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Notes to Accounts of KSE Ltd.

Mar 31, 2015

1. Reconciliation of the number of equity shares outstanding at the beginning and at the end of the year

Outstanding at the beginning of the year

Add : Issued during the year

Outstanding at the end of the year

2. Terms/rights, Preferences and Restrictions attached to equity shares:

The Company has only one class of shares referred to as 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 dividend 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, except in the case of interim dividend, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of directors declared two interim dividends of Rs. 10 per share and Rs. 20 per share on equity share of Rs. 10 each at their meetings held on 12th February, 2015 and 25th March, 2015 respectively. Further, the Board of Directors at its meeting held on 30th May, 2015 has recommended a final dividend of Rs. 20 per equity share of Rs. 10 each, subject to approval of shareholders at the ensuing annual general meeting. The total dividend appropriation for the year ended 31st March, 2015 amounts to Rs. 1922.23 lakhs, including dividend distribution tax of Rs. 322.23 lakhs.

In the case of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential claims as provided in the Companies Act, 2013. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. There was no fresh issue or buying back of shares in the preceding five years.

4. There was neither bonus issue nor any other issue of shares in the preceding five years.

5. The Board of directors declared two interim dividends of Rs. 10 per share and Rs. 20 per share on equity share of Rs. 10 each. Further, the Board of Directors has recommended a final dividend of Rs. 20 per equity share of Rs.10 each.

6. See Note 9 for current maturities of long-term debt.

7. Public Deposits include deposits accepted from Directors Rs. 1.48 lakhs (Previous year Rs. 3.96 lakhs) on the same terms and conditions as applicable to other depositors.

8. The cash credit and short term loans are secured by (1) First Charge by way of hypothecation of all current assets of the Company and Plant and Machinery of Irinjalakuda and Konikkara Units; and (2) Equitable mortgage of immovable properties of Irinjalakuda and Konikkara Units by deposit of title deeds.

9. See Note 4.2 for rate of interest and terms of repayment of public deposits.

10. The amount due to Micro, Small and Medium Enterprises as defined in the "The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the Company. The disclosures relating to Micro, Small and Medium Enterprises are as under:

As at As at 31.03.2015 31.03.2014 Rs. in lakhs Rs. in lakhs

(i) Principal amount due and remaining — — unpaid to any supplier as at the end of each accounting year

(ii) Interest due on the above and — — remaining unpaid to any supplier as at the end of each accounting year

(iii) Interest paid by the company along — — with the amounts of the payment made to the supplier beyond the appointed day during each accounting year

(iv) 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 Act

(v) Interest accrued and remaining — — unpaid at the end of each accounting year

(vi) Interest remaining due and payable — — even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprises

11. Public Deposits include deposits accepted from Directors Rs. 2.96 lakhs (Previous year Rs. 5.10 lakhs) on the same terms and conditions as applicable to other depositors.

12. Interest accrued but not due on public deposits includes Rs. 0.37 lakh (Previous year Rs. 0.30 lakh) due to Directors.

13. See Note 4.2 for rate of interest and terms of repayment of public deposits.

14. Unpaid dividend includes second interim dividend of Rs. 20 per equity share amounting to Rs. 640 lakhs declared by the Board of Directors on 25th March, 2015 and not distributed as on 31st March, 2015.

15. Balance with banks include restricted bank balances of Rs. 832.14 lakhs (Previous year Rs. 87.44 lakhs) and time deposit with banks with a maturity of more than 12 months Rs. 0.02 lakh (Previous year Rs. 0.02 lakh). The restrictions are primarily on account of bank balances held as margin money deposits against guarantees Rs. 7.96 lakhs (Previous year Rs. 7.51 lakhs) and earmarked bank balances for (1) unpaid dividends Rs. 714.18 lakhs (Previous year Rs. 39.93 lakhs) and (2) deposit repayment reserve account Rs. 110.00 lakhs (Previous year Rs. 40 lakhs).

16. Interest Expenses on Public Deposits include Rs. 0.78 lakh (Previous year Rs. 0.95 lakh) being interest paid on deposits accepted from Directors.

17. ADDITIONAL INFORMATION

18. Figures of the previous year have been regrouped and recast wherever necessary to suit the current year’s layout.

19. In the opinion of the Board, current assets and long term loans & advances have the value at which they are stated in the Balance Sheet, if realised in the ordinary course of business.

