Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Moneycontrol.com India | Notes to Account > Food Processing > Notes to Account from Shah Foods - BSE: 519031, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > FOOD PROCESSING > NOTES TO ACCOUNTS - Shah Foods

Shah Foods

BSE: 519031|ISIN: INE455D01012|SECTOR: Food Processing
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Oct 18, 16:00
31.90
-1.6 (-4.78%)
VOLUME 570
Shah Foods is not listed on NSE
Mar 14
Notes to Accounts Year End : Mar '15
1 Corporate information
 
 Shah Foods Ltd. Is a public limited company in India and incorporated
 under the provision of the company Act. 1956. Its shares are listed in
 BSEL. The Company''s activities are in manufacturing of Biscuits for
 Britannia Industries Limited and Trading of shares and securities.
 
 2. Rights & Restriction attached to shares Equity shares
 
 The Company has one class of equity shares having a par value of Rs. 10
 per share. Each shareholder is eligible for one vote per share held.
 The dividend proposed by the Board of Directors is subject to the
 approval of the shareholders in the ensuing Annual General Meeting,
 except in case of interim dividend. In the event of liquidation, the
 equity shareholders are eligible to receive the remaining assets of the
 Company after distribution of all preferential amounts, in proportion
 to their shareholding.
 
 3. (AJMETHOD OF ACCOUNTING :
 
 Expenses are provided on mercantile system except cash system for
 Insurance Claims, Sales Tax Refund.
 
 The Accounts have been prepared on historical cost basis of accounting.
 All expenses and income to the extent considered payable and receivable
 unless stated otherwise are accounted for on accrual basis. Accounting
 policies not specifically referred to are in consistent with generally
 accepted accounting practices.
 
 (BJ) FIXED ASSETS:
 
 Fixed Assets are stated at cost of acquisition or construction less
 Depreciation. All costs relating to the acquisition and installation of
 fixed assets are capitalised.
 
 (CJ) DEPRECIATION:
 
 Depreciation on Fixed Assets has been provided on straight line method
 as per rates specified in amended schedule XIV of the Companies Act,
 1956 Vide Notification No GSR 758 (2) dated 16th December 1993 other
 than free hold land for full year.
 
 (DJ) INVENTORIES:
 
 Raw Materials & Furnace Oil is valued at cost. Stock of Shares of
 Trading activity is valued at cost or market value whichever is lower.
 
 (EJ) INVESTMENT:
 
 Unquoted Investments are stated at cost.
 
 (FJ) GRATUITY:
 
 Payment for present liability of future payment of gratuity is being
 made to approve Gratuity Funds which fully covers the same under cash
 accumulation scheme of the Life Insurance Corporation of India.
 
 4. Previous year''s figures have been regrouped / rearranged wherever
 necessary to make them comparable with current year''s figures.
 
 5. Provision made of Rs. 5,80,000 for Income Tax has been made from
 current year profit and Rs. 3,410 for deferred Tax has been made from
 current year profit on the basis of claims and deductions as per Income
 Tax Act 1961.
 
 6. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18
 
 * RELATED PARTY
 
 A) Associate Companies: (1) IND ASIA Funds Advisors Pvt. Ltd. (2)
 Helios Greentech Pvt. Ltd.
 
 B) Vice chairman: Shri. Janak P. Shah
 
 C) Directors
 
 (1) Shri. Sushil P. Shah
 (2) Shri. Pradip P. Shah
 (3) Shri Virendra P. Shah
 (4) Shri. Shrichand R. Kahar
 (5) Shri. Nirav J. Shah
 (6) Mrs. Pushpa J. Shah
 
 * RELATED PARTY TRANSCATIONS
 
 A) Associate Companies - Nil -
 
 B) Directors
 
 * Details of remuneration to Vice Chairman, Operations Director are
 disclosed in the notes to accounts.
 
 * There are no write offs/write back of any amounts for any of the
 above-related party.
 
 7. Expenditure incurred on employees covered u/s 217(2A) of the
 companies act,1956- Rs. NIL (Previous year Rs. NIL)
 
 8. During the year under review, Britannia Industries Limited deducts
 TDS on job-work receipts on job charges including excise duty and hence
 TDS rate & job charges are not comparable.
 
 9. Balance confirmations for debit/credit balances have been sought.
 
 10. Additional information pursuant to para III and IV of part II of
 schedule VI of Companies Act, 1956 to the extent applicable.(As
 certified by the Directors)
 
 11. Expenditure in foreign currency during the year on account of
 royalty, know-how, professional consultancy fees, interest and other
 matters Rs. Nil. (Previous years Rs. Nil).
 
 12. C.I.F. Value of imports of raw materials, components and spares Rs.
 Nil.(Previous year Rs. Nil)
 
 13. Earning in foreign exchange on account of export etc. Rs.Nil.
 
 14. Remittance in foreign currency on account of dividend etc. Rs.NIL.
 (Previous year Nil)
 
 15. In the opinion of Board of Directors, the current assets, loans &
 advances are approximately of the same value, if realised in the
 ordinary course of business. The provision for all known liabilities is
 adequate and not in excess of the amount reasonably necessary.
 
Source : Dion Global Solutions Limited
Quick Links for shahfoods
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.