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1 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
JAMMU & KASHMIR MILK PRODUCERS’ CO-OPERATIVE LIMITEDRegistered Office: Milk Plant, Cheshmashahi, Srinagar-190001
Registered under J&K Self Reliant Co-operative Act,1999Registration No. 763/252, dated 12.07.2004
Board of Directors
Sr. No. Name Designation
1. Shri Ashok Kumar Angurana IAS (Retd.), Chairman
2. Shri R.S. Sodhi, Managing Director, Director GCMMF Ltd., Anand
3. Shri Atul Kumar Agrawal, Sr. GM (Finance) Director GCMMF Ltd., Anand
4. Mr. Abdul Majeed Dar Director
5. Mr. Nisar Ahmad Bhat Director
6. Mr. Gulzar Ahmad Ganaie Director
7. Mr. Mohammad Amin Ganaie Director
8. Shri Ranjeet Singh Director
9. Shri Sahib Singh Director
10. Shri Avtar Singh Director
11. Shri Ved Prakash Sharma Director
12. Shri Dhiraj Chaudhary, Sr. Manager (T&P), GCMMF Ltd., Anand Director
13. Shri Mayank Tiwari, CEO, JKMPCL Member Secretary
Bankers Auditors
Jammu & Kashmir Bank Ltd. P. Garg & Co. J&K Grameen Bank Ltd. Chartered Accountants Bank of Baroda Jammu HDFC Bank
Production Units
Milk Plant, Cheshmashahi, Srinagar-190001 Milk Plant, Satwari, Jammu-180003 Phone/Fax: 0194-2501786 Phone/Fax: 0191-2450716
2 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
Report of the Board of Directors,
Annual Accounts and Auditor’s Report
Adopted at their Meeting held on 13th September, 2018
for presentation at the
14th Annual General Body Meeting to be held
on 29th September, 2018.
3 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
Ladies & Gentlemen,
I heartily welcome you all to the 14th Annual General
Meeting of Jammu and Kashmir Milk Producers
Co-operative Limited (JKMPCL). I mention with
immense pride that this Co-operative of farmers has
completed one more year of successful operations.
During last year, we continued our growth trend in
milk procurement & sales and achieved turnover of
Rs. 52.37 Cr with a phenomenal growth rate of 74%
over previous year.
In the beginning of the year, we continued to expand our
milk procurement network in hitherto uncovered areas
of the state. Under Centrally Sponsored Scheme, SIQ-
Clean Milk Production (CMP), we created additional
chilling capacity of 35 thousand litres per day (TLPD)
taking our total chilling capacity to 105 TLPD across
the state. With the financial assistance received from
Jammu and Kashmir State Rural Livelihood Mission
(Project UMEED), we expanded our procurement base
Chairman’s Speech
in District Ganderbal and District Kupwara. In these
districts, 45 Self-Help Group (SHG) based automatic
milk collection booths were setup on similar model as
established in other districts of the state during 2016-
17. In Kupwara, milk collection booths were further
linked with Bulk Milk Coolers (BMCs) installed
under CSS Intensive Dairy Development Programme
(IDDP) whereas those of District Ganderbal were
linked to BMCs installed under CSS SIQ-Clean Milk
Production Scheme there by bringing convergence
between various Govt. sponsored projects being
executed by JKMPCL. During the year, we also
signed a MoU with Department of Tribal Affairs J&K
for setting up of 125 Milk Collection Booths and 4
Bulk Milk Coolers across Jammu, Kathua, Rajouri
and Samba districts. These booths and BMCs will be
operated by the tribal youth of our state.
Modernization and expansion work of Milk Plant,
Cheshmashahi, Srinagar started during previous year
has been successfully completed in 2017-18, and new
unit with installed capacity of 50 thousand litres of
milk processing per day is fully operational now.
This upgraded unit is equipped with 5MT per day
curd manufacturing facility, fully automated Cleaning
in-place (CIP) system, 10 KLPH water softening
plant, 400 KVA of power backup and 3 automatic
form fill seal Milk Packing Machines among other
things. The plant is supported by state-of-the-art
milk testing laboratory which is equipped with
4 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
advance milk analysers to assess, control and assure
various parameters of milk & milk products. Similar
modernization work is also being carried out in Milk
Plant, Satwari, Jammu which is likely to be completed
by first half of next year.
