Mar 31, 2018
17 Accounting for Taxes on Income:
Tax expenses comprise of current tax and deferred tax including applicable surcharge and cess.
Current Income taxcomputed using the tax effect accounting method, where taxes are accrued in the same period in which the related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable.
Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profits against which the deductible temporary differences, and the carry forward unused tax credits and unused tax losses can be utilized.
Deferred tax is recognized in the statement of profit and loss, except to the extent that it relates to items recognized in other comprehensive income. As such, deferred tax is also recognized in other comprehensive income.
Deferred Tax Assets and Deferred Tax Liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the Deferred Tax Assets and Deferred Tax Liabilities relate to taxes on income levied by same governing taxation laws.
2. Contingent Liabilities & Contingent Assets:
Contingent liabilities are not provided for but are disclosed by way of Notes on Accounts. Contingent liabilities is disclosed in case of a present obligation from past events
(a) when it is not probable that an outflow of resources will be required to settle the obligation;
(b) when no reliable estimate is possible;
(c) unless the probability of outflow of resources is remote.
Provisions are made when
(a) the Company has a present legal or constructive obligation as a result of past events;
(b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
3. Employee Benefits:
Short-term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the related service is rendered.
Post-Employment and Retirement benefits in the form of Gratuity and Leave Encashment are considered as defined benefit obligations and is provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet. Every Employee who has completed five years or more of service is entitled to Gratuity on terms not less favorable than the provisions of The Payment of Gratuity Act, 1972.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of reporting period on government bonds that have terms approximating to the terms of the related obligation
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions of the defined benefit obligation are recognized in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Employee benefits in the form of Provident Fund is considered as defined contribution plan and the contributions to Employees'' Provident Fund Organization established under The Employees'' Provident Fund and Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. The Company pays provident fund contributions to publicly administered provident funds as per local regulations.
The Company has no further payment obligations once the contributions have been paid.
4. Borrowing Costs:
Borrowing costs are interest and other costs (including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds.
General and specific borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets during the period of time that is required to complete and prepare the asset for its intended use. A qualifying asset is one that takes necessarily substantial period of time to get ready for its intended use.
All other borrowing costs are expensed in the period in which they are incurred.
(d) Cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.
A liability is current when
(a) it is expected to be settled in normal operating cycle
(b) it is held primarily for the purpose of trading
(c) it is due to be discharged within twelve months after the reporting period
(d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.
(c) a reliable estimate is made of the amount of the obligation.
Contingent assets are neither accounted for nor disclosed by way of Notes on Accounts where the inflow of economic benefits is probable.
5. Current And Non- Current Classification:
The Normal Operating Cycle for the Company has been assumed to be of twelve months for classification of its various assets and liabilities into "Current" and "Non-Current".
The Company presents assets and liabilities in the balance sheet based on current and non-current classification.
An asset is current when it is
(a) expected to be realized or intended to be sold or consumed in normal operating cycle
(b) held primarily for the purpose of trading
(c) expected to be realized within twelve months after the reporting period
II. NOTES ON ACCOUNTS Note: - 36 :- Corporate social responsibility (CSR) Activity
In case of CSR activities undertaken by the Company, if any expenditure of revenue nature is incurred or an irrevocable contribution is made to any agency to be spent by the latter on any of the activities mentioned in Schedule VII to the Companies Act, 2013, the same is charged as an expense to its Statement of Profit and Loss.
During the year, the company has spent Rs.24,50,720/- (P.Y. 67,725/-) towards corporate social responsibility (CSR) under Section 135 of the Companies Act, 2013 and rules thereon by way of contribution to schools for their development.
Note: - 6 Earning Per Share:
Basic earnings (loss) per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
Note: - 7 : Segment Reporting
The Company has identified two segments viz a) Wood based product b) Paper based product, which have been identified in line with IND AS 108 on Operating segment reporting taking into account organizational structure as were as differential risk and return of these segments.
Details of the Products included in each segment are as under:
i) Wood based products: Plywood, Block Board, Veneers, Decorative plywood, Prelaminated Partical Boards, Furniture and polish work.
ii) Paper based products: Laminated Sheets (HPL).
The segment information has been prepared in conformity with the Accounting Policies for preparing and presenting the financial statements of the Company.
Segment revenue and results includes manufacturing as well as trading activities for the same segment product. Segment current assets and liabilities are taken on the basis of the turnover of the segment.
Secondary Segment Reporting:
The Company has no reportable secondary segment.
Note: - 8: Related Party
A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. Compensation includes all employee benefits i.e. all forms of consideration paid, payable or provided by the entity, or on behalf of the entity, in exchange for services rendered to the entity. It also includes such consideration paid on behalf of a parent of the entity in respect of the entity. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.
Disclosure as per Ind AS 24 "Related Party Disclosures" Issued by the Institute of Chartered Accountants of India is as follows:
Companies with significant influence:
I) The Mysore Chip Boards Ltd
ii) Assam Timber Products Pvt Ltd
iii) Shree Shyam Tea Pvt Ltd
iv) Bordhumsa Tea Company Pvt Ltd
v) Vanraj Suppliers Pvt Ltd
vi) Ravi Marketing Services Pvt Ltd
vii) Wartayar Veneer Industries Ltd
viii) Archidply Decor Ltd.
Key Management Personnel:
i) Mr. Deendayal Daga - Chairman
ii) Mr. Shyam Daga - Executive Director
iii) Mr. Rajiv Daga - Managing Director
#Amount receivable from Wartayar Veneer Industries Pvt. Ltd. amounting to Rs 1,22,65,724/- has been written off during the year as the net worth of the said company has eroded completely and the company believes the same cannot be realized from the party.
Note: - 10 UNCLAIMED SHARES
In terms of Clause 5A of the Listing Agreement with the Stock Exchange, the Company has opened the demat suspense account and has transferred the 4425 unclaimed shares of public issue to "Archidply Industries Limited Unclaimed Shares Suspense Account." The Voting rights on these shares will remain frozen till the rightful owner claims the shares.
There was no Unclaimed Dividend (P.Y. NIL) and Unclaimed Share Application money (P.Y. NIL) that need to be transferred to Investor Education and Protection Fund during the year.
