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Notes to Accounts of Keltech Energies Ltd.

Mar 31, 2016

1. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs..I0 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Capital Reserves represents subsidy received in earlier years from the Government of Karnataka- Rs. 3.69 Lacs and Government of Maharashtra- Rs. 27.5I Lacs under the Investment subsidy scheme for setting up a new industrial unit in Karnataka and Maharashtra respectively.

* Excise duty on sales amounting to Rs. I9I2.27 lacs (PYRs. 2049.64 lacs) has been reduced from sales in Statement of Profit and Loss and excise duty on closing stock amounting to Rs. 9.48 lacs(PY Rs. 7.20 lacs) has been considered in “Other Expenses” in note 25 of financial statements.

3. Contingent Liabilities:

4. Disputed demand in respect of Service tax at Vishwasnagar aggregating to Rs.17.16 lacs (PY Rs.17.16 lacs). Amounts aggregating Rs. 10.00 lacs (PYRs. 10.00 lacs) is paid under protest against such demand.

5. Disputed demand of Income tax for the Assessment year 2010-2011,2011-2012, 2012-2013 and 2013-2014 amounting to Rs. 268.81 lacs (PY Rs.189.15 lacs). Amounts aggregating Rs. 50 lacs (PY Rs.45 lacs) is paid under protest against such demand.

6. Disputed demand in respect of Central Sales tax in Maharashtra for the year 2009-10 aggregating Rs. 121.01 lacs (PY Rs. 121.01 lacs). Amounts aggregating Rs. 3 lacs (PY Rs. 3 lacs) is paid under protest against such demand.

7. Letter of credits and Bank guarantees issued to suppliers/customers Rs. 2406.83 lacs (PY Rs. 2637.92 lacs). Management is of the view that above matters are not likely to have any impact on financial position of the Company.

8. Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of Advances) Rs. 491.88 lacs(PY Rs. 2.95 lacs).

9. In respect of Sundry Creditors which are Micro,Small and Medium Enterprises, the Company has not availed credit facility beyond 45 days. Further, there is no outstanding payable to such Enterprises beyond 45 days as on Balance Sheet date.

10. The Company''s main clients are PSUs where in Powder Factor deduction is determined after a substantial period of time, the consequential claims and counterclaims on performance bonus/deductions affect the trade receivables on account of which the substantial part of balances outstanding as trade receivables are not confirmed by them. However, the management is confident that such receivables are stated at their realizable value and adequate provisions are made in the accounts, wherever required.

11. Segment Reporting:-

The primary segment reporting format is determined to be business segments as the company''s risks and rate of return are affected predominantly by difference in the products and services provided. Secondary information is reported geographically.

The Company has identified its business into three reportable segments namely, Explosives, Perlite and Site Contracts.

12. Disclosure in respect of Operating Lease in accordance with AS I9 on ‘Leases''

13. The Company has taken on lease various Office Premises, Residential Premises and Godowns for the periods ranging from 3 years to 6 years.

14. The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:-

15. Not later than one year Rs. 22.58 lacs (PYRs.20.52 lacs).

16. later than one year and not later than five years- Rs.47.44 lacs (PYRs. 69.43 lacs).

17. later than five years - Nil

18. lease payments recognized in the Statement of Profit and Loss for the period from I.4.20I5 to 3I.3.20I6 is Rs. I05.3I lacs (PYRs. I02.62 lacs).

19. The Company has classified various employee benefits as under:-

20. Defined contribution plans

21. Provident Fund

22. Superannuation Fund

23. State defined contribution plans

- Employers'' Contribution to Employees'' State Insurance

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is funded to LIC of India. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

24. Unhedged Foreign Currency Exposure as at the Balance Sheet date

Trade Receivables :- Rs. II9.75 lacs (US $ I87773 @ Closing rate of I USD = Rs. 65.88). Trade Payables :- Rs. 32.67 lacs (US $ 48984 @ Closing rate of I USD = Rs. 66.70).

