Home  »  Company  »  Anik Industries  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Anik Industries Ltd.

Mar 31, 2015

1. SHARE CAPITAL

1.1 Rights, Preference and restrictions attached to Shares:

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1.2 For a period of five years immediately preceding the date of Balance Sheet i.e. 31]st March 2015 the Company has not :-

(i) Allotted shares as fully paid up pursuant to contract (s) without payment being received in cash.

(ii) Allotted shares as fully paid up by way of bonus shares.

(iii) Bought back shares.

2. CONTINGENT LIABILITIES AND COMMITMENTS

(To the extent not provided for) (Figures in Rs. )

PARTICULARS For the For the Year 2014 Year 2013 -15 -14

i) Contingent Liabilities

a) Income tax / Sales tax/ Excise duty demand disputed in appeal [Net of advance paid Rs. 3,92,98,996 (Previous 12,32,78,127 10,63,89,858 year Rs. 3,40,49,958 ) against disputed demand]

b) Estimated liability of Custom Duty, which may arise if export obligation/ commitment is not fulfilled 2,06,29,251 2,06,29,251

c) Guarantee issued by bank for and on behalf of third party, against, lien on fixed deposit 1,69,33,600 1,69,33,600

d) Corporate Guarantee given on behalf 3,89,74,489 - of others

e) Claims against the Company not 5,21,48,651 5,23,93,651 acknowledged as debt

f) Bills Discounting with Banks 57,26,700 2,36,00,000

ii) Commitment - -

3. Sitting fees paid to directors Rs. 68,000/ -(Previous year Rs.85,000/-) included in miscellaneous expenses .

4. In the opinion of the Board of Directors, current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and that the provision for known liabilities is adequate and reasonable. There are no contingent liabilities other than stated hereinabove.

5. The lease deed in respect of the land at Jaisalmer on which Wind Mill is installed, is yet to be executed.

6. Disclosure as perAS-15"Employee Benefits" (Revised 2005)

a The Company has opted for scheme with Life Insurance Corporation of India to cover its liabilities towards employees' gratuity at Etah Unit The annual premium paid to Life Insurance Corporation of India is charged to statement of Profit and Loss . The Company also carried out actuarial valuation of gratuity using Projected Unit Credit Method as required by Accounting Standard 15 "Employee Benefits" (Revised 2005) and difference between fair value of plan assets and liability as per actuarial valuation as at year end is recognized in Statement of Profit and Loss.

7. Related Party Disclosure

(A) Relationships (Related parties with whom transactions have taken place during the year)

(a) Associate/ Joint Venture

Mahakosh Property Developers (a firm where Company is a partner)

(b) Key Management Personnel & their relatives

1. Shri Suresh Chandra Shahra : Managing Director

2. Shri Manish Shahra : Jt. Managing Director

3. Shri Kailash Chandra Shahra : Chairman

4. Shri Ashok Kumar Trivedi : Whole Time Director

(c) Other parties where Key Management Personnel and/or their relatives have significant influence.

(i) Mahakosh Family Trust

(ii) Anik Ferro Alloys Private Limited

(iii) Suman Agritech Limited

(iv) APL International Private Limited

Note: Related party relationships are as identified by the Company on the basis of information available.

8. Financial and Derivatives Instruments:-

Derivative contract entered by the Company and outstanding as on 31st March, 2015

9. The Company has provided Rs.56,384/- (previous year Rs. 71,629/-) towards wealth tax liability, which is included in Rates & Taxes .

10. Leases (Where Company is lessee)

The Company has taken office premises and residential premises under operating lease agreement these are renewable on periodic basis at the option of both lessor and lesee. The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs. 1,17,61,156 (P.Y.Rs.95,23,038).The Company has not recognised any contingent rent as expense in the statement of profit and loss.

