Mar 31, 2013
NOTE 1: COMPANY''S INFORMATION
M/s Apis India Limited ("the Company") is a public limited Company
domiciled in India and is listed on Bombay Stock Exchange (BSE). The
Company is a market leader in the honey processing business having unit
at Roorkee (Uttarakhand). The Company has its presence in domestic as
well as in International market. The company has also started food
retail business during the year.
2.1 All the income and expenditure having material impact on financial
statements are accounted for on accrual basis except VKUY Licenses
receivable from DGFT towards export performance incentives.
2.2 Contingent Liabilities not provided for in respect of Guarantees
given by bank on behalf of the Company: Rs.17.75 Lacs.
2.3 In the opinion of Board, current assets, loans and advances are
approximately of the value stated, if realized in the ordinary course
of business and provision for depreciation and all known liabilities
are adequate and not excess of the amount reasonable necessary.
2.4 Sundry Debtors, Creditors & Unsecured Loans are subject to
confirmation.
2.5 There is no Micro, Small & Medium Enterprises under the Micro,
Small & Medium Enterprises Development Act, 2006 (MSMED Act) to whom
the company owes a sum exceeding Rs.1.00 lakh for more than 30 days.
2.6 (i) Secured Loans
a.) Working Capital Facilities/ Borrowings are secured by way of first
charge on stock of raw material, stock in process, stores and spares,
books debts, finished goods and Block of Plant & Machinery in Fixed
Assets & Mortgage of collateral securities offered by Directors.
b.) Term Loan facilities are secured by way of first charge on Factory
Building and Block of Plant & Machinery located at Roorkee
(Uttarakhand).
(ii) Unsecured Loans
Short Term Working Capital Loan from Kotak Mahindra Bank Limited is by
way of mortgage of immovable property as securities offered by
Directors.
2.7 During the year, the Company has paid Director''s Remuneration to
the tune of Rs.18.00 Lacs.
3. RELATED PARTY DISCLOSURE (AS CERTIFIED BY DIRECTORS) - AS - 18 A)
Names of related parties and description of relationship
a) Key Management Personnel
i) Mr. Vimal Anand, Managing Director
ii) Mr. Amit Anand, Joint Managing Director
iii) Mrs. Prem Anand, Director
iv) Mr. Deepak Anand, Chairman
b) Relatives of Key Management Personnel
(i) Mrs. Manisha Anand (Wife of Mr. Vimal Anand), Marketing Executive
(ii) Mrs. Sakshi Anand (Wife of Mr. Amit Anand), Administration - Head
4. DEFERRED TAX:
a) The Company has accounted for deferred tax in accordance with the
Accounting Standard 22 "Accounting for taxes on income" issued by
Council of ICAI. Accordingly, deferred tax for the year is recognized
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
b) Deferred Tax Assets and Liabilities are measured using the tax rates
and tax laws that have been enacted or substantively enacted by the
Balance Sheet date.
c) Tax on income for the current period is determined on the basis of
taxable income and applicable tax rate computed in accordance with the
provisions of the Income Tax Act, 1961.
d) Deferred Tax assets are recognized and carried forward only if there
is a reasonable/virtual certainty of its realization.
5. On 30th August 2012 the Board of Directors announced a plan to
dispose of Company''s Rajpura Plant. The disposal is consistent with the
company''s long term strategy to focus and reap the maximum benefit from
its plant at Roorkee Uttrakhand. This has enhanced the company''s
strength and ability to handle the growing market demand which is on
increasing pace every year. Various new technologies have been used in
the said manufacturing facilities.
6. Previous year figures are regrouped, rearranged, and recast
wherever considered necessary to make them Comparable with current year
figures.
Mar 31, 2010
1. Basis of accounting
All the income and expenditure having material impact on financial
statements are accounted for on accrual basis except VKUY Licenses
receivable from DGFT towards export performance incentives.
2. Contingent Liabilities not provided for in respect of: Guarantees
given by bank on behalf of the company: Rs. 103.39 Lakhs.
3. In the opinion of the Board, current assets, loans and advances are
approximately of the value stated, if realized in the ordinary course
of business and provision for depreciation and all known liabilities
are adequate and not excess of the amount reasonable necessary.
4. Sundry Debtors, Creditors & Unsecured Loans are subject to
confirmation.
5. There is no micro, small & medium enterprises under the Micro,
small & Medium Enterprises Development Act, 2006 to whom the company
owes a sum exceeding Rs. 1.00 lakh for more than 30 days.
6. Secured Loans
Working Capital Facilities/ Borrowings are secured by way of first
charge on stock of raw mate- rials, stock in process, stores and
spares, books debts, finished goods and Block of Plant & Machinery in
Fixed Assets & mortgage of collateral securities offered by Directors.
Unsecured Loans
Short Term Bill Discounting facility from Kotak Mahindra Bank Ltd
against suppliers bills are secured by way of mortgage of immovable
property as securities offered by Directors.
7) Above quantities does not include sales being made during the year
towards Packing Mate- rial, Scrap etc. in domestic market Rs. 22.34
Lakhs and Packing Charges towards export of Rs. 13.39 Lakhs.
8) The quantitative details of Raw Material as above do not include
purchase and consumption and closing stock of Consumables and Packing
Material.
9) In addition to total closing stock, the company is holding Raw Honey
stock of 100.510 M Ton being balance quantity received to be processed
on Job basis on behalf of a client.
