s.h. cold storage private limited, the entire cold storage is single ... a. conservation of energy...

S.H. COLD STORAGE PRIVATE LIMITED,

S.F.No.43/1/G/2, ALAPUZHA MAIN ROAD, AROOR-688 534, ALAPUZHA DISTRICT.

/-------\ | 10 | \-------/

DIRECTORS REPORT, AUDITOR’S REPORT WITH PROFIT AND LOSS ACCOUNT AND BALANCE SHEET FOR THE YEAR ENDED 31st MARCH 2013



Board of Directors : Sri.A.K.SUBRAMANIAM

: Sri.A.K.S.SARAVANAN

Auditors : R. RAGHAVENDRAN, B.Com. FCA, CISA Chartered Accountant,

Flat No.3, DHRUVATARA Apartments,

241, Dr. Rajendra Prasad Road, Tatabad,

COIMBATORE - 641 012.

Bankers. : M/s. INDIAN BANK,

METTUPALAYAM.

Registered Office :S.F.No.43/1/G/2,ALAPUZHA MAIN ROAD,

AROOR-688 534, ALAPUZHA DISTRICT.

S.H. COLD STORAGE PRIVATE LIMITED.


NOTICE TO THE TENTH ANNUAL GENERAL MEETING OF THE COMPANY Notice is hereby given that the TENTH Annual General Meeting of the members of the Company will be held at the Registered Office of the Company at S.F.No.43/1/G/2,

ALAPUZHA MAIN ROAD, AROOR - 688 534, ALAPUZHA DISTRICT on Friday, the 27th day of Sept. 2013 at 10.00 A.M to transact the following business. You are requested to kindly attend the same. AGENDA 1. To Consider and adopt the Directors Report and the Profit and Loss Account for the period ended 31st March 2013 and the Balance Sheet as at that date and the Auditors Report thereon. 2. To appoint Auditors and to fix their remuneration.

By Order of the Board of Director,

for S.H. COLD STORAGE PRIVATE LIMITED,

(A.K.S. SARAVANAN) DIRECTOR.

PLACE: AROOR, ERNAKULAM. DATE : 29th August 2013

Note: 1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy instead

of himself to attend and vote and the proxy need not be a member.


S.F.No.43/1/G/2, ALAPUZHA MAIN ROAD, AROOR - 688 534, ALAPUZHA DISTRICT.

THE TENTH ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE MEMBERS OF THE COMPANY Ladies and Gentleman, Your Directors take pleasure in submitting the TENTH Annual Report and the Audited Statement of Account Comprising of Balance Sheet as on 31st March 2013 and the Profit and

Loss Account of the Company for the year ended on 31st March 2013 for your kind Perusal and approval.

WORKING OF THE COMPANY: We are pleased to report that the company commenced the operation in the Cold Storage

constructed at Mettupalayam, as part of the Cold Chain scheme approved by the Mofp of the GOI and achieved the maximum capacity utilisation and has received total Cold Storage hire charges of Rs.144.60 lakhs (inclusive of Store rent for the own stock of Rs. 23.44 lakhs). Along with the storage hire charges received from the outsiders, the company started procuring Potato from the Farmers of Nilgirs directly through one of the Directors of the Company Shri.

A.K.S. SARAVANAN, who has gone directly to the farms personally and made farm head purchases for storage and subsequent sale in the Kerala market. During the year, the company also purchased Apples and Oranges from North, to cater to the requirements of the Kerala

market. The Opening Stock of Apples was sold out entirely during the year and the current year

purchases of apple only are held in stock for subsequent sale during the next financial year. Entire quantity of Orange purchased has been sold during the year.

As the entire Cold Storage is single plant, Depreciation is charged under the Income Tax treating the entire Storage as the Plant, as per the various judicial decisions.

Your Directors are glad to report that after providing for Depreciation as per Schedule XIV of the Companies Act of Rs. 92.01 lakhs (Previous year Rs. 19.99 lakhs), and paying the Interest

on Term Loan and Working Capital to the tune of Rs.138.89 lakhs (including Rs. 63.78 lakhs capitalised), (Previous year Rs. 60.45 lakhs (including Rs. 12.60 lakhs capitalised)) the Company has earned a Net loss before tax of Rs.37.24 lakhs (Previous year Net Profit Rs.

27.51 lakhs). Loss after Current Income tax and Deferred Tax liability for the year is Rs. 43.21 lakhs as against the profit of Rs. 23.70 lakhs of the previous year.

Your Directors are confident of improving the performance further in the forthcoming years. DEVELOPMENTS AFTER BOOK CLOSURE:

The Company continued its trading operations during the current year also and the operation

of the company during the current year also has been progressing satisfactorily. AUDITORS:

Shri. R. RAGHAVENDRAN, Chartered Accountant and the Statutory Auditor, retire at the ensuing Annual General Meeting and is eligible for reappointment.

