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Notes to Accounts of Phyto Chem (India) Ltd.

Mar 31, 2015

Contingent Liabilities:

1. Claims against the Company not acknowledged as debt.

The Company has appealed against the decision of CTO for the improper addition of turnover for the Financial Years 2010-11, 2011-12 & 2012-13. The appeal is pending with Appellate Authority. The disputed tax in respect of this appeal is Rs.1021615. Since the management is hopeful to get favorable decision, no provision is made in the books of accounts.

Notes - 2

The present balance of Sales Tax liability is of Rs.1,73,05,187/- accumulated in view of sanction of deferment by the Government of Andhra Pradesh is shown under unsecured loans (Long Term Borrowings).

Notes - 3

Confirmation of balances of certain parties for amounts due to them / due from them as per the accounts of the Company have not been received. However the values in the book of accounts are final as it is indicated that the balances will be treated as final if balance confirmation is not made before particular date.

Notes - 4

In the opinion of Board of Directors of the Company, current assets, loans and advances and deposits are approximately of the value stated in the accounts, if realized in ordinary course of business, unless otherwise stated. The provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary.

Notes - 5

Disclosure in respect of principal and interest pertaining to the Micro, Small and Medium Enterprises Dev. Act, 2006 based on available details is as under

Notes - 6

The Company has gained Rs.5,93,611.00 (net) due to fluctuations in foreign exchange rate and the same is credited to P&L A/c.

Notes - 7

No provision has been made in the books of accounts for the diminution in the market value of quoted shares as it is felt that the diminution is not permanent in nature.

Notes - 8

Disclosure pursuant to Accounting Standards 15 (Revised 2005) Employee Benefits:

A. Defined Contribution Plan:

Contribution to defined contribution plan recognized as expenditure in profit and loss account is as under: The provident fund contributions are remitted to Regional Provident Fund Commissioner, Hyderabad.

B. Defined Benefit Plan:

The Company has Employees Group Gratuity Fund through a policy with LIC and contributes to the fund through annual premium determined based on actuarial valuation using projected unit credit method as on 31-03-2015. The Company has funded current service cost obligation and contribution made are recognized as expenses. The disclosure in respect of funded defined benefit obligation as by Accounting Standard 15 is given below:

Notes - 9

Segment Reporting as per Accounting Standard 17:-

The Company has identified Geographical as primary segment. The Company is manufacturing pesti- cider formulations and operating its activity in Telangana, Andhra Pradesh and other states in India. The details of Segment Revenue, Expenditure, Assets and Liabilities are as under.

Notes - 10

Impairment of Fixed Assets:

The Company assessed at the Balance Sheet date, the value of the Fixed Assets in order to comply with the provisions of A.S-28. The Company was of the opinion that the assets of the Company will generate adequate benefits in future. The Company has arrived to this opinion considering the present condition of the assets and its withstanding capacity even for increased capacity by four times to that of present capacity. The Company has also considered net cash flow before tax and also present value of future cash flow. The future cash flows were taken into account based on the budgeted turnovers fixed for future five years in recent budget meeting. In view of continuous profits, the discounting rate is taken at 15%. In view of this position, the Company has felt that the "Value in use" of the Fixed Assets is more than carrying cost of the fixed assets, hence no provision for impairment of Loss of Fixed Assets has been made.

Notes - 11

Pending Legal Matters:

The Company has filed several cheque bouncing suits against its customers and the matters are pending at various levels in the Courts. No suit against the Company which creates financial commitment to the Company was filed.

Notes - 12

Depreciation on Fixed Assets :

The Company has revised the useful life of its Fixed Assets to comply with the useful life as mentioned under Schedule II of the Companies Act, 2013. The carrying amount of the Fixed Assets as on 1st April, 2014 has been depreciated over the remaining revised useful life of the Fixed Assets. Consequently, the carrying value of assets whose useful lives are already exhausted as on 1st April 2014 amounting to Rs.24.27 lakhs and Deferred tax of Rs.7.50 lakhs thereon have been adjusted with the opening balance of Reserves as on 1st April 2014. Had there not been any change in the useful life of Fixed Assets, the Depreciation for the year ended March, 2015 would have been higher by Rs.4.85 lakhs and thereby the Profit would have been lower to this extent.


