Mar 31, 2023
17.4 The Company has only one class of shares having a par value of '' 10 per share. Each shareholder is entitled to one vote per share.
17.5 In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.
17.6 The Company does not have any holding company or subsidiary company.
18.1 Nature and purpose of reserves Capital reserve
Capital Reserve will be utilised in accordance with provisions of the Act.
Capital Redemption Reserve
Capital Redemption Reserve represents reserve created during buy back of Equity Shares and it is a nondistributable reserve.
General Reserve has been created by transfer out of profits generated by the Company and is available for distribution to shareholders.
Retained Earnings
Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company.
1. The above figures do not include provisions for encashable leave, gratuity and premium paid for group health insurance as it is determined on actuarial basis for the company as a whole.
2. The above related party transactions have beeen reviewed periodically by the Board of Directors of the Company vis-a-vis the applicable provisions of the Companies Act, 2013, and justification of the rates being charged/terms thereof and approved the same.
The company manufactures and deals in single product, i.e. manufacturing of Ossein & Gelatine and therefore, no separate disclosure as per IND AS 108 âOperating Segmentsâ is given.
40. Disclosures As Required By Indian Accounting Standard (Ind As) 19 âEmployee Benefitsâ
(a) Defined contribution plans
Contribution to defined contribution plans, recognised as expense for the year is as under :
The Group pays provident fund contributions to publicly administered funds as per the local regulations. The Group has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expenses
Details of defined benefit obligation and plan assets in respect of retiring gratuity are given below :
The Company has a defined benefit gratuity plan. Every Employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service. Employees at corporate office who has completed twenty five years or more of service gets a gratuity on death or resignation or retirement at 30 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of an qualifying insurance policy.
41. Financial Instruments - Fair Values & Risk Management 41.1. Accounting Classifications & Fair Value Measurements
The fair values of the financial assets and liabilities are measured at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
All financial instruments are initially recognized and subsequently re-measured at fair value or amortized cost as described below :
1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.
2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.
The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:
Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 : Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 : Input that is significant to the fair value measurement is unobservable.
41.2 Financial Risk Management
The company''s Board of Directors has overall responsibility for the establishment and oversight of the company''s risk management framework. The company''s risk management policies are established to identify and analyse the risks faced by the company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the company''s activities.
41.2.1. Credit Risk Management
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum credit exposure.
Trade receivables are non-interest bearing. To manage credit risk in respect of trade receivables, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.
The requirement of impairment of trade receivable is analysed as each reporting date. Based on historic default rates and overall credit worthiness of customers, management believes that no impairment allowance is required in respect of outstanding trade receivables as on 31st March, 2023.
Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecast on the basis of expected cash flows.
The company operates Internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US$ and EUR. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the company''s functional currency (''). The risk is measured through a forecast of highly probable foreign currency cash flows.
Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio. The Company does not have any borrowings with floating interest rate as on 31st March, 2023.
Principal Raw Material for company''s products is Crushed Bone and Lime. Company sources its raw material requirements from domestic markets. Domestic market price generally remains in line with international market prices. Volatility in bone prices, currency fluctuation of rupee vis a vis other prominent currencies coupled with demand-supply scenario in the world market affect the effective price of bone and Lime. Company effectively manages availability of material as well as price volatility through well planned procurement and inventory strategy and also through appropriate contracts and commitments.
For the purposes of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s Capital Management is to maximise shareholder value. The company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.
The information regarding Micro or Small Enterprises has been determined on the basis of information available with the management.
44. The company has taken office under cancellable operating lease. Such lease is accounted for as âShort Term Leaseâ as per IND AS 116, Leases. The amount in respect of Short Term Lease is '' 5.85 lakhs (P.Y. '' 5.40 Lakhs).
45. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the balance sheet, if realised in the ordinary course of the business. Provision for depreciation and all known liabilities have been made in accounts.
52 The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any.
53 The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior to the approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the Financial Statements. As of May 22, 2023 there was no subsequent event to be recognised or reported that are not already disclosed elsewhere in these Financial Statements.
54 The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
55 The Company does not have any transactions with companies struck off.
58 The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.
56 The Company has not traded or invested in crypto currency or virtual currency during the financial year.
57 The Company does not have any such trasaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 ( Such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
58 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
59 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
60 Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them comparable with current year''s figures.
