Mar 31, 2015
1. There is no Shares allotted without payment being receiving in
cash, Share allotted by way of bonus shares and share buy back for the
Period of five year immediately preceding the date of Balance Sheet.
2. Company has availed credit facilities from State Bank of India
(Commercial Branch) Consortium with Union Bank of India (Mid Corporate
Branch) of Rs. 142.51 Crore. Out of this Rs. 22.35 Crore Term Loan (
included in above) & Rs. 9.00 Crore included in current liabilities (refer
Note No. 08).
3. These Credit Facilities is Secured by Entire Assets of the Company
& the personal Guarantee of following Persons
i) Dinesh Agrawal ( Chairman & Director) ii) Ashish Goyal ( Managing
Director) iii) Anoop Goyal ( Whole time Director) iv) Sapan Garg
(Other) v) Sandesh Garg (Other) Name of Corporator Guarantor vi) GG Infra Pvt. Ltd.
4. This Credit Facilities are Secured by Entire Assets of the Company
& the personal Guarantee of following Persons Name of Personal
Guarantor
i) Dinesh Agrawal ( Chairman & Director) ii) Ashish Goyal ( Managing
Director) iii) Anoop Goyal ( Whole time Director) iv) Sapan Garg
(Other) v) Sandesh Garg (Other)
Name of Corporator Guarantor vi) GG Infra Pvt. Ltd.
5. Rate of interest on SBI CC @ 13.10% p.a. Rate of interest on UBI
CC @ 13.20% p.a. Rate of interest on UBI TL 14.50% pa. Rate of
interest on SBI TL @ 14.80% pa.
6. The company has Purchased Plant & Machinery during the year under
EPCG scheme, the value of duty saved being Rs. 14.14 Lacs. The company
has given an undertaking to make exports worth Rs. 84.86 Lacs over a
period of Six Years from the date of license. Total exports liability
under EPCG License is Rs. 357.13 Lacs as on 31.03.2015. However in
case of non fulfillment of export obligation in given period, the
liability to pay the proportionate duty saved along with interest will
arise.
Above prior period items debited to Profit & Loss A/c of the current
financial year and accordingly profit for the year is less by
Rs.1639242.00/-
7. Expenditure on employees (excluding perquisite) who are in receipt
of remuneration of not less than Rs. 6000000/- per annum or Rs.
500000/- per month when employed for past of the year.
8. Related Party Disclosures:
i) List of related parties with whom transaction have taken place and
relationship. Details of related party disclosure as per AS-18 issued
by the ICAI are as follows:-
* Yet to be completed. The original plan of expenditure was of Rs.
48.13 Crores at the time of public issue but as on 31st March 2015 the
cost of expenditure incurred Rs. 95.13 Crores which is funded by Term
Loan from the bank of Rs. 45.00 Crores and preferential share capital
& unsecured loan.
9. Additional information to Note 5 of Part II of the Schedule III of
the Companies Act, 2013 has been furnished as per Annexure  I.
10. In view of the insufficient information from suppliers regarding
their status as SSI/SME Company amount overdue to such undertaking
could not be ascertained but the management does not envisage any
material impact on the Financial Statement.
11. In the opinion of the Board of Directors the current assets loans
and advances including deposits have value on realization in the
ordinary courses of business at least equal to the amount at which they
are stated in the Balance Sheet and provision for all known liabilities
is adequate and not in excess of the amount which is reasonably
necessary.
12. High Court has approved amalgamation scheme of Sitashree Food
Products Limited and GG Real Estate Private Limited by order dated
18/11/2014. Hence Company has prepared post amalgamation financial
statements. These financial statements have been re-stated due to
amalgamation of M/s GG Real Estate Private Limited with Company
pursuant to order dated 18.11.2014 of the Hon'ble High Court, Indore
Bench. Scheme of Amalgamation is having appointed date as 01.04.2012,
therefore financial statement for FY 2012-13 and 2013-14 has been
re-stated as per AS-14, by consolidating the audited financial
statement of GG Real Estate Private Limited with the Company for the FY
2012-13 and FY 2013-14 respectively. Although, both the companies had
prepared and adopted their standalone financial statement for the
respective years and filed it with concerned authorities.
13. During the year a survey of Income Tax Authority has been taken
place on 17.09.2014 and to avoid litigation, the Company given an
undertaking cum declaration by way of an affidavit of income of Rs.
