Mar 31, 2015
1 a) Terms/rights attached to equity shares :
The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend, if proposed by the Board of Directors, is subject to 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 remaining assets of the company, after distribution of all preferential amounts.
b) Terms/rights attached to preference shares :
The preference shares are cumulative in nature, carrying fixed dividend of 7% per annum. By virtue of agreement with Preference Shareholder, they have waived their right to dividend due upto 12th November 2014. Dividend not paid for an year will be paid in arrears, in subsequent year, subject to availability of Profits and other statutory requirements.
2 CORPORATE INFORMATION
Coromandel Engineering Company Limited (CEC) was incorporated as a Public Limited Company in the year 1947 and the shares of the Company are listed in Bombay Stock Exchange(BSE). CEC is in the business of Construction and Property Development.
3 Note on Provident Fund : With respect to the Provident Fund administered by the Trust, the Company shall make good deficiency, if any, between interest to be credited to members as per interest rate notified by Government and the return on investments on the Trust funds for the year. Having regard to assets of the fund and return on investments, the Company does not expect any deficiency in the for seeable future.
(Rs. in lakhs)
As at March As at March 31 2015 31 2014 4 Contingent Liability
3.1 Estimated amount of contracts remaining to be executed on capital account not provided for NIL NIL
3.2 a) Guarantees issued by the Company's bankers for which the Company has given counter guarantees. (Net of guarantees for which liability exists in the books of account) 3,649.79 4,742.25
3.2 b) Letter of credits issued by the Company's bankers for which the Company has given counter guarantees 382.19 436.12
3.3 Estimated liability on account of certain taxes and duties not provided for
i) Sales tax
Andhra Pradesh VAT for 2006-07 & 2007-08 (against which Rs 20.49 Lacs deposited 43.32 43.32 with the Commercial Tax Officer, Hyderabad)
Tamilnadu-Entry tax for 2012-13 2.99 2.99 (entire amount of Rs 2.99 Lacs deposited with the Commercial Tax Officer, Ranipet)
Uttarkhand VAT for 2007-08 - 25.00
Odisha VAT Assessment for 2011-12 & 34.93 - 2012-13 (Entry Tax : Rs. 6.80 Lakhs & VAT - Rs. 28.13 Lakhs) (Entire amount of Rs. 34.93 lakhs deposited with the Commercial Tax Officer, Berharmpur)
ii) Income Tax Appeals pending before CIT (Appeals) - 64.46
5. Previous years figures have been regrouped wherever necessary to conform to current year's grouping.
Mar 31, 2014
1. CORPORATE INFORMATION
Coromandel Engineering Company Limited(CEC) was incorporated as a Public Limited Company in the year 1947 and the shares of the Company are listed in Madras and Bombay Stock Exchanges. CEC is in the business of Constructon and Property Development.
(Rs. in lakhs)
As at March 31 2014 As at March 31 2013 2 Contngent Liability
2.1 Estmated amount of Contracts remaining to be executed on Capital Account not provided for NIL 211.56
2.2 (a) Guarantees issued by the Company''s bankers for which the Company has given counter guarantees. (Net of guarantees for which Liability exists in the books of account) 4,742.25 4,058.32
2.2 (b ) Leter of Credits issued by the Company''s bankers for which the Company has given counter guarantees 436.12 523.14
2.3 Estmated liability on account of certain taxes and dutes not provided for
i) Sales Tax
Andhra Pradesh VAT for the year 2006-07 & 2007-08 (against which Rs. 20.49 lakhs deposited 43.32 43.32 with the Commercial Tax Officer, Hyderabad)
Tamil Nadu-Entry tax for the year 2012-13 & 2.99 2.99 (entre amount of Rs. 2.99 lakhs deposited with the Commercial Tax Ofcer, Ranipet)
ii) Income Tax
Appeals pending on various maters before CIT (Appeals) 64.46 108.50 AY 2005-06 Rs. 1.90 lakhs ; AY 2007-2008 Rs. 62.56 lakhs
iii) Utarkhand VAT for the year 2007-08 25.00 -
Mar 31, 2012
A. Terms/rights attached to equity shares :
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend, if proposed by the Board Of Directors, is subject to 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 remaining assets of the company, after distribution of all preferential amounts.
b. Terms / Rights attached to preference shares :
During the year ended 31st March 2012, the company issued 25,00,000 preference shares of Rs. 100 each fully paid up. The preference shares are cumulative in nature and carry a coupon of 0.01% p a. The preference shares are redeemable at the option of the company with 4 weeks notice and within 18 months from the date of issue. Each holder of the preference share is entitled to one vote per share only on resolution placed before the company which directly affects the rights attached to the redeemable cumulative preference shares.
1.1 Note on Provident Fund : With respect to the Provident Fund administered by the Company, the Company shall make good deficiency, if any, in the interest rate declared by Trust over statutory limit. Having regard to the assets of the fund and return on investments, the Company does not expect any deficiency in the forseeable future.
Mar 31, 2011
Rs. in Lacs
As at As at 31st March 31st March 2011 2010
1. Previous years figures have been regrouped/ reclassified to conform to the Current year.
2. Contingent Liability
2.1 Estimated amount of Contracts remaining to be 70.66 75.17 executed on Capital Account not provided for
2.2 Guarantees issued by the Companys bankers for which the company has given counter
guarantees. (Net of guarantees for Rs615.05 Lacs (PY-Rs.548.44Lacs)for which Liability exists 2,116.12 383.20 in the books of account.)