Mar 31, 2018
I
Notes to Financial Statement for the year ended 31" March, 2018
Note 2
Property, plant and equipment Rs in Lakhs
Particulars |
Leasehold Land |
Freehold Land |
Building |
Plant and Equipment |
Furniture, Fixtures & Office Equipments |
Vehicles |
Laboratory Equipment |
Total |
Brass Amount as on 1* April. 2016 |
21.00 |
4.46 |
1,709.69 |
9,255.07 |
234.30 |
464.14 |
38.21 |
11,726.87 |
Additions |
- |
- |
- |
133.36 |
3.76 |
104.44 |
0.69 |
242.25 |
Deduction & Adjustment |
- |
- |
- |
- |
- |
105.65 |
- |
105.65 |
Balance is at 31* Mirth, 2017 |
21.00 |
4.46 |
1,709.69 |
9,388.43 |
238.06 |
462.93 |
38.90 |
11,863.47 |
Additions |
- |
- |
- |
127.41 |
10.98 |
- |
- |
138.39 |
Deduction & Adjustment |
- |
- |
- |
- |
3.77 |
55.50 |
- |
59.27 |
Balance as at 31'' March, 2018 |
21.00 |
4.46 |
1,709.69 |
9,515.84 |
245.27 |
407.43 |
38.90 |
11,942.59 |
Accumulated Depreciation |
||||||||
Balance as at 1" April, 2016 |
3.52 |
- |
747.82 |
6,075.54 |
180.52 |
180.62 |
32.17 |
7,220.19 |
Deduction & Adjustment |
- |
- |
- |
- |
72.05 |
- |
72.05 |
|
Depreciaton for the period |
- |
- |
37.94 |
243.13 |
10.86 |
47.89 |
0.78 |
340.60 |
Balance as at 31'' March, 2017 |
3.S2 |
. |
785.76 |
6,318.67 |
191.38 |
156.46 |
32.95 |
7,488.74 |
Deduction & Adjustment |
- |
- |
- |
- |
3.58 |
52.73 |
- |
56.31 |
Depreciaton for the period |
- |
- |
37.78 |
231.03 |
11.31 |
42.58 |
0.79 |
323.49 |
Balance as at 31'' March, 2018 |
3.S2 |
- |
823.54 |
6,549.70 |
199.11 |
146.31 |
33.74 |
7,755.92 |
Net carrying amount |
||||||||
Balance as at 1" April, 2016 |
17.48 |
4.46 |
961.87 |
3,179.53 |
53.78 |
283.52 |
6.04 |
4,506.68 |
Balance as at 31" March, 2017 |
17.48 |
4.46 |
923.93 |
3,069.76 |
46.68 |
306.47 |
5.95 |
4,374.73 |
Balance as at 31* March, 2018 |
17.48 |
4.46 |
886.15 |
2,966.14 |
46.16 |
261.12 |
5.16 |
4,186.67 |
3. Capital Work in progress
Rs in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Plant and Machinery |
29.19 |
108.57 |
40.90 |
Total |
29.19 |
108.57 |
40.90 |
4. Intangible Assets
Rs in Lakhs |
|||
Particulars |
As at 31-03-2018 |
As at * 31-03-2017 |
As at 01-04-2016 |
Technical Know How |
|||
Gross Block |
309.74 |
309.74 |
309.74 |
Amortization |
294.26 |
294.26 |
294.26 |
Net Block |
15.48 |
15.48 |
15.48 |
5. Investments (Non-Current)
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
||||
Units |
? in Lakhs |
Units ; |
Tin Lakhs |
Units |
Rs In Lakhs |
|
Investments measured at |
||||||
Amortized Cost : |
||||||
In Shares : |
||||||
Unquoted, Fully Paid Up : |
||||||
Shri Vigneswara Cotton Mills Limited |
6,000 |
0.60 |
6,000 |
0. 60 |
6,000 |
0.60 |
Ugam Solutions P. Ltd. |
- |
- |
- |
10.000 |
170.00 |
|
Total of Investments measured |
||||||
at Amortized Cost |
6,000 |
0.60 |
6,000 |
0.60 |
16,000 |
170.60 |
Investments in Debentures/ Bonds : |
||||||
Unquoted, Fully Paid Up : |
||||||
National Highway Authorities of India Bonds |
12,362 |
123.62 |
12,362 |
123.62 |
12,362 |
123.62 |
Cholamandalam Invesement |
||||||
& Finance Co. Ltd NCD |
20 |
100.00 |
20 |
100.00 |
20 |
100.00 |
NHAI Bonds |
- |
- |
500 |
50.00 |
500 |
50.00 |
NHAI Bonds |
8,571 |
85.71 |
8,571 |
85.71 |
8,571 |
85.71 |
Total Investments in Debentures/ Bonds |
309.33 |
359.33 |
359.33 |
|||
Other Non-Current Investments |
||||||
National Savings Certificate |
- |
0.06 |
- |
0.06 |
- |
0,06 |
Total Non Current Investments |
309.99 |
359.99 |
529.99 |
6. Other Financial Assets (Non Current)
? in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Security Deposits |
36.26 |
53,62 |
36.62 |
Total |
36.26 |
53.62 |
- 36.62 |
7. Other Non Current Assets
? in Lakhs
Particulars |
As at 31-03-2018 |
As at 3T-Q3-2017 |
As at 01-04-2016 |
Capital Advances |
- |
- |
22.44 |
Total |
- |
- |
''22.44 |
