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Notes to Accounts of Indo Amines Ltd.

Mar 31, 2016

Contingent Assets are neither recognized nor disclosed in the financial statement N. Earnings Per Share

Basic and diluted earnings per share are computed in accordance with Accounting Standard - 20.

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period

Diluted earnings per share is calculated as follows:-

The net profit attributable to equity shareholders and the weighted average of number of shares outstanding are adjusted for the effect of all dilutive potential equity shares from the exercise of options on unissued share capital. The number of equity shares is the aggregate of the weighted average number of equity shares and the weighted average number of equity shares which would be issued on the conversion of all the dilutive potential equity shares into equity shares

Note 1 : Note on Micro Small or Medium Enterprises

(a) The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier at the end of each accounting year; Principal amount due to Micro & Small enterprises RS, 26.49 lac ( P Yr RS, 46.76 Lacs)

(b) The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;---NIL

(c) The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006---NIL

(d) The amount of interest accrued and remaining unpaid at the end of each accounting year; --- NIL

(e) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.---NIL

Note 2 : Borrowing Cost:

Borrowing cost directly attributable to the acquisition /construction of a qualifying asset are capitalized as part of the cost of asset during the period of RS, NIL ( P Yr. RS, 7.55 lac)

Note 3 : Segment Report.

SEGMENT REPORTING - 2015-16 (A) SEGMENTWISE DETAILS (PRIMARY)

A) The company is primarily operating in only one business (i.e. manufacturing of chemicals) as well as one geographical segment, hence no Primary segment reporting has been made.

Note 4 : Previous year’s figures are regrouped/rearranged wherever necessary, to conform to the layout of accounts of current year.


Mar 31, 2015

Note 1 : Preferential Convertible Warrants :

Pursuant to ordinary resolution passed and after the approval of the Bombay Stock Exchange , dated 05/02/2013, the Board had allotted 43,00,000 warrants on 09/02/2013 on preferential basis to entities in the promoter group. As per the terms of the said issue the Board has allotted 11,25,000 & 22,75,000 equity shares against the convertible warrants on 26/03/2013 & 08/02/2014 respectively. During the year, the company has received Rs 1,14,75,000/- towards balance 9,00,000 warrants pending for conversion @ of Rs.12.75/-. The said warrants were converted into equity on 09/08/2014 & thus the paid-up capital of the Company increased by Rs. 90,00,000/- Further 22,75,000 & 9,00,000 warrants were also entitled for bonus in the ratio 1:1, pursuant to ordinary resolution passed in the Annual General Meeting held on 5/09/2013.Accordingly even number of Bonus Equity shares were allotted on conversion of 22,75,000 & 9,00,000 convertible warrants.

Note 2: Fire insurance claim

The company had recognized insurance claim receivable of Rs. 357.56 lacs during the FY 2013-14 towards loss of stock, fixed assets & expenses at company's Dhule plant. The insurance company has settled the claim for Rs. 314.77 lacs. Hence the difference of Rs. 42.79 lacs is charged to P/L A/c under the head loss due to fire during FY 2014-15. The additional claim for Rs. 15.73 lac made by the company is also considered in the final settlement of Rs. 314.77 lac by the insurance company. The company has not made any additional claim other than the two claims mentioned hereinabove. The Company is still in the of process of filing claim for Loss of Profit.

Note 3:- Borrowing Cost ( AS16)

Borrowing cost directly attributable to the acquisition /construction of a qualifying asset are capitalised as part of the cost of asset during the period. Borrowing cost of Rs. 7.55 lac was captipalised ( P. Yr.Rs 69.29 lac).

The estimate of future salary increases considered in actuarial valuation takes into account general trend in inflation, promotion, and other relevant factors such as supply and demand factors in the employment market

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held and historical results of the return on the plan assets.

Note 4 : Segment Report.

