Mar 31, 2014
Terms/ rights attached to equity shares
The company has only one class of Equity Share having a par value of
Rs. 10/- each. Holder of each equity share is entitled to one vote per
share. The company has not allotted any shares for consideration other
than cash during the last five years.
1) Term Loans
The Term Loan from State Bank Of India is secured by first charge on
all the fixed assets of the company. It has further been secured by
personal guarantee of directors. It is repayble in 60 equated monthly
instalments of Rs.4.25 lacs/- each and the last installment is payable
in April 2015.
2. The Term Loan from Sugar Development Fund is secured by way of
second charge on the fixed assets of the company. It has further been
secured by personal guarantee of directors. It is repayable in four
annual instalments and the last installment is payable in october 2017.
3.The Vehicle Loans are secured by way of hypothecation of the
respective vehicles.
4. Contingent Liabilities:-
Liabilities in respect of Income Tax and Sales Tax have been accounted
for on the basis of respective returns filed with the relevant
authorities. Additional demand, if any, arising at the time of
assessment is accounted for in the year in which assessment is complete
status of assessments is as under:
i) Income Tax assessments have been assessed up to the assessment year
2010-11 and there is no outstanding demand is case of completed
assessments.
ii) Sales Tax assessments have been completed up to financial year
2010-11. The sales tax department has raised the following demanded
an account of Entry Tax, purchase tax, penalty etc:
a) The ex parte order has been passed for the year 2009-10, and the
matter is still pending before the joint commissioner.
b) The Sales Tax Department has raised a demand of Rs. 2.14 Lacs (P.Y.
2.14 Lacs) for the year 2005-06 against the company on account of
disputed tax on interstate sale of Bagasse. The Company has filed an
appeal with the Appellate Authority.
c) There are demands for alleged entry tax evasion totaling Rs. 442.7
Lacs against the company relating to various years. Rs. 29.35 Lacs has
been deposited with the authorities and the same has been shown under
the head Taxes and Duties paid under protest under Long Term Loans &
Advances. The company has filed appeals with the appropriate
authorities against the demand orders.
d) There is Sales tax demand on account sale of molasses and purchase
from unregistered dealers of Rs. 4.85 Lacs against the company. An
amount Rs. 0.71 Lacs has been deposited with the authorities and the
same has been shown under the head Taxes and Duties paid under protest
under Long Term Loans & Advances. The company has filed an appeal with
the Additional Commissioner I (A), Sales Tax, Bareilly, against the
demand order.
e) There is a Sales tax Penalty of Rs 0.60 lacs of financial year
2006-07 imposed on the company against Form ''C'' issued for the purchase
of items not covered in Central Registration Certificate. An amount
Rs. 0.30 lacs has been deposited with the authorities and the same has
been shown under the head Taxes and Duties under protest under long
term loans and advances The case is pending with the Tribunal.
f) There is disputed ITC and SIB report demand of Rs. 13.56 Lacs
against the company. An amount of Rs. 1.20 Lacs has been deposited with
the authorities and the same has been shown under the head Taxes and
Duties paid under protest under Long Term Loans & Advances. The company
has filed an appeal with the Additional Commissioner I (A), Sales Tax,
Bareilly, against the demand order.
g) There is Provisional Assessment of Sales Tax demand raised for F.Y.
2011-12 of Rs. 42.17 Lacs against the company. The company has filed an
appeal with the Additional Commissioner I (A), Sales Tax, Bareilly,
against the demand order.
i) The Sales Tax Authorities have raised demand against the company for
alleged sales tax evasion for financial year 2012-13 which the company
provided bank guarantee of Rs. 4.03 Lacs to sale tax authorities
against demand raised on account of alleged sales tax evasion The
Company has filed appeal with the Additional Commissioner II (A),
against the demand order.
iii) The Excise Department has disallowed Cenvat credit on various
inputs of amount Rs. 4.67 lacs. The same amount has been shown under
the head Taxes and duties deposited under protest under long term loans
and advances. The case is pending with the appellate authority.
5. Balances of debtors, Creditors, advances and cane growers are
subject to respective confirmation and reconcillations.
6. In the opinion of the Board of Directors, all the Current
Assets, Loans and Advances, if realised in the ordinary course of
business, have a value at least equal to the amount at which these are
stated in the Balance Sheet.
7. Excise duty amounting to Rs. 42.03 lacs (Previous year 103.07
lacs) has been added in the closing stock and the same has also been
shown as excise duty payable. However, this has no effect on the Loss
for the year.
8. As per Accounting Standard - 15 "Employee Benefits", the
disclosure of Employee Benefits as defined in the Accounting Standard
are as follows:
(i) The provision for gratuity as per actuarial valuation is Rs. 11,
96,166.
