Mar 31, 2015
1. Background:
Laffans Petrochemicals Limited is a listed Company and engaged in
manufacturing of petrochemical products. In the year 2011, the Company
had sold its manufacturing unit and thereafter engaged in the business
of trading in chemicals and API and in commodities arbitrage.
Mar 31, 2014
Background:
Laffans Petrochemicals Limited is a listed Company and engaged in
manufacturing of petrochemical products. In the year 2011, the Company
had sold its manufacturing unit and thereafter engaged in the business
of trading in chemicals and API and in commodities arbitrage.
1 Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil (P.Y. Nil).
2 Sundry Debtors, Sundry Creditors & advances are subject to
confirmation by the respective parties. Necessary Adjustments in
account will be made in the year in which discrepancy, if any, may be
noticed.
3 Sundry Loan & Advances and other assets are, in the opinion of
management stated at the amount realizable in the ordinary course of
business and provision for all known and determined liabilities are
adequate and not in excess of the amounts reasonably required.
4 The Company had sold its manufacturing unit at Panoli to M/s
Huntsman Performance Products (India) Pvt. Ltd, on 1st April, 2011 as
per the Hon. High Court of Gujarat''s order dated 11th March 2011 and
hence the Company has discontinued its manufacturing operation since
then.
5 Previous year figures have been regrouped/ reclassified wherever
necessary.
6 After discontinuing its manufacturing activity due to sale of
manufacturing unit to M/s Huntsman Performance Products (India) Pvt
Ltd., the Company is now dealing in only one segment i.e. trading in
Commodities and Chemicals, hence no separate Segment reporting is
given. The Investment activity has not been treated as separate segment
as the same is temporary deployment of funds.
7 Figures in to bracket pertains to previous year.
Mar 31, 2013
A) Contingent Liability:
i) Sales Tax Liability of Rs. 1,01,13,369 for the year 2008-09 (P.Y.
Rs.Nil) against which appeal is pending ii) Income Tax Liability for
A.Y. 2009-10 Rs.78,60,520/- (P.Y. Nil) Against which appeal is pending.
iii) Income Tax Liability for A.Y. 2008-09 Rs.7,69,746/- (P.Y. Nil)
Against which appeal is pending.
iv) Income Tax Liability for A.Y. 2009-10 Rs.1,65,808/- (P.Y. Nil)
Against which appeal is pending.
b) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs.Nil (P.Y. Nil). ''. *''''**''
c) Sundry Debtors, Sundry Creditors & advances are subject to
confirmation by the respective parties. Necessary Adjustments in
account will be made in the year in which discrepancy, if any, may be
noticed.
d) Sundry Loan & Advances and other assets are, in the opinion of
management stated at the amount realizable in the ordinary course of
business and provision for all known and determined liabilities are
adequate and not in excess of the amounts reasonably required.
e) The Company has during the year in accordance with Accounting
Standard AS-22 "Accounting for Taxes on Income" issued by the Institute
of Chartered Accountants of India, recognized in the profit & Loss
account a difference of Rs. 42,99,293/- between net, deferred tax asset
of Rs.21,46,204/- as on 31st March 2013 and on the deferred tax
liabilities of Rs.21,53,087/- as on 31st March 2012.
f) The Company has made provision for gratuity on estimate basis which
is not in accordance with Accounting Standard 15 "Retirement Benefits".
As per AS 15, Gratuity should have been provided on the basis of
actuarial valuation.
g) The Company has sold its manufacturing unit at Panoli to M/s
Huntsman Performance Products (India) Pvt. Ltd, on 1st April, 2011 as
per the Hon. High Court of Gujarat''s order dated 11th March 2011 and
hence the Company has discontinued its manufacturing operation since
then. During the year the Company has received an additional amount on
final settlement which is shown as Profit on sale of unit at Panoli in
the Profit and Loss Account.
h) Previous year figures have been regrouped/ reclassified wherever
necessary.
i) After discontinuing its manufacturing activity due to sale of
manufacturing unit to M/s Huntsman Performance Products (India) Pvt
Ltd., the Company is now dealing in only one segment i.e. logistic
business, hence no separate Segment reporting is given. The Investment
activity has not been treated as separate segment as the same is
temporary deployment of funds.
j) Figures in to bracket pertains to previous year.
Mar 31, 2012
A) Contingent Liability:
i) Excise Duty Rs. Nil(P.Y. 75,0007-) for which appeal is pending.
ii) Letter of Credit Rs.NiKPY8,80,404/-) and Letter of Guarantee
Rs.Nil(P.Y 88,46,858/-). iii) Service Tax liability of Rs. Nil (P.Y.
Rs. 57,29,279/-) against which appeal is pending iv) Sales Tax
liability of Rs. Nil (P.Y. Rs.7,47,201 /-) against which appeal is
pending v) Income Tax Liabilities for A.Y. 2009-10 Rs.2,15,817/- (P.Y.
