| 1. Rights, preferences and restrictions attached to equity shares
The company has only one class of Equity Shares having a par value of
Rs.10 per shares. Each holder of equity shares is entitled to one vote
per share. Any shareholder whose name is entered in the Register of
Members of the company shall enjoy the same rights and be subject to
the same liabilities as all other shareholders of the same class.
2. Dividend proposed by the Board of directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting. The
company in general meeting can't declare dividend in excess of the
amount recommended by the Board. Dividend as declare in the ensuing
Annual General Meeting shall be distributed within the period prescribed
under the Companies Act, 2013.
3. In the event of winding up of the company, Equity Shareholders will
be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. For the said purpose, the
liquidator may set such value as he deems fair upon any property to be
divided and may determine how such division shall be carried out between
the members.
4. Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II, except
in respect of certain assets as disclosed in Accounting Policy on
Depreciation, Amortisation and Depletion. Accordingly, the unamortised
carrying value is being depreciated/amortised over the
revised/remaining useful lives. The written down value of Fixed Assets
whose lives have expired as at 1st April 2014 have been adjusted net of
taxes, in the opening balance of Profit and Loss Account amounting to
Rs. 397,375.84/-
5. Term Loan represents the loan taken from Bank of Baroda for
purchase of Machinery, secured, by charge against repective Machinery
and are repayable in 60 monthly instalments. Loan outstanding as on
date is Rs. 265.00 Lacs.
6. Claim of interest by Bank of Maharastra is disputed by the Company
as non payable.
7. Interest on late payment of Rs. 2,684,738/- (2013-2014 - Rs.
2,684,738/-) and Rs. 18,725/- (2013- 2014 Rs. 18,725/-) has been levied
under the Employees Provident Funds and Miscellaneous Provisions Act,
1952 and Employees State Insurance Act, 1948 respectively by the
authorities for the years 2000-2005. Appeal has been filed against this
demand in the Court and provision has been created for this liability
in the books of accounts. Out of this demand, Rs. 498,387/- has been
deposited with the authorities under protest and adjusted with this
provision amount.
8. Packing Credit loans and Foreign Bills Loans availed from Bank of
Baroda, International Business Branch, Sansad Marg, New Delhi are
secured by hypothecation of present and future stock of raw materials,
stock in progress, finished goods, stores and spares, books debts and
outstanding receivables.
9. Aggregate amount of quoted investments in Baroda Pioneer
ELSS-96-Plan A Dividend (Market value of 4,734,225/- (2013-2014 Rs.
2,695,915/-)
PARTICULARS As at As at
31.03.2015 31.03.2014
Rupees Rupees
10. LONG TERM LOANS AND ADVANCES
(Unsecured and Considered Good)
Security Deposits 1,874,888 1,674,888
Other Loans and Advances
(Refer Note-13.1, 13.2, 13.3) 54,180,732 31,209,587
TOTAL 56,055,620 32,884,475
11. Excise demand of Rs. 10,000,000/- (2013-2014- Rs. 10,000,000/-)
has been paid in protest to the Excise Department. Company has filed an
appeal in Central Excise and Service Tax Appellate Tribunal against the
order of Commission Adjudication - Excise Department.
12. Civil Court, Gurgaon has settled the claim of arrears of Rs.
21,41,830/- of Employees State Insurance Scheme for the years 1997 to
2001 levied by Regional Office of Employees State Insurance Corporation
at Rs. 708,144/- along with interest Rs. 378,175/-. The arrears and
interest aggregating to Rs. 10,86,319/- has been charged to Profit and
Loss Account.
13. Following are the contingent liabilities, which has not been
provided for:
a) Bank Guarantee of Rs. 4,700,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
b) Excise Duty of Rs. 50,000,000/- out of which Rs. 10,000,000/- has
been paid in protest for filing the appeal with the Tribunal.
c) Bank Guarantee of Rs. 60,000/- issued to Assistant Commissioner,
Central Excise, Delhi-III
14. Speculative loss of Rs. 5,124,972.38 (2013-2014 Rs. 6,833,296.51)
incurred on trading of foreign currency, as per accounting policy, has
been amortized in five years in equal installments.
15. In the opinion of the management, the current assets, loans and
advances have a value on realization in the ordinary course of the
business at least equal to the amount at which they are stated in the
balance sheet.
16. Related Party Disclosures:
a. Following are related parties:
Key Management Personnel Mr. Suneel Gupta (Managing Director)
Mrs. Sangeeta Gupta (Whole time Director)
b. Related party transactions:
Transaction Key Management Personal
2014-2015 2013-2014
Director Salary 11,900,000 6,000,000
c. No balance has been written off and written back of the related
parties during the year.
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