2017-18 was one of the most challenging years in the
history of dairy industry in India as milk co-operatives
across the country witnessed drastic rise in milk
procurement. In absence of similar growth in demand
for milk & milk products, a major share of this milk
was converted to bulk commodities like Skimmed
Milk Powder and White Butter which resulted in
drastic slide in the prices of these commodities. As
a result, to control the influx of excess milk, co-
operatives across the country had to reduce their
procurement prices of milk. This phenomenon had its
impact on JKMPCL as well and hence, we received
almost twice the quantity of milk in Jammu during last
quarter of 2017-18. To support our newly established
procurement network, we continued to pay good prices
to the farmers (one of the highest in the country),
which has impacted profitability of our units. The
losses shown in financial statements represent the high
depreciation due to modernization of the plant. I am
confident that we will cover these losses in 2018-19
by growing profitably and will continue our journey
to achieve Rs. 100 Cr Sales turnover mark by 2020.
I now present to you our organization’s Annual Report
and the Audited Accounts for the year 2017-18.
REVIEW OF OPERATIONS
MILK PROCUREMENT
During the year 2017-18, we procured 126.14 Lakh
kilograms of milk from our milk producers and paid
Rs. 3986.00 Lakh as price for milk.
SALES & NET PROFIT
During the year 2017-18, we sold 126.38 Lakh litres of
milk valued at Rs. 5423.34 Lakh, 6968 litres of ghee
valued at Rs. 24.79 Lakh and 4.47 Lakh kilograms
of curd valued at Rs. 294.70 Lakh. The turnover of
the JKMPCL for the year 2017-18 has been Rs. 5237
Lakh.
PROCUREMENT NETWORK
As on 31st March 2018, 14 milk routes covering 230
Village-level Milk Producer’s Cooperative Societies
have been operational in the Kashmir region and 17
milk routes covering 185 Village-level Milk Producer’s
Cooperative Societies have been operational in the
Jammu region.
PRICE TO MILK PRODUCERS
I am delighted to mention here that during the
year 2017-18, the purchase price to farmers comes
to Rs. 31.60 per kg as against the previous year
5 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
price of Rs. 28.91 per Kg.
Before concluding my speech, I would like to thank
all those who have contributed directly or indirectly in
making this organization a viable unit. We thank various
government departments especially the Department of
Animal Husbandry, Dairying & Fisheries, Ministry of
Agriculture & Farmers Welfare, Govt. of India and
Department of Animal Husbandry J&K for active
support and cooperation given during the year 2017-
18. We also express our gratitude to Department of
Rural Development, Jammu and Kashmir State Rural
Livelihoods Mission, Department of Food Safety,
Department of Industries and Commerce, Labour
Department, Consumer Affairs and Public Distribution
Department, Commercial Taxes Department, Power
Development Department, State Pollution Control
Board, Lakes & Water Development Authority, all
our clients and National Cooperative Dairy Federation
of India for their support during the year 2017-
18. Our bankers, insurers, management consultants,
suppliers, distributors and transport contractors have
been of great help to us in achieving our growth,
I thank all of them for their support. I also thank
Registrar cooperative societies Jammu & Kashmir
for the support and cooperation given for registering
the cooperative societies during the year 2017-18.
GCMMF Ltd, Gujarat has been supporting us from
the date this organization started. We are extremely
thankful to the management of GCMMF Ltd for the
support they have rendered during the year 2017-18
and I hope that they will continue to support us in
the future as well.
Last but not the least I thank all the staff working in
the JKMPCL and milk producers of our cooperative
for their continued faith and commitment for successful
running of the organization.
Thank You,
Ashok Kumar Angurana, IAS (Retd.)
Chairman, JKMPCL
2017-18
2017-18
2016-17
2016-17
2015-16
2015-16
2014-15
2014-15
2013-14
2013-14
2012-13
2012-13
2011-12
2011-12
2010-11
2010-11
2009-10
2009-10
2008-09
2008-09
2007-08
2007-08
2006-07
2006-07
0
0
1000
1000
2000
2000
3000
3000
4000
4000
5000
5000
6000
6000
937.47
44.5
954.27
47.46
1096.75
53.76
1418.64
62.76
1309.06
54.9
1886.69
67.07
1889.13
63.39
1642.53
48.38
1803.78
47.9
2119.38
46.54
3037.8
64.8
5236.65
121.85000
2017-182016-172015-162014-152013-142012-132011-122010-112009-102008-092007-082006-070
2000
4000
6000
8000
10000
20000
23453182
42715146 5372
6150 62006400
7100
13000
16000
1730018000
16000
14000
12000
Num
ber
of P
rodu
cer
Mem
bers
Sale
s Tu
rnov
er (
` In
Lak
h)M
ilk C
olle
ctio
n (In
Lak
h K
gs.)
