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Notes to Accounts of Modi Naturals Ltd.

Mar 31, 2015

1. Corporate Information

Modi Naturals Limited is a Public Limited Company domiciled in India and Incorporated under the provisions of Companies Act, 1956. The shares of company are listed at Bombay Stock Exchange. The Company is in the business of manufacturing and marketing of oils and de-oiled cakes.

2. The company has only one class of equity shares, having a par value of Rs.10 per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company' s residual assets. Each shareholder is eligible to one vote per share held. The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

3. Issued, subscribed and paid-up capital of the company includes:-

(i) 2026592 Shares (Previous Year 2026592) of Rs 10 each fully paid up alloted in the last five years to Share holders of M/ s J.P Management Systems P Ltd pursuant to the scheme of amalgamation with the Company, for consideration other than cash

(ii) 4238967 shares (Previous Year 4238967) alloted as Bonus Shares by way of Capitalisation of Profits

(iii) 2640000 Shares (Previous Year 2640000) issued by way of conversion of Optionally Convertible Warrants into equity shares Rs.10/- each at a premium of Rs.20/- each.

(a) Term Loan from banks is secured by way of equitable mortgage of Factory Land & Building and Hypothecation of Plant & Machinery of all the units at Bisalpur Road and Bareilly Road, Stock and Book Debts, Personal guarantees of Mr. Anil Modi and Mrs. Nita Modi and corporate guarantee of Das Investments Pvt. Ltd.

(b) Vehicle Loans are secured against hypothecation of respective Vehicles

4. Working Capital facility comprises cash credit from bankand is secured against hypothecation of raw materials, semi finished goods, finished goods, consumbale stores, book debts, all securities of units at Bisalpur Road and Bareilly Road, Pilibhit and personal guarantees of Mr. Anil Modi and Mrs. Nita Modi.

5. CONTINGENT LIABILITIES (not provided for) This Year Previous Year (Rs.) (Rs.)

i. Claim against the company not acknowledge as debts :

Sales Tax 40,000 93,399

Provident Fund 54,62,669 54,62,669

Excise Duty 3,06,49,361 2,64,63,303

ii. Sales Tax Liability against pending forms 45,61,570 32,52,216

iii. Capital commitment (net of advance) 3,00,900 -

6. Sales/Trade Tax, Excise Duty, CENVAT and Service Tax have been accounted for as per deposit/book records, the liability/ refunds of such taxes being accounted for on finalisation of assessment/demand.

7. Income tax assessments for and upto assessment year 2013-2014 have been made.

8. Related Parties Disclosures as required by Accounting Standard (AS 18) are as under:-

1. Names of the related parties with whom transactions have taken place during the year:-

(A) Key Management Personnel Mr. Anil Modi, Managing Director Mr. Akshay Modi, Executive Director

(B) Relatives of Key Management Personnel.

Nita Modi

(C) Enterprises over which key Management personnel, or his relative, has significant influence.

Anil Modi (HUF)

Note : Related parties are as identified by the company and relied upon by the Auditors.

9. The company's sole business segment is manufacturing and marketing of Oils & De-oiled Cakes and the geographical segment is India. Consequently no separate disclosure, as required under Accounting Standard 17 - Segment Reporting, is considered relevant.

10. Disclosure in respect of operating leases under Accounting Standard (AS) - 19 "Leases" prescribed by the Companies (Accounting Standards) Rules, 2014.

(a) General description of the Company's operating lease arrangements:

The Company enters into operating lease arrangements for leasing area offices, factory building, equipments and residential premises for its employees.

Some of the significant terms and conditions of the arrangements are:

* Agreements for most of the premises may generally be terminated by the lessee or either party by serving two to three month's notice or by paying the notice period rent in lieu thereof.

* The lease arrangements are generally renewable on the expiry of lease period subject to mutual agreement.

* The company shall not sublet, assign or part with the possession of the premises without prior written consent of the lessor.

(b) Lease rent charged to the Profit and Loss Account on account of Minimum lease rentals Rs.52,06,724/- (Previous year Rs.32,20,845/-)

11. Figures have been rounded off to the nearest rupee and previous year figures have been updated/regrouped/ rearranged wherever necessary.


Mar 31, 2013

1. Corporate Information

Modi Naturals Limited is a Public Limited Company domiciled in India and Incorporated under the provisions of Companies Act, 1956. The shares of company are listed at Bombay Stock Exchange. The Company is in the business of manufacturing and marketing of oils and de-oiled cakes.

2.CONTINGENT LIABILITIES (not provided for)

This Year Previous Year (in Rs.) (in Rs.)

i. Claim against the company not acknowledge as debts :

Sales Tax 39,23,541 38,30,142

Provident Fund 38,12,063 38,12,063

ii. Sales Tax Liability against pending forms 38,53,093 16,75,208

3. Sales/Trade Tax, Excise Duty, CENVAT and Service Tax have been accounted for as per deposit/book records, the liability/ refunds of such taxes being accounted for on fnalisation of assessment/demand.

