Mar 31, 2016
Term Loans From Bank:
- Punjab National Bank: Secured Loan of Rs, 9,62,35,394/- (Rupees Nine Crore Sixty Two Lac Thirty Five Thousand Three Hundred Ninety Four) (Previous Year Rs, 12,37,50,224/- (Rupees Twelve Crore Thirty Seven Lac Fifty Thousand Two Hundred Twenty Four Only) secured through exclusive Charge on Fixed Assets Block, situated at F-5, Kishangarh Rajiv Gandhi I.T. Park, Chandigarh. Due within one year is Rs, 3.75 Crore (Rupees Three Crore Seventy Five Lac Only ) (Previous Year Rs, 3.50 Crore (Rupees Three Crore Fifty Lac Only). The loan has been guaranteed by Mr. Kanwar Deep Singh in the capacity of the director till 31st August,2012 and thereafter being the promoter of the company. Term Loan carries interest @ base rate 4% and is repayable in 84 monthly installment of Rs, 25,00,000/- (Rupees Twenty Five Lac Only) each, commencing from 30th April, 2013.
Vehicle Loans from Bank:
- Vehicle Loans of Rs, 14,85,795/- (Rupees Fourteen Lac Eighty Five Thousand Seven Hundred Ninety Five Only) (Previous Year Rs, 53,65,663/- (Rupees Fifty Three Lac Sixty Five Thousand Six Hundred Sixty Three Only) are Secured against hypothecation of vehicles. Due within one year is Rs, 7,93,370/- (Rupees Seven Lac Ninety Three Thousand Three Hundred Seventy Only) (Previous year Rs, 34,12,789/- (Rupees Thirty Four Lac Twelve Thousand Seven Hundred Eighty Nine Only). Vehicle Loans have been procured from various banks with rates of interest varying from 9% to 12% with repayment term of 3 to 5 Years.
Inter Corporate Loan:
- Inter Corporate loan has been received from KDS Corporation Pvt Limited (a promoter group Company) and Technology Park Limited (a party covered under section 189 of the Companies Act. 2013) amounting to Rs, 30.01 Crores and Rs, 683.10 Crores. The Terms of repayment with respect to loan from KDS Corporation Private Limited have not been defined and is repayable on the mutual agreement of both the parties involved, hence terms are not prejudicial to the interest of the company. Loan from Technology Park Limited is repayable on service of a minimum notice of 12 months by the lender for a repayment in excess of Rs, 50.00 Crores, however upon the concurrence of the Company, hence terms are not prejudicial to the interest of the Company. The Inter Corporate Loans obtained by the Company are non interest bearing.
Loan Repayable on demand, from Banks
- Bank of India:
Working Capital facility of Rs, 3,60,09,389/- (Rupees Three Crore Sixty Lac Nine Thousand Three Hundred Eighty Nine Only) (Previous Year Rs, 3,31,97,767/- (Rupees Three Crore Thirty One Lac Ninety Seven Thousand Seven Hundred Sixty Seven Only) secured against hypothecation of stocks and book debt of the companyRs,s unit located at Chambaghat, Solan (H.P). It is further collaterally secured by Land and Building, other structures (erected or to be erected) and other immovable properties of the Unit situated at Chambaghat, Solan.
The loan has been guaranteed by Mr. Kanwar Deep Singh in the capacity of the director till 31st August, 2012 and thereafter being the promoter of the company.
* Refer Note No. 4 ** Refer Note No. 49
*** A sum of Rs, 37,40,367/- (Rupees Thirty Seven Lac Forty Thousand Three Hundred Sixty Seven Only) (Previous year Rs, 48,20,164/- (Rupees Forty Eight Lac Twenty Thousand One Hundred Sixty Four Only) is lying as unclaimed dividend in separate accounts with HDFC Bank and YES Bank, Chandigarh.
1. In the opinion of the management the current assets, loans and advances are of the value stated, if realized in the ordinary course of business. Out of the total amount of Loan and Advances a Sum of Rs, 4.60 Crores stands outstanding from Medisphare Marketing Limited. The company has initiated a legal action in the Kolkata High Court for recovery of the same.
2. The Company had entered into a scheme of arrangement under section 391-394 of the Companies Act, 1956 with Alchemist Foods Limited, a wholly owned subsidary which had been approved by the Hon''ble High Court of Delhi and High Court of Punjab and Haryana at Chandigarh vide its order dated 1st November, 2010 & 2nd December, 2010 respectively. The same had been registered with the Office of Registrar of Companies at Delhi and Chandigarh dated 2nd December, 2010 & 23rd December, 2010. Hence, appointed date for the implementation of the scheme was 23rd December, 2010 with effect from 1st April, 2008, being the effective date. The scheme of arrangement was duly implemented in the financial year 2010-11.
NOTES FORMING PART OF THE FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31st, 2016
- As per the scheme, food division of Alchemist limited had been demerged from the Company and transferred to and vested in Alchemist Foods Limited. All the properties, rights and power, assets, both movable and immoveable, liabilities including contingent liabilities and reserves, all income and expenses of the Food Division have without further act or deed been transferred to and vested with Alchemist Foods Limited at their book values, as a going concern with effect from the appointed date i.e. 1st April, 2008. In consideration, thereof, Alchemist Foods Limited had issued 1,00,00,000 Equity Shares of Rs, 10/- each at a premium of Rs, 90/- per shares to Alchemist Limited and an amount of Rs, 27.44 Crores was treated as unsecured loan from Alchemist Limited to Alchemist Foods Limited.
- As per the Scheme of arrangement, Authorized share capital of Alchemist Limited i.e. Rs, 121.25 Crores as on effective date i.e. 1st April, 2008 had been partly clubbed with Authorized Share Capital of the Transferee Company i.e. Alchemist Foods Limited. Accordingly, after implementation of scheme of arrangement, authorized share capital of Alchemist Limited had been reduced to Rs, 80.00 Crores consisting of Rs, 3.00 Crore equity shares of Rs, 10/
- each aggregating to Rs, 30.00 Crores and Rs, 50.00 Lac redeemable preference shares of Rs, 100/- each aggregating to Rs, 50.00 Crores.
3. Alchemist Limited has four subsidiaries namely Alchemist Foods Limited, Alchemist Infrastructures Private Limited, Alchemist Hospitality Group Limited and Alchemist Enterprises Pte Limited. The company had initiated steps to take over a company in Hong Kong as a subsidiary to further its international operations. However this process has not been completed pending approvals for remittances to be made towards capital.
4. In accordance with General Circular No. 2/2011 dated 8th February, 2011 issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Statement of Profit and Loss and other documents of subsidiary companies are not being attached with the Financial Statement of the Company.
5. Related Party Disclosures:
In accordance with the Accounting Standard (AS-18) on related party disclosure where controls exists and where transaction have taken place and description of the relationship as identified and certified by management are as follows:
Key Managerial Personnel
- Maj. Gen. (Retd.) Anil Oberoi o Mr. Pavan Kumar Verma
Subsidiary:
- Alchemist Foods Limited o Alchemist Infrastructures Private Limited o Alchemist Hospitality Group Limited o Alchemist Enterprise Pte Limited, Singapore
Associates:
- Alchemist Hospitals Limited
- Alchemist Airways Private Limited
- Alchemist Realty Limited
- Black Cat Protection Services Private Limited
- KDS Corporation Private Limited
- A 1 News Network Private Limited
- Alchemist Media Limited
- Dooteriah & Kalej Valley Tea Estate Private Limited
- Alchemist Medisphere Limited
- Technology Parks Limited
- Alchemist Lifescienses Limited
- Alchemist Aviation Private Limited
- Alchemist F&B Limited
- Alchemist Touchnology Limited
- Eco Breaking Technologies India Private Limited
- Jass Developers Private Limited
- Kandaghat Spa & Health Resorts Private Limited
- Alchemist Hotel & Resorts Limited
- Alchemist Universe of Education Limited
- Optimum Constructions & Developers Private Limited
- Alchemist Healthcare Limited
- Century 21 Properties India Pvt. Ltd.
Joint Venture:
- Alchemist Township India Limited
6. As per Accounting Standard - 28 âImpairment of Assetsâ, the company has assessed the conditions of all the assets used in its operation and is of the opinion that there is no impairment of assets, hence no provision was made.
7. Finished Goods Stock of Steel Division for year 2016 has been carried over including excise duty.
8. Common Expenses relating to Head Office and other administrative office have been allocated to various divisions on the following basis.
i) Financial Cost - Fixed & Current Assets Employed
ii) Other Expenses - Sales/Reasonable Estimations
9. During the year 3,840 (Previous year 9,300) preference shares were redeemed and as per provisions of the Companies Act, 1956 a sum of Rs, 3,84,000/- (Previous Year Rs, 9,30,000/-) has been transferred to Capital Redemption Reserve out of Statement of Profit & Loss. Further a sum of Rs, 47,50,426./- (Previous Year Rs, 87,53,875/-) has been transferred from Statement of Profit & Loss A/c to Preference Shares redemption reserve on account of premium amount of preference shares redeemed.
10. Disclosure of Micro and Small Enterprises (Trade Payables)
The company is in the process of compiling information from the suppliers regarding their status as Micro/ Small Scale Enterprises, so as to disclose the information as required by MSMED Act and Schedule VI of the Companies Act relating to Micro, Small and Medium Enterprises. In absence of confirmed information about the suppliers, it is practically not feasible to state the amount payable to them as on 31st March, 2016.
11. The balances of majority of the Trade Receivables, Trade Payables and Loan & Advances made and received, are subject to confirmation and as such there balances are reflected in the Balance Sheet as appearing in the books, pending reconciliation, the net effect is unascertainable.
12. Assets Taken/ Given on Operating Lease:
Some of the Office premises have been taken/given on operating leases for a period of less than 10 years and are generally renewable by mutual consent on mutually agreeable terms. The agreements have an escalation clause. There are no sub leases and the leases are generally cancellable in nature.
