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Notes to Accounts of Aimco Pesticides Ltd.

Mar 31, 2015

1 Corporate information

Aimco Pesticides Limited ('the Company') is a public limited company domiciled in India incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the business of manufacturing and trading in agrochemical products. Its manufacturing plant is located at Taluka Khed, District Ratnagiri, Maharashtra. The Company caters to both domestic and international markets.

Terms/rights attached to equity shares

(i) The Company has only one class of share referred to as equity shares having a par value of Rs. 10. Each holder of equity share is entitled to one vote per share.

(ii) 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 Annual General Meeting.

(iii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amount. The distribution will be proportionate to the number of equity shares held by the share holders.

(iv) There is no change in issued and paid up share capital during the year.

(v) Details of shareholder holding more than 5% shares:

Particulars For the year For the year ended ended 31 March, 2015 31 March, 2014

2.1 Contingent liabilities and commitments (to the extent not provided for)

a) Contingent liabilities

- Claims against the Company not acknowledged as debt 3,192,649 2,479,239

b) Commitments

- Estimated amount of obligation on account of non 22,256,566 9,972,441 fulfillment of export commiments 25,449,215 12,451,680

2.2 The Company's pending litigations comprise of claims against the Company by the parties and proceedings pending with the Revenue authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for, where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have any materially adverse effect on its financial results. Refer Note 28.1 for details on contingent liabilities.

2.3 The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2.4 The Company is in the process of reconciling balances of some parties. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

2.5 Effective April 1, 2014, the Company has revised the estimated useful life of certain items of fixed assets in accordance with the useful life specified in Part C of Schedule II to the Act. As per the said Schedule, where the fixed asset have completed their useful lives, the carrying value (net of residual value) as at April 1, 2014 is to be charged to depreciation. In case of other fixed assets the carrying value (net of residual value) as at April 1, 2014 has been depreciated/amortized over the remaining useful life. As a result of the same, the depreciation/amortization expense over the year ended March 31st 2015, is higher by Rs. 17,50,465/-

Note 3 Disclosures in accordance with Accounting Standards

3.1 Accounting Standard (AS) 15 - Employee Benefits

(A) Defined Contribution Plans:

The Company has recognized the following amounts in the Statement of Profit and Loss:

3.2 Accounting Standard (AS) 17 - Segment Reporting

As permitted by paragraph 4 of Accounting Standard 17, 'Segment Reporting' notified by the Companies (Accounting Standards) Rules, 2006, the Company has disclosed segment result on the basis of consolidated financial statements. The same are therefore not disclosed in separate financial statement of the Company.

3.3 Accounting Standard (AS) 18 - Related Party Disclosures

A Related Parties and Relationship

a) Parties where control exist:

Wholly owned subsidiaries of the Company:

i) Aimco Ecoscience Limited;

ii) Aimco International FZE, United Arab Emirates.

b) Companies/ Firms in which the directors' have substantial interest (i.e. more than 20% in voting power directly or indirectly) :

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt Ltd.

iii) Aurangabad Oil Extraction Co Pvt Ltd.

iv) All India Medical Corporation

v) NDR & Co.

c) Key Management Personnel :

i) Mrs. Elizabeth Shrivastava (Managing Director)

ii) Mr. Pradeep P Dave (Executive Director)

iii) Dr. Samir P Dave ( Executive Director)

iv) Mr. Ashit P Dave ( Executive Director)

4 The provisions relating to Corporate Social Responsibility are not applicable to the Company as the conditions laid down in section 135 of the Act are not fulfilled.

5 Pursuant to an application filed by the Company before the Board for Industrial and Financial Reconstruction ('the Board'), the Board has passed an order directing State Bank of India,the operating agency, to submit the scheme for rehabilitation of the Company. As on date the bank is yet to submit the scheme.

6 The figures of the previous year have been regrouped / reclassified wherever necessary. Figures in bracket are in respect of the previous year.


Mar 31, 2014

Note 1 Short-term loans and advances

1.1 Contingent liabilities and commitments (to the extent not provided for)

a) Contingent liabilities

- Claims against the Company not 2,479,239 2,705,695 acknowledged as debt

b) Commitments

- Estimated amount of obligation on account of non fulfillment of export commiments under 9,972,441 106,944 various advance licences.

1.2 The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

1.3 The Company is in the process of reconciling balances of some parties. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

1.4 (a). The Company has applied for the Central Government approval in respect of the remuneration Rs. 7,43,580/- paid to Mrs. Elizabeth Shrivastava, the director of the company for the period from 29.07.03 to 31.03.05 and commission of Rs. 4,38,356/-for the period from 01.04.05 to 31.12.05. However the approval for the same is not yet received.

