Home  »  Company  »  Vijay Solvex Ltd  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Vijay Solvex Ltd.

Mar 31, 2015

1.1 Of the above 15500 (P.Y. 15500) Equity shares were allotted as fully paid up pursuant to contracts without payments being received in cash.

1.2 Of the above 1456126 (P.Y. 1456126) Equity shares issued as fully paid up Bonus shares by way of capitalisation of free reserves.

1.3 Of the above 19962 (P.Y. 19962) Equity shares were allotted as fully paid up pursuant to the scheme of arrangement for amalgamation of the Jaipur Glass & Potteries Ltd with the Company.

1.4 Of the above 56205 (P.Y. 56205) Equity shares were allotted as fully paid up pursuant to the scheme of arrangement for amalgamation of Goenka Products Pvt. Ltd with the Company.

1.5 Shareholder holding more than 5% of the Ordinary Shares in the company.

2.1 Working Capital Loan of Rs.37.81 Crores from State Bank of Bikaner & Jaipur, Alwar are secured by hypothecation, both present & future, of raw material, finished goods, work-in-process, packing ma- terials, stores, bills for collection and book-debts and on the personal guarantee of Directors Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge over the fixed assets of the Company.

2.2 Working Capital Loan of Rs.20.86 Crores from IDBI are secured by first pari passu charge by way of equitable mortgage of land & building of company's Jaipur Unit and personal guarantee of Directors Shri Vijay Data and Shri Daya Kishan Data.

2.3 Working Capital Loan Rs.0.92 Crores from State Bank of Bikaner & Jaipur, Alwar is Secured by way of pledge of FDR's.

3.1 Disclosures as required under the Micro, Small and Medium Enterprises Development Act, 2006 based on the information available with the Company are given below.

There are no outstanding amount payable beyond the agreed period to Micro, Small and Medium Enterprises as on the Balance Sheet to the extent such enterprises have been identified, based on the information available with the company.

3.2 The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49 lacs during the period 1989- 91, against the use of Company's property. On account of non-execution of deed of conveyance in favour of these persons and pending legal formalities, the said amount have been treated as other creditors.

4.1 Land, Building and Plant & Machinery of Sriganganagar Co-operative Cotton Complex Ltd, Sriganganagar (Ginning & Spinning Mill) have been shown under Capital W.I.P.

4.2 The Company has adopted useful lives of the Fixed Assets as those specified in part C of Schedule II to the Companies Act, 2013 ("the Act") effective from 1st April, 2014. Accordingly carrying amount of assets, for which the useful lives as per the revised estimates are exhausted as of 1st April, 2014 have been recognised in the retained earning as on that date. For the other assets, the carrying amount as of 1st April 2014 will be amortised over the remaining useful lives of the assets. As a result.

a) An amount of Rs.31.74 Lacs has been recognised to the opening retained earning as of 1st April, 2014.

b) Depriciation charges for the year ended 31st March, 2015, is lower by 25.31 Lacs.

5.1 Shares of Raghuvar (India) Ltd being not traded during the financial year hence market value could not be ascertained.

5.2 According to legal opinion, the Company continues to be the owner of the shares of Saurabh Agrotech (P) Ltd, Alwar. The company has challenged the illegal transfer of shares through Company Petition in Company Law Board and matter is Sub Judice before Company Law Board.

5.3 The Closing Stock have been taken, valued and certified by the Management.

6.1 During the financial year 2007-08, the Company, to widen its existing operations, has invested a sum of Rs.1212.00 lacs by way of acquisition of First Charge over the fixed assets of M/s ROM Industries Ltd situated at Spl—1, RlICO Industrial Area, Hiragana, Tehsil Bassi, District Jaipur (Raj.) from IFCI, vide deed of assignment dated 31.10.2007. The Company has stepped into the shoes of IFCI and is having all rights and liability, which are having with IFCI.

7 : CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT

31.03.2015 31.03.2014

Guarantee and Counter 47.31 2.10

Excise/Sales Tax/Income Tax/PF/ESI/ Customs/

Service Tax demands made by the authorities in 661.82 571.33 respect of which appeal has been filed.

