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Notes to Accounts of Apcotex Industries Ltd.

Mar 31, 2016

Note:

a) The Company had wide resolution passed thru postal ballot on 12th September 2015, approved the issue of one bonus shares for every one equity share held in the company having face value of Rs 5/- each fully paid to the shares holders existing on record date i.e 24th September 2015. The shares were allotted on board meeting held on 25th September 2015 (Refer Note (e) below).

d) Rights, Preferences & Restrictions attached to Equity Shares:

The Company has one class of share having a par value of Rs 5 per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. 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 to their shareholding.

1. Segment Information

The Company operates in a single primary business segment, i.e. leading producers of Synthetic Lattices and Synthetic Rubber. Therefore, the separate segment information on primary segment is not given in terms of the accounting standard 17, on ‘segment reporting’ issued by the Institute of Chartered Accountants of India. The information pertaining to the company’s secondary segment i.e. geographical is given below:

Secondary Segment Information:

The Company’s operations are managed from India. The principal geographical areas in which the Company operates are India, Middle East and Asian Countries.

Secondary segment information with respect to geographical location

2. Related Party Transaction Disclosures:

(I) As per requirement of Accounting Standard for Related Party transactions (AS 18) issued by ICAI:

A. Names of Related Parties and nature of relationship

(Related Parties and the transactions with Related Parties are identified by the management and relied upon by Auditors)

(i) Person(s) having controlling interest

a) Shri Atul C. Choksey - Chairman & Non-Executive Director

(ii) Enterprises directly controlled by the company(subsidiary company)

a) Apcotex Solutions India Pvt ltd (formerly known as Omnova Solutions India Pvt ltd.)

(iii) Enterprises over which the Company’s Directors Exercise significant influence

a) Abhiraj Trading & Investments Pvt. Limited

b) Aeonian Investments Company Limited

c) Amisha Buildcon Private Limited

d) Apco Enterprises Limited

e) Aquamarine Trading & Investments Pvt. Limited

f) Aquamarine Investment Managers LLP

g) Balasesh Leafin Limited

h) Bhuvantray Investments & Trading Co. Pvt. Limited

i) Choksey Structural Engineering Private Limited j) Choksey Chemical Pvt. Limited

k) Cons Holdings Limited

l) Cybele Paradise Pvt Ltd

m) Dhumraketu Investments & Trading Company Pvt.Ltd.

n) Forest Hills Trading & Investments Pvt. Limited

o) Gauriputra Investments & Trading Co. Pvt. Limited

p) Haridwar Trading & Investments Pvt. Limited

q) HMP Mineral Pvt. Limited

r) Joshimath Trading & Investments Pvt. Limited

s) Laxmanjhula Trading & Investments Pvt. Limited

t) Mazda Colours Limited

u) Propycon Trading & Investments Private Limited

v) Saldhar Investments & Trading Company Pvt. Limited

w) Sammelan Investments & Trading Limited

x) Shyamal Finvest (India) Limited

y) Hindustan Mineral Products Co. Limited

z) Titan Trading & Agencies Limited

aa) Trivikram Investments & Trading Company Limited

(iv) Key Management Personnel and their relatives :

a) Shri. Abhiraj A. Choksey - Managing Director - Key Management Personnel

3. Disclosure as per Accounting Standard 15 (Revised)

i. Contribution to Defined Contribution Plans

Payment for Employers Contribution to Provident Fund, recognized as expenses is Rs. 21.99 lacs.

ii. Contribution to Defined Benefit Plans

The following table sets out the status of the Gratuity Plan as required under AS 15 (Revised).

The estimates of future salary increases, considered in actuarial valuations, take account of inflation, seniority, promotions, and other relevant factors, such as supply demand in the employment market.

The overall expected rate of return on assets is determined based on market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to change in market scenario.

4. Operating Leases:

The Company lease agreements are in respect of operating lease for vehicles. These Lease Agreements provide for cancelation by either party thereto as per the terms and condition of the agreement. The lease rental recognized in the profit and loss during year & the lease agreements obligations for the period is as per given table.

