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Notes to Accounts of Oswal Green Tech Ltd.

Mar 31, 2015

NATURE OF OPERATIONS

Oswal Greentech Limited formerly known as the Oswal Chemicals & Fertilizers Limited (the "Company"), was incorporated in 1981. The Company's main business is real estate promotion and development in residential and commercial segment, investment and trading activities.

1. Equity shares: The company has one class of equity shares having par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. In the event of liquidation the Equity Shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

As at As at 31.03.2015 31.03.2014

a) Claims against the company not acknowledged as debts

Other claims against the 13,321.34 13,905.62 Company not acknowledged as debts*

b) Other money for which the company is contingently liable

Demands/show cause notices received from Sales Tax department** 7,234.63 9,644.66

Demand under UP Trade Tax Act 3.37 -

Demand under Orissa Entry Tax Act*** 1,146.34 -

Import Pass Fee for import of industrial alcohol in the State of West Bengal 143.20 143.20

* Claims against the company not acknowledged as debts include the following cases:

(i) The Government of India has raised an interest demand amounting to Rs. 10,825.13 Lacs on delay in refund of subsidy for VII and VIII pricing periods. The company has filed a writ before Hon'ble Delhi High Court for which decision is pending. Management envisage no liability on account of interest as the excess amount of subsidy claimed by the Union was itself not payable for which Letters Patent Appeal (LPA) had been filed and pending before the Hon'ble Delhi High Court.

(ii) Dispute was filed by certain workmen of Licensed Contractor's trade union seeking employment, alleging that they were in services of the company as being the prinicipal employer, amount involved is Rs. 1,776.84 Lacs. The Labour Tribunal held that the workmen were workers of the Licensed Contractor and that the Company does not have to absorb the workers after the expiry of company's contract with the Licensed Contractor. The workers have filed a writ before Orissa High Court, which is pending. As legally opined, the management envisages no liability, as the claim is not tenable.

(iii) Certain contract labourers had filed dispute for which amount involved is Rs. 189.28 Lacs. The labourers went on strike and left the job voluntarily. They were asked to resume duty but they didn't do so. The Tribunal dismissed the matter on merits and held that the labourers were not entitled to any relief. The labourers have filed a writ before Hon'ble High Court of Orissa which is pending. As legally opined, management envisage no liability on such account.

Other money for which the company is contingently liable include the following cases:

** Demands/show cause notices received from Sales Tax department include the following cases :

(i) Demand of Rs. 5,849.28 Lacs was raised under the Central Sales Tax due to rejection of C-Form and certain F-Forms resulting in disallowing of inter-state stock transfer. Company filed appeal in Odisha Sales Tax Tribunal, which is pending. As legally opined, management envisages no liability as most of F-Forms have been collected and submitted before the appellate authority.

(ii) Orissa Sales Tax authorities re-opened the assessment on the basis of AG Audit Report and imposed demand of Rs. 900.31 Lacs alleging suppression of production which was expected to be higher than the actual as per consumption norms. An appeal has been filed by the company before the Odisha Sales Tax Tribunal which is pending. As legally opined, the management envisages no liability as the demand on account of consumption derived from the feasibility report is unjustified.

(iii) Commissioner of Orissa Sales Tax had initiated a suo-moto revision and raised a demand of Rs. 329.85 Lacs alleging suppression of production which was expected to be higher and has a corresponding impact on sales as per the department. Company has responded with all details and audited production sheets. As legally opined, the management envisage no liability as the demand on account of company's feasibility report for consumption is unjustified and unsubstantiated.

***Certain demands raised by the state government in pursuance of the assessment made under the Orissa Entry Tax Act, 1999. The company had filed a writ application in the Hon'ble High Court of Orissa and the demand was stayed and pending. The Hon'ble High Court of Orissa had upheld the levy of entry tax in a batch of writ petitions filed by other companies challenging the entry tax.

The judgement of Hon'ble High Court is under challenge in the Hon'ble Supreme Court of India and the same is pending. The

company matter is subject to outcome of the above SLP Moreover, entry tax levied on the company was mostly on imported goods which were not manufactured in the state of Odisha. As legally opined, management envisages no liability on such account.

