| 1. DEFERRED TAX LIABILITIES / ASSETS
i) Deferred tax has been provided in accordance with " Accounting
Standard 22-Accounting for taxes on income" issued by The Institute of
Chartered Accountant of India. The incremental Liability/assets has
been adjusted in Statement of profit & loss.
ii) Break up of net deferred tax liability/assets
2. CONTINGENT LIABILITIES, NOT PROVIDED FOR
a) Guarantees given by bankers on behalf of the company Rs. 20,00,000/-
(Previous year Rs. 25,00,000/-). Margin their against by way of FDR of
Rs1293201/- (Previous year Rs. 1904038/-)
b) Sales Tax Demand Rs. 38,82,397- for the year 2011-12 & 2012-13
towards the non-submission of C-Form and others as per regular
assessment Order, against which appeals are pending at D.C.Appeal and
an amount of Rs. 1,25,000/- deposited against the above demand (Prev.
Yr. Sales Tax demand Rs.59,47,119/- for the year 2009-10,2010-11 &
2011-12 towards the deferment of tax difference and non-submission of
C-Form as per Regular assessment Order and an amount of Rs. 1,45,000/-
deposited against the said demand ).
3. Estimated amount of contracts remaining to be executed on capital
account is Nil (Previous year Rs. Nil ) advances paid Rs. Nil (Previous
year Rs. NIL).
4. The Competition Commission of India in a Suo Motu case under
Section 19(1) of the Competition Act 2002 has passed an order on dated
24.02.2012, consequent upon the submission of investigation report by
Director General in the matter of collusive conduct by LPG Cylinder
manufacturer and has imposed penalty of Rs. 2,30,84,886/- @7% on
average turnover of previous years .The Company has deposited Rs.
23,08,489/- as 10% of Penalty to file an appeal against the order of
CCI with Competition Appellate Tribunal, New Delhi and the case is sub
judice before the appellate authorities.
5. Balance of trade paybles, other liabilities, trade receivables,
Loans and Advances are subject to confirmation.
6.In earlier years, Company has given loans to certain body
corporates which are repayable on demand and on which it has not
charged the interest. As on 31.03.2015 the outstanding amount of such
advances is Rs. 1,08,79,701/- against the amount of Rs. 2,16,94,409/-
outstanding as on 31.03.2014.
The above loans include, Loan of Rs. 56,31,131/- recoverable from M/S
Ankur Drugs and Pharma Ltd. The Company has provided interest on such
Loan upto 31/03/2012 in books of accounts. The honorable Bombay High
Court has passed an order dated 08/07/2013 for winding up of this
Company. The Company has submitted its claim of Rs. 73,17,163/-
(including interest due till 31.01.2014) to the official liquidator.
The balance of such Loan including interest will be accounted
for/written off on final recovery from the official Liquidator.
7. In the opinion of the Board and to the best of their knowledge and
belief, the value on realisation of current assets, loans and advances
in the ordinary course of business will not be less than the amount at
which they are stated in the Balance Sheet. Adequate provisions have
been made in accounts for all the known liabilities.
8. On the basis of Actuarial Valuation, the accrued liability for
gratuity has been worked out as under which has not been provided for.
9. Liability for leave encashment outstanding as on 31.03.2015 Rs.
10,16,094/- (Prev. Year Rs. 8,19,730/-) has not been provided as the
employees have yet to exercise their option for availment of leaves /
encashment.
10. Disclosure of Related Party Transactions in accordance with the
Accounting Standard As -18 " Related Party Disclosure"
a) Key Management Personnel : Sh. Avinash Bajoria-Managing Director
Smt. Preetanjali Bajoria-Director
(appointed w.e.f. 30/3/2015)
Sh. S.G.Bajoria-Chairman
(Ceased w.e.f. 30/3/2015)
b) Relative of Key Managerial Sh. Ashutosh Bajoria
Personnel
M/s. Shipra Towers Pvt. Ltd., M/s Beetal
Tie-up Pvt Ltd., M/s Agribiotech
c) Associate Copanies Industries Ltd.
d) Enterprise in which key M/s. Protect Vanijya Pvt. Ltd.,
managerial and their relatives M/s Mayawati Trading Co. Pvt Ltd., M/s
have influence Swayambhu Construction Pvt Ltd.,
M/s Rameshwar Properties Pvt Ltd., M/s
airo Niryat Pvt Ltd. , M/s Heaven
Marketing Pvt Ltd., M/s Swagatam Procon
Pvt Ltd., M/s Bajoria Farms Pvt.Ltd.,
M/s Goyal Complex Pvt Ltd., M/s Avinash
Properties Pvt Ltd., M/s Rigmadirappa
Investment Pvt Ltd., M/s Beekay Niryat
Ltd., M/s Anshu Venture Pvt Ltd.,
M/s Mangal Kamna Agency Pvt Ltd.
11. Figures for the previous year have been re-arranged / regrouped
wherever considered necessary; figures have also been rounded off to
the nearest rupee.
12. Figures in brackets represent figures for previous year
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