4. Income tax assessments for and upto assessment year 2011-2012 have been made.

5. Related Parties Disclosures as required by Accounting Standard (AS 18) are as under:- 1. Names of the related parties with whom transactions have taken place during the year:- (A) Key Management Personnel

Mr. Anil Modi, Managing Director Mr. Akshay Modi, Executive Director

(B) Relatives of Key Management Personnel. Nita Modi

(C) Enterprises over which key Management personnel, or his relative, has signifcant infuence. Anil Modi (HUF)

Note : Related parties are as identifed by the company and relied upon by the Auditors.

6. The company''s sole business segment is manufacturing and marketing of Oils & De-oiled Cakes and the geographical segment is India. Consequently no separate disclosure, as required under Accounting Standard 17 - Segment Reporting, is considered relevant.

7. Disclosure in respect of operating leases under Accounting Standard (AS) – 19 "Leases” prescribed by the Companies (Accounting Standards) Rules, 2006.

(a) General description of the Company''s operating lease arrangements:

The Company enters into operating lease arrangements for leasing area ofces, factory building, equipments and residential premises for its employees.

Some of the signifcant terms and conditions of the arrangements are:

- Agreements for most of the premises may generally be terminated by the lessee or either party by serving two to three month''s notice or by paying the notice period rent in lieu thereof.

- The lease arrangements are generally renewable on the expiry of lease period subject to mutual agreement.

- The company shall not sublet, assign or part with the possession of the premises without prior written consent of the lessor.

(b) Lease rent charged to the Proft and Loss Account on account of Minimum lease rentals Rs.19,82,783/- (Previous year Rs.5,76,000/-)

8. Value of imported and indigenous raw materials, stores, components and spare parts consumed:

9. Figures have been rounded of to the nearest rupee and previous year fgures have been updated/regrouped/rearranged wherever necessary.


Mar 31, 2012

1 : Corporate Information

Modi Naturals Limited is a Public Limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The shares of company are listed at Bombay Stock Exchange. The Company is in the business of manufacturing and marketing of oils and de-oiled cakes.

(1.2) The company has only one class of equity shares, having par value of Rs.10 per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company' s residual assets. Each shareholder is eligible to one vote per share held. The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(1.3) Issued, subscribed and paid-up capital of the company includes:-

(i) 2,026,592 shares (Previous Year 2,026,592) of Rs 10 each fully paid up alloted in the last five years to shareholders of M/s J.P. Management Systems P Ltd pursuant to the scheme of amalgamation with the Company, for consideration other than cash.

(ii) 4,238,967 shares (Previous Year 4,238,967) alloted as Bonus Shares by way of Capitalisation of Profits.

(iii) 2,640,000 shares (Previous Year 2,072,000) issued by way of conversion of Optionally Convertible Warrants into equity shares Rs.10/- each at a premium of Rs.20/- each.

Security

(a) Term Loan from banks is secured by way of equitable mortgage of Factory Land & Building and Hypothecation of Plant & Machinery of all the units at Bisalpur Road and Bareilly Road, Stock and Book Debts, Personal guarantees of Mr. Anil Modi and Mrs. Nita Modi and corporate guarantee of Das Investments Pvt. Ltd.

(b) Vehicle Loans are secured against hypothecation of respective Vehicles.

1.4 Working Capital facility comprises cash credit from bank and is secured against hypothecation of raw materials, semi finished goods, finished goods, consumbale stores, book debts, all securities of units at Bisalpur Road and Bareilly Road, Pilibhit and personal guarantees of Mr. Anil Modi and Mrs. Nita Modi and corporate guarantee of Das Investments Pvt. Ltd.

1.5 The company had sought confirmation from its vendors on their status under Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act") which came into force from 2 October 2006. Based on the confirmations received till date, the disclosure as required by section 22 of the MSMED Act are given below:-

2: Contingent liabilities (not provided for)

This Year Previous Year (in) (in)

i. Claim against the company not acknowledge as debts : Provident Fund 3,812,063 - Others 3,830,142 3,830,142

ii. Capital commitment (Net of advances) - 5,861,828

iii. Sales Tax Liability against pending forms 1,675,208 -

31: Security Deposits under Note 14 Long Term Loan and Advances includes:- - In Post Office Saving Bank Account, pledged with: RFC 5,000 5,000

- National Saving Certificates, pledged with: Sales Tax Department 1,000 1,000

- National Saving Certificates, pledged with: RFC 5,000 5,000

- National Saving Certificates, pledged with: Senior Marketing Inspector, Pilibhit 5,000 5,000

- National Saving Certificate pledged with DSO, Pilibhit 22,000 22,000

- National Saving Certificate pledged with Krishi Utpadan Mandi Samiti 7,000 7,000

3: Sales/Trade Tax, Excise Duty, CENVAT and Service Tax have been accounted for as per deposit/book records, the liability/refunds of such taxes being accounted for on finalisation of assessment/demand.