(ii) CAPITAL COMMITMENTS:

Estimated amount of contracts remaining to be executed on capital account and not provided for 41.17 44.33

Total 41.17 44.37

3.DEFERRED TAX ASSTES /LIABILITIES (AS-22)

No deferred tax asset on depreciation, retirement benefits, provision for doubtful debts/ advances etc. has been recognized in view of prudence due to the fact that as at March 31, 2015 reasonable certainty of availability of sufficient future taxable income is not there.

4. RELATED PARTY DISCLOSURES (AS-18)

(A) Related parties and transactions with them as identified by the management are given below:

(a) Enterprises under the control of the Company:

Universal Projects FZE Wholly Owned Subsidiary

Oswal Engineering Ltd, Dubai Wholly Owned Subsidiary

OGL Energy Private Limited Wholly Owned Subsidiary

(b) Associate of company and Enterprise to which company is associate

News Nation Network Private Limited Associate of company

Oswal Agro Mills Limited Enterprise to which company is associate

(c) Directors, Key Management Personnel and their relatives:

Name Relationship

Mr. Anil Bhalla Managing Director & CEO

Mr. Abhey Kumar Oswal Whole Time Director

Mr. Atul Kulshrestha Director

Mr. Vipan Kaushal Independent Director

Mr. Sumit kumar Dutt Independent Director

Mr Aditya Burra Shastri Independent Director

Mr. Krishan Chand Bajaj Independent Director

Mrs. Bina Sharma Woman Director

Mr. Vipin Vij Chief Financial Officer

Mr. H K Gupta Company Secretary

Mrs. Pratibha Bhalla Wife of Mr. Anil Bhalla

(d) Enterprises over which Key Management Personnel and their relatives have significant influence:

Mohan Dai Oswal Cancer Treatment & Research Foundation

Punjab Worsted Spinning Mills (a division of Punjab Woolcombers Limited)

Follow your Dreams Foundation India

II. Particulars of investment made are given in Note no. 2.10 and 2.13.

III. The company has not given any guarantee or security in connection with a loan to any other body corporate or person.

5. Disclosures pursuant to clause 32 of the listing agreement

The company's main activities include the business of development of Real Estate, Investment activities etc. The name of the company Oswal Chemicals & Fertilizers Limited does not match activities of company. Therefore, the company has changed the name of the company to "OSWAL GREENTECH LIMITED". The changed name of the company was confirmed and recorded by the Registrar of the Company, Punjab w.e.f. November 23, 2011.

6. OTHER NOTES:

(i) Effective April 1, 2014, the company has revised the useful lives of Fixed Assets based on Schedule II to the Companies Act, 2013 for the purposes of providing depreciation on fixed assets. Accordingly, the carrying amount of assets as on April 1, 2014 has been depreciated over the remaining useful lives of the fixed assets. Consequently, the depreciation for the year ended March 31,2015 is higher and the profit before tax is lower to the extent of Rs. 68.42 Lacs. Further, an amount of Rs. 12.75 Lacs representing the carrying amount of assets with revised useful life as nil, has been charged to the opening balance of retained earnings as on April 1, 2014 pursuant to the Companies Act, 2013.

(ii) In the opinion of the management, all current assets and loan & advances as on March 31, 2015 have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

(iii) Certain debit/credit balances are subject to confirmations and reconciliation. Consequential revenue impact, if any, is not ascertainable.

(iv) Previous year's figures have been regrouped /reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

1 Right, preference and restrictions attached to shares

Equity shares: The company has one class of equity shares having par value of Rs. 10 per shares. Each shareholder is eligible for one vote per share held. In the event of liquidation the Equity Shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

2 Depreciation for the year Rs. 153.61 Lacs consist of:

(i) Depreciation amounting to Rs. Nil (Previous year Rs. 34.64 Lacs) pertaining to the chembur (Mumbai Project) which has been included in inventories under the head Land & Building (WIP) in Note No. 2.14.

(ii) Depreciation of Rs. 153.61 Lacs (Previous year Rs. 166.08 Lacs) charged to the statement of Profit & Loss.

As per internal assessment of the company, there is no asset requiring provision for asset impairment as on 31.03.2014 as per AS-28 on "Impairment of Asset".

