Mar 31, 2016
1. The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
2.Related Party Disclosure in accordance with Accounting Standard 18, the disclosure required is given below
I) Related Parties with whom transaction have taken place during the year:
a) Key Managerial Personnel
1) Dr. Padam C Bansal Chairman
2) Mr. Devakar Bansal Managing Director
3) Mr. Sunil Kumar Bansal Joint Managing Director
4) Mr. Y V Raman Whole Time Director
5) Mr. Aashish Jain Company Secretary
6) Mr. N Ravichandran Chief Financial Officer
b) Relative of Key Managerial Personnel
1) Mrs. Vandana Bansal W/o Mr. Devakar Bansal
2) Mrs. Neelam Bansal W/o Mr. Sunil Kumar Bansal
3) Mrs. Vijaya Bansal W/o Dr. Padam C Bansal
4) Mr. Harsh Bansal S/o Mr. Sunil Kumar Bansal
5) Mr. Amber Bansal S/o Mr. Devakar Bansal
6) Mr. Sagar Bansal S/o Mr. Devakar Bansal
c) Enterprise owned or significantly influenced by Key Managerial Personnel or their relatives
1) M/s. Ardee Industries Private Limited
2) M/s. Bansal Chemicals (India)
3) M/s. Bansal Metallic Oxides
4) M/s. Pondy Oxides and Chemicals Limited
Mar 31, 2015
Notes forming part of the financial statements DEMERGER NOTE:
1. The Hon'ble High Court of Madras vide its Order dated December 4,
2014 sanctioned the Scheme of Arrangement (Demerger) in Company
Petition No. 339 of 2014 for the Demerger of four undertakings of M/s.
Pondy Oxides and Chemicals Limited (Demerged Company) namely Metallic
Oxides Division, Plastic Additives Division, Zinc Refining Division and
Lead Alloying & Refining Division along with their related assets and
liabilities into POCL Enterprises Limited (Resulting Company),
effective from April 1,2013, as the appointed date.
2. The Net Profit/Loss for the period from Appointed Date i.e.,1st
April 2013 to 31st March 2014 is adjusted in Surplus/(Deficit) in
Statement of Profit and Loss.
3. The Financial Statements of the Company for the year ended March
31,2015 includes Assets, Liabilities and Results of Operations of four
demerged undertakings and therefore the current year financials are
strictly not comparable with the previous year financials.
4. The excess of assets over liabilites of Rs. 1162.77 Lakhs as on
March 31,2013 relating to four undertakings have been transferred into
the Company and corresponding adjustments have been given in share
capital and reserves and surplus in the following manner:
(i) Share Capital - Rs. 557.60 Lakhs
(ii) Securities Premium Account - Rs. 85.21 Lakhs
(iii) General Reserves - Rs. 14.08 Lakhs
(iv) Surplus/(Deficit) in Profit & Loss Account - Rs. 505.88 Lakhs
Total - Rs. 1162.77 Lakhs
5. As per the Scheme of Arrangement (Demerger) as referred above, each
member of M/s. Pondy Oxides and Chemicals Limited, whose name stood
recorded in the Register of Members as on January 9, 2015 (Record Date)
have been allotted 1 (One) Equity Share of Rs. 10/- each in the Company
for every 2 (Two) Equity Shares of Rs. 10/- each held by the
shareholder in M/s. Pondy Oxides and Chemicals Limited. Consequently,
the same has been credited to Share Capital Account.
6. The 7,81,465 equity shares of Rs. 10/- each held by M/s. Pondy
Oxides and Chemicals Limited in the Company had been cancelled pursuant
to the Scheme of Demerger. Consequently the Company ceases to be
subsidiary of Pondy Oxides and Chemcials Limited.
7. The Effective Date for the Scheme of Demerger is December 22, 2014,
being the date on which the Certified True Copy of the High Court Order
was filed with Registrar of Companies, Tamilnadu.
8. The Company is in the process of changing the names of certain
properties/assets covered by the Scheme.
9. The Company has only one class of equity shares having a par value
of Rs.10/- per share. Each holder of equity share is entitled to one
vote per share. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting.
