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Notes to Accounts of Indian Toners & Developers Ltd.

Mar 31, 2015

1 GENERAL INFORMATION

Indian Toners & Developers Limited (hereinafter referred to as 'the Company') is a manufacturer of Toners only. The Company's manufacturing facilities are located at Rampur (Uttar Pradesh).

2 During the current year and in the previous year, there have been no movements in the number of the equity shares outstanding.

3 The Company has only one class of equity shares, having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

4 Contingent liabilities not As at 31st As at 31st provided for in respect of: March 2015 March 2014

a) Letters of credit established 509.64 581.58 in favour of the suppliers

b) Guarantee issued by SBI on 0.65 0.65 behalf of Company

c) Export obligation against 380.22 49.23 advance licenses

5 a) Trade payable includes (i) Rs. Nil (Previous Year Nil) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year to enterprises registered undedr MSME.

c) The above information's have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under MSME.

6 a) Accounting Standard as to Segment Reporting AS -17 is not applicable to the Company as it is

engaged in the business of Toners which is the single reportable segment.

7 a) Estimated benefits aggregating to Rs. 94.74 lacs (Previous Year Rs. 91.19 lacs) against exports effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials.

b) Service Tax amounting to Rs. 6.45 lacs (Previous Year Rs. 12.95 lacs) have been treated as recoverable and are subject to claim yet to be filed with Department.

8 Amount of Exchange difference debited to the statement of Profit & Loss Account amounted to Rs. 22.49 lacs (previous year Rs. 319 lacs) and credited to the statement of P & L a/c amounted to Rs. 27.95 lacs (Previous Year Rs. 317.29 lacs)

9 R & D expenses included under various heads Rs.57.68 lacs [Including Raw Material Consumption Rs. 3.92 lacs& Depreciation Rs. 20.34 lacs] (Previous year Rs.48.58 lacsRaw Material Consumption Rs.3.41 lacs & Depreciation Rs. 19.41 lacs) respectively.

10 The Company has calculated the various benefits provided to employees as under:

A) Defined Contribution Plans

Provident Fund

11 Loans to subsidiary company, namely, ITDL Imagetec Ltd. Include accrued interest Rs. Nil (PY. 31.45 Lacs). Maximum amount of loan/interest during the year Rs.NIL (P.Y. Rs. 700.00 Lacs)

12 Corporate Social Responsibility

As per the requirements of Section 135 of Companies Act, 2013 company is liable to spend 2% of its average net profits of three preceeding years as an Expense on Corporate Social Responsibility. Average Net profits (calculated as per the provisions of Sec. 198 of Companies Act 2013) of Last three years is Rs. 464.59 Lacs and 2% of which is Rs. 9.29 Lacs and this whole amount was donated to Prime minister national relief fund as a CSR initiative.

13 Pursuant to Companies Act, 2013 ("the act"), being effective from 1st April, 2014, the Company has revised depreciation rates on fixed assets as per the useful life specified in part "C" of Schedule II of the Act. As a result of the change, the depreciation charges is higher by Rs. 30.05 lacs for the year ended 31st March, 2015. Further based on transitional provision provided in note 7 (b) of the said Schedule, an amount of Rs. 46.68 lacs (net of deferred tax assets) where useful life has become nil in terms of the said schedule, has been debited to the opening balance of the surplus/(deficit).

14 The Financial Statements for the year ending 31st March, 2015 are prepared as per the requirement of Schedule III of Company Act, 2013 - Previous Year figure have been regrouped & rearranged wherever necessary to make them comparable with those of the current year.


Mar 31, 2014

1.1. During the current year and in the previous year, their have been no movements in the number of the equity shares outstanding.

2. 2. The Company has only one class of equity shares, having a par value of Rs 10 per share.Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2.3 Details of shareheld by shareholders holding more than 5% of the aggregate shares in the company :

30. Balances in accounts of Sundry Debtors, Advances, Security deposits of dealers and creditors are subject to confirmations for the respective parties (Net of advances).

31. a) Trade payable includes (i) Rs. Nil (Previous Year Nil due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year no any enterprises registered undedr MSME.

c) The above information''s have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of supplied under MSME.

32. a) Accounting Standard as to Segment Reporting AS -17 is not applicable to the Company as it is

engaged in the business of Toners which is the single reportable segment.

33. a) Estimated benefits aggregating to Rs. 91.19 lacs (Previous Year Rs. 73.05 lacs) against export effected

during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials. b) Service Tax amounting to Rs. 12.95 lacs (Previous Year Rs. 2.48 lacs) have been treated as recoverable and is subject to claim yet to be filed with Department.