8. Income Tax Asset (Net)
T in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Advance Income Tax (net of Provision for Tax) |
97.93 |
144.99 |
132.84 |
Total |
97.93 |
144,99 |
132.84 |
9. Inventories
Rs in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Raw materials |
212.26 |
149.16 |
650.41 |
Work in progress |
817.13 |
1,279.76 |
634.33 |
Stores, Spares & Fuel |
274.56 |
290.35 |
⢠279.72 |
Loose tools |
2.31 |
2.50 |
2.54 |
Finished goods |
1,310.63 |
1,352.55 |
1,011.41 |
Total |
2,616.89 |
3,074.32 |
2,578.41 |
11. Trade receivables
in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Unsecured, considered good Doubtful |
449.42 |
453.34 |
391.59 |
Total |
449.42 |
453.34 |
391.59 |
12. Cash and cash equivalents
in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Balances with banks Cash on hand |
92.78 2.38 |
645.50 1.59 |
3,762.31 1.9$ |
Total |
95.16 |
647.09 |
3,764.29 |
13. Bank balances other than mentioned in cash and cash equivalents
in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Unclaimed Dividend balances with banks |
21.91 |
22.80 |
24.34 |
Margin money deposits |
186.54 |
162.08 |
167.08 |
Investments in Term deposits |
30.00 |
30.00 |
100.00 |
Total |
238.45 |
214.88 |
291.42 |
14. Loans
in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Loans & Advances to Employees |
3.59 |
1.58 |
1.78 |
Loans and advances to related parties |
- |
- |
210.00 |
Export Benefits receivables |
100.59 |
8.26 |
18.76 |
Advances to Suppliers |
88.28 |
82.16 |
76.56 |
Prepaid expenses |
4.96 |
3.85 |
3.70 |
Balance with Government Authorities |
91.15 |
141.45 |
255.68 |
Other Advances |
437.10 |
1,000,78 |
490.10 |
Total |
725.67 |
1,238.08 |
1,056.58 |
15. Other Financial Assets (Current)
in Lakhs
Particulars |
As at 31-03-2018 |
Mat 31-03-2017 |
As at 01-04-2016 |
Interest receivable |
30.92 |
135.39 |
118.51 |
Total |
30.92 |
135.39 |
118.51 |
16. Share Capital
As at 31 -03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
||||
Units |
Rs in Lakhs |
Units |
Rs in Lakhs |
Units |
Rs in Lakhs |
|
Authorised Share Capital : Equity Shares of Rs 10 each Issued & Subscribed: Equity Shares of Rs 10 each Subscribed and Fully Paid Up : Equity Shares of Rs 10 each |
1,25,00,000 |
1,250.00 |
1,25,00,000 |
1,250.00 |
1,25,00.000 |
1,250.00 |
70,92,300 |
709.23 |
94,00,000 |
940.00 |
94,00,000 |
940.00 |
|
70,92,300 |
709.23 |
94,00,000 |
940.00 |
94,00,000 |
940.00 |
|
70,92,300 |
709.23 |
34,00,000 |
940.00 |
94,00,000 |
940,00 |
16.1 The reconciliation of the no. of shares outstanding is set out below :
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Equity Shares At Beginning of the period Add : Issued during the year |
94,00,000 |
94,00,000 |
94,00.000 |
Less : Bought back during the year |
23,07,700 |
- |
- |
At End of the period |
70,92,300 |
94,00,000 |
94,00,000 |
16.2 Details of shareholders holding more than 5% shares in the Company
As at 31-03-2018 |
As at 31-03-2017 |
As at 01 -04-2016 |
||||
Name of the shareholder |
||||||
*o. . |
% of |
No. |
% of |
No. |
% of |
|
of Shares |
the holding |
of Shares |
the holding |
of Shares |
the holding |
|
Olive Finance & Investment Pvt. Ltd. |
17,08,099 |
24.08% |
18,63,099 |
19.82% |
18,74,599 |
19.94% |
Viren C. Mirani |
12,62,459 |
17.80% |
22,14,263 |
23.56% |
11,07,846 |
11.79% |
Shefali V. Mirani |
8,20,113 |
11.56% |
14.38,419 |
15,30% |
7,65,650 |
8.15% |
Divyaprabha C. Mirani |
5,49,534 |
7.75% |
5.49,534 |
5.85% |
5.49,534 |
5.85% |
Sunil P. Mirani |
- |
- |
- |
- |
6,56,140 |
6.98% |
Manorama N. Mirani |
- |
- |
- |
5,64,580 |
6.01% |
Terms / rights attached to equity shares
16.3 The Company has only one class of shares having a par value of Rs 10 per share. Each shareholder is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
