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Notes to Accounts of Southern Latex Ltd.

Mar 31, 2015

1. The estimated amount of contracts remaining to be executed on capital account and not provided in the books of accounts : Rs. Nil

2. Contingent liabilities in respect of :

a) Claims against the company not acknowledged as debits

b) Dispute Liability:

I. Sales Tax Rs. 113.00 lakhs

3. The Company has not changed the method of valuation of stocks of Raw Material, Work – in- progress and finished goods

4. Proper provision for income tax is provided in the books after considering the Tax Deducted at source and brought forward loss

5. RETIREMENT BENEFITS

a) Gratuity: As the company has no employees working for than five years, no gratuity has been provided by the company in the accounts. However, the management will be taking steps to introduce Group Insurance Scheme with the Life Insurance Corporation of India for Gratuity payment.

b) Provident Fund: The Company is making to enroll with P.F. Authorities.

6. Reimbursement of expenses i.e., conveyance and food etc has been provided to Directors for attending Board Meeting held during the year.

7. Preliminary expenses have been amortized as per the provision of section 35D of the Income tax act, 1951.

8. Sundry Debtors/Creditors/ Loans and Advances and subject to the confirmation and reconciliation.


Mar 31, 2014

1. The estimated amount of contracts remaining to be executed on capital account and not provided in the books of accounts: Rs.Nil

2. Contingent liabilities in respect of:

a) Claims against the company not acknowledged as debits

b) Dispute Liability:

I. Sales Tax Rs. 113.00 lakhs

3. The Company has not changed the method of valuation of stocks of Raw Material, Work - inprogress and finished goods

4. Proper provision for income tax is provided in the books after considering the Tax Deducted at source and brought forward loss

5. Retirement Benefits

a) Gratuity: As the company has no employees working for than five years, no gratuity has been provided by the accompany in the accounts. However, the management will be taking steps to introduce Group Insurance Scheme with the Life Insurance Corporation of India for Gratuity payment.

b) Provident Fund: The Company is making to enroll with P.F.Authorities.

6. Sitting Fees of Rs. 1,20,000 has been provided to Directors for attending Board Meeting held during the year.

7. Preliminary expenses have been amortized as per the provision of section 35D of the Income tax act, 1951.

8. Sundry Debtors/Creditors/ Loans and Advances and subject to the confirmation and reconciliation.


Mar 31, 2013

INFLATION:

Assets and Liabilities are recorded at historical cost to the company. These costs are not adjusted to the reflect the changing value in the purchasing power of money.

CONTIGENT LIABILITIES:

Contingencies are disclosed.

PRIOR PERID ADJUSTMENTS, EXTRA-ORDINARY ITEMS AND CHANNGES )N ACCOUNTING POLCY :

There are no prior period adjustments, extra-ordinary items and no changes in accounting policy as compared to previous years.


Mar 31, 2012

1. The estimated amount of contracts remaining to be executed on capital account and not provided in the books of accounts : Rs. Nil

2. Contingent liabilities in respect of:

a) Claims against the company not acknowledged as debits :

b) Letter of Guarantee :Rs. Nil(sanctioned Rs.5 lacs, availed :Rs. Nil)

c) Letter of Credit :Rs. Nil(sanctioned Rs.5 lacs, availed ;Rs. Nil)

d) Disputed Liability :

I. Sales Tax Rs.113.00 lakhs

II. Synergy financial Services Limited Rs.102.00 Lakhs

3. The company has not changed the method of valuation of stocks of work-in-progress and finished goods.

4. No provision for income tax is considered necessary in view of Loss from operation during the year.

5. RETIREMENT BENEFITS

I. Gratuity : As the company has no employees working for than five years ,no Gratuity has been provided by the accompany in the accounts. However, the management will be taking steps to introduce Group Insurance Scheme with the Life Insurance Corporation of India for gratuity payment.

II. Provident Fund : The company is making effort to enroll with P.F. Authorities.

6. Interest to Bank for term loans and working capital loans is provided as per the documented rates of interest after considering penal interest on overdoes.

7. Sitting fees of Rs. 1,80,000 has been provided to Directors for attending Board meeting held during the year.

8. Preliminary expenses have been amortized as per the provisions of section 35D of the Income tax act, 1961.

9. Sundry Debtors/ Creditors/Loans & Advances and subject to the confirmation and reconciliation.


Mar 31, 2010

1. The estimated amount of contracts remaining to be executed on capital account and not provided for in the books of accounts: Rs.NIL

2. Contingent liabilities in respect of:

a) Claims against the company not acknowledged as debits:

b) Letter of Guarantee: Rs.Nil (Sanctioned Rs.5 Lacs, Availed: Rs.Nil)

c) Letter of Credit: Rs.Nil (Sanctioned Rs.5 Lacs, Availed : Rs.Nil)

d) Disputed Liability

i) Sales Tax Rs 113.00 Lakhs

ii) Synergy Financial Services Limited Rs 102. Lakhs

3. The company has not changed the method of valuation of stocks of work-in-progress and finished goods.

4. No Provision for income Tax is considered necessary in view of Loss from operation during the Year.

5. RETIREMENT BENEFITS

I) Gratuity: As the company has no employees working for more than five years, no Gratuity has been provided by the accompany in the Accounts. However, the management will be taking steps to introduce Group insurance Scheme with Life Insurance Corporation of India for Gratuity Payments.

II) Provident Fund: The Company is making efforts to enroll with P.F. authorities.

6. Interest to Bank for term loans and working capital loans is provided as per the documented rates of interest after considering penal interest on overdues.

7. Remuneration of Rs. 1,20,000 has been provided to Directors.

8. Preliminary Expenses have been amortized as per the provisions of section 35 D of the Income Tax Act, 1961.

9. Sundry Debtors / Creditors / Loans & Advances are subject to confirmation and reconciliation.

Previous years figures have been regrouped and rearranged wherever necessary

 
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