Mar 31, 2014
1. (a) Previous year''s figures have been ed / recasted wherever
necessary.
(b) The above cash flow has been pre der "Indirect Method" as
prescribed under Accounting Standard 3 notified in Companies
(accounting Standards) Rules, 2006
( c) Cash & Cash Equivalents as of March 31, 2014 and March 31, 2013
include restricted Cash & Bank balances.The restrictions are primarily
on account of Bank balances held as margin money against letter of
credit.
d) There has been no change/movements in number of shares outstanding
at the beginning and at the end of the reporting period.
e) Terms / rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of
Rs. 10/- per share. Each holder of Equity shares is entitled to one
vote per share and equal right for dividend. The dividend proposed by
the board of Directors is subject to the approval of Shareholders in
the ensuing Annual General Meeting, except in case of Interim dividend.
In the event of Liquidation, the equity shareholders are eligible to
receive the remaining assets of the company after payment of all
preferential amounts, in proportion of their shareholding.
f) The company does not have any Holding Company, .ultimate Holding
Company or Subsidiary Company.
Security Clause:
Primary Security-
Hypothecation of stock of goods situated at present and future premises
of the company and other movables including book debts, bills and
receivables, both present and future.
Collateral Security-
Exclusive hypothecation of office space at 113, Park Street, Unit No. 4
on 10th Floor, "Poddar Point". Kolkata 700 016.
Exclusive hypothecation of Residential Flat No. 3E, 3rd Floor, Block
''A'' at 238, N S C Bose Road, Kolkata 700 040 having super built up area
of 984 sq. ft.
Exclusive hypothecation of office space No. 402-B, on 4th Floor
situated at Plot No. D-7, Bearing City Sutvey No. 634 of Oishwara held
in the name of Welcome Suppliers Pvt. Ltd.
Personnel Guarantee-
The loan has been guaranteed by the personal guarntee of four directors
of the company and a body corporate.
2. Contingent Liabilities not provided for in respect of:
Claims against the company pending in court not acknowledged as debts,
amount unascertainable.
Letter of Credit-Rs.40,446,516/-
3. Fixed Deposit of Rs. 5,476,616/- for the financial year 2013-14 is
against letter of Credit & Fixed Deposit of (Rs. 1,436,303/-) for the
Financial year 2012-13 is against Letter of Credit.
4. The company has deposited F.D.R. of Rs. 5,000/- with the
commissioner of sales tax as security for the issue of blank ''C'' forms.
5. Defined Benefit Plan
The present value of obligation is determined based on acturiai
valuation using the Projected Unit Credit Method, which recognises each
period service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
6. As the Company is engaged in Trading Business only, disclosures as
requiredbyAS-17(SegmentReportingare not applicable).
7. There is no amount outstanding towards Investor Education &
Protection Fund as on 31.03.2014.
8. No Provision has been considered necessary for diminution in value
of Long Term Investment being temporary in nature.
9. Disciosure of Sundry Creditors undercurrent Liabilities is based
on the information available with the company regarding the status of
the suppliers as defined under the "Micro, Small and Medium Enterprises
on account of pricipal amount together with interest, aggregate to Rs.
NIL (Previous Year Rs. NIL)
a) There is no outstanding amount written off on the above during the
year.
b) Guarantee taken against Bank loan from four directors and from
associate company (Welcome Suppliers Pvt. Ltd.)
c) Security (Office space) taken from an Associate Company (Welcome
Suppliers Pvt. Ltd.)
d) The company has granted unsecured loan to one of the company where
two directors of the company are interested.However, the company has
charged interest more than rate prescribed as bank rate by RBI. The
refund of the said loan is beng made.
10. The company has a deposit in NSC which was purchased in the name
of Madhuri Devi Himatsingka being sole Propri- etress of M/s. K. Kumar
and Co. during the Financial Year 2011-2012 for obtaining Sugar License
and placed in favour of Rationing Officer, Park Street, Kolkata - 700
016. Consequently M/s. K. Kumar & Co. was taken over by the company
w.e.f. 1 st day of April, 2012 and all the assets of M/s. K. Kumar &
Co. becomes assets of the company vide agree- ment dated 01.04.2012.
As the asset acquired is in the nature of deposit in NSC, the ownership
of the asset is not transferable in the name of the company. Accrued
interest on such NSC has not been accounted for during the financial
year ended 31.03.2014.
11. Debit and credit Balances of Debtors, Creditors and Loans and
Advances appearing in the Balance Sheet are subject to confirmation and
reconciliation, if any, from the concerned parties.
12. Deffered tax assets of Rs. 45,370/- (Rs. 67,690/-) on account of
timing difference such as depreciation and gratuity etc.
13. The previous year figures have been regrouped and rearranged
wherever necessary.
Mar 31, 2011
1. Contingent Liabilities not provided for in respect of :
Claims against the company pending in court not acknowledged as debts,
amount unascertainable.
