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Notes to Accounts of Cochin Minerals & Rutile Ltd.

Mar 31, 2015

1. Corporate Information

Cochin Minerals and Rutile Limited is a public company incorporated in India. Its shares are listed in Bombay Stock Exchange Ltd. The company is engaged in the manufacture of Synthetic Rutile, Ferric Chloride, Ferrous Chloride, Iron Hydroxide and Recovered TiO2.

2. Basis of Presentation.

The financial statement of the company have been prepared in accordance with the generally ac- cepted accounting principles in India (Indian GAAP). The company has prepared these finan- cial statements to comply in all material respect with the Companies (Accounts) Rules 2014 and the relevant provisions of Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

3. Long Term Borrowings

b) Indian Rupee Term Loan from Bank of Baroda Account No 05620600010728 & Corporate Loan from Bank of Baroda Account No.05620600011975 are secured by:

i) Paripassu first charge by way of equitable mortgage of 21.35 Acres of land in Sur- vey Nos.92/4A, 92/4B, 97/1A part, 97/1B1,1B2,1B3, 97/2B2,97/3-1, 97/3-2 part, 98/1A part, 98/1B part,95/4 Part, 95/6 Part, 95/7 part, 96/1-1, 96/1-2, 96/2, 96/3A part, 96/3Bpart,96/4 Part,96/5-1part, 97/1B-3 part, 97/2A-1 part,98/1A Part , 132/11-A, 132/12, 132/13,95/3 part,95/5 part,97/3 part 135/3B,135/2B,135/2A, 135/1 at Parur Taluk, Kadungallur Village together with building, plant and ma- chinery and movables (Save and except inventories of all nature, book debts and other current assets which form part of the primary security towards the work- ing capital advance in the ordinary course of business ) including movable ma- chinery, machinery spares, tools and accessories present and future.

ii) Personal guarantee of Dr.S.N. Sasidharan Kartha, The Managing Director.

4 Short Term Borrowings

1. Terms of repayment of Packing Credits:

PC from Banks is repayable on demand and carries interst @ 11.5% (Current Rate)

Cash Credit/Packing Credit advances from Bank of Baroda are secured by:

i) First charge on all the Company's stock of raw-materials, consumable stores, finished goods, work in progress, debtors etc. both present and future

ii) Second charge by way of equitable mortgage of 21.35 Acres of land in Survey Nos.92/4A, 92/4B, 97/1A part, 97/1B1,1B2,1B3, 97/2B2,97/3-1, 97/3-2 part, 98/1A part, 98/1B part,95/4 Part, 95/6 Part, 95/7 part, 96/1-1, 96/1-2, 96/2, 96/3A part, 96/3Bpart,96/4 Part,96/5-1part, 97/1B-3 part, 97/2A-1 part,98/1A Part , 132/11-A, 132/12, 132/13,95/3 part,95/5 part,97/3 part 135/3B,135/2B, 135/2A, 135/1 at Parur Taluk, Kadungallur Village together with building, plant and machinery and mova- bles including movable machinery, machinery spares, tools and accessories present and future.

iii) Personal Guarantee of Dr.S N Sasidharan Kartha, Managing Director.

5. Excise duty on sales for the year has been disclosed as reduction from the turnover. Excise Duty payable on Stock of Finished Goods Rs.16,37,423.00 (previous year Rs.31,05,840.00) is provided for and included in the value of stock of finished goods.

6. Employee Benefits

The Company's obligation towards the Gratuity Fund is a defined benefit plan. The details of actuarial Valuation is given below:

7. Related party disclosures - As identified by the management and relied upon by the auditors.

a)List of Related parties and description of relationship

i) Parties with significant influence : M/s Sach Exports Pvt Ltd &

: M/s Kerala Rare Earths and Minerals Ltd : Mathew M Cherian

ii) Key Management Personnel : Dr. S. N.Sasidharan Kartha

: Shri Saran S Kartha : Shri P Suresh Kumar : Shri K S Suresh Kumar

8. Earnings per share.

Net Profit after tax for the year has been used as the numerator and number of shares has been used as denominator for calculating the basic and diluted earnings per share.