11. Pursuant to the Companies Act 2013 ('the Act') being effective from 1st April 2014, Company has revised the useful life of fixed Assets for providing depreciation on it. Accordingly, carrying amount as on 1st April, 2014 has been depreciated over the remaining revised useful life of the fixed assets. Due to this change the depreciation for the year ended 31st March, 2015 is higher by Rs. 63,15,430 and profit before tax is lower to the extent of Rs. 63,15,430 . In accordance with transitional provision in respect of assets whose useful life is already exhausted as on 1st April, 2014, depreciation Rs. 79,52,955 ( Net of Tax expensesRs.42,09,015) has been recognized in the opening balance of retained earnings in accordance with requirement of Schedule II of the Act.

12. Diminution in value of Investments written back Rs.1,75,330/-(Pre. Year Rs. Nil) is included in Misc. expenses Note 28 under Other Expenses.

13. Previous year's figures have been regrouped or rearranged wherever considered necessary to make them comparable with current year's figures.

14. Company Information, Significant Accounting policies and practices adopted by the Company are disclosed as under .

15. GENERAL INFORMATION

Anik Industries Limited (Formerly known as Madhya Pradesh Glychem Industries Limited) was incorporated as a Limited Company on February 10th, 1976.

In the year 2006, Company sold its Soya processing, Vegetable oils & fats and Food businesses (other than dairy) to its group Company M/s. Ruchi Soya Industries Ltd. and merged Dairy business situated at Etah (U.P.).

Now, the main business activities in which Company is dealing are processing of milk and its products, Wind Power Generation, Housing & Property Developments, Trading activities by Import and Export of edible oil & other commodities.

The shares of the Company are listed at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


Mar 31, 2014

1 Working Capital Loans from Consortium Banks are secured by :

a) Hypothecation of stocks of raw materials, finished goods, stores and spares, stock in process, packing materials and book debts, and all other movables, both present and future, lying or stored in factory premises, at Village Bilawali, Dist. Dewas (M.P.) , Kasganj Road, Etah (U.P.), Govindpura , Bhopal units or wherever else, the same may be held or kept.

b) Further secured by Equitable Mortgage created over the Land situated at village Bilawali Dist. Dewas (MP) and Kasganj Road, Etah (U.P.) with all buildings, super structures, plant & Machinery installed thereon except specific equipment, Plant & Machinery charged to Dena Bank for securing Term Loan.

c) Short term borrowing aggregating to Rs. 88,72,74,431/- (previous year 85,63,19,804/-) is secured by Personal guarantee of Directors.

2 CONTINGENT LIABILITIES AND COMMITMENTS

( To the extent not provided for )

(Figures in Rs)



PARTICULARS For the Year For the Year 2013-14 2012-13

i) Contingent Liabilities a) Outstanding Bank Guarantees 265493377 42417877

b) Income tax / Sales tax/ 106389858 5929142 Excise duty demand disputed in appeal [Net of advance paid Rs 34049958 (Previous year Rs 27345565 ) against disputed demand] c) Estimated liability of Custom Duty 20629251 13559347 which may arise if export obligation/ commitment is not fulfilled d) Claims against the company not 53293651 54047817 not acknowledged as debt e) Bills Discounting with Banks 23600000 24371008

ii) Commitments a) Guarantee issued by bank for and on behalf of third party, against lien on fixed deposit 1,69,33,600 1,69,33,600

3 a) Trade Payables includes Rs. 18,33,218 (Previous Year Rs. 4,05,154) amount due to micro, small and medium enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) Act.

b) The details of amount outstanding to Micro, Small and Medium Enterprises are as under : ^

c) The information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

4 During the year Company has availed buyer''s credit, the said facility outstanding as at 31st March 2014, was Rs. 31,29,09,565 (Previous year Rs. 56,21,32,608) is guaranteed by banks against earmarking the non fund based credit facilities sanctioned by the banks.

5 Sitting fees paid to directors Rs. 85,000/-(Previous year Rs.67,500/-) included in miscellaneous expenses.

6 In the opinion of the Board of Directors, current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and that the provision for known liabilities is adequate and reasonable. There are no contingent liabilities other than stated hereinabove.