2. Other Advances includes Rs. 101,000/- against which the Company has
filed a suit for recovery.
3. Fixed Deposit Rs. 1,400,000/- (Rs. 1,000,000/-) pledged with
Oriental Bank of Commerce Park Street Branch against Bank Guarantee of
Rs. 50 Lacs (Rs. 100 Lakhs) and Rs. 5,000/- (Rs. 5,000/-) with the
Commissioner of Sales Tax as security for the issue for blank C Forms
and Form 14.
4. Defined Benefit Plan
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises each
period service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
5. Gratuity:
I. Expenses recognised during the year under the head "Salary and
Allowances"
6. As the Company is engaged in Trading Business only, disclosures as
required by Accounting Stan- dard -17 (Segment Reporting) are not
applicable.
7. There is no amount outstanding towards Investor Education &
Protection Fund as on 31.03.2011.
8. Previous Year figures have been regrouped wherever necessary.
9. No Provision has been considered necessary for diminution in value
of Long Term Investment being temporary in nature.
10. Disclosure of Sunday Creditors under Current Liabilities is based
on the information available with the company regarding the status of
the suppliers as defined under the "Micro, small and medium Enterprises
on account of principal amount together with interest, aggregate to Rs.
NIL (Previous Year Rs. NIL)
11. A) Name of the related party Relationship
(a) Abhishek Chemicals Pvt. Ltd. Associate Company
Davesh Developers Pvt. Ltd. Associate Company
P. C. Properties Pvt. Ltd. Associate Company
Swan Silver Wares Pvt. Ltd. Associate Company
Variable Plaza Pvt. Ltd. Associate Company
AH Chemicals Pvt. Ltd. Associate Company
Welcome Suppliers Pvt. Ltd. Associate Company
Himatsingka Chemicals Pvt. Ltd. Associate Company
Jamuna Commodities (p) Ltd. Associate Company
Amjay Chem. Trade Pvt. Ltd. Associate Company
(b) Prakash Himatsingka Key Managerial Personnel
Ajit Kr Bhuwalka Key Managerial Personnel
Ashok Kr. Jhanwar Key Managerial Personnel
Abhishek Himatsingka Key Managerial Personnel
Prakash Chandra Vikram Kumar (HUF) Enterprise over which KMP
having influence
Binayak Prasad Prakash Chandra (HUF) Enterprise over which KMP
having influence
Amjay Chemicals Enterprise over which KMP
having influence
K. Kumar & Co. Enterprise over which KMP
having influence
Sumit Kuamr Jhanwar Relative of Director
Note : Related Party Relationship is as identified by the Company and
relied by Auditors.
C) There is no outstanding amount written off on the above during the
year.
Mar 31, 2010
1. Contingent Liabilities not provided for in respect of :
Claims against the conpany pending in court not acknowledged as debts,
amount unascertainable.
2. The Company has changed the rate of depreciation from rates
prescribed under the Income Tax, 1961 to rates prescribed under Sec.
XIV of the Companies Act, 1956 retrospectively in the year 2008 - 09.
Due to this change the figures of net Fixed Assets and Reserves and
Surplus as at 31.03.09 has increased by Rs. 38745. Had the Company
continued charging depreciation as per IT depreciation would be higher
by Rs. 7461/- consequently profit for the year would be lower by Rs.
7461/-.
3. Other Advances includes Rs. 101,000/- against which the Company has
filed a suit for recovery.
4. Fixed Deposit Rs. 1,000,000/- (Rs. 1,750,000/-) pledged with
Oriental Bank of Commerce Park Street Branch against Bank Guarantee of
Rs. 100 Lacs (Rs. 175 Lakhs) and Rs. 5,000/- (Rs. 5,000/-) with the
Commissioner of Sales Tax as security for the issue for blank C Forms
and Form 14.
5. Defined Benefit Plan
The present value of obligation is determined based on acturial
valuation using the Projected Unit Credit Method, which recognises each
period service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
6. Gratuity:
I. Expenses recognised during the year under the head "Salary and
Allowances"
7. As the Company is engaged in Trading Business only, disclosures as
required by Accounting Stan- dard -17 (Segement Reporting) are not
applicable.
8. There is no amount outstanding towards Investor Education &
Protection Fund as on 31.03.2010.
9. Previous Year figures have been regrouped wherever necessary.
10. No Provision has been considered necessary for diminution in value
of Long Term Investment being temporary in nature.
11. Disclosure of Sunday Creditors under Current Liabilities is based
on the information available with the company regarding the status of
the suppliers as defined under the "Micro, smalt and medium Enterprises
on account of pricipal amount together with interest, aggregate to Rs.
