Mar 31, 2015
Note :1
In past the company used to manufacture and sell ''Bidis''
The Bidi''s manufactured by the company were sold to Traders /
Exporters, who used to export them to various countries. Bidi''s sold to
some such Traders/Exporters were exported by them to USA.
As per the prevailing law in USA, the responsibility of depositing the
amount in Escrow Deposit Fund (On account of sales of tobacco products
in that country) was of the manufacturer of tobacco products.
Accordingly , on the basis of demand raised against the company for
non-fulfillment of this requirement - a sum of Rs.211.40 Lacs is
provided for in the books of the company upto 31 st March 2015. (31 st
March 2014 - Rs 201.46 Lacs) (Refer Note No.5)
During the current year no any fresh demand was made against the
company. The current year figure of appearing in Statement of Profit
and Loss Rs.9.95 Lacs represents foreign exchange loss on restatement
of outstanding liability of escrow fund demand provision already made
in earlier years (Previous year: Loss Rs. 17.76 Lacs)
Note :2
A) The company has established a seperate Gratuity Fund Trust to
take care of the Gratuity Liability of its employees. It is informed
that against the accrued gratuity liability as on 31st March, 2015
ascertained by the company of Rs. 9,27,298/- (Previous year
Rs.9,64,746/-) the Gratuity Fund Trust has investments to the tune of
Rs 7,57,647/-. (Previous year Rs 7,43,716/-). The shortfall of Rs
1,69,651/-(Previous year Rs. 2,21,029/-) has been provided for in the
accounts of the current year.
B) This gratuity liability calculated by the company/trust takes into
account the sum that would have been payable as gratuity to all the
eligible employees as on the last day of the financial year as per the
Payment of Gratuity Act, 1972 in the absence of Acturial Valuation as
per Accounting Standard -15 (Revised).
C) Similarly the liability arising on account of accrued leave salary
is provided for in the accounts which considers the sum that would have
been payable to the eligible employees as on the last day of the
financial year in absence of Acturial Valuation as per Accounting
Standard -15 (Revised).
D) Looking at the small number of employees as on 31 st March 2015, the
management is of the opinion that, the liability provided for in the
books / funds available with the Gratuity Fund Trust are sufficient to
cover these obligations.
Note :3
It is informed that Income Tax Assessments have been completed upto
A.Y.2011-12.
Note :4
RELATED PARTY DISCLOSURES:
RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC
(i) Associates / Entities in which Promoters are able to exercise
significant influence:
1. Rasbihari Enterprises Ltd.
2. Vidarbha Bidi Ltd.
3. Yogi Ayurvedic Products Pvt Ltd.
4. Tip Top Health Zone Pvt.Ltd.
5. STS Exports Ltd.
6. M/s. S.K. Sarda.
7. Sungrowth Manpower Services Pvt Ltd.
8. City Centre Mall Nashik Pvt. Ltd.
9. Sarda Milk & Agra Produce Pvt. Ltd.
10. Sarda Fresh Fruits Pvt. Ltd.
11. Rasbihari Properties Pvt. Ltd.
12. Nashik Natural Products Pvt. Ltd.
13. S. K. Sarda Developers Pvt. Ltd.
(ii) Relatives / Members of Promoter Group:
1. Shri KB Sarda.
2. Sau K.K.Sarda.
3. Shri SK Sarda.
4. Sau.S.V.Sisodiya.
(iii) Key Management Personnel:
Shri C.B.Patil
Note :4
The Company revised depreciation rates on tangible fixed assets
w.e.f. 01-04-2014 as per useful life specified in the Schedule II of
the Companies Act, 2013. As Prescribed in said Schedule II, an amount
of Rs. 1.89 lacs (net of taxes Rs.1.31 lacs) have been charged to the
opening balance of the retained earnings for the assets in respect of
which the remaining useful life is NIL as on 1st April 2014, and in
respect of other assets on that date, depreciation has been calculated
based on the remaining useful life of those assets. Had the Company
continued with the previously applicable Schedule XIV rates, charge for
depreciation for the year ended March 31,2015 would have been lower and
the net profit would have been higher by Rs.1.82 lacs.
Note :5
Figures for the previous year have been regrouped wherever
considered practicable and necessary.
Mar 31, 2014
31.03.2014 31.03.2013
RUPEES RUPEES
NOTE 1:
NOTES FORMING PART OF BALANCE SHEET AS AT 31ST
MARCH, 2014 AND STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED ON THAT DATE 1.
