Home  »  Company  »  Shalimar Paints  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Shalimar Paints Ltd.

Mar 31, 2015

1.1 Liabilities in Note 2.8(ii) include : (i) Rs. 1250.67 Lacs (Previous Year Rs. 2401.69 Lacs) outstanding in respect of facilities granted to the Company by Small Industries Development Bank of India (SIDBI) as well as interest accrued but not due thereon. Facilities are secured by a first charge on Company's entire fixed assets of Sikandrabad Plant.

(ii) Rs. 1739.85 Lacs(Previous Year Rs. 3459.12 Lacs) outstanding in respect of facilities granted to the Company by AXIS Bank as well as interest accrued but not due thereon.

1.2 Disclosure under The Micro, Small & Medium Enterprises Development Act, 2006:

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

1.3 Advances to Subsidiary represents the balance consideration receivable by the Company in cash as per the order of Honorable High Courts of Calcutta and Delhi, for transfer of its Real Estate Division to the subsidiary company, Shalimar Adhunik Nirman Limited.

1.4 The Company has written off doubtful debts amounting to Rs. 15.38 lacs (included under the head Miscellaneous expenses in Note 2.26) outstanding for more than three years as at the year end. In the previous year, the said write off amounting to Rs. 375.42 lacs were made on review of doubtful debts on case to case basis.

1.5 Inventory Value has been adjusted on account of shortage thereof for Rs. NIL (previous year Rs. 602.51 lacs).

1.6 Miscellaneous Receipts include Rs. 65.43 lacs (previous year Rs. 35.82 lacs) on account of liability written back (net).

1.7 Some of the debtors, creditors & advances are pending confirmation /reconciliation, and impact of the same, if any, on the accounts of the Company ,is unascertained.

1.8 Finance charges include foreign exchange loss of Rs. 99.57 lacs (previous year Rs. 280.58 lacs).

1.9 The Company operates mainly in one business segment i.e. Paints; accordingly sales & stock in trade represent paints.

1.10 Previous year's figures have been regrouped / rearranged, wherever necessary.


Mar 31, 2014

Share Capital

Increase in number of shares consequent upon splitting of equity share of face value of Rs. 10 each to face value of Rs. 2 each as per resolution passed at EOGM dated October 26, 2012 by shareholder

Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of Rs. 2 each. Each shareholder is eligible for one vote per share held. 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.

Disclosure under The Micro, Small & Medium Enterprises Development Act, 2006:

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, and hence disclosure if any relating to amount unpaid as at the year-end together with interest paid / payable as required under the said Act have not been given.

Employees'' Benefits

The Company has adopted Accounting Standard 15 (Revised) Employee Benefits with effect from 1st April, 2007.

There has been a major fire break out on March 12, 2014 at Howrah Factory of the Company resulting in substantial damage of stocks, plant & machineries and factory building. Besides this, some financial records, including Fixed Assets register, were also destroyed. These assets are insured.

Intimation of fire has been given to insurer, and claim settlement is under process. The Company has accounted for insurance claim receivable for Rs. 1532.25 lacs [included in Note 2.18(iii)]. Pending final ascertainment of the claim by the insurer, the adjustment in fixed assets for losses incurred has been done as per the Company''s own estimation which may vary on assessment made by the insurer.

The Company has written off doubtful debts amounting to Rs. 375.42 lacs (included under the head miscellaneous expenses in Note 2.26) outstanding for more than three years as at the year end. In the previous year, the said write off amounting to Rs. 133.00 lacs were made on review of doubtful debts on case to case basis.

Inventory Value has been adjusted on account of shortage thereof for Rs. 602.51 lacs.

Miscellaneous Receipts include Rs. 35.82 lacs on account of liability written back (net).

Some of the debtors, creditors & advances are pending confirmation /reconciliation, and impact of the same, if any, on the accounts of the Company, is unascertained.

The Company operates mainly in one business segment i.e. Paints; accordingly sales & stock in trade represent paints.