NIL (Previous Year Rs. NIL)
12. A) Name of the related party Relationship
(a) Abhishek Chemicals Pvt. Ltd. Associate Company
Davesh Developers Pvt. Ltd. Associate Company
P. C. Properties Pvt. Ltd. Associate Company
Swan Silver Wares Pvt. Ltd. Associate Company
Variable Plaza Pvt. Ltd. Associate Company
AH Chemicals Pvt. Ltd. Associate Company
Welcome Suppliers Pvt. Ltd. Associate Company
Himatsingka Chemicals Pvt. Ltd. Associate Company
Amjay Chem. Trade Pvt. Ltd. Associate Company
(b) Prakash Himatsingka Key Managerial Personnel
Ajit Kr Bhuwalka Key Managerial Personnel
Ashok Kr. Jhanwar Key Managerial Personnel
Amjey Chemicals Key Managerial Personnel
Abhishek Himatsingka Key Managerial Personnel
Prakash Chandra Vikram Kumar (HUF) Enterprise over which KMP
having influence
Binayak Prasad Prakash Chandra (HUF) Enterprise over which KMP
having influence
K. Kumar & Co. Enterprise over which KMP
having influence
Nirmal Himatsingka Rice & Saw Mills Enterprise over which KMP
having influence
Sumit Kumar Jhanwar Relative of Director
Note : Related Party Relationship is as identified by the Company and
relied by Auditors.
C) There is no outstanding amount written off on the above during the
year.
Mar 31, 2009
1. Contingent Liabilities not provided for in respect of:
Claims against the conpany pending in court not acknowledged as debts,
amount unascertainable.
2. The Company has changed the rate of depreciation from rates
prescribed under the Income Tax Act, 1961 to rates prescribed under
Sec. XIV of the Companies Act, 1956 retrospectively. Due to this change
the figures of net Fixed Assets and reserves and Surplus as at 31.03.09
has increased by Rs. 38,745. Had the Company continued charging
depreciation as per IT depreciation would be higher by Rs. 7,461/-
consequently profit for the year would be lower by Rs. 7,461/-.
3. Other Advances includes Rs. 101,000/- against which the Company has
filed a suit for recovery.
4. Fixed Deposit Rs. 1,750,000/- (Rs. 1,968,370/-) pledged with
Oriental Bank of Commerce Park Street Branch against Bank Guarantee of
Rs. 175 Lacs (Rs. 200 Lakhs) and Rs. 5,000/- (Rs. 5,000/-) with the
Commissioner of Sales Tax as security for the issue for blank C"Froms
and Form 14.
5. Motor Car includes Rs. 762,953/- (Rs. 762,953/-) under Hire
Purchase Scheme. Future Interest Pay- able on car purchased under said
scheme amounting to Rs. 4,781/- (Rs. 27,173/-)
6. Defined Benefit Plan
The present value of obligation is determined based on acturial
valuation using the Projected Unit Credit Method, which recognises each
period service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
7. As the Company is engaged in Trading Business only, disclosures as
required by Accounting Stan- dard -17 (Segement Reporting) are not
applicable.
8. There is no amount outstanding & payable to Investor Education &
Protection Fund as on 31.03.2009.
9. Previous Year figures have been regrouped wherever necessary.
10. No Provision have been considered necessary for diminution in
value of Long Term Investment being temporary in nature.
11. Disclosure of Sundry Creditors under Current Liabilities is based
on the information available with the company regarding the status of
the suppliers as defined under the "Micro, small and medium Enterprises
on account of pricipal amount together with interest, aggregate to Rs.
NIL (Previous Year Rs. NIL)
12. A) Name of the related party Relationship
(a) Abhishek Chemicals Pvt. Ltd. Associate Company
Davesh Developers Pvt. Ltd. Associate Company
P. C. Properties Pvt. Ltd. Associate Company
Swan Silver Wares Pvt. Ltd. Associate Company
Variable Plaza Pvt. Ltd. Associate Company
AH Chemicals Pvt. Ltd. Associate Company
Welcome Suppliers Pvt. Ltd. Associate Company
Himatsingka Chemicals Pvt. Ltd. Associate Company
(b) Prakash Himatsingka Key Managerial Personnel
Ajit Kr Bhuwalka Key Managerial Personnel
Ashok Kr. Jhanwar Key Managerial Personnel
Abhishek Himatsingka Key Managerial Personnel
Prakash Chandra Vikra
rn Kumar (HUF). Enterprise over which KMP having influence
Binayak Prasad Prakash
Chandra (HUF) Enterprise over which KMP having influence
K. Kumar & Co. Enterprise over which KMP having influence
Nirmal Himatsingka
Rice & Saw Mills Enterprise over which KMP having influence
Sumit Kumar Jhanwar Relative of Director
Note : Related Party Relationship is as identified by the Company and
relied by Auditors.
C) There is no outstanding amount written off on the above during the
year.
13. Additional Information pursuant to the provisions of Paragraph 3 &
4 of part-ll of Schedule VI of the Companies Act, 1956.
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