customers and Loans & Advances. Therefore, the balances under these heads have been shown as per books of accounts and are subject to reconciliation and adjustment, if any.

3. The Company has re-grouped, re-classified, recanted and/or re-arranged figures for previous year, wherever required to confirm with current year's classification.

4. Contingent Liabilities not provided for in books of accounts:

a. Corporate Guarantee of Rs, 171 (Previous Year Rs, 511 Lacs) give by company against housing loan taken by the relative of promoter director of the company.

b. Bank Guarantee amounting to Rs, 534.79 Lacs (previous year Rs, 259.45 Lacs) to suppliers of goods, services and electricity board.

5. The Company has adopted Accounting Standard - 15 (Revised 2005) for accounting of Employee Benefits and accordingly, the Company has classified various benefits provided to employee as under:

a. Defined Contribution Plans

The company has recognized the amounts of contribution to provident and other funds amounting to Rs, 1.67 Lacs (previous year Rs, 1.44 Lacs) in Profit & Loss account for the Period ended 31st March, 2015.

b. Defined Benefit Plans

The Company has provided Contribution to Gratuity Fund underfunded Scheme.

Expenses recognized in Profit & Loss account for the year ended 31/03/2015

6.Related Party disclosure

The names of the related parties, key management personnel, the nature of their transactions and their values are given herein below

A. List of Related Parties & their relationship

Punlt Makharla Chairman & Managing Director

Gautam Makharia Joint Managing Director

Ranjana Makharia Wife of M.D Relative of the Director

Aradhana Makharia Wife of J.M.D Relative of the Director

Bhanu Makhria Mother of M.D/J.M.D Relative of the Director

7. Segmental Information

Considering the nature of business and integrated manufacturing process of the Company, the Company considers its products under one segment only i.e. Chemicals & Fertilizers. Accordingly, Segment Reporting in accordance with Accounting Standard -17 "Segment Reporting" issued by the Institute of Chartered Accountants of India and adopted by Companies (Accounting Standard) Rules, 2006 is not applicable to the Company.


Mar 31, 2013

1. In the opinion of the Management, the Current Assets, Loans & Advances are approximately of the value stated and are realizable in the ordinary course of business. The provisions for all known liabilities are adequate.

2. Confirmation letters have been sent in respect of all significant balances reflected under Trade Receivables, Trade Payables, Advance from Customers and Loans & Advances. Since most of such parties did not respond to confirmation requests, the balances under these heads have been shown as per books of accounts and are subject to reconciliation and adjustment, if any.

3. As at 31 March 2012, the Company had received an amount of Rs, 195 Lacs towards Share Application Money for issuing Equity shares of the Company. The same has been refunded during the year.

4. The Company has re-group, re-classified and/or re-arranged figures for previous year, wherever required to confirm with current year's classification.

5. Contingent Liabilities not provided for in books of accounts:

a. Corporate Guarantee aggregating to Rs, 511 Lacs (previous year Rs, 511 Lacs) given by the Company against housing loans taken by the relative of promoter-directors of the Company

b. Bank Guarantee amounting to Rs, 259.45 Lacs (previous year Rs, 301.01 Lacs) to suppliers of goods and electricity board.

6. The Company has adopted the Accounting Standard - 15 (Revised 2005) for accounting of Employee Benefits and accordingly, the Company has classified various benefits provided to employee as under:

a. Defined Contribution Plans

The company has recognized the amounts of contribution to provident and other funds amounting to Rs, 1.44 Lacs (previous year Rs, 2.07 Lacs) in Profit & Loss account for the year ended 31st March, 2013. b. Defined Benefit Plans

The Company has provided Contribution to Gratuity Fund under funded Scheme.

7. Related Party Disclosures

The names of the related parties, key management personnel, the nature of their transactions and their values are given herein below:

A. List of Related Parties & their relationship

Punit Makharia Chairman & Managing Director

Gautam Makharia Joint Managing Director

Ranjana Makharia Relative of the Director

Aradhana Makharia Relative of the Director

Bhanu Makharia Relative of the Director

8. Segmental Information Considering the nature of business and integrated manufacturing process of the Company, the Company considers its products under one segment only i.e. Chemicals & Fertilizers. Accordingly, Segment Reporting in accordance with Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India and adopted by Companies (Accounting Standard) Rules, 2006 is not applicable to the Company.


