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Notes to Accounts of Camphor & Allied Products Ltd.

Mar 31, 2015

1. Contingent liabilities (to the extent not provided for (Net of interest, if any, as may be levied on conclusion of relevant cases) and Commitments

a. Contingent liabilities:

i) Disputed Sales Tax :

Where Department is in appeal, Rs. 12.75 Lacs (Previous year Rs. 12.75 Lacs)

ii) Disputed Income Tax:

Where Company is in appeal, Rs. 404.06 Lacs (Previous year Rs. 406.56 Lacs)

iii) Disputed Labour claim made by ex-employees estimated amounting to Rs. 9.96 lacs approx. (Previous year Rs. 9.96 lacs).

iv) Pine Chemicals Limited which was amalgamated with the Company had earlier filed a Writ Petition challenging the retrospective rescission by the Government of Jammu & Kashmir, of the Backward Area Incentive Scheme in respect of Sales Tax paid on Gum Resin for the period five years ending 31st March, 1984. The High Court of Jammu & Kashmir has passed an order directing the Sales Tax Department to review the Company's claim in the light of Supreme Court decision on a similar issue. The Company had filed Writ Petition before the Hon. High Court at Jammu which is still pending disposal.

In the event of the claim being decided in favour of the Company, the Company would be entitled to refund of Rs. 59.03 Lacs in respect of two years ended 31/03/1984 and in the event of it being decided against the Company, the company will be liable to repay Rs. 98.11 Lacs in respect of three years ended 31st March, 1982, which Pine Chemicals Limited had accounted for as income in earlier years. The refund or payment as the case may be will be accounted for after the final outcome of the petition.

v) The Company's pending litigations comprise of claims against the Company and proceedings pending with Tax and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonably expect the outcome of these proceedings to have a material impact on its financial statements.

b. Commitments:

i) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 20.70 Lacs (Previous year Rs. 4.89 Lacs).

ii) Derivative Instruments:

2. Segment Reporting :

Primary Segment: The Company is exclusively engaged in the business of manufacture of fine chemicals, which is considered to constitute only one business segment.

3. Related Party Disclosures as per Accounting Standard (AS) 18:

A) List of Related party

a. Party where control exists:

Holding Company: Oriental Aromatics Limited. Fellow Subsidiary: Oriental Aromatics Inc.

b. Other Parties with whom the Company has entered into transactions during the year :

i. Associate:

Oriental Fragrances & Flavours Pvt. Ltd. Keshavlal V. Bodani Education Foundation.

ii. Key Management personnel

Mr. Anil K. Bodani (Executive Chairman) till 20.12.2014

*Mrs. Chandrika A. Bodani (Executive Chairperson)

Mr. Dharmil A. Bodani (Managing Director)

Mr. Shyamal A. Bodani (Executive Director)

Mr. D.S.Raghav (Executive Director)

Mr. Girish Khandelwal (Chief Financial officer) w.e.f 01.04.2014

Ms. Nirmala Agarwal (Company Secretary) till 01.12.2014

Ms. Sweta Pandey (Company Secretary) w.e.f. 01.12.2014

*Appointed as an Additional Director w.e.f. 20.01.2015 and as an Executive Chairperson w.e.f. 06.02.2015

4. i) In the opinion of the Board, assets other than fixed assets and non-current investment have value on realization in the ordinary course of business, at least equal to the amount at they are stated.

ii) The accounts of certain Banks, Trade receivable, Trade payable, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/ adjustments.

5. Previous year's figures have been regrouped / rearranged/ recast wherever necessary to conform to current year's presentation


Mar 31, 2014

1) The above Cash Flow Statement has been prepared under the ''Indirect Method'' as set out in Accounting Standard - 3 on "Cash Flow Statements" prescribed by Companies (Accounting Standards) Rules, 2006.

2) Previous year''s figures have been regrouped / rearranged whenever necessary to conform to the current year''s presentation.

b) Terms & Rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of Rs.10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.

(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to the shareholding. However, no such preferential amount exist currently.

d) During previous 5 years, the Company has not issued bonus shares/Bought back share/issued shares for consideration other than cash.

