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Notes to Accounts of Ajanta Soya Ltd.

Mar 31, 2015

1. In the opinion of the Board, value on realisation of assets other than fixed assets & non-current investments in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. Balances of debtors and creditors, on the Balance Sheet date are subject to reconciliation and confirmation from some of the parties. However the variation is not expected to substantially vary the results of the company for the year.

2. Disclosure for Employees Benefits:

The company has a defined benefit gratuity plan as employees long term benefits. The present value of obligation is determined based on actuarial valuation using the projected unit method, which recognizes each period of service as giving rise to additional unit of employee benefit Entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

3. Related Party Disclosures

The information given below is only in respect of the transactions entered into by the company during the year with the related parties.

A) Names of Related Parties and description of Relationship:

i) Enterprises in which Key managerial Personnel and their Relatives have significant influence

Dhruv Globals Limited G.D. Ferro Alloys Private Limited D.G. Estates Private Limited Indian Vanaspati Producer Association Ajanta Realtech Pvt. Ltd. (Formerly known as Swift Relocations Pvt. Ltd.) Chander Prabhu Financial Services Ltd.

ii) Key Managerial Personnel:

Sushil Goyal, Managing Director Abhey Goyal, Whole Time Director

4. Segment Reporting:

The only segment identified by the company during the year under report is Vanaspati and Refined oil segment, which forms the basis of review of operating performance by the management. In line with the practice and considering the nature of the materiality in operations, the dealing in shares/securities has not been reported as a separate segment. Accordingly the segmental information as required in accordance with the Accounting Standard-17 as specified in the Companies Accounting Standards Rules, 2006 is not given, as there is only one segment of the company.

5. Operating Lease:

Lease Payments:

a) The Company has entered into Lease transaction mainly for leasing of Office/Residential Premises including godown and company leased accommodation for its employees. Terms of lease include terms of renewal, increase in rent in future period and terms of cancellation.

b) The operating lease payments recognized in Profit & Loss A/c Rs.18,34,170/- (P.Y.Rs.18,55,650/-) for the lease which commenced on or after April 01, 2001.

c) General description of Lease terms:

i) Lease payments are made on the basis of agreed terms;

ii) The premises are taken on operating lease for a period of six years.

6. Forward exchange Contracts entered into by the company and outstanding :

For hedging currency related risk:

Nominal amount of forward exchange contracts entered in to by the company and outstanding as at 31.03.2015 Rs.115,478,892/ - P.Y. Rs. Nil.

7. Previous year's figures have been regrouped/reclassified, wherever considered necessary, to conform to current year's classification.


Mar 31, 2014

1. Contingent Liabilities and commitments:

I. Contingent Liabilities:

a. Bank Guarantees / Letters of credit issued by the company in favour of 2013-2014 2012-2013

i) Foreign Letters of Credit against 770,613,990 316,820,868 import of Raw oil.

ii) Bank Guarantee issued in favour of Punjab State Co-op. Supplies & Marketing Federation Ltd 1,500,000 1,500,000

iii) Bills discounted with Company''s Bankers against their Bills Rediscounting Scheme and remaining outstanding as on 31st March 2014. However these bills are guaranteed by respective Commercial banks. 579,023,367 262,743,798

iv) Bank Guarantee issued in favour of Rajasthan State Polution Control Board, Jaipur - 240,000

v) Bank Guarantee issued in favour of Registrar, High Court of Punjab 700,000

TOTAL 1,351,837,357 581,304,666

Bank Guarantees / Foreign Letters of Credit are secured by way of lien marked Fixed Deposits (inclusive of Interest) and units of mutual funds under current investments Rs. 197016857/- (Previous year Rs. 94,226,000/-) (Refer note no. 15,18 & 20)

b Corporate guarantee given to a bank, in lieu of such bank having extended various secured fund based & non-fund based credit facilities, amounting in aggregate to Rs. 592,200,000/- (Previous year Rs. 467,200,000/-) to a related party.

c Demand of Rs.69.56/-lacs raised by Excise Department in financial year 2011-2012 pending under appeal. The company had deposited an amount of Rs.12 lacs under protest which has been shown under the head short term loans and advances.

d. Demand of Rs.7.69 lacs raised by Income Tax Department on Assessments against which are pending under appeals before commissioner appeals.