34. Amount of Exchange difference debited to Profit & Loss Account amounted to Rs.319.00 lacs (previous year Rs. 30.42 lacs) and credited to P & L a/c amounted to Rs. 317.29 lacs (Previous Year Rs. 71.36 lacs)

35. R & D expenses included under various heads Rs.48.58 lacs [Including Raw Material Consumption Rs. 3.41 lacs & Depreciation Rs. 19.41 lacs] (Previous year Rs.60.47 lacs Raw Material Consumption Rs. 1.99 lacs & Depreciation Rs. 18.98 lacs) respectively.

36. The Company has calculated the various benefits provided to employees as under: A) Defined Contribution Plans

Provident Fund

41. Related Party Disclosure (Pursuant to Accounting Standard - 18)

(a) Wholly and Subsidiary Company - ITDL Imagetec Limited

(b) Key Management Personnel - Shri Sushil Jain (Chairman & Managing Director)

(c) Relative of Key Management - Shri Akshat Jain, (son of Sh. Sushil Jain)

President

(d) Enterprises over which Key - Jain Tube Company Limited Management Personnel and/or - Shrilon India Ltd. relative are able to exercise - Alankar Securities Private Limited significant influence - Mahavir Phototech Private Limited

- Triveni Securities Private Limited

Note :- i) Figures in the bracket are for the previous year.

ii) In addition to above during the year Company entered into an agreement of High Seas Sale/purchase with Subsidiarycompany (ITDL Imagetec Ltd..total sale and purchase madeon High seas basis is Rs. Nil (previous Year Rs-Nil ) and Rs. 80.54 Lacs (Previous Year Rs. Nil ). Local Sale & Purchase Rs. 14.28Lacs(Previous year Rs. 14.49Lacs) &Rs. 17.96 (Previous Year 1.3Lacs) respectively from subsidiary company. Also the company has sold Licenses under Focus scheme from the holding company of Rs20.67Lacs (Previous Year Rs. 20.54 Lacs)

42. Loans to subsidiary company, namely, ITDL Imagetec Ltd. Include accrued interest Rs. 31.45Lacs (P.Y. 95.87Lacs). Maximum amount of loan/interest during the year Rs. 700.00Lacs (P.Y. Rs. 1327.89Lacs)

43. Previous year''s figures have been regrouped / rearranged whenever necessary to make them comparable with those of the current year.

44. The financial statements for the year ended 31st March 2014 are prepared under Schedule VI of Companies Act, 1956.

(2) Previous Years figures have been regrouped / rearranged wherever considered necessary to confirm to make tham comparatable with those of Current Year''s figures.


Mar 31, 2013

GENERAL INFORMATION

Indian Toners & Developers Limited (hereinafter referred to as ''the Company'') is a manufacturer of Toners only.The Company''s manufacturing facilities are located at Rampur (Uttar Pradesh).

1. Balances in accounts of Sundry Debtors, Advances, Security deposits of dealers and creditors are subject to confirmations for the respective parties.

2. a) Trade payable includes (i) Rs. Nil (Previous Year Nil due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year no any enterprises registered undedr MSME.

c) The above information''s have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of supplied under MSME.

3. a) Estimated benefits aggregating to Rs. 73.05 lacs (Previous Year Rs. 65.17 lacs) against export effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials. b) Service Tax amounting to Rs. 2.48 lacs (Previous Year Rs. 13.20 lacs) have been treated as recoverable and is subject to claim yet to be filed with Department.

4. Amount of Exchange difference debited to Profit & Loss Account amounted to Rs. 30.42 lacs (previous year Rs. 62.37 lacs) and credited to P & L a/c amounted to Rs. 71.36 lacs (Previous Year Rs. 114.80 lacs)

5. Lease:

Vehicles taken on lease:

The total future minimum lease payable at the Balance Sheet date is as under:

Foraperiod not later than one year Rs.12.8lacs

For a period later than one year and not later than five yearsRs.5.64 lacs

For a period later than five yearsRs. NIL

Total lease expenses debited to Statement of profit & loss is Rs1.88 lacs Previous year 2.93lacs

6. R&D expenses included under various heads Rs.60.47lacs [Including Raw Material Consumption Rs. 1.99lacs& Depreciation Rs. 18.98lacs] (Previous year Rs.67.18 lacsRaw Material Consumption Rs.5.26 lacs& Depreciation Rs25.54lacs) respectively.

