Mar 31, 2015
1. Terms/Rights attached to the Equity Shares
The Company has only one class of equity shares having a par value of '
10 per share. Each holder of equity shares is entitled to one vote per
share. The Company declares and pays dividends in Indian rupees.
2. In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. This distribution will
be in proportion to the number of equity shares held by the
shareholders.
3. The Company has not reserved any shares for issue under options and
contracts/commitments for the sale of shares/disinvestment.
4. The Company for the period of five years immediately preceding the
date of Balance Sheet has not:
i. Allotted any class of shares as fully paid pursuant to contract(s)
without payment being received in cash.
ii. Allotted fully paid up shares by way of bonus shares.
iii. Bought back any class of shares.
5. DISCLOSURES REGARDING EMPLOYEE BENEFITS :
i) Defined Contribution Plan: Employee benefits in the form of
Provident Fund is considered as defined contribution plan and the
contributions to Employees' Provident Fund Organisation established
under The Employees' Provident Fund and Miscellaneous Provisions Act
1952 is charged to the Statement of Profit and Loss of the year when
the contributions to the respective funds are due.
ii) Defined Benefit Plan: Retirement benefits in the form of Gratuity
are considered as defined benefit obligations and is provided for on
the basis of third party actuarial valuation, using the projected unit
credit method, as at the date of the Balance Sheet. As the Company has
not funded its liability, it has nothing to disclose regarding plan
assets and its reconciliation.
iii) As there is no change in number of employees as well as in their
remuneration during the year, third party acturial valuation has not
been done at the year end and estimated provision has been considered.
ix) Amount incurred as expense for defined contribution to Provident
Fund is ' 120805 (Previous Year ' 122254).
6. EXCEPTIONAL ITEMS
Compensation to employees on full & final settlement
7. CONTINGENT LIABILITIES AND COMMITMENTS
1. Contingent liabilities
a. Disputed Demand NIL (Previous Year NIL)
21.2 Commitments
a. Estimated amount of contracts remaining to be executed on capital
account and not provided for (Net of advances) Nil (Previous year Nil)
b. Uncalled liability on shares and other investments which are partly
paid ' NIL (Previous year ' NIL)
c. Other commitments ' NIL (Previous year ' NIL)
8. In accordance with the provisions of the Companies Act 2013,
effective from 1st April, 2014, the Company has reassessed the
remaining useful lives of its fixed assets prescribed by Schedule II to
the Act or actual useful life of assets, whichever is lower. In case of
any asset whose life has completed as above, the carrying value, net of
residual value of ' 4340421, as at April 1, 2014 has been adjusted to
the Surplus in the Statement of Profit & Loss and in other cases the
carrying value has been depreciated over the remaining of the revised
life of the assets and recognized in the Statement of Profit and Loss.
9. The figures for the previous period are re -grouped, wherever
necessary so as to be in conformity with the figures of the current
period's classification/disclosure.
10. INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES
As the Company has not procured any supply of materials, the provisions
of Micro, Small and Medium Enterprises Act, 2006 are not applicable
11. SEGMENT REPORTING (AS - 17)
As there is neither more than one business segment nor more than one
geographical segment, segment information as per AS - 17 is not
required to be disclosed
12. RELATED PARTY (Disclosure as per Accounting Standard AS - 18)
A) Related parties with whom transactions have taken place during the
year
Key Managerial Personnel
i) Sri Ramesh Kumar Haritwal, Managing Director & CEO
ii) Sri Saurabh Mittal, Non - Executive Chairman
Enterprise ownded/influenced by Key managerial personnel or their
relatives
i) Greenply Industries Ltd.
ii) Greenlam Industries Ltd.
Note : Related Party Relationship is as identified by the Company and
relied upon by the Auditors
13. CURRENTTAX:
In view of brought forward losses, provision for income tax is not
considered necessary
Mar 31, 2014
1 CONTINGENT LIABILITIES AND COMMITMENTS :
1.1 Contingent liabilities
a. Disputed Demand of Income Tax in Appeal Rs.NIL (Previous Year
Rs.7637154)
2 INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES :
As the Company has not procured any supply of materials, the provisions
of Micro, Small and Medium Enterprises Act, 2006 are not applicable.
3 SEGMENT REPORTING (UNDER ACCOUNTING STANDARD AS - 17 ISSUED BY ICAI)
:
As there is neither more than one business segment nor more than one
geographical segment, segment information as per AS - 17 is not
required to be disclosed.
4. CURRENT TAX:
In view of brought forward losses, provision for income tax is not
considered necessary
Mar 31, 2013
1. FIXED ASSETS:
Capitalised at acquisition cost including directly attributable costs
such as freight, insurance, installation charges and incidental
expenses for bringing the assets to its working condition for use.
