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Notes to Accounts of Savita Oil Technologies Ltd.

Mar 31, 2015

1) Rights, preferences and restrictions attached to equity shares (except forfeited shares)

The Company has only one class of equity shares having par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share.There are no restrictions on the distribution of dividend or repayment of capital.The Company declares dividend 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, except in case of interim dividend. 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. In November 2006, the Company had entered into Technical Collaboration Agreement with Idemitsu Lube India Pvt. Ltd. (ILI) for manufacturing and marketing of Genuine Products . During the financial year 2013-14, the said agreement was terminated by ILI and a consideration of Rs. 5,790.65 lacs was received by the Company. This consideration, being exceptional in nature, has been disclosed as Exceptional Income in the Statement of Profit and Loss during the Previous year.

3. The Company has adopted the useful life of the assets as provided in Part C of Schedule II to the Companies Act, 2013 with effect from 1st April, 2014. Due to this change, depreciation for the year ended 31st March, 2015 is higher by Rs. 147.79 lacs. In addition to this, an amount of Rs. 39.36 lacs (net of deferred tax Rs. 20.27 lacs) relating to the assets having completed their useful life as at 1st April, 2014 has been charged to retained earnings.

4. The Company has spent Rs. 2.61 lacs (Previous year Nil) towards Corporate Social Responsibility expenditure (including capital expenditure Rs. Nil, Previous year Rs. Nil) and debited the same to the Statement of Profit and Loss as against Rs. 253.72 lacs computed as per the provisions of section 135(5) of the Companies Act, 2013.

5. In view of the loss for the year, the Company is in the process of filing an application with the Central Government to seek approval for waiver of excess remuneration of Rs. 30.12 lacs paid to the Chairman and Managing Director for the year.

2014-2015 2013-2014 Rs. in lacs Rs. in lacs

6. Contingent Liabilities not provided for

a) Letters of Credit 791.38 1,354.59

b) Guarantees / Bonds 2,329.89 2,145.53

c) Disputed demands

i) Excise and Customs 1,556.76 1,446.67

ii) Sales Tax 1,368.07 1,307.10

iii) Income Tax - 1,003.24

iv) Others 77.33 131.77

d) Claims not acknowledged as debt 200.00 50.00

7. Commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 465.85 lacs (Previous year Rs. 99.01 lacs).

b) The Company has set up wind power projects in the states of Maharashtra, Karnataka and Tamilnadu. The Company, in case of specific projects, has entered into agreements for sale of power exclusively to the state utility companies in the respective states, for periods varying from 13 to 20 years.

8. Leases

The Company has entered into agreements for operating leases in respect of residential, office, plant and machinery and land taken / given on lease. All these leases are cancellable.

a) The lease Expenditure/Income recognised in the Statement of Profit and Loss :

Expenditure Rs. 1107.38 lacs (Previous year Rs. 1,065.50 lacs)

Income Rs. 131.74 lacs (Previous year Rs. 81.87 lacs)

b) Under these agreements refundable interest free deposits are given / taken except in case of land.

c) All these agreements have restriction on further leasing.

d) Agreements for office, factory premises and land provide for revision in the rent.

9. Derivative instruments and unhedged foreign currency

The Company is exposed to various financial risks which relate to changes in exchange rates and interest rates.The Company hedges risks of the aforesaid nature using forward and option contracts. The outstanding position and exposure is as under:

i) As at 31st March 2015, the outstanding position in respect of the derivatives / forward contracts in US $ is Rs. 8,008.81 lacs (Previous year Rs. 18,160.42 lacs) net payable.

ii) As at 31st March 2015, unhedged foreign currency exposure in US $ is Rs. 30,184.93 lacs (Previous year Rs. 46,559.74 lacs) net payable, in Euro Rs. 107.15 lacs (Previous year Rs. 1,036.1 1 lacs) net receivable, in UAE Dirham Rs. 19.16 lacs (Previous year Rs. 18.36 lacs) net payable.

10. Employee Benefits: (Refer Notes 7 and 23)

i) Defined Contribution Plan:

Company's contribution to Provident Fund Rs. 164.42 lacs (Previous year Rs. 150.54 lacs).

ii) Defined Benefit Plan:

11. Details of related party transactions in accordance with the Accounting Standard AS-18 'Related Party Disclosures' Controlled by / Key Management Personnel: Mr. G.N.Mehra

Enterprises where key management personnel or relatives of key management personnel have control or significant influence:

Basant Lok Trading Co. Chemi Pharmex Pvt. Ltd. D.C.Mehra Public Charitable Trust

Khatri Investments Kurla Investment & Madhu Trust Pvt. Ltd. Trading Co. Pvt. Ltd.