7. The Company has calculated the various benefits provided to employees as under: A) Defined Contribution Plans

Provident Fund

The discount rate assumed is 9% which is determined by reference to market yield at the Balance Sheet date on government bonds. The estimates of future salary increases, considered in actuarial valuation, take account of infliation, seniority promotion and other relevant factors, such as supply and demand in the employment market, Reconciliation of opening and closing balances of the present value of the defined benefit obligation is as under:

8. Related Party Disclosure (Pursuant to Accounting Standard -18)

(a) Wholly and Subsidiary Comapnies - (i) ITDL USA, Inc. (ii) ITDL Imagetec Limited

(b) Key Management Personnel - ShriSushilJain(CMD)

(c) Relative of Key Management - Shri Akshat Jain, (son of Sh.Sushil Jain)

Sr. Vice President (Corporate Affairs)

(d) Enterprises over which Key - JainBhawan Management Personnel and/or - Shriton India Ltd. relative are able to exercise - Alankar Securities Private Limited significant influence - Mahavir Phototech Private Limited

Triveni Securities Private Limited Jain Tube Company Limited

9. Loans to subsidiary company, namely, ITDL Imagetec Ltd. Include accrued interest Rs. 95.87lacs (P.Y. 143.51lacs) .Maximum amount of loan/interest during the year Rs.1300,00lacs (P.Y. Rs. 1961.38 lacs)

10. Previous year''s figures have been regrouped / rearranged whenever necessary to make them comparable with those of the current year.

11 The financial statements for the year ended 31st March 2012 had been prepared as per the then appli- cable Schedule VI to theCompanies Act 1956. Consequent to the notification under the Companies Act 1956., the financial statements for the year ended 31a March 2013 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year''s classification.


Mar 31, 2012

GENERAL INFORMATION

Indian Toners & Developers Limited (hereinafter referred to as the Company') is a manufacturer of Toners only.The Company's manufacturing facilities are located at Rampur (Uttar Pradesh).

1 .During the current year and in the previous year, their have been no movements in the number of the equity shares outstanding.

2.The Company has only one class of equity shares, having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim divident. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proporation of the shareholdings.

3. Balances in accounts of Sundry Debtors, Advances, Security deposits from dealers are subject to confirmations for the respective parties.

4. a) Trade payable includes (i) Rs. Nil (Previous Year Nil due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year no any enterprises registered undedr MSME.

c) The above information's have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of supplied under MSME.

5. a) Estimated benefits aggregating to Rs. 65.16 lacs (Previous Year Rs. 67.30 lacs) against export effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials,

b) Service Tax amounting to Rs. 13.20 lacs (Previous Year Rs. 27.39 lacs) have been treated as recoverable and is subject to claim yet to be filed with Department.

6. Amount of Exchange difference debited to Profit & Loss Account amounted to Rs. 62.37 lacs (previous year Rs. 25.24 lacs) and credited to P & L a/c amounted to Rs. 114.80 lacs (Previous Year Rs. 24.85 lacs)

7. R & D expenses included under various heads Rs. 67.18 lacs* [including Raw Material Consumption Rs. 5.26 lacs & Depreciation Rs. 25.24 lacs] (Previous year Rs. 28.14 lacs, Raw Material Consumption Rs. 1.16 lacs & Depreciation Rs. 16.89 lacs) respectively.

The discount rate assumed is 8% which is determined by reference to market yield at the Balance Sheet date on government bonds. The estimates of future salary increases, considered in actuarial valuation, take account of infliation, seniority promotion and other relevant factors, such as supply and demand in the employment market, Reconciliation of opening and closing balances of the present value of the defined benefit obligation is as under:

Note

i) Figures in the bracket are for the previous year.

ii) In addition to above during the year, from a Subsidiary company, goods worth-Rs. 54.01 lacs (Pervious Rs. 36.50 lacs) & Rs. 29.95 lacs( Previous Year Rs.35.70 lacs) have been purchased & sold respectively on high seas basis and also sold licences under focus scheme of Rs. 17.32 lacs during the year.(Previous Year Rs. 26.39 lacs)

8 Lease:

Vehicle taken on lease :

The total future minimum lease payable at the Balance Sheet date is as under For a period of not later than one year Rs. 12.28 lacs

For a period later than one year and not later than five years Rs. 19.44 lacs For a period later than five years Rs. Nil

Total lease expenses debited to Statement of profit & loss is Rs. 2.93 lacs Previous Year 3.56 lacs 43. Though the net worth of ITDL (USA) has eroded, no provision has been made as the company has plans to revive the Company's operations and the investment is strategic and long term in nature, hence, no provision against the same was considered to be made. -

9. Loans to subsidiary company, namely ITDL Imagetec Ltd., include accrued interest amounting to Rs.143.51 lacs during the year (Previous Year 158.91 lacs). Maximum amount of loan / interest during the year Rs. 1961.38 lacs (Previous year Rs.1961.38 lacs)

9.1 Previous year's figures have been regrouped/re arranged whenever necessary to make them comparable with those of the current year.