13. Segment Reporting
a) The Business Segments comprise the following:
- Agri Business
- Pharma, Chemical & Minerals
b) Business segments have been identified based on the nature and class of products and services, their customers and assessment of the differential risks and returns and financial reporting system within the Company.
c) The company operates throughout in India, hence, no distinction on the basis of geographical segment have been made.
d) Segment accounting policies
In addition to the significant accounting policies, applicable to the business as set out in note 1 âNotes to the Financial Statements, the accounting policies in relation to segment accounting are as under:
(i) Segment assets and liabilities:
Segment assets include all operating assets used by a segment and consist principally cash, debtors, inventories and fixed assets, net of allowances and provisions, which are reported as direct offsets in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities. While most of the assets/liabilities can be directly attributed to individual segments, the carrying amount of certain assets/liabilities pertaining to two or more segment is allocated to the segment on reasonable basis.
(ii) Segment revenue and expenses :
Joint revenue and expenses of segments are allocated amongst them on a reasonable basis. All other segment revenue and expenses are directly attributable to the segment
(iii) Inter Segment Sales:
Inter-segment sales are accounted for at cost and are eliminated in consolidation.
e) Primary Segment information (Business Segments) for the year ended 31st March, 2016.
Defined Benefit Plans:
(a) Gratuity
(b) Compensated absences
Gratuity is an unfunded scheme, the present value of obligation is determined based on actuarial valuation, the disclosure of which is given as under:
Eligible Compensated absences of employees are adjustable against leave which the employee may avail in the future.
14. The Commissioner, Central Excise, Chandigarh, has proposed the classification of Poultry Keeping Machinery under Chapter 73 of the Central Excise Tariff Act, 1985 and has demanded the duty of Rs, 173.55 Lacs plus interest and penalty by invoking the extended period of limitation for 5 years. However, the company has cleared the goods as Poultry Keeping Machinery classifying the goods at -Nil- rate of duty under Chapter 84 of the CET Act, 1985. The company has been clearing the goods at -Nil- duty for more than last 5 years and the goods have been classified under Chapter 84 after duly intimating the department from time to time. Under Central Excise Law, the demand can be made for a period of one year under normal circumstances. However, in case of wilful suppression of facts, the duty can be demanded by invoking the extended period of limitation for last 5 years. In the aforesaid show cause notice, the department has raised the demand by invoking extended period of 5 years whereas since the activity has been undertaken after duly intimating the department therefore the demand is not sustainable for 5 years and at worst the demand can sustain for one year only.
The company has already paid the duty of Rs, 63.13 Lacs against the above demand as âDuty Paid Under Protest. Also the additional amount paid subsequent to the demand and till 31st March 2013 is deposited under protest. Therefore the total duty of Rs, 92.29 Lac already paid is shown as (Amount recoverable in cash or in kind) in the Balance Sheet under the head Short Term Loan and Advances. The balance amount of Rs, 110.42 Lacs is pending payable against the demand and is shown as contingent Liability.
15. Financial reporting of interest in Joint Venture - Accounting Standard 27
Advance received include Rs, 12,29,49,002/- as advance received against joint development agreement entered into by the Company on 13th June, 2013 and addendum dated 12th July, 2013 with Alchemist Township India Limited for joint development of 7.2 acres of land of the Company situated at Village Dappar and Samlehri. The Project would be a residential development carried out under the name âRiviera Heightsâ with a built up area of at least 6,30,000 square feet. The Company is entitled to an overall advance of Rs, 50 Crores against the 35% share of the developed area along with proportionate rights in the land of the said project, which the developer is required to make available with the Company by 31st March, 2016. The advance would be in the nature of a current account and the developer can demand withdrawal of the advance, subject to approval of the Company.
16. Some portions of the fixed assets records were misplaced during the year 2014-15 which have resulted in some estimates in order to tally the same with the books and records. The overall effect on depreciation for the year 201516 is not likely to be material.
17. The company extends credit from time to time as per market practices. In respect of export receivables amounting to Rs, 47363.02 lacs, credit has been extended for export sales and regular follow up is being done to recover the amounts from all the parties involved. The management is confident of recovering all these dues and hence no provision is considered necessary against these receivables as of now.
18. The economic downturn has impacted the international trade operations of the company. Taking cue the company has initiated many cost cutting measures including downsizing and vacation of office premises. During the year the company has vacated some office premises. Since the company had made some leasehold improvements to the same, the company had to take a write off of these leasehold improvements and accordingly has incurred a loss of Rs, 278.49 lacs reflected under Exceptional Items.
19. Companies wholly owned foreign subsidiary âAlchemist Enterprise (S) PTE Ltd.â is in the process of winding up. In the process the WOS has stopped operations and closed its bank accounts. A trade receivable of US$ 4,00,000/- standing in its books against which the payment of Rs, 265.33 lacs has been received by Alchemist Limited. Such amount received has been reflected as âClosure proceeds of WOSâ under Other Current Liabilities until the process of winding up of the company is completed.
20. Cash in hand includes cash amounting to Rs, 180.54 lac which was seized by the Income Tax Authorities during the search and seizure operation u/s 132 of the Income Tax Act, 1961 during the month of June, 2014.
21. An unclaimed dividend pertaining to dividend declared for the year 2007-08 amounting to Rs, 10,73,327/- was transferred to Investor Education and Protection Fund during the year 2015-16.
22. Previous yearâs figures have been reworked, regrouped, rearranged and reclassified wherever deemed necessary, to make them comparable.
Mar 31, 2015
Term Loans From Bank:
Punjab National Bank: Secured Loan of Rs.12,37,50,224/- (Rupees Twelve
Crore Thirty Seven Lac Fifty Thousand Twc Hundred Twenty Four Only)
(Previous Year Rs. 15,12,51,224/- (Rupees Fifteen Crore Twelve Lac Fifty
One Thousand Two Hundred Twenty Four Only) secured through exclusive
Charge on Fixed Assets Block, situated at F-5, Kishangarh Rajiv Gandhi
I.T Park, Chandigarh. Due within one year is Rs. 3.50 Crore (Rupees Three
Crore Fifty Lac Only ) (Previous Year Rs. 3.00 Crore (Rupees Three Crore
Only).The loan has been guaranteed by Mr. Kanwar Deep Singh in the
capacity of the director till 31st August,2012 and thereafter being the
promoter of the company.
Term Loan carries interest @ base rate 4% and is repayable in 84
monthly installment of Rs. 25,00,000/- (Rupees Twenty Five Lac Only)
each, commencing from 30th April, 2013.
Vehicle Loans from Bank:
Vehicle Loans of Rs. 53,65,663/- (Rupees Fifty Three Lac Sixty Five
Thousand Six Hundred Sixty Three Only) (Previous Year Rs. 95,99,202/-
(Rupees Ninety Five Lac Ninety Nine Thousand Two Hundred Two Only) are
Secured agains' hypothecation of vehicles. Due within one year is Rs.
34,12,789/- (Rupees Thirty Four Lac Twelve Thousand Sever Hundred
Eighty Nine Only) (Previous year Rs. 44,12,985/- (Rupees Forty Four Lac
Twelve Thousand Nine Hundred Eighty Five Only). Vehicle Loans have been
procured from various banks with rates of interest varying from 9% to
12% with repayment term of 3 to 5 Years.
Inter Corporate Loan:
Inter Corporate loan has been received from KDS Corporation Pvt Limited
(a promoter group Company) and Technology Park Limited (a party covered
under section 189 of the Companies Act. 2013) amounting to Rs. 4.37
Crores and Rs. 683.10 Crores. The Terms of repayment with respect to loan
from kDs Corporation Private Limited have not been defined and is
repayable on the mutual agreement of both the parties involved, hence
terms are not prejudicial to the interest of the company. Loan from
Technology Park Limited is repayable on service of a minimum notice of
12 months by the lender foi a repayment in excess of Rs. 50.00 Crores,
however upon the concurrence of the Company, hence terms are not
prejudicia to the interest of the Company. The Inter Corporate Loans
obtained by the Company are non interest bearing.
-Bank of India:
Working Capital facility of Rs. 3,31,97,767/- (Rupees Three Crore Thirty
One Lac Ninety Seven Thousand Seven Hundred Sixty Seven Only) (Previous
Year Rs. 1,87,31,359/- (Rupees One Crore Eighty Seven Lac Thirty One
Thousand Three Hundred Fifty Nine Only) secured against hypothecation
of stocks and book debt of the company's unit located at Chambaghat,
Solan (H.P). It is further collaterally secured by Land and Building,
other structures (erected or to be erected) and other immovable
properties of the Unit situated at Chambaghat, Solan. The loan has
been guaranteed by Mr. Kanwar Deep Singh in the capacity of the
director till 31st August,2012 and thereafter being the promoter of the
company.
2. In the opinion of the management the current assets, loans and
advances are of the value stated, if realised in the ordinary course of
business. Out of the total amount of Loan and Advances a Sum of Rs. 4.60
Crores stands outstanding from Medisphare Marketing Limited. The
company has initiated a legal action in the Kolkata High Court for
recovery of the same.
3. The Company had entered into a scheme of arrangement under section
391-394 of the Companies Act, 1956 with Alchemist Foods Limited, a
wholly owned subsidary which had been approved by the Hon'ble High
Court of Delhi and High Court of Punjab and Haryana at Chandigarh vide
its order dated 1st November, 2010 & 2nd December, 2010 respectively.
The same had been registered with the Office of Registrar of Companies
at Delhi and Chandigarh dated 2nd December, 2010 & 23rd December, 2010.
Hence, appointed date for the implementation of the scheme was 23rd
December, 2010 with effect from 1st April 2008, being the effective
date. The scheme of arrangement was duly implemented in the financial
year 2010-11.
