Mar 31, 2016
1. The above Cash Flow Statement has been compiled from and is based on the Balance Sheet as at 31st March, 2016 and the related Statement of Profit and Loss for the year ended on that date.
2. The above Cash Flow Statement has been prepared under âIndirect Methodâ as set out in the Accounting Standard (AS) on âCash Flow Statementâ, AS -3, issued by The Institute of Chartered Accountants of India and reallocations required for this purpose are as made by the Company.
3. Cash and Cash equivalents represent Cash and Bank balances
4. Additions to Fixed Assets are stated inclusive of movements of Capital Work-in-Progress between the beginning and the end of the year and are treated as part of Investing Activities.
5. Figures in parenthesis represent outflows.
6. Previous yearâs figures have been regrouped, wherever necessary, to conform current yearâs presentation.
This is the Cash Flow referred to in our report of even date.
7. Contingent liabilities
8. A claim of 68,00,000/- towards enhanced municipal taxes over 10% of the previous rate was raised by the landlords of the premises from where the Company, as a sub-tenant, was operating one of its retail stores, in terms of the Companyâs sub tenancy agreement with them. The said claim has been disputed by the Company on the ground that the said enhancement pertained to assessment of Annual Valuation based on the status (residential or commercial) of the property in question, which the landlords had concealed before the municipal authorities as well as before the Company and the Company has initiated legal proceedings to that effect which are awaiting ex-parte disposal.
9. Advances recoverable in cash or in kind or for value to be received include 7,42,37,148 (previous year-7,42,37,148) on account of Tai Projects Private Ltd, in which one of the directors of the Company is also a director, incorporated with an object of setting up of a Family Entertainment Complex (FEC) at Nonadanga in Eastern Metropolitan, Kolkata in pursuance of a decision to make investment in the said Company, which was approved by the share holders of the Company in its Annual General Meeting held on 17 September 2002.
10. The amount due to Micro and Small Enterprises as defined in âThe Micro, Small and Medium Enterprises Development Act,2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. The disclosures relating to Micro and Small enterprises as at 31st March, 2016 are as under:
11. As per terms of purchase, no interest is payable by the company to the party covered under MSMED Act, 2006.
12. Employee benefit
The employee benefits have been determined in accordance with the Accounting Standard-15 issued by The Institute of Chartered Accountants of India.
13. Defined Benefit Plans
Gratuity & Leave Encashment - The gratuity liability is determined on the basis of actuarial valuation using the Projected Unit Credit Method. This method recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The leave encashment is recognized in the financial statement in the same manner as gratuity.
14. The Company has not obtained year-end balance confirmation certificates from sundry debtors, sundry creditors and for loans & advances and deposits. However, the Company has a system of obtaining balance confirmations more than once during the year and adjustment for difference in balances, arising out of such confirmation/reconciliation statement, is made in the accounts on receipt of final agreed balances / reconciliation statement. The management is of the opinion that the impact of adjustment, if any, on year-end balances is not likely to be significant.
Furthermore, in the opinion of the management, all Trade Receivables, Advances and Deposits (both Current & Non-current) would be realized at the values at which these are stated in the accounts in the ordinary course of business.
15. Debtors ageing schedule detailing non-moving debtors above three years could not be produced to the Auditors for their verification as certain debtors ledgers are subject to reconciliation and consequential adjustments.
16. Due to absence of virtual certainty about future taxable income, no deferred tax asset with respect to unabsorbed depreciation and carried forward loss has been recognized in the accounts.
17. Previous yearâs figures have been regrouped/rearranged, wherever necessary to conform to current yearâs presentation.
18. Figures in parenthesis represent previous yearâs figures.
Mar 31, 2015
1. Contingent liabilities
As at 31 March 2015 As at 31 March 2014
(Rs.) (Rs.)
