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Notes to Accounts of Super Bakers (India) Ltd.

Mar 31, 2015

1. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share, without restrictions and are entitled to dividend, as and when declared. In the event of liquidation, all the equity shareholders rank equally and are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts.

2.The Company has not alloted any share pursuant to Contract(s) without payment being received in cash during the period of 5 years immediately preceding the Balance Sheet date.

3. The Company has not issued Bonus Shares during the period of 5 years immediately preceding the year

Terms of repayment for Long Term secured borrowings:

Term loan from bank amounting to Rs. 20,68,001 is secured by exclusive and specific charge on the BMW car

Repayble in 35 installments of Rs. 84,500 commencing from October 2014. Last installment is due in August 2017. Rate of interest is approx. 14%.

Term loan from bank amounting to Rs. 9,78,726 is secured by exclusive and specific charge on the Volvo car

Terms of repayment for Long Term unsecured borrowings:

Term loan from Shareholders & Directors

Repayble in 36 installments of Rs. 79,575 commencing from May 2013. Last installment due in April 2016. Rate of interest is approx. 9%.

Repayble after a period of 12 months. No interest is provided on the said loan.

4. During the year, the company has suspended its operations of Wheat Grinding w.e.f. 01.02.2015

5. The Balances of Sundry Debtors and Creditors are subject to confirmation and reconciliation. In the opinion of the Board of Directors, the Current Assets are approximately of the value stated, if realized in the ordinary course of business.

6. The company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable / predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Note 25 to the Statement of Profit and Loss Account. The company has terminated the Lease Agreement during the year as it has suspended its operations of Wheat Grinding.

7. In respect of the Plastic unit, the company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable / predetermined terms. The aggregate Lease rentals are credited as "Lease Rent Income" in Note 19 to the Statement of Profit and Loss Account.

8. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

9. BUSINESS SEGMENT AND OPERATIONS:

In the context of Accounting Standard -17 on "Segment Reporting", management considers its operations to constitute primary segments namely "MANUFACTURING OF DIFFERENT TYPES OF FLOURS". The Plastic Unit of the Company was leased out and business of plastic unit had been discontinued.

10. There are no Micro and Small Enterprise to whom company owes dues, which are outstanding for more than 45 days as on 31st March, 2015. The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSME.

11. The demand which was raised against the Block Assessment Order passed U/s. 158BC of the Income- tax Act was disputed by the company and in that said matter the Income Tax Appellate Tribunal has passed the order. The tax as per the order of the ITAT had been paid in earlier years. The Taxes paid against the income tax liability were shown under the head in Note 12 "Other Non Current Assets" as Income Tax for Block Assessment. During the year the company has transferred the same to the Reserve and Surplus by debiting the Opening Balance of Profit and Loss Account. Accordingly the carrying amount of Income Tax for Block Assessment in Other Non - Current Assets is NIL

12. Value of imports on CIF Basis Rs. Nil (Previous Year Rs. Nil). Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

13. During the year the company has suspended its operations of Wheat Grinding and also certain Fixed Assets have been disposed off. The timing differences between taxable income and accounting are not expected to be reversed in coming years. Accordingly the outstanding balance of Deferred Tax Asset as on 01.04.2014 has been reversed. Moreover, no provision for DTA / DTL has been made in the current year.

14. Figures of previous year have been regrouped /rearranged wherever necessary so as to make them comparable with those of current year


Mar 31, 2013

1. During the previous year, the company had entered into transactions with Govt. of Gujarat (Civil Supply Department) under the scheme of AAY and ICDS. The Govt. under the said scheme doesn''t pay for the milling charges; however the predefined quantity of Wheat Flour is made available to the company. The effect of quantity of Wheat Flour made available towards Milling Charges has been taken in the Purchases / Sales at the prevailing tender rate.

2. Balances of Sundry Debtors, Creditors, Banks and Loans and Advances are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

4. Value of imports on CIF Basis Rs.Nil (Previous Year Rs. Nil).

5. Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

6. During the year the company has followed the Accounting Standards – 22 "Accounting for Taxes on Income", the company has recognized the Deferred Tax Asset of Rs. 233140/- for the year and credited the Profit and Loss Account.

The break-up of deferred tax assets and liabilities into major components at the year end is as below:

7. CONTINGENT LIABILITIES:

The demand raised against the Block Assessment Order passed U/s. 158BC of the Income-tax Act, was disputed by the company and the matter was referred to Income Tax Appellate Tribunal. The ITAT has passed the order setting aside certain additions. As informed the effect of the order of ITAT is yet to be given by the Assessing Officer.