Mar 31, 2014

AS AT AS AT 31-03-2014 31-03-2013 Rs. Rs. Notes - 1 Share Capital

a. Authorised Capital 47,50,000 of equity shares of Rs.10/- each 47500000.00 47500000.00 (Previous year 47,50,000 equity shares)

b. Issued, subscribed and paid up capital of Rs.10/- each 43,00,200 of equity shares (fully paid) 43002000.00 43002000.00 (Previous year 43,00,200 equity shares) 43002000.00 43002000.00

c. List of shareholders holding more than 5% of aggregate shares in the Company : 7.16% i. Mr.Y.Nayudamma:3,08,106 shares

d. The reconciliation of the number of shares Equity shares at the beginning of the year : 4300200

Add : Equity Shares Issued during the year : Nil

Less : Equity Shares cancelled during the year : Nil

Equity shares at the end of the year : 4300200

e. Rights, preferences and restrictions attached to shares:

Equity shares: The Company has one class of equity shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. Except in case 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.

B. Expenditure in foreign currency during the Financial year on account of royalties, knowhow, professional and consultation and other matters : NIL

C. Total value of imported raw material consumed during the financial year and the total value of indigeneous raw materials and the percentage of each to the total consumption:

D. Earnings in foreign exchange: NIL

Contingent Liabilities:

i. Import Letter of Credit of USD 2,31,600 equivalent to Rs. 139.42 Lacs (Previous Year - USD 2,00,300 equivalent to Rs.117.91 Lacs)

ii. Inland Letter of credit : Rs. Nil (Previous year - Nil )

iii. Unexpired Bank Guarantees : Rs. Nil (Previous Year - Nil )

Notes - 2

The present balance of Sales Tax liability is of Rs.1,84,14,293/- accumulated in view of sanction of deferment by the Government of Andhra Pradesh is shown under unsecured loans (Long Term Borrowings).

Notes - 3

Confirmation of balances of certain parties for amounts due to them/due from them as per the accounts of the Company have not been received. However the values in the book of accounts are final as it is indicated that the balances will be treated as final if balance confirmation is not made before particular date.

Notes - 4

In the opinion of Board of Directors of the Company, current assets, loans and advances and deposits are approximately of the value stated in the accounts, if realized in ordinary course of business, unless otherwise stated. The provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary.

Notes - 5

Disclosure in respect of principal and interest pertaining to the Micro, Small and Medium Enterprises Dev. Act, 2006 based on available details is as under

Notes - 6

The Company has suffered a loss of Rs.56,18,618.00 due to fluctuations in foreign exchange rate and the same is debited to P&L A/c.

Notes - 7

No provision has been made in the books of accounts for the diminution in the market value of quoted shares as it is felt that the diminution is not permanent in nature.

Disclosure pursuant to Accounting Standards 15(Revised 2005) Employee Benefits:

A. Defined Contribution Plan:

Contribution to defined contribution plan recognized as expenditure in profit and loss account is as under: The provident fund contributions are remitted to Regional Provident Fund Commissioner, Hyderabad.

B. Defined Benefit Plan:

The company has Employees Group Gratuity Fund through a policy with LIC and contributes to the fund through annual premium determined based on actuarial valuation using projected unit credit method as on 31.03.2014. The company has funded current service cost obligation and contribution made are recognized as expenses. The disclosure in respect of funded defined benefit obligation as by Accounting Standard 15 is given below:

Other Information

The Company is manufacturing Pesticides Formulations operating its marketing activity of Pesticides Formulations in the States of Telangana, Andhra Pradesh, Karnataka, Maharashtra and Gujarat. The products of the Company are being sold at large scale in these States through its dealers and distributors network.

B. Information about product Segmentation :-

The Company has not done any real estate turnover (House Plots) during the Current year. Hence product segment reporting is not applicable.

