SENSEX NIFTY India | Notes to Account > Sugar > Notes to Account from Kesar Enterprises - BSE: 507180, NSE: KESARENT

Kesar Enterprises

BSE: 507180|NSE: KESARENT|ISIN: INE133B01019|SECTOR: Sugar
Mar 28, 16:00
1 (1.94%)
VOLUME 1,856
Mar 28, 15:49
0.1 (0.19%)
VOLUME 1,163
Jun 13
Notes to Accounts Year End : Dec '14
1.  Contingent Liabilities
     Nature of claim/Demands                        As at         As at
                                                     31st    30th June,
                                                December,          2013
 Claims / demands against the Company under 
 Central Sales Tax                                 122.56        122.56
 Entry Tax (U.P.)                                  745.07        730.30
 Trade Tax (U.P.)                                  113.36        193.07
 Excise Duty                                     2,376.34        408.02
 Arrears of Dividend on Cumulative 
 Preference Shares                                      0          2.21
 Others                                             35.55         35.55
 Total                                           3,392.88      1,491.71
 2.  Alcohol and Molasses Storage Reserves and Effluent Disposal
 Reserves amounting to Rs. 58.78 Lac (P.Y. Rs. 62.06 Lac) are not
 deposited with a Scheduled Bank, as required under Uttar Pradesh Sheera
 Niyantran (Sansodhan) Adesh, 1974.
 3. Segmental Reporting Disclosures under Accounting Standard 17
 Business Segments:
 Based on the guiding principles given in Accounting Standard 17
 Segmental Reporting issued by the Institute of Chartered Accountants
 of India, the Company''s primary business segments are
 a.  Sugar
 b.  Power
 c.  Spirits
 d.  Seed
 e.  Agricultural Products
 4. Disclosure in respect of Operating Lease in accordance with AS 19 on
 a) The total of future minimum lease payments under non-cancellable
 operating leases for each of the following periods:
 i) Not later than one year Rs. 68.84 Lac (P.Y. Rs. 58.83 Lac).
 ii) Later than one year and not later than five years is Nil (P.Y. Rs.
 9.20 Lac).
 b) Lease payments recognised in the statement of profit and loss during
 the Period of Eighteen Months is Rs.  41.48 Lac (P.Y. Rs. 50.02 Lac).
 5.  The Company follows Accounting standard 22 (AS22) Accounting for
 taxes on Income, Deferred Tax Asset arising on account of Unabsorbed
 depreciation and brought forward losses has been recognised only to the
 extent of Deferred Tax Liability. The management has assessed the
 position and on the basis of reasonable/ virtual certainty of realising
 it in future, has recognised Deferred Tax Asset as on 31st December,
 2014, amounting to Rs.  1,631.92 Lac (P.Y. Rs. 1,569.74 Lac).
 6.  The Company has incurred significant operational losses in Sugar
 Division during the current period due to a steep decline in sugar
 prices and uneconomically high Sugarcane prices. Considering the
 various representations made by the Industry, the State Government of
 Uttar Pradesh has decided to form a high level committee to determine a
 fair sugarcane pricing policy and to restore the viability of the Sugar
 Industry and the Company is hopeful that pursuant to the same the
 Company would turnaround in near future. Accordingly, the financial
 statements have been prepared on the assumption of going concern,
 despite accumulated losses resulting in erosion of its networth.
 7.  Sugar cane purchase price for the season 2014-2015 is accounted at
 State Advisory Price (SAP) Rs. 280/- per quintal for general, Rs. 275/-
 per quintal for rejected and Rs. 290/- per quintal for early varieties.
 The Government of Uttar Pradesh has announced various rebates in sugar
 cane purchase price for the Season Year 2014-2015 vide press note dated
 12/11/2014, linked to average market price of sugar & by-products
 during the period 1st October, 2014 to 31st May, 2015. The above
 rebates shall be accounted if and when crystalised to the Company or
 declared by the State Government of Uttar Pradesh.
 8.  The Previous Year figures have been regrouped and re-casted
 wherever necessary. The current financial statements are prepared for
 the Period of Eighteen Months and hence not comparable with the
 Previous Year figures.
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