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Notes to Accounts of Sudarshan Chemical Industries Ltd.

Mar 31, 2016

1. Estimated value of contracts in capital account remaining to be executed and not provided for (net of capital advances)-Rs.22,471,269 (Previous Year: Rs. 17,196,324).

2. Contingent liabilities not provided for :

Claims against the Company not acknowledged as debts

(i) Pending Litigations -

(a) Excise Duty - Rs. 27,577,293 (Previous Year: Rs. 20,019,895).

(b) Income Tax - Rs. 37,993,200 (Previous Year: Rs. 31,667,195).

(c) VAT / CST - Rs. 21,234,745 (Previous Year :Rs.18,508,939).

- It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements / decisions pending with various forums / authorities.

- The Company does not expect any reimbursements in respect of the above contingent liabilities.

- The Company''s pending litigations comprise of claims against the Company by employees and pertaining to proceedings pending with Income Tax, Excise, Custom, Sales / VAT tax and other authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its Financial Statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.

(i) Guarantees -

- Corporate Guarantee

(a) Corporate Guarantee issued on behalf of the wholly owned subsidiary company Sudarshan Europe B.V. - Euro 3,000,000 (Previous Year: Euro 3,000,000) [Equivalent to Rs. 227,070,000 (Previous Year: Rs. 204,630,000)].

(b) Corporate Guarantee issued on behalf of Sudarshan North America, Inc., wholly owned subsidiary company of Sudarshan Europe B.V. and step-down subsidiary of Sudarshan Chemical Industries Limited India - USD 3,000,000 (Previous Year : USD 3,000,000) [Equivalent to Rs. 200,040,000 (Previous Year: Rs. 189,030,000)].

(c) Corporate Guarantee issued on behalf of the wholly owned subsidiary company RIECO Industries Limited-Rs. 1,000,000,000 (Previous Year: Rs. Nil).

- Bank Guarantee

Bank Guarantees-Rs. 156,814,994 (Previous Year: Rs. 155,423,076)

3. The Company had converted Leasehold Rights of Rs. 498,450,000 into Stock-in-trade in 2010-11 with the intention of commercially developing the underlying Leasehold Land situated at 162 Wellesley Road, Pune 411 001. However, due to several factors, some beyond the control of the Company, this intention could not fructify.

In the mean time the Company also acquired Reversionary Rights in the said land, resulting in full ownership. Presently, the validity of acquisition of Revisionary Rights is sub-judice. In view of the above, the Stock-in- trade of Rs. 498,450,000 as already recognized by creating the corresponding Revaluation Reserve of an identical amount, was reversed, in 2014-15.

Under the circumstances in 2014-15, the Board has decided to reconvert the said land into and to be held as, capital asset at cost of Rs. 71,550,000.

The above had no impact, on the financial results of the Company in the said year.

4. Acquisition of business undertaking of "Rathi Vessels and Systems Private Limited" on slump sale basis:

During the Financial Year 2014-15 the Company acquired the going concern business of Rathi Vessels and Systems Private Limited on slump sale basis with the effective date of 1st October, 2014. Correspondingly, all assets and liabilities of this business as on the said effective date stood transferred to the Company and were included in the Financial Statements under the respective heads of accounts.

27. Revision in Depreciation on account of Componentisation of Fixed Assets:

A. In the year 2014-15, the Company had revised the Depreciation Rates on Fixed Assets according to the useful life as specified in the Schedule II to the Companies Act, 2013 or on the basis of its assessment made by the Company as permitted by the said Schedule. Depreciation charged for the said year was accordingly higher by Rs. 12,616,125.

The Depreciation on the basis of Revised Schedule II on assets whose useful life had already exhausted before 1stApril, 2014, of Rs. 10,837,856 (net of corresponding deferred tax impact Rs. 5,580,651) was adjusted to General Reserve and included in total depreciation of Rs. 413,944,367 disclosed in Note 11 and

5. B. During the year under review, in terms of the requirement of Schedule II of the Companies Act 2013, the Company has identified significant component of Property, Plant and Equipment which have materially different useful lives, based on the technical evaluation done by an Independent Valuer. Consequently depreciation charge for the year is higher by Rs. 17,328,640.

