Mar 31, 2015
1. Terms / Rights attached to Equity Shares :
The Company has only one class of shares referred to as Equity Shares
having a par value of Rs.10/-. Each holder of Equity Shares is
entitled to one vote per share.
The Company declares and pays dividends in Indian rupees.The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
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.
2. Nature of Security and Terms of Repayment for Long Term Secured
Borrowings
Nature of Security
Term Loan Amounting to Rs. 61.82 Lacs (P.Y. Rs. 149.32 Lacs) Secured
Against First Charge of Hypothecation of Assets acquired out of the
Term Loan and collaterally secured by first charge on the company's
fixed assets at D-1/1, MIDC, Lote Parshuram, Tal. Khed, Dist.
Ratnagiri, Maharashtra
Terms
Repayable in 16 quarterly installments commencing from June, 2012. Rate
of Interest Base Rate 3.75% (P.Y. Base Rate 3.75%)
3. The Company has no dues to Micro and Small Enterprises as at 31st
March 2015. This information is required to be disclose under Micro,
Small and Medium Enterprises Act, 2006 (MSMED Act) has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
4. Contingent Liabilities
i. The State Excise Department, Government of Maharashtra has demanded
Rs. 103.24 Lacs (Previous Year Rs. 103.24 Lacs) for Transportation fess
/ administration charges for purchase of Special Denatured Spirit
(S.D.S.) for the period 1st April, 2002 to 31st March, 2007. The
Company has along with other manufacturers using industrial alcohol
jointly contested the said demand in Hon'ble Bombay High Court.
ii. Custom Duty Payable under advance License pending fulfillment of
export obligation as on 31st March, 2015 Rs. 104.91 Lacs (Previous Year
Rs. 137.44 Lacs)
iii. Sales Tax Demand of Rs. 39.37 Lacs (Previous Year Rs. 39.37 Lacs)
under BST Act and Rs. 154.59 Lacs (Previous Year Rs. 154.59 Lacs) under
CST Act for the year 2003-04 against which the Company has preferred
appeals before Maharashtra Sales Tax Tribunal.
iv. Sales Tax Demand of Rs. 7.81 Lacs (Previous Year Rs. 7.81 Lacs)
under BST Act for the year 1994-95, Rs. 33.84 Lacs (Previous Year Rs.
33.84 Lacs) under BST Act and 51.64 Lacs (Previous Year Rs. 51.64 Lacs)
under CST Act for the year 2004-05 against which the Company has
preferred appeals before Joint Commissioner of Sales Tax (Appeals)
Kolhapur.
v. Disputed amount of Cenvat Disallowance, Interest and Penalty U/S
11AC of Central Excise Act,1944 for the period 2008-09 to 2014-15 Rs.
13.90 Lacs (Previous Year Rs. 4.25 Lacs)
5. The values of Current Assets and Loans and Advances are stated at
realisable value in ordinary course of the business in Balance Sheet, as
per the opinion of the Management of the Company.
6. Disclosure of Segment Reporting:
i) The business segment has been considered as the primary segment. The
only segment in which the Company is engaged in manufacture of Organic
Chemicals namely Acetic Acid, Ethyl Acetate, Acetaldehyde and Butyl
Acetate. Hence disclosure of business segment (primary disclosure) is
not applicable to the Company.
a. List of Related Parties:
Associate Concerns
Sakarwadi Trading Co. Pvt. Ltd.
Lakshmiwadi Mines and Minerals Pvt. Ltd
Somaiya Agencies Pvt. Ltd.
Jasmine Trading Co. Pvt. Ltd
Godavari Biorefineries Ltd.
K. J. Somaiya and Sons Pvt. Ltd
Somaiya Properties and Investments Pvt. Ltd.
(Formerly The Godavari Sugar Mills Pvt. Ltd.)
The Book Centre Ltd.
Key Management Personnel
Shri Rajendra V. Shah - Director (upto 29.05.2014)
Shri S. Mohan - Whole-time Director
7. Retirement Benefits
a) Defined Benefit Plan: The Company Provides for Gratuity and Leave
Encashment on the basis of Actuarial valuation. The Company does not
have any fund for Gratuity and Leave Encashment Liability.
