Mar 31, 2015
1 Corporate information
Shah Foods Ltd. Is a public limited company in India and incorporated
under the provision of the company Act. 1956. Its shares are listed in
BSEL. The Company's activities are in manufacturing of Biscuits for
Britannia Industries Limited and Trading of shares and securities.
2. Rights & Restriction attached to shares Equity shares
The Company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of the 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 distribution of all preferential amounts, in proportion
to their shareholding.
3. (AJMETHOD OF ACCOUNTING :
Expenses are provided on mercantile system except cash system for
Insurance Claims, Sales Tax Refund.
The Accounts have been prepared on historical cost basis of accounting.
All expenses and income to the extent considered payable and receivable
unless stated otherwise are accounted for on accrual basis. Accounting
policies not specifically referred to are in consistent with generally
accepted accounting practices.
(BJ) FIXED ASSETS:
Fixed Assets are stated at cost of acquisition or construction less
Depreciation. All costs relating to the acquisition and installation of
fixed assets are capitalised.
(CJ) DEPRECIATION:
Depreciation on Fixed Assets has been provided on straight line method
as per rates specified in amended schedule XIV of the Companies Act,
1956 Vide Notification No GSR 758 (2) dated 16th December 1993 other
than free hold land for full year.
(DJ) INVENTORIES:
Raw Materials & Furnace Oil is valued at cost. Stock of Shares of
Trading activity is valued at cost or market value whichever is lower.
(EJ) INVESTMENT:
Unquoted Investments are stated at cost.
(FJ) GRATUITY:
Payment for present liability of future payment of gratuity is being
made to approve Gratuity Funds which fully covers the same under cash
accumulation scheme of the Life Insurance Corporation of India.
4. Previous year's figures have been regrouped / rearranged wherever
necessary to make them comparable with current year's figures.
5. Provision made of Rs. 5,80,000 for Income Tax has been made from
current year profit and Rs. 3,410 for deferred Tax has been made from
current year profit on the basis of claims and deductions as per Income
Tax Act 1961.
6. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18
* RELATED PARTY
A) Associate Companies: (1) IND ASIA Funds Advisors Pvt. Ltd. (2)
Helios Greentech Pvt. Ltd.
B) Vice chairman: Shri. Janak P. Shah
C) Directors
(1) Shri. Sushil P. Shah
(2) Shri. Pradip P. Shah
(3) Shri Virendra P. Shah
(4) Shri. Shrichand R. Kahar
(5) Shri. Nirav J. Shah
(6) Mrs. Pushpa J. Shah
* RELATED PARTY TRANSCATIONS
A) Associate Companies - Nil -
B) Directors
* Details of remuneration to Vice Chairman, Operations Director are
disclosed in the notes to accounts.
* There are no write offs/write back of any amounts for any of the
above-related party.
7. Expenditure incurred on employees covered u/s 217(2A) of the
companies act,1956- Rs. NIL (Previous year Rs. NIL)
8. During the year under review, Britannia Industries Limited deducts
TDS on job-work receipts on job charges including excise duty and hence
TDS rate & job charges are not comparable.
9. Balance confirmations for debit/credit balances have been sought.
10. Additional information pursuant to para III and IV of part II of
schedule VI of Companies Act, 1956 to the extent applicable.(As
certified by the Directors)
11. Expenditure in foreign currency during the year on account of
royalty, know-how, professional consultancy fees, interest and other
matters Rs. Nil. (Previous years Rs. Nil).
12. C.I.F. Value of imports of raw materials, components and spares Rs.
Nil.(Previous year Rs. Nil)
13. Earning in foreign exchange on account of export etc. Rs.Nil.
14. Remittance in foreign currency on account of dividend etc. Rs.NIL.
(Previous year Nil)
15. In the opinion of Board of Directors, the current assets, loans &
advances are approximately of the same value, if realised in the
ordinary course of business. The provision for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
Mar 31, 2014
1. Corporate information
Shah Foods Ltd. is a public limited company in India and incorporated
under the provisions of the Companies Act 1956. its shares are listed
in BSEL. The company''s activities are in manufacturing of Biscuits for
Britannia Industries Limited and Trading of shares and securities.