Finance charges include foreign exchange loss of Rs. 280.58 lacs (previous year Rs. 149.33 lacs).

Exceptional items relate to restructuring cost of Rs. Nil (Previous year- Rs. 211.78 lacs), and the same has been considered by the management, as ''exceptional item''.

Previous year''s figures have been regrouped / rearranged, wherever necessary.


Mar 31, 2013

1.1 Contingent Liabilities

Contingent liability not provided for in respect of :

i) Excise Duty 209.20 292.40

ii) Bank Guarantee 1,322.75 1,488.04

iii) Sales Tax 354.81 311.69

iv) Claims against the Company not acknowledged as debt (to the extent ascertained) 57.47 63.79

v) Income Tax 5.45 -

1.2 In case of one of the Company''s offices previously taken on rent, the division Bench of High Court of Calcutta has directed appointment of a Special Referee to arrive at mesne profit payable by the Company.The liability on account of mesne profit as on date Cannot be ascertained.

1.3 Disclosure under The Micro, Small & Medium Enterprises Development Act, 2006:

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

1.4 The Company has adopted Accounting Standard 22 "Accounting for Taxes on Income"; and the net deferred tax liabilities amounting to Rs. 257.98 lacs has been recognised.

1.5 Advances to Subsidiary represents the balance consideration receivable by the Company in cash as per the order of Honorable High Courts of Calcutta and Delhi, for transfer of its Real Estate Division to the subsidiary company, Shalimar Adhunik Nirman Limited.

1.6 Employees'' Benefits

The Company has adopted Accounting Standard 15 (Revised) Employee Benefits with effect from 1st April, 2007.

The following disclosures are made in accordance with Accounting Standard 15 (Revised) pertaining to Defined Benefit Plans :

1.7 There has been a fire break out on January 4, 2013 at Nasik Factory of the Company resulting in damage to a portion of stocks, plant & machineries and a part of building. These assets are insured and accordingly a claim has been lodged with the insurance company. Pending final ascertainment of the claim, the adjustment in fixed assets, which is not material, shall be carried out once the overall loss amount is assessed by the insurer.

1.8 The Company operates mainly in one business segment i.e. Paints; accordingly sales & stock in trade represent paints.

1.9 Finance cost include foreign exchange loss of Rs. 149.33 lacs (previous year Rs. 253.33 lacs). In the earlier years, the said losses were shown under the head ''Miscellaneous Expenses.

1.10 Exceptional items relates to restructuring cost. The Company has incurred during the year restructuring expenses of Rs. 211.78 lacs and the same has been considered by the management as Exceptional item.

1.11 Previous year''s figures have been regrouped / rearranged, wherever necessary.


Mar 31, 2012

(i) The Company has only one class of shares viz., Equity Shares having a Par Value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.

1.2 Contingent Liabilities (Rs.in Lacs) Contingent liability not provided for in respect of :

2011-12 2010-11

i) Excise Duty 292.40 234.50

ii) Bank Guarantee 1,488.04 1,416.15

iii) Sales Tax 311.69 287.85

iv) Claims against the Company not acknowledged as debt (to the extent ascertained) 63.79 72.18

1.2 In case of one of the Company's offices previously taken on rent, the division Bench of Hon'ble High Court of Calcutta has directed appointment of a Special Referee to arrive at mesne profit payable by the Company. The liability on account of mesne profit as on date cannot be ascertained.