16.4 In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.
16.5 The company does not have any holding company or subsidiary company.
16.6 The Company has bought back 23,07,700 shares during the year ended March 31, 2018 at buy-back price determined at Rs 117/-per share which was approved by the Board of Directors and shareholders of the Company. Shares bought back during the period of three years immediately preceding the reporting date:
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
Number of equity shares bought back by the Company |
23,07,700 |
- |
- |
17. Other Equity
Rs in Lakhs
Particulars |
As at 31-03-2018 |
As at 31-03-2017 |
As at 01-04-2016 |
CAPITAL RESERVE |
630.26 |
630.26 |
630.26 |
SECURITIES PREMIUM RESERVE |
1,363.40 |
1,363,40 |
1,36340 |
Add: Utilisation for buy back of shares |
(1,363.40) |
- |
- |
Balance at the end of the Year |
- |
1,363.40 |
1,363,40 |
CAPITAL REDEMPTION RESERVE : |
|||
Balance as per last year |
- |
- |
- |
Add: Transfer from General Reserve |
230.77 |
- |
|
Balance at the end of the Year |
230.77 |
- |
|
GENERAL RESERVE: |
|||
Balance as per last year |
8,981.89 |
8,881.89 |
8,531.89 |
Add: Appropriations From Current year''s Profit |
100.00 |
100.00 |
350.00 |
Less : Utilisation for buy back of shares |
1,105.84 |
- |
|
Less : Transfer to Capital Redemption Reserve |
230.77 |
. |
|
Balance at the end of the Year |
7,745.28 |
8,981.89 |
M0U* |
SURPLUS IN STATEMENT OF PROFIT AND LOSS |
- |
||
Balance at the beginning of the Year |
487.78 |
372,33 |
384.62 |
Add: Profit after tax for the Year |
239.82 |
316,77 |
366.46 |
Adjustment of Sale as per IND AS |
- |
- |
(28.25) |
Amount available for Appropriation |
727.60 |
689,60 |
722.83 |
Less: Appropriations : |
, |
||
Dividend |
63.83 |
84.60 |
- |
Dividend Distribution Tax |
12.99 |
17.22 |
- |
Transferred to General Reserves |
100.00 |
100.00 |
350.00 |
Total Appropriation |
176.82 |
201.82 |
350,00 |
Balance at the end of the Year |
550.78 |
487.78 |
372,83 |
TOTAL |
9,157.09 |
11,463.33 |
11,248.38 |
Securities premium reserve
Securities premium reserve is used to record the premium on issue of shares. These reserve is utilised in accordance with the provisions of the Act.
Capital reserve
Capital reserve is utilised in accordance with provision of theAct.
Capital Redemption Reserve
Represent reserve created during Buy-back of Equity Shares and it is a non-distributable reserve.
Mar 31, 2016
1. Previous yearâs figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.
2. Surplus of Rs,10,79,966/- (Previous year surplus of 7 2,58,982/-) & surplus of 7 55,983/- (Previous year surplus of Rs,17,229/-) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.
3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31" March, 2016, This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.
iii) The Bonus Amendment Act 2015 was made effective from 01,04.2014. However jurisdictional
Honorable Gujarat High Court has given stay and the company has therefore not provided liability in respect of Bonus for the A/c. year 2014-15 of 7 5,34,565/- in the books.
5(b) In respect of liability of leave encashment up to 31.03.2016 the company has obtained actuarial valuation and has provided T 42,19,325/- in the books.
6. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation of T1253.00 lacs which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Incomeâ. However, the company has already paid the entire tax of Rs, 384.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.
7. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that Impairment Loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.
8(a). During the year the company has received VAT assessment orders for A/c. years 2010-2011 & 2011-2012 and the department has reduced input VAT tax Credit on fuels & other claims of the company of ^ 56,30,382/- which has resulted into lower VAT refund and the same Short Credit is included in Sales Tax expenses for the year.
B(b). General expenses includes Credit of T 67,97,066/- arising on account of effect of difference of Excise Duty on opening and dosing stock of finished goods.
8(c). In rasped of some of the Equipments which were not working efficiently and were also inoperative, the company has obtained technical report from the Govt, approved value and on the basis of the same has applied useful life as worked out by the Value and provided depreciation on the same.
The company does not have any outstanding dilutive potential equity shares, consequently the basic and diluted earnings per share of the company remain the same.
10. Discourse in respect of related parties pursuant to Accounting Standard 18;
A. List of Related parties:
1) Parties where control exists : â
2) Other parties with whom company entered into transitions during the year
1) KhimjiVisram&Sons(Guj)Pvt.Ltd.
2) Olrve Finance & Investment P. Ltd.
3) Khimji Visram & Sons (Partnership Firm)
3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives
Key Management Personnel:
Mr. Viren C. Mirani - Chairman & Managing Director
Relatives of Key Management Personnel:
Mr. Nayan C, Mirani, brother of Mr. Viren C. Mirani
12. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.
