Home  »  Company  »  India Cements Capita  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of India Cements Capital Ltd.

Mar 31, 2015

A. The Company is Non Banking & non deposit taking company and currently operates on Fee based activities.

B. The Financial statements have been drawn on in accordance with Schedule III of Companies Act 2013 (as amended) and figures of the previous year have been regrouped/reclassified to conform to those of the Current Year.

C. The Company recognized Rs, 7.76 lakhs (Previous Year Rs, 8.38 lakhs) for provident fund contributions and Rs,. 4.06 lakhs (Previous Year Rs, 4.04 lakhs) for superannuation contributions in the statement of profit and loss.

D. The Company has a Deferred Tax Asset of Rs,. 79.28 lakhs, as at 31st March, 2015 (Previous Year Rs, 72.37 lakhs). In view of uncertainty, this amount has not been recognized in the accounts of the year.

E. The company does not owe any amount to Small Scale Industries.

F. On the basis of information available with the company there are no dues to Micro, Small and Medium Enterprises as on 31st March 2015.

G. Unhedged Foreign Currency/Card/TC exposure as on 31-03-2015 is Rs, 115.89 lakhs (Previous Year Rs, 5.97 lakhs).

I. Contingent Liabilities:

a) The Income Tax demand of Rs, 25.79 cr. relating to the Financial Year 2005-06, raised in December 2011 has been nullified by the Commissioner of Income Tax (Appeals) in his order dated 25/05/2012, however the Department has gone on appeal before the ITAT The disputed income tax demand of Rs, 24 lakhs for relating to the accounting year 2003-04 is under appeal before CIT (Appeals).

b) The disputed Service Tax Demand from the years 2003-04 to 2007-08, of Rs, 3.47 lakhs, are under appeals before Commissioner of Customs, Excise and Service Tax, Appellate Tribunal, Chennai.

II. Segment Report

The Company is operating in one business segment of fee based activities.

III. Key Management Personnel

Mr. K. Suresh - President & CEO (without remuneration).

Mrs. E. Jayashree - Company Secretary (without remuneration).

IV. Employee Benefits

Gratuity :

The employees are eligible for Gratuity benefits as per the Payment of Gratuity Act, 1972. The Gratuity Scheme is governed by a Trust created for this purpose by the Company. The amount of Contribution to be made is arrived at based on an Actuarial valuation done at the Balance Sheet date, as given below and is accounted accordingly.

Each equity shareholder is entitled to one vote at the meetings and dividend when declared. The rights of the shareholder is governed by the Articles of Association of the Company and the Companies Act, 2013.

Notes :

1. As defined in paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non - Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.


Mar 31, 2014

A. The Company is Non Banking & non deposit taking company and currently operates on Fee based activities.

B. The Financial statements have been drawn on in accordance with Schedule VI (as amended) of the Companies Act, 1956 and figures of the previous year have been regrouped/reclassified to conform to those of the Current Year.

C. The Company recognised Rs. 8.38 lakhs (Previous Year Rs. 8.78 lakhs) for provident fund contributions and Rs. 4.04 lakhs (Previous Year Rs. 6.53 lakhs) for superannuation contributions in the statement of profit and loss.

D. The Company has a Deferred Tax Asset of Rs. 72.37 lakhs, as at 31st March 2014, (Previous Year Rs. 74.01 lakhs). In view of uncertainty, this amount has not been recognised in the accounts of the year.

E. The company does not owe any amount to Small Scale Industries.

F. On the basis of information available with the company there are no dues to Micro, Small and Medium Enterprises as on 31st March 2014.

G. Unhedged Foreign Currency/Card/TC exposure as on 31-03-2014 is Rs. 5.97 lakhs (Previous Year Rs. 69.09 lakhs.)

H. Other Expenses include :

I. Contingent Liabilities:

a) The Income Tax demand of Rs. 25.79 crores relating to the Financial Year 2005-06, raised in December 2011 has been nullified by the Commissioner of Income Tax (Appeals) in his order dated 25/05/2012, however the Department has gone on appeal before the ITAT. The disputed income tax demand of Rs. 24 lakhs relating to the accounting year 2003-04 is under appeal before CIT (Appeals).

b) The disputed Service Tax Demand from the years 2003-04 to 2007-08, of Rs. 3.47 lakhs, are under appeals before Commissioner of Customs, Excise and Service Tax, Appellate Tribunal, Chennai.