(ii) The provision for leave encashment as per Actuarial valuation
certificate is Rs.3, 19,376/-
9. Segment Reporting
Primary Segment
Based on the guiding principles given in the Accounting Standard - 17
"Segment Reporting" issued by ICAI, the Company''s segments are Sugar,
Power and Furnace.
Revenue and expenses have been accounted for on the basis of their
relationship to the operating activities of the respective segment.
Segment Identification
Business segments have been identified on the basis of the nature of
products/services, the risk return profile of individual businesses,
the organizational structure and the internal reporting system of the
company
10. Related Party Disclosures:
Disclosures as required by the Accounting Standard -18 "Related Party
Disclosures" issued by the ICAI are given below:
A. Relationship
a) Associate Companies
1. M/s Moon Trading Co. Pvt. Ltd.
2. M/s Moon Network Pvt. Ltd.
3. M/s Moon Restaurant. Pvt. Ltd.
4. M/s Moon I.T.Services. Pvt. Ltd.
5. M/s Rajan Hotel Pvt. Ltd.
6. M/s Hotel Yamuna View Ltd.
b) Key Management Personnel:
1. S. Paramjeet Singh - Director
2. S. Manjeet Singh - Director
c) Relatives of Key Management Personnel:
1. S. Mohan Singh - Father of S.Manjeet Singh
11. Impairment of Assets
As per Accounting Standard -28 "Impairment of Assets" issued by ICAI,
the management has reviewed its cash generating units as on 31.03.2014.
No indication has been found by the management to suggest that the
recoverable amount of Asset is less than the carrying amount. Hence no
impairment loss on asset has been recognized
12. In view of insufficient information from the suppliers regarding
their status as Small, Micro & Medium Enterprises, amount over due to
such undertakings can not be ascertained. However, the company has not
received any claim in respect of interest on such dues.
13. As per Tripartite agreement between the company, bankers and the
individual farmers, banker disburses the crop loan to farmers through
the company and the company provides guarantee to the Bank on behalf of
farmers for repayment of loan with interest. The crop loans outstanding
as at the end of the financial year were Rs 265.41Lacs (P.Y.342.91
Lacs)
12. Previous year figures have been recasted/ regrouped/ rearranged
wherever necessary to make them comparable with that of current year.
Mar 31, 2013
1.1 Contingent Liabilities :-
a) Liabilities in respect of Income Tax and Sales Tax have been
accounted for on the basis of respective returns filed with the
relevant authorities. Additional demand, if any, arising at the time of
assessment will be accounted for in the year in which assessment is
complete.
i) Income Tax assessments have been assessed up to the assessment year
2010-11 and there is no outstanding demand is case of completed
assessments.
ii) Sales Tax assessments have been completed up to financial year
2008-09 and there is no demand outstanding in respect of these
assessments.
b) The company has a demand of Rs. 2.14 Lacs(P.Y. 2.14 Lacs) on account
of disputed tax on interstate sale of Bagasse. The Company has filed an
appeal with the Appellate Authority.
c) The Company has total demand of Rs. 437.77 Lacs(P.Y. 437.77) on
account of disputed entry tax for various years. Rs. 26.88 Lacs has
been deposited with the authorities and the same has been shown under
the head Taxes and Duties paid under protest under Long Term Loans &
Advances. The company has filed appeals with the appropriate
authorities against the demand order.
d) The company has a demand of Rs. 18.04 Lacs (P.Y. 18.04) on account
of sale of molasses and purchase from unregistered dealers. Rs. 0.71
Lacs has been deposited with the authorities and the same has been
shown under the head Taxes and Duties paid under protest under Long
Term Loans & Advances. The company has filed an appeal with the
Additional Commissioner 1(A), Sales Tax, Bareilly, against the demand
order.
e) The company has a demand of Rs. 4.29 Lacs on account of disputed ITC
and SIB report. Rs. 1.20 Lacs has been deposited with the authorities
and the same has been shown under the head Taxes and Duties paid under
protest under Long Term Loans & Advances. The company has filed an
appeal with the Additional Commissioner 1(A), Sales Tax, Bareilly,
against the demand order.
f) The company has a demand of Rs. 4.93 Lacs(P.Y. 4.93 Lacs) on account
of purchase of scrap under CST/VAT. Rs. 2.47 Lacs has been deposited
with the authorities and the same has been shown under the head Taxes
and Duties paid under protest under Long Term Loans & Advances. The
company has filed an appeal with the Additional Commissioner 1(A),
Sales Tax, Bareilly, against the demand order.
g) The company has a demand of Rs. 42.17 Lacs under Provisional
Assessment of Sales Tax for F.Y. 2011-12. The company has filed an
appeal with the Additional Commissioner 1(A), Sales Tax, Bareilly,
against the demand order.
h) The company provided bank guarantee of Rs. 4.03 Lacs to sale tax
authorities against demand raised on account of alleged sales tax
evasion. The Company has filed appeal with the Additional Commissioner
11(A), against the demand order.
i) Sales Tax Authorities raised a demand of Rs. 8.13 Lacs on account of
certain discrepancies in the dispatch documents. Rs. 8.13 Lacs has been
deposited with the Sales Tax Authorities and the same has been shown
under the head Taxes and Duties paid under protest undgjiLong Term
Loans & Advances. The case has been decided in the favour of the
company.