Meeting with Hon’ble CM
Shri Ashok Kumar Angurana, Chairman, addressing 13th Annual General Meeting
Abdul Ghani Kohli, Ex-Minister for Animal, Sheep Husbandry and Fisheries visited Srinagar Plant
Meeting with Secretaries of Dairy Cooperative Societies in Jammu
Shri R.S. Sodhi, MD GCMMF visit to BMC Dablehar in RS Pura
Former Hon’ble Minister for Tribal Affairs Jenab Chowdhay Zulfkar Ali at inauguration function of BMC Vijayu Pur
JKMPCL Board on 46th Dairy Industry Conference, Kochi Kerala
Independent Auditors’ ReportThe Board of Directors
Jammu & Kashmir Milk Producers’ Co-operative Limited, Srinagar
We have audited the accompanying financial statements of Jammu & Kashmir Milk Producers’ Co-operative Limited, which comprise the Balance Sheet as at 31st March, 2018, and Profit & Loss Account for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the organization in accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.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 judgement, 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 auditor considers internal controls relevant to the society’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.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OpinionIn our opinion and to the best of our information and according to the explanations given to us, the financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of Jammu & Kashmir Milk Producers’ Co-operative Limited as at March 31, 2018;
(b) in the case of the Profit & Loss Account, of the loss for the year ended on that date.
for P. GARG & CO., Chartered Accountants FRN: 007135N Place: Jammu Dated: September 13, 2018 (P. K. Garg) Proprietor M. No.: 085912
10 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
JAMMU & KASHMIR MILK PRODUCERS’BALANCE SHEET AS
Significant Accounting Polices and Notes on Accounts-”Schedule B”In terms of our attached report of even date.
P. Garg & Co. Amit RainaChartered Accountants Dy. Manager (Accounts) FRN: 007135N
(P.K.Garg) Prop. (M.No. 085912)
Place: Jammu Place: Jammu Date: September 13, 2018 Date: September 13, 2018
LIABILITIES AS AT 31.03.18Amount (`)
AS AT 31.03.17Amount (`)
SHARE CAPITALAuthorised1,00,000 Shares of `1,000/- each 10,00,00,000 10,00,00,000
Subscribed & Fully Paid Up 5824 Shares (Previous Year 5824) of `1,000/- each 58,24,000 58,24,000 RESERVE & SURPLUSReserve Fund:Balance Brought Forward from Previous Year 29,59,656 27,80,654 For the Year 1,66,629 1,79,002
31,26,285 29,59,656 SECURED LOANJ&K Bank Ltd. (Secured by Bank FDR) 37,38,228 22,93,239 HDFC Bank (secured by hypothecation of stock & book debts) 2,40,27,123 -
2,77,65,351 22,93,239 Profit & Loss AccountProfit Brought Forward from previous year 10,89,171 7,25,091 Add/(Loss) : Profit/(Loss) for the Year (32,36,465) 3,64,080
(21,57,294) 10,89,171 Unutilized Govt. Grant Opening balance as on 01.04.2017 2,28,86,198 3,08,35,706 Add : Opening Interest 6,42,525 -
2,35,28,723 3,08,35,706 Add:- Received During the year 1,59,50,000 9,10,37,000 Add:- Interest received on FDR (Net of TDS) 2,03,353 6,42,525 Add:- Opening Adjustment entry 33,46,692 - Less:- Incurred during the Year Capital Expenditure 3,45,06,645 9,78,24,597 Planning & Monitoring 4,64,481 61,053 Mgmt of DCS staff/ Propulsion for Vehicles 4,33,516 7,72,858 Paid to Director and Animal Husbandary 3,10,000 3,28,000
73,14,126 2,35,28,723 CURRENT LIABILITIES & PROVISIONSA. Sundry Creditors for Goods, Services, Expenses ,etc. 2,38,37,888 2,33,64,441 Other Liabilities 1,77,04,478 1,79,64,682 Due to Societies 1,94,61,927 59,02,438 Advances from Customers 16,25,145 1,36,74,300 B. Provisions Proposed Dividend - 4,13,000 Provision for Taxation (Net of Advance Tax) - 2,63,118