20. Contingent liabilities and commitments (to the extent not provided for in the accounts)

2014-15 Rs. in lakhs

I. Contingent Liabilities

a) Claims against the Company not acknowledged as debts (See Note 29.4):

(i) Customs Duty 47.05

(ii) Kerala General Sales Tax 25.40

(iii) Freight/demurrage demanded 57.11 by Indian Railways (iv) ESI 4.38

(v) Electricity 1.12

b) Bank guarantees in favour of KSEB 42.70

c) Other money for which the Company is contingently liable — 177.76

II. Commitments

(a) Estimated amount of contracts remaining to be executed on capital account not provided for 2.33

(b) Uncalled liability on shares and other investments partly paid —

(c) Letter of credit for import of raw materials 728.96 731.29

TOTAL 909.05

2013-14 Rs. in lakhs

I. Contingent Liabilities

a) Claims against the Company not acknowledged as debts (See Note 29.4):

(i) Customs Duty 47.05

(ii) Kerala General Sales Tax 25.40

(iii) Freight/demurrage demanded 57.11 by Indian Railways (iv) ESI 4.38

(v) Electricity 1.12

b) Bank guarantees in favour of KSEB 38.28

c) Other money for which the Company is contingently liable — 173.34

II. Commitments

(a) Estimated amount of contracts remaining to be executed on capital account not provided for 2.95

(b) Uncalled liability on shares and other investments partly paid —

(c) Letter of credit for import of raw materials 1,036.64 1,039.59

TOTAL 1,212.93

21. Details in respect of claims against the Company not acknowledged as debts disclosed under Note No. 29.3 are as follows:

(i) Commissioner of Customs, Cochin has issued Orders demanding Rs. 47,05,015 for short levy of customs duty on import of Machinery for cattle feed plant and spare parts due to difference in classification under Customs Tariff Head. Aggrieved by the order, Company had filed an appeal before the Hon. Customs, Excise and Service Tax Appellate Tribunal, Bangalore and the appeal is pending.

(ii) Assistant Commissioner (Assessment), Department of Commercial taxes, Thrissur had issued order demanding Rs. 25,40,012 (including interest Rs. 12,63,624) for the financial year 2000-01 against sales tax exemption claimed on sale of refined vegetable oil. On appeal, The Deputy Commissioner (Appeals), Ernakulam had issued an order directing the assessing authority to reconsider the matter. The final order from the Assistant Commissioner (Assessment) is not yet received.

(iii) Southern Railway had raised two demands aggregating to Rs. 57,10,829 on grounds of undercharge due to incorrect classification of deoiled rice bran. The claim has been challenged by the Company before the Hon. High Court of Kerala and the writ petition is still pending before the Court.

(iv) (a) Some of the employees of the company had challenged the enhancement of wage limit for coverage of ESI, before the

Hon. High Court of Kerala and the Court had granted stay. The cases were disposed off by the Court in favour of ESI Corporation and Company had remitted contributions of employer and employees.

Subsequently, ESI Corporation demanded interest amounting to Rs. 1,56,862 for delay in payment of contributions relating to the period when the above stay was in operation and Rs. 19,214 towards employees’ contribution in respect of retired/resigned employees during the said period. Company had preferred appeal before the ESI Court, Palakkad which was decided in favour of the Company. Aggrieved by the order, ESI Corporation had filed appeal before the Hon. High Court of Kerala challenging the orders of ESI Court, Palakkad, and the said appeal is still pending.

ESI Corporation had also demanded damages of Rs. 1,14,199 for the delay in remittance of contribution mentioned above and the Company had filed an appeal before the ESI Court, Palakkad which is still pending.

(b) ESI Corporation has issued order demanding Rs. 1,62,952 as interest and Rs. 60,080 as damages for delay in remittance of contribution on omitted wages for the period from 01.04.1996 to 31.03.2002. The Company remitted Rs. 75,000 towards this demand on direction by the Court, while granting stay. The balance demand is Rs. 1,48,032, and the case is still pending before ESI Court, Palakkad.

(v) Kerala State Electricity Board (KSEB) had issued order demanding Rs. 1,11,780 for additional connected load in Konikkara Dairy Unit of the company relating to the period from November, 2001 to July, 2002. This demand has been challenged by the company before the Hon. High Court of Kerala which is still pending.