Mar 31, 2015
Note 1
1. Previous year's figures have been regrouped, re-arranged, re-casted
wherever necessary to make them comparable with those of the current
year.
2. Surplus ofRs. 2,58,982A (Previous year deficit of Rs.1,02,91,311/-) &
surplus of Rs.17229/- (Previous year surplus of Rs.60472/-) being the
impact of foreign exchange fluctuation has been included in the
turnover and purchase of Stores, Spares & Machinery respectively.
3. There are no Micro and Small Enterprise, to whom company owes dues,
which are outstanding for more than 45 days as at 31st March, 2015. This
information as required to be disclosed under the Micro, Small and
Medium Enterprise Development Act (MSMED Ad), 2006 has been determined
to the extent such parties have been indentified on the basis of
information available with the company.
4. Contingent liabilities: Rs.Lacs
j) Bank Guarantees issued 2014-2015 2013-2014
GSPC 1,25,06,593 1,67,38,900
Pollution Control Board - 5,00,000
Dakshin Gujarat Vij Company 1,29,17,308 82,26,900
2,54,83,901 2,54,67,600
5(b) In respect of liability of leave encashment up to 31.03.2015 the
company has obtained actuarial valuation and has charged Rs. 45,27,499/-
in the books.
6. In respect of appeal filed by the company in income Tax Appellate
Tribunal regarding the treatment of receipt of Capital Compensation ofRs.
1253.00 lacs which the company has claimed as exempt has been decided
in favour of the Revenue treating the receipt as "Business Income".
However, the company has already paid the entire tax of Rs. 334.00 lacs
in the respective year. The company has preferred appeal in Gujarat
High Court against the impugned order of the ITAT. The company has been
legally advised that it has a good case in appeal and hence no
provision thereof has been made in the accounts.
7. In terms of Accounting Standard 28 - Impairment of Assets issued by
ICAI, the management has reviewed its Fixed Assets and arrived at the
conclusion that impairment Loss which is difference between the
carrying amountand recoverable value of Assets, was not material and
hence no provision is required to be made.
8. The Sales Tax Assessments of the company are completed up to
accounting year 2010-2011.
10. Disclosure in respect of related parties pursuant to Accounting
Standard 18;
A. List of Related parties:
1) Parties where control exists : Â
2) Other parties with whom company entered into transactions during the
year
i) Joint Ventures ; Â
ii) Associates : -
3) Key Management Personnel and Enterprises having common Key
Management Personnel or their Relatives
Key Management Personnel:
Mr. Viren C. Mirani - Managing Director
Enterprises having common Key Management Personnel and/or their
Relatives:
1) KVS Software Pvt. Ltd.
2) Khimji Vlsram & Sons (Guj) Pvt. Ltd.
3) Olive Finance & Investment P. Ltd.
4) Khimji Visram & Sons {Partnership Firm)
5) Khimji Visram & Sons {Commission Dept) (Partnership Firm)
6) Khimji Visram & Company. (Partnership Firm)
7) S.E. International
8) K.V, Logistics Pvt. Ltd.
9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.
Relatives of Key Management Personnel:
Mr, Nayan C. Mirani, brotherof Mr. Viren C. Mirani
Mar 31, 2014
Note 1(A)
1. Previous year''s figures have been regrouped, re-arranged, re-casted
wherever necessary to make them comparable with those of the current
year.
2. Deficit of Rs. 102.91 Lacs (Previous year deficit ofRs. 36.04 Lacs) &
surplus ofRs. 0.60 Lacs (Previous year surplus of Rs. 2.27 Lacs) being the
impact of foreign exchange fluctuation has been included in the
turnover and purchase of Stores, Spares & Machinery respectively.
3. There are no Micro and Small Enterprise, to whom company owes dues,
which are outstanding for more than 45 days as at 31" March, 2014. This
information as required to be disclosed under the Micro, Small and
Medium Enterprise Development Act (MSMED Act), 2006 has been determined
to the extent such parties have been indentified on the basis of
information available with the company.
4. Contingent liabilities: Rs.lacs
i) Bank Guarantees issued
2013-2014 2012-2013
GSPC Gas Company Ltd. 167.39 139.81
Pollution Control Board 5.00 -
Dakshin Gujarat Vij Company Ltd. 82.28 59.09
254.67 198.90
ii) In respect of claims against
the Company not acknowledged as debts
2013-2014 2012-2013
Excise Duty 8.15 8.15
Service Tax 15.41 15.41
23.56 23.56
5(b) In respect of liability of leave encashment up to 31.03.2014 the
company has obtained actuarial valuation and has charged Rs.11.90 lacs in
the books.
6. In respect of appeal filed by the company in Income Tax Appellate
Tribunal regarding the treatment of receipt of Capital Compensation of
Rs. 1253.00 lacs which the company has claimed as exempt has been decided
in favour of the Revenue treating the receipt as "Business Income".
