Mar 31, 2015
Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule III to
the Companies Act 2013
NIL Equity Shares (NIL Previous year) are held by None, the holding
company.
1. CONTINGENT LIABILITIES AND COMMITMENTS
Disclosure pursuant to Note no. 6(T) of Part I of Schedule III to the
Companies Act 2013
31 March 2015
Particulars
Rs. Rs.
A. Contingent Liabilities
(1) Claims against the company not
acknowledged as debt
a. Income tax assessment dues for AY
2011 -12 under appeal 3,580,450
pending before first appellate authority
b. Contract labour claim 150,000
(2) Guarantees -
(3) Other money for which the company is
contingently liable
LC issued by Company's bankers 31,195,255
Sub Total (A) 34,925,705
B. Commitments
(1) Estimated amount of contracts
remaining to be executed on
capital account and not provided for -
(2) Uncalled liability on shares
and other investments partly paid -
(3) Other commitments (specify nature) -
Sub Total (B) -
Total Contingent Liabilities
and Commitments (A B) 34,925,705
Particulars 31 March 2014
Rs. Rs.
A. Contingent Liabilities
(1) Claims against the company not
acknowledged as debt
a. Income tax assessment dues for AY 3,580,450
2011 -12 under appeal
pending before first appellate authority
b. Contract labour claim -
(2) Guarantees -
(3) Other money for which the company is
contingently liable
LC issued by Company's bankers 7,211,976
Sub Total (A) 10,792,426
B. Commitments
(1) Estimated amount of contracts
remaining to be executed on
capital account and not provided for -
(2) Uncalled liability on shares
and other investments partly paid -
(3) Other commitments (specify nature) -
Sub Total (B) -
Total Contingent Liabilities
and Commitments (A B) 10,792,426
2 Disclosure pursuant to Note no. 6(V) of Part I of Schedule III to the
Companies Act 2013
Where in respect of an issue of securities made for a specific purpose,
the whole or part of the amount has not been used for the specific
purpose at the balance sheet date, Indicate below how such unutilized
amounts have been used or invested.
Not Applicable
3 Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the
Companies Act 2013
If, in the opinion of the Board, any of the assets other than fixed
assets and non-current investments do not have a value on realization
in the ordinary course of business at least equal to the amount at
which they are stated, the fact that the Board is of that opinion,
shall be stated.
4. The excise duty and sales tax, shown as deduction from turnover,
are total tax on sale of goods for the year.
5. The disclosure of "Employee Benefits" as per Accounting Standard
15 are as follows;
(A) Defined contribution plans:
Provident fund:
The Company has recognized the following amounts in the Profit and Loss
Account for the year:
(i) Contribution to Provident Fund (Employer's Contribution) Rs. 489012
(B) Defined Benefit Plans
(i) Disclosure of Gratuity Liabilities
The Company has accounted for provision of gratuity based on actuarial
valuation done by Life Insurance Corporation of India amounting to
total liability till date of Rs. NIL.
6. The Company has only one reportable business segment hence no
further disclosure is required under Accounting Standard-17 on "Segment
reporting".
7. The management has made full inquiries and is of the view that
assets of the Company in form of fixed assets and Inventories are good
in nature, and are stated at appropriate value of the respective assts;
and there is no necessity as to impairment / write down provision in
the accounts.
8. Disclosures required under Accounting Standard-19 on "Leases".
Finance Lease - Assets Given on Lease
The Company has not given any of its assets on lease.
9. The Company has a process w hereby periodically all long term
contracts are assessed for material foreseeable losses. At the year
end, the Company has reviewed and ensured that adequate provision as
required under any law / accounting standards for material foreseeable
losses on such long term contracts has been made in the books of
account.
10. The Company has a system of reviewing its pending litigations and
proceedings, if any, and provide for where Provisions are required and
disclose the contingent liabilities where applicable, in its financial
statements. The Company does not expect the outcome of these
proceedings to have a materially adverse effect on its financial
results. In respect of litigations, where the management assessment of
a financial outflow is probable, the Company has made adequate
provision in the financial statements and the contingent liabilities
are disclosed in Note 17.
11. The previous year's figures have been regrouped / rearranged / re
classified wherever considered necessary to correspond with the figures
of current year.
Mar 31, 2014
Note 1 : DEFERRED TAX ASSET (NET)
The Company has accounted for taxes on income in accordance with AS-22
- Accounting for Taxes on Income issued by the Ministry of Corporate
Affairs. Consequently, the net incremental deferred tax (liability) /
asset is charged / credited to Profit and Loss Account. The year end
position of taxes on income is as under:
Note 2 : CONTINGENT LIABILITIES AND COMMITMENTS
Particulars 31 March 2014 31 March 2013
Rs. Rs. Rs. Rs.
