Premier Proteins Ltd. के अकाउंट के लिये नोट

Mar 31, 2015

1. Corporate Information

The company Is a public limited company, Incorporated on 27/3/1986. The Registered Office and industrial Unit of the company is situated at Industrial Area No. 1 , Dewas (M.P.). The company Is having an Oilseed Solvent Plant at Dewas near Indore. The company is presently a sick company duly registered with B.l.F.R. as its net worth Is negative. Due to unfavorable scenario in business, the company has Incurred losses. Presently the company Is processing soyabeen seed on behalf of third party.

2. Basle of Accounting

The preparation of the financial statements are prepared in accordance with Indian Generally Accepted Accounting principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards specified under section 133 of The Companies Act 2013 read with the rule7' of Companies (Accounts) Rules,2014 and the relevant provisions of The Companies Act 2013 as applicable. Accounting policies have been consistently applied except where a newly Issued accounting standard initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto In use.

3. USE OF ESTIMATES

The preparation of the financial statements In conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amounts of Income and' expenses during the period. Although these estimates are based on management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result In the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future period.

4. Terms f Rights Attached to Shares I Equity Shares

The Company has only one class of Equity shares having a par value of 10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the Year Ended 31st March 2015 the amount per share . dividend recognized as distributions to equity shareholders was Rs. Nil ( For 31" March 2014 was Rs nil)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

5. Terms and Conditions of Borrowings

1) The long term loan is payable only after 12 months In terms of mutual understanding between the parties.

2) Interest has not been adjusted in view of companies sick status duly registered with BIFR and consequent severe liquidity crunch and its request for waiver of interest by the lending company.

6. Terms & Conditions

1) The amount represent balance amount of Long Term Secured Advance received from Cargill India P. Ltd. in terms of Processing Contracts. Presently the company Is mainly engaged in processing of Soyabean Seeds at its Dewas Plant on behalf of the aforesaid party.

2) The said Advance is secured against Hypothecation of Factory Building and Plant & Machinery of Soya Division of the company situated at Dewas.M.P.

3) The company values its Raw Materials at cost on FIFO basis and finished goods at cost or net realisable value whichever is lower and other Items at cost.

7. RELATED PARTY DISCLOSURE

a Names of Related Parties and

Related party Relationship

Name of Related Party Relation

Girdharllal Sugar And Allied Chairman and Managing Director of industries Ltd. the company Is Interested as chairman /Managing Director of this company.

Vertex Investments (p) ltd. A Director of the company is Interested as a Director of this company.

Vastu commodities pvt. Ltd. A Director of the company Is Interested as a Director of this company.

Indrajit Solar Power Pvt. Ltd. A Director of the company is Interested as a Director of this company.

Manthan Milk Products Pvt. Ltd. A Director of the company Is interested as a Director of this company.

Mr.Ra|ash Agrawal Kay Managerial Person (Managing - Director of the company)

Smt. Sangeeta Agrawal Relative Of Key Managerial Person (Woman Director of the company)

Smt. Blmla Devi Agrawal Relative Of Key Managerial Person

8. SEGMENT REPORTING

The companies sole business segment is soya bean processing only, and geographical segment Is India, Hence no separate Disclosure as required by AS-17 has been given.

9. EMPLOYEE BENEFIT

i) the company has provided Its Defined benefit plans liability towards gratuity based on the simple calculation provided under the Gratuity Act, The company has determined the liability as par revised AS-15 which was mandatory w.e.f. 01.04.2007. However, additional liabilities,If any, will be provided later on. The quantum of additional liability at presents unascertainable. ii) As the company has not separately Invested any of Its liability of gratuity In any specific govt, bonds/securities, hence the changes In assets, If any, have also not been provided/adjusted.

ii) Disclosures as required by Revised AS-15 have also not been given In view of notes(a)and(b)above, '

10. CONTINGENT LIABILITY/COMMITMENTS

Particulars

Contingent Liabilities

Claims Not Acknowledged,as Debt 0 O

Guarantees issued by the Banker covered by the

counter guarantee given by Company 363528 363528

Commercial Tax Demand (under Appeal) 1626224 1703224

Commitments 0 0

11. Sundry Debtors,Creditors and Advances account balances are subject to confirmations

12. PREVIOUS YEAR FIGURES

Previous years figures have been regrouped where ever necessary.