7 The lease deed in respect of the land at Jaisalmer on which Wind Mill is installed, is yet to be executed.

8 Disclosure as per AS-15"Employee Benefits" (Revised 2005)

a The Company has opted for scheme with Life Insurance Corporation of India to cover its liabilities towards employees gratuity at Etah Unit. The annual premium paid to Life Insurance Corporation of India is charged to statement of Profit and Loss . The Company also carried out acturial valuation of gratuity using Projected Unit Credit Method as required by Accounting Standard 15 "Employee Benefits" (Revised 2005) and difference between fair value of plan assets and liability as per acturial valuation as at year end is recognized in Profit and Loss Account.

9 Related Party Disclosure

(A) Relationships (Related parties with whom transactions have taken place during the year)

(a) Associate/ Joint Venture

Mahakosh Property Developers (a firm where company is a partner)

(b) Key Management Personnel and their relatives

1. Shri Suresh Chandra Shahra

2. Shri Manish Shahra

3. Shri Kailash Chandra Shahra

4. Shri Ashok Trivedi

Managing Director Jt. Managing Director Chairman

Whole-time Director

(c) Entities where Key Management Personnel and/or their relatives have significant influence.

(i) Mahadeo Shahra Sukrat Trust (ii) Mahakosh Family Trust (iii) Suman Agritech Limited

Note : Related party relationships is as identified by the Company and relied upon by the auditor.

10 The Company has provided Rs. 71,629 /- (previous year Rs. 1,10,663/-) towards wealth tax liability, which is included in Rates & Taxes.

11 Leases (Where company is lessee)

The Company has taken office premises and residential premises under operating lease agreement these are renewable on periodic basis at the option of both lessor and lesee. The agreegate amount of operating lease payments recognised in the statement of profit and loss is Rs. 95,23,038 (P.Y. Rs. 1,13,95,110).The company has not recognised any contingent rent as expense in the statement of profit and loss. The total future minimum lease rentals payable at the balance sheet date is as under :

12 The financial statements have been prepared in line with the requirements of Revised Schedule VI of the Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March, 2012. Accordingly, assets and liabilities are classified between current and non-current considering 12 month period as operating cycle.

13 Previous year''s figures have been regrouped or rearranged whereever considered necessary to make them comparable with current year''s figures.


Mar 31, 2013

1 a) Trade Payables includes Rs. 4,05,154 (Previous Year 1,18,330) amount due to micro, small and medium enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) Act. b) The details of amount outstanding to Micro, Small and Medium Enterprises are as under :

b) The information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

2 During the year Company has availed buyer''s credit, the said facility outstanding as at 31st March 2013, was Rs. 5,621 lacs (Previous year Rs. 12,636 lacs) out of which Rs. Nil (Pre. Year Rs. 6,292 lacs ), is guaranteed by banks against lien on Fixed Deposits (refer Note No. 16 ) with them and balance buyer''s credit of Rs. 5,621 lacs by earmarking the non fund based credit facilities sanctioned by the banks.

3 Sitting fees paid to directors Rs. 67,500/-(Previous year Rs.65,000/-) included in miscellaneous expenses .

4 In the opinion of the Board of Directors, current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and that the provision for known liabilities is adequate and reasonable. There are no contingent liabilities other than stated hereinabove.

5 The lease deed in respect of the land at Jaisalmer on which Wind Mill is installed, is yet to be executed.

6 Disclosure as per AS-15"Employee Benefits" (Revised 2005)

a The Company has opted for scheme with Life Insurance Corporation of India to cover its liabilities towards employees gratuity at Etah Unit. The annual premium paid to Life Insurance Corporation of India is charged to statement of Profit and Loss . The Company also carried out acturial valuation of gratuity using Projected Unit Credit Method as required by Accounting Standard 15 "Employee Benefits" (Revised 2005) and difference between fair value of plan assets and liability as per acturial valuation as at year end is recognized in Profit and Loss Account.