6. Lease Rent:

The Company has taken residential accommodation, office premises and warehouses on lease / rental basis. Lease period varies from one month to twelve months. These leases are cancellable in nature. Lease / rentals recognised in the Statement of Profit and Loss is Rs. 12,817,931 (Previous Year: Rs. 12,708,258)

7. Amount spent towards Corporate Social Responsibility :

During the year the Company has incurred CSR expenses of Rs. 13,178,377 (Previous Year: Rs. 5,266,843) which includes contribution/donation of Rs. 6,691,256 (Previous Year: Rs. 2,997,500) to trusts (related party) which are engaged in activities eligible under Section 135 of Companies Act, 2013 read with Schedule VII thereto and other expenses of Rs. 6,487,121 (Previous Year : Rs. 2,269,343) directly incurred by the Company.

In addition to the above, a contribution of Rs. 402,000 (Previous Year: Rs. 1,040,500) is made to its subsidiary Sudarshan CSR Foundation which is a Section 8 registered company under Companies Act, 2013, with the main objectives of (a) promotion of education and enhancing vocational skills, (b) eradication of hunger and promoting hygiene, (c) promotion of sports (d) protection of national heritage and promotion and development of traditional arts (e) promotion of gender equality and (f) other infrastructure that would help meet the objectives of environmental sustainability such as waste management, vermin-culture.organicfarming etc.

8. General expenses include donation to Political Party Rs. Nil (Previous Year : Rs. 2,000,000 (Nationalist Congress Party))

9. The Company has reclassified previous year''s figures to conform to this year''s classification. The figures in brackets are those in respect of previous year.


Mar 31, 2015

I) Term Loan from HDFC Bank Limited of Rs. 36 Crores (outstanding Rs. Nil (P.Y. Rs. 128,000,000)) was taken in Financial Year 2011- 12 and carries interest @ 10.70% p.a. The loan has been fully repaid during the year.

ii) Corporate Term Loan from EXIM Bank of Rs. 15 Crores (outstanding Rs. 150,000,000 (P.Y. Rs. Nil)) was taken in Financial Year 2014-15 and carries interest @ 11.00% p.a. The loan is repayable in 16 quarterly instalments of Rs. 94 Lacs each from July 2016.

iii) Term Loan from EXIM Bank of Rs. 36 Crores (outstanding Rs. Nil (P.Y. Rs. 60,000,000)) was taken in parts till March 31, 2012 and carries interest @ 10.85% p.a. The loan has been fully repaid during the year.

iv) Term Loan from Bank of Maharashtra of Rs. 35 Crores (outstanding Rs. Nil (P.Y. Rs. 79,848,771)) was taken in Financial Year 2010-11 and carries interest @ 10.50% p.a. The loan is repayable in 46 monthly instalments of Rs. 73 Lacs each from March 2012 and 1 instalment is of Rs. 69 Lacs.

v) Term Loan from Bank of Maharashtra of Rs. 42 Crores (outstanding Rs. Nil (P.Y. Rs. 251,866,043)) was taken in parts till March 31,2012 and carries interest @ 10.90% p.a. The loan has been fully repaid during the year.

vi) Term Loan from Bank of Maharashtra of Rs. 16.85 Crores (outstanding Rs. Nil (P.Y. Rs. 117,944,975)) was taken in Financial Year 2012-13 and carries interest @ 10.65% p.a. The loan has been fully repaid during the year.

vii) Term Loan from Bank of Maharashtra of Rs. 42 Crores (outstanding Rs. Nil (P.Y. Rs. 280,000,000)) was taken in Financial Year 2012-13 and carries interest @ 10.40% p.a. The loan has been fully repaid during the year.

viii) Term Loan from EXIM Bank of USD 1 Million (outstanding Rs. 20,367,306 (P.Y. Rs. 34,652,268)) was taken in parts till March 31, 2014 and carries interest @ LIBOR 475 b.p.s. p.a. The loan is repayable in 12 quarterly instalments of USD 0.83 Lacs each from March 2014.