Claims against the Company not acknowledged as debts estimated at :

In respect of Third parties 746.64 720.84

8 : LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD

Since order dated 14.03.2012 passed by Hon'ble High Court of Judicature of Rajasthan, Bench at Jaipur in S.B. Civil Misc. Appeal No.2218 of 2011 etc. w.r.t. partition suit has been set aside by the Hon'ble Supreme Court Vide order dated 04.08.2014 and remitted back the matter to Rajasthan High Court for its fresh consideration after hereaing the parties. Hon'ble High Court of Judicature of Rajasthan, Bench at Jaipur after hearing the parties passed an order dated 06.04.2015 and allowed the above mentioned Civil Misc. Appeal and other connected appeal while partially setting aside Order dated 10.02.2011 passed by the Court of Ld.ADJ, Jaipur. However, the order dated 06.04.2015 has been challenged before the Hon'ble Supreme Court of India by the original Plaintiffs. The next date before Hon'ble Supreme Court is 18.09.2015. Thus as on date the restraint order passed by the Ld. Trial Court against the Company for transferring or alienating the properties or creating charge over the properties of the Company stood set aside.

Since the legal matter under Section 111, 397-398 of the Companies Act, 1956 are still sub-judice before the Hon'ble Company Law Board, New Delhi which are yet to be heared finally by CLB.

Presently the Company is registered owner of SCOOTER trademark/device/logo and copy right in the artwork of SCOOTER Wavy device is registered with Registrar of Trade Mark and Copyright. The Company is taking appropriate legal action against all the persons who infringing its trademark and copyright and company is defending its right before the Hon'ble Courts, wherever the challenges have been made.

9 : Previous year's figures have been regrouped/recasted/rearranged wherever necessary to conform to this year's presentation.

10 : Various debit and credit balances appearing in the various heads remain unconfirmed by the respective parties. Necessary adjustment, if any, will be made in the books of accout as and when the statement of accounts/balance confirmation are received from the parties.

11 : DISCLOSURE PURSUANT TO ACCOUNTING STANDARD 15 "Employee Benefits"

a) An amount of Rs.26.60 Lacs (2013-14 Rs.23.53 Lacs) as contribution towards defined contribution plans is recognized as expenses in statement of Profit & Loss.

12 : SEGMENT INFORMATION:

The business segment has been considered as the primary segment. The Company is organized into three business segments, Edible Oils, Ceramics and Wind Power Generation. The detail of products and services included in above segments are given below-

Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics segments includes Crockery and Insulators and Wind Power segment includes electricity generation from Wind Power Generators.

Geographical segments have been considered as secondary segments and bifurcated into India and Outside India.

Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allocated on a reasonable basis.

13 : Related Party Disclosures

a) List of related parties

1. Enterprises where control exists : NIL

2. Other related parties with whom the Company had transactions, etc.

i) Associates & Joint Ventures

Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd Dhruva Enclave Pvt Ltd Data Houseware Ltd Indo Caps Pvt Ltd

ii) Key Management Personnel & their relatives

Niranjan Lal Data Vijay Data Daya Kishan Data

iii) Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence.

Vijay Industries Vijay Oil Mills Data Infosys Ltd Shree Bhagwati Farms Jhankar Motels Pvt Ltd Gaurav Ceramics (P) Ltd Deepak Vegpro Pvt Ltd Data Oils.


Mar 31, 2014

1 : CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT

31.03.2014 31.03.2013

Guarantee and Counter 2.10 NIL

Excise/Sales Tax/Income Tax/PF/ESI/Customs/ Service Tax demands made by the authorities in 392.36 506.18 respect of which appeal has been filed.

Claims against the Company not acknowledged as debts estimated at :

In respect of Third parties 720.84 698.00

2 : LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD

Some of the shareholders have filed Petition under section 397,398,111A and 247 of the Companies Act, 1956 against the company in Company Law Board Bench, Delhi and the same is pending for adjudication. The Company has objected the Petition, under section 399 of the Companies Act, 1956 while relying upon order dated 14.03.2012 of Hon''ble High Court of Jaipur, before Hon''ble CLB and prayed for its dismissal. This matter has been fixed for hearing on 15.07.2014.

