Jun 30, 2014
I) TDS on interest other than interest on securities, salary, & fee for
professional & Technical services u/s 194-A, 192 & 192-J respectively,
of Income Tax Act, 1961 have not been deducted and deposited in time.
Interest and penalty on delayed deposit if any, will be accounted for
on cash basis.
ii) Leave encashment by the employees of the company except in the case
of his or her death while in service is not allowed by the Company.
Leave liability is, therefore, accounted for on cash basis.
iii) Professional Taxes and Trade License Fees are to be accounted for
on cash basis.
iv) Balance Confirmation Certificates from Debtors, Creditors and Banks
are awaited from the respective parties.
x) In accordance with the requirements under the Accounting Standard
(AS-22), Deferred Tax
Assets (net) at the year end arising out of carry forward Business
losses, carry forward of Long Term Capital Loss and unabsorbed
depreciation has not been recognized in the current year in the
accounts. The accounting treatment is in line with prudential
accounting norms and recommendations under AS-22.
v) There is no impairment of assets. The management expects to recover
amount higher than the carrying value of fixed assets.
vii) The Company has operated in one segment only during the year ended
on 30th June, 2014 and hence, Segment Reporting as per AS-17 issued by
the ICAI is not applicable.
ix) Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, demand deposits with
banks, other short-term highly liquid investments with original
maturities of three months or less.
x) Long Term Loans
a) Term Loan from Sugar Development Fund (SDF) of Rs. 1337 lakhs is
secured by creating second charge on its fixed assets in favour of
Central Government.
b) Cash Credit borrowing from Bank of India are secured by
hypothecation of stock of sugar, stores, spares and packing material.
c) Term Loan from IDBI is secured by way of mortgage of whole of the
movable properties of the company including its movable Plant &
Machinery, Machinery spares, Tools & accessories and other movables,
both present and future other than the movable Plant & Machinery on
which the company has already created charge in favour of Bank of India
(save and except book debts).
xi) Related Party Disclosure
a) Names of Related Parties:
Associate Companies: Shree Hanuman Sugar & Industries Limited
Key Managerial Personnel: Directors of the Company
b) Transaction entered into with related parties:
Shree Hanuman Sugar & Industries Ltd. During the year amounting to Rs.
177.68 lacs payable.
xii) Lease of sugar mill taken from M/s Shree Hanuman Sugar &
Industries Ltd. Has been determined in the year 2005-2006 and as per
the terms & conditions of the agreement entered into with the said
company, all the fixed assets of the company will be acquired by the
said company (erstwhile Lessor) at their gross value appearing in the
books of the company as on the date of transfer, subject to the
approval of the lending institutions for which they have agreed
principle.
xiii) Figure's of Previous Year have been re-arranged and re-grouped,
where ever considered necessary.
Jun 30, 2013
I) During the year the company has issued 49,00,000 bonus equity shares
to the existing Cumulative Convertible Preference Share Holders out of
the General Reserves of the company. The shares has been issued in the
following terms & conditions:- a) Bonus Equity shares has been issued
to 12% Cumulative Convertible Preference Share in the ratio of 7:1.
b) Bonus Equity shares has been issued to 3% Cumulative Convertible
Preference Share in the ratio of 4:1.
c) These shares shall rank pari passu in all respects with and carry
the same rights as the existing fully paid equity shares of the company
and shall be entitled to participate in full in any dividend to be
declared for financial year in which bonus shares are allotted.
ii) TDS on interest other than interest on securities, salary, & fee
for professional & Technical services u/s 194-A, 192 & 192-J
respectively, of Income Tax Act, 1961 have not been deducted and
deposited in time. Interest and penalty on delayed deposit if any, will
be accounted for on cash basis.
iii) Leave encashment by the employees of the company except in the
case of his or her death while in service is not allowed by the
Company. Leave liability is, therefore, accounted for on cash basis.
iv) Professional Taxes and Trade License Fees are to be accounted for
on cash basis.
v) Balance Confirmation Certificates from Debtors and Creditors are
awaited from the respective parties.
vi) In accordance with the requirements under the Accounting Standard
(AS-22), Deferred Tax Assets (net) at the year end arising out of carry
forward Business losses, carry forward of Long Term Capital Loss and
unabsorbed depreciation has not been recognized in the current year in
the accounts. The accounting treatment is in line with prudential
accounting norms and recommendations under AS-22.
vii) There is no impairment of assets. The management expects to
recover amount higher than the carrying value of fixed assets.
viii) The Company has operated in one segment only during the year
ended on 30th June, 2013 and hence, Segment Reporting as per AS-17
issued by the ICAI is not applicable.
ix) Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, demand deposits with
banks, other short- term highly liquid investments with original
maturities of three months or less.
x) Long Term Loans
a) Term Loan from Sugar Development Fund (SDF) of Rs. 1337 lakhs is
secured by creating second charge on its fixed assets in favour of
Central Government.