Notes - 8

The Company follows Accounting Standard (AS22) "Accounting for Taxes on Income” as notified by Companies Accounting Standard Rules, 2006. The Company has deferred tax liability with difference in depreciation in block of fixed assets as per tax books and financial books. The calculations of deferred tax liability is as under

Notes - 9

The Company assessed at the Balance Sheet date, the value of the Fixed Assets in order to comply with the provisions of A.S-28. The Company was of the opinion that the assets of the Company will generate adequate benefits in future. The Company has arrived to this opinion considering the present condition of the assets and its withstanding capacity even for increased capacity by four times to that of present capacity. The Company has also considered net cash flow before tax and also present value of future cash flow. The future cash flows were taken into account based on the budgeted turnovers fixed for future five years in recent budget meeting. In view of continuous profits, the discounting rate is taken at 15%. In view of this position, the Company has felt that the "Value in use” of the Fixed Assets is more than carrying cost of the fixed assets, hence no provision for impairment of Loss of Fixed Assets has been made.


Mar 31, 2013

NOTES- 1

Contingent Liabilities:

i. Import Letter of credit of USD 2,00,300 equivalent to Rs. 117.91 Lacs (Previous Year-USD 6,38,800.00 equivalent to Rs.318.98 Lacs)

ii. Inland Letter of credit: Rs. Nil (Previous year - Nil)

iii. Unexpired Bank Guarantees : Rs. Nil (Previous Year - Nil)

NOTES-2

The present balance of Sales Tax liability is of Rs.1,94,56,921/- accumulated in view of sanction of deferment by the Government of Andhra Pradesh is shown under unsecured loans.

NOTES - 3

Confirmation of balances of certain parties for amounts due to them/due from them as per the accounts of the Company have not been received. However the values in the book of accounts are final as it is indicated that the balances will be treated as final if balance confirmation is not made before particular date.

NOTES-4

In the opinion of Board of Directors of the Company, current assets, loans and advances and deposits are approximately of the value stated in the accounts, if realized in ordinary course of business, unless otherwise stated. The provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary

NOTES- 5

The Company has suffered a loss of Rs. 19,65,563.00 due to fluctuation in foreign exchange rate and the same is debited to P&L A/c.

NOTES- 6

No provision has been made in the books of accounts for the diminution in the market value of quoted shares as it is felt that the diminution is not permanent in nature.

NOTES- 7

Disclosure pursuant to Accounting Standards 15(Revised 2005) Employee Benefits:

A. Defined Contribution Plan:

Contribution to defined contribution plan recognized as expenditure in profit and loss account is as under: The provident fund contributions are remitted to Regional Provident Fund Commissioner, Hyderabad.

B. Defined Benefit Plan:

The company has Employees Group Gratuity Fund through a policy with LIC and contributes to the fund through annual premium determined based on actuarial valuation using projected unit credit method as 31.03.2013. The company has funded current service cost obligation and contribution made are recognized as expenses. The disclosure in respect of funded defined benefit obligation as by Accounting Standard 15 is given below:

Other Information :-

The Company is manufacturing Pesticides Formulations operating its marketing activity of Pesticides Formulations in the States of Andhra Pradesh, Karnataka, Maharashtra and Gujarat. The products of the Company are being sold at large scale in these States through its dealers and distributors network.

B. Information about product Segmentation :-

The Company has not done any real estate turnover (House Plots) during the Current year. Hence product segment reporting is not applicable.

NOTES- 8

The Company assessed at the Balance Sheet date, the value of the Fixed Assets in order to comply with the provisions of A.S - 28. The Company was of the opinion that the assets of the Company will generate adequate benefits in future. The Company has arrived to this opinion considering the present condition of the assets and its withstanding capacity even for increased capacity by four times to that of present capacity. The Company has also considered net cash flow before tax and also present value of future cash flow. The future cash flows were taken into account based on the budgeted turnovers fixed for future five years in recent budget meeting. In view of continuous profits, the discounting rate is taken at 15%. In view of this position, the Company has felt that the "Value in use" of the Fixed Assets is more than carrying cost of the fixed assets, hence no provision for impairment of Loss of Fixed Assets has been made.