In all the above cases company is legally advised that there is a good chance for full relief and hence no provision is considered necessary at this stage.

22. The landed property of the company located at Mysore with an area of around 4 acres 10 cents was sold during the financial year 2014-15 for a total sale consideration of Rs. 1,350 lakhs. Profit on the sale of the property earned by the Company amounting to Rs. 1,045.71 lakhs has been shown in the Statement of profit and loss as Exceptional item.

1. The above disclosures are based on information certified by the independent actuary and relied upon.

2. The plan assets of the Company are managed by the Life Insurance Corporation of India in terms of insurance policies taken to fund the obligations of the Company with respect to its Gratuity and Compensated Absences Plan. Information on categories of plan assets is not available with the Company.

4. No amount has been provided/written off as doubtful debts or advances written back in respect of payables due from or to any of the above related parties.


Mar 31, 2014

Note 1. Terms/rights, Preferences and Restrictions attached to equity shares:

The Company has only one class of shares referred to as 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 dividend 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, except in the case of interim dividend, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors at its meeting held on 29th May, 2014 has recommended a final dividend of Rs. 20 (Rupees Twenty only) per equity share of Rs. 10 each, subject to approval of shareholders at the ensuing annual general meeting. The total dividend appropriation for the year ended 31st March, 2014 amounts to Rs. 748.77 lakhs, including dividend distribution tax of Rs. 108.77 lakhs.

In the case of liquidation of the Company, the holders of equity shares will be entitled to receive the remaing assets of the Company, after distribution of all preferential claims as provided in the Companies Act, 1956. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 2. There was no fresh issue or buying back of shares in the preceding five years.

Note 3. There was neither bonus issue nor any other issue of shares in the preceding five years.

Note 4. Final dividend of Rs. 20 per share proposed by Board is subject to approval of shareholders in the ensuing annual general meeting.

Note 5. See Note 9 for current maturities of long-term debt.

Note 6. Public Deposits include deposits accepted from Directors Rs. 3.96 lakhs (Previous year Rs. 7.31 lakhs) on the same terms and conditions as applicable to other depositors.

Note 7. See Note 4.2 for rate of interest and terms of repayment of public deposits.

Note 8. Term Loan from ICICI Bank Ltd. is secured by (1) Equitable mortgage of all immovable properties of Irinjalakuda, Swaminathapuram and Konikkara Units by deposit of title deeds; and (2) First charge by way of hypothecation of all current assets of the Company and Plant and Machinery of Irinjalakuda and Swaminathapuram Units.

Note 9. Public Deposits include deposits accepted from Directors Rs. 5.10 lakhs (Previous year Rs. Nil) on the same terms and conditions as applicable to other depositors.

Note 10. Interest accrued but not due on public deposits includes Rs. 0.30 lakh (Previous year Rs. 0.12 lakh) due to Directors.

Note 11. See Note 4.2 for rate of interest and terms of repayment of public deposits.

Note 12. Balance with banks include restricted bank balances of Rs. 47.44 lakhs (Previous year Rs. 49.88 lakhs) and time deposit with banks with a maturity of more than 12 months Rs. 0.02 lakh (Previous year Rs. 0.02 lakh). The restrictions are primarily on account of bank balances held as margin money deposits against guarantees Rs. 7.51 lakhs (Previous year Rs. 13.57 lakhs) and earmarked balances for unpaid dividends Rs. 39.93 lakhs (Previous year Rs. 36.31 lakhs).

Note 13.: Interest Expenses on Public Deposits include Rs. 0.95 lakh (Previous year Rs. 0.80 lakh) being interest paid on deposits accepted from Directors.

14. Figures of the previous year have been regrouped and recast wherever necessary to suit the current year''s layout.

15. In the opinion of the Board, current assets and long term loans & advances have the value at which they are stated in the Balance Sheet, if realised in the ordinary course of business.