2. Rights & Restriction attached to shares
Equity shares
The Company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of the 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 distribution of all preferential amounts, in proportion
to their shareholding.
3. {A}METHOD OF ACCOUNTING:
Expenses are provided on mercantile system except cash system for
Insurance Claims, Sales Tax Refund.
The Accounts have been prepared on historical cost basis of accounting.
All expenses and income to the extent considered payable and receivable
unless stated otherwise are accounted for on accrual basis. Accounting
policies not specifically referred to are in consistent with generally
accepted accounting practices.
{B} FIXED ASSETS :
Fixed Assets are stated at cost of acquisition or construction less
Depreciation. All costs relating to the acquisition and installation of
fixed assets are capitalised.
{C} DEPRECIATION:
Depreciation on Fixed Assets has been provided on straight line method
as per rates specified in amended schedule XIV of the Companies Act,
1956 Vide Notification No GSR 758 (2) dated 16th December 1993 other
than free hold land for full year.
{D} INVENTORIES:
Raw Materials & Furnace Oil is valued at cost. Stock of Shares of
Trading activity is valued at cost or market value whichever is lower.
{E} INVESTMENT:
Unquoted Investments are stated at cost.
{F}GRATUITY:
Payment for present liability of future payment of gratuity is being
made to approve Gratuity Funds which fully covers the same under cash
accumulation scheme of the Life Insurance Corporation of India.
4. Previous year''s figures have been regrouped/rearranged wherever
necessary to make them comparable with current year''s figures.
5. Provision made of Rs. 1,90,000 for Income Tax has been made from
current year profit and Rs. 34,278 for deferred Tax has been added back
in current year profit on the basis of claims and deductions as per
Income Tax Act 1961.
* Details of remuneration to Vice Chairman, Operations Director are
disclosed in the notes to accounts.
* There are no write offs/write back of any amounts for any of the
above-related party.
6. Expenditure incurred on employees covered u/s 217(2A) of the
companies act,1956- Rs. NIL (Previous year Rs. NIL)
7. During the year under review, Britannia Industries Limited deducts
TDS on job-work receipts on job charges including excise duty and hence
TDS rate & job charges are not comparable.
8. Balance confirmations for debit/credit balances have been sought.
9. Additional information pursuant to para III and IV of part II of
schedule VI of Companies Act, 1956 to the extent applicable.(As
certified by the Directors)
10. Expenditure in foreign currency during the year on account of
royalty, know-how, professional consultancy fees, interest and other
matters Rs. Nil. (Previous years Rs. Nil).
11. C.I.F. Value of imports of raw materials, components and spares
Rs. Nil.(Previous year Rs. Nil)
12. Earning in foreign exchange on account of export etc. Rs.Nil.
13. Remittance in foreign currency on account of dividend etc. Rs.NIL.
(Previous year Nil)
14. In the opinion of Board of Directors, the current assets, loans &
advances are approximately of the same value, if realised in the
ordinary course of business. The provision for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
Mar 31, 2012
1. Corporate information
The company's activities are in manufacturing bo Biscuits for Britannia
Industries Limited and Trading of shares and securities.
a. Rights & Restriction attached to shares Equity shares
The Company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In ttie event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
2. METHODOF ACCOUNTING:
Revenue expenditure pertaining to research is charged to the Statement
of Profit and Loss. Development costs of products Expenses are provided
on mercantile system except cash system for Insurance Claims, Sales Tax
Refund, The Accounts have been prepared on historical cost basis of
accounting. All expenses and income to the extent considered payable
and receivable unless stated otherwise are accounted for on accrual
basis. Accounting policies not specifically referred to are in
consistent with generally accepted accounting practices.
{A}FIXED ASSETS:
Fixed Assets are stated at cost of acquisition or construction less
Depreciation. All costs relating to the acquisition and installation of
fixed assets are capitalised.
(B) DEPRECIATION:
Depreciation on Fixed Assets has been provided on straight line method
as per rates specified in amended schedule XIV of the Companies
Act. 1956 Vide Notification No GSR 758 (2) dated 16th December 1993
other than free hold land for full year.
(C) INVENTORIES:
Raw Materials & Furnace Oil is valued at cost. Stock of Shares of
Trading activity is valued at cost or market value whichever is lower.