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Mar 31, 2013

Corporate Information

The company is a public limited company, incorporated on 27/3/1986. The Registered Office and industrial Unit of the company is situated at Industrial Area No. 1 , Dewas (M.P.). The Corporate office is situated at 107,Chetak Centre, 12/2 R.N.T.Marg,Indore (M.P.).The company is having a Oilseed Solvent Plant at Dewas near Indore. The company is presently a sick company duly registered with B.I.F.R. As its net worth is negative. Due to unfavorable scenario in business, the company has incurred losses. Presently the company is processing soyabeen seed on behalf of third party.

Basis of Preparation

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

1 SEGMENT REPORTING

a Identification of Segments

The company has identified business segment as primary segment. The reportable business segment are soya business & Trading of Chana also.

2 EMPLOYEE BENEFIT

i) The company has provided its Defined benefit plans liability towards gratuity based on the simple calculation provided under the Gratuity Act. The company has not determined the liability as per revised AS-15 which was mandatory w.e.f.01.04.2007. However, additional liabilities, if any, will be provided later on. The quantum of additional liability at present is unascertainable.

ii) As the company has not separately invested any of its liability of gratuity in any specific govt, bonds/ securities, hence the changes in assets, if any, have also not been provided / adjusted.

iii) Disclosures as required by Revised AS-15 have also not been given in view of notes (I) and (ii) above.

3 CONTINGENT LIABILITY I COMMITMENTS

Particulars Contingent Liabilities

Claims Not Acknowledged Debt 0 0

Gurantess issued by the Banker covered by the counter guarantee given by Company 363528 363528

Commercial Tax Demand (under Appeal) 3155443 3155443

Commitments 0 0

4 Sundry Debtors. Creditors and Advances account balances are subject to confirmations

5 PREVIOUS YEAR FIGURES

Previous year''s figures have been regrouped where ever necessary.

Notes :

1 The Company has got revalued its Building and Plant & Machinery during the year 1994-95 from an approved value accordingly the value of Building has been increased by Rs. 1,19,57,271/- and Rs. 1,10,99,218/- in Plant & Machinery and consequently the Revaluation reserve account was credited by Rs. 2,30,56,489/-.

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Mar 31, 2012

Corporate Information

The company is a public limited company, incorporated on 27/6/1988. The Registered Office and industrial Unit of the company is situated at Industrial Area No. 1 , Dewas (M.P.). The Corporate office is situated at 107,Chetak Centre, 12/2 R.N.T.Marg,Indore (M.P.). The company is having an Oilseed Solvent Plant at Dewas near Indore. The company is presently a sick company duly registered with B.I.F.R., as its net worth is negative. Due to unfavorable scenerio in business, the company has incurred losses. Presently the company is processing soyabeen seed on behalf of third party.

Basis of Preparation

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under ' the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

a Terms / Rights Attached to Shares

The Company has only one class of Equity shares having a par value of 10/-. Each holder of equity shares is entitled to one vote, per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the Year Ended 31st March 2012 the amount per share dividend recognized as distributions to equity share holders was Rs. Nil (For 31sr March 2011 was Rs Nil)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders, d There is no holding / ultimate holding and or their subsidiaries / associates e Details of Share holders holding more than 5% shares in the Company

Terms & Conditions :-

1) The amount represent balance amount of Long Term Secured Advance received from Cargill India P. Ltd. in terms of Processing Contracts. Presently the Company is mainly engaged in processing of Soyabeen Seeds at its Dewas Plant on behalf of the aforesaid party.