AY 2008-09 of Rs. 71,17,100/-) Against which appeal is pending.
b) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs.Nil (P.Y. Nil).
c) Sundry Debtors, Sundry Creditors & advances are subject to
confirmation by die respective parties. Neces- sary Adjustments in
account will be made in the year in which discrepancy, if any, may be
noticed.
i) Sundry Loan & Advances and other assets are, in die opinion of
management stated at die amount realizable hi me ordinary course of
business and provision for all known and determined liabilities are
adequate and not in excess of die amounts reasonably required.
d) The Company has during me year in accordance widi Accounting
Standard AS-22 "Accounting for Taxes on Income" issued by the Institute
of Chartered Accountants of India, recognized in die profit & Loss
account a difference of Rs. 4,11,27,958/- between net, deferred tax
liabilities of Rs.21,53,087/- as on 31st March 2012 and on die deferred
tax liabilities of Rs.4,32,81,045/- as on 31st March 2011.
e) The Company has made provision for gratuity on estimate basis which
is not in accordance with Accounting Standard 15 "Retirement Benefits".
As per AS 15, Gratuity should have been provided on the basis of
actuarial valuation.
f) The Company has sold its manufacturing unit at Panoli to M/s
Huntsman Performance Products (India) Pvt. Ltd, on 1 st April, 2011 as
per the Hon. High Court order dated 11 th March 2011 and hence the
Company has discontinued its operation since then.
g) Previous year figures have been regrouped/ reclassified wherever
necessary.
h) Since the Company is dealing in one segment, No separate Segment
reporting is given.
Mar 31, 2010
A) Contingent Liability :
i) Excise Duty Rs. 75,000/- (P.Y. 75,000/-) for which appeal is
pending.
ii) Letter of Credit Rs.5,98,49,693/- (P.Y.3,67,31,801/-) and Letter of
Guarantee Rs.1,99,49,427/-(P.Y. 7,91,88,169/-).
iii) Service Tax liability of Rs. 16,33,802/- against which appeal is
pending
iv) Sales Tax Liability of Rs. 40,38,043/- against which appeal is
pending
b) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs.Nil (P.Y. Nil).
c) Working Capital from Indian Overseas Bank, HDFC Bank and Punjab
National Bank.
i) Secured against hypothecation of stocks of raw materials, packing
materials , in process goods , finished goods , consumables , stores
and spares, Book debts and other current assets to the extent of
Rs.3000 lacs as fund based and non fund based Rs 2500 lacs secured
against documentot title of goods and counter indemnity of the company.
ii) Personal Guarantee of Managing Director.
iii) Collateral Security by way of second charge on the fixed assets of
the company.
d) Sales Tax Deferment Loan Account: Outstanding as on 31.03.2010 Rs.
374.87 Lacs
Under Sales Tax Diversification Scheme. Payable in equal annual
installments of Rs. 93.72 Lacs each.
Payable in Next one Year Rs.93.72 Lacs on 31.05.2010. Secured by
personal guarantee of the Managing Director.
e) LICENSED AND INSTALLED CAPACITIES AND PRODUCTION:
Installed Licensed Actual
Capacity Capacity Production
PA-MTs.
Ethoxylate & 55000 MT 55000 MT 30864.801
MT
Glycol Ethers /
Speciality
Chemicals
Previous Year 31000 MT 31000 MT 25,575.252
MT
** Above capacity includes production / blending capacities and varies
with the product type
f) Sundry Debtors, Sundry Creditors & advances are subject to
confirmation by the respective parties. Necessary Adjustments in
account will be made in the year in which discrepancy, if any, may be
noticed.
g) Sundry Loan & Advances and other assets are, in the opinion of
management stated at the amount realizable in the ordinary course of
business and provision for all known and determined liabilities are
adequate and not in excess of the amounts reasonably required.
h) There are no delays in payments to Micro, Small and Medium
enterprises as required to be disclosed under Micro, Small & Medium
enterprises Act 2006. The total amount of Rs.4,10,868/- payable to
Micro & Small enterprises has been determined to the extent such
parties have been identified on the basis of information available with
the company. This has been relied upon by the Auditors.
i) The Company has during the year in accordance with Accounting
Standard AS-22 "Accounting for Taxes on Income" issued by the Institute
of Chartered Accountants of India, recognized in the profit & Loss
account a difference of Rs. 64,11,936/- between net, deferred tax
liabilities of Rs.4,08,80,127/- as on 31s March 2010 and on the
deferred tax liabilities of Rs.3,44,68,191/- as on 31s March 2009.
Deferred tax Liabilities and assets are on account of the following
timing differences
j) The Company has made provision for gratuity on estimate basis which
is not in accordance with Accounting Standard 15 "Retirement Benefits".
As per AS 15, Gratuity should have been provided on the basis of
actuarial valuation.
k) Previous year figures have been regrouped/ reclassified wherever
necessary.
l) Since the Company is dealing in one segment, No separate Segment
reporting is given.
m) Figures into bracket pertains to previous year.