SEGMENT REPORTING - 2014-15

( A ) SEGMENTWISE DETAILS (PRIMARY)

A)The company is primarily operating in only one business (i.e. manufacturing of chemicals) as well as one geographical segment , hence no Primary segment reporting has been made.

Note 5: Due to inadequacy of profits, the company has paid managerial remuneration in accordance with the Schedule V of the Companies Act,2013. But the amount of such managerial remuneration to the extent of Rs 18.09 lacs is subject to shareholder's approval by way of special resolution in ensuing Annual General Meeting.

Note 6 : Previous years figures are regrouped/rearranged wherever necessary, to conform to the layout of accounts of current year.


Mar 31, 2014

Note 1 : Preferential Convertible Warrants :

Pursuant to the approval dated 05/02/2013 of the Bombay Stock Exchange, as per terms of approval of shareholders of the company vide A.G.M held on 09/02/2013 and as per the applicable provisions including

Securities and Exchange Board of India ( Discloure and Investor Protection) Guidelines,2000, the company had allotted 43,00,000 warrants on 09/02/2013 on preferential basis to entities in the promoter group. As per the terms of the said issue, the warrant holders have a right to apply for equity shares of the company at a price of Rs 17/- each, within a period of 18 months from the date of allotment. The company has allotted 11,25,000 equity shares against the warrants during the F. Yr 12-13. During the year, the company has received Rs 2,90,06,250/- as under:

1) 22,75,000 warrants @ Rs12.75/-each

The company has allotted 22,75,000 equity shares of Rs 10/- each on 03/09/2013 against 22,75,000 warrants. Consequently,equityshare capitalofthecompany has increasedbyRs2,27,50,000/-,SharePremium Reservehas increased by Rs 1,59,25,000/- and the amount of Rs 38,25,000 /- against 9,00,000 share warrants has been shown under "Share Application money pending allotment".

Note 2 : Fire insurance claim

During the year fire broke out atCompany''s Dhule Plant on 27th July 2013.Subsequently,company lodged fire insurance claim of Rs 357.56 lacs with insurance Company .

i) Company is still in the process of filing additional claims for expenses and Loss of Profit. Insurance company hasalready paid Ad-hoc sum of Rs75.00 lacs andthe balance is awaited..

ii) The company has adjusted the Addition to Fixed assets of Rs 224.85 lacs agaist claim receivable from the Insurance company.

iii) The additional claim of Rs 15.73 lacs has been made. However, the claim for loss of profit is yet to be ascertained.

iv) The balance W.D.V of the assets lost due to fire has been adjusted against accumulated reserves of the Company.

Note3:Notes on Micro Small or Medium Enterprises

In the absence of necessary information in relation to the suppliers registered as Micro or Small enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the company is not able to identify such suppliers and the informationrequired under thesaidAct could not be compiled anddisclosed.

Note 4 :- BorrowingCost ( AS16)

Borrowing cost directly attributable to the acquisition /construction of a qualifing asset & capitalised as part ofthe cost of assetduringthe period isRs of Rs 69.29lac ( P. Yr.Rs 32.98 lac).

Note 5 : Contingent Liabilities: & Commitment Rs. In Lacs

A Contingent Liability 2013-2014 2012-2013

a) Bank Guarantee with IDBI 42.37 109.90

b) Letter of Credit with IDBI for Import Bills 125.57 902.93

c) Letter of Credit with IDBI for Local Bills 138.52 135.64

d) Income Tax Appeal A. Y 2010-11 85.43 0

e) Income Tax Appeal A. Y 2011-12 55.70 0

f) Income Tax Appeal - Penalty A. Y 2009-10 M/s. Indo Amines Ltd. 58.79 0

g) Appeal under Central Sales Tax- M/s Flame Pharma For the F. Y. 2002-03 4.16 4.16

h) Income Tax - Reopen Assessment - A. Y 2009-10 M/s. Versatile Chemicals Ltd. 7.00 0

