Mar 31, 2014
1. Terms/rights attached to equity shares
The company has two class of shares i.e. equity shares having a par
value of Rs.10 per share and preference shares of Rs.100 per share.
Each holder of equity shares is entitled to one vote per share. The
company declares and pays dividends, if any, in indian rupees. The
dividened, if proposed, by the Board of Directors is subject to the
approval of the share holders in the ensuing Annual General meeting.
The Preference Share holders are also entitled to each share of voting
rights to the extent of outstanding preference shares. The company has
not issued any preference share during the financial year.
In th 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. The distribution will be in
proportion to the number of equity shares
2 Other details to Balance Sheet
Contingent Liabilities and Commitments
As at As at
Particulars 31-Mar-2014 31-Mar-2013
Contingent Liabilities (Rs In Lacs) (Rs In Lacs)
a. Claims against the Company, not
acknowledged as debts (including
interest and penalty)
- Sales tax 5554.43 5423.55
- Other Claims 1333.31 1333.31
(without considering interest liability)
- Income tax 332.24 327.91
b. Winding up petition pending against
the company filed by
Vemag Engg. Pvt. Ltd. for recovery 17.38 17.38
of dues
c. Storage Rent in respect of earlier
year for storage of Oil Not Not
Ascertainable Ascertainable
d. Income tax interest on demand of
Rs.4.28Crores for the Not Not
period 01-04-2005 to 31-03-2014 Ascertainable Ascertainable
(refer note no 27)
Commitments
Capital Commitments
Other Commitments
3. The Company has been declared as a Sick Industrial Company by the
BIFR under the provisions of Sick Industrial Companies (Special
Provisions) Act, 1985,On having settled all the compromise dues of the
banks and IDBI, the BIFR has disposed off the first reference Case no.
35/1999 of the Company. It has, however, registered the companies
subsequent references and appointed Canara Bank as an Operating Agency
vide its order dated 1st March,2012 to prepare a Draft Rehabilitation
Scheme (DRS) for its consideration. Last BIFR hearing fixed on 15th
May, 2014 could not take place. The next date of hearing is still
awaited. In the meanwhile, the Operating Agency (Canara Bank) has
called for certain clarifications/details which are under finalisation
stage.
4. There was a Search & Seizure action U/S 132 of the Income Tax Act on
24.2.99. The Income Tax department had raised demand of Rs 33.12 Crores
in the block assessment Order DT. 30.4.2001. In case of company
Subsequently, ITAT has given relief to the extent of Rs 28.84 Crores.
The company''s appeal before Hon. Gujarat High Court against addition
confirmed by ITAT of Rs 4.28 Crores is admitted. Pending the disposal
of appeal by Hon''ble High Court the provision for Income Tax of Rs 2.88
Crores on addition confirmed by ITAT was made during F.Y.2002-03 and
provision of Rs 1.27 crore of interest payable up to 31.03.2005 is made
in the accounts. Adhoc payments made against the outstanding demands
are adjusted against principal amounts. No provision is made for the
interest payable, if any, on the outstanding demand for the period from
1st April, 2005 till date as the company is hopeful of getting
favorable order from the High Court.
5. No provision is made during the year for interest receivable on
various advances amounting to Rs 2920.25 Lacs (P.Y. Rs 1171.60 lacs) as
the same are considered doubtful.
6. The Company is engaged in the business of manufacturing and selling
the Refined Castor Oil and its derivatives. Thus there is solitary
business segment of Oils. Therefore, segment wise information as
required by AS-17 on "Segment Reporting" is not applicable.
7. The Company is making sincere efforts for the revival of the
Business,& management is hopeful to recover the losses through more
profitable business activities. Therefore accounts for the year have
been prepared are going concern basis
8. The Company has entered into financial arrangement with National
Spot Exchange Ltd (NSEL) through trading and Clearing Member,
N.K.Proteins Ltd (Group Company) by way of purchase and sales of
various goods. Thus the company has purchased goods amounting to Rs Nil
(P.Y. Rs 5255.73 Crores) and has sold goods amounting to Rs Nil (P.Y.
