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Notes to Accounts of Arcotech Ltd.

Mar 31, 2015

I) Related party disclosures

a) List of related parties:

i. Key management personnel

1. Mr. A K Saraf (Chairman)

2. Mr. Rishabh Saraf (Vice President)

3. Mr. R N Pattanayak (Whole Time Director)

ii Relative of key management personnel with whom transactions have taken place: NIL

iii Other related parties

1. Arcotech International Ltd.-100% subsidiary

2. Arcotech Info Ltd.

3. Arcotech Biochem Ltd.

4. Arcotech Uniexpat Ltd.

5. Arcofemi Healthcare Ltd.

6. Arcotech Advanced Metaliks Ltd.

7. Medsave Healthcare (TPA) Ltd.

8. Sidhant Distributors Pvt Ltd.

9. Vasudha Commercial Pvt. Ltd.

10. Jeevan Vihar Properties Pvt. Ltd.

11. Sarathi Infrastructure Pvt Ltd.

12. Arco Infoways Pvt Ltd.(erstwhile Nucleus Insurance Risk Managers Pvt Ltd.)

13. Arco IT Solutions Pvt Ltd. (erstwhile Trust Insurance Risk Managers Pvt Ltd.)

14. Siddhivinayak Stockist and Traders Pvt Ltd.

b) Transactions with related parties: there are no transactions in the year with the related parties which need to be reported except : i) Remuneration paid to Mr. R N Pattanayak, Whole Time Director aggregating to Rs 3000000/- and Mr. Rishabh Saraf, Vice President (Marketing) aggregating to Rs 375000/- including reimbursements. ii) Advance given to Arcotech International Limited-100% subsidiary of Rs 571253/- (previous year Rs 97253/-).

ii) The Company is Contingently Liable for an amount of Rs 12,31,51,500 (net of margin) towards Bank Guarantees. iii) There are no Micro, Small and Medium enterprises to whom the Company owed dues, which were outstanding for more than 45 days during the year.

iv) Provision for the current tax has been made as per Income Tax Act, 1961 as under:- - Provision for Current Tax at regular rate 15,54,20,892

- Less: MAT Credit Availed 10,54,411

- Net Tax Payable Provided 15,43,66,481

v) Corporate Social Responsibility

a) Gross amount required to be spent by the Company as per section 135 of Companies Act, 2013 during the year. Rs 69.66 Lacs

b) Amount spent during the year on the activities mentioned in Schedule VII of the Companies Act, 2013 Rs 11.51 Lacs

vi) Information required under paragraph 5 of Part-II of Schedule III of the Companies Act, 2013 are annexed therewith as per Annexure-I

vii) Previous year’s figures have been recast, re-classified, re-grouped wherever considered necessary.


Mar 31, 2014

1. Other Notes to the Accounts

i) Related party disclosures

a) List of related parties:

i. Key management personnel

1. Mr. A K Saraf (Chairman)

2. Mr. Rishabh Saraf (Vice President)

3. Mr. R N Pattanayak (Whole Time Director)

ii Relative of key management personnel with whom transactions have taken place: NIL

iii Other related parties

1. Arcotech International Ltd.-100% subsidiary

2. Arcotech Info Ltd.

3. Arcotech Biochem Ltd.

4. Arcotech Uniexpat Ltd.

5. Arcofemi Healthcare Ltd.

6. Arcotech Advanced Metaliks Ltd.

7. Medsave Healthcare (TPA) Ltd.

8. Sidhant Distributors Pvt Ltd.

9. Vasudha Commercial Pvt. Ltd.

10. Jeevan Vihar Properties Pvt. Ltd.

11. Sarathi Infrastructure Pvt Ltd.

12. Nucleus Insurance Risk Managers Pvt Ltd.

13. Trust Insurance Risk Managers Pvt Ltd.

14. Siddhivinayak Stockist and Traders Pvt Ltd.

b) Transactions with related parties: there are no transactions in the year with the related parties which need to be reported except : i) Remuneration paid to Mr. R N Pattanayak, Whole Time Director aggregating to Rs 3000000/- and Mr. Rishabh Saraf, Vice President (Marketing) aggregating to Rs 900000/- including reimbursements. ii) Advance given to Arcotech International Limited-100% subsidiary of Rs 97253 (previous year Rs 84467/-).

ii) Contingent Liability not provided for is Rs 6,45,04,000/- towards Bank Guarantees given to Ordnance Factories against Job Work tenders

iii) There are no Micro, Small and Medium enterprises to whom the Company owed dues, which were outstanding for more than 45 days during the year.

iv) Provision for the current tax has been made as per Income Tax Act, 1961 as under:- - Provision for Current Tax at regular rate 13,89,20,380

- Less: MAT Credit Availed 3,26,94,752

- Net Tax Payable Provided 10,62,25,628

v) Information required under paragraph 3,4C & 4D of Part-II of Schedule VI (Revised) of the Companies Act, 1956 are annexed therewith as per Annexure-I

vi) Previous years figures have been recast, re-classified, re-grouped wherever considered necessary.

2. The disclosures required under Accounting Standard (AS-15) "Employee Benefit" notified in the Companies (Accounting Standard Rules, 2006) are as given below:

(b) Defined Contribution Plans

Employer’s contribution to provident fund charged off during the year ended 31st March, 2014 of Rs 1334151 (previous year 1339104) has been included under the head Personnel Expenses (Note No. 21).