- As per the scheme, food division of Alchemist limited had been
demerged from the Company and transferred to and vested in Alchemist
Foods Limited. All the properties, rights and power, assets, both
movable and immoveable, liabilities including contingent liabilities
and reserves, all income and expenses of the Food Division have without
further act or deed been transferred to and vested with Alchemist Foods
Limited at their book values, as a going concern with effect from the
appointed date i.e. 1st April, 2008. In consideration, thereof,
Alchemist Foods Limited had issued 1,00,00,000 Equity Shares of Rs. 10/-
each at a premium of Rs. 90/- per shares to Alchemist Limited and an
amount of Rs. 27.44 Crores was treated as unsecured loan from Alchemist
Limited to Alchemist Foods Limited.
- As per the Scheme of arrangement, Authorized share capital of
Alchemist Limited i.e. Rs. 121.25 Crores as on effective date i.e. 1st
April, 2008 had been partly clubbed with Authorized Share Capital of
the Transferee Company i.e. Alchemist Foods Limited. Accordingly, after
implementation of scheme of arrangement, authorized share capital of
Alchemist Limited had been reduced to Rs. 80.00 Crores consisting of 3.00
Crore equity shares of Rs. 10/- each aggregating to Rs. 30.00 Crores and
50.00 Lac redeemable preference shares of Rs. 100/- each aggregating to
Rs.50.00 Crores.
4. Alchemist Limited has four subsidiaries namely Alchemist Foods
Limited, Alchemist Infrastructures Private Limited, Alchemist
Hospitality Group Limited and Alchemist Enterprises Pte Limited. The
company had initiated steps to take over a company in Hong Kong as a
subsidiary to further its international operations. However this
process has not been completed pending approvals for remittances to be
made towards capital.
In accordance with General Circular No. 2/2011 dated 8th February, 2011
issued by the Ministry of Corporate Affairs, Government of India, the
Balance Sheet, Statement of Profit and Loss and other documents of
subsidiary companies are not being attached with the Financial
Statement of the Company.
5. Related Party Disclosures:
In accordance with the Accounting Standard (AS-18) on related party
disclosure where controls exists and where transaction have taken place
and description of the relationship as identified and certified by
management are as follows:
Key Managerial Personnel
- Maj. Gen. (Retd.) Anil Oberoi
- Mr. Pavan Kumar Verma
Subsidiary:
- Alchemist Foods Limited
- Alchemist Infrastructures Private Limited
- Alchemist Hospitality Group Limited
- Alchemist Enterprise Pte Limited, Singapore
Associates:
- Alchemist Hospitals Limited
- Alchemist Airways Private Limited
- Alchemist Realty Limited
- Black Cat Protection Services Private Limited
- KDS Corporation Private Limited
- A 1 News Network Private Limited
- Alchemist Media Limited
- Dooteriah & Kalej Valley Tea Estate Private Limited
- Alchemist Medisphere Limited
- Technology Parks Limited
- Anant Media Private Limited
- Alchemist Lifescienses Limited
- Alchemist Aviation Private Limited
- Alchemist F&B Limited
- Alchemist Touchnology Limited
- Eco Breaking Technologies India Private Limited
- Jass Developers Private Limited
- Kandaghat Spa & Health Resorts Private Limited
- Alchemist Hotel & Resorts Limited
- Alchemist Universe of Education Limited
- Optimum Constructions & Developers Private Limited
6. As per Accounting Standard - 28 "Impairment of Assets", the
company has assessed the conditions of all the assets used in its
operation and is of the opinion that there is no impairment of assets,
hence no provision was made.
7. Finished Goods Stock of Steel Division for year 2015 has been
carried over including excise duty.
8. Common Expenses relating to Head Office and other administrative
office have been allocated to various divisions on the following basis.
i) Financial Cost - Fixed & Current Assets Employed
ii) Other Expenses - Sales/Reasonable Estimations
9. During the year 9,300 (Previous year 12,80,380) preference shares
were redeemed and as per provisions of the Companies Act, 1956 a sum of
Rs. 9,30,000/- (Previous Year Rs. 11,72,99,157/-) has been transferred to
Capital Redemption Reserve out of Profit & Loss A/c and Rs. Nil (Previous
Year and Rs. 1,07,38,843/-) has been transferred from General Reserve.
Further a sum of Rs. Nil (Previous Year Rs. 11,82,60,731/-) has been
transferred from Share Premium Account and a Sum of Rs. 87,53,875/-
(Previous Year Rs. 19,19,73,292/-) has been transferred from Statement of
Profit & Loss A/c to Preference Shares redemption reserve on account of
premium amount of preference shares redeemed.
10. Disclosure of Micro and Small Enterprises (Trade Payables)
The company is in the process of compiling information from the
suppliers regarding their status as Micro/ Small Scale Enterprises, so
as to disclose the information as required by MSMED Act and Schedule VI
of the Companies Act relating to Micro, Small and Medium Enterprises.
In absence of confirmed information about the suppliers, it is
practically not feasible to state the amount payable to them as on 31st
March, 2015.
11. The balances of majority of the Trade Receivables, Trade Payables
and Loan & Advances made and received, are subject to confirmation and
as such there balances are reflected in the Balance Sheet as appearing
in the books, pending reconciliation, the net effect is
unascertainable.
12. Assets Taken/ Given on Operating Lease:
Some of the Office premises have been taken/given on operating leases
for a period of less than 10 years and are generally renewable by
mutual consent on mutually agreeable terms. The agreements have an
escalation clause. There are no sub leases and the leases are
generally cancellable in nature.
13. Segment Reporting
a) The Business Segments comprise the following:
- Agri Business
- Pharma, Chemical & Minerals
b) Business segments have been identified based on the nature and class
of products and services, their customers and assessment of the
differential risks and returns and financial reporting system within
the Company.
c) The company operates throughout in India, hence, no distinction on
the basis of geographical segment have been made.
d) Segment accounting policies
In addition to the significant accounting policies, applicable to the
business as set out in note 1 'Notes to the Financial Statements', the
accounting policies in relation to segment accounting are as under:
(i) Segment assets and liabilities:
Segment assets include all operating assets used by a segment and
consist principally cash, debtors, inventories and fixed assets, net of
allowances and provisions, which are reported as direct offsets in the
balance sheet. Segment liabilities include all operating liabilities
and consist principally of creditors and accrued liabilities. While
most of the assets/liabilities can be directly attributed to individual
segments, the carrying amount of certain assets/liabilities pertaining
to two or more segment is allocated to the segment on reasonable basis.
(ii) Segment revenue and expenses :
Joint revenue and expenses of segments are allocated amongst them on a
reasonable basis. All other segment revenue and expenses are directly
attributable to the segment
(iii) Inter Segment Sales:
Inter-segment sales are accounted for at cost and are eliminated in
consolidation.
e) Primary Segment information (Business Segments) for the year ended
31st March, 2015.
14. The Commissioner, Central Excise, Chandigarh, has proposed the
classification of Poultry Keeping Machinery under Chapter 73 of the
Central Excise Tariff Act, 1985 and has demanded the duty of ' 173.55
Lacs plus interest and penalty by invoking the extended period of
limitation for 5 years. However, the company has cleared the goods as
Poultry Keeping Machinery classifying the goods at -Nil- rate of duty
under Chapter 84 of the CET Act, 1985. The company has been clearing
the goods at -Nil- duty for more than last 5 years and the goods have
been classified under Chapter 84 after duly intimating the department
from time to time. Under Central Excise Law, the demand can be made for
a period of one year under normal circumstances. However, in case of
wilful suppression of facts, the duty can be demanded by invoking the
extended period of limitation for last 5 years. In the aforesaid show
cause notice, the department has raised the demand by invoking extended
period of 5 years whereas since the activity has been undertaken after
duly intimating the department therefore the demand is not sustainable
for 5 years and at worst the demand can sustain for one year only.
The company has already paid the duty of Rs. 63.13 Lacs against the above
demand as 'Duty Paid Under Protest'. Also the additional amount paid
subsequent to the demand and till 31st March 2013 is deposited under
protest. Therefore the total duty of Rs. 92.29 Lac already paid is shown
as 'Amount recoverable in cash or in kind' in the Balance Sheet under
the head Short Term Loan and Advances. The balance amount of Rs. 110.42
Lacs is pending payable against the demand and is shown as contingent
Liability.
15. During the year interest paid on term loan (For IT Park Project)
amounting to Rs. 158.76 Lacs (Previous Year Rs. 256.41 Lacs) has been
capitalised in accordance with AS-16 borrowing Costs.
16. Financial reporting of interest in Joint Venture - Accounting
Standard 27
Advance received include Rs. 12,29,49,002/- as advance received against
joint development agreement entered into by the Company on 13th June,
2013 and addendum dated 12th July, 2013 with Alchemist Township India
Limited for joint development of 7.2 acres of land of the Company
situated at Village Dappar and Samlehri. The Project would be a
residential development carried out under the name "Riviera Heights"
with a built up area of at least 6,30,000 square feet. The Company is
entitled to an overall advance of Rs. 50 Crores against the 35% share of
the developed area along with proportionate rights in the land of the
said project, which the developer is required to make available with
the Company by 31st March, 2016. The advance would be in the nature of
a current account and the developer can demand withdrawal of the
advance, subject to approval of the Company.
18. Some portions of the fixed assets records have been misplaced which
have resulted in some estimates in order to tally the same with the
books and records. The overall effect on depreciation for the year
2014-15 is not likely to be material.
19. The company extends credit from time to time as per market
practices. In respect of export receivables, credit has been extended
for export sales and regular follow up is being done to recover the
amounts from all the parties involved. The management is confident of
recovering all these dues and hence no provision is considered
necessary against these receivables as of now.
20. An unclaimed dividend pertaining to dividend declared for the year
2006-07 amounting to Rs. 12,00,280/- was transferred to investor
education and protection fund during the year 2014-15.
