Mar 31, 2012
1) Parties balance under trade receivable payable advances and secured
loans from ICBI Bank ltd are subject to confirmation
2) Contingent liability regarding sale tax income tax or any will arise
at the time of assets and the details of other contingent
Current year Previous year
a) EXCISE DUTY 1,079,720.00 1,079,720.00
B) CIVIL Noor mohd (worker) 35,000.00 35,000.00
c) Income tax (A.Y.2008-09) nIL 1,377,218.00
on historical cost basis and are consistent with the generally
accounting principles. .
In accordance with the schedule VI of the Companies Act, 19S6.
3. INVENTORIES
Traded Goods are valued at Cost price, if any.
finished mud Is accounted for on durance 0, 9oods from the factory
premises and VAT is payable on the sales of by the company.
*are neither recognized nor disclosed in the financial statements.
dost that are dimity attributable. too the .caption or Construction of
that Capital asset. Other borrowing Costs are recognized as an expense
in the period in which they are incurred.
4. TMPTRMENT OF ASSETS indication that an asset may be impaired. If any
such indication
The Company assesses at each balance sheet date whether there is any
amount of the asset or the recoverable amount ex1sts,the company
estimates the recoverable amount of the tassel If sui nether carrying
amount is reduced to its recoverable of the cash generating unit to
which the asset belongs issue" there this profit & Loss account. If at
the balance sheet date amount. This reduction is treated as an
impairment loss 9. exists the recoverable amount is reassessed and the
asset there is an indication that if a previously assessed impairment
loss no longer exists, the recovered a is reflected at the
recoverable amount.
Mar 31, 2011
1. Secured Loans viz. C/c A/c, Line of credit account, obtained from
State Bank of Bikaner & Jaipur,Gvg. are secured by equitable mortgage
of Plant and Machinery, Land & Building and by charge on all present &
future movable and immovable Assets of company including receivables
and all types of stocks and also guranteed by Sh. Ranjeev Bhatia & Sh.
Kanav Bhatia - the Directors in their individual capacities. Further,
secured loans - Working Capital Term Loan & Adhoc limits obtained from
SIDBl,Chandigarh are secured by equitable mortagaged of Plant &
Machinery and floating charge on current assets S further secured by
Collateral security of plot no. 427 A, sector 3,M.Gvg. and H No.415,
sector 3,Gvg. pertaining to M/s DCDR Bhatia Mill Owner Group A &
further guranted by the directors in their individual capacities.
2. Contingent liability regarding Sale Tax, Income Tax or any Act will
arise at the time of assessment and the details of other contingent
liabilities are :
a) Letter of credit Current Year (Rs.) Previous Year (Rs.)
Inland NIL 70,000,000.00
Foreign NIL NIL
b) EXCISE DUTY 1,079.720.00 1,079,720.00
c) CIVIL NIL 162,868.00
d) Income Tax (A.Y. 2008-09) *1,377,218 NIL
3 . Estimated amount of contracts remaining to be executed on capital
account and not provided for [net of advance - NIL (Previous Year -
NIL).
4 . Debit and credit balances in personal accounts are subject to
confirmation.
5 . Excise duty payable of finished products have not been considered
because the same is revenue neutral & the liablility on account of
excise duty under it stands at Rs. NIL (Previous year Rs.173,483)
6 . In the opinion of the Board, all the current Assets, Loan &
Advances have a value on realisation which in the orinary course of
business shall atleast be equal to the amount at which they are stated
in the adequate and not in excess/short of the amount considered
reasonably necessary.
7 . Expenditure on employees in receipt of aggregate remuneration of
not less than Rs. 24 lacs for the year, if employed throughout the
year or not less than Rs.2 lacs per month, if employed for part of
the year - stands at Rs.NIL (Previous Year - Rs.NIL)
8. Previous year figures have been regrouped, re-classified and
rearranged wherever considered necessary to make them compareable with
current year figure.
9. CENVAT/VAT allowed on raw material & others has been accounted for
in the books of accounts by reducting the respective items & unavailed
CENVAT/VAT is being carried forward as CENVAT/VAT receivables. Excise
duty /VAT is accounted for at the clearance/Sales of goods at the
factory by reducing CENVAT/VAT receivable.Excise duty/VAT does not form
part of element of cost, hence has been excluding from the valuation of
inventory.