Note: - 11 Micro, Small Or Medium Enterprises
The process of identifying the suppliers who fall within the Micro, Small & Medium Enterprises Development Act 2006 has been initiated. In the absence of information, company is unable to provide information regarding principal amount outstanding & interest due thereon remaining unpaid to any supplier & other details under the Micro, Small & Medium Enterprises Development Act 2006 as at 31-03-2018.
Mar 31, 2015
1. The Company has only one class of equity shares having a par value
of 10 per share, Each Shareholder is eligible for one vote per share.
2. 65000 Equity shares of Rs. 10/- each alloted under ESOP Scheme in
last Five years.
Term of repayment and nature of Security for long term secured
borrowings :
i) Term Loan amounting of 39,840,000/- (March 31,2014: 53,120,000/-) is
secured by first charge on all immovable properties of the Company
present and future and hypothecation of Rudrapur Unit of all assets both
present and future of unit and personal guarantee of promotor directors
and repayable in 20 quarterly installments starting from June 2013 last
installment due on March 2018.
ii) Term Loan amounting 74,46,368 (March 31,2014: Rs. 1,82,44,942/-) is
secured by first charge on all immovable properties of Chintamani unit
of the Company present and future and hypothecation of all assets both
present and future of Chintamani unit and personal guarantee of
promoter directors and repayable in 56 monthly installments starting
from August 2012 last installment due on December 2015. Out of which
NIL (P.Y Rs. 1,82,44,937/-) is in Foreign Currency.
iii) Term Loan amounting 4,00,01,620 (March 31,2014: Rs. 7,55,87,866/-)
is secured by first charge on all immovable properties of Chintamani
unit of the Company present and future and hypothecation of all assets
both present and future of Chintamani unit and personal guarantee of
promotor directors and repayable in 50 monthly installments starting
from August 2012 last installment due on September 2016. Out of this
NIL (P.Y- Rs. 7,55,67,556/-) is in Foreign Currency.
iv) Vehicle Loans are secured by hypothecation of vehicles purchased
under the Hire Purchase Schemes.
v) Installments falling due in respect of all the above loans up to
31.3.2015 have been grouped under "Current maturities of Long Term
Debt" (Refer note 7)
3. CONTINGENT LIABILITIES AND COMMITMENTS As at 31st As at31ST
(TO THE EXTEND March March
NOT PRoVIDED FoR) 2015 2014
1) Contingent Liabilities
A) On account of De merger of Plywood &
Block Board and Particle & laminated board
(both divisions) of The Mysore Chip Boards
Limited in to the Company in the financial
year 2007-08:
i) Various parties had filed a civil suit
for recovery of dues/ damages against The
Mysore Chip Boards Limited, which has been
disputed by The Mysore Chip Boards Limited
and had deposited an amount of 11,46,419/-
(P.Y.11,46,419) with Hon'ble High Court of
Gujarat. The said amount of Rs. 11,46,419/-
(P.Y Rs. 11,46,419) 1,228,606 1,228,606
ii) The Company, for and on behalf of
The Mysore Chip Boards Limited has given a
guarantee towards a show cause notice
issued by the Excise Department demanding
a dues from The Mysore Chip Boards Limited.
However The Mysore Chip Boards Limited had
deposited an amount of 16,00,000/-( P.Y.
16,00,000/) with Central Excise Department.
The Mysore Chip Boards Limited had filed
an appeal & disputed the said demand and
the demand has been reduced to Rs. 81,01,637/-
(P.Y. Rs. 81,01,637/) and the penalty of the
same amount by Commissioner of Central Excise,
Mysore on 05/10/2006. The Mysore Chip Board Ltd
has filed an appeal to Custom, Excise & Service
Tax Appellate Tribunal, Bangalore and obtained a
stay order against that demand. The tribunal has
remanded back the case to the Commissioner of
Central Excise for taking fresh decision after
following the principles of natural justice.
The Department has filed the appeal before the
Honourable Supreme Court
against the order of the Tribunal. 8,101,637 8,101,637
B) (i) The Company has received show
cause notice issued by the Excise Department,
Commissionate Meerut -II demanding
Rs. 4,41,92,921/- for period from April 2006
to december 2010 ,Rs. 2,00,10,661/- for period
from Jan 2011 to March 2012 , company
has got stay order from Appallete Tribunal
against these demand for production of resin at
its rudrapur unit which company is using
for its production. 64,203,582 64,203,582
(ii) The company has received demand notice
for Rs 1,86,18,471/- for the period from April
2012 to December 2012 and same reason as
mentioned in B(ii) above and the case is
pending in Appellete Tribunal-Delhi 18,618,471 6,585,437
(iii) The company has received another
demand of Rs. 39,57,322/-from the same
authority for the period from January
2013 to February 2013 and the case is
pending before commissioner
Central Excise Appeal-I -Meerut. 3,957,322 -
C) The Deputy Commissioner of sales
tax Rudrapur has demanded Rs. 4998317/-
related to financial year 2007-08 and
Rs. 136687/- related to financial year
2006-07 and interest on above amount
till date. The Company has deposited
Rs. 1157615/- and filed appeal with Joint
Commissioner Appeal -I, Sales Tax
Uttarchand against same demand. 5,135,004 5,135,004
D) The Company has filed appeal with
the Tribunal against the order of the
Commissioner for the availment and
utilization of irregular cenvat credit
taken on capital expenditure at Chintamani
Unit amounting to Rs. 43,03,304/- for
the financial year 2011-12. The Company has
reversed the amount of Rs. 30,45,832/- and
charged it to profit & losss account. The
credit of an amount of Rs. 12,57,472
is under litigation. 1,257,472 1,257,472
E) The Company has imported plant
and machinery under EPCG Scheme on
which it has availed Duty benefit 13,727,264 25,863,067
F) Raw material under Advance Licence
scheme and availed a duty benefit 2,404,688 -
G) The Company has undertaken Domestic
factoring facility for its trade debtors
from financial institutions. 80,320,292 89,647,078
H) Guarantees given by the bank on
behalf of the Company 16,325,147 16,325,147
1) During the year Company has
received notice from State of
Uttarakhand for Mandi Tax levied on
the purchase of materials outside
the state. However Company has filed
a writ petition in the Honorable
High Court of Uttarakhand against
the notice. As per calculation by
company a Contingent liability of
Rs.19,05,256/- is arising on account
of this notice. 1,905,256 1,905,256
2) Commitments
i) Estimated amount of contracts remaining
to be executed on Nil Nil
capital account not provided
for (net of advances)
ii) The Company, during the year has
capitalized interest on loan Nil Nil
(borrowing cost) amounting
4. CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITY
During the year, the company has spend 10,00,000/- towards corporate
social responsibility (CSR) under Section 135 of the Companies Act,
2013 and rules thereon by way of contribution to Round Table Trust for
promotion of Primary Education Infrastructure.