The following table summarised the net benefit / Expenses recognised in
Statement of Profit and Loss and Balance Sheet.
8. Estimated value of contracts remaining to be executed on capital
account and not provided for in the accounts as at 31st March, 2015 was
Rs. 60.17 Lacs (Previous year Rs. 79.92 Lacs)
9. The figures of the previous year have been regrouped and rearranged
so as to make them comparable with those of the current financial year.
Mar 31, 2014
Note 1: The Company has no dues to micro and small enterprises as at
31st March 2014. This information is required to be disclosed under
Micro, Small and Medium Enterprises Act, 2006 (MSMED Act) has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
Note 2: Contingent Liabilities
i. The State Excise Department, Government of Maharashtra has demanded
Rs. 103.24 Lacs (Previous Year
Rs. 103.24 Lacs) for Transportation fees / administration charges for
purchase of Special Denatured Spirit (S.D.S.) for the period 1st April,
2002 to 31st March, 2007. The Company has along with other
manufacturers using industrial alcohol jointly contested the said
demand in Hon''ble Bombay High Court.
ii. Custom Duty Payable under advance License pending fulfillment of
export obligation as on 31st March, 2014 Rs. 137.44 Lacs (Previous YearRs.
17.13 Lacs)
iii. Sales Tax Demand of Rs. 39.37 Lacs (Previous Year Rs. 39.37 Lacs)
under BST Act and Rs. 154.59 Lacs (Previous Year Rs. 154.59 Lacs) under CST
Act for the year 2003-04 against which the Company has preferred
appeals before Maharashtra Sales Tax Tribunal.
iv. Sales Tax Demand of Rs.7.81 Lacs (Previous Year Rs.7.81 Lacs) under BST
Act for the year 1994-95, Rs.33.84 Lacs (Previous Year Rs. 33.84 Lacs)
under BST Act and Rs. 51.64 Lacs (Previous Year Rs. 51.64 Lacs) under CST
Act for the year 2004-05 against which the Company has preferred
appeals before Joint Commissioner of Sales Tax (Appeals) Kolhapur.
v. Disputed amount of Penalty U/S 11AC of Central Excise Act,1944 for
the period 2008-09 to 2010-11 Rs.4.25 Lacs
(Previous YearRs. NIL)
Note 3:
The Company has contested the aforesaid appropriation, based on the
concession given by Board For Industrial and Financial Reconstruction
(BIFR) vide its Order dated 26th September, 2007, and a Writ has been
filed at Hon''ble High Court, Bombay. The Company has been legally
advised that the aforesaid appropriation by MSEDCL is not tenable and
the Company is entitled for the refund. Accordingly this amount is
shown under Loans and Advances. However on a conservative basis a
provision of Rs. 39.63 Lacs (Previous Year Rs. 39.63 Lacs) has been made in
books of accounts.
Note 4: The values of Current Assets and Loans and Advances are stated
at realisable in ordinary course of the business in Balance Sheet, as
per the opinion of the Management of the Company.
Note 5: Disclosure of Segment Reporting:
i) The business segment has been considered as the primary segment. The
only segment in which the Company is engaged in manufacture of Organic
Chemicals namely Acetic Acid, Ethyl Acetate, Acetaldehyde and Butyl
Acetate. Hence disclosure of business segment (primary disclosure) is
not applicable to the Company.
Note 6: Disclosure of Related Parties
a. List of Related Parties:
Associate Concerns
Sakarwadi Trading Co. Pvt. Ltd.
Lakshmiwadi Mines and Minerals Pvt. Ltd
Somaiya Agencies Pvt. Ltd.
Jasmine Trading Co. Pvt. Ltd
Godavari Biorefineries Ltd.
K. J. Somaiya and Sons Pvt. Ltd
Somaiya Properties and Investments Pvt. Ltd.
(Formerly The Godavari Sugar Mills Pvt. Ltd.)
The Book Centre Ltd.