i) Order – in – appeal F. No. V/ST/DN-V (BEL) Dt. 20.04.12 Non payment of service tax on BIS for 2006 -2012 70.33 70.33

j) Order – in – appeal no. PKS/10/BEL/2011, Dt. 28.04.11 non reversal of cenvat credit/remission or loss of goods in flood 2005- Rabale Location 6.45 6.45

k) Show cause notice dt. 10/10/2012 regarding Service Tax on Commission 15.58 15.58

l) Case No. WP/8536/2012 - Versatile Chemicals Ltd. - Non Encroachment case before the MIDC 11.88 11.88

The estimate of future salary increases considered in actuarial valuation takes into account general trend in inflation,promotion, and other relevant factors such as supply anddemand factors in the employmentmarket The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held andhistorical results of the return on the planassets

Since the company is complying the AS-15 thro Actuarial Certificatet for the first time,the additional expenses on account of gratuity has beendebitedto Profit & Loss a/c to theextent of Rs 47.68Lac

Note6:Segment Report.

SEGMENT REPORTING-2013-2014

( A ) The Company has identified four major Geographical Segments as requiredby Accounting Standard - 17 ''Segment Reporting'' andon thebasis ofwhich theCompany reports internally.

These segments are:

1) Dombivli Unit - Manufacturingof Chemicalslike Organic Chemicals,&Speciality Chemicals.

2) Baroda Unit - Manufacturingof Chemicalslike FattyAmines, Quarternary Ammonium Compoundsetc.

3) Rabale Unit - Manufacturing of Bulk Drugs& Intermediates forpharmaceutical companies.

4) Dhule Unit - Manufacturing of Fatty Acids.

Note 7 : Previous years figures are regrouped/rearranged wherever necessary, to confirm to the layout of accounts of current year.


Mar 31, 2013

Note 1 : Preferential Convertible Warrants :

Pursuant to the approval dated 05/02/2013 of the Bombay Stock Exchange, as per terms of approval of shareholders of the company vide A.G.M held on 09/02/2013 and as per the applicable provisions including Securities and Exchange Board of India ( Discloure and Investor Protection) Guidelines,2000, the company had allotted 43,00,000 warrants on 09/02/2013 on preferential basis to entities in the promoter group. As per the terms of the said issue, the warrant holders have a right to apply for equity shares of the company at a price of Rs 17/- each, within a period of 18 months from the date of allotment. During the year, the company has received Rs 3,26,18,750/- as under:

1) Rs 1,91,25,000/-against 11,25,000 warrants @ Rs 17/-each and

2) Rs 1,34,93,750/- against 33,75,000 warrants(application amount)

The company has allotted 11,25,000 equity shares of Rs 10/- each on 09/03/2013 against 11,25,000 warrants.Consequently, equity share capital of the company has increased by Rs 1,12,50,000/-, Share Premium Reserve has increased by Rs 78,75,000/- and the amount of Rs 1,34,93,750/- against 33,75,000 share warrants has been shown under "Share Application money pending allotment".

Note 2 .-Notes on Micro Small or Medium Enterprises

In the absence of necessary information in relation to the suppliers registered as Micro or Small enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the company is not able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

Note 3: Contingent Liabilities:

a) Contingent Liability in respect of Central Sales tax for the financial year 2005-2006 is amounting to Rs. 16.08 lacs ( Prev Year Rs. 16.08 lacs )

b) Contingent Liability in respect of penalty on remission of duty on loss due to flood during the Financial year 2005-06 is amounting to Rs. 2.82 lacs/- ( Prev Year Rs. 2.82 lacs)

c) Contingent Liability in respect of Penalty on non payment of excise Duty on Freight Income is Rs.0.75 lacs (Prev Year Rs.0.75 lacs)

d) Contingent liability in respect of Income Tax Scrutiny Order for tax amount of Rs.85.43 lacs.(Prev year Rs.77.68)

e) Bank Guarantee with IDBI is amounting to Rs 109.90 Lacs. (Previous year Rs. 70.52 Lacs )

f) Letter of Credit with IDBI for Import Bills is amounting to Rs. 902.93 Lacs. (Previous Year Rs.432.70 Lacs)

g) Letter of Credit with IDBI for Local Bills is amounting to Rs. 135.64 Lacs. (Previous Year Rs.392 lacs)

Note 4 : Segment Report.