2. INVENTORIES:
a) Stock of Raw Materials, Consumables, Stores and spare parts and
Goods under Process are valued at cost. Cost represents purchase price
and other costs for bringing inventories upto their present location
and condition and is generally determined on weighted average basis.
b) Finished goods are valued at lower of cost and net realisable value.
3. TAXATION:
Income-tax expenses comprises current tax and deferred tax charge or
release. The deferred tax charge or credit is recognised using current
tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognised only if there is virtual
certainty of realisation of such assets based on expected future
profits. Other deferred tax assets are recognised only to the extent
there is reasonable certainty of realisation in future. Such assets are
reviewed as at each Balance Sheet date to reassess realisation.
4. FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the time of the transactions.
b) In conformity with revised Accounting Standard (AS Â 11), issued by
the Institute of Chartered Accountants of India (ICAI), monetary items
denominated in foreign currencies at the year end and not covered by
forward exchange contracts are translated at year end rates and those
covered by forward exchange contracts are translated at the rate ruling
at the date of transaction as increased or decreased by the difference
between the forward rate and exchange rate on the date of transaction,
such difference having been amortised over the life of the contract.
c) Non-monetary items carried at historical cost are reported using the
rate at the date of transaction.
d) Other non-monetary items are carried at fair value, are reported
using the rate that existed when the fair values were determined.
5. CONTINGENT LIABILITIES :
Contingent Liabilities are not provided for but are disclosed by way of
Notes on Accounts.
6. VAT, SERVICE TAX & EDUCATION CESS
Various expenses are accounted for after deducting the refunds
receivable in respect of VAT, Service Tax & Education cess.
7. DEPRECIATION:
a) Depreciation on Fixed Assets is provided for on straight line method
in accordance with and generally at the rates specified in Schedule XIV
to the Companies Act, 1956.
b) Depreciation in respect of additions to assets has been charged on
pro rata basis with reference to the period of use of such assets. The
provision for depreciation for multiple shifts has been made on the
basis of the actual utilisation of respective eligible assets.
8. EMPLOYEE BENEFITS:
a) Short-term employee benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss for the year in
which the related service is rendered.
b) Post Employment and other long term employee benefits are charged
off in the year in which the employee has rendered services. The amount
charged off is recognised at the present value of the amounts payable
determined using actuarial valuation techniques. Actuarial gains and
losses in respect of past employment and other long term benefits are
charged to the Statement of Profit and Loss.
9.1 Amount due and outstanding to be credited to the Investor Education
and Protection Fund Nil (Previous Year Nil)
10.1 DISCLOSURES REGARDING EMPLOYEE BENEFITS
Defined Contribution Plan: Employee benefits in the form of Provident
Fund and ESIC are considered as defined contribution plan and the
contributions to Employees'' Provident Fund Organisation established
under The Employees'' Provident Fund and Miscellaneous Provisions Act
1952 and Employees'' State Insurance Act, 1948, respectively, are
charged to the Statement of Profit and Loss of the year when the
contributions to the respective funds are due.
Defined Benefit Plan: Retirement benefits in the form of Gratuity are
considered as defined benefit obligations and are provided for on the
basis of third party actuarial valuation, using the projected unit
credit method, as at the date of the Balance Sheet. As the Company has
not funded its liability, it has nothing to disclose regarding plan
assets and its reconciliation. Defined Benefit Obligation at the year
end amounted to Rs. 243029 (previous year Rs. 187206).
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
Para 132 of Accounting Standard 15 (revised 2005) does not require any
specific disclosures except where expense resulting from compensated
absence is of such size, nature or incidence that its disclosure is
relevant under Accounting Standard 5 or Accounting Standard 18. In the
opinion of the management the expense resulting from compensated
absence is not significant and hence no disclosures are prepared under
various paragraphs of AS 15 (revised 2005).
11. CONTINGENT LIABILITIES AND COMMITMENTS
11.1 Contingent liabilities
a. Disputed Demand of Income Tax in Appeal Rs. 7637154 (Previous Year Rs.
7637154)
12. INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES
As at 31st March, 2013, no supplier has intimated the Company about its
status as Micro or Small enterprises or its registration with the
appropriate authority under Micro, Small and Medium Enterprises Act,
2006. So, no disclosure is made. The Company has compiled this
information based on the current information in its possession.
13. SEGMENT REPORTING (Under Accounting Standard AS - 17 issued by
ICAI)
As there is neither more than one business segment nor more than one
geographical segment, segment information as per AS - 17 is not
required to be disclosed.
14. RELATED PARTY (Under Accounting Standard AS - 18 issued by ICAI)
A) List of Related Parties
Parties with whom the Company has entered into transactions during the
year
Parties where control exists
i) Greenply Industries Ltd.
ii) Sri Ramesh Kumar Haritwal, Managing Director & CEO
iii) Sri Saurabh Mittal, Non - Executive Chairman
Note : Related Party Relationship is as identified by the Company and
relied upon by the Auditors.
