Mar 31, 2015
1 : DEFERRED TAX ASSETS (NET)
The Company has recognized deferred tax arising on account of timing
differences, being the difference between the taxable income and
accounting income, that originates in one period and Is capable of
reversal in one or more subsequent period(s) in compliance with
Accounting Standard (AS 22) - Accounting for Taxes on income. The
major components of deferred tax (liabilities/assets) arising on
account of timing
2. Based on and to the extent of information obtained from suppliers
regarding their status as Micro, Small or medium enterprises under the
Micro, Small and Medium Enterprises Development Act, 2006, there are
amounts due to them to the extent identified as at the end of the year
but no provision of interest has been made in Books of Accounts. M/s.
Kay Bee Salts (P) Ltd. : Rs. 1.31 lakhs
3.Wages & Salaries includes provision for Gratuity of Rs.1460016.00 and
Earned Leave of Rs.326262.00. during the financial year 2014-15 and
the same has been included in the Statement of Profit and Loss in Note
21.
4.The Company is manufacturing various products, which are similar in
nature of paper and Paper Board. All the products are manufactured
after recycle of paper. Therefore, according to manage- ment this is a
single segment company as envisaged in the Accounting Standard 17
(AS17) on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI). As such, the segment reporting are not
applicable.
5.The Company has not made Provision for Current Tax under MAT as the
carry forward Loss/ . depreciation as per Income Tax Act is more than
Book Profit.
6.A) Deferred Tax has been accounted in accordance with the requirements
of standard on "Taxes on Income" (AS 22).
B) The major components of the Deferred Tax Assets/Liabilities, based
on tax effect of the timing differences, as at 31st March 2015 are as
under:
7.Balances of Debtors, Loans and Advances, Secured Loans, Sundry
Creditors & Others are subject to confirmation and reconciliation and
consequential adjustments, if any.
8.Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Statement of Profit & Loss.
9.During the current year there is a prior period income of Rs.
1,84,172.00 and company has written off Insurance claim of Rs.
29,22,837.00
10.The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped/reclassified wherever
necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2014
1. Terms/rights attached to equity shares.
The Company has issued Equity shares having a face value of Rs. 10/- .
Each holder of Equity Shares is entitled to one Vote per share. The
Dividend proposed by the Board of Directores, if any, is subject to the
approval of shareholders in Annual General Meeting. In the event of
liquidation of the company the holder of the Equity shares will be
entitled to receive remaining assets of the company after settlement of
all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the equity shareholders.
2. : DEFERRED TAX ASSETS (NET)
The Company has recognized deferred tax arising on account of timing
differences, being the difference between the taxable income and
accounting income, that originates in one period and Is capable of
reveral in one or more subsequent period(s) in compliance with
Accounting Stanadrd (AS 22) - Accounting for Taxes on income.
3 Note: Other Current Assets includes Claim receivable of
FireClaimofRs.74.28lacsagainstloss cost due to fire that occurred on
28.08.2004andthe same was decreed in favour of the com- pany by Orissa
State Consumer Forum. But the insurer l.e. The New lndia Assurance
Company Ltd. have preferred an appeal to National Consumer Forum and
the same is pending till date.
4. Cenvat Credit
CENVAT credit on purchase of Chemical,Consumables & Capital goods
availed by the Company has been adjusted against the purchase price of
the respective items.
5. Contingent Liabilities 31st March,14 31st March,13
(Rs.in lacs) (Rs.in lacs)
i. Excise Duty 38.93 38.93
(The Case is pending before
Hon''ble High Court of Orissa.)
ii. C E S C O (The Case is pending 190.37 190.37
before National Consumer Forum,
New Delhi)
iii. C E S C O (The Case is pending 22.70 22.70
before Hon''ble High Court of Orissa)
iv. C E S C O-Electricitiy Duty
(Electricity duty is not payable as per
BIFR Sanctioned Scheme and the
case is pending before the Hon''ble
High Court of Orissa) 78.74 45.76
6. Based on and to the extent of information obtained from suppliers
regarding their status as Micro, Small or medium enterprises under the
Micro, Small and Medium Enterprises Development Act, 2006, there are
amounts due to them to the extent identified as at the end of the year
but no provision of interest has been made in Books of Accounts.
M/s. Kay Bee Salts (P) Ltd. : Rs. 1.53 lakhs
7. Wages & Salaries includes provision for Gratuity of Rs.840626.00 as
on 31.03.14 and Earned Leave of Rs.202607.00. The provision has been
made in the Statement of Profit and Loss in Note 21.
8. The Company is manufacturing various products, which are similar in
nature of paper and Paper Board. All the products are manufactured
after recycle of paper. Therefore, according to manage- ment this is a
single segment company as envisaged in the Accounting Standard 17
(AS17) on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI). As such, the segment reporting are not
applicable.
9. The Company has not made Provision for Current Tax under MAT as the
carry forward Loss/. depreciation as per Income Tax Act is more than
Book Profit.