SEGMENT REPORTING - 2012-2013

(A) The Company has identified four major Geographical Segments as required by Accounting Standard - 17 ''Segment

Reporting'' and on the basis of which the Company reports internally. These segments are:

1) Dombivli Unit-Manufacturing of Chemicals like Organic Chemicals, & Speciality Chemicals.

2) Baroda Unit - Manufacturing of Chemicals like Fatty Amines, Quarternary Ammonium Compounds etc.

3) Rabale Unit - Manufacturing of Bulk Drugs & Intermediates for pharmaceutical companies.

4) Dhule Unit - Manufacturing of Fatty Acids.


Mar 31, 2010

1. Convertible Warrants:

In terms of the approval of shareholders of the Company and as per the applicable statutory provisions including Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines 2000, the Company, on 26th March, 2009 has issued and allotted 8,50,000 warrants on preferential basis to entities in the Promoter Group entitling them to apply for equivalent number of fully paid up equity shares of Rs. 10/- each of the Company, at a price of Rs. 12/- per equity share. The warrant holders have a right to apply for equity shares within 18 months from the date of allotment of warrants. Amounts received against the warrants are shown as Convertible Warrants in the Balance Sheet, pending exercise thereof. During the year 417000 equity warrants have been converted into equity shares & premium thereon of Rs. 8,34,000/- is transferred to share premium account.

2. The balances of debtors, creditors, loans & advances are subject to confirmation. Sundry debtors include debts due from companies under same management [u/s 370 (1B)]

3. The Company is in the process of identifying the Micro & Small Units and hence:

a) Interest, if any payable to units covered under Micro, Small and Medium Enterprises Development Act 2006, is not ascertainable, and

b) Amount payable to such Units is not ascertainable.

4. Contingent Liabilities:

a) Contingent Liability in respect of Central Sales tax for the financial year 2005-2006 is amounting to Rs. 16.08 lacs. ( Prev Year Rs. 16.08 lacs )

b) Contingent Liability in respect of Excise Duty for the Financial year 2005-06 is amounting to Rs. 2.82 lacs ( Prev Year Rs. 2.82 lacs )

c) Letter of Credit with SBI for Import Bills is amounting to Rs. 52.70 Lacs. (Previous Year Rs. 255.77 Lacs)

d) Letter of Credit with SBI for Local Bills is amounting to Rs. NIL. (Previous Year Rs. 2.21 Lacs)

e) Bank Guarantees with SBI is amounting to Rs. 6.74 Lacs. (Previous year Rs. 56.99 Lacs)

f) Liability on account of Bills discounted is Rs.NIL/-( Prev year Rs.70.23Lacs )

g) Bank Guarantee with IDBI is amounting to Rs 23.63 Lacs. (Previous year Rs. NIL )

h) Letter of Credit with IDBI for Import Bills is amounting to Rs. 175.71 Lacs. (Previous Year NIL)

i) Letter of Credit with IDBI for Local Bills is amounting to Rs. 19.16 Lacs. (Previous Year NIL)

Note : Licensed and Installed capacity are as certified by Managing Director.

5. Computation of net profits in accordance with section 349 of the Companies act, 1956 and the commission payable to the director:

6. Cashflow statement

We have audited the attached cash flow statement of INDO AMINES LIMITED derived from the audited financial statements, books and records maintained by the Company for the year ended 31st March, 2010 and found the same in agreement therewith.

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