| 1. Term / rights attached to equity share
The company has only one class of equity shares having a per value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share. The company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
2. Bonus Shares/Shares issued for consideration other than cash & Buy
Back of shares during preceding five years. Nil
3. Shares held by holding/ultimate holding company and/or their
subsidiary/associate: NIL
4. The company has requested confirmation from suppliers regarding
their registration (filling of mamorandum) under the Micro, small and
medium enterprises Development Act, 2006 (The Act). According to the
information available with the company their was no amount (Principal &
/ or Interest) due to any micro/small enterprises (SME as defined in
the Act) as at the end of year. Their is no delay in payment to SME
during the year. No interest was paid / payble on account of delay in
payment to SME during the year in term of Section 16 of the Act.
5. Conequent upon Schedule II specified in the Companies Act, 2013
which came into effect from 1 st April, 2014, the depreciation for the
current year has been charged on Straight Line Method (SLM Method) in
accordance with the usefull life provided in the aforesaid Schedule II
which was hitherto, being charged on Straight Line Method (SLM Method)
in accordance with the then applicable Schedule XIV to the Companies
Act, 1956 Due to this, a sum of Rs. 1378612/- (net of Deferred Tax Rs.
6.62.000) being the carrying amount (after retaining the residual
value) in respect of the assets whose useful life is expired in terms
of Schedule II of the Companies Act, 2013 has been charged against the
opening balance in retained earnings (Surplus in the Statement of
Profit and Loss) Had there been no change, depreciation for the year
would have been higher by Rs. 4,00.660/- and profit would have been
lower by similar amount.
6. The related party disclosure in accordance with AS 18 'Related
Party Disclosure' is given below: a. List of related parties with whom
transactions have taken place during the year, i) Key management
personnel and retatives :
7. The related party disclosure in accordance with AS 18 'Related
Party Disclosure' is given below:
a. List of related parties with whom transactions have taken place
during the year,
i) Key management personnel and relatives
a) Sri Ashok Kumar Matanhelia, Managing Director
b) Sri Somil Matanhelia, Executive Director
c) Smt Usha Matanhelia, Director
8. Contingent liabilities 2014-15 2013-14
Rupees Rupees
Claim against the company not
acknowledged as debt
Excise Duty including penalty
(Under litigation) 500,000 500,000
Others (Under litigation) 12,290,152 12,290152
9. As the Company's business activity falls within a single segment
viz. 'Fertilizers & related chemicals', the disclosure requirements of
Accounting Standard 17 "Segment Reporting" is not applicable.
10. As per past practice no allocation of Store and Spares and
Chemicals in respect of Repairs and Maintenance / Lab Expenses has been
done.
11. Balance confirmations/Reconciliation in respect of Sundry Debtors
including Fertilizer Corporation of India, Kolkata & Bihar creditors,
loans, advances, security deposits could not be obtained in few cases
and hence resultant impact, if any on the account is not ascertainable.
12. Payees receipts / acknowledgements / supporting / bills are not
available for some payments, however, management is of the opinion that
these payments have been made for business purpose of the company.
13. In the opinion of the managements, assets (current and non
current), loans and advances, if realised in the ordinary course of
business, have a value not less than the amount at which they are
stated in the balance sheet. The provisions for all known liabilities
are adequate and not in excess of amount considered responsible
necessary.
14. Expenditure on research and development
The company has incurred sum expenditure on research and development
during the year, the same are immaterial and no future economic benefit
will accrue, therefore no expenses have been capatalised.
15. Disclosure in terms of AS 28 (imperiment of assets)
Recoverable amount of the assets or the recorable amount of the cash
generating unit to which the asset belongs is not less than the
carrying amount; hence no provision is required on the account of
impariment of assets as on the date of Balance Sheet.
16. Disclosure in terms of AS 29 (Provisions, Contingent Liabilities
and Contingent Assets)
The Company has recognised contingent liabilities as disclosed in Note
no. 34 above and as such no provision is required to be made. No
provision was outstanding as at the begning and at the end of the
period.
17. Share allotment money receivable account is under reconciliation
18. During the year under concideration no borrowing cost has been
capatalised by the company in accordance with the provisions of A.S.-16
on borrowing costs.
19. Disclosure in terms of A.S.-15 Defined benefit plan
The employees gratuity fund scheme is defined benefit plan. The present
value of obligation is determined based on actuarial valuation using
project unit credit method, which recognises each period of service as
giving rise to aditional unit of employee benefit and entitlement and
measures each unit saperetaly to build up the final obligation. It is
yet to be funded gratuity is recognised in the account on basis of
acturial valuation.
20 Figures of the previos year have been regrouped / reclassified
wherever required in order to make them camparable with those of
current year. Figures have been rounded off to the nearest Rupee.
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