Fortune Foods Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2012

1 Background

Fortune Feuds limited (''the Company''] was incorporated on 16th March 1939.

The Company is engaged in Manufacturing; & Job Work activity related ta Fruit Pulp, Tomato Concentrate & Fruit Pulp Based Drinks.

The Company is having its Registered Offset; at 5, Gulshan Apartment, Tigrinya Corner, Mumbai Agra Rodd, Nashik - 42201 are 3 having its manufacturing unit at VtlLsge AwBflhhedpTaluka Dindoh, Dlsf. Nasliik - 422201

2.1 Earnings per share

The basic and diluted earnings per share is computed by dividing time profit/loss after tax available for equity shareholders by the weighted average number of equity shares outstanding during the reporting period.

2.2 Provisions and contingencies

A provision is recognized when there is a present obligation as a result of a past event and It is probable that an outflow of resources will be required to settle the* obligation, in respect of which a reliable estimate can be made. These are reviewed $t each balance sheet date and adjusted to prefect three current best estimates.

When there is a possible obligation in respect of which the outflow of resources is remote, no provision or disclosure is made,

- Terms or rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10 per share Each holder of equity share is entitled to one vote per share in the event of the liquidation of the company the holders the equity share will be entailed to receive the remaining assets of the company after distribution of all preferential amounts The distribution will be in proportion of the number of equity shares held by the shareholders.

2.3 Contingent liabilities

- In the year 2006-07 company has opted sales tax NPV DISCOCUNTED PAYABLE SCHEME AND DISCOUNTED THE SALES TAX DEFERRAL LIABILITY OF rS,5.76 CRORES TO rS,2.29 CRORES however THE COMPNY has not paid the amount till date and reversed the annual discounted value of the sales tax deferred liability as an 31.03.2012 shown the deferral sales tax liability as unsecured loan for Rs,3.82 crores Hence as on 31.03.2013 the discounted value of sales tax liability not yet reversed is Rs,1.94 crores.

- The company has shown on advance (assets) of Rs,5.98 lacs as on receivable from the provided fund department However the department is clamming it as an recovery on account of provided fund the matter is under dispute and pending at high court The disputed amount is not provided in the books of accounts as a liability as there is difference of legal interpretation and the final decision of the case is awaited.

2.4 Previous Years Figures

The Revised schedule VI has become effective from 1 April 2011 for the preparation and presentation of financial statements Accordingly during the year ended 31 March 2012 the Revised schedules VI notified under the companies Act,1956 has become applicable to the company the company has reclassified previous year figures to confirm to this years classified the adoption of Revised schedule VI does not impart recognition and measurement principles followed for preparation of financial statements However this has significantly the disclosure and presentation made in the financial statements.

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Mar 31, 2011

1 . In the year 2006-07 Company has opted Sales tax NPV discounted payable scheme and discounted the sales lax deferral liability of Rs. S. 76crores to Rs.2.29 crores. However, the company has not paid the amount till date and reversed the annual discounted value of the Sales lax deferral liability as interest; and as on 31.03.201 shown the deferral sales tax liability as unsecured loan for Rs.3.44 ; crores. Hence, as on 31.03.201 1 the discounted value of' sales tax defer reliability not ye! reversed is Rs.2.09 crores.

- The Company has show an advance (assets) of Rs.5.98 lacs as an receivable from the Provided Fund department. Hoover.)n department is claiming t, as an recovery on account of provided fund. The matter is under dispute and pending at High t dun Tin disputed amount is not provided in the books of accounts as a liability, as there is legal interpretation and the tin. decision of the case is awaited.

(a) Job Work Activity .

In case of Job Work) all the inventory belong to the customer and not forming part of our Closing Inventory.

accordance with the requirements of Accounting Standard 18 i.e. "Related Party Disclosures" issued by the Institute of Chartered accountants of India, the details of related party transactions are given below :

Segmental information:

During the year the Company is also engaged in job work processing to a large extent. Therefore, to have a more meaningful work. According years figures are recalculated. Pelf products sales in earlier year to se8mentreported as Sales and Job outstanding amount & interest to Micro, Small & Medium Enterprises As per information and details available in the Previous year there is no payable or interest is outstanding or due to Micro & Medium Enterprises registered under the Micro, Small & Medium Enterprises Development Act, 2006.

Prior year figures

Previous years figures have been regrouped and reclassified, wherever necessary, to conform to the current year's presentation.