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Umred Agro Complex Ltd. Notes to Accounts, Umred Agro Complex Ltd. Company
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Notes to Accounts of Umred Agro Complex Ltd.

Mar 31, 2013

1. Consequent to the notification of Revised Schedule VI under Companies Act 1956, the Financial statements for the year ended on 31st March 2013 are prepared as per Revised Schedule VI. Previous year''s figures have also been regrouped to confirm the current Years classification.

2.Figures have been rounded off to the nearest place of second decimal, where specified in Rs. Lacs. The figures specified in full value have been rounded off to the nearest rupee.

3.CONTINGENT LIABILITIES NOT PROVIDED FOR:

a) Pending disputes of quality/ quantity regarding sale/ purchase. Adjustments in respect of these matters are made in the Profit

& Loss A/C as and when they are settled with the party.

b) Claims, counter claims arising out of disputes/ litigation regarding trade transactions, contracts, Joint Ventures, Memorandum of Understandings, sale/ purchase arrangements, processing agreements, not acknowledged as liabilities.

c) The amount of Rs. 8.16 Lacs towards recompense of sacrifices made by Maharashtra State Electricity Distribution Company Limited (MSEDCL) under Rehab Scheme (MRS 2004) to be paid after successful completion of the Scheme.

d) Details of Disputed Sales Tax dues are as follows:

4.Dividend due on 14% Cumulative Redeemable Preference Shares Capital of Rs. 5.00 Lacs from the year 2008-09 amounting to Rs. 3,50,000/-not paid/provided for.

5.As operations of the company comprise only Solvent Extraction and Refinery, no separate Segmental Reporting is considered necessary.

6.On the basis of accounts compiled for the financial year there is no taxable income hence, no provision for taxation for the assessment year is being made.

7. Deferred tax Assets have not been created in view of Accumulated Loss and Unabsorbed Depreciation. This is in conformity of AS-22 ''Accounting for Taxes on Income" issued by ICAI.

8. Earnings in Foreign Exchange Export of Goods on F.O.B. basis during the year was Rs Nil

9. Company has availed the services of the company secretary as Retainer.

10. Company has formed as subsidiary company "Mid India Market Systems Pvt. Ltd" on 14- Feb-2012 for carrying trading activity in goods and commodities The company has not transacted any business during the financial year 2012-13.

11. Related parties Disclosure as required by Accounting Standard 18 of ICAI

a) Key Management Personnel

Mr. Uday S. Kamat, Managing Director Mr. Arvind W. Bakde, Whole Time Director Mr. Prashant S.Joshi, Vice President

b) Other Related Parties (Key Management Personnel having Significant influence)

M/s Nagpur Imports and Exports Pvt. Ltd.

M/s Vibrant Market Themes Pvt. Ltd.

M/s YashAgro Energy Ltd.


Mar 31, 2012

1. The Financial Statements for the year ended on 31 st March 2011 were prepared as per then applicable schedule VI to Companies Act 1956. Consequent to the notification of Revised Schedule VI under Companies Act 1956, the Financial statements for the year ended on 31st March 2012 are prepared as per Revised Schedule VI. Accordingly previous year's figures have also been regrouped to confirm the current Years classification.

2. Figures have been rounded off to the nearest place of second decimal, where specified in Rs. Lacs. The figures specified in full value have been rounded off to the nearest rupee.

3. CONTINGENT LIABILITIES NOT PROVIDED FOR:

a) Pending disputes of quality/ quantity regarding sale/ purchase. Adjustments in respect of these matters are made in the Profit & Loss A/C as and when they are settled with the party.

b) Claims, counter claims arising out of disputes/ litigation regarding trade transactions, contracts, Joint Ventures, Memorandum of Understandings, sale/ purchase arrangements, processing agreements, not acknowledged as liabilities.

c) The amount of Rs. 8.16 Lacs towards recompense of sacrifices made by Maharashtra State Electricity Distribution Company Limited (MS-EDCL) under Rehabilitation Scheme (MRS 2004) to be paid after successful completion of the same

d) Details of Disputed Sales Tax dues are as follows:

4. Dividend due on 14% Cumulative Redeemable Preference Shares Capital of Rs. 5.00 Lacs from the year 2008-09 amounting to Rs. 2,80,000/-not paid/provided for.

5. As operations of the company comprise only Solvent Extraction and Refinery, no separate Segmental Reporting is considered necessary.

6. On the basis of accounts compiled for the financial year there is no taxable income hence, no provision for taxation for the assessment year is being made.

7. Deferred tax Assets have not been created in view of Accumulated Loss and Unabsorbed Depreciation. This is in conformity of AS-22 "Accounting for Taxes on Income" issued by ICAI.

8. Earnings in Foreign Exchange Export of Goods on F.O.B. basis during the year was Rs Nil (Previous Year Rs. Nil). Foreign Exchange outgo was. Nil (Previous year Nil)

9. The Company has availed the services of the company secretary as Retainer.

10. The Company has formed as subsidiary company "Mid India Market Systems Pvt. Ltd" on 14-Feb-2012 for carryihg out trading activity


Mar 31, 2011

1. Previous period figures have been re-arranged/ re-grouped and re-classified wherever necessary to confirm to the current year.