5. Segment Reporting: The Company has identified two segments viz a)
Wood based product b) Paper based product, which have been identified
in line with Accounting Standard 17 on segment reporting taking into
account organizational structure as were as differential risk and return
of these segments.
Details of the Products included in each segment are as under:
i) Wood based products: Plywood, Block Board, Veneers, Decorative
plywood, Prelaminated Partical Boards.
ii) Paper based products: Laminated Sheets (HPL).
The segment information has been prepared in conformity with the
Accounting Policies for preparing and presenting the financial
statements of the Company.
Segment revenue and results includes manufacturing as well as trading
activities for the same segment product. Segment current assets and
liabilities are taken on the basis of the turnover of the segment.
The following table presents the information relating to profit, assets
and liabilities of the business segment. (Primary Segment) of the
Company.
6. Disclosure as per Accounting Standard 18 (AS-18) "Related Party
Disclosures" Issued by the Institute of Chartered Accountants of India.
Associate Companies:
i) The Mysore Chip Boards Ltd
ii) Assam Timber Products Pvt Ltd
iii) Shree Shyam Tea Pvt Ltd
iv) Bordhumsa Tea Company Pvt Ltd
v) Vanraj suppliers Pvt Ltd
vi) Ravi Marketing Services Pvt Ltd
Key Management Personnel:
i) Mr. Deendayal Daga - Chairman
ii) Mr. Shyam Daga - Managing Director
iii) Mr. Rajiv Daga - Jt. Managing Director
Previous year's figures have been regrouped and re classified to
facilitate the comparison with current year's figures wherever
necessary.
7. CAPITALISATION OF HEDGING CHARGES
Hedging Charges of 35,79,838/- (PY 78,89,440/-) on foreign currency
term loan has been capitalised with the cost of fixed asset as per the
clause 46A of the Accounting Standard -11.
8. UNCLAIMED SHARES
In terms of Clause 5A of the Listing Agreement with the Stock Exchange,
the Company has opened the demat suspense account and has transferred
the 4425 unclaimed shares of public issue to "Archidply Industries
Limited Unclaimed Shares Suspense Account." The Voting rights on these
shares will remain frozen till the rightful owner claims the shares.
Opening Balance of the Shares in the demat account 4425
Closing Balance of the Shares in the demat account 4425
Mar 31, 2014
Note - 1
CONTINGENT LIABILITIES AND COMMITMENTS
(TO THE EXTENT NOT PROVIDED FOR)
As at As at
31st March, 2014 31st March, 2013
1. Contingent Liabilities :
a) On account of Demerger of
Plywood & Block Board and
Particle & laminated board
(both divisions) of The Mysore
Chip Boards Limited in to the
Company in the financial year
2007-08:
i) Various parties had filed
a civil suit for recovery of
dues/ damages against The
Mysore Chip Boards Limited,
which has been disputed by
The Mysore Chip Boards Limited 1,228,606 1,228,606
and had deposited an amount
of Rs. 11,46,419/- (P.Y. Rs.
11,46,419) with Hon''ble High
Court of Gujarat. The said
amount of Rs. 11,46,419/-
(P.Y. Rs. 11,46,419)
ii) The Company, for and on
behalf of The Mysore Chip
Boards Limited has given a
guarantee towards a show cause
notice issued by the Excise Department
demanding a dues from The Mysore
Chip Boards Limited. However The
Mysore Chip Boards Limited had
deposited an amount of Rs. 16,00,000/-
( P.Y. Rs. 16,00,000/) with Central
Excise Department. The Mysore Chip 8,101,637 8,101,637
Boards Limited had filed an appeal &
disputed the said demand and the
demand has been reduced to Rs.81,01,637/-
(P.Y. Rs.81,01,637/) by Commissioner of
Central Excise, Mysore on 05/10/2006.
The Mysore Chip Board Ltd has filed an
appeal to Custom, Excise & Service
Tax Appellate Tribunal, Bangalore and
obtained a stay order against that demand.
The tribunal has remanded back the case
to the Commissioner of Central Excise
for taking fresh decision after following
the principles of natural justice. The
Department has filed the appeal before
the Honourable Supreme Court against the
order of the Tribunal.
b) The Company has received show cause
notice issued by the Excise Department,
Commissionate Meerut -II demanding
Rs.4,41,92,921/- for period from April
2006 to december 2010 Rs.2,00,10,661/-
for period from Jan 2011 to March 2012 70,789,019 64,203,582
and Rs.65,85,437/- for period from April
2012 to December 2012 for production of
resin at its Rudrapur Unit which company
is using for its own production. Final
order dtd 29.03.2013 received from Excise
Department, Commissionate Meerut -II
confirming the demand . The Company has
gone for appeal to the Tribunal.
Company has received stay order from
the CESTAT on 21.04.2014 and directed to
deposit Rs.1,05,00,000/- for further
proceeding of the case.
c) The Deputy Commissioner of sales
tax Rudrapur has demanded Rs. 4998317/-
related to financial year 2007-08 and 5,135,004 5,135,004
Rs. 136687/- related to financial year
2006-07 and interest on above amount
till date. The Company has deposited
Rs. 1157615/- and filed appeal with Joint
Commissioner Appeal -I, Sales Tax
Uttrakhand against same demand.
d) The Company has filed appeal with 1,257,472 1,257,472
the Tribunal against the order of the
Commissioner for the availment and
utilization of irregular cenvat credit
taken on capital expenditure at Chintamani
Unit amounting to Rs. 43,03,304/- for the
financial year 2011-12. The Company has
reversed the amount of Rs.30,45,832/- and
charged it to profit & losss account. The
credit of an amount of Rs.12,57,472 is
under litigation
e) The Company has imported plant and
machinery under EPCG Scheme on which it 25,863,067 23,535,321
has availed Duty benefit
Raw material under Advance Licence Nil 35,698,088
scheme and availed a duty benefit
f ) The Company has undertaken Domestic
factoring facility for its trade 89,647,078 81,852,846
debtors from financial institutions.