9. Contingent Liabilities and Commitments.

a) Contingent Liabilities not provided for:

i) Bank Guarantees issued on behalf of the Company by Bank of Baroda out- standing as on 31/03/2015 is Rs.1,09,78,995/- (Rs.37,33,565/- as on 31/03/2014) and USD54500 for which the Company has given counter guarantee.

ii) Bills discounted not maturing on:

31/03/2015 Rs. 13,88,99,465.00

31/03/2014 Rs. 5,90,25,460.40

b) . The Additional commissioner of Income Tax has raised a demand of Rs.58,07,820/- while completing the assessment of assessment year 2009- 10. The Company has filed an appeal before the Commissioner of Income Tax(Appeal) against the order.

c) Assistant Commissioner, Department of Commercial Tax has raised a de- mand of Rs.11,50,708/- while completing the assessment of the year 2008-09. The Company has filed an appeal before the Deputy Commissioner of Ap- peals.

10. Micro, Small and Medium Enterprises Development Act 2006.

In accordance with the Notification No.GSR 719(E) dt 16.11.2007, issued by the Ministry of Corporate Affairs, certain disclosures are required to be made relating to Micro and Small Enterprises as defined under the Micro, Small and Medium Enterprises Development Act 2006. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is still not available, no disclosures have been made in the accounts.

11. Long Term Contract.

There are no long term contract as on 31.03.2015 including derivative contracts for which there are any material forseeable losses.

12. Impairment of assets:

No material impairment of assets has been identified by the company and as such no provision is required as per Accounting Standards (AS-28) issued by the Institute of Chartered Accountants of India.

13. Transfer of unclaimed dividend to Investor Education and Protection Fund:

During the year company has transferred the unclaimed dividend for the year 2006-07 amounting to Rs.4,36,974/- to the Investor Education and Protection Fund.

14. Previous figures have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2013

1. Excise & ityon sales for the year has oeendisc losdasrductiOT Goods Rs. 2,321,899.00 (previous year Rs.255,831.00) is provided for and included in the value ofstock of finished goods.

2. Related party disclosures - As identified by the management and relied upon by the auditors.

a) List of Related parties and description of relationship

i)Parties with significant influence : M/sSach Exports Pvt Ltd

ii)Key Management Personnel : Shri S.N.Sasidharan Kartha

Shri SaranS Kartha

b) Transactions with related parties:

3. Earnings per share.

Net Profit tax for the year lias been used as the numerator and the basic and diluted earnings per share.

4. Micro, Small and Medium Enterprises Development Act 2006.

In accordance with the NotificationNo.GSR719(E)dt 16.11.2007 ,issued by the Ministry ofCorporateAf&irs, certain disclosures are required to be maderelating to Micro and Small Enterprises as definedunder die Micro, Small and Medium DevelopmentAct 2006. The Company is in the process of compiling relevant information from its suppliers about their coverage underthesaidAct Since the relevant information is still not available, no disclosures have been made in die accounts.


Mar 31, 2012

1 Primary Security:

a) DBITetm Loan Account Nos. COCMAR 0508011 and 137673200000064- (i) First charge by way of equitable mortgage of 21.35 Acres of land in Survey

Nos.92/4A.92/4B.97/lApart.97/lBl.lB2.1B3.97/2B2.97/3-1.97/3-2part.98/ lApart.98/lBpait95/4 Part, 95/6 Part, 95/7 part, 96/1-1,96/1-2,96/2,96/3A part, 96/3Bpart,96/4 Part,96/5- l part, 97/1B-3 part, 97/2A-1 part,98/l A Part, 132/11-A, 132/12,132/13,95/3 part, 95/5 part,97/3 part 135/3B, 135/2B, 135/2A, 135/1 aspirer Taluk, KadungallurVillage together with building, plant and machinery etc and movables (Save and except inventories of all nature, book debts and other current assets which form part of the primary security towards the working capital advance in the ordinary course of business) including movable machinery, machinery spares, tools and accessories present and future.

ii) Second charge on the Company's stocks of raw-materials, consumable stores, book debts and such other movables.

