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Notes to Accounts of Birla Precision Technologies Ltd.

Mar 31, 2015

As per the Prospectus, the funds which were proposed to be deployed in the Aurangabad Project upto the period ended 30th September, 2008 was envisaged at Rs. 2129.86 lakhs. However, the actual amount spent towards the above is Rs. 523.20 lakhs.

The above mentioned status of utilisation of funds raised by BMTL in its Right cum Follow on Issue in 2007 has been revised/adjusted by Rs. 427.20 lakhs paid to BAL due to the SoA approved by Honourable High Court of Bombay for amalgamation of BAL and BMTL (Transferor companies) with the Company.

As per SoA the pending project and related obligations of the transferor companies shall be implemented by the Company.

In view of delay in implementation of the Aurangabad project, the balance amount of Rs. 1595.20 Lakhs has been utilized for funding the company's Working Capital requirements and for Inter Corporate Deposits given to group companies and others. The utilization of the said funds is not in line with the Prospectus.

1. (a) The Company has incurred capital expenditure aggregating to Rs. 523.20 lakhs for the acquisition and construction of Plant and Machinery, Electrical Equipment and Building structure for installation of machining facilities. There has been delay in the implementation of the machining project, accordingly the advances, made to the suppliers, have not been entirely appropriated towards the supplies. No provision for impairment is considered necessary by the management at this stage.

2. The remuneration as approved by the Remuneration Committee / Board / Shareholders amounting to Rs. 71.77 lakhs paid / provided to the Managing Director is the remuneration within the limits of Schedule V, Part II, Section II of the Companies Act, 2013, based on the Effective Capital of the Company and in line with the amount allowable based on the resolution passed by the Shareholders being a Special Resolution.

3. The Cutting Tool Division of the Company situated on Plot No. B-15/3/1, M.I.D.C., Waluj, Aurangabad - 431 133 has received physical possession notice under the SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002) on 9th May 2015, from the Sub-Divisional Magistrate, Tq. Vaijapur, Dist. Aurangabad, being a guarantor to a Group Company.

The Company has filed a stay application under SARFAESI Act before the Debts Recovery Tribunal (DRT) Court, Aurangabad on 18th May 2015. The Court has admitted the application which is pending for hearing.

4. Balances of Sundry Creditors and Debtors are subject to confirmation.

II. Leave Encashment:

The leave encashment provision for the year ended 31st March, 2015, based on actuarial valuation carried out using projected unit credit method amounting to Rs. 84.34 lakhs (Previous Year Rs. 28.72 lakhs) has been recognized in statement of profit and loss.

5. Corresponding previous year figures have been regrouped / recast and reclassified wherever necessary to make them comparable.


Mar 31, 2013

1. Valuation of Finished Goods and Semi finished Goods at Tool Division:

Till the previous year the cost of finished goods and goods under process at the Tool Division of the Company was being determined using the retail method, whereby the cost is computed by reducing from the sales value of inventory the global gross margins.

As this method is not in accordance with Accounting standard -2 (AS-2) the Company has during the current year reworked the value of finished goods and goods under process at the Tool Division in accordance with the AS-2.

Consequently due to reworking the impact on closing inventory of finished goods is Rs. I,67,52,525/- (Opening stock of finished goods is Rs. -I,28,57,536/-) and goods under process is Rs. I,66,65,346/- (Opening goods under process is Rs. I,27,64,I76/-). The net impact on statement of profit and loss of the year is Rs. 87,I79/-loss.

The inventory valuation is now in compliance with the requirement of AS-2.

2. Contingent liabilities:

(a) Estimated amount of contracts remaining to be executed (net of advances), not provided for:

(Rs. In Lakh)

Particulars 31st March, 2013 31st March, 2012

Capital Commitments:

Tangible Assets 405.06 575.67

Intangible Assets 0.00 9.49

(b) Contingent liabilities not provided for in respect of:

(Rs. In Lakh)

Particulars 31st March, 2013 31st March, 2012

(i) Amount of duty saved under EPCG Scheme against export obligations 48I.I4 634.04

(ii) Sales Tax Demands in Appeals 76.94 76.94

(iii) Entry Tax Demands in Appeals II0.54 II0.54

(iv) Income Tax Demands in Appeals 99.76 99.76

(v) Excise and Service Tax Demands in Appeals 45.80 I5.70

(vi) Claim on account of PF not acknowledged as debts 4.0I 4.0I

(vii) Bank Guarantees / Letters of Credit 698.62 632.66

(viii) Claims against Company not acknowledged as debts 30.6I 20.88

(c) The Company is a party to various legal proceedings in the normal course of business and does not expect the outcome of the proceedings to have any adverse effect on its financial conditions, results of operations or cash flows.

