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Notes to Accounts of Hindustan Adhesives Ltd.

Mar 31, 2015

1. Contingent liabilities not provided for in respect of:

(a) Bank Guarantees given by the company Rs 0.60 Lacs (Previous year Rs. 0.60)

(b) Foreign letter of credit opened with IDBI Bank & Allahabad bank for import of Raw material etc. worth Rs. 75.12 Lacs (Previous year Rs. 189.83 ) and for procurement of for raw material from domestic supplier Rs. 78.25 Lac (Previous year Rs. 356.43 Lac).

(c) Sales Tax demand pending appeals Rs. Nil (Previous year Rs. 6.04 Lacs).

(d) Excise Duty demand pending appeals at High Court Rs 1.95 Lacs. (Previous year at Rs. 1.95 Lacs) against which protest money deposited Rs. 1.95 (Previous year at Rs. 1.95 Lacs).

(e) Excise duty demand Rs. 15.54 lacs (Previous year at Rs. 0.15 Lacs) against which protest money deposited Rs. 1.30 (Previous year at Rs. 0.15 Lacs).

(f) Custom duties saved under EPCG/ schemes, against which export obligations are pending 36.68 lacs. (Previous year at Rs. 96.48 Lacs).

(g) Custom duties saved under advance licence schemes, against which export obligations are pending 57.43 lacs.

(h) Estimated amount of capital commitments not provided for Rs. Nil (Rs. 3,74,51,590/- USD 6,02,600/-). Advances given against the same Rs. Nil (Rs. 1,87,12,392/- USD 3,01,080/-)

2. In accordance with company's consistent practice, no provision has been made for excise duty aggregating Rs 10.48 Lacs (Previous year Rs. 11.92 Lacs) on finished goods lying at the factory premises, which are accounted for on clearance thereof. However, this will neither affect the Profit / loss nor net current assets for the year.

3. Following banks accounts have no transactions during the year and are subject to confirm by the banks:

a. Allahabad Bank - Ahmedabad 15150.05/-

b. IDBI Bank Ltd. - Mumbai 1450.39/-

c. IDBI Bank Ltd. - Banglore 456.66/-

4. Accrued benefits of duty free imports available to the company in form of transferable import licenses for completed export obligations, which are utilized / availed for own imports in subsequent financial year, have not been accounted for as the same has no impact on financial statements of the company.

5. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances including amount recoverable from Income Tax, Central Excise, Service Tax, VAT and deferred credit from suppliers all are in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet, all these debit/credit balances are subject to confirmations and adjustments, if any. The management is hopeful of recovering the debit balances, which are outstanding since a long.

6. Dues to Small Scale Industrial Undertaking could not be identified because necessary information from the suppliers are yet to be received, in absence of which amount outstanding as on Balance Sheet date and names of parties could not be given.

7. Additionally, the company is in the process of identifying Micro, Small and Medium enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore, it is not possible for the company to ascertain whether payment to such enterprises has been done within 45 days from date of acceptance of supply of goods or services rendered by such enterprise and to make requisite disclosure.

8. The Roorkee Unit of Company has been registered under the Central Capital Subsidy Scheme 2003. The Company has received Capital Subsidy amounting to Rs. 30.00 lacs during the year under the said scheme which has been taken credited to capital reserve

9. Sales/Purchases includes inter factory transfers which results in inflation on sale figure by Rs.3.55 Lac sale from Ghaziabad factory to Roorkee factory and sale from Roorkee factory to Ghaziabad factory Rs. 18.12 Lacs.

10. Details of Employee Benefits as required by the Accounting Standard -15 "Employee Benefits" are as follows:

2 Defined Benefit Plan (unfunded)

(a) A General description of the employees Benefit Plan:

The Company has obligation towards gratuity, a funded defined benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

V The assumption of the future salary increases, considered in actuarial valuation, takes into account the inflation, seniority, promotion and other relevant factor.

11. There are no separately reportable segments in terms of Accounting Standard AS-17.

12. Related Party Disclosure as per Accounting Standard AS-18 (As certified by the Management) is as follows: A). List of Related Parties

1. Where Control Exist:

Hindustan Foils Ltd.

Agarwal Tracom Pvt. Ltd.

Bagla Polifilms Ltd.

Alora Trading Company Ltd

Bagla Wellness Private Limited (Earlier known as Bhutnath Tradelink Private Limited)

2. Key Management Personal:

Mr. Lalit Kumar Bagla - Chairman

Mr. Madhu Sudan Bagla - Mg. Director

Mr. Suresh Sridhar Ajila - Whole time Director

Mrs. Urmila Goenka - Whole time Director

Mr. Nakul M. Bagla - CFO

3. Relative of Key Management Personnel

(With whom transactions taken place during the year) Mrs. Pushpa Devi Bagla Mrs. Anju Bagla Mrs. Gayathri Ajila

4. Others

Shree Shree Ishwar Satya Narayanjee & Other Deities Surya Consumers Goods Pvt. Ltd.