(D) INVESTMENT:
Unquoted Investments are stated at cost.
(E) GRATUITY:
Payment for present liability of future payment of gratuity is being
made to approve Gratuity Funds which fully covers the same under cash
accumulation scheme of the Life Insurance Corporation of India.
3 Previous year's figures have been regrouped / rearranged wherever
necessary to make them comparable with current year's figures.
4 Provision made of Rs. 2,12,000 for Income Tax has been made from
current year profit and Rs. 12,017 for deferred Tax has been added back
in current year profit on the basis of claims and deductions as per
Income Tax Act 1961.
5 RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 RELATED PARTY
A) Associate Companies Plaskon Private Limited IND ASIA Funds Advisors
Pvt. Ltd.
B) Chairman: Shri Pradip P. Shah
C) Vice chairman: Shri. Janak P. Shah
D) Directors Shri. Sushil P. Shah
Shri. Virendra P. Shah
Shri. Shrichand R. Kahar
Shri. Nirav J. Shah
6 Expenditure incurred on employees covered u/s 217(2A) of the
companies act, 1956- Rs. NIL (Previous year Rs. NIL)
7 During the year under review, Britannia Industries Limited deducts
TDS on job-work receipts on job charges including excise duty and hence
TDS rate & job charges are not comparable.
8 Balance confirmations for debit/credit balances have been sought.
9 Expenditure in foreign currency during the year on account of
royalty, know-how, professional consultancy fees, interest and other
matters Rs. Nil. (Previous years Rs. Nil).
10 C.I.F. Value of imports of raw materials, components and spares Rs.
Nil.(Previous year Rs. Nil)
11 Earning in foreign exchange on account of export etc. Rs.Nil.
12 Remittance in foreign currency on account of dividend etc. Rs.NIL.
(Previous year Nil)
13 In the opinion of Board of Directors, the current assets, loans &
advances are approximately of the same value, if realised in the
ordinary course of business. The provision for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
Mar 31, 2010
(1) Previous years figures have been regrouped/rearranged wherever
necessary to make them comparable with current years figures.
(2) Provision of Rs. 10,34,068 for Income Tax and Rs. 1,088 for
differed tax for F.Y. 2009-2010 has been made from current year profit
on the basis of claims and deductions as per Income Tax Act 1961.
(3) RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18
- RELATED PARTY
(A) Associate Companies
Plaskon Private Limited.
Ind Asia Fund Advisors Pvt. Ltd.
(B) Vice Chairman : Shri. Janak P. Shah
(C) Directors Shri. Pradip P. Shah
Shri Sushil P. Shah
Shri Virendra P. Shah
Shri Shrichand R. Kahar
Shri Nirav J. Shah
- RELATED PARTY TRANSACTIONS
(A) Associate Compaines - Nil
(B) Directors - Nil
- Details of remuneration to Vice Chairman & Director-Operations are
Disclosed
the notes to accounts.
- There are no write offs/write back of any amounts for any of the
above - related party.
(4) Expenditure incurred on employees covered u/s 217(2A) of the
Companies Act, 1956- Rs. NIL (Previous year Rs. NIL)
(5) During the year under review, Britannia Industries Ltd. deducted
TDS on Job-work receipts on job charges including excise duty and hence
TDS rate & job charges are not comparable.
(6) Balance confirmations for debit/credit balances have been sought.
(7) Additional information pursuant to para III and IV of part II of
schedule VI of Companies Act, 1956 to the extent applicable, (As
certified by the Directors)
(8) Expenditure in foreign currency during the year on account of
royalty, know-how, professional consultancy fees, interest and other
matters Rs. NIL. (Previous year Rs. Nil).
(9)C.I.F. Value of imports of raw materials, components and spares Rs.
NIL. (Previous year Rs. NIL)
(10)Earning in foreign exchange on account of export etc. Rs. NIL
(11)Remittance in foreign currency on account of dividend etc. Rs. NIL.
(Previous year NIL)
(12) In the opinion of Board of Directors, the current assets, loans &
advances are approximately of the same value, if realised in the ordinary
course of business. The provision for all known liabilities is adequate
and not in excess of the amount reasonably necessary.