3. The Scheme of Amalgamation (SoA) of Birla Accucast Limited (BAL) and Birla Machining and Toolings Limited (BMTL) with Birla Precision Technologies Limited ( the Company).

All assets and properties, both movable and immovable, industrial and other licenses, all other interests, rights and powers of every kind, etc. and all debts, liabilities, duties and obligations of BAL and BMTL has been transferred to and vested in the Company retrospectively with effect from Ist April, 20I0 (the appointed date). The SoA has accordingly been given effect to in these accounts.

The amalgamation of BAL and BMTL with the Company has been accounted as per SoA approved by the Honorable High Court of judicature at Bombay, vide its order dated, 30th March, 20I2. Accordingly the assets, liabilities, debts and obligations of the BAL and BMTL have been taken over at their book values as on Ist April, 20I0 as stipulated in the SoA. The amalgamation has resulted in transfer of assets, liabilities, debts and obligations in accordance with the terms of the SoA at the following summarized values:

As per the approved Scheme of Amalgamation total of 2,06,23,760 equity shares of Rs. 2/- each were allotted on 20th July, 20I2 to the share holders of Birla Accucast Limited and Birla Machining & Toolings Limited in the following ratios respectively:

(a) 7 Equity shares of Rs. 2/- each of the company were issued for every I6 Equity shares of Rs. I0/- each held in Birla Accucast Limited.

(b) 2 Equity shares of Rs. 2/- each of the company were issued for every 3 Equity shares of Rs. I0/- each held in Birla Machining & Tooling Limited.

As per SoA the debit balance of Profit and Loss account is first adjusted against the "Amalgamation Reserve Account" and the balance of Rs. I325.II Lakhs has been adjusted against the general reserve created post merger of Tools Division of Zenith Birla (India) Limited.

In terms of the SoA, the Equity Shares allotted as above rank for dividend, voting rights and in all other respects pari-passu with the existing Equity Shares of the Company. The Income accruing and the expenses incurred by BAL and BMTL during the period Ist April, 20I0 to 3Ist March, 20II being net surplus of Rs. 58.78 Lakhs of BAL and Net deficit of Rs. 36.37 Lakhs of BMTL, resulting in Net Surplus of Rs. 22.4I Lakhs has been adjusted in the statement of profit and loss. During the period between the appointed date and the effective date (i.e. 28th May, 20I2) BAL and BMTL carried on the existing business in "trust" on behalf of the Company.

The title deeds for leasehold land, building, licenses, agreements, loan documents, etc. are in the process of being transferred in the name of the Company. Stamp duty and other levies out of the SoA, if any, shall be accounted on determination and completion of transfer formalities.

4. Merger scheme of Tools Division of Zenith Birla (India) Limited with the Company in the Financial Year 2009-10.

The title deeds for leasehold land, building, residential flats, licenses, agreements, loan documents, and some of the bank accounts and facilities are in the process of being transferred in the name of the Company. Stamp duty and other levies out of the Scheme of Arrangement, if any, shall be accounted on determination and completion of transfer formalities.

As per the Prospectus, the funds which were proposed to be deployed in the Aurangabad Project upto the period ended 30th September, 2008 was envisaged at Rs. 2129.86 Lakhs. However, the actual amount spent towards the above is Rs. 523.20 Lakhs.

The above mentioned status of utilization of funds raised by BMTL in its Right cum Follow on Issue in 2007 has been revised / adjusted by Rs. 427.20 Lakhs paid to BAL due to the SoA approved by Honorable High Court of Bombay for amalgamation of BAL and BMTL (Transferor companies) with the Company.

As per SoA the pending project and related obligations of the transferor companies shall be implemented by the Company.

In view of delay in implementation of the Aurangabad project, the balance amount of Rs. 1595.20 Lakhs has been utilized for funding the company''s Working Capital requirements and for Inter Corporate Deposits given to group companies and others. The utilization of the said funds is not in line with the Prospectus.

5 (b). The Company has incurred capital expenditure aggregating to Rs. 523.20 Lakhs for the acquisition and construction of Plant and Machinery,

Electrical Equipment and Building structure for installation of machining facilities. There has been delay in the implementation of the machining project, accordingly the advances, made to the suppliers, have not been entirely appropriated towards the supplies. No provision for impairment is considered necessary by the management at this stage.

