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Notes to Accounts of Silver Oak (India) Ltd.

Mar 31, 2015

COMPANY OVERVIEW

Silver Oak (India) Limited (the "Company") is a public limited company incorporated and domiciled in India and has register office at Indore. Its share are listed on Bombay Stock Exchange.The Company is engaged in the manufacturing and selling of Indian made foreign liquor.The Company caters mainly to the domestic market

2. Share Capital

2.1 Terms/rights attached to equity shares

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 one vote per share.

In the event of liquidation of the company, the holders 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.

3. Related party disclosure with following Accounting Standard -18

Key Management Personnel and their relatives

Mr. Sanjeev Dodhy, Mr. Himanshu Dodhy, Neera Dodhy, Bhupendra singh

4. CONTINGENT LIABILITIES

(a) In the opinion of the Board of Directors, all the known liabilities have been accounted for

(b) Contingent liability that may arise due to delayed / non-compliance of certain fiscal statutes amount unascertainable.

(c) Contingent Liabilities [ to the extent not provided for ]

[a] M.P Excise matter, under disputes Rs. 12.68 Lac [ Previous Year Rs. 12.68 ]

[b] M.PVAT matter, under disputed Rs. 2.32 Lac [Previous Year Rs. Nil ]

(d) The company does not possess information as to which of its suppliers are ancillary industrial undertaking / small scale industrial undertaking holding permanent regis- tration certificate issued by the Directorate of Industries of a State or Union territory, consequently, the liability, if any, of interest which would be payable under. The inter- est on delayed payments to Small Scale and Ancillary Industrial Undertakings Act, 1992 cannot be ascertained. However, the Company has not received any claims in respect of interest.

5. Balance of Sundry Debtors, Sundry Creditors, Trade Deposit, Loan & Advances and others are subject to confirmation. However, in the opinion of the management theses accounts will fetch the amount as stated in the books of accounts on realisation in the ordinary course of business.

6. Expenditure & Earning in foreign currency Rs. Nil [Previous Year Rs. Nil]

7. Previous year's figures have been regrouped /reclassified wherever necessary to confirm to current year's classification.


Mar 31, 2014

COMPANY OVERVIEW

Silver Oak (India) Limited (the "Company ") is a public limited company domiciled and incorporated under provision of Companies Act 1956 .Its share are listed on Bombay Stock Exchange, . The Company is engaged in the manufacturing and selling of Indian made foreign liquor. The Company caters mainly to the domestic market

1. CONTINGENT LIABILITIES

- In the opinion of the Board of Directors, all the known liabilities have been accounted for

- Contingent liability that may arise due to delayed / non-compliance of certain fiscal statutes amount unascertainable.

- Contingent Liabilities [ to the extent not provided for ]

[a] M.P. Excise matter , under disputes Rs. 12.68 Lac [ Previous Year Rs. 12.68 ]

- The company does not possess information as to which of its suppliers are ancillary industrial undertaking / small scale industrial undertaking holding permanent registration certificate issued by the Directorate of Industries of a State or Union territory, consequently, the liability, if any, of interest which would be payable under. The interest on delayed payments to Small Scale and Ancillary Industrial Undertakings Act, 1992 cannot be ascertained. However, the Company has not received any claims in respect of interest.

2. Balance of Sundry Debtors, Sundry Creditors, Trade Deposit, Loan & Advances and others are subject to confirmation. However, in the opinion of the management theses accounts will fetch the amount as stated in the books of accounts on realisation in the ordinary course of business.

3. Expenditure & Earning in foreign currency Rs. Nil [ Previous Year Rs. Nil ]

4. Previous year''s figures have been regrouped /reclassified wherever necessary to confirm to current year''s classification.


Mar 31, 2013

COMPANY OVERVIEW

Silver Oak (India) Limited (the "Company") is a public limited company domiciled and incorporated under provision of Companies Act 1956 .Its share are listed on Bombay Stock Exchange, . The Company is engaged in the manufacturing and selling of Indian made foreign liquor. The Company caters mainly to the domestic market

1. Related party disclosure with following Accounting Standard -18

Key Management Personnel and their relatives

Mr. Sanjeev Dodhy, Mr. Himanshu Dodhy, Neera Dodhy, Bhupendra singh

Enterprises where principal shareholders have control Sanpure Distillers Private Limited

2. CONTINGENT LIABILITIES

- In the opinion of the Board of Directors, all the known liabilities have been accounted for

- Contingent liability that may arise due to delayed / non-compliance of certain fiscal statutes amount unascertainable.

- Contingent Liabilities [ to the extent not provided for ]

[a] M.P Excise matter , under disputes Rs. 12.68 Lac [ Previous Year Rs. 12.68 ]

[b] Central Sale Tax matter, under dispute Rs. 1.85 Lac [Previous Year Rs. Nil]

» The company does not possess information as to which of its suppliers are ancillary industrial undertaking / small scale industrial undertaking holding permanent registration certificate issued by the Directorate of Industries of a State or Union territory, consequently, the liability, if any, of interest which would be payable under. The interest on delayed payments to Small Scale and Ancil- lary Industrial Undertakings Act, 1992 cannot be ascertained. However, the Company has not received any claims in respect of interest.

3. Balance of Sundry Debtors, Sundry Creditors, Trade Deposit, Loan & Advances and others are subject to confirmation. However, in the opinion of the management theses accounts will fetch the amount as stated in the books of accounts on realisation in the ordinary course of business.

4. Expenditure & Earning in foreign currency Rs. Nil [ Previous Year Rs. Nil ]

5. Previous year''s figures have been regrouped /reclassified wherever necessary to confirm to current year''s classification.


Mar 31, 2012

1.1 Termsfrights attached to equity shares

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 one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets ofthe company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Term loans are secured by hypothecation of vehicles comprised of:

[1] Loan of447500/- taken from HDFC Bank Ltd.during the financial year 2011-12 and carries interest @ 13.11% on reducing balance . The loan repayable in 48 equal monthly installments of Rs. 11900/- along with interest from the date of loan. Last installment is due in December, 2015.

[2] Loan of882000/- taken from HDFC Bank Ltd.during the financial year 2009-10 and carries interest @ 8.65% on reducing balance. The loan repayable in 36 equal monthly installments of Rs. 27706/- along with interest from the date of loan. Last installment is due in January 2013.

#. Rs.90 Lac of Working capital loan secured against hypothecation of Inventory,Trade Receivable, outstanding monies, receivable claims, bills invoice documents, contracts, guarantees .rights, Plant & Machinery and collateral Security ofimmoavble properties Situated in Pithampur Dhar Plot No. 110. Sector 1 Industrial area owned by comapny on paripassu basis.

#. Personal Guamtee of Mr.Sanjeev Dodhy Pramotor of the company and his family members.

#. The Company does not possess information as to which of suppliers are Micro .Small and medium Scale Industrial Undertakings holding permanent registration certificate issued by the Directorate of Industries of a State or Union territory, Accordingly, the information regarding total outstanding dues to Micro Small and medium Scale Industrial undertakings as at the year end and that regarding the names of Micro Small and medium Scale Industrial Undertakings to whom the Company owes any amount. **

#.The Company has provided for Gratuity in accordance with the AS-15 " Employee Benefits", the company has obtained group Gratuity Insurance Policy from LIC oflndia and Contribution are made to LIC's Recognised Group Gratuity Fund Scheme based on amount demanded by LIC oflndia to cover its Gratuity liability and making annual payment of the liability as calculated by them.

#. Contribution are made to Government Provident fund, ESIC whch cover regular employee of the company. While both the employees and the company make predetermined contibution to the provdent fund and ESIC as per the provision of said act.

2. CONTINGENT LIABILITIES

In the opinion of the Board of Directors, all the known liabilities have been accounted for Contingent liability that may arise due to delayed / non-compliance of certain fiscal statutes amount unascertainable.

3. The company does not possess information as to which of its suppliers are ancillary industrial undertaking / small scale industrial undertaking holding permanent registration certificate issued by the Directorate of Industries of a State or Union territory, consequently, the liability, if any, of interest which would be payable under. The interest on delayed payments to Small Scale and Ancillary Industrial Undertakings Act, 1992 cannot be ascertained. However, the Company has not received any claims in respect of interest.

4. Balance of Sundry Debtors, Sundry Creditors, Trade Deposit, Loans & Advances and others are subject to confirmation. However, in the opinion of the management these accounts will fetch the amount as stated in the books of account on realisation in the ordinary course of business.

5. No impairment loss has been booked in the books of accounts due to recoverable amount (higher of an asset's net selling price and its value in use) is higher than carrying amount of asset as per the Directors of company.

6. In the opinion of the management and to the best of their knowledge and belief, the aggregate value of the current assets and loans & advances, on realization in the ordinary course ofbusiness, will not be less than the amount at which they are stated in the balance sheet.

7. Related party transaction with the following standard -18;

Key Management Personnel and their relatives

Mr. Sanjeev Dodhy, Mr. Himanshu Dodhy, Neera Dodhy, Bhupendra Singh

NOT!: The above information are as per calculation and verification by and certification of management.

8. Expenditure in foreign currency - Rs. NIL. (Previous year-Rs. NIL-).

Earnings in foreign currency - Rs. NIL. (Previous year - Rs. NIL-).

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

10. These financial Statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been reworked, recast/re-stated to confirm to the classification of the Current year.


Mar 31, 2010

1. Contingent Liabilities : Contingent liability that may arise due to delayed, non compliance of certain fiscal law. amount of which is un ascertain.

2. In our opinion and to the best of our knowledge and belief the aggregate value of current assets and loans and advances on realization in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

3. The company has not received any intimation from suppliers regarding the status under The Micro. Small and Medium Enterprises Development Act 2006 and hence disclosure, if any, relating to the amount unpaid as at year end together with interest paid/payable as required under the act have not been given.

4. Expenditure in foreign currency - Rs. NIL (Previous year- Rs. NIL-).

Earnings in foreign currency - Rs. NIL (Previous year-Rs. NIL-).

5. Deferred Tax

In accordance with AS - 22 accounting for taxes on Income, the Company has considered Deferred Taxes during the year. Accordingly, the net deferred tax Liability / Assets for the year has been recognized in the Profit & Loss Appropriation Account.

6. The current tax is amount of tax payable on the taxable income for the year as determined in accordance with the under section 115JB of Income tax Act 1961.

7. Sundry debtors includes Rs. 1,65,370/-(previous year 1,65370/-) due from some of the customers of the company. The company is of the opinion that the amount is fully recoverable on completion of final settlement which is in progress. The company is confident of recovering the amount.

8. Retirement Benefits: The company has obtained group Gratuity Insurance policy from LIC of India to cover its Gratuity liability and is making annual payment of the liability calculated by them. Provident Fund Cost is accounted as per provision of said Act.

Encashment of leave accumulated while in service is at option of the employee and is accounted for as and when claimed, hence not provided for.

9. The previous year figures have been reworked, regrouped and reclassified wherever necessary so as to make them comparable with current year classifications.

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