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Notes to Accounts of Skypak Service Specialist Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION

The company is into Tailor-made delivery solutions and pick up and delivery of the time sensitive documents, goods or articles. Company also provides international service like pick up of documents within India and delivery of the same to the consignee outside India. Domestic pick up and delivery of the documents is also undertaken by the company.

2 Contingent liabilities

Claims against the Company not acknowledged as debts

a. In September 2006, the Service Tax Department has issued a Show Cause cum Demand Notice for additional service tax amounting to Rs.2.82 crores on alleged untaxed services for the year 2001-2002 to 2004-2005 aggregating to Rs.41.36 crores. Against this, the company has filed an appeal with the Tribunal

b. Liabilities arising out of claims lodged by employees Rs.11,20,207/- (Previous year Rs. 9,72,500/-)

c. Guarantees / counter guarantees issued by the Company's bankers Rs. 15,00,000/- (Previous year Rs.15,00,000/-).

d. Unquantifiable interest and penalties leviable if any, on account of delayed/non-payment of various statutory dues.

3 In the opinion of the management, Current Assets , Loans and Advances have value in realisation in the ordinary course of business at least equal to the amount at which they are stated.

4 Auditors' Remuneration for the current year Rs.2,00,000/- ( P.Y.Rs.25,000/-)

5 Employees benefits Defined Contribution Plan:

The Company's Provident Fund Scheme and Employee State Insurance Scheme are defined contribution plans. The contributions paid / payable during the year are recognized in the Profit and Loss Account during the period in which the employee renders the related service.

Defined Benefit Plans:

The Company's gratuity scheme is a defined benefit plan. The Company's net obligation in respect of the gratuity benefit is calculated by estimating the amount of future benefit that the employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value.

The present value of the obligation under such benefit plans is determined on the basis of actuarial valuation using the Projected Unit Credit Method which recognizes each period of service that give rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at present values of estimated future cash flows. The discounted rates used for determining the present value are based on the market yields on Government Securities as at the balance sheet date.

Short Term Employee Benefits - Compensated Absences:

The Company does not have any policy for payment of leave encashment.

Accounting policy for recognizing actuarial gains / losses:

Actuarial gains and losses are recognized immediately in the profit and loss account.

6 Since the company has no employee on its payroll as on 31.3.15, the company is not reuquired to obtain the Gratuity Acturial Valuation report.

7 An amount of Rs.2,00,000/- was fraudulently transferred by an employee to his account for which company has filed a legal case against the emplyee to recover the amount.

8 Previous year's figures have been regrouped / reclassified wherever necessary so as to make them comparable with the figures of the current year.


Mar 31, 2014

Contingent liabilities

Claims against the Company not acknowledged as debts

a. Demands under ESIC aggregating to Rs.NIL (Previous year Rs.32,72,430/-).

b. In September 2006, the Service Tax Department has issued a Show Cause cum Demand Notice for additional service tax amounting to Rs.2.82 crores on alleged untaxed services for the year 2001-2002 to 2004-2005 aggregating to Rs.41.36 crores. Against this, the company has filed an appeal with the Tribunal

c. Liabilities arising out of claims lodged by employees Rs.9,72,500/- (Previous year Rs. 9,72,500/-)

d. Guarantees / counter guarantees issued by the Company''s bankers Rs. 15,00,000/- (Previous year Rs.15,00,000/-).

e. Unquantifiable interest and penalties leviable if any, on account of delayed/non-payment of various statutory dues.

In the opinion of the management, Current Assets, Loans and Advances have value in realisation in the ordinary course of business at least equal to the amount at which they are stated.

Auditors'' Remuneration for the current year Rs.25,000/- (P.Y.Rs.25,000/-)

The Company’s Provident Fund Scheme and Employee State Insurance Scheme are defined contribution plans. The contributions paid / payable during the year are recognized in the Profit and Loss Account during the period in which the employee renders the related service.

Defined Benefit Plans:

The Company’s gratuity scheme is a defined benefit plan. The Company’s net obligation in respect of the gratuity benefit is calculated by estimating the amount of future benefit that the employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value.

The present value of the obligation under such benefit plans is determined on the basis of actuarial valuation using the Projected Unit Credit Method which recognizes each period of service that give rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at present values of estimated future cash flows. The discounted rates used for determining the present value are based on the market yields on Government Securities as at the balance sheet date.

Short Term Employee Benefits - Compensated Absences:

The Company does not have any policy for payment of leave encashment. Accounting policy for recognizing actuarial gains / losses:

Actuarial gains and losses are recognized immediately in the profit and loss account.

