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Notes to Accounts of Bombay Oxygen Corporation Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

(ii) Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of ' 100 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed 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 the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Messer Griesheim GmbH ("Messer") had acquired 75001 shares, which have not been transferred on account of the various orders of the Courts to that effect. The shares still continue to stand in the name of the original shareholders. Subsequently the right, title and interest in these 75001 shares is sold to the promoters by "Messer".

2. CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Disputed liability towards excise Rs. 13,255 (000) [Previous year - Rs. 21,194 (000)] in respect of various units.

(b) Disputed liability in respect of Income tax Rs. 19,237 (000) [Previous year - Rs. 17,817 (000)].

(c) Disputed liability in respect of Central Sales tax Rs. 1,060 (000) [Previous year - Rs. 1,060 (000)].

(d) Bills discounted Rs. 25,074 (000) [Previous year - Rs. 32,567 (000) ].

3. Effective from April 1, 2014, the Company has charged depreciation on its assets based on their useful life as stipulated under Schedule II of the Companies Act, 2013. Due to this, the depreciation for the year ended on 31st March, 2015 is lower by Rs. 2640(000) as compared to the depreciation computed under the provisions of the Companies Act, 1956. Further, based on the transitional provision as provided in Note 7(b) of Schedule II, Rs. 2640(000) has been adjusted against opening balance of retained earnings and corresponding impact of Deferred Tax Liability amounting to Rs. 857(000) has also been adjusted against opening balance of retained earnings.

4. Previous year's figures have been regrouped/reclassified, wherever necessary.


Mar 31, 2014

1 CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

2. contingent liabilities Not provided For :

(a) Claim against the Company not acknowledged as debts – Nil [Previous year – Rs.518 (000)].

(b) Disputed liability towards excise Rs.13,255(000) [Previous year – Rs. 21,194(000)] in respect of various units.

(c) Disputed liability in respect of Income tax Rs.17,817(000) [Previous year – Rs.3,886 (000)].

(d) Disputed liability in respect of Central Sales tax Rs.1,060(000) [Previous year – Nil].

(e) Bills discounted Rs.32,567(000) [Previous year – Rs.16,328(000)].

3. Previous year''s figures have been regrouped / reclassified, wherever necessary.


Mar 31, 2013

1. CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR :

(a) Claim against the Company not acknowledged as debts Rs. 518(000) [Previous year - Rs. 742(000)].

(b) Disputed liability towards excise Rs. 21,194(000) [Previous year - Rs. 21,194(000)] in respect of various units.

(c) Disputed liability in respect of Income tax Rs. 3,886(000) [Previous year - Rs. 101 (000)].

(d) Bills discounted Rs. 16,328(000) [Previous year - Rs. 5,215(000)].

3. SEGMENT REPORTING AS PER ACCOUNTING STANDARD -17 (AS-17):

(a) The Company has two primary business segments viz : (i) Industrial Gases and (ii) Plant Manufacturing Division

4. Previous year''s figures have been regrouped / reclassified, wherever necessary.


Mar 31, 2012

1. CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

(i) Terms/rights attached to equity shares :

The Company has only one class of equity shares having a par value of Rs. 100 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed 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 the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR :

(a) Claim against the Company not acknowledged as debts Rs. 742(000) [Previous year - Rs. 742(000)].

(b) Disputed liability towards excise Rs. 21,194(000) [Previous year - Rs. 21,194(000)] in respect of various units.

(c) Disputed liability in respect of Income tax Rs. 101(000) [Previous year - Rs. 101(000)].

(d) Bills discounted Rs. 5,215(000) [Previous year - Nil],

3. Segment Reporting as per Accounting Standard -17 (AS-17):

(a) The Company has two primary business segments viz :

(i) Industrial Gases and

(ii) Plant Manufacturing Division

(b) The Company operates within the geographical limits of India, accordingly secondary segments have not been considered.

4. The subsidiaries viz. Bombay Oxygen Gases Ltd. and Bombay Oxygen Acetylene Ltd, have been closed and their names are struck off from the register of the Registrar of Companies with effect from 28.12.2011 & 27.12.2011 respectively.

5. Tata SSL Limited had unilaterally suspended taking supply of gases from the Company's Tarapur plant from October, 2000. The outstanding dues continues at Rs. 4,746(000) (excluding interest) as on 31.03.2012, for which the Company has taken necessary legal action, and also made a claim for non-lifting of minimum 50,000 cu.ms. of oxygen gas per month from 01.11.2000 as per Agreement with them.

6. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. The disclosure and presentation have been made in the financial statements accordingly. Previous year's figures have accordingly been regrouped / reclassified, to correspond with the current year's classification/disclosure.


Mar 31, 2011

1. Contingent Liabilities not provided for in respect of :

(i) Claim against the Company not acknowledged as debts Rs. 742 (000) [Previous year - Rs. 742 (000)].

(ii) Disputed liability towards excise Rs. 21,194 (000) [Previous year - Rs. 11,253 (000)] and service tax Nil [Previous year - Rs. 8 (000)] in respect of various units.

(iii) Disputed liability in respect of Income tax Rs. 101 (000) [Previous year - Rs. 101 (000)].

(iv) Bank guarantees & Letter of Credit given to various authorities Rs. 22,840 (000) [Previous year - Rs. 17,715(000)]

2. Amounts falling due for repayment within one year Rs. 1,666 (000) [Previous year Rs. 2,364 (000)]

3. Tata SSL Limited has unilaterally suspended taking supply of gases from the Company's Tarapur plant from 20th October, 2000. The outstanding dues continues at Rs. 4,746(000) (excluding interest) as on 31.03.2011, for which the Company has taken necessary legal action, and also made a claim for non-lifting of minimum 50,000 cu.ms. of oxygen gas per month from 01.11.2000 as per Agreement with them.

4. Having regard to the fact that, in respect of an inter-corporate deposit of Rs. 1,000,000 (000) placed by the Company in the ordinary course of business, the terms concerning interest rate chargeable thereon have not been agreed to between the Company and the other Company and to the consequent uncertainty of the amount of such interest, based on AS-9 ("Recognition of Revenue") the same has not been considered as income and not accounted for.

5. Information in accordance with the requirements of Accounting Standard - 17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

(a) The Company has two primary business segments viz :

(i) Industrial Gases and

(ii) Plant Manufacturing Division

6. The Company has not received any intimation from any enterprise regarding their status under the Micro, small & Medium Enterprise Development Act, 2006 and hence disclosures relating to amounts unpaid together with interest as on 31st March, 2011, have not been given.

7. Previous year's figures have been regrouped/restated/reclassified, wherever necessary.


Mar 31, 2010

1. (a) Contingent Liabilities not provided for:

(i) Claim against the Company not acknowledged as debts Rs. 742(000) [Previous year - Rs.839 (000)].

(ii) Disputed liability towards excise Rs. 11,253(000) [Previous year - Rs.3,314 (000)] and service tax Rs. 8(000) [Previous year - Nil ] in respect of various units.

(iii) Disputed liability in respect of Income tax Rs. 101(000) [Previous year - Rs.454 (000)].

(iv) The liability in respect of employees working at Kalwe and Khopoli unit amounting to Rs. 4,512(000) [Previous Year - Nil ] as per the Industrial Tribunal Award has been provided in the books of account. The workmen have challenged the Award and filed a Writ Petition before the Hon. Bombay High Court.

(b) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil [Previous year - Rs. 2,519 (000)]

2. Amounts falling due for repayment within one year Rs. 3,132(000) [Previous year Rs. 11,740(000)]

3. Tata SSL Limited has unilaterally suspended taking supply of gases from the Companys Tarapur plant from 20th October, 2000. The outstanding dues continues at Rs. 4,746(000) (excluding interest) as on 31.03.2010, for which the Company has taken necessary legal action, and also made a claim for non-lifting of minimum 50,000 cu.ms. of oxygen gas per month from 01.11.2000 as per Agreement with them.

4 Having regard to the fact that, in respect of an inter-corporate deposit of Rs. 1,000,000(000) placed by the Company in the ordinary course of business, the terms concerning interest rate chargeable thereon have not been agreed to between the Company and the other Company and to the consequent uncertainty of the amount of such interest, based on AS-9 ("Recognition of Revenue") the same has not been considered as income and not accounted for.

5. Related Party Disclosures :

(a) Name of the Related Party Nature of Relationship Bombay Oxygen Gases Limited Subsidiary Company Bombay Oxygen Acetylene Limited Subsidiary Company

(b) Transactions with Related Parties Subsidiaries

6. Information in accordance with the requirements of Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

(a) The Company has two primary business segments viz :

(i) Industrial Gases and

(ii) Plant Manufacturing Division

7. The Company has not received any intimation from any enterprise regarding their status under the Micro, small & Medium Enterprise Development Act, 2006 and hence disclosures relating to amounts unpaid together with interest as on 31st March, 2010, have not been given. »

8. Previous year figures have been regrouped/restated/reclassified, wherever necessary.

 
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