1.3 The small-scale industrial undertakings to whom the Company owes any sums which is outstanding for more than 30 days are M/s. Atlas Tin Box Co., M/s. Aurum Pharmachem Pvt. Ltd, M/s. Associated Containers & Barrels Pvt. Ltd., M/s. Arvind Cans Limited, M/s. Bhavya Container & Estate company, M/s. Bijaya Drums Pvt. Ltd., M/s. Calcutta Containers Co., M/s. Calcutta Paper Industries, M/s. Choudhary Tar & Chemicals, M/s. Choudhary Industries, M/s. Evergreen Drums & Cans Pvt. Ltd., M/s. Globe Logistics (India), M/s. Indian Tin Box Mfg. Co. Pvt. Ltd., M/s. J.S. Transystem, M/s. Krishna Technochem Pvt. Ltd., M/s. Kapilesh Udyog, M/s. Karna Paints (P) Ltd., M/s. K B Engineering Co. Pvt. Ltd., M/s Mastan Tin Works, M/s. Micas Organics Ltd., M/s. Mittal Containers Pvt. Ltd., M/s. Mangla Metals (P) Ltd., M/s. Moongipa Roadways, M/s. Pearson Drums & Barrels Pvt. Ltd., M/s. Piyanshu Chemicals Pvt. Ltd., M/s. S.R. Packaging & Industries Pvt. Ltd., M/s. Sam Transport (P) Ltd., M/s. Somani Oil Industries, M/s. Shri Metal Containers, M/s. Sunrise Chemicals, M/s. Todi Bulk Carriers Pvt. Ltd., M/s. Tin Box Company , M/s. Techcon India Pvt. Ltd., M/s. 20 Microns Nano Minerals Ltd., M/s. Western Cans Pvt. Ltd, and M/s Anand Tin. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

1.4 The Company has adopted Accounting Standard 22 "Accounting for Taxes on Income"; and the net deferred tax liabilities amounting to Rs. 282.85 lacs pertaining to the current year has been recognised.

* Amount Written Off/Back during the year NIL as well as previous year NIL for related parties (Note - Figures in bracket represent previous year amount)

1.5 Advance to Subsidiary represents the balance consideration receivable by the Company in cash as per the order of Honorable High Courts of Calcutta and Delhi, for transfer of its Real Estate Division to the subsidiary company, Shalimar Adhunik Nirman Limited.

1.6 Employees' Benefits

The Company has adopted Accounting Standard 15 (Revised) 'Employee Benefits' with effect from 1st April, 2007.

The following disclosures are made in accordance with Accounting Standard 15 (Revised) pertaining to Defined Benefit Plans :

1.7 The Company operates mainly in one business segment i.e. Paints; accordingly sales & stock in trade represent paints.

1.8 Finance charges, under Miscellaneous Expenses, include foreign exchange loss of Rs. 253.33 lacs (previous year Rs. 9.20 lacs)

1.9 Previous year's figures have been regrouped / rearranged, wherever necessary.

Statement Regarding Subsidiary Company Pursuant to Section 212 of Companies Act, 1956

1. Name of the Subsidiary Company

Shalimar Adhunik Nirman Ltd.

2. The Financial Year of the Subsidiary Company ended

31st of March 2012

3. Holding Company's Interest as at 31.03.2012 a) i) No. of Fully Paid up Shares held

49,990 Shares of Rs. 10/- each

ii) No. of Partly Paid Equity Shares held

4,50,000 Shares of Rs. 10/- each (Rs. 1/- paid up)

iii) No. of Fully paid up Preferential Share held

50,000 shares of Rs. 100/- each

b) Percentage of shareholding

99.99%

4. Net aggregate amount of Profits/Losses of the Subsidiary so far as it concerns the members of the Company

a) Not dealt with in the Accounts of the Company for the financial year ended 31st March, 2012

i) for the financial year of the Subsidiary

NIL

ii) for previous financial years of the

Subsidiary since it became Subsidiary of the Company.

NIL

b) Dealt with in the Accounts of the Company i) for the financial year of the Subsidiary

NIL

ii) for previous financial years of the

Subsidiary since it became Subsidiary of the Company.

NIL


Mar 31, 2011

For the year For the year ended ended 31st March 31st March 2011 2010 Rs. Rs.

1. Cash Credit and Working Capital Demand Loans from banks are secured by paripassu hypothecation of Current Assets namely, stock of raw materials, stock in process, semi-finished and finished goods,consumable stores and spare parts , bills receivables and book debts and all other movables of Company's factories, premises and godowns situated at Howrah, Nasik and Sikandrabad (U.P.) and various places located throughout the country; and first charge on Company's all Plant and Machinery at Howrah plant and first charge on Company's entire fixed assets of Nasik Plant and second charge on Company's entire fixed assets of Sikandrabad plant.