2. Figures have been rounded off to the nearest place of second decimal, where specified in Rs. Lacs. The figures specified in full value have been rounded off to the nearest rupee.

3. The Other Income includes Accrued Interest on Investments and Miscellaneous Receipts

4. CONTINGENT LIABILITIES NOT PROVIDED FOR:

a. Pending disputes of quality/ quantity regarding sale/ purchase. Adjustments in respect of these matters are made in the Profit & Loss A/C as and when they are settled with the party.

b. Claims, counter claims arising out of disputes/ litigation regarding trade transactions, contracts, Joint Ventures, Memorandum of Understandings, sale/ purchase arrangements, processing agreements, not acknowledged as liabilities.

c. The amount of Rs. 8.16 Lacs towards recompense of sacrifices made by Maharashtra State Electricity Distribution Company Limited (MSEDCL) under Rehabilitation Scheme (MRS 2004) to be paid after successful completion of the same

d. The Sales Tax / Value Added Tax (VAT) liability, if any, for the years from FY. 2005-06 to 2010-11.

Details of Disputed Sales Tax dues are as follows: Year Amount Nature Remark (Rs. Lacs)

1991-92 52.05 Interest pending recalculation of interest as per standard package of Govt. of Maharashtra for sick industrial units.

1992-93 115.10 Principal Assessment in process & Interes

1993-94 10.95 Interest pending recalculation of 1994-95 81.49 & Principal interest as per standard Interest package of Govt. of Maharashtra for sick industrial units.

1996-97 31.37 Principal Appeal Pending before & Interest first Appellate Authority

1997-98 1.48 Interest pending recalculation of interest as per standard package of Govt. of Maharashtra for sick industrial units.

1998-99 1.59 Interest pending recalculation of interest as per standard package of Govt. of Maharashtra for sick industrial units.

1999-00 0.90 Interest pending recalculation of interest as per standard package of Govt. of Maharashtra for sick industrial units.

2000-01 298.20 Principal Appeal Pending before & Interest first Appellate Authority

2001-02 367.51 Principal Appeal Pending before & Interest first Appellate Authority

2002-03 276.26 Principal Appeal Pending before & Interest first Appellate Authority

2003-04 142.87 Principal Appeal Pending before & Interest first Appellate Authority 2004-05 3.02 Interest pending recalculation of interest as per standard package of Govt. of Maharashtra for sick industrial units.

5. The Deferred Liability Under Rehab Scheme (Schedule - 5) includes

(i) Deferred Liabilities in respect of the Pressing Creditors (Old) for Raw materials, Stores & spares, Expenses etc.

6. Depreciation has been provided as per Straight Line Method and at the prescribed rates given under Schedule XIV of the Companies Act, 1956 as amended from time to time. Depreciation on assets added during the period is provided on pro-rata basis.

7. In the opinion of the Management, Current Assets, Loans and Advances and other debit balances are approximately of value, if realised, in normal course of business. Provisions for all loans and liabilities are adequate and not in excess of amounts reasonably necessary.

8. Statutory dues i.e., Contribution to PF, & ESIC outstanding as on March 31, 2011 amounted to Rs. 1,75,480/- which has been paid subsequently.

9. Inventories and Cash have been taken, valued and certified by the Management of the Company.

10) Sundry Debtors and Creditors, Loans and Advances, Other Credit/ Debit balances, Balances in some Current Accounts with banks are subject to confirmations.

11) Dividend due on 14% Cumulative Redeemable Preference Shares Capital of Rs. 5.00 Lacs from the year 2008-09 amounting to Rs. 2,10,000/-not paid/provided for.

12) As operations of the company comprises only Solvent Extraction and Refinery, no separate Segmental Reporting is considered necessary.

13) On the basis of accounts compiled for the financial year there is no taxable income hence, no provision for taxation for the assessment year is being made.

15) During the year, in view of inadequacy of profits, no commission on net profit is provided for.

16) The Identification of Suppliers as Small Scale Industrial Undertakings (SSI) is done on basis of the information from suppliers.

17) Deferred tax Assets have not been created in view of Accumulated Loss and Unabsorbed Depreciation. This is in conformity of AS-22 "Accounting forTaxes on Income" issued by ICAI.

18) Earnings in Foreign Exchange Export of Goods on F.O.B. basis during the year was Rs Nil (Previous Year Rs. Nil). Foreign Exchange outgo was. Nil (Previous year Nil)

19) Company has availed the services of Company Secretary in Advisory capacity.

20) Prior Period/Other Miscellaneous Expenses include, write off of Rs. 8.87 Lacs on account of 'old unidentified difference' in Trial Balance and expenses towards vehicle maintenance charges relating to previous years.

21) During the year the company has started, new business segment. Company has developed and sold ERP Software modules.

22) Related parties Disclosure as required by Accounting Standard 18 of ICAI

a) Key Management Personnel

Mr. Uday S. Kamat, Managing Director

Mr. ArvindW. Bakde, Whole Time Director

Mr. Prashant S.Joshi, Vice President

b) Other Related Parties (Key Management Personnel having Significant influence)

M/S Nagpur Imports and Exports Pvt. Ltd.

