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Notes to Accounts of Oriental Carbon & Chemicals Ltd.

Mar 31, 2015

A. Terms / rights attached to Equity shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. There is no restriction on distribution of dividend. However, same except interim dividend is subject to the approval of the shareholders in the Annual General Meeting.

@ During the year, the Company has paid Interim dividend of Rs. 3/-; (Previous year Rs. 2/-) per equity share. Now, final dividend Rs. 5.50/-; (Previous Year Rs. 5/-) per equity share for financial year 2014-15 is recommended by the Board of Directors, which is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(a) (i) Securities :

Secured by first exclusive charge on entire fixed assets including equitable mortgage of factory land and building of Dharuhera unit and first pari-pasu charge with Exim Bank on entire fixed assets including equitable mortgage of factory land and building of SEZ Mundra Unit and second pari-pasu charge with Exim Bank on entire current assets of the Company.

(b) Housing Loans From HDFC Ltd.

i) Rs. 35.72 (Previous Year Rs. 2,05.74) is secured by way of first equitable mortgage of ground floor of the property purchased with collateral security of rest of the said property owned by the other borrower non-current portion Rs. Nil (Previous Year Rs. 82.69 repayable in 8 equal monthly instalments as per the repayment schedule), and carries rate of interest of 12.75% (Previous year 13.00%) p.a.

ii) Rs. Nil (Previous Year Rs. 11.28 is secured by way of equitable mortgage of three residential flats at Bhiwadi, Rajasthan) .

iii) Rs. Nil (Previous Year Rs. 61.39 to be secured by way of first equitable mortgage of two residential flats at Gurgaon, Haryana) and non-current portion of Rs. Nil (Previous Year Rs. 61.39 repayable in 60 equated monthly instalments as per the repayment schedule and carries rate of interest of 15.35% p.a.)

(c) Secured by hypothecation of vehicles purchased under the scheme and non-current portion of Rs. 45.46; (Previous Year Rs. 14.03) is repayable in maximum 20 equated monthly instalments (Previous year 19 equated monthly instalments) in 2016-17 onwards as per the repayment schedule and carries rate of interest of 10.45%to 10.39% (Previous year 9.25% to 10.59%) p.a.

(d) Deposits from public carries rate of interest @ 10.50% to 11%; (Previous year 10.50% to 11%) p.a. and non- current portion of Rs. 2,68.54 (Previous year Rs. 1,94.45) is repayable after 1 to 3 years (Previous year 1 to 3 years) from the date of acceptance of deposits.

Security:

Cash Credit & Packing Credit facilities are secured by first exclusive charge on entire current assets of the Company and second charge over the entire fixed assets including equitable mortgage of factory land and building of Mundra SEZ Unit and second pari-pasu charge with Exim Bank on entire fixed assets including equitable mortgage of factory land and building of Dharuhera unit and other fixed assets of the Company (except assets having specific charge).

#Includes Rs. 12.95 (previous year Rs. 12.95) under legal dispute between the Joint Holders of the deposit.

* Includes amount added on revaluation Rs. 2,72.45 during 1992-93, out of which Rs. 43.34 on Building, Rs. 1,52.59 on Plant & Equipment and on Electric Installation Rs. 12.59 is being adjusted from gross block and depreciation block on 1st April' 2014.

Notes:

(i) Gross Block includes Rs. 1,50.06; (Previous year Rs. 1,77.98) purchased under Car Finance Scheme.

(ii) The company has exercised option under notification no. GIR 914 (E) dated 29th December'2011 issued by Ministry of Corporate Affairs and accordingly net exchange difference for the year amounting to Rs. (99.97); (Previous year Rs. 3,96.89) on long term foreign currency borrowing has been (Deducted)/ added to the depreciable fixed assets acquired. As at 31st March 2015 Rs. 3,27.18 (Previous year Rs.4,49.91) remain to be amortised over the balance life of the assets.

(iii) During the year, the company has provided depreciation with refrence to the useful life of respective assets specified in and in the manner prescribed in Schedule II to the Companies Act, 2013. Consequently, depreciation for the year is higher by Rs. 2,37.30; (Previous year Rs. Nil).