Rs 5065.05 Crore) through National Spot Exchange Ltd without physical
delivery of goods. Therefore the net loss from the said transactions
(including transaction charges levied by NSEL) has been shown as
Trading Loss in the profit & loss accounts of the respective financial
years. Out of the transactions entered in to at National Spot Exchange
Ltd., the company has shown an amount of Rs 474.17.Crores as at
31.03.2014 as long term creditors. However, the liability of NSEL could
not be ascertained due to the difference between the balance as per the
books of the company and balance due as per the demand of NSEL through
the trading and clearing member N.K.Proteins Ltd. Further NSEL
suspended the trading on 31st July 2013 and has moved an arbitration
petition in the Hon''ble Mumbai High Court for recovery of outstanding
amount from N.K. Proteins Limited, and has made the company a
Respondent The matter is pending with Hon''ble Bombay High Court.
9. Trade payables of Rs 677.41 Crores (Rs P.Y 1718.14 Crores) include
Rs 474.17Crores (P.Y. Rs 1625.03 Crores) payable to third parties as
elaborated vide note no 31 above, and trade receivables of Rs 133.68
Crores (Rs P.Y 1057.25 Crores) include receivable from third parties of
Rs NIL (P.Y. Rs 347.65 Crore) towards transactions through National
Spot Exchange Ltd (NSEL). The said balances as on date are subject to
confirmation by respective parties and reconciliation/adjustments if
any.The Balance amount of trade payables and receivables and other
loans and advances are also subject to confirmation.
10. The, Income tax Department had carried out survey under section 133A
on the company along with other group companies.
Further, the investigation by Economic Offence Wing of Mumbai Police
(EOW) is also in progress. against trading and clearing member
N.K.Proteins Ltd relating to this issue.
11. As per the order of the Hon''ble High Court of Gujarat the company
has deposited an amount of Rs 231 Lacs towards disputed land matter in
the case of Banpal Oilchem Pvt. Ltd. Total outstanding amount as at
31.03.2014 of Rs 1407.70 Lacs and is classified as "Long term loans and
advances" in the accounts for the year under review.
12. Sales Tax Department has completed the assessment for various
assessment years and raised demand of Rs 5423.55 lacs for the earlier
previous years and further an amount of Rs 130.88 Lacs for the year
under review making total demand of Rs 5554.43 Lacs. The company has
not made any provision for the above demand raised by the sales tax
authority in view of the fact that that the company had preferred an
appeal before the appellate authority. Had the provision for sales tax
would have been made for the earlier years as well as for the year
under review, the loss for the current year would have been higher by
Rs 130.77 Lacs and loss for the earlier year would have been higher by
Rs 5423.55 Lacs and Liabilities would have been higher by Rs 5554.43
Lacs
13. The company had entered into a joint venture arrangement by taking
50% Equity stake in AWN Agro Pvt. Ltd (JV Entity/ Company) and made an
investment of Rs 2500.50 Lacs towards Equity Share Capital. As informed
to us, because of huge loss incurred by the said entity, the said joint
venture has been ended during the year under review. The company has
shown an amount of Rs 2500.50 Lacs invested in the share
capital/application money in the said joint venture company and Rs
1748.65 Lacs as loans and advances to the said JV entity aggregating to
Rs 4249.15 lacs. The Company has made provision for doubtful debts of
the entire amount of investment/ Loans and Advances of Rs 4249.15 Lacs
in its books of accounts for the year ending on 31st March, 2014.
However, the reconciliation /confirmation of the outstanding loans &
advances amount is not made by the Company. The disclosure of Joint
Venture investment as per AS-27 are as under.
14. In the opinion of the Board, Current Assets, Loans and Advances are
approximately of the value stated, if realized, in the ordinary course
of the business. The provisions for depreciation and all known
liabilities are adequate. There are no contingent liabilities other
than stated.