6 . The remuneration as approved by the Remuneration Committee / Board/ Shareholders paid/ provided to the Managing Director during the year has been considered as the minimum remuneration, resulting in excess of such remuneration over maximum remuneration stipulated under Schedule XIII of the Companies Act, 1956 mounting to Rs. 55.23 lacs due to inadequacy of profits during the year. The Company has filed an application with the Central Government in this regards.

* The details of the Experience adjustments arising on account of plan assets and liabilities as required by paragraph 120(n)(ii) of AS 15 (revised) on "Employee Benefits" of previous financial years are not available in the valuation report for the financial year 2008-09, 2009-10 2010-11 and 2011-12 hence not furnished.

II. Leave Encashment:

The leave encashment provision for the year ended 31st March, 2013, based on actuarial valuation carried out using projected unit credit method amounting to Rs. 41.85 Lakhs (Previous Year Rs. 43.34 Lakhs) has been recognized in statement of profit and loss.

During the year, based on technical review, the Company has identified two reporting segments namely:

1. Tools and Precision Components

2. Casting and Machining, as reporting segments under AS-17, instead of earlier three segments.

(Figures in brackets indicates 31st March, 2012 figures) 36. Related party disclosures:

(A) Name of related parties and nature of relationships: a) Key Management personnel

1. Shri Yashovardhan Birla (Non-executive Chairman)

2. Shri M.S. Arora (Managing Director)

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

7. The figures of previous year have been regrouped / reclassified wherever necessary to correspond to figures of current year.


Mar 31, 2012

The Company has only one class of equity shares having a par value of Rs. 2/- each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend if any, in Indian rupees. The dividend proposed if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

As per records of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

1.1 2,06,23,810 Equity Shares of Rs. 2/- each fully paid up pending allotment to the existing member of amalgamated company on the record date to be fixed by the Board of Directors of the Company in view of the scheme of amalgamation of Birla AccuCast Limited and Birla Machining and Toolings Limited with the Company (Refer Note No. 29)

Security and Silent Terms:

(a) Rupee Term Loan of Rs. 474.86 Lakh (Previous Year Rs. 632.97 Lakh) first charge by way of hypothecation of company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, ranking pari-passu with existing bankers. Exclusive First charge by way of hypothecation of all Plant and Machinery and other movable fixed assets of the company to be funded of the term loan from the bank.

Interest rate is linked to Banks' Prime Lending Rate / Base Rate plus margin is repayable in twenty quarterly installments starting from June 20I0 and ending in March, 20I5.

(b) Foreign Currency Term Loan of Rs. 326.66 Lakh (Previous Year Rs. 5I3.36 Lakh) first charge created by mortgage of entire movable fixed assets both present and future and the immovable properties situated at Plot No. B - I5/4 , MIDC , Waluj Industrial Area , within village limit of Kamlapur , Taluka Gangapur District, Aurangabad , Maharashtra shall rank pari-passu charge.

Interest rate is linked to LIBOR plus margin and is repayable in sixteen quarterly installments starting from September 2009 and ending in June 20I3.

(c) The Car Loan of Rs. 43.69 Lakh (Previous Year Rs. 62.62 Lakh) is secured by hypothecation of the car.

Interest is payable @ I2.I5% p.a. and is repayable in sixty monthly installments starting from March, 2009 and ending in February 20I4.

(d) The Car Loan of Rs. 54.43 Lakh (Previous Year Rs. Nil) is secured by hypothecation of the car.

Interest is payable @ 8.74% p.a. and is repayable in thirty six monthly installments starting from March, 20II and ending in February 20I4.

(e) Sales Tax deferred payment loan of Rs. 19.48 Lakh (Previous Year Rs. 30.04 Lakh) is interest free and payable in thirteen yearly installments starting from May 2003 and ending in May 20I5.

Sales Tax deferred payment loan of Rs. 590.45 Lakh (Previous Year Rs. 24.92 Lakh) is interest free and installments schedule is not yet received from the department.

Security and Silent Terms:

(a) Foreign currency loan of Rs. 1537.30 Lakh (Previous Year Rs. Nil) first charge by way of hypothecation of company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, ranking pari-passu with existing bankers. Exclusive First charge by way of hypothecation of all Plant and Machinery and other movable fixed assets of the company to be funded of the term loan from the Bank.