A. Contingent Liabilities
(1) Claims against the
company not acknowledged
as debt (Income tax 3,580,450 -
assessment dues for
AY 2011-12 under appeal
pending before first
appellate authority)
(2) Guarantees - -
(3) Other money for which
the company is
contingently liable
LC issued by Company''s
bankers 7,211,976 44,240,257
Sub Total (A) 10,792,426 44,240,257
B. Commitments
(1) Estimated amount of
contracts remaining to be
executed on capital account
and not provided for - 500,000
(2) Uncalled liability on
shares and other investments
partly paid - -
(3) Other commitments
(specify nature) - -
Sub Total (B) 500,000
Total Contingent Liabilities
and Commitments (A B) 10,792,426 44,740,257
Mar 31, 2013
1. Assets leased by the Company in its capacity as lessee, where the
Company has substantially all the risks and rewards of ownership are
classified as finance lease. Such a lease is capitalized at the
inception of the lease at lower of the fair value or the present value
of the minimum lease payments and a liability is recognized for an
equivalent amount. Each lease rental paid is allocated between the
liability and the interest cost so as to obtain a constant periodic
rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership
of an asset substantially vest with the lessor, are recognized as
operating leases. Lease rentals under operating leases are recognized
in the statement of profit and loss on a straight-line basis.
2. The value on realization of current assets in the ordinary course
of business would not be less than the amount at which they are stated
in the Balance Sheet. According to the management, provision for all
the known liabilities is adequate.
3. Balances in Debtors, Creditors, loans, advances, and other current
assets are subject to confirmation and reconciliation.
4. "The Micro, Small and Medium Enterprise Development Act, 2006" has
repealed the provision of interest on delayed payment to small scale
and ancillary industrial undertaking Act, 1993. The management does not
find it necessary to provide for interest on delayed payments to the
suppliers covered by the said Act in view of insignificant amount and
probability of its outgo.
5. Related Party Disclosures, as required by AS-18 are given below: A.
Relationships:
Category I: Holding Company NIL
Category II: Key management Personnel
Managing Director
Remuneration Rs. 1500000
Executive Director
Remuneration Rs. 1440000
Category III: Others (Relatives of Key Management Personnel and
Entities in which the Key Management Personnel have control or
significant influence)
6. The excise duty and sales tax, shown as deduction from turnover,
are total tax on sale of goods for the year.
7. The disclosure of "Employee Benefits" as per Accounting Standard
15 are as follows;
(A) Defined contribution plans: Provident fund:
The Company has recognized the following amounts in the Profit and Loss
Account for the year:
(i) Contribution to Provident Fund (Employer''s Contribution) Rs. 398820
(B) Defined Benefit Plans
(i) Disclosure of Gratuity Liabilities
The Company has accounted for provision of gratuity based on actuarial
valuation done by Life Insurance Corporation of India amounting to
total liability till date of Rs. NIL.
8. The Company has only one reportable business segment hence no
further disclosure is required under Accounting Standard-17 on "Segment
reporting".
9. The management has made full inquiries and is of the view that
assets of the Company in form of fixed assets and Inventories are good
in nature, and are stated at appropriate value of the respective assts;
and there is no necessity as to impairment / write down provision in
the accounts.
10. The previous year''s figures have been regrouped / rearranged /
reclassified wherever considered necessary to correspond with the
figures of current year.
11. Notes 1 to 25 form an integral part of the accounts and have been
duly authenticated.
Mar 31, 2010
1. QUANTITATIVE INFORMATION IN RESPECT OF GOODS MANUFACTURED BY THE
COMPANY
(i) Licenced Capacity, Installed Capacity & Production
(As Certified by the Management)
2. CONTINGENT LIABILITIES
a) In respect of Letters of Credit issued by the Companys Bankers :
Rs. 76,794,162 (Previous year Rs. 72,274,619)
3. FOREIGN EXCHANGE FLUCTUATION
Gain on account of foreign exchange fluctuation accounted during the
year is Rs. 11,355,471 (Previous year loss of Rs. 9,654,761).
4. REMUNERATION paid u/s 198 of the Companies Act, 1956 to Managing
Director and Executive Director are in accordance with the approval of
the Central Government and or within the limits laid down under
Schedule XIII to the Companies Act, 1956 & included in the Profit &
Loss Account, as Directors Remuneration.
5. The company has taken Group Gratuity for its employees from Life
Insurance Corporation of India.
6. Previous periods figures have been re-arranged, re-grouped and
re-classified where necessary.