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Vipul Dye-Chem Ltd. Notes to Accounts, Vipul Dye-Chem Ltd. Company
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Notes to Accounts of Vipul Dye-Chem Ltd.

Mar 31, 2015

1. The Sales Tax & Income-Tax Assessments are pending for earlier years. Liabilities in respect of such taxes could not ascertained.

2. During the year there was an unauthorised delivery taken of an export consignement amounting to Rs.2876('000), However, compensation of Rs.1137 ('000) was received from Logistic service provider which resulted in loss amounting to Rs.1739 ('000).

3. Export benefits including Central Excise, Advance Licenses and Passbook of Duty Credit to be reconciled with the related evidences and Statements and necessary adjustment if required will be made after reconciliation. Export benefits receivable are valued and certified by the management. However the actual realisation of the same may significantly differ.

4. The Company has deposits of Rs.74 lacs with the Pyrates Phosphates & Chemicals Ltd(PPCL) which is overdue. However the Company has filed a suit with District Court and for the same District Court has given the ruling in favour of the Company by the way of decree. The Company has now filled an application for the execution of the preferential claim for the decree against PPCL and as per the latest order given by the Honourable High Court Patna, it has been decided that the claim may be considered upon liquidation / disposal of all the assets of PPCL. In view of that, the management has not made any provision for doubtful deposits.

5. Sundry Debtors, Creditors, Loan, Deposits and advances are subject to reconciliation and confirmation, necessary adjustment if required will be after reconciliation.

6. Some assets of which the Company is beneficial owner are pending for transfer in the name of the Company. Company is required to have full time Company Secretary u/s 203 of the Companies Act, 2013.

7. No provision has been made in the accounts for diminution in the value of quoted & unquoted investments by reason of these investments being Long Term Investment and the decline in their value being on account of temporary factors.

8. Bonus is accounted on cash basis.which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India.

9. In the opinion of the Board of Directors to the best of Knowledge and belief all the current assets, loans and advances have been stated at realisable value at least of an amount equal to the amount at which they are stated in Balance Sheet.

10. Unpaid Dividend accounts are subject to reconciliation.

11. The Company does not possess information as to which of its suppliers are Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act,2006 to whom the Company owes any amount, However, the Company is regular in making payments to its suppliers and has not received any claim in respect of interest for delayed payment.

12. The outstanding forward exchange contract as on 31/03/2015 entered into by the Company was for USD 687.60 ('000) equivalent to Rs.43326.26 ('000) (Prev. year USD 425 ('000) equivalent to Rs.26345.25 ('000)).

13. The entire operations of the Company relate to only one segment viz. Dyes, Chemicals & Intermediates such, there is no separate reportable segment under Accounting Standard – As 17 on Segment Reporting.

14. As stipulated in Accounting Standard 28 on Impairment of Assets issued by the Institute of Chartered Accountants Of India, the Company has assessed potential generation of economic benefits from its business units and is of the view that Assets employed in continuing businesses are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly management is of the view that no impairment provision is called for in these accounts.

15. Related Party Disclosures

As per the Accounting Standard 18, issued by the Institute of Chartered Accountants of India (ICAI), the disclosure of transactions with the related parties as defined in the Accounting Standard are given below: I List of Related Parties

a) Entities where control exists Shree Ambika Naturals Pvt. Ltd. (Formerly Known as Shree Ambika Dye Chem. Pvt. Ltd.)

b) Key Management Personal (KMP) Mr. Vipul P. Shah

Dr. S. N. Sahai Mr. Prasannakumar Gawde Mr. Jagdeep Mehta Mrs. Trupti Shah

c) Relatives of KMP Mrs. Jaya P. Shah V. P. Shah HUF Mrs. Mita V. Shah

d) Other Related Parties (Entities in which (KMP) or their relatives have significant influence) Jayshree Chemicals

Ganesh Tiles & Marble Industries Amar Trading Corporation J. V. Dye Chem. Pvt. Ltd. VIP Chem Pvt Ltd. Standardcon Pvt.Ltd.

52 Previous year figures are regrouped / re classified wherever necessary to correspond with current year classification /disclosure.


Mar 31, 2014

1. Corporate Information

The Company is mainly in business of Dyes, Chemicals & Intermediates

1.1 Terms / rights attached to equity shares

a) Fully paid equity shares, which have a par value of Rs. 10/-, carry one vote per share and carry a right to dividends.

b) Dividends, if recommend by the Board of Directors need approvals from the Shareholders at the Annual General Meeting. The Board of Directors may also declare interim dividends, if in their judgment the position of the Company justifies.

c) During the year ended March 31, 2014, the amount of per share dividend recognized as Rs 0.80 (March 31, 2013 Rs. 0.80)

d) In the event of winding up / liquidation of the Company, the holder of equity shares will be entitled to receive a residual interest in proportion to the number of shares held by them at that time in the assets of the Company after deducting all of liabilities of the Company.

