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Notes to Accounts of Transchem Ltd.

Mar 31, 2014

1. According to the information and explanation given by the management there is no disputed amount of Income Tax, Excise, Customs and any other laws & no dues under any other laws.

2. Accounting Standard - 18 - Related party disclosure:There are no related parties as identified by the management.

3. Accounting Standard - 22 - Accounting for taxed on income issued by the Institute of Chartered Accountants is applicable to the Company. However due to substantial losses, on principle of prudence, the Company has not recognised deferred tax asset.

4. Accounting Standard - 28 - Impairment of Assets.

As per the information and explanations given to us and as certified by the management, as on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence there is no impairment loss on the assets of the Company.

5. In opinion of the Directors:

a) The Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business and will not be less than the amount at which they are stated in the Balance Sheet.

b) The provision of depreciation and for all known liabilities are adequate and not in excess / short of the amount reasonably necessary.

6. CONTINGENT LIABILITIES

(Rupees)

Contingent Liabilities not provided 2013-14 2012-13

(i) Excise Duty 400,000.00 400,000.00

(ii) MSEB Dues Net of Deposits 7,480,000.00 7,480,000.00

7. Previous years figure have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2013

1. According to the information and explanation given by the management there is no disputed amount of Income Tax, Excise, Customs and any other laws & no dues under any other laws.

2. Accounting Standard - 18 - Related party disclosure

There are no related parties as identified by the management.

3. Accounting Standard - 22 - Accounting for taxed on income issued by the Institute of Chartered Accounts is applicable to the Company. However due to substantial losses, on principle of prudence, the Company has not recognized deferred tax assets.

4. Accounting Standard - 28 - Impairment of Assets.

As per the information and explanations given to us and as certified by the management, as on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence there is no impairment loss on the assets of the Company.

5. In opinion of the Directors :

a) The Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business and will not be less than the amount at which they are stated in the Balance Sheet.

6. Contingent Liabilities : (Rupees)

Contingent Liabilities not provided 2012-13 2011-12

(i) Excise Duty 400,000 400,000

(ii) MSEB Dues Net of Deposits 7,480,000 -

7. Previous year''s figure have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2012

1.1 According to the information and explanation given by the management there is no disputed amount of Income Tax, Excise, Customs and any other laws & no dues under any other laws.

1.2 AS - 28 - IMPAIRMENT OF ASSETS

As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence there is no impairment loss on the assets of the Company.

1.3 In opinion of the Directors :

a) The Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business and will not be less than the amount at which they are stated in the Balance Sheet.

b) The provision of depreciation and for all known liabilities are adequate and not in excess/short of the amount reasonably necessary.

1.4 CONTINGENT LIABILITIES : (Rs. in Lacs)

2011-12 2010-11 Contingent Liabilities not provided

Excise Duty : 4.00 4.00

1.5 The Revised Schedule VI has been effective from April 01 2011 for the preparation of financial statement. This has significantly impacted the disclosure and presentation made in the financial statements. Previous years figures have been regrouped, rearranged and reclassified wherever necessary to correspond with the current year's clarification/disclosure.


Mar 31, 2010

1. According to the information and explanation given by the management there is no disputed amount of Income Tax, Excise, Customs and any other laws

2. AS - 28 - IMPAIRMENT OF ASSETS :

As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence there is no impairment loss on the assets of the Company.

3. In opinion of the Directors :

a) The Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business and will not be less than the amount at which they are stated in the Balance Sheet.

b) The provision of depreciation and for all known liabilities are adequate and not in excess / short of the amount reasonably necessary.

4. CONTINGENT LIABILITIES : (Rs. in Lacs)

Contingent Liabilities not provided 2009-10 2008-09

Excise Duty 4.00 4.00

5. There is no commission payable or paid to the Director of the Company. Hence, the Computation of Net Profit in accordance with Section 198 of the Companies Act is not given.

6. As per the information with the Company, there is no amount payable to Small Scale Industrial Undertaking in excess of Rs 1.00 Lacs and outstanding for a period of more, than 30 days

7. SEGMENT INFORMATION :

Segment information has not been given as the management is of the view that the above information would be prejudicial to the interest of the company.

8. ACCOUNTING FOR DEFERRED TAXATION :

In compliance with the Accounting Standard 22 issued by the institute of Chartered Accountants of India, an amount of Rs. 51.74 Lacs (2009 - 50.67 Lacs) representing deferred tax assets, as at 31st March, 2010, has been recognised in the Profit and Loss Appropriations Account. Deferred tax liability of Rs. 83.05 Lacs as at 31-03-2009, is deducted by Rs. 51.74 Lacs resulting in a net deferred tax liability amounting to Rs. 31.34 Lacs. (2009 - 83.08 Lacs).

9. Previous years figures have been regrouped wherever necessary.