Home  »  Company  »  Winsome Brewerie  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Winsome Breweries Ltd.

Mar 31, 2015

AS AT 31.03.2015 (Amount in Rs) 1. Contingent Liabilities not provided for :- (excluding matters separately dealt with in other notes)

a) Counter guarantees issued to Bankers in respect of guarantees issued by NIL them

b) Guarantees issued on behalf of Ltd. NIL Co's

c) Bank Guarantees issued to Sales Tax NIL Dept & Electricity Board

d) In respect of Sales Tax/Excise 23,18,460.00 Demands pending before various authorities and in dispute( Gross )

e) In respect of Service Tax Demands 1,84,06,471.00 pending before various authorities and in dispute ( Gross )

f) Other claim against the company not 26,09,480.00 acknowledged as debt

AS AT 31.03.2014 (Amount in Rs) 1. Contingent Liabilities not provided for :- (excluding matters separately dealt with in other notes)

a) Counter guarantees issued to Bankers in respect of guarantees issued by NIL them

b) Guarantees issued on behalf of Ltd. NIL Co's

c) Bank Guarantees issued to Sales Tax NIL Dept & Electricity Board

d) In respect of Sales Tax/Excise 23,32,656.00 Demands pending before various authorities and in dispute( Gross )

e) In respect of Service Tax Demands 1,84,06,471.00 pending before various authorities and in dispute ( Gross )

f) Other claim against the company not 26,09,480.00 acknowledged as debt

2. The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calcu- lated on arithmetical basis based on last drawn salaries.

3. In the opinion of the Management current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

4. Balances of certain debtors, creditors, loans and advances are subject to confirmation. Balances of debtors, unsecured loans, loans and advances, sundry creditors and advance under capital work in progress are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

5. The Company has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

6. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year :- Income Tax

Current Year Charge: (Amount In Rs.)

Income tax Provision made for the year 38,24,000.00

7. Deferred Tax Liability/Asset

The Company estimates the deferred tax charge using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year. The move- ment of provision for deferred tax is given below :

8. The Company has not provided interest on foreign currency loan amounting to Rs. 1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

9. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

10. As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard - 17 for "Segment Reporting" issued by the Institute of Chartered Accoun- tants of India.

11. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon'ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

12. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18 " Related Party Disclosures" are given below:

(a) List of Related Parties

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia -(Chairman Cum Managing Director)

(ii) Smt. Sneh Bagrodia -(Director)

(iii) Mr. Shantanu Bagrodia -(Relative of Directors)

(iv) Mrs Shivani Bagrodia -(Relative of Directors)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) Indfish Ltd.

(ii) Innovative Enterprises

(iii) Indo Australia Mining Pvt. Ltd.

(iv) R.K. Bagrodia (HUF)

(v) Corrkil Solutions (India) Pvt Ltd

(vi) Enzyme Infra Pvt Ltd

(vii) Adayana Learing Solutions Pvt. Ltd

(viii) Pentstemom Florist Pvt. Ltd.

(ix) Winsome Coatings (P) Ltd.

13. Previous year's figures have been regrouped/ rearranged, wherever necessary so as to make them comparable with those of current year's figures.


Mar 31, 2014

1. SHARE CAPITAL

a) Company has not issued any shares during the year

b) The holder of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.

(c) Following Shareholders hold equity shares more than 5% of the total equity shares of the company at the end of the peirod :-

As at As at 31.03.2014 31.03.2013 Amount in Rs. Amount in Rs. OTHER NOTES ON ACCOUNTS

2. COMMITMENTS

a) Estimated amount of contracts Remaining to NIL NIL be executedNIL on Capital Account and not provided for (Net of advances)

b) Letters of Credit opened in favour of NIL NIL inland/overseas suppliers

26. Contingent Liabilities not provided for (excluding matters separately dealt with in other notes) a) Counter guarantees issued to Bankers in NIL NIL respect of guarantees issued by them

b) Guarantees issued on behalf of Ltd. Co''s NIL NIL

c) Bank Guarantees issued to Sales Tax Dept & NIL NIL Electricity Board

d) In respect of Sales Tax/Excise Demands 23,32,656 23,32,656 pending before various authorities and in dispute

e) Other claim against the company not 26,09,480 26,09,480 acknowledged as debt

3. The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries.

4. In the opinion of the Management current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

5. Balances of certain debtors, creditors, loans and advances are subject to confirmation. Balances of debtors, unsecured loans, loans and advances, sundry creditors and advance under capital work in progress are subject to confirmation and reconcilia- tion and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

6. The Company has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

7. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year :- Income Tax

Current Year Charge:

Income Tax provision of Rs. 18.00 lacs has been made towards MAT u/s 115JB and no tax is payable on regular income.

