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Notes to Accounts of Dynemic Products Ltd.

Mar 31, 2015

1.Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company is required to make certain disclosures reagarding outstanding dues and the payments made to Sundry Creditors under The Micro, Small and Medium Enterprises Development Act, 2006. On the basis of the information and the records avail- able with the Company, the following disclosures are made for the amount due to the Micro Small and Medium enterprises who have registered with the competent authorities:-

2. Contingent Liabilities and Commitments:-

As at As at 31 March, 2015 31 March, 2014

I Contingent Liabilities:-

Claims against the company / disputed liabilities not acknowledged as debts*

(a) In respect of Tax matters of the company 4916541 2716621

(b) Letter of Credits & Bank Gurantees- Citi Bank 4503528 20996700

(c) Letter of Credits & Bank Gurantees- Axis Bank 6840721 5786795

II Commitments:-

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for

Tangible assets 381285 1581285

Intangible assets 0 0

(b) Uncalled liability on shares and other investments partly paid 0 0

(c) Other commitments (specify nature) 0 0

3. Depreciation & Deffered Tax Laibility- Transition Effect

During the year, the company has re estimated the life of each asset according to Schedule-II of the Companies Act (the Act) and accordingly providedc the deprciation charge as per Schedule-II. The assets, the life of which are completed as per Schedule-II as on 1-4-2014, has been fully written off against the opening balance of retained earnings. The amount of such assets are Rs. 5502928/- The consequntial effetct on the Deffered Tax liability has been reversed by Rs. 1785425/- again adjusted against the opening retained earnings. The net effect on the retained earning on 1-4-2014 is of Rs. 3717503/-

4. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. Paise have been rounded upto the nearest rupee.

5. DISCLOSURES AS PER AS 17- Segment Rporting Segmental Reporting

Segment information for primary reporting (by business segment)

In accordance with the Accounting Standard -17 on " Segment Reporting " issued by the Institute of Chartered Accountants of India , the Company has its operation in manufacturing, and marketing of Dyes & Dyes Intermediates The primary reporting segment for the company, therefore is the business segment, viz., Dyes & Dyes Intermediates.

Segment information for secondary reporting (by geographical segments)

The secondary reporting segment for the company is the geographical segment based on the location of customers which is :- 1) Domestic, 2) Export

6. DISCLOSURES AS PER AS 18- Related Party Transactions

A] List of parties where control exist

(i) Subsidiary Company

* Dynamic Overseas (India) Pvt.Ltd.

B] Other related parties with whom transactions have taken place during the year

(ii) Associates :-

* Dynemic Holdings Pvt Ltd.

(iii) Key management personnel

Mr. B.K.Patel Managing Director

Mr. Rameshbhai B.Patel Wholetime Director

Mr.Dasharathbhai P.Patel Wholetime Director

Mr.Dixit B.Patel Wholetime Director

Mrs. Varsha Mehta Company Secretary

Mrs. Amisha Patel Chief Financial Officer


Mar 31, 2014

1] Contigent Liability :-

These, if any, are disclosed in the notes on accounts. Provision is made in accounts if it becomes probable that an out flow of resources embodying economic benefits will be required to settle the obligation.

Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 The company is required to make certain disclosures regarding outstanding dues and the payments made to Sundry Creditors under The Micro, Small and Medium Enterprises Development Act, 2006. On the basis of the information and the records available with the Company, the following disclosures are made for the amount due to the Micro Small and Medium enterprises who have registered with the competent authorities:-

2.0 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Paise have been rounded upto the nearest rupee.