II. Commitments:

Estimated amount of contracts remaining to be executed on capital account and not provided for in these accounts (Net of Advances) Rs. Nil (Previous Year Rs. Nil).

2. In the opinion of the Board, the current assets, loans & advances are recoverable at par in the ordinary course of business at a price at which they are stated in the Balance Sheet. Balances of debtors and creditors, on the Balance Sheet date are subject to reconciliation and confirmation from some of the parties. However the variation is not expected to substantially vary the results of the company for the year.

3. Disclosure for Gratuity and Leave Benefit Plans:

The company has a defined benefit gratuity plan. The present value of obligation is determined based on actuarial valuation using the projected unit method, which recognizes each period of service as giving rise to additional unit of employee benefit Entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

4. Related Party Disclosures

The information given below is only in respect of the transactions entered into by the company during the year with the related parties.

A) Names of Related Parties and description of Relationship:

i) Enterprises in which Key managerial Personnel and their Relatives have significant influence

Dhruv Globals Limited G.D. Ferro Alloys Private Limited D.G. Estates Private Limited Indian Vanaspati Producer Association Ajanta Realtech Pvt. Ltd. (Formerly known as Swift Relocations Pvt. Ltd.) Cosmic Alloys & Metal Works Pvt. Ltd. Chander Prabhu Financial Services Ltd.

ii) Key Managerial Personnel:

Sushil Goyal, Managing Director Abhey Goyal, Whole Time Director

5. Segment Reporting:

The only segment identified by the company during the year under report is Vanaspati and Refined oil segment. This business segregation forms the basis of review of operating performance by the management. In line with the practice and considering the nature of the materiality in operations, the dealing in shares/securities has not been reported as a separate segment. Accordingly the segmental information as required in accordance with the Accounting Standard-17 as specified in the Companies Accounting Standards Rules, 2006 is not given, as there is only one segment of the company.

6. The amount of Borrowing cost calculated in accordance with AS-16 and capatalized to fixed assets/cwip during the year is Rs. NIL (P.Y.Rs13,61,497).

7. Operating Lease:

Lease Payments:

a) The Company has entered into Lease transaction mainly for leasing of Office/Residential Premises including godown and company leased accommodation for its employees. Terms of lease include terms of renewal, increase in rent in future period and terms of cancellation.

b) The operating lease payments recognized in Profit & Loss A/c Rs.18,55,650/- (P.Y.Rs.1,680,732/-) for the lease which commenced on or after April 01, 2001.

c) General description of Lease terms:

i) Lease payments are made on the basis of agreed terms;

ii) The premises are taken on operating lease for a period of six years.

8. Previous year''s figures have been regrouped/reclassified, wherever considered necessary, to conform to current year''s classification.


Mar 31, 2013

Bank Guarantees / Foreign Letters of Credit are secured by way of lien marked Fixed Deposits (inclusive of Interest) of Rs. 942,26,000 /- (Previous year Rs. 107,368,071/-) (Refer note no. 17 & 19) b Corporate guarantee given to a bank, in lieu of such bank having extended various secured fund based & non-fund based credit facilities, amounting in aggregate to Rs. 467,200,000/- (Previous year Rs. 702,700,000/-) to a related party. c Demand of Rs.69.56/-raised by Excise Department in financial year 2011-2012 pending under appeal. The company had deposited an amount of Rs.12 lacs under protest which has been shown under the head short term loans and advances.

II. Commitments:

Estimated amount of contracts remaining to be executed on capital account and not provided for in these accounts (Net of Advances) Rs. Nil (Previous Year Rs. 99,82,202).

