Mar 31, 2015
NOTE 1 PAYABLES & RECEIVABLES
Balance of certain sundry debtors, loans & advances (including capital
advances), creditors and other process of confirmation/reconcil-
liation. The management is of the opinion that adjustment, in
liabilities if any, arising out of such reconcilliation would not be
material.
NOTE 2 ADVANCES RECOVERABLE
In the opinion of the Board, the current assets, loans and advances are
approximately of the value stated, if realized in the ordinary course
of business. The provision for known liabilities is adequate and not in
excess of amount reasonably necessary.
NOTE 3 MICRO SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006
The company has not received intimation from suppliers regarding the
status under Micro Small and Medium Enterprises Act 2006 and hence
disclosures if any, relating to amounts unpaid as at the year end
together with Development interest paid/payable as required under the
said Act have not been given.
NOTE 4 REGROUPING OF FIGURES
The previous year figures have been recast/ regrouped whenever
considered necessary to facilitate comparison.
Mar 31, 2014
1. RIGHT OF SHAREHOLDERS
A) Each Shareholder is entitled to one vote per share.
B) Each Shareholder has the right in profit/surplus in proportion to
amount paid up with respect to share holding,
C) In the event of winding up, the equity shareholders will be entitled
to receive the remaining balance of assets, if any, in proportionate to
their individual shareholding in the paid up equity capital of the
company.
D) There is no change in the Number of Share outstanding at the
beginning and at the end of the Financial year.
2. CONTINGENT LIABILITIES
a) Additional demand raised by Sales NIL NIL
tax authorities pending in appeals
b) Estimated amount of contracts NIL NIL
remaining to be executed on capital
account and not provided for (net of
advances).
c) Contingent Liability in respect of NIL NIL
Interest on cane cess,if any.
d) Contingent Liability in respect of NIL NIL
Unassessed cases of Income Tax,Sales
Tax,Excise duty.
3. PAYABLES & RECEIVABLES
Balance of certain sundry debtors, loans & advances (including capita!
advances), creditors and others are in process of
confirmation/reconcilliation. The management is of the opinion that
adjustment, in liabilities if any, arising out of such reconcilliation
would not be material.
4. ADVANCES RECOVERABLE
In the opinion of the Board, the current assets, loans and advances are
approximately of the value stated, if realized in the ordinary course
of business. The provision for known liabilities is adequate and not in
excess of amount reasonably necessary,
5. FOREIGN EXCHANGE TRANSACTION
(a) Value of imports calculated on CIF basis by the company
during the financial year in respect of:
1. Raw Materials NIL NIL
2. Components and Spare Parts NIL NIL
3. Capital Goods NIL NIL
(b) Expenditure in Foreign Travelling NIL NIL
(c) Earning in Foreign Currency NIL NIL
6. MICRO SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006
The company has not received intimation from suppliers regarding the
status under Micro Small and Medium Enterprises Act 2006 and hence
disclosures if any, relating to amounts unpaid as at the year end
together with Development interest paid/payable as required under the
said Act have not been given.
7. REGROUPING OF FIGURES
The previous year figures have been recast/ regrouped whenever
considered necessary to facilitate comparison with revised Schedule XI.
Mar 31, 2013
NOTE 1 DISCLOSURE AS PER AS-17 SEGMENT REPORTING
Segment Reporting : - As per the Accounting standard No. 17 issued by
the Institute of Chartered Accountants of India, New Delhi, segment
reporting is applicabie to the company as the company has two profit
centers Le. Sug3r Unit & Distillery Unit. The main financials of the
reporting is given as under: -
N0TE 2 PAYABLES & RECE
Balances of certain sundry debtors. loans & advances (including capital
advances), creditors and iiabililies are in the process of
confirmation/feconcilliation. The management is of the opinion that
adjustment if any arising out of such reconcilliation would not be
material.
NOTE 3 ADVANCES RECOVERABLE
in the opinion of the Board, me current assets, loans and advances are
approximately of the value stated, if realized in the ordinary course
of business. The provision for known li3bilifes is adequate and not in
excess of amount reasonably necessary.
Mar 31, 2012
(Amount in Rs.)