ix) Corporate Term Loan from SBI of Rs. 30 Crores (outstanding Rs. 180,000,000 (P.Y. Rs. 200,000,000)) was taken in parts till March 31, 2014 and carries interest @ 10.85% p.a. The loan is repayable in 8 quarterly instalments of Rs. 250 Lacs each from June 2014.

x) ECB Loan from SBI, Dubai, of EURO 13 Million (outstanding Rs. 753,720,500 (P.Y. Rs. Nil)) was taken in Financial Year 2014-15 and carries interest @ 3.20% p.a. The loan is repayable in 20 quarterly instalments of EURO 6.50 Lacs each from July 2015.

xi) Nature of Security :

(a) The Term Loan of Export Import Bank of India (EXIM Bank) of Rs. 15 Crores is secured by a First Pari Passu Charge by way of hypothecation of the entire movable fixed assets both present and future situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune and further to be secured by way of mortgage by First Pari Passu Charge over the entire fixed assets including immovable properties of the Company situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune

(b) The Foreign Currency Term Loan of USD 1.00 Million (Rs.5.50 Crores approx.) from Import Export Bank of India (EXIM Bank) is secured by a First Pari Passu Charge on the entire fixed assets of the Company. Also the said Foreign Currency Loan is secured by a mortgage charge on the immovable properties of the Company situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune.

(c) The Corporate Loan of Rs. 30 Crores from State Bank of India (SBI), Pune is secured a First Pari Passu Charge on the movable fixed assets and current assets of the Company. Also the said Corporate Loan is secured by a mortgage charge on the immovable properties of the Company situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune.

(d) The External Commercial Borrowing (ECB) of Euros 13 Million (Equivalent Indian Rs.110 Crores) from State Bank of India (SBI), D.I.F.C., Dubai, U.A.E. is secured by a First Pari Passu Charge on all the movable fixed assets both present and future situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune and further secured by way of Supplemental Deed of Mortgage by First Pari Passu Charge on the immovable properties of the Company situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune

(e) The Term Loan of Bank of Maharashtra of Rs. 35 Crores is secured by a First Pari Passu Charge by way of hypothecation of the entire movable fixed assets both present and future situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune and further to be secured by way of mortgage by First Pari Passu Charge over the entire fixed assets including immovable properties of the Company situated at Roha, Mahad. Dist. Raigad and Ambadvet (Sutarwadi), Amralevadi, Dist. Pune

xii) Intercorporate Deposits are accepted for period of 3 years. Rate of Interest is 10.25% p.a.

xiii) Fixed Deposits are accepted for period of 3 years. Rate of Interest is 10.25% p.a.

xiv) Above borrowings maturing within 12 months are disclosed in Note No. 9 (a).

i) Working Capital Loan (Cash Credit) Rs. 67,145,843 (P.Y. Rs. 266,263,384) from Bank of Maharashtra carries interest @ 11.25% p.a.

ii) Working Capital Loan (Cash Credit) Rs. 106,003,454 (P.Y. Rs. 434,035,188) from State Bank of India carries interest @ 11.25% p.a.

iii) Working Capital Loan (Cash Credit) Rs. 2,459,563 (P.Y. Rs. 4,088,703 (Debit)) from Bank of Baroda carries interest @ 11.25% p.a.

iv) Working Capital Loan (Cash Credit) Rs. 32,560,525 (P.Y. Rs. 10,723,487) from HDFC Bank Limited carries interest @ 13.00% p.a.

v) Working Capital Loan (Cash Credit) Rs. 52,368,389 (P.Y. Rs. 103,459,971) from ICICI Bank Limited carries interest @ 11.50 % p.a.

vi) Working Capital Loan (Cash Credit) Rs. 7,998,725 (Debit) (P.Y. Rs. Nil) from Vijaya Bank Limited carries interest @ 13.75 % p.a.

vii) Working Capital Loan (PCFC) Rs. 126,020,000 (P.Y. Rs. 90,660,000) from State Bank of India carries interest @ LIBOR 105 b.p.s. p.a. The Loan is repayable within 90 days from the date of borrowing.

viii) Working Capital Loan (PCFC) Rs. 58,199,835 (P.Y. Rs. Nil) from HSBC Limited carries interest @ LIBOR 110 b.p.s. p.a. The Loan is repayable within 90 days from the date of borrowing.