1 In the opinion of the Board, the current assets, loans & advances are recoverable at par in the ordinary course of business at a price at which they are stated in the Balance Sheet. Balances of debtors and creditors, on the Balance Sheet date are subject to reconciliation and confirmation from some of the parties. However the variation is not expected to substantially vary the results of the company for the year.

2 Disclosure for Gratuity and Leave Benefit Plans:

The company has a defined benefit gratuity plan. The present value of obligation is determined based on actuarial valuation using the projected unit method, which recognizes each period of service as giving rise to additional unit of employee benefit Entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

3 Related Party Disclosures

The information given below is only in respect of the transactions entered into by the company during the year with the related parties.

A) Names of Related Parties and description of Relationship:

i) Enterprises in which Key managerial Personnel and their Relatives have significant influence

Dhruv Globals Limited

G.D. Ferro Alloys Private Limited

D.G. Estates Private Limited

Indian Vanaspati Producer Association

Ajanta Realtech Pvt. Ltd. (Formerly known as Swift Relocations Pvt. Ltd.)

Cosmic Alloys & Metal Works Pvt. Ltd.

ii) Key Managerial Personnel:

Sushil Goyal, Managing Director Abhey Goyal, Whole Time Director

4 Segment Reporting:

The only segment identified by the company during the year under report is Vanaspati and Refined oil segment. This business segregation forms the basis of review of operating performance by the management. In line with the practice and considering the nature of the materiality in operations, the dealing in shares/securities has not been reported as a separate segment. Accordingly the segmental information as required in accordance with the Accounting Standard-17 as specified in the Companies Accounting Standards Rules, 2006 is not given, as there is only one segment of the company.

5 The amount of Borrowing cost calculated in accordance with AS-16 and capatalized to fixed assets/cwip during the year is Rs. 13,61,497/-, (P.Y.Rs1,196,290).

6 Operating Lease: Lease Payments:

a) The Company has entered into Lease transaction mainly for leasing of Office/Residential Premises including godown and company leased accommodation for its employees. Terms of lease include terms of renewal, increase in rent in future period and terms of cancellation.

b) The operating lease payments recognized in Profit & Loss A/c Rs.16,80,732/- (P.Y.Rs.1,605,955/-) for the lease which commenced on or after April 01, 2001.

c) General description of Lease terms:

i) Lease payments are made on the basis of agreed terms;

ii) The premises are taken on operating lease for a period of six years.

7 Previous year''s figures have been regrouped/reclassified, wherever considered necessary, to conform to current year''s classification.


Mar 31, 2009

1. Contingent Liabilities, not provided for:

a. Bank Guarantees / Letters of credit issued by the company in favour of

(Rs. In lacs)

2008-2009 2007-2008

i Foreign Letters of Credit against import of Raw oil. 1731.21 1720.49

ii Suit filed by one supplier to the tune of 1.14 Lacs during the year .Which is pending adjudication before Court 1.14 1.14

TOTAL 1732.35 1721.63

Bank Guarantees / Foreign Letters of Credit are seeded by way of lien marked Fixed Deposits (inclusive of Interest) of Rs. 265.87 Lacs (Previous year Rs. 299.29 Lacs.

b. Corporate guarantee given to a bank, in lieu of sue" Dank having extended various secured fund based & non-fund based credit facilities, amounting in aggregate to F.s. 4154 Lacs (Previous year Rs. 4165 Lacs) to a related party.

c. Demand of Rs. 3.64 Lacs has been raised by.lncc-ie tax authorities for A.Y. 2003-2004 which is disputed by the company under appeal and a sum of Rs. 1.00 Lacs ias been deposited under protest, which has been classified as recoverable under the head loan and advances in part B of schedule F to the Balance Sheet.

d. Demand Raised by Rajasthan State Industrial Development & Investment Corporation Limited (RIICO Ltd.) amounting to Rs. 21.11 Lacs on account of Service charges and Economic Rent out of which company has paid Rs. 2.53 Lacs and the balance amount of Rs 18.58 Lacs pendng for final settlement with Bhiwadi Jal Pardusan Niwaran & Anusandhan Samiti by the RIICO Ltd.