As at As at
31st March,
2012 31st March,
2011
NOTE 1 CONTINGENT LIABILITIES
1 Additional Demand raised by
Sales tax Authorities pending
in appeals 30 67
2 Estimated amount of contracts
remaining to be executed on
capital account and not provided
for (net of advances) 52 190
3 Contingent liability in respect
of Interest on cane cess, if any
Unascertained Unascertained
4 Contingent Liability in respect
of Unassessed cases of Income tax Unascertained Unascertained
Sales tax, Excise duty and Service
tax
NOTE 2 NOTE REGARDING PAYABLE AND RECEIVABLE
Balances of certain debtors, Loans & Advances (including capital
advances), creditors and other liabilities (including asso- ciate
company) are in process of confirmation/ reconciliation. The management
is of the opinion that adjustment, if any, arising out of such
reconciliation would not be material.
NOTE 3 MICRO SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT 2006
Company has not received intimation from supplier regarding the status
under Micro Small & Medium Enterprises Act 2006 and hence disclosure,if
any .relating to amounts unpaid as at the year end togather with
Development the interest paid/payable as required under the said Act
have not been given.
NOTE 4 MISCELLANOUS INCOME
Miscellaneous/ other income of Rs.31.91 lacs (Previous year Rs 39.93
lacs) includes Rs 8.72 lacs as wastage recovered from L-13Agents
(Previous year Rs 27.39), Rs 10.53 lacs sale of scrap (previous year
nil)Rs 1.03 as profit from sale of Vehicle( Previous year Rs. nil),, Rs
nil lacs as excise duty (Previous year Rs 0.83 lacs) and Rs. 11.63 lacs
as Agriculture produce & other/misc. (Sales previous year Rs11.70) -
NOTE 5 EARNING PER SHARE
The Company has calculated earning per share in accordence with
Accounting Standard 20 (AS 20} issued by the Institute of Chartered
Accountants Of India and accordingly the net Profit of Rs 61893731
/-{28234181/-} is divided by weighted aver- age number of 23254527
equity shares for calculating Basic & Diluted earning per share.
NOTE 6 Reoroupina of figures
The previous year figure have been recast/ regrouped wherever
considered necessary to facilitate comparision with revised Sechdule
XI.
NOTE 7 Valuation of Current Assets & Liabllites
In the opinion of the board, the current assets,Loans and advances are
approximately of the value stated and provision for known liabilities
is adequate and not in excess of amount considered reasonably
necessarily.
Mar 31, 2010
1 Contingent Liabilities: (Rs in Lacs) (Rs in Lacs)
Current Year Previous Year
a) Additional demand raised
by Sales tax authorities pending in
appeals. 67.47 37.39
b) Estimated amount of contracts
remaining to be executed on capital 291.98 340.00
account and not provided for (net of advances).
c) Contingent Liability in respect of
Interest Unascertained Unascertained
on cane cess.if any.
d) Contingent Liability in respect
of Unassessed cases Unascertained Unascertained
of Income Tax.Sales Tax.Excise duty.
2 Sundry debtors, loans and advances and Sundry Creditors are subject
to confirmation, reconciliation and adjustment and the amount is
unascertained.
3 The remuneration paid to directors is as follows:
Current Year (in Rs.) Previous Year (in Rs.)
Whole time director 868333.00 255952.00
Computation of net profit in accordance with section 349 of the
Companies Act, 1956.
2009-10
(Rs in Lacs)
Profit for the year
before taxation as per
P&LAccount 268.15
ADD : Directors Remuneration 8.68
Less: Profit on sale of fixed
assets Nil
Profit u/s 198 of the
Companies Act, 1956 276.83
The remuneration to Directors being paid accordance with schedule XIII
and section 198,309 & 310 of the Companies Act 1956.
4. Previous year income of Rs. 20333/- is on account of cenvat credit of
service tax taken in this year, which pertain to previous year.
5. Sale and cost of raw material consumption includes Rs. NIL (previous
year Rs.470.69 lacs) on account of inter-unit transfer of Molasses and
Cane juice from sugar division to Distillery Unit (including excise
duty.)
