Home  »  Company  »  Som Distilleries  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Som Distilleries & Breweries Ltd.

Mar 31, 2015

(1) Company Information

Som Distilleries & Breweries Ltd. is a Public company domiciled in India and incorporated under the provisions of Companies Act, 1956. Its shares are listed on NSE and BSE. The Company is engaged in the manufacture and sale of Beer and Indian made foreign Liquor (IMFL). The Company is a market leader in Beer in the state of Madhya Pradesh. The company caters to both domestic and international markets.

Terms/Rights attached to the class of shares.

(a) The company has one class of equity shares having par value of Rs. 10 per Share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after the distribution of all preferential amounts in proportion to their shareholding.

(2) The Company had sought but has not received information from any of the suppliers of their being a Micro, Small or Medium Enterprise Unit under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, amounts due to Micro and Small Scale Enterprises outstanding as on March 31st 2015 are not ascertainable.

(3) Employees Benefits:

The required disclosures of employees benefits as per Accounting Standard -15 are given hereunder:- (i) In respect of Short Term Employee Benefits:

The Company has at present only the scheme of cumulative benefit of leave encashment payable at the end of each calendar year and the same have been provided for on accrual basis.

2014-15 2013-14

i) Claims against the Company not acknowledged as debts/ Disputed

- Commercial Tax Department 9,34,44,729 48,93,903

- Income Tax Department 2,17,50,660 --

ii) Guarantees given by Bankers on behalf of the company 15,00,000 10,00,000 not provided for

Corporate guarantee given to a bank 7,25,00,000 7,25,00,000 on behalf of another company

iii) Estimated amount of contracts remaining to be executed 2,96,00,000 2,93,00,000 on capital account and not provided for.

[4] The company is engaged in the business of manufacture and sale of Alcoholic beverages (Beer and IMFL) which constitutes a single business segment. The company's exports outside India did not exceed the threshold limits for disclosure as envisaged in AS 17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India. In view of the above, primary and secondary reporting disclosures for business/ geographical segment as envisaged in AS -17 are not applicable to the Company.

[5] The company's pending litigations pertain to claims and cases occurring in the normal course of business. The company has reviewed its pending litigations and expects that the outcome of the proceedings will not have any material effect on its financial position.

[6] Balances standing at the debit or credit in the accounts of various parties are subject to confirmation and reconciliation.

[7] All figures in the Balance Sheet, Profit & Loss Account and Schedules have been rounded off to the nearest rupee.

[8] Previous year's figures have been regrouped/ restated wherever considered necessary to make them comparable to those of the current year.

[9] During the financial year 2014-15, the company has spent an amount of Rs. 23.38 lacs on Corporate social responsibility for the purpose of children education and medical aid.


Mar 31, 2014

[1] Contingent Liabilities

2013-14 2012-13

i) Claims against the Company not acknowledged as 48,93,903 48,93,903 debts - Disputed Entry Tax Demands

ii) Guarantees given by Bankers on behalf 10,00,000 9,00,000 of the company not provided for

Corporate guarantee given to a bank 7,25,00,000 - on behalf of another company

iii) Estimated amount of contracts remaining to be executed 2,93,00,000 2,93,00,000 on capital account and not provided for.

[2] The company is engaged in the business of manufacture and sale of Alcoholic beverages (Beer and IMFL) which constitutes a single business segment. The company''s exports outside India did not exceed the threshold limits for disclosure as envisaged in AS 17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India. In view of the above, primary and secondary reporting disclosures for business/ geographical segment as envisaged in AS -17 are not applicable to the Company.

[3] Balances standing at the debit or credit in the accounts of various parties are subject to confirmation and reconciliation.

[4] All figures in the Balance Sheet, Profit & Loss Account and Schedules have been rounded off to the nearest rupee.

[5] Previous year''s figures have been regrouped/ restated wherever considered necessary to make them comparable to those of the cu rrent year.


Mar 31, 2013

[1] COMPANY INFORMATION

Som Distilleries & Breweries Ltd is a Public company domiciled in India and incorporated under the provisions of the Companies Act 1956 Its shares are sted on the Bombay Stock Exchange (BSE). The Company is engaged in the manufacture and sale of Beer and IMFL The Companv is a market leader in Beer in (he state of Madhya Pradesh.The Company caters to both domestic and international markets.

[2] Balances standing at the debit or credit in the accounts of various parties are subject to confirmation and reconciliation.

[3] All figures in the Balance Sheet, Profit & Loss Account and Schedules have been rounded off to the nearest rupee.