Mansukhmal Investment N. K. Mehra Trust Naved Investment & Pvt. Ltd. Trading Co.Pvt. Ltd.

NKM Grand Children's Savita Petro-Additives Savita Polymers Trust Ltd. Ltd.

12. Previous year's figures have been regrouped / rearranged wherever necessary to conform to those of current year classification.


Mar 31, 2013

1 In November 2006, the Company had entered into a Technical Collaboration Agreement for manufacturing and marketing of Idemitsu Products (Agreement) with Idemitsu Lube India Pvt. Ltd. (ILI). The said Agreement was valid for a period of 10 years, i.e. up to 31st October, 2016. During the fnancial year 2011-2012, ILI served 180 days advance notice to terminate the Agreement and remitted consideration amounting toRs. 3,273.06 lacs. As at 31st March, 2012, pending completion of the notice period and termination process, the advance consideration received was disclosed as "Consideration received in advance" under Other Current Liabilities (Refer Note 9) . During the year, the Company received the balance consideration amounting to Rs. 2,377.22 lacs and the termination process was completed. Consideration on such termination being exceptional in nature, the Company has disclosed total consideration determined amounting to Rs. 5,650.28 lacs as Éxceptional Income in the Statement of Proft and Loss.

2 Contingent Liabilities not provided for

a) Letters of Credit 2,429.08 2,269.47

b) Guarantees/Bonds 2,242.95 1,951.87

c) Corporate guarantee * - 4,800.00

d) Disputed demands

i) Excise and Customs 1,921.24 2,506.88

ii) Sales Tax 1,364.06 1,032.09

iii) Income Tax 784.02 741.18

iv) Others 149.14 115.65

* Represents corporate guarantee given to banks for credit facilities of Savita Polymers Limited

3 Commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 831.87 lacs (Previous year Rs. 1,292.21 lacs).

b) The Company has set up wind power projects in the states of Maharashtra, Karnataka and Tamilnadu. The Company has entered into agreements for sale of power exclusively to the state utility companies in the respective states, for periods varying from 13 to 20 years.

4 Leases

The Company has entered into agreements for operating leases in respect of residential, offce, plant and machinery and land taken/given on lease. All these leases are cancellable.

a) The lease Expenditure/Income recognised in the Statement of Proft and Loss :

Expenditure Rs. 900.11 lacs (Previous year Rs. 804.12 lacs) Income Rs. 27.25 lacs (Previous year Rs. 27.36 lacs)

b) Under these agreements refundable interest free deposits are given/taken except in case of land.

c) All these agreements have restriction on further leasing.

d) Agreements for offce, factory premises and land provide for revision in the rent.

e) Cost, written down value and depreciation in respect of assets given on lease, being not material, have not been disclosed separately.

5 Derivative instruments and unhedged foreign currency

The Company is exposed to various fnancial risks which relate to changes in exchange rates and interest rates. The Company hedges risks of the aforesaid nature using forward and option contracts. The outstanding position and exposure is as under:

i) As at 31st March, 2013, the outstanding position in respect of the derivatives / forward contracts in US $ is Rs. 18,150.90 lacs (Previous year Rs. 18,257.54 lacs) net payable.

ii) As at 31st March, 2013, unhedged foreign currency exposure in US $ is Rs. 17,641.07 lacs (Previous year Rs. 32,036.72 lacs) net payable, in Euro Rs. 323.38 lacs net receivable (Previous year Rs. 11.72 lacs net payable), in UAE Dirham Rs. 16.64 lacs (Previous year Rs. 15.59 lacs) net payable.

6 Employee Benefts: (Refer Notes 7 and 23)

i) Defned Contribution Plan:

Company''s contribution to Provident Fund Rs. 129.72 lacs (Previous year Rs. 116.22 lacs).

ii) Defned Beneft Plan:

The following table sets out the funded status of the Gratuity Plan and the amounts recognised in the Company''s fnancial statements as at 31st March, 2013.

7 Previous year''s fgures have been regrouped / rearranged wherever necessary to conform to those of current year classifcation.

