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Notes to Accounts of Indo Borax & Chemicals Ltd.

Mar 31, 2015

1. Brief Information on shares bought back during the year

Pursuant to the resolution passed by the Board of Directors of the Company and in accordance with the applicable provisions of the Companies Act, 1956, the Companies Act, 2013 and the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998, as amended, the Company made a Public Annoucement on 3rd March, 2014, to buy back the Equity Shares of Face Value of Rs. 10/- each of the Company from open market through Stock Exchange route at a price not exceeding Rs. 145/- per shares, aggregating to Rs. 4,35,00,000/-, if the entire shares bought at maximum price.

The Company has bought back & extinguished 2,72,000 Equity Shares as at 31st March, 2015 at an average price of Rs. 125.99 per share, utilising a sum of Rs. 3,42,67,998/- in terms of the applicable Provisions of the Section 77A of the Companies Act, 1956, Section 68 of the Companies Act, 2013 and SEBI ( Buy-back of Securities) Regulations, 1998, as amended.

Previous year, the Company has bought back 1,69,627 Equity Shares as at 31st March, 2014 at an average price of Rs. 128.56 per share, utilising a sum of Rs. 2,18,06,836/-. These shares have been extinguished on 7th April 2014 in terms of the applicable Provisions of the Section 77A of the Companies Act, 1956, Section 68 of the Companies Act, 2013 and SEBI ( Buy-back of Securities) Regulations, 1998, as amended. The said amount of Rs. 2,18,06,836/- has been shown by way of deduction from shareholders fund.

2. Contingent Liabilities & Commitments not provided for guarantees given by the bank of the company Rs. 1,65,000/-.( Previous Year Rs. 1,65,000/-)

3. Previous year figures have been rearranged/regrouped, wherever necessary, to make them comparable with current year figures.

4. The Balances of sundry debtors, sundry creditors, loans and advances are subject to confirmation & reconciliation, if any. In the opinion of the management, adjustment, if any, arising out of reconciliation are not expected to be significant.

5. In the opinion of the Board of Directors, the assets (other than fixed assets and non-current investments) have value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6. Key Management Personnel & their relatives

a) Shri S. K. Jain, Managing Director and Shri.Sajal Jain, Executive Director of the Company hold significant interest and key management position in the Company.

7. Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised) "Disclosure of Revenue from Sales Transactions" issued by the Institute of Chartered Accountants of India, the excise duty expenses is bifurcated into three components: excise duty expenses related to sales is reduced from Gross Sales, excise duty relating to the difference between the closing and opening stock is recognized in the inventory adjustments and the unrecovered excise duty is recognized under other expenses.

8. No Provision for diminution in value of long term investments in quoted shares aggregating to Rs. 67,78,004/- (Previous year :Rs. 72,95,418/-) has been made in accounts as the diminution is of temporary nature.

9. The company has not entered in any derivative transactions by way of currency and/or interest rate swap or forward exchange contract.

10. a) None of the supplier of the company has informed

that it is a SSI unit. Therefore, outstanding to SSI units is considered to be NIL.

b) In the absence of any intimation received from vendors regardimg the status of their registration under the " Micro, Small and Medium Enterprises Development Act, 2006 " the company is unable to comply with the disclosure required to be made relating thereto.

11. Details of CSR Spend during the financial year.

Total amount to be spend for the financial year Rs. 28,28,732/-, amount spend during the financial year Rs. 81,578/- & unspent amount for the year is Rs. 27,47,154/-.


Mar 31, 2014

NOTE - 1

OTHER DISCLOSURES & NOTES

1 Brief Information on shares bought back during the year

Pursuant to the resolution passed by the Board of Directors of the Company and in accordance with the applicable provisions of the Companies Act, 1956, the Companies Act, 2013 and the Securities and Exchange Board of India ( Buy-back of Securities) Regulations, 1998, as amended, the Company made a Public Annoucement on 3rd March, 2014, to buy back the Equity Shares of Face Value of Rs. 10/- each of the Company from open market through Stock Exchange route at a price not exceeding Rs. 145/- per shares, aggregating to Rs. 4,35,00,000/-, if the entire shares bought at maximum price.

The Company has bought back 1,69,627 Equity Shares as at 31st March, 2014 at an average price of Rs. 128.56 per share, utilising a sum of Rs. 2,18,06,836/-.These shares have been extinguished on 7th April 2014 in terms of the applicable Provisions of the Section 77A of the Companies Act, 1956, the Companies Act, 2013 and SEBI ( Buy-back of Securities) Regulations, 1998, as amended.