b The liabilty inrespact leave encashment is determined using actuarial valution carried out as at balance sheet date. Leave encashment liabilty as at the year end Rs. 50,78,326/- (Prev.year Rs. 47,84,177/-)

6 Related Party Disclosure

(A) Relationships (Related parties with whom transactions have taken place during the year) (a) Associate/ Joint Venture

Mahakosh Property Developers (a firm where company is a partner)

(b) Key Management Personnel & their relatives

1. Shri Suresh Chandra Shahra : Managing Director

2. Shri Manish Shahra : Jt. Managing Director

3. Shri Ashok Trivedi : Whole Time Director

(c) Other parties where Key Management Personnel and/or their relatives have significant influence.

(i) Mahadeo Shahra Sukrat Trust (ii) Mahakosh Family Trust (iii) Suman Agritech Limited (iv) Shahra Securities Pvt. Ltd.

Note : Related party relationships is as identified by the Company and relied upon by the auditor.

7 The Company has provided Rs.1,10,663/- (previous year Rs. 1,01,500/-) towards wealth tax liability, which is included in Rates & Taxes .

8 Leases (Where company is lessee)

The Company has taken office premises and residential premises under operating lease agreement these are renewable on periodic basis at the option of both lessor and lesee.The agreegate amount of operating lease payments recognised in the statement of profit and loss is Rs.113.95 lacs (P.Y.Rs.80.70 lacs).The company has not recognised any contingent rent as expense in the statement of profit and loss. The total future minimum lease rentals payable at the balance sheet date is as under-

9 The financial statements have been prepared in line with the requirements of Revised Schedule VI of Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2013. Accordingly, assets and liabilities are classified between current and non-current considering 12 month period as operating cycle.

10 Previous year''s figures have been regrouped or rearranged whereever considered necessary to make them comparable with current year''s figures.

11 Company Information, Significant Accounting policies and practices adopted by the Company are disclosed as under :

GENERAL INFORMATION

Anik Industries Limited (Formerly known as Madhya Pradesh Glychem Industries Limited) was incorporated as a Limited Company on February 10th, 1976.

In the year 2006, Company sold its Soya processing, Vegetable oils & fats and Food businesses (other than dairy) to its group Company M/s. Ruchi Soya Industries Ltd. and merged Dairy business situated at Etah (U.P.).

Now, the main business activities in which company is dealing are processing of milk and its products, Wind Power Generation, Housing & Property Developments, Trading activities by Import and Export of edible oil & other commodities.

The shares of the Company are listed at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


Mar 31, 2012

1.1 The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, exceptincase of interim dividend.In the event of liquidation, the equity shareholders are eligible toreceive the remaining assetsof the Company, after distribution of all preferential amounts,in proportion of their shareholding.

2 CONTINGENT LIABILITIES AND COMMITMENTS

(To the extent not provided for ) (Figures in `)

PARTICULARS For the Year For the Year 2011-12 2010-11 i) Contingent Liabilities

a) Outstanding Bank Guarantees 4,26,37,877 4,38,18,777

b) Income tax / Sales tax/ Excise duty demand disputed in appeal [Net of 3,94,93,357 3,94,93,357 advance paid Rs. 2,74,85,565 (Previous year Rs.2,74,85,565 ) against disputed demand]

c) Estimated liability of Custom Duty, which may arise if export 1,35,59,347 1,17,93,819 obligation/ commitment is not fulfilled

d) Letter of Credit opened on behalf of others 30,83,177 5,52,00,000

e) Claims against the company not acknowledged as debt 4,39,98,583 42,40,483

f) Bills Discounting with Banks 9,02,25,500 35,97,43,177

ii) Commitments

a) Estimated amount of contracts remaining to be executed on 3,98,000 5,48,000 capital account (Net of advances)

b) Corporate Guarantee given on behalf of others - 60,00,00,000

c) Guarantee issued by bank for and on behalf of third party, 1,69,33,600 1,80,80,100 against lien on fixed deposit

3 The Company has not received any intimation from " Suppliers" regarding their status under the Micro ,Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amount unpiad as at year end together with interest paid/payable under this Act have notbeen given.

