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Fortune Foods
BSE: 519187|SECTOR: Food Processing
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Fortune Foods is not traded in the last 30 days
Fortune Foods is not listed on NSE
Mar 11
Notes to Accounts Year End : Mar '12
1 Background
 
 Fortune Feuds limited (''the Company''] was incorporated on 16th March
 1939.
 
 The Company is engaged in Manufacturing; & Job Work activity related ta
 Fruit Pulp, Tomato Concentrate & Fruit Pulp Based Drinks.
 
 The Company is having its Registered Offset; at 5, Gulshan Apartment,
 Tigrinya Corner, Mumbai Agra Rodd, Nashik - 42201  are 3 having its
 manufacturing unit at VtlLsge AwBflhhedpTaluka Dindoh, Dlsf. Nasliik -
 422201
 
 2.1  Earnings per share
 
 The basic and diluted earnings per share is computed by dividing time
 profit/loss after tax available for equity shareholders by the weighted
 average number of equity shares outstanding during the reporting
 period.
 
 2.2 Provisions and contingencies
 
 A provision is recognized when there is a present obligation as a
 result of a past event and It is probable that an outflow of resources
 will be required to settle the* obligation, in respect of which a
 reliable estimate can be made. These are reviewed $t each balance sheet
 date and adjusted to prefect three current best estimates.
 
 When there is a possible obligation in respect of which the outflow of
 resources is remote, no provision or disclosure is made,
 
 - Terms or rights attached to equity shares
 
 The company has only one class of equity shares having a par value of
 Rs.10 per share Each holder of equity share is entitled to one vote per
 share in the event of the liquidation of the company the holders the
 equity share will be entailed to receive the remaining assets of the
 company after distribution of all preferential amounts The distribution
 will be in proportion of the number of equity shares held by the
 shareholders.
 
 2.3 Contingent liabilities
 
 - In the year 2006-07 company has opted sales tax NPV DISCOCUNTED
 PAYABLE SCHEME AND DISCOUNTED THE SALES TAX DEFERRAL LIABILITY OF
 rS,5.76 CRORES TO rS,2.29 CRORES however THE COMPNY has not paid the
 amount till date and reversed the annual discounted value of the sales
 tax deferred liability as an 31.03.2012 shown the deferral sales tax
 liability as unsecured loan for Rs,3.82 crores Hence as on 31.03.2013
 the discounted value of sales tax liability not yet reversed is Rs,1.94
 crores.
 
 - The company has shown on advance (assets) of Rs,5.98 lacs as on
 receivable from the provided fund department However the department is
 clamming it as an recovery on account of provided fund the matter is
 under dispute and pending at high court The disputed amount is not
 provided in the books of accounts as a liability as there is difference
 of legal interpretation and the final decision of the case is awaited.
 
 2.4 Previous Years Figures
 
 The Revised schedule VI has become effective from 1 April 2011 for the
 preparation and presentation of financial statements Accordingly during
 the year ended 31 March 2012 the Revised schedules VI notified under
 the companies Act,1956 has become applicable to the company the company
 has reclassified previous year figures to confirm to this years
 classified the adoption of Revised schedule VI does not impart
 recognition and measurement principles followed for preparation of
 financial statements However this has significantly the disclosure and
 presentation made in the financial statements.
Source : Dion Global Solutions Limited
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