(b) Rupee loan of Rs. 75.94 Lakh (Previous Year Rs. 317.32 Lakh) first charge by way of hypothecation of company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, ranking pari-passu with existing bankers. Exclusive First charge by way of hypothecation of all Plant and Machinery and other movable fixed assets of the company to be funded from the term loan from the Bank.

(c) Rupee loan of Rs. 838.18 Lakh (Previous Year Rs. 869.63 Lakh), bank facilities are in the process of being transferred in the name of the company. At present it is in the name of Zenith Birla (India) Limited, from which the Tool division got demerged. On transfer necessary security will be created .

(d) The rates of interest for foreign currency loan ranges from 7.04% p.a. to 7.90% p.a. and 12% p.a. to 19% p.a. for rupee loans.

Disclosures relating to amounts payable as at the year end together with interest paid/payable to Micro and Small Enterprises have been made in the accounts, as required under the Micro, Small and Medium Enterprises Development Act, 2006 to the extent of information available with the Company determined on the basis of intimation received from suppliers regarding their status and the required disclosure are given below:

2. Contingent liabilities:

(a) Estimated amount of contracts remaining to be executed (net of advances), not provided for: (Rs. In Lakh)

Particulars 31st March, 2012 31st March, 2011

Capital Commitments:

Tangible Assets 575.67 3I7.75

Intangible Assets 9.49 -

(b) Contingent liabilities not provided for in respect of: (Rs. In Lakh)

Particulars 31st March, 2012 31st March, 2011

(i) Amount of duty saved under EPCG Scheme against export obligations 634.04 597.77

(ii) Sales Tax Demands in Appeals 76.94 1.28

(iii) Entry Tax Demands in Appeals II0.54 I0I.03

(iv) Income Tax Demands in Appeals 99.76 -

(v) Excise and Service Tax Demands in Appeals I5.70 -

(vi) Claim on account of PF not acknowledged as debts 4.0I 4.0I

(vii) Bank Guarantees / Letters of Credit 632.66 89.04

(viii) Claims against Company not acknowledged as debts 20.88 I2.00

(c) The Company is a party to various legal proceedings in the normal course of business and does not expect the outcome of the proceedings to have any adverse effect on his financial conditions, results of operations or cash flows.

3. The Scheme of Amalgamation (SoA) of Birla Accucast Limited (BAL) and Birla Machining and Toolings Limited (BMTL) with Birla Precision Technologies Limited ( the Company).

All assets and properties, both movable and immovable, industrial and other licenses, all other interests, rights and powers of every kind, etc. and all debts, liabilities, duties and obligations of BAL and BMTL has been transferred to and vested in the Company retrospectively with effect from Ist April, 20I0 (the appointed date). The SoA has accordingly been given effect to in these accounts.

The amalgamation of BAL and BMTL with the Company has been accounted as per SoA approved by the Honorable High Court of judicature at Bombay, vide its order dated, 30th March, 20I2. Accordingly the assets, liabilities, debts and obligations of the BAL and BMTL have been taken over at their book values as on Ist April, 20I0 as stipulated in the SoA. The amalgamation has resulted in transfer of assets, liabilities, debts and obligations in accordance with the terms of the SoA at the following summarized values:

"As per SoA total of 2,06,23,8I0 equity shares of Rs. 2/- each will be issued by Birla Precision Technologies Limited to the shareholders of BAL and BMTL respectively in the following ratios:

(a) 7 Equity shares of Rs. 2/- each of Birla Precision Technologies Limited will be issued for every I6 Equity shares of Rs.I0/- each held in BAL.

(b) 2 Equity shares of Rs. 2/- each of Birla Precision Technologies Limited will be issued for every 3 Equity shares of Rs I0/- each held in BMTL.

As per SoA the debit balance of Profit and Loss account is first adjusted against the "Amalgamation Reserve Account" and the balance of Rs.I325.II Lakh has been adjusted against the general reserve created post merger of Tools Division of Zenith Birla (India) Limited.

In terms of the SoA, the Equity Shares allotted as above rank for dividend, voting rights and in all other respects pari-passu with the existing Equity Shares of the Company. The Income accruing and the expenses incurred by BAL and BMTL during the period Ist April, 20I0 to 3Ist March, 20II being net surplus of Rs.58.78 lakh of BAL and Net deficit of Rs.36.37 lakh of BMTL, resulting in Net Surplus of Rs. 22.4I Lakh has been adjusted in the statement of profit and loss. During the period between the appointed date and the effective date (i.e. 28th May, 20I2) BAL and BMTL carried on the existing business in "trust" on behalf of the Company.