4 During the year Company has availed buyer s credit, the said facility outstanding as at 31 March 2012, was Rs. 12,636 lacs (Previous year Rs. 6,254 lacs) out of which Rs.6,292 lacs (Pre.Year Rs 6,254 lacs ), is guaranteed by banks against lien on Fixed Deposits (refer note 16 ) with them and balance buyer’s credit line of Rs. 6,343 lacs guaranteed by banks, against earmarking the credit facilities sanctioned by the banks.

5 Sitting fees paid to directors Rs. 65,000/-(Previous year Rs.12,500/-) included in miscellaneous expenses.

6 In the opinion of the Board of Directors, current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and that the provision for known liabilities is adequate and reasonable. There are no contingent liabilities other than stated hereinabove.

7 The lease deed in respect of the land at Jaisalmer on which Wind Mill is installed, is yet to be executed.

8 Capital Work In Progress

B Borrowing Cost capitalised during the year on funds attributable to constuction/ set-up of new project at Dewas Rs. NIL (previous year 1,00,91,106/-) and included under capital work inprogress Rs. NIL(previous year Rs. NIL)

9 Related Party Disclosure

(A) Relationships

(a) Associate/ Joint Venture

Mahakosh Property Developers (a firm where company is a partner)

(b) Key Management Personnel & their relatives

1. Shri Suresh Chandra Shahra : Managing Director

2. Shri Manish Shahra : Jt. Managing Director

3. Shri Ashok Trivedi : Whole Time Director

(c) Other parties where Key Management Personnel and/or their relatives have significant influence.

(i) Shahra Securities Pvt Ltd (ii) Mahadeo Shahra Sukrat Trust

(iii) Mahakosh Family Trust

Note : Related party relationships is as identified by the Company and relied upon by the auditor.

10 The Company has provided Rs. 1,01,500/- (previous year Rs. 97,000/-) towards wealth tax liability, which is included in Rates&Taxes.

11 Leases(Where company is lessee)

The Company has taken various premises under operating leases with no restrictions and are renewable / cancelable at the option of either parties. There is no escalation clause in the lease agreement. There are no sub-leases. There are no restrictions imposed by lease arrangements. The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs.80.70 lacs (Pre. Year Rs.185.01 lacs). The company has not recognized any contingent rent as expense in the statement of profit and loss.

12 The financial statements have been prepared inline with the requirements of Revised ScheduleVI ofCompaniesAct, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2012. Accordingly, assets and liabilities are classified between current and non-current considering 12 month period as operating cycle. Consequently, the Company has re-classified previous year figures to confirm to this year’s classification.

13 Company Information, Significant Accounting policies and practices adopted by the Company are disclosed in the statement annexed tothese financial statements as"AnnexureA."

GENERALINFORMATION

Anik Industries Limited (Formerly known as Madhya Pradesh Glychem Industries Limited) was incorporated as a Limited Company on February 10th,1976.

The Company's manufacturing units of dairy business are situated at Dewas & Bhopal in M.P. and at Etah in U.P. The Company's products i.e. Ghee, SMP, Milk etc. are marketed in all over the country under leading brands ANIK and SOURABH, which are assuranceofbest quality.

Companyis also having presence in Housing and Property Development, Merchant Trading, Wind Power Generation and Mining activities.

