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Notes to Accounts of Vidhi Specialty Food Ingredients Ltd.

Mar 31, 2015

Company Overview:

Vldhi Dyestuffs Manufacturing Limited ("the Company") was incorporated on 19s' January, 1994 and is engaged in the business of manufacturing and trading in synthetic food coiors and trading in chemicals. The registered office of the company is atE/27( Commerce Centre, 78,Tardeo Road, Mumbai-400034.

i. Rights of Equity Shareholders

The Company has only one class of equity shares having a par value of' 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares arid pays dividends in Indian rupees.

In the event of liquidation of die company, the holders of equity shares will be entitled to receive remaining assets of die company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 2013, read together with die Memorandum of Association and Articles of Association of the Company, as applicable.

1.1 Nature of Security

i. Term Loan from HDFC bank is secured as under:

Primary Security

First charge on Movable and Immovable assets financed under HDFC Bank Term loan with second charge to Vijaya bank (on repayment of term loan of HDFC Bank, die said securities will be shared on Pari Passu basis with Vijaya Bank in respect ofworking capital loan)

Collateral Security

1, First Pari Passu charge In favour of HDFC Bank with Vijaya Bank by way of mortgage of Property mentioned as per below details:

2. First charge on movable and immovable assets financed under HDFC Term Loan with second charge to Vijaya Bank (on repayment of term loan of HDFC Bank, the said securities will be shared on Pari Passu basis with Vijaya Bank in respect of working capital loans.)

i. Term Loan from Vijaya bank is secured as under:

Primary Security

First charge on plant and machinery to be purchased from the Term Loan disbursed by the said bank Collateral Security

1. First pari passu charge with HDFC Bank on all fixed assets of the company such as land and building, plant and machinery having value as stated in audited financial statements as at 31st March 2011.

2. Lien on Term Deposits of ^ 441,11 lacs

4. Second charge on new unit at Plot no. 88, MIDC, Roha financed under term loan availed from HDFC Bank, iii. Loan from Bajaj Allianz Is secured against Keyman Insurance Policies.

Terms of Repayment

i. Term loan from Vijaya Bank is to be repaid in 20 equal quarterly instalments reckoned from the date of first drawdown on 28th December 2011.

ii. Term loan from Bajaj Allianz Life Insurance Company Limited will be repaid through maturity proceeds of Keyman Insurance policies commencing from 22nd December 2013

Natura of Security (Refer Note 4.1)

i. Working capital loan from HDFC bank is secured as under:

Primary Security

1 .First Pari Passu charge in favour of HDFC Bank with Vijaya Bank by way of hypothecation of stocks and bookdebts of the company.

2.First Pari Passu charge in favour of HDFC Bank with Vijaya Bank by way of hypothecation of existing movable and immovable asset including plant and machinery of the company, li Working capital loan from Vijaya bank is secured as under:

Primary Security

1. First Pan Passu charge by way of hypothecation of fully insured raw material, work in progress and finished goods comprising of food colours and other material, iii Loan from Standard Chartered bank is secured by personal assets of a director.

2.1 In the opinion of the directors, trade receivables, current assets, loans and advances have the value at which they are stated in the balance sheet, if realised in the ordinary course of business. Sundry debtors, creditors and advances are subject to confirmation. Periodically, the company evaluates all customer dues to die company for collectability. The need for provisions is assessed based on various factors including collectability of specific dues, general economic factors, which could affect the customer's ability to settle.

3. Related Party Disclosures:

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below: Key management personnel, relatives and related parties

Key management personnel

1. Bipin M. Manek™ Chairman and Managing Director

2. Mihir B. Manek-Joint Managing Director

3. Vijay K, Atre-Technical Director

4. Pravina B, Manek™ Director

5. Ajay V. Pande ™ Factory Manager

Enterprises over which kev management personnel have significant influence:

1. Arjurs Food Colorants Manufacturing Private Limited

Rs. in Lakhs

Particulars 2015 2014

4 Contingent Liabilities Nature of Dues

Export of excisable goods without payment of duty under Form UT-1 - -

Custom duty payable in respect of export obligation plant and machinery - -

5. Pending Capital Commitments Nil Nil

6. Segment Reporting

The Company's main activity is manufacturing and trading of food colours and trading in chemicals which constitutes a single reportable segment in the context of Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India,