5. Earnings per Share:

*The equity shares of the Company having face value of Rs. 5 each allotted as fully paid up by way of bonus share. In accordance with AS 20 - Earnings Per Share, the earnings per share For the year ended 31st March 2015 have been presented based on the revised number of shares.

6. Micro & Small enterprises as defined under the Macro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) have been identified by the Company on the basis of the information available with the Company and the auditors have relied on the same. Sundry creditors include total outstanding dues of micro enterprises and small enterprises amounting to Rs. 68.62 (Previous Year: Rs. 156.07). The disclosure pursuant to MSMED Act based on the books of account are as under :

7 Acquisition & Amalgamation of wholly owned Company

a. On 05th February 2016, company acquired the entire share-holding (No. of Shares - 1,60,99,272) of Omnova Solutions India Private Limited from "Omnova Solutions India France Holding SAS” & "Omnova Solutions SAS France”. The name of wholly owned subsidiary company i.e. Omnova Solutions India Private Limited was changed to Apcotex Solutions India Private Limited w.e.f 05th March 2016.

b. On 22nd April 2016, Board of Directors approved the scheme of Amalgamation of wholly owned subsidiary company viz. Apcotex Solutions India Private Limited with the Company applicable from 31st March 2016. The necessary documents have been filed with stock exchanges for their consent before filing the petition with Honorable High Court judicature at Bombay.

8. Previous year’s figures have been have been regrouped / restated wherever necessary to conform to current year’s presentation.


Mar 31, 2015

1. Corporate Information note on business activity

Apootex industries Ltd. is one of the leading producers of Synthetic Lattices (VP Latex, Acrylic Latex, Nitrile Latex) and Synthetic Rubber (HSR, SBR) in India. The Company has one of the broadest ranges of products based on STYRENE - BUTADIENE CHEMISTRY available in the market today, Company's product range is used, among other applications, for TYRE CORD DIPPING, PAPER/PAPER BOARD COATING, CONCRETE MODIFICATION/WATER PROOFING, PAINT EMULSIONS, TEXTILE FINISHING etc, The various grades of Synthetic Rubber find application in products such as Footwear, Automotive components, V-belts, Conveyor belts and hoses.

2. Estimated amount of contracts to be executed on capital account and not provided for Rs. 242.06 Lacs (Net of advances of Rs. 34.85 Lacs) [P.Y. Rs. 74.70 Lacs (Net of Advances of Rs. 96.86 Lacs)].

3. Contingent Liabilities:

Claims against the Company not acknowledged as debts [Gross] Rs. 536.15 Lacs (P.Y. Rs. 760.54 Lacs).

(Rs. In Lacs)

Particulars As at As at 31st March 2015 31st March 2014

Income tax liability on account of disputed liability 528.22 393.67

Disputed demand from RCFPF for PF - 36.45

Excise duty, Service Tax and Customs 159.93 183.44

Show Cause notices / Demands under MVAT disputed by the company - 29.61

Open Letters of Credit - 117.37

Bank Guarantee with Sales Tax Department 55.86 -

4. Income Tax liability of Rs. 208.33 Lacs (Previous Year Rs. 208.33 Lacs) is in respect of capital gains.

5. Customs authorities have raised vide notice dated 22-07-2005 a demand and penalty of Rs. 142.09 Lacs each for a dispute regarding high sea sales. The Company has paid the demand of Rs. 142.09 Lacs in the year 2011-12 and has claimed the same as deduction in the year financial year 2011-12. Balance penalty amount of Rs. 142.09 Lacs has been disclosed as contingent.

6. Segment Information

The Company operates in a single primary business segment, i.e. leading producers of Synthetic Lattices and Synthetic Rubber. Therefore, the separate segment information on primary segment is not given in terms of the accounting standard 17, on 'segment reporting' issued by the Institute of Chartered Accountants of India. The information pertaining to the company's secondary segment i.e. geographical is given below:

Secondary Segment Information:

The Company's operations are managed from India. The principal geographical areas in which the Company operates are India, Middle East and Asian Countries.