Some of the shareholders have also filed partition suit in Trial Court of Jaipur and they have impleaded the Company as a party to the said suit. The Interim Order passed by the Trial Court is vacated by the Hon''ble Rajasthan High Court, Jaipur Bench, Jaipur vide its order dated 14.03.2012. The said shareholders challenged the order of Hon''ble High Court of Rajasthan before Hon''ble Supreme Court of Indai through Special Leave Petition (SLP) in the month of March, 2012. The Hon''ble Supreme Court of India vide its order dated 30.03.2012 directed the Company not to alienate the suit property. The next date of hearing is fixed on 14.07.2014.

3 : Previous year''s figures have been regrouped/recasted/rearranged wherever necessary to conform to this year''s presentation.

4 : Various debit and credit balances appearing in the various heads remain unconfirmed by the respective parties. Necessary adjustment, if any, will be made in the books of accout as and when the statement of accounts/balance confirmation are received from the parties.

5 : DISCLOSURE PURSUANT TOACCOUNTING STANDARD 15 "Employee Benefits"

a) An amount of Rs.23.53 Lacs (2012-13 Rs.23.65 Lacs) as contribution towards defined contribution plans is recognized as expenses of Profit & Loss.

b) The disclosure in respect of the Defined Benefit Plans are given below :

The Employee Gratuity Fund is not Funded and managed by the Company. The present value of obligation is determined based on the actuarial valuation using the projected unit credit method. The

6 : SEGMENT INFORMATION:

The business segment has been considered as the primary segment. The Company is organized into three business segments, Edible Oils, Ceramics and Wind Power Generation. The detail of products and services included in above segments are given below- Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics segments includes Crockery and Insulators and Wind Power segment includes electricity generation from Wind Power Generators.

Geographical segments have been considered as secondary segments and bifurcated into India and Outside India.

Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allocated on a reasonable basis.

7 : Related Party Disclosures

a) List of related parties

1. Enterprises where control exists : NIL

2. Other related parties with whom the Company had transactions, etc.

i) Associates & Joint Ventures :

Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd

Vijay International Ltd Vijay Agro Mills (P) Ltd Dhruva Enclave Pvt Ltd Data Houseware Ltd Data Foods (P) Ltd Gaurav Enclave Pvt Ltd

ii) Key Management Personnel & their relatives

Niranjan Lal Data Vijay Data Daya Kishan Data Neelima Data

iii) Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence.

Vijay Industries

Vijay Oil Mills

Pyarelal Niranjanlal & Co.

Pyare Lal Niranjan Lal Data Infosys Ltd Indo Caps Pvt Ltd Shree Bhagwati Farms Bhagwati Agro Products Ltd Jhankar Motels Pvt Ltd Data Developers Ltd Swastic Udyog Data Arcade Shree Data Krishi Farm Gaurav Ceramics (P) Ltd Deepak Vegpro Pvt Ltd Pawan Udyog Gaurav Vegpro Pvt Ltd Data Enclave Pvt Ltd Data Oils


Mar 31, 2013

1: CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT

31.03.2013 31.03.2012

Guarantee and Counter NIL NIL

Excise/Sales Tax/Income Tax PF/ESI/Customs/

Service Tax demands made by the authorities in 506.18 401.18

respect of which appeal has been filed.

Claims against the Company not acknowledged as debts estimated at:

In respect of Third parties 698.00 680.20

2: LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD

Some of the shareholders have filed Petition under section 397,398,111 A and 247 of the Companies Act, 1956 against the company in Company Law Board Bench, Delhi and the same is pending for adjudication. The Company has objected the Petition, under section 399 of the Companies Act, 1956 while relying upon order dated 14.03.2012 of Hon''ble High Court of Jaipur, before Hon''ble CLB and prayed for its dismissal. This matter has been fixed for hearing on 02.08.2013.