* As on 31st March 2015, market value of the shares of subsidiary company M/S Schrader Duncan Limited was lower by Rs. 2,18.85 (Previous year Rs. 4,81.33).

However in view of long term strategic investment in the subsidiary company, no provision for diminution in value has been made as same is not permanent in nature. ** During the year the company has delisted and shown the same under Unquoted investments.

* Under Rule 13 of the Companies (Acceptance of Deposits) rules, 2014 .

** Includes Rs. 91.02 (Previous Year Rs. 84.18); pledged with Government Authority and Rs. 3,25.98 (Previous Year Rs. 3,03.54); against margin money which can be withdrawn at any point of time without prior notice or exit costs on the principal amount.

(Rs. In Laks) As At As At 31st March,2015 31st March,2014

2 Contingent Liabilities & Committments:

2.01 Contingent Liabilities

(i) Bank Guarantees given to various Govt.Authorities/Others (Margin money/ Short Term Deposits Rs. 1.54; Previous year Rs. 1.54) 10.26 10.26

(ii) Bills discounted with Banks 13,91.02 11,52.63

(iii) Corporate guarantee given to a bank for loan taken by Subsidiary Company (to the extent loan outstanding) 14,69.21 14,70.03

(iv) Matter under Litigations/Appeals

(a) Income tax demand (Deposited Rs. 24.57; Previous year Rs. 10.03) 46.60 32.07

(b) Central Excise demand (Deposited Rs.85.58 Previous year Rs.85.58) 1,05.58 1,05.58

(c) Other demands (Deposited Rs.12.00; 22.69 22.69 Previous year Rs.12.00)

The Company is hopeful of favourable decisions and expect no outflow of resources, hence no provision is made in the books of account.

The estimates of the future salary increase considered in actuarial valuation take account of inflation, seniority, promotion and other relevant factors.

3.01 Related Party Disclosures as per Accounting Standard - 18 (Related Party Disclosures), to the extent Identified by the Company

1. Name & Relationship of the Related Parties:

(a) Schrader Duncan Limited : Subsidiary Company

(b) Duncan International (India) Limited : Enterprise over which relative of key management personnel is having significant influence.

(c) Mr. Arvind Goenka-Managing Director : Key Management Personnel

(d) Mr. Akshat Goenka-Vice President : Son of Key Management Personnel

(e) Mr. Shreyans Goenka-Sr.Manager : Son of Key Management Personnel (w.e.f. 1st June' 2014)


Mar 31, 2014

(Rs. In Lacs)

As At As At 31st March, 2014 31st March, 2013

1 Contingent Liabilities & Committments:

1.01 Contingent Liabilities

(i) Bank Guarantees given to various Govt.Authorities/Others (Margin money/Short Term Deposits Rs. 1.54 ;

Previous year Rs. 1.54) 10.26 10.26

(ii) Income tax demand under appeal

(Deposited Rs. 10.03; Previous year Rs. Nil) 32.07 -

(iii) Bills discounted with Banks 11,52.63 15,05.47

(iv) Central Excise demand under appeal (Deposited Rs. 85.58 ; Previous year Rs. 85.58) 1,05.58 1,05.58

(v) Other demands under appeal (Deposited Rs. 12.00 ; Previous year Rs. 12.00) 22.69 22.69

(vi) Custom Duty liability on import of raw material under Advance Licence - 55.57

(vii) Corporate guarantee given to a bank for loan taken by Subsidiary Company (to the extent loan outstanding) 14,70.03 15,22.12

1.03 Segment reporting has been given in Consolidated Financial Statement.

1.04 Previous year fgures have been regrouped to conform current year fgures.


Mar 31, 2013

(Rs. In Lacs)

As At As At 31st March, 2013 31st March, 2012

1 Contingent Liabilities & Committments:

29.01

Contingent Liabilities

(i) Bank Guarantees given to various Govt. Authorities/Others

(Margin money/Short Term Deposits Rs. 1.54 ; Previous year Rs. 1.54) 10.26 10.26

(ii) Bills discounted with Banks 15,05.47 6,77.32

(iii) Central Excise demand under appeal (Deposited Rs.85.58 ; Previous year Rs. 85.58) 1,05.58 1,05.58