4: Income tax assessments for and upto assessment year 2009-10 have been made.

5: The Company has provided for minimum alternate tax in the Profit & Loss Account of the year as per section 115JB of the Income Tax Act, 1961. Any credit available in subsequent year against this tax shall be adjusted against the Income Tax payable for these years.

6: Related Parties Disclosures as required by Accounting Standard (AS 18) are as under:-

1. Names of the related parties with whom transactions have taken place during the year:-

(A) Key Management Personnel

Mr. Anil Modi, Managing Director

Mr. Akshay Modi, CEO, Whole time Director from 15.12.2010

(B) Relatives of Key Management Personnel.

Nita Modi

(C) Enterprises over which key Management personnel, or his relative, has significant influence.

Anil Modi (HUF)

Note : Related parties are as identified by the company and relied upon by the Auditors.

7: The company's sole business segment is manufacturing and marketing of Oils & De-oiled Cakes and the geographical segment is India. Consequently no separate disclosure, as required under Accounting Standard 17 - Segment Reporting, is considered relevant.

8: Disclosure in respect of operating leases under Accounting Standard (AS) - 19 "Leases" prescribed by the Companies (Accounting Standards) Rules, 2006.

(a) General description of the Company's operating lease arrangements:

The Company enters into operating lease arrangements for leasing area offices, factory building, equipments and residential premises for its employees.

Some of the significant terms and conditions of the arrangements are:

- Agreements for most of the premises may generally be terminated by the lessee or either party by serving two to three month's notice or by paying the notice period rent in lieu thereof.

- The lease arrangements are generally renewable on the expiry of lease period subject to mutual agreement.

- The company shall not sublet, assign or part with the possession of the premises without prior written consent of the lessor.

(b) Lease rent charged to the Profit and Loss Account on account of Minimum lease rentals Rs. 762,000/- (Previous year Rs.1,40,000/-)

9: Directors have been paid remuneration in terms of special resolution and in accordance with Schedule XIII to the Companies Act, 1956, as under:

Remuneration to the Managing Director and Whole Time Director

Note: Remuneration excludes provision for gratuity determined on actuarial basis as these are determined for the company as a whole.

Shri Anil Modi, Chairman & Managing Director has not been paid any commission during the current year due to inadequate profits.

10 Figures have been rounded off to the nearest rupee and previous year figures have been updated/regrouped/ rearranged wherever necessary.


Mar 31, 2010

1. CONTINGENT LIABILITIES

(not provided for) This Year Previous Year

(Rs.) (Rs.)

a. Claims not accepted 38,30,142 38,30,142

b. Entry Tax 1,88,521 -

2. An Investment Incentive of Rs.50,00,000/- had been sanctioned to the company during 2007-08 in respect of its Pilibhit Unit, which had been capitalised by transfer to Capital Reserve.

National Saving Certificate pledged with Krishi Utpadan Mandi Samiti 7,000 7,000

3. Sales/Trade Tax, Excise Duty, CENVAT and Service Tax have been accounted for as per deposit/book records, the liability/refunds of such taxes being accounted for on finalisation of assessment/demand.

4. Income tax assessments for and upto assessment year 2008-09 have been made.

5. Provision for Income Tax liability has been computed after taking into account allowable deduction under provisions of Income Tax Act, 1961 and is considered adequate.

6. The company has, during the year, not received any intimation from its suppliers regarding their status under the The Micro, Small and Medium Enterprises Development Act, 2006 and hence the following information required under the said Act have not been given:-

a) Delayed payments due as at the end of each accounting year on account of principal and interest thereon.

b) Total interest paid on all delayed payments during the year under the provisions of the Act.

c) Interest due on principal amounts paid beyond the due date during the year but without the interest amounts undertheAct.

d) Interest accrued but not due.

e) Total interest due but not paid.

The company generally makes payment to all its suppliers within the agreed credit period (less than 45 days) and thus the management is confident that liability of interest under this Act, if any, would not be material.

7. Related Parties Disclosures as required by Accounting Standard (AS 18) are as under:-

1. Names of the related parties with whom transactions have taken place during the year:-

(A) Key Management Personnel

Mr. Anil Modi, Managing Director

Mr. Akshay Modi, CEO

(B) Relatives of Key Management Personnel.

Smt. Satya Modi

Neha Modi

Nita Modi

(C) Enterprises over which key Management personnel, or his relative, has significant influence.

Anil Modi (HUF)

D.D. Modi (HUF)

8. The companys sole business segment is manufacture and sale of Oils & De-oiled Cakes and the geographical segment is India. Consequently no separate disclosure, as required under Accounting Standard 17 - Segment Reporting, is considered relevant.

9. Information pursuant to para 3,4C and 4D of Part II of Schedule VI to the Companies Act, 1956 (to the extent applicable):

10. Figures have been rounded off to the nearest rupee and previous year figures have been updated/regrouped/rearranged wherever necessary.

 
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