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Notes to Accounts of Daikaffil Chemicals India Ltd.

Mar 31, 2015

Note 1: As per requirement of Companies Act, 2013, the Company has re-assessed the remaining useful life of the fixed assets taking into consideration the useful life prescribed in Schedule II of the Act. This has resulted in lower charge of depreciation of Rs. 23.60 lacs for the year. Further the written down value of the Assets of Rs. 18.72 Lacs as on 1st April, 2014, whose residual life is exhausted, has been adjusted against Reserves and Surplus.

Note 2: Related party Disclosure

I) Name of the Related party and nature of relationship

A. Associate Enterprises

- M/s Caffil Private Limited

- M/s Amichem

- M/s Erca Speciality Chemicals Pvt. Ltd ( Joint Venture Company)

B. Key Management Personnel

- Mr. Amit Patel (Managing Director)

- Mr. Aditya Patel (Joint Managing Director)

* Excluding Provision for Gratuity & Leave encashment as the acturial valuation is done on the overall Company basis

Note 3: Contingent Liabilities

PARTICULARS As at As at 31/03/2015 31/03/2014

1 Outstanding Letters of Credit 1,159,152 8,494,584

2 Outstanding Bank Guarantee 1,850,000 1,700,000

3,009,152 10,194,584

Note 4 : Commitments

Estimated amount of contract remaining to be executed on capital Account and not provided for Rs.25 Lakhs (P.Y. Rs. 100 Lakhs)

Note 5 : Disclosure of Interest in Joint Venture / Associate.

Details of Company's interest in its Joint Venture, having joint control, as per the requirement of Accounting Standard (AS) - 27 on "Financial Reporting of Interest in Joint Ventures" notified under the Companies (Accounting Standard) Rules, 2006, are as under:

Note 6 : Consolidated finanacial statement

The Company has one Joint Venture / Associate concern..M/s. Erca Speciality Chemicals Private Ltd., The Company is exempted from preperation of consolidated financial statement under rule 6 of the companies (Accounts) Rules 2014 as amended by Notication dated 14th October 2014.

Note : The above information has been compiled by the Company on the basis of information made available by vendors during the year 2012

Note : 7 The excise duty payable if any on finished goods held in the factory is neither included in expenditure nor valued in such stock but is accounted for on clearance of goods from factory. This accounting treatment has no impact on profits.

Note : 8 Sundry Debtors and Loans and Advances are subject to confirmation.

Note : 9 Segment Information has not been given as the Company does not have any segment.

Note : 10 Earnings per Share as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 23rd Annual General Meeting of the Company, to be held on Friday, the 21st day of August, 2015 at 10.00 A.M. at Plot No.E-4, M.I.D.C. Tarapur, Boisar, Dist: Palghar - 401 506 and at any adjournment thereof in respect of such resolutions as are indicated below:

Note : This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than 48 hours before the commencement of the Meeting.


Mar 31, 2014

Note 1:

Related party Disclosure

I) Name of the Related party and nature of relationship

A. Associate Enterprises

- M/s Caffil Private Limited

- M/s Amichem

- M/s Erca Speciality Chemicals Pvt. Ltd (Joint Venture Company)

B. Key Management Personnel

- Mr. Sishir Amin (Managing Director)

- Mr. Amit Patel (Executive Chairman)

- Mr. Aditya Patel (Joint Managing Director)

Note 2:

Contingent Liabilities

PARTICULARS As at As at 31/03/2014 31/03/2013

1 Esti mated amount of Arrears on account of revision of Wages for Factory workers pending settlement with the Union - -

2 Outstanding Letters of Credit 8,494,584 5,276,688

3 Outstanding Bank Guarantee 1,700,000 25,000

10,194,584 5,301,688

Note 3: Commitments

Estimated amount of contract remaining to be executed on capital Account and not provided for Rs. 100 Lakhs (P.Y. Rs. 100 Lakhs)

Note 4:

The excise duty payable if any on finished goods held in the factory is neither included in expenditure nor valued in such stock but is accounted for on clearance of goods from factory. This accounting treatment has no impact on profits.

Note 5:

Sundry Debtors and Loans and Advances are subject to confirmation.

Note 6:

Segment Information has not been given as the Company does not have any segment.