700.00 Lacs and the company considered this declaration in terms of
current year (financial year 2014-15) income shown.
14. During the year a loss of Rs. 2,08,969 was booked as an
Exceptional Item in Financial Statements. The said loss has been booked
in the books due to theft of a Company's vehicle (Pajero Car) for the
use of Directors of the Company. The book value of the vehicle at the
time of theft was came out to Rs. 16,67,673/- and the amount of
insurance claim received was Rs. 14,58,704/- 21. Previous year
corresponding figures have been regrouped re-casted and re-arranged to
make them comparable with current year's figures wherever necessary.
Mar 31, 2014
1. Considering the deduction and exemption available as per the
provision of the Income Tax Act 1961 a provision of Rs. 5566269/- (P.Y
1558000/-) made in the account towards current income tax for the year.
2. a) Board has approved Scheme of Amalgamation of M/s GG Real Estate
Private Limited (a 100% subsidiary) with the Company vide its board
meeting held on 17/05/2013. Said scheme is having Appointed Date w.e.f.
01/04/2012, hence if the scheme got approval of all related authorities
ie government, court and other approving authority then the same has
major impact on this Financial Statements; it shall be re-prepared as
post amalgamation financial statement for 31/03/2013 & 31/03/2014. The
present status of the scheem as under:
(i) Court conveyed EGM was conducted by Court on 10.03.2014 and all the
required resolutions were passed with required Majority.
(ii) Confirmation from Secured and Unsecured Creditors were obtained.
(iii) Approaval from other statutory Authority and Court is awaited.
3. Contingent Liability not provided 2013-2014 2012-2013
1. Unexpired Letter of Credit Nil Nil
2. Bank Guarantee in favour of Authorities 2526000.00 Nil
3. Claim against the Company not Acknowledged
as debts. Nil Nil
4. The company has Purchased Plant & Machinery during the year under
EPCG scheme, the value of duty saved being Rs.54.97 Lacs. The company
has given an undertaking to make exports worth Rs.329.84 Lacs over a
period of Six Years from the date of license and in case of failure
company has to pay back the amount of duty saved with interest of 18%
6. Previous year corresponding figures have been regrouped re-casted
and re-arranged to make them comparable with current year''s figures
wherever necessary
7. Additional information as far as applicable pursuant to the
provision of Paragraph 3 4e 4D of part II of the Schedule VI of the
Companies Act 1956 has been furnished as per Annexure -1.
8. In view of the insufficient information from suppliers regarding
their status as SSI/SME Company amount overdue to such undertaking
could not be ascertained but the management does not envisage any
material impact on the Financial Statement.
9. In the opinion of the Board of Directors the current assets loans
and advances including deposits have value on realization in the
ordinary courses of business at least equal to the amount at which they
are stated in the Balance Sheet and provision for all known liabilities
is adequate and not in excess of the amount which is reasonably
necessary.
10. All the mentioned FDR''s are pledge with the respective bank against
credit facility taken.
Mar 31, 2013
1. Contingent Liability not provided
2012-2013 2011-2012
1. Unexpired Letter of Credit Nil Nil
2. Bank Guarantee in favor of*
Authorities Nil 1575000.00
3. Claim against the Company
not Acknowledged as debts. Nil Nil
2. The company has imported Plant & Machinery during the year under
EPCG scheme at a concessional rate of custom duty, the value of duty
saved being Rs.167.46 Lacs. The company has given an undertaking to
make exports worth Rs.1339.68 Lacs over a period of eight years from
the date of license i.e. 14/06/2012.
*During the year Bank Guarantee of Rs. 1575000/- was released from
Bombay Stock Exchange.
3. Previous year corresponding figures have been regrouped re-casted
and re-arranged to make them comparable with current year''s figures
wherever necessary
a) Above prior period items debited to Profit & Loss A/c of the current
financial year and accordingly profit for the year is less by Rs.
931650/-
* Expenditure for Plant and Machinery includes advance for Capital
Expenditure.
As per prospectus of the Company said plant was expected to commence
commercial production by Sept. 2008, and as per present status
commercial production of soya Extraction plant has started on
06/02/2013 and there Soya Refinery is Still in Process which expected
to commence by October 2013. Delay was occurred due to acquisition of
new land, inflation in project cost and increase in capacity
4. All expenses (Public Issue & Preoperative Expenses) pertaining to
soya division has allocated to division assets. Those expenses which
are directly attributable to a specific asset are charged to that asset
and expenses amounting to Rs. 80772079/-, which are not directly
attributable to any specific asset are proportionally distributed on
divisional assets.