Since the company has no employee on its payroll as on 31.3.14, the company is not required to obtain the Gratuity Acturial Valuation report.


Mar 31, 2012

1 Contingent liabilities

Claims against the Company not acknowledged as debts

a. Demands under ESIC aggregating to Rs.32,72,430/- (Previous year Rs.32,72,430/-). The Company has obtained a stay order against this demand.

b. Liabilities arising out of legal suits filed by clients against the Company before the Consumer Protection Forum and Civil Courts Rs.12,36,200 (Previous year 12,36,200). The Company contends that the same are restricted to the maximum liability clause contained in the contracts entered into with clients.

c. In September 2006, the Service Tax Department has issued a Show Cause cum Demand Notice for additional service tax amounting to Rs.2.82 crores on alleged untaxed services for the year 2001-2002 to 2004-2005 aggregating to Rs.41.36 crores. Against this, the company has filed an appeal with the T ribunal

d. Liabilities arising out of claims lodged by employees Rs.10,97,500/- (Previous year Rs. 9,86,400/-)

g. Guarantees / counter guarantees issued by the Company''s bankers Rs. 15,00,000/- (Previous year Rs.5,00,000/-).

h.Unquantifiable interest and penalties leviable if any, on account of delayed/non-payment of various statutory dues._

2 In the opinion of the management, Current Assets , Loans and Advances have value in realisation in the ordinary course of business at least equal to the amount at which they are stated.

3 Auditors'' Remuneration for the current year Rs.50,000/- ( P.Y.Rs. 50,000/-)

4 Employees benefits Defined Contribution Plan:

The Company''s Provident Fund Scheme and Employee State Insurance Scheme are defined contribution plans. The contributions paid / payable during the year are recognized in the Profit and Loss Account during the period in which the employee renders the related service.

Defined Benefit Plans:

The Company''s gratuity scheme is a defined benefit plan. The Company''s net obligation in respect of the gratuity benefit is calculated by estimating the amount of future benefit that the employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value.

The present value of the obligation under such benefit plans is determined on the basis of actuarial valuation using the Projected Unit Credit Method which recognizes each period of service that give rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at present values of estimated future cash flows. The discounted rates used for determining the present value are based on the market yields on Government Securities as at the balance sheet date.

Short Term Employee Benefits - Compensated Absences:

The Company does not have any policy for payment of leave encashment.

Accounting policy for recognizing actuarial gains / losses:

Actuarial gains and losses are recognized immediately in the profit and loss account.

5 Previous year''s figures have been regrouped / reclassified wherever necessary so as to make them comparable with the figures of the current year.

6 CORPORATE INFORMATION

The company is into Tailor-made delivery solutions and pick up and delivery of the time sensitive documents, goods or articles. Company also provides international service like pick of documents within India and delivery of the same to the consignee outside India. Domestic pick up and delivery of the documents is also undertaken by the comapny.


Mar 31, 2011

1. Contingent Liabilities

1.1. Claims against the Company not acknowledged as debts

a. Demands under ESIC aggregating to Rs.32,72,430/- (Previous year Rs.32,72,430/-). The Company has obtained a stay order against this demand.

b. Liabilities arising out of legal suits filed by clients against the Company before the Consumer Protection Forum and Civil Courts Rs.12,36,200 (Previous year 12,36,200). The Company contends that the same are restricted to the maximum liability clause contained in the contracts entered into with clients.

c. In September 2006, the Service Tax Department has issued a Show Cause cum Demand Notice for additional service tax amounting to Rs.2.82 crores on alleged untaxed services for the year 2001- 2002 to 2004-2005 aggregating to Rs.41.36 crores.

d. Liabilities arising out of claims lodged by employees Rs.9,86,400/- (Previous year Rs.6,85,300/-)

e. Guarantees / counter guarantees issued by the Company's bankers Rs. 5,00,000/- (Previous year Rs.5,00,000/-).

f. Unquantifiable interest and penalties livable if any, on account of delayed/non-payment of various statutory dues.

2. Sundry debtors include amounts aggregating Rs.NIL (Previous Year Rs. 3,77,482/-) being debts due from companies in which one or more directors are directors / members.

3. Advances recoverable in cash or in kind or for value to be received shown under Loans and Advances - Schedule 'H' includes advances to companies in which directors are directors / members Rs. 31,28,447/- (Previous year Rs. 42,91,211/-)

4. Deposits shown under Loans and Advances schedule 'H' includes rent deposits aggregating Rs. 2,18,25,000/- (previous year Rs.2,18,25,000/-) to the following:

a. To Directors Rs.48,75,000/- (Previous year Rs. 48,75,000/-)

b. To trust in which directors are trustees Rs.72,00,000/- (Previous year Rs. 72,00,000/-);

c. Companies in which directors are directors / members Rs. 97,50,000/- (Previous year Rs.97,50,000/-)

d. Maximum amount due at any time during the year from directors: Rs.48,75,000/- ( Previous year Rs.48,75,000/-)

5. Amounts exceeding Rs.1 lac are due for over 30 days as at the date of Balance Sheet to the following Small Scale Industrial undertakings:

1. Atlanta Forms Pvt. Ltd. Credit balance of Rs. 1,40,490

2. Bell mount Prints Pvt. Ltd. Credit balance of Rs. 1,05,750

6. Information required to be given to the extent applicable, in pursuance of the provisions contained in paragraph, 4-B and 4-D of Part II of Schedule VI to the Companies Act, 1956 as certified by the management is given below:

7. The Company has not received any intimation from "Suppliers" regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosures if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

8. Previous year's figures have been regrouped / reclassified wherever necessary so as to make them comparable with the figures of the current year.


Mar 31, 2010

1.1. Claims against the Company not acknowledged as debts

a. Demands under ESIC aggregating to Rs.32,72,430/- (Previous year Rs.32,72,430/-). The Company has obtained a stay order against this demand.

b. Liabilities arising out of legal suits filed by clients against the Company before the Consumer Protection Forum and Civil Courts Rs.12,36,200 (Previous year 12,36,200). The Company contends that the same are restricted to the maximum liability clause contained in the contracts entered into with clients.

c. In September 2006, the Service Tax Department has issued a Show Cause cum Demand Notice for additional service tax amounting to Rs.3.09 crores on alleged untaxed services for the year 2001-2002 to 2004-2005 aggregating to Rs.41.36 crores.

d. Liabilities arising out of claims lodged by employees Rs.9,86,400/- (Previous year Rs.6,85,300/-)

g. Guarantees / counter guarantees issued by the Company's bankers Rs. 5,00,000/- (Previous year Rs.13,75,000/-).

h. Unquantifiable interest and penalties leviable if any, on account of delayed/non-payment of various statutory dues.

2. Sundry debtors include amounts aggregating Rs.3,77,482/- (Previous Year Rs. 34,66,675/-) being debts due from companies in which one or more directors are directors / members.

3. Advances recoverable in cash or in kind or for value to be received shown under Loans and Advances - Schedule 'H' includes advances to companies in which directors are directors / members Rs. 42,91,212/- (Previous year Rs. 42,91,211/-)

4. Deposits shown under Loans and Advances schedule 'H' includes rent deposits aggregating Rs. 2,18,25,000/- (previous year Rs. 2,18,25,000/-) to the following:

a. To Directors Rs. 48,75,000/- (Previous year Rs. 48,75,000/-)

b. To trust in which directors are trustees Rs.72,00,000/- (Previous year Rs. 72,00,000/-);

c. Companies in which directors are directors / members Rs. 97,50,000/- (Previous year Rs. 97,50,000/-)

d. Maximum amount due at any time during the year from directors: Rs.48,75,000/- ( Previous year Rs.48,75,000/-)

5. Disclosure in respect of Related Parties pursuant to Accounting Standard 18;

Parties where control exists:

Dilip Holdings Private Limited

List of Relatives of Director:

Ms. Mallika Timblo Daughter

Ms. Sangeeta D. Kulkarni Daughter

Group Companies:

Deekay Consultants Dilip Holdings Pvt. Ltd.

Dilip Kulkarni (H.U.F)

Kulkarni Family Trust

Skypak Financial Securities Pvt. Ltd.

Key Management Personnel:

Mr. Dilip M. Kulkarni Chairman

Ms. Devika D. Kulkarni Executive Director

Mr. Hemant Arya Director

6. Amounts exceeding Rs. 1 lac are due for over 30 days as at the date of Balance Sheet to the following Small Scale Industrial undertakings:

1. Atlanta Forms Pvt. Ltd. Credit balance of Rs. 1,40,490

2. Bellmount Prints Pvt. Ltd. Credit balance of Rs. 1,05,750

7. Information required to be given to the extent applicable, in pursuance of the provisions contained in paragraph, 4-B and 4-D of Part II of Schedule VI to the Companies Act, 1956 as certified by the management is given below:

8. The Company has not received any intimation from Suppliers regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosures if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

9. Previous years figures have been regrouped / reclassified wherever necessary so as to make them comparable with the figures of the current year.

 
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