15. Micro, Small & Medium Enterprises
In the absence of information available with the Company about
enterprises which are qualifying under the definition of Medium and
Small Enterprises as defined under Micro, Small & Medium Enterprises
Development Act, 2006, no disclosure is made as required under the
Companies Act in respect of the following.
a) Total outstanding dues of Micro enterprises and Small enterprises -
Rs Nil
b) Total outstanding dues of the Creditors other than Micro enterprises
and Small enterprises Rs Nil (Prev. Yr Nil)
16. No provision for Differed Tax assets has been made as there is no
virtual certainty of Setting the same in near future.
17. Previous years comparatives
In view of the fact that the plant of the company was leased during the
year ending on 31.03.2013 to the joint venture entity and in the
current fiscal year, the company has changed the arrangement and
commenced crushing activities, the figures for the previous years are
not comparable with that of the current year.
Mar 31, 2013
Contingencies and provisions
1 The Company has paid off the entire principal outstanding amount to
The Visnagar Nagrik Sahkari Bank Ltd. (Under Liqui-dation) as per the
Hon''ble High Court of Gujarat and Hon''bie Session Court''s orders. As
regards the payment of interest, application was considered by the
Expert Committee appointed by the High Power Committee in terms of the
OTS scheme to the Government of Gujarat for Co-operative Banks under
liquidation. The Expert Committee erroneously considered the cut off
date for Non Performing Asset of our N.K.Group of Accounts. The Company
therefore filed a Special Civil Application (SCA) No.2714 of 2012. The
High Court then appointed Chartered Accountant who had submitted their
report to the High Court specifying NPA date as on 31-Mar-1998. The
High Court therefore directed that both the sides to settle there
accounts in terms of NPA date 31-Mar-1998. Based on this, The Bank has
settled all the accounts and refunded the total amount of Rs.
1,73,47,601/- on 21-Dec-2012 inclusive of the share linking amount of
Rs. 134.59 Lacs. Thus, dispute with the Bank is now fully settled.
2 The amount of sale proceeds of the finished goods sold by the
Consortium Bank, Bank of Baroda was deposited in the Central Bank of
India by way of the Fixed Deposit as per the DRT''s Order. The value of
the sale proceeds was Rs. 2,29,62,260/- which became Rs. 4,49,39,812/-
on account of addition of interest. The Company having settled all the
banks'' dues, filed an appeal in DRT to release the money deposited in
the Central Bank of India. On due consideration, the Hon''ble DRT
ordered the Central Bank of India to release the said FDR with
interest. The Company has since received the amount of Rs.4,49,39,812/-
from the Central Bank of India. Accordingly, the entire interest amount
of Rs.2,19,77,552/- is credited to profit and loss account under other
income in note no. 16.
3 On having settled all the compromise dues of the banks and IDBI, the
BIFR has disposed off our first reference Case no. 35/1999. It has,
however, registered our subsequent references and appointed Canara Bank
as an Operating Agent vide its order dated 1st March,2012 to make a
Draft Rehabilitation Scheme for its consideration, which is -pending.
4 There was a Search & Seizure action U/S 132 of the Income Tax Act on
24.2.99. The Income Tax department had raised demand of Rs. 33.12crores
in the block assessment Order DT. 30.4.01. Subsequently, ITAT has given
relief to the extent of Rs. 28.84 crores. The company''s appeal before
Hon. Gujarat High Court against addition confirmed by ITAT of Rs. 4.28
crores is admitted. Pending the disposal of appeal by Hon''ble High
Court the provision for Income Tax of Rs.2.88 Crores on addition
confirmed by ITAT was made during F.Y.2002-03 and provision of Rs.
1.27 crore of interest payable up to 31.03.2005 is made in the
accounts. Adhoc payments made against the outstanding demands are
adjusted against principal amounts. No provision is made for the
interest payable, if any, on the outstanding demand for the period from
1 st April, 2005 till date as the company is hopeful of getting
favorable order from the High Court.