Guarantees given by the bank on behalf 16,325,147 16,050,147
of the Company
g) The Company has filed a writ petition
in the honorable High Court of 1,905,256 -
Uttarakhand at Nainital against the
demand of mandi "market fee" levied by
the State of Uttarakhand @ 0.5% on purchase
of woods from the state of Uttar Pradesh
and 2.5% from any other place excluding
Uttar Pradesh with effect from Nov''2011.
Bulk of our wood comes from the state of
Uttar Pradesh, however liability amount
not yet determined.
Note - 2
Segment Reporting: The Company has identified two segments viz a) Wood
based product b) Paper based product, which have been identified in
line with Accounting Standard 17 on segment reporting taking into
account organizational structure as were as differential risk and
return of these segments.
Details of the Products included in each segment are as under:
i) Wood based products: Plywood, Block Board, Veneers, Decorative
plywood, Prelaminated Partical Boards.
ii) Paper based products: Laminated Sheets (HPL).
The segment information has been prepared in conformity with the
Accounting Policies for preparing and presenting the financial
statements of the Company.
Segment revenue and results includes manufacturing as well as trading
activities for the same segment product. Segment current assets and
liabilities are taken on the basis of the turnover of the segment.
The following table presents the information relating to profit, assets
and liabilities of the business segment. (Primary Segment) of the
Company.
Note - 3
Disclosure as per Accounting Standard 18 (AS-18) "Related Party
Disclosures" Issued by the Institute of Chartered Accountants of India.
Associate Companies:
i) The Mysore Chip Boards Ltd
ii) Assam Timber Products Pvt Ltd
iii) Shree Shyam Tea Pvt Ltd
iv) Bordhumsa Tea Company Pvt Ltd
v) Vanraj suppliers Pvt Ltd
vi) Ravi Marketing Services Pvt Ltd
Key Management Personnel:
i) Mr. Deendayal Daga  Chairman
ii) Mr. Shyam Daga  Managing Director
iii) Mr. Rajiv Daga  Jt. Managing Director
Note - 4
Previous year''s figures have been regrouped and re classified to
facilitate the comparison with current year''s figures wherever
necessary.
Note - 5 CAPITALISATION OF HEDGING CHARGES
Hedging Charges of Rs.78,89,440/- (PY Rs.52,53,672/-) on foreign
currency term loan has been capitalised with the cost of fixed asset as
per the clause 46A of the Accounting Standard -11.
Note : - 6 UNCLAIMED SHARES
In terms of Clause 5A of the Listing Agreement with the Stock Exchange,
the Company has opened the demat suspense account and has transferred
the 4425 unclaimed shares of public issue to "Archidply Industries
Limited Unclaimed Shares Suspense Account." The Voting rights on these
shares will remain frozen till the rightful owner claims the shares.
Opening Balance of the Shares in the demat account 4425
Closing Balance of the Shares in the demat account 4425
Mar 31, 2013
NOTE - 1
Segment Reporting : The Company has identifed three segments viz a)
Wood based product b) Paper based product, which have been identifed in
line with Accounting Standard 17 on segment reporting taking into
account organizational structure as were as diferential risk and return
of these segments.
Details of the Products included in each segment are as under:
i) Wood based products: Plywood, Block Board, Veneers, Decorative
plywood, Prelaminated Partical Boards.
ii) Paper based products: Laminated Sheets ( HPL).
The segment information has been prepared in conformity with the
Accounting Policies for preparing and presenting the fnancial
statements of the Company.
Segment revenue and results includes manufacturing as well as trading
activities for the same segment product. Segment current assets and
liabilities are taken on the basis of the turnover of the segment.
The following table presents the information relating to proft, assets
and liabilities of the business segment. (Primary Segment) of the
Company.
NOTE - 2
Disclosure as per Accounting Standard 18 (AS-18) "Related Party
Disclosures" Issued by the Institute of Chartered Accountants of India.
Associate Companies :
i) The Mysore Chip Boards Ltd.
ii) Assam Timber Products Pvt. Ltd.
iii) Shree Shyam Tea Pvt. Ltd.
iv) Bordhumsa Tea Company Pvt. Ltd.
v) Vanraj suppliers Pvt. Ltd.
vi) Ravi Marketing Services Pvt. Ltd.
Key Management Personnel :
i) Mr. Deen Dayal Daga  Chairman
ii) Mr. Shyam Daga  Managing Director
iii) Mr. Rajiv Daga  Jt. Managing Director
NOTE - 3
"Previous year fgures have been regrouped and re classifed to
facilitate the comparison with the current year fgures wherever
necessary".
NOTE - 4 CAPITALIsATION OF HEDGING CHARGEs
Hedging Charges of Rs.52,53,672/- (PY Rs. NIL) on foreign currency term
loan has been capitalised with the cost of fxed asset as per the clause
46A of the Accounting Standard -11. Company has started capitalization
of Hedging Charges from current fnancial year onwards. Hedging Charges
of Rs. 88,80,035/- was debited to proft & loss account for the fnancial
year 2011-12.
NOTE - 5 PROFIT ON LAND TRANsACTION
Other Income included the proft on sale of land transaction of Rs.
1,61,17,200/- (PY Nil) which the Company realized by buying and selling
land of its sister concern The Mysore Chipboard Limited.
NOTE - 6 UNCLAIMED sHAREs
In terms of Clause 5A of the Listing Agreement with the Stock Exchange,
the Company has opened the demat suspense account and has transferred
the 4425 unclaimed shares of public issue to "Archidply Industries
Limited unclaimed Shares Suspense Account." The Voting rights on these
shares will remain frozen till the rightful owner claims the shares.
Opening Balance of the shares in the demat account - 4425
Closing Balance of the shares in the demat account - 4425
Mar 31, 2012
A) The Company has only one class of equity shares having a par value
of Rs. 10 per share, each Shareholder is eligible for one vote per share.
b) 1,15,68,180 (Previous year 1,15,68,180) Equity shares of Rs. 10/- each
issued as fully paid up for acquiring the plywood and block board and
particle & laminated board (Both divisions) of the Mysore Chip Board
Limited pursuant to Scheme of Arrangement sanctioned by Hon'ble High
court of Karnataka without payment being received in cash in the
financial year 2007-08.
c ) 65,000 (Previous year 51,500) Shares out of issued, subscribed and
paid up capital were allotted under ESOP scheme for Rs. 10/- each. The in
principle approval for the Employee stock Option scheme - "Archidply
Industries Limited ESOS-2009" exercisable into not more than 2,00,000
options has been obtained by the Company. The options are vested to the
eligible employees as per the scheme with effect from 1st April, 2010.