The sharesofthe Company are listedatthe Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


Mar 31, 2011

2010-11 2009-10

PARTICULARS (Rupees) (Rupees)

1 Contingent Liabilities Not provided for :

a) Outstanding Bank Guarantees 4,38,18,777 1,99,96,877

b) Estimated amount of contracts remaining to be executed on capital account (Net of advances) 5,48,000 49,34,092

c) Income Tax / Sales tax/ Excise Duty demand disputed in appeal [Net of Advance paid Rs. 2,74,85,565 (Previous year Rs. 2,65,10,565 ) against disputed demand] 3,94,93,357 3,76,11,580

d) Estimated liability of Customs Duty, which may arise if export obligation/ commitment is not fulfilled 1,17,93,819 1,33,22,039

e) Letter of Credit opened on behalf of others 5,52,00,000 --

f) Guarantee issued by bank for and on behalf of third party 21,46,500 1,61,95,100 against, lien on fixed deposit

g) Corporate Guarantee given on behalf of others 60,00,00,000 --

h) Claims against the company not acknowledged as debt 42,40,483 8,01,302

i) Bills Discounting with Banks 35,97,43,177 28,47,98,825

2 Sundry Creditors includes bills payable for purchases of material Rs.1,10,93,03,660/- (Pre. Year Rs. 1,02,45,00,931/-)

3 Sales includes loss Rs. 45,34,976/- (Pre.Year Rs. 1,05,06,175/-) and purchase includes gain Rs.3,99,23,739/- (Pre. Year Rs. 18,21,54,175/-) respectively towards difference arising on account of fluctuation in the rate of exchange, consequent to recording the transactions as per revised Accounting Standard No. 11 issued by the Institute of Chartered Accountants of India.

4 During the year company has availed buyers credit, the said facility is outstanding as on 31st March, 2011 was Rs. 6,254 Lacs (Prev. Yr. Rs. 18,282 Lacs) is guaranteed by the bank against pledge of fixed deposit receipts with them. In the Balance Sheet (Schedule 4) the said amount of buyers credit is included in unsecured loans from Banks and the fixed deposit of Rs. 6,501 Lacs (Prev. year Rs. 18,610 Lacs) are included under bank balances with scheduled banks in "deposit accounts" (Schedule 9).

5 There is no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

6 In the opinion of the Board of Directors, current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and that the provision for known liabilities is adequate and reasonable. There are no contingent liabilities other than stated hereinabove.

7 The lease deed in respect of the land at Jaisalmer on which the Wind Mill is installed, is yet to be executed.

8 Related Party Disclosur e:

(A) Relationships (Related parties with whom transactions have taken place during the year)

(a) Associate/ Joint Ventur e

Mahakosh Property Developers (a firm where company is a partner)

(b) Key Management Personnel & their relatives

1 Shri Suresh Chandra Shahra : Managing Director

2 Shri Manish Shahra : Jt. Managing Director

3 Shri Deepakk Goyal : Executive Director (resigned on 07.02.11)

4 Shri Ashok Trivedi : Whole Time Director

(c) Other parties wher e Key Management Personnel and/or their relatives have significant influence. (i) Shahra Securities Pvt. Ltd.

(ii) Mahadeo Shahra Sukrat Trust

Note : Related party r elationships is as identified by the company and relied upon by the auditor .

9 The Company has provided Rs. 1,01,500/- (Previous Year Rs. 97,000/-) towards wealth tax liability.

10 Leases (Where company is lessee)

Operating Leases : The Company has taken various commercial premises & residential premises under cancellable operating leases. These lease agreement are normally renewed on expiry.

11 From the current year with effect from 1st April , 2010 following implemention of SAP transactions system, inventories are valued at lower of cost arrived at on Moving Average Price ( MAP ) method or Net Realisable Value (NRV) . Hitherto cost was arrived at on FIFO method . The impact of the change in method of stock valuation on the profit for the year is however not determinable.

12 Previous year's figures have been re-grouped/rearranged or recast whereever necessary.

13 Additional information required in terms of Part-IV of Schedule VI to the Companies Act,1956 is attached herewith.


Mar 31, 2010

PARTICULARS 2009-10 2008-09

(Rs.) (Rs.)