5 The company has revalued assets on 31 -03-2012 to reflect fair value
of assets in books. The amount of revaluation of Rs.194.47crore
credited to Revaluation Reserve and debited to respective assets.
6 No provision is made during the year for interest receivable on
various advances amounting to Rs. 1171.60 Lacs (P.Y. Rs.1011.98) as the
same are considered doubtful.
7 The Company is engaged in the business of manufacturing and selling
the Refined Castor Oil and its derivatives. Thus there is solitary
business segment of Oils. Therefore, segment wise information as
required by AS-17 on Segment Reporting" is not applicable.
8 The Company is making sincere efforts to recover the losses through
more profitable business activities. Therefore accounts for the year
have been prepared are going concern basis.
9 in the opinion of the management, there is no indication, internal or
external, which could have the effect of impairing the value of assets
to any material extent as at the balance sheet date requiring
recognition in term of AS -28.
10 In the opinion of the Board, Current Assets including short term
Loans and Advances are approximately of the value stated, if realized,
in the ordinary course of the business. The provisions for depreciation
and all known liabilities are adequate. There are no contingent
liabilities other than stated.
11 Trade payables of Rs. 1718.14 Crore (Rs.964.90Crores) includes
Rs.1625.03Crores (P.Y. Rs.Nil) payable to third parties and Rs.Nil
Crore (P.Y.Rs950.18Crore) payable to group concerns and trade
receivables of Rs.1050.75 Crore (Rs.662.88 Crore) includes receivable
from third parties of Rs.319.19Crores (P.Y.Rs.506.06Crore) and
Rs.695.18 Crore (P.Y. Rs. 127.30 Crore) receivable from group concerns
towards transactions through National Spot Exchange Ltd (NSEL). The
said balances as on date are subject to confirmation by respective
parties and reconciliation/adjustments if any. The Balance amount of
trade payables and receivables and other loans and advances are also
subject to confirmation.
12 Prior period adjustment of Rs. 104.54 Crores is on account of certain
purchase returns which were wrongly accounted during last financial
year. Further, it also includes certain wrong recovery of expenses made
from the customers (though it was not recoverable contractually) which
were shown as sales during last financial year. This mistakes have been
rectified during the year and the net difference has been debited to
profit & loss account.
13 A Company has been buying and selling the goods on National Spot
Exchange Limited (NSEL) through trading and clearing member, N.K.
Proteins Limited (Group Company). NSEL suspended the trading on 31st
July 2013 and has referred the matter for arbitration for recovery of
outstanding amount from N.K. Proteins Limited, this company and other
clients. The matter is pending with Bombay High Court.
Further, income tax department carried out survey under section 133A on
the company along with other group companies for investigating the
transactions with NSEL. The investigation is pending with Income Tax
Department.
Further, the investigation by EOW is also in progress.
14 The Company entered into financial arrangement with NSEL through a
broker, N.K.Proteins Ltd. by way of purchase and sales of various
goods. Thus the company has purchased goods amounting to Rs.5255.73
Crore (P.Y. Rs. 5580.85 Crore) and has sold goods amounting to
Rs.5065.05Crore (P.Y.Rs.5531,53Crore) through National Spot Exchange
Ltd without physical delivery of goods. Therefore the net loss from the
said transactions (including transaction charges levied by NSEL) has
been shown as Trading Loss in the profit & loss accounts.
15 The Company has entered in to Joint Venture by equity investment in
AWN Agro Pvt Ltd of 50% . The disclosure of Joint Venture investment as
per AS-27 are as under. The Figures are given based on unaudited
accounts.
