Mar 31, 2016
Rights, Preferences and restrictions attached to the Shares:
1. Equity Shares:
Equity shares rank pari passu as regards to dividend and voting rights. Each share has one vote.
2. Preference Shares
Preference shares have right to preferential dividend of 10% per annum on cumulative basis and also for redemption of principal over the equity shares. Preference share holders have right to vote only on the matters concerning the preference shares.
3. Loans from bank is primarily secured by first charge on inventory, trade receivables and other current assets.
4. The Bank Loan is also collaterally secured by way of first charge on Fixed Assets of the Company including EM of Factory Land and Buildings situated at S No 31 & 39 in Nasthipur Village, Hathnura Mandal, Medak District
The company have not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprises Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the year end to whether with interest paid/payable as required under the said Act has not been given.
5. Raw material, Packing material and Stores and Spares are valued at cost on weighted average.
6. Work in process is taken at cost at various stages of production.
7. Finished goods are valued at lower of the cost or Net Realizable Value.
8. RELATED PARTY DISCLOSURES:
Related parties with whom company entered into transactions during the year:
9. List of Related Parties:
10. Key Management Personnel and Enterprises:
11. P. Prakash Pai, Director
12. P. Ananth Pai, Director
13. P. Abhijeet Pai, Director
14. P. Ashwini Pai, Director
(v) G. S. Ram, Whole Time Director
15. Enterprises / Entities having Common Key Management Personnel
16. Puzzolana Machinery Fabricators (HYD) LLP
17. Soubhagya Confectionery Private Limited
18. CONTIGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
19. Claims against the Company not acknowledged as debts:
20. From Commissioner of Customs, Chennai in respect of Advance licenses not fulfilled within the stipulated time though extension and clubbing of such licenses have been allowed by the Licensing authority Rs. 18,000,000 (Previous year Rs. 18,000,000). The company has received order in favour of the company from Commissioner of Customs, Chennai Vide order No. 10404/2009 dt 23-12-2009. However the department has preferred an appeal before the appellate tribunal against the order issued by Commissioner Customs, (Seaport-Export).
21. From Directorate of Revenue Intelligence, Chennai in respect of alleged non fulfillment of export obligation for Rs. 31,900,000 (Previous year Rs. 31,900,000)
22. Accrued and unpaid preference dividend Rs. 123,092,800 (previous year Rs. 115,696,200)
23. Balances of Trade receivables, payables and loans & advances are subject to confirmation and reconciliation.
24. Figures have been rounded off to the nearest rupee.
25. Previous yearâs figures have been regrouped / reclassified where ever necessary to conform to the current year''s classification.
Mar 31, 2015
The Company has with effect from 1st April 2014, adopted estimated
useful life of fixed assets as stipulated by Schedule II to the
Companies Act 2013, applicable for accounting periods commencing 01st
April 2014 or re-assessed useful life based on technical evaluation.
Accordingly, depreciation of Rs. 1167080 on account of assets whose
useful life is already exhausted as on 01st April 2014 has been
adjusted against Surplus In Profit and Loss Account. The consequential
impact (after considering the transition provision specified in Part C
of Schedule II of Companies Act, 2013) on the depreciation charged and
on the results for year to date is not material.
The company have not received any intimation from suppliers regarding
their status under the Micro, Small & Medium Enterprises Act 2006 and
hence disclosures if any, relating to amounts unpaid as at the year end
to whether with interest paid/payable as required under the said Act
has not been given.
1. Loans from bank is primarily secured by frst charge on inventory,
trade receivables and other current assets.
2. The Bank Loan is also collaterally secured by way of first charge
on Fixed Assets of the Company including EM of Factory Land and
Buildings situated at S No 31 & 39 in Nasthipur Village, Hathnura
Mandal, Medak District
3. Raw material, Packing material and Stores and Spares are valued at
cost on weighted average cost.
4. Work in process is taken at cost and finished goods are valued at
lower of the cost or Net Realizable Value.