7. Previous year's figures have been have been regrouped / restated wherever necessary to conform to current year's presentation.


Mar 31, 2013

Corporate Information note on business activity

Apcotex Industries Ltd. is one of the leading producers of Synthetic Latices (VP Latex, XSB Latex, Acrylic Latex, Nitrile Latex) and Synthetic Rubber (HSR, SBR) in India. The company has one of the broadest ranges of products based on STYRENE - BUTADIENE CHEMISTRY available in the market today. Our range is used, among other applications, for TYRE CORD DIPPING, PAPER/PAPER BOARD COATING, CONCRETE MODIFICATION/WATER PROOFING, PAINT EMULSIONS, TEXTILE FINISHING etc. The various grades of Synthetic Rubber find application in products such as Footwear, Automotive components, V-belts, Conveyor belts and hoses.

a) Terms/rights attached to equity shares

The Company has only one class of share i.e Equity Share which enjoy similar rights in respect of Voting, Payment of dividend and Repayment of capital.

Note 1: DEFERRED TAX LIABILITY (NET)

The Company has recognized deferred tax arising on account of timing differences, being the difference between the taxable income and accounting income, that originates in one period and is capable of reversal in one or more subsequent period(s) in compliance with Accounting Standard (AS 22) - Accounting for Taxes on income.

2. Estimated amount of contracts to be executed on capital account and not provided for Rs. 323.00 lacs (Net of advances) [P.Y. Rs. 493.87 lacs (Net of Advances)].

3. Contingent Liabilities:

Claims against the Company not acknowledged as debts [Gross] Rs. 582.12 lacs (P.Y. Rs. 566.00 Lacs).

4. Company is engaged in the business of Synthetic rubber including latexes, also known as Synthetic Emulsion polymers.

5. Operating Leases:

The Company lease agreements are in respect of operating lease for vehicles. This lease agreements provide for cancel- lation by either parties there to as per the terms and condition of the agreements. The lease rental recognized in the profit and loss during the year Rs. 3.82 lacs (PY. Rs. 3.33 lacs). The lease agreements obligations for period of validity Rs. 8.27 lacs (P.Y. Rs. 12.09)

6. Previous year''s figures have been regrouped, wherever necessary. Figures in brackets are for the P.Y.


Mar 31, 2011

1. Estimated amount of contracts to be executed on capital account and not provided for Rs. 344.97 lacs (Net of advances) [Previous Year Rs. 33.77 lacs (Net of Advances)].

2. Contingent Liabilities:

Claims against the Company not acknowledged as debts [Gross] Rs. 555.22 lacs (Previous Year Rs. 589.42 Lacs).

(Rs. In Lacs)

Particulars F.Y 2010-11* F.Y 2009-10

Direct Tax Matters 252.39 63.67

Excise & Custom 302.83 525.75

* Adhoc provision had been made for contingencies of Rs. 50.00 lacs

3. In addition to Audit Fees, reimbursement of expensesRs. 0.10 lacs (Previous YearRs. 0.10 lacs), Rs.0.35 lacs towards other services (Previous Year Rs. 0.54 lacs) and.Rs. 0.50 Lacs towards Tax Audit (Previous year Rs. 0.50 Lacs), being paid.

4. Revenue expenses amounting to Rs. 132.69 lacs on Research and Development have been included under the respective heads of expense accounts (Previous YearRs. 90.10 lacs).