10. A Name of the related parties and relationship
i Enterprises over which Key
Management Personnel exercise
significant interest: i) Yash Commercial Corporation
ii) Yash Transport Corporation
iii) Harishankar Paper Products
Pvt. Ltd.
iv) Abhishek Enterprises
v) Tirupati Kagads Pvt. Ltd.
ii Key Managerial Personnel i) Shiv Shankar Taparia
Managing Director
ii) Anil Kumar Gilra
Whole time Director
11. Previous year figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2013
1: Micro, Small and Medium Enterprises
Based on and to the extent of information obtained from suppliers
regarding their status as Micro, Small or medium enterprises under the
Micro, Small and Medium Enterprises Development Act, 2006, there are
amounts due to them to the extent identified as at the end of the year
but no provision of interest has been made in Books of Accounts.
M/s.KayBee Salts (P) Ltd. : Rs. 2.53 lakhs
2 :Employee Benefit Expenses in accordance with revised AS-15
Wages & Salaries includes provision for Gratuity of Rs. 1144634.00
lakhs as on 31.03.13 and Earned Leave of Rs.427479.00 lakhs. The
provision has been made in the Statement of Profit and Loss in
Note 21.
3 : Segment Reporting
The Company is manufacturing various products, which are similar in
nature of paper and Paper Board. All the products are manufactured
after recycle of paper. Therefore, according to manage- ment this is a
single segment company as envisaged in the Accounting Standard 17 (AS
17) on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI). As such, the segment reporting are not
applicable.
4 : Current Tax
The Company has made Provision for Current Tax under MAT on taxable
income @ 19.06% .
5 : Related party disclosures A Name of the related parties and
relationship
i Enterprises over which Key Management
Personnel exercise significant interest: i) Yash Commercial Corporation
ii) Yash Transport Corporation
iii) Harishankar Paper Products Pvt. Ltd.
iv) Abhishek Enterprises
v) Rashi Paper House (P) Ltd.
vi) Tirupati Kagads Pvt. Ltd.
ii Key Managerial Personnel i) Ratan Kumar Gilra Chairman ii) ShivShankarTaparia Managing Director iii) Anil Kumar Gilra
Whole time Director
6: Previous year figure
Previous year figures have been regrouped/redassified wherever
necessary to correspond with the current year''s
classification/disclosure,
Mar 31, 2012
1: DEFERRED TAX ASSETS (NET)
The Company has recognized deferred tax arising on account of timing
differences, being the difference between the taxable income and
accounting income, that originates in one period and Is capable of
reveral in one or more subsequent period(s) in compliance with
Accounting Stanadrd (AS 22) - Accounting for Taxes on income. The
major components of deferred tax (liabilities/assets) arising on
account of timing differences as at 31st March, 2012 are as follows:
2 As per Sanction Scheme of Board for Industrial and Financial
Reconstruction (BIFR) dated 17.03.2011 the following reliefs 8t
concessions mentioned in the Scheme:
I. Under the Head Industries Department, Electricity Duty has been
exempted for a period of 7 years from the date of sanction of the
Scheme. But the Elecricity Department (CESU) are raising the monthly
Bill including Electricity duty. In this matter Power supply has been
disconnected by CESU by demanding Electricity Duty, the Company
preferred an appeal in Orissa High Court, and the Court has passed an
order in Our favour on dated 16.11.2011, not to disconnect Power supply
on the ground of non payment of Electricity duty. Accordingly,the
company has not made provision in the Statement of Profit and Loss for
the period May 2011 to March 2012 amounting to Rs. 23.06 lakhs.
II. Under the Head Sales Tax Department, Sales Tax Deferment dues is
to be paid within a period of 5 years in yearly installments from the
date of sanction of the scheme. Accordingly, the company is paying the
Sales Tax Deferment dues.
3 : Advance received
The company has received advance Rs. 85.75 lakhs during the year from
M/s. Hari Shanker Paper Products (P) Ltd.,and the amount includes in
year end balance and the same is shown in related party transaction in
Note 35.
4: Advance against expenses
ILoans and Advances in Note 12 includes Fire Claim of Rs.74.28 lakhs
against loss caused due to ^fire, that occurred on 28.08.2004 and the
same was decreed in favour of the company by Orissa - Ãæ State-Consumer
Forum. Bat the insurer i.e. The-New India Assurance Co. Limited have
preferred an appeal to National Consumer Forum and the same is pending
till date.
5: Micro, Small and Medium Enterprises
Based on and to the extent of information obtained from suppliers
regarding their status as Micro, Small or medium enterprises under the
Micro, Small and Medium Enterprises Development Act, 2006, there are
amounts due to them to the extent identified as at the end of the year
but no provision of interest has been made in Books of Accounts.
6: Segment Reporting
The Company is manufacturing various products, which are similar in
nature of paper and Paper Board. All the products are manufactured
after recycle of paper- Therefore, according to manage- ment this is a
single segment company as envisaged in the Accounting Standard 17
(AS17) on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI). As such, the segment reporting are not
applicable.
7: Current Tax
The Company has made Provision for Current Tax under MAT on taxable
income @ 18.54& .
8: Deferred Tax Assets
A) Deferred Tax has been accounted in accordance with the requi rements
of Accounting standard on "Taxes on Income'' (AS 22).