5. RELATED PARTY DISCLOSURES:
Related parties with whom company entered into transactions during the
year:
(i) List of Related parties:
(a) Key Management Personnel and Enterprises:
(i) P. Prakash Pai, Director
(ii) P. Ananth Pai, Director
(iii) P. Abhijeet Pai, Director
(iv) P. Ashwini Pai, Director
(v) G. S. Ram, CEO, Whole Time Director
(vi) Dilip Mangesh Kalelkar, Whole Time Director (Technical)
(b) Enterprises / Entities having Common Key Management Personnel
i. Puzzolona Machinery Fabricators (Hyd ) LLP ii. Soubhagya
Confectionery Private Limited
6. CONTIGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
1. Claims against the Company not acknowledged as debts:
a) From Commissioner of Customs, Chennai is respect of Advance licenses
not fulfilled within the stipulated time though extension and clubbing
of such licenses have been allowed by the Licensing authority Rs.
18,000,000 (Previous year Rs. 18,000,000). The company has received
order in favor of the company from Commissioner of Customs, Chennai
Vide order No. 10404/2009 dt 23-12-2009. However the department has
preferred an appeal before the appellate tribunal against the order
issued by Commissioner Customs, (Seaport-Export).
b) From Directorate of Revenue Intelligence, Chennai respect of alleged
non fulfillment of export obligation for Rs. 31,900,000 (Previous year
Rs. 31,900,000)
2. Accrued and unpaid preference dividend Rs.115,696,200 (previous
year Rs. 108,299,600)
7. Balances of Trade receivables, payables and loans & advances are
subject to confirmation and reconciliation.
8. Figures have been rounded off to the nearest rupee.
9. Previous years figures have been regrouped / reclassified where
ever necessary to conform to the current year's classification.
Mar 31, 2014
1.1. Loans from bank is primarily secured by first charge on
inventory, trade receivables and other current assets
1.2. The Bank Loan is also collaterally secured by way of first charge
on Fixed Assets of the Company including EM of Factory Land and
Buildings situated at S No 31 & 39 in Nasthipur Village, Hathnura
Mandal, Medak District.
2.1 Raw material, Packing material and Stores and Spares are valued at
weighted averag cost.
2.2 Work in process and finished goods are valued at lower of the cost
or Net Realisable Value
3. RELATED PARTY DISCLOSURES:
Related parties with whom company entered into transactions during the
year:
(i) List of Related parties:
(a) Key Management Personnel and Enterprises:
(i) P. Prakash Pai, Director
(ii) P. Ananth Pai, Director
(iii) P. Abhijeet Pai, Director
(iv) P. Ashwini Pai, Director
(v) G. S. Ram, CEO, Whole Time Director
(vi) Dilip Mangesh Kalelkar, Whole Time Director (Technical)
(b) Enterprises / Entities having Common Key Management Personnel
i. Puzzolona Machinery Fabricators
ii. Soubhagya Confectionery Private Limited
iii. Lotus Choco Uganda Limited
The company has identified all related parties and details of
transactions are given below. There are no other related parties
Note : We have not paid any managerial remuneration to Ms. Ashiwini Pai
4. CONTIGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
1. Claims against the Company not acknowledged as debts:
a) From Commissioner of Customs, Chennai is respect of Advance licenses
not fulfilled within the stipulated time though extension and clubbing
of such licences have been allowed by the Licensing authority
Rs.18,000,000 (Previous year Rs.18,000,000). The company has received
order in favour of the company from Commissioner of Customs, Chennai
Vide order No. 10404/2009 dt 23-12-2009. However the department has
preferred an appeal before the appellate tribunal against the order
issued by Commissioner Customs, (Seaport-Export).
b) From Directorate of Revenue Intelligence, Chennai in respect of
alleged non fulfillment of export obligation for Rs 31,900,000 (Previous
year Rs 31,900,000)
2. Accrued and unpaid preference dividend Rs 108,299,600 (previous year
100,903,000)
5. Balances of Trade receivables,payables and loans & advances are
subject to confirmation and reconciliation.