(iv) Other demands under appeal (Deposited Rs.12.00 ; Previous year Rs.12.00) 22.69 22.69

(v) Custom Duty liability on import of raw material under Advance Licence 55.57 37.65

2.01 Commitments

(i) Estimated amount of capital commitments outstanding and not provided for (Gross) 26,89.22 7,75.34

(Advance Paid Rs. 10,25.32; Previous Year Rs. 4,19.32) (ii) The Company has entered into an agreement with a foreign company to buy its holding of 18,48,000 equity shares in a domestic company.

3.01 During this year the Company has acquired 18,48,500 equity shares (of Rs. 10 each) at a value of Rs. 14,53.65 of M/S Schrader Duncan Limited. Thereby the said Company became subsidiary of the Company with effect from 13.04.2013.

3.02 Consequently upon the implementation of SAP 6.1 during the year, the Company has changed its method of determining cost of Raw Materials from FIFO to Weighted Average Method. However, it has no material impact on the valuation of the Raw Material Stock.

3.03 Disclosure relating to amount outstanding at year end and maximum outstanding during the year of loans and advances, in nature of loan,required as per clause 32 of the Listing Agreement,are given below:

3.04 Segment Reporting

Segment information has been prepared in conformity with the accounting policies adopted for preparing and presenting the fnancial statements of the Company.

As part of Secondary reporting, revenues are attributed to geographic areas based on the location of the customers.

The following tables present the revenue, proft, assets and liabilities information relating to the Business/Geographical segment for the year ended 31.03.2013

3.05 Related Party Disclosures (To the extent Identifed by the company)

1. Name & Relationship of the Related Parties:

(a) Schrader Duncan Limited : Subsidiary Company

(b) Duncan International (India) Limited : Associate

(c) Mr. Arvind Goenka - Managing Director : Key Management Personnel

(d) Mr. Akshat Goenka - Son of Mr. Arvind Goenka : Relative of Key Management Personnel

3.06 Due to commencement of Phase II of new project at Mundra, current year''s fgures are not comparable with previous year.

3.07 Previous year fgures have been reclassifed/regrouped to conform current year fgures.


Mar 31, 2012

Terms / rights attached to Equity shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion of the number of equity shares held by the shareholders. There is no restriction on distribution of dividend. However, same is subject to the approval of the shareholders in the Annual General Meeting.

(i) Securities :

(a) Secured against first charge on the fixed assets of the company including equitable mortgage of factory land and building at Dharuhera, Haryana (except assets having specific charge) and second charge over current assets of the company.

(b) (i) Rs.43,00.00 (Previous year Rs.29,50.00) secured by first charge on the fixed assets of the company at SEZ Mundra, Gujarat including equitable mortgage of factory land and building on paripassu basis and extension of charge over current assests of the company.

(ii) Rs.8,49.83 (previous year Rs.5,07.32) secured by first charge on the fixed assets of the company at SEZ Mundra, Gujarat including equitable mortgage of factory land and building on paripassu basis and second charge on the fixed assets of the company at Dharuhera, Haryana.

(iii) Rs.25,00.00 (previous year Rs.Nil) secured by first charge on the entire fixed assets of the company at Dharuhera, Haryana and first charge on the fixed assets of the company at SEZ Mundra, Gujarat including equitable mortgage of factory land and building on paripassu basis and extension of charge over current assets of the company.

(c) Housing Loans From HDFC Ltd.

i) Rs. 4,64.81; (Previous Year Rs. 5,75.31) is secured by way of first equitable mortgage of ground floor of the property purchased with collateral security of rest of the said property owned by the other borrower and repay- able within a period of 60 months as per the repayment schedule.

ii) Rs. 37.38; ( Previous Year Rs. 47.81) is secured by way of equitable mortgage of three residential flats at Bhi- wadi, Rajasthan and repayable within a period of 60 months as per the repayment schedule.

iii) Rs. 51.90; (Previous Year Rs. 20.61) to be secured by way of first equitable mortgage of two residential flats at Gurgaon, Haryana and repayable within a period of 60 months as per the repayment schedule.