B) The major components of the Deferred Tax Assets/Liabilities, based
on tax effect of the timing differences, as at 31st March 2012, are as
under:
9 : Previous year figure
The revised Schedule VI has become effective from 1st April 2011 for
the preparation of Financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2010
1. CENVAT credit on purchase of Chemical, Consumables and Capital goods
availed by the Company has not been adjusted against the purchase price
of the respective items as the Company was default in payment of
Central Excise dues.
2. Contingent liabilities As at As at 31.03.09
31,03.10 (Rs. in lakhs)
(Rs. in lakhs)
i Excise Duty 38.93 38.93
(Matter is pending before
Honble High Court of Orissa.)
ii. Excise Duty
(An Appeal is filed before 10.18 -
CESTAT, Kolkata)
iii.Excise Duty 11.62 -
(An Appeal is filed before
CESTAT, Kolkata)
iv. CESCO (Company not accepting the 190.37 190.37
claim & hence no provision has
been made. An appeal is pending
before National Consumer Forum,
New Delhi)
v. CESCO (Company not accepting the 22.70 22.70
claim & hence no provision has been
made. " An appeal is pending before
Orissa High Court, Cuttack.)
vi. E.S.I.C (Company not accepting the
claim 11.22 30.19
& hence nc provision has been made.
An appeal is pending before E.S.I.C.,
Commissioner).
3. Repairs & Maintenance includes repairs to Plant & Machinery
Rs.6890422.68 (Rs.17816191.71) Building Rs.59430.00 (Rs.104350.00) &
Others Rs.100220.31 (Rs.117813.21).
4. Loans and Advances include:
i. Rs.2,08,800.00 receivable from Shipping Liner M/s. APL
AgenciesLtd., for which execution has been filed in Kolkata High Court
and the same is pending.
ii. Fire Claim of Rs.7428178.00 against loss caused due to fire, that
occurred on 28.08.2004 and the same was decreed in-favour of the
company by Orissa State Consumer Forum. But the insurer i.e The New
India Assurance Co. Limited have preferred in appeal to National
Conusmer Forum and the same is pending till date.
5. The Company has filed suits for recovery of outstanding dues from
Sundry Debtors amounting to Rs.619275.76 (619275.76) against dishonour
of cheques which are pending in courts.
6. Based on and to the extent of information obtained from suppliers
regarding their status as Micro, Small or medium enterprises under the
Micro, Small and Medium Enterprises Development Act, 2006, there are
amounts due to them to the extent identified as at the end of the year
but no provision of interest has been made in Books of Accounts.
M/s. Kay Bee Salts (P) Ltd. : Rs. 372103.00
7. Wages & Salaries includes provision for Gratuity of Rs.641508.00-as
on 31.03.10 and Earned Leave of Rs.168672.00. The provision has been
made in the books of account due to application of Accounting Standards
- 15.
8. The Company is manufacturing various products, which are similar
in nature of paper and Paper Board. All the products are manufactured
after recycle of paper. Therefore, according to management this is a
single segment company as envisaged in the Accounting Standard 17
(AS17) on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI). As such, the segment reporting is not
required.
9. The Company.has made Interest provision in books of account
relating to loan from State Bank of India on Outstanding. Balance of
One Time Settlement (OTS) amount. But interest has not been provided on
One Time Settlement amount of Orissa State financial Corporation (OSFC)
and Industrial Promotion and -Investment Corporation of Orissa Limited
(IPICOL) as per their OTS Scheme.
10. The net worth of the company has been completely eroded, the unit
has been declared sick by BIFR under case No. 311/2004 vide their
minutes dated 30.11.2005, and the rehabilitation package had been
submitted to operating agency and the same is pending for consideration
and submission to BIFR.
11. The One Time Settlement (OTS) payment of State Bank of India was
cleared by the Company on 23.06.2010 but the company has not written
back the amount of Rs. 149337515.17, being the balance amount of Loan
outstanding which is no longer payable. The same will be written back
on sanction of the scheme by BIFR.
12. In Profit & Loss Account the company has written off Rs.3626325.00
on settlement of fire claim by The New India Assurance Company Limited
against fire occurred. on 23.04.2009.
13. The Company was default in payment of Sales Tax deferment dues in
March, 2010 of Rs.19.91 lakhs. However, company has paid subsequently
Rs. 6.00 lakhs.
14. A) Deferred Tax has been accounted in accordance with the
requirements of
Accounting standard on "Taxes on Income" (AS 22).
15. RELATED PARTY DISCLOSURES:
A) List of related parties & Associates
i. Yash Commercial Corporation
ii. Yash Transport Corporation
iii. Hari Shankar Paper Products Pvt. Ltd.
Directors
i. Ratan Kumar Gilra
Chairman & Managing Director
ii. Anil Kumar Gilra
Whole time Director
iii. Shiv Shankar Taparia
16. The figures of the previous year have been re-grouped, re-casted
and/or re-arranged where ever necessary.
17. The figures ofthe previous year have been kept in bracket wherever
necessary.