2.3 Estimated liability on account of certain taxes and duties not provided
i) Sales Tax
Andhra Pradesh VAT for the years 2006-07 43.32 43.32 &2007-08.(against which Rs.20.49 Lacs deposited with the Commercial tax Officer, Hyderabad)
ii) Income Tax
Appeal spending on various matters before CIT 106.17 1.90 (Appeals) AY 2005-06 Rs.1.90 Lacs and AY 2008- 2009 Rs.104.27 Lacs
iii) Excise Duty Demand under dispute decided in favour of 32.38 32.38 the Company pending before CESTAT based on Departmental appeal (against which Rs.9.54 Lacs deposited with Central Excise Authority included under Loans & Advances)
Mar 31, 2010
1. Employee Benefits
a. Short Term
Short term employee benefits, including accumulated compensated absences, are recognized as an expense as per the Companys scheme, based on expected obligations on undiscounted basis.
b. Long term
i. Long term employee benefits comprise of leave encashment which is provided for based on the actuarial valuation using the projected unit credit method.
ii. Provident Fund
Contributions are made to the Companys Employees Provident Fund Trust in accordance with the fund rules. The interest rate is payable by the trust to the beneficiaries every year is being notified by the Government. The company has an obligation to make good the shortfall, if any, between the return from the investments of the trust and the notified interest rate.
This is defined contribution plan. Fixed contributions to the Superannuation Fund administered by trustees and managed by Life Insurance Corporation of India are charged to the Profit and Loss Account. The Company has no further obligations for future superannuation benefits other than its annual contributions and recognizes such contributions as an expense in the year incurred.
The Company makes annual contribution to a Gratuity Fund administered by trustees and managed by Life Insurance Corporation of India (LIC). Liability for future gratuity benefits is accounted based on actuarial valuation, as at the Balance Sheet date, determined every year by LIC using projected unit credit method. Actuarial gains and losses, comprising of experience adjustments and the effects of changes in actuarial assumptions, are recognised immediately in the profit and loss account.
Provision for current tax is made based on the liability computed in accordance with the relevant tax rates and tax laws. Provision for deferred tax is made for timing differences arising between the taxable incomes and accounting income calculated at the tax rates enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized only if there is a virtual certainty that they will be realised and are reviewed for appropriateness of their respective carrying values at each Balance Sheet date.
3 Provisions & Contingent Liabilities:
Provisions are recognized for known liabilities that can be measured where the Company has a present obligation as a result of past event. Contingent Liabilities are disclosed by way of note.
4 Note on Provident Fund :- With respect to the Provident Fund administered by the company, the company shall make good deficiency, if any, in the interest rate declared by Trust over statutory limit. Having regard to the assets of the Fund and the return on the investments, the Company does not expect any deficiency in the foreseeable future
We value professional and personal integrity above all else. We achieve our goals by being honest and straightforward with all our stakeholders. We earn trust with every action, every minute of every day.
We play to win. We have a healthy desire to stretch, to achieve personal goals and accelerate business growth. We strive constantly to improve and be energetic in everything that we do.
We take ownership of our work. We unfailingly meet high standards of quality in both what we do and the way we do it. We take pride in excellence.
We respect the dignity of every individual. We are open and transparent with each other. We inspire and enable people to achieve high standards and challenging goals. We provide everyone equal opportunities to progress and grow.
We are responsible corporate citizens. We believe we can help make a difference to our environment and change lives for the better. We will do this in a manner that befits our size and also reflects our humility.
Mar 31, 2000
Year ended Year ended 31st March 2000 31st March 1999 Rs. Rs.
1. Previous years figure have been regrouped to conform to the classification adopted this year.
2. Investments includes shares in company under liquidation -- 900
(c) Input credits of Excise Duty availed for raw materials & capital goods have been set off against cost of Raw Materials & capital goods respectively.
(d) Company has not provided for Excise Duty on closing stock of finished goods and Customs Duty on closing stock of bonded Raw Materials and accordingly said amount has not been included in the valuation of the said stock. This has got no impact on the financial results of the company.
3 (a) Other monies for which the Company is contingently liable: (i) Guarantees issued by the Companys Bankers for which the Company has given counter guarantees (*) 42,006,470 39,977,965
(*) includes Guarantees issued for liabilities existing in the books of accounts Rs. 27,271,647 (P.Y. 27,714,145)
(ii) Uncalled amount on investments in partly paid shares of Companies 900,000 900,000
(iii) Letters of Credit Ã 2,245,775
(iv) Corporate Guarantees issued by the Company to bankers for facilities availed from bankers by another company 20,000,000 20,000,000
(v) estimated Liability on Account of certain taxes and duties not provided for:
4. Investment Allowance:
a) For the Assessment years 1980 - 81 to 1984 - 85 Income Tax Department has filed reference application against the order passed by the Income Tax Appellate Tribunal allowing the Companys claim.
b) For Assessment Years 1989-90 and 1990-91, the Companys appeal before the Income Tax Appellate Tribunal is pending.
ii) Names of Small Scale Industrial Undertakings to whom the company owes a sum exceeding Rs.1.00 Lac which is more than 30 Days.
Gopal Metal Containers P. Ltd
Master Micron (India)
Satya Cashew Chemicals Pvt. Ltd
Standard Chemicals Co. Ltd
5. Foreign Currency Transactions:-
There being no activity in companys overseas division at Mauritius during the year, the balances outstanding at the end of the year continue to be shown at exchange rate prevailing at the beginning of the year.