Some of the shareholders have also filed partition suit in Trial Court of Jaipur and they have imp leaded the Company as a party to the said suit. The Interim Order passed by the Trial Court is vacated by the Hon''ble Rajasthan High Court, Jaipur Bench, Jaipur vide its order dated 14.03.2012. The said shareholders challenged the order of Hon''ble High Court of Rajasthan before Hon''ble Supreme Court of Indai through Special Leave Petition (SLP) in the month of March, 2012. The Hon''ble Supreme Court of India vide its order dated 30.03.2012 directed the Company not to alienate the suit property. The next date of hearing is fixed on 26.06.2013.

3 : Previous year''s figures have been regrouped/recanted/rearranged wherever necessary to conform to this year''s presentation.

4: DISCLOSURE PURSUANT TO ACCOUNTING STANDARD 15 "Employee Benefits"

a) An amount of Rs.23.65 Lacs (2011-12 Rs.24.65 Lacs) as contribution towards defined contribution plans is recognized as expenses of Profit & Loss.

5 : Related Party Disclosures

a) List of related parties

1. Enterprises where control exists : NIL

2. Other related parties with whom the Company had transactions, etc.

i) Associates & Joint Ventures :

Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd

Vijay International Ltd Vijay Agro Mills (P) Ltd Dhruva Enclave Pvt Ltd Data Houseware Ltd Data Foods (P) Ltd Gaurav Enclave Pvt Ltd

ii) Key Management Personnel & their relatives Niranjan Lai Data

Vijay Data Daya Kishan Data Neelima Data

iii) Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence.

Vijay Industries

Vijay Oil Mills

Pyarelal Niranjanlal & Co.

Pyare Lai Niranjan Lai Data Infosys Ltd Indo Caps Pvt Ltd Shree Bhagwati Farms Bhagwati Agro Products Ltd Jhankar Motels Pvt Ltd Data Developers Ltd Swastic Udyog Data Arcade Shree Data Krishi Farm Gaurav Ceramics (P) Ltd Deepak Vegpro Pvt Ltd Pawan Udyog Gaurav Vegpro Pvt Ltd Data Enclave Pvt Ltd


Mar 31, 2012

1.1 Of the above 15500 (P.Y. 15500) Equity shares were allotted as fully paid up pursuant to contracts without payments being received in cash.

1.2 Of the above 1456126 (P.Y. 1456216) Equity shares issued as fully paid up Bonus shares by way of capitalization of free reserves.

1.3 Of the above 19962 (P.Y. 19962) Equity shares were allotted as fully paid up pursuant to the scheme of arrangement for amalgamation of the Jaipur Glass & Potteries Ltd with the Company.

1.4 Of the above 56205 (P.Y. 56205) Equity shares were allotted as fully paid up pursuant to the scheme of amalgamation for amalgamation of Goenka Products Pvt. Ltd with the Company.

1.5 Shareholder holding more than 5% of the Ordinary Shares in the company.

2.1 Working Capital Loan from State Bank of Bikaner & Jaipur, Alwar are secured by hypothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guarantee of Directors Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge over the fixed assets of the Company.

2.2 Short term loan from IDBI are secured by first pari passu charge by way of equitable mortgage of land & building of company's Jaipur Unit and personal guarantee of Directors Shri Vijay Data and Shri Daya Kishan Data.

2.3 Unsecured loan from bank of Rs.10.00 Crores is taken from Kotak Mahindra Bank Ltd. This loan is a short term loan and is personally guaranteed by Shri Niranjan Lal Data and Shri Vijay Data.

3.1 Disclosures as required under the Micro, Small and Medium Enterprises Development Act, 2006 based on the information available with the Company are given below.

There are no outstanding amount payable beyond the agreed period to Micro, Small and Medium Enter- prises as on the Balance Sheet date to the extent such enterprises have been identified, based on the information available with the company.

3.2 The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49 lacs during the period 1989- 91, against the use of Company's property. On account of non-execution of deed of conveyance in favour of these persons and pending legal formalities, the said amount have been treated as other creditors.

4.1 Shares of Raghuvar (India) Ltd being not traded during the financial year hence market value could not be ascertained.

4.2 According to legal opinion, the Company continues to be the owner of the shares of Saurabh Agrotech (P) Ltd, Alwar. The company has challenged the illegal transfer of shares through Company Petition in Company Law Board and matter is Sub Judice before Company Law Board.