2.1 DISCLOSURES AS PER AS 17- Segment Rporting

Segmental Reporting :-

Segment information for primary reporting (by business segment) In accordance with the Accounting Standard -17 on " Segment Reporting " issued by the Institute of Chartered Accountants of India , the Company has its operation in manufacturing, and marketing of Dyes & Dyes Intermediates The primary reporting segment for the company, therefore is the business segment, viz., Dyes & Dyes Intermediates. Segment information for secondary reporting (by geographical segments)

The secondary reporting segment for the company is the geographical segment based on the location of customers which is :- 1) Domestic, 2) Export

Information about secondery segments:-

2.2 DISCLOSURES AS PER AS 18- Related Party Transactions

A] List of parties where control exist

(i) Subsidiary Company

* Dynamic Overseas (India) Pvt.Ltd.

B] Other related parties with whom transactions have taken place during the year

(ii ) Associates :-

* Shakti Intermediates Pvt.Ltd.

* Dynemic Holdings Pvt Ltd.

(iii) Key management personnel :-

Mr. B.K.Patel Managing Director

Mr. Rameshbhai B.Patel Wholetime Director

Mr.Dasharathbhai P.Patel Wholetime Director

Mr.Dixit B.Patel Wholetime Director

The figures in the brackets relates to the previous year i.e. 2012-13.


Mar 31, 2013

1.1 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Paise have been rounded upto the nearest rupee.

NOTE 2 DISCLOSURES UNDER ACCOUNTING STANDARDS:

2.1 DISCLOSURES AS PER AS 15- Employees Benefits

The disclosures of "Employee Benefits" defined as per accounting standard AS 15 are given as below :-

Defined Contribution Plans:-

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:- Employer''s Contribution to Provident & Other funds 14,67,835 Group Gratuity Insurance Premium paid to LIC 4,48,093 (Group Gratuity Fund is managed by the LIC and the company pay the defined contribution as premium to the LIC of India.)

Defined Benefits Plans:-

The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method. The Leave encashment is recognised on the basis of the actuarial valuation, valued by actuary, M/s K.A. PANDIT.

2.2 DISCLOSURES AS PER AS 17- Segment Reporting Segmental Reporting :-

Segment information for primary reporting ( by business segment)

In accordance with the Accounting Standard -17 on " Segment Reporting " issued by the Institute of Chartered Accountants of India, the Company has its operation in manufacturing, and marketing of Dyes & Dyes Intermediates. The primary reporting segment for the company, therefore is the business segment, viz., Dyes & Dyes Intermediates. Segment information for secondary reporting ( by geographical segments)

The secondery reporting segment for the company is the geographical segment based on the location of customers which is :- 1) Domestic, 2) Export

2.3 DISCLOSURES AS PER AS 18- Related Party Transactions

A] List of parties where control exist (i) Subsidiary Company

* Dynamic Overseas ( India ) Pvt.Ltd.

B] Other related parties with whom transactions have taken place during the year (ii) Associates :- * Shakti Intermediates Pvt.Ltd.

* Dynemic Holdings Pvt Ltd

(iii) Key management personnel :- Mr. B.K.Patel Managing Director Mr. Rameshbhai B.Patel Wholetime Director Mr.Dasharathbhai P.Patel Wholetime Director Mr.Dixit B.Patel Wholetime Director


Mar 31, 2012

1.11 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. Paise have been rounded up to the nearest rupee.

Defined Benefits Plans:-

The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method. The Leave encashment is recognised on the basis of the actuarial valuation, valued by actuary, M/s K.A. PANDIT.

1.2 DISCLOSURES AS PER AS 17- Segment Reporting Segmental Reporting

Segment information for primary reporting ( by business segment)

In accordance with the Accounting Standard -17 on " Segment Reporting " issued by the Institute of Chartered Accountants of India, the Company has its operation in manufacturing, and marketing of Dyes & Dyes Intermediates. The primary reporting segment for the company, therefore is the business segment, viz., Dyes & Dyes Intermediates.

Segment information for secondary reporting ( by geographical segments)

The secondary reporting segment for the company is the geographical segment based on the location of customers which is :- 1) Domestic, 2) Export

1.3 DISCLOSURES AS PER AS 18- Related Party Transactions

A ] List of parties where control exist

( i ) Subsidiary Company

* Dynamic Overseas ( India ) Pvt.Ltd.