16. Contingent liabilities and commitments (to the extent not provided for in the accounts)

2013-14 2012-13 Rs. in lakhs Rs. in lakhs

I. Contingent Liabilities

a) Claims against the Company not acknowledged as debts:

(i) Customs Duty 47.05 47.05

(ii) Kerala General Sales Tax 25.40 25.40

(iii)Freight/demurrage demanded by Indian Railways 56.26 87.72

(iv) ESI & EPF 3.57 4.34

(v) Electricity 1.12 1.12

b) Bank guarantees in favour of KSEB 38.28 20.40

c) Other money for which the Company is contingently liable - 171.68 - 186.03

II. Commitments

(a)Estimated amount of contracts remaining to be executed on capital account not provided for 2.95 0.41

(b)Uncalled liability on shares and other investments partly paid - -

(c)Letter of credit for import of raw materials 1,036.64 1,039.59 - 0.41

TOTAL 1,211.27 186.44

Notes : a) Unallocated assets include non-current investments Rs. 7.50 lakhs ( Rs. 7.50 lakhs) and cash and bank balances Rs. 314.41 lakhs (Rs. 375.78 lakhs).

b) Unallocated liabilities include deferred tax Rs. 155.32 lakhs (Rs. 170.29 lakhs), long-term borrowings Rs. 649.25 lakhs ( Rs. 688.30 lakhs), short-term borrowings Rs. 728.90 lakhs (Rs. 1,945.59 lakhs), provision for taxation (net of advance) Rs. 29.03 lakhs (Rs. 47.26 lakhs) and provision for proposed dividend and dividend distribution tax Rs. 748.77 lakhs (Rs. 374.38 lakhs).

c) Figures in brackets denote the corresponding figures for the previous year.


Mar 31, 2013

Note 1.1 Terms/rights, Preferences and Restrictions attached to equity shares:

The Company has only one class of shares referred to as 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 dividend 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, except in the case of interim dividend, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors at its meeting held on 29th May, 2013 has recommended a final dividend of Rs. 10 (Rupees Ten only) per equity share of Rs. 10 each, subject to approval of shareholders at the ensuing annual general meeting. The total dividend appropriation for the year ended 31st March, 2013 amounts to Rs. 374.38 lakhs, including dividend distribution tax of Rs. 54.38 lakhs.

In the case of liquidation of the Company, the holders of equity shares will be entitled to receive the remaing assets of the Company, after distribution of all preferential claims as provided in the Companies Act, 1956. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 1.2 There was no fresh issue or buying back of shares in the preceding five years.

Note 1.3 There was neither bonus issue nor any other issue of shares in the preceding five years.

Note 2.1 See Note 9 for current maturities of long-term debt.

Note 2.2 Term Loan from ICICI Bank Ltd. is secured by (1) Equitable mortgage of all immovable properties of Irinjalakuda, Swaminathapuram and Konikkara Units by deposit of title deeds; and (2) First charge by way of hypothecation of all current assets of the Company and Plant and Machinery of Irinjalakuda and Swaminathapuram Units.

Note 2.3 Public Deposits include deposits accepted from Directors Rs. 7.31 lakhs (Previous year Rs. 5.10 lakhs) on the same terms and conditions as applicable to other depositors.

Note 3.1 Term Loan from ICICI Bank Ltd. is secured by (1) Equitable mortgage of all immovable properties of Irinjalakuda, Swaminathapuram and Konikkara Units by deposit of title deeds; and (2) First charge by way of hypothecation of all current assets of the Company and Plant and Machinery of Irinjalakuda and Swaminathapuram Units.

Note 3.2 Public Deposits include deposits accepted from Directors Rs. Nil (Previous year Rs. 1.00 lakh) on the same terms and conditions as applicable to other depositors.

Note 3.3 Interest accrued but not due on public deposits includes Rs. 0.12 lakh (Previous year Rs. 0.07 lakh) due to Directors.

Note 3.4 See Note 4.3 for rate of interest and terms of repayment of public deposits.

4.1 Related Party Disclosure

a) Key management personnel

Mr. M.C. Paul - Chairman and Managing Director

Mr. P.K. Varghese - Executive Director

b) Enterprises over which key management personnel and their relatives are able to exercise significant influence having transactions with the Company

M/s. Emceepee Traders; M.C. Paul & Sons; MCP Rose Super Market Pvt. Ltd.; Emceepee Agencies; Surya Agencies; and Pokkath Auto Fuels.

c) Relatives of Key Management Personnel having transactions with the Company

Mrs. Annie Paul; Mrs. Pushpam Bright; Dr. Francis Alappat; Mrs. Usha Francis; Dr. James Chettupuzhakkaran; Mr. Bellraj Eapen; Mrs. Binu Fiju; Mrs. Anu Viju; Mrs. Megha Ann Tomy; Mrs. Mariamma Francis; Mrs. Seema Suresh; Mrs. Sawmiya Varghese and Mrs. Alpho Varghese.