5.1 During the financial year 2007-08, the Company, to widen its existing operations, has invested a sum of Rs. 1212.00 lacs by way of acquisition of First Charge over the fixed assets of M/s ROM Industries Ltd situated at Spl — 1, RIICO Industrial Area, Hiragana, Tehsil Bassi, District Jaipur (Raj.) from IFCI, vide deed of assignment dated 31.10.2007. The Company has stepped into the shoes of IFCI and is having all rights and liability, which are having with IFCI. The Company has filed form 8 for registration/modification of charges but same is pending for want of condonation of delay. The company is taking appropriate action for condonation of delay with apporpriate authority and for want of completion of legal formalities, the above amount has been shown as loans & advances.

5.2 Since the Physical possession of Land, Building and Plant & Machinery of Sriganganagar Co-operative Cotton Complex Ltd, Sriganganagar (Ginning & Spinning Mill) were taken over by the Company on 25.04.2011 vide possession report No.964 dated 25.04.2011 and the sale deed got registered on 09.06.2011 in favour of the Company therefore the above amount of Rs.801.00 Lacs along with regristration and transfer expenses have been transfered under the head fixed assets from the head Loans & Advances.

6 : CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT

31.03.2012 31.03.2011

Guarantee and Counter NIL NIL

Excise/Sales Tax/Income Tax PF/ESI/Customs/ Service Tax demands made by the authorities in respect of which appeal has been filed. 401.18 515.11

Claims against the Company not acknowledged as debts estimated at :

In respect of Third parties 680.20 663.40

7 : LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD

Some of the shareholders have filed Petition under section 397,398,111A and 247 of the Companies Act, 1956 against the company in Company Law Board Bench, Delhi and the same is pending for adjudication. The Company has objected the Petition, under section 399 of the Companies Act, 1956 and relying upon order dated 14.03.2012 of Hon'ble High Court of Jaipur, before Hon'ble CLB and prayed for its dismissal. This matter has been fixed for hearing on 23.08.2012.

Some of the shareholders have also filed partition suit in Trial Court of Jaipur and they have impleaded the Company as a party to the said suit. The Interim Order passed by the Trial Court is vacated by the Hon'ble Rajasthan High Court, Jaipur Bench, Jaipur vide its order dated 14.03.2012. The said shareholders challenged the order of Hon'ble High Court of Rajasthan before Hon'ble Supreme Court of India through Special Leave

Petition (SLP) in the month of March, 2012. The Hon'ble Supreme Court of India vide its order dated 30.03.2012 directed the Company not to alienate the suit property. The next date of hearing is fixed on 17.09.2012.

8 : Previous year's figures have been regrouped/recasted/rearranged wherever necessary to conform to this year's presentation..

9 : Various debit and credit balances appearing in the various heads remain unconfirmed by the respective parties. Necessary adjustment, if any, will be made in the books of account as and when the statement of accounts/balance confirmation are received from the parties.

10: SEGMENT INFORMATION:

The business segment has been considered as the primary segment. The Company is organized into three business segments, Edible Oils, Ceramics and Wind Power Generation. The detail of products and services included in above segments are given below-

Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics segments includes Crockery and Insulators and Wind Power segment includes electricity generation from Wind Power Generators.

Geographical segments have been considered as secondary segments and bifurcated into India and Outside India.

Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allocated on a reasonable basis.

11 : Related Party Disclosures

a) List of related parties

1. Enterprises where control exists : NIL

2. Other related parties with whom the Company had transactions, etc.

i) Associates & Joint Ventures :

Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd

Vijay International Ltd Vijay Agro Mills (P) Ltd Dhruva Enclave Pvt Ltd Data Houseware Ltd Data Foods (P) Ltd Gaurav Enclave Pvt Ltd

ii) Key Management Personnel & their relatives Niranjan Lal Data

Vijay Data Daya Kishan Data Neelima Data

iii) Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence.

Vijay Industries

Vijay Oil Mills

Pyarelal Niranjanlal & Co.

