Mar 31, 2016
NOTE NO. 1. - 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 45.00 crores) Contingent Liability in respect of income tax demands against which company has filed appeals with Income Tax Appellate
Tribunal for Assessment Years 2009-10, 2010-11 and 2011-12. The total demand ( net of payments ) is Rs 211.48 Lakhs Contingent Liability in respect of sale tax demands against which company has filled appeal / granted stay order for Financial Years 2009-10. The total demand (net of payments) is Rs 20.08 Lakhs
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.
NOTE NO. 2. â
- The Previous year figures have been regrouped/re arranged wherever necessary to make it comparable with the current year.
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.