5. Loans & Advance includes Rs.7,57,50,556/- (P.Y. Rs 10,80,88,148
/-) due from parties on account of advance against Capital Goods.
6. The provision of deferred tax Asset as on 31/03/2013 has been
calculated as under after considering the timing difference in
depreciation and other as per AS-22 of ICAI. Since company has not
calculated differed tax in last year''s difference of WDV as per books
and WDV as per Income tax has taken base for calculation
7. Related Party Disclosures:
i) List of related parties with whom transaction have taken place and
relationship.
Details of related party disclosure as per AS-18 issued by the ICAI are
as follows:-
8. Additional information as far as applicable pursuant to the
provision of Paragraph 3 4e 4D of part II of the Schedule VI of the
Companies Act 1956 has been furnished as per Annexure -1.
9. In view of the insufficient information from suppliers regarding
their status as SSI/SME Company amount overdue to such undertaking
could not be ascertained but the management does not envisage any
material impact on the Financial Statement.
10. In the opinion of the Board of Directors the current assets loans
and advances including deposits have value on realization in the
ordinary courses of business at least equal to the amount at which they
are stated in the Balance Sheet and provision for all known liabilities
is adequate and not in excess of the amount which is reasonably
necessary.
11. All the mentioned FDR''s are pledge with the respective bank
against credit facility taken.
Mar 31, 2012
1 There is no Shares allotted without payment being receiving in cash,
Share allotted by way of bonus shares and share buyback for the Period
of five year immediately preceding the date of Balance Sheet.
2.1 During the year Company has opt fresh credit facility from State
Bank of India (Commercial Branch) Consortium with Union Bank of India
(SSI Branch) of Rs. 74.66 Crore. {Total 95.16, (74.66 New 20.50old)}
Out of this Rs. 1.71 Crore Term Loan (included in above) & CC of Rs.
8.00 Crore included in current liabilities (refer Note No. 06) has been
disbursed during the year .
2.2
This Credit Facilities is Secured by Entire Assets of the Company & the
personal Guaranty of following Persons
i) Dinesh Agrawal ( Managing Director)
ii) Ashish Goyal ( Wholetime Director)
iii) Anoop Goyal ( Wholetime Director)
iv) Sapan Garg (Other)
v) Sandesh Garg (Other)
vi) GG Real Estate Pvt. Ltd. (Subsidiary Company)
vii) GG Infra Pvt. Ltd. (Group Company)
2.3 Secured loan in the form of Term Loan & Working Capital facility
has been secured by way of mortgage of the Following Properties as
collateral securities.
a) Land situated at plot No. 52, & 55 at Scheme No.91, New Dewas Road,
Indore (Area-1100 Sqft.) in the name of Chandrika Agrawal (deceased) &
Dinesh Agrawal.
b) Land situated at plot No.53 & 54 at Scheme No.91, New Dewas Road,
Indore. (Area 1100 Sqft.) in the name of Rajababu Agrawal & Mr.Rupesh
Agrawal.
c) Land situated at PaldaTehsil& Dist. Indore (Survey no. 366/3/2,Gram
Palda, Tehlis & District Inodre)on pari pasu bais (Area 14914Sq ft.) in
the name of Sapan Garg & Sandesh Garg.
d) Residential Flats/commericial Shops (179/1/2,Gram Sirpur, opposite
Armed Police Traning College, Aerodrome Road, Inodre) in the name of
Ashish Goyal & Anoop Goyal.
e) Land in the name of GG Infra Private Limited (PAN
AADCG3862A)situated at Gram Musakhedi Tehsil & Distt. Indore, Patwari
Halka Number 26 survey No. 362/1/1 admeasuring 0.334 hectares of 3340
sq.meters.
f) Land situated at Palda Tehsil & Dist Indore(Survey No. 366/3/2,Gram
Palda, Tehsil & District Indore)on pari pasu basis (Area 14914Sq Ft.)
in the name of Sapan Garg & Sandesh Garg.
The Company has invested Rs. 1.23 crore for aquiring 8.00 Lakhs
convertiblewarrants of M/s Choksi Laboratories Ltd. Nominal value of
warrants was Rs. 10/- each and has been allotted at a price of Rs.
21.50 per Warrant. 5.00 Lakhs warrants out of 8.00 Lakhs warrants has
been converted into 5.00 Lakhs Equity Shares on 19.03.2012.These Equity
Shares are under Lock-in for a period of one year from the date of
allotment i.e. 18.03.2013. Balance 3.00 Lakhs convertiblewarrants were
forfeited by the M/s Choksi Laboratories Ltd. due to non payment of
balance amount due thereon and this resulted into forfeiture of amount
of Rs. 16,12,500/-already paid thereon. Investment is considered as
long term investment so, no provision has been made for temporary fall
in the price of above Equity Shares.
The company has made an investmentby way of share application in M/s NJ
InvestmentPvt. Ltd. in previous year and the same has been received
back due to non allotment of shares during the year.
1. Considering the deduction and exemption available as per the
provision of the Income Tax Act 1961 a provision of Rs. 5836124/- (P.Y
5850000/-) made in the account towards current income tax for the year.
2. Contingent Liability not provided
2011-2012 2010-2011
1. Unexpired Letter of Credit Nil Nil
2. Bank Guarantee in favour of 1575000.00 1575000.00
Authorities
3. Claim against the Company not Nil Nil
Acknowledged as debts.
3. Payment to Auditors Current Year Previous Year
2011-2012 2010-2011
1. Audit Fees 80000=00 75000=00
2. Service Tax Nil Nil
Total 80000=00 75000=00
4. Previous year corresponding figures have been regrouped re-casted
and re-arranged to make them comparable with current year's figures
wherever necessary.
5. Information related to prior period items as per AS-5 is as under:-
6. The position of the fund raised by the company in F.Y. 2007-2008
(Listed in 2008-2009) by public offer including share premium and
utilization thereof up to 31st March2012 is as under:
a) Fund raised through Initial Public Offer is Rs 31.50 Crores. This
fund was raised for upcoming soya Project of the company & Project is
under process.
* Expenditure for Plant and Machinery includes Advance for Capital
Expenditure.
As per prospectus of the Company said plant was expected to commence
commercial production by Sept. 2008, and as per present status
commercial production is expected to commence by October 2012. Delay
was occurred due to acquisition of new land, inflation in project cost
and increase in capacity.
7. Loans & Advance includes Rs. 10,80,88,148 /- (P.Y. Rs 21752189/-)
due from parties on account of advance against Capital Goods.
8. The provision of deferred tax Asset as on 31/03/2012 has been
calculated as under after considering the timing difference in
depreciation and other as per AS-22 of ICAI.
Note:
The company has identified two reportable segments viz. Manufacturing
and Trading. Segments have been identified and reported taking into
account nature of products and services the differing risks and returns
internal business reporting systems.
9. Additional information as far as applicable pursuant to the
provision of Paragraph 3 4e 4D of part II of the Schedule VI of the
Companies Act 1956 has been furnished as per Annexure - I.
10. In view of the insufficient information from suppliers regarding
their status as SSI/SME Company amount overdue to such undertaking
could not be ascertained but the management does not envisage any
material impact on the Financial Statement.
11. In the opinion of the Board of Directors the current assets loans
and advances including deposits have value on realization in the
ordinary courses of business at least equal to the amount at which they
are stated in the Balance Sheet and provision for all known liabilities
is adequate and not in excess of the amount which is reasonably
necessary.
Mar 31, 2010
1. Under the Micro Small and Medium Enterprises Development Act 2006
certain disclosures are required to be made relating to Micro Small and
Medium Enterprises. The Company is in the process of compiling relevant
information from its suppliers about their coverage under the said Act.
Since the relevant information is not readily available no disclosure
has been made in the accounts. However in view ofthe Management the
Impact of Interest if any that may be payable in accordance with the
provisions of this Act is not expected to be material.
2. The Company has taken Factory Land on lease and lease expenses Rs.
300000/- paid in current-year has been transferred to Preoperative
expenses considering amortization ofthe same after starting use ofthe
land for operation of business. The project for which the land has been
acquired is yet to be implemented.
3. The Company has filed its return of income up to the Assessment
Year 2009-2010 and the Income Tax Assessment ofthe Company has been
completed upto Assessment Year 2007-2008.
4. Considering the deduction and exemption available as per the
provision ofthe Income Tax Act 1961 a provision of Rs. 61250000/- (P.Y
3900000/-) made in the account towards current income tax for the year.
5. Conveyance and Traveling Expenses also includes expenditure
incurred for the Directors of the Company on foreign tour & same was
for the purpose of business ofthe Company.
6. The Company is engaged in the manufacturing of wheat products &
Dall and also sales purchase of same item under trading activities.
7. Contingent Liability not provided
2009-2010 2008-2009
1. Unexpired Letter of Credit Nil Nil
2. Bank Guarantee in favour of 1575000.00 1575000.00
Authorities
3. Claim against the Company not Nil Nil
acknowledged as debts.
4. Liability under Commercial Nil 53647.00
Tax Entry Tax and Central Sales Tax (company having total vat credit of
Rs.540369/-)
8. The Company has obtained an SOD limit of Rs. 615.00 Lacks from
Union Bank of India
SSI Branch against FDRs of the company of Rs. 184468592/-.
9. Director meeting fee represents the fee paid to Non executive
directors of the company for their participation in the board meeting
during the year.
10. All balances of debtors creditors and advances are subject to
confirmation by the parties as letter of balance confirmation to
parties have not been issued. However Management does not expect any
material difference affecting the current year financial statement.
11. Previous year corresponding figures have been regrouped re-casted
and re-arranged to make them comparable with current years figures
wherever necessary.
12; In the opinion of the Board of Directors the current assets loans
and advances including deposits have value on realization in the
ordinary courses of business at least equal to the amount at which they
are stated in the Balance Sheet and provision for all known liabilities
is adequate and not in excess of the amount which is reasonably
necessary.
13. The products of the company are exempted from VAT and excise duty
and accordingly no provision for said liability is provided in the
books of accounts. Although Company having VAT credit of Rs.5 40369/-
14. The company has not given any loan or advance in the nature of loan
to its associates or group concerns firm/company in which Director are
interested.
15. Loans & Advance includes Rs. Nil (P.Y. Rs 123943/-) due from
parties on account of advance against Capital Goods.
16. All bank balances are reconciled and Balance confirmation with
banks is held on the record.
17. Related Party Disclosures:
A) List of related parties with whom transaction have taken place and
relationship. Details of related party disclosure as per AS-18 issued
by the ICAI are as follows:-
A) LIST OFRELATED PARTIES AND RELATIONSHIP
1. Key Managerial Personnel
a) Mr. Rajababu Agrawal Chairman *
b) Mr. Dinesh Agrawal Managing Director
c) Mr. Rupesh Agrawal Whole Time Director *
d) Mr. Ashish Agrawal Whole Time Director
* Resigned with effect from 23rd Dec.2009
2. Relatives of Key Management Personnels
Name of the Relative Relation
a) Smt. Chadraika Devi Agrawal Wife of Mr. Dinesh Agrawal
b) Mr. Anoop Agrawal Son of Mr. Dinesh Agrawal
c) Mr. Manish Agrawal Son of Mr. Rajababu Agrawal
d) Mr. Manisha Agrawal Daughter in law of Mr. Rajababu
Agrawal
e) Mrs. Ruchi Agrawal Wife of Mr. Rupesh Agrawal
f) S/s Rajababu Agrawal HUF HUF of Mr. Rajababu Agrawal
g) S/s Dinesh Agrawal HUF HUF of Mr. Dinesh Agrawal
h) Usha Devi Agrawal Wife of Rajababu Agrawal
i) Neha Agrawal Daughter of Dinesh Agrawal
j) Manish Agrawal HUF HUF of Mr. Manish Agrawal
3. List of concerns and nature of control headed by Related Parties in
the reported year
Name of the Party Nature of Control
a) M/s. Manish Trading Co. (Partnership firm of family members)
b) M/s. Sitaram Shreenarayan
Agrawal & Co. (Proprietorship firm of Mr.Manish
Agrawal)
c) M/s. Sita Shree Marketing
P. Ltd. (Group Company)
d) Ms. Anoop Foods Ltd. (Group Company)
e) M/s. Usha Dall Mill (Proprietorship Firm of Directors
brother)
18. Additional information as far as applicable pursuant to the
provision of Paragraph 3 4e 4D of part II of the Schedule VI of the
Companies Act 1956 has been furnished as per Annexure -1.
19. Balance Sheet abstract and companys general business profile in
pursuant to Part IV of Schedule VI to the Companies Act 1956 has been
furnished as per Annexure - II.