The total options granted on 1st April, 2009 were 93,000 at an exercise
price of Rs. 10 per option. The options vested were 72,500 and options
exercised were 65,000 as on 31st March, 2012. The total number of
shares arising as a result of exercise of options are 65,000 shares.
d) 13,500/- (Previous year 51,500) Equity shares of Rs. 10/- each issued
as fully paid up under ESOP Scheme.
Term of repayment and nature of Security for long term secured
borrowings :
i) Term Loan amounting of Rs. 1,20,35,876/- (31st March, 2011 : Rs.
5,49,21,692) is secured by first charge on all immovable properties of
Rudrapur unit of the Company present and future and hypothecation of
all assets both present and future of Rudrapur unit and personal
guarantee of promotor directors and repayable in 20 quarterly
installments starting from April 2007 last installment due on April
2012.
ii) Term Loan amounting of Rs. 2,98,86,558/- (31st March, 2011 : Rs.
2,97,66,492) is secured by first charge on all immovable properties of
Chintamani unit of the Company present and future and hypothecation of
all assets both present and future of Chintamani unit and personal
guarantee of promotor directors and repayable in 41 monthly
installments starting from August 2012 last installment due on December
2015.
iii) Term Loan amounting of Rs. 10,83,09,034/- (31st March, 2011 : Rs.
10,83,00,000) is secured by first charge on all immovable properties of
Chintamani unit of the Company present and future and hypothecation of
all assets both present and future of Chintamani unit and personal
guarantee of promoter directors and repayable in 50 monthly
installments starting from August 2012 last installment due on
September 2016.
iv) Unsecured Term Loan amounting of Rs. Nil (31st March, 2011 : Rs.
19,08,837) repayable in 24 monthly installments starting from April
2011 last installment due on March 2013.
v) Installments falling due in respect of all the above loans up to
31st March, 2013 have been grouped under "Current maturities of Long
Term Debt"
(Refer Note 7)
NOTE - 1
CONTINGENT LIABILITIES AND COMMITMENTS As at As at
(TO THE EXTENT NOT PROVIDED FOR) 31st March,
2012 31st March,
2011
1. CONTINGENT LIABILITIES :
a) On account of Demerger of Plywood &
Block Board and Particle & laminated
board (both divisions) of The Mysore
Chip Boards Limited in to the Company
in the financial year 2007-08 :
i) The Government of Karnataka has
demanded additional seigniorage and
interest towards supply of timber to
the factory of The Mysore Chip
Boards Limited, with effect from 23rd
February, 1981 to 28th June, 1982.
The Mysore Chip Boards Limited, being
a sick company at that time, 16,04,023 16,04,023
made request to the appropriate
authority for waiver of this amount.
However as a precautionary measure,
The Mysore Chip Boards Limited has
already paid an amount of Rs. 4,25,741.95
(P.Y. Rs. 4,25,741.95) against this demand.
ii) Various parties had filed a civil
suit for recovery of dues / damages
against The Mysore Chip Boards Limited,
which has been disputed by The Mysore
Chip Boards Limited 12,28,606 12,28,606
and had deposited an amount of
Rs. 11,46,419/- (P.Y. Rs. 11,46,419) with
Hon'ble High Court of Gujarat. The said
amount of Rs. 11,46,419/- (P.Y.
Rs. 11,46,419)
iii) The Company, for and on behalf of
the Mysore Chip Boards Limited has
given a guarantee towards a show cause
notice issued by the Excise Department
demanding a dues from The Mysore Chip
Boards Limited. However The Mysore Chip
Boards Limited had deposited an amount
of Rs. 16,00,000/- (P.Y. Rs. 16,00,000)
with Central Excise Department. The
Mysore Chip Boards Limited had filed
an appeal & disputed the said demand
and the demand has been reduced to
Rs. 81,01,637/- (P.Y. 1,62,03,274 1,62,03,274
Rs. 81,01,637) and the penalty of the
same amount by Commissioner of
Central Excise, Mysore on 5th October,
2006. The Mysore Chip Board Ltd has
filed an appeal to Custom, Excise &
Service Tax Appellate Tribunal,
Bangalore and obtained a stay order
against that demand. The tribunal
has remanded back the case to the
Commissioner of Central Excise for
taking fresh decision after following
the principles of natural justice.
b) The Company has received show
cause notice issued by the Excise
Department, Commissionate Meerut-II
demanding Rs. 4,41,92,921/- for
period from April 2006 to December 2010 4,41,92,921 -
for production of phenol formaldehyde
resin which company is using for its
own production. Hearing is going with
the Excise Department, Commissionate
Meerut-II.
c) The Deputy Commissioner of sales
tax Rudrapur has demanded Rs. 49,98,317/-
related to financial year 2007-08
and Rs. 1,36,687/- related to financial
year 2006-07 and interest 51,35,004 -
on above amount till date. The Company
has deposited Rs. 11,57,615/- and filed
appeal with Joint Commissioner
Appeal-I, Sales Tax Uttarchand against
same demand.
d) The Company has imported plant and
achinery under EPCG 3,07,94,751 3,07,94,751
Scheme on which it has availed Duty
benefit Raw material under Advance
Licence scheme and availed a 2,51,96,190 2,51,96,190
duty benefit
e) The Company has undertaken
Domestic factoring facility for 10,02,99,387 10,22,98,939
its trade debtors from financial
institutions.
f) Guarantees given by the bank on
behalf of the Company 97,38,542 1,10,11,170
2. COMMITMENTS :
i) Estimated amount of contracts
remaining to be executed - 58,00,000
on capital account not provided for
(net of advances)
ii) The Company, during the year has
capitalized interest on - 20,32,993
loan (borrowing cost) amounting
NOTE - 2
Segment Reporting : The Company has identified three segments viz a)
Wood based product; b) Paper based product, which have been identified
in line with Accounting Standard 17 on segment reporting taking into
account organizational structure as were as differential risk and
return of these segments.