Pyare Lal Niranjan Lal

Data Infosys Ltd

Indo Caps Pvt Ltd

Shree Bhagwati Farms

Bhagwati Agro Products Ltd

Jhankar Motels Pvt Ltd

Data Developers Ltd

Swastic Udyog

Data Arcade

Shree Data Krishi Farm

Gaurav Ceramics (P) Ltd

Deepak Vegpro Pvt Ltd

Pawan Udyog

Gaurav Vegpro Pvt Ltd

Data Enclave Pvt Ltd


Mar 31, 2011

1) The Closing Stock have been taken, valued and certified by the Management.

2) In the opinion of the Management and to the best of their knowledge and belief, the value of fixed assets, current assets and loans and advances, if realised in the ordinary course of business, would not be less than at which they are stated in the Balance Sheet, unless otherwise stated.

3) Contingent liabilities not provided for in the account -

(Rs. In Lacs)

31.03.11 31.03.10

a) Guarantee and Counter - 5.00 Guarantees

b) Excise/Sales Tax/Income Tax 515.11 850.61 PF/ESI/Customs/Service Tax demands made by the authorities in respect of which appeal has been filed.

c) Claims against the Company not acknowledged as debts estimated at :

In respect of Third parties 663.40 639.35

4) Exchange difference in respect of forward exchange contracts to be charged in the subsequent accounting year Rs.NIL (P.Y. Rs.0.53 Lacs).

5) Working Capital Loan from State Bank of Bikaner & Jaipur, Alwar are secured by hypothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guar- antee of Directors Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge over the fixed assets of the Company.

6) Short term loan from IDBI are secured by first pari passu charge by way of equitable mortgage of land & building of company's Jaipur Unit and personal guarantee of Directors Shri Vijay Data and Shri Daya Kishan Data.

7) Unsecured loan from bank of Rs.10.00 Crores is taken from Kotak Mahindra Bank Ltd. This loan is a short term loan and is personally guaranteed by Shri Niranjan Lal Data and Shri Vijay Data.

8) Payments made or provided during the financial year to Directors as Managerial remuneration under section 198 of the Act paid or payable during the financial year Rs.88.17 Lacs (P.Y. Rs.40.78 Lacs).

9)Previous year's figures have been regrouped/recasted/rearranged wherever necessary to conform to this year's presentation.

10)Various debit and credit balances appear- ing in the various heads remain unconfirmed by the respective parties. Necessary adjustment, if any, will be made in the books of account as and when the statement of accounts/balance confirmation are received from the parties.

11)Expenditure on employees who are in receipt of remuneration of Rs.2400000/- p.a. or more during the year or Rs.200000/- per month, if employed for a part of the year Rs.88.17 Lacs (P.Y. NIL).

12)The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49 lacs during the period 1989-91, against the use of Company's property. On account of non- execution of deed of conveyance in favour of these persons and pending legal formali- ties, the said amount have been treated as other creditors.

13)During the financial year 2006-07, the Company made a bid to purchase Land, Building and Plant & Machinery of Sriganganagar Co-operative Cotton Complex Ltd, Sriganganagar (Ginning & Spinning Mill) for Rs.801.00 Lacs. Physical possession of the fixed assets were taken over by the Company on 25.04.2011 vide possession report No.964 dated 25.04.2011 and the sale deed got registered on 09.06.2011 in favour of the Company. Since the Company has not assumed the title over the assets as on 31.03.2011, therefore the above amount of Rs.801.00 Lacs have been shown as deposit under the head Loans & Advances.

14)During the financial year 2007-08, the Com- pany, to widen its existing operations, has invested a sum of Rs.1212.00 lacs by way of acquisition of First Charge over the fixed assets of M/s ROM Industries Ltd situated at Spl-1, RIICO Industrial Area, Hirawala, Tehsil Bassi, District Jaipur (Raj.) from IFCI, vide deed of assignment dated 31.10.2007. The Company has stepped into the shoes of IFCI and is having all rights and liability, which are having with IFCI. The Charge in favour of the IFCI stands registered in the records of the ROC, Punjab but the same is yet to be registered in favour of the Com- pany. The Jaipur Unit of M/s ROM Industries Ltd is engaged in similar business as that of the Company. ROM Industries Ltd is a declared sick company by BIFR and a DRS has been presented in AAIFR by ROM Industries Ltd and for want of completion of legal formalities, the above amount has been shown as loans & advances.

