1. Contingent liabilities as at 31.3.2023
2. a) The Company's appeal with Commissioner Excise and Taxation, Punjab for the year 2009-10 is pending
for wrong imposition of Vat amounting Rs.782343/- & CST amounting Rs. 9389/-. However Company has deposited Rs. 195590/- against Vat and Rs. 2400/- against CST being the 25% of the total amount for tendering its appeal.
b) The Company's appeal with Commissioner Excise and Taxation, Punjab for the year 2010-11 is pending for wrong imposition of Vat amounting Rs.782343/- & CST amounting Rs. 9389/-. However Company has deposited Rs. 195590/- against Vat and Rs. 2400/- against CST being the 25% of the total amount for tendering its appeal.
c) The Company's appeal with Commissioner Excise and Taxation, Punjab for the year 2011-12 is pending for wrong imposition of Vat amounting Rs.1843094/- & CST amounting Rs.82260/-. However Company has deposited Rs.460774/- against Vat and Rs.20565/- against CST being the 25% of the total amount for tendering its appeal.
d) The Punjab Government has imposed PIDF (development fund) @ 3% on paddy purchase since 2009-210 on all the rice sheller and the liability of the Company on this issue has yet to be determined. However all the rice shellers has appealed against this levy of development fund on the Ground that this is not applicable on exports sales. However domestic sales achieved by the Company in Punjab will be subjected to this development fund if decided against.
e) Company's appeal is also pending with CESAT Ahmedabad against imposition of penalty by Custom Authorities Kandla amounting Rs 1750000/- on the alledged ground of containing higher Non Basmati Grain in one of the export lot.
f) . As the liability of the company for the year 2009-10 and 2010-11 has been determined at Rs 2618057 and
Rs 33482 and however company has deposited 25 % of This amt Rs 654515 and Rs 8371 and has been preferred an appeal against . This levy of PIDF against the ground that this levy is not applicable on export sales.
9. Prior period items if any include Expenses/Income related to previous year not provided for are separately classified as prior period expenditure/income during the current year in accounts.
10. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets' ,loan & advances, deposits in the ordinary course of business will not be less than the value stated in Balance Sheet.
11. Pursuant to the provisions of Section 124 and 125 of the Companies Act, 2013, the Dividend which remain unclaimed/ unpaid for a period of seven years from the date of transfer have to the unpaid dividend account to the Investor Education and Protection Fund (IEPF) established by the Central Government.
12. The status of dividend remaining unclaimed as on 31.03.2023 is given here under:
YEAR
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(Rupees in Lacs)
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2015-2016
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2.46
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2016-2017
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4.25
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2017-2018
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1.80
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2018-2019
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2.09
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2019-2020
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2.21
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2020-2021
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2.34
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2021-2022*
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0
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Note: Some of the year end balances of unclaimed dividend as stated above, has increased due to cancellation of drafts by bank being returned unpaid.
During the year 2021-2022, no dividend has been recommended by Board of Directors.
As per the Companies Act, dividends that are unclaimed for a period of seven years, statutorily get transferred to the Investor Education and Protection Fund (IEPF) administered by the Central Government and therefore shareholders are requested to claim their dividend for the year 2016-17 and thereafter immediately. The Company had, accordingly, transferred Rs. Rs. 224454/- being the unpaid and unclaimed dividend amount pertaining to Final Dividend for the financial year ended 2014—2015 and Rs. 246649/- being the unpaid and unclaimed dividend amount pertaining to Interim Dividend for the financial year ended 2015—2016 to the Investor Education and Protection Fund of the Central Government.
13. Compliance with Indian Accounting Standard
(i) Ind-AS 19 for “Employee benefits” the disclosures as defined in the Indian Accounting Standard are given below:
Defined Contribution Plans
Contribution to Defined Contribution plans, recognized as expense for the year is as under:
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2022-23(Rs.)
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2021-22 (Rs.)
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Contribution to Provident Fund
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2114408
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2275751
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Contribution to Pension Scheme, Insurance scheme & ESI
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684907
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802253
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Defined Benefit Plan
The employee's gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The premium as determined by the Trust keeping in view the date of joining, salary last drawn etc. of the employee's is paid yearly by the Company and debited under the head Employee Benefit Expenses. During the year 2022-2023 Rs. 810996-/. has been paid to LIC towards groups gratuity scheme of employees, however last year 2021-2022 Rs. 1880678/- has been paid to LIC towards groups gratuity scheme of employees.
(v) Ind-AS-12 Deferred Taxes
In accordance with the Ind-AS-12 the deferred tax has been accounted for during the year ended 31.03.2023 The deferred tax Assets up to amounting to Rs.2902273/- has been credited to Revenue Reserve and disclosed separately under current liability and provision. The deferred tax/liability asset related to current year is Rs 325000 (P.Y 1582000) and current outstanding as at 31.03.2023 is Rsl535695 (P.Y 15031595)
The deferred taxes has arisen only on account of difference in depreciation allowable under Income Tax Act and as per books.
(i) Ind- AS 108 Segmental Reporting
The Company has only one business segment namely rice. There is no different geographical segment.
14. The provisions of the Industries (Development and Regulation) Act, 1951, relating to licensed capacity are not applicable to the Company. The installed capacities in metric tones per hour are as under:
Karnal 12 MT Rice per hour.
The installed capacity is as certified by the management and relied upon by the Auditors, being a technical matter
15. Stores & Spares are charged to Profit & Loss at time of Purchase and no inventory in respect of these is being maintained.
16. The payment due to SSI unit cannot be confirmed in the absence of information regarding the status of concerned creditors.
17. The Amount shown under Schedule No-19 being cost of material consumed also included cost of packing material consumed addition to raw material consumed from this year. The Figures of P.Y Year has be re arranged to make comparison more homogeneous and practical.
18. The management Made very sincere efforts to recover the Trade Receivable Amount To Rs 86.31 lacs which were disputed and doubtful also but no breakthrough could be made till 31.03.2023 as management was hopeful for getting of receivable books debts till 31.03.2023 hence not transfer to Bad debts anyhow as they have become irrecovarable these has been transfer to bad debts in the year 2023-24.
A) There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.
B) The identification of the micro, small & medium enterprises is based on management's knowledge of their status. The Company has received from some of the suppliers regarding their status under the MSMED Act 2006.Hence, disclosures, relating to amounts unpaid as at the year end, together with interest paid/ payable as required under the said act have made given.
20. Additional Information Pursuant to point no. 5 of part-II of Schedule-III to the Companies Act 2013:
21. Corporate Social Responsibility (CSR)
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The unspent CSR obligation has to be transferred either to a separate bank account of the company or to any fund included in Schedule VII of the Companies Act, 2013. Unspent amount pertaining to ongoing projects has to be transferred to a separate bank account of the company called ‘unspent CSR account' and unspent amount pertaining to other than ongoing projects has to be transferred to any fund included in Schedule VII of the Companies Act, 2013. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per the Act. The funds were primarily utilized throughout the year on these activities which are specified in Schedule VII of the Companies Act, 2013:
22. Previous years figures have been regrouped & rearranged where ever considered necessary
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