ix) Working Capital Loan (EPC) Rs. Nil (P.Y. Rs. 76,298,339) from HSBC Limited carries interest @ 10.10% p.a. The Loan is repayable within 180 days from the date of borrowing.

x) Working Capital Loan (EPC) Rs. 30,000,000 (P.Y. Rs. Nil) from HDFC Bank Limited carries interest @ 10.00% p.a. The Loan is repayable within 180 days from the date of borrowing.

xi) Working Capital Loan (Packing Credit (Post-shipment)) Rs. 63,936,868 (P.Y. Rs. Nil) from Bank of Maharshtra carries interest @ LIBOR 215 b.p.s. p.a. The Loan is repayable within 90 days from the date of borrowing.

xii) Nature of Security :

Working Capital Borrowings from Bank of Maharashtra led Consortium Banks consisting of Bank of Maharashtra, State Bank of India, Bank of Baroda, ICICI Bank Limited, HDFC Bank Limited and The Hong Kong and Shanghai Banking Corporation Limited are secured by a First Charge on the Current Assets of the Company viz. stock-in-trade, book debts, receivables and raw materials. These are further secured by second charge on the immovable properties of the Company situated at Roha, Mahad, Dist. Raigad and Ambadvet (Sutarwadi), Amralewadi, Dist. Pune by creation of a joint registered mortgage.

xiii) Working Capital Loan (EPC) Rs. 60,000,000 (P.Y. Rs. Nil) from Citibank N.A. carries interest @ 9.60% p.a. The Loan is repayable within 180 days from the date of borrowing.

xiv) Short-Term Loan Rs. 400,000,000 (P.Y. Rs. Nil) from State Bank of India carries interest @ 10.25% p.a. The Loan is repayable within 90 days from the date of borrowing.

xv) Short-Term Loan Rs. Nil (P.Y. Rs. 250,000,000) from Bank of Maharashtra carries interest @ 10.65% p.a. The Loan is repayable within 90 days from the date of borrowing.

xvi) Short-Term Loan Rs. 70,000,000 (P.Y. Rs. 82,500,000) from HSBC Limited carries interest @ 9.85% p.a. The Loan is repayable within 90 days from the date of borrowing.

xvii) Short-Term Loan Rs. 200,000,000 (P.Y. Rs. 80,000,000) from Bank of Baroda carries interest @ 10.25% p.a. The Loan is repayable within 90 days from the date of borrowing.

xviii) Short-Term Loan Rs. 60,000,000 (P.Y. Rs. 80,000,000) from HDFC Bank Limited carries interest @ 10.00% p.a. The Loan is repayable within 90 days from the date of borrowing.

xix) Buyer''s Credit Loan in INR Rs. 49,532,301 (P.Y. Rs. Nil) from HSBC Limited carries interest @ 10.10% p.a. The Loan is repayable within 180 days from the date of borrowing.

xx) Buyer''s Credit Loan Rs. 111,461,389 (P.Y. Rs. Nil) from HDFC Bank Limited carries interest @ LIBOR 106 b.p.s. p.a. The Loan is repayable within 180 days from the date of borrowing.

2. Contingent liabilities not provided for :

(i) Pending Litigations -

(a) Excise Duty - Rs. 20,019,895 (Previous Year : Rs. 7,183,604).

(b) Income Tax - Rs. 31,667,195 (Previous Year : Rs. 30,388,050).

(c) VAT / CST - Rs. 18,508,939 (Previous Year : Rs. 11,861,000).

(ii) Guarantees -

- Corporate Guarantee

(a) Corporate Guarantee issued on behalf of the wholly owned subsidiary company Sudarshan Europe B.V. - Euro 3,000,000 (Previous Year : Euro 3,000,000).

(b) Corporate Guarantee issued on behalf of Sudarshan North America, Inc., wholly owned subsidiary company of Sudarshan Europe B.V. - USD 3,000,000 (Previous Year : USD 3,000,000).

- Bank Guarantee

(a) Bank Guarantees - Rs. 155,423,076 (Previous Year : Rs. 65,402,514)

3. The Company had converted Leasehold Rights of Rs. 498,450,000 into Stock-in-trade in FY 2010-11 with the intention of commercially developing the underlying Leasehold Land situated at 162 Wellesley Road, Pune 411 001. However, due to several factors, some beyond the control of the Company, this intention could not fructify.

