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Notes to Accounts of Haryana Leather Chemicals Ltd.

Mar 31, 2015

Not available


Mar 31, 2014

1. Shares out of the issued, subscribed and paid up Share Capital were allotted as Bonus Shares in the last five years by capitalization of Securities Premium Reserves - Nil.

Shares out of the issued, subscribed and paid up Share Capital were allotted in the last five years pursuant to the various scheme of amalgamation without payment being received in cash - Nil.

Shares out of the issued, subscribed and paid up Share Capital held by subsidiaries do not have Voting Rights and are not eligible for Bonus Shares - Nil.

Note:

Term Loans from Rana Motors are secured by Hypothecation on Vehicles and personal Guarantee of Managing Director, and from financial institutions and other are unsecured but personal guarantee of Managing Director.

2. In compliance with AS 22 on Accounting for the Taxes on Income, a Sum of Rs. 971.04 thousand (previous year Rs. 429.24 thousand) has been considered as deferred tax liability in respect of timing difference for the year under consideration and the same has been charged to Profit & Loss Account.

3. Note :

Working Capital Limits from Banks are secured / to be secured by First charge on stocks of Raw materials, Semi- finished goods, Finished goods, Consumable stores, hypothecation of book debts. The limits are further secured by Equable Mortgage of Factory Land of the company.

All secured and unsecured loans are further secured by personal guarantee of Managing Director of the Company.

NOTE 4

CONTINGENT LIABILITIES NOT PROVIDED FOR ON ACCOUNT OF:

a) Letter of credit outstanding for import / 2,294.46 2,122.09 purchase of Raw materials, spares and plant and machinery

b) Estimated amount of contracts remaining 1,290.00 - to be executed on account of capital account and not provided for (net of advances)


Mar 31, 2013

NOTE 1

CONTINGENT LIABILITIES NOT PROVIDED FOR ON ACCOUNT OF: in Thousand

March 31, 2013 March 31, 2012

a) Letter of credit outstanding for import / purchase of 2,122.09 3,349.00 Raw materials, spares and plant and machinery

b) Estimated amount of contracts remaining to be executed on NIL 430.96 account of capital account and not provided for (net of advances)


Mar 31, 2010

1. Deferred tax

There is not deferred tax liability which needs to be accounted for in the books of accounts as per the Accounting Standard 22, on "Accounting for Taxes on Income". The deferred tax asset has been recognised in the books owing to virtual certainty of realisation of the same in near future. As sum of Rs. 92,552/- has been recognised as deferred tax asset and the same has been adjusted against deferred tax liability created in the earlier years.

2. Contingent liabilities

a) Letter of credits issued by the bank on behalf of the Company : Rs. 867,630/-. (previous year Rs. 867,630) net of advances,

b) Claims against the expenses not acknowledged as Debt Rs. NIL (Previous Year Rs. 72,390/-).

3. The management is confident that the balance amount outstanding against sundry debtors exceeding six months is good and recoverable. Hence, no provision for the same is required to be made in the books of accounts during the year.

4. In opinion of the Board the current assets, loan and advances if realized in the ordinary course of business have the value at least equal to the amount by which they are stated in the Balance Sheet. The provisions for all the known liabilities are adequate and not in excess of amount considered reasonable.

5. Sundry creditors include a sum of Rs. 3700287/- (previous year Rs. 11,76449/-) due to Micro and small Undertakings, which are outstanding for more than 45 days as at 31.03.2010. This information is required to be disclosed under Micro, Small and Medium Enterprises Development Act 2006, as determined to the extend the parties have been identified on the basis of information with the company.

6. Segment Reporting

The company is in the business of manufacturing Polymer Dispersions, Fat liquors, Synthetic Tanning Agents, Finishing Chemicals and these are considered as Leather Chemicals. These products are also sold for applications in Shoes, textiles and plastic Industry. As such there is no other segment according to the provisions of the accounting standard 17 on segment reporting as issued by Institute of chartered accountants of India.

The company is in the business of manufacturing of Polymers Fatliquors, finishing chemicals and these all are considered as Leather finishing chemicals. As such, there is no other segment according to the provisions of the Accounting Standard 17 on "Segment reporting" as issued by the Institute of Chartered Accountants of India.

7. Schedules 1 to 13 are forming integral part of the Balance Sheet and Profit and Loss account.

8. Previous year figures have been re-grouped / re-classified to conform to current years classification.

9. Staff Advances include loans advanced to employees, under various schemes of the Company, amounting to Rs. 349267 (Previous Year - Rs. 187616/-), where the repayment is regular as per the terms of sanctions.

10. Travelling and conveyance-Directors include expenditure of Rs. 888388 (Previous Year - Rs. 331041/-) on Managing Director foreign travel.

11. During the year under audit a sum of Rs. 7,500,000/- has been provided for as provision of Income Tax and the same has been adjusted out of tax deducted at source and advance tax deposited. As a result the provision for the Income Tax has been directly adjusted from schedule of current assets in order to reflect the correct position of current liability and assets.

12. The Company has taken Group Gratuity Policy from LIC and the entire premium demanded by them for the year 2009-10 have been paid/provided as per the requirements of AS 15 issued by ICAI. The provision for Leave Encashment is on actuarial valuation basis. As per the actuarial valuation report the provision for leave encashment has been determined at Rs. 535643/- as on 31.03.10 and the same has been provided for in the books of accounts.

 
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