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Notes to Accounts of Unique Organics Ltd.

Mar 31, 2015

1. Terms/rights attached to equity shares.

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.The dividend proposed by the Board of Directors is subject to the approval of the shareholders except in the case of interim dividend. In the event of liquidation, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amount in proportion of their shareholding.

2. Packing Credit Limit, Foreign Bill Purchase limit and Cash Credit limit with Bank of Baroda, Nehru place, Jaipur is collaterally secured by Equitable mortgage of Company's land & Building at Sitapura Industrial Area, house situated at K-26, Income Tax Colony, Durgapura, Jaipur belonging to Mr. J. P. Kanodia, Managing Director, extension of equitable mortgage of office no.407, 4th floor, Arihant Plaza, Malviya Nagar, Jaipur, belonging to the relative of a director, Hypothecation of Plant & Machineries and all present and future fixed assets, hypothecation of Raw Materials, Work in Progress, Finished Goods, Stores & packing materials, Book Debts, Pledge of Ware House and other properties, personal guarntees of Director, bearing interest @11.00% p.a. (Previous Year 11.00% p.a.) in case of PC & FBP and 13.00% & 11.00% p.a.(Previous Year 13.00% & 11% p.a.) in case of CC limit

3. As per information available with the Company, there are no suppliers covered under Micro, Small & Medium Enterprises Development Act,2006. As a result, no interest provision/payment have been made by the Company to such creditors, if any, and no disclosure thereof is made in this regard.

NOTE - 4

Previous year figures have also been regrouped and rearranged where ever considered necessary.

Other Receipts includes rent received of Rs.9,06,500/- (Previous Year Rs. 6,65,000/-)

The Company has assessed its fixed assets for impairment at the end of the year and concluded that there has been no significant impaired fixed assets that needs to be recognised in the books of accounts.

NOTE - 5

During the year, the Company has revised the estimated useful life of its assets to align with the useful life as provided in Schedule II of the Companies Act, 2013. The Retained earnings on the balance amount of Fixed Assets after completion of useful life of the respective fixed assets in terms of the new provisions of depreciation as per Schedule II of the Companies Act, 2013 and excess/short charges of depreciation in earlier years are adjusted from the Surplus of the Profit & Loss Account.

Miscellaneous Expenses includes a sum of Rs.3,37,733/- (Previous Year Rs.2,64,802/-) paid for Income Tax and its interests

NOTE - 6

Amount debited in the statement of profit & loss under the head 'Claims & Deduction of Rs.1,20,138/- and Membership & Subscription of Rs.76,432.50 are relating to earlier years.(Previous Year Rs.Nil)

NOTE - 7

Balances of some of the advances given and taken and Sundry Debtors & Creditors are subject to the confirmations from the respective parties.


Mar 31, 2014

NOTE-1

Previous year figures have aiso been regrouped and rearranged where ever considered necessary.

NOTE - 2

The Company has assessed its fixed assets for impairment at the end of the year and conduded that there has been no significant impaired fixed assets that needs to be recognized in the books of accounts.

NOTE - 3

Other Receipts includes rent received of Rs.6,65,000/- (Previous Year Rs. Nil)

NOTE-4

Extraordinary items consists of an amount of Depreciation of Rs. 4,23,210,91 reversed on account of subsidy received from Spices Board, Ministry of Commerce & Industries, Government of India, against the specific machineries purchased in earlier years.

NOTE - 5

Miscellaneous Expenses includes a sum of Rs.2,64,8C2f- (Previous Year Rs,4,02,057/-) paid for Income Tax and its interests

NOTE - 6

SEGMENT REPORTING

i) Business Primary Segment

The Company operates in a single primary business segment, namely, spices and food products, and hence there is no reportable primary segment as per AS-17 on segment reporting.


Mar 31, 2013

NOTE - 1

Balances of some of the advances given and taken and Sundry Debtors & Creditors are subject to the confirmations from the respective parties.

NOTE - 2

As per information available with the Company, there are no suppliers covered under Micro, Small & Medium Enterprises Development Act,2006. As a result, no interest provision/payment have been made by the Company to such creditors, if any, and no disclosure thereof is made in this regard.

NOTE - 3

RELATED PARTY DISCLOSURE

As per Accounting Standard -18, the disclosures of transactions with the related parties are given below:

NOTE - 4 Previous year figures have also been re-grouped and re-arranged wherever considered necessary.

NOTE - 5

The Company has assessed its fixed assets for impairment at the end of the year and concluded that there has been no significant impaired fixed assets that needs to be recognized in the books of the accounts.