2.1 (i) CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a) Claims against the company not acknowledged as debts

Other claims against the Company not acknowledged as debts* 13,905.62 13,422.38

b) Other money for which the company is contingently liable

Demands/show cause notices received from Sales Tax department. 9,644.66 9,640.34

Import Pass Fee for import of industrial alcohol in the State of West Bengal 143.20 143.20

* The Government of India has raised an interest demand amounting to Rs. 10,825.13 lacs (Previous Year Rs. 10,825.13 lacs) on delay in refund of subsidy for VII and VIII pricing periods. The company has filed an appeal before Double Bench of Hon''ble Delhi High Court for which decision is pending. No provision has been made since in the opinion of the management, demand is not sustainable.

(ii) CAPITAL COMMITMENTS:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for 44.33 -

2.2 DIRECTOR''S REMUNERATION :

Notes:

a) Provision for gratuity and provision for leave encashment have been made on a group basis and separate figures applicable to an individual employee are not available and therefore have not been considered in the above figures.

b) Directors'' remuneration of Rs. 1997.55 lacs paid to the Managing Director# and Whole Time Director, till 31.03.2013 was in excess of the limits specified under section 198 of the Companies Act, 1956. The company has received the approval for waiver of recovery of excess remuneration paid to Managing Director amounting to ''221.07 Lacs for the earlier years and an amount of ''1772.27 lacs has been recovered. The approval from Central Government on excess remuneration paid to Whole Time director amounting to Rs. 4.21 Lacs is yet to be received and no accounting adjustment has been made in the accounts.

# resigned on 11th July, 2012

2.3 DEFERRED TAX ASSTES/LIABILITIES (AS-22)

No deferred tax asset on depreciation, retirement benefits, provision for doubtful debts/advances etc. has been recognized in view of prudence due to the fact that as at 31.3.2014 reasonable certainty of availability of sufficient future taxable income is not there.

2.4 RELATED PARTY DISCLOSURES (AS-18)

(A) Related parties and transactions with them as identified by the management are given below:

(a) Major Shareholder:

Mr. Abhey Kumar Oswal

(b) Directors, Key Management Personnel and their relatives:

Mr. Anil Bhalla, Managing Director

Mr. Atul Kulshrestha, Director

Mr. Sumit Kumar Dutt, Director

Mr Aditya Burra Shastri, Director

Mr. Krishan Chand Bajaj, Director

Mr. HK Gupta, CS and CFO

Mrs. Pratibha Bhalla (Wife of Mr. Anil Bhalla)

(c) Enterprises over which Major Shareholders, Key Management Personnel and their relatives have significant influence:

Oswal Agro Mills Limited, Mohan Dai Oswal Cancer Treatment & Research Foundation, Punjab Worsted Spinning Mills (a division of Punjab Wool Combers Limited), Follow your Dreams Foundation India, Atul Kulshrestha & Co., Aruna Abhey Oswal Trust, Lucky Star Entertainment Ltd.

(d) Enterprises under the control of the Company:

Universal Projects FZE (Wholly Owned Subsidiary)

Oswal Engineering Ltd, Dubai (Wholly Owned Subsidiary)

OGL Energy Private Limited, (Wholly Owned Subsidiary)

Oswal Green Energy Private Limited (Step down wholly owned subsidiary Company)

(e) Enterprises over which company has significant influence:

News Nation Network Private Limited, Associate

Complied by: Dion Global Solutions Limited

Oswal Greentech Limited

2.5 SEGMENT (AS-17)

The business segment is the primary segment of the Company consisting of:-

(i) Investment Activities

(ii) Trading Goods

(iii) Real Estate

1. The company has operation only in India, therefore there is only one Geographic Segment.

2. The company does not have any activities in Fertilizer segment, therefore in a view of the management, fertilizer is no more a reportable primary segment as per Accounting Standard -17 (Segment Reporting).

2.6 Disclosures pursuant to clause 32 of the listing agreement

The company''s main activities include the business of development of Real Estate, Investment activities etc. The name of the company Oswal Chemicals & Fertilizers Limited does not match activities of company. Therefore, the company has changed the name of the company to "OSWAL GREENTECH LIMITED". The changed name of the company was confirmed and recorded by the Registrar of the Company, Punjab w.e.f. 23rd November 2011.

2.7 OTHER NOTES:

(i) Employee benefit expense (Notes 2.22) and Other Expenses (Notes 2.24) are net of Rs. 37.20 Lacs (Previous Year Rs. 33.41 Lacs) being estimated amount of expenses apportioned to a group company.

(ii) In the opinion of the management, all current assets and loan & advances as on March 31, 2014 have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

(iii) Certain debit/credit balances are subject to confirmations and reconciliation. Consequential revenue impact, if any, is not ascertainable.


