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KCP Sugar Ind Corp

BSE: 533192|NSE: KCPSUGIND|ISIN: INE790B01024|SECTOR: Sugar
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Mar 15
Notes to Accounts Year End : Mar '16

Note: The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/ payable as required under the Act have not been given.

Outstanding Guarantees furnished by banks on behalf of the company is Rs.4,00,88,538/-(Rs. 3,13,30,438/-)

1. Outstanding dues to Micro, Small and Medium Enterprises

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid / payable as required under the Act have not been given.

Provident fund:

The Company manages Provident fund plan through a Provident Fund Trust for its employees, which is permitted under The Employees Provident Fund and Miscellaneous Provisions Act, 1952. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund Authority. The contribution by employer & employee, together with interest, are payable at the time of separation from service or retirement, whichever is earlier. The benefit under this plan vests immediately on rendering of service.

The Guidance Note on implementing AS-15, Employee Benefits(revised 2005) issued by the Accounting Standard Board (ASB) states that provident fund set up by employers, which require interest shortfall to be met by the employer, need to be treated as defined benefit plan. Pending the issuance of the Guidance Note from the Acturial Society of India, the Company''s actuary has expressed inability to reliably measure the Provident fund liability. However, there is no deficit in the fund in this regard.

2. Purchase tax is payable at Rs.60/- per MT on the sugarcane purchased. In this respect, the Govt. of Andhra Pradesh is used to notify the said levy for every sugar season separately. Considering the financial hardships faced by the sugarcane farmers, the Govt. of Andhra Pradesh has been directing the sugar mills to pay the said tax to the sugarcane suppliers as an ‘incentive ‘instead of paying the same to the Govt. of Andhra Pradesh as was done in the recent years. A notification in this respect is still awaited from the Govt. The Company is of the firm belief that the similar gesture will be extended for the current season also. The accumulated purchase tax payable on the sugarcane purchased up to 31st March, 2016 amounting to the tune of Rs.6,53,85,683/- has been classified vide Note No.10(e) “ Other Current Liabilities :- Statutory Liabilities.

3. Under Section 135 of The Companies Act, 2013 the company is required to spend Rs.47,71,092/- during the year under review towards Corporate Social Responsibility (CSR) activities as framed by the Company in its Corporate Social Responsibility program. However, the Company could spend Rs.10,00,000/- due to financial downtrend faced by the sugar industries on account of supply far exceeding the demand and consequential fall in sugar prices to un-remunerative levels. The said amount was spent towards improvement of living conditions and provision of basic amenities in the villages surrounding the Company''s manufacturing units.

4. Earnings per share (EPS) - The numerators and denominators used to calculate Basic and Diluted Earnings per share

5. General :

Sundry debtors, creditors and loans and advances are subject to confirmation. Paise have been rounded off.

Figures in brackets indicate those for the previous year.

Figures for the previous year have been regrouped, wherever necessary.

Note : The above does not include of Rs 13,02,15,268/- (PYRs. 11,13,67,746/-) being the cost of Motors, Components, Pipes, Spares etc., consumed.

Source :
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