Note 3 - Long Term Borrowings

Secured

Term loans from Banks*

(Secured By First Pari pasu Charge on Movable and Immovable Fixed Assets of the Company situated at 3, GIDC Industrial Area, Nandesari, Gujarat and Personal Guarantee of a Director)

Secured - Working Capital Loan from Banks

(Secured by first pari passu charge by way of Hypothecation of

Current Assets both Present and Future and other movable assets

and Second charge on Movable & Immovable Fixed Assets of the

Company at 3,GIDC Industrial Area, Nandesari, Gujarat in favour of Banks)

Additions during the year in Buildings and Plant & Machinery include

a) Foreign Exchange Loss aggregating to Rs. 813.41 Lacs (which includes Rs. 653.74 Lacs pertaining to previous years)

b) Borrowing cost aggregating to Rs. Nil (which include Rs. 1434.94 Lacs pertaining to previous years)

Unsecured, Considered good

Outstanding for a period exceeding six months from the due date

Outstanding for a period not exceeding six months from the due date

Note 4 - Short Term Loans and Advances

Unsecured, considered good

Balance with Government Authorities

Advances recoverable in cash or in kind or for value to be received

Note 5 - Other Current Assets

Claims and other receivables

Dividend, Interest Subsidy and Interest receivable

6. Contingent liabilities (to the extent not provided for (Net of interest, if any, as may be levied on conclusion of relevant cases) and Commitments

a. Contingent liabilities:

i) Disputed Sales Tax :

Where Department is in appeal, Rs.12.75 Lacs (Previous year Rs. 12.75 Lacs) ii) Disputed Income Tax:

Where Company is in appeal, Rs. 406.56 Lacs (Previous year Rs. 16.65 Lacs)

iii) Disputed Labour claims made by ex-employees estimated at Rs. 9.96 lacs (Previous year Rs. 9.96 lacs).

iv) Penalties / Interest, if any as may be levied in respect of non-payment / late payment of certain statutory dues, amount unascertainable. In the opinion of the management liability, if any would not be material.

v) Pine Chemicals Limited which was amalgamated with the Company had earlier filed a Writ Petition challenging the retrospective rescission by the Government of Jammu & Kashmir, of the Backward Area Incentive Scheme in respect of Sales Tax paid on Gum Resin for the period five years ending 31st March, 1984. The High Court of Jammu & Kashmir has passed an order directing the Sales Tax Department to review the Company''s claim in the light of Supreme Court decision on a similar issue. The Company had filed Writ Petition before the Hon. High Court at Jammu which is still pending disposal.

In the event of the claim being decided in favour of the Company, the Company would be entitled to refund of Rs. 59.03 Lacs in respect of two years ended 31/03/1984 and in the event of it being decided against the Company, the company will be liable to repay Rs. 98.11 Lacs in respect of three years ended 31st March, 1982, which Pine Chemicals Limited had accounted for as income in earlier years. The refund or payment as the case may be will be accounted for after the final outcome of the petition.

b. Commitments:

i) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 4.89 Lacs (Previous year Rs. 63.99 Lacs)

7. Segment Reporting :

Primary Segment: The Company is exclusively engaged in the business of manufacture of fine chemicals, which is considered to constitute only one business segment.

8. Related Party Disclosures as per Accounting Standard (AS) 18: A) List of Related party

a. Party where control exists:

Holding Company: Oriental Aromatics Limited. Fellow Subsidiary: Oriental Aromatics Inc.

b. Other Parties with whom the Company has entered into transactions during the year :

i. Associate:

Oriental Fragrance & Flavours Ltd. Keshavlal V. Bodani Education Foundation.

* Sum of Rs. 191.13 Lacs (Previous year Rs. 192.83 Lacs) lying in the Gratuity Fund managed by Life Insurance Corporation of India.

9. i) In the opinion of the Board, assets other than fixed assets and non-current investment have value on realization in the ordinary course of business, at least equal to the amount at they are stated.

ii) The accounts of certain Banks, Trade receivable, Trade payable, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/ adjustments.