16 Micro, Small & Medium Enterprises In the absence of information
available with the Company about enterprises which are qualifying under
the definition of Medium and Small Enterprises as defined under Micro,
Small & Medium Enterprises Development Act, 2006, no disclosure is made
as required under the Companies Act in respect of the following.
a) Total outstanding dues of Micro enterprises and Small
enterprises-Rs. Nil
Total outstanding dues of the Creditors other than Micro enterprises
and Small enterprises Rs.Nil (Prev.
b) Yr 4.36 Lacs)
17 Prior period comparatives
The company has prepared financial statement as per revised schedule VI
to the Companies Act 1956 and accordingly, the assets, liability Income
and Expenditure of the previous year is regrouped/ reclassified to
conform to the current year''s presentation.
Mar 31, 2012
1 Other details to Balance Sheet
a. Contingent Liabilities and Commitments
Particulars As at As at
31-Mar-2012 31-Mar-2011
Contingent Liabilities (Rs. In Lacs) (Rs. In Lacs)
a. Claims against the Company,
not acknowledged as debts
(including interest and penalty)
- Sales tax 5423.55 5285.83
- Other Claims (without considering 1333.31 1333.31
interest liability)
- Income tax 327.91 25.93
- Various Suits filed by banks Please See Please See
and others Note No.(d) Note No.(d)
below below
b. Winding up petition pending against 17.38 17.38
the company filed by Vemag Engg.
Pvt. Ltd. for recovery of dues
c. Storage Rent in respect of earlier Not Not
year for storage of Oil Ascertainable Ascertainable
Commitments
Capital Commitments
Other Commitments
b. The Company has paid off the entire principal outstanding amount to
The Visnagar Nagrik Sahkari Bank Ltd. (Under Liquidation) as per the
Hon''bie High Court of Gujarat and Hon''ble Session Court''s orders. As
regards the payment of interest, our application was considered by the
Expert Committee appointed by the High Power Committee in terms of the
OTS scheme ot the Government of Gujarat for Co-oprative Banks under
liquidation. The Expert Committee erroneously considered the cut off
date for Non Performing Asset of our N.K.Group of Accounts. The Company
has therefore filed a miscellaneous application in the Hon''ble High
court against the Liquidator, Visnagar Nagarik Sahakari Bank Ltd which
^ is pending. In the meanwhile, the Company has paid the entire amount
of interest calculated @6% p.a.as per its working. The Bank has
demanded interest @ 21% p.a. as per original sanction letter. Since
matter is pending with Highcourt/Government, No provision is considered
necessary for differential interest amount.
c. The amount of sale proccesds of the fininished goods sold by the
Consortium Bank, Bank of Baroda was deposited in the Central Bank of
India by way of the Fixed Deposit as per the DRT''s Order. The value of
the sale proceeds was Rs.2,29,62,260/- which became Rs. 4,49,39,812/-
on account of addition of interest. The Company having settled all the
banks'' dues, filed an appeal in DRT to release the money deposited in
the Central Bank of India on due consideration, the Hon''ble DRT ordered
the Central Bank of India to release the said FDR with interest. The
Company has since received the amount of Rs.4,49,39,812/- from the
Central Bank of India. Accordigly, entire interest amount of
Rs.2,19,77,552/- is credited to profit and loss account.
d. On having settled all the compromise dues of the banks and IDBi, the
BIFR has disposed off our first '' reference Case no. 35/1999. If has,
however, registered our subsequent references and appointed Canara Bank
as an Oprating Agent vide its order dated 1 st March,2012 to make a
Draft rehabilitation scheme for its consideration.
e. There was a Search & Seizure action U/S 132 of the Income Tax Act on
24.2.99. The Income Tax department had raised demand of Rs. 33.12
crores in the block assessment Order DT. 30.4.01. Subsequently, ITAT
has given relief to the extent of Rs. 28.84 crores. The company''s
appeal before Hon. Gujarat High Court against addition confirmed by
ITAT of Rs. 4.28 crores is admitted. Pending the disposal of appeal by
Hon''ble High Court the provision for Income Tax of Rs.2.88 Crores on
addition confirmed by ITAT was made during F.Y.2002-03 and provision of
Rs. 1.27 crore of interest payable up to 31.03.2005 is made in the
accounts. Adhoc payments made against outstanding demands are adjusted
against principal amounts. No provision is made for the interest
payable if any, on the outstanding demand for the period from 1st
April, 2005 till date as company is hopeful of getting favorable order
from the High Court.