Contingent Liabilities ( Rs. Lacs)
Claims against the company not
acknowledged as debts :
a) Escrow Fund Matter 2182932 1990536
b) Labour / ESIC Matters 813514 813514 No interest
is calculated on the above contingent liabilities
for want of information. 2996446 2804050
In the opinion of the management , no provision
is required against contingent liabilities
stated above.
2. A) The company has established a seperate Gratuity Fund Trust to
take care of the Gratuity Liability of its employees. It is informed
that against the accrued gratuity liability as on 31st March, 2014
ascertained by the company of Rs. 9,64,746/- (Previous year
Rs.7,70,699/-) the Gratuity Fund Trust has investments to the tune of
Rs 7,43,716/-. (Previous year Rs 6,83,914/-). The shortfall of Rs
2,21,029/-(Previous year Rs. 43,230/- ) has been provided for in the
accounts of the current year.
B) This gratuity liability calculated by the company/trust takes into
account the sum that would have been payable as gratuity to all the
eligible employees as on the last day of the financial year as per the
Payment of Gratuity Act, 1972 in the absence of Acturial Valuation as
per Accounting Standard - 15 (Revised).
C) Similarly the liability arising on account of accrued leave salary
is provided for in the accounts which considers the sum that would have
been payable to the eligible employees as on the last day of the
financial year in absence of Acturial Valuation as per Accounting
Standard - 15 (Revised).
D) Looking at the small number of employees as on 31st March 2014, the
management is of the opinion that, the liability provided for in the
books / funds available with the Gratuity Fund Trust are sufficient to
cover these obligations.
3. RELATED PARTY DISCLOSURES :
RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC
(i) Associates / Entities in which Promoters are able to exercise
significant influence :
1. Rasbihari Enterprises Ltd.
2. Vidarbha Bidi Ltd.
3. Yogi Ayurvedic Products Pvt Ltd.
4. Tip Top Health Zone Pvt.Ltd.
5. STS Exports Ltd.
6. M/s. S.K. Sarda.
7. Sungrowth Manpower Services Pvt Ltd.
8. City Centre Mall Nashik Pvt. Ltd.
9. Sarda Milk & Agro Produce Pvt. Ltd.
10. Sarda Fresh Fruits Pvt. Ltd.
11. Rasbihari Properties Pvt. Ltd.
12. Nashik Natural Products Pvt. Ltd.
13. S. K. Sarda Developers Pvt. Ltd.
(ii) Relatives / Members of Promoter Group :
1. Shri K B Sarda.
2. Sau K.K.Sarda.
3. Shri S K Sarda .
4. Sau. S.S.Sarda.
5. Sau.S.V.Sisodiya.
4. Figures for the previous year have been regrouped wherever
considered practible and necessary.
Mar 31, 2013
2012-2013 2011-2012
RUPEES RUPEES
NOTE 1:
NOTES FORMING PART OF BALANCE SHEET
AS AT 31ST MARCH, 2012 AND
STATEMENT OF PROFIT AND LOSS FOR
THE YEAR ENDED ON THAT DATE
1. Contingent Liabilities ( Rs. Lacs)
Claims against the company not
acknowledged as debts :
a) Escrow Fund Matter Nil 1,909,129
b) Labour / ESIC Matters 813,514 813,514
813,514 2,722,643
In the opinion of the management , no provision is required against
contingent liabilities stated above.
2. A) The company has established a separate Gratuity Fund Trust to
take care of the Gratuity Liability of its employees. It is informed
that against the accrued gratuity liability as on 31st March, 2013
ascertained by the company of Rs. 7,70,699/-(Previous year
Rs.11,85,829/-) the Gratuity Fund Trust has investments to the tune of
Rs 6,83,914/-. (Previous year Rs
11,42,599/-). The shortfall of Rs 86,785/-(Previous year Rs.
43,230/- ) has been provided for in the accounts of the current year.
B) This gratuity liability calculated by the company/trust takes into
account the sum that would have been payable as gratuity to all the
eligible employees as on the last day of the financial year as per the
Payment of Gratuity Act, 1972 in the absence of Actuarial Valuation as
per Accounting Standard - 15 (Revised).
C) Similarly the liability arising on account of accrued leave salary
is provided for in the accounts which considers the sum that would have
been payable to the eligible employees as on the last day of the
financial year in absence of Actuarial Valuation as per Accounting
Standard - 15 (Revised).
D) Looking at the small number of employees as on 31st March 2013, the
management is of the opinion that, the liability provided for in the
books / funds available with the Gratuity Fund Trust are sufficient to
cover these obligations.
3 It is informed that Income Tax Assessments have been completed upto
A.Y.2011-12 .