21. Previous year's figures have been reworked, regrouped, rearranged
and reclassified wherever deemed necessary, to make them comparable.
Mar 31, 2014
Term Loans From Bank:
Punjab National Bank; Secured Loan of Rs. 15,12,51,224/- (Rupees
Fifteen Crore Twelve Lac Fifty One Thousand Two Hundred Twenty Four
Only) (Previous Year Rs. 17,87,51,224/- (Rupees Seventeen Crore Eighty
Seven Lac Fifty One Thousand Two Hundred Twenty Four Only) secured
through exclusive Charge on Fixed Assets Block, situated at F-5,
Kishangarh Rajiv Gandhi I .T. Park, Chandigarh. Due within one year is
Rs. 3.00 Crore (Rupees Three Crore Only) (Previous Year Rs. 3.00 Crore
(Rupees Three Crore Only).
The loan has been guaranteed by Mr. Kanwar Deep Singh in the capacity
of the director till 31st August, 2012 and thereafter being the
promoter of the company.
Term Loan carries interest @ base rate 4% and is repayable in 84
monthly installment of Rs. 25,00,000/- (Rupees Twenty Five Lac Only)
each, commencing from 30th April, 2013.
Vehicle Loans from Bank:
Vehicle Loans of Rs. 95,99,202/- (Rupees Ninety Five Lac Ninety Nine
Thousand Two Hundred Two Only) (Previous Year Rs. 1,35,87,838/- (Rupees
One Crore Thirty Five Lac Eighty Seven Thousand Eight Hundred Thirty
Eight Only) are secured against hypothecation of vehicles. Due with in
one year is Rs. 44,12,985/- (Rupees Forty Four Lac Twelve Thousand Nine
Hundred Eighty Five Only) (Previous year Rs. 55,92,618/- (Rupees Fifty
Five Lac Ninety Two Thousand Six Hundred Eighteen Only).
Vehicle Loans have been procured from various banks with rate of
interest varying from 9% to 12% with repayment term of 3 to 5 Years.
Inter Corporate Loan:
Inter Corporate loan has been received from KDS Corporation Pvt Limited
(a promoter group Company) and Technology Park Limited (a party covered
under section 301 of the companies Act. 1956) amounting to Rs. 49.71
Crores and Rs. 704.60 Crores. The Terms of repayment with respect to
loan from KDS Corporation Private Limited have not been defined and is
repayable on the mutual agreement of both the parties involved, hence
terms are not prejudicial to the interest of the company. Loan from
Technology Park Limited is repayable on service of a minimum notice of
12 months by the lender for a repayment in excess of Rs. 50.00 Crores,
however upon the concurrence of the Company, hence terms are not
prejudicial to the interest of the Company. The Inter Corporate Loans
obtained by the Company are non interest bearing.
1. Contingent Liabilities and Commitments (Rs. In Lacs)
Particulars Year Year
31.03.2014 31.03.2013
(Rs.) (Rs.)
Contingent Liabilities
Corporate Guarantees 3597.49 3049.45
Disputed demand under excise duty
(Net of duty deposited under protest) 110.42 110.42
Claims Against the company not
acknowledged as debts 13.60 12.00
Letter of Credit -
Commitments
Estimated amount of Contract remaining to
be executed on capital account and not
provide for
(Net of Advances) 139.92 487.66
2. In the opinion of the management the current assets, loans and
advances are of the value stated, if realised in the ordinary course of
business. Out of the total amount of Loan and Advances a Sum of Rs.
4.60 Crores stands outstanding from Medisphare Marketing Limited. The
company has initiated a legal .action in the Kolkata High Court for
recovery of the same.
3. The Company had entered into a scheme of arrangement under section
391-394 of the Companies Act, 1956 with Alchemist Foods Limited, a
wholly owned subsidary which had been approved by the Hon''ble High
Court of Delhi and High Court of Punjab and Haryana at Chandigarh vide
its order dated 1st November, 2010 & 2nd December, 2010 respectively.
The same had been registered with the Office of Registrar of Companies
at Delhi and Chandigarh dated 2nd December, 2010 & 23rd December, 2010.
Hence, appointed date for the implementation of the scheme was 23rd
December, 2010 with effect from 1st April 2008, being the effective
date. The scheme of arrangement was duly implemented in the financial
year 2010-11.
As per scheme, food division of Alchemist limited had been demerged
from the Company and transferred to and vested in Alchemist Foods
Limited. All the properties, rights and power, assets, both movable and
immoveable, liabilities including contingent liabilities and reserves,
all income and expenses of the Food Division have without further act
or deed been transferred to and vested with Alchemist Foods Limited at
their book values, as a going concern with effect from the appointed
date i.e. 1st April, 2008. In consideration, thereof, Alchemist Foods
Limited had issued 1,00,00,000 Equity Shares of Rs. 10/- each at a
premium of Rs. 90/- per shares to Alchemist Limited and an amount of
Rs. 27,44 Crores was treated as unsecured loan from Alchemist Limited
to Alchemist Foods Limited.
As per Scheme of arrangement, Authorized share capital of Alchemist
Limited i.e. Rs. 121.25 Crores as on effective date i.e. 1st April,
2008 had been partly clubbed with Authorized Share Capital of the
Transferee Company i.e. Alchemist Foods Limited. Accordingly, after
implementation of scheme of arrangement, authorized share capital of
Alchemist Limited had been reduced to Rs. 80.00 Crores consisting of
3.00 Crore equity shares of Rs. 10/- each aggregating to Rs. 30.00
Crores and 50.00 Lac redeemable preference shares of Rs. 100/- each
aggregating to Rs. 50.00 Crores.
4. Alchemist Limited has four subsidiaries namely Alchemist Foods
Limited, Alchemist Infrastructures Private Limited, Alchemist
Hospitality Group Limited and Alchemist Enterprises Pte Limited. In
accordance with General Circular No. 2/2011 dated 8th February, 2011
issued by the Ministry of Corporate Affairs, Government of India, the
Balance Sheet, Statement of Profit and Loss and other documents of
subsidiary companies are not being attached with the Financial
Statement of the Company.
5. Related Party Disclosures:
In accordance with the Accounting Standard (AS-18) on related party
disclosure where controls exists and where transaction have taken place
and description of the relationship as identified and certified by
management are as follows:
Key Managerial Personnel
* Maj. Gen. (Retd.) Anil Oberoi
* Mr. Pavan Kumar Verma
Subsidiary:
* Alchemist Foods Limited
* Alchemist Infrastructures Private Limited
* Alchemist Hospitality Group Limited
* Alchemist Enterprise Pte Limited, Singapore
Associates:
* Alchemist Hospitals Limited
* Alchemist Airways Private Limited
* Alchemist Realty Limited
* Black Cat Protection Services Private Limited
* KDS Corporation Private Limited
* Optimum Constructors and Developers Limited
* Platinum Ventures Limited
* A1 News Network Private Limited
* Alchemist Media Limited
* Dooteriah & Kalej Valley Tea Estate Private Limited
* Alchemist Medisphere Limited
* Technology Parks. Limited
* Anant Media Private Limited
Joint Venture:
* Alchemist Township India Limited
6. As per Accounting Standard - 28 "Impairment of Assets", the company
has assessed the conditions of all the assets used in its operation and
is of the opinion that there is no impairment of assets, hence no
provision was made.
7. Finished Goods Stock of Steel Division for year 2014 has been
carried over including excise duty.
8. Common Expenses relating to Head Office and other administrative
office have been allocated to various divisions on the following basis.
i) Financial Cost - Fixed & Current Assets Employed
ii) Other Expenses - Sales/Reasonable Estimations
9. During the year 12,80,380 (Previous year 1,36,600) preference
shares were redeemed and as per provisions of the Companies Act, 1956 a
sum of Rs. 1,07,38,843/- (Previous Year Rs. 1,36,60,000/-) has been
transferred to Capital Redemption Reserve out of General Reserve and
Rs. 11,72,99,157 (Previous Year - Nil) has been transferred from
Statement of Profit & Loss A/c. Further a sum of Rs. 11,82,60,731/-
(Previous Year Rs. 2,95,22,269/-) has been transferred from Share
Premium Account and a Sum of Rs. 19,19,73,292/- (Previous Year - Nil)
has been transferred from Statement of Profit & Loss A/c to Preference
Shares redemption reserve on account of premium amount of preference
shares redeemed.
10. Disclosure of Micro and Small Enterprises (Trade Payables)
The company is in the process of compiling information from the
suppliers regarding their status as Micro/ Small Scale Enterprises, so
as to disclose the information as required by MSMED Act and Schedule VI
of the Companies Act relating to Micro, Small and Medium Enterprises.
In absence of confirmed information about the suppliers, it is
practically not feasible to state the amount payable to them as on 31st
March, 2014.
11. The balances of some of the Trade Receivables, Trade Payables and
Loan & Advances made and received, are subject to confirmation and as
such there balances are reflected in the Balance Sheet as appearing in
the books, pending reconciliation, the net effect is unascertainable.
12. Assets Taken/ Given on Operating Lease:
Some of the Office premises have been taken/given on operating leases
for a period of less than 10 years and are generally renewable by
mutual consent on mutually agreeable terms. The agreements have an
escalation clause. There are no sub leases and the leases are generally
cancellable in nature.
13. Segment Reporting
a) The Business Segments comprise the following:
* Agri Business
* Pharma & Chemical
b) Business segments have been identified based on the nature and class
of products and services, their customers and assessment of the
differential risks and returns and financial reporting system within
the Company.
c) The company operates through in India, hence, no distinction on the
basis of geographical segment have been made.
d) Segment accounting policies
In addition to the significant accounting policies, applicable to the
business as set out in note 1 ''Notes to the Financial Statements'', the
accounting policies in relation to segment accounting are as under:
(i) Segment assets and liabilities:
Segment assets include all operating assets used by a segment and
consist principally cash, debtors, inventories and fixed assets, net of
allowances and provisions, which are reported as direct offsets in the
balance sheet. Segment liabilities include all operating liabilities
and consist principally of creditors and accrued liabilities. While
most of the assets/liabilities can be directly attributed to individual
segments, the carrying amount of certain assets/liabilities pertaining
to two or more segment are allocated to the segment on reasonable
basis.
