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Notes to Accounts of Rajasthan Cylinders & Containers Ltd.

Mar 31, 2015


i) Deferred tax has been provided in accordance with " Accounting Standard 22-Accounting for taxes on income" issued by The Institute of Chartered Accountant of India. The incremental Liability/assets has been adjusted in Statement of profit & loss.

ii) Break up of net deferred tax liability/assets


a) Guarantees given by bankers on behalf of the company Rs. 20,00,000/- (Previous year Rs. 25,00,000/-). Margin their against by way of FDR of Rs1293201/- (Previous year Rs. 1904038/-)

b) Sales Tax Demand Rs. 38,82,397- for the year 2011-12 & 2012-13 towards the non-submission of C-Form and others as per regular assessment Order, against which appeals are pending at D.C.Appeal and an amount of Rs. 1,25,000/- deposited against the above demand (Prev. Yr. Sales Tax demand Rs.59,47,119/- for the year 2009-10,2010-11 & 2011-12 towards the deferment of tax difference and non-submission of C-Form as per Regular assessment Order and an amount of Rs. 1,45,000/- deposited against the said demand ).

3. Estimated amount of contracts remaining to be executed on capital account is Nil (Previous year Rs. Nil ) advances paid Rs. Nil (Previous year Rs. NIL).

4. The Competition Commission of India in a Suo Motu case under Section 19(1) of the Competition Act 2002 has passed an order on dated 24.02.2012, consequent upon the submission of investigation report by Director General in the matter of collusive conduct by LPG Cylinder manufacturer and has imposed penalty of Rs. 2,30,84,886/- @7% on average turnover of previous years .The Company has deposited Rs. 23,08,489/- as 10% of Penalty to file an appeal against the order of CCI with Competition Appellate Tribunal, New Delhi and the case is sub judice before the appellate authorities.

5. Balance of trade paybles, other liabilities, trade receivables, Loans and Advances are subject to confirmation.

6.In earlier years, Company has given loans to certain body corporates which are repayable on demand and on which it has not charged the interest. As on 31.03.2015 the outstanding amount of such advances is Rs. 1,08,79,701/- against the amount of Rs. 2,16,94,409/- outstanding as on 31.03.2014.

The above loans include, Loan of Rs. 56,31,131/- recoverable from M/S Ankur Drugs and Pharma Ltd. The Company has provided interest on such Loan upto 31/03/2012 in books of accounts. The honorable Bombay High Court has passed an order dated 08/07/2013 for winding up of this Company. The Company has submitted its claim of Rs. 73,17,163/- (including interest due till 31.01.2014) to the official liquidator. The balance of such Loan including interest will be accounted for/written off on final recovery from the official Liquidator.

7. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet. Adequate provisions have been made in accounts for all the known liabilities.

8. On the basis of Actuarial Valuation, the accrued liability for gratuity has been worked out as under which has not been provided for.

9. Liability for leave encashment outstanding as on 31.03.2015 Rs. 10,16,094/- (Prev. Year Rs. 8,19,730/-) has not been provided as the employees have yet to exercise their option for availment of leaves / encashment.

10. Disclosure of Related Party Transactions in accordance with the Accounting Standard As -18 " Related Party Disclosure"

a) Key Management Personnel : Sh. Avinash Bajoria-Managing Director Smt. Preetanjali Bajoria-Director (appointed w.e.f. 30/3/2015) Sh. S.G.Bajoria-Chairman (Ceased w.e.f. 30/3/2015)

b) Relative of Key Managerial Sh. Ashutosh Bajoria Personnel M/s. Shipra Towers Pvt. Ltd., M/s Beetal Tie-up Pvt Ltd., M/s Agribiotech c) Associate Copanies Industries Ltd.

d) Enterprise in which key M/s. Protect Vanijya Pvt. Ltd., managerial and their relatives M/s Mayawati Trading Co. Pvt Ltd., M/s have influence Swayambhu Construction Pvt Ltd., M/s Rameshwar Properties Pvt Ltd., M/s airo Niryat Pvt Ltd. , M/s Heaven Marketing Pvt Ltd., M/s Swagatam Procon Pvt Ltd., M/s Bajoria Farms Pvt.Ltd., M/s Goyal Complex Pvt Ltd., M/s Avinash Properties Pvt Ltd., M/s Rigmadirappa Investment Pvt Ltd., M/s Beekay Niryat Ltd., M/s Anshu Venture Pvt Ltd., M/s Mangal Kamna Agency Pvt Ltd.

11. Figures for the previous year have been re-arranged / regrouped wherever considered necessary; figures have also been rounded off to the nearest rupee.

12. Figures in brackets represent figures for previous year