6. Figures have been rounded off to the nearest rupee.
7. Previous years figures have been regrouped / reclassified where
ever necessary to conform to the current year''s classification.
Mar 31, 2013
1 RELATED PARTY DISCLOSURES:
Related parties with whom company entered into transactions during the
year: (i) List of Related parties:
(a) Key Management Personnel and Enterprises:
(i) P. Prakash Pai, Director
(ii) P. Anantha Pai, Director
(iii) Abhijeet Pai, Director
(iv) Ashwini Pai, Director
(v) G. S. Ram, CEO, Whole Time Director
(vi) Dilip Mangesh Kalelkar, Whole Time Director (Technical)
(b) Enterprises / Entities having Common Key Management Personnel
i. Puzzolona Machinery Fabricators ii. Lotus Choco Uganda Limited
2. CONTIGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
1. Claims against the Company not acknowledged as debts:
a) From Commissioner of Customs, Chennai is respect of Advance licenses
not fulfilled within the stipulated time though extension and clubbing
of such licences have been allowed by the Licensing authority Rs..
18,000,000 (Previous year Rs.. 18,000,000). The company has received
order in favour of the company from Commissioner of Customs, Chennai
Vide order No. 10404/2009 dt 23.12.2009.
However the department has preferred an appeal before the appellate
tribunal against the order issued by Commissioner Customs,
(Seaport-Export).
b) From Directorate of Revenue Intelligence, Chennai respect of alleged
non fulfillment of export obligation for Rs.. 31,900,000 (Previous year
Rs.. 31,900,000)
2. Accrued and unpaid preference dividend Rs.. 108,299,600 (previous
year Rs.. 100,903,000)
3. Balances of Trade receivables, payables and loans & advances are
subject to confirmation and reconciliation.
4. Figures have been rounded off to the nearest rupee.
5. Previous years figures have been regrouped / reclassified where
ever necessary to conform to the current year''s classification.
Mar 31, 2012
(A Rights, Preferences and restrictions attached to the Shares:
(i) Equity Shares:
Equity shares rank pari passu as regards to dividend and voting rights.
Each share has one vote.
(ii)Preference Shares
Preference shares have right to preferential dividend of 10% per annum
on cumulative basis and also for redemption of as to principal over the
equity shares. Preference share holders have right ot vote only on the
mattes concerning the preference shares.
Provision is made for Gratuity on the assumption that all the eligible
employees retire at the year end. Provision for Leave Encashment is
made for the leave accrued as at March 31, 2012 calculated at the year
end salary of the respective employees.
The company have not received any intimation from suppliers regarding
their status under the Micro, Small & Medium Enterprises Act 2006 and
hence disclosures if any, relating to amounts unpaid as at the year end
to whether with interest paid/payable as required under the said Act
has not been given.
1. Segment Reporting:
The Company's operations predominantly relates to manufacture of
chocolates, hence no reportable primary segment information is made.
The secondary segment reporting of the company's revenues are as
follows:
2. Related party disclosures:
Related parties with whom company entered into transactions during the
year:
(i) List of Related parties :
(a) Key Management Personnel and Enterprises :
(i) P.Prakash Pai, Director
(ii) P.Ananth Pai , Director
(iii) P. Abhijeet Pai, Director
(iv) P. Ashwini Pai, Director
(v) G.S.Ram, CEO, Whole Time Director
(vi) Dilip Mangesh Kalelkar, Whole Time Director ( Technical)
(b) Enterprises / Entities having Common Key Management Personnel
i. Puzzolona Machinery Fabricators
ii. Lotus Lanka ( P) Limited
iii. Lotus Choco Uganda Limited
The Company has identified all related parties and details of
transactions are given below There are no other related parties where
control exists that need to be disclosed.