2) The said Advance is secured against Hypothecation of Factory Building and Plant & Machinery of Soya Division of the Company situated at Dewas,M.P.

3) In terms of the Processing Agreement, Cargill will deduct Rs.100/ - per M.T. Of Soyabeen seed processed by the Company on their behalf towards realisation of the said advance, subject to minimum realisation of Rs.60 lacs P.A.

4) The original amount advanced by Cargill is Rs.42500000/-. During the year.a sum of Rs. 3449017/- was recovered by Cargill, leaving a balance of Rs.39050983/-, out of which a sum of Rs.33050983/- has been shown as long Term Advance and balance of Rs.6000000/- has been shown under current liability, since payable in the current year 2012-13.

*As per provisions contained in Section 205 C of the Companies Act, 1956, the Companymay be required to transfer Rs 7.35 lacs (previous year Rs.8.85 lacs) lying in Share Application Money Refund A/c to Investors' Education and Protection Fund. The Company,s banker has already remitted part of unclaimes/unpaid share application money and efforts are being made to remit the balance money.

1 EMPLOYEE BENEFIT

a. The Company has provided its Defined Benefit Plans liability towards Gratuity based on the simple calculation provided under the Gratuity Act . The Company has determined liability as required as per revised AS-15 .which was mandatory w.e.f. 01.04.2007. However Additional Liabilities if any will be provided later on. The quantum of Additional liability if any at present, is unascertainable.

b. As the Company has not separately invested any of his liability of Gratuity in any specific Govt. Bonds/Securities, hence the change in Assets if any have also been not provided/adjusted.

c) Disclosures as required by revised AS-15 have also not been given in view of notes (a) & (b) above.

2 CONTINGENT LIABILITY I COMMITMENTS

Contingent Laibilites

Claims Not Acknowledged Debt 0 0

Gurantess issued by the Banker covered by the counter guarantee given by Compnay 363528 363528

Commercial Tax Demand (under Appeal) 3166443 8151196

Commitments

3 Sundry Debtors, Creditors and Advance account balances are subject to confirmation.

4 PREVIOUS YEAR FIGURES

Till the Year End 31-03-2011 the company was using old Schedule VI of the Companies Act 1956, for the preparation and presentation of its Finacial Statements. During the year ended 31-03-2012, the Revised Schedule VI notified under the Companies Act 1956, has became applicable to the Company. The Company has reclassified and regrouped the Previous Year Figures to confirm the current classification.

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Mar 31, 2010

1. In the opinion of the Board the current assets on realisation in the ordinary course of business have a value at least equal to the amount at which these are stated and the provisions for known liabilities are adequate.

2. The Company has got revalued its Building and Plant & Machinery during the year 1994-95 from an approved valuer and accordingly the value of Building has been increased by Rs.11957271/-and Rs.11099218/- in Plant & Machinery and consequently the Revaluation reserve account was credited by Rs.23056489/-.

3. (a) Till last year the company had not provided interest on State Bank of India (SBI) dues.in view of request made to SBI for waiver of interest and the entire payment was reduced from the principal amount till last year. However.Since SBI is not agreeing for the said waiver, the Company has now made provision for interest liability of Rs 410.26 lacs, calculated as per OTS terms on a reasonable basis so as to match with the aggregate amount payable to SBI, as shown in the Modified draft Revival Package submitted by the company to SBI for onward submission to BIFR.

(b) Out of Interest Liability of Rs.410.26 lacs payable till 31/03/2010 a sum of Rs.72.16 lacs relates to the current financial year 2009-10 and the balance interest liability of Rs.338.10 lacs relates to earlier years and has been shown in the profit and loss account as extraordinary item.

