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Mohit Paper Mills

BSE: 530169|ISIN: INE388C01017|SECTOR: Paper
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Mar 14
Notes to Accounts Year End : Mar '15
 1. The Term Loan from Bank of Baroda of Rupees 15542958/-(Previous Year
 of Rupees 31542958/-) is secured by way of First charge over immovable
 assets of the Company and equitable mortgage of landed property
 situated at Village Aaspur Ka & Abdulpur Munna,
 
 2. 9KM Nagina Road, District-Bijnor. The loan is further secured by way
 of second charge on the current assets of the Company and personal
 guarantee of the promoter / directors of the company.
 
 3. Working Capital Borrowings from Bank of Baroda are secured against
 Hypothecation of Stock and Book Debts of the Company. In addition to
 above, First Charge as Collateral Security over Building and Plant &
 Machinery both present and future have been created in favour of Bank
 of Baroda.
 
 4.  Land, Building and Plant & Machinery were revalued by Rupees
 10,02,83,565/- by an approved valuer on 31.03.1996.The resultant
 surplus amounting Rupeesl 0,02,83,565/- was credited to Capital Reserve
 from which depreciation on revalued portion is being written off every
 year. Depreciation charged for the year include Rupees 11,82,511/-
 (Previous Year Rupees 13,87,410/-) which is amount of depreciation for
 the year on the revalued portion and has been transferred from
 revaluation reserve and credited to Statement of Profit & Loss for the
 year. This has no impact on profit for the year.
 
 5. Depreciation for the period in the sum of Rupees 3,82,50,774/- is
 inclusive of the amount of Rupees 11,82,511/- which has been
 transferred from Capital Reserve.
 
 6.(I) RETIREMENT BENEFITS
 
 The Company has adopted the Revised Accounting Standard-15
 (Revised-2005) ''Employee Benefits''. The relevant policies are:
 
 7 SHORT TERM EMPLOYEE BENEFITS
 
 Short term employee benefits are, recognized in the period during which
 the services have been rendered.
 
 Long Term Employee Benefits
 
 8 Defined Contribution plan
 
 (i) Provident Fund Scheme
 
 Contribution to this scheme are expensed in the Statement of Profit &
 Loss.
 
 These contribution are made to the fund administered and managed by the
 Government of India. The Company has no further obligations under these
 plans beyond its monthly contribution.
 
 (ii) Gratuity
 
 Group Gratuity cum Life Assurance Scheme with the Life Insurance
 Corporation of India has been taken in such a way that the gratuity
 enefits will be payable under an irrevocable trust. The trustees
 appointed for the purpose of administrating the Scheme shall insure
 gratuity benefits with the LlC. The Company shall pay to the trustees
 such contributions as are required to secure Gratuity benefits to the
 employees which will include the liberalized death cover to the
 employees.
 
 The employees gratuity fund scheme managed by the Life Insurance
 Corporation of India is a defined benefit plan. The present value of
 obligation is determined based on actuarial valuation using the
 Projected Unit Credit Method, which recognizes each period of service
 as giving rise to additional unit of employee benefit entitlement and
 measures each unit separately to build up the final obligation.
 
 9. ADDITIONAL NOTES ON FINANCIAL STATEMENTS
 
 1.  (a) Previous year figures have been reworked, rearranged regrouped
 and reclassified, wherever considered necessary.
 
 (b) Figures have been rounded off to the nearest rupee.
 
 2.  In the opinion of the Board of Directors, Current Assets, Loans &
 Advances have a value of realization in the ordinary course of business
 at least equal to the amount at which they have been stated in the
 Balance Sheet. The provisions for all known liabilities are adequate
 and not in excess of amount considered reasonably necessary.
 
 3.  Contingent Liability not provided for:
 
 (I) In land Bank Guarantee given by Bank of Baroda for the Company
 amounting for Rs. 16.75 Lacs and L/C amount Rs. 78.91 Lacs outstanding
 as on 31.03.2015.
 
 (ii) Estimated amounts of contracts remaining to be executed on capital
 account and not provided for Rs. NIL (PreRs.ious Year NIL).
 
 4.  In compliance to the Accounting Standard-22 on Accounting for
 Taxes on Income issued by the Institute of Chartered
 Accountants of India (ICAI), Deferred Tax Asset of Rs. 7,36,536/-
 (Previous Year Rs.14,28,360/- has been provided as at 31st March 2015
 and the same has been charged to the Statement of Profit & Loss of the
 Company. This pertains to the timing difference in Depreciation on
 Assets as per books of accounts. The Deferred Tax Liability has been
 calculated by applying tax rate that have been enacted and applicable
 as on the Balance Sheet date. No liability has been computed in respect
 of difference considered to be of permanent nature
 
                          Current Year                 Previous Year
                          31.03.2015                   31.03.2014
                          Amount in Rs.                Amount in Rs.
 
 Salary &
 allowance                   3300000                    1987500
 
 Total                       3300000                    1987500
 
 7.  There are no impairment of assets in terms of Accounting
 Standard-28 issued by the Institute of Chartered Accountants of India.
 
 8.  Related Parties Disclosures:
 
 Holding Company : NIL
 
 Subsidiary Company : NIL
 
 Key Managerial Personnel : Mr. Sandeep Jain Related Party :
 
 Anju Jain, Mohit Jain
 
 Shubhi Jain, Centurion Paper and Board
 
 Centurion Rubber, Centurion Industries Private Limited
 
 10. In addition to the significant accounting policies applicable to the
 business segment as set out in Note 27, Notes to Accounts, the
 accounting policies in relation to segment accounting are as under:
 
 11 The Company has disclosed Business Segment as the primary segment
 have been identified taking into account the nature of the products,
 the differing risks and returns, the organization structure and
 internal reporting system. The Company''s operations predominantly
 relates to manufacturing of paper and other business segment comprises
 of Soda Ash.
 
 12.  Segment Revenue, Segment Results, Segment Assets and Segment
 Liabilities include the respective amounts identifiable to each of the
 segments as also amounts allocated on a reasonable basis. The expenses,
 which are not directly relatable to the business segments are shown as
 unallocated corporate expenses.
 
 13.  Assets and Liabilities that cannot be allocated between the
 segments are shown as un-allocable corporate assets and liabilities
 respectively.
 
 14.  There are no secondary reportable segments as all operations and
 customers are located in India. The Company operates in a single
 geographical segment.
 
 15.  INTANGIBLE ASSETS
 
 There are no intangible assets as on date of balance sheet.
Source : Dion Global Solutions Limited
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