f. The company has revalued assets on 31-03-2012 to reflect fair value
of assets in books. The amount of revaluation of Rs.l94.47crore
credited to Revaluation Reserve and debited to respective assets.
g. No provision is made during the year for interest receivable on
various advances amounting to Rs. 1171.60 Lacs (P.Y. Rs.1011.98) as
the same are considered doubtful.
h. The Company is engaged in the business of manufacturing and selling
the Refined Castor Oil and its derivatives. Thus there is solitary
business segment of Oils. Therefore, segment wise information as
required by AS-17 on "Segment Reporting" is not applicable. i.
Balances of Sundry Debtors, Creditors and Loans & Advances are subject
to Confirmation by them & reconciliation if any.
j. In the opinion of the management, there is no indication, internal
or external, which could have the effect of impairing the value of
assets to any material extent as at the balance sheet date requiring
recognition in term of AS -28.
k. In the opinion of the Board, Current Assets, Loans and Advances are
approximately of the value stated, if realized, in the ordinary course
of the business. The provisions for depreciation and all known
liabilities are adequate. There are no contingent liabilities other
than stated.
Mar 31, 2010
1 The company has made various payments to Visnagar Nagrik Sahkari Bank
Ltd. towards the liability ot NK Group of Companies and accounted in
the books as their own. As against the same, Visnagar Nagrik Sahkari
Bank Ltd. has appropriated the receipts in different companies. As a
result, balance with Visnagar Nagrik Sahkari Bank Ltd. does not
reconcile. However, balances of the NK Group of Companies are
reconciled
2 The finished goods lying in Hindustan Organics Pvt Ltd (H.O.R) tanks
at Kandla Port were disposed of by the lead bank, Bank of Baroda as per
the courts order. The sale proceeds of Rs 2, 29, 62,260 were deposited
in the Central Bank of India in view of H.O.Rs Claim on the said
amount on account of rent. This deposit was renewed from time to time,
last renewed on 27th October, 2008 for two years by Bank of Baroda for
Rs. 3,59,95,900. No interest is provided in view of counter claim of
H.O.R Since the consortium banks have been paid of fully, the company
is entitled to the said amount subject to H.O.Rs claim for which an
appeal is filed by the company in DRT for a quick judgment.
3 The Company was declared a Sick Industrial unit by BIFR by an order
dated 09.07.1999. Later on, Letters of Patent was filed in the Division
Bench of the Gujarat High Court. While granting stay of AAlFRs order,
it directed BIFR to submit whether the management of the company
committed any malfeasance or misfeasance as per section 24 of SICA.
During the proceedings, the company entered into the compromise
settlements with all the secured creditors and paid off their dues
leaving apart M/s. Kotak Mahindra Bank Limited whom the monthly
installments are being paid as per the consent terms. The last
installment is due in August-2011. In view of the above factual
position, the Gujarat High Court permitted us to withdraw the above LPA
Interim orders/ directions passed in the Appeal stands vacated. BIFR
was informed of the above development and it has, therefore, stopped
hearings under section 24 of SICA. Our first reference No. 35/1999 has
been disposed off. However, further pending references are now to be
considered by BIFR in its next hearing on 12.07.2010 to consider
registration of the company as a sick industrial unit.