b) Cash Credit borrowing from Bank of India are secured by
hypothecation of stock of sugar, stores, spares and packing material.
c) Term Loan from IDBI is secured by way of mortgage of whole of the
movable properties of the company including its movable Plant &
Machinery, Machinery spares, Tools & accessories and other movables,
both present and future other than the movable Plant & Machinery on
which the company has already created charge in favour of Bank of India
(save and except book debts)
xi) Related Party Disclosure
a) Names of Related Parties
Associate Companies: Shree Hanuman Sugar & Industries Limited
Key Managerial Personnel: Directors of the Company
b) Advances due towards Shree Hanuman Sugar & Industries Limited
(Related Party) as on 30.06.2013 is Rs. 52.17 lakhs (Previous Year
Rs.369.72 lakhs)
xii) Lease of sugar mill taken from M/s Shree Hanuman Sugar &
Industries Ltd. Has been determined in the year 2005-2006 and as per
the terms & conditions of the agreement entered into with the said
company, all the fixed assets of the company will be acquired by the
said company (erstwhile Lessor) at their gross value appearing in the
books of the company as on the date of transfer, subject to the
approval of the lending institutions for which they have agreed
principle.
xiii) Figure''s of Previous Year have been re-arranged and re-grouped,
where ever considered necessary.
Jun 30, 2012
1. In some cases T.D.S have not been deducted and deposited in time.
Interest and penalty on T.D.S, Advance Tax & Income Tax dues, Dividend
Tax if any, will be accounted for on cash basis.
2. Leave encashment by the employees of the company except in the
case of his or her death while in service is not allowed by the
Company. Leave liability is, therefore, accounted for on cash basis.
3. Professional Taxes and Trade License Fees are to be accounted for
on cash basis.
4. Balance Confirmation Certificates from Debtors, Creditors and
Banks are awaited from the respective parties.
5. There is no amount due to Micro and Small Enterprises as on the
Balance Sheet date in excess of Rupees One lac to the extent such
parties have been identified from the available information/documents.
6. The Company has made an ad hoc provision for gratuity amounting to
Rs.46 lakhs during the year on the basis of calculation made by the
management and the same is considered adequate to cover liability on
account of Gratuity. However, no actuarial valuation has been
madeasperAS-15.
7. Depreciation on fixed assets has been provided on straight-line
basis as specified in clause 17(iv) of Accounting Policies stated
above.
8. In accordance with the requirements under the Accounting information
Assets (net) at the yearend arising out of carry
forward Business losses, carry forward of Long Term Capital Loss and
unabsorbed depreciation has not been recognized in the current year in
the accounts. The accounting treatment is in line with prudential
accounting norms and recommendations under AS-22.
9. There is no impairment of assets. The management expects to
recover amount higher than the carrying value of fixed assets.
10. The Company has operated in one segment only during the year ended
on 30th June, 2012 and hence, Segment Reporting as per AS-17 issued by
the ICAI is not applicable
11. Cash Flow Statement
Statement notified under the Companies (Accounting Standards) Rules,
2006.Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses associated with
investing or financing flows. The cash flows from operating, investing
and financing activities of the Company are segregated.
12. Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, demand deposits with
banks, other short- term highly liquid investments with original
maturities of three months or less.
13. Long Term Loans
a) Term Loan from Sugar Development Fund (SDF) of Rs. 1337 lakhs is
secured by creating second charge on its fixed assets in favor of
Central Government.
b) Cash Credit borrowing from Bank of India are secured by
hypothecation of stock of sugar, stores, spares and packing material.
c) Term Loan from IDBI is secured by way of mortgage of whole of the
movable properties of the company including its movable Plant &
Machinery, Machinery spares, Tools & accessories and other movables,
both present and future other than the movable Plant & Machinery on
which the company has already created charge in favor of Bank of India
(save and except book debts)
14. Lease of sugar mill taken from M/s Shree Hanuman Sugar &
Industries Ltd. Has been determined in the year 2005-2006 and as per
the terms & conditions of the agreement entered into with the said
company, all the fixed assets of the company will be acquired by the
said company (erstwhile Lesser) at their gross value appearing in the
books of the company as on the date of transfer, subject to the
approval of the lending institutions for which they have agreed
principle.
15. Figure''s of Previous Year have been re-arranged and re-grouped,
where ever considered necessary.
Jun 30, 2011
1. Estimated amount of contracts remaining to be executed on Capital
Account (net advances) and not provided for Rs. 749.46 lacs (P.Y. Rs.
749.46)
2. a) The Company has made an ad hoc provision for gratuity payable to
workers earlier years amounting to Rs. 233.61 lacs on the basis of
calculation made by I management.
b) Gratuity to staff employees of the Company is not payable by the
Company as | the terms and conditions of their appointment. No
provisions for gratuity has, thereto been made by the Company.
c) Leave encashment by the employees of the Company except in the case
of his/l death while in service is not allowed by the Company. Leave
liability is, thereof accounted for on cash basis.