6. Financial expenses include interest on term loan 47.92 lacs (Previous
year Rs.46.87 lacs) and on cash credit account Rs. 18.78 lacs (Previous
year 18.36 lacs).
7. Miscellaneous income of Rs. 30.89 lacs (Previous year Rs107.84 lacs)
includes Rs. 0.49 lacs as interest (Previous year Rs 0.47 lacs), Rs
0.03 lacs sundry balances written off (Previous year Rs18.79 lacs), Rs
18.35 lacs as wastage recovered from L-13 Agents (Previous year Rs Nil)
Rs 10.00 lacs as refund from Hospital Charitble Trust, (Previous year
Rs.Nil) Rs 0.93 lacs refund from sales tax autority (previous year Nil)
and Rs 1.09 lacs as excise duty.(Previous year Rs 88.58 lacs)
8. The installments of term loans payable within one year period is Rs.
Nil (previous year 295.55 lacs)
9. The Company have received a partial amount of Rs.380.00 Lacs as Share
application money from Piccadily Agro Industries Limited as part
payment towards allotment of shares of Rs 600.00 Lacs.
10. No provision of Income Tax has been made to keeping in view the
carry forward losses and non applicability of section 115 JB of the
Income Tax Act.
11. The Company was declared a sick industrial company vide order dated
03.10.2002 u/s 3(1) (o) of the Sick Industrial Companies (Special
Provisions) Act, 1985. Now the Honable Board for Industrial and
Financial Reconstruction vide its letter dated 09.04.2010 has
sanctioned the Draft Rehabilitation Scheme by providing various relief
and concessions. The effect of the said scheme has not been considered
in the accounts for the year ending 31st March,2010.
12. The break up of Deferred Tax is as under :-
31.03.2010 31.03.2009
(Rs. In Lacs) (Rs. In Lacs)
Deferred Tax Assets
1. On account of carry
Forward tax losses & Unabsorbed
depreciation 1032.35 893.34
2. Expenses allowable on payment
basis (u/s 43 B) . 38.21 7.49
Total (A):- 1070.56 900.83
Deferred Tax Liability
Timing difference on account of
depreciation 458.95 519.80
Total (B): - 458.95 519.80
NET DEFERRED TAX ASSETS Total (A-B): - 611.61 381.03
The company has not recognized deferred tax assets as there is
reasonable certainty considering the quantum of losses available to the
company to be carried forward to subsequent Assessment year, the same
may not be fully adjusted against future profit in view of Provision of
Sec 72(3) of Income Tax Act 1961.
13. The company has calculated earning per share in accordance with
Accounting Standard 20 issued by the Institute of Chartered Accountants
of India, as per details given below:
PARTICULARS Current Year Previous Year
PROFIT/(LOSS) DURING THE YEAR (In Rs.) 26814959.32 (4048064.22)
NO OF SHARES 29509053 29509053
FACE VALUE 10 10.00
Basic & Diluted Earning per Share(in Rs.) 0.91 (0.14)
14. Segment Reporting : - As per the Accounting standard No. 17 issued
by the Institute of Chartered Accountants of India, New Delhi, segment
reporting is applicable to the company as the company has two profit
centers i.e. Sugar Unit & Distillery Unit. The main Financials of the
reporting is given as under: -
SUGAR UNIT DISTILLERY UNIT TOTAL
a) Segment Revenue (Rs. in Lacs)
External Sales 11.86 2978.09 2989.95
Notes -
a) The reportable business Segments are "Sugar" and Distillery.
b) The type of products in each business segments are as under:
1. Sugar: Sugar, Molasses and Bagasse.
2. Distillery: - Punjab Medium Liquor (PML), Rectified Spirit (RS), ENA
and De-natured spirit.
c) Interdivisional transfers have been valued at prevailing market
price.
d) Accumulated losses of Rs. 2879.57 lacs have been excluded from
Segments Assets shown above.
e) There is no unallocated amount of revenue /expenses.
15. The information as required by para 3,4C and 4D of part II of
Schedule VI of the Companies Act, 1956:-
I. The previous years figures have been recast/regrouped wherever
considered necessary to facilitate comparison.
J. Schedule A to G and Annexure 1 to 7 form an integral part of
Balance Sheet and Profit & Loss Account.
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