Note 2 Disclosures in accordance with Accounting Standards

2.1 Accounting Standard (AS) 15 - Employee Benefits

(A) Defined Contribution Plans:

The Company has recognized the following amounts in the Statement of Profit and Loss:

(B) Defined Benefit Plans:

Gratuity is payable to all members at the rate of 15 days salary for each completed year of service. (i) Changes in the Present Value of Obligation

2.2 Accounting Standard (AS) 19 - Leases

Disclosure in respect of operating lease (as Lessee):

3 Comparatives:

The figures of the previous year are for the period for 6 months from 1st October, 2012 to 31st March, 2013 hence, not comparable with those of the current year. Previous year''s figures have been regrouped / reclassified wherever necessary. Figures in bracket are in respect of the previous year.

3.1 Accounting Standard (AS) 17 - Segment Reporting

As permitted by paragraph 4 of Accounting Standard 17, ''Segment Reporting'' notified by the Companies (Accounting Standards) Rules, 2006, the Company has disclosed segment result on the basis of consolidated financial statements. The same are therefore not disclosed in separate financial statement of the Company.

3.2 Accounting Standard (AS) 18 - Related Party Disclosures

A Related Parties and Relationship

a) Parties where control exist:

Wholly owned subsidiaries of the Company:

i) Aimco Ecoscience Limited;

ii) Aimco International FZE, United Arab Emirates.

b) Companies/ Firms in which the directors'' have substantial interest (i.e. more than 20% in voting power directly or indirectly) :

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt Ltd.

iii) Aurangabad Oil Extraction Co Pvt Ltd.

iv) All India Medical Corporation

v) NDR & Co.

c) Key Management Personnel :

i) Mrs. Elizabeth Shrivastava (Managing Director w.e.f. 14.08.2013)

ii) Mr. Pradeep P Dave (Executive Director and Chairman) (Managing Director till 14.08.2013)

iii) Dr. Samir P Dave ( Executive Director)

iv) Mr. Ashit P Dave ( Executive Director)

B Details of Transaction with above Parties

C i) Remuneration (including perquisites) paid to Chairman, Managing Director and Executive Directors is Rs. 56,56,089/- (Previous year Rs. 21,60,000/-) ii) Details of Transactions with related parties having 10% or more of the above.


Mar 31, 2013

1 Corporate information

Aimco Pesticides Limited (''the Company'') is a public limited company domiciled in India incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the business of manufacturing and trading in agrochemical products. Its manufacturing plant is located at Taluka Khed, District Ratnagiri, Maharashtra. The Company caters to both domestic and international markets

Particulars For the 6 Months For the 18 Months ended ended 31 March, 2013 30 Sept., 2012 Rs. Rs.

2.1 Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

- Claims against the Company not acknowledged as debt 2,812,639 12,618,704

2,812,639 12,618,704

2.2 The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2.3 The Company is in the process of reconciling some balances of trade receivables and trade payables. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

2.4 (a). The Company has applied for the Central Government approval for the remuneration of Rs. 7,43,580/- paid to Mrs. E.P. Shrivastava, ex-director of the company for the period from 29.07.03 to 31.03.05 and commission of Rs. 4,38,356/-for the period from 01.04.05 to 31.12.05. However the approval for the same is not yet received.

(b). Directors'' remuneration paid as under is also subject to approval of the Central Government under section 309 of the Companies Act,1956

3.1 Accounting Standard (AS) 17 - Segment Reporting

a) Primary segment - Business segment:

The Company has only one business segment namely "Agrochemicals" as primary segment. Since the entire business of the Company is from agrochemicals, there are no other primary reportable segments. Hence, the disclosures as required under Accounting Standard 17 "Segment Reporting" qua the primary segment is not given.

3.2 Accounting Standard (AS) 18 - Related Party Disclosures

A Related Parties and Relationship

a) Companies/ Firms in which the directors'' have substantial interest ( i.e. more than 20% in voting power directly or indirectly) :

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt Ltd.

iii) Aurangabad Oil Extraction Co Pvt Ltd.

iv) Aimco Ecoscience Limited

v) All India Medical Corporation

vi) NDR & Co.

b) Key Management Personnel :

i) Shri Pradeep P Dave (Managing Director and Chairman)

ii) Dr. Samir P Dave (Executive Director)

iii) Shri Ashit P Dave ( Executive Director)

Note 4 Tax Provision

Taxable income is computed based on the total income for the period 1st April, 2012 to 31st March, 2013 and the provision for taxation is made accordingly after adjusting provisions made in the previous year.

