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Notes to Accounts of Balaji Amines Ltd.

Mar 31, 2015

1. Contingent Liabilities:

Penalty proceedings U/s.271(1)(c) of the Income Tax Act, 1961 were initiated on the company In respect of Assessment Years 2007-08, 2008-09 and 2009-10. The disallowances / additions in the assessments of these years have been deleted by the Hon'ble Income Tax Appellate Tribunal, Pune. The penalty levied in respect of these assessments would therefore stand nullified. The company preferred appeal against the penalty in all the three years and Appellate Orders for the Assessment Years 2007-08 and 2008-09 have been passed in favor of the company duly dropping the penalty. The appeal against the penalty for the Assessment Year 2009-10 is yet to be heard. Consequent to order of the Hon'ble Income Tax Appellate Tribunal in favour of the company deleting the addition the company has been advised that this penalty would stand cancel

2. Amounts recoverable from employees

The company has an arrangement with the supplier of coal for supply of coal in specified consignments on a periodic basis. Few consignments aggregating to the value of Rs.31.71 lacs have been misappropriated, while in transit, by 2 employees of the company. The services of the said employees have since terminated and the company has initiated legal action against these employees including action for the recovery of the above mentioned amounts from them. Pending recovery the amounts are shown under short term advances.

3. The company computed the expenditure to be incurred on Corporate Social Responsibility at Rs. 96.22 lacs in accordance with the provisions of Section 135 of the Companies Act, 2013. Out of the said total commitment, an amount of Rs. 1.13 lacs is spent in April, 2015. The details of the projects on which the amounts are expended by the company on account of Corporate Social Responsibility are given in Note.27.

4. Previous year's figures are regrouped and reclassified wherever considered necessary.

5. Restriction on disbursement of Dividend

As part of the general terms & conditions in respect of borrowings from Banks, prior permission should be taken from the lending Banks before distribution of dividend. Similarly, the term lenders have imposed a condition that, no dividend shall be declared in the event of default in the scheduled repayment of instalment.

6. During the five years immediately preceding the financial year 2014-15, the company has not issued any shares without payment being received in cash, nor issued any bonus shares and the company did not buy back any shares.


Mar 31, 2014

1. Contingent Liabilities :

Disputed Liability on account of income tax, interest thereon and penalty, Rs. 3.63 Crores, for Assessment Year 2007-08 to 2010-11(including penalty in dispute Rs.1.82 crores for the assessment years 2007-08, 2008-09 & 2009-10). The Company has preferred an appeal against the demand and the penalty. The amounts paid against the disputed demand Rs. 1.11 Crores are included in Short term Loans & Advances pending outcome of the appellate proceedings. The appeal against the assessment is presently before the Hon''ble Income Tax Appellate Tribunal, Pune and the matter relating to penalty is pending before the Hon''ble Commissioner of Income Tax (Appeals)-III, Pune.

2. Restriction on disbursement of Dividend

As part of the general terms & conditions in respect of borrowings from Banks, prior permission should be taken from the lending Banks before distribution of dividend. Similarly, the term lenders have imposed a condition that, no dividend shall be declared in the event of default in the scheduled repayment of installment.

3. During the five years immediately preceding the financial year 2013-14, the company has not issued any shares without payment being received in cash, nor issued any bonus shares and the company did not buy back any shares.

4. The company has only one class of shares i.e. Equity Shares.

The borrowings towards working capital limits are secured by way of hyphothecation of stocks and book debts and second charge on all fixed assets of the company, (except Hotel Division) both present and future.

The Directors of the company viz., Shri. A. Prathap Reddy, Shri. N. Rajeshwar Reddy, Shri. D. Ram Reddy and Shri. G. Hemanth Reddy have provided personal guarantees towards the fund based and non-fund based working capital limits availed by the company from the above lenders.


Mar 31, 2013

A. Contingent Liabilities:

Disputed Liability on account of income tax, interest thereon and penalty, Rs. 3.63 Crores, for Assessment Year 2007-08 to 2010-11(including penalty in dispute Rs.1.47 crores for assessment year 2007-08 and 2008-09 only). The Company has preferred an appeal against the demand. The amounts paid against the disputed demand Rs. 1.11 Crore are included in Short term Loans & Advances.


Mar 31, 2012

Disputed Income Tax Liability Rs. 2.00 Crores. for Assessment Year 2007-08 to 2009-10. The Company has preferred an appeal against the demand. The amounts paid against the disputed demand Rs. 1.00 Crore are included in Shortterm Loans & Advances.

a. The company has declared bonus shares 0 1:1 in financial 2006-07. i.e. one bonus share for every one share held. The capital prior to bonus issue was Rs. 3,24,01,000/- divided into 32,40,100 shares of Rs. 10/- each.

Post bonus issue the capital of the company became Rs.6,48,02,000/- divided into 64,80,200 shares of Rs. 10/- each. Subsequently vide resolution of the members passed under section 94 of the Companies Act 1956, at the Annual General Meeting held on 08.09.2010, the share of par value of Rs. 10/- each has been split-up into 5 shares of par value of Rs. 2/- each resulting in the present paid up capital of 3,24,01,000 equity shares of Rs. 2/- each agreegating to Rs. 6,48,02,000/-. During the five years immediately preceding the financial year 2011-12 the company has not alloted any shares without payment being received in cash nor bought back any shares.

The company has only one class of shares i.e. Equity Shares.


Mar 31, 2011

1. Contingent Liabilities: Disputed Income Tax Liability Rs.1.52 Crs. for AY 2007-08. The Company has preferred an appeal against the demand. The amounts paid against the disputed demand are included in Loans & Advances.


Mar 31, 2010

1. Contingent Liabilities: Disputed Income

Tax Liability Rs.1.52 Crs. for year ended 31.03.2007 related to A.Y.2007- 08. The Company has preferred an appeal against the demand. The amounts paid against the disputed demand are included in Loans & Advances.

 
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