Home  »  Company  »  Natraj Proteins  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Natraj Proteins Ltd.

Mar 31, 2015

NOTE 1

Borrowings From Andhra Bank

The working capital facilities from Andhra Bank in following facilities Export Packing Credit, Open Cash Credit, Bank Guarantee and Inland letter of Credit payable on demand. Open cash credit is bifurcated to peak and non peak limits with sublimit for book debts. Rate of Interest on Open cash credit is 13.00% and on Export Packing Credit there is concessional rate of interest. Primary security is hypothecation of stocks meant for export in case of Export Packing Credit, hypothecation of stocks and receivables in case of Open cash credit facilities, counter guarantee in case of bank guarantee and stocks proecured under Letter of Credit in case of LC facilities. Short Term loan against pledge of ware house receipt for procurement of soya seed. Rate of interest is 11.00% and primary security is pledge of warehouse receipts/storage receipts with lien noted in favour of Bank. The repayment is bullet payment with interest on due date i.e.. at the end of tenur of each disbursement.

All above working capital borrowings including short term loan against pledge of ware house receipts are collaterally secured by :

a) by way of first charge on the company''s entire fixed asset excluding assets created out of TL Andhra Bank (and out of TL from MPFC. And against Equitable Mortgage of Factory Land (Free Hold) admeasuring 17.93 Acres)

b) by way of Extension of EM of house property in name of Shri Kailash Chand Sharma, Managing Director situated at Nirupam Royal Palm Villa, Bhopal and EM of residential plot at village Jatkhedi, Bhopal.

c) Lien on FDR of principle amount Rs. 1.54 Cr. With present value of Rs. 2.08 Cr. As on 31.03.2015

d) Personal Guarantees of 3 Director (a), (b), © and (d) also collateal for term loan borrowings Note No. 3.1

On Borrowing From IDBI Bank

1. Short term Loan against pledge of Ware House Receipt for procurement of Agri Commodities Rate of Interest 10.75% and Primary security of Ware House Receipts with Lien Mark in favour of Bank.

2. Repayment period minimum One Month and Maximum 12 Months.

3. Collatoral Security as Personnel Guarantee of Managing Director of Company

Note 2

2.1 Other Bank Balances includes FDR with Central Bank of India Rs.1,315,603 previous Year Rs. 1,240,888 having original maturity period more than 12 months.

2.2 Margin Money:

Margin money deposits amounting to Rs. 3,44,25,512/-( previous year Rs. 3,17,40,872/-) are lying with Bank against Bank Guarantee & Security against borrowings of Working Capital

(i) Lien Marked against FDR with Andhra Bank RS. 34425512/-, for the Bank Guarantee, Letter of Credit & other collateral security for the working Capital Borrowings.

(ii) Lien marked against FDR with Axis Bank Rs. 404480. The FDR given as security deposit with Agriculture Produce Market Committee- Krishi Upaj Mandi Samiti.

(iii) Lien Mkarked FDR of Rs.17000000/- with RBL Bank for Corporate Guarantee against Crop Loan to Farmers/

Agregators. Previous year Nil


Mar 31, 2013

CONTINGENT LIABILITIES

1. (a) Estimated amount of capital commitments on contracts to be executed net of advances is fis. Nil lacs

(Previous year Rs. NIL). Bank guarantees issued on behalf of the company Rs. 21.39 lacs (Previous year Rs. 19.26 lacs)

behalf of the company Rs. 21.39 lacs (Previous year Rs. 19.26 lacs)

(b) Income Tax Rs.15.90 Lacs (Previous year Rs.15.90 Lacs): In respect of demand from the Income Tax department, the case is before the Settlement Commission. The company has already remitted tax of Rs.39.80 lacs urtder protest and shown under advances. As per the legal opinion obtained by the company, there will not be any demand and the entire amount is likely to be refunded. However tax on income surrendered before the Commission amounts to Rs.15.90 lacs is shown as contingent liability. The company has filed petition in Honorable High court of M.P for granting stay for referring the case back to the Commissioner Income Tax. The Honorable High Court granted the stay in favour of the company. Further details in this case is awaited.

(c) In respect of demand from the Commercial tax department, the company filed appeal with the Appellate commissioner, Commercial Tax, Bhopal.

