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Notes to Accounts of Excel Crop Care Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Excel Crop Care Limited (the Company) is a public company domiciled in India. Its shares are listed on two stock exchanges in India. The Company is engaged in the business of agro chemicals and manufactures technical grade pesticides and formulations. The Company also manufactures and markets other agri inputs like soil enrichers, bio-pesticides, plant growth regulators and soil and plant nutrition products. The Company has presence in both domestic and international markets.

2. BASIS OF PREPARATION

The fnancial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The Company has prepared these fnancial statements to comply in all material respects with the accounting standards notifed under Section 133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules, 2014. The fnancial statements have been prepared on accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of fnancial statements are consistent with those of previous year.

(Rs. in lacs) (Rs. in lacs)

3. Contingent Liabilities and Commitments:

(i) Contingent Liabilities:

(a) Disputed Excise duty liability 1.63 1.63

(b) Disputed Service-tax liability 35.47 35.47

(c) Disputed Income-tax liability 4,85.42 7,35.13

(d) Disputed Sales-tax liability 36.96 1,37.66

(e) Guarantees given by the Company''s banker on behalf of the Company to third parties 1,09.99 1,16.17

(f) Liability in respect of employee(s) disputes Amount Amount

unascertainable unascer tainable

(g) Claims against the Company not acknowledged as debts 46.00 3,34.23

(h) Company''s share in the disputed lease rent payable to collector of Bhavnagar by

M/s Multichem Industries * 52.06 __

* The claims comprise:

The Holding Company, holds 50% interest in M/s Multichem Industries, a jointly controlled entity which is holding leasehold land admeasuring 2500 sq. meters in Bhavnagar. The Collector of Bhavnagar vide his letters dated 15.01.2015 & 17.01.2015 has demanded Rs. 1,04.12 lacs towards differential lease rent for a period 22.11.2009 to 31.07.2015 in respect of land granted on lease to Firm on 23.11.1979 for a period of 30 years which lease expired on 22.11.2009.

M/s Multichem Industries does not expect these claims to succeed and has disputed it by submitting its responses to the collector vide letter dated 04.04.2015. Accordingly, no provision for the said liability has been recognized in the fnancial statements.

(ii) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 2,79.58 2,92.13

The Company''s pending litigations comprise of claims against the Company primarily by the customers and proceedings pending with tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed contingent liabilities where applicable, in its fnancial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on the fnancial statements.

4. Segment Information:

Primary Business Segment: The Company has only one business segment viz. Agri Inputs. Secondary Business Segment: Information in respect of geographical segments is as shown below:

5. Previous year fgures have been regrouped/reclassifed, where necessary, to conform to this year''s classifcation.


Mar 31, 2014

1. Contingent Liabilities and Commitments:

(i) Contingent Liabilities:

(a) Disputed Excise duty liability 1.63 1.63

(b) Disputed Service-tax liability 35.47 37.21

(c) Disputed Income-tax liability 7,35.13 6,27.17

(d) Disputed Sales-tax liability 1,37.66 36.95

(e) Guarantees given by the Company''s banker on behalf of the Company to third parties 1,16.17 19.66

(f) Liability in respect of employee(s) disputes Amount Amount unascer unascer tainable tainable (g) Claims against the Company not acknowledged asdebts 3,34.23 3,60.53 (ii) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 2,92.13 63.78

2. Guarantee/commitments in respect of Excel Genetics Limited

(a) As on 31st March, 2014, Excel Genetics Limited, the Company''s Subsidiary Company, has an accumulated losses of Rs. 3,11.14 lacs against the paid-up Share Capital of Rs. 3,00.00 lacs. The Company has given a commitment for providing full financial and operational support to Excel Genetics Limited to enable it to operate and settle its liabilities and obligations as they become due and continue as a going concern during the year ending 31.03.2015 and for the foreseeable future.

(b) Corporate Guarantee given to a bank for overdraft facility of Rs. 2,00.00 lacs granted to Excel Genetics Limited [Outstanding balance as on March 31, 2014: Rs. 1,74.22 lacs (Previous Year: Rs. 1,15.57 lacs)].

3. Details of Employee benefits:

I. Defined benefit Plan – Gratuity (Funded):

The Company has a Defined benefit gratuity plan. Every employee who has completed five years or more of service gets gratuity on retirement at 15 days of last drawn salary for each completed year of service. If an employee completes more than 25 years of service then instead of 15 days, he/she will get gratuity on retirement at 22 days of last drawn salary. The aforesaid liability is provided for on the basis of an actuarial valuation made at the end of the financial year. The scheme is funded with an Insurance company in the form of a qualifying insurance policy.

Notes:

(i) The estimates of future salary increases, considered in actuarial valuation, takes account of infation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

(ii) Amounts for the current and previous four periods are as follows:

4. Related Party Disclosures as required by Accounting Standard (AS)-18 "Related Party Disclosures", notifed by Companies, (Accounting Standards) Rules, 2006 (as amended) are given below:

(A) Relationships:

Related parties where control exists:

(1) Subsidiary Companies:

Excel Crop Care (Australia) Pty. Limited

Excel Crop Care (Europe) N.V.

ECCL Investments and Finance Limited

Excel Genetics Limited

Excel Crop Care (Africa) Limited

Excel Brasil Agronegocious Ltda*

* On 30th March, 2011, the Company established Excel Brasil Agronegocious Ltda, a wholly owned subsidiary company, in Brazil. The Company has not made any investment in the shares of the said subsidiary company till 31st March, 2014.

Related parties with whom transactions have taken place during the year:

(2) Joint Venture:

Multichem Industries (a partnership firm)

(3) Associate Companies: Aimco Pesticides Limited Kutch Crop Services Limited

(4) Enterprises over which key management personnel and their relatives have significant infuence: Agrocel Industries Limited

Anshul Specialty Molecules Limited

C.C. Shroff Research Institute

C.C. Shroff Self Help Centre

Dipkanti Investments & Financing Private Limited

Divakar Techno Specialities & Chemicals Limited (Formerly Divakar Chemicals Limited)

Excel Industries Limited

Hyderabad Chemicals Limited

Hyderabad Chemical Products Limited

Kamaljyot Investments Limited

Pritami Investments Private Limited

Shroff Foundation Trust

Shroff Family Charitable Trust

Shrujan Creations

Shrujan Trust

Shrodip Investments Private Limited

TML Industries Limited

Transpek Industry Limited

Transpek Silox Industry Limited

Transpek Industry (Europe) Limited

Utkarsh Global Holdings Private Limited (Formerly Utkarsh Chemicals Private Limited)

Shree Vivekanand Research & Training Institute

Vivekanand Rural Development Institute

(5) Key Management Personnel: Mr. Ashwin C. Shroff (Chairman)

Mr. Dipesh K. Shroff (Managing Director)

Mr. Ninad D. Gupte (Joint Managing Director)

Mr. Prakash K. Shroff (Executive Director upto 31.08.2013)

Mr. Jagdish R. Naik (Director)

(5) Relatives of Key Management Personnel:

Mrs. Usha A. Shroff (Wife of Mr. Ashwin C. Shroff) Mr. Ravi A. Shroff (Son of Mr. Ashwin C. Shroff) Mr. Hrishit A. Shroff (Son of Mr. Ashwin C. Shroff) Mrs. Anshul Bhatia (Daughter of Mr. Ashwin C. Shroff) Mr. Kantisen C. Shroff (Father of Mr. Dipesh K. Shroff) Mrs. Preeti Dipesh Shroff (Wife of Mr. Dipesh K. Shroff) Mr. Chaitanya D. Shroff (Son of Mr. Dipesh K. Shroff) Mrs. Ami A. Saraiya (Sister of Mr. Dipesh K. Shroff) Mrs. Priti P. Shroff (Wife of Mr. Prakash K. Shroff) Mr. Kunal P. Shroff (Son of Mr. Prakash K. Shroff) Mr. Harish K. Shroff (Brother of Mr. Prakash K. Shroff) Mrs. Tarla K. Rajda (Sister of Mr. Prakash K. Shroff) Mrs. Jayabala R. Naik (Mother of Mr. Jagdish R. Naik) Dr. Sujan R. Naik (Brother of Mr. Jagdish R. Naik) Mrs. Tejal Jagdish Naik (Wife of Mr. Jagdish R. Naik) Mrs. Minoti Ninad Gupte (Wife of Mr. Ninad D. Gupte)

6. Segment Information:

Primary Business Segment: The Company has only one business segment viz. Agri Inputs. Secondary Business Segment: Information in respect of geographical segments is as shown below:

Note: Segment Revenue in the above segments considered for disclosure are as follows :

(a) Revenue from Domestic Segment includes sales to customers located within India.

(b) Revenue from Export Segment includes sales to customers located outside India and income on account of Export Incentives.

7. Operating Leases:

Office premises and other assets are obtained on non-cancellable/ cancellable operating leases for various tenors. None of the operating leases are renewable. There are no restrictions imposed by lease agreements/arrangements. There are subleases entered into by the Company in respect of the office premises taken on lease.


Mar 31, 2013

1. CORPORATE INFORMATION

Excel Crop Care Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in the business of agro chemicals and manufactures technical grade pesticides and formulations. The Company also manufactures and markets other agri inputs like soil enrichers, bio-pesticides, plant growth regulators and soil and plant nutrition products. The Company has presence in both domestic and international markets.

2. BASIS OF PREPARATION

The fnancial statements have been prepared to comply in all material respects with the Notifed Accounting Standards by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The fnancial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

3. The Hon’ble Supreme Court, by its ad-interim order dated 13th May, 2011, has banned production, use and sale of Endosulfan. By its subsequent orders, the Hon’ble Supreme Court permitted export of existing stocks of Endosulfan. The Company has accordingly suspended production and domestic sale of this product. The Company carries stocks of Endosulfan, its raw materials and other related materials. In the preceding fnancial years, the Company made provision aggregating Rs. 16,30.00 lacs for these inventory items as a matter of prudence. In the opinion of the Company, this provision is suffcient and reasonable. Accordingly, the provision is being carried forward.

4. Related Party Disclosures as required by Accounting Standard (AS)-18 "Related Party Disclosures", notifed by Companies, (Accounting Standards) Rules, 2006 (as amended) are given below:

(A) Relationships:

(1) Subsidiary Companies:

Excel Crop Care (Australia) Pty. Limited

Excel Crop Care (Europe) N.V.

ECCL Investments and Finance Limited

Excel Genetics Limited

Excel Crop Care (Africa) Limited

Excel Brasil Agronegocious Ltda*

* On 30th March, 2011, the Company established Excel Brasil Agronegocious Ltda, a wholly owned subsidiary company, in Brazil. The Company has not made any investment in the shares of the said subsidiary company till 31st March, 2013.

(2) Joint Venture:

Multichem Industries (a partnership frm)

(3) Associate Companies: Aimco Pesticides Limited Kutch Crop Services Limited

Excel Bio Resources Limited (upto 29.09.2011)

(4) Enterprises over which key management personnel and their relatives have signifcant infuence: Agrocel Industries Limited

Anshul Specialty Molecules Limited

C. C. Shroff Research Institute

C. C. Shroff Self Help Centre

Dipkanti Investments & Financing Private Limited

Divakar Chemicals Limited

Excel Industries Limited

Hyderabad Chemicals Limited

Hyderabad Chemical Products Limited

Pritami Investments Private Limited

Shroff Family Charitable Trust

Shrujan Creations

Shrujan Trust

Shrodip Investments Private Limited

TML Industries Limited

Transpek Industry Limited

Transpek Silox Industry Limited

Transpek Industry (Europe) Limited

Utkarsh Chemicals Private Limited

Shree Vivekanand Research & Training Institute

(5) Key Management Personnel: Mr. Ashwin C. Shroff (Chairman)

Mr. Dipesh K. Shroff (Managing Director)

Mr. Ninad D. Gupte (Joint Managing Director from 01.08.2012)

Mr. Prakash K. Shroff (Executive Director)

Mr. Jagdish R. Naik (Director)

(6) Relatives of Key Management Personnel: Mrs. Usha A. Shroff (Wife of Mr. Ashwin C. Shroff) Mr. Ravi A. Shroff (Son of Mr. Ashwin C. Shroff) Mr. Hrishit A. Shroff (Son of Mr. Ashwin C. Shroff) Mrs. Anshul Bhatia (Daughter of Mr. Ashwin C. Shroff) Mr. Kantisen C. Shroff (Father of Mr. Dipesh K. Shroff) Mrs. Preeti Dipesh Shroff (Wife of Mr. Dipesh K. Shroff) Mr. Chaitanya D. Shroff (Son of Mr. Dipesh K. Shroff) Mrs. Ami Abhay Saraiya (Sister of Mr. Dipesh K. Shroff) Mrs. Priti P. Shroff (Wife of Mr. Prakash K. Shroff)

Mr. Kunal P. Shroff (Son of Mr. Prakash K. Shroff) Mr. Harish K. Shroff (Brother of Mr. Prakash K. Shroff) Mrs. Tarla K. Rajda (Sister of Mr. Prakash K. Shroff) Mrs Jayabala R. Naik (Mother of Mr. Jagdish R. Naik) Mr. Jayesh R. Naik (Brother of Mr. Jagdish R. Naik) Dr. Sujan R. Naik (Brother of Mr. Jagdish R. Naik) Mrs. Tejal Jagdish Naik (Wife of Mr. Jagdish R. Naik)

7. Segment Information:

Primary Business Segment: The Company has only one business segment viz. Agro Inputs. Secondary Business Segment: Information in respect of geographical segments is as shown below:

8. Operating Leases:

Offce premises and other assets are obtained on operating leases for various tenors. None of the operating leases are renewable. There are no restrictions imposed by lease agreements/arrangements. There are subleases entered into by the Company in respect of the offce premises taken on lease.