10. The company follows all the Accounting Standards mandated bt the
Institute of Charteered Accounts of India, New Delhi.
11. As per the accounting Standared-18 issued by the Institute of
Chartered Accountants on India Related Party Disclosure. In view of
this, the company has given the following disclosure for the year.The
company has identified the related parties having transactions during
the yr.,as per details given below.No provision for doubtful debts is
required to be made & no amount was written off or written back from
such parties.
12. In the absence of necessary information with the company relating
to information to the registration status of suppliers under the
Micro,Small and Medium Enterprises Development Act,2006, the
information required under the said Act could not be compiled and
disclosed.The Company has not received information from vendors
regarding their status under the Micro, Small and Medium Enterprises.
Mar 31, 2010
1. Secured Loans viz. C/c A/c, Line of credit account, obtained from
State Bank of Bikaner & Jaipur,Gvg. are secured by equitable mortgage
of Plant and Machinery, Land & Building and by charge on all present &
future movable and immovable Assets of company including receivables
and all types of stocks and also guranteed by Sh. Ranjeev Bhatia & Sh.
Kanav Bhatia - the Directors in their individual capacities. Further,
secured loans - Working Capital Term Loan & Adhoc limits obtained from
SIDBl,Chandigarh are secured by equitable mortagaged of Plant &
Machinery and floating charge on current assets S further secured by
Collateral security of plot no. 427 A, sector 3,M.Gvg. and H No.415,
sector 3,Gvg. pertaining to M/s DCDR Bhatia Mill Owner Group A &
further guranted by the directors in their individual capacities.
2. Contingent liability regarding Sale Tax, Income Tax or any Act will
arise at the time of assessment and the details of other contingent
liabilities are :
a) Letter of credit Current Year (Rs.) Previous Year (Rs.)
Inland 70,000,000.00 60,000,000.00
Foreign NIL NIL
b) EXCISE DUTY 1,079.720.00 1,420,001.00
c) CIVIL 162,868.00 162,868.00
3 . Estimated amount of contracts remaining to be executed on capital
account and not provided for [net of advance - NIL (Previous Year -
NIL).
4 . Debit and credit balances in personal accounts are subject to
confirmation.
5 . Excise duty payable of finished products have not been considered
because the same is revenue neutral & the liablility on account of
excise duty under it stands at Rs.173,483/- (Previous year Rs.337,210)
6 . In the opinion of the Board, all the current Assets, Loan &
Advances have a value on realisation which in the orinary course of
business shall atleast be equal to the amount at which they are stated
in the adequate and not in excess/short of the amount considered
reasonably necessary.
7 . Expenditure on employees in receipt of aggregate remuneration of
not less than Rs. 6,00,000/ for the year, if employed throughout the
year or not less than Rs.50,000/- per month, if employed for part of
the year - stands at Rs.18.00 Lacs paid to Sh. Ranjeev
Bhatia-MD(Previous Year - Rs. 13.80 Lacs).
8. Previous year figures have been regrouped, re-classified and
rearranged wherever considered necessary to make them compareable with
current year figure.
9. CENVAT/VAT allowed on raw material & others has been accounted for
in the books of accounts by reducting the respective items & unavailed
CENVAT/VAT is being carried forward as CENVAT/VAT receivables. Excise
duty /VAT is accounted for at the clearance/Sales of goods at the
factory by reducing CENVAT/VAT receivable.Excise duty/VAT does not form
part of element of cost, hence has been excluding from the valuation of
inventory.
10. The company follows all the Accounting Standards mandated bt the
Institute of Charteered Accounts of India, New Delhi.
11. As per the accounting Standared-18 issued by the Institute of
Chartered Accountants on India "Related Party Disclosure". In view of
this, the company has given the following disclosure for the year.The
company has identified the related parties having transactions during
the yr.,as per details given below.No provision for doubtful debts is
required to be made & no amount was written off or written back from
such parties.
12. In the absence of necessary information with the company relating
to information to the registration status of suppliers under the
Micro,Small and Medium Enterprises Development Act,2006, the
information required under the said Act could not be compiled and
disclosed.The Company has not received information from vendors
regarding their status under the Micro, Small and Medium Enterprises.