8 Figures in bracket indicate those for previous year.


Mar 31, 2012

1. In November 2006, the Company had entered into a Technical Collaboration Agreement for manufacturing and marketing of Idemitsu Products (Agreement) with Idemitsu Lube India Pvt. Ltd. (ILI). The said Agreement was valid for a period of 10 years, i.e., up to 31st October, 2016. In October 2011, ILI served 180 days advance notice to terminate the Agreement and suo-moto computed and remitted consideration amounting to ' 3,273.06 lacs. As at the Balance Sheet date, pending completion of the notice period and termination process, the advance consideration received has been disclosed as "Consideration received in advance" under Other Current Liabilities (Refer Note 9).

2. Contingent Liabilities not provided for

a) Letters of Credit 2,269.47 6,264.56

b) Guarantees/Bonds 1,951.87 1,792.97

c) Corporate guarantee * 4,800.00 2,400.00

d) Disputed demands

i) Excise and Customs 2,506.88 1,592.54

ii) Sales Tax 1,032.09 600.41

iii) Income Tax 741.18 637.11

iv) Others 115.65 51.94

* Represents corporate guarantee given to banks for credit facilities of Savita Polymers Limited

3. Commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 1,292.21 lacs (Previous year Rs. 1,397.73 lacs).

b) The Company has set up wind power projects in the states of Maharashtra, Karnataka and Tamilnadu. The Company has entered into agreements for sale of power exclusively to the state utility companies in the respective states, for periods varying from 13 to 20 years.

4. Leases

The Company has entered into agreements for operating leases in respect of residential, office, plant and machinery and land taken/given on lease. All these leases are cancellable.

a) The lease Expenditure/Income recognised in the Statement of Profit and Loss :

Expenditure Rs. 804.12 lacs (Previous year Rs. 791.51 lacs) (Refer Note 24)

Income Rs. 27.36 lacs (Previous year Rs. 26.01 lacs) (Refer Note 19)

b) Under these agreements refundable interest free deposits are given/taken except in case of land.

c) All these agreements have restriction on further leasing.

d) Agreements for office, factory premises and land provide for revision in the rent.

e) Cost, written down value and depreciation in respect of assets given on lease, being not material, have not been disclosed separately.

5. Derivative instruments and unhedged foreign currency

The Company is exposed to various financial risks which relate to changes in exchange rates and interest rates.

The Company hedges risks of the aforesaid nature using forward contracts. The outstanding position and exposure is as under:

i) As at 31st March 2012, the outstanding position in respect of the derivatives/forward contracts in US $ is Rs. 18,257.54 lacs (Previous year Rs. 13,215.11 lacs) net payable.

ii) As at 31st March 2012, unhedged foreign currency exposure in US $ is Rs. 32,036.72 lacs (Previous year Rs. 22,200.88 lacs) net payable, in Euro Rs. 11.72 lacs net payable (Previous year Rs. 94.02 lacs net receivable), in UAE Dirham Rs. 15.59 lacs (Previous year Rs. 10.58 lacs) net payable.

6. Details of related party transactions in accordance with the Accounting Standard AS-18 'Related Party Disclosures'

Controlled by / Key Management Personnel:

Mr. G.N.Mehra

Enterprises where key management personnel or relatives of key management personnel have control or significant influence:

Basant Lok Trading Co.

Khatri Investments Pvt. Ltd.

Mansukhmal Investment Pvt. Ltd.

NKM Grand Children's Trust Savita Polymers Ltd.

Relatives of key management personnel and relationship

Chemi Pharmex Pvt. Ltd.

Kurla Investment & Trading Co. Pvt. Ltd. Mehra Syndicate

Naved Investment & Trading Co.Pvt. Ltd.

D.C.Mehra Public Charitable Trust Madhu Trust N.K.Mehra Trust Savita Petro-Additives Ltd.

