1 : DEFERRED TAX ASSETS (NET)
The Company has recognized deferred tax arising on account of timing
differences, being the difference between the taxable income and
accounting income, that originates in one period and Is capable of
reversal in one or more subsequent period(s) in compliance with
Accounting Standard (AS 22) - Accounting for Taxes on income. The
major components of deferred tax (liabilities/assets) arising on
account of timing
2. Based on and to the extent of information obtained from suppliers
regarding their status as Micro, Small or medium enterprises under the
Micro, Small and Medium Enterprises Development Act, 2006, there are
amounts due to them to the extent identified as at the end of the year
but no provision of interest has been made in Books of Accounts. M/s.
Kay Bee Salts (P) Ltd. : Rs. 1.31 lakhs
3.Wages & Salaries includes provision for Gratuity of Rs.1460016.00 and
Earned Leave of Rs.326262.00. during the financial year 2014-15 and
the same has been included in the Statement of Profit and Loss in Note
21.
4.The Company is manufacturing various products, which are similar in
nature of paper and Paper Board. All the products are manufactured
after recycle of paper. Therefore, according to manage- ment this is a
single segment company as envisaged in the Accounting Standard 17
(AS17) on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI). As such, the segment reporting are not
applicable.
5.The Company has not made Provision for Current Tax under MAT as the
carry forward Loss/ . depreciation as per Income Tax Act is more than
Book Profit.
6.A) Deferred Tax has been accounted in accordance with the requirements
of standard on "Taxes on Income" (AS 22).
B) The major components of the Deferred Tax Assets/Liabilities, based
on tax effect of the timing differences, as at 31st March 2015 are as
under:
7.Balances of Debtors, Loans and Advances, Secured Loans, Sundry
Creditors & Others are subject to confirmation and reconciliation and
consequential adjustments, if any.
8.Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Statement of Profit & Loss.
9.During the current year there is a prior period income of Rs.
1,84,172.00 and company has written off Insurance claim of Rs.
29,22,837.00
10.The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped/reclassified wherever
necessary to correspond with the current year's
classification/disclosure.
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