2. RELATED PARTY DISCLOSURES :
RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC
( i ) Associates / Entities in which Promoters are able to exercise
significant influence :
1. Rasbihari Enterprises Ltd.
2. Vidarbha Bidi Ltd.
3. Yogi Ayurvedic Products Pvt Ltd.
4. Tip Top Health Zone Pvt.Ltd.
5. STS Exports Ltd.
6. M/s. S.K. Sarda.
7. Sungrowth Manpower Services Pvt Ltd.
8. City Centre Mall Nashik Pvt. Ltd.
9. Sarda Milk & Agro Produce Pvt. Ltd.
( ii ) Relatives / Members of Promoter Group :
1. Shri K B Sarda.
2. Sau K.K.Sarda.
3. Shri S K Sarda .
4. Sau. S.S.Sarda.
5. Sau.S.V.Sisodiya.
6. Madura A.Saboo.
(iii) Key Management Personnel :
Shri C.B.Patil Shri N.L.Patil
Mar 31, 2012
Note:-
The Bidi's manufactured by the company were sold to Traders /
Exporters, who used to export them to various countries.In earlier
years, Bidi's sold to some such Traders/Exporters were exported by them
to USA.
As per the prevailing law in USA, the responsibility of depositing the
amount in Escrow Deposit Fund (On account of sales of tobacco products
in that country) was of the manufacturer of tobacco products.
Accordingly , on the basis of demand raised against the company for
non-fulfillment of this requirement - a sum of Rs. 172.78 Lacs is
provided for in the books of the company upto 31st March 2012.
During the current year no any fresh demand was made against the
company. The current year figure of appearing in Statement of Profit
and Loss Rs.21.98 Lacs represents foreign exchange loss on restatement
of outstanding liability of escrow fund demand provision already made
in earlier years (Previous year: Gain Rs. 1.65 Lacs)
1. Contingent Liabilities (Rs. Lacs)
Claims againstthe company not acknowledged
as debts:
a) Escrow Fund Matter 1909129 1666196
b) Labour/ESIC Matters 813514 813514
2722643 2479710
2. A) The company has established a seperate Gratuity Fund Trust to
take care of the Gratuity Liability of its employees. It is informed
that against the accrued gratuity liability as on 31st March, 2012
ascertained by the company of Rs. 11,85,829/- (Previous year
Rs.16,69,435/-) the Gratuity Fund Trust has investments to the tune of
Rs 11,42,599/-. (Previous year Rs 17,24,095/-). The shortfall of Rs.
43,230/-(Previous year Nil ) has been provided for in the accounts of
the current year. -
B) This gratuity liability calculated by the company takes into account
the sum that would have been payable as gratuity to all the eligible
employees as on the last day of the financial year as per the Payment
of Gratuity Act, 1972 in the absence of Acturial Valuation as per
Accounting Standard -15 (Revised).
C) Similarly the liability arising on account of accrued leave salary
is provided for in the accounts which considers the sum that would have
been payable to the eligible employees as on the last day of the
financial year in absence of Acturial Valuation as per Accounting
Standard -15 (Revised).
D) Looking at the small number of employees as on 31st March 2012, the
management is of the opinion that, the liability provided for in the
books / funds available with the Gratuity Fund Trust are sufficient to
cover these obligations.
3. It is informed that Income Tax Assessments have been completed upto
A.Y.2010-11 .
4. Amounts paid and/or payable to the Auditorfor services rendered:
AuditFees 115815 115815
Certification Work/Other Misc. 34195 28680
5 Segment Reporting:
a) Primary Segment:
The company considers Tobacco Products and Tobacco as one business
segment
b) Secondary Segment:
All the sales of the company are in the Indian Market and hence, there
are no reportable geographical segments.
6 Impairment of Assets (AS:28):
Required provision has been made for impairment of fixed assets.
7. Contingent Liabilities & Contingent Assets (AS:29): .
In the opinion of the management , no provision is required against
contingent liabilities referred in Note 26( 1).
8 Future Lease Obligations
The company has entered into various operating lease agreements and the
amounts paid under such agreements have been charged to revenue as rent
under Note 24. All these agreements are cancellable in nature.