10. RELATED PARTY DISCLOSURE (AS CERTIFIED BY DIRECTORS) - AS -18
A) Names of related parties and description of relationship
1.) Key Management Personnel
a) Mr. Vimal Anand, Managing Director
b) Mr. Amit Anand, Director
c) Mrs. Prem Anand, Director
d) Mr. Deepak Anand, director
e) Mr. Brahm Swaroop Diwan, Whole Time Director 2.) Relatives of Key
Management Personnel
a) Manisha Anand (Wife of Mr. Vimal Anand)
b) Sakshi Anand (Wife of Mr. Amit Anand)
3.) Enterprises over which key management Personal exercise significant
influence 1) M/s Apis Natural Products Private Limited.
11. The Company has carried forward losses under the Income Tax Act,
1961. However, as a matter of prudence, deferred tax assets in respect
thereof has been recognized only to the extent there is deferred tax
liability.
12. Segment Information
In accordance with AS - 17 -" Segment Reporting" - the unit operates in
only one segment "Honey" and has only one reportable segment. Revenue
by geographical segment data been provided. Fur- ther, segregation of
capital employed could not be allocated to either of the segments and
thus its segment wise segregation has not been provided.
13. The name of the company been changed during the year 2007-08 from
eWeb Univ Limited to Apis
India Limited and after that a new business entity been taken over
through Business Purchase Agreement during the same year naming ÃApis
India Natural ProductsÃ.
14. Additional information as required by paragraphs 3 and 4 of part
II of the schedule VI to the companies Act, 1956 are not applicable as
the company has not carried out any manufacturing or trading activity
during the year.
a) Value of imports on CIF Basis:- 38.69 Lakhs (Previous year Rs.
696.65 lakhs)
b) Earning in foreign Exchange: - 1610.81 Lakhs (Previous year Rs.
2802.12 lakhs)
(FOB value of Exports)
c) Expenditure in foreign currency: -
Travelling Expenses 9.94 Lakhs (Previous year Rs. 3.82 lakhs)
Commission 1.75 Lakhs (Previous year Rs. 0.61 Lakhs)
Exhibition 5.56 Lakhs (Previous year Rs. 1.12 Lakhs)
Testing Charges 3.41 Lakhs (Previous year Rs. Nil)
d) Previous year figures are regrouped, rearranged and recast whenever
considered necessary to make them comparable with current year figures.
e) Schedule 1 to 18 to the Balance Sheet form an integral part of
Balance Sheet.
Mar 31, 2009
1. Basis of accounting
All the income and expenditure having material impact on financial
statements are accounted for on accrual basis except VKUY Licenses
receivable from DGFT towards export performance incentives.
2. Contingent Liabilities not provided for in respect of: Guarantees
given by bank on behalf of the company: Rs. 91.33 Lakhs.
3. In the opinion of the Board, current assets, loans and advances are
approximately of the value stated, if realized in the ordinary course
of business and provision for depreciation and all known liabilities
are adequate and not excess of the amount reasonable necessary.
4. Sundry Debtors, Creditors 8t Unsecured Loans are subject to
confirmation.
5. There is no micro, small & medium enterprises under the Micro,
small & Medium Enterprises Development Act, 2006 to whom the company
owes a sum exceeding Rs. 1.00 lakh for more than 30 days.
6. Secured Loans
Working Capital Facilities/ Borrowings are secured by way of first
charge on stock of raw materials, stock in process, stores and spares,
books debts, finished goods and Block of Plant & Machinery in Fixed
Assets St mortgage of collateral securities offered by Directors.
Unsecured Loans
Short Term Bill Discounting facility from Kotak Mahindra Bank Ltd
against suppliers bills are secured by way of mortgage of immovable
property as securities offered by Directors.
7. During the year the company has paid-directors remuneration to the
tune of Rs. 24.00 lakhs.
8. Related-party disclosure (As certified by Directors) - AS -18 A)
Names of related parties and description of relationship
1.) Key Management Personnel
a) Mr.Vimal Anand, Managing Director
b) Mr. Amit Ariand, Director
c) Mrs. Prem Anand, Director
d) Mr. Deepak Anand, director
e) Mr. Brahm Swaroop Diwan, Whole Time Director
2) Relatives of Key Management Personnel
a) Manisha Anand (Wife of Mr. Vimal Anand)
b) Sakshi Anand (Wife of Mr. Amit Anand)
3) Enterprises over which key management Personal exercise significant
influence
1) M/s Apis Natural Products Private Limited.
2) M/s Modern Herbals Private Limited
9. The Company has carried forward losses under the Income Tax Act,
1961. However, as a matter of prudence, deferred tax assets in respect
thereof has been recognized only to the extent there is deferred tax
liability.
10. Segment Information
In accordance with AS - 17 -" Segment Reporting" - the unit operates in
only one segment "Honey" and has only one reportable segment. Revenue
by geographical segment data been provided. Further, segregation of
capital employed could not be allocated to either of the segments and
thus its segment wise segregation has not been provided.
11. The name of the company been changed during the last year 2007-08
from eWeb Univ Limited to Apis India Limited and after that a new
business entity been taken over during the last year naming "Apis India
Natural Products".
12. Additional information as required by paragraphs 3 and 4 of part
II of the schedule VI to the companies Act, 1956 are not applicable as
the company has not carried out any manufacturing or trading activity
during the year.
a) Value of imports on CIF Basis:- 696.65 Lakhs (Previous year Rs.
78.06 lakhs)
b) Earning in foreign Exchange: - 2802.12 lakhs (Previous year Rs.
558.42 lakhs) (FOB value of Exports)
c) Expenditure in foreign currency: -
Travelling Expenses 3.82 lakhs (Previous year Rs. 1.14 lakhs)
Commission 0.61 lakhs (Previous year Rs. Nil)
Exhibition 1.12 lakhs (Previous year Rs. Nil)
d) Previous year figures are regrouped, rearranged and recast whenever
considered necessary to make them comparable with current year figures.