Mar 31, 2013

I) Related party disclosures

a) List of related parties:

i. Key management personnel

1. Mr. A K Saraf (Chairman)

2. Mr. Rishabh Saraf (Vice President)

3. Mr. R N Pattanayak (Whole Time Director)

ii Relative of key management personnel with whom transactions have taken place: NIL iii Other related parties

1. Arcotech International Ltd.-100% subsidiary

2. Arcotech Info Ltd.

3. Arcotech Biochem Ltd.

4. Arcotech Uniexpat Ltd.

5. Medsave Healthcare (TPA) Ltd.

6. Sidhant Distributors Pvt Ltd.

7. Vasudha Commercial Pvt. Ltd.

8. Jeevan Vihar Properties Pvt. Ltd.

9. Sarathi Infrastructure Pvt Ltd.

b) Transactions with related parties: there are no transactions in the year with the related parties which need to be reported except : i) Remuneration paid to Mr. R N Pattanayak, Whole Time Director aggregating to Rs 3000000/- and Mr. Rishabh Saraf, Vice President aggregating to Rs 900000/- including reimbursements. ii) Advance given to Arcotech International Limited-100% subsidiary of Rs 84467/-.

ii) Contingent Liability not provided for : - NIL

iii) There are no Micro, Small and Medium enterprises to whom the Company owed dues, which were outstanding for more than 45 days during the year.

iv) Provision for the current tax has been made as Minimum Alternate Tax (MAT) pursuant to the provisions of Section 115 JB of Income Tax Act, 1961.

v) Information required under paragraph 3,4C & 4D of Part-II of Schedule VI (Revised) of the Companies Act, 1956 are annexed therewith as per Annexure-I

vi) Previous years figures have been recast, re-classified, re-grouped wherever considered necessary.


Mar 31, 2012

1.1 The Company has issued Equity Shares worth Rs. 6,29,09,800 (62,90,980 Shares of Rs. 10/- each) on 20th July, 2007 at par.

1.2 Since, the shares outstanding at the beginning and at the end of the reporting period are same, reconciliation of the figures is not required.

1.3 Details of shareholders holding more than 5% shares in the company

2.1 Term loan from the bank was taken during the financial year 2009-10 and carries interest @ Base Rate 4.25%.

2.2 The loan is secured by way of equitable mortgage/ hypothecation of land, plant & machinery and building and other fixed assets of the Company and personal guarantee of the promoter director.

3.1 The cash credit is repayable on demand and carries interest @ Base Rate 3.75%.

3.2 Cash credit from banks is secured by way of hypothecation of charge on entire current assets i.e raw material, finished goods, semi finished goods, stores and book debts & personal guarantee of the promoter director.

4.1 Expense payable includes Rs 896356/- (Previous year Rs 727082/-) towards statutory dues.

5.1 Provision for leaves include current maturity amount of Rs 56,219/-

Basic earnings 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.For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average numbers of shares outstanding during the period are adjusted for the effect of all dilutive potential equity shares.

6. Contingent liability not provided for.- Nil

7. RELATED PARTY DISCLOSURES

a) List of related parties:

i. Key management personnel

1. Mr. A K Saraf (Chairman)

2. Mr. Rishabh Saraf (Vice President-Marketing)

3. Mr. R N Pattanayak (Whole Time Director)

ii Relative of key management personnel with whom transactions have taken place: NIL

iii Other related parties

1. Medsave Healthcare (TPA) Ltd.

2. Sidhant Distributors Pvt Ltd.

3. Vasudha Commercial Pvt. Ltd.

4. Jeevan Vihar Properties Pvt. Ltd.

5. Arcotech Info Limited

6. Sarathi Infrastructure Pvt Ltd.

7. Arcotech Biochem Limited

8. Arcotech Uniexpat Limited

b) Transactions with related parties: there are no transactions in the year with the related parties which need to be reported except remuneration paid to Mr. R N Pattanayak, Whole Time Director aggregating to Rs. 18,06,000/- and Mr. Rishabh Saraf, Vice President (Marketing) aggregating to Rs 4,50,000/- 27. Contingent Liability not provided for : - NIL

8. There are no Micro, Small and Medium enterprises to whom the Company owed dues, which were outstanding for more than 45 days during the year.

9. Provision for the current tax has been made as Minimum Alternate Tax (MAT) pursuant to the provisions of Section 115 JB of Income Tax Act, 1961.

10. Information required under paragraph 3,4C & 4D of Part-II of Schedule VI (Revised) of the Companies Act, 1956 are annexed therewith as per Annexure-I

11. Additional information pursuant to Schedule VI (Revised) of the Companies Act, 1956 is as per Annexure II

12. Previous years figures have been recast, re-classified, re-grouped wherever considered necessary.


Mar 31, 2010

1. Contingent liability not provided for.

Bills discounted Rs 15,95,59,240/-

2. In view of companies application for grant of various reliefs under Income Tax Act pending for approval, the company has not provided for income tax.

3. Related party disclosures:

a) List of related parties:

i Key management personnel:

1. Mr. A K Saraf (Chairman)

2. Mr. R N Pattanayak (Whole time Director)

ii Relative of key management personnel with whom transactions have taken place: NIL iii Other related parties

1. Medsave Healthcare (TPA) Ltd.

2. Sidhant Distributors Pvt Ltd.

3. Vasudha Commercial Pvt. Ltd.

4. Jeevan Vihar Properties Pvt. Ltd.

5. Arcotech Info Pvt. Ltd.

4. Sarathi Infrastructure Pvt Ltd.

b) Transaction with related parties: there are no transactions in the year with the related parties, which need to be reported except remuneration paid to Mr. R.N. Pattanayak, Whole Time Director aggregating to Rs. 30,00,000/- 5. Information required under paragraph 3,4C & 4D of Part II of Schedule VI of the Companies Act, 1956 are annexed therewith as per Annexure-I.

5. Additional information pursuant to Schedule VI of the Companies Act, 1956 is as per Annexure II

6. Previous years figures have been recast, re-classified, re-grouped wherever considered necessary

 
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