However, the company has already paid the entire tax of Rs. 384.00 lacs
in the respective year. The company has preferred appeal in Gujarat
High Court against the impugned order of the ITAT. The company has been
legally advised that it has a good case in appeal and hence no
provision thereof has been made in the accounts.
7. In terms of Accounting Standard 28 - Impairment of Assets issued by
ICAI, the management has reviewed its Fixed Assets and arrived at the
conclusion that Impairment Loss which is difference between the
carrying amount and recoverable value of Assets, was not material and
hence no provision is required to be made.
8. The Sales Tax Assessments of the company are completed up to
accounting year 2009-2010.
10. Disclosure in respect of related parties pursuantto Accounting
Standard 18;
A. List of Related parties:
1) Parties where control exists -
2) Other parties with whom company entered into transactions during the
year
i) JointVentures -
ii) Associates : Â
12. The company has entered into forward exchange contracts / options
which are not intended for trading or speculative purposes, but for
hedge purposes to establish the amount of reporting currency required
or available at the settlement date of certain payables and
receivables.
Mar 31, 2013
1. Previous year''s figures have been regrouped, re-arranged, re-casted
wherever necessary to make them comparable with those of the current
year.
2. Deficit of Rs. 36.04 lacs (Previous year surplus of Rs. 14.79 lacs)
& surplus of Rs. 2.27 lacs (Previous year deficit of Rs. 0.08 lacs)
being the impact of foreign exchange fluctuation has been included in
the turnover and purchase of Stores, Spares & Machinery respectively.
3. There are no Micro and Small Enterprise, to whom company owes dues,
which are outstanding for more than 45 days as at 31st March, 2013. This
information as required to be disclosed under the Micro, Small and
Medium Enterprise Development Act (MSMED Act), 2006 has been determined
to the extent such parties have been indentified on the basis of
information available with the company.
4(a) In respect of liability of leave encashment up to 31.12.2012 the
company has obtained actuarial valuation and has reversed forRs. 3.34
lacs in the books.
5. In respect of appeal filed by the company in Income Tax Appellate
Tribunal regarding the treatment of receipt of Capital Compensation
ofRs. 1,253.00 lacs which the company has claimed as exempt has been
decided in favour ofthe Revenue treating the receipt as "Business
Income". However, the company has already paid the entire tax ofRs.
384.00 lacs in the respective year. The company has preferred appeal in
Gujarat High Court against the impugned order ofthe ITAT.The company
has been legally advised that it has a good case in appeal and hence no
provision thereof has been made in the accounts.
6. In terms of Accounting Standard 28 - Impairment of Assets issued by
ICAI, the management has reviewed its Fixed Assets and arrived at the
conclusion that Impairment Loss which is difference between the
carrying amount and recoverable value of Assets, was not material and
hence no provision is required to be made.
7. The Sales Tax Assessments of the company are completed up to
accounting year 2008-2009.
8. Disclosure in respect of related parties pursuant to Accounting
Standard 18;
A. List of Related parties:
1) Parties where control exists : --
2) Other parties with whom company entered into transactions during the
year
i) JointVentures : --
ii) Associates : (a) SCIL Capital India Ltd.
(b) Ugam Solutions Pvt. Ltd
3) Key Management Personnel and Enterprises having common Key
Management Personnel or their Relatives
Key Management Personnel:
Mr. Viren C. Mirani - Managing Director
Enterprises having common Key Management Personnel and/ortheir
Relatives:
1) KVS Software Pvt. Ltd.
2) Khimji Visram & Sons (Guj) Pvt. Ltd.
3) Olive Finance & Investment Pvt. Ltd.
4) Khimji Visram & Sons (Partnership Firm)
5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)
6) Khimji Visram & Company (Partnership Firm)
7) S.E. International
8) K.V. Logistics Pvt. Ltd.
9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.
Relatives of Key Management Personnel:
Mr. Nayan C. Mirani, brother of Mr. Viren C. Mirani
10. The company has entered into forward exchange contracts / options
which are not intended for trading or speculative purposes, but for
hedge purposes to establish the amount of reporting currency required
or available at the settlement date of certain payables and
receivables.
Mar 31, 2012
Note 1(A)
1 Previous year's figures have been regrouped, re-arranged, re-casted
wherever necessary to make them comparable with those of the current
year.
2 Surplus of Rs 14.79 Lacs (Previous year ofRs 1,12.29 Lacs) & deficits
of Rs 0.08 Lacs (Previous year surplus ofRs 1.82 Lacs) being the impact
of foreign exchange fluctuation has been included in the Turnover and
Purchase of Stores, Spares & Machinery respectively.
3 There are no Micro and Small Enterprise, to whom company owes dues,
which are outstanding for more than 45 days as at 31st March, 2012.
This information as required to be disclosed under the Micro, Small and
Medium Enterprise Development Act (MSMED Act), 2006 has been determined
to the extent such parties have been indentified on the basis of
information available with the company.
4 Operating Lease:
As Lessee : Lease rental of Rs1,22.48 lacs (Previous year ,53.13 Lacs)
charged to revenue for right to use leasehold assets like gas based
power generating equipments & waste heat recovery equipment. The
agreement was executed for a period of 260 weeks which was terminated
during the year.
5(b) In respect of liability of leave encashment up to 31.12.2011 the
company has obtained actuarial valuation and has provided forRs33.42
Lacs in the books.
6 In respect of appeal filed by the company in Income Tax appellate
tribunal regarding the treatment of receipt of Capital Compensation of
Rs12,53.00 lacs which the company has claimed as exempt has been decided
in favour of the Revenue treating the receipt as ÃBusiness IncomeÃ.
However, the company has already paid the entire tax ofRs 3,84.00 lacs
in respective year. The company has preferred appeal in Gujarat High
Court against the impugned order ofthe ITAT. The company has been
legally advised that it has a good case in appeal and hence no
provision thereof has been made in the accounts.
7 In terms of Accounting Standard 28 - Impairment of Assets issued by
ICAI, the management has reviewed its fixed Assets and arrived at the
conclusion that Impairment loss which is difference between the
carrying amount and recoverable value of Assets, was not material and
hence no provision is required to be made.
8 The Sales Tax Assessments of the company are completed up to
accounting year 2007-2008.
9 Disclosure in respect of related parties pursuant to Accounting
Standard 18;
A. List of Related parties:
1) Parties where Control Exists : Ã
2) Other parties with whom company entered into transactions during the
year
i) Joint Ventures : Ã
ii) Associates : SCIL Capital India Ltd.
3) Key Management Personnel and Enterprises having common Key
Management Pers::r,no! or their Relatives
Key Management Personnel:
Mr. Viren C. Mirani - Managing Director
Enterprises having common Key Management Personnel and/or their
Relatives:
1) KVS Software Pvt. Ltd.
2) Khimji Visram & Sons (Guj) Pvt. Ltd.
3) Olive Finance & Investment P. Ltd.
4) Khimji Visram & Sons (Partnership Firm)
5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)
6) Khimji Visram & Company. (Partnership Firm)
7) S.E. International
8) K.V. Logistics Pvt. Ltd.
9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.
Relatives of Key Management Personnel:
Mr. NayanC. Mirani, Brotherof Mr. VirenC. Mirani
10. The company has entered into forward exchange contracts / options
which are not intended for trading or speculative purposes, but for
hedge purposes to establish the amount of reporting currency required
or available at the settlement date of certain payables and
receivables.
Mar 31, 2011
1. Previous year's figures have been regrouped, re-arranged, re-casted
wherever necessary to make them comparable with those of the current
year.
2. Surplus of Rs. 112.29 Lacs (Previous year deficit of Rs. 96.16
Lacs) & surplus of Rs. 1.82 Lacs (Previous year deficits of Rs. 0.02
Lacs) being the impact of foreign exchange fluctuation has been
included in the Turnover and Purchase of Stores, Spares & Machinery
respectively.
3. There are no Micro and Small Enterprise, to whom company owes dues,
which are outstanding for more than 45 days as at 31st March, 2011.
This information as required to be disclosed under the Micro, Small and
Medium Enterprise Development Act (MSMED Act), 2006 has been determined
to the extent such parties have been indentified on the basis of
information available with the company.
4. Contingent liabilities : Rs. In lacs
i) Bank Guarantees issued
2010-2011 2009-2010
GSPC 161.35 140.07
Pollution Control Board 28.00 14.00
Quippo Infrastructure Equipment Ltd. 34.73 34.73
224.08 188.80
5 (b) In respect of liability of leave encashment up to 31.12.2010 the
company has obtained actuarial valuation and has provided for Rs.
9,24,031/- in the books.
6. In respect of appeal filed by the company in Income Tax Appellate
Tribunal regarding the treatment of receipt of Capital Compensation of
Rs. 12.57 crores which the company has claimed as exempt has been
decided in favour of the Revenue treating the receipt as "Business
Income". However, the company has already paid the entire tax of ?
3.84 crores in respective year. The company is preferring appeal in
Gujarat High Court against the impugned order of the ITAT. The company
has been legally advised that it has a good case in appeal and hence no
provision thereof has been made in the accounts.
7. In terms of "Accounting Standard 28 - Impairment of Assets' issued
by ICAI, the management has reviewed its fixed Assets and arrived at
the conclusion that Impairment loss which is difference between the
carrying amount and recoverable value of Assets, was not material and
hence no provision is required to be made.
8. The Sales Tax Assessments of the company are completed up to
accounting year 2006-2007 and the company has preferred appeal against
addition made by the dept by rejecting the input tax credit of fuel.