Details of the Products included in each segment are as under :
i) Wood based products : Plywood, Block Board, Veneers, Decorative
Plywood, Prelaminated Particle Boards.
ii) Paper based products : Laminated Sheets (HPL).
The segment information has been prepared in conformity with the
Accounting Policies for preparing and presenting the financial
statements of the Company.
Segment revenue and results includes manufacturing as well as trading
activities for the same segment product. Segment current assets and
liabilities are taken on the basis of the turnover of the segment.
NOTE - 3
Disclosure as per Accounting Standard 18 (AS-18) "Related Party
Disclosures" Issued by the Institute of Chartered Accountants of India.
Associate Companies :
i) The Mysore Chip Boards Ltd.
ii) Assam Timber Products Pvt. Ltd.
iii) Shree Shyam Tea Pvt. Ltd.
iv) Bordhumsa Tea Company Pvt. Ltd.
v) Vanraj suppliers Pvt. Ltd.
vi) Ravi Marketing Services Pvt. Ltd.
Key Management Personnel :
i) Mr. Deen Dayal Daga - Chairman
ii) Mr. Shyam Daga - Managing Director
iii) Mr. Rajiv Daga - Jt. Managing Director
iv) Mr. K.K. Somani - Director Technical
NOTE - 4
The Financial Statement for the year ended 31st March, 2011 has been
prepared as per the then applicable, prerevised Schedule VI of the
Companies Act, 1956. Consequent to the notification under the Companies
Act, 1956, the Financial Statement for the year ended 31st March, 2012
are prepared under revised Schedule VI. Accordingly the previous year's
figures have also been classified to conform to the year's
classification.
NOTE - 5 : SALE OF LAND AT MYSORE
The Company has sold the land of the Mysore Unit of 225423 sq. ft. (5
Acres 7 Guntas) area for Rs. 20,85,16,276/- only. The Company has also
earned the income on the sale of land at Mysore Unit belonging to The
Mysore Chipboards Limited measuring 251559 sq. ft. (5 Acres 31 Guntas)
area of Rs. 4,65,38,415/-. The land was purchased from the Mysore
Chipboards Limited for Rs. 740 per sq. ft. and was sold at Rs. 925 sq. ft.
NOTE - 6 : BAD DEBTS WRITTEN OFF
The Company has written off Debtors to the extent of Rs. 11.90 crore
(previous year Rs. Nil) to the Bad debt which was inactive for more than
4 or more years and all avenues have been exhausted by management to
collect the outstanding debt.
NOTE - 7 : UNCLAIMED SHARES
In terms of Clause 5A of the Listing Agreement with the Stock Exchange,
the Company has opened the demat suspense account and has transferred
the 4425 unclaimed shares of public issue to "Archidply Industries
Limited Unclaimed Shares Suspense Account." The voting rights on these
shares will remain frozen till the rightful owner claims the shares.
Opening Balance of the shares in the demat account - 4425
Closing Balance of the shares in the demat account - 4425
Mar 31, 2011
1. The principle approval for the Employee Stock Option Scheme, 2009
exercisable into not more than 2,00,000 options has been obtained by
the Company in the year 2009-10. The 51500 options were exercised
during the year and 51500 Equity shares of Rs. 10/- each issued as
fully paid up under ESOP Scheme. The listing & trading approval for
51500 shares was taken from the stock exchanges where the Company's
share are listed. The amount of Rs. 42475 was transferred to Securities
Premium account on exercise of options and Rs.344030 has been reversed
during the year due to the leaving of the employees to whom the options
were granted and were due in the following financial year as per
SEBI(ESOP ) Guidelines,1999.
2. Contingent Liabilities not provided for in respect of:
a) On account of Demerger of Plywood & Block Board and Particle &
laminated board (both divisions) of The Mysore Chip Boards Limited into
the Company in the financial year 2007-08:
I) The Government of Karnataka has demanded additional seigniorage and
interest amounting to Rs. 16,04,022.77
(P.Y. Rs. 16,04,022.77) towards supply of timber to the factory of The
Mysore Chip Boards Limited, with effect from 23/2/1981 to 28/6/1982.
The Mysore Chip Boards Limited, being a sick company at that time, made
request to the appropriate authority for waiver o f this amount.
However as a precautionary measure, The Mysore Chip Boards Limited has
already paid an amount of Rs. 425741.95 (P.Y. Rs. 425741.95) against
this demand.
ii) Various parties had filed a civil suit for recovery of dues /
damages amounting to Rs. 12,28,606/- (P.Y. Rs. 12,28,606/) against The
Mysore Chip Boards Limited, which has been disputed by The Mysore Chip
Boards Limited and had deposited an amount of Rs. 11,46,419/- ( P.Y.
Rs. 11,46,419 ) with Hon'ble High Court of Gujarat. The said amount of
Rs. 11,46,419/- (P.Y. Rs. 11,46,419) had shown as an advance which Is
included in Schedule no. 10 - Loans and Advances (Advances recoverable
in cash or kind or for value to be received) forming part of Balance
Sheet.
iii) The Company, for and on behalf of The Mysore Chip Boards Limited
has given a guarantee towards a show cause notice issued by the Excise
Department demanding a dues of Rs. 7,28,91,397/- (P.Y. Rs.
7,28,91,397/) from The Mysore Chip Boards Limited. However The Mysore
Chip Boards Limited had deposited an amount of Rs. 16,00,000/-( P.Y.
Rs. 16,00,000/) with Central Excise Department. The Mysore Chip Boards
Limited had filed an appeal & disputed the said demand and the demand
has been reduced to Rs.81,01,637/- (P.Y. Rs.81,01,637/) and the penalty
of the same amount by Commissioner of Central Excise, Mysore on
05/10/2006. The Mysore Chip Board Ltd has filed an appeal to Custom,
Excise & Service Tax Appellate Tribunal, Bangalore and obtained a stay
order against that demand. The tribunal has remanded back the case to
the Commissioner of Central Excise for taking fresh decision after
following the principles of natural justice.
b) The Company has imported plant and machinery under EPCG Scheme on
which it has availed a duty benefit of Rs. 3,07,94,750.83 (P.Y.
3,01,09,109.82/-) & raw material under Advance Licence scheme and
availed a duty benefit of Rs. 2,51,96,189.93/- (P.Y. 2,44,92,965.38/-).
The company has net export obligation of Rs. 24,17,88,615/- ( P.Y. Rs.