Mar 31, 2012

I. In the opinion of the Management, the Current Assets, Loans & Advances are approximately of the value stated and are realizable in the ordinary course of business. The provisions for all known liabilities are adequate.

ii. Confirmation letters have been sent by the Company in respect of balances reflected under Sundry Debtors, Sundry Creditors and Loans and Advances. In view of confirmations having been received from only some of the parties, the balance under these heads have been shown as per books of accounts and are subject to reconciliation and adjustment, if any.

iii. As at 31 March 2012, the Company has received an amount of Rs.195 Lacs towards Share Application Money for issuing preference shares of the Company (As at 31 March, 2011 Rs. 195 Lakhs). The Company is required to complete the allotment formalities by March - 2013. Presently the Company does not have sufficient authorized capital to cover the allotment of these shares.

iv. Contingent liabilities not provided for in books of accounts.

1. Corporate Guarantee aggregating to Rs. 511 Lacs (P.Y. Rs.511 Lacs) against housing loans taken by the Directors of the company.

2. Bank Guarantee of Rs. 301.01 Lacs (.P.Y. Rs.49.50 Lacs) to suppliers of goods and electricity board.

3. Disputed tax liabilities :-

v. Estimated Cost of Expansion is Rs. 10.95 Crores out of which 2.91 Crores is in WIP in 2011-12

vi. The company has no information as to whether any of its suppliers constitutes Micro, Small or Medium Enterprises and therefore, the claims for suppliers and other related data as per the requirement of Micro, Small or Medium Enterprises Development Act 2006 could not be ascertained.

vii. The company adopted the Accounting Standard (AS-15) (Revised 2005) "Employee Benefits", the company has classified the various benefits provided to employee as under;

a) Defined Contribution Plans:

The company has recognized the amounts of provided fund of Rs.1.97 Lacs (P.Y.Rs.1.89 Lacs) in Profit & Loss account for the year ended 31st March, 2012

b) Defined Benefit Plans:

The company has provided contribution to gratuity Fund (Funded Scheme).

viii. The financial statements for the year ended 31.03.2011 had been prepared as per the then applicable, pre revised schedule VI of the companies Act, 1956. Consequent to the notification of revised schedule VI under the companies Act, 1956, the financial statements for the year ended 31st March 2012 are prepared as per revised schedule VI. Accordingly, the previous year figures have also been re-classified to confirm to this year

ix. Related party Disclosures:

The names of the related parties, key management personal, the nature of their

transactions and their values are given herein below:

a) Key Managerial Personals

Name of related parties Nature of relationship

Punit Makharia Chairman & Managing Director

Gautam Makharia Joint Managing Director

Ranjana Makharia Relative of the Director

Aradhana Makharia Relative of the Director

Bhanu MaKharia Relative of the Director

classification. The adoption of revised schedule VI for the previous year figures does not impact recognition & measurement principles followed for preparation of the financial statements. vi. Previous Year Figures have been audited by a firm other than K C P L & Associates.


Mar 31, 2011

1) In the opinion of directors provisions for all known liabilities have been made in the accounts.

2) Loan & advances, sundry debtors, sundry creditors and other liabilities are subject to confirmation and reconciliation. The balances are therefore as per the books of accounts.

3) Contingent liabilities not provided for in books of accounts.

1. Corporate Guarantee aggregating to Rs. 511 Lacs (P.Y. Rs.NIL Lacs) against housing loans taken by the Directors of the company.

2. Bank Guarantee of Rs. 49.50 Lacs (.P.Y. Rs,49.50 Lacs).

4) The company has no information as to whether any of its suppliers constitutes Micro, Small or Medium Enterprises and therefore, the claims for suppliers and other related data as per the requirement of Micro, Small or Medium Enterprises Development Act 2006 could not be ascertained.

5) The company adopted the Accounting Standard (AS-15) (Revised 2005) "Employee Benefits", the company has classified the various benefits provided to employee as under;

a) Defined Contribution Plans:

The company has recognised the amounts of Provided fund of Rs.1.89 Lacs (P.Y.Rs.1.48 Lacs) in Profit & Loss account for the year ended 31st March,2011

b) Defined Benefit Plans:

The company has provided contribution to gratuity Fund (Funded Scheme).

6) Related party Disclosures:

The names of the related parties, key management personal, the nature of their transactions and their values are given herein below: a) Key Managerial Personals

Name of related parties Nature of relationship

Punit Makharia Chairman & Managing Director

Gautam Makharia Director

Ranjana Makharia Relative of the Director

Aradhana Makharia Relative of the Director

Bhanu MaKharia Relative of the Director

7) Previous year's figures have been regrouped, rearranged and reclassified whenever necessary.

8) The additional information pursuant to paragraph 3,4 ( C) and (D) of part II of schedule VI to the companies Act, 1956.have given to the extent of applicable.

 
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