In the mean time the Company also acquired Reversionary Rights in the said land, resulting in full ownership. Presently, the validity of acquisition of Revisionary Rights is sub-judice.

In view of the above, the Stock-in-trade of Rs. 498,450,000 as already recognized by creating the corresponding Revaluation Reserve of an identical amount, is reversed.

Under the circumstances, the Board has decided to reconvert the said land into and to be held as, capital asset at cost Rs. 71,550,000.

The above has no impact, on the Financial Results of the Company.

4. Acquisition of business undertaking of "Rathi Vessels and Systems Private Limited" on slump sale basis:

During the year the Company has acquired the going concern business of Rathi Vessels and Systems Private Limited on slump sale basis for Rs. 25,000,000 with the effective date of 1st October, 2014. Correspondingly, all assets and liabilities of this business as on the said effective date stand transferred to the Company and are included in the Financial Statements under the respective head of accounts. The excess of consideration paid over the book value of assets and liabilities of Rs. 41,101,746 is recognised as Goodwill.

5. Trade Payables (Creditors) :

(A) Outstanding to Trade Payables (including acceptances) other than Micro, Small and Medium Enterprise : Rs. 1,554,590,240 (Previous Year : Rs. 1,074,913,462) (Interest Paid / Payable is Rs. Nil (Previous Year : Rs. Nil)).

(B) Outstanding to Micro, Small and Medium Enterprise : Rs. 4,364,137 (Previous Year : Rs. Nil).

6. Revision in Depreciation Rates as per Schedule II of Companies Act, 2013 :

The Company has revised depreciation rates on fixed assets according to the useful life as specified in the Schedule II to the Companies Act, 2013 or on the basis of its assessment made by the Company as permitted by the said Schedule. Had there not been change in depreciation rates, the depreciation for the year ended 31st March, 2015, would have been lower by Rs. 12,616,125.

The depreciation on the basis of Revised Schedule II on assets whose useful life is already exhausted before 1st April, 2014, of Rs. 10,837,856 (net of deferred tax impact thereon of Rs. 5,580,651) has been adjusted to General Reserve and included in total depreciation of Rs. 413,944,367 in depreciation and amortisation of fixed assets disclosed in Note 11 and 12.

7. Lease Rent :

The Company has taken residential accommodation, office premises and warehouses on lease / rental basis. Lease period varies from one month to twelve months. These lease are cancellable in nature. Lease / rentals recognised in the Statement of Profit and Loss is Rs. 12,708,258 (Previous Year : Rs. 8,757,158).

8. Amount spent towards Corporate Social Responsibility :

During the year the Company has incurred CSR expenses of Rs. 5,266,843 which includes contribution / donation of Rs. 2,997,500 to trusts (related party) which are engaged in activities eligible under Section 135 of Companies Act, 2013 read with Schedule VII thereto and other expenses of Rs. 1,866,343 directly incurred by the Company.

9. General expenses include donation to Political Party (Nationalist Congress Party) Rs. 2,000,000 (Previous Year : Rs. 2,500,000)

10. The Company has reclassified previous year''s figures to conform to this year''s classification.

The figures in brackets are those in respect of previous year.


Mar 31, 2014

1 Allocation of common costs -

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

2 Unallocated items -

Unallocated items include general corporate income and expense items which are not allocated to any business segment. Assets and liabilities which relate to the Company as a whole but are not allocable to segments on a reasonable basis, have been included under "Unallocable Assets / Liabilities".

3 Segment accounting policies -

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the Financial Statements of the Company as a whole.

2. Estimated amount of contracts remaining to be executed on capital account - Rs. 5,900,395 (Previous Year : Rs. 6,521,024).

3. Contingent liabilities not provided for :

(A) Excise Duty - Rs. 7,183,604 (Previous Year : Rs. 8,488,600).

(B) Corporate Guarantee issued on behalf of the wholly owned subsidiary company Sudarshan Europe B.V. - Euro 3,000,000 (Previous Year : Euro Nil).