NOTES-9

After approval of the Annual Accounts for the year 2012-13 in the Board Meeting held on 16-05-2013, the Board of Directors have declared dividend @ 10% on Equity Share Capital for the year 2012-13 in the subsequent Board Meeting held on 31 -07-2013. In order to make provision for the proposed dividend in the books of Accounts, the Annual Accounts have been suitably revised and the same were also approved in the Board Meeting held on 19-08-2013. As a result of revision, the Reserves and surplus schedule and schedule for short term provisions in Balance Sheet have been changed as mentioned at Notes - 3 and Notes - 8 respectively.

NOTES-10

Previous Year figures have been regrouped / rearranged / reclassified wherever necessary.


Mar 31, 2012

NOTES - 1

A. Expenditure in foreign currency during the Financial year on account of royalties, know how, professional and consultation and other matters : NIL

NOTES - 2 Contingent Liabilities:

i. Import Letter of credit of USD: 6,38,800.00 equivalent to Rs. 318.98 Lacs (Previous Year - USD Nill equivalent to Rs. Nill Lacs)

ii. Inland Letter of credit of Rs. NIL (Previous year - Rs. Nil Lacs)

iii. Unexpired Bank Guarantees Rs. NIL (Previous Years - Nil Lacs)

NOTES-3

The Sales Tax liability is being accumulated in view of sanction of deferment by the Government of Andhra Pradesh and the same is shown under unsecured loans.

NOTES- 4

Confirmation of balances of certain parties for amounts due to them/due from them as per the accounts of the Company have not been received. However the values in the book of accounts are final as it is indicated that the balances will be treated as final if balance confirmation is not made before particular date.

NOTES- 5

In the opinion of Board of Directors of the Company, current assets, loans and advances and deposits are approximately of the value stated in the accounts, if realized in ordinary course of business, unless otherwise stated. The provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary

NOTES- 6

The Company has suffered a loss of Rs. 1,10,657.00 due to fluctuation in foreign exchange rate and the same is debited to P&L A/c.

NOTES-7

No provision has been made in the books of accounts for the diminution in the market value of quoted shares as it is felt that the diminution is not permanent in nature.

NOTES- 8

Disclosure pursuant to Accounting Standards 15(Revised 2005)

Employee Benefits:

A. Defined Contribution Plan:

Contribution to defined contribution plan recognized as expenditure in profit and loss account is as under: The provident fund contributions are remitted to Regional Provident Fund Commissioner, Hyderabad.

NOTES- 9

The Company assessed at the Balance Sheet date, the value of the Fixed Assets in order to comply with the provisions of A.S - 28. The Company was of the opinion that the assets of the Company will generate adequate benefits in future. The Company has arrived to this opinion considering the present condition of the assets and its withstanding capacity even for increased capacity by four times to that of present capacity. The Company has also considered net cash flow before tax and also present value of future cash flow. The future cash flows were taken into account based on the budgeted turnovers fixed for future five years in recent budget meeting. In view of continuous profits, the discounting rate is taken at 15%. In view of this position, the Company has felt that the "Value in use" of the fixed Assets is more than carrying cost of the fixed assets, Hence no provision for impairment of Loss of fixed assets has been made.

NOTES-10 Previous Year figures have been regrouped/rearranged/reclassified wherever necessary.


Mar 31, 2011

1. Contingent Liabilities:

(i) Import Letter of credit of USD: Nil equivalent to Rs. Nil Lacs ( Previous Year - USD Nill equivalent to Rs. Nill Lacs)

(ii) Inland Letter of credit of Rs. NIL (Previous year - Rs. Nil Lacs) (iii)Unexpired Bank Guaranteess Rs. NIL (Previous Years - Nil Lacs)

2. The Sales Tax liability is being accumulated in view of sanction of deferment by the Government of Andhra Pradesh and the same is shown under unsecured loans.

3. Confirmation of balances of certain parties for amounts due to them/due from them as per the accounts of the company have not been received. However the values in the book of accounts are final as it is indicated that the balances will be treated as final if balance confirmation is not made before particular date.

4. In the opinion of Board of Directors of the Company, current assets loans and advances and deposits are approximately of the value stated in the accounts, if realized in ordinary course of business,unless otherwise stated. The provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary

5. The Company has earned a profit of Rs.8,34,873.00 due to fluctuation in foreign exchange rate and the same is credited to P&L A/c.