(ii) Segment revenue and expenses:
Joint revenue and expenses of segments are allocated amongst them on a
reasonable basis. All other segment revenue and expenses are directly
attributable to the segment
(iii) Inter Segment Sales:
Inter-segment sales are accounted for at cost and are eliminated in
consolidation.
Loans and advance shown above fall under the category of Loan and
Advance in nature of loan which are repayable on demand by the company
by giving a prior notice of at least 12 months, subject to concurrence
of the loanee.
b) The loanee has not made any investments in shares of the Company.
14. The Commissioner, Central Excise, Chandigarh, has proposed the
classification of Poultry Keeping Machinery under Chapter 73 of the
Centra! Excise Tariff Act, 1985 and has demanded the duty of Rs. 173.55
Lacs plus interest and penalty by invoking the extended period of
limitation for 5 years. However, the company has cleared the goods as
Poultry Keeping Machinery classifying the goods at -Nil- rate of duty
under Chapter 84 of the CET Act, 1985. The company has been clearing
the goods at -Nil- duty for more than last 5 years and the goods have
been classified under Chapter 84 after duty intimating the department
from time to time. Under Central Excise Law, the demand can be demanded
for a period of one year under normal circumstances. However, in case
of wilful suppression of facts, the duty can be demanded by invoking
the extended period of limitation for last 5 years. In the aforesaid
show cause notice, the department, has raised the demand by invoking
extended period of 5 years whereas since the activity has been
undertaken after duly intimating the department therefore the demand is
not sustainable for 5 years and at worst the demand can sustain for one
year only.
The company has already paid the duty of Rs. 63.13 Lacs against the
above demand as ''Duty Paid Under Protest''. Also the additional amount
of Rs. 30.96 Lacs paid subsequent to the demand and till 31st March
2013 is deposited under protest. Therefore the total duty of Rs. 92.29
Lac already paid is shown as ''Amount recoverable in cash or in kind'' in
the Balance Sheet under the head Short Term Loan and Advances. The
balance amount of Rs. 110.42 Lacs is pending payable against the demand
is shown as contingent Liability.
15. During the year 2012-2013, pharmaceutical division had started the
transition from marketing through a sole selling agent to distribution
and marketing through own network of C&F/consignee agents/
stockists/distributors.
During the current year 2013-14, Company has successfully completed the
design, development & implementation of a pan India network system to
generate demand & to ensure availability of Company''s products with the
retailers. Development & establishment of this network system is an
intangible asset, as defined in AS 26, under the control of the Company
& economic benefits are expected to flow to the Company in future.
Expenses incurred directly for the development of this network system,
amounting to Rs. 5.90 Crores (Previous Year Rs. 5.42 Crores) have been
attributed to this intangible asset & capitaiised under the head Fixed
Assets on 31st March, 2014.
In this distribution network, specialist doctor population of 45000 and
6000 stockists, have been empanelled with the company, and through this
the company is able to touch base at least 35000 retailers.
16. During the year interest paid on term loan (For IT Park Project)
amounting to Rs. 256.41 Lacs (Previous Year Rs. 231.36 Lacs) has been
capitalised in accordance with AS-16 borrowing Costs.
17. Financial reporting of interest in Joint Venture-Accounting
Standard 27 Advance received include Rs. 12,29,49,002/- as advance
received against joint development agreement entered into by the
Company on 13th June, 2013 and addendum dated 12th July, 2014 with
Alchemist Township India Limited for joint development of 7.2 acres of
land of the Company situated at Village Dappar and Samlehri. The
Project would be a residential development carried out under the name
"Riviera Heights" with a built up area of at least 6,30,000 square
feet. The Company is entitled for an overall advance of Rs. 50 Crores
against the 35% share of the developed area along with proportionate
rights in the land of the said project, which the developer is required
to make available with the Company by 31st March, 2016. The advance
would be in the nature of a current account and the developer can
demand for withdrawal of the advance, subject to approval of the
Company.
18. Previous year''s figures have been reworked, regrouped, rearranged
and reclassified wherever deemed necessary, to make them comparable.
Mar 31, 2013
1. In the opinion of the management the current assets, loans and
advances are of the value stated, if realised in the ordinary course of
business. Out of the total amount of Loan and Advances a Sum of Rs.
4.60 Crores stands outstanding from Medisphere Marketing Limited. The
company has initiated a legal action in the Kolkata High Court for
recovery of the same.
2. The Company had entered into a scheme of arrangement under section
391-394 of the Companies Act, 1956 with Alchemist Foods Limited, a
wholly owned subsidiary which had been approved by the Hon''ble High
Court of Delhi and High Court of Punjab and Haryana at Chandigarh vide
its order dated 1st November, 2010 & 2nd December, 2010 respectively.
The same had been registered with the Office of Registrar of Companies
at Delhi and Chandigarh dated 2nd December, 2010 & 23rd December, 2010.
Hence, appointed date for the implementation of the scheme was 23rd
December, 2010 with effect from 1st April 2008, being the effective
date. The scheme of arrangement was duly implemented in the financial
year 2010-11.
As per scheme, food division of Alchemist limited had been demerged
from the Company and transferred to and vested in Alchemist Foods
Limited. All the properties, rights and power, assets, both movable and
immoveable, liabilities including contingent liabilities and reserves,
all income and expenses of the Food Division have without further act
or deed been transferred to and vested with Alchemist Foods Limited at
their book values, as a going concern with effect from the appointed
date i.e. 1st April, 2008. In consideration, thereof, Alchemist Foods
Limited had issued 1,00,00,000 Equity Shares of Rs. 10/- each at a
premium of Rs. 90/- per shares to Alchemist Limited and an amount of Rs
27.44 Crores was treated as unsecured loan from Alchemist Limited to
Alchemist Foods Limited.
As per Scheme of arrangement, Authorized share capital of Alchemist
Limited i.e. Rs. 121.25 Crores as on effective date i.e. 1st April,
2008 had been partly clubbed with Authorized Share Capital of the
Transferee Company i.e. Alchemist Foods Limited. Accordingly, after
implementation of scheme of arrangement, authorized share capital of
Alchemist Limited had been reduced to Rs. 80.00 Crores consisting of
3.00 Crore equity shares of Rs. 10/- each aggregating to Rs. 30.00
Crores and 50.00 Lac redeemable preference shares of Rs. 100/- each
aggregating to Rs 50.00 Crores.
3. Alchemist Limited has four subsidiaries namely Alchemist Foods
Limited, Alchemist Infrastructures Pvt. Ltd., Alchemist Hospitality
Group Limited and Alchemist Enterprises Pte. Ltd, Singapore in
accordance with General Circular No. 2/2011 dated 8th February, 2011
issued by the Ministry of Corporate Affairs, Government of India, the
Balance Sheet, Statement of Profit and Loss and other documents of
subsidiary companies are not being attached with the Financial
Statement of the Company.
4. Related Party Disclosures:
In accordance with the Accounting Standard (AS -18) on related party
disclosure where controls exists and where transaction have taken place
and description of the relationship as identified and certified by
management are as follows:
Key Managerial Personnel
- Dr. Kanwar Deep Singh (Retired on 30th August, 2012)
- Maj. Gen. (Retd.) Anil Oberoi
Subsidiary:
- Alchemist Foods Limited
- Alchemist Infrastructures Pvt. Ltd.
- Alchemist Hospitality Group Ltd.
- Alchemist Enterprise (S) Pte Limited, Singapore
Associates:
- Alchemist Hospitals Limited
- Alchemist Airways Pvt. Ltd.
- Alchemist Realty Limited
- Black Cats Protections Pvt. Ltd.
- KDS Corporation Pvt. Ltd
- Optimum Constructors and Developers Limited
- Platinum Ventures Limited
- A 1 News Network Pvt Ltd
- Alchemist Media Limited
Relatives of Key Management Personnel
- Mr Karan Deep Singh
- Mr. Kaman Deep Singh
- Mr. Ravinder Singh
- Mrs. Hapreet Kaur
- Mrs. Isher Kaur
5. As per Accounting Standard  28 "Impairment of Assets", the
company has assessed the conditions of all the assets used in its
operation and is of the opinion that there is no impairment of assets,
hence no provision was made.
6. Finished Goods Stock of Steel Division for year 2013 has been
carried over including excise duty.
7. Common Expenses relating to Head Office and other administrative
office have been allocated to various divisions on the following basis.
i) Financial Cost - Fixed & Current Assets Employed
ii) Other Expenses - Sales/Reasonable Estimation
8. During the year 1,36,600 (Previous year 13,70,110) preference
shares were redeemed and as per provisions of the Companies Act, 1956 a
sum of Rs. 1,36,60,000/- (Previous Year 13,70,11,000/-) has been
transferred to Capital Redemption Reserve out of General Reserve.
Further a sum of Rs.-Nil-(Previous Year 16,65,83,209/-) has been
transferred from General Reserve and a Sum of Rs 2,95,22,269/-
(Previous Year Rs. 13,12,00,000/-) has been transferred from Securities
Premium Reserve to Preference Shares redemption reserve on account of
premium amount of preference shares redeemed.
9. Disclosure of Micro and Small Enterprises (Trade Payables)
The company is in the process of compiling information from the
suppliers regarding their status as Micro/ Small Scale Enterprises, so
as to disclose the information as required by MSMED Act and Schedule VI
of the Companies Act relating to Micro, Small and Medium Enterprises.
In absence of confirmed information about the suppliers, it is
practically not feasible to state the amount payable to them as on 31st
March, 2013.