3. Lease of the sugar mill taken from M/s Shree Hanuman Sugar &
Industries Ltd has b( determined in the year 2005-2006 and as per the
terms & conditions of the agree entered into with the said Company,
all the fixed assets of the Company will be acquit by the said Company
(erstwhile Less or) at their gross value appearing in the books of
Company as on the date of transfer, subject to the approval of the
lending institutions which they have agreed in principle.
4. Expenses of Rs. 434.59 lacs have been capitalized as capital work
in progress during year (Previous year Rs. 434.22 lacs).
5. Depreciation on Machinery had not been provided in the earlier
years as the factory cc not run during those years. However,
depreciation provided on Plant & Machinery du the year is inclusive of
earlier years depreciation.
6. a) Term Loan from Sugar Development Fund (SDF) of Rs 1337 lakhs is
secures creating second charge on its fixed assets in favor of the
Central Government
b) Cash Credit borrowings from Bank of India are secured by
hypothecation of stock sugar, stores, spares & packing materials, and
c) Term Loan from IDBI is secured by way of mortgage of whole of the
movable propel of the Company including its movable Plant & Machinery,
Machinery Spares, Too accessories and other movables, both present and
future other than the movie plant and machinery on which the company has
already created charge in favor Bank of India (save and except book
debts)
7. a) Balance confirmation certificates from various cane unions/
societies, loans, debtors, advances and deposits are awaited from the
respective parties.
b) There is no amount due to Small Scale Industrial Undertakings (SSI)
as on the Balance Sheet date to the extent such parties have been
identified from the available documents/ information.
8. Additional information pursuant to the provision of paragraph 3
and 4C of part-all of Schedule VI to the Companies Act, 1956.
9. As the Company''s business activity falls within single primary
segment the disclosure requirements of Accounting Standard (AS-17)
"Segment Reporting" issued by The Institute of Chartered
Accountants of India are not applicable.
10. Previous year''s figures have been regrouped and rearranged,
wherever considered necessary.
Jun 30, 2010
1. Estimated amount of contracts remaining to be executed on Capital
Account (net of advances) and not provided for Rs. 749.46 lacs (P.Y.
Rs. 749.46)
2. a) The company has made an ad hoc provision for gratuity for
earlier years amounting to Rs. 233.61 lacs during the preceding year on
the basis of calculation made by the management.
b) Gratuity to staff employees of the Company is not payable by the
Company as per the terms and conditions of their appointment. No
provision for gratuity has, therefore, been made by the Company.
c) Leave encashment by the employees of the company except in the case
of his/her death while in service is not allowed by the company. Leave
liability is, therefore, accounted for on cash basis.
3. Lease of the sugar mill taken from M/s. Shree Hanuman Sugar &
Industries Ltd has been determined in the Accounting Year 2005-06 and
as per the terms & conditions of the agreement entered into with the
said Company, all the fixed assets of the Company will be acquired by
the said Company (erstwhile Lesser) at their gross value appearing in
the books of the Company as on the date of transfer, subject to the
approval of the lending institutions for which they have agreed in
principle.
4. Expenses of Rs. 434.22 lacs have been capitalised as Capital
Work-in-Progress during the year (P. Y. Rs. 405.22 lacs).
An amount of Rs. 5332.55 lacs has been capitalised till date, as the
project is still under implementation, as certified by the management.
5. Depreciation on Machinery has not been provided during the year as
the factory could not run during the year and there is no need for such
provision.
6. a) Term Loan from Sugar Development Fund (SDF) of Rs. 1,337 lakhs
is secured by creating second charge on its fixed assets in favour of
the Central Government;
b) Cash Credit borrowings from Bank of India are secured by
hypothecation of stock of sugar, stores, spares & packing materials,
and
c) Term Loan from IDBI is secured by way of mortgage of whole of the
movable properties of the company including its movable Plant &
Machinery, Machinery Spares, Tools & accessories and other movables,
both present and future other than the movable plant and machinery on
which the company has already created charge in favour of Bank of India
(save and except book debts).
7. a) Balance confirmation certificates from various cane
unions/societies, loans, debtors, advances and deposits are awaited
from the respective parties.
b) There is no amount due to Small Scale Industrial Undertakings (SSI)
as on the Balance Sheet date to the extent such parties have been
identified from the available documents/information.
8. Additional information pursuant to the provision of paragraph 3
and 4C of part-II of Schedule- VI to the Companies Act, 1956.
9. As the Company's business activity falls within single primary
segment viz. sugar, the disclosure requirements of Accounting Standard
(AS-17) "Segment Reporting" issued by The Institute of Chartered
Accountants of India are not applicable.
10. Previous years figures have been regrouped and rearranged,
wherever considered necessary.
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