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Notes to Accounts of Omkar Speciality Chemicals Ltd.

Mar 31, 2015

Notes: of the above equity shares

1) Nominal value of Rs 100/- per equity share sub divided into Rs 10/- per equity shares, during the Financial year 2010-11

2) During the finacial yaer 2010-2011, 8100004 Equity shares of Rs. 10/-each were issued at premium of Rs. 88/- each by public offer

3) Mr. Pravin S. Herlekar has acquired 180005 equity shares on March, 2014. However the same is not reflected in the beneficial position received from the depositories as on 31st March, 2014

4) Mr. Pravin S. Herlekar has acquired 195603 equity shares out of which 110603 shares are not reflected in the beneficial position received from the depositories as on 31st March, 2015. Further he has created encumberance on 722300 shares which are not reflected in the beneficial position received from the depositories as on 31st March, 2015

Note:

1) Term loans /ECB Loan

a) From Banks were secured by way of hypothecation of stock, spare parts and book debts and first charge on land, building and plant and machinery present and future situated at plot No. F-24, plot No. W -92A, W-94, W-95 plot No.F-9, F -10/1, plot No. B-34, MIDC, Badlapur,Dist : Thane and plot no. D 27/5, Lote Parshuram Industrial Area, Taluka - Khed , Ratnagiri in Maharashtra

b) Personal guarantee of the promoter directors of the company

c) Unsecured term loan were are secured by Personal guarantee of the promoter directors of the company

2) Working Capital Loans

a) From Banks were secured by way of hypothecation of stock, spare parts and book debts and first charge on land building and plant and machinery present and future situated at plot No. F-24, plot No. W -92A,W-94,W-95, plot No B-34, plot No. F-9, F -10/1, MIDC, Badlapur, Dist : Thane & plot no. D 27/5, Lote Parshuram Industrial Area, Taluka - Khed , Ratnagiri in Maharashtra "

b) Personal guarantee of the promoter directors of the company

3) Secured Borrowings from banks,repayable on demand, includes Buyers Credit of Rs Nil ( Previous year : Rs 1711.85 lakhs)

4) Other loans are repayable on demand.

5) * Current maturities of long term borrowings are considered in note no. 7- Other Current liabilities

1) The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures as required under Schedule VI of the Companies Act, 2013 relating to amounts unpaid as at the year end together with interest paid/ payable, etc., have not been made

2) The Company has not received the required information from suppliers regarding their status under the Small Scale Industries Act and hence disclosures as required under Schedule VI of the Companies Act, 2013 relating to amounts unpaid as at the year end together with interest paid/ payable, etc., have not been made.

During the financial year, the Company has issued & allotted 950,000 Equity Shares of the Company persuant to conversion of warrants issued on preferential basis, @ Rs. 150/- per warrant,

4 CONTINGENT LIABILITIES AND COMMITMENTS :

i. Contingent Liabilities :

Claims against the company not acknowledged as debt : Rs Nil (Previous year : Rs Nil)

The company has given guarantee to the bank on behalf of its Wholly Owned Subsidiary, Urdhwa Chemical Co Pvt Limited of Rs 27 crores. (Previous year Rs 27 Cr) and Lasa Laboratory Private Limited of Rs 45.00 crores (previous year Rs 35.00 crores)

Contigent Liability in respect of income tax demands against which company has filed appeals with Income Tax Appealate Tribunal for Assessement Years 2009-10, 2010-11 and 2011-12. The total demand ( net of payments ) is Rs 198.12 Lakhs

ii. commitments : As on 31st As on 31st

Particulars march, 2015 march, 2014

Letter of Credit - 2,919.19

Amount to be exceuted for forward contracts - 1,028.81

Estimated Amount of Contracts remaining to be executed on capital account 657.00 974.00

Total 657.00 4,922.00

We have examined all the contracts, claims and litigations against the Company and have analyzed the likely impact of the same as indicated above. We certify that apart from the contingent liabilities indicated above, the Company does not have any other contingent liabilities.