B ] Other related parties with whom transactions have taken place during the year

(ii) Associates :-

* Shakti Intermediates Pvt.Ltd.

* Dynemic Holdings Pvt Ltd

(iii) Key management personnel :-

Mr. Bhagwandas K. Patel Managing Director

Mr. Rameshbhai B. Patel Wholetime Director

Mr. Dashrathbhai P. Patel Wholetime Director

Mr. Dixit B. Patel Wholetime Director


Mar 31, 2011

1] Segmental Reporting :-

A] Segment information for primary reporting (by business segment)

In accordance with the Accounting Standard -17 on " Segment Reporting " issued by the Institute of Chartered Accountants of India, the Company has its operation in manufacturing, and marketing of Dyes & Dyes Intermediates The primary reporting segment for the Company, therefore is the business segment, viz., Dyes & Dyes Intermediates.

2] Related Party Disclosures :-

A] List of parties where control exist

(i) Subsidiary Company

* Dynamic Overseas ( India ) Pvt.Ltd.

B] Other related parties with whom transactions have taken place during the year

(ii) Associates :-

* Shakti Intermediates Pvt.Ltd.

* Dynemic Holdings Pvt Ltd

(iii) Key management personnel :-

Mr.Bhagwandas K. Patel Managing Director

Mr. Ramesh B. Patel Wholetime Director

Mr. Dashrath P. Patel Wholetime Director

Mr. Shashikant P.Patel Wholetime Director

Mr. Dixit B. Patel Wholetime Director

3] COMPANY SECRETARY:- The company has full time qualified company secretary U/s 383A(1).

4] Paise have been rounded upto the nearest rupees.

5] Previous year's Figures have been regrouped and /or rearranged wherever necessary to make them comparative with current year's figures.

6] Contingent Liability for Letter of Credits and Bank Guarantees is of Rs.1,42,38,068/- (PYF 21,14,676/-)

7] Estimated Amount Contract remaining to be executed and not provided for Rs.NIL/-for the new expansion project ( P.Y.F.Rs.NIL)

8] Excise duty on goods manufactured by the Company is accounted only at the time of removal of goods from the factory for sale and/or captive consumption. Such excise duty liability on finished goods as on 31st March, 2011 is estimated at Rs 8,17,746/. This Accounting Policy has no impact on the profit for the year. There is no excise duty on stocks of finished goods of EOU-II, as the said unit is 100% EOU, on which excise duty is not applicable.

STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT,1956 RELATING TO COMPANY'S INTEREST IN THE SUBSIDIARY COMPANY

1. Name of Subsidiary Company Dynamic Overseas(India) Pvt.Ltd. 2. The Financial year of the Subsidiary Company ends on 31st March , 2011

3. Date from which it become Subsidiary Company 1st September ,2005

4. a] Number of shares held by 20,600 Equity Shares of Dynemic Products Ltd. in the Rs.100/-each Subsidiary at the end of the financial year of the Subsidiary Company

b] Extent of interest of 98% Holding Company at the end of the financial year of the Subsidiary Company

5. The Net aggregate amount of 7,11,279 the Subsidiary Company's Profit(Loss) so far as it concerns the members of the Holding Company :

a] Not dealt within the Holding Company's accounts

i] For the period 1st April, 7,11,279 2010 to 31st March,2011

ii] For the previous period(s) 23,33,802 since it become the Holding Company's Subsidiary ( Profit/Loss)

b] Dealt within the Holding Company's accounts

i] For the period 1st April, 2010 to 31st March,2011 0

ii] For the previous period(s) since it become the 0 Holding


Mar 31, 2010

1] During the year 2005-06, the Company has raised money through the public issue of 44,22,569 shares of Rs. 10/- each at a premium of Rs.25/- per Equity share, amounting of Rs. 1547.90 Lacs. As informed by the management, the implementation of the projects as defined in the Prospectus filed with SEBI, at both the units have been delayed due to the delay in availability of the required land at both sites, however, now during the year, the projects implementation has been completed and have started commercial productions for all the units during the year. The funds raised from the public has been fully invested and the cost over run has been financed partly from the bank term loan and partly from the internal cash accruals.