10. The balances of some Debtors and Creditors, Loan and Advances are
subject to confirmation and as such their balances are reflected in the
Balance Sheet as appearing in the books, pending reconciliation, the
net effect is unascertainable.
11. Assets Taken/ Given on Operating Lease:
Some of the Office premises have been taken/given on operating leases
for a period of less than 10 years and are generally renewable by
mutual consent on mutually agreeable terms. The agreements have an
escalation clause. There are no sub leases and the leases are generally
revocable in nature.
12. Segment Reporting
a) The Business Segments comprise the following :
 Agri Business
 Pharma & Chemical
b) Business segments have been identified based on the nature and class
of products and services, their customers and assessment of the
differential risks and returns and financial reporting system within
the Company.
c) The company operates through India and the risk and returns of
Alchemist are not affected by any economic or cultural or other
considerations prevailing in any geography where the goods or services
are sold, so segmentation on Geographical basis is not applicable.
d) Segment accounting policies
In addition to the significant accounting policies, applicable to the
business as set out in note 1
''Notes to the Financial Statements'', the accounting policies in
relation to segment accounting are as under:
(i) Segment assets and liabilities:
Segment assets include all operating assets used by a segment and
consist principally cash, debtors, inventories and fixed assets, net of
allowances and provisions, which are reported as direct offsets in the
balance sheet. Segment liabilities include all operating liabilities
and consist principally of creditors and accrued liabilities. Which
most of the assets/liabilities can be directly attributed to individual
segments, the carrying amount certain assets/liabilities pertaining to
two or more segment are allocated to the segment on reasonable basis.
(ii) Segment revenue and expenses :
Joint revenue and expenses of segments are allocated amongst them on a
reasonable basis. All other segment revenue and expenses are directly
attributable to the segment (iii) Inter Segment Sales:
Inter-segment sales are accounted for at cost and are eliminated in
consolidation.
13. During the year company took a building 25, Nehru Place on lease
for a period of 108 Months. The company made improvements to the
building to the tune of Rs. 385.94 Lacs, duly capitalised during the
year and it was ready to use on 1st March, 2013. The company is
depreciating the leasehold improvements over the balance period of
lease i.e. 98 months, and accordingly one month depreciation is charged
during the year.
14. The Commissioner, Central Excise, Chandigarh, has proposed the
classification of Poultry Keeping Machinery under Chapter 73 of the
Central Excise Tariff Act, 1985 and has demanded the duty of Rs. 173.55
Lacs plus interest and penalty by invoking the extended period of
limitation for 5 years. However, the company has cleared the goods as
Poultry Keeping Machinery classifying the goods at ÂNil- rate of duty
under Chapter 84 of the CET Act, 1985. The company has been clearing
the goods at ÂNil- duty for more than last 5 years and the goods have
been classified under Chapter 84 after duly intimating the department
from time to time. Under Central Excise Law, the demand can be
recovered for a period not more than one year under normal
circumstances. However, in case of willfull suppression of facts, the
duty can be demanded by invoking the extended period of limitation for
last 5 years. In the aforesaid show cause notice, the department has
raised the demand by, invoking extended period of 5 years whereas since
the activity has been undertaken after duly intimating the department.
Therefore the demand is not sustainable for 5 years and at worst the
demand can sustain for one year only.
The company has already paid the duty of Rs. 63.13 Lacs accruing during
the last one year as ''Duty Paid Under Protest''. Also the additional
amount of Rs 30.96 Lacs paid till 31st March 2013 is deposited under
protest. Therefore the total duty of Rs. 92.29 Lacs already paid is
shown as ''Amount recoverable in cash or in kind'' in the Balance Sheet
under the head Short Term Loan and advances. The balance amount of Rs.
110.42 Lacs is shown as Contingent Liability.
15. During the previous year, pharma division has switched from
marketing through outsource selling network to distribution and
marketing through own network of C&F/ consignee agents/ stockists/
distributors. Company is designing, developing & implementing a Pan
India Network system to generate demand & to ensure availability of
Company''s products with the retailers. Development & establishment of
this network system is an intangible asset, as defined in AS 26, under
the control of the Company & economic benefits are expected to flow to
the Company in future. Expenses incurred directly for the development
of this network system, amounting to Rs. 5.42 Crore have been
attributed to this intangible asset & capitalised under the head
"Intangible under Development" under Fixed Assets.
16. During the year interest paid on term loan (For IT Park Project)
amounting to Rs. 231.36 Lacs (Previous Year: 49.60 Lacs) has been
capitalised in accordance with AS-16 borrowing Costs.
17. Previous year''s figure have been reworked, regrouped, rearranged
and reclassified wherever deemed necessary to make them comparabl
Mar 31, 2012
1. The Revised Schedule VI has become effective from April 1, 2011
for the preparation of financial statements, this has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figure have been reworked, regrouped,
rearranged and reclassified wherever deemed necessary to make them
comparable.
2. In the opinion of the management the current assets, loans and
advances are of the value stated, if realised in the ordinary course of
business. Out of the total amount of Loan and Advances a sum of Rs.
4.60 Crores is outstanding from Medisphare Marketing Limited. The
company has initiated a legal action in the Kolkata High Court for
recovery of the same.
3. The Company had entered into a scheme of arrangement under section
391-394 of the Companies Act, 1956 with Alchemist Foods Limited, a
wholly owned subsidiary which had been approved by the Hon'ble High
Court of Delhi and High Court of Punjab and Haryana at Chandigarh vide
its order dated 1st November, 2010 & 2nd December, 2010 respectively.
The same had been registered with the Office of Registrar of Companies
at Delhi and Chandigarh dated 2nd December, 2010 & 23rd December, 2010.
Hence, appointed date for the implementation of the scheme was 23rd
December, 2010 with effect from 1st April 2008, being the effective
date. The scheme of arrangement was duly implemented in the previous
financial year 2010-11.
- As per scheme, food division of Alchemist limited had been demerged
from the Company and merged with Alchemist Foods Limited. All the
properties, assets, both movable and immoveable, liabilities including
contingent liabilities and reserves, all income and expenses of the
Food Division have without further act all deed been transferred to and
vested with Alchemist Foods Limited at their book values, as a going
concern with effect from the appointed date i.e. 1 st April, 2008. In
consideration, thereof, Alchemist Foods Limited had issued 1,00,00,000
Equity Shares of Rs. 10/- each at a premium of Rs. 90/- per shares to
Alchemist Limited and an amount of Rs. 27.44 Crores was treated as
unsecured loan from Alchemist Limited to Alchemist Foods Limited.
-As per Scheme of arrangement, Authorized share capital of Alchemist
Limited i.e. Rs . 1 2 1 . 25 Crores as on effective date i.e. 1st
April, 2008 had been partly clubbed with Authorized Share Capital of
the Transferee Company i.e. Alchemist Foods Limited . Accordingly,
after implementation of scheme of arrangement, authorized share capital
of Alchemist Limited had been reduced to Rs. 80.00 Crores consisting of
3.00 Crore equity shares of Rs. 10/- each aggregating to Rs. 30.00
Crores and 5 0.00 Lac redeemable preference shares of Rs. 100/- each
aggregating to Rs. 50.00 Crores.
4. Alchemist Limited has three wholly owned subsidiary companies
Alchemist Foods Limited, Alchemist Infrastructures Pvt. Ltd. and
Alchemist Enterprises Pte. Ltd. In Accordance with General Circular No.
2/2011 dated 8th February 2011 issued by the Ministry of Corporate
Affairs, Government of India, the Balance Sheet, Statement of Profit
and Loss and other documents of subsidiary companies are not being
attached with the Financial Statement of the Company.
5. Related Party Disclosures
- Key Managerial Personnel :
- Mr Kanwar Deep Singh
- Subsidiary:
- Alchemist Foods Limited
- Alchemist Enterprise (S) Pte Ltd.
- Alchemist Infrastructures Pvt. Ltd.
- Associates:
- Alchemist Lifesciences Limited
- Alchemist Hospitals Limited
- Alchemist Airways Pvt. Ltd.
- Alchemist Realty Limited
- Black Cat Protection Services Pvt. Ltd.
- KDS Corporation Pvt. Ltd
- Optimum Constructors and Developers Limited
- Relatives of Key Management Personnel
- Mr.Karan Deep Singh
- Mr. Kaman Deep Singh
- Mr. Ravinder Singh
- Mrs. Hapreet Kaur
- Mrs. Isher Kaur
6. As per Accounting Standard - 28 "Impairment of Assets", the
company has assessed the conditions of all the assets used in its
operation and is of the opinion that there is no impairment of assets,
hence no provision was made.
7. Finished Goods Stock of Steel Division for year 2012 has been
carried over including excise duty.
8. Segment Reporting
a) The Business Segments comprise the following:
- Agri Business
- Pharma & Chemical
b) Business segments have been identified based on the nature and class
of products and services, their customers and assessment of the
differential risks and returns and financial reporting system within
the Company.
c) The company operates through in India, hence, no distinction on the
basis of geographical segment has been made.
d) Segment accounting policies
In addition to the significant accounting policies, applicable to the
business as set out in note 1 'Notes to the Financial Statements', the
accounting policies in relation to segment accounting are as under:
(i) Segment assets and liabilities:
Segment assets include all operating asses used by a segment and
consist principally cash, debtors, inventories and fixed assets, net of
allowances and provisions, which are reported as direct offsets in the
balance sheet. Segment liabilities include all operating liabilities
and consist principally of creditors and accrued liabilities. While
most of the assetsMiabilities can be directly attributed to individual
segments, the certain assets/liabilities pertaining to two or more
segment are allocated to the segment on reasonable basis.
(ii) Segment revenue and expenses:
Joint revenue and expenses of segments are allocated amongst them on a
reasonable basis. All other segment revenue and expenses are directly
attributable to the segment
(iii) Inter Segment Sales:
Inter-segment sales are accounted for at cost and are eliminated in
consolidation.