(c) Dues of State Bank of India (SBI) now represent balance principal amount of Rs.360.00 lacs towards OTS dues accepted by the Bank vide its letter No.RARB/PPL/373 dt.28/07/2001 as amended together with interest payable thereon to the extent of Rs.242.30 lacs and final outstanding as on 31/03/2010 was Rs.602.30 lacs.

4. Sundry Debtors, Creditors and Advance account balances are subject to confirmation.

5. Based on the legal opinion the company has not transferred the Share Premium Reserve Account (Contra) against debit balance of Profit & Loss Account, however till 31.03.2009 the same was shown as contra items.

6. In view of accounting standard AS-19 "Lease" issued by the Institute of Chartered Accountants of India which is mandatory w.e.f. 01/04/01 and is applicable to all leased assets for which lease commence on or after 01/04/01. The Company has not so far taken any assets on finance lease during the year. In respect of operating lease for office premises, the leasing arrangements which are not non-cancellable range between 11 months & 5 years generally or longer, and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rental payable are charged as rent under the head office and administrative expenses.

7. The Company had earlier made provision for diminution in the value of investments to the extent of Rs.45585000/- in order to confirm to the accounting standerd for investments. However now since the book value of shares of Girdharilal Sugar and Allied Industries Ltd. has gone up more then its cost price, though shares are not yet started trading in Stock Exchange, the value of shares as on 31/03/2010 has been taken at cost price and the provision of Rs. 45585000/- made earlier for diminution has been written back during the year.

8. Sundry creditors includes Rs.NIL due to Micro , Small and Medium Enterprises to whom the company owes dues , which are outstanding for more than 45 days as at the Balance Sheet date .

Further the Company has neither paid nor payable any interest to any Micro , Small and Medium Enterprises on the Balance Sheet date.

The above information has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the Auditors.

9. A sum of Rs.22.75 lacs has been credited to settlement of contract for earlier years towards refund of excess amount charged by the party under the said head in earlier years

10. (a) In view of brought forward losses and Depreciation no provision for income tax has been made during the year. (b) In accordance with Accounting Standard- 22 "Accounting for Taxes on income "issued by The Institute of Chartered Accountants of India.which has become mandatory from 01/04/2001, the company has accounted for Rs. 20431331/- for the year (Prev.Yr. Rs.8455174/-) by debiting to Profit & Loss Account towards Deferred Tax Assets for the year 2009-10. The Net Deferred Tax Assets is Rs.30860708/-(Prev.Yr.Rs10429377/-).

11. As per provisions contained in Section 205 C of the Companies Act, 1956, the Company may be required to transfer Rs.14.58 lacs lying in Share Application Money Refund A/c to "Investors Education and Protection Fund". However, the Company has taken up the matter with the Bank wherein part of such amount is lying and shall do the needful in the matter in due course for compliance of the Provisions.

12. (a)The Company has provided its Defined Benefit Plans liability towards Gratuity based on the simple calculation provided under the Gratuity Act . The Company has determined liability as required as per revised AS-15 .which was mandatory w.e.f. 01.04.2007. However, Additional Liabilities if any, will be provided later on. The quantum of Additional liability if any, at present unascertainable

(b) As the Company has not separately invested any of his liability of Gratuity in any specific Govt. Bonds/Securities, hence, the change in Assets if any, have also been not provided / adjusted

( c) Disclosures as required by revised AS-15 have also been not given in view of notes(a) & (b) above. 15. The Company has not entered in any hedging transaction in foreign currency during the year.

13. RELATED PARTY DISCLOSURE UNDER AS-18

A) Name of related party and nature of related party relationship Premier Industries (I) Ltd. & Girdharilal Sugar & Allied Industries Ltd. are Companies in which the Managing Director of the Company is interested as a Chairman of the Company.

B) Key Managerial Persons - Mr. Rajesh Agrawal (Managing Director of the Company)

C) Relatives of Key Managerial Persons :- Smt. Sangeeta Agrawal & Smt. Bimla Devi Agrawal are relatives of the Director of the Company.