Key Management Personnel
Shri Rajendra V. Shah - Director (upto 29.05.2014) Shri S. Mohan -
Whole-time Director
Note 7: As per Board for Industrial and Financial
Reconstruction)(BIFR) Order dated 26th September, 2007 and Order dated
16th October, 2009, the provisions of section 115JB of the Income Tax
Act, 1961 are not applicable to the Company for the financial year
under consideration and hence the Company has not provided for Minimum
Alternate Tax (MAT).
Note 8: Retirement Benefits
a) Defined Benefit Plan: The Company Provides for Gratuity on the basis
of Actuarial valuation. The Company does not have any fund for Gratuity
Liability.
The following table summarised the net benefit / Expenses recognised in
Statement of Profit and Loss and Balance Sheet.
Note 9: Estimated value of contracts remaining to be executed on
capital account and not provided for in the accounts as at 31st March,
2014 was Rs. 79.92 Lacs (Previous year Rs. 97.92Lacs)
Note 10: The figures of the previous year have been regrouped and
rearranged so as to make them comparable with those of the current
financial year.
Mar 31, 2013
Note 1: The Company has no dues to micro and small enterprises as at
31st March, 2013. This information is required to be disclosed under
Micro, Small and Medium Enterprises Act, 2006 (MSMED Act) has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
Note 2: Contingent Liabilities
i. The State Excise Department, Government of Maharashtra has demanded
Rs. 103.24 Lacs (Previous Year
Rs. 103.24 Lacs) for Transportation fees / administration charges for
purchase of Special Denatured Spirit (SDS) for the period 1st April,
2002 to 31st March, 2007. The Company has along with other
manufacturers using industrial alcohol jointly contested the said
demand in Hon''ble Bombay High Court.
ii. Custom Duty Payable under advance License pending fulfillment of
export obligation as on 31st March, 2013 Rs. 17.13 Lacs (Previous Year Rs.
120.03 Lacs)
iii. Sales Tax Demand of Rs. 39.37 Lacs (Previous Year Rs. 39.37 Lacs)
under BST Act and Rs. 154.59 Lacs (Previous Year Rs. 154.59 Lacs) under CST
Act for the year 2003-04 against which the Company has preferred
appeals before Maharashtra Sales Tax Tribunal.
iv. Sales Tax Demand of Rs. 7.81 Lacs (Previous Year Rs. NIL ) under BST
Act for the year 1994-95, Rs. 33.84 Lacs (Previous Year Rs. NIL) under BST
Act and Rs. 51.64 Lacs (Previous Year Rs. NIL) under CST Act for the year
2004-05 against which the Company has preferred appeals before Joint
Commissioner of Sales Tax (Appeals) Kolhapur.
Note 3: Loans and Advances including Rs. 51.54 Lacs (Previous Year Rs.
51.54 Lacs) towards amount paid to Maharashtra State Electricity
Distribution Co. Ltd. (MSEDCL), formerly known as Maharashtra State
Electricity Board (MSEB), which has been appropriated by MSEDCL,
details as under:
The Company has contested the aforesaid appropriation, based on the
concession given by Board For Industrial and Financial Reconstruction
(BIFR) vide its Order dated 26th September, 2007, and a Writ has been
filed at Hon''ble High Court, Bombay. The Company has been legally
advised that the aforesaid appropriation by MSEDCL is not tenable and
the Company is entitled for the refund. Accordingly this amount is
shown under Loans and Advances. However on a conservative basis a
provision of Rs. 39.63 Lacs (Previous Year Rs. 39.63 Lacs) has been made in
books of accounts.
Note 4: The values of Current Assets and Loans and Advances are stated
at realisable in ordinary course of the business in Balance Sheet, as
per the opinion of the Management of the Company.