iii) Personal guarantee of Mr. S.N. Sasidharan Kartha, the Managing Director, and Mr. Mathew .M. Cherian Vice Chairman,

b) Indian Rupee Term Loan from Bank of Baroda Account No 05620600010728 is secured by - (i)Paripassu first charge by way of equitable mortgage of21.35 Acres of land in Survey Nos.92/4A, 92/4B, 97/l Apart, 97/lBl,lB2,lB3,97/2B2,97/3-1,97/3-2 part, 98/1A part, 98/IB part,95/4Part, 95/6 Part, 95/7 part, 96/1-1,96/1-2,96/2,96/3A part, 96/3Bpart,96/4 Part,96/5- l part, 97/1B-3 part, 97/2A-1 part,98/l A Part, 132/11-A, 132/12,132/13,95/3 part,95/5 part,97/3 part 135/3B, 135/2B, 135/2A, 135/1 at Parur Taluk, Kadungallur Village together with building, plant and machinery and movables (Saveandexcept inventories of all nature, book debts and other current assets which form part of the primary security towards the working capital advance in the ordinary course of business) including movable machinery, machinery spares, tools and accessories present and future.

(ii) Personal guarantee of Mr. S.N. Sasidharan Kartha, The Managing Director.

1. Terms of repayment of Packing Credits: .

PC from Banks is repayable on demand and carries interest @ 11.5% (Current Rate) Cash Credit/Packing Credit advances from Bank of Baroda are secured by:

i) First charge on all the Company's stock of raw-materials, consumable stores, finished goods, work in progress, debtors etc. both present and future.

ii) Second chaise by way of equitable mortgage of 21.35 Acres of land in Survey Nos.92/4A, 92/4B, 97/1A part, 97/lBl,lB2,lB3, 97/2B2,97/3-1,97/3-2 part, 98/1A part, 98/IB part,95/4 Part, 95/6 Part, 95/7 part, 96/1-1,96/1-2,96/2,96/3A part, 96/ 3Bpart,96/4 Part,96/5- L part, 97/1B-3 part, 97/2A-1 part,98/La Part, 132/11-A, 132/12,132/13,95/3 pait,95/5 pait,97/3 part 135/3B,135/2B, 135/2A, 135/1 at Parur Taluk, Kadungallur Village together with building, plant and machinery and movables including movable machinery, machinery spares, tools and accessories present and future.

iii) Personal Guarantee of Shri.S N Sasidharan Kartha, Managing Director.

2. Excise duty on sales for the year has been disclosed as reduction from the turnover. Excise Duty payable on Stock of Finished , Goods Rs 2,55.831.00 (previous year Rs 11,26,415.00) is provided for andincluded in the value of stock of finished goods.

3. Contingent Liabilities: .

a). Additional Commissioner of Income Tax, Range 1, Kochi demanded Rs 58,07,820/- while completing the assessment for the Financial Year 2008 -09. The company has preferred an appeal before the Commissioner of Income Tax (Appeals). The Company Hashemite danamount of Rs 3,00,000/-towards the same.

b) Contingent Liabilities Not Provided for

i) Bank Guarantees issued on behalf of the Company by Bank of Baroda outstanding as on 31/03/2012 is Rs 35,90,685/- (Rs 28,29,785/- as on 31/03/2011) for which the Company has given counter guarantee.

ii) Bills discounted not maturing on:

31/03/2012 Rs. 25,86,26,422.40

31/03/2011 Rs.7,30,22,977.40

4. Micro, Small and Medium Enterprises Development Act 2006.

In accordance with the Notification No.GSR 719(E) dt 16.11.2007, issued by the Ministry of Corporate Affairs, certain disclosures are required to be made relating to Micro and Small Enterprises as defined under the Micro, Small and Medium Development Act 2006. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is still not available, no disclosures have been made in the accounts.

5. The Revised Schedule VI has become effective from 1 April 2011 for the preparation of financial statements. This has significantly impacted the disclosures and presentations made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification /disclosure.