9. During the year 13,70,110 preference shares were redeemed and as
per provisions of the Companies Act, 1956 a sum of Rs. 13,70,11,000/-
has been transferred to Capital Redemption Reserve out of General
Reserve. Further a sum of Rs 16,65,83,209/- has been transferred from
General Reserve and a sum of Rs. 13,12,00,000/- has been Transferred
from Share Premium account to Preference Shares redemption reserve on
account of premium amount of preference shares redeemed.
10. Disclosure of Micro and Small Enterprises (Creditors)
The company is in the process of compiling information from the
suppliers regarding their status as Micro/ Small Scale Enterprises, so
as to disclose the information as required by MSMED Act and Schedule VI
of the Companies Act relating to Micro, Small and Medium Enterprises.
In absence of confirmed information about the suppliers, it is
practically not feasible to state the amount payable to them as on 31st
March, 2012.
11. The balances of some Debtors and Creditors, Loan and Advances are
subject to confirmation and are pending reconcilation.Such balances are
reflected in the Balance Sheet as appearing in the books of accounts..
12. Assets Taken on Operating Lease:
Some of the Office premises have been taken on operating leases for a
period of less than 10 years and are generally renewable at the option
of the lessee. The agreements have an escalation clause. There are no
sub leases and the leases are generally cancellable in nature.
Mar 31, 2011
1) CONTINGENT LIABILITIES ETC.
There is no contingent liabilities on account of letter of credit. Bank
Guarantees & Corporate guarantee given to bank/financial and other
institutions are given below :-
Sl. Particulars (Amt. in Rs. (Amt. in Rs.
Lacs) 2011 Lacs) 2010
a) Corporate Guarantees 1877.00 1877.00
b) Bank Gurantees.
(On Hundered % Margin) 106.00 41.68
Total 1983.00 1918.68
2. Previous year's figure have been reworked, regrouped, rearranged
and reclassified wherever deemed necessary to make them comparable.
3. A sum of Rs,1,04,35,398/- (Rupees One Crore Four Lacs Thirty Five
Thousand Three Hundred Ninety Eight Only) (Previous Year 1,14,82,119/-
(Rupees One Crore Fourteen Lacs Eighty Two Thousand One Hundred
Nineteen Only) is lying as unclaimed dividend in separate accounts with
HDFC Bank, Chandigarh. During the year a sum of Rs. 18,34,385/-
pertaining to unclaimed dividend for the year 2002-03 was transferred
to Investor Education and Protection Fund pursuant to Section 205 of
the Companies Act, 1956.
4. In the opinion of the management the current assets, loans and
advances are of the value stated, if realised in the ordinary course of
business. Out of the total amount of Loan and Advances a Sum of Rs.
4.60 Crores stands outstanding from Medisphare Marketing Limited. The
company has initiated a legal action for recovery of the same.
5. Reduction in the value of the investments has been considered in
the books, as the same are current investments. Current year
Rs.8,03,683/-(Previous Year Rs.Nil).
6. The Company has entered into a scheme of arrangement under section
391-394 of the Companies Act, 1956 with Alchemist Foods Limited, a
wholly owned subsidiary which has been approved by the Hon'ble High
Court of Delhi and High Court of Punjab and Haryana at Chandigarh vjde
its order dated 1st November, 2010 & 2nd December, 2010 respectively.
The same has been registered with the Office of Registrar of Companies
at Delhi and Chandigarh dated 2nd December, 2010 & 23rd December, 2010.
Hence, appointed date for the implementation of the scheme comes to
23rd December, 2010 with effect from 1st April 2008 being the effective
date.
As per scheme, food division of Alchemist limited has been demerged
from the Company and merged with Alchemist Foods Limited. All the
properties, assets, both movable and immovable, liabilities including
contingent liabilities and reserves, all income and expenses of the
Food Division have without further act all deed been transferred to and
vested with Alchemist Foods Limited at their book values, as a going
concern with effect from the appointed date i.e. 1st April, 2008. In
consideration, thereof, Alchemist Foods Limited has issued 1,00,00,000
Equity Shares of Rs. 10/- each at a premium of Rs. 90/- per shares to
Alchemist Limited and amount of Rs. 27.44 Crores be treated as
unsecured loan from Alchemist Limited to Alchemist Foods Limited.
As per Scheme of arrangement, Authorized share capital of Alchemist
Limited i.e. Rs. 121.25 Crores as on effective date i.e. 1st April,
2008 has been partly clubbed with Authorized Share Capital of the
Transferee Company i.e. Alchemist Foods Limited. Accordingly, after
implementation of scheme of arrangement, authorized share capital of
Alchemist Limited has been reduced to Rs. 80.00 Crores consisting of
3.00 Crore equity shares of Rs. 10/- each aggregating to Rs. 30.00
Crores and 50.00 Lac redeemable preference shares of Rs. 100/- each
aggregating to Rs. 50.00 Crores.
7. Alchemist Limited has two wholly owned subsidiary companies
Alchemist Foods Limited and Alchemist Enterprises Re. Ltd. In
Accordance with General Circular No. 2/2011 dated 8th February 2011
issued by the Ministry of Corporate Affairs, Government of India, the
Balance Sheet, Profit and Loss Accounts and other documents of
subsidiary companies are not being attached with the Balance Sheet of
the Company.
8. Secured Loans:
a) Terms Loans
i) Punjab National Bank:- Secured Loan of Rs. 90,70,068/- (Rs. Ninety
Lacs Seventy Thousand Sixty Eight Only) (Previous Year - Nil) secured
through Exclusive Charge on Fixed Assets Block, situated at F-5,
Kishangarh Rajiv Gandhi IT. Park, Chandigarh
b) Working Capital Facilities
i) Bank of India > Working Capital facility of Rs. 2,89,49,433/- (Rs.
Two Crore Eighty Nine Lacs Forty Nine Thousand Four Hundred Thirty
Three Only) Previous Year Rs. 2,74,01,332/- (Rs. Two Crore Seventy Four
Lacs One Thousand Three Hundred Thirty Two Only) secured against
hypothecation of Stocks & and book debt of the company's unit located
at Chambaghat, Solan (HP.). It is further secured by collaterally
secured of Land and Building and other structures (erected or to be
erected) and other structure of above unit, immovable properties of the
Unit situated at Rajgarh, Distt. Sirmour (HP.) and personal guarantee
of Managing Director.
c) Demand Loans:-
Demand Loan of Rs. 69,53,663/- (Rs. Sixty Nine Lacs Fifty Three
Thousand Six Hundred Sixty Three Only) (Previous Year Rs. 4,53,72,435/-
(Rs. Rs. Four Crore Fifty Three Lacs Seventy Two Thousand Four Hundred
Thirty Five Only) secured against the Term Deposit Receipts of the
company.
d) Vehicle Loans :-
Vehicle Loans of Rs. 2,82,34,249/- (Rupees Two Crore Eighty Two Lacs
Thirty Four Thousand Two Hundred Forty Nine Only) (Previous Year Rs.
3,12,07,003/- (Rupees Three Crore Twelve Lacs Seven Thousand Three
Only) are Secured against hypothecation of vehicles.
9. RELATED PARTY DISCLOSURES
i) Key Management Personnel:
Sh. Kanwar Deep Singh, Managing Director is covered by the definition
of Key Management Personnel. Remuneration is paid to Managing Director
under his contract of employment with the company [see note 15 below]
b) During the year company supplied material worth Rs.773.67 Lacs to
M/s Alchemist Life Science Limited, and Rs.8.32 Lacs to M/s Alchemist
Hospitals Ltd, a sum of Rs.13.54 Lacs paid to Jass Developers on
account of rent, an sum of Rs. 60.28 Lacs paid to Black Cat Protections
Pvt. Ltd. on account of security services, rent of Rs.0.72 Lacs
received from Alchemist Airways Pvt. Ltd. respectively. These supplies
were made at the fair market rates and the term and condition thereof
are not prejudicial to the interest of the company.
c) During the year, a sum of Rs.36.00 Lacs was paid to Mr. Kanwar Deep
Singh, Key Managerial personnel and a sum of Rs. 0.64 Lacs each was
paid to Mr. Karan Deep Singh and Mr. Kaman Deep Singh being the
relative of Key Managerial Person respectively as rent.
d) During the year a sum of Rs. 25.14 Lac was paid to Mr. Kanwar Deep
Singh, Rs. 2.35 lacs to Mr. Karan Deep Singh, Rs. 800/- to Mrs.
Harpreet Kaur & Rs. 400/- Mrs. to Isher Kaur, Rs. 4.42 Lacs to Mr.
Ravinder Singh, (Relative of Key Managerial Person), Rs. 34.88 Lacs to
M/s K.D.S. Corporation Pvt. Ltd., Rs. 1.19 Lacs to M/s Optimum
Constructors and Developers Limited (Associated Concern) on account of
Dividend for the year 2009-10.
The Remuneration paid to Managing Director as per Section 309 of the
Companies Act 1956 is within 5% of the net profits. The food division
has been demerged from Alchemist Limited and merged with Alchemist
Foods Ltd. (A Wholly owned subsidiary) from appointed date i.e. 23rd
Dec. 2010 as per Scheme of Arrangement u/s 391-394 of the Act as
approved by Hon'ble Court of Delhi and Punjab and Haryana High Court,
Chandigarh vide its order(s) dated 1st Nov. 2010 & 2nd Dec. 2010
respectively. The profits for the purpose of payment of remuneration of
Managing Director up to 24th Dec. 2010 has been calculated on
consolidated basis and thereafter on Standalone basis & accordingly
managerial remuneration has been calculated which is within the
limit(s) as prescribed u/s 309 of the Companies Act, 1956.