13. Figures of previous year have been re-grouped/re-arranged/re-cast wherever considered necessary.


Mar 31, 2014

NIL


Mar 31, 2013

1. Contingent liabilities not provided for in respect of:

(a) Bank Guarantees given by the company Rs 0.90 Lacs (Previous year Rs. 0.90)

(b) Letter of Credit for raw material from domestic supplier Rs. 78.89 Lac (Previous year Rs 8.22 Lac)

(c) Sales Tax demand pending appeals Rs. 6.00 Lacs (Previous year Rs. 5.61 Lacs)

(d) Excise Duty demand pending appeals at High Court Rs 1.95 Lacs. (Previous year at Rs. 1.95 Lacs)

(e) Custom duty saved under EPCG/Advance Licence Scheme, against with export/obligation are pending Rs. 37.60 Lacs.

2. In accordance with company''s consistent practice, no provision has been made for excise duty aggregating Rs. 7.13 Lacs (Previous year Rs.7.77 Lacs) on finished goods lying at the factory premises, which are accounted for on clearance thereof. However, this will neither affect the Profit / loss nor net current assets for the year.

3. Sales of finished goods and raw material consumed include Rs. 10,58,92,070/- on account of interdivisional Transfer (Previous yearRs. 10,86,69,384/-).

4. Following bank account have no transaction during the year and are subject to confirm by bank.

a) Allahabad Bank (Ahmedabad) Rs. 15150.05

b) IDBI Bank Ltd. (Bombay) Rs. 1450.39 b) IDBI Bank Ltd. (Bangalore) Rs. 456.66

5. Accrued benefits of duty free imports available to the company in form of transferable advance import licenses for completed export obligations, which are utilized / availed for own imports in subsequent financial year, have not been accounted for as the same has no impact on financial statements of the company.

6. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances including amount recoverable from Income Tax, Central Excise, Service Tax, VAT and deferred credit from suppliers all are in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet, all these debit/credit balances are subject to confirmations and adjustments, if any. The management is hopeful of recovering the debit balances, which are outstanding since a long.

7. Dues to Small Scale Industrial Undertaking could not be identified because necessary information from the suppliers are yet to be received, in absence of which amount outstanding as on Balance Sheet date and names of parties could not be given.

8. Additionally, the company is in the process of identifying Micro, Small and Medium enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore, it is not possible for the company to ascertain whether payment to such enterprises has been done within 45 days from date of acceptance of supply of goods or services rendered by such enterprise and to make requisite disclosure.

9. The Roorkee Unit of Company has been registered under the Central Capital Subsidy Scheme 2003. The Company is eligible for a Capital Subsidy amounting to Rs.30.00 lacs (maximum) under the said scheme which will be accounted for in the year of receipt.

10 Defined Benefit Plan (unfunded)

a) A General description of the employees Benefit Plan:

The Company has obligation towards gratuity, a funded defined benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

(b) Details of defined benefit plan as per Actuarial Valuation are as follows: I Components of employer expenses

V. The assumption of the future salary increases, considered in actuarial valuation, takes into account the inflation, seniority, promotion and other relevant factor.

11. There are no separately reportable segments in terms of Accounting Standard AS-17.

12. Related Party Disclosure as per Accounting Standard AS-18 (As certified by the Management) is as follows:

A) List of Related Parties

1. Where Control Exist:

Hindustan Foils Ltd. Agarwal Tracom Pvt. Ltd. Bagla Polifilms Ltd. Alora Trading Company Ltd

2. Key Management Personal: Mr. Lalit Kumar Bagla - Chairman

Mr. Madhu Sudan Bagla - Mg. Director

Mr. Suresh Sridhar Ajila - Whole time Director

Mrs. U. Goenka - Whole time Director

3. Relative of Key Management Personal

(With whom transactions taken place during the year) Mrs. Pushpa Devi Bagla Mrs. Anju Bagla Mrs. Gayathri Ajila Mr. Nakul Bagla

4. Others

Shree Shree Ishwar Satya Narayanjee & Other Deities Surya Consumers Goods Pvt. Ltd.

13 Figures of previous year have been re-grouped/re-arranged/re-cast wherever considered necessary.


Mar 31, 2012

(1) Term Loans No. I from Allahabad bank is secured by way of hypothecation of all movable & immovable assets financed by the said bank out of the proceeds from disbursal of the said loans. Loan was repayble in monthly instalments of Rs.250000/- each together with the interest due on the balance.