Mar 31, 2013

1. Contingent liabilities (to the extent not provided for (Net of interest, if any, as may be levied on conclusion of relevant cases) and Commitments

a. Contingent liabilities:

i) Sales Tax :

Where Department is in appeal, Rs. 12.75 Lacs (Previous year Rs. 12.75 Lacs) ii) Income Tax:

Where Company is in appeal, Rs. 16.65 Lacs (Previous year Rs. 11.10 Lacs)

Where Department is in appeal, Rs. Nil (Previous year Rs. 16.10 Lacs) iii) Excise Duty:

Where Department is in appeal, Rs. Nil (Previous year Rs. 66.20 Lacs)

iv) There are litigations and demands for re-instatement, recovery of wages and compensation, filed by certain ex-employees amounting to Rs. 9.96 lacs approx (Previous year Rs. 9.96 lacs) which are not acknowledged by the Company and not provided for, amount unascertainable. In the opinion of the management amount would not be material.

v) Penalties / Interest, if any as may be levied in respect of non-payment / late payment of certain statutory dues, amount unascertainable. In the opinion of the management liability, if any would not be material.

vi) Pine Chemicals Limited which was amalgamated with the Company (Camphor & Allied Products Limited) had earlier filed a Writ Petition challenging the retrospective rescission by the Government of Jammu & Kashmir, of the Backward Area Incentive Scheme in respect of Sales Tax paid on Gum Resin for the period five years ending 31st March, 1984. The High Court of Jammu & Kashmir has passed an order directing the Sales Tax Department to review the Company''s claim in the light of Supreme Court decision on a similar issue. The Company had filed Writ Petition before the Hon. High Court at Jammu which is still pending disposal.

In the event of the claim being decided in favour of the Company, the Company would be entitled to refund of Rs. 59.03 Lacs in respect of two years ended 31/03/1984 and in the event of it being decided against the Company, the company will be liable to repay Rs. 98.11 Lacs in respect of three years ended 31st March, 1982, which Pine Chemicals Limited had accounted for as income in earlier years. The refund or payment as the case may be will be accounted for after the final outcome of the petition.

vii) In the year 2011-12, the Company has settled the Nagar Nigam, Bareilly house tax and water cess demands aggregating to Rs. 50.53 Lacs. However, interest of Rs. 22.02 on the above amount has been disputed by the company as not payable, before Civil Court Bareilly. The management expects a favourable outcome.

b. Commitments:

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 63.99 Lacs (Previous year Rs. 3,252.85 Lacs)

(ii) Derivative Instruments:

(iii) The Company has during the year, in compliance with the announcement issued by ICAI has provided for the MTM Loss on Interest Rate Swap Derivative aggregating to Rs. 441.11 Lacs which hither to were accounted for as and when arose and it has been disclosed as an exceptional item.

2. Related Party Disclosures as per Accounting Standard (AS) 18: A) List of Related party and their relationships:

a. Party where control exists:

Holding Company: Oriental Aromatics Limited. Fellow Subsidiary: Oriental Aromatics Inc.

b. Key Management personnel & Relatives

Mr. Anil K. Bodani (Executive Chairman) Mr. Dharmil A. Bodani (Managing Director) Mr. Shyamal A. Bodani (Executive Director) Mr. D.S.Raghav (Executive Director)

3. i) In the opinion of the Board, assets other than fixed assets and non-current investment have value on realization in the ordinary course of business, at least equal to the amount at they are stated.

ii) The accounts of certain Banks, Trade receivable, Trade payable, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/ adjustments.

4. Previous year''s figures have been regrouped / rearranged/ recast wherever necessary to conform to current year''s presentation


Mar 31, 2012

A) Terms & Rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.

(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to the shareholding. However, no such preferential amount exist currently.

Secured - Working Capital Loan from Banks

(Secured by First Pari pasu charge by way of Hypothecation of Current Assets both Present and Future and other movable assets and Second charge on Movable & Immovable Fixed Assets of the Company at 3, GIDC Industrial Area, Nandesari, Gujarat in favour of a Bank)

1. Contingent liabilities (to the extent not provided for (Net of interest, if any, as may be levied on conclusion of relevant cases) and Commitments

a. Contingent liabilities:

i) Sales Tax :

Where Department is in appeal, Rs.12.75 Lacs (Previous year Rs. 12.75 Lacs)

ii) Income Tax:

Where Company is in appeal, Rs.11.10 Lacs (Previous year Rs.4.97 Lacs)

Where Department is in appeal, Rs.16.10 Lacs (Previous year Rs.48.10 Lacs)

iii) Excise Duty:

Where Department is in appeal, Rs. 66.20 Lacs (Previous year Rs.66.20 Lacs)

iv) There are litigations and demands for re-instatement, recovery of wages and compensation, filed by certain ex-employees which are not acknowledged by the Company and not provided for, amount unascertainable. In the opinion of the management amount would not be material.

v) Penalties / Interest, if any as may be levied in respect of non-payment / late payment of certain statutory dues, amount unascertainable. In the opinion of the management liability, if any would not be material.

vi) Pine Chemicals Limited which was amalgamated with the Company (Camphor & Allied Products Limited) had earlier filed a Writ Petition challenging the retrospective rescission by the Government of Jammu & Kashmir, of the Backward Area Incentive Scheme in respect of Sales Tax paid on Gum Resin for the period five years ending 31st March, 1984. The High Court of Jammu & Kashmir has passed an order directing the Sales Tax Department to review the Company's claim in the light of Supreme Court decision on a similar issue. The Company had filed Writ Petition before the Hon. High Court at Jammu which is still pending disposal. Status whereof not yet known to the new management.

In the event of the claim being decided in favour of the Company, the Company would be entitled to refund of Rs. 59.03 Lacs in respect of two years ended 31/03/1984 and in the event of it being decided against the Company, the company will be liable to repay Rs. 98.11 Lacs in respect of three years ended 31st March, 1982, which Pine Chemicals Limited had accounted for as income in earlier years. The refund or payment as the case may be will be accounted for after the final outcome of the petition.

vii) The Company has during the year settled the Nagar Nigam, Bareilly house tax and water cess demands aggregating to Rs.50.53 Lacs. However, interest of Rs.22.02 on the above amount has been disputed by the company as not payable before Civil Court Bareilly. The management expects a favourable outcome.

b. Commitments:

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.3,252.85 Lacs (Previous year Rs.217.12 Lacs)

(ii) Derivative Instruments:

(iii) Accounting Standard relating to derivative instruments are yet to be notified and accordingly the company has adopted the policy to provide the losses or gain on fair value measurement as and when they arise. Loss of Rs.598.87 lacs as at 31st March, 2012 arising out of fair value measurement on the aforesaid interest rate swap derivative instruments as entered by the Company has not been recognized.

2. Segment Reporting :

Primary Segment: The Company is exclusively engaged in the business of manufacture of fine chemicals, which is considered to constitute only one business segment. All assets are located in India

3. Related Party Disclosures as per Accounting Standard (AS) 18: A) List of Related party and their relationships:

a. Party where control exists:

Holding Company: Oriental Aromatics Limited.

Fellow Subsidiary: Oriental Aromatics Inc.

b. Key Management personnel & Relatives

Mr. Anil K. Bodani (Executive Chairman)

Mr. Dharmil A. Bodani (Managing Director)

Mr. Shyamal A. Bodani (Executive Director)

Mr. D.S.Raghav (Executive Director)

4. i) In the opinion of the Board, assets other than fixed assets and non-current investment have value on realization in the ordinary course of business, at least equal to the amount at they are stated.

ii) The accounts of certain Banks, Trade receivable, Trade payable, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/ adjustments.

5. Please refer attached significant accounting policies.

6. Current year's financial statements has been prepared according to the Revised Scheduled VI, previous year's figures have been regrouped/rearranged/ recast wherever necessary to conform to current year's presentation.