Mar 31, 2013

NATURE OF OPERATION

Oswal Genentech Limited formerly known as the Oswal Chemicals & Fertilizers Limited ( the "Company"), was incorporated in 1981. The Company''s main business is real estate promotion and development in residential and commercial segment, investment and trading activities.

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

As at 31.03.13 As at 31.03.12

a) Claims against the company not acknowledged as debts Disputed cost of motor vehicle purchased - 24.00

Other claims against the Company not acknowledged as debts * 13,422.38 13,691.29

b) Other money for which the company is contingently liable

Demands/show cause notices received from Sales Tax department. 9,640.34 7,974.40

Import Pass Fee forimpor to industrials alcohol in the State of West Bengal 143.20 143.20

* Include a claim of interest raised by The Government of India has raised an interest demand amounting toRs. 10825.13lacs (Previous Year Rs. 10825.13lacs) on delay in refund of subsidy for VII and VIII pricing periods. The company has filed an appeal before Double Bench of Hon''ble Delhi High Court for which decision is pending. No provision has been made since in the opinion of the management, demand is not sustainable.

* exclusive of service tax Notes:

a) Provision for gratuity and provision for leave encashment have been made on a group basis and separate figures applicable to an individual employee are not available and therefore have not been considered in the above figures.

b) Directors'' remuneration of Rs.99.98lacs for the year ended 31stMarch 2013(Paid to Managing Director*)and Rs. 1897.57Lacs paid for The earlier years, to the Managing Director* and Whole Time Directors, is in excess of the limits specified under section 198oftheCompanies Act, 1956. No accounting adjustment has been made in the accounts for The amount recoverable from the Managing /Whole time Directors, since The company''s representation to the Ministry of Corporate Affairs for reconsideration of applications filed for the waiver of the excess remuneration paid is pending. The company has received the approval for waiver of recovery of excess remuneration paid to Whole Time Director amounting to Rs.102.08 Lacs for the earlier years.

* resigned onllth July, 2012

* inclusive of service tax

1.2 DEFERRED TAX ASSTES /LIABILITIES

No deferred tax asset on depreciation, retirement benefits, provision for doubtful debts/advances, brought forward tax losses etc. has been recognized in view of prudence due to the fact that as at31.3.2013 reasonable certainty of availability of sufficient future taxable income is not there.

1.3 RELATED PARTY DISCLOSURES

(A) Related parties and transactions with them as identified by the management are given below:

(a) Major Shareholder

Mr. Abhey Kumar Oswal

(b) Key Management Personnel and their relatives:

Mr. Anil Bhalla

Mrs. Pratibha Bhalla (Wife of Mr. Anil Bhalla)

(c) Enterprises over which Major Shareholders, Key Management Personnel and their relatives have significant influence:-

Oswal Agro Mills Limited, Aruna Abhey Oswal Trust, Lucky Star Entertainment Limited, Sohanaa International (P) Limited, Mohan Dai Oswal Cancer Treatment & Research Foundation.

(d) Enterprises under the control of the Company.

Universal Projects FZE (Subsidiary)

Oswal Engineering Ltd, Dubai (Subsidiary)

1.4 SEGMENT

The business segment is the primary segment of the Company consisting of:-

(i) Investment Activities

(ii) Trading Goods

(iii) Real Estate

1. The company has operation only in India, therefore there is only one Geographic Segment.

2. The company does not have any activities in Fertilizer segment, therefore in a view of the management, fertilizer is no more a reportable primary segment as per Accounting Standard -17 (Segment Reporting).

1.5 Disclosures pursuant to clause 32 of the listing agreement

The company''s main activities include the business of development of Real Estate, Investment activities etc. The name of the company Oswal Chemicals & Fertilizers Limited does not match activities of company. Therefore, the company has changed the name of the company to "OSWAL GREENTECH LIMITED". The changed name of the company was confirmed and recorded by the Registrar of the Company, Punjab w.e.f. 23rd November 2011.

* Previous year figures are given in bracket

** Previous outstanding has been written-off during the year

1.6 Other Notes

(i) Employee benefit expense (Notes 2.23) and Other Expenses (Notes 2.25) are net of Rs. 33.41 Lacs (Previous Year Rs. 37.78 Lacs) being estimated amount of expenses apportioned to a group company.