25. CSR Expenditure

26.. As per the Section I35 of the Companies Act, 20I3 every year the Company is required to spend at least 2% of its Average Net Profit made during the immediately 3 preceding financial years on the Corporate Social Responsibility (CSR) activities. Gross amount required to be spent by the Company during the year is Rs. I3.89 lacs (PYRs.I5.42 lacs) and amount actually spent during the year is also Rs.I3.89 lacs (PYRs.I5.42 lacs), the details of which is as given below:

27. The figures for the previous year have been regrouped/reclassified wherever necessary.


Mar 31, 2015

(i) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1 Change in Accounting Estimate related to depreciation and its impact on financials

To comply with the requirements of the Schedule II of the Companies Act, 2013 the Management has re-estimated useful lives and residual values of all its fixed assets.

In respect of assets where the remaining useful life is 'NIL1, Rs. 96.61 lacs (net of tax benefits of Rs. 46.40 lacs) being their carrying amount after retaining the residual value as on Ist April, 2014 has been adjusted against the opening balance of retained earnings as on that date. For other assets, additional depreciation charge of Rs. 111.22 lacs is adjusted during the current year in the statement Profit and loss.

The impact of additional depreciation charge is likely to hold good for future years also.

2 Contingent Liabilities:

a) Disputed demand in respect of Service tax at Vishwasnagar aggregating to Rs. 17.16 lacs (RY. Rs. 17.16 lacs). Amounts aggregating Rs. 10.00 lacs (RY. Rs. 10.00 lacs) is paid under protest against such demand.

b) Disputed demand of Income tax for the Assessment year 2010-201 1,201 I -2012, 2012-2013 amounting to Rs. 189.15 lacs (RY. Rs. 158.96 lacs). Amounts aggregating Rs. 45 lacs (RY. Rs. Nil) is paid under protest against such demand.

c) Disputed demand in respect of Central Sales tax in Maharashtra for the year 2009-10 aggregating Rs. 121.01 lacs (RY. Rs. 536.06 lacs). Amounts aggregating Rs. 3 lacs (RY. 7 Nil) is paid under protest against such demand.

d) Letter of credits and Bank guarantees issued to suppliers/customers Rs. 2637.92 lacs (RY. Rs. 1764.92 lacs). Management is of the view that above matters are not likely to have any impact on financial position of the Company.

3 Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of Advances) Rs. 2.95 lacs(Rs. 6.00 lacs).

4 In respect of Sundry Creditors which are Micro,Small and Medium Enterprises, the Company has not availed credit facility beyond 45 days. Further, there is no outstanding payable to such Enterprises beyond 45 days as on Balance Sheet date.

5 The Company's main clients are PSUs where in Powder Factor deduction is determined after a substantial period of time, the consequential claims and counterclaims on performance bonus/deductions affect the trade receivables on account of which the substantial part of balances outstanding as trade receivables are not confirmed by them. How- ever, the management is confident that such receivables are stated at their realizable value and adequate provisions are made in the accounts, wherever required.

6 Segment Reporting:-

The primary segment reporting format is determined to be business segments as the company's risks and rate of return are affected predominantly by difference in the products and services provided. Secondary information is reported geographically.

7 Disclosure in respect of Operating Lease in accordance with AS 19 on 'Leases'

a) The Company has taken on lease various Office Premises and Godowns for the periods ranging from 3 years to 6 years.

b) The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:-

i) Not later than one year Rs. 25.21 lacs (RY. Rs. 22.05 lacs).

ii) later than one year and not later than five years- Rs. 71.74 lacs (RY. Rs. 80.90 lacs).

iii) later than five years - Nil

c) lease payments recognised in the statement of profit and loss for the period from 1.4.2014 to 31.3.2015 is Rs. 102.62 lacs (RY. Rs. 126.96 lacs).