Mar 31, 2011

A. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 217.12 Lacs (Previous year Rs. 32.24 Lacs) net of advances of Rs. 127.35 Lacs (Previous year Rs. 195.02 Lacs)

b. Contingent liabilities not provided for in respect of (Net of interest, if any, as may be levied on conclusion of relevant cases) :

i) Sales Tax :

Where Company is in appeal, Rs. Nil (Previous year Rs. Nil)

Where Department is in appeal,Rs.12.75 Lacs (Previous year Rs.12.75Lacs)

ii) Income Tax:

Where Company is in appeal,Rs.4.97 Lacs(Previous year Rs.74.09 Lacs)

Where Department is in appeal, Rs. 48.10 Lacs (Previous year Rs. 45.50 Lacs)

iii) Excise Duty:

Where Department is in appeal, Rs. 66.20 Lacs (Previous year Rs. 66.20 Lacs)

iv) There are litigations and demands for re-instatement, recovery of wages and compensation, filed by certain ex-employees which are not acknowledged by the company and not provided for, amount unascertainable. In the opinion of the management amount would not be material.

v) Penalties / Interest, if any as may be levied in respect of non-payment / late payment of certain statutory dues, amount unascertainable. In the opinion of the management liability if any would not be material.

vi) Pine Chemicals Limited which was amalgamated with the Company (Camphor & Allied Products Limited) had earlier filed a Writ Petition challenging the retrospective rescission by the Government of Jammu & Kashmir, of the Backward Area Incentive Scheme in respect of Sales Tax paid on Gum Resin for the period five years ending 31st March, 1984. The High Court of Jammu & Kashmir has passed an order directing the Sales Tax Department to review the Company's claim in the light of Supreme Court decision on a similar issue. The Company had filed Writ Petition before the Hon. High Court at Jammu which is still pending disposal. Status whereof not yet known to the management.

In the event of the claim being decided in favour of the Company, the Company would be entitled to refund of Rs. 59.03 lacs in respect of two years ended 31/03/1984 and in the event of it being decided against the Company, the company will be liable to repay Rs. 98.11 lacs in respect of three years ended 31st March, 1982, which Pine Chemicals Limited had accounted for as income in earlier years. The refund or payment as the case may be will be accounted for after the final outcome of the petition.

c. Nagar Nigam Bareilly's notice of demand for House Tax, Water Tax etc. for the period from 01.06.2004 to 31.03.2008 has been disputed by the company and the matter is in Allahabad High Court pursuant writ petition filed by the Company. The management does not foresee any possibility of an outflow of / adjustment to the resources embodying economic benefits.

d. i) The amount of exchange difference (net) Credited to the Profit and Loss Account for the year Rs. 83.69 Lacs (Previous year debited Rs. 87.94 Lacs).

i) Derivative Instruments:

Details of foreign currency hedged - Nil

e. Segment Reporting :

Primary Segment: The Company is exclusively engaged in the business of manufacture of fine chemicals, which is considered to constitute only one business segment. All assets are located in India

g. Managerial Remuneration*:

*Excluding Contribution to Gratuity and Leave Entitlement.

No commission is payable to Directors / Managing Director and hence computation of Net Profit in accordance with Section 198, 309 and 349 of the Companies Act, 1956 has not been given.

i. Related Party Disclosures as per Accounting Standard (AS) 18:

List of Related party and their relationships:

A) Parties with whom the Company has entered into transactions during the year in the ordinary course of business.

a. Party where control exists:

Holding Company : Oriental Aromatics Limited.

Fellow Subsidiary : Oriental Aromatics Inc.

b. Key Management personnel & Relatives

Mr. Anil K. Bodani (Executive Chairman) Mr. Dharmil A. Bodani (Managing Director) Mr. Shyamal A. Bodani (Executive Director) Mr. D.S.Raghav (Executive Director)

B) The following transactions were carried out with the aforesaid related parties in the ordinary course of Business during the year:

Note:i) Figures in brackets pertains to previous year.

ii) No amounts in respect of related parties have been written off/written back/provided for during the year.

iii) Related party relationships have been identified by the management and relied upon by the auditors.

l. Disclosure as required by Accounting Standard 15 (Revised) on Employee Benefits, applicable to the Company from the current year: -

* Funds of Rs.196.85 lacs (Previous year Rs. 171.30 lacs) lying in the Gratuity trust managed by Life Insurance Corporation of India.

m.i) In the opinion of the Board, current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at they are stated.

ii) The accounts of certain Banks, Sundry Debtors, Creditors, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/adjustments.

n. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

o. Additional Information pursuant to paragraph 3 and 4 of part II of Schedule VI to the Companies Act, 1956.