M/S Vibrant Market Themes Pvt. Ltd.

M/S Yash Agra Energy Ltd.


Mar 31, 2010

1. Previous period figures have been re- arranged/ re-grouped and re-classified wherever necessary to confirm to the current year.

2. Figures have been rounded off to the nearest place of second decimal, where specified in Rs. Lacs. The figures specified in full value have been rounded off to the nearest rupee.

3. The Other Income includes Accrued Interest on Investments and Miscellaneous Receipts

4. CONTINGENT LIABILITIES NOT PROVIDED FOR:

a. Pending disputes of quality/ quantity regarding sale/ purchase. Adjustments in respect of these matters are made in the Profit & Loss A/C as and when they are settled with the party.

b. Claims, counter claims arising out of disputes/ litigation regarding trade transactions, contracts, Joint Ventures, Memorandum of Understandings, sale/ purchase arrangements, processing agreements, not acknowledged as liabilities.

c. The Sales Tax / Value Added Tax (VAT) liability, if any, for the years 1997-98,1998-99, 1999-2000, 2000-2001, 2004-05, 2005-06, 2006-07, 2007-08, 2008-09 pending assessment.

Details of Disputed Sales Tax dues (In Rs. Lacs):

Year Amount Nature Remarks

1991-92 52.05 Interest Pending recalculation of interest as per New Industrial Policy 2006 of Govt, of Maharashtra.

1992-93 115.10 Principal & Interest Assessment in process

1993-94 10.95 Interest Pending recalculation of interest as per New Industrial Policy 2006 of Govt, of Maharashtra

1994-95 81.49 Principal & Interest Appeal Pending before first Appellate Authority

1996-97 31.37 Principal & Interest Appeal Pending before first Appellate Authority

2001-02 224.15 213.00 Principal Interest Appeal Pending before first Appellate Authority

2002-03 247.08 147.90 Principal Interest Appeal Pending before first Appellate Authority

2003-04 72.83 70.03 Principal Interest Appeal Pending before first Appellate Authority



5. The Deferred Liability Under Rehab Scheme

(Schedule - 5) includes

(i) Deferred Liabilities in respect of the Pressing Creditors (Old) for Raw materials, Stores & spares, Expenses etc.

6. Depreciation has been provided as per Straight Line Method and at the prescribed rates given under Schedule XIV of the Companies Act, 1956 as amended from time to time. Depreciation on assets added during the period is provided on pro-rata basis.

7. In the opinion of the Management, Current Assets, Loans and Advances and other debit balances are approximately of value, if realised, in normal course of business. Provisions for all loans and liabilities are adequate and not in excess of amounts reasonably necessary.

8. Statutory dues i.e., Contribution to PF, & ESIC outstanding as on March 31,2010 amounted to Rs.1,15,569/- which has been paid subsequently.

9. Inventories and Cash have been taken, valued and certified by the Management of the Company.

10. Sundry Debtors and Creditors, Loans and Advances, Other Credit/ Debit balances, Balances in some Current Accounts with banks are subject to confirmations.

11. Dividend due on 14% Cumulative Redeemable Preference Shares Capital of Rs. 5.00 Lacs from the year 2008-09 amounting to Rs. 140,000/-not paid/provided for.

12. As operations of the company comprises only Solvent Extraction and Refinery, no separate Segmental Reporting is considered necessary.

13. On the basis of accounts compiled for the financial year there is no taxable income hence, no provision for taxation for the assessment year is being made.

14. The remuneration (Salary, Perquisites etc.) paid/ payable to the Managing Director and Whole-time Director in accordance with the

15. During the year, in view of inadequacy of profits, no commission on net profit is provided for.

16. The Identification of Suppliers as Small Scale Industrial Undertakings (SSI) is done on basis of the information from suppliers.

17. Deferred tax Assets have not been created in view of Accumulated Loss and Unabsorbed Depreciation. This is in conformity of AS-22 "Accounting for Taxes on Income" issued by ICAI.

18. Earnings in Foreign Exchange

Export of Goods on F.O.B. basis during the year was Rs Nil (Previous Year Rs. Nil). Foreign Exchange outgo was. Nil (Previous year Nil)

19. Company has availed the services of Company Secretary in Advisory capacity.

20. Related parties Disclosure as required by Accounting Standard 18 of ICAI

a) Key Management Personnel

Mr. UdayS. Kamat, Managing Director Mr. ArvindW. Bakde, Whole Time Director Mr.Prashant S.Joshi, Vice President

b) Other Related Parties (Key Management Personnel having Significant influence) M/S Nagpur Imports and Exports Pvt. Ltd. M/S Vibrant Market Themes Pvt. Ltd.

M/S Yash Energy Ltd.

21. The consumption figures in value are balancing figures ascertained on the basis of opening stocks plus purchases less closing stocks and therefore include adjustments for excess and shortages (storage/transit) ascertained on physical count etc.

 
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