7. The company has imported Mono Sodium Glutamate from China. Import duty at higher rate was charged on such import. Company paid differential duty of ' 10,00,000/- under protest and has filed appeal before the Commissioner of Customs(Appeals), Jawaharlai Nehru Custom House. The appeal Is been decided in favour of company,

8. Previous period's figures have been regrouped/ reclassified, wherever necessary to make them comparable.


Mar 31, 2014

1. Share Capital

i. Rights of Equity Shareholders

The Company has only one class of equity shares having a par value of Rs. 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

2 Nature of Security

i. Term Loan from HDFC bank is secured as under:

Primary Security

First charge on Movable and Immovable assets financed under HDFC Bank Term loan with second charge to Vijaya bank (on repayment of term loan of HDFC Bank, the said securities will be shared on Pari Passu basis with Vijaya Bank in respect of working capital loan)

Collateral Security

First charge on movable and immovable assets financed under HDFC Term Loan with second charge to Vijaya Bank (on repayment of term loan of HDFC Bank, the said securities will be shared on Pari Passu basis with Vijaya Bank in respect of working capital loans.

ii. Term Loan from Vijaya bank is secured as under:

Primary Security

First charge on plant and machinery to be purchased from the Term Loan disbursed by the said bank

Collateral Security

1. First pari passu charge with HDFC Bank on all fixed assets of the company such as land and building, plant and machinery having value as stated in audited financial statements as at 31st March 2011.

2. Lien on Term Deposits of Rs. 77.51 lacs

3. Second charge on new unit at Plot no. 68, MIDC, Roha financed under term loan availed from HDFC Bank

iii. Loan from Bajaj Allianz is secured against Keyman Insurance Policies.

3. Terms of Repayment

i. Term loan from HDFC Bank is to be repaid in 48 equal monthly instalments commencing from April 2010.

ii. Term loan from Vijaya Bank is to be repaid in 20 equal quarterly instalments reckoned from the date of first drawdown on 28th December 2011.

iii. Term loan from Bajaj Allianz Life Insurance Company Limited will be repaid through maturity proceeds of Keyman Insurance policies commencing from 22nd December 2013.

4. Short Term Borrowings

Nature of Security

i. Working capital loan from HDFC bank is secured as under:

Primary Security

1. First Pari Passu charge in favour of HDFC Bank with Vijaya Bank by way of hypothecation of stocks and book debts of the company.

2. First Pari Passu charge in favour of HDFC Bank with Vijaya Bank by way of hypothecation of existing movable and immovable asset including plant and machinery of the company.

ii. Working capital loan from Vijaya bank is secured as under:

Primary Security

1. First Pari Passu charge by way of hypothecation of fully insured raw material, work in progress and finished goods comprising of food colours and other material.

iii. Loan from Standard Chartered bank is secured by personal assets of a director.

5. Long-term Loans and Advances

In the opinion of the directors, trade receivables, current assets, loans and advances have the value at which they are stated in the balance sheet, if realised in the ordinary course of business. Sundry debtors, creditors and advances are subject to confirmation Periodically, the company evaluates all customer dues to the company for collectability. The need for provisions is assessed based on various factors including collectability of specific dues, general economic factors, which could affect the customer''s ability to settle

6. Pending Capital Commitments Nil Nil

Segment Reporting

i. The Company''s main activity is manufacturing and trading of food colours and trading in chemicals which constitutes a single reportable segment in the context of Accounting Standard -17 "Segment Reporting" issued by the Institute of Chartered Accountants of India

ii. The Company''s Branch Office at Ahmedabad has started its operation during the year. Books of Accounts of Branch is maintained at Head Office. The transaction of Ahmedabad Branch is incorporated in the Books of Head Office.

iii. The company has imported Mono Sodium Glutamate from China. Import duty at higher rate was charged on such import. Company paid differential duty of Rs. 10,00,000/- under protest and has filed appeal before the Commissioner of Customs(Appeals), Jawaharlal Nehru Custom House. The appeal is been decided in favour of company.

iv. The assessing officer has levied penalty of Rs. 6,72,776/- for assessment year 2011-12 on various disallowances made in scrutiny assessment for the year 2011-12. The company has filed appeal before the Commissioner of Income Tax (Appeals)-13 ,Mumbai.

v. Previous period''s figures have been regrouped/ reclassified, wherever necessary to make them comparable.