2] Segmental Reporting:-

A] Segment information for primary reporting ( by business segment)

In accordance with the Accounting Standard -17 on " Segment Reporting " issued by the Institute of Chartered Accountants of India, the Company has its operation in manufacturing, and marketing of Dyes & Dyes Intermediates The primary reporting segment for the company, therefore is the business segment, viz., Dyes & Dyes Intermediates.

3] Related Party Disclosures :-

A] List of parties where control exist

(i) Subsidiary Company

* Dynamic Overseas (India ) Pvt.Ltd.

* Dynemic USA Inc.- Closed

B] Other related parties with whom transactions have taken place during the year

(ii) Associates :-

* Shakti Intermediates Pvt.Ltd.

* Dynemic Holdings Pvt Ltd

(iii) Key management personnel :-

Mr. Bhagwandas K. Patel Managing Director

Mr. Rameshbhai B. Patel Wholetime Director

Mr. Dasharathbhai P. Patel Wholetime Director

Mr. Shashikant P. Patel Wholetime Director

Mr. Dixit B. Patel Wholetime Director

Hitendra Kumar Patel General Manager

Pitambarbhai Patel Production Manager

Bhadreshbhai Sharma Manager - Internal Audits & Imports

Mukeshbhai Patel Manager- Export

Amisha Patel Manager - Accounts

Pinky Mehta Manager - Logistics

Josekutty Thomas Chief Financial Officer

Varsha Mehta Company Secretary

4] COMPANY SECRETARY:- The company has appointed full time qualified company secretary U/s 383A(1).

5] Paise have been rounded upto the nearest rupees.

6] Previous years Figures have been regrouped and /or rearranged wherever necessary to make them comparative with current years figures.

7] Contingent Liability for Letter of Credits and Bank Guarantees is of Rs.21,14,676/- (PYF 9006888/-) 12] Estimated Amount Contract remaining to be executed and not provided for Rs.NIL/-for the new expansion project ( P.Y.F.Rs.NIL/-)

8] The Company has made investments for the incorporation of Subsidiary Company Dynemic USA Inc. of Rs. 50000/- in the earlier year in the United States of America, the same has been written off to the Profit & Loss A/c during the year.

9] The Company has made investments for incorporation of wholly owned subsidiary company Dynemic USA Inc. of Rs. 3413180/- which was outstanding at the previous year end (including forex gain/ loss), in the United States of America, and the same was shown under the head " Advances Recoverable in cash or in kind " as current assets in Loans & Advances. The said wholly owned subsidiary Dynemic USA Inc.,as informed to us, has been incorporated for the marketing of the products of the company. As informed to us, the said subsidiary has been closed and hence, the final accounts are not available to us, and so, the results of the said subsidiary has not been included in separately prepared consolidated financial statements, and the aforesaid amount of Rs. 3413180/- has been written off to the Profit & Loss A/c.

10] The US subsidiary company DynamicUSA Inc. has made an allotment of Equity share of 1000 of US$ 1/-each and accordingly the same is shown as Investment in subsidiary at Rs. 45540/- in the previous year. During the year under review, the aforesaid amount of Rs. 45540/- has been written off to the Profit & Loss A/c, as per information given to us, the activity of the US subsidiary has been closed.

11] Excise duty on goods manufactured by the company is accounted only at the time of removal of goods from the factory for sale and/or captive consumption. Such excise duty liability on finished goods as on 31st March, 2010 is estimated at Rs 295302/-. This Accounting Policy has no impact on the profit for the year. There is no excise duty on stocks of finished goods of EOU-II, as the said unit is 100% EOU, on which excise duty is not applicable.

 
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