(i) Bank Guarantees 2,25,000 2,25,000
(ii) A claim of 68,00,000/- towards enhanced municipal taxes over 10%
of the previous rate was raised by the landlords of the premises from
where the Company, as a sub-tenant, was operating one of its retail
stores, in terms of the Company's sub tenancy agreement with them.The
said claim has been disputed by the Company on the ground that the said
enhancement pertained to assessment of Annual Valuation based on the
status (residential or commercial) of the property in question, which
the landlords had concealed before the municipal authorities as well as
before the Company and the Company has initiated legal proceedings to
that effect which are awaiting ex-parte disposal.
2. Advances recoverable in cash or in kind or for value to be
received include 7,42,37,147.63( previous year- 7,42,37,147.63 ) on
account of Tai Projects Private Ltd, in which one of the directors of
the Company is also a director, incorporated with an object of setting
up of a Family Entertainment Complex (FEC) at Nonadanga in Eastern
Metropolitan, Kolkata in pursuance of a decision to make investment in
the said Company, which was approved by the share holders of the
Company in its Annual General Meeting held on 17 September 2002.
3. Employee benefit
The employee benefits have been determined in accordance with the
Accounting Standard-15 issued by The Institute of Chartered Accountants
of India.
A. Defined Benefit Plans
Gratuity & Leave Encashment - The gratuity liability is determined on
the basis of actuarial valuation using the Projected Unit Credit
Method. This method recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation. The leave encashment is
recognized in the financial statement in the same manner as gratuity.
4. The Company has not obtained year-end balance confirmation
certificates from sundry debtors, sundry creditors and for loans &
advances and deposits. However, the Company has a system of obtaining
balance confirmations more than once during the year and adjustment for
difference in balances, arising out of such confirmation/reconciliation
statement, is made in the accounts on receipt of final agreed balances
/ reconciliation statement. The management is of the opinion that the
impact of adjustment, if any, on year-end balances is not likely to be
significant.
Furthermore, in the opinion of the management, all Trade Receivables,
Advances and Deposits (both Current & Non-current) would be realized at
the values at which these are stated in the accounts in the ordinary
course of business.
5. Related Parties Disclosure
As per Accounting Standard-18 'Related Party Disclosures' issued by the
Institute of Chartered Accountants of India, the names of the related
parties are given below:
Nature of relationship Names of the related parties
Key management Personnel * Dasho Topgyal Dorji - Director
* Dasho Wangchuk Dorji - Chairman
* Mr. Rohan Ghosh - Managing Director
* Mrs. Mou Mukherjee - Chief Financial
Officer
* Mrs.Indira Biswas - G.M.Corporate &
Company Secretary
Enterprise in which key * Bhutan Fruit Products Private Limited
Management
Personnel have significant * Bhutan Carbide and Chemicals Limited
influence
* BhutanFerro AlloysLimited
* Tashi Infocom Limited
* Tashi Commercial Corporation
* Tai Projects Private Limited
* Bhutan Eco Ventures Private Limited
* Bhutan Brewery Private Limited
* Tashi Metals Limited
* SKW - Tashi Metals & Alloys Private
Limited
* T Bank Limited
* Tashi Beverages Limited
* Bhutan Silicon Metal Private Limited
* Bhutan Tourism Corporation Limited
* JAMIPOL Limited
* Royal Insurance Corporation of Bhutan
Limited
* Rijal Tashi Industries Private Limited
* Tashi Air Private Limited
6. Necessary steps are being taken by the management for recovery of
old debts and advances amounting to 81,27,626 & 66,89,072 respectively.
7. Estimated amount of contracts remaining to be executed or capital
account and not provided for 1,50,000/- (Previous year Nil)
8. Pursuant to the Companies Act, 2013 effective from 1st April,
2014, the Company has provided depreciation based on useful life of the
fixed assets as specified in Schedule II of the said Act. Consequently,
provision for depreciation for the current year has been increased by
Rs. 26.86 Lakhs. An amount of Rs. 16.19 lakhs has been adjusted against
Retained Earnings on account of depreciation in respect of those assets
whose remaining useful life are nil as at 1st April, 2014.