8. The Company has not provided interest on foreign currency loan amounting to Rs.1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

9. The company has not provided for notional Loss on account of exchange fluctuation against the liability of Foreign Currency unsecured loan as on 31.03.2014 in accordance with the provisions of AS 11. The exchange rate as on 31.03.2014 was unexpectively higher and the same is continuously decreasing till the date of signing the Balance sheet. In view of the above the management feels that ultimately there will be no material difference in the foreign exchange liability in the present scenario. Had the provision for the fluctuation been made, the net profit would have decreased and the Foreign Currency unsecured loan would have been increased by Rs. 62.15 lacs.

10. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

11. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon''ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

12. As the company is engaged in manufacturing of a single product i.e. "beer'''', there is no separate reportable segment as per Accounting Standard - 17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

13. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18 " Related Party Disclosures" are given below:

(a) List of Related Parties :-

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia - (Chairman cum Managing Director)

(ii) Smt. Sneh Bagrodia - (Director & Wife of Managing Director)

(iii) Mr. Shantanu Bagrodia - (Son of Managing Director)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) Indfish Ltd.

(ii) Innovative Enterprises

(iii) Indo Australia Mining Pvt. Ltd.

(iv) R.K. Bagrodia (HUF)

(v) Corrkil Solutions (India) Pvt Ltd.

14. Previous year''s figures have been regrouped/ rearranged, wherever necessary so as to make them comparable with those of current year''s figures.


Mar 31, 2013

1. The Company has not provided interest on foreign currency loan amounting to Rs.1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

2. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

3. Balances of debtors, unsecured loans, loans and advances, sundry creditors, advance under capital work in progress and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

4. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon''ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

5. In the opinion of the Management, Current Assets, Loans and Advances, Fixed Assets and Capital work in progress have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6. CONTINGENT LIABILITIES:

(To the extent ascertained by the management)

a) Disputed demand/claims of Excise/Sales Tax/Income Tax etc. amounting to Rs. 23,32,656.00 (previous year Rs. 87,62,118.00) not provided.

b) Other claim against the company not acknowledged as debt amounting Rs 26,09,480.00 (Previous year Rs. 34,39,480.00).

7. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of advances) Rs. NIL (Previous year Rs. NIL)

8. The Compnay, has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures, if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

9. As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard -17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

10. The company had purchased assets on hire purchase amounting to Rs.22,69,702.00 Amount payable as on 31.03.2013 877,826.00 (previous year Rs.513,436.00) Amount payable within one year 462,276.00 (previous year Rs. 268,016.00)

11. The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries which is considered sufficient by the management.

12. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18 " Related Party Disclosures" are given below:

(a) List of Related Parties

Key Management Personnel and Relatives (Group A) (i) Mr. R.K. Bagrodia - (Chairman cum Managing Director) (ii) Mrs. Sneh Bagrodia - (Director & Wife of Managing Director) (iii) Mr. Shantanu Bagrodia - (Son of Managing Director)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) Indfish Ltd.

(ii) Innovative Enterprises

(iii) Indo Australia Mining Pvt.Ltd.

(b) Details of transactions with related parties during the year 2012-2013 :

13. Previous year''s figures have been regrouped/rearranged, wherever necessary so as to make them comparable with those of current year''s figures.


Mar 31, 2012

A) Company has not issued any shares during the year

b) The holder of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.

(c) Following Shareholders hold equity shares more than 5% of the total equity shares of the company at the end of the peirod :-

NOTES:

1. Term loans from financial institutions & Banks are secured by Vehicles and 1 st charge on immoveable property (present) in the name of Jay Ditya Anand Developers Pvt. Ltd. situated at D-61, Okhla Industrial Area, Phase-I, New Delhi ranking pari-pasu with the charges created in favour of participating financial institutions and Banks.

2. Loan from others parties are unsecured.

3. There has been no continuing default on the balance sheet date in repayment of loan and interest.

4. The term loans are repayable generally over a period of three to five years in installments as per the terms of the respective agreements.

