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Notes to Accounts of Vapi Enterprise Ltd.

Mar 31, 2014

1. Contingent Liabilities Rs.34,82,360/- (Previous Year Rs. Nil)

2. Capital Commitment:

Estimated amount of contracts remaining to be executed on capital account is approximately Rs.1,06,611/-(Net of advances) (Previous Year Rs. 10,00,000)

3. The company has discontinued manufacturing of paper and paper board. The company has started leasing its premises on rent. The Company''s net worth is negative as on March 31, 2014. The management has made the net worth positive from out of the surplus that had been generated from present activities and also by bringing required funds to finance losses. Now having regard to these the accounts are prepared on going concern.

4. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business, provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

5. a) Balance of Trade Payables, Trade Deposits, Advance from Customers, Trade Receivables, Non Current and Current Loans and Advances are subject to confirmation by the parties.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date. The Micro, Small and Medium Enterprises have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

6. The Company has setup Gratuity Fund for future payment of retirement gratuities of employees. The company has not ascertained the amount of accrued liability on the basis of actuarial valuation and has not made any contribution to gratuity fund.

7. Expenditure in foreign currency during the year on account of Travelling expenses Rs. Nil (Previous Year Rs Nil )

8. CIF Value of Imports of Raw Materials and Capital goods Rs. Nil (Previous Year Rs. Nil )

9. Remittance in Foreign Currency on account of Dividend Rs. Nil (Previous Year Rs. Nil)

10. Earnings in foreign exchange and expenditure in foreign currency Rs. Nil (Previous Year Rs. Nil)

11. Related party disclosures:

I. LIST OF RELATED PARTIES:

A) Key Management Personnel:

a) Shri Manoj R. Patel : Managing Director

b) Shri Rajeev R. Patel : Whole time Director

c) Smt. Laxmiben J. Patel : Director

B) Other Related Parties:

a) M/s Polycone Paper Limited : Associate Company

b) Laj Investments Private Limited : Associate Company

12. In view of the uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, the company has not considered any deferred tax assets as required to be disclosed under Accounting Standard 22 "Accounting for Taxes on Income"

13. Company has closed down engineering division during the year 2011-12. However, the required information as per Accounting Standard – 24 has not been disclosed.

14. Previous years figures have been regrouped and or rearranged whenever necessary.


Mar 31, 2013

1. Contingent Liabilities Rs. Nil (Previous Year Rs. Nil)

2. Capital Commitment:

Estimated amount of contracts remaining to be executed on capital account is approximately Rs.10,00,000. (Net of advances) (Previous Year Rs. Nil)

3. The company has discontinued manufacturing of paper and paper board. The company has started leasing its premises on rent. The Company''s net worth is negative as on March 31, 2013. The management is hopeful of making the net worth positive from out of the surplus that may be generated from present activities and also by bringing required funds to finance losses. Now having regard to these the accounts are prepared on going concern.

4. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business, provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

5. a) Balance of Trade Payables, Trade Deposits, Advance from Customers, Trade Receivables, Non Current and Current Loans and Advances are subject to confirmation by the parties.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date. The Micro, Small and Medium Enterprises have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

6. The Company has setup Gratuity Fund for future payment of retirement gratuities of employees. The company has not ascertained the amount of accrued liability on the basis of actuarial valuation and has not made any contribution to gratuity fund.

7. Expenditure in foreign currency during the year on account of Travelling expenses Rs.NIL (Previous Year Rs 33,809/-)

8. CIF Value of Imports of Raw Materials and Capital goods Rs. NIL (Previous Year Rs. NIL )

9. Remittance in Foreign Currency on account of Dividend Rs. NIL (Previous Year Rs. NIL)

10. Earnings in foreign exchange and expenditure in foreign currency Rs. NIL (Previous Year Rs. NIL)

11. Related party disclosures:

I. LIST OF RELATED PARTIES:

A) Key Management Personnel:

a) Shri Manoj R. Patel : Managing Director

b) Shri Rajeev R. Patel : Whole time Director

c) Smt.Laxmiben J. Patel : Director

B) Other Related Parties:

a) M/S Polycone Paper Limited : Associate Company

b) Laj Investments Private Limited : Associate Company

12. In view of the uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, the company has not considered any deferred tax assets as required to be disclosed under Accounting Standard 22 "Accounting for Taxes on Income"

13. Company has closed down engineering division during the year 2011-12. However, the required information as per Accounting Standard - 24 has not been disclosed.