6,26,29,438 6,15,81,979 TOTAL 10,45,01,906 9,72,76,768
11 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
Mayank Tiwari Ashok Kumar Angurana Chief Executive Officer Chairman R.S. Sodhi Ranjeet Singh Abdul Majeed Dar Sahib Singh Nisar Ahmad Bhat Avtar Singh Gulzar Ahmad Ganaie Ved Prakash Sharma Mohhamad Amin Ganaie Dhiraj Chaudhary
CO-OPERATIVE LIMITED, SRINAGARAT 31ST MARCH, 2018
ASSETSAS AT 31.03.18
Amount (`)AS AT 31.03.17
Amount (`)FIXED ASSETS (As per Schedule 'A') 3,79,18,189 1,84,12,165
CURRENT ASSETSInventories(At lower of Cost or Net Realisable Value)
Stores, Spares, Packing Materials, etc. 1,08,93,645 76,52,822 Raw Materials (Goods in transit) 1,38,12,546 61,68,756 Raw Milk Stock 31,13,870 16,01,508 Finished Goods 1,41,74,577 14,93,386 Cattle Feed 76,472 7,16,840
4,20,71,110 1,76,33,312
Sundry Debtors(Unsecured,considered good) 90,01,594 1,05,35,569
Cash & Bank BalancesCash-in-Hand - 87,694 With Scheduled Banks in Current accounts 42,97,341 3,86,60,201 With Scheduled Bank in Fixed Deposit Account 41,73,985 75,00,000 84,71,326 4,62,47,895
Loans & AdvancesInterest accrued on deposits 22,571 2,34,585 Advances recoverable in cash or in kind or for value to be received or pending adjustments 67,80,693 39,76,821 Security Deposits 2,36,421 2,36,421
70,39,685 44,47,827
TOTAL 10,45,01,906 9,72,76,768
Directors Mohammad Amin Ganaie Ranjeet Singh Abdul Majeed Dar Sahib Singh Nisar Ahmad Bhat Avtar Singh Gulzar Ahmad Ganaie Ved Prakash Sharma Dhiraj Chaudhary Atul Kumar Agrawal
12 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
JAMMU & KASHMIR MILK PRODUCERS’
PROFIT AND LOSS ACCOUNT FOR THE YEAR
(Amount in `)PARTICULARS 2017-18 2016-17
To Opening Stock : Finished Goods 14,93,386 37,69,599 Raw Milk Stock 16,01,508 7,27,047 Raw Material 61,68,756 90,34,231 Cattle Feed 7,16,840 - 99,80,490 1,35,30,877 To Raw Milk Purchases 39,86,88,303 19,25,52,406 “ Raw Materials Purchases 3,11,23,108 3,46,98,205 “ Freight & Procurement Expenses 3,13,20,208 1,68,36,367 “ Purchase of Cattle Feed 61,69,785 48,23,586 “ Packaging Expenses 1,15,97,138 96,12,274 “ Conversion Charges 14,96,998 - “ Processing Expenses 38,37,829 27,52,054 Less Grant for Crates - 38,37,829 (5,00,000)“ Power & Fuel 1,15,82,907 78,92,351 “ Repairs & Maintenance Expenses 23,72,822 33,53,975 “ Forwarding & Marketing Expenses 1,72,76,125 44,46,384 “ Salary & Wages 2,24,10,034 1,77,26,052 “ Cooperative Development Expenses - 15,22,919 Less Grant Received - (10,00,000) Less Balance Recoverable - (5,22,919)“ Postage, Telephone, Printing & Stationery 10,91,069 7,57,804 “ Travelling & Conveyance 47,57,675 21,61,948 “ Insurance Premium 4,29,143 2,70,531 “ Rates & Taxes 1,26,245 76,199 “ General Expenses 12,54,322 8,27,143 “ Audit Fees & Expenses 5,04,431 3,95,864 “ Interest & Bank Commission 13,60,128 66,178 “ Legal & Professional Charges 1,44,600 4,36,000 “ Depreciation 26,56,263 25,09,660 “ Net Profit/(Loss) Carried Down (29,08,822) 14,79,249
TOTAL 55,72,70,801 31,67,05,107 APPROPRIATIONS: “ Transfer to Reserve Fund 1,66,629 1,79,002 (Income Other than business being interest Income) “ Income Tax Current Year - 5,23,167 Earlier Year 1,71,014 - “ Proposed Dividend ( Previous Year @ 10%) - 4,13,000 “ Balance carried to Balance Sheet (32,46,465) 3,64,080
TOTAL (29,08,822) 14,79,249
Significant Accounting Polices and Notes on Accounts-”Schedule B”In terms of our attached report of even date.