Secured Loans from Banks

Rs. 170(''000) (Previous Year Rs.292 (''000) secured by hypothecation of vehicles from Vijaya Bank Ltd. Equal monthly instalments over the period of loan by 28th, February, 2016 and carry interest rate of 10.75 % p.a

Rs. 1263(''000) (Previous Year Rs.2009 (''000) secured by hypothecation of vehicles from Axis Bank Ltd. Equal monthly instalments over the period of loan by 15th, September,2016 and carry interest rate of 9.75 % p.a.

Secured Loans from Others

Rs. Nil (''000) (Previous Year Rs.292(''000) secured by hypothecation of vehicles from Tata Capital Ltd. Equal monthly instalments over the period of loan by 3rd ,September,2013 and carry interest rate of 8 % p.a

Unsecured Loans from Banks

Repayment of loan from Kotak Mahindra Bank Ltd. in monthly scheduled installments by 1st April, 2013 and carry interest rate of 8.86 % p.a.

Unsecured Loans from Others

Repayment of loan from Magma Fincorp Ltd. in monthly scheduled instalments by 7th, May,2013 and carry interest rate of 7.31 % p.a. Repayment of loan from Gujrat Industrial Development Ltd. in Quarterly Equal instalments by 30thSeptember,2015 and carry interest rate of 13.5 % p.a.

The working capital facilities from Banks are secured by way of Hypothecation of Stock and Book Debts. The above loans also covered by following collateral securities as under:-

i) EMDTD of land property & building with machinery/electrical installation situated at Survey no 35,Dewan & Sons Industrial Estate, Palghar

ii) Land & Building along with machineries at Plot no.11, Diwan & Sons Industrial Estate ,Palghar of M/s VIP Chem Pvt. Ltd.

iii) Land & Building at Plot no 10 & 16, Diwan & Sons Ind. Est., Palghar of Jayshree Chemicals

iv) Also covered in personal guarantee of 2 directors & corporate guarantees of Jayshree Chemicals & VIP Chem P. Ltd.

2 The Sales Tax & Income-Tax Assessments are pending for earlier years. Liabilities in respect of such taxes could not be ascertained.

Export benefits including Central Excise, Advance Licenses and Passbook of Duty Credit to be

3 reconciled with the related evidences and Statements and necessary adjustment if required will be made after reconciliation. Export benefits receivable are valued and certified by the management. However the actual realization of the same may significantly differ.

4 The Company has deposits of Rs.74 lacs with the Pyrates Phosphates & Chemicals Ltd (PPCL) which is overdue. However the company has filed a suit with District Court and for the same District Court has given the ruling in favor of the Company by the way of decree. The Company has now filled an application for the execution of the preferential claim for the decree against PPCL and as per the latest order given by the Honorable High Court Patna, it has been decided that the claim may be considered upon liquidation / disposal of all the assets of PPCL. In view of that, the management has not made any provision for doubtful deposits.

5 Sundry Debtors, Creditors, Loan, Deposits and advances are subject to reconciliation and confirmation, necessary adjustment if required will be after reconciliation.

6 Some assets of which the company is beneficial owner are pending for transfer in the name of the company. Company is required to have full time company secretary under u/s383A of the COMPANY ACT 1956.

7 No provision has been made in the accounts for diminution in the value of quoted & unquoted investments by reason of these investments being Long Term Investment and the decline in their value being on account of temporary factors.

8 Bonus is accounted on cash basis. Which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India.

9 In the opinion of the Board of Directors to the best of knowledge and belief all the current assets, loans and advances have been stated at realizable value at least of an amount equal to the amount at which they are stated in Balance Sheet.

10 Unpaid Dividend accounts are subject to reconciliation.

11 The Company does not possess information as to which of its suppliers are Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the Company owes any amount However, the Company is regular in making payments to its suppliers and has not received any claim in respect of interest for delayed payment.

12 The outstanding forward exchange contract as on 31st March 2014 entered into by the company was for USD 425.00 (''000) equivalent to Rs.26345.25 (''000) (Prev. year USD 200 (''000) equivalent to Rs.10854 (''000) )

13 The entire operations of the Company relate to only one segment viz. Dyes, Chemicals & Intermediates as such, there is no separate reportable segment under Accounting Standard - As 17 on Segment Reporting.