14. Previous years figures have been regrouped and or rearranged whenever necessary


Mar 31, 2012

1. Share Capital

(d) Rights of Shareholders, Dividend and Repayment of Capital:

i) Holder of equity shares is entitled to one vote per share.

ii) The company declares and pays dividend in Indian rupees.The companies Act, 1956 provides that any dividend be declared out of accumulated distributed profits only after transfer to general reserve of a special percentage of net profit computed in accordance with current regulations.

iii) In the event of liquidation of the company, holder of the shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts.The amount distributed will be in proportion to number of equity shares held by shareholders.

2. Contingent Liabilities Rs. Nil (Previous Year Rs. Nil)

3. Capital Commitment:

Estimated amount of contracts remaining to be executed on capital account and not provided for are Rs. Nil (Previous Year Rs. Nil)

4. The company has discontinued manufacturing of paper and paper board and has continued the activity of assembling of pollution control equipments. The company has also carried out trading activity and leasing assets on rent. The Company's net worth is negative as on March 31, 2012. The management is hopeful of making the net worth positive from out of the surplus that may be generated from present activities and also by bringing required funds to finance losses. Now having regard to these the accounts are prepared on going concern.

5. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business, provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

6. a) Balance of Trade Payables, Trade Deposits, Advance from Customers, Trade Receivables, Non Current and Current Loans & Advances are subject to confirmation by the parties.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date. The Micro, Small and Medium Enterprises have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

7. The Company has setup Gratuity Fund for future payment of retirement gratuities of employees. The company has not ascertained the amount of accrued liability on the basis of actuarial valuation and has not made any contribution to gratuity fund.

8. Disclosure for operating leases under Accounting Standard 19 - "Leases"

(i) The company has significant operating leases for premises. These lease arrangements range for a period between 11 months and 3 years which includes cancellable leases. Most of leases are renewable for further period on mutually agreeable terms and also include escalation clauses.

(ii) Lease income are recognized to Profit and Loss Account under "Rent received" for Rs. 67,64,796/- (P.Y. Rs.22,22,000/-). Operating Lease payments are recognised in Statement of Profit and Loss for Rs. 30,000/- (P.Y. Rs.30,000/-).

9. Expenditure in foreign currency during the year on account of Travelling expenses Rs. 33,809 (Previous Year Rs. NIL )

10. OF Value of Imports of Raw Materials for Paper Division Rs.NIL Lacs and Import of Felt, Wire Cloth . Stores Rs.NIL Lacs (Previous Year Rs. NIL Lacs)

11. Remittance in Foreign Currency on account of Dividend Rs. NIL (Previous Year Rs. NIL)

12. Earnings in foreign exchange on account of Exports Rs. NIL (Previous Year Rs. NIL)

13. Related party disclosures:

I. LIST OF RELATED PARTIES:

A) Key Management Personnel:

a) Shri Manoj R. Patel : Managing Director

b) Shri Rajeev R. Patel : Whole time Director

c) Smt. Laxmiben J. Patel : Director

B) Other Related Parties:

a) M/S Polycone Paper Limited : Associate Company b) Laj Investments Private Limited : Associate Company

14. In view of the uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, the company has not considered any deferred tax assets as required to be disclosed under Accounting Standard 22 "Accounting for Taxes on Income"

15. Company has closed down engineering division during the year 2011-12. However the required information as per Accounting Standard - 24 have not been disclosed.