NOTE - 6

SEGMENT REPORTING

i) Business (Primary) Segment

The Company operates in a single primary business segment namely in other Agricultural Products : mainly trading of feed ingredients with insignificant processing of spices and hence there is no reportable primary segment as per AS-17 on segment reporting.

ii) Geographical (Secondary) Segment

a) The analysis of geographical segments is based on the areas in which the customers of the company are located.

b) There are no carrying amount of segment assets by geographical location of assets.

NOTE - 7

The company had 1,00,000 9% Non-Cumulative Redeemable Preference Shares having a par value of Rs. 100 per share due for redemption on 30th September,2009. In a meeting of the preference shareholders held on 14.09.2009, a resolution had been passed for extension of period of redemption for three years i.e. till 30.09.2012, due to non availability of profits for redemption. During the period under review, the company has redeemed its preference shares at par value. Necessary Capital Redemption reserve has duly been created in terms of the provisions of section 80 of the Companies Act, 1956.

NOTE - 8

Amount debited in the statement of profit & loss on account of gratuity includes Rs.83818/- relating to earlier years.

NOTE - 9

Miscellaneous Expenses includes a sum of Rs.4,02,057/- paid for Income Tax and its interests


Mar 31, 2012

NOTE 1

Contingent liabilities and commitments (to the extent not provided for) As at 31 032012 As at 31 03 2011 Rs. Rs.

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

(b) Guarantees

(c) Other money for which the company is contingently liable

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for

(b) Uncalled liability on shares and other investments partly paid

(c) Other commitments (specify nature) 2. Previous year's figures have been reworked, regrouped, rearranged and misclassified, wherever necessary.

3. Due to a Fire at IOC's oil tank depot, Sitapura industrial area, Jaipur on 29.10.2009 Company's factory building was also affected. During the year the company has repaired factory building that was damaged in fire and an amount of Rs. 12,08,444.00 was incurred for the purpose.

4. In the current year an insurance claim was received of Rs. 10,01,565.00, which is credited to P & L a/c, on account of an damage to the cargo.

5. An amount of Rs. 60,00,000.00 has been credited to Capital Redemption Reserve.

6. Bank charges contain the amount deducted by the paying bank on account of discrepancies in the documents forwarded through the bank to the foreign client. The discrepancies are encountered on the basis of terms of letter of credit.


Mar 31, 2011

1. Previous year's figures have been reworked, regrouped, rearranged and misclassified, wherever necessary.

2. Related party disclosure (AS 18)

The Company had identified all the related parties having transactions during the year as under :-

(i) Relationship

(a) Key Management Personnel i) J.P. Kanodia

ii) Madhu Kanodia

iii) Amardeep Singh Ahluwalia

(b) Relative of Key Management Personnel i) Smt. Sarla Devi Kanodia

3. Sundry Creditors, Sundry Debtors, Loans & Advances and Unsecured Loans have been taken at their book value subject to confirmation and reconciliation. However closing balances of foreign debtors has been translated using the year end rate.

4. Due to a Fire at IOC's oil tank depot, Sitapura industrial area, Jaipur on 29.10.2009 Company's factory building was also effected. During the year the company has repaired factory building that was damaged in fire and an amount of 11,08,444.00 was incurred for the purpose.

5. In Earlier year trading of company's shares was suspended by Bombay Stock Exchange (BSE). This suspension was revoked by BSE after charging a penalty of Rs. 545,515.00 and such amount were debited to P & L Account.


Mar 31, 2010

1. Previous years figures have been reworked, regrouped, rearranged and misclassified, wherever necessary.

2. Related party disclosure (AS 18)

The Company had identified all the related parties having transactions during the year as under :-

(i) Relationship

(a) Key Management Personnel

i) J.P. Kanodia

ii) Madhu Kanodia

iii) Vinita Mishra

iv) Amardeep Singh Ahluwalia



(b) Relative of Key Management Personnel

i) SarlaDeviKanodia

3. Sundry Creditors, Sundry Debtors, Loans & Advances and Unsecured Loans have been taken at their book value subject to confirmation and reconciliation. However closing balance of foreign debtors has been translated using the year end rate.

4. Consumption of consumables and raw material has been arrived by adding puchases to Opening Stock and deducted closing stock there from.

5. No provision for leave encashment has been made, in view of accounting policy No 7. The impact of the same on Profit & Loss is not determined.

6. During the reporting period, the concern has sustained a fire loss. Expenses incurred to makeover it has been charged to the statement of Profit & Loss Account. However insurance claim has been submitted and the same is pending as on balance sheet date.

7. A portion of Plant & Machinery was sold out during the year for a consideration of Rs.60, 00,000.00 and the same was reduced from the block.

8. Mr. Sajjan Kumar Gupta resigned from the post of Director from 07.12.2009 onwards. Mr. Amardeep Singh Ahluwalia was appointed at his place



 
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