Mar 31, 2012

Note 1.1: Gratuity Reserve represents amount set apart in earlier years towards gross (undiscounted) gratuity liability of all the eligible employees as reduced by the amount available with the Employees Group Gratuity Fund Trust of the Company constituted under the Group Gratuity cum Assurance Scheme of the Life Insurance Corporation of India, including interest accrued thereon. Excess Gratuity Reserve as at the year-end over such liability, if any, is retained therein.

Note 1.2: Final dividend of Rs. 11 per share (Previous year Rs. 10 per share) proposed by Board is subject to approval of shareholders in the ensuing annual general meeting.

Note 2.1 :Balance with banks include restricted bank balances of Rs 46.01 lakhs (Previous year Rs 43.45 lakhs) and time deposit with banks with a maturity of more than 12 months Rs 0.02 lakh (Previous year Rs 0.02 lakh). The restrictions are primarily on account of bank balances held as margin money deposits against guarantees Rs 12.81 lakhs (Previous year Rs 12.81 lakhs) and earmarked balances for unpaid dividends Rs 33.20 lakhs (Previous year Rs 30.64 lakhs).

Note 3.1: Interest Expenses on Public Deposits include Rs 0.65 lakh (Previous year Rs 0.51 lakh) being interest paid on deposits accepted from Directors.

4. ADDITIONAL INFORMATION

4.1 Till the year ended 31st March, 2011, the Financial Statements of the Company were prepared and presented as per old Schedule VI to the Companies Act, 1956. The Revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company from the year under report. The Company has reclassified and regrouped previous year figures to conform to the classification as per the Revised Schedule VI.

4.2 In the opinion of the Board, current assets and long term loans & advances have the value at which they are stated in the Balance Sheet, if realised in the ordinary course of business.

4.3 Contingent liabilities and commitments (to the extent not provided for in the accounts)

Current Year Previous Year Rs in lakhs Rs in lakhs

I. Contingent Liabilities

a) Claims against the Company not acknowledged as debts:

(i) Customs Duty 47.05 47.05

(ii) Kerala General Sales Tax 25.40 25.40

(iii) Freight/demurrage demanded by Indian Railways 87.72 82.42

(iv) ESI 3.57 3.57

(v) Electricity 1.33 1.33

b) Bank guarantees in favour of KSEB 12.81 12.81

c) Other money for which the Company is contingently liable - 177.88 - 172.58

II. Commitments

(a) Estimated amount of contracts remaining to be executed on capital account not provided for 29.63 40.58

(b) Uncalled liability on shares and other investments partly paid - -

(c) Letter of credit for import of raw materials / capital goods - 29.63 640.28 680.86

TOTAL 207.51 853.44

Notes : a) Unallocated assets include capital work in progress and intangible assets under development Rs 70.88 lakhs ( Rs 96.37 lakhs), non-current investments Rs 7.50 lakhs ( Rs 7.50 lakhs) and cash and bank balances Rs 583.33 lakhs (Rs 348.07 lakhs).

b) Unallocated liabilities include deferred tax Rs 182.54 lakhs (Rs 205.02 lakhs), long-term borrowings Rs 717.37 lakhs ( Rs 935.82 lakhs), short-term borrowings Rs 1,763.56 lakhs (Rs 1,447.80 lakhs), provision for taxation (net of advance) Rs 74.67 lakhs (Rs 20.60 lakhs) and provision for proposed dividend and corporate dividend tax Rs 409.10 lakhs (Rs 371.91 lakhs).

c) Figures in brackets denote the corresponding figures for the previous year.

b) Enterprises over which key management personnel and their relatives are able to exercise significant influence having transactions with the Company

M/s. Emceepee Traders; M.C. Paul & Sons; MCP Rose Super Market Pvt. Ltd.; Emceepee Agencies; Surya Agencies; and Pokkath Auto Fuels.

c) Relatives of Key Management Personnel having transactions with the Company

Mrs. Annie Paul; Mrs. Pushpam Bright; Dr. Francis Alappat; Mrs. Usha Francis; Dr. James Chettupuzhakkaran; Mr. Bellraj Eapen; Mrs. Binu Ann; Mrs. Anu Maria; Mrs. Megha Ann Tomy; Dr. Fiju Chacko; Mrs. Mariamma Francis; Mrs. Seema Suresh and Sawmiya Varghese.

e) No amount has been provided / written off as doubtful debts or advances written back in respect of payables due from or to any of the above related parties.