1 Contingent Liabilities Not provided for :



a) Outstanding Bank Guarantees 1,99,96,877 1,45,57,877

b) Estimated amount of contracts remaining to be executed

on capital account (Net of advances) 49,34,092 9,21,77,730

c) Income Tax / Sales tax/ Excise Duty demand disputed in appeal [Net of amount paid Rs. 26510565(Previous year Rs. 26370565 )

against disputed demand] 3,76,11,580 5,80,99,726

d) Estimated liability of Customs Duty, which may arise if export

obligation/ commitment is Not fulfilled 1,33,22,039 27,98,235

e) Letter of Credit opened on behalf of others - 51,31,68,324

f) Guarantee issued by bank for and on behalf of third party

against, lien on fixed deposit 1,61,95,100 1,80,80,100

g) Claims against the company Not acknowledged as debt 8,01,302 8,01,302 h) Bills Discounting with Banks 28,47,98,825 40,41,24,543





2 Sundry Creditors includes bills payable for purchases of material Rs. 1,02,45,00,931 (Prev. YearRs. 63,29,16,530)

3 Sales and purchases includes Rs. 1,05,06,175 (Prev. Year Rs. 4,02,769) and Rs. 18,21,54,175 (Prev. Year Rs. 33,76,52,050) respectively towards difference arising on account of fluctuation in the rate of exchange, consequent to recording the transactions as per revised Accounting Standard No. 11 issued by the Institute of Chartered Accountants of India.

4 During the year company has availed Buyers Credit, the said facility is outstanding as on 31 st March, 2010 was Rs. 18,282 Lacs (Prev. year Rs. 2,409 Lacs) is guaranteed by the bank against pledge of Fixed Deposit Receipts with them. In the Balance Sheet (schedule 4) the said amount is shown as unsecured Loans from Banks and the fixed deposit of Rs. 18,610 Lacs (Prev. year Rs. 2,415 Lacs) are included under bank balances with Scheduled Banks in "Deposit Accounts" (schedule 9).

5 There is no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 3 0 days as at 31 st March, 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

6 Balances of creditors, debtors, deposits and advances are partly confirmed.

7 In the opinion of the Board of Directors, current assets, Loans and advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and that the provision for known liabilities is adequate and reasonable. There are no contingent liabilities other than stated hereinabove.

8 The lease deed in respect of the land at Jaisalmer on which the Wind Mill is installed, is yet to be executed.

9 Related Party Disclosure:

(A) Relationships (Related parties with whom transactions have taken place during the year) (a) Subsidiary Companies:

(i) Anik Energy Pvt. Ltd. (w.e.f. 31.03.2010) (ii) Anik Ferro-Alloys Pvt. Ltd. (w.e.f. 31.03.2010)

(b ) Associate/ Joint Venture

Mahakosh Property Developers (a firm where company is a partner)

(cj Key Management Personnel & their relatives

1. Mr. Suresh Chandra Shahra : Managing Director

2. Mr. Manish Shahra : Jt. Managing Director

3. Mr. Deepakk Goyal : Whole Time Director

4. Mr. Ashok Trivedi : Whole Time Director

5. Mr. Ashok Phadnis : Whole Time Director (Mr. Ashok Phadnis resigned on 10.03.10)



(d) Other parties where Key Management Personnel and/or their relatives have significant influence.

(i) Gloryshine Property Developers Pvt Ltd (ii) Anik Precious Metals Pvt. Ltd.

(iii) Mahadeo Shahra Sukrat Trust (iv) Shahra Securities Pvt Ltd

(v) Shahra Estate Pvt. Ltd. (vi) Shahra Brothers Pvt Ltd

(vii) Nestor Securities Pvt. Ltd. (viii) Ruchi Realty Holdings Ltd.

(ix) Nirvana Housing Pvt. Ltd.

10 The Company has provided Rs. 97,000 /- (Previous Year Rs. 1,23,000/-) towards Wealth Tax liability.

11 Leases (Where company is lessee)

Operating Leases : The Company has taken various commercial premises & residential premises under cancellable operating leases. These lease agreement are normally renewed on expiry.

12 Sales of Power Generated by wind turbines includes 18,09,281 units of Rs. 47,00,188/- (Prev. Yr. units 18,89,419 of Rs.52,93,326/-) used for captive consumption.

Find IFSC