A. Licensed Capacity*, Installed Capacity and actual production.

Note : The License Capacities are De-licensed. ** As Certified by the Management and accepted by the Auditors, without verification, being a technical matter *** Based on yield as verified and certified by the Management.

F.

Notes: 1.Figures in bracket relate to previous year.

2.Previous year's figure have been regrouped / rearranged / recast / wherever necessary to conform to current year's presentation.


Mar 31, 2010

A. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 32.24 Lacs (Previous year Rs 29.25 Lacs) net of advances of Rs. 195.02 Lacs (Previous year Rs 29.25 Lacs)

b. Contingent liabilities not provided for in respect of (Net of interest, if any, as may be levied on conclusion of relevant cases) :

i) Sales Tax :

Where Company is in appeal, Rs. Nil (Previous year Rs. 1.58 Lacs)

Where Department is in appeal, Rs. 12.75Lacs (Previous year Rs. 12.75 Lacs)

ii) Income Tax:

Where Company is in appeal, Rs. 74.09 Lacs (Previous year Rs. 86.66 Lacs) Where Department is in appeal, Rs.45.50 Lacs (Previous year Rs. 262.01 Lacs)

iii) Excise Duty :

Where Department is in appeal, Rs. 66.19 Lacs (Previous year Rs. 66.19 Lacs)

iv) There are litigations and demands for re-instatement, recovery of wages and compensation, filed by certain ex-employees which are not acknowledged by the company and not provided for, amount unascertainable but in the opinion of the management amount would not be material.

c. Pine Chemicals Limited which was amalgamated with the Company (Camphor & Allied Products Limited) had earlier filed a Writ Petition challenging the retrospective rescission by the Government of Jammu & Kashmir, of the Backward Area Incentive Scheme in respect of Sales Tax paid on Gum Resin for the period five years ending 31st March, 1984. The High Court of Jammu & Kashmir has passed an order directing the Sales Tax Department to review the Companys claim in the light of Supreme Court decision on a similar issue. The Company has filed Writ Petition before the Hon. High Court at Jammu which is still pending disposal.

In the event of the claim being decided in favour of the Company, the Company would be entitled to refund of Rs. 59.03 lacs in respect of two years ended 31/03/1984 and in the event of it being decided against the Company, the company will be liable to repay Rs.98.11 lacs in respect of three years ended 31st March, 1982, which Pine Chemicals Limited had accounted for as income in earlier years. The refund or payment as the case may be will be accounted for after the final outcome of the petition.

d. Nagar Nigam Bareillys notice of demand for House Tax, Water Tax etc. for the period from 01.06.2004 to 31.03.2008 has been disputed by the company and the matter is in Allahabad High Court pursuant writ petition filed by the Company. The management does not foresee even a remote possibility of an outflow of I adjustment to the resources embodying economic benefits, in view of the expert legal opinion in the matter obtained by the Company.

e. i) The amount of exchange difference (net) Credited to the Profit and Loss Account for the year

Rs. 87.94 Lacs (Previous year debited Rs. 96.62 Lacs).

ii) Derivative Instruments:

Details of foreign currency hedged - Nil

j. Related Party Disclosures as per Accounting Standard (AS) 18:

List of Related party and their relationships:

A) Parties with whom the Company has entered into transactions during the year in the ordinary course of business.

a. Party where control exists:

Holding Company : Oriental Aromatics Limited.

Fellow Subsidiary : Oriental Aromatics Inc.

b. Key Management personnel & Relatives

Mr. Anil K. Bodani (Executive Chairman)

Mr. Dharmil A. Bodani (Managing Director)

Mr. Shyamal A. Bodani (Executive Director)

Mr. D.S.Raghav (Executive Director)

Note: i) Figures in brackets pertains to previous year.

ii) No amounts in respect of related parties have been written off/written back/provided for during the year.

iii) Related party relationships have been identified by the management and relied upon by the auditors.

n. i) In the opinion of the Board, current assets, loans and advances have value on realization in the ordinary course of business, at least equal to the amount at they are stated.

ii) The accounts of certain Banks, Sundry Debtors, Creditors, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current years financial statements on such reconciliation/adjustments.

o. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

p. Additional Information pursuant to paragraph 3 and 4 of part II of Schedule VI to the Companies Act, 1956.

 
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