Mar 31, 2011

1. Gratuity Reserve under Reserves & Surplus represents amount set apart towards gross (undiscounted) gratuity liability of all the eligible employees as reduced by the amount available with the Employees Group Gratuity Fund Trust of the Company constituted under the Group Gratuity cum Assurance Scheme of the Life Insurance Corporation of India, including interest accrued thereon . Excess Gratuity Reserve as at the year-end over such liability, if any, is retained therein. The contribution made to the Trust is charged to Profit and Loss Account as mentioned in Note No. (A) (xi).

2. In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realised in the ordinary course of business.

3. Secured loans include loans repayable within one year - Rs. 10,84,97,210 (Previous Year Rs. 16,72,50,763).

4. Contingent Liabilities not provided for in the accounts

Current Year Previous Year Rs. Rs.

a) Claims against the Company not acknowledged as debts:

(i) Customs Duty 47,05,015 47,05,015

(ii) Kerala General Sales Tax 25,40,012 25,40,012

(iii) Freight/demurrage demanded by Indian Railways 82,42,304 75,95,504

(iv) ESI 3,57,085 2,90,275

(v) Electricity 1,33,288 9,59,822

b) Estimated amount of contracts remaining to be executed on capital account not provided for 40,58,395 85,97,965

c) (i) Letter of credit for import of raw materials / capital goods 6,40,28,100 1,53,68,000

(ii) Bank Guarantees 12,81,430 8,72,985

5. Rates and Taxes under Manufacturing, Administrative, Selling and Other Expenses (Schedule 12) include Rs. 50,09,289 in respect of sales tax demands (including interest Rs. 5,51,447) for the financial years 2001-02 and 2004-05 remitted under Amnesty Scheme of the Government of Kerala. The demand arose as a result of rejection of sales tax exemption claimed by the Company and the matter is on appeal.

6. Fixed Deposits grouped under Unsecured Loans include deposits due to Directors Rs. 4,77,000 (Previous year Rs. 4,69,000), the Interest accrued but not due on deposits grouped under Current Liabilities include interest accrued on the deposits accepted from Directors Rs. 4,331 (Previous year Rs. 3,992) and Interest and Finance Charges include Rs. 51,403 (Previous year Rs. 49,063) being interest paid on deposits accepted from Directors. The said deposits were accepted under the Companies (Acceptance of Deposits) Rules, 1975 on the same terms and conditions as applicable to other depositors.

7. Steps have been taken to identify the suppliers who qualify under the definition of micro and small enterprises, as defned under the Micro, Small and Medium Enterprises Development Act 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March 2011, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished. In the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act, is not expected to be material.

8. Related Party Disclosure

a) Key management personnel

Mr. M.C. Paul - Chairman and Managing Director

Mr. P.K. Varghese - Executive Director

b) Enterprises over which key management personnel and their relatives are able to exercise significant influence having transactions with the Company

M/s. Emceepee Traders; M.C. Paul & Sons; MCP Rose Super Market Pvt. Ltd.; Emceepee Agencies; Surya Agencies; Supreme Traders and Pokkath Auto Fuels.

c) Relatives of Key Management Personnel having transactions with the Company

Mrs. Annie Paul; Mrs. Pushpam Bright; Dr. Francis Alappat; Mrs. Usha Francis; Dr. James Chettupuzhakkaran; Mr. Bellraj Eapen; Mrs. Binu Ann; Mrs. Anu Maria; Mrs. Megha Ann Tomy; Mrs. Anu V. Koithara and Mrs. Mariamma Francis.

e) No amount has been provided / written off as doubtful debts or advances written back in respect of payables due from or to any of the above related parties.

9. Figures of the previous year have been regrouped and recast wherever necessary to suit the current year's layout. Figures in brackets denote the corresponding figures for the previous year.

 
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