5. Company is engaged in the business of Synthetic rubber including latices.

Sr. No. Names of related parties Description

1 Shri Atul C. Choksey Person/s having controlling interest

2 Smt. Parul Choksey Relatives of person/s having controlling interest Smt. Devanshi Jalan

Shri. Anantveer Jalan Smt. Rita Ashok Parekh Smt. Biyash Choksey Baby Alekha Choksey Baby Tarika Choksey

3 Shri Girish C. Choksey Directors Shri Bipin V. Jhaveri

Shri Manubhai G. Patel Shri Amit C. Choksey Shri T.N.V. Ayyar Dr. S. Sivaram Dr. S. Rengachary

4 Abhiraj Trading & Investments Pvt. Limited Associates (Common Control) Aeonian Investments Compnay Limited

Amisha Credit & Capital Pvt. Limited

Apco Enterprises Limited

Aquamarine Trading & Investments Pvt. Limited

Balasesh Leafn Limited

Belt Trading & Investments Pvt. Limited

Bhuvantray Investments & Trading Co. Pvt. Limited

Casabella Interior Pvt. Limited

Choksey Chemical Pvt. Limited

Cons Holdings Limited

Cybele Paradise Pvt Ltd Dhumraketu Investments & Trading Company Pvt. Limited

Dhumravarma Trading & Investments Pvt. Limited

Forest Hills Trading & Investments Pvt. Limited

Gauriputra Investments & Trading Co. Pvt. Limited

Haridwar Trading & Investments Pvt. Limited

HMP Mineral Pvt. Limited Joshimath Trading & Investments Pvt. Limited

Laxmanjhula Trading & Investments Pvt. Limited

Mazda Colours Limited

Mustang Investments Pvt. Limited

Nurture Finance Limited

Propycon Trading & Investments Private Limited

Saldhar Investments & Trading Company Pvt. Limited

Sammelan Investment & Trading Limited

Shyamal Finvest (India) Limited

Sunshield Chemicals Limited

The Hindustan Mineral Products Co. Limited

Titan Trading & Agencies Limited

Trivikram Investments & Trading Company Limited

5 Shri. Abhiraj A. Choksey – Key Management Personnel Managing Director w.e.f. 01/05/2010 Shri. S.K.Lahiri – Key Management Personnel Director & C.E.O. till 03/06/2010

6. Operating Leases

The Company lease agreements are in respect of operating lease for vehicles. This lease agreement provide for cancellation by either parties there to as per the terms and condition of the agreements. The lease rental recognized to the profit and loss account during the year Rs. 2.74 lacs (Previous Year Nil). The lease agreements obligations due within fve years Rs. 17.27 lacs (Previous Year Nil)

7. Previous year's figures have been regrouped, wherever necessary. Figures in brackets are for the previous year.


Mar 31, 2010

1. Estimated amount of contracts to be executed on capital account and not provided for Rs. 33.77 lacs (Net of advances) [Previous Year Rs. 13.73 lacs (Net of Advances)].

2. Contingent Liabilities:

Claims against the Company not acknowledged as debts [Gross] Rs. 589.42 lacs (Previous Year Rs. 582.26 Lacs).

(Rs. In Lacs)

Particulars F.Y 2009-10 FY 2008-09

Direct Tax Matters 63.67 56.51

Excise & Custom 525.75 525.75

3. In addition to Audit Fees, reimbursement of expenses Rs.0.10 lacs (Previous Year Rs. 0.10 lacs), Rs. 0.54 towards other services (Previous Year Rs. 0.40 lacs) and Rs.0.10 lacs has been paid towards attending audit committee (Previous year Rs. 0.10 lacs).Rs.0.50 Lacs towards Tax Audit (Previous year Rs. 0.25 Lacs )

4. At the time of commencement of buyback of equity shares, the paid-up Share Capital of the Company consisted of 55,27,352 Equity Shares of Rs. 10/- each fully paid. Pursuant to Scheme of Buyback approved by Board, the Company had purchased & extinguished 3,42,856 equity shares as on the date of Balance Sheet, hence 51,84,496 equity shares were outstanding as on that date. The Company had utilized the Balance amount in Share Premium Account for creating the Capital Reserve Account and for payment of the premium for buyback of shares.

5. Revenue expenses amounting to Rs. 90.10 lacs on Research and Development have been included under the respective heads of expense accounts (Previous Year Rs. 42.55 lacs).

6. Company is engaged in the business of Synthetic rubber including latices.

7. Previous year’s fgures have been regrouped, wherever necessary. Figures in brackets are for the previous Year.

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