2 Estimated amount of contracts remaining to be executed on capital account and not provided for in these accounts (Net of Advances) Rs. 38.95 Lacs (Previous Year Nil)

3. In the opinion of the Board, the current assets, loans 4 advances are recoverable at par in the ordinary course of business at a price at which they are stated in the Balance Sheet. Balances of debtors, creditors, loans and advances on the Balance Sheet date are subject to reconciliation and confirmation from some of the parties. However the variation is not expected to substantially vary the results of the company for the year.

4. Company made an Investment of Rs. 13.57 Lacs in Profit Pius policy of Life insurance Corporation of India which has been issued in the name of Managing Director of the Company and assigned in favour of the company & therefore the same is shown as investment of the company.

5. Exchange rate adopted for conversion at the closing of financial year is taken at USD 1 = INR 50.95 (previous year Rs 39.97)

6. Disclosure for Gratuity and Leave Benefit Plans:

The company has a defined benefit gratuity p!a The present value of obligation is determined based on actuarial valuation using the proiected unit method, which recognizes each period of service as giving rise to additional unit of employee benefit Entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

7. The value of Imports (Raw Oil) by the company on C.I.F. basis during (he financial year is Rs. 11047.91 Lacs; Previous Year Rs. 5157.58 Lacs.

8. In these accounts, net loss of Rs.485.24 Lacs (previous year, net profit of Rs. 76.40 Lacs), on account of foreign exchange fluctuation arising during the year, has been recognized under trie appropriate revenue items to which it relates.

9. Related Party Disclosures

The information given below is only in respect of the transactions entered into by the company during the year with the related parties.

A) Names of Related Parties and description of Relationship:

i) Associates:

Shree Siddivinayak Tor Pvt. Ltd. (Ceases w.e.f 09/09/2008) Shree Siddivinayak Forgings Pvt. Ltd (Ceases w.e.f 09/09/2008)

ii) Enterprises in which Key managerial Personnel and their Relatives have significant influence Pawansut Merchants Limited

Dhruv Globals Limited

Phoenix Steel Mills Ltd (Company ncorporated in Nigeria) Chander Prabhu financial Services Ltd G.D. Ferro Alloys (P) LTD

D.G. Estates Pvt. Ltd (w.e.f 03/07/2008)

Dhruv Global Infratech Pvt. Ltd. (Formerly Reliance Forms Pvt. Ltd.)

iii) Key Managerial Personnel:

Sushi/ Goyal. Managing Director

Bishan Goyal, Whole Time Director

Gagan Goyal, Whole Time Director (Resigned w.e.f 15/12/2008)

Abhey Goyal, Whole Time Director (Appointed w.e.f 15/12/2008)

10. Segment Reporting:

The only operating segment identified by the corroany during the year under report is Vanaspati and refined oil segment. This business segregation forms the basis for -eview of operatng performance by the ma-agement. In line with the practice and considering the nature of the maternity in operatio-s. the dealing in shares/securtes has not been reported as a separate segment. Accordingly the segmental information as required in accordance with the AS 17 as specified in the Companies (Accounting Standards) Rules, 2006 is not given as there is only one business segment of the company.

11. The indications listed in paragraph 8 to 10 of Accenting Standard 28 on Impairment of Assets, as specified in the Companies (Accounting Standards) Rules, 2006, ha.e been examir^ed and on such examinations, it has been found that none of the indicators are, prima face, present in the case of the company. A formal estimate of the recoverable amount has not been made, as there is no indication of a potential impaiment loss, as per the management.

12. Previous years figures have been regrouped/reclssified, wherever considered necessary, to conform to current years classification.

13. Information pursuant to Part - IV of the Schedule V its the Companes Act, 1956 is given separately.

 
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