Mar 31, 2013

1. Background

The Company has been incorporated on 19th January, 1994 and is engaged in the business of manufacturing and trading of synthetic food colours and trading in chemicals.

2 Related Party Disclosures:

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

Key management personnel, relatives and related parties

Key management personnel

1. Bipin M. Manek - Chairman and Managing Director

2. Mihir B. Manek - Joint Managing Director

3. Vijay K. Atre - Technical Director

4. Pravina B. Manek - Director

5. Ajay V. Pande - Factory Manager

in Lakhs

2013 2012

3 Contingent Liabilities Nature of Dues

Export of excisable goods without payment of duty under Form UT-1 78.53 59.11

Custom duty payable in respect of export obligation plant and machinery - 6.91

4 Pending Capital Commitments Nil Nil

5 Segment Reporting

The Company''s main activity is manufacturing and trading of food colours and trading in chemicals which constitutes a single reportable segment in the context of Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India

6 The company has imported Mono Sodium Glutamate from China. Import duty at higher rate was charged on such import. Company paid differential duty of" 10,00,000/- under protest and has filed appeal before the Commissioner of Customs (Appeals), Jawaharlal Nehru Custom House.

7. Previous period''s figures have been regrouped/ reclassified, wherever necessary to make them comparable.


Mar 31, 2012

1. BACKGROUND

The Company has been incorporated on 19th January, 1994 and is engaged in the business of manufacturing and trading of food colours and trading in chemicals

RIGHTS OF EQUITY SHAREHOLDERS

The Company has only one class of equity shares having a par value of' 1 per share.

Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

The distribution will be in proportion to the number of equity shares held by the shareholders.

The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

4.1 Nature of Security

A Term Loan from HDFC bank is secured as under:

Primary Security

First charge on Movable and Immovable assets financed under HDFC Bank Term loan with second charge to Vijaya bank (on repayment of term loan of HDFC Bank, the said securities will be shared on Pari Passu basis with Vijaya Bank in respect of working capital loan)

2. First charge on movable and immovable assets financed under HDFC Term Loan with second charge to Vijaya Bank (on repayment of term loan of HDFC Bank, the said securities will be shared on Pari Passu basis with Vijaya Bank in respect of working capital loans.)

Nature of Security (Refer Note 4.1)

A Working capital loan from HDFC bank is secured as under:

Primary- Security

1. First Pari Passu charge in favour of HDFC Bank with Vijaya Bank by way of hypothecation of stocks and

book debts of the company.

2. First Pari Passu charge in favour of HDFC Bank with Vijaya Bank by way of hypothecation of existing movable and immovable asset including plant and machinery of the company.

B Working capital loan from Vijaya bank is secured as under:

Primary- Security

First Pari Passu charge by way of hypothecation of fully insured raw material, work in progress and finished goods comprising of food colours and other material.

C Loan from Standard Chartered bank is secured by personal assets of a director.

D Loan from Yes Bank is secured by personal asset and personal guarantee of a director's relative.

12.1 In the opinion of the directors, trade receivables, current assets, loans and advances have the value at which they are stated in the balance sheet, if realised in the ordinary course of business. Sundry debtors, creditors and advances are subject to confirmation. Periodically, the company evaluates all customer dues to the company for collectability. The need for provisions is assessed based on various factors including collectability of specific dues, general economic factors, which could affect the customer's ability to settle.

In view of the accounting policy followed by the company, exciseduty payable on finished neithesgoods included in theexpenditure nor included in the value of such stocks, but is accounted for on clearance of the goods. This accounting treatment has no impact on profit. The amount of excise duty payable onfinished goods not cleared as at 31st March, 2012 are' 38.56 lacs (Previous year 23.70 lacs)

As At 31-03-2012 As At 31-03-2011 Rs. In lakhs Rs. In lakhs

3 Contingent Liabilities Nature of dues Export of excisablegoodswithout paymentof 59.11 126.63 duty under Form UT-1 Custom duty payable in respect of export obligation

- plant and machinery 6.91 -

-goods - 6.23

 
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