9. Previous year fgures have been regrouped/reclassifed, where necessary, to confrm to this year’s classifcation.


Mar 31, 2010

1. NATURE OF OPERATIONS:

Excel Crop Care Limited is a reputed Company in agro chemicals sector manufacturing technical grade and formulations of pesticides. The Company also markets agri inputs like soil enrichers, bio-pesticides and plant growth promoters. The Company has presence in both the domestic and international markets.

2. The Company transferred its Seeds business as a going concern to Excel Genetics Limited with effect from 1 July 2009. All the assets and liabilities of the Seeds business were transferred at book value. Services of all the employees of the Seeds business were also transferred to Excel Genetics Limited without break or interruption in service. On 10 August 2009, Excel Genetics Limited allotted 1,50,000 equity shares of Rs. 10 each at par to the Company and thereby it became the Companys Subsidiary in which 75% of the equity capital is held by the Company.

As at 31st As at 31st March, 2010 March, 2009 (Rs. in lacs) (Rs. in lacs)

3. Contingent Liabilities:

(a) Disputed Excise-duty liability 2.77 2.77

(b) Disputed Service-tax liability 34.45 34.45

(c) Disputed Income-tax liability 1,05.38 1,14.74

(d> Disputed Sales-tax liability 11.57 4.77

(e) Guarantees given by the Companys bankers on behalf of the Company to third parties 79.46 31.48

(f> Liability in respect of employee(s) disputes Amount Amount unascertainable unascertainable

(g) Claims against the Company not acknowledged as debts 19.86 3.55

4. Details of Employee Benefits:

I. Defined Benefit Plans - Gratuity (Funded):

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets gratuity on retirement at 15 days of last drawn salary for each completed year of service. If an employee completes more than 25 years of service then instead of 15 days, he/she will get gratuity on retirement at 22 days of last drawn salary. The aforesaid liability is provided for on the basis of an actuarial valuation made at the end of the financial year. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

5. Related Parly Disclosures as required by Accounting Standard (AS)-18 "Related Party Disclosures", notified by Companies (Accounting Standards) Rules, 2006 (as amended) are given below:

(A) Relationships:

(1) Subsidiary Companies:

Excel Industries (Australia) Pty Limited

Excel Industries (Europe) N.V.

ECCL Investments and Finance Limited

Excel Genetics Limited (formerly Harvest Inte-Agro Limited) (w.e.f. 10 August 2009)

(2) Joint Venture:

Multichem Industries (a partnership firm)

(3) Associate Companies:

Aimco Pesticides Limited Excel Bio Resources Limited Kutch Crop Services Limited

(4) Enterprises over which key management personnel and their relatives have significant influence:

Agrocel Industries Limited

Anshul Specialty Molecules Limited

C. C. Shroff Research Institute

C. C. Shroff Self Help Centre

Dipkanti Investments & Financing Private Limited

Divakar Chemicals Limited

Excel Industries Limited

Hyderabad Chemicals Limited

Hyderabad Chemical Products Limited

Parul Chemicals Limited

Pritami Investments Private Limited

Shroff Family Charitable Trust

Shroffs Foundation Trust

Shrujan

Shrodip Investments Private Limited

TML Industries Limited (Formerly Transmetal Limited)

Transpek Industry Limited

Transpek Industry (Europe) Limited

Utkarsh Chemicals Private Limited

Shree Vivekanand Research & Training Institute

(5) Key Management Personnel:

Mr, Ashwin C. Shroff Mr, Dipesh K. Shroff Mr. Prakash K. Shroff Mr. Jagdish R. Naik

(6) Relatives of Key Management Personnel:

Mrs. Usha A. Shroff Mr. Ravi A. Shroff Mr. Hrishit A. Shroff Mrs. Anshul Bhatia Mr. Kantisen C. Shroff Mrs. Chanda K. Shroff Mrs. Preeti D. Shroff Mrs. Priti P. Shroff Mr. Kunal P. Shroff Mr. Harish K. Shroff Late Miss Ramila K. Shroff Mrs. Tarla K. Rajda Mr. Ramanlal M. Naik Mrs. Tejal Jagdish Naik

7. Previous Years figures have been regrouped/rearranged, wherever necessary to conform to this years classification.

 
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