(d) Secured by way of absolute charge on specific assets purchased under the scheme and repayable within a period of

1 months as per the repayment schedule.

Security:

Cash and Packing Credit facility is secured by first charge on the entire current assets of the Company including receivables both present and future and second charge over the fixed assets of the company (except assets having specific charges).

2. Nature of Operations

The Company is a manufacturer of Insoluble Sulphur and Sulphuric Acid. The Company has manufacturing facilities at Dharuhera (Haryana) and Mundra SEZ (Gujarat). Insoluble Sulphur produced by the company is sold globally.

(Rs. Lakhs)

As At As At 31st March 2012 31st March 2011

3 Contingent Liabilities & Committments:

3.01 Contingent Liabilities

(i) Bank Guarantees given to various Govt. Authorities/Others (Margin money/Short Term Deposits Rs. 1.54 ; Previous year Rs. 1.54) 10.26 10.26

(ii) Bills discounted with Banks 6,77.32 9,42.24

(iii) Income Tax demands under appeal (Amount deposited Rs. NIL; Previous Year Rs.1.00) - 1.00

(iv) Central Excise demand under appeal (deposited Rs.85.58 ; Previous year Rs. 85.58) 1,05.58 1,05.58

(v) Others under appeal (deposited Rs.12.00 ; Previous year Rs.12.00) 22.69 22.69

(vi) Custom Duty liability on import of raw material under advance licence 37.65 26.82

3.02 Commitments

(i) Estimated amount of capial commitments outstanding and not provided for (Gross) 7,75.34 19,74.59 (Advance Paid Rs. 4,19.32. Previous Year Rs. 5,21.58)

(ii) The Company has entered into a agreement with a foreign company to buy its holding of 1848000 equity shares in a domestic company at the agregate value of Rs. 14,53.00.

4.1 The Company has prepared current year account as per presentation and disclosure requirement of Revised Schedule Vi to the Companies Act, 1956 applicable with effect from 1st April 2011. Previous year figures have been reclassified/regrouped to conform to current year figure.

4.2 Due to commencement of new project at Mundra, current year's figures are not comparable with previous year.


Mar 31, 2010

(Rs.Lakhs)

As at As at 31.03.2010 31.03.2009

1.Contingent Liabilities: (i)Bank Guarantees given to various Govt.Authorities/Others (Margin money/Short Term Deposits Rs.1.54 ;Previous year Rs.1.54) 10.26 10.26

(ii)Bills discounted with Banks 1,001.72 661.01

(iii)Sales Tax demands under appeal (Amount deposited Rs.0.18 ; Previous year Rs.0.18) 0.18 0.18 (iv)Income Tax demands under appeal (Amount deposited Rs.26.00 ; Previous Year Rs.1.00) 143.97 1.00

(v)Central Kxcisc demand under appeal (deposited Rs.85.58 ; Previous year Rs.85.58) 105.58 105.58

(vi)Others und,er appeal (deposited Rs.12.00;Previous year Rs.12.00) 22.69 22.69



2.Loans &Advances include Rs.75.00 to a company under liqui -dation against the use of an office premises.The same is pending transfer in favour of the company as per the agreed terms.

3.expenses Expenses/adjustment relating to previous years includes (ravelling expense Rs.Nil.(Previous Year Rs.4.00); Other Rs.1.39;(Previous Year Rs.4.66)

4.There were no outstanding dues to Micro,Small and Medium Enterprises to the extent information available with the company and the payments in respect of such suppliers are made within the appointed day.

5. The appointment and remuneration paid to Mr. Akshat Gocnka amounting to Rs. 0.46, w.c.f. 04.01.2010, is subject to the approval of the Shareholders in the ensuing Annual General Meeting u/s 314 of The Companies Act, 1956.

 
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