15)According to legal opinion, the company continues to be the owner of the shares of Saurabh Agrotech (P) Ltd, Alwar since the consideration for the transfer of shares has not been determined, therefore the Com- pany has rescinded the contract for sale of shares.

16)The Company is in process of identifying Micro & Small Enterprises as defined un- der the Micro, Small & Medium Enterprises development Act, 2006. Consequently, as of now, it is neither possible for the Com- pany to ascertain whether payment to such enterprises has been made within 45 days from the date of acceptance of supply of goods or services rendered by the supplier nor to give the relevant disclosures as re- quired under the Act.

17)Segment Information:

The Business segment has been considered as the primary segment. The Company is organised into three segments, Edible Oils, Ceramics & Wind Power Generation. The detail of products and ser- vices included in above segments are given below -

Edible Oils segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled Cake etc, Ceramic segments includes Crockery and Insulators and Wind Power segment in- cludes electricity generation from Wind Power Generators.

Further the geographical segments have been considered as secondary segments and bifurcated into India and outisde India.

Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allocated on a reasonable basis.

18) Related Party Disclosures

a) List of related parties

1. Enterprises where control exists : NIL

2. Other related parties with whom the Company had transactions, etc. i) Associates & Joint Ventures :

Saurabh Agrotech Pvt Ltd

Raghuvar (India) Ltd

Vijay International Ltd

Vijay Agro Mills (P) Ltd

Dhruva Enclave Pvt Ltd

Data Houseware Ltd

Data Foods (P) Ltd

Gaurav Enclave Pvt Ltd

ii) Key Management Personnel & their relatives

Niranjan Lal Data

Vijay Data

Daya Kishan Data

Neelima Data

iii) Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence.

Vijay Industries

Vijay Oil Mills

Pyarelal Niranjanlal & Co.

Pyare Lal Niranjan Lal

Data Infosys Ltd

Indo Caps Pvt Ltd

Shree Bhagwati Farms

Bhagwati Agro Products Ltd

Jhankar Motels Pvt Ltd

Data Developers Ltd

Swastic Udyog

Data Arcade

Shree Data Krishi Farm

Gaurav Ceramics (P) Ltd

Deepak Vegpro Pvt Ltd

Pawan Udyog

Gaurav Vegpro Pvt Ltd

Data Enclave Ltd


Mar 31, 2010

1) The Closing Stock have been taken, valued and certified by the Management.

2) In the opinion of the Management and to the best of their knowledge and belief, the value of fixed assets, current assets and loans and advances, if realised in the ordinary course of business, would not be less than at which they are stated in the Balance Sheet, unless otherwise stated.

3) Contingent liabilities not provided for in the account -

(Rs. In Lacs)

31.03.10 31.03.09

a) Guarantee and Counter 5.00 14.08 Guarantees

b) Excise/Sales Tax/Income Tax 850.61 833.74 PF/ESI/Customs/Service Tax demands made by the authorities in respect of which appeal has been filed.

c) Claims against the Company not acknowledged as debts estimated at :

In respect of Third parties 639.35 472.58

4) Exchange difference in respect of forward exchange contracts to be charged in the subsequent accounting year Rs.0.53 Lacs (P.Y. NIL).

5) Working Capital Loan from State Bank of Bikaner & Jaipur, Alwar are secured by hy- pothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guar- antee of Directors Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge over the fixed assets of the Company.

6) Short term loan from IDBI are secured by first pari passu charge by way of equitable mortgage of land & building of companys Jaipur Unit and personal guarantee of Directors Shri Vijay Data and Shri Daya Kishan Data.

7) Payments made or provided during the financial year to Directors as Managerial remuneration under section 198 of the Act paid or payable during the financial year Rs.40.78 Lacs (P.Y. Rs.31.55 Lacs).

8) Previous years figures have been regrouped/recasted/rearranged wherever necessary to conform to this years presentation.