DIRECTORS' RESPONSIBILITY STATEMENT: The Board of Directors confirm,

i) - that in the preparation of the annual accounts, the applicable accounting standards had 0been followed.

ii) - that the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true

and fair view of the state of affairs of the company at the end of the financial year and of the Profit or Loss of the Company for that period;

iii) - that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the

assets of the Company and for preventing and detecting fraud and other irregularities; iv) - that the Directors, had prepared the Annual accounts on a Going Concern Basis.

STATUTORY INFORMATION:

There are no employee or Director in the Company drawing a remuneration of more than the limit prescribed u/s 217(2A) of the Companies Act, 1956. Information pursuant to Sub-section 1(e) of Section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 in

Form A & B are enclosed herewith. Information required on Balance sheet Abstract and the Company's General Business Profile

under PART IV of SCHEDULE VI to the Companies Act, 1956 inserted by Notification No. GSR 388(E), dated 15th May 1995 is enclosed herewith.

The Company has neither accepted nor renewed any Fixed Deposits either from the Public or from the Share holders. APPRECIATION We record our deep appreciation for all the employees of the company for their committed contribution for the development of the company. We are also glad to record our deep appreciation for the continuous support provided by the INDIAN BANK, in the operations of the

Cold Storage. We seek the blessings of the Lord Almighty for the continued successful operation of the company.

By Order of the Board of Director, for S.H. COLD STORAGE PRIVATE LIMITED

(A.K.S. SARAVANAN) A.K.SUBRAMANIAM DIRECTOR. DIRECTOR

PLACE: AROOR, ERNAKULAM DATE : 29th August 2013

Annexure to the Directors Report as required under Section 217(1)(e) of the

Companies Act

A. Conservation of Energy in Form A

Not Applicable to the Company.

B. Technology Absorption in Form B

1. Research and development (R&D) 1. Specific areas in which R&D carried

out by the company

: Since the company is engaged in the Cold

Storage activity there is no scope for carrying

out any R&D activity.

2. Benefits derived as a result of the

above R&D

: Not applicable

3. Future Plan of Action

: Not applicable

4. Expenditure on R&D (a) Capital (b) Revenue

(c) Total

(d)Total R&D expenditure as a percentage of total turnover

: : :

:

:

Nil Nil

Nil

Not applicable

2. Technology absorption, adaptation and innovation. – NIL and NA

C. Foreign Exchange earnings and outgo: Nil

By Order of the Board of Directors for S.H. COLD STORAGE PRIVATE LIMITED

Place: Aroor, Ernakulam. Date : 29th August 2013 Director Director.

INDEPENDENT AUDITOR'S REPORT

REPORT TO THE MEMBERS OF S.H. COLD STORAGE PRIVATE LIMITED

Report on the Financial Statements

1. I have audited the accompanying financial statements of S.H. COLD STORAGE PRIVATE LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,

2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory

information, which I have signed under reference to this report. Management's Responsibility for the Financial Statements

2. The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting

Standards referred to in sub-section (3C) of section 211 of the Companies Act,

1956("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the

financial statements that give a true and fair view and are free from material

misstatement, whether due to fraud or error. Auditor's Responsibility

3. My responsibility is to express an opinion on these financial statements based on our audit. I conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that I comply

with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material

misstatement of the financial statements, whether due to fraud or error. In making

those risk assessments, the auditors consider internal control relevant to the Company's preparation and fair presentation of the financial statements in order to

design audit procedures that are appropriate in the circumstances. An audit also

includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the

manner so required and give a true and fair view inconformity with the accounting

principles generally accepted in India: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March

31, 2013

(b) in the case of the statement of Profit and Loss of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on

that date. Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order, 2003, as amended by 'the Companies(Auditor's Report) (Amendment) Order 2004' ("the Order") issued by the

Central Government of India in terms of sub-section (4A) of section 227 of the Act,

and on the basis of such checks of the books and records of the Company as I considered appropriate and according to the information and explanations given to us, I give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of

the Order.

8. As required by Section 227(3) of the Act, I report that:

(a). I have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

(b). in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;[and proper returns adequate for the purposes of our audit have been received from the factory not visited

by me];

(c). the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt

with by this Report are in agreement with the books of account [and with the returns

received from the factory not visited by me]; (d). in my opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow

Statement comply with the Accounting Standards referred to in subsection (3C) of

section 211 of the Companies Act, 1956; (e). on the basis of written representations received from the directors as on March 31,

2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of

clause (g) of subsection (1) of section 274 of the Companies Act, 1956.

(f). Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is

to be paid, no cess is due and payable by the Company.

R. Raghavendran B.Com, FCA, CISA

Chartered Accountant

Membership No. 021418 Place: Coimbatore

Date: 29/08/2013

The Annexure referred to in paragraph 7 of our Report of even date to the

members of S.H. Cold Storage Private Limited on the accounts of the

Company for the year ended 31st March, 2013. I (a) The Company has maintained proper records showing full particulars including

quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the period. No material discrepancies were noticed on such verification.