8. The company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Note 25 to the Statement of Profit and Loss Account.

9. In respect of the Plastic unit, the company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/predetermined terms. The aggregate Lease rentals are credited to the Profit and Loss Account.

10. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

11. a. There are no Micro and Small Enterprise to whom company owes dues, which are outstanding for more than 45 days as on 31 st March, 2013.

b. No interest is paid / payable during the year to any enterprise registered under the MSME.

c. The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSME.


Mar 31, 2011

1. Balances of Sundry Debtors, Creditors, Banks and Loans and Advances are subject to confirmation and reconciliation.

2. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. During the year, the company has entered into transactions with Govt. of Gujarat (Civil Supply Department) under the scheme of AAY and ICDS. The Govt. under the said scheme doesn't pay for the milling charges; however the predefined quantity of Wheat Flour is made available to the company. The effect of quantity of Wheat Flour made available towards Milling Charges has been taken in the Purchases / Sales at the prevailing tender rate.

4. Value of imports on CIF Basis Rs. Nil (Previous Year Rs. Nil).

5. Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

6. Provision for taxation Rs. 4,50,000/- (Previous year Rs. 2,40,000/-).

7. In accordance with the Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India and followed by the company, a sum of Rs. 185387/- deferred tax credit was drawn from Deferred Tax Liability Account and credited to the Profit and Loss Account and at the year end net Deferred Tax Asset was created.

8. Contingent Liabilities :

Search and Seizure operation were carried out by the Income-Tax authorities in the year 1997. The demand raised against the Block Assessment Order passed U/s. 158BC of the Income-tax Act, was disputed by the company and the matter was referred to Income Tax Appellate Tribunal. The ITAT has passed the order setting aside certain additions. As informed the effect of the order of ITAT is yet to be given by the Assessing Officer.

9. Related Party Disclosures :

Disclosures with regard to related party (as identified by the company) transactions as per the Accounting Standard 18 - "Related Party Disclosures" are as under:

(A) List of Related Parties with whom Transactions have taken place and relationship :

Sr. No. Name of the Related Parties Nature of relationship with the Company

1 Aabad Foods Pvt. Ltd., Ahmedabad Associates

2 M/s. Super Bakers (India), Ahmedabad Associates

3 M/s. Super Bakers (India), Baroda Associates

4 M/s. Royal Foods, Baroda Associates 5 M/s. Sidral Foods Pvt. Ltd., Baroda Associates

6 M/s. Popular Bread Factory, Ahmedabad Associates

7 M/s. Super Bakers (India), Poly Unit Baroda Associates

8 M/s. Pariksit Food Products Ltd. Associates

9 Mr. Anil S. Ahuja Key Managerial Personnel

10. The company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/ predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Schedule 17 to the Profit and Loss Account.

11. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

12. Previous year's figures have been regrouped / reclassified / wherever necessary.


Mar 31, 2010

1. Balances of Sundry Debtors, Creditors, Banks and Loans and Advances are subject to confirmation and reconciliation.

2. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. During the year, the company has entered into transactions with Govt, of Gujarat (Civil Supply Department) under the scheme of AAY and iCDS. The Govt, under the said scheme doesnt pay for the milling charges; however the predefined quantity of Wheat Flour is made available to the company. The effect of quantity of Wheat Flour made available towards Milling Charges has been taken in the Purchases / Sales at the prevailing tender rate.

4. Value of imports on CIF Basis Rs. Nil (Previous Year Rs. Nil).

5. Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

6. Provision for taxation Rs. 2,40,000/- (Previous year Rs. 2,75.000/-).

7. In accordance with the Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India and followed by the company, a sum of Rs. 2,08,868/- deferred tax credit was drawn from Deferred Tax Liability Account and credited to the Profit and Loss Account.

8. Contingent Liabilities :

Search and Seizure operation were carried out by the Income-Tax authorities in the year 1997. The demand raised against the Block Assessment Order passed U/s. 158BC of the Income-tax Act, alter giving the effect of appellate order, is amounting to Rs.34,30,609/-. The company has disputed the Income-tax demand and the matter is before the Income Tax Appellate Tribunal. The company is contingently liable for the pending disputed labour matters and the amount of which is unquantitiable.

9. Related Party Disclosures :

Disclosures with regard to related party (as identified by the company) transactions as per the Accounting Standard 18 - "Related Party Disclosures are as under:

10. The company has Lease arrangements which are in respect o( Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/ predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Schedule 17 to the Profit and Loss Account.

11. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

12. Previous years figures have been regrouped / reclassified / wherever necessary.

 
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