P. Garg & Co. Amit RainaChartered Accountants Dy. Manager (Accounts) FRN: 007135N
(P.K.Garg) Prop. (M.No. 085912)
Place: Jammu Place: Jammu Date: September 13, 2018 Date: September 13, 2018
13 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
CO-OPERATIVE LIMITED, SRINAGAR
ENDED 31ST MARCH, 2018
(Amount in `)PARTICULARS 2017-18 2016-17
By Sales Milk & Milk Products 51,37,07,777 29,87,31,562 Other Products 99,56,965 50,48,895
52,36,64,742 30,37,80,457 Less : Excise Duty - 341
52,36,64,742 30,37,80,116
“ Interest Income 1,66,629 1,79,002 “ Other Income 22,61,965 27,65,499 “ Closing Stock : Finished Goods 1,41,74,577 14,93,386 Raw Milk Stock 31,13,870 16,01,508 Raw Material 1,38,12,546 61,68,756 Cattle Feed 76,472 7,16,840 3,11,77,465 99,80,490
TOTAL 55,72,70,801 31,67,05,107
By Net Profit Brought down (29,08,822) 14,79,249
TOTAL (29,08,822) 14,79,249
Mayank Tiwari Ashok Kumar Angurana Chief Executive Officer Chairman R.S. Sodhi Ranjeet Singh Abdul Majeed Dar Sahib Singh Nisar Ahmad Bhat Avtar Singh Gulzar Ahmad Ganaie Ved Prakash Sharma Mohhamad Amin Ganaie Dhiraj Chaudhary
Directors Mohammad Amin Ganaie Ranjeet Singh Abdul Majeed Dar Sahib Singh Nisar Ahmad Bhat Avtar Singh Gulzar Ahmad Ganaie Ved Prakash Sharma Dhiraj Chaudhary Atul Kumar Agrawal
14 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
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,32,
548
1,9
20
5,7
25
7,6
45
51,
527
17,
284
TO
TA
L 1
2,31
,72,
895
75,
43,2
59
(5,
23,6
49)
13,
01,9
2,50
5 8
,86,
28,3
67
-
27,
16,0
06
9,1
3,44
,373
1,9
2,59
,760
2
6,56
,263
2,1
9,16
,023
1,69
,32,
109
1,5
2,84
,768
WO
RK
IN
PR
OG
RE
SS
PLA
NT
& M
AC
HIN
ER
Y4,
51,6
8,09
14,
29,5
3,80
2 (3
3,46
,692
) 8
,47,
75,2
02
4,3
0,68
,091
(
33,4
6,69
2)2,
83,2
3,71
8 6
,80,
45,1
18
-
-
-
1,67
,30,
084
21,0
0,00
0
PLA
NT
& M
AC
HIN
ER
Y
(Ghe
e C
attle
) -
6,
19,5
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6,1
9,50
0 -
-
- -
-
-
- 6,
19,5
00 -
SIL
O T
AN
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451
- -
6
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-
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-
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6,
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451
BU
ILD
ING
S 3
,78,
946
51,
28,6
50
-
55,
07,5
96
-
- 2
6,31
,940
2
6,31
,940
-
-
-
28
,75,
656
3,7
8,94
6
CA
NS
(PR
OJE
CT
) -
9,4
7,37
0 -
9,4
7,37
0 -
- 8
,34,
981
8,3
4,98
1 -
- -
1,12
,389
-
TO
TA
L 4
,61,
95,4
88
4964
9322
(33,
46,6
92)
9,2
4,98
,119
4,
30,6
8,09
1.00
(
33,4
6,69
2)3,
17,9
0,63
97,
15,1
2,03
9 -
-
-
2,0
9,86
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31,2
7,39
7.00
GR
AN
D T
OT
AL
16,
93,6
8,38
3 5
,71,
92,5
82
(38,
70,3
40)
22,
26,9
0,62
4 1
3,16
,96,
458
(33
,46,
692)
3,45
,06,
645
16,
28,5
6,41
2 1
,92,
59,7
60
26,
56,2
63 2
,19,
16,0
23 3
,79,
18,1
89
1,8
4,12
,165
PRE
VIO
US
YE
AR
6,1
5,70
,977
10,
77,9
7,40
5 -
1
6,93
,68,
383
3,3
8,71
,861
9,
78,2
4,59
7 1
3,16
,96,
458
1,6
7,50
,100
2
5,09
,660
1,
92,5
9,76
0 1
,84,
12,1
65
1,0
9,49
,017
15 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
JAMMU & KASHMIR MILK PRODUCERS’ CO-OPERATIVE LIMITED, SRINAGAR
SCHEDULE TO THE BALANCE SHEET AND PROFIT & LOSS ACCOUNT AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2018
SCHEDULE – B
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
1. SIGNIFICANT ACCOUNTING POLICIES:
A. BASIS OF ACCOUNTING:
The Society prepares its accounts on historical cost conventions, accrual basis of accounting except otherwise stated and in accordance with the generally accepted accounting principles accepted in India.