(c) None of fixed assets were disposed off during the year, hence it will not have any

effect on the going concern assumptions. II (a) The Company is not a manufacturing company. The Company has been trading

in Agricultural commodities like Potato, Oranges and Apples during the year, by

purchasing from the Farmers directly during the season and storing in the Cold Storage for subsequent sale during the off season. The company has maintained records to

verify the quantum of purchase of Stock and its storage location. The inventory has

been physically verified during the period by the management. In my opinion, the frequency of verification is reasonable.

(b) In my opinion, the procedures of physical verification of inventories followed by the

management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of my examination of the records of inventory, I am of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed

on verification between the physical stocks and the book records were not material.

III The Company has neither granted nor taken any loans secured or unsecured to/from companies, firms or other parties, which are covered in the register maintained under Section 301 of the Companies Act, 1956 during the year, other than Share

application advance of Rs. 663.87 lakhs received from the Directors, their friends and

relatives. Further the Company has returned during the year the loan of Rs. 98.36 lakhs taken in the last year from Mr. Ramakrishnan for the purpose of meeting the promoters’ contribution requirements of Cold Chain project, which was shown in

Unsecured Loan in the last year. Further the company has regular business dealings with other associate concerns like M/s. S.S. Cold Storage, A.K.S. Cold Storage. Because

of such transactions, there have been regular transfers of funds between these associated entities, which prima facie, cannot be treated as loans and advances and are not prima facie, prejudicial to the interest of the company.

IV In my opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company

and the nature of its business with regard to purchases of inventory, fixed assets and

with regard to the sale of goods and services. During the course of my audit, I have not observed any continuing failure to correct major weaknesses in internal control

system.

V. In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of my knowledge

and belief and according to the information and explanations given to us:

a) The particulars of contracts or arrangements referred to in Section 301

that needed to be entered into the register, maintained under the said

section have been so entered.

b) In my opinion and having regard to my comments in paragraph 4 above,

the company has not entered in to any transactions exceeding the value of rupees five lakhs in respect of any related party

VI. The Company has not accepted any deposits from the public covered under Sec.

58A and 58AA of the Companies Act, 1956 and the rules framed there under.

VII. The company has no separate Internal audit department or has not appointed any

external auditor for internal audit purposes. However, the company has adequate internal control procedures in place in line with the level of operations of the company.

VIII. I have broadly reviewed the books of account and records maintained by the

Company relating to the cold storage and trading operations of the Company. I am of the opinion that prima facie, the company has maintained accounts and records for calculation of the costing of the products of the company. I have, however, not made

a detailed examination of the records with a view to determining whether they are accurate or complete. According to the information given to us, the Company has not

received any intimation to carry out Cost Audit for the year from Central Government.

IX. (a) According to the information and explanations given to us, the Company is not covered under PF Act and the ESI Act, VAT Act, Excise Act. However, the other statutory dues like income – tax, Property tax etc., have been deposited within the

permitted time as and when demand for such dues have been raised by the

appropriate authorities during the year. (b) According to the information and explanation given to us, no undisputed amounts

payable in respect of Income Tax, Wealth Tax, were in arrears, as at 31st March 2013 for a period of more than six months from the date they became payable.

X. The Company has no accumulated losses and has not incurred cash losses during the financial year covered by my audit and in the immediately preceding financial year.

XI. In my opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks.

XII. The Company has not granted any loans and advances on the basis of security by

way of pledge of shares, debentures and other securities. However, the Company has given loan against the produces stored in the Cold Storage of the Company and availed

PML loan from Indian bank for the same.

XIII. The Company is not a chit fund, nidhi, mutual benefit fund ora society, therefore the provision of Para 4(xiii) of the Companies (Auditor’s Report) Order 2003 (as

amended) is not applicable.

XIV. In my opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the

Companies (Auditor’s Report) Order 2003 (as amended) and Companies (Auditor’s Report) (Amendment) Order 2004 are not applicable to the Company.

XV. According to the information and explanations given to me, the Company has given corporate guarantee to the Indian Bank, for loans taken by the proprietary concerns of the Directors.

XVI. The Company during the year received the disbursement of Term Loan for its Cold Chain Project from Indian bank and also availed enhanced working capital

facilities and PML facilities from the Indian bank during the year.

XVII. According to the information and explanations given to me, funds raised on Short Term basis have not been used for long-term investment.

XVIII. The Company has not made any preferential allotments of shares to the parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year.

XIX. The Company has not issued any debentures, during the period.

XX. During the period covered by my audit, the Company has not raised any money by

way of public issue. XXI. According to the information and explanations given to us and based upon the

audit procedures performed no fraud on or by the company have been noticed or

reported during the year, that causes the financial statement to be materially misstated.

R. Raghavendran B.Com, FCA, CISA

Chartered Accountant

Membership No. 021418

Place: Coimbatore Date : 29/08/2013

S.H. COLD STORAGE PRIVATE LIMITED

SF No: 43/ 1 /G/2, NEAR KELTRON ROAD,

AR0OR , ALAPUZHA DISTRICT. KERALA.

Balance Sheet as at 31st March, 2013

Particulars Note 31.03.2013

Rs.

31.03.2012

Rs.

EQUITY AND LIABILITIES

Shareholders' Funds

Share Capital 1 1,17,18,500.00 1,17,18,500.00

Reserves and Surplus 2 2,29,73,778.14 2,72,95,187.37

3,46,92,278.14 3,90,13,687.37

Share Application money 6,63,87,000.00 Nil

Non-Current Liabilities

Long-term borrowings 3 7,35,22,190.00 8,01,33,463.00

Deferred tax liabilities (Net) 4 12,28,097.00 6,34,357.00

Other Long term liabilities 3.a 82,00,000.00 35,40,000.00

Long term provisions 3.b

8,29,50,287.00 8,43,07,820.00

Current Liabilities

Short-term borrowings 5 7,74,93,368.90 3,86,81,759.51

Trade payable 6 - -

Other current liabilities 7 -

Short-term provisions 8 4,15,123.00 7,07,485.00

7,79,08,491.90 3,93,89,244.51

TOTAL 26,19,38,057.04 16,27,10,751.88 TOTAL 26,19,38,057.04 16,27,10,751.88

ASSETS

Non-current assets

Fixed assets

(i) Tangible assets 9 7,70,79,979.03 1,73,71,848.37

(ii) Intangible assets

(ii) Capital work-in-progress 9,16,65,144.00 9,12,38,890.00

(iv) Intangible assets under development - -

Non-current investments 10 - -

Long term loans and advances 11 53,63,297.00 52,53,847.00

Other non-current assets - -

17,41,08,420.03 11,38,64,585.37

Current assets

Inventories 12 1,23,50,000.00 2,70,89,400.00

Trade receivables 13 28,50,179.50 27,90,189.00

Cash and Bank balances 14 10,679.51 29,168.51

Short-term loans and advances 15 7,20,51,161.00 1,84,36,500.00

Other current assets 16 5,67,617.00 5,00,909.00

8,78,29,637.01 4,88,46,166.51

TOTAL 26,19,38,057.04 16,27,10,751.88

Place: Coimbatore As per My report of even date enclosed herewith

Date: 29.08.2013

For S. H. Cold Storage Private Limited

Director Director



Statement of Profit and Loss for the year ended 31st March, 2013

Particulars Note 31.03.2013

Rs.

31.03.2012

Rs.

INCOME

Revenue from operations (gross) 17 5,32,29,259 4,64,53,927

Less : Excise Duty Nil Nil

Revenue from operations (net) 5,32,29,259 4,64,53,927

Other Income 18 10,500 25,282

Total Revenue 5,32,39,759 4,64,79,209

EXPENDITURE

Cost of raw material and components

consumed 19 Nil Nil

Purchase of Traded Goods 19.a 1,54,37,500 2,70,38,800

Changes in Inventories of Finished goods,

Work in Progress and Traded Goods 20 1,47,39,400 8,97,600

Employee benefits expense 21 13,00,800 6,50,400

Other expenses 22 83,10,512 71,14,609

Finance costs 23 79,74,351 60,28,078

Depreciation and amortization expense 9 92,00,869 19,98,660

Total Expenses 5,69,63,432 4,37,28,147

Profit before Tax (37,23,673) 27,51,062

Tax expense:Tax expense:

Current tax Nil 5,24,215

Prior period Income Tax paid 3,996

IT Provision of previous years no longer required Nil

Deferred tax 4 5,93,740 (1,43,016)

Profit / (Loss) from operations (43,21,409) 23,69,863

Earning per equity share (Nominal

Value of Share Rs.10)

Basic & Diluted 24 (3.69) 2.02

Significant Accounting Policies

Notes on Financial Statements 1 to 37


Date: 29.08.2013


Director Director


Notes to Financial Statements for the Year ended 31 st March, 2013

31.03.2013

Rs.

31.03.2012

Rs.

1.Share Capital

Authorised Share Capital 2,00,00,000 2,00,00,000

20,00,000 Equity Shares of Rs.10 each

Issued & Subscribed Capital - Fully Paid-up 1,17,18,500 1,17,18,500

11,71,850 Equity Shares of Rs.10 each

No. of

Shares

No. of

Shares

a Reconciliation of the Number of shares

Equity shares at the beginning of the year outstanding 11,71,850 11,71,850

Add: Issued During the Year - -

11,71,850 11,71,850

Less: Buy back during the year - -

Equity Shares at the end of the year 11,71,850 11,71,850

Particulars

b

S.No. Name of the shareholder % of

holding No of shares

% of

holding

No of

shares

1 A.K. Subramaniam 46.08% 5,40,000 46.08% 5,40,000

2 A.K. S. Saravanan 32.16% 3,76,850 32.16% 3,76,850

3 S. Kalaiselvi 8.53% 1,00,000 8.53% 1,00,000

4 S. Sivamani 0.00% - 0.00% -

5 A. Dhandapani 2.13% 25,000 2.13% 25,000

6 A.K. Karupasamy 1.28% 15,000 1.28% 15,000

7 A. Shanmugam 2.13% 25,000 2.13% 25,000

8 Indramani 2.13% 25,000 2.13% 25,000

9 Ramalingam 2.13% 25,000 2.13% 25,000

10 Rathanamala 1.28% 15,000 1.28% 15,000

11 Rukumani 2.13% 25,000 2.13% 25,000

100% 11,71,850 100% 11,71,850


Date: 29.08.2013


Director Director

as on 31.03.2013 as on 31.03.2012Details of shareholders holding

more than 5% shares



Note 2

Reserves and Surplus: 31.03.2013

Rs.

31.03.2012

Rs.

6,86,812 (16,83,050)

(43,21,409) 23,69,863

Closing Balance (36,34,597) 6,86,812

b. Subsidy received

from Ministry of Food Process 2,17,33,375 2,17,33,375

from NHB 48,75,000 48,75,000

2,66,08,375 2,66,08,375

2,29,73,778 2,72,95,187

Note 3

Long Term Borrowings: 31.03.2013

Rs.

31.03.2012

Rs.

i. Term Loan - from Bank 7,25,62,849 5,92,22,244

ii. Unsecured Loan - from other parties Nil 98,36,000

a. Surplus /(Deficit) in the statement of Profit and Loss:

Secured & Unsecured Loans:

Opening balance

(+) Net Profit/(Net Loss) For the current year

Total

ii. Unsecured Loan - from other parties Nil 98,36,000

9,59,341 1,10,75,219

Total 7,35,22,190 8,01,33,463

Note 4

Deferred Tax Liability ( Net ) 31.03.2013

Rs.

31.03.2012

Rs.

Opening balance:- 6,34,357 6,34,357

5,93,740

-

12,28,097 6,34,357


Date: 29.08.2013


Director Director

iii. From Other Parties - Directors Cur A/c

(b) Other timing difference

Total

Deferred Tax liability due to:

(a) Depreciation



Note 3.a

Long Term Provisions: 31.03.2013

Rs.

31.03.2012

Rs.

- -

- -

82,00,000 35,40,000

82,00,000 35,40,000

Note 5

Short Term Borrowings: 31.03.2013

Rs.

31.03.2012

Rs.

4,04,79,985 3,86,81,760

ii.Indian Bank PML 3,70,13,384

7,74,93,369 3,86,81,760

Note 6

(a) Provision for Employee Benefits

(c) Creditors for capital purchase - Construction Creditors

Secured

(a) Loans repayable on demand:

i. Over Draft facilities - Indian Bank SOD

( Secured by Hybothecation of Land, Buildings, Machineries,

(b) Others - Long Term Creditors

Total

Total

Note 6

Trade Payables: 31.03.2013

Rs.

31.03.2012

Rs.

(a) For Supplies & Expenses - -

- -


Date: 29.08.2013


Director Director

Total



Note 7

Other Current Liabilities: 31.03.2013

Rs.

31.03.2012

Rs.

- -

- -

-

- -

Note 8

Short Term Provisions: 31.03.2013

Rs.

31.03.2012

Rs.

1,08,400 54,200

Electricity Charges payable 2,11,643 65,680

Property Tax payable 21,400 24,000

Provision for Income Tax - 5,24,215

Land lease rent payable 10,000

ROC Fees payable - form 2 - 500

Professional fees payable 7,500 10,800

Audit Fees payable 56,180 28,090

(a) Advance received from Customers

(b) Provision for Taxation

(c) Other Payables

Total

(a) Provision for Employee Benefits:

Salary & Wages

Contribution to PF & ESI

(b) Others

4,15,123 7,07,485

Note 11

Long term loans and advances 31.03.2013

Rs.

31.03.2012

Rs.

Telephone Deposit - -

NHB Subsidy deposit 48,75,000 48,75,000

EB Deposit 3,88,297 3,78,847

Land Lease Deposit 1,00,000

53,63,297 52,53,847

Note 12

Inventories : 31.03.2013

Rs.

31.03.2012

Rs.

a. Raw Materials - -

b. Work-in-Progress - -

c. Finished Goods - Traded

Apple 1,23,50,000 77,06,400

Potato Nil 1,93,83,000

Total 1,23,50,000 2,70,89,400


Date: 29.08.2013


Director Director

Total



Note 13

Trade Receivables: 31.03.2013

Rs.

31.03.2012

Rs.

Secured, considered good 28,50,180 27,90,189

- -

Secured, considered good

Total 28,50,180 27,90,189

Note 14

Cash and Cash Equivalents: 31.03.2013

Rs.

31.03.2012

Rs.

a. Balances with banks 8,892

b. Deposit with banks - -

c. Cash on hand 10,680 20,277

10,680 29,169


Date: 29.08.2013


Trade receivables outstanding for a period less than six

Trade receivables outstanding for a period exceeding six

Director Director



Note 15

Short Term Loans and Advances: 31.03.2013

Rs.

31.03.2012

Rs.

Advance to Capital Works - -

Advance to Suppliers & Expenses 7,20,51,161 1,84,36,500

c. Others: - -

7,20,51,161 1,84,36,500

Note 16

Other Current Assets: 31.03.2013

Rs.

31.03.2012

Rs.

a. Advance Tax - -

b. IT Refund receivable FY 07-08 1,912 1,912

c. IT Refund receivable FY 08-09 10,794 10,794

d. IT Refund receivable FY 09-10 - Nil

e. IT Refund receivable FY 10-11 222 222

f. TDS AY 2011 - 12 - Nil

g. TDS AY 2012 - 13 4,87,981

i.TDS AY 2013-2014 5,54,689

5,67,617 5,00,909


Date: 29.08.2013

a. Capital Advances :

b. Advances Recoverable in Cash or Kind:

Date: 29.08.2013


Director Director



Note 17

Revenue from Operations: 31.03.2013

Rs.

31.03.2012

Rs.

Sale of Products

Finished Goods

Traded Goods 3,60,17,900 3,74,82,400

Sale of services - Hire charges incl. Rent for Own Stock -

CONTRA 1,44,60,198 89,71,527

Interest from stock advance 27,51,161

Revenue from Operations (Gross) 5,32,29,259 4,64,53,927

Less: Excise Duty Nil Nil

Revenue from Operations (Net) 5,32,29,259 4,64,53,927

Details of Products Sold: 31.03.2013

Rs.

31.03.2012

Rs.

Traded Goods Sold:

Apple 97,34,400 90,48,000

Orange 42,87,500 37,24,000

Potato 2,19,96,000 2,47,10,400

Total 3,60,17,900 3,74,82,400

Note 18

Other Income: 31.03.2013

Rs.

31.03.2012

Rs.

Interst Income On

Deposits 10,500 10,500

Other Interest Nil 14,782

Other Income Nil Nil

Total 10,500 25,282

Place: Coimbatore

Date: 29.08.2013


Director Director

As per My report of even date enclosed

herewith



Note 19

Cost of Raw Material Consumed: 31.03.2013

Rs.

31.03.2012

Rs.

Inventory at the beginning of the year

Raw Materials Nil Nil

Add:

Raw Materials - Purchases Nil Nil

Less:

Inventory at the end of the year

Raw Materials Nil Nil

Cost of Raw Material Consumed Nil Nil

Particulars 31.03.2013

Rs.

31.03.2012

Rs.

Details of Raw Material purchases

Raw materials Nil Nil

Nil Nil

Details of Closing Stock of Raw Materials Nil Nil Details of Closing Stock of Raw Materials Nil Nil

Nil Nil

Note 19.a

Purchases of Stock-in-Trade: 31.03.2013

Rs.

31.03.2012

Rs.

Purchases - Trading

Apple 1,22,00,000 76,12,800

Oranges 32,37,500 28,12,000

Potato Nil 1,66,14,000

Total 1,54,37,500 2,70,38,800

Place: Coimbatore

Date: 29.08.2013


Director Director


herewith



Note 20

Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade:


Rs.

31.03.2012

Rs.

Inventories at the End of the Year:

Work-in-Process Nil Nil

Finished Goods 1,23,50,000 2,70,89,400

1,23,50,000 2,70,89,400

Inventories at the Beginning of the Year:

Work-in-Process Nil Nil

Finished Goods 2,70,89,400 2,79,87,000

2,70,89,400 2,79,87,000

Total (1,47,39,400) (8,97,600)

Note 21

Employee Benefits Expenses:


Rs.

31.03.2012

Rs.

(a) Salaries and Wages 13,00,800 6,50,400

(b) Contributions to Provident Fund

(c) Leave Encashment

(d) Production Incentives(d) Production Incentives

(e) Other benefit plans for Employees

(e) Staff Welfare Expenses

Total 13,00,800 6,50,400

Note 23

Finance Costs: 31.03.2013

Rs.

31.03.2012

Rs.

Interest on Borrowings - CC 54,96,493 47,84,766

Interest on Borrowings - TL 4,42,614 12,15,638

Interest on term loan- cold chain 63,78,979 12,60,331

(less) capitalised (63,78,979) (12,60,331)

Interest on PML 20,13,384

Bank Charges 21,860 27,674

Processing Charges Nil

Applicable Net Gain / Loss on Foreign Currency

Transactions and Translation

Total 79,74,351 60,28,078

Place: Coimbatore

Date: 29.08.2013


Director Director


herewith



Note 22

Other Expenses: 31.03.2013

Rs.

31.03.2012

Rs.

Consumption of packing materials @

Consumption of stores and spare parts

Crisil Rating Fees 17,977 Nil

Insurance 87,176 56,600

Lease rent 10,000

Electricity Charges - Aroor 20,76,190 6,33,251

Electricity Charges - Mettupalayam 15,51,583

Loading & Unloading 1,50,000 28,62,600

Power and fuel 17,43,496 8,71,748

Professional Charges 32,500 10,000

Processing fee 1,77,500 4,20,000

(less): capitalised (4,20,000)

Property Tax 45,400 24,000

Rent including lease rentals - Store Rent own Stock - contra 23,43,800 24,48,000

ROC Fees paid 31,200 5,000

Subcontracting

Travelling Expenses 15,600 1,75,320

Payment to Auditor ( Refer details below ) 28,090 28,090

Total 83,10,512 71,14,609

Payments to the Auditor as, Payments to the Auditor as,

a. for Statutory Audit matters 28,090 28,090

b. for Other Services Nil Nil

Total 28,090 28,090

Place: Coimbatore

Date: 29.08.2013


Director Director


S.H. COLD STORAGE PRIVATE LIMITTED,


SCHEDULE TO BALANCE SHEET - FIXED ASSETS AS PER COMPANIES ACT

Description No.of Days Cost as on

01.04.12

Addition

Before Sept

Addition

after Sept

Cost as on

31.03.13

Dep. Fund as on

31.03.12 Rate of Dep Amount

WDV as on

31.03.13

Land 17,58,000.00 17,58,000.00 - 0.00% - 17,58,000.00

Building 1,95,28,630.00 1,95,28,630.00 79,97,169.27 10.00% 11,53,146.07 1,03,78,314.66

Drying Yard(Civil & Fabrication) 5,31,550.00 5,31,550.00 2,20,541.48 10.00% 31,100.85 2,79,907.67

Generator 4,00,000.00 4,00,000.00 2,25,936.46 15.33% 26,683.94 1,47,379.60

Insulations 28,25,000.00 28,25,000.00 15,95,676.31 15.33% 1,88,455.32 10,40,868.37

Plant & Machinery 48,32,000.00 48,32,000.00 27,29,455.00 15.33% 3,22,320.15 17,80,224.85

Electricals - Transformers & Others 6,10,000.00 6,10,000.00 3,44,553.11 15.33% 40,693.01 2,24,753.88

3,04,85,180.00 - - 3,04,85,180.00 1,31,13,331.63 17,62,399.34 1,56,09,449.03


Date: 29.08.2013


Director Director

S.H. COLD STORAGE PRIVATE LIMITTED,


SCHEDULE TO BALANCE SHEET - FIXED ASSETS AS PER COMPANIES ACT

Description No.of Days WDV as on

01.04.12

Addition Less: Subsidy

received

Cost as on

31.03.13

Dep. Fund as on

31.03.12 Rate of Dep Amount

WDV as on

31.03.13

FOR METTUPALAYAM STORE -DT OF INSTALLATION 01.04.2012 -

Land 30,00,000.00 30,00,000.00 0.00% 30,00,000.00

Building 4,56,03,000.00 4,56,03,000.00 10.00% 45,60,300.00 4,10,42,700.00

Dying Yard 32,88,000.00 32,88,000.00 10.00% 3,28,800.00 29,59,200.00

Weigh Bridge 11,16,000.00 11,16,000.00 10.00% 1,11,600.00 10,04,400.00

Plant & Machinery 1,31,34,000.00 1,31,34,000.00 15.33% 20,13,440.00 1,11,20,560.00

Insulations 27,68,000.00 27,68,000.00 15.33% 4,24,330.00 23,43,670.00

6,89,09,000.00 6,89,09,000.00 74,38,470.00 6,14,70,530.00


Date: 29.08.2013


-


S.F.No.43/1/G/2, ALAPUZHA MAIN ROAD,

AROOR - 688 534, ALAPUZHA DISTRICT. Accounting policies and notes attached to and forming part of the Balance Sheet as

at 31/03/2013 A. Accounting Policies:

1. INCOME RECOGNITION:

The Company follows accrual method of accounting except where the income is uncertain and are in accordance with the Accounting Standards referred to in sub-section 3 ( C ) of Section 211 of the Companies Act, 1956.

2. FIXED ASSETS: Fixed assets are recorded at cost of acquisition or construction. They are stated at historic cost

less accumulated depreciation. 3. DEPRECIATION:

Depreciation is provided under written down value method at the revised rates specified in Schedule XIV of the Companies Act, 1956. 4. INVENTORIES: Inventories are valued as follows:

The Company is not a Manufacturing company. Closing Stock of Traded goods are valued at Cost plus expenses for bringing the goods to store..

5. CONTINGENT LIABILITIES:

Contingent liabilities are generally not provided for in the Accounts and are shown separately in notes on accounts. 6. Short term employees benefits are recognized as an expense at the undiscounted amount to Profit and Loss Account in the year in which the related service is rendered. 7. Current tax is determined as the amount of tax payable in respect of taxable income for the year. Deferred tax is recognized, subject to the consideration of prudence, on timing

difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods and measured using relevant enacted tax rates.

8. At each Balance Sheet date, the company reviews the carrying amount of fixed assets to determine whether there is any indication that those assets suffered impairment loss. If any

such indication exist, the recoverable amount of the assets is estimated in order to determine the extent of impairment loss. 9. Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes to accounts. Contingent Assets are neither recognized nor disclosed in the financial statements.