10. Rs. 1.27 (NIL) Lakhs of Term Loan for Vehicle is secured by
hypotheciation and repayable as per the terms of loan.
11. The above term loan was originally sanctioned to M/s. Pondy Oxides
and Chemicals Limited and transferred to the Company along with the
asset, on account of Demerger
12. Working Capital loans are secured by hypothecation of present and
future stock of raw materials, stock- in-process, finished goods,
stores & spares, book debts, materials in transit, etc., and guaranteed
by promoter directors of the company
13. Unsecured Loans from others includes loans from Directors and Inter
Corporate Borrowings.
14. Capital work in Progress of Rs. 4.85 Lakhs (NIL) is machinery
under installation.
15. Adjustments on account of Demerger
16. In accordance with the requirement of Schedule II to the Companies
Act, 2013, the Company has reassessed the useful life of the fixed
assets and accordingly revised the life as per Schedule II to the
Companies Act, 2013. Consequently an amount of Rs. 10.75 Lakhs (net of
taxes) has been charged to the opening balance of retained earnings in
respect of assets whose useful life is NIL as on April 1,2014
17. Employee Benefits (AS -15 revised)
As per Accounting Standard 15 " Employee Benefits", the disclosures as
defined in the Accounting Standard are given below:
18. Defined Benefit Plan :
The Employee's Gratuity Liability has been made on actuarial basis. The
Present value of obligation is determined by using the Projected Unit
Credit Method, which recognises each period of service as giving rise
to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.
19. REMITTANCE IN FOREIGN CURRENCY ON ACCOUNT OF DIVIDEND
No dividend has been declared by the Company in the previous financial
years and hence question on remittance of dividend in foreign currency
does not arise.
20.CONTIGENT LIABILITIES
Sl. Particulars As at 31st As at 31st
No. March, March,
2015 2014
(I) Contigent Liabilities
(a) Performance/ Finance Guarantees 26.87 -
(b) Other Money for which the company
is contingently liable
* Liability in respect of Letter 500.23 -
of Credit Opened
* Liability in respect of Bills 194.56 -
Discounted with Banks
(II) Commitments
(a) Estimted amount of contracts
remaining to be executed on capital - -
account and not provided for
The Company was engaged in the business of trading activities in the
previous year which in the opinion of the Management is considered to
be the only reportable business segment in the context of Accouting
Standard- 17 on "Segment Reporting". Further there is no geographical
segment applicable to the Company. Hence previous year figures are not
reported
21. Related Party Disclosure in accordance with Accounting Standard 18,
the disclosure required is given below
I) Related Parties with whom transaction have taken place during the
year:
a) Key Managerial Personnel
1) Dr. Padam C Bansal Chairman (w.e.f 12/01/2015)
2) Mr. Devakar Bansal Managing (w.e.f 24/12/2014)
Director
3) Mr. Sunil Kumar Joint Managing (w.e.f 24/12/2014)
Bansal Director
4) Mr. Y V Raman Whole Time (w.e.f 24/12/2014)
Director
5) Mr. Aashish Jain Company (w.e.f 24/12/2014)
Secretary
b) Relative of Key Managerial Personnel
1) Mrs. Vandana Bansal W/o Mr. Devakar Bansal
2) Mrs. Neelam Bansal W/o Mr. Sunil Kumar Bansal
3) Mrs. Vijaya Bansal W/o Dr. Padam C Bansal
4) Mr. Harsh Bansal S/o Mr. Sunil Kumar Bansal
5) Mr. Ambar Bansal S/o Mr. Devakar Bansal
6) Mr. Sagar Bansal S/o Mr. Devakar Bansal
7) Mr. Anil Kumar Bansal Brother of Mr. Devakar Bansal
8) Mr. R P Bansal Brother of Mr. Devakar Bansal
c) Enterprise owned or significantly influenced by Key Managerial
Personnel or their relatives
1) M/s. Ardee Industries Private Limited
2) M/s. Bansal Chemicals (India)
3) M/s. Bansal Metallic Oxides
22. Previous year figures have been regroped/rearranged wherever
necessary
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