Note 5 Comparatives:

5.1 The figures of the previous year are not comparable with those of the current year because the financial statements of the Company for the year 2012-13 are prepared for 6 months from 1st October, 2012 to 31st March, 2013 as against the previous year 2011-12 which are prepared for 18 months from 1st April, 2011 to 30th September, 2012.


Mar 31, 2010

1. Background:

Aimco Pesticides Limited was incorporated on August 12, 1987. Effective April 1, 1995, pursuant to the Scheme of Amalgamation, the assets and liabilities of Savitri Pesticides & Agrochem Limited and Vayaz Indian Pesticides Private Limited were transferred to and merged into the Company. Savitri Pesticides & Agrochem Limited had earlier taken over the running business of M/s All India Medical Corporation, a partnership firm, with effect from April 1, 1994.

2. Contingent Liabilities:

a) Contingent liabilities not provided for in respect of Counter Guarantees given to Scheduled bank Rs . NIL (Previous year Rs. NIL)

b) Claims against the company not acknowledge as debts Rs.4.60 Lacs (Previous Year Rs.4.60 Lacs)

3. The Current Assets, Loans and Advances and Liabilities are approximately of the value stated, if realized in the ordinary course of business.

4. Balance with Central Excise (Schedule 9, item b) includes Rs 18.20 Lacs (Previous Year Rs. 18.20 Lacs) on account of balance in Modvat Account before amalgamation of the erst while Savitri Pesticides & Agrochemicals Ltd. which was to be transferred to the Company on amalgamation. The matter is still pending with excise department as they have not accepted the claim. The company is contesting the same.

5. The Company has not received any intimation from its vendors regarding their status under Micro, Small and Medium Enterprises Development Act 2006 and hence disclosures, if any, required under the said Act have not been made.

6. (a) No confirmation has been received for Term Loans, cash credit facility and other facilities obtained from State Bank of India. Provision for interest is however made upto 31st March 2010 on the basis of terms & conditions as available with the Company.

(b) During the year the Company was informed by IDBI Bank Ltd.(the Bank), the lender of the term loan to the Company, that by the Deed of Assignment dated 7th December, 2009 the Bank has assigned its right, title, interest and benefits in the loan advanced to the Company, to an another company incorporated under the Companies Act, 1956 (the Assignee). Accordingly, the Company has transferred balance as at 7th December, 2009 in the account of the Bank and the interest accrued thereon till the said date to the account of the Assignee. Similarly, the charge which was earlier created in favour of the Bank has now been transferred in the name of the Assignee.

7. Unsecured Loans includes Rs. 116,12,598/- (Previous year Rs. 101,23,568/-) received from directors of the Company.

8. (a) Balances in the accounts of sundry debtors/sundry creditors and loans and advances are subject to confirmation and consequent adjustments,if any.on reconciliation.

8 (b) Balances in the Bank accounts of Bank of Baroda Chennai and Bank of Baroda SPAL are subject to confirmation

9 (a). The Company has applied for the Central Government approval for the remuneration paid to Mrs. E.P. Shrivastava Rs.7,43,580/- for the period from 29.07.03 to 31.03.05 and commission of Rs.4,38,356/-for the period from 01.04.2005 to 31.12.05.However approval for thesame is not yet received.

10 Related Party Disclosures

Related Party disclosures as required by AS 18 is as follows: A Related Parties and Relationship

a) Companies/ Firms in which the directors have substaintial interest ( I.e. more than 20% in voting power directly or indirectly).

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt. Ltd.

iii) Aurangabad Oil Extraction Co. Pvt. Ltd.

iv) All India Medical Corporation

b) Directors of the Company

i) Shri Pradeep P Dave (Managing Director)

ii) Dr. Samir P Dave (Executive Director)

iii) Shri Ashit P Dave (Executive Director)

v) Shri Ramgopal Kaja ( Independent Director & Chairman)

c) Key Management Personnel

i) Shri Pradeep P Dave (Managing Director)

ii) Dr. Samir P Dave ( Executive Director)

iii) Shri Ashit P Dave ( Executive Director)

11. As the Companys business activity falls within single segment viz. Pesticides,under the Companies (Accounting Standard ) Rules ,2006, the disclosure requirements issued under Accounting Standard 17 " Segment Reporting " not applicable.

12. i) Previous years figures have been regrouped/rearranged wherever necessary

ii) The figures in bracket are In respect of previous year