The amount of Entry Tax demanded in the notice is Rs.0.53 lacs related to the year 2006-07.

d) In respect of demand Rs. 6,32,244 from the commercial tax department for the period 01 -04-2006 to 31-03- 2007, the company filed an appeal with the M.P Commercial Tax Appellate Board, Bhopal. Against the demand the company already deposited Rs.127000.

2. Sundry Debtors and Sundry Creditors balances are subject to confirmation.

3. The figures of previous year have been reclassified and/or regrouped wherever necessary to confirm current year classification or group.

4. WIND MILL POWER PROJECT:

In respect of Wind Mill Generator at NavneetaKrishnaPuram, Tirunelveli District Tamil Nadu.

5. Sale of Generated power during the year 2012-13 is 1488720 units. (Previous Year: 11,77,116 Units).

6. Related Party Disclosure (As identified by the Management) Related party Relationships

a) Where control exists :: Kailash Chand Sharma, J.P.Agrawal, Sharad Kumar Jain,

b) Key Management Personnel:: Shri.Kailash Chand Sharma, Managing Director

c) Relatives of Key Management Personnel: Mr. Ritesh Sharma related to Managing Director

In respect of above parties, there is no provision for doubtful debts as on 31 - March 2013 and no amount has been written off or written back during the year in respect of debts due from/to them.

7. In accordance with the revised accounting standard-15 are given below which is certified by the actuary and relied upon by the auditors. The following tables summarize the components of net benefit expenses recognized in the profit and loss account and the unfunded liability status and amounts recognized in the balance sheet for the gratuity.


Mar 31, 2012

1. (a)Estimated amount of capital commitments on contracts to be executed net of advances is Rs. Nil lacs (Previous year Rs. NIL. Bank guarantees issued on behalf of the company Rs. 19.26 lacs (Previous year Rs. 18.00 lacs) 1

1.(b) In respect of demand from the Income Tax department, the case is before the Settlement Commission. The company has already remitted tax of Rs.39.80 lacs under protest and shown under advances. As per the legal opinion obtained by the company, there will not be any demand and the entire amount is likely to be refunded. However tax on income surrendered before the Commission amounts to Rs. 15.90 lacs is shown as contingent liability. The company has filed petition in Honorable High court of M.P for granting stay for referring the case back to the Commissioner Income Tax. The Honorable High Court granted the stay in favour of the company. Further details in this case is awaited.

1. (C) In respect of demand from the Commercial tax department, the company filed appeal with the Appellate commissioner, Commercial Tax, Bhopal. The amount of Entry Tax demanded in the notice is Rs.0.53 lacs related to the year 2006-07.

1. (d) In respect of demand Rs. 6,32,244 from the commercial tax department for the period 01-04-2006 to 31-03-2007, the company filed an appeal with the M.P Commercial Tax Appellate Board, Bhopal. Against the demand the company already deposited Rs.127000.

2. Sundry Debtors and Sundry Creditors balances are subject to confirmation.

3. The figures of previous year have been reclassified and /or regrouped wherever necessary to confirm to current year classification or group.

4. During the year 2011-12 the company received of Rs. 1657408 as VAT refund. An excess provision on VAT account Rs. 15,14,Qfg used for estimating VAT payable as on 31-03-2012

5. WIND MILL POWER PROJECT:

In respect of Wind Mill peneratorat NavneetaKrfehrtSPuram, Tirunelveli Distlfet Tamil Nadu.

6. Sale of Generated power during the year 2011.-12 is 11,77,116 units. (Previous Year: 1398312 Units).

7. Income tax provisiih account has not been:iai£bnciled /adjusted with thfitax paid and accounted for under Advance Tax a/c for the years asessment is complete.

8. Related Party Disclosure (As identified by the Management)

Related party Relationships

a) Where control exists:Kailash Chandra Sharma,J.P.Agarwal, Sharad Kumar jain.

b) Key Management Personnel: Shri Kailash Chandra Sharma,Managing Director

c) Relatives of Key Management Rffsonnel: Mr Sharma related to Managing Director

(d) Other Related Parties M/S Saurabh Traders, Itarsl

The parties listed under (d) above not related parties as per require ment Accounting Standard 18. However, as an abundant caution, they are being included for making financial statement more transparent. In respect of above parties, there is no provision for doubtful debts as on 31st March 2012 and no amount has been written back during the year in respect of debets due from to them.

9. In accordance withr the revised accounting standard -15 are given bjfow which is certified by the actuary and relied upon auditors. The, following components of net benefit expenses recognized in the profit and loss account unfunded liabilty status and amounts recognized in the balance sheet for the gratuity.