Mrs. S.N.Mehra - Mother Mrs. R.G.Mehra - Wife Mr. S.G.Mehra - Son Ms . S.G.Mehra - Daughter Details of transactions during the year: 2011-2012 Rs. in lacs 2010-2011 Rs. in lacs Enterprises: Sale of goods - Savita Polymers Ltd. 396.04 819.64 Sale of fixed assets - Savita Polymers Ltd. 0.94 4.29 Purchase of goods - Savita Polymers Ltd. 493.14 150.78 Purchase of fixed assets - Savita Polymers Ltd. 0.05 0.03 Dividend received - Savita Polymers Ltd. 1.00 1.00 Savita Petro-Additives Ltd. 0.01 0.01 Dividend paid - Basant Lok Trading Co. 1.23 0.93 Chemi Pharmex Pvt. Ltd. 0.20 0.15 Khatri Investments Pvt. Ltd. 85.52 64.14 Kurla Investment & Trading Co. Pvt. Ltd. 2.73 2.05 Mansukhmal Investment Pvt. Ltd. 82.00 61.50 Mehra Syndicate 1,840.67 1,379.39 Naved Investment & Trading Co. Pvt. Ltd. 1.70 1.28 NKM Grand Children's Trust - 0.17 Rent - Chemi Pharmex Pvt. Ltd. 45.13 45.13 Madhu Trust 23.82 23.82 Savita Polymers Ltd. - 58.72 Others - Basant Lok Trading Co. - Car parking charges 0.15 0.15 Chemi Pharmex Pvt. Ltd.- Car parking charges 0.30 0.15 Donations - D.C.Mehra Public Charitable Trust - 50.00 N.K.Mehra Trust 30.00 - Corporate Guarantee - Savita Polymers Ltd. 4,800.00 2,400.00 Security Deposit received back - Savita Polymers Ltd. - 14.25 Key management personnel: Dividend 33.76 25.32 Remuneration 160.86 219.95 Relatives of key management personnel: Dividend paid - Mrs. S.N.Mehra 33.60 25.02 Mrs. R.G.Mehra 6.68 5.01 Mr. S.G.Mehra 0.12 0.09 Accounts

7. The financial statements for the year ended 31st March 2012 have been prepared as per the revised Schedule VI to the Companies Act,1956. Accordingly,previous year's figures have been regrouped / rearranged wherever necessary to conform to those of current year classification.

8. Figures in bracket indicate those for previous year.


Mar 31, 2011

1. Contingent Liabilities not provided for :

As at As at 31.3.2011 31.3.2010 in lacs in lacs

a) Letters of Credit 6,264.56 2,611.92

b) Guarantees/Bonds 1,792.97 1,486.04

c) Corporate guarantee 2,400.00 2,400.00

d) Disputed demands

i) Excise and Customs 1,592.54 1,270.41

ii) Sales Tax 600.41 606.93

iii) Income Tax 637.11 24.35

iv) Others 51.94 51.94

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 1,397.73 lacs (Previous Year Rs. 1,220.70 lacs).

3. Gross Sales are net of exchange fluctuation loss of Rs. 54.27 lacs (Previous Year Rs. 294.63 lacs) and Consumption is net of exchange fluctuation gain of Rs. 576.22 lacs (Previous Year Rs. 2,521.51 lacs).

4. Employee benefits:

i) Defined Contribution Plan:

Company's contribution to Provident Fund Rs. 104.72 lacs (Previous Year Rs. 86.12 lacs)

5. Details of related party transactions in accordance with the Accounting Standard AS-18 'Related Party Disclosures':

Enterprises where key management personnel or relatives of key management personnel have control or significant influence:

Basant Lok Trading Co.

Gautam & Co.

Madhu Trust

Naved Investment & Trading Co.Pvt. Ltd.

Savita Finance Corporation Ltd.

Siddharth Investments

Chemi Pharmex Pvt. Ltd. Khatri Investments Pvt. Ltd. Mansukhmal Investment Pvt. Ltd. NKM Grand Children's Trust Savita Petro-Additives Ltd.

D.C.Mehra Public Charitable Trust Kurla Investment & Trading Co. Pvt. Ltd. Mehra Syndicate N.K.Mehra Trust Savita Polymers Ltd.

Subsidiary:

Solaris International FZE (Sharjah, UAE) (in previous year) Key Management Personnel:

Mr. G.N.Mehra Relatives of key management personnel and relationship with Mr. G.N.Mehra Mrs. S.N.Mehra - Mother Mrs. R.G.Mehra - Wife Mr. S.G.Mehra - Son Ms. S.G.Mehra - Daughter

6. The Company has entered into agreements for operating leases in respect of residential, office, factory premises, plant and machinery and land taken/given on lease. All these leases are cancellable.

a) The lease Expenditure/Income recognised in the Profit and Loss Account: Expenditure Rs. 791.51 lacs (Previous Year Rs. 658.56 lacs) Income Rs. 26.01 lacs (Previous Year Rs. 24.77 lacs)

b) Under these agreements refundable interest free deposits are given/taken except in case of land.

c) All these agreements have restriction on further leasing.

d) Agreements for office, factory premises and land provide for revision in the rent.