The title deeds for leasehold land, building, licenses, agreements, loan documents, etc. are in the process of being transferred in the name of the Company. Stamp duty and other levies out of the SoA, if any, shall be accounted on determination and completion of transfer formalities.

4. Merger scheme of Tool Division of Zenith Birla (India) Limited with the Company in the Financial Year 2009-10.

The title deeds for leasehold land, building, residential flats, licenses, agreements, loan documents, and some of the bank accounts and facilities are in the process of being transferred in the name of the Company. Stamp duty and other levies out of the Scheme of Arrangement, if any, shall be accounted on determination and completion of transfer formalities.

As per the Prospectus, the funds which were proposed to be deployed in the Aurangabad Project upto the period ended 30th September, 2008 was envisaged at Rs. 2129.86 Lakh. However, the actual amount spent towards the above is Rs. 523.20 Lakh.

The above mentioned status of utilisation of funds raised by BMTL in its Right cum Follow on Issue in 2007 has been revised / adjusted by Rs. 427.20 Lakh paid to BAL due to the SoA approved by Honorable High Court of Bombay for amalgamation of BAL and BMTL (Transferor companies) with the Company.

As per SoA the pending project and related obligations of the transferor companies shall be implemented by the Company.

In view of delay in implementation of the Aurangabad project, the balance amount of Rs. 1595.20 Lakh has been utilized for funding the company's Working Capital requirements and for Inter Corporate Deposits given to group companies and others. The utilization of the said funds is not in line with the Prospectus.

The figures of the previous year is not given as it is related to BMTL (Transferor Company) which is amalgamated with the Company as per SoA.

5. The Company has incurred capital expenditure aggregating to Rs. 523.20 Lakh for the acquisition and construction of Plant and Machinery, Electrical Equipment and Building structure for installation of machining facilities. There has been delay in the implementation of the machining project, accordingly the advances, made to the suppliers, have not been entirely appropriated towards the supplies. No provision for impairment is considered necessary by the management at this stage.

(B) Defined Benefit Plans :

I. (a) Contribution to Gratuity:

Provision for Gratuity has been made in the accounts based on an actuarial valuation carried out at the close of the year. The Company has funding arrangement with Birla Sun Life and Life Insurance Corporation of India, except for Tools Division, in which case it is held under Indian Tool Employee Gratuity Fund, and the liability is discharged to the employees in the year of retirement / cessation of employment.

* The details of the Experience adjustments arising on account of plan assets and liabilities as required by paragraph I20(n)(ii) of AS I5 (revised) on "Employee Benefits" of previous financial years are not available in the valuation report for the financial year 2007-08, 2008-09, 2009-I0 and 20I0-II hence not furnished.

II. Leave Encashment:

The leave encashment provision for the year ended 3Ist March, 20I2, based on actuarial valuation carried out using projected unit credit method amounting to Rs. 43.34 Lakh (Previous Year Rs. 4.43 Lakh) has been recognized in statement of profit and loss.

6. Related party disclosures:

(A) Name of related parties and nature of relationships:

a) Key Management personnel

1. Shri Yashovardhan Birla (Non-executive Chairman)

2. Shri M.S. Arora (Managing Director)

7. The figures of previous year have been regrouped / reclassified wherever necessary to correspond to figures of current year.

8. The previous year figures are not comparable, due to the amalgamation of Birla Accucast Limited and Birla Machining and Toolings Limited with the Company.


Mar 31, 2010

(Rs. In Thousands)

1 (a) Contingent Liabilities not provided for in respect of: Current Yr. Previous Yr.

(i) Export obligation for the amount of duty saved under

EPCG Scheme - DTA Unit 8,048 8,048

(ii) Export obligation for the amount of duty saved under

EPCG Scheme - EOU Unit (subsumed) 15,290 15,290

(iii) Disputed Sales Tax Demands 10,920 -

(iv) Claim on account of PF not acknowledged as debts. 401 -

(b) Estimated amount of contracts remaining to be executed on capital account (net of advance) - 8,608

(c) Claims against company which are prima facie untenable are not considered for contingent liability.

(d) Various demands of workmen pending with the court and industrial tribunal is not ascertainable.