15. CURRENT TAX
In view of brought forward losses, provision for income tax is not
considered necessary.
Mar 31, 2012
1. SHARE CAPITAL :
1.2 There is no change in number of shares outstanding and so, no
reconciliation is given
2. OTHER CURRENT LIABILITIES :
1.1 Amount due and outstanding to be credited to the Investor Education
and Protection Fund Nil (Previous Year Nil)
3. EMPLOYEES BENEFITS EXPENSE
3.1 DISCLOSURES REGARDING EMPLOYEE BENEFITS
Defined Contribution Plan: Employee benefits in the form of Provident
Fund and ESIC are considered as defined contribution plan and the
contributions to Employees' Provident Fund Organisation established
under The Employees' Provident Fund and Miscellaneous Provisions Act
1952 and Employees' State Insurance Act, 1948, respectively, are
charged to the Statement of Profit and Loss of the year when the
contributions to the respective funds are due.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
Para 132 of Accounting Standard 15 (revised 2005) does not require any
specific disclosures except where expense resulting from compensated
absence is of such size, nature or incidence that its disclosure is
relevant under Accounting Standard 5 or Accounting Standard 18. In the
opinion of the management the expense resulting from compensated
absence is not significant and hence no disclosures are prepared under
various paragraphs of AS 15 (revised 2005).
4. CONTINGENT LIABILITIES AND COMMITMENTS
4.1 Contingent liabilities
a. Counter guarantees given to the banker/others in respect of the
others guarantees given by them, for removal of excisable goods/customs
duty Rs. Nil (Previous Year Rs. 15000000)
b. Disputed Demand of Income Tax in Appeal Rs. 7637154 (Previous Year
Rs. 7637154)
5. INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES
As at 31st March, 2012, no supplier has intimated the Company about its
status as Micro or Small enterprises or its registration with the
appropriate authority under Micro, Small and Medium Enterprises Act,
2006. So, no disclosure is made. The Company has compiled this
information based on the current information in its possession.
6. SEGMENT REPORTING (Under Accounting Standard AS - 17 issued by
ICAI)
As there is neither more than one business segment nor more than one
geographical segment, segment information as per AS - 17 is not
requires to be disclosed
7. RELATED PARTY (Under Accounting Standard AS - 18 issued by ICAI)
A) List of Related Parties
Parties with whom the Company has entered into transactions during the
year
Parties where control exists
i) Greenply Industries Ltd.
ii) Sri Ramesh Kumar Haritwal, Managing Director & CEO
iii) Sri Saurabh Mittal, Non - Executive Chairman
Note : Related Party Relationship is as identified by the Company and
relied upon by the Auditors.
8. CURRENT TAX
In view of loss for the current year, no provision is made for Income
Tax.
Mar 31, 2010
31.03.2010 31.03.2009
Rs. Rs.
1) CONTINGENT LIABILITIES
Contingent liabilities not
provided for:
i) Counter guarantees given
to the banker /others in
respect of the others guarantees
given by them, for removal
of excisable goods/customs duty 15000000 15000000
ii) Disputed Demand of Income
Tax in Appeal 7637145 7637145
2. Segment Reporting (Under Accounting Standard AS -17 issued by ICAI)
Segment information has been prepared in conformity with the accounting
policies adopted for preparing and presenting the financial statements
of the Company. As part of Secondary reporting, revenues are attributed
to geographical areas based on the location of the customers. The
following table present the revenue, profit, assets and liabilities
information relating to the business / geographical segment for the
year ended 31st March, 2010.
NOTES:
a) Segment Assets and Liabilities :
All Segment Assets and liabilities are directly attributable to the
segment. Segment assets include all operating assets used by the
segment and consist principally of fixed assets, inventories, sundry
debtors, advances and operating cash and bank balances. Segment assets
and liabilities do not include investments, inter-corporate deposits
and advances, share capital, reserves and surplus, borrowings,
provision for gratuity, proposed dividend and income tax (both current
and deferred).
b) Segment Revenue and Expenses :
Segment revenue and expenses are directly attributable to the segment.
It does not include dividend income, profit on sale of investments,
interest expense , other expenses which cannot be allocated on a
reasonable basis and provision for income tax (both current and
deferred).
3. Related Party Disclosures (under Accounting Standard AS - 18
issued by ICAI)
A) List of Related Parties
Parties with whom the Company has entered into transactions during the
year
Parties where control exists
i) Greenply Industries Ltd.
ii) Sri Shiv Prakash Mittal, Chairman
iii) Sri Ramesh Kumar Haritwal, Managing Director & CEO
iv) Sri Saurabh Mittal, Director
Note : Related Party Relationship is as identified by the Company and
relied upon by the Auditors.