5 The Previous year figures have been regrouped/rearranged wherever necessary to make it comparable with the current year.


Mar 31, 2014

No 1 i. Contingent Liabilities :

Claims against the company not acknowledged as debt : Rs Nil

(Previous year : Rs Nil)

The company has given guarantee to the bank on behalf of its Wholly Owned Subsidiary, Urdhwa Chemical Co Pvt Limited of Rs 27 crores.

(Previous year Rs 21Cr) and Lasa Laboratory Private Limited of Rs 35 crores ( previous year Rs 23.35 crores)

Contigent Liability in respect of income tax demands against which company has filed appeals with Commissioner of Income Tax (Appeal) for Assessement Years 2009-10, 2010-11 and 2011-12. The total demand ( net of payments ) is Rs 255.82 Lakhs

ii. Commitments :

Particulars As on 31st March, 2014 As on 31st March, 2013

Letter of Credit 2,919.19 3,589.58

Amount to be exceuted for forward contracts 1,028.81 -

Estimated Amount of Contracts remaining to be executed on capital account 974.00 198.33

Total 4,922.00 3,787.91

We have examined all the contracts, claims and litigations against the Company and have analyzed the likely impact of the same as indicated above. We certify that apart from the contingent liabilities indicated above, the Company does not have any other contingent liabilities.

2 The previous year figures have been regrouped / rearranged wherever necessary to make it comparable with the current year.


Mar 31, 2013

1 During the fnancial year, the Company has issued & allotted 950000 Warrants convertible into Equity Shares of the Company, on preferential basis, @ Rs. 150/- per warrant, on the receipt of 25% of the total amount as upfront money as required under Clause 77(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The said Warrants were issued on 6th March, 2013 and the holders thereof can exercise the option for conversion of the same till 5th September, 2014 (i.e. the expiration of 18 months from the date of allotment) and on the payment of balance 75% of the total amount as required under the aforesaid Regulations.

2 The Previous year fgures have been regrouped/rearranged wherever necessary to make it comparable with the current year.


Mar 31, 2012

Notes:

1) 25100 Equity shares of Rs. 100/- each have been issued for consideration other than cash

2) Nil Equity shares of Rs.100/- each have been allotted as fully paid -up byway of bonus shares by way of capitalization of Profits & Security Premium A/c

3) Nominal value of Rs 100/- per Equity Share sub-divided into Rs 10/- per Equity Share, during the Financial Year 2010-2011.

4) During the previous year 8100004 Equity shares of Rs. 10/- each were issued at premium of Rs.88/- each by public offer.

Notes:

1. Term loans

a) from Banks were secured by way of hypothecation of stock and book debts and first change on Land, building and plant and machinery situated at plot No. F-24. plot No. W -92A. plot No. F -10/1. plot No. B-34. MIDC. Badlapur.Dist : Thane in Maharashtra

b) Personal guarantee of the promoter directors of the company

2. Working Capital Loans

a) From Banks were secured by way of hypothecation of slock and book debts and first charge on land building and plant and machinery situated at plot No. F-24. plot No.W-92A, plot No B-34, plot No. F -10/1, MIDC, Badlapur. Dist : Thane in Maharashtra " b) Personal guarantee of the promoter directors of the company

3. Secured Borrowings from banks, repayable on demand, includes Buyers Credit of Rs 2,795.73 Lakh ( Previous year: Rs Nil)

4. Other loans are repayable on demand.

5. * Current maturities of Long term borrowings are considered in note no. 7- Other Current liabilities

6. Term Loan Repayment Schedule

1) The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act. 2006 and hence disclosures as required under Schedule VI of the Companies Act. 1956 relating to amounts unpaid as at the year end together with interest paid/ payable, etc., have not been made