III. Segment Report

The Company is operating in one business segment of fee based activities.

IV. Key Management Personnel

Mr. K. Suresh - President & CEO (without remuneration).

V. Details of Related Party Disclosures

A. Names of the related parties and the nature of the relationship

i) Subsidiary Companies:

India Cements Investment Services Limited ICIS Commodities Limited

ii) associate Companies

The India Cements Limited Coromandel Sugars Limited ICL Securities Limited ICL Financial Services Limited Trishul Investments Pvt Limited Coromandel Infotech India Limited Coromandel Travels Limited Unique Receivable Management Pvt Ltd

iii) associate Firm

Swastik Forex

VII. Employee Benefits Gratuity :

The employees are eligible for Gratuity benefits as per the Payment of Gratuity Act, 1972. The Gratuity Scheme is governed by a Trust created for this purpose by the Company. The amount of Contribution to be made is arrived at based on an Actuarial valuation done at the Balance Sheet date, as given below and is accounted accordingly.

There has been no change in the paid up Equity Capital during the year.

Each equity shareholder is entitled to one vote at the meetings and dividend when declared. The rights of the shareholder are governed by the Articles of Association of the Company and the Companies Act, 1956.

Notes :

1. As defined in paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non - Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.


Mar 31, 2013

A. The Company is Non Banking & non deposit taking company and currently operates on Fee based activities.

B. The Financial statements have been drawn on in accordance with Schedule VI (as amended) of the Companies Act and figures of the previous year have been regrouped/reclassified to conform to those of the Current Year.

C. The Company recognised Rs. 8.78 lakhs (Previous Year Rs.10.12 lakhs) for provident fund contributions and Rs.. 6.53 lakhs (Previous Year Rs. 6.75 lakhs) for superannuation contributions in the statement of profit and loss.

D. The Company has a Deferred Tax Asset of Rs.. 74.01 lakhs, as at 31st March 2013, (Previous Year Rs. 69.79 lakhs). In view of uncertainty, this amount has not been reconginsed in the accounts of the year.

E. The company does not owe any amount to Small Scale Industries.

F. On the basis of information available with the company there are no dues to Micro, Small and Medium Enterprises as on 31st March 2013.

G. Unhedged Foreign Currency/Card/TC exposure as on 31-03-2013 is Rs. 69.09 lakhs (Previous Year Rs. 99.73 lakhs.)

I. Contingent Liabilities:

a) The Income Tax demand of Rs. 25.79 crores relating to the Financial Year 2005-06, raised in December 2011 has been nullified by the Commissioner of Income Tax (Appeals) in his order dated 25/05/2012, however the Department has gone on appeal before the ITAT. The disputed income tax demand of Rs. 24 lakhs relating to the accounting year 2003-04 is under appeal before CIT (Appeals).

b) The disputed Service Tax Demand from the years 2003-04 to 2007-08, of Rs. 3.47 lakhs, are under appeals before Commissioner of Customs, Excise and Service Tax, Appellate Tribunal, Chennai.

II. Segment Report

The Company is operating in one business segment of fee based activities.

III. Key Management Personnel

Mr. K Suresh - President and CEO (without remuneration).

IV. Details of Related Party Disclosures

A. Names of the related parties and the nature of the relationship i) Subsidiary Companies:

India Cements Investment Services Limited ICIS Commodities Limited

ii) Associate Companies

The India Cements Limited

Coromandel Sugars Limited

ICL Securities Limited

ICL Financial Services Limited

Trishul Investments Pvt Limited

Coromandel Infotech Limited

Coromandel Travels Limited

Unique Receivable Management Pvt Ltd

iii) Associate Firm

Swastik Forex

V. Employee Benefits

Gratuity:

The employees are eligible for Gratuity benefits as per the Payment of Gratuity Act, 1972. The Gratuity Scheme is governed by a Trust created for this purpose by the Company. The amount of Contribution to be made is arrived at based on an Actuarial valuation done at the Balance Sheet date, as given below and is accounted accordingly.


Mar 31, 2012

A. The Company is Non Banking & non deposit taking company and currently operates on Fee based activities.

B. The Financial statements have been drawn on in accordance with Schedule VI (amended) of the Companies Act and figures of the previous year have been regrouped/reclassified to conform to those of the Current Year.