7. The Company is exposed to various financial risks which relate to changes in exchange rates and interest rates.

The Company hedges risks of the aforesaid nature using forward contracts. The outstanding position and exposure is as under:

i) As at 31st March 2011, the outstanding position in respect of the derivatives / forward contracts in US $ is Rs. 13,215.11 lacs (Previous Year Rs. 11,086.25 lacs) net payable.

ii) As at 31st March 2011, un-hedged foreign currency exposure in US $ is Rs. 22,200.88 lacs (Previous Year Rs.15,733 lacs) net payable, in Euro Rs. 94.02 lacs net receivable (Previous Year Rs. 51.34 lacs net payable), in UAE Dirham Rs. 10.58 lacs (Previous Year Rs. Nil ) net payable.

8. Previous year's figures have been regrouped / rearranged wherever necessary to conform to those of current year.

9. Figures in bracket indicate those for previous year.


Mar 31, 2010

1. Contingent Liabilities not provided for:

As at As at 31.3.2010 31.3.2009 Rupees Rupees in lacs in lacs

a) Letters of Credit 2,611.92 773.54

b) Guarantees/Bonds 1,486.04 1,261.26

c) Corporate guarantee 2,400.00 2,400.00

d) Bills discounted with bank - 62.50

e) Disputed demands

i) Excise and Customs 1,270.41 1,302.16

ii) Sales Tax 606.93 610.85

iii) Income Tax 24.35 --

iv) Others 51.94 --

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs.1,220.70 lacs (Previous Year Rs. 861.42 lacs).

3. Interest includes interest on fixed period loans Rs. 232.16 lacs (Previous Year Rs. 150.24 lacs) and to the Managing Director on fixed deposit Rs. Nil (Previous Year Rs. 1.56 lacs)

4. Gross Sales include exchange fluctuation net gain / (loss) (Rs.294.63) lacs (Previous Year Rs.344.08 lacs) and Purchases include exchange fluctuation net gain / (loss) Rs. 2,521.51 lacs (Previous Year (Rs.7,178.07 lacs)).

5. Details of related party transactions in accordance with the Accounting Standard AS-18 Related Party Disclosures:

Enterprises where key management personnel or relatives of key management personnel have control or significant influence:

Basant Lok Trading Co. Chemi Pharmex Pvt. Ltd. D.C.Mehra Public Charitable Trust

Devichand & Co Proprietor NKM Grand Gautam & Co. Khatri Investments Pvt. Ltd.

Childrens Trust

Kurla Investment & Trading Co. Pvt. Ltd. Madhu Trust Mansukhmal Investment Pvt. Ltd.

Mehra Syndicate Naved Investment & Trading N.K.Mehra Trust

Co.Pvt. Ltd.

Savita Finance Corporation Ltd. Savita Petro-Additives Ltd. Savita Polymers Ltd.

Siddharth Investments

Subsidiary:

Solaris International FZE (Sharjah, UAE) Key Management Personnel:

Mr. G.N.Mehra Relatives of key management personnel and relationship with Mr. G.N.Mehra

Mrs. S.N.Mehra - Mother Mrs. R.G.Mehra - Wife Mr. S.G.Mehra - Son Ms. S.G.Mehra - Daughter

6. Operating leases are agreements for residential, office, factory premises, plant and machinery and land taken/given on lease. All these leases are cancellable.

a) The lease Expenditure/Income recognised in the Profit and Loss Account:

Expenditure Rs. 658.56 lacs (Previous Year Rs. 428.55 lacs)

Income Rs. 24.77 lacs (Previous Year Rs. 23.59 lacs)

b) Under these agreements refundable interest free deposits are given/taken except in case of land.

c) Agreements for residential, office premises and land have restriction on further leasing.

d) Agreements for office, factory premises and land provide for revision in the rent.

7. The Company is exposed to various financial risks which relate to changes in exchange rates and interest rates. The Company hedges risks of the aforesaid nature using forward contracts. The outstanding position and exposure is as under:

i) As at 31 st March 2010, the outstanding position in respect of the derivatives / forward contracts in US $ is Rs.11,086.25 lacs. (Previous Year Rs. 8,730.43 lacs)

ii) As at 31st March 2010, un-hedged foreign currency exposure in US $ is Rs.15,733.00 lacs (Previous Year Rs.19,938.31 lacs), in Euro Rs.51.34 lacs (Previous Year Rs. 3.95 lacs), net payable.

8. Previous years figures have been regrouped / rearranged wherever necessary to confirm to those of current year.

9. Figures in bracket indicate those for previous year.

 
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