9. (a) Previous years figures have been regrouped / rearranged,
wherever necessary to conform to current year's presentation.
(b) Figures in parenthesis represent previous year's figures.
Mar 31, 2014
1. Contingent liabilities
As at 31 March 2014 As at 31 March 2013
(Rs) (Rs)
(i) Bank Guarantees 2,25,000 2,25,000
(ii) A claim of 68,00,000/- towards enhanced municipal taxes over 10%
of the previous rate was raised by the landlords of the premises from
where the Company, as a sub-tenant, was operating one of its retail
stores, in terms of the Company''s sub tenancy agreement with them. The
said claim has been disputed by the Company on the ground that the
said enhancement pertained to assessment of Annual Valuation based on
the status (residential or commercial) of the property in question,
which the landlords had concealed before the municipal authorities as
well as before the Company and the Company has initiated legal
proceedings to that effect which are awaiting ex-parte disposal.
Mar 31, 2013
1.1 Contingent liabilities
(i) | Bank Guarantees 225,000 325,000
(ii) A claim of Rs. 68,00,000/- towards enhanced municipal taxes over 10%
of the previous rate was raised by the landlords of the premises from
where the Company, as a subtenant, was operating one of its retail
stores, in terms of the Company''s sub tenancy agreement with them.
The said claim has been disputed by the Company on the ground that the
said enhancement pertained to assessment of Annual Valuation based on
the status (residential or commercial) of the property in question,
which the landlords had concealed before the municipal authorities as
well as before the Company and the Company has initiated legal
proceedings to that effect which are awaiting ex-parte disposal.
1.2. Advances recoverable in cash or in kind or for value to be
received include Rs. 7,42,37,147.63 (previous year- Rs. 7,42,37,147.63) on
account of Tai Projects Private Ltd, in which one of the directors of
the Company is also a director, incorporated with an object of setting
up of a Family Entertainment Complex (FEC) at Nonadanga in Eastern
Metropolitan, Kolkata in pursuance of a decision to make investment in
the said Company, which was approved by the share holders of the
Company in its Annual General Meeting held on 17th September, 2002.
1.3. Employee benefit
The employee benefits have been determined in accordance with the
Accounting Standard-15 issued by the Companies (Accounting Standards)
Rules, 2006.
1.4. The Company has not obtained year-end balance confirmation
certificates from sundry debtors, sundry creditors and for loans &
advances and deposits. However, the company has a system of obtaining
balance confirmations more than once during the year and adjustment for
difference items, arising out of such confirmation/reconciliation
statement, is made in the accounts on receipt of final agreed
balances/reconciliation statement. The management is of the opinion
that the impact of adjustment, if any, on year-end balances is not
likely to be significant.
Furthermore, in the opinion of the management, all Trade Receivables,
Advances and Deposits (both Current & Non-current) would be realized at
the values at which these are stated in the accounts in the ordinary
course of business.
Lease rent recognized in Profit & Loss A/c Rs. 23,00,256 (Previous year -
Rs. 22,58,088)
1.5. The Value of closing stock amounting to Rs. 4,19,72,079/-
(Previous year - Rs. 4,66,30,799/-) is certified by the Management of the
Company.
1.6. A provision of Rs. 1,43,78,087/- was made in the year 2007-08 in
respect of Stock damaged/destroyed by flood but included in stock. The
Company had filed a claim with the Insurance Company. As the claim has
been pending for a considerable period of time, the Company has
notified the office of the insurance ombudsman for disposal of the
matter. The claim is yet to be settled.
1.7. No provision has been made in the accounts in respect of old
debts and advances amounting to Rs. 50,02,949.51 & Rs. 15,83,234.03
respectively for which necessary steps are being taken by the
management for recovery.