(C) Corporate Guarantee issued on behalf of Sudarshan North America, Inc., wholly owned subsidiary company of Sudarshan Europe B.V. - USD 3,000,000 (Previous Year : USD 3,000,000).

(D) Income Tax - Rs. 30,388,050 (Previous Year : Rs. 28,862,580).

(E) VAT - Rs. 11,861,000 (Previous Year : Rs. 6,177,091).

4. During the Financial Year 2010-11, the Company has converted the Leasehold Rights of the Company in respect of land situated at Final Plot No. 90, Sangamwadi, corresponding ''House No. 162'', Wellesley Road, Pune 411 001 into stock-in-trade and valued the same for a sum of Rs. 49.85 crores and accordingly created a revaluation reserve.


Mar 31, 2013

1. Estimated amount of contracts remaining to be executed on capital account - Rs. 6,521,024 (Previous Year : Rs. 60,058,051).

2. Contingent liabilities not provided for:

(a) Excise Duty - Rs. 8,488,600 (Previous Year : Rs. 4,560,996).

(b) Corporate Guarantee issued on behalf of the wholly owned subsidiary company Prescient Color Limited - Rs. Nil (Previous Year : Rs.122,500,000).

(c) Corporate Guarantee issued on behalf of Sudarshan North America, Inc., wholly owned subsidiary company of Sudarshan Europe B.V. - USD 3,000,000 (Previous Year : USD 1,500,000).

(d) Income Tax - Rs. 28,862,580 (Previous Year : Rs. 28,862,580).

(e) Sales Tax - Rs. 6,177,091 (Previous Year : Rs. Nil).

3. During the Financial Year 2010-11, the Company has converted the Leasehold Rights of the Company in respect of land situated at Final Plot No. 90, Sangamwadi, corresponding ''House No. 162'', Wellesley Road, Pune 411 001 into stock-in-trade and valued the same for a sum of Rs. 49.85 Crores and accordingly created a revaluation reserve.

4. Trade Payables (Creditors):

(a) Outstanding to creditors other than Micro, Small & Medium Enterprise : Rs. 1,017,263,505 (Previous Year : Rs. 963,132,548) (Interest Paid / Payable is Rs. Nil (Previous Year : Rs. Nil)).

(b) Outstanding to Micro, Small & Medium Enterprise : Rs. Nil (Previous Year : Rs. Nil).

The identification of suppliers under "Micro, Small and Medium Enterprises Development Act, 2006" was done on the basis of the information to the extent provided by the suppliers to the Company. Total outstanding dues of Micro and Small Enterprises, which were outstanding for more than stipulated period, are given below :

5. Research & Development Expenditure :

Expenditure incurred by the Company on in-house research and development facility approved by the Department of Scientific & Industrial Research, Ministry of Science and Technology.

Expenditure (charged out through the natural heads of the Accounts) in respect of eligible facilities at Roha and Pune.

6. Related Party Disclosures :

List of Related Parties and description of relationship :

i) Key Management Personnel : Mr. K.LRathi

Mr. P.R.Rathi

Mr. R.B.Rathi

Mr. A.V.Vij

Ms. Christine Gehres

(on deputation from Sudarshan North America, Inc.)

(Upto 30th November, 2012)

ii) Relatives of Key Management Personnel : Mrs. R.R.Rathi - Wife of Mr. R.B.Rathi

Mr. R.P.Rathi - Son of Mr. P.R.Rathi

Mrs. K.B.Rathi - Mother of Mr. R.B.Rathi

Mrs. K.R.Rathi - Mother of Mr. P.R.Rathi

Ms. S.R.Rathi - Daughter of Mr. R.B.Rathi

Mr. A.B.Rathi - Brother of Mr. R.B.Rathi

Mrs. A.K.Rathi - Wife of Mr. K.LRathi

Mrs. S.P.Rathi - Wife of Mr. P.R.Rathi

iii) Subsidiary Companies : Prescient Color Limited,

Sudarshan Europe B.V.,

Sudarshan North America, Inc. (Subsidiary of Sudarshan Europe B.V.)

iv) Associate Companies : Rathi Brothers Poona Limited,

Rathi Brothers Madras Limited,

Rathi Brothers Calcutta Limited,

Rathi Brothers Delhi Limited.