9)Various debit and credit balances appearing in the various heads remain unconfirmed by the respective parties. Necessary adjustment, if any, will be made in the books of account as and when the statement of accounts/balance confirmation are received from the parties.

10)Expenditure on employees who are in receipt of remuneration of Rs.2400000/- p.a. or more during the year or Rs.200000/- per month, if employed for a part of the year NIL (P.Y. NIL).

11)The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49 lacs during the period 1989-91, against the use of Companys property. On account of non- execution of deed of conveyance in favour of these persons and pending legal formali- ties, the said amount have been treated as other creditors.

12)During the financial year 2006-07, the Company made a bid to purchase Land, Building and Plant & Machinery of Sriganganagar Co-operative Cotton Complex Ltd, Sriganganagar (Ginning & Spinning Mill) for Rs.801.00 Lacs. The Govt. of Rajasthan has accepted the bid and Com- pany has deposited entire amount of Rs.801.00 Lacs. The possession of the as- sets of Cotton Mill has not been handed-over to the Company, since the matter is sub- judice. The amount paid is fully recoverable in the event if the assets are not handed- over to the Company by the Govt. of Rajasthan, therefore the above amount of Rs.801.00 Lacs have been shown as deposit under the head Loans & Advances.

13)During the financial year 2007-08, the Com- pany, to widen its existing operations, has invested a sum of Rs.1212.00 lacs by way acquisition of First Charge over fixed assets of M/s ROM Industries Ltd from IFCI, which is situated at RIICO Industrial Area, Hirawala, Tehsil Bassi, Distt. Jaipur (Raj). The Jaipur Unit of M/s ROM Industries Ltd is engaged in similar business as that of the Company. ROM Industries Ltd is a declared sick com- pany by BIFR and a DRS has been pre- sented in AAIFR by ROM Industries Ltd and for want of completion of legal formalities, the above amount has been shown as loans & advances.

14)According to legal opinion, the company continues to be the owner of the shares of Saurabh Agrotech (P) Ltd, Alwar since the consideration for the transfer of shares has not been determined, therefore the Company has rescinded the contract for sale of shares.

15)The Company is in process of identifying Micro & Small Enterprises as defined un- der the Micro, Small & Medium Enterprises development Act, 2006. Consequently, as of now, it is neither possible for the Com- pany to ascertain whether payment to such enterprises has been made within 45 days from the date of acceptance of supply of goods or services rendered by the supplier nor to give the relevant disclosures as re- quired under the Act.

16)Segment Information:

The Business segment has been considered as the primary segment. The Company is organised into three segments, Edible Oils, Ceramics & Wind Power Generation. The detail of products and ser- vices included in above segments are given below -

Edible Oils segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled Cake etc, Ceramic segments includes Crockery and Insulators and Wind Power segment in- cludes electricity generation from Wind Power Generators.

Further the geographical segments have been considered as secondary segments and bifurcated into India and outisde India.

Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allo- cated on a reasonable basis.

17) Related Party Disclosures

a) List of related parties

1. Enterprises where control exists : NIL

2. Other related parties with whom the Company had transactions, etc. i) Associates & Joint Ventures :

Saurabh Agrotech Pvt Ltd

Raghuvar (India) Ltd

Vijay International Ltd

Vijay Agro Mills (P) Ltd

Dhruva Enclave Pvt Ltd

Data Houseware Ltd

Data Foods (P) Ltd

Gaurav Enclave Pvt Ltd

ii) Key Management Personnel & their relatives

Niranjan Lal Data

Vijay Data

Daya Kishan Data

Neelima Data

iii) Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence.

Vijay Industries Vijay Oil Mills Pyarelal Niranjanlal & Co. Pyare Lal Niranjan Lal Data Infosys Ltd Indo Caps Pvt Ltd Shree Bhagwati Farms Bhagwati Agro Products Ltd Jhankar Motels Pvt Ltd Data Developers Ltd Swastic Udyog Data Arcade Shree Data Krishi Farm Gaurav Ceramics (P) Ltd Deepak Vegpro Pvt Ltd Pawan Udyog

Find IFSC