1.8. Fixed deposits include Rs. 26,000/- (Previous year - Nil) lodged
with bank towards security deposit in favour of a party for sale.
1.9. In the absence of assessable income, no provision for income
tax is required to be made in the accounts this year.
1.10. a) Previous year''s figures have been regrouped/rearranged,
wherever necessary to conform to current year''s presentation.
b) Figures in parenthesis represent previous year''s figures.
Mar 31, 2012
1.1 Contingent liabilities
As at 31
March 2012 As at 31
March 2011
(Rs.) (Rs.)
(i) Claim not acknowledged as debts -
Income Tax under appeal NIL NIL
(ii) Bank Guarantees 3,25,000.00 2,25,000.00
(iii) A claim of Rs. 68,00,000 towards enhanced municipal taxes over 10%
of the previous rate was raised by the landlords of the premises from
where the Company, as a subtenant, was operating one of its retail
stores, in terms of the Company's sub tenancy agreement with them.
The said claim has been disputed by the Company on the ground that the
said enhancement pertained to assessment of Annual Valuation based on
the status (residential or commercial) of the property in question,
which the landlords had concealed before the municipal authorities as
well as before the Company and the Company has initiated legal
proceedings to that effect which are awaiting ex-parte disposal.
1.2. Advances recoverable in cash or in kind or for value to be
received include Rs. 7,42,37,147.63 (previous year - Rs. 7,42,37,147.63) on
account of Tai Projects Private Limited, in which one of the directors
of the Company is also a director, incorporated with an object of
setting up of a Family Entertainment Complex (FEC) at Nonadanga in
Eastern Metropolitan, Kolkata in pursuance of a decision to make
investment in the said Company, which was approved by the share holders
of the Company in its Annual General Meeting held on 17 September 2002.
1.3. The amount due to Micro and Small Enterprises as defined in 'The
Micro, Small and Medium Enterprises Development Act, 2006' has been
determined to the extent such parties have been identified on the basis
of information available with the Company. The disclosures relating to
Micro and Small enterprises as at 31st March, 2012 are as under:
1.4. Employee benefit
The employee benefits have been determined in accordance with the
Accounting Standard-15 issued by the Companies (Accounting Standards)
Rules, 2006.
1.5. Confirmation of year end balances from Sundry Debtors, Loans &
Advances, Deposits and Sundry Creditors, including Advances received
from Customers are awaited and the account reconciliation of some
parties, where confirmations have been received, are in progress.
Adjustment for differences, if any, arising out of such
confirmation/reconciliation would be made in the accounts on receipt of
final agreed balances / reconciliation. The management is of the
opinion that the impact of adjustment, if any, is not likely to be
significant.
Furthermore, in the opinion of the management, all current assets,
loans and advances including advances on capital accounts, would be
realized at the values at which these are stated in the accounts in the
ordinary course of business.
1.6. The Value of closing stock amounting to Rs. 4,66,30,799 (Previous
year - Rs. 5,11,39,385) is certified by the Management of the Company and
is included in the closing stock of traded goods.
1.7. A provision of Rs. 1,43,78,087 was made in the year 2007-08 in
respect of Stock damaged/destroyed by flood but included in stock. The
Company had filed a claim with the Insurance Company. As the claim has
been pending for a considerable period of time, the Company has
notified the office of the insurance ombudsman for disposal of the
matter. The claim is yet to be settled.
1.8. No provision has been made in the accounts in respect of old
debts amounting to Rs. 51,19,380.43, as necessary steps are been taken by
the management for recovery of the same.
1.9. (a) Previous years figures have been regrouped/rearranged,
wherever necessary to conform current year's presentation.
(b) Figures in parenthesis represent previous year's figures.
Mar 31, 2011
Contingent liabilities are disclosed when the Company has a present
obligation and it is probable that a cash outflow will not be required
to settle the obligation.