5. The Company has not provided interest on foreign currency loan amounting to Rs. 1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

6. The Company has short provided income tax liability for financial year ended 31-03-2012 to the extent of Rs. 5750000/- as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

7. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

8. Balances of debtors, unsecured loans, loans and advances, sundry creditors, advance under capital work in progress and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

9. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon'ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

10. In the opinion of the Management, Current Assets, Loans and Advances, Fixed Assets and Capital work in progress have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

11. CONTINGENT LIABILITIES:

(To the extent ascertained by the management)

a) Disputed demand/claims of Excise/Sales Tax/Income Tax etc. amounting to Rs. 87,62,118.00 (previous year Rs. 32,94,322.00) not provided.

b) Other claim against the company not acknowledged as debt amounting Rs 34,39,480.00 (Previous year Rs. 34,39,480.00).

12. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of advances) Rs. NIL (Previous year Rs. NIL)

13. Small scale industrial undertakings to whom the company owes sums of Rs. Nil (Previous year Rs. nil) to the extent identification from available information.

14. EXPENDITURE IN FOREIGN CURRENCY

15. . As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard -17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

16. The company had purchased assets on hire purchase amounting to Rs. 1912531.00 Amount payable as on 31st March 12 513436.44 (previous year Rs.976934.64) Amount payable within one year 268016.00 (previous year Rs. 463498.00)

17. Related Party Disclosures :

Disclosures as required by the Accounting Standard -18" Related Party Disclosures" are given below:

(a) List of Related Parties

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia - (Chairman cum Managing Director)

(ii) Smt. Sneh Bagrodia - (Director & Wife of Managing Director)

(Hi) Mr. Shantanu Bagrodia - (Son of Managing Director)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have

substantial interest (Group B)

(i) Indfish Ltd.

(ii) R.K. Bagrodia (HUF)

(Hi) Shree International

(b) Details of transactions with related parties during the year 2011-2012 :

18. Previous year's figures have been regrouped/rearranged, wherever necessary so as to make them comparable with those of current year's figures.


Mar 31, 2010

1. Additions/ (deductions) to Plant & Machinery includes (Rs.63,46,295.76) {previous year Addition Rs. 1,19,93,515.93) being exchange difference on foreign currency loan.

2. Depreciation in earlier years on Plant & Machinery, Building & Electrical installation has been provided in proportion to actual capacity utilization Vis a vis installed capacity, resulting in lower provision by amounting to Rs. 3,56,73,039.70 till date (previous year Rs. 3,56,73,039.70).

3. The Company has not provided interest on foreign currency loan amounting to Rs.1,81,31,810.62(previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable.

4. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

5. Balances of debtors, unsecured loans, loans and advances, sundry creditors, advance under capital work in progress and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

6. Finished goods inventory include material amounting to Rs. 2,09,380.00/-(Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Honble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

7. In the opinion of the Management, Current Assets, Loans and Advances, Fixed Assets and Capital work in progress have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

8. Loan from Others under Unsecured Loans includes Rs. 4,93,06,676.40 received from bodies corporate (previous year Rs. 5,56,52,972.16).

9. CONTINGENT LIABILITIES:

(To the extent ascertained by the management) i) Disputed demand/claims of Excise/Sales Tax/Interest on cash credit from bank etc. amounting to Rs. 32,94,322.00 (previous year Rs. 90,69,570.00) not provided. ii) Other claim against the company not acknowledged as debt amounting Rs 34,39,480.00 (Previous year Rs. 46,54,340.00).

10. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of advances) Rs. NIL (Previous year Rs. NIL)

11. Small scale industrial undertakings to whom the company owes sums of Rs.nil (Previous year Rs. nil) to the extent identification from available informations.

12 As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard -17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

13 The company had purchased assets on hire purchase amounting to Rs.763846

Amount payable as on 31 st March 10 418849.34 (previous year Rs.722309.96)

Amount payable within one year 236124.00(previous year Rs.*439524.00)

- including interest

14. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18" Related Party Disclosures" are given below: (a) List of Related Parties

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia - (Chairman cum Managing Director)

(ii) Smt. Sneh Bagrodia - (Director & Wife)

(iii) Mr. Shantanu Bagrodia - (Son)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) IndfishLtd.

(ii) R.K. Bagrodia (HUF)

(iii) Shree International

15 Previous years figures have been regrouped/rearranged, wherever necessary so as to make them comparable with those of current years figures.

 
Subscribe now to get personal finance updates in your inbox!