7. The Company has reclassified previous year''s figures to conform to this year''s classification. The figures in brackets are those in respect of previous year.


Mar 31, 2012

1. Estimated amount of contracts remaining to be executed on capital account - Rs. 60,058,051/- (Previous Year Rs. 82,500,980/-).

2. Contingent liabilities not provided for :

(a) Excise Duty - Rs. 4,560,996/- (Previous Year Rs. 2,010,295/-).

(b) Corporate Guarantee issued on behalf of the wholly owned subsidiary company Prescient Color Limited - Rs. 122,500,000/- (Previous Year Rs.122,500,000/-).

(c) Corporate Guarantee issued on behalf of Sudarshan North America, Inc., wholly owned subsidiary company of Sudarshan Europe B.V. - 1.50 million USD (Previous Year Rs. Nil/-).

(d) Income Tax - Rs. 28,862,580/- (Previous Year Rs. 28,862,580/-)

3. In the financial year 2010-11, the Company has converted the leasehold rights of the Company in respect of land situated at Final Plot No. 90, Sangamwadi, corresponding 'House No.162', Wellesley Road, Pune 411 001 into stock- in-trade and valued the same for a sum of Rs. 49.85 Crores and accordingly created a revaluation reserve.

4. Trade Payables (Creditors) :

a) Outstanding to creditors other than Micro, Small & Medium Enterprise Rs. 948,512,434/- (Previous Year Rs. 656,130,672/-) [Interest Paid/Payable is Rs. Nil (Previous Year Rs. Nil)].

b) Outstanding to Micro, Small & Medium Enterprise: Rs. Nil (Previous Year Rs. Nil).

The identification of suppliers under "Micro, Small and Medium Enterprises Development Act, 2006" was done on the basis of the information to the extent provided by the suppliers to the company. Total Outstanding

5. During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company. Revised Schedule VI significantly impacts the presentation and disclosures made in the financial statements, particulars presentation of Balance Sheet. The Company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2010

NOTICE IS HEREBY GIVEN THAT the 59th Annual General Meeting of the Company will be held on Saturday, 14th August, 2010 at 11.30 A.M. at Pudumjee Hall, Mahratta Chamber of Commerce, Industries And Agriculture, Tilak Road, Pune 411 002 to transact the following business:

ORDINARY BUSINESS:

1. To consider and adopt the Balance Sheet as at 31st March, 2010, the Profit & Loss Account for the year ended on that date and the Report of the Board of Directors and Auditors thereon.

2. To declare dividend on the Equity Shares of the Company for the year ended 31st March, 2010.

3. To appoint a director in place of Mr. S.Padmanabhan, who retires by rotation and being eligible, offers himself for reappointment.

4. To appoint a director in place of Mr. S.N.Inamdar, who retires by rotation and being eligible, offers himself for reappointment.

5. To appoint Auditors and to fix their remuneration. NOTES:

(a) Mr.S. Padmanabhan renowned Management Consultant and Mr. S.N.Inamdar, renowned Advocate, Directors, retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment. Mr. S.N.Inamdar, Director holds 493 equity shares in the Company. Mr. S. Padmanabhan, the other retiring Director does not hold any equity shares of the Company.

As required under Clause 49 of the Listing Agreement, the information / data to be provided for the retiring directors is given below:

Mr. S. Padmanabhan - Other directorships :

Sr.No. Name of the Company Board position held

1. Videocon Industries Limited Director

2. Applicomp (India) Limited Director

3. Videocon Power Limited Director

4. KAIL Limited Director

5. Videocon Energy Holdings Limited Director

6. Desai Brothers Limited Director

7. Premier Limited Director

8. Rajkumar Forge Limited Director

9. Force Motors Limited Director

10. Sanghvi Movers Limited Director

11. Next Retail India Limited Director

12. Aquapharm Chemicals Private Limited Director

13. Goa Energy Private Limited Director

14. Pipavav Energy Private Limited Director

(b) A MEMBER ENTITLED TO ATTEND AND VOTE AT A MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER. THE PROXY FORM DULY COMPLETED MUST BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE COMMENCEMENT OF THE MEETING.

