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Company Information

Home » Market » Company Information

D P Abhushan Ltd.

D P Abhushan Ltd. is not traded in BSE
Jun 11
158.35 -2.95 ( -1.83 %)
 
VOLUME : 13364
Prev. Close 161.30
Open Price 165.95
TODAY'S LOW / HIGH
157.80
 
 
 
165.95
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
48.50
 
 
 
169.90
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Market Cap. ( ₹ ) 352.41 Cr. P/BV 7.10 Book Value ( ₹ ) 22.31
52 Week High/Low ( ₹ ) 170/49 FV/ML 10/4000 P/E(X) 12.86
Bookclosure 22/09/2018 TTM EPS ( ₹ ) 0.00 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

27. NOTES FORMING THE PART OF ACCOUNTS:

27.1 Contingent Liabilities not provided for

Particulars

Rs. in lakhs

Contingent liabilities in respect of TDS under Income Tax Act

0.47

Contingent liabilities in respect of VAT/Sales Tax Appeals

662.28

TDS Liability

Penalty under Section 272A(2)(c) of lncome Tax Act,1961 for 2013-14 & 2014-15

A penalty under Demand Oder dated 27.06.2017 was passed against the Company by the officer of Additional Commissioner of Income Tax, Indore, for an amount of 46,900/- under Section 272A (2) (c) of the Income Tax Act, 1961. The penalty was imposed for years 2013-14 and 2014-15 for not furnishing information u/s 133(6) of the Act for the verification of TDS deducted on payment made to authorize Hallmarking Centres for obtaining Hallmark certificates by the Company. The Company has filed an appeal dated 30.07.2017 against the said penalty order before the Commissioner of Income-Tax (Appeals), Bhopal under Section 246A of the Income Tax Act, 1961. The total liability in the matteris 46,900/- only. The mater is under appeal for disposal.

Indirect Taxes Liabilities A. Value Added Tax Period of Assessment: 01/04/2012 to 31 /03/2013

An Appeal was filed by the Company on 14.07.2016 before the Rajasthan Tax Board, Ajmer under Section 83 of Rajasthan VAT Act, 2003 against Order of the Office of Additional Commissioner, Appeals, Commercial Tax Department, Udaipur dated 24.05.2016, wherein the penalty of Rs 76,40,776/- imposed on Company by the Order of the Assistant Commissioner dated 29.09.2015 was removed and the additional liability on Company to pay Rs 51,95,728/- as tax and interest was confirmed. In pursuance to filing appeal in Rajasthan Tax Board, the Company has made payment of Rs 51, 95,728 towards tax and interest Under Protest.

However, Company's contention is that the Department has erred in levying Purchase Tax liability on it as it has taken a valid exemption certificate for lump sum payment u/s 5 of the RVAT Act. For the period under review, Company used to buy old jewellery from unregistered dealers and send it to their Madhya Pradesh based headquarters, where new jewellery was made from the said old jewellery and was sold, after due payment of VAT on lump sum basis. Hence, in this situation. Company's contention is that there is no liability of payment of tax under Section 4(2) of the Rajasthan Value Added Tax, 2003. The appeal is pending before the Board.

Cross Appeal has been filed on 17.8.2016 before Rajasthan Tax Board, Ajmer against the Company by the Assistant Commissioner, Udaipur to Re-impose the penalty of Rs. 76,40,776 on the Company and is against the Order of Add. Comm. Appeal, Commercial Tax Department Udaipur dated 24/05/2016, wherein the penalty was removed.

Period of Assessment: 01/04/2013 to 31/03/2014

An Appeal was filed by the Company on 14.07.2016 before the Rajasthan Tax Board, Ajmer under Section 83 of Rajasthan VAT Act, 2003 against Order of the Office of Additional Commissioner, Appeals, Commercial Tax Department, Udaipur dated 24.05.2016, wherein the penalty of Rs. 1,84,79,276/- imposed on Company by the Order of the Assistant Commissioner dated 29.09.2015 was removed and the additional liability on Company to pay Rs 1,16,41,944/- as tax and interest was confirmed. In pursuance to filing appeal in Rajasthan Tax Board, the Company has made payment of Rs. 1,16,41,944 towards tax and interest Under Protest.