Mar 31, 2010

A) OTHER NOTES : CONTINGENT LIABILITIES

1. (a) Estimated amount of capital commitments on contracts to be executed net of advances is Rs. Nil lacs (Previous year Rs. NIL. Bank guarantees issued on behalf of the company Rs. 18.00 lacs (Previous year Rs. 21.05 lacs).

(b) In respect of demand from the Income Tax department, the case is before the Settlement Commission. The company has already remitted tax of Rs.39.80 lacs under protest and shown under advances. As per the legal opinion obtained by the company, there will not be any demand and the entire amount is likely to be refunded. However tax on income surrendered before the Commission amounts to Rs. 15.90 lacs is shown as contingent liability. The company has filed petition in Honorable High court of M.P for granting stay for referring the case back to the Commissioner Income Tax. The Honorable High Court granted the stay in favour of the company. Further details in this case is awaited.

(c) In respect of demand from the Commercial tax department, the company filed appeal with the Appellate commissioner, Commercial Tax, Bhopal. The amount of Entry Tax demanded in the notice is Rs.0.86 lacs related to the year 2006-07.

(d) In respect of demand Rs. 7,03,244 from the commercial tax department for the period 01-04-2006 to 31-03- 2007, the company filed an appeal with the M.P Commercial Tax Appellate Board, Bhopal. Against the demand the company already deposited Rs.71000.

2. Sundry Debtors and Sundry Creditors balances are subject to confirmation.

3. The previous year figures have been regrouped wherever necessary.

4. The share capital as shown in the accounts and as per share transfer agents is under reconciliation.

5. Dues to SSI Units as on 31.03.09 Rs. 85199 (Previous year Rs.2,81,815) and no interest is applicable.

6. During the year 2009-10 the company written back Rs. 33,95,279 as excess provision on VAT account. The amount written back due to change in assumption used for estimating VAT payable as on 31-03-2009.

7. Information on status, amount due as well as period of outstanding as 31.03.2010 in case of Micro , Small and Medium Enterprises as required to be disclose under The Micro , Small and Medium Enterprises Development Act, 2006 isRs.85199.

8. WIND MILL POWER PROJECT :

In respect of Wind Mill Generator at Navneeta Krishna Puram, Tirunelveli District Tamil Nadu Sale of Generated power during the year 2009-10 is 16,70,196 units, (previous Year: 1,50,432 Units).

9. Income tax provision account has not been reconciled /adjusted with the tax paid and accounted for under Advance Tax a/c for the years assessment is complete.

10. Related Party Disclosure (As identified by the Management) Related party Relationships

(a) Where control exists : Kailash Chand Sharma, J.P.Agrawal, Surender Singh Arora.

(b) Key Management Personnel : Shri.Kailash Chand Sharma, Managing Director

(c) Relatives of Key Management Personnel : Mr. Ritesh Sharma related to Managing Director

(d) Other Related Parties : M/S Saurabh Traders, Itarsi

The parties listed under (d) above are not related parties as per requirement of Accounting Standard 18. However, as an abundant caution, they are being included for making financial statement more transparent. In respect of above parties, there is no provision for doubtful debts as on 31 March 2010 and no amount has been written off or written back during the year in respect of debts due from/to them.

11. In accordance with the revised accounting standard -

12 Are given below which is certified by the actuary and relied upon by the auditors. The following tables summarize the components of net benefit expenses recognized in the profit and loss account and the unfunded liability status and amounts recognized in the balance sheet for the gratuity.

NOTE: The defined benefit obligation as on 31-03-2010 is Rs. 9,79,577 as per the independent actuarial valuation which is lesser then the closing balance of the fund Rs.9.93,758,hence no additional liability has been provided in the books during the year 2009-2010.

Transactions with related parties during the year:

J.P.Agrawal Managerial remuneration paid Rs.6.00 lacs

K.C. Sharma Managerial remuneration paid Rs.6.00 lacs

Surendra Singh Arora Managerial remuneration paid Rs.3.00 lacs, (from April 2009 to September 2009)

Rithesh Sharma, Related to Managing Director - Remuneration paid during the year Rs. 5.94 lacs.

M/s. Saurabh Traders, Itarsi - Purchase of soya bean from Saurabh Traders Rs.2593.00 Lacs.

13. Additional information required under Schedule VI of the Companies Act 1956.

 
Subscribe now to get personal finance updates in your inbox!