(ii) In the opinion of the management, all current assets and loan & advances as on March 31, 2013 have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

(iii) Certain debit/credit balances are subject to confirmations and reconciliation. Consequential revenue impact, if any, is not ascertainable.


Mar 31, 2012

NOTE - 1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

Year ended Year ended March 31, 2012 March 31, 2011

(i)

a) Claims against the company not acknowledged as debts

Land reference cases filed by land owners for additional compensation (excluding interest) - 84.80

Disputed cost of motor vehicle purchased 24.00 9.77

Other claims against the Company not acknowledged as debts 2,866.16 3,011.59

b) Guarantees

Guarantees issued by banks - 1.26

c) Other money for which the company is contingently liable

Demands/show cause notices received from Sales Tax department. 7,974.40 10,513.61

Import Pass Fee for import of industrial alcohol in the State of West Bengal 143.20 42.85

(ii) The Government of India has raised an interest demand amounting to Rs. 10825.13 lacs (Previous Year Rs. 10825.13 lacs) on delay in refund of subsidy for VII and VIII pricing periods. The company has filed an appeal before Double Bench of Hon'ble Delhi High Court for which decision is pending. No provision has been made since in the opinion of the management, demand is not sustainable.

NOTE - 1.2 Certain debit/credit balances are subject to confirmations and reconciliation. Consequential revenue impact, if any, is not ascertainable.

NOTE - 1.3 DIRECTOR'S REMUNERATION :

Notes:

a) Provision for gratuity and provision for leave encashment have been made on a group basis and separate figures applicable to an individual employee are not available and therefore have not been considered in the above figures.

b) Directors' remuneration of Rs 362.97 lacs for the year ended 31st March 2012 (Paid to Managing Director) and Rs 1,637.38 lacs paid for the earlier years, to the Managing Director and Whole Time Directors, is in excess of the limits specified under section 198 of the Companies Act, 1956. No accounting adjustment has been made in the accounts for the amount recoverable from the managing/Whole time Directors, since the company's representation to the Ministry of Corporate Affairs for reconsideration of applications filed for the waiver of the excess remuneration paid is pending. The company has received the approval for waiver of recovery of excess remuneration paid to Whole Time Director amounting to Rs 102.08 Lacs for current year and Rs 330.12 Lacs for the earlier years.

NOTE - 1.4 DEFERRED TAX ASSTES/LIABILITIES

No deferred tax asset on depreciation, retirement benefits, provision for doubtful debts/advances, brought forward tax losses etc. has been recognized in view of prudence due to the fact that as at 31.3.2012 reasonable certainty of availability of sufficient future taxable income is not there.

NOTE - 1.5 Employee benefit expense (Notes 2.22) and Other Expenses (Notes 2.24) are net of Rs 37.78 Lacs (Previous Year Rs 40.48 Lacs) being estimated amount of expenses apportioned to a group company.

NOTE - 1.6 RELATED PARTY DISCLOSURES

(A) Related parties and transactions with them as identified by the management are given below:

(a) Major Shareholder

Mr. Abhey Kumar Oswal

(b) Key Management Personnel and their relatives:

Mr. Anil Bhalla

Mrs. Pratibha Bhalla (Wife of Mr. Anil Bhalla)

(c) Enterprises over which Major Shareholders, Key Management Personnel and their relatives have significant influence:- *Oswal Agro Mills Limited, Aruna Abhey Oswal Trust, Lucky Star Entertainment Limited, Sohana International (P) Limited, Mohan Dai Oswal Cancer Treatment & Research Foundation.

(d) Enterprises under the control of the Company.

Universal Projects FZE (Subsidiary)

Oswal Engineering Ltd, Dubai (Subsidiary)

NOTE - 1.7 Based on the information available with the Company, there are no dues as at March 31, 2012 payable to enterprises covered under "Micro, Small and Medium Enterprises Development Act, 2006". No interest is paid/payable by the Company in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006.

NOTE - 1.8 SEGMENT

The business segment is the primary segment of the Company consisting of:-

(i) Fertilizers

(ii) Investment Activities

(iii) Trading Goods

(iv) Real Estate

NOTE - 1.9 In the opinion of the management, all current assets and loan & advances as on 31st March, 2012 have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

NOTE - 1.10 Disclosures pursuant to clause 32 of the listing agreement

The company's main activities include the business of development of Real Estate, Investment activities etc. The name of the company Oswal Chemicals & Fertilizers Limited does not match activities of company. Therefore, the company has changed the name of the company to "OSWAL GREENTECH LIMITED". The changed name of the company was confirmed and recorded by the Registrar of the Company, Punjab w.e.f. 23rd November 2011.