(c) The Register of Members and Share Transfer Books of the Company will remain closed from Monday, 2nd August, 2010 to Saturday, 14th August, 2010 ( both days inclusive ).

Pursuant to Section 205A(5) of the Companies Act, 1956 all unclaimed dividends for the Accounting Years ended upto 31st March , 2002 have been transferred to the Investor Education and Protection Fund of the Central Government, pursuant to Section 205C of the Companies Act, 1956. Unclaimed dividends, for subsequent years will also be transferred to the Investor Education and Protection Fund of the Central Government if they remain unclaimed for a period of seven years from the date they become due for payment. Kindly note that after such date/s i.e. after transfer of unclaimed dividends to the Investor Education and Protection Fund of the Central Government, the members shall not be entitled to claim such dividend.

(d) It may be in the interest of Members to hold physical securities in joint names.

(e) Members who are still holding the shares in physical form may consider surrendering the shares with the concerned Depository Participant since it is advantageous to hold the shares in demat form.

(f) Members who hold shares in physical form and wish to avail of the Electronic Credit Services ( ECS ) facility for payment of dividend are requested to fill the attached form and send the same either to the Company / Link Intime India Private Limited (LIIPL) for necessary processing. The information required should reach the Company / LIIPL invariably on or before 31st July, 2010 failing which physical dividend warrants will be issued to the Members for the year 2009-10.

(g) Based on the records available with the Depositories, the Company has tied up with State Bank of India, Industrial Finance Branch,Tara Chambers, Wakdewadi, Mumbai Pune Road, Pune 411003 , for payment of dividend for the Financial Year 2009-10 by ECS at selected Centers viz: New Delhi, Chandigarh, Kanpur, Jaipur, Ahmedabad,Mumbai, Hyderabad, Bangalore, Chennai, Trivandrum, Kolkata, Bhubaneshwar, Guwahati, Patna, Pune, Baroda, Surat, Nagpur, Bhopal, Coimbatore, Gwalior, Indore, Jodhpur, Kolhapur, Lucknow, Madurai, Mangalore, Nasik, Rajkot and Solapur. The shareholders residing in these Centers will be covered by ECS. These centers will offer ECS provided there are at least twenty five beneficiaries per centre.

(h) Members who do not wish to avail of the ECS are requested to avail the facility of Dividend mandate to enable despatch of Dividend warrants directly to their bankers for credit of dividend to their accounts.

(i) Members who wish to dematerialise the shares or seek any information regarding transfer of shares are requested to contact the Companys Registrar and Share Transfer Agents at the following address :

Link Intime India Private Limited "Akshay Complex",Block No.202,2 nd Floor, Near Ganesh Temple,Off Dhole Patil Road, Pune-411 001 Tel.No.020-26051629,020-26050084 Telefax 020-26053503 E-mail :pune(5)linkintime.co.in Website www.linkintime.co.in

(j)The Company has designated an e-mail address -grievance.redressal (gsudarshan.com for timely action on investor complaints.Members are requested to forward their complaints ,if any,at the designated e-mail address . (k)The Companies Act,1956 has been amended by inserting Section 109A to facilitate nomination by member/s (only individuals)holding shares singly or jointly.Member/s who are holding the shares in physical form and are desirous of registering his/her/their nomination is/are requested to send the nomination in Form No.2B duly filled and signed. (I) (m)Members are requested to notify immediately any change in their address /bank account details. Members holding shares under different folios may approach the Company for consolidation of ledger folios under one folio. (P) Members are requested to notify immediately their email address so asto enable the Company to communicate with you electronically asand when required . Members /Proxies are requested to bring their copies of the Annual Report asextra copies of the Annual Report will not be made available at the time of the Annual General Meeting. Members desirous of getting any information about the accounts of the Company are requested to address their queries to the Director and Company Secretary of the Company.Such requests should be received at least seven days before the date of the meeting,so that the information required can be readily made available at the meeting,to the best extent possible.



By Order of the Board of Directors For SUDARSHAN CHEMICAL INDUSTRIES LIMITED Pune,May 29,2010 N.J.RATHI DIRECTOR AND COMPANY SECRETARY

 
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