However, Company's contention is that the Department has erred in levying Purchase Tax liability on it as it has taken a valid exemption certificate for lump sum payment u/s 5 of the RVAT Act. For the period under review, Company used to buy old jewellery from unregistered dealers and send it to their Madhya Pradesh based headquarters, where new jewellery was made from the said old jewellery and was sold, after due payment of VAT on lump sum basis. Hence, in this situation. Company's contention is that there is no liability of payment of tax under Section 4(2) of the Rajasthan Value Added Tax, 2003. The appeal is pending before the Board.

Cross Appeal has been filed on 02.8.2016 before Rajasthan Tax Board, Ajmer against the Company by the Assistant Commissioner, Udaipur to Re-impose the penalty of Rs. 1,84,79,276 on the Company and is against the Order of Add. Comm. Appeal, Commercial Tax Department Udaipur dated 24/05/2016, wherein the penalty was removed.

Period of Assessment: 01/04/2014 to 31/03/2015

An Appeal was filed by the Company on 14.07.2016 before the Rajasthan Tax Board, Ajmer under Section 83 of Rajasthan VAT Act, 2003 against Order of the Office of Additional Commissioner, Appeals, Commercial Tax Department, Udaipur dated 24.05.2016, wherein the penalty of Rs. 1,35,76,980/- imposed on Company by the Order of the Assistant Commissioner dated 01.12.2015 was removed and the additional liability on Company to pay Rs. 77,38,880/- as tax and interest was confirmed. In pursuance to filing appeal in Rajasthan Tax Board, the Company has made payment of Rs. 77,38,880 towards tax and interest Under Protest.

However, Company's contention is that the Department has erred in levying Purchase Tax liability on it as it has taken a valid exemption certificate for lump sum payment u/s 5 of the RVAT Act. For the period under review, Company used to buy old jewellery from unregistered dealers and send it to their Madhya Pradesh based headquarters, where new jewellery was made from the said old jewellery and was sold, after due payment of VAT on lump sum basis. Hence, in this situation. Company's contention is that there is no liability of payment of tax under Section 4(2) of the Rajasthan Value Added Tax, 2003. The appeal is pending before the Board.

Cross Appeal has been filed on 02.8.2016 before Rajasthan Tax Board, Ajmer against the Company by the Assistant Commissioner, Udaipur to Re-impose the penalty of Rs. 1,35,76,980/- on the Company and is against the Order of Add. Comm. Appeal, Commercial Tax Department Udaipur dated 24/05/2016, wherein the penalty was removed.

Period of Assessment: 01/04/2015 to 31 /03/2016

The Assistant Commissioner (SO - II passed order u/s 23(1) r.w.s. 24(2) of RVAT Act for FY 2015-16 levying the Purchase Tax Rs. 14,34.008/- & Interest thereon Rs 5,21,271/-u/s 55 of RVAT Act 2003. For the period under review, Company used to buy old jewellery from unregistered dealers and send it to their Madhya Pradesh based headquarters, where new jewellery was made from the said old jewellery and was sold, after due payment of VAT on lump sum basis. However Asst. Commissioner (SO - II levied purchase tax (@1% and interest u/s 55 on old jewellery sent to M.P. for manufacturing of jewellery.

Company's contention is that there is no liability of payment of tax under Section 4(2) of the RVAT ACT, therefore appealed against the said order. The appeal is pending before the Appellate Authority.

27.2 Related Party Disclosures

Sr. No.

Names of the related parties with whom transaction were carried out during the period and description of relationship:

1

Company/entity owned or significantly influenced by directors/KMP/ individuals owning interest in voting power that gives them significant influence over the enterprise or their relatives

1.Virush Finvest Pvt Ltd.

2. Manratan Retail Pvt. Ltd.

3.D.P.Power,Ratlam

4. D.P. Plastics

5. Namskar Casting Pvt. Ltd.

6..Shree Hanuman Wind Infra Pvt. Ltd.

7 . Vikas Ratanlal Kataria (HUF)

8. Santosh Ratanlal Kataria (HUF)

9. Sanjay Manohar Lal Kataria (HUF)

10. Rajesh Manoharlal Kataria (HUB

11. Manoharlal Pannalal Kataria (HUF)

12. Anil Kataria (HUF)

13. Ratanlal Pannalal Kataria HUF

14. Kataria Wires Pvt. Ltd.

2

Key Management Personnel's/Directors:

1. Mr. Anil Kataria

2. Mr. Vikas Kataria

3. Mrs. Renu Kataria

4. Mr. Santosh Kataria

5. Mr. Sanjay Kataria

6. Mr. Vijesh Kasera

7. CS Anika Jain

3

Relatives of Key Management Personnel's:

1. Mr. Aman Kataria

2. Divya Kataria

3. Kamlesh Choradiya

4. Manjula Devi Kataria

5. Muskan Kataria

4

6. Rajesh Kataria

7.Rang Lal Choradiya

8. RatanlaL Kataria

9. Sangeeta Kataria

10.Suman Devi Kataria

11.Supriya Kataria

12. Meena Kataria

13. Priyal Kataria

14. Rupal Kataria

15. Mona Kataria

RELATED PARTY TRANSACTION DETAILS (Rs |n Lakhs)

Particulars

For the period ended 31.03.2018

Remuneration Paid/ Payable

Loan Received

Interest payable

Loan Repaid

Purchase/ Sale

Any other transaction

Key Managerial Person

Mr.Anil Kataria

19.25

230.06

16.51

111.33

-

-

Mr.Vikas Kataria

33.00

212.22

0.96

206.64

-

-

Mrs.Renu Kataria

-

13.15

2.66

27.71

-

-

Mr.Santosh Kataria

27.50

67.59

1.75

65.75

-

-

Mr.Sanjay Kataria

-

111.39

2.81

53.87

-

-

Mr.Vijesh Kasera

3.36

0.49

0.24

6.49

-

-

Relatives of Key Managerial Person

Mr.Aman Kataria

-

40.40

8.96

11.13

-

7.70

Divya Kataria

-

-

12.82

3.82

-

-

Manjula Devi Kataria

-

379.10

13.08

147.82

-

-

Manjula Ranglal Choradiya

-

-

6.40

-

-

Muskan Kataria

-

-

7.73

1.14

-

-

Rajesh Kataria

-

14.25

1.57

9.23

-

-

Ranglal Choradiya (Pro. Indermal Samrathmal)

-

20.00

5.01

15.00

-

-

Ratanlal Kataria

19.25

305.07

19.04

302.47

-

7.70

Sangeeta Kataria

-

26.40

14.41

25.36

-

-

Suman Devi Kataria

-

201.40

18.24

164.39

-

7.70

Supriya Kataria

-

22.50

10.32

34.78

-

-

Meena Kataria

-

246.80

8.80

1.50

-

-

Priyal Kataria

-

-

0.18

4.45

-

-

Rupal Kataria

-

-

13.00

0.03

-

-

Mona Kataria

-

1.30

5.41

102.74

-

-

Other Companies/Entities

Virush Finvest Pvt. Ltd.

-

-

1.10

1.65

-

-

Manratan Retail Pvt. Ltd.

-

1,843.95

85.34

1,005.80

-

-

D.P. Power, Ratlam

-

15.00

16.67

386.17

83.93

-

D.P. Plastics

-

110.75

(0.76)

100.00

-

-

Namskar Casting Pvt. Ltd.

-

522.30

24.71

264.00

-

-

Shree Hanuman Wind Infra Pvt. Ltd.

396.00

13.31

516.00

Vikas Ratanlal Kataria (HUF)

-

67.93

1.45

74.03

-

-

Santosh Ratanlal Kataria (HUF)

-

0.50

7.32

21.84

-

-

Sanjay Manohar Lal Kataria(HUF)

-

210.50

13.82

21.50

-

-

Rajesh Manoharlal Kataria (HUF)

-

-

14.51

21.25

-

-

Manoharlal Pannalal Kataria (HUF)

-

44.80

8.88

45.62

-

-

Anil Kataria (HUF)

-

6.53

14.35

26.77

-

-

Ratanlal Pannalal Kataria (HUF)

-

1.40

0.72

21.21

-

-

Kataria Wires Pvt. Ltd.

-

296.20

(3.71)

498.00

-

-

27.3 Segment Reporting

The Company has identified one business segment as reportable segment i.e. Windmill Segment. The Accounting Policies adopted for Segment Reporting are in line with accounting policies of the Company for Segment Reporting.

For FY 2017-18

Rs. in Lakhs

Sr. no.