NOTE - 1.11 The revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2010

(Rs. in Lacs)

1) Contingent Liabilities not provided for in respect of:

Year ended Year ended

March 31, 2010 March 31, 2009

(i) a) Land reference cases filed by land owners for additional compensation (excluding interest) 84.80 84.80

b) Disputed cost of motor vehicle purchased 9.77 51.75

c) Demands/show cause notices received from Sales Tax department. 1022.36 8357.54

d) Import Pass Fee for import of industrial alcohol in the State of West Bengal 42.85 42.85

e) Other claims against the Company not acknowledged as debts 2936.99 3003.71

f) Guarantees issued by banks 1.26 1.26

(ii) The Government of India has raised an interest demand amounting to Rs. 10825.13 lacs (Previous Year Rs. 10825.12 lacs) on delay in refund of subsidy for VII and VIII pricing periods. The company has filed an appeal before Double Bench of Honble Delhi High Court for which decision is pending. No provision has been made since in the opinion of the management, demand is not sustainable.

2) a) Certain debit/credit balances are subject to confirmations and reconciliation. Consequential revenue impact, if any, is not ascertainable.

b) The company has filed legal cases against debtors of Rs. 117.17 lacs (Previous Year Rs. 117.17 lacs) for recovery of outstanding amounts. No provision there against has been considered necessary, since in the opinion of the management, these debts are recoverable.

Notes: a) Provision for gratuity and provision for leave encashment have been made on a group basis and separate figures applicable to an individual employee are not available and therefore have not been considered in the above figures.

b) The company is in the process of obtaining necessary approvals from the Central Government for the managerial remuneration paid to the directors for the current year and excess remuneration paid over the minimum remuneration, due to absence/ inadequacy of profits for the relevant previous year(s).

3) No Deferred Tax Asset on depreciation, retirenet benefits, provision for doubtful debts/advances broght forward tax losses etc. has been recognised in view of prudence due to the fact that as at 31.03.2010 reasonable certainty of availability of sufficient future taxable income is not there.

4) Employee cost (Schedule XIV) and Administrative expenses (Schedule XVII) are net of Rs. 37.01 Lacs (Previous Year Rs. 28.98 lacs) being estimated amount of expenses apportioned to a group company.

5) Related Party Disclosures

(A) Related parties and transactions with them as identified by the management are given below.

(a) Major Shareholder

Mr. Abhey Kumar Oswal

(b) Key Management Personnel and their relatives:

Mr. Anil Bhalla

Mrs. Pratibha Bhalla (Wife of Mr. Anil Bhalla)

Mr. Atul Bhalla (Son of Mr. Anil Bhalla)

(c) Enterprises over which Major Shareholders, Key Management Personnel and their relatives have significant influence:-

Oswal Agro Mills Limited, Aruna Abhey Oswal Trust, Lucky Star Entertainment Limited, Atul Properties (P) Limited, Sohanaa International (P) Limited, Mohan Dai Oswal Cancer Treatment & Research Foundation.

(d) Enterprises under the control of the Company.

Universal Projects FZE (Subsidiary)

Oswal Engineering Ltd, Dubai (Subsidiary)

6) In the opinion of the management all current assets and loan & advances as on 31 st March, 2010 have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

7) The contribution amounting to Rs. 1,313.51 Lacs for charitable purpose made by the company in excess of the limit approved by shareholders under section 293(i)(e) of the Companies Act, 1956 in Annual General Meeting held on 29th September, 2007 is subject to the approval of the shareholders.

8) During the year the company has received refund claims of Naphtha duty of Rs. 20.81 lacs (Previous Year Rs. 1,189.00 lacs) and interest of Rs.17.04 lacs (Previous Year Rs. 191.00 lacs) thereon which have been included in under the heads "Miscellaneous Income" and "Interest Others" respectively.

9) Balances written off / Loss in real estate business represent business losses on settlement of real estate contracts which had to be abandoned since these were not viable due to steep fall in real estate prices.

10) Previous years figures have been re-grouped/re-arranged wherever necessary to conform to the current years presentation.

 
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