10. Prior period items, if any, are dealt with as per the applicable Accounting Standards.

11. There are no events occurring after the Balance Sheet date that require adjustment or disclosure.

12. The Company has during the year, as per the Revised Schedule VI, re-grouped the Preliminary expenses under Intangible assets. Further the expenses incurred for increasing the Authorised Capital of the Company is grouped under Intangible Assets.

13. Accounting Standard (AS) 16, borrowing cost attributable to qualifying assets.

The accounting policy adopted for borrowing costs. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such

assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

B. NOTES FORMING PART OF ACCOUNTS: 1. The Previous Year figures have been re-grouped or reclassified wherever necessary to

conform to this year’s classification. 2. Fixed assets of the company has been charged to the INDIAN BANK, METTUPALAYAM BRANCH to the extent of the loan availed by the company from the Bank

3. Sundry creditors, Advances and Loans, Deposits are subject to confirmation and reconciliation, if any.

31.03.2013 31.03.2012 4. Earnings in Foreign Currency: NIL NIL

5. Expenditure in Foreign Currency: NIL NIL 6. Value of Imports/CIF Value NIL NIL 7. The Company has not provided for P.F. and ESI Liability in the books as the Management has reported that they are not applicable immediately for the company.

8. The Company is in the business of construction and management of a Cold Storage and hence the quantity details of capacity, Opening Stock, Purchases, Sales and other quantitative

details are not presented, as the same are not applicable. However quantity details for traded items are given below:

Quantitative details of principal items of goods traded;

POTATO IN MT ORANGES APPLES BOXES

i. Opening Stock 1,420.00 NIL 6,240.00

ii. Purchase during the previous year; 0 1,750.00 10,000.00

iii.Sales during the previous year; 1,410.00 1,750.00 6,240.00

iv.Closing Stock; 0 NIL 10,000.00

v. Shortage/Excess, if any 10.00 NIL NIL

9. CONTINGENT LIABILTIES: NIL 10. Sundry creditors, Advances and Loans, Deposits are subject to confirmation and

reconciliation, if any.

11. The Company is a Small and Medium Sized Company (SMC) as defined in the General instructions in respect of Accounting Standard notified under the Companies Act, 1956, Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

12. Earning Per Share

Particulars As on 31.03.2013 As on 31.03.2012

Profit /(Loss) After Tax

No. of Shares

Basic Earnings per Share (in Rs.)

Nominal Value of Equity Shares Rs.10 each

-43,21,409

11,71,850

-3.69

23,69,863

11,71,850

2.02

13. Accounting Standard (AS) 18 , Related Party Disclosures: I. Transactions with related parties during the year and balance outstanding at the end of the

year. (Rs.In Lakhs)

Nature of Transactions

Subsidiaries Associates Key Management

Personnel Other Related

Parties

2012-13 2011-12 2012-13 2011-12 2012-13 2011-12 2012-13 2011-12

Purchase of Goods NIL NIL

Sale of Goods NIL NIL

Receiving of Services

Providing of Services

Remuneration NIL NIL

Interest Paid

Share application – Received/

(Repaid)

362.00 NIL 71.50 110.00

70.00 NIL

Closing Balances (Receivable)

NIL NIL NIL NIL NIL

Closing Balances

(Payable) 9.59 0.75 NIL NIL NIL NIL

II. Name of the related party and the nature of the related party relationship.

Name of Related Party Nature of Relationship M/s. AKS COLD STORAGE Associate – Prop. Concern of Director

M/s. S.S. COLD STORAGE Associate – Prop. Concern of Director

Mr. A.K.S. SARAVANAN Director

Mrs. S. KALAISELVI Wife of the Director

Mr. A.K. SUBRAMANIAM Director

14. None of the Employees have completed five continuous years of services and hence

provision of Gratuity does not arise for the year.

15. No. of Non-resident Shareholders - NIL (PY- NIL)

16. The Components of the deferred tax balances are as under:

Particulars 31.03.2013 31.03.2012

Deferred Tax Asset: Attributable to Depreciation

NIL NIL

Deferred Tax Liability: Attributable to Depreciation

Rs.12,28,097 /-

Rs.6,34,357 /-

17. The amount of borrowing costs capitalized during the period;

Particulars 31.03.2013 31.03.2012

Interest on Bank Term Loans Rs. 63,78,979 Rs. 12,60,331

18. The recoverable amount of the Fixed Assets is higher than the carrying amount and hence there is no impairment loss on Fixed Assets.

19. None of the employees of the company was in receipt of remuneration exceeding the limits prescribed, as per the Companies (particulars of the employees ) rules 1975,(amended),

under section 217 (2-A), during the year.

------------------------------------------------------------------------------------------------------------------ For S.H. COLD STORAGE PRIVATE LIMITED,

Director. Director. Place : AROOR, ERNAKULAM. Date : 29th August 2013

s.h. cold storage private limited, the entire cold storage is single ... a. conservation of energy...

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