[4] Previous year figures have been regrouped/restated whenever considered necessary to make them comparable to those of current year.


Mar 31, 2012

[1] COMPANY INFORMATION

Som Distilleries & Breweries Ltd. is a Public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange (BSE). The Company is engaged in the manufacture and sale of Beer and IMFL.The Company is a market leader in Beer in the state of Madhya Pradesh.

The Company caters to both domestic and international markets.

Notes:

(a) The company has one class of equity shares having par value of Rs. 10 per Share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after the distribution of all preferential amount in proportion to their shareholding.

Notes:

(a) The company has taken vehicle loans where interest rates vary from 8.5% to 12.75% p.a. Tenor of these loans range from 3 to 5 years. Respective vehicles have been hypothecated to the lending institutions for their loans. Repayment of these loans is regular as per the fixed equated monthly instalments.

(b) Madhya Pradesh State Industrial Development Corporation (MPSIDC) has recently crystallized its final liability at Rs. 791.20 Lakhs against which the company has made cumulative payments in FY 2010-11 and FY 2011-12 aggregating to Rs 75 Lakhs.

Notes:

(a) Deferred tax assets and Deferred tax liabilities have been offset wherever the company has a legally enforceable right to set off current tax assets against current tax liabilities.

(b) Deferred tax assets and Deferred tax liabilities relate to income taxes leived by the same taxation authority.

Notes: All the above Long term Loan and advances are unsecured and considered good.

[2] The Company has not received any information from any of the suppliers of their being a Micro, Small and Medium Enterprises Unit under Micro, Small and Medium Enterprises Development Act, 2006. Hence, amounts due to Micro and Small Scale Enterprises outstanding as on March 31st 2012 are not ascertainable.

[3] On the basis of actuarial valuation, as per the projected unit credit method by an insurance company, the company has made a suitable provision in the accounts for the payment of gratuity. The information as per "AS-15 Employee Benefits" is not available this year.

[4] Contingent Liabilities

2011-12 2010-11

Claims against the Company not acknowledged as debts.

(i) Disputed Entry Tax demands 48,93,903 4,85,850

(ii) Guarantees given by Bankers on behalf of the 8,25,000 7,25,000 Company not provided for

(iii)Estimated amount of contracts remaining to be 65,000,000 9,21,640 executed on capital account and not provided for

[5] The company is engaged in the business of manufacture and sale of Beverage Alcohol (Beer and IMFL) which constitutes a single business segment. The company's exports outside India did not exceed the threshold limits for disclosure as envisaged in AS 17 on 'Segment Reporting' issued by the Institute of Chartered Accountants of India. In view of the above, primary and secondary reporting disclosures for business/geographical segment as envisaged in AS - 17 are not applicable to the Company.

[6] The Secured Loan liability towards Kotak Mahindra Bank has been paid off during the year.However, the interest payable in excess of the amount paid has been retained in the books for the time being out of abudant caution to meet any other possible claim and/or to be appropriated against any other loan liability.

[7] Balances standing at the debit or credit in the accounts of various parties are subject to confirmation and reconciliation.

[8] The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to 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 reclassified to conform to this years' classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

[9] All figures in the Balance Sheet, Profit & Loss Account and Schedules have been rounded off to the nearest rupee.


Mar 31, 2010

1. Contingent Liabilities

Claims against the Company not acknowledged as debts

i) Disputed Income Tax demands Nil 83,70,487

ii) Disputed Entry Tax demands 4,85,850 4,85,850

iii) Guarantees given by Bankers on behalf of the Company not provided for 51,15,312 48,15,312

iv) Estimated amount of contracts remaining to be executed on capital account and not provided for Nil 2,03,32,415

2. The company is engaged in the business of manufacture and sale of Beverage Alcohol ( Beer and IMFL) which constitutes a single business segment. The companys exports outside India did not exceed the threshold limits for disclosure as envisaged in AS 17 on Segment Reporting issued by the Institute of Chartered Accountants of India. In view of the above, primary and secondary reporting disclosures for business/geographical segment as envisaged in AS 17 are not applicable to the Company.

3. Balances standing at the debit or credit in the accounts of various parties are subject to confirmation and reconciliation.

4. Previous years figures have been regrouped/ restated wherever considered necessary to make them comparable to those of the current year.

5. All figures in the Balance Sheet, Profit & Loss Account and Schedules have been rounded off to the nearest rupee.

 
Subscribe now to get personal finance updates in your inbox!