(2) Term Loan No. II from Allahabad bank is secured by way of hypothecation of all movable & immovable assets financed by the said bank out of the proceeds from disbursal of the said loans and also equitable mortgage of land and building (to be constructed) situated at plot no. 15 village Mundiyaki.Pargana Mangalore, Tehsil, Roorkee, Distt. Haridwar. Loan is repayable in 20 Quarterly instalments of Rs. 33,10,000/- each and interest is on monthly basis on due amount.

(3) Auto Loans are secured by way of hypothecation of vehicles financed by the Banks.

(4) Loans are further guaranteed by Sh. M.S. Bagla and Sh. L .K.Bagla, Directors of the company.

NOTES

(1) Working Capital Term Loans and Cash Credit Loans are secured against hypothecation of entire stocks of Raw Materials, Work in Progress, Finished Goods, Stores & Spares, Book-Debts & First Charge on Fixed Assets of the Company.

(2) Loans are further guaranteed by Sh. M.S. Bagla and Sh. L .K.Bagla, Directors of the company.

1. Contingent liabilities not provided for in respect of:

(a) Bank Guarantees given by the company Rs 0.90 Lacs (Previous year Rs. 0.90)

(b) Foreign Letter of Credit opened with IDBI Bank for import of raw material etc. worth Rs. Nil (Previous year Rs Nil) and procurement of raw material from domestic supplier Rs. 8.22 Lac (Previous year Rs. 41.93 Lac)

(c) Sales Tax demand pending appeals Rs. 5.61 Lacs (Previous year Rs. 6.40 Lacs)

(d) Excise Duty demand pending appeals at High Court Rs 1.95 Lacs. (Previous year at Rs. 1.95 Lacs)

2. In accordance with company''s consistent practice, no provision has been made for excise duty aggregating Rs. 8.77 Lacs (Previous year Rs. 4.84 Lacs) on finished goods lying at the factory premises, which are accounted for on clearance thereof. However, this will neither affect the Profit / loss nor net current assets for the year.

3. Sales of finished goods and raw material consumed include Rs. 10,86,69,384/- on account of interdivisional Transfer (Previous year Rs 10,66,30,161/-).

4. Accrued benefits of duty free imports available to the company in form of transferable advance import licenses for completed export obligations, which are utilized / availed for own imports in subsequent financial year, have not been accounted for as the same has no impact on financial statements of the company .

5. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances including amount recoverable from Income Tax, Central Excise, Service Tax, VAT and deferred credit from suppliers all are in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet, all these debit/credit balances are subject to confirmations and adjustments, if any. The management is hopeful of recovering the debit balances, which are outstanding since a long.

6. Dues to Small Scale Industrial Undertaking could not be identified because necessary information from the suppliers are yet to be received, in absence of which amount outstanding as on Balance Sheet date and names of parties could not be given.

7. Additionally, the company is in the process of identifying Micro, Small and Medium enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore, it is not possible for the company to ascertain whether payment to such enterprises has been done within 45 days from date of acceptance of supply of goods or services rendered by such enterprise and to make requisite disclosure.

8. The Roorkee Unit of Company has been registered under the Central Capital Subsidy Scheme 2003. The Company is eligible for a Capital Subsidy amounting to Rs.30.00 lacs (maximum) under the said scheme which will be accounted for in the year of receipt.

2 Defined Benefit Plan (unfunded)

(a) A General description of the employees Benefit Plan:

The Company has obligation towards gratuity, a funded defined benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

9. There are no saparately reportable segments in terms of Accounting Standard AS-17.

10. Related Party Disclosure as per Accounting Standard AS-18 (As certified by the Management) is as follows: A) List of Related Parties

1. Where Control Exist:

Hindustan Foils Ltd.

Agarwal Tracom Pvt. Ltd.

Bagla Polifilms Ltd. (Formerly Known As Rani Sati Enterprises Pvt. Ltd.)