9. Value Imported and Indigenous Material Consumed.
10 RELATED PARTY DISCLOSURES:
RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC
(i) Associates / Entities in which Promoters are able to exercise
significant influence:
1 Rasbihari Enterprises Ltd
2 Vidarbha Bidi Ltd '
3 Yogi Ayurvedic Products Pvt Ltd
4 Tip Top Health Zone Pvt.Ltd.
5 STS Exports Ltd
6 M/s. S.K. Sarda
7 Sungrowth Manpower Services Pvt Ltd.
8 City Centre Mall (Nasik) Pvt. Ltd.
9 Sarda Milk&Agro Produce Pvt. Ltd.
(ii) Relatives / Members of Promoter Group:
1 Shri KB Sarda.
2 Sau K.K.Sarda.
3 Shri S K Sarda.
4 Sau. S.S.Sarda.
5.Sau. S.V.Sisodiya
6.MaduraA. Saboo
(i ii) Key Management Personnel:
Shri C.B.Patil .
Mar 31, 2011
1. Contingent Liabilities (Rs. Lacs)
Claims against the company not
acknowledged as debts:
a) Escrow Fund Matter 16.66 16.84
b) Labour/ESIC Matters 8.14 9.13
24.80 25.97
2. A) The company has established a seperate Gratuity Fund Trust to
take care of the Gratuity Liability of itsemployees. It is informed
that against the accrued gratuity liability as on 31st March, 2011
ascertained by the company of Rs. 16.69 lacs (Previous year Rs. 16.59
lacs) the Gratuity Fund Trust has sufficient investments to meet the
entire liability. Therefore, no provision for gratuity is made in the
accounts during the current year.
B) This liability takes into account the sum that would have been
payable as gratuity to all the eligible employees as on the last day of
the financial year as per the Payment of Gratuity Act, 1972 in the
absence of Acturial Valuation as per Accounting Standard-15 (Revised).
C) Similarly the liability arising on account of accrued leave salary
is provided for in the accounts which considers the sum that would have
been payable to the eligible employees as on the last day of the
financial year in absence of Acturial Valuation as perAccounting
Standard-15 (Revised).
D) Looking at the small number of employees as on 31st March 2011, the
management is of the opinion that, the liability provided for in the
books / funds available with the Gratuity Fund Trust are sufficient to
cover these obligations.
3. The Bidi's manufactured by the company were sold to Traders /
Exporters, who used to export them to various countries.In earlier
years, Bidi's sold to some such Traders/Exporters were exported by them
to USA.
As per the prevailing law in USA, the responsibility of depositing the
amount in Escrow Deposit Fund (On account of sales of tobacco products
in that country) was of the manufacturer of tobacco products.
Accordingly , on the basis of demand raised against the company for
non-fulfillment of this requirement- a sum of Rs.150.81 Lacs was
provided for in the books of the company upto 31 st March 2011.
During the current year no any fresh demand was made against the
company. The current year figure of appearing in Profit and Loss
Account Rs. 1.65 Lacs represents foreign exchange gain on restatement
of outstanding liability of escrow fund demand provision already made
in earlier years.
4 It is informed that Income Tax Assessments have been completed upto
A.Y.2008-09. In respect of A.Y.2007-08, company had filed loss return.
The assessing officer made certain additions / disallowed some
expenses- thereby reducing the loss. Company has filed an appeal
against the said order which is pending before Commissioner of
IncomeTax (Appeals).
5 The company has not received any intimation from its suppliers
regarding their status underthe Micro, Small and Medium Enterprises
DevelopmentAct, 2006 and hence disclosures, if any, relating to amounts
unpaid as at the year end as required underthe said Act have not been
furnished.
6. Segment Reporting:
a) Primary Segment:.
The company considers Tobacco Products and Tobacco as one business
segment
b) Secondary Segment:
All the sales of the company are in the Indian Market and hence, there
are no reportable geographical segments.
7. Impairment of Assets (AS:28): Required provision has been made for
impairment of fixed assets.
8. Contingent Liabilities & Contingent
Assets (AS:29): In the opinion of the management, no provision is
required against contingent liabilities referred in Schedule 6, Note 1
on Contingent Liabilities.
9. Information pursuant to paragraphs 3,4 C and 4 D of Part II of
Schedule VI of the Companies Act, 1956.
(As Certified by Management)
10. RELATED PARTY DISCLOSURES :
RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC (i)
Associates / Entities in which Promoters are able to exercise
significant influence:
1. Rasbihari Enterprises Ltd
2. Vidarbha Bidi Ltd
3. Yogi Ayurvedic Products Pvt Ltd
4. TipTop Health Zone Pvt.Ltd.
5. STS Exports Ltd
6. M/s.S.K.Sarda
7. Sungrowth Manpower Services Pvt Ltd.
8. City Centre Mall Nashik Pvt. Ltd.
(ii) Relatives / Members of Promoter Group:
1. ShriKBSarda.
2. SauK.K.Sarda.
3. Shri S K Sarda.
4. Sau.S.S.Sarda.
(iii) Key Management Personnel: ShriV.S.Maydeo
11. Figures forthe previous year have been regrouped wherever
considered practicable and necessary.
Mar 31, 2010
1. Contingent Liabilities ( Rs. Lacs)
Claims against the company not
acknowledged as debts :
a) Escrow Fund Matter 16.84 19.01
b) Labour / ESIC Matters 9.13 9.97
25.97 28.98
2. A) The company has established a seperate Gratuity Fund Trust to
take care of the Gratuity Liability of its employees. It is informed
-at against the accrued gratuity liability as on 31st March 2010
ascertained by the company of Rs. 16.59 lacs (Previous year Rs.18
lacsthe Gratuity Fund Trust has sufficient investments to meet the
entire liability. Therefore, no provision for gratuity is made in the
accounts duringthe current year.
B) This liability takes into accountthe sum -at would have been payable
as gratuity to allthe eligible employees as on the last day of the
financial year as per the Payment of Gratuity Act, 1972 inthe absence
of Acturial valuation as per Accounting Standard -15 (Revised).
C) Similarly the liability arising on account of accrued leave salary
is provided for in the accounts which considers the sum -at would have
been payable to the eligible employees as on the last day of the
financial year in absence of Acturial Valuation as per Accounting
Standard -15 (Revised).
D) Looking atthe small number of employees as on 31st March 2010,the
management is of the opinion that,the liability provided for in the
books / funds available with the Gratuity Fund Trust are sufficient to
cover these obligations.
3. The Bidis manufactured by the company were sold to Traders /
Exporters, who used to exportthem to various countries.ln earlier
years, Bidis sold to some such Traders / Exporters were exported by
them to USA
As perthe prevailing law in USA,the responsibility of depositingthe
amount in Escrow Deposit Fund (On account of sales of tobacco products
in that country) was of the manufacturer of tobacco products.
Accordingly , on the basis of demand raised against the company for non
fulfillment of this requirement a sum of Rs.152.46 Lacs was provided
for in the books of the company upto 31st March 2010.
Duringthe current year no any fresh demand was made against the
company. The current year figure of Rs.19.62 Lacs represents foreign
exchange gain on restatement of outstanding liability of escrow fund
demand provision already made in earlier years.
4 It is informed that Income Tax Assessments have been completed
uptoA.Y.2007-08 In respect of A.Y.2007-08, company had filed loss
returnthe assessing officer made certain additions / disallowed some
expenses ereby reducingthe loss.Company has filed an appeal againstthe
said order which is pending before Commissioner of Income Tax
(Appeals ).
9 the company has not received any intimation from its suppliers
regarding their status under the Micro , Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end as required under the said Act have
not been furnished.
12. Segment Reporting:
a) Primary Segment :
The company considers Tobacco Products and Tobacco as one business
segment
b) Secondary Segment :
Allthe sales of the company are in the Indian Market and hence,there
are no reportable geographical segments.
13. Impairment of Assets (AS:28) : Required provision has been made
for impairment of fixed assets.
14. Contingent Liabilities & Contingent
Assets (AS:29) : Inthe opinion of the management, no provision is
required against contingent liabilities referred in Schedule 7, Note 1
on Contingent Liabilities.
15. Information pursuant to paragraphs 3, 4 C and 4 D of Part II of
Schedule VI of the Companies Act.1956.
(As Certified by Management)
17. RELATED PARTY DISCLOSURES :
RELATED PARTIES with WHOM THE COMPANY HAD TRANSACTIONS, ETC
(i) Associates / Entities in which Promoters are able to exercise
significant influence :
1. Rasbihari Enterprises Ltd
2. Vidarbha Bidi Ltd
3. Yogi Ayurvedic Products Pvt Ltd
4. Tip Top Health Zone Pvt Ltd
5. STS Exports Ltd
6. Trustwory Trade & Transport Pvt Ltd
7. M/s. S.K. Sarda
8. Shrirang Tobacco Processors Ltd .
9. Shrirang Bidi Pvt.Ltd .
10. Kay Bee Food Products ( Nashik) Pvt Ltd .
11. Kiran Ayurvedic Products Pvt Ltd .
12. Snow Valley Hotels Pvt Ltd.
13. Pashupatina Tobacco Prod. Pvt Ltd .
14. Sungrow Manpower Services Pvt Ltd.
15. City Centre Mall (Nashik) Pvt. Ltd.
(ii) Relatives / Members of Promoter Group :
1. Shri K B Sarda.
2. Sau K.K.Sarda.
3. Shri S K Sarda.
4. Sau. S.S.Sarda.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article