B. REVENUE RECOGNITION
i) Revenue on sale of Products is recognized when significant risk and reward of property in goods is transferred to customer which coincides usually on delivery of goods.
ii) Interest income is recognized on time proportion basis of principal amount and the rate applicable.
C. FIXED ASSETS:
Fixed Assets are stated at cost of acquisition inclusive of duties, taxes, incidental expenses and interest etc. incurred upto the date the asset is put to use. Grant / Subsidy received against specific depreciable fixed assets has been treated as reduction in the cost of the respective assets.
D. DEPRECIATION:
Depreciation on Fixed Assets has been provided as specified under the Income Tax Act, 1961 and the Rules framed there under on WDV basis.
E. INVENTORIES:
1) Raw materials, Packing Material and Stores & Spares are valued at cost on FIFO basis.
2) Finished Goods are valued at cost or net realizable value whichever is less determined on average cost of production.
And the method of valuation is the same as was adopted in the preceding year.
F. ACCOUNTING FOR GOVERNMENT GRANTS
1) Capital grants received for purchase of capital assets has been reduced from the cost of respective assets.
2) Revenue grants received have been reduced from the respective expenditure head in the P&L Account.
3) Interest earned (Net of Tax Liability thereon) by temporary parking of unutilized grant in bank fixed deposit is reflected along with unutilized grant as at end of the year.
G. PROVISIONS AND CONTIGENT LIABILITIES:
Provisions have been made of known liabilities as a result of past events which require outflow of economic resources. Where the probability of outflow of economic resources is remote, neither any provision nor any disclosure is made.
16 Jammu & Kashmir Milk Producers’ Co-operative Limited 14th Annual Report 2017-18
For P. Garg & Co., Amit Raina Mayank TiwariChartered Accountants Dy. Manager (Accounts) Chief Executive OfficerFRN: 007135 N
(P. K. Garg) Ashok Kumar Angurana Prop. ChairmanMembership No.085912
Place : Jammu Place : Jammu Date: September 13, 2018 Date: September 13, 2018
2. NOTES ON ACCOUNTS:
A. The Co-operative Society has engaged employees on contractual basis; hence no provision has been made in the books of accounts on account of gratuity.
B. The amount appropriated towards Reserve Fund to the extent of Interest earned is ` 1.67 lacs (Previous Year ` 1.79 lacs). In view of current year losses, no Dividend is proposed for the year (Previous Year ` 4.13 lacs).
C. The society was being managed by an Expert Board nominated by Govt of Jammu and Kashmir vide its order No.51 –ASH of 2004 dated 8th April, 2004, No. 96-ASH of 2004 dated 21st July 2004., order No.143-ASH of 2005 dated 14th October, 2005 and order No. 20-Coop. of 2007 dt. 30th August, 2007. During the financial year 2004-05, Govt. of Jammu & Kashmir transferred land, buildings, equipments & Machinery of erstwhile Federations (The Kashmir Valley Milk Producers Co-operative Federation Limited and the Jammu Co-operative Milk Federation Limited) at Zero value to this society (JKMPCL Limited). With effect from August 2009 the management of the society has been taken over by the duly elected Board of Directors in terms of the Articles of Association of the society.
D. Contingent Liabilities not provided for in respect of:
Sr.
No.Particulars
As at 31st
March, 2018
As at 31st
March, 2017
(i)Demand raised by the PHE department against
water charges (net of provided in books) ` 27,59,400/- ` 27,59,400/--
E. Balances of Sundry Creditors, Debtors and Loans & Advances are subject to confirmation and in the opinion of the Management have realizable value at which they have been shown in the financial statements
F. Previous year’s figures have been regrouped where ever required.
Directors Mohammad Amin Ganaie Ranjeet Singh Abdul Majeed Dar Sahib Singh Nisar Ahmad Bhat Avtar Singh Gulzar Ahmad Ganaie Ved Prakash Sharma Dhiraj Chaudhary Atul Kumar Agrawal
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