2 The Tool Division of Zenith Birla (India) Ltd. (ZBIL) being all its assets and properties, both movable and immovable, industrial and other licenses, trademarks, all other interests, rights and powers of every kind, etc. and all its debts, liabilities, duties and obligations, has been transferred to and vested in the Company retrospectively with effect from April 1, 2008 (the appointed date). The Scheme has accordingly been given effect to in these accounts. The Tool Division of ZBIL is in operation of manufacturing of HSS Cutting Tools.

The merger of the Tool Division of ZBIL with the Company has been accounted as per Scheme of Arrangement approved by the Honorable High Court of judicature at Mumbai, vide its order dated, January 8, 2010. Accordingly the assets, liabilities, debts and obligations of the Tool Division have been taken over at their book values as on April 1, 2008 as stipulated in the Scheme. The merger has resulted in transfer of assets, liabilities, debts & obligation in accordance with the terms of the Scheme at the following summarized values:

In terms of the Scheme, the Equity Shares allotted as above rank for dividend, voting rights and in all other respects pari-passu with the existing Equity Shares of the Company. The Income accruing and the expenses incurred by Tool Division of ZBIL during the period 1st April, 2008 to 31st March 2009 resulting in Net Surplus of Rs. 42609 Thousands has also been incorporated in these accounts which include difference arising on account of variation in accounting policies aggregating Rs. 5052 Thousand. During the period between the appointed date and the effective date (i.e. February 11, 2010) ZBIL carried on the existing business in "trust" on behalf of the Company. Vouchers, documents etc. for the period are in the name of ZBIL. The title deeds for leasehold land, building, residential flats, licenses, agreements, loan documents, etc. are in the process of being transferred in the name of the Company. Stamp duty and other levies out of the Scheme of Arrangement, if any, shall be accounted on determination and completion of transfer formalities.

B. Name of Related Parties and nature of relationships:

a) Key Management personnel

1. Shri Yashovardhan Birla (Non-Executive Chairman)

2. Shri M.S. Arora (Managing Director)

b) Enterprises owned or significantly influenced by Key Management personnel or their relatives

1. Ashok Birla Apollo Hospital Pvt. Ltd.

2. Asian Distributors Pvt. Ltd.

3. Birla AccuCast Limited

4. Birla Bombay Pvt. Ltd.

5. Birla Capital & Financial Services Limited

6. Birla Cotsyn (India) Limited

7. Birla Edutech Limited

8. Birla Electricals Limited

9. Birla Global Corporate Pvt. Ltd.

10. Birla Infrastructure Ltd.

11. Birla International Pvt. Ltd.

12. Birla Kerala Vaidyashala Pvt. Ltd.

13. Birla Pacific Medspa Pvt. Ltd.

14. Birla Power Solutions Limited

15. Birla Shloka Edutech Limited

16. Birla Surya Limited

17. Birla Transasia Carpets Limited

18. Birla Viking Travels Pvt. Ltd.

19. Dagger Forst Tools Limited

20. Godavari Corporation Pvt. Ltd.

21. Khopoli Investments Limited

22. Nirved Traders Pvt. Ltd.

23. Shearson Investments & Trading Co. Pvt. Ltd.

24. Zenith Birla (India) Limited

3 Advances recoverable in cash or in kind or for value to be received includes Rs. 15705 thousands (Previous year Rs. Nil) being Inter Corporate Loans.

4 Sundry Creditors in Schedule 10 include;

(a) (i) Rs. 210.52 Thousands (Previous Year Nil) due to Micro, Small and Medium Enterprises. (ii) Rs. 129065.48 Thousands (Previous Year Rs. 62333 Thousands) due to others.

(b) Enterprises to whom the Company owes a sum, which is outstanding for more than 45 days is Rs. Nil (Previous Year Rs. Nil) and the interest on the same is Rs. Nil (Previous Year Rs. Nil).

(c) The disclosure in (a) and (b) above is based on the information available with the Company regarding the status of supplier under the Micro, Small and Medium Enterprises Development Act, 2006.

5 Employee Benefits:

A. Defined Benefit Plans:

I Contribution to Gratuity:

Provision for Gratuity has been made in the accounts based on an actuarial valuation carried out at the close of the year. The Company has funding arrangement with Birja Sun Life, except for Tools Division, in which case it is held under Indian Tool Employee Gratuity Fund, and the liability is discharged to the employees in the year of retirement cessation of employment.

 
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