2. Liabilities in Schedule 10 include Rs.1990.46 Lacs (Previous Year Rs. 1594.52 Lacs) outstanding in respect of facilities granted to the Company by Small Industries Development Bank of India (SIDBI) as well as interest accrued but not due thereon. Facilities are secured by a first charge on Company's entire fixed assets of Sikandrabad Plant.

3. Auto Loans are secured by hypothecation of the vehicles financed out of such loans. 18,90,47 9 8,69,010

4. Contingent Liabilities Contingent Liabilities not provided for in respect of :

Excise Duty 2,34,49,659 1,49,06,491

Bank Guarantees 14,16,14,900 11,14,89,491

Sales Tax 2,87,85,000 2,32,63,000

5. The small-scale industrial undertakings to whom the Company owes any sums which is outstanding for more than 30 days are M/s. Atlas Tin Box Co., M/s. Aurum Pharmachem Pvt. Ltd., M/s. Anand Packaging, M/s. Associated Containers & Barrels Pvt. Ltd., M/s. Arvind Cans Limited, M/s. Baba Container Manufacturers, M/s. Bijaya Drums Pvt. Ltd., M/s. Calcutta Containers Co., M/s. Calcutta Paper Industries, M/s. Containers & Seals, M/s. Choudhary Tar & Chemicals, M/s. Choudhary Industries, M/s. Cross Point Chemical Industries, M/s. Damani Packaging Pvt. Ltd., M/s. Evergreen Drums & Cans Pvt. Ltd., M/s. Floana Coatings, M/s. Globe Logistics (India), M/s. Indian Tin Box Mfg. Co. Pvt. Ltd., M/s. J.S. Transystem, M/s. Krishna Technochem Pvt. Ltd., M/s. Kapilesh Udyog, M/s. Karna Paints (P) Ltd., M/s. K B Engineering Co. Pvt. Ltd., M/s Mastan Tin Works, M/s. Maxim, M/s. Micas Organics Ltd., M/s. Mittal Containers Pvt. Ltd., M/s. Mangla Metals (P) Ltd., M/s. Moongipa Roadways, M/s. Pearson Drums & Barrels Pvt. Ltd., M/s. Pearson Containers Co., M/s. Piyanshu Chemicals Pvt. Ltd., M/s. Regent Paints Pvt. Ltd., M/s. S.R. Packaging & Industries Pvt. Ltd., M/s. Sunflag Chemicals Pvt. Ltd., M/s. Sam Transport (P) Ltd., M/s. Surya Containers Pvt. Ltd., M/s. Somani Oil Industries, M/s. Somani Oils & Chemicals, M/s. Shri Metal Containers, M/s. Sunrise Chemicals, M/s. Todi Bulk Carriers Pvt. Ltd., M/s. Tin Box Company , M/s. Techcon India Pvt. Ltd., M/s. 20 Microns Nano Minerals Ltd., and M/s. Western Cans Pvt. Ltd. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

6. Advances to Subsidiary represents the balance consideration receivable by the Company in cash as per the order of Honorable High Courts of Calcutta and Delhi, for transfer of its Real Estate Division to the subsidiary company, Shalimar Adhunik Nirman Limited.

7. Cash and Cheques in hand include cheques in hand Rs. 9,70,18,312 ( Previous Year Rs. 8,98,83,360).

8. Employees Benefits

The Company has adopted Accounting Standard (AS 15) (Revised) Employee Benefits with effect from 1st April, 2007.

9. The Company operates in mainly one business segment i.e. Paints.

10. Finance charges, under Miscellaneous Expenses, include foreign exchange loss of Rs. 9,19,747 (previous year Rs. NIL).

11. Previous year's figures have been rearranged, where necessary.

12. Financial figures have been rounded off to nearest rupee.

 
Subscribe now to get personal finance updates in your inbox!