16. The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised schedule VI to the Companies Act, 1956.Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous figures have been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for the previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2010

1. Contingent Liabilities Rs. Nil (Previous Year Rs. Nil)

2. Capital Commitment:

Estimated amount of contracts remaining to be executed on capital account and not provided for are Rs. Nil (Previous Year Rs. Nil)

3. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business, provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

4. a) Balance of Creditors, Debtors, Loans & Advances are subject to confirmation by the parties.

b) The management has initiated the process of identifying enterprises which have provided goods and services to the Company and which qualify under the definition of Micro and Small Enterprises, as defined under Micro, Small and Medium enterprises development Act, 2006. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31.3.2010 has been not made in the financial statements based on information received and available with the company. Further, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

b) In view of the fact that there is a global contribution to Gratuity Fund, the amount applicable to individual employee is not ascertainable and accordingly, contribution to Gratuity Fund in case of Managing Director/ Whole time Director is not shown separately in the Profit and Loss Account.

c) As no Commission to Managing Director/ Whole time Director is payable for the year, on account of loss, the computation of Net Profit in accordance with Section 198 of the Companies Act, 1956 has not been given.

5. The Company has setup Gratuity Fund for future payment of retirement gratuities of employees. The company has not ascertained the amount of accrued liability on the basis of actuarial valuation and has not made any contribution to gratuity fund. However, provision for gratuity has been made in the accounts on the on the basis of estimate made by the management.

6. Interest paid includes Rs.NIL thousands (Previous year Rs. NIL thousands) paid to Directors.

7. No Provision for Income Tax has been made during the year.

8. Quantitative and Turnover information:

A) Particulars regarding capacities and production:

(i) Licensed: License is not required under the Industries (Development & Regulation) Act.

(ii) Installed Capacity (As Certified by Management):

9. Disclosure for operating leases under Accounting Standard 19 - "Leases"

(i) The company has given / taken office premises for staff of the company under Leave and license agreements. These are generally not non cancelable and for the period ranging between 11 months of three years under leave and license.

(ii) Lease income are recognized to Profit and Loss Account under "Rent received" for Rs. 4,91,700/- (P.Y. Rs.25,200/-). Lease payments are recognized to Profit and Loss Account under "Rent paid" for Rs. 1,87,300/- (P.Y. Rs. 1,50,250/-).

10. Expenditure in foreign currency during the year on account of Travelling expenses Rs. NIL (Previous Year Rs. NIL)

11. CIF Value of Imports of Raw Materials for Paper Division Rs.NIL Lacs and Import of Felt, Wire Cloth, Stores Rs.9.39 Lacs for VPM Engineering & Trading Division (Previous Year Rs. 19.10 Lacs)

12. Remittance in Foreign Currency on account of Dividend Rs. NIL (Previous Year Rs. NIL)

13. Earnings in foreign exchange on account of Exports Rs. NIL (Previous Year Rs. NIL)

14. Related party disclosures:

I. LIST OF RELATED PARTIES:

A) Key Management Personnel:

a) Shri Manoj R. Patel - Managing Director

b) Shri Rajeev R. Patel - Wholetime Director

c) Smt. Laxmiben J. Patel - Director

B) Other Related Parties:

a) M/S Polycone Paper Limited - Associate company.

b) Laj Investments Private Limited - Associate company.

15. In view of the uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, the company has not considered any deferred tax assets as required to be disclosed under Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

16. The Company operates two segments viz. Paper division and Eng. Division. However the required information as per AS -17 is not given.

17. The Company has shut down the manufacturing activity of Paper division on 4th November 2009. The Company has sold the part of the plant and machinery and retrenched the labours and staff for the Paper Division. However, the required information as per Accounting standard 24 has not been given.

18. Previous years figures have been regrouped, rearranged and reclassified wherever necessary to make them comparable with those of current year.

 
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