14 As stipulated in Accounting Standard 28 on Impairment of Assets issued by the Institute of Chartered Accountants Of India, the company has assessed potential generation of economic benefits from its business units and is of the view that Assets employed in continuing businesses are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly management is of the view that no impairment provision is called for in these accounts.

15 Related Party Disclosures

As per the Accounting Standard 18, issued by the Institute of Chartered Accountants of India (ICAI), the disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

I .List of Related Parties

a) Subsidiary Shree Ambika Naturals Pvt. Ltd (Formerly known as Shree Ambika Dye chem Pvt. Ltd

b) Key Management Personal (KMP)

Shri Vipul. P. Shah

Dr. S. N. Sahai

Shri Prasannakumar Gawde

Shri Jagdeep Mehta

c) Relatives of KMP Smt. Jaya P. Shah Vipul. P. Shah HUF

d) Other Related Parties (Entities in which (KMP) or their relatives have significant influence) Jayshree Chemicals Ganesh Tiles & Marble Industries Amar Trading Corporation J. V. Dye Chem. Pvt. Ltd.

16 The Company has presented current financial statement as per Revised Schedule VI to the Companies Act, 1956. Consequently, previous year figures are regrouped / re classified to conform to figures of the current year presented as per Revised Schedule VI.


Mar 31, 2013

1. Corporate Information

The Company is mainly in the business of Dyes, Chemicals & Intermediates.

2. Contingent Liabilities and Commitments:

(i) Contingent Liabilities

(a) Income tax matters not acknowledged as debt 54.00 54.00

(b) Dues raised by M.S.E.B which is protested by Company. 250.00 250.00

Total 304.00 304.00

(ii) Commitment

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for 2,000.00 3,000.00

2,000.00 3,000.00

3 The Sales Ta x & Income-Tax Assessments are pending for earlier years. Liabilities in respect of such taxes could not ascertained.

4 During the previous year,the Company has issued 40,000 (Prev. Yr. 8,50,000) Equity shares of Rs. 10 each issued at a price of Rs. 20/- (including premium of Rs. 10/- each) on conversion of Warrants issued on preferential basis.

5 Export benefits including Central Excise, Advance Licenses and Passbook of Duty Credit to be reconciled with the related evidences and Statements and necessary adjustment if required will be made after reconciliation. Export benefits receivable are valued and certified by the management. However the actual realisation of the same may significantly differ.

6 The Company has deposits of Rs. 74 lacs with the Pyrates Phosphates & Chemicals Limited (PPCL) which is overdue. However the Company has filed a suit with District Court and for the same District Court has given the ruling in favor of the Company by way of decree. The Company has now filled an application for the execution of the preferential claim for the decree against PPCL and as per the latest order given by the Honorable High Court, Patna, it has been decided that the claim may be considered upon liquidation / disposal of all the assets of PPCL. In view of that, the management has not made any provision for doubtful deposits.

7 Sundry Debtors, Creditors, Loan, Deposits and advances are subject to reconciliation and confirmation, necessary adjustment if required will be after reconciliation.

8 Some assets of which the Company is beneficial owner are pending for transfer in the name of the Company.

9 No provision has been made in the accounts for diminution in the value of quoted & unquoted investments by reason of these investments being Long Term Investment and the decline in their value being on account of temporary factors.

10 Bonus is accounted on cash basis, which is not in conformity with Accounting Standard (AS-15) (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India.

11 In the opinion of the Board of Directors to the best of knowledge and belief all the current assets, loans and advances have been stated at realisable value at least of an amount equal to the amount at which they are stated in Balance Sheet.

12 Unpaid Dividend accounts are subject to reconciliation.

13 The Company does not possess information as to which of its suppliers are Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the Company owes any amount However, the Company is regular in making payments to its suppliers and has not received any claim in respect of interest for delayed payment.

14 The outstanding forward exchange contract as on 31st March, 2013 entered into by the company was for USD 200.00 (''000) equivalent to Rs. 10854.00 (''000) (Prev. year USD 278.14 (''000) equivalent to Rs. 1387.04 (''000)).

15 The entire operations of the Company relate to only one segment viz. Dyes, Chemicals & Intermediates such, there is no separate reportable segment under Accounting Standard (AS-17) on Segment Reporting.

16 As stipulated in Accounting Standard (AS- 28) on Impairment of Assets issued by the Institute of Chartered Accountants of India, the