C. The Company recognised Rs. 10.12 lakhs (Previous Year Rs. 11.56 lakhs) for provident fund contributions and Rs. 6.75 lakhs (Previous Year Rs. 5.22 lakhs) for superannuation contributions in the statement of profit and loss.

D. The Company has a Deferred Tax Asset of Rs. 69.79 lakhs, as at 31st March 2012, (Previous Year Rs. 69.85 lakhs). In view of uncertainty, this amount has not been reconginsed in the accounts of the year.

E. The company does not owe any amount to Small Scale Industries.

F. On the basis of information available with the company there are no dues to Micro, Small and Medium Enterprises as on 31st March 2012.

G. Unhedged Foreign Currency/Card/TC exposure as on 31-03-2012 is Rs. 99.73 lakhs (Previous Year Rs. 102.43 lakhs.)

H. Other Expenses include :

2011-2012 2010-2011

Tax Audit 10000 10000

Certification Fees 49000 59000

I. Contingent Liabilities:

a) The Company has issued guarantee Rs. Nil (Previous Year 18.50 lakhs)

b) The disputed income tax demand of Rs.0.24 cr. and Rs. 25.80 cr. relating to the accounting years 2003-04 & 2005-06 respectively are under appeal before CIT(Appeals). The Company has been advised by its tax counsel that ultimately there may not be any significant cash outflow on disposal of the said appeals.

c) The disputed Service Tax Demand from the years 2003-04 to 2007-08, of Rs. 3.47 lakhs, are under appeals before Commissioner of Customs, Excise and Service Tax, Appellate Tribunal, Chennai.

J. An employee in a branch colluded with a customer and misappropriated Rs. 36.73 lakhs. The employee has been suspended and criminal case against him is being investigated by the Police. The amount is shown under Long-term Loans and Advances pending disposal of the case.

III. SEGMENT REPORT

The Company is operating in one business segment of fee based activities.

IV. KEY MANAGEMENT PERSONNEL

Mr. K Suresh - President (without remuneration)

V. Details of Related Party Disclosures

A. Names of the related parties and the nature of the relationship

i) Subsidiary Companies:

India Cements Investment Services Limited ICIS Commodites Limited

ii) Associate Companies

India Cements Limited

Coromandel Sugars Limited

ICL Securities Limited

ICL Financial Services Limited

Trishul Investments Pvt Limited

Coromandel Infotech Limited

Coromandel Travels Limited

Unique Receivable Management Pvt Ltd

iii) Associate Firm

Swastik Forex

VII. Employee Benefits Gratuity:

The employees are eligible for Gratuity benefits as per the Payment of Gratuity Act, 1972. The Gratuity Scheme is governed by a Trust created for this purpose by the Company. The amount of Contribution to be made is arrived at based on an Actuarial valuation done at the Balance Sheet date, as given below and is accounted accordingly.

Notes:

1. As defined in paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non - Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above


Mar 31, 2010

A. Due to liquidity constraint the Company has a limited exposure to fund based activities.

B. The Company recognised Rs. 8.16 lakhs (Previous Year Rs. 12.23 lakhs) for provident fund contributions and Rs. 3.66 lakhs (Previous Year Rs 4.67 lakhs) for superannuation contributions in the profit and loss account.

C. The company does not owe any amount to Small Scale Industries.

D. On the basis of information available with the company there are no dues to Micro, Small and Medium Enterprises as on 31 st March 2010.

E. Contingent liabilities

Guarantees: Rs 41.50 lakhs (Previous Year Rs 41.50 lakhs)

Disputed Income Tax Demand under appeal - Rs. 23.94 lakhs (Previous Year - Nil)

F. Unhedged Foreign Currency/Card/TC exposure as on 31-03-2010 is Rs 225.44 lakhs (Previous Year Rs. 115.19 lakhs.)

G. Previous year figures have been regrouped wherever necessary to conform to the classification of the current year.

2. Segment Report

The Company and its subsidiaries are operating mainly in one business segment of fee based activities. As the fund based and other activities are less than ten percent of the turnover and are not regarded as reportable segments.

3A . Key Management Personnel

K Suresh - President (also Manager under the Companies Act, 1956)

 
Subscribe now to get personal finance updates in your inbox!