The said amount of Rs. 2,18,06,836/- has been shown by way of deduction from the Shareholders Fund.

2 Contingent Liabilities & Commitments not provided for a) Guarantees given by the bankers of the Company Rs. 1,65,000/- (Previous Year Rs. 1,65,000/-)

b) Overdue interest on loan from Development Corporation of Konkan Ltd Rs. NIL (Previous Year Rs. 7,87,025/-)

3 Previous year figures have been rearranged/regrouped, wherever necessary, to make them comparable with current year figures.

The Company has taken Group Gratuity Policy and contributing for the Directors is not separately determined, hence not included above.

4 The Balances of sundry debtors, sundry creditors, loans and advances are subject to confirmation & reconciliation, if any. In the opinion of the management, adjustment, if any, arising out of reconciliation are not expected to be significant.

5 In the opinion of the Board of Directors, the assets (other than fixed assets and non-current investments) have value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6 Key Management Personnel & their relatives

a) Shri S. K. Jain, Managing Director and Shri.Sajal Jain, Executive Director of the Company hold significant interest and key management position in the Company.

b) Details of Transations with the persons referred to in (a) above and their relative Mrs Sushila Jain are as under:-

1 Remuneration paid to 8,096,445 9,678,354

Managing Director *

2 Remuneration paid to 8,096,444 9,374,114

Executive Director *

3 Directors Sitting Fees 24,000 12,000

paid to Mrs Sushila Jain

*The Company has taken Group Gratuity Policy and contribution for the Managing Director and Executive Director is not separately determined, hence not included above.

7 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised) '' ''Disclosure of Revenue from Sales Transactions" issued by the Institute of Chartered Accountants of India, the excise duty expenses is bifurcated into three components: excise duty expenses related to sales is reduced from Gross Sales, excise duty relating to the difference between the closing and opening stock is recognized in the inventory adjustments and the unrecovered excise duty is recognized under other expenses.

8. No Provision for diminution in value of long term investments in quoted shares aggregating to Rs. 72,95,418/- (Previous year :Rs. 71,30,018/-) has been made in accounts as the diminution is of temporary nature.

9. The company has not entered in any derivative transactions by way of currency and/or interest rate swap or forward exchange contract.

10. a) None of the supplier of the company has informed that it is a SSI unit. Therefore, outstanding to SSI units is considered to be NIL. b) In the absence of any intimation received from vendors regardimg the status of their registration under the '' Micro, Small and Medium Enterprises Development Act, 2006 '' the company is unable to comply with the disclosure required to be made relating thereto.


Mar 31, 2013

1 Contingent Liabilities & Commitments not provided for

a) Guarantees given by the bankers of the Company Rs.1,65,000/- (Previous Year Rs. 1,65,000/-)

b) Overdue interest on loan from Development Corporation of Konkan Ltd. Rs.7,87,025/- (Previous Year Rs. 7,24,207/-)

2 Previous year figures have been rearranged/regrouped, wherever necessary, to make them comparable with current year figures.

The Company has taken Group Gratuity Policy and contributing for the Directors is not separately determined, hence not included above.

3 The Balances of sundry debtors, sundry creditors, loans and advances are subject to confirmation & reconciliation, if any. In the opinion of the management, adjustment, if any, arising out of reconciliation are not expected to be significant.

4 In the opinion of the Board of Directors, the assets (other than fixed assets and non-current investments) have value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

5 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised) "Disclosure of Revenue from Sales Transactions" issued by the Institute of Chartered Accountants of India, the excise duty expenses is bifurcated into three components: excise duty expenses related to sales is reduced from Gross Sales, excise duty relating to the difference between the closing and opening stock is recognized in the inventory adjustments and the unrecovered excise duty is recognized under other expenses.

6 No Provision for diminution in value of long term investments in quoted shares aggregating to Rs. 71,30,018/- (Previous year :Rs. 1,15,58,130/-) has been made in accounts as the diminution is of temporary nature.

7 The company has not entered in to derivative transactions except foreign currency forward contract against existing trade liability.

8 a) None of the supplier of the company has informed that it is a SSI unit . Therefore, outstanding to SSI units is considered to be NIL. b) In the absence of any intimation received from vendors regardimg the status of their registration under the " Micro, Small and Medium Enterprises Development Act, 2006 " the company is unable to comply with the disclosure required to be made relating thereto.