21,09,22,815/- ) against these benefits at the year end.
c) Letter of Credit established but material not received amounting to
Rs. 58,06,388.42/-(P.Y. Rs. 2,29,58,102.39/-)
d) The Company has undertaken Domestic factoring facility for its trade
debtors from financial institutions, the contingent liability for the
same as at 31st March 2011 is Rs.10,22,98,938.60/- (P.Y. Rs.
11,16,12,418.04/-)
e) Guarantees given by the bank on behalf of the Company is
Rs.1,10,11,170/- (P.Y. Rs.1,10,11,170/-)
3. Estimated amount of contracts remaining to be executed on capital
account not provided for (net of advances) :Rs. Nil (Previous year Rs.
58 Lakhs).
4. The Company, during the year has capitalized interest on loan
(borrowing cost) amounting to Rs. 20,32,993/- (Previous year Rs.
4,58,096/-)
5. Segment Reporting : The Company has identified two segments viz a)
Wood based product b) Paper based product, which have been identified
in line with Accounting Standard 17 on segment reporting taking into
account organizational structure as were as differential risk and
return of these segments.
Details of the Products included in each segment are as under:
i)Wood based products: Plywood, Block Board, Veneers, Decorative
plywood, Prelaminated Partical Boards.
ii)Paper based products: Laminated Sheets ( HPL).
The segment information has been prepared in conformity with the
Accounting Policies for preparing and presenting the financial
statements of the Company.
Segment revenue and results includes manufacturing as well as trading
activities for the same segment product. Segment current assets and
liabilities are taken on the basis of the turnover of the segment.
B) Secondary Segment Reporting :
The Company has no reportable secondary segment.
6. Disclosure as per Accounting Standard 18 ( A S - 1 8 ) "Related
Party Disclosures" Issued by the Institute of Chartered Accountants of
India.
i)The Mysore Chip Boards Ltd ii)Assam Timber Products Pvt Ltd iii)Shree
Shyam Tea Pvt Ltd iv)Bordhumsa Tea Company Pvt Ltd v)Vanraj suppliers
Pvt Ltd vi)Ravi Marketing Services Pvt Ltd
Key Management Personnel:
i)Mr. Deendayal Daga - Chairman ii)Mr. Shyam Daga - Managing Director
iii)Mr. Rajiv Daga - Jt. Managing Director iv)Mr. K.K. Somani -
Director Technical
7. Earning Per Share:
As required by Accounting Standard - AS 20 "Earning Per Share" issued
by the Institute of Chartered Accountants of India", the Earning Per
Share (EPS) is calculated by dividing the profit for the year
attributable to the Equity Shareholders by the weighted average number
of Equity Shares outstanding during the year and is ascertained as
follows.
8. In the opinion of the Board,Current Assets, and Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provision for all known and determined
liabilities is adequate and not in excess of the amounts reasonably
required.
9. Balances of some of the Sundry Debtors, Creditors, Loans and
Advances are subject to confirmation, reconciliation and consequent
adjustment if any. However, in the opinion of the management such
adjustments, if any, will not material.
10. The Process of Identifying the suppliers who fall within the Micro,
Small & Medium Enterprises Development Act 2006 has been initiated. In
the absence of information, Company is unable to provide information
regarding the principle amount outstanding & interest due thereon
remaining unpaid to any supplier & other details under the Micro, Small
& Medium Enterprises Development Act 2006 as at 31-03-2011.
11. Previous year's figures have been regrouped reclassified and
recasted wherever necessary to confirm to this year's classification.
12. Unclaimed Shares
In terms of clause 5A of the Listing Agreement with the Stock Exchange,
the Company has opened the demat suspense account
and has transferred the 5400 unclaimed shares of Public Issue to
"Archidply Industries Limited Unclaimed Securities Suspense Account".
The voting rights on these shares will remain frozen till the rightful
owner claims the shares.
Opening Balance of the shares in the demat account - 5400
Closing balance of the shares in the demat account - 4425
No. of share transferred to share holders during the year - 975
No. of shareholders at the beginning of the year 13
No. of shareholders to whom transferred from suspense account during
the year - 3
No. of shareholders at the end of the year - 10
Mar 31, 2010
1. The in principle approval for the Employee Stock Option Scheme,
2009 (ESOS) exercisable into not more than 2,00,000 options has been
obtained by the Company. On 01.04.2009, 93000 options were granted to
the eligible employees @Rs. 10 per option by the Compensation
Committee. The Company follows intrinsic value method to account for
its ESOS.In this regard the Company has complied with the SEBI(Employee
Stock Option Scheme & Employee Stock Option Purchase Scheme)Guidelines,
1999. The accounting value of options is equal to the aggregate,
overall employee stock options granted during the accounting period, of
the intrinsic value of the option.The accounting value accounted for as
an employee compensation, shall be amortised on a straight line method
basis over the vesting period in line with the Securities and Exchange
Board of India (SEBI) Guidelines.
2. Contingent Liabilities not provided for in respect of:
a) On account of Demerger of Plywood & Block Board and Particle &
laminated board (both divisions) of The Mysore Chip Boards Limited into
the Company in the financial year 2007-08:
I) The Government of Karnataka has demanded additional seigniorage and
interest amounting to Rs. 16,04,022.77
(P.Y. Rs. 16,04,022.77) towards supply of timber to the factory of The
Mysore Chip Boards Limited, with effect from 23/2/1981 to 28/6/1982.
The Mysore Chip Boards Limited, being a sick company at that time, made
request to the appropriate authority for waiver o f this amount.
However as a precautionary measure, The Mysore Chip Boards Limited has
already paid an amount of Rs. 425741.95 (P.Y. Rs. 425741.95) against
this demand.
ii) Various parties had filed a civil suit for recovery of dues /
damages amounting to Rs. 12,28,606/- (P.Y. Rs. 12,28,606/) against The
Mysore Chip Boards Limited, which has been disputed by The Mysore Chip
Boards Limited and had deposited an amount of Rs. 11,46,419/- ( P.Y.
