Home  »  Company  »  Refnol Resins &  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Refnol Resins & Chemicals Ltd.

Mar 31, 2015

2014-15 2013-14

1. CONTINGENT LIABILITIES (not provided for)

Claim against company not acknowledged as Debt 2.50 0.50

2. In view of uncertainty that sufficient future taxable income will be available against unabsorbed depreciation and carried forward losses under tax laws, deferred tax assets has not been recognized.

3. In spite of company's net worth being fully eroded, Accounts have been prepared on going concern basis.

4. The company's operations fall under single segment namely "Chemicals".

5. Related Party Disclosure

a. Parties where control exists :

Refnol Overseas Limited Subsidiary

Tex Care Middle East LLC Sub-subsidiary

Tex Care Bahrain WLL Sub-subsidiary

b. Other related parties with whom transactions have taken place during the year :

i Other parties

Indokem Limited Associate

Indokem Export Limited Associate

Shubhlabh Chemicals Pvt. Ltd. Associate

Formost Chemicals Pvt. Ltd. Associate

Chemron Texchem Pvt. Ltd. Associate

Orchard Acres Associate

Priyamvada Holdings Limited Associate

Khatau Leasing and Finance Co. Pvt. Ltd. Associate

MKK Holdings Private Limited Associate

Vindyapriya Holdings Private Limited Associate

ii. Key Management Personnel & Relatives :

1. Mr. Mahendra K. Khatau, Chairman

2. Mr. Arup Basu, Managing Director

3. Mr. Vikas Agarwal, Chief Financial Officer

4. Ms. Anu Rajput, Company Secretary

5. Vikas Agarwal (HUF), HUF firm of Vikas Agarwal, Chief Financial Officer

6. Mr. Abhik Basu, S/o, Mr. Arup Basu, Managing Director

7. Mrs. Leela K. Khatau, Executive (Mother of Mr. Mahendra K. Khatau, Chairman)

6. The figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary.




Mar 31, 2014

2013-14 2012-13

1. CONTINGENT LIABILITIES (not provided for)

Claim against company not acknowledged as Debt 0.50 0.50

Bills discounted with bank - 129.54

2. In view of uncertainty that sufficient future taxable income will be available against unabsorbed depreciation and carried forward losses under tax laws, deferred tax assets has not been recognized.

3. In spite of company''s net worth being negative, Accounts have been prepared on going concern basis.

4. The company''s operations fall under single segment namely "Chemicals".

5. The figures of the previous year have been regrouped / reclassified rearranged, wherever necessary.


Mar 31, 2013

1.1 Equity Shares carry voting rights at the General Meeting of the company and are entitled to participate in surplus, if any, in the event of winding up.

2012-13 2011-12

2 CONTINGENT LIABILITIES (not provided for)

Claim against company not acknowledged as Debt 0.50 0.50

Bills discounted with bank 129.54 149.92

3 In view of uncertainty that sufficient future taxable income will be available against unabsorbed depreciation and carried forward losses under tax laws, deferred tax assets has not been recognized.

4 Company''s Accounts are prepared on a going concern basis in spite of net worth of the company having turned negative at the end of the year.

5 The company''s operations fall under single segment namely "Chemicals".

6 The figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary.


Mar 31, 2010

(Rupees in lacs)

1 Contingent Liabilities not Provided for: Current Previous

Year Year

a) Counter Guarantees given to bank - 7.57

b) Letter of Credit 394.70 301.19

c) Claim against company not acknowledged as Debt 0.50 0.50

d) Bills discounted with bank 125.35 4.43





2 Company is awaiting information from the suppliers to identify enterprises falling under section 22 of the micro, small and medium enterprises development act, 2006.

3 Company ceases to be a sick company within the meaning of section 3 (1) (o) of the Sick Industrial Companies (special provisions) Act, 1985 as per decision of BIFR in its meeting held on 20/04/2010 effective 31st March 2010.

4 The gross block of fixed assets includes Rs. 541.33 lacs (Previous year Rs. 541.33 lacs) on account of revaluation of fixed assets carried out on 31/03/09. Consequent to the said revaluation, there is an additional charge of depreciation of Rs. 23.69 lacs (Previous year Rs. nil) and an equivalent amount has been withdrawn from Revaluation reserve and credited to the profit and loss account. This has no impact on profit of the year.

5 The companys operations fall under single segment namely "Chemicals".

6 Related Party Disclosure :

a. Parties where control exists :

Refnol Overseas Limited - Subsidiary

Indokem Limited - Associate

Indokem Export Limited - Associate

Priyamvada Holdings Limited - Associate

Khatau Capacitors Pvt. Ltd. - Associate

Orchard acres - Associate



b. Other related parties with whom transactions have taken place during the year: Key Management Personnel & Relatives :

(1) Mr. Arup Basu, Managing Director

(2) Mrs. Leela K. Khatau, Executive (Relative of Mr. Mahendra K. Khatau, Chairman)

(3) Mr. Anil K. Khatau (Relative of Mr. Mahendra K. Khatau, Chairman)

7 Due to Carried forward Book Losses Company has not provided accumulated net deferred tax as on 1 st April, 2001 and for the current year as per Accounting Standard 22 (Accounting for Taxes on Income) of The Institute of Chartered Accountants of India.

8 The figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary.

9 Additional information required under Part IV of Schedule-VI to the Companies Act, 1956 are as per Schedule 22.

 
Subscribe now to get personal finance updates in your inbox!