9. Disclosure in respect of related parties pursuant to Accounting
Standard 18;
A. List of Related parties :
1) Parties where Control Exists -
2) Other parties with whom company
entered into transactions during
the year
i) Joint Ventures -
ii) Associates
1) SCIL Capital India Ltd.
3) Key Management Personnel and Enterprises having common Key
Management Personnel or their Relatives Key Management Personnel:
1) Mr. Viren C. Mirani - Executive Director
Enterprises having common Key Management Personnel and/or their
Relatives:
1) KVS Software Pvt. Ltd.
2) Khimji Visram & Sons (Guj) Pvt. Ltd.
3) Olive Finance & Investment Pvt. Ltd.
4) Khimji Visram & Sons (Partnership Firm)
5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)
6) Khimji Visram & Company. (Partnership Firm)
7) S.E. International
8) K.V. Logistics Pvt. Ltd.
9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.
Relatives of Key Management Personnel:
1) Mr. Nayan C. Mirani, brother of Mr. Viren C. Mirani
10. The company has entered into forward exchange contracts / options
which are not intended for trading or speculative purposes, but for
hedge purposes to establish the amount of reporting currency required
or available at the settlement date of certain payables and
receivables.
Mar 31, 2010
1. Previous years figures have been regrouped, re-arranged, re-casted
wherever necessary to make them comparable with those of the current
year.
2. Surplus of Rs.96.16 Lacs (Previous year deficit of Rs. 69.33 Lacs)
& deficit of Rs.0.02 Lacs (Previous year surplus of Rs.1.58) being the
impact of foreign exchange fluctuation has been included in the
Turnover and Purchase of Stores & Spares, respectively.
3. There are no Micro and Small Enterprise, to whom company owes dues,
which are outstanding for more than 45 days as at 31st March 2010. This
information as required to be disclosed under the Micro, Small and
Medium Enterprise Development Act (MSMED Act), 2006 has been determined
to the extent such parties have been indentified on the basis of
information available with the company.
4. Contingent liabilities : (Rs. In Lacs)
2009-10 2008-09
i) Bank Guarantees issued
GSPC 140.07 98.88
Pollution Control Board 14.00 7.00
Quippo Infrastructure Equipment
Ltd. 34.73 34.73
Custom - 37.90
188.80 178.51
ii) In respect of claims against the Company not acknowledged as debts
: (Rs. In Lacs)
2009-10 2008-09
Excise Duty 8.15 8.08
Service Tax 12.71 5.06
20.86 13.14
5. Operating Lease :
As Lessee : Lease rental of Rs.147.35 lacs (Previous year
Rs.147.60Lacs) charged to revenue for right to use leasehold assets
like Gas based Power Generating Equipments & Waste heat recovery
equipment. The agreement is executed for a period of 260 weeks with a
renewable clause and also provides for termination by lessee giving a
prior notice of 90 days.
6(b) In respect of liability of leave encashment upto 31.03.2010.the
company has obtained actuarial valuation and has provided for
Rs.8,93,179/- in the books.
7. In respect of Income Tax Assessments of various years additions of
Rs.12.57 Crores have been made against which the company has preferred
appeals before the appropriate authorities. Practically the entire
demand raised has been paid by the Company. Tax of Rs.3.84 Crores paid
in respect of the said disputed addition for capital compensation
credited to Capital Reserve, has been debited to the same account on
matching concept basis. The company has been legally advised that it
has a good case in appeal and hence no provision thereof has been made
in the accounts.
8. In terms of Accounting Standard 28 - Impairment of Assets issued by
ICAI, the management has reviewed its fixed Assets and arrived at the
conclusion that Impairment loss which is difference between the
carrying amount and recoverable value of Assets, was not material and
hence no provision is required to be made.
9. The Sales Tax Assessments of the company are completed upto
accounting year 2005-2006 and no significant demand is raised on the
company.
10. Disclosure in respect of related parties pursuant to Accounting
Standard 18; A. List of Related parties :
1) Parties where Control Exists : Ã
2) Other parties with whom company
entered into transactions during the
year
i) Joint Ventures : Ã
ii) Associates
1) SCIL Capital India Ltd.
2) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.
3) Key Management Personnel and Enterprises having common Key
Management Personnel or their Relatives: Key Management Personnel :
1) Mr. N.R. Mirani - Managing Director (up to 10.09.2008)
2) Mr. V.C. Mirani - Executive Director
Enterprises having common Key Management Personnel and/or their
Relatives:
1) KVS Software Pvt. Ltd.
2) Khimji Visram & Sons (Guj) Pvt. Ltd.
3) Olive Finance & Investment P. Ltd.
4) Khimji Visram & Sons (Partnership Firm)
5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)
6) Khimji Visram & Company. (Partnership Firm)
7) S.E. International
Relatives of Key Management Personnel:
1) Mr. Nayan C. Mirani, Brother of Mr. V.C. Mirani
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