4 There was a Search S Seizure action U/S 132 of the Income Tax Act on
24.2.99. The Income Tax department had raised demand of Rs. 33.12
crores in the block assessment Order DT 30.4.01. Subsequently, ITAThas
given relief to the extent of Rs. 28.84 crores.The companys appeal
before Hon. Gujarat High Court for addition confirmed by IW of Rs. 4.28
crores is admitted. Pending the disposal of appeal by Honble High
Court the provision for Income Tax of Rs.2.88 Crores on addition confirmed
by HAT was made during RY.2002-03 and provision of Rs. 1.27 crore of interest
payable upto 31.03.2005 is made in the accounts. Adhoc payments made
against outstanding demands are adjusted against principal amounts. No
provision is made for the interest payable il any, on the outstanding
demand for the period from 1st April, 2005 till date as company is
hopeful of getting favorable order from the High Court.
5 No provision is made during the year tor interest receivable on
various advances amounting to Rs.821.65 Lacs (P.Y. Rs.897.16) as the
same are considered doubtful.
6 The Company is engaged in the business of manufacturing and selling
the Refined Castor Oil and its derivatives. Thus there is solitary
business segment of Oils. Therefore, segment wise information as
required by AS-17 on "Segment Reporting" is not applicable.
7 Related Party Disclosure as per AS-18 is,
Associate firm / Company
N.K.Proteins Ltd. Shanti Stock Holdings P.Ltd.
N.K.Roadways Pvt.Ltd. N.K.lnfraventures P.Ltd
N.K.Oil Mills Pvt.Ltd. N.K.Corporation
Tirupati Proteins Pvt.Ltd. N.K Flour Mills Ltd.
Tirupati Retails Pvt. Ltd. Adrenal Advertising & Promotions
Pvt. Ltd.
Key Managerial personnel
Nimish K. Patel Ashwin P. Patii
Nilesh K. Patel Rajiv M.Todi, Manager
Relatives of Key Managerial personnel
Sonal N. Patel Neela A. Patel
Ashita N. Patel Suchita R.Todi
8 The Accounting Standard -15 "Employee Benefits" is issued under
Companies (Accounting Standards) Rule, 2006. In accordance with the
above standard, the obligations of the company, on account of employee
benefits, based on independent actuarial valuation, is accounted for in
the books of account. The company has classified the various benefits
provided to employees as under:
I. Defined Contribution Plans:
(a) Provident Fund / Employees Pension Fund
During the year, the company has recognized the following amounts in
the Profit & Loss Account:
Rs. in Lacs
Employers Contribution to Provident Fund / Employees
Pension Fund 11,69
The above amounts are included in Contribution to Provident and Other
Funds and (Schedule - 18)
II. Defined Benefit Plans:
(a) Provision for Gratuity Liability
(b) Provision for Leave Encashment
In accordance with Accounting Standard-15, relevant disclosures are as
under:
9 In the opinion of the management, there is no indication, internal
or external, which could have the effect of impairing the value of
assets to any material extent as at the balance sheet date requiring
recognition in term of AS -28.
10 Balances of Financial Institution, Sundry Debtors, Creditors and
Loans & Advances are subject to Confirmation by them & reconciliation
if any.
11 Advances include Rs. 912.84 lacs ( P.Y. Rs.673.14 lacs ) due from
companies and other Parties in which directors are interested/related.
12 Micro, Small & Medium Enterprises
In the absence of information available with the Company about
enterprises which are qualifying under the definition of Medium and
Small Enterprises as defined under Micro, Small & Medium Enterprises
Development Act, 2006, no disclosure is made as required under the
Companies Act in respect of the following.
a) Total outstanding dues of Micro enterprises and Small enterprises -
Rs. Nil
b) Total outstanding dues of the Creditors other than Micro enterprises
and Small enterprises Rs.4.36Lacs
13 In the opinion of the Board, Current Assets, Loans and Advances are
approximately of the value stated, if realized, in the ordinary course
of the business. The provisions for depreciation and all known
liabilities are adequate. There are no contingent liabilities other
than stated.
14 Prior period comparatives
Previous year figures have been regrouped/ rearranged wherever
necessary to conform to current years presentation.
15 Quantitative Details as required by Part II to Schedule VI to the
Companies Act, 1956 areas under:
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