Rs. 11,46,419 ) with Honble High Court of Gujarat. The said amount of
Rs. 11,46,419/- (P.Y. Rs. 11,46,419) had shown as an advance which Is
included in Schedule no. 10 - Loans and Advances (Advances recoverable
in cash or kind or for value to be received) forming part of Balance
Sheet.
iii) The Deputy Commissioner of commercial Taxes vide Its order dated
6th June 2007 demanded dues towards sales tax and entry tax of Rs.101.7
lakhs (P.Y.Rs.101.7 lakhs) for the year 2001-2004, out of this still
Rs.10.79 lakhs (P.Y.Rs.10.79lakhs) is still not paid as Company has
made representation to reduce the liability.
iv) The Company, for and on behalf of The Mysore Chip Boards Limited
has given a guarantee towards a show cause notice issued by the Excise
Department demanding a dues of Rs. 7,28,91,397/- (P.Y. Rs.
7,28,91,397/-) from The Mysore Chip Board Limited. However The Mysore
Chip Boards Limited had deposited an amount of Rs. 16,00,000/- ( P.Y.
Rs.16,00,000/-) with Central Excise Department. The Mysore Chip Boards
Limited had filed an appeal & disputed the said demand and the demand
has been reduced to Rs
.81,01,637/- (P.Y. Rs.81,01,637/-) and the penalty of the same amount
by Commissioner of Central Excise, Mysore on 05/10/2006. The Mysore
Chip Board Ltd has filed an appeal to Custom, Excise & Service Tax
Appellate Tribunal, Bangalore and obtained a stay order against that
demand.
b) The Company has imported plant and machinery & availed a duty
benefit of Rs. 3,01,09,109.82/- (P.Y. Rs.2,93,04,171.42/-) under EPCG
scheme for reduction in import duty against which the company has net
export obligation of Rs. 21,09,22,815/- (P.Y. Rs.2,93,04,171.42/-) at
the year end.
c) Letter of Credit established but material not received amounting to
Rs.2,29,58,102.39/- (P.Y. Rs.2,96,48,655/-)
d) The Company has undertaken Domestic factoring facility for its trade
debtors from SBI Global Factors Ltd & IndusInd Bank Limited, the
contingent liability for the same as at 31st March 2010 is
Rs.11,16,12,418.04/- (P.Y. Rs.4,73,25,218.89/-)
e) Guarantees given by the bank on behalf of the Company is
Rs.1,10,11,170/- (P.Y. Rs.1,37,08,470/-)
3. In case of Demerger of Plywood & Block Board and Particle &
laminated board (both divisions) of The Mysore Chip Board Limited in to
the Company in the financial year 2007-08. The Company has filed the
Memo with Honble High Court of Karnataka for the decree and waiting
for the decree from the Honble High Court of Karnataka.
4. Estimated amount of contracts remaining to be executed on capital
account not provided for (net of advances)Rs. 58 Lakhs (Previous year
Rs.100 lakhs).
5. The Company, during the year has capitalized interest on loan
(borrowing cost) amounting to Rs. 4,58,096/- (Previous year
Rs.10,95,892/-)
The Company has not paid any commission to the Managerial Personnel.
Hence the calculation under Section 349 & 350 read with Section 309 of
the Companies Act, 1956 is not applicable.
6. Segment Reporting : The Company has identified two segments viz a)
Wood based product b) Paper based product, which have been identified
in line with Accounting Standard 17 on segment reporting taking into
account organizational structure as were as differential risk and
return of these segments.
Details of the Products included in each segment are as under:
i)Wood based products: Plywood, Block Board, Veneers, Decorative
plywood, Prelaminated Partical Boards.
ii)Paper based products: Laminated Sheets ( HPL).
The segment information has been prepared in conformity with the
Accounting Policies for preparing and presenting the financial
statements of the Company.
Segment revenue and results includes manufacturing as well as trading
activities for the same segment product. Segment current assets and
liabilities are taken on the basis of the turnover of the segment.
The following table presents the information relating to profit, assets
and liabilities of the business segment. (Primary Segment) of the
Company.
B) Secondary Segment Reporting :
The Company has no reportable secondary segment.
7. Disclosure as per Accounting Standard 18 ( A S - 1 8 ) "Related
Party Disclosures" Issued by the Institute of Chartered Accountants of
India.
Associate Companies:
i) The Mysore Chip Boards Ltd ii) Assam Timber Products Pvt Ltd iii)
Shree Shyam Tea Pvt Ltd
Key Management Personnel:
i)Mr. Deendayal Daga - Chairman ii)Mr. Shyam Daga - Managing Director
iii)Mr. Rajiv Daga - Jt. Managing Director iv)Mr. K.K. Somani -
Director Technical The Company has entered into transactions with
aforesaid parties as listed below during the year under consideration.
Full Disclosure has been made and the Board of Directors considers such
transactions to be in normal course of business and at rates agreed
between the parties. Details of transactions with related parties are
as follows :
8. Earning Per Share:
As required by Accounting Standard - AS 20 "Earning Per Share" issued
by the Institute of Chartered Accountants of India", the Earning Per
Share (EPS) is calculated by dividing the profit for the year
attributable to the Equity Shareholders by the weighted average number
of Equity Shares outstanding during the year and is ascertained as
follows.
9. In the opinion of the Board,Current Assets, and Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provision for all known and determined
liabilities is adequate and not in excess of the amounts reasonably
required.
10. Balances of some of the Sundry Debtors, Creditors, Loans and
Advances are subject to confirmation, reconciliation and consequent
adjustment if any. However, in the opinion of the management such
adjustments, if any, will not material.
11. The Process of Identifying the suppliers who fall within the Micro,
Small & Medium Enterprises Development Act 2006 has been initiated. In
the absence of information, Company is unable to provide information
regarding the principle amount outstanding & interest due thereon
remaining unpaid to any supplier & other details under the Micro, Small
& Medium Enterprises Development Act 2006 as at 31-03-2010.
12. Fixed Assets has been regrouped and reclassified, as a result plant
& machinery of Rs. 4,01,87,486/-, has been transferred to Building Rs.
3,88,35,891/-, Electical Installation Rs. 10,40,479/-, Water
Installation Rs. 2,08,265/-, Laboratory Equipment Rs. 59,558/-,
Computer Rs. 24,315/- and Office Equipment Rs. 18,978/-. Because of
regrouping modvat credit of excise duty to the tune of Rs. 42,95,557/-
has been reversed and added to Building. Due to this excess
depreciation of Rs. 4,27,601/- charged in last financial year has been
adjusted in the current year depreciation.
13. Previous years figures have been regrouped reclassified & recasted
wherever necessary to confirm to this years classification.
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