1.2. Balances in respect of some of debtors and suppliers are subject
to confirmation.
1.3. In the opinion of the Board of Directors, all the Current
Assets, Loans and Advances, if realised in the ordinary course of
business, have a value at least equal to the amount at which these are
stated in the Balance Sheet.
1.4. Excise duty amounting to Rs. 103.071acs (Previous year 164.77
lacs)has been added in the closing stock and the same has also been
shown as excise duty payable. However, this has no effect on the Loss
for the year.
1.5. As per Accounting Standard - 15 "Employee Benefits", the
disclosure of Employee Benefits as defined in the Accounting Standard
are as follows:
1.6. Segment Reporting
Primary Segment
Based on the guiding principles given in the Accounting Standard - 17
"Segment Reporting" issued by ICAI, the Company''s segments are Sugar,
Power and Furnace.
Revenue and expenses have been accounted for on the basis of their
relationship to the operating activities of the respective segment.
Segment Identification
Business segments have been identified on the basis of the nature of
products/services, the risk return profile of individual businesses,
the organizational structure and the internal reporting system of the
company
1.7. Related Party Disclosures:
Disclosures as required by the Accounting Standard -18 "Related Party
Disclosures" issued by the ICAI are given below:
A. Relationship
a) Associate Companies
1. M/s Moon Trading Co. Pvt. Ltd.
2. M/s Moon Network Pvt. Ltd.
3. M/s Moon Restaurant. Pvt. Ltd.
4. M/s Moon I.T.Services. Pvt. Ltd.
5. M/s Rajan Hotel Pvt. Ltd.
6. M/s Hotel Yamuna View Ltd.
b) Key Management Personnel:
1. S. Paramjeet Singh - Director
2. S. Manjeet Singh - Director
c) Relatives of Key Management Personnel:
1. S. Mohan Singh - Father of S.Manjeet Singh
1.8. Deferred Tax
Deferred tax assets(DTA) and liabilities(DTL) are being offset as they
relate to taxes on income levied by the same governing taxation laws.
1.9. Impairment of Assets
As per Accounting Standard -28 "Impairment of Assets" issued by ICAI,
the management has reviewed its cash generating units as on 31.03.2013.
No indication has been found by the management to suggest that the
recoverable amount of Asset is less than the carrying amount. Hence no
impairment loss on asset has been recognized
1.10. In view of insufficient information from the suppliers regarding
their status as Small, Micro & Medium Enterprises, amount over due to
such undertakings can not be ascertained. However, the company has not
received any claim in respect of interest on such dues.
Mar 31, 2012
1. Contingent Liabilities:-
A) Estimated amount of contract remaining to be executed on capital
account and not provided for Rs. Nil (Previous year Rs Nil).
B) Liability in respect of Sales Tax , Excise Duty and Income tax has
been accounted for on the basis of respective returns filed with the
relevant authorities. Additional demand, if any, arising at the time of
assessment is accounted for in the year in which the assessment is
completed.
a) The assessment of Sales Tax has been completed up to Financial Year
2007-08.
b) There is no outstanding demand in respect to the completed
assessment.
The Company has not made provision against these demands, though part
of the amount has been deposited under protest.
2. Balances in respect of some of debtor and, suppliers are subject
to confirmation.
3. In view of insufficient information from the suppliers regarding
their status as Small, Micro & Medium Enterprises, amount over due to
such undertakings cannot be ascertained. However, the company has not
received any claim in respect of interest on such dues.
4. Previous year figures have been resisted / regrouped / rearranged
wherever necessary to make them comparable.
5. The figures have been rounded off to nearest rupee.
Mar 31, 2010
1. Legal status and business activity
a) OSWAL OVERSEAS LIMITED is an offshore company with limited liability
registered under the provision of Offshore Companies regulations of
Jebel Ali Free Zone of 2003 under registration No of 2384.
b) The company was incorporated on 24 July 2006 and is established to
carry out business of general trading and investment activities. The
company has not generated any revenue as it has not begun any
commercial activities.
2. Current account
This amount represents current account balance of the shareholder of
the company.
3. Contingent liability
There was no contingent liability of a significant amount at the
balance sheet date.
4. Comparative figures
Previous years figures have been regrouped/reclassified wherever
necessary to conform to the presentation adopted in the current year.