9 The company has taken Group Gratuity Policy from LIC and the premiums determined by Lie and payable for the financial year adjusted for effect of acturial valuation at year end is charged to Profit 6 Loss Account. Required disclosures as per particulars received from LIC and accounts are as under:


Mar 31, 2012

1. Contingent Liabilities & Commitments not provided for

a) Guarantees given by the bankers of the Company Rs 1,65,000/- (Previous Year Rs 1,65,000/-)

b) Overdue interest on loan from Development Corporation of Konkan Ltd. Rs 7,24,207/- (Previous Year Rs 6,61,389/-)

2. Previous year figures have been rearranged/regrouped, wherever necessary, to make them comparable with current year figures.

The Company has taken Group Gratuity Policy and contributing for the Directors is not separately determined, hence not included above.

3 The Balances of sundry debtors, sundry creditors, loans and advances are subject to confirmation & reconciliation, if any. In the opinion of the management, adjustment, if any, arising out of reconciliation are not expected to be significant.

4 In the opinion of the Board of Directors, the assets (other than fixed assets and non-current investments) have value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

5 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised) "Disclosure of Revenue from Sales Transactions" issued by the Institute of Chartered Accountants of India, the excise duty expenses is bifurcated into three components: excise duty expenses related to sales is reduced from Gross Sales, excise duty relating to the difference between the closing and opening stock is recognized in the inventory adjustments and the unrecovered excise duty is recognized under other expenses.

6 No Provision for diminution in value of long term investments in mutual funds and quoted shares aggregating to Rs 1,15,58,130/- (Previous year : Rs 91,18,829/-) has been made in accounts as the diminution is of temporary nature.

7. The company has not entered in any derivative transactions by way of currency and/or interest rate swap or forward exchange contract.

8. a) None of the supplier of the company has informed that it is a SSI unit. Therefore, outstanding to SSI units is considered to be NIL.

b) In the absence of any intimation received from vendors regardig the status of their registration under the "Micro, Small and Medium Enterprises Development Act, 2006" the company is unable to comply with the disclosure required to be made relating thereto.


Mar 31, 2011

Not Available


Mar 31, 2010

1 Contingent Liabilities not provided for

a) Guarantees given by the bankers of the Company Rs. 1,65,000/-- (Previous Year Rs. 1,65,000/-)

b) Overdue interest on loan from Development Corporation of Konkan Ltd. Rs.5,98,571 /- (PreviousYear Rs.5,35,753/-)

2 Previous year figures have been rearranged/regrouped, wherever necessary to make them comparable with current year figures.

3 The Balances of sundry debtors, sundry creditors, loans and advances are subject to confirmation & reconciliation, if any. In the opinion of the management, adjustment, if any, arising out of reconciliation are not expected to be significant.

4 In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business.

B Key Management Personnel & their relatives

a) Shri S. K. Jain , Managing Director and Shri.Sajal Jain, Executive Director of the Company hold significant interest and key management position in the Company.

5 During the year, the company has written off Rs.NIL (Previous year Rs. 19,24,940/-) as Bad Debts as, in the opinion of the management, the same is doubtful of recovery. The monev claim and other proceedings in respect of the said am;iu;it are pending.

6 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised) "Disclosure of Revenue from Sales Transactions" issued by the Institute of Chartered Accountants of India, the excise duty expenses is bifurcated into three components: excise duty expenses related to sales is reduced from Gross Sales, excise duty relating to the difference between the closing and opening stock is recognized in the inventory adjustments and the unrecovered excise duty is recognized under manufacturing and other expenses.

7 No Provision for diminution in value of long term investments in mutual funds and quoted shares aggregating to Rs. 71,85,328/- (Previous year :Rs.5,30,51,084/-) has been made in accounts as the diminution is of temporary nature.

8 The company has not entered in any derivative transactions by way of currency and/or interest rate swap or forward exchange contract.

9 a) None of the supplier of the company has informed that it is a SSI unit . Therefore, outstanding to SSI units is considered to be NIL.

b) In the absence of any intimation received from vendors regarding the status of their registration under the Micro, Small and Medium Enterprises Development Act, 2006 " the company is unable to comply with the disclosure required to be made relating thereto.

10 ADDITIONAL QUANTITATIVE INFORMATION AS REQUIRED BY PARA 3 & 4 PART II OF THE SCHEDULE VI OF THE COMPANIES ACT. 1956,ARE AS UNDER

In view of partial interchangeability of production of Boric Acid and Borax within overall installed capacity, combined installed capacity has been stated. Installed capacity is technical matter, hence Auditors have relied on the certificate given by the management.









 
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