Contingent assets are neither recognized nor disclosed in the Financial
Statements.
a. Confirmation of year end balances from Sundry Debtors, Loans &
Advances, Deposits and Sundry Creditors, including Advances received
from Customers are awaited and the account reconciliation of some
parties, where confirmations have been received, are in progress.
Adjustment for differences, if any, arising out of such
confirmation/reconciliation would be made in the accounts on receipt of
final agreed balances / reconciliation. The management is of the
opinion that the impact of adjustment, if any, is not likely to be
significant.
Furthermore, in the opinion of the management, all current assets,
loans and advances including advances on capital accounts, would be
realized at the values at which these are stated in the accounts in the
ordinary course of business.
b. The Company is predominantly engaged in trading of fruit products,
calcium carbide, charcoal and manganese ore. Accordingly revenues from
the above products comprise the primary basis of segmental information
in these financial statements.
The company has no export sales and as such there are no reportable
geographical segments.
The net expenses, which are not directly attributable to the Business
Segment, are shown as unallocated corporate cost. It is not possible
to allocate Assets and Liabilities of the Company between the Segments
and therefore they are treated entirely as unallocated Corporate Assets
and Corporate Liabilities respectively and consequently they are not
disclosed separately here.
c. During the year the Company has made an application to the Central
Government, Ministry of Company Affairs for obtaining an exemption from
disclosing the quantitative information as required to be stated in
terms of paragraph 3(ii)(b) of part II of schedule VI of the companies
Act, 1956 for the financial year ended 31st March, 2011. The approval
of the Central Government is awaited.
d. The Value of closing stock amounting to Rs.5,11,39,385/- (Previous
year à Rs.3,11,06,358/-) is certified by the Management of the Company
and is included in the closing stock of traded goods.
e. A provision of Rs.1,43,78,087/- was made in the year 2007-08 in
respect of Stock damaged/destroyed by flood but included in stock. The
Company had filed a claim with the Insurance Company. As the claim has
been pending for a considerable period of time, the Company has
notified the office of the insurance ombudsman for disposal of the
matter. The claim is yet to be settled.
f. No provision has been made in the accounts in respect of old
outstanding debts amounting to Rs.40,34,641.44 as necessary steps are
being taken by the management for recovery of the same.
g. Loss of Rs.19,92,322/- (Previous year Rs.28,67,457/-) recovered on
account of C-3 Division as per Memorandum of Understanding dated
01.12.2009.
h. a) Previous years figures have been regrouped/rearranged, wherever
necessary to conform current year's presentation.
(b) Figures in parenthesis represent previous year's figures.
Mar 31, 2010
A. Contingent liabilities
As at 31 March 2010 As at 31 March 2009
(Rs.) (Rs.)
(i) Claim not
acknowledged as debts -
Income Tax under appea l 7,28,206.00 7,28,206.00
(ii) Bank Guarantees 2,25,000.00 2,25,000.00
(iii) A claim of Rs.68,00,000/- towards enhanced municipal taxes over
10% of the previous rate was raised by the landlords of the premises
from where the Company, as a subtenant, was operating one of its retail
stores, in terms of the Companys sub tenancy agreement with them.
The said claim has been disputed by the Company on the ground that the
said enhancement pertained to assessment of Annual Valuation based on
the status (residential or commercial) of the property in question,
which the landlords had concealed before the municipal authorities as
well as before the Company and the Company has initiated legal
proceedings to that effect which are pending for disposal.
b. Advances recoverable in cash or in kind or for value to be received
include Rs.7,42,37,147.63 (previous year- Rs. 2,46,61,396.52 ) on
account of Tai Projects Private Ltd, in which one of the directors of
the Company is also a director, incorporated with an object of setting
up of a Family Entertainment Complex (FEC) at Nonadanga in Eastern
Metropolitan, Kolkata in pursuance of a decision to make investment in
the said Company, which was approved by the share holders of the
Company in its Annual General Meeting held on 17 September 2002.
c. Employee benefit
The employee benefits have been determined in accordance with the
Accounting Standard-15 issued by the Companies (Accounting Standards)
Rules, 2006.