2) The Company has not received the required information from suppliers regarding their status under the Small Scale Industries Act and hence disclosures as required under Schedule VI of the Companies Act, 1956 relating to amounts unpaid as at the year end together with interest paid/ payable. etc., have not been made

1) Basic and Diluted Earnings Pet Share is calculated as under:

Basic Earnings Per Share are computed by dividing net profit after tax by weighted average no of equity shares. Since there are no dilutive potential equity shares, the diluted earnings per share are the same as basic earnings per share

2) Related party Transactions

Party Relationship

Mr. Pravin. S. Herlekar Director - Key Management Personnel

Mr Omkar P. Herlekar Director - Key Management Personnel

Rishichem Research Limited

Desh Chemicals Private Limited Subsidiary-Common Control Exists Urdhwa Chemicals Company Private Limited

3) CONTINGENT LIABILITIES AND COMMITMENTS :

i. Contingent Liabilities :

Claims against the company not acknowledged as debt : Rs Nil ( Previous year : Rs Nil)

The company has given guarantee to the bank on behalf of its Wholly Owned Subsidiary, Urdhwa Chemical Co Pvt Limited of Rs 21 crores. (Previous yean Rs Nil)

Note:

We have examined all the contracts, claims and litigations against the Company and have analyzed the likely impact of the same as indicated above. We certify that apart from the contingent liabilities indicated above, the Company does not have any other contingent Liabilities.


Mar 31, 2011

(1) The value of the closing stock of raw materials, Packing Material, stores, work in process and finished goods has been arrived at on the basis of the records maintained and certified by the Management.

(2) In the opinion of the board, the current assets (except stock of raw material, work in process and finished goods), loans and advances are approximately of the value stated , if realized, in the ordinary course of business.

(3) Segment Reporting:

The Principal business of the company is manufacturing and sale of chemicals. All overactivities of the company revolve around its main business. Hence, there is only one primary reportable business segment as defined by Accounting Standard -17 as notified by the Companies (Accounting Standards) Rules , 2006.

(4) Contingent Liabilities:

Particulars As on 31 March 2011 As on 31 March 2010

Letter of Credit 1596.25 125.52

Estimated Amount of Contracts remaining to be executed on capital account 2213.16 492.08

Total 3809.41 617.60

Note:

We have examined all the contracts, claims and litigations against the Company and have analyzed the likely impact of the same as indicated above. We certify that apart from the contingent liabilities indicated above, the Company does not have any other contingent liabilities.

(5) Employee benefits

The Company provides gratuity retirement benefits to its employees.

During the year, the company has recognized an expenses ofRs. 12.71/-(previous yearRs. 8.42/-) pertaining to employers' contribution to provident fund schemes which is included in "cost of employment" schedule 15.

(6) Related Party Transactions:

As required by Accounting Standard -AS 18 "Related Parties Disclosure" issued by the Institute of Chartered Accountants of India are as follows:

Party Relationship

Mr. Shivdas R. Herlekar Director - Key Management Personnel

Mr. PravinS. Herlekar Director - Key Management Personnel

Mr. Dattatraya M. Deshpande Director - Key Management Personnel

Mr. Girish M. Deshpande Director - Key Management Personnel

Mr. Omkar P. Herlekar Director - Key Management Personnel

Mrs. Anjali P.Herlekar Director - Key Management Personnel

Rishichem Research Limited Related Party-Common Control Exists

* Mr. Dattatraya M. Deshpande and Mr. Girish M. Deshpande resigned as director of the Company on April 1, 2010.

**Rishichem Research Limited has become a wholly owned subsidiary of the Company with effect from May 14, 2010.

(7) The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures as required under Schedule VI of the Companies Act, 1956 relating to amounts unpaid as at the year end together with interest paid/ payable, etc., have not been made.

(8) Basic Earnings Per Share are computed by dividing net profit after tax by weighted average no of equity shares as shown in Schedule 18. Since there are no dilutive potential equity shares, the diluted earnings per share are the same as basic earnings per share.

 
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