10. As per Accounting Standard-28 "Impairment of Assets", the company
has assessed the conditions of ail the assets used in its operation and
is of the opinion that there is no impairment of assets, hence no
provision was made.
11. Finished Goods Stock of Steel Division for year 2011 has been
carried over including excise duty.
12. Common Expenses relating to Head Office and other Administrative
Office have been allocated to various profit centers on the following
basis
i) Financial Cost : Fixed and Current assets employed ii) Other
Expenses : Sales/Reasonable Estimates.
13. During the year 12,70,170 preference shares were redeemed and as
per provisions of the Companies Act, 1956 a sum of Rs. 12,70,17,000/-
has been transferred to Capital Redemption Reserve out of General
Reserve. Further a sum of Rs. 22,28,28,673/- has been transferred from
General Reserve to Preference Shares redemption reserve on account of
premium amount of preference shares redeemed.
14. DISCLOSURE OF MICRO AND SMALL ENTERPRISES (CREDITORS)
The company is in the process of compiling information from the
suppliers regarding their status as Micro/Small Scale Enterprises, so
as to disclose the information as required by MSMED Act and Schedule VI
of the Companies Act relating to Micro, Small and Medium Enterprises.
In absence of confirmed information about the suppliers, it is
practically not feasible to state the amount payable to them as on 31
st March, 2011.
15. The balances of some Debtors and creditors, Loan and Advances are
subject to confirmation and as such there balances are reflected in the
Balance Sheet as appearing in the books, pending reconciliation, the
net effect is unascertainable.
16. ASSETS TAKEN ON OPERATING LEASE:
Some of the Office premises have been taken on operating leases for a
period of less than 10 years and are generally renewable at the option
of the lessee. The agreements have an escalation clause. There are no
sub leases and the leases are generally cancellable in nature.
17. The Company has announced a dividend of 20% for the current
financial year. However, the CDT liability of Rs. 39,72,825/-accruing
on the same, has not been provided. In light of the CDT of Rs.
40,75,902/- provided by the subsidary Alchemist Foods Limited. The
netting benefit has been claimed on the basis of the provision
contained under section 115-0 of the Income Tax Act, 1961.
Mar 31, 2010
1) CONTINGENT LIABILITIES ETC.
There is no amount payable against contingent liabilities on account of
letter of credit and capital contract. Bank Guarantees & Corporate
guarantee given to bank / financial and other institutions are given
below :-
SI Particulars (Amt. in Rs. (Amt. in Rs.
Lacs)2010 Lacs)2009
a) Corporate Guarantees 1877.00 1877.00
b) Bank Gurantees. (On
Hundered % Margin) 41.68 138.80
Total 1918.68 2015.80
2. Previous years figure have been reworked, regrouped, rearranged
and reclassified wherever deemed necessary to make them comparable.
3. A sum of Rs.1,14,82,119/- (Previous Year Rs, 1,07,25,249/-) is
lying as unclaimed dividend in separate accounts with HDFC Bank,
Chandigarh.
4. In the opinion of the management the current assets, loans and
advances are approx of the value stated if realised in the ordinary
course of business.
5. Reduction in the value of the investments has been considered in
the books, as the same are current investments. Current year Rs. Nil
(Previous Year Rs.14,64,737/-).
6. Secured Loans:
a) Terms Loans
i) Punjab National Bank :- Secured Loan of Rs.17,98,85,131/-(Rs.
Seventeen Crore Ninty Eight Lacs Eighty Five Thousand One Hundred
Thirty One Only)(Previous Year 3,46,63,224/- (Rupees Three Crore Forty
Six Lacs Sixty Three Thousand Two Hundred Twenty four Only) secured
through first Charge against Fixed Assets of plant situated at village
Banmajra, Tehsil Kharar, Distt. Ropar, Punjab & Commercial Broiler
Farms at Boothgardh and Ranjitpura, Poultry Feed Mill at Pathankot &
Misc fixed Assets of retail outlets at different locations. It is
further secured by Personal Guarantee of Managing Director.
ii) UCO Bank :- Secured Loan of Rs.1,50,00,000/- (Rs. One Crore Fifty
Lacs Only) (Previous Year Rs.2,27,94,811/- (Rs. Two Crore Twenty Seven
Lacs Ninety Four Thousand Eight Hundred Eleven Only) secured against
Mortgage of Land & Building and other moveable & immovable fixed assets
of the companys Egg Layer Farm (present & future) located at District
Burdwan (West Bengal). It is further secured by personal Guarantee of
Managing Director.
b) Working Capital Facilities
i) Punjab National Bank :- Working Capital facility of Rs.
3,55,53,171/- (Rs. Three Crore Fifty Five Lacs Fifty Three Thousand One
Hundred Seventy One Only) Previous Year Rs. 2,31,27,790/- (Rs. Two
Crore Thirty One Lacs Twenty Seven Thousand Seven Hundred Ninety Only)
secured against hypothecation of Stocks & Receivables of the company
Plant at Village Banmajra, Tehsil Kharar, Distt. Ropar,( Punjab), two
Poultry Farms at Boothgarh & Ranjitpura and Feed Meel at Pathankot at
ROC DELI and Diner Retail Outlets. It is further secured by Personal
Guarantee of Managing Director, The Working capital facilities will
also be collaterally secured by way of first charge on the block assets
of food divisions except Durgapur unit of the company.
ii) UCO Bank:- Cash Credit Limit of Rs. 1,47,24,210/- (Rupees One Crore
Forty Seven Lacs Twenty Four Thousand Two Hundred Ten Only) (Previous
Year Rs. 1,32,10,621/- (Rs. One Crore Thirty Two Lacs Ten Thousand Six
Hundred Twenty One Only) secured against hypothecation of entire
current assets of the Companys Egg layer Farm including Stocks, SIP,
Loans and advances and receivable of the Companys Durgapur Unit in
District Burdwan (West Bengal). Its further secured by Personal
Guarantee of Managing Director and collaterally secured by way of
EMTD/exclusive charge on land & building and other movable and
immovable fixed assets of the companys Egg Layer Farm for (present &
future) located at District Burdwan (West Bengal).
iii) Bank of India :- Working Capital facility of Rs. 2,74,01,332/-
(Rupees Two Crore Seventy Four Lacs One Thousand Three Hundred Thirty
Two Only) (Previous Year Rs. 2,47,91,938/- (Rs. Two Crore Forty Seven
Lacs Ninety One Thousand Nine Hundred Thirty Eight Only) secured
against hypothecation of stocks and book debt of the companys unit
located Chambaghat, Solan(H.P). It is further secured by collateral
security of Land and Building and other structure (erected or to be
erected) and other structures of above unit, immovable properties of
the unit situated at Rajgarh, Distt. Sirmour (H.P.) and personal
guarantee of Managing Director.
c) Demand Loans:-
Demand Loan of Rs. 4,53,72,435/- (Rs. Four Crore Fifty Three Lacs
Seventy Two Thousand Four Hundred Thirty Five Only) (Previous Year Rs.
1,77,34,914/- (Rs. One Crore Seventy Seven Lacs Thirty Four Thousand
Nine Hundred Fourteen Only) secured against the Term Deposit Receipts
of the company.
d) Vehicle Loans:-
Vehicle Loans of Rs. 3,12,07,003 (Rupess Three Crore Twelve Lacs Seven
Thousand Three Only) (Previous Year Rs. 4,91,06,680/- (Rupees Four
Crore Ninety One Lacs Six Thousand Six Hundred Eighty Only) are Secured
against hypothecation of vehicles.
7. RELATED PARTY DISCLOSURES
II) Detail of Related Parties Transaction:
b) During the year company supplied material worth Rs. 786.26 Lacs to
M/s Alchemist Life Science Limited, and Rs.4.02 Lacs to M/s Alchemist
Hospitals Ltd (associates concern) respectively. These supplies were
made at the fair market rates and conditions thereof are not
prejudicial to the interests of the company.
c) During the year, a sum of Rs.36.00 Lacs was paid to Mr. Kanwar Deep
Singh, Key Managerial personnel as rent and a sum of Rs.0.61 Lacs each
was paid to Mr. Karan Deep Singh and Mr. Kaman Deep Singh as rent being
the relative of Key Managerial Person.
8. SEGMENT REPORTING
a) Segments have been identified in line with the Accounting Standard
on Segment Reporting [AS-17] taking into account the organizational
structure as well as differential risk and returns of these segments.
b) Income, Expenses, Assets and Liabilities that are identifiable
with/allocable to segments are considered for determining the segment
results, segment assets and segment liabilities.
9. The company has adopted the provisions of Accounting Standard-28
"Impairment of Assets" and has assessed the conditions of all the
assets used in accordance with the guidelines stated in Accounting
Standard-28.
10. Finished Goods Stock of Steel Division for year 2010 has been
carried over including excise duty.
11. Common Expenses relating to Head Office have been allocated to
various divisions on the following basis i) Financial Cost : Fixed and
Current assets employed
ii) Other Expenses : Sales/Reasonable Estimates.
12. During the year 1,65,230 preference shares were redeemed and as
per provisions of the Companies Act, 1956 a sum of Rs. 1,65,23,000 has
been transferred to Capital Redemption Reserve out of General Reserve.
Further a sum of Rs. 3,17,73,464 has been transferred from General
Reserve to Preference Shares redemption reserve on account of premium
amount of preference shares redeemed.
13. In view of insufficient information from Suppliers / Creditiors
regarding their Status micro and small enterprises, the amount payable
to them as on 31st March 2010 cannot be ascertained separately.
14. The equity share capital consists of 61,22,400 shares of Rs. 10/-
issued as fully paid bonus shares in the ratio of 1:1 in the year
2006-07.
15. Sundry Creditors/Debtors, Loan and Advance have been taken at
their book value subject to confirmation.
16. Disclosures as per Clause 32 of the Listing Agreement with the
stock exchanges.
b) The loanee has not made any investments in shares of the Company.
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