A. Defined Benefit Plans
Gratuity & Leave à The gratuity liability is determined on the basis of
actuarial valuation using the Projected Unit Credit Method. This method
recognizes each period of service as giving rise to additional unit of
employee benefit entitlement and measures each unit separately to build
up the final obligation. The leave encashment is recognized in the
financial statement in the same manner as gratuity.
d. Certai-confirmatio-of balances from Sundry Debtors, Loans &
Advances, Deposits and Sundry Creditors, including Advances received
from Customers are awaited and the account reconciliatio-of some
parties, where confirmations have bee-received, are i-progress.
Adjustment for differences, if any, arising out of such
confirmation/reconciliatio-would be made i-the accounts o-receipt of
final agreed balances / reconciliation. The management is of the
opinio-that the impact of adjustment, if any, is not likely to be
significant.
Furthermore, i-the opinio-of the management, all current assets,
loans and advances including advances o-capital accounts, would be
realized at the values at which these are stated i-the accounts i-the
ordinary course of business.
e. The Company is predominantly engaged i-trading of fruit products,
calcium carbide, charcoal and manganese ore. Accordingly revenues from
the above products comprise the primary basis of segmental information
i-these financial statements.
The company has no export sales and as such there are no reportable
geographical segments.
The net expenses, which are not directly attributable to the Business
Segment, are show-as unallocated corporate cost. It is not possible
to allocate Assets and Liabilities of the Company betwee-the Segments
and therefore they are treated entirely as unallocated Corporate Assets
and Corporate Liabilities respectively and consequently they are not
disclosed separately here.
f. Related Parties Disclosure
As per Accounting Standard-18 ÃRelated Party Disclosures issued by the
Institute of Chartered Accountants of India, the names of the related
parties are give-below:
Nature of relationship Names of the related parties
Key management Personnel - Dasho Topgyal Dorji
- Dasho Wangchuk Dorji
Enterprise i-which key
Management - Bhuta-Fruit Products Private
Limited
Personnel have significant
influence - Bhuta-Carbide and Chemicals
Limited
- Bhuta-Ferro Alloys Limited
- Tashi Infocom Ltd
- Tashi Commercial Corporatio-
à Super Market
- Tashi Commercial Corporation
- Tai Projects Private Limited
- Bhuta-Eco Ventures Pvt. Ltd.
- Rijal Tashi Industries Pvt. Ltd.
- Bhuta-Brewery Pvt. Ltd.
- Bhuta-Hyundi Motors
- Druk Plaster and Chemicals Limited.
- Druk Sat Air Corporatio-Limited.
- Bhuta-Tourism Corporatio-Limited.
- Tashi Metals Limited
- SKW Ã Tashi Metals & Alloys
Pvt. Ltd.
g. The Central Government of India vide its order no. 46/110/2010 Ã CL
à III dated 17.05.2010 has exempted the company to disclose certain
quantitative information, as prescribed i-paragraph 3(ii)(b) of part
II of schedule VI of the companies Act, 1956 for the financial year
ended 31st March, 2010.
h. The Value of closing stock amounting to Rs.3,11,06,358/- is
certified by the Management of the Company and is included i-the
closing stock of traded goods.
i. A provisio-of Rs.1,43,78,087/- was made i-the year 2007-08 in
respect of Stock damaged/destroyed by flood but included i-stock. The
Company had filed a claim with the Insurance Company. As the claim has
bee-pending for a considerable period of time, the Company has
notified the office of the insurance ombudsma-for disposal of the
matter.
j. Loss of Rs.28,67,457/- recovered o-account of C-3 Divisio-as per
Memorandum of Understanding dated 01.10.2009.
k. a) Previous years figures have bee-regrouped/rearranged, wherever
necessary to conform current years presentation.
(b) Figures i-parenthesis represent previous years figures.
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