8 The Company has classified various employee benefits as under:-

(A) Defined contribution plans

a. Provident Fund

b. Superannuation Fund

c. State defined contribution plans

- Employers' Contribution to Employees' State Insurance

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is funded to LIC of India. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

9 Unhedged Foreign Currency Exposure as at the Balance Sheet date

Trade Receivables Rs. 278.38 lacs (US $ 449894 @ Closing rate of I USD = Rs. 61.87). Trade Payables Rs. 123.23 lacs (Euro181285 @ Closing rate of I EURO = Rs. 67.98).

10 The figures for the previous year have been regrouped wherever necessary.


Mar 31, 2013

1 Contingent Liabilities:

a) Disputed demand in respect of Sales tax at Waidhan and Anuppur aggregating to Rs. 1.18 lacs (RY. Rs. 1. 18 lacs). Amount aggregating to Rs. 0.33 lacs (RY. Rs. 0.33 lacs) is paid under protest against such demand, which has been included under Long Term Loans and Advances.

b) Disputed demand in respect of Service tax at Vishwasnagar aggregating to Rs. 17.16 lacs (RY. Nil). Amount aggregating to Rs. 10.00 lacs (RY.Nil) is paid under protest against such demand, which has been included under Long Term Loans and Advances.

c) Disputed demand of Income tax for the Assessment year 2010-201 I amounting to Rs. 49.53 lacs (RY.Nil).

d) Letter of credits and Bank guarantees issued to suppliers/customers Rs. 2447.16 lacs (RY. Rs. 1553.68 lacs).

2 Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of Advances) Rs. 387.84 lacs(Rs. 60.65 lacs).

3 In the order delivered by Competition Commission of India on 16.04.2012, a penalty of Rs. 3.11 Crores was imposed on the Company for alleged violations of the Competition Act. The Order was appealed against in the Competition Appellate Tribunal. In the judgement delivered on 18.04.2013, the Tribunal acquitted the Company of violations in one out of the two sections charged with and also reduced the penalty amount from Rs. 3.1 I Crores to Rs. 31 lacs, which is shown as part of the Miscellaneous Expenses.

4 In respect of Sundry Creditors which are Micro,Small and Medium Enterprises, the Company has not availed credit facility beyond 45 days. Further, there is no outstanding payable to Micro, Small and Medium Enterprises beyond 45 days as on Balance Sheet date.

5 The Company''s main clients are PSUs where in Powder Factor deduction is determined after a substantial period of time, the consequential claims and counterclaims on performance bonus/deductions affect the trade receivables on account of which the substantial part of balances outstanding as trade receivables are not confirmed by them. However, the management is confident that such receivables are stated at their realizable value and adequate provisions are made in the accounts, wherever required.

6 Segment Reporting:-

The primary segment reporting format is determined to be business segments as the company''s risks and rate of return are affected predominantly by difference in the products and services provided. Secondary information is reported geographically.

7 Disclosure in respect of Operating Lease in accordance with AS 19 on ''Leases''

a) The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:-

i) Not later than one year Rs. 19.63 lacs (RY. Rs. I 1.39 lacs).

ii) later than one year and not later than five years- Rs. 14.23 lacs (RY. Rs. 3.60 lacs).

iii) later than five years - Nil

b) Lease payments recognised in the statement of profit and loss for the period from 1.4.2012 to 31.3.2013 is Rs. 16.51 lacs(RY. Rs. 14.67 lacs).

8 The Company has adopted Accounting Standard 15 (revised 2005) in the Financial Year 2007-08 "Employee Benefits". The Company has classified various employee benefits as under:-

(A) Defined contribution plans

a. Provident Fund

b. Superannuation Fund

c. State defined contribution plans

- Employers'' Contribution to Employees'' State Insurance

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is funded to LIC of India. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

9 Unhedged Foreign Currency Exposure as at the Balance Sheet date

Trade Receivables :- Rs. 194.15 lacs (US $ 359400 @ Closing rate of I USD = Rs. 54.02). Trade Payables :- Rs. 159.45 lacs (UK Pounds 227980 @ Closing rate of I EURO = Rs. 69.94).

10 The figures for the previous year have been regrouped wherever necessary.


Mar 31, 2012

1 Contingent Liabilities:

a) Disputed demand in respect of Sales tax at Waidhan and Anuppur aggregating to Rs 1.18 lacs (Rs 14.49 lacs). Amount aggregating to Rs 0.85 lacs is paid under protest against such demand, which has been included under Loans and Advances.

b) The Competition Commission of India (CCI) on 27th April, 2012 has imposed a penalty of Rs 311.77 Lacs on the Company, for certain alleged violation of provisions of the Competition Act, 2002 by several explosives manufacturers (the Company being one of them). The Company is in the process of filing an appeal to the Ap- pellate Tribunal Authority within the stipulated period of two months from receipt of the order. The Company has been advised that such demand is not likely to be materialized.

c) Letter of credits and Bank guarantees issued to suppliers/customers Rs 1553.68 lacs (RY. Rs 1498.96 lacs).

2 Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of Advances) Rs 60.65 lacs (Rs 30.47 lacs).

3 In respect of Sundry Creditors which are Micro,Small and Medium Enterprises, the Company has not availed credit facility beyond 45 days. Further, there is no outstanding payable to Micro, Small and Medium Enterprises beyond 45 days as on Balance Sheet date.

4 Segment Reporting: -

The primary segment reporting format is determined to be business segments as the company's risks and rate of return are affected predominantly by difference in the products and services provided. Secondary information is reported geographically.

The Company has identified its business into three reportable segments namely, Explosives, Perlite and Site Contracts.

5 Disclosure in respect of Operating Lease in accordance with AS 19 on 'Leases'

a) The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:-

i) Not later than one year Rs I 1.39 lacs (RY. Rs 12.40 lacs).

ii) later than one year and not later than five years- Rs 3.60 lacs (RY. Rs 22.81 lacs).

iii) later than five years - Nil

b) lease payments recognised in the statement of profit and loss for the period from 1.4.2011 to 31.3.2012 is Rs 14.67 lacs (RY. Rs I 1.72 lacs).

Figures in brackets pertains to previous year.

* Further disclosure in conformity with Clause 32 of Listing Agreement; the maximum outstanding of said loan was Rs 100 Lacs during the year.

6 The Company has adopted Accounting Standard 15 (revised 2005) in the Financial Year 2007-08 "Employee Benefits". The Company has classified various employee benefits as under:-

(A) Defined contribution plans

a. Provident Fund

b. Superannuation Fund

c. State defined contribution plans

- Employers' Contribution to Employees' State Insurance

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Com- missioner and the superannuation fund is funded to LIC of India. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or on superannuation as per the Company's policy. During the year an amount of Rs. 16.51 lacs has been charged to Profit & Loss account as per actuarial valuation.

7 Unhedged Foreign Currency Exposure as at the Balance Sheet date

Trade Receivables Rs 230.39 lacs (US $ 454335 @ Closing rate of I USD = Rs 50.71).

Trade Payables Rs 91.26 lacs (US $ 177100 @ Closing rate of I USD = Rs 51.53).

Rs 2.62 lacs (UK Pounds 3176 @ Closing rate of I UK Pound = Rs 82.58). Rs 39.69 lacs (EURO 57485 @ Closing rate of I EURO = Rs 69.05).

8 The Financial Statements for the year ended March 31, 2012 are prepared in accordance with the Revised Schedule VI. The amounts and disclosures included in the Financial Statements of the previous year have been reclassified to conform to the requirements of Revised Schedule VI.


Mar 31, 2011

1. Contingent Liabilities:

a) Disputed demand in respect of Sales tax at Waidhan, Anuppur and Garamsur aggregating to Rs. 14.49 lacs (Rs. 15.92 lacs). Amount aggregating to Rs. 4.04 lacs is paid under protest against such demand, which has been included under Loans and Advances.

b) Letter of credits and Bank guarantees issued to suppliers/customers Rs. 1498.96 lacs (RY. Rs. 1713.67 lacs).

2. Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of Advances) Rs. 30.47 lacs (Rs. 85.84 lacs).

3. In respect of Sundry Creditors which are Micro,Small and Medium Enterprises, the Company has not availed credit facility beyond 45 days. There is no outstanding payable to Micro, Small and Medium Enterprises as on Balance Sheet date.

4. Segment Reporting:

a) The Company has identified its business into two reportable segments namely, Explosives and Perlite. Further, the revenue on services earned by the Company with respect to Explosives and Perlite Division are included in respective segments mentioned above.

b) Since all the operations of the Company are largerly conducted with in India, as such there is no separate reportable Geographical Segment.

5. Disclosure in respect of Operating Lease in accordance with AS 19 on 'Leases'

a) The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:-

i) Not later than one year - Rs. 12.40 lacs (RY. Rs. 11.51 lacs).

ii) later than one year and not later than three years - Rs. 22.81 lacs (RY. Rs. 34.53 lacs).

iii) later than five years - Nil

b) Lease payments recognised in the statement of profit and loss for the period from 1.4.2010 to 31.3.2011 is Rs. 11.72 lacs(RYRs. 10.35 lacs).

6. (a) Related party disclosure in accordance with Accounting Standard 18.

Name of the party Relationship

Chowgule & Co Pvt Ltd Major Shareholder

jaigad Ports & Infrastr Enterprises over which major Shareholder -ucture Pvt Ltd is able to exercise significant influence

Santosh L Chowgule Key management personnel

Santosh Chowgule HUF Key management personnel is able to Exercise significant influence 7. Note in the financial statements

The Company has adopted Accounting Standard 15 (revised 2005) in the Financial Year 2007-08 "Employee Benefits". The Company has classified various employee benefits as under:-

(A) Defined contribution plans

a. Provident Fund

b. Superannuation Fund

c. State defined contribution plans

- Employers' Contribution to Employees' State Insurance

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is funded to LIC of India. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

8. i) The figures for the previous year have been regrouped wherever necessary.

ii) The amounts in brackets pertain to the previous year


Mar 31, 2010

1. Contingent Liabilities:

a) Disputed demand in respect of Sales tax at Waidhan, Anuppur and Garamsur aggregating to Rs. 15.92 lacs (Rs. 12.00 lacs). Amount aggregating to Rs.3.18 lacs is paid under protest against such demand, which has been included under Loans and Advances.

b) Letter of credits and Bank guarantees issued to suppliers/customers Rs. 1713.67 lacs (RY.2359.80 lacs).

2. Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of Advances) Rs.85.84lacs(Rs.l0.98lacs).

3. The amount payable in future for the employees who have opted for monthly compensation as a part of Voluntary Retirement Scheme, aggregate Rs.4.50 lacs ( Rs.3.25 lacs).

4. In respect of Sundry Creditors which are Micro.Small and Medium Enterprises, the Company has not availed credit facility beyond 45 days. There is no outstanding payable to Micro, Small and Medium Enterprises as on Balance Sheet date.

5. Disclosure in respect of Operating Lease in accordance with AS 19 on Leases

a) The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:-

i) Not later than one year - Rs. 11.51 lacs (RY.Rs.9.01 lacs).

ii) later than one year and not later than three years- 34.53 lacs (RY.Rs.26.69 lacs).

iii) later than five years - Nil

b) lease payments recognised in the statement of profit and loss for the period from 1.4.2009 to 31.3.2010 is Rs. 10.35 lacs(RY8.57lacs).

6. Note in the financial statements

The Company has adopted Accounting Standard 15 (revised 2005) in the Financial Year 2007-08 "Employee Benefits". The Company has classified various employee benefits as under:-

(A) Defined contribution plans

a. Provident Fund

b. Superannuation Fund

c. State defined contribution plans

- Employers Contribution to Employees State Insurance

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is funded to LIC of India. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

7.i)The figures for the previous year have been regrouped wherever necessary.

ii)The amounts in brackets pertain to the previous year

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