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)