a) There are No ( Previous year - No) rights, preference and
restriction attaching to each class of shares including restriction on
the distribution of dividend and the repayment of capital.
b) There are nil number of shares ( Previous year Nil) in respect of
each class in the company held by its holding company or its ultimate
holding company including shares held by or by subsidiary or associates
of the holding company or the ultimate holding company in aggregate.
d) There are nil number of shares ( Previous year Nil) reserved for
issue under option and contracts/commitment for the sale of
shares/disinvetment including the terms and amounts.
f) There are no securities ( Previous year No) convertible into Equity/
g) There are no calls unpaid ( Previous year No )including calls unpaid
by Directors and Officers as on balance sheet date.
The cost of various categories of inventory is determined as follows:
1) Stock of Raw Materials and Packing Material : At cost Including
Local Taxes ( Net of Setoff) or net realisable value whichever is lower
2) Stock in Process : At cost or net realisable value, whichever is
3) Stock of Finished Goods: At cost or net realisable value, whichever
4) Stock of Stores and Spares: At cost or net realisable value,
whichever is lower
5) Stock of Scrap: At net realisable value
1. Clarification regarding note pertaining to Transport Fee
Liability mentioned in earlier years.
The Company had, along with other manufacturers of Country Liquor and
IMFL in the State of Maharashtra, filed a Writ Petition in the Hon''ble
Bombay High Court challenging the applicability of Transport Fee
under Bombay Rectified Spirit (Transport in Bond) Rules 1951.
The Hon''ble Bombay high Court by its Order and Judgment dated 6th May,
2011 had allowed the Writ Petitions and set aside the levy of Transport
Fee under the said Rules. The Hon''ble Bombay High Court has also
directed the Government of Maharashtra to Refund the Transport Fee
Deposited pursuant to the Interim Order. The Government is yet to
Refund the deposit of Transport Fee made by the Company.
The State of Maharashtra has also filed a Special Leave Petition in the
Hon''ble Supreme Court Of India against the said Order of the Bombay
High Court which is pending for admission.
2. MVAT / Income Tax
Under the MVAT Act in force from 1/4/2005 there is no procedure for
assessment. The Company is filing monthly MVAT returns on regular basis
and all dues have been paid as per the returns. The MVAT department of
Government of Maharashtra has completed Audit of the company''s
transactions up to the financial year 2009-10. The Company has also
filed the audit report as required under the MVAT Act up to the year
2011-12 and there are no dues payable under the provisions of the MVAT
Act as on March 31, 2013.
The company''s Income Tax assessment has been completed upto assessment
year 2010-11 and the demands raised by the department has already been
paid by the company.
3. State Excise
As per practice consistently followed, State Excise duty payable on
finished goods held in works is neither included in expenditure nor
included in such stocks, but is accounted for on clearance of the
goods. This accounting treatment has no impact on profits.
4. In the opinion of the Board of Directors, the Current Assets, Loans
and Advances are approximately of the value stated if realised in the
ordinary course of business. The provision for all known liabilities is
adequate and not in excess of amount reasonably necessary.
5. The Company has not received complete intimation from all the
vendors regarding their status as small-scale industrial undertaking.
However, where the company has received the information regarding the
status of the vendors there are no amounts outstanding for more than
Rs.1,00,000/- for more than 30 days.
6. Additional information pursuant to paragraph 3,4(C) & 4(D) OF PART
II to Schedule VI of the Companies Act, 1956 have been given to the
extent applicable to the Company.
Note: Packing and other materials consumed are not considered as Raw
materials and hence no separate figures are given
7. During the year company has created deferred tax liability of Rs.
32.38 lacs on account of different rates of depreciation as per Income
Tax Act 1961 and depreciation as debited in books of accounts as per
Company''s Act 1956.
8. Segment Reporting:
The Company at present is engaged in the business of manufacture and
sale of country liquor, which constitutes a single business segment. In
view of above, primary and secondary reporting disclosures for
business/ geographical segment as envisaged in AS -17 are not
applicable to the Company.
9. The figures of the previous years have been regrouped / rearranged
wherever necessary. The Figures or the previous years are given in
brackets. The company has compiled the above accounts based on the
revised/Modified schedule VI applicable for the accounting period
2012-2013. The disclosure require- ments are made in the notes to
accounts or by way of additional statements. The other disclosures as
required by the Companies Act, are made in the notes to accounts.