Mar 31, 2011

A) Term Loans from financial Institutions are secured by paripassu charge by way of hypoth- ecation of all the Company's immovable properties such as land, building, plant and machinery etc. and movables (Save and except inventories of all nature book debts and other current assets which form part of the primary security towards the working capital advances in the ordinary course of the business) including movable machinery, machinery spares, tools & accessories, present and future and second charge on the Company's stocks of raw-materials, consumable stores, book debts and such other movables. The Managing Director, Mr. S.N. Sasidharan Kartha and Vice Chairman, Mr. Mathew .M. Cherian have personally guaranteed the whole amount of such loans.

b) Cash Credit/Packing Credit advances from Bank of Baroda are secured by a second charge on the fixed assets and first charge on all the Company's stock of raw-materials, consumable stores, finished goods, work in progress, debtors etc. both present and future and guaran- teed personally by the Managing Director, Mr. S. N. Sasidharan Kartha and Vice Chairman, Mr. Mathew M Cherian.

c) Contingent Liabilities Not Provided for

i) Bank Guarantees issued on behalf of the Company by Bank of Baroda outstanding as on 31/03/2011 is? 28,29,785/-(Rs. 15,30,385/-as on 31/03/2010) for which the Company has given counter guarantee.

ii) Bills discounted not maturing on:

31/03/2011 - Rs. 7,30,22,977.40

31/03/2010 - Rs. 5,80,42,871.30

e) Previous year's figures have been regrouped wherever necessary so as to be in confirmity with the current year's layout.

1) Unpaiddividendamountsfor2006-07 Rs. 4,53,510/-,2007-08 Rs. 5,68,461/-,2008-09 Rs. 6,54,255/- and 2009-10 Rs. 4,90,261/- are deposited in separate accounts with the company's bank and are included in other liabilities.

m) There was no loans and advances in the nature of loans given to subsidiaries and associ- ates etc.

n) There was no investment by any loanee in the shares of the company.

p) In the opinion of the management, all the Current Assets, Loans and Advances have a value on realisation in ordinary course of business at least equal to the amount at which these are stated.


Mar 31, 2010

A) Term Loans from financial Institutions are secured by paripassu charge by way of hypothecation of all the Companys immovable properties such as land, building, plant and machinery etc. and movables (Save and except inventories of all nature book debts and other current assets which form part of the primary security towards the working capital advances in the ordinary course of the business) including movable machinery, machinery spares, tools & accessories, present and future and second charge on the Companys stocks of raw-materials, consumable stores, book debts and such other movables. The Managing Director, Mr. S.N. Sasidharan Kartha and Vice Chairman, Mr. Mathew .M. Cherian have personally guaranteed the whole amount of such loans.

b) Cash Credit/Packing Credit advances from Bank of Baroda are secured by a second charge on the fixed assets and first charge on all the Companys stock of raw-materials, consumable stores, finished goods, work in progress, debtors etc. both present and future and guaranteed personally by the Managing Director, Mr. S. N. Sasidharan Kartha and Vice Chairman, Mr. Mathew M Cherian.

c) Contingent Liabilities not provided for

i) Bank Guarantees issued on behalf of the Company by Bank of Baroda outstanding as on 31/03/2010 is Rs.15,30,385/- (Rs. 1, 10,33,139/- as on 31/03 2009) for which the Company has given counter guarantee.

ii) Bills discounted not maturing on:

31/03/2010 - Rs.5,80,42,871.30

31/03/2009 - Rs.4,69,15,859.00

e) Previous years figures have been regrouped wherever necessary so as to be in confirmity with the current years layout.

i) Excise Duty payable on Stock of Finished Goods Rs.15,09,141.00/- (previous year Rs.1,77,664.00) is provided for and included in the value of stock of finished goods.

f) Unpaid dividend amounts for 2006-07 Rs.4,55,784/- and 2007-08 Rs.5,73,914/- and 2008-09 Rs. 6,88,268/- are deposited in separate accounts with the companys bank and are included in other liabilities.

g) There was no loans and advances in the nature of loans given to subsidiaries and associates etc.

h) There was no investment by any loanee in the shares of the company.

i) In the opinion of the management, all the Current Assets, Loans and Advances have a value on realisation in ordinary course of business at least equal to the amount at which these are stated.

 
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