Mar 31, 2013

Note 1:

Related party Disclosure

I) Name of the Related party and nature of relationship

A. Associate Enterprises

- M/s Caffil Private Limited

- M/s Amichem

- M/s Erca Speciality Chemicals Pvt. Ltd (Joint Venture Company)

B. Key Management Personnel

- Mr. Sishir Amin (Managing Director)

- Mr. Amit Patel (Executive Chairman)

- Mr. Jayant Patel (Expired on 1-6-2012)

- Mr. Aditya Patel (Appointed on 14-08-2012)

Note 2: Commitments

Estimated amount of contract remaining to be executed on capital Account and not provided for Rs. 100 Lakhs (P.Y.Rs. 100 Lakhs)

Note 3:

Disclosure of Interest in Joint Venture

Details of Company''s interest in its Joint Venture, having joint control, as per the requirement of Accounting Standard (AS) - 27 on "Financial Reporting of Interest in Joint Ventures" notified under the Companies (Accounting Standard) Rules, 2006, are as under:

Note 4 :

The excise duty payable if any on finished goods held in the factory is neither included in expenditure nor valued in such stock but is accounted for on clearance of goods from factory. This accounting treatment has no impact on profits.

Note 5 :

Sundry Debtors and Loans and Advances are subject to confirmation.

Note 6 :

Segment Information has not been given as the Company does not have any segment.


Mar 31, 2012

A) Terms/ Rights attached to the Shares :

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian Rupees.

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

* Based on the information available with the Company in respect of Micro, Small & Medium Enterprises (as defined in The Micro, Small & Medium Enterprises, Development Act, 2006'). The Company is generally regular in making payments of dues to such enterprises. Hence the question of payment of interest or provision therefore towards belated payments does not arise.

# As at the year end there is no amount due for payment to the Investor Education & Protection Fund under Section 205C of the Companies Act, 1956.

* As required by Accounting Standard 15 Employees Benefits (AS-15), the disclosures are as under:

A) Defined Contribution Plans

a) The company makes Contribution to Provident fund and employees pension scheme to Defined Contribution plan for qualifying employees. Under the schemes the company is required to contribute a specified percentage of the payroll costs to fund the benefits

The principle plan assets consists of a scheme of insurance taken by the trust, which is a qualifying policy. Breakdown of individual investments that comprise the total plan assets is not supplied by the insurer '

Note 1:

Related party Disclosure

I) Name of the Related party and nature of relationship

A. Associate Enterprises

- M/s Caffil Private Limited

- M/sAmichem

- M/s Erca Specialty Chemicals Pvt. Ltd (Joint Venture Company)

B. Key Management Personnel

- Mr. Sishir Amin (Managing Director)

- Mr. Amit Patel (Executive Chairman)

- Mr. Jayant Patel (Expired on 1-6-2012)

- Mr. Aditya Patel (Appointed on 14-08-2012)

Note 2:

Commitments

Estimated amount of contract remaining to be executed on capital Account and not provided for Rs. 100 Lakhs (P.Y.Rs. 100 Lakhs) Note 30:

Disclosure of Interest in Joint Venture

Details of Company's interest in its Joint Venture, having joint control, as per the requirement of Accounting Standard (AS) -27 on "Financial Reporting of Interest in Joint Ventures" notified under the Companies (Accounting Standard) Rules, 2006, are as under:

Note 3 :

The Company has not made provision for impairment, if any, in the carrying amount of assets as the same is not ascertained.

Note 4 :

The excise duty payable if any on finished goods held in the factory is neither included in expenditure nor valued in such stock but is accounted for on clearance of goods from factory. This accounting treatment has no impact on profits.

Note 5:

Sundry Debtors and Loans and Advances are subject to confirmation.

Note 6:

Segment Information has not been given as the Company does not have any segment.


Mar 31, 2010

1) The Company has not made provision for impairment, if any, in the carrying amount of assets as the same is not ascertained.

2) Estimated amount of contract remaining to be executed on capital Account and not provided for Rs.100 Lakhs (P.Y.Rs. 100 Lakhs)

3) The stock in trade at the year end is as per inventories taken, valued and certified by the management.

4) Depreciation provided in the accounts is calculated on the straight line method basis as per the provisions of section 205(2)(e) of the Companies Act 1956 at the rates specified in schedule XIV of the said Act.

5) The excise duty payable if any on finished goods held in the factory is neither included in expenditure nor valued in such stock but is accounted for on clearance of goods from factory. This accounting treatment has no impact on profits.

6) Sundry Debtors and Loans and Advances are subject to confirmation.

7) Contingent Liabilities not provided for : Rs. Nil (P.Y. Rs. Nil)

8) The Company has not received any information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act have not been given.

9) Segment Information has not been given as the Company does not have any Segment.

10) Basic and diluted earning per share has been calculated by dividing net profit after taxation for the year by 60,00,000 (60,00,000) equity shares of nominal value of Rs.10/- each outstanding as on March 31, 2010

 
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