9.2. The Financial Statements for the year ended 31st March 2012 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this vear's classification.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

Current Year Rs. Previous Year Rs.

a) Letters of credit 30455564 54976564 established in favour

of the suppliers of import of materials

b) Corporate Guarantee on behalf of Subsidiary Co. - Effective Guarantee as on 31.03.2010-Rs.86752658 270000000 270000000

(Previous year Rs. (103622345)

c) Guarantees issued by NIL 1343509 State Bank of India on behalf of Company

d) Sale Tax / Trade Taxes demands

against which appeals have been preferred. 10149607 9627721

e) Minimum Consumption Guarantee Charges payable by U. P. State Government to U. P. Power Corporation claimed from the Company, against which the company has filed case in the Lucknow Bench of

Honble High Court of Allahabad. NIL 2843492

i) Value of Perquisites have been evaluated as per Income TaxAct 1961

ii) The above sums do not include contribution to gratuity fund and provision for leave encashment as the same is on global basis.

iii) The remuneration paid to CMD is as per the approval of Central Government.

2 a) Estimated benefits aggregating to Rs. 6923531 (Previous Year Rs. 49598Ci4) against exports effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material & Packing Materials under Advance Licence Scheme and corresponding amount has been added to the cost of Materials. b) Service Tax amounting to Rs. 4053756 (Previous Year Rs. 4471119) have been treated as recoverable is subject to claim yet to be filed with Department. The same has been grouped in Advances Recoverable.

3. Suppliers covered under the Micro, Small and Medium Enterprises Development Act 2006, have not fur- nished the information regarding filing of necessary memorandum with appointed authority. In view of this information required under Section 22 of the said Act is not given.

4. Amount of Exchange difference (net) debited to Profit & Loss Account amounted to Rs. 43,94,930 (previous year Rs. 8027913) and credited to P & LA/c. amounted to Rs. 22,86,759 (Previous Year Rs. 898229)

5. R&D expenses included under various heads Rs. 5358835 [Including Raw Material Consumption Rs. 327706 & Depreciation Rs.1792535] (Previous year Rs. 4242297 Raw Material Consumption Rs. 251153 & Depreciation Rs. 1780774) respectively.

6 The Company has calculated the various benefits provided to employees as under: A) Defined Contribution Plans Provident Fund

b) Leave Encashment

The discount rate assumed is 8% which is determined by reference to market yield at the Balance Sheet date on government bonds. The estimates of future salary increases, considered in actuarial valuation, take account of infliation, seniority promotion and other relevant factors, such as supply and demand in the employment market. Reconciliation of opening and closing balances of the present value of the defined benefit obligation is as under:

7. Loans to subsidiary company, namely, ITDL Imagetec Ltd. include accrued interest amounting to Rs. 9746669/- (Previous Year 6709926) maximum amount of loan / interest during the year Rs. 171273576/- (PreviousyearRs. 157125059)

8. Electricity Exp. Rs. 2407177 are relating to Previous Year but determined during the year, has been charged for the year

9. Related Party Disclosure (Pursuant to Accounting Standard -18)

(a) Wholly and Subsidiary Companies - i) ITDL USA. Inc.,

(ii) ITDL Imagetec Limited

(b) Key Management Personnel - Shri Sushil Jain (CMD)

(c) Relative of Key Management Personnel - ShriAkshat Jain, (son of Sh. Sushil Jain) Sr. Vice President (Corporate Affairs)

(d) Enterprises over which Key - JainBhawan Management Personnel / - Shrilon India Ltd.

Relative are able to exercise - Alankar Securities Private Limited significant influence - Mahavir Phototech Private Limited Triveni Securities Private Limited Jain Tube Company Limited.

Note :-

i) Figures in the bracket are for the previous year.

ii) During the year, from a Subsidiary, goods worth Rs. 4054000 & Rs. 1264411 have been purchased & sold respectively on high seas basis.

10. Previous years figures have been regrouped / re arranged whenever necessary to make them comparable with those of the current year.

11 Balance Sheet, Abstract and Companys General Business Profile As per Schedule VI, Part (IV) of The Companies Act, 1956.

 
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