6. No provision has been made in the books of accounts for the diminution in the market value of quoted shares as it is felt that the diminution is not permanent in nature.

7. Disclosure pursuant to Accounting Standards 15(Revised 2005)

Employee Benefits:

A.Defined Contribution Plan:

Contribution to defined contribution plan recognized as expenditure in profit and loss account is as under:

The provident fund contributions are remitted to Regional Provident Fund Commissioner, Hyderabad.

8. Related parties disclosure : The Company has the transactions with the following related part on account of share holdings by key management personnel and their relatives .

A) Particulars of Associate Company :

Name of the Related Party Nature of Relationship

1. M/S. Rasasri Developers (Private) Ltd., Bangalore. Associate Company

2. M/S. Rasasri Infrastructures (Private) Ltd., Hyderabad. Associate Company

B) Key Management Personnel:

Name of the Related Party Nature of Relationship

Mr.Y.Nayudamma Managing Director

Mr.P.Anjaneyulu Director

9. The Company assessed at the Balance Sheet date, the value of the Fixed Assets in order to comply with the provisions of A.S -28. The Company was of the opinion that the assets of the Company will generate adequate benefits in future. The Company has arrived to this opinion considering the present condition of the assets and its withstanding capacity even for increased capacity by four times to that of present capacity. The Company has also considered net cash flow before tax and also present value of future cash flow. The future cash flows were taken into account based on the budgeted turnovers fixed for future five years in recent budget meeting. In view of continuous profits, the discounting rate is taken at 15%. In view of this position, the Company has felt that the "Value in use" of the fixed Assets is more than carrying cost of the fixed assets, Hence no provision for impairment of Loss of fixed assets has been made.

10. Previous Year figures have been regrouped / rearranged reclassified wherever necessary


Mar 31, 2010

1. Contingent Liabilities:

(i) Import Letter of credit of USD: Nil equivalent to Rs. Nil Lacs

( Previous Year - USD 1,05,000.00 equivalent to Rs. 50.61 Lacs)

(ii) Inland Letter of credit of Rs. NIL (Previous year - Rs. Nil Lacs)

(iii)Unexpired Bank Guaranteess Rs. NIL (Previous Years - Nil Lacs)

2. The Sales Tax liability is being accumulated in view of sanction of deferment by the Government of Andhra Pradesh and the same is shown under unsecured loans.

3. Confirmation of balances of certain parties for amounts due to them/due from them as per the accounts of the company have not been received. However the values in the book of account are final as it is indicated that the balances will be treated as final if balance confirmation is not made before particular date.

4. In the opinion of Board of Directors of the Company, current assets loans and advances and deposits are approximately of the value stated in the accounts, if realized in ordinary course of business,unless otherwise stated. The provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary

5. The Company has earned a profit of Rs.3,03,960.00 due to fluctuation in foreign ex change rate and the same is credited to P&L A/c.

6. No provision has been made in the books of accounts for the diminution in the market value of quoted shares as it is felt that the diminution is not permanent in nature^

7. Disclosure pursuant to Accounting Standards 15(Revised 2005)

Employee Benefits:

A.Defmed Contribution Plan:

Contribution to defined contribution plan recognized as expenditure in profit and loss account is as under: The provident fund contributions are remitted to Regional Provident Fund Commissioner, Hyderabad.

8. The Company assessed at the Balance Sheet date, the value of the Fixed Assets in order to comply with the provisions of A.S -28 on Impairment of assets. The Company was of the opinion that the assets of the Company will generate adequate benefits in future. The Company has arrived to this opinion considering the present condition of the assets and its withstanding capacity even for increased capacity by four times to that of present capacity. The Company has also considered net cash flow before tax and also present value of future cash flow. The future cash flows were taken into account based on the budgeted turnovers fixed for future five years in recent budget meeting. In view of continuous profits, the discounting rate is taken at 15%. In view of this position, the Company has felt that the "Value in use" of the fixed Assets is more than carrying cost of the fixed assets, Hence no provision for impairment of Loss of fixed assets has been made.tee at

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