Alora Trading Company Ltd

2. Key Management Personnel:

Mr. Lalit Kumar Bagla - Chairman

Mr. Madhu Sudan Bagla - Mg. Director

Mr. Suresh Ajila - Whole time Director

Mr. K.C. Dwivedi - Whole time Director (Resigned in Feb-2012)

Mrs. Urmila Goenka - Whole time Director

3. Relative of Key Management Personnel

(With whom transactions taken place during the year)

Mrs. Anju Bagla

Mrs. Gayathri Ajila

Mr. Nakul Bagla

4. Others

Shree Shree Iswar Satya Narayanjee & Other Deities Ms. Sonam Goenka

# Including Interdivisional Transfer 1015.31 MT equivalent to 42070729 SQM (Previous year 1045.39 MT equivalent to 43251197 SQM) valuing Rs.1086.69 Lacs (Previous Year Rs.1066.30 Lacs)

11. Figures of previous year have been re-grouped/re-arranged/re-cast wherever considered necessary.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

(a) Bank Guarantees given by the company Rs 0.90 Lacs (Previous year Rs. 0.90)

(b) Foreign Letter of Credit opened with IDBI Bank for import of raw material etc. worth Rs. 17.62 Lacs ( Previous year Rs.59.91 )and procurement of raw material from domestic suppliers NIL (Previous year Rs. Nil)

(c) Sales Tax demand pending appeals Rs. 34.40 Lacs (Previous year Rs. 30.70 Lacs)

(d) Excise Duty demand pending appeals at High Court Rs 1.95 Lacs. (Previous year at Rs. 1.95 Lacs)

2. The Company has changed its accounting police with regard to charging depreciation on Building, Office Equipments, Air conditioners, furniture & fixtures and vehicles on written down value method, which were hitherto, depreciated on straight line basis. As a result of the change the depreciation for the year is higher by Rs. 1,02,38,411/-and profit for the year is lower by Rs. 1,02,38,411/-

3. The amount outstanding on loans of Banaras State Bank (merged with Bank of Baroda) was settled and repaid in full as per negotiation with them during the financial year 2008-2009. As a result Rs. 54.33 Lacs being gain on settlement had been carried as extra ordinary item to the Profit & Loss Account

4. In accordance with companys consistent practice, no provision has been made for excise duty aggregating Rs. 7.78 Lacs (Previous year Rs. 4.86 Lacs) on finished goods lying at the factory premises, which are accounted for on clearance thereof. However, this will neither affect the Profit / loss nor net current assets for the year.

5. Sales of finished goods and raw material consumed include Rs. 10,3851,827/- on account of interdivisional Transfer (Previous year. 9,48,06,037/-).

6. Accrued benefits of duty free imports available to the company in form of transferable advance import licenses for completed export obligations amounting to Rs. 1.85 Lacs, which have been utilized / availed in subsequent financial year, have not been accounted for.

7. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The debit/credit balances of parties are however, subject to confirmations and adjustments, if any. The management is hopeful of recovering the debit balances, which are outstanding since a long.

8. Working Capital Term loans due (Principal amount) within one year are 103.08 Lacs (Previous year 103.08 Lacs)

9. Dues to Small Scale Industrial Undertaking could not be identified because necessary information from the suppliers are yet to be received, in absence of which amount outstanding as on Balance Sheet date and names of parties could not be given.

10. Additionally, the company is in the process of identifying Micro, Small and Medium enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore, it is not possible for the company to ascertain whether payment to such enterprises has been done within 45 days from date of acceptance of supply of goods or services rendered by such enterprise and to make requisite disclosure.

11. Loans & Advances include due from officers Rs.1,63,132 (Previous year Rs. NIL) Maximum amount outstanding at any time during the year Rs. 1,63,132 (Previous year Rs. NIL).

12. Travelling & Conveyance includes Directors Travelling of Rs. 19,89,799/,

2 Defined Benefit Plan (unfunded)

(a) A General description of the employees Benefit Plan:

The Company has obligation towards gratuity, a funded defined benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

V. The assumption of the future salary increases, considered in actuarial valuation, takes into account the inflation, seniority, promotion and other relevant factor.

13. There are no separately reportable segments in terms of Accounting Standard AS-17.

14. Related Party Disclosure as per Accounting Standard AS-18 (As certified by the Management) is as follows: A). List of Related Parties

1. Where Control Exist:

Hindustan Foils Ltd.

Agarwal Tracom Pvt. Ltd.

Bagla Polifilms Pvt. Ltd.

(Formerly Known As Rani Sati Enterprises Pvt. Ltd.

2. Key Management Personal:

Mr. Madhu Sudan Bagla - Mg. Director

3. Relative of Key Management Personnel

(With whom transactions taken place during the year)

Mrs. Anju Bagla

Mr. Dhruv Bagla (U/G M.S. Bagla)

4. Others

Shree Shree Iswar Satya Narayanjee & Other Trust Mr. K.C. Dwivedi - Executive Director

# Including Interdivisional Transfer 1091.13 MT equivalent to 45141011 SQM (Previous year 945.93 MT equivalent to 40654435 SQM) valuing Rs. 1038.52 Lacs (Previous Year Rs.948.06 Lacs).

 
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