Particulars

Reportable Segments

Total

Gems & Jewellery

Windmill

I

Segment Revenue

Revenue from Operations

65,864.34

109.79

65,974.13

II

Segment Results before Depreciation and Interest

Profit Before Depreciation, Interest&Tax

2,004.95

70.65

2075.60

Less: Depreciation

74.36

57.00

131.36

Profit Before I nterest & Tax

1,930.59

13.65

1,944.24

Less: Interest Expenses

798.30

21.20

819.49

Profit Before Tax

1,132.29

-7.54

1,124.75

a. Current Tax

273.04

b. Deffered Tax

37.06

Profit After Tax

814.65

III

Other Information

Segment Assets

18,793.21

686.97

19,480.18

Segment Liabilities

14,888.81

173.37

15,062.18

Capital Employed

3,904.40

513.60

4,418.00

Company has installed 5 wind turbine generators of 750 KW each in village Bagia & Naveli, Ratlam, Madhya Pradesh in Sept.'12. In Jan.'! 3, the Company entered into an agreement with MPPMCL (M.P. Power management Co. Ltd.) for exclusive sale of power, generated from wind turbine generators to MPPMCL. Company has outsourced all operations and maintenance activities relating to wind turbines to a third party.

27.5 Quantitative information for the year ended 31st March 2018

Class of Goods

Unit

Opening Stock

Purchases/Receipts/ Consumption

Sales

Closing Stock

Gold Bullion / Jewellery and Stones

Gram

317478.913

2067940.079

2026843.450

358575.542

Diamonds and Diamonds Jewellery (gross)

Gram

43958.961

93256.068

78012.367

59202.663

Silver Bullion and Jewellery

Gram

112255.230

1123489.097

606692.553

629051.774

Platinum Jewellery

Gram

835.786

1515.798

1137.522

1214.062

Mis. Items\articles

No

5798.000

13918.000

2959.000

16757.000

27.6The Company was not following the Provisions of Accounting Standard-15 for Employees Benefits till 02/05/2017 the date from which it was converted from Partnership Firm to Public Limited Company. However, the Company has adopted the AS-15 during the period. A change in accounting policy consequent upon the adoption of Accounting Standard should be accounted for in accordance with the specific transitional provisions contained in that accounting standard. Accordingly liability existed on the date of adoption of AS-15, should be adjusted against opening balance of revenue reserve and surplus. Since D.P. Abhushan Ltd was earlier partnership firm, there was no revenue reserve as on the date of conversion of firm into company. Therefore, Gratuity Liability up to the date of Conversion of Firm into Public Limited Company as per Actuarial Valuation debited to profit and loss account.

27.7 D.P. Abhushan Limited came into existence on 02/05/2017 by way conversion of partnership firm M/s D.P. Abhushan. All the fixed assets that existed in books of D. P. Abhushan Limited were previously acquired by M/s D.P. Abhushan. Provisions of Schedule II of Companies Act, 2013 became applicable to D. P. Abhushan Limited w.e.f. 02.05.2017 the date on which firm converted into Public Limited Company.

As per note 7 to part Cof schedule II,

(i) If remaining life of assets as on 02.05.2017 is Nil as per schedule II, the carrying amount has to be adjusted in the opening balance of retained earnings in the balance sheet after retaining the residual value as per note 7 (b),

(ii) If remaining life of assets as on 02.05.2017 is not Nil as per schedule II, no effect of restating the carrying amount will need to be given. The remaining WDV of asset will continue depreciating as per the prescribed rates under the Companies Act on the basis of remaining useful life of assets.

As the balance in retained earnings was nil on conversion, the fixed assets having no useful life on 02.05.2017 were written off and transferred to Profit & Loss A/c.

27.8 In the opinion of director, the value on realization of current assets, loans and advances, if realized in the ordinary course of the business, shall not be less than the amount, which is stated in the current year balance sheet.

The provisions for all known liabilities are reasonable and not in excess of amount considered reasonably necessary.

27.9 Figures have been rounded off to the nearest Rs. in lacs and have been regrouped, rearranged and reclassified wherever necessary.

27.10 This is the first year of the company after the conversion of the Partnership Firm into Public Limited Company, hence previous year figures are not available.

27.11 Wherever no vouchers and documentary evidences were made available for our verification, we have relied on the representation given by management of the company.

27.12 In the absence of information regarding dues of MICRO or Small Scale Industrial Enterprise(s) as per the Micro, Small and Medium Enterprise Development Act, the Company has not disclosed the same as required by Schedule III to the Companies Act, 2013.

Sr.No

Particulars

For the period ended 31.03.2018

A.

Profit After Tax - (Numerator)

Rs 8,14,65,256/-

B.

Basic/Weighted Average number of Equity Shares* - (Denominator)

1,92,88,850

C.

Face Value of Equity Shares

Rs 10/-

D.

Basic/Diluted Earnings per Share

Rs 4.22/Share

27.13 Earnings per Share

The numerators and denominators used to calculate Basic\Diluted Earnings per share: