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(Amount in Rs.)
Note-1 Contingent Liabilities not provided As at As at
for in respect of : March 31, 2014 March 31, 2013
a. Disputed Sales Tax Demand pending 32,239,177/- 8,677,785/-
With appellate authorities
b. Estimated amount of contracts
remaining NIL (refer NIL (refer
to be executed on capital account and Note) Note)
not provided for (net of advances)
Note: As the Company has decided to abandon the project at Bhilad, near
Vapi, therefore there are no estimated amount of contracts remaining to
be executed on capital account.
d. Other Commitment:
The Company has purchased Fixed Assets under the "Export Promotion
Capital Goods Scheme" (EPCG). As per the terms of the license granted
under the scheme, the Company is required to achieve export commitment
of Rs.100,317,308/- over a period of time as defined in EPCG License
expiring at various dates. The Export obligation of four licenses out
of total 5 licenses amounting to Rs. 88,892,048/- has been already
achieved last year and the return for two licenses has already been
filed with DGFT (Director General of Foreign Trade). In the event of
company being unable to execute its fifth license with an export
obligations of Rs. 11,425,260/-, the Company shall be liable to pay
customs duty of Rs. 1,904,210/- and interest on the same at the rate of
15 percent compounding annually. The Company is hopeful of meeting its
export obligation and accordingly no provision is required for the same
in books of accounts.
Note-2 In the opinion of the directors :
a) The current assets, loans and advances are approximately of the
value stated, if realized in the ordinary course of business.
b) The provision for all known liabilities are adequate and not in
excess of the amount reasonably necessary.
Note-3 Effects have not been given to some of the items shown in the
Reconciliation of book balance with excise records filed with the
excise authorities. In the opinion of the management, effect of the
reconciliation is not having material impact on the Financial Statement
of the Company.
Note-4 Sundry debtors, Sundry creditors, Other Liabilities, Deposits
and Loan and Advances are subject to confirmation and reconciliation,
if any.
Note-5 The amount of excise duty disclosed as deduction from turnover
is the excise duty for the year, except the excise duty related to the
difference between the closing stock and opening stock and excise duty
paid but not recovered, which has been disclosed in the increase/
(decrease) in stock and other expenses respectively. Increase/
(Decrease) in stocks include excise duty on finished goods (net) of is
not provided in current year (Previous year Rs. NIL).
Note-6 Employees Benefits:
The disclosures as required as per the revised AS 15 are as under:
a) Defined Contribution Plan
Contribution to Defined Contribution Plan, recognized as expense for
the year are as under:
Note-7 Segment Reporting
The Company has one segment of activity namely 'Printing & Packaging"
Note-8 Related Party Transactions
Disclosures as required by the Accounting Standard 18 "Related Party
Disclosures" are given below:
A. List of Related Parties and Relationship:
a) Key Management Personnel
Mr. Divyesh Sukhadia, Mr. Dharmesh Sukhadia, Mr. Vipul Sukhadia, and
Mr. Vanraj Sukhadia
b) Relatives of Key Management Personnel
Ms. Neeta Divyesh Sukhadia, Ms. Jagruti Sukhadia, Ms. Ketki Vipul
Sukhadia, Ms. Bindi Vanraj Sukhadia and Mr. Ashwin Sukhadia.
c) Companies and concerns over which any of (a) or (b) can exercise
control or significant influence M/s. S. P. Investment, Paramount
Nourishment Pvt. Ltd. and Trim Plastics Ltd.
Note-9 These financial statements have been prepared in the format
prescribed by the Revised Schedule VI to the Companies Act, 1956.
Previous year's figures have been recast / restated to confirm to the
classification of the current period.
Note-10 Figures in brackets indicate corresponding figures of previous
year.
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