3. Contingent Liabilities not Provided for in respect of:
1. Claims against the Company not acknowledged as debts:
a) From Commissioner of Customs, Chennai in respect of Advance licences
not fulfilled within the stipulated time though extension and clubbing
of such licences have been allowed by the Licensing authority RS
18,000,000 (Previous year Rs 18,000,000).During the year the company has
received order in favour of the company from Commissioner of Customs,
Chennai Vide order No.10404/2009 dt 23-12-2009.However the department
has preferred an appeal before the appellate tribunal against the order
issued by Commissioner Customs,(Seaport-Export)
b) From Directorate of Revenue Intelligence, Chennai in respect of
alleged non fulfillment of export obligation for Rs 31,900,000 (Previous
year RS 31,900,000 )
4. Counter Guarantees given to the Bankers in respect of guarantees
furnished by them Rs 543,000 (previous year Rs 543,000)
5. Accrued and unpaid preference dividend Rs 100,903,000 (previous year
Rs 93,506,000)
6. Balances of Trade receivables, payables and loans & advances are
subject to confirmation and reconciliation.
7. Figures have been rounded off to the nearest rupee.
8. The company was using pre revised Schedule VI to the Companies
Act, 1956 for the preparation and presentation of its financial
statements up to the year ended 31st March 2011. During the year ended
31st March 2012 the revised Schedule VI notified under the Companies
Act, 1956, has become applicable to the company. The company has
reclassified previous year figures to conform to this year's
classification.
Mar 31, 2010
A) The foreign currency loan from Network Foods International Limited,
Singapore availed during the earlier year is secured by third charge
over fixed assets and second charge on current assets of the company,
subject to ceding of charge to be agreed by the companys banker.
B) Working Capital loans from State Bank of India and Bank of Baroda
are secured by way of hypothecation of stock in trade, book debts and
other current assets.
Segment Reporting:
The Companys operations predominantly relates to manufacture of
chocolates, hence no reportable primary segment information is made.
The secondary segment reporting of the companys revenues are as
follows:
1. Claims against the Company not acknowledged as debts:
a) From Commissioner of Customs, Chennai in respect of Advance licences
not fulfilled within the stipulated time though extension and clubbing
of such licences have been allowed by the Licensing authority Rs1.80
Crores (Previous year Rs1.80 Crores).During the year the company has
received order in favour of the company from Commissioner of Customs,
Chennai Vide order No. 10404/2009 dt 23-12-2009.However the department
has preferred an appeal before the appellate tribunal against the order
issued by Commissioner Customs,(Seaport-Export)
b) From Directorate of Revenue Intelligence, Chennai in respect of
alleged non fulfillment of export obligation for Rs.3.19 crore (Rs.3.19
Crore )
2. Contingent Liabilities in respect of:
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs.36.63 lakhs (Previous year Nil)
(b) Counter Guarantees given to the Bankers in respect of guarantees
furnished by them Rs.5.43 Lakh (previous year Rs.5.43 Lakh)
3. (c) Accrued and unpaid preference dividend Rs.861.09 Lakh (previous
year Rs 787.12 Lakh)
A sum of Rs. 2,11,69,774 is over due for repayment under Sales tax
deferment scheme. As the company is sick company and the reference is
made to BIFR, it is proposed to request for the waiver of interest
amounting to Rs.1,27,99,548 as on 31.03.2010 (Rs.89, 88,989 as on
31.03.2009), hence the same is not provided in the accounts.
4. Additional information pursuant to para 3 and 4 of part II of
Schedule VI the Companies Act, 1956.
A Licensed Capacity : Not Applicable
B Installed Capacity : As this is an integrated plant, with
versatile product range, ascertainment
of installed capacity is not possible
5. Figures in brackets represent previous year
6. Previous year figures have been regrouped / reclassified wherever
found necessary in order to have conformity with the current year
classification.
7. The company, being sick company within the meaning of clause (o)
of sub section (1) of section 3 of Sick Industrial Companies (special
provisions) Act 1985, was referred to Board for Industrial Finance and
rehabilitation (BIFR). BIFR has declared the company as sick company
and appointed State Bank of India as operating agency. State Bank of
India has commissioned APITCO for viability study. APITCO has submitted
its study to SBI wherein the study says that the companys operations
are viable on the basis assumptions made by them. The State Bank of
India is yet to file the rehabilitation scheme before the BIFR.
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