Note 5: Disclosure of Segment Reporting:
i) The business segment has been considered as the primary segment. The
only segment in which the Company is engaged in manufacture of Organic
Chemicals namely Acetic Acid, Ethyl Acetate, Acetaldehyde and Butyl
Acetate. Hence disclosure of business segment (primary disclosure) is
not applicable to the Company.
ii) The Secondary disclosure as required by Accounting Standard
"Segment Reporting" AS-17 is as follows:
Note 6: As per Board of Industrial and Financial Reconstruction)(BIFR)
Order dated 26th September, 2007 and Order dated 16th October, 2009,
the provisions of Section 115JB of the Income Tax Act, 1961 are not
applicable to the Company for the financial year under consideration
and hence the Company has not provided for Minimum Alternate Tax (MAT).
Note 7: Retirement Benefits
a) Defined Benefit Plan: The Company Provides for Gratuity on the basis
of Actuarial valuation. The Company does not have any fund for Gratuity
Liability.
The following table summerised the net benefit / expenses recognised in
Statement of Profit and Loss and Balance Sheet.
Note 8: Estimated value of contracts remaining to be executed on
capital account and not provided for in the accounts as at 31st March,
2013 was Rs. 97.92 Lacs (Previous year Rs. 4.53 Lacs)
Note 9: The Company does not have any derivative contracts or forward
contracts for the purpose of hedging foreign currency rate / commodity
price risk. Accordingly the Company does not have any outstanding
derivative contracts or forwards contracts. Details of said foreign
currency exposures which are not hedged by Derivative Contracts are as
under:
Note 10: The figures of the previous year have been regrouped and
rearranged so as to make them comparable with those of the current
financial year.
Mar 31, 2012
Note 1: The Company has no dues to micro and small enterprises during
the year ended 31st March, 2012. This information is required to be
disclose under Micro, Small and Medium Enterprises Act, 2006 (MSMED
Act) has been determined to the extent such parties have been
identified on the basis of information available with the Company
Note 2 : Contingent Liabilities
i. The State Excise Department, Government of Maharashtra has demanded
Rs. 103.24 Lacs (Previous Year Rs. 103.24 Lacs) for Transportation fess /
administration charges for purchase of Special Denatured Spirit
(S.D.S.) for the period 1st April,2002 to 31st March,2007. The Company
has along with other manufacturers using industrial alcohol jointly
contested the said demand in Bombay High Court.
ii. Custom Duty Payable under advance License pending fulfillment of
export obligation as on 31st March, 2012 Rs. 120.03 Lacs (Previous Year Rs.
Nil)
iii. Sales Tax Demand of Rs. 39,36,860/- under BST Act and Rs.
1,54,58,929/- under CST Act for the year 2003-04 against which the
Company has preferred appeals before Maharashtra Sales Tax Tribunal
Note 3 : Loans and Advances including Rs. 51,54,199/- towards amount
paid to Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL),
formerly known as Maharashtra State Electricity Board (MSEB), which has
been appropriated by MSEDCL, details as under:
The Company has contested the aforesaid appropriation, based on the
concession given by Board For Industrial and Financial Reconstruction
(BIFR) vide its Order dated 26th September, 2007, and a Writ has been
filed at High Court, Bombay. The Company has been legally advised that
the aforesaid appropriation by MSEDCL is not tenable and the Company is
entitled for the refund. Accordingly this amount is shown under Loans
and Advances. However on a conservative basis a provision of Rs.
39,62,702/- has been made in books of accounts.
Note 4 : The value of Capital Work-in-Progress pertaining to Ethyl
Acetate Plant and Other Projects amounting to Rs. 35,72,669 (Previous
year Rs. 2,69,08,709) is yet be capitalised.
Note 5: The values of Current Assets and Loans and Advances are stated
at realisable in ordinary course of the business in Balance Sheet, as
per the opinion of the Management of the Company.
Note 6 : Disclosure of Segment Reporting
i) The business segment has been considered as the primary segment. The
only segment in which the Company is engaged in manufacture of Organic
Chemicals namely Acetic Acid, Ethyl Acetate, Acetaldehyde and Butyl
Acetate. Hence disclosure of business segment (primary disclosure) is
not applicable to the Company.
Note 7: As per Board of Industrial and Financial Reconstruction (BIFR)
Order dated 26th September, 2007 and Order dated 16th October, 2009,
the provisions of section 115JB of the Income Tax Act, 1961 are not
applicable to the Company for the financial year under consideration
and hence the Company has not provided for Minimum Alternate Tax (MAT).
Note 8 : Retirement Benefits
a) Defined Benefit Plan: The Company Provides for Gratuity on the basis
of Actuarial valuation. The Company does not have any fund for Gratuity
Liability.
The following table summerises the net benefit / Expenses recognised in
Statement of Profit and Loss and Balance Sheet.
Note 9 : Estimated value of contracts remaining to be executed on
capital account and not provided for in the accounts as at 31st March,
2012 was Rs. 4,52,783/- (Previous year Rs. 64,06,174/-).
Note 10: The Company do not have any derivatives contract or forward
contract for the purpose of hedging foreign currency rate/ commodity
price risk. Accordingly, the Company do not have any outstanding
derivative contract or forward contracts.
Note 11 : During the year ended 31st March, 2012 the revised schedule
VI notified under the Companies Act, 1956 has become applicable to the
Company for preparation and presentation of its financial statements.
It has significant impact on presentation and disclosure made in the
financial statements. Hence, the figures of the previous year have been
regrouped and rearranged so as to make them comparable with those of
the current financial year prepared as per the revised schedule VI.
Mar 31, 2011
A) The Company has no dues to micro and small enterprises during the
year ended 31st March, 2011, 31st March, 2010 and as at 31st March,
2011, as at 31st March, 2010. This information is required to be
disclose under Micro, Small and Medium Enterprises Act, 2006 (MSM ED
Act) has been determined to the-extent such parties have been
identified on the basis of information available with the Company
B) Contingent Liabilities:
Claims against the Company not acknowledged as a debt:
The State Excise Department, Government of Maharashtra has demanded Rs.
103.24 Lacs (Previous Year Rs. 103.24 Lacs) for Transportation less /
administration charges for purchase of Special Denatured Spirit
(S.D.S.) for the period 1st April,2002 to 31st March,2007.The Company
has along with other manufacturers using industrial alcohol jointly
contested the said demand in Bombay High Court.
D) The value of capital work in progress and Capital Advance pertaining
to Aldehyde / Acetic Acid plant amounting to Rs.1.76 crores (Previous
year Rs. 2.18 crore) is yet be capitalised.
E) The values of Current Assets and Loans & Advances are stated at
realisable in ordinary course of the business in Balance Sheet, as per
the opinion of the Management of the Company
F) Disclosure of Segment Reporting:
i) The business segment has been considered as the primary segment. The
only segment in which the Company is engaged in manufacture of Organic
Chemicals namely Acetic Acid, Ethyl Acetate & Butyl Acetate. Hence
disclosure of business segment (primary disclosure) is not applicable
to the Company.
G) Disclosure of Related Party:
a. List of Related Parties
Subsidiary Companies None
Associate Concerns 1. Vikasini Leasing & Finance Pvt.
Ltd.
2. Sakarwadi Trading Company Pvt.
Ltd.
3. Lakshmiwadi Mines & Minerals
Pvt. Ltd
4. Somaiya Agencies Pvt. Ltd.
5. Jasmine Trading Co Pvt. Ltd
6. Godavari Biorefineries Ltd.
7. K. J. Somaiya & Sons Pvt. Ltd
Key Management Personnel Shri Rajendra V. Shah - Director
Shri S. Mohan - Director (Works)
J) The amount of Interest on Loans capitalised regarding expansion
project during the year was Rs. Nil. (Previous Year Rs. 4.42 Lacs)
K) As per BIFR Order dated 26th September, 2007 & Order dated 16th
October, 2009, the provisions of Section 115JB of the Income Tax Act,
1961 are not applicable to the Company for the financial year under
consideration and hence the Company has not provided for Minimum
Alternate Tax (MAT).
L) Retirement Benefits
a) Defined Benefit Plan: The Company Provides for Gratuity on the basis
of Actuarial valuation. The Company does not have any fund for Gratuity
Liability.
The following table summerised the net benefit / Expenses recognised in
Profit and Loss Account and Balance Sheet.
N) Estimated value of contracts remaining to be executed on capital
account and not provided for in the accounts as at 31st March, 2011 was
Rs. 64.06 lacs (Previous year Rs. 95.65 lacs).
O) The figures of the previous year have been re-grouped and rearranged
wherever necessary so as to make them comparable with those of the
current financial year.
Mar 31, 2010
A) There are NIL Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days as at
31st March, 2010. This information as required to be disclosed under
the Micro, Small and Medium Enterprises Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
B) Contingent Liabilities:
Claims against the Company not acknowledged as a debt:
(Amts Rs. in Lacs)
Sr.No
Particulars 2009-2010 2008-2009
1 Transportation fees 103.24 103.24
Water Charges - 5.25
The Company has contested the aforesaid appropriation, based on the
concession given by BIFR vide its Order dated 26.9.2007, and a Writ has
been filed at High Court, Bombay
The Company has been legally advised that the aforesaid appropriation
by MSEDCL is not tenable and the Company is entitled for refund.
Accordingly, Rs. 51,54,199/- is shown under Loan & Advances.
C) The value of capital work in progress and Capital Advance pertaining
to Aldyhede / Acetic Acid plant amounting to Rs.2.18 crores (previous
year Rs. 2.13 Crores) is yet be capitalised. Due to the current market
condition the Company has decided not to commission said expansion till
the market condition improve.
D) Based on the opinion of the Management of the Company the values of
current Asset and Loans & Advances are stated at realisable in ordinary
course of the business in Balance sheet.
E) Disclosure of Segment Reporting:
The business segment has been considered as the primary segment. The
only segment in which the Company is engaged in manufacture of Organic
Chemicals namely Acetic Acid, Ethyl Acetate & Butyl Acetate. Hence the
disclosure of business segment (primary disclosure) is not applicable
to the Company. The Companys entire transactions are domestic. Hence
secondary segment is not applicable to the Company.
F) Disclosure of Related Party: a) List of Related Parties:
Subsidiary Companies None
Associate Concerns 1. Vikasini Leasing & Finance Pvt. Ltd.
2. Herbika Laboratories Ltd.
3. Seagro Shipyard Engineers Ltd.
4. Sakarwadi Trading Company Pvt. Ltd.
5. Lakshmiwadi Mines & Minerals Pvt. Ltd.
6. Somaiya Agencies Pvt. Ltd.
7. Jasmine Trading Co. Pvt. Ltd.
8. Godavari Biorefiheries Ltd.
9. K. J. Somaiya & Sons Pvt Ltd
Key Management Personnel Shri Rajendra V. Shah - Chairman
& Managing Director
Relatives of Key
Management Personnel Smt. Pragna R. Shah - Wife of Chairman
& Managing Director
G) The amount of Interest on Loans capitalised regarding expansion
project during the year was Rs. 4.42 Lacs ( Previous Year Rs. 13.03
Lacs).
H) The Company has not provided for Minimum Alternative Tax (MAT) as
the Company has brought forward business and depreciation losses.
I) Retirement Benefits
a) The Company Provides for Gratuity on the basis of Acturial
valuation. The .Company does not have any fund for
Gratuity Liability. The following table summerised the net benefit /
Expenses recognised in Profit & Loss Account and Balance Sheet.
2. The Company has not incurred any expenditure in foreign currency
during the previous year.
J) The Company had filed Miscellaneous Application to the Board for
Industrial & Financial Reconstruction (BIFR) stating that since the
Company had substantially implemented the sanctioned scheme issued by
BIFR and the Net worth of the Company became positive, the Company
ceased to be sick industrial undertaking within the meaning of Section
3(1 )(o) of SICA. Accordingly, BIFR discharged the Company from the
purview of SICA/BIFR vide its Order dated 16th October, 2009 .
K) Estimated value of contracts remaining to be executed on capital
account and not provided for in the accounts as at 31st March, 2010 was
Rs. 95.65 lacs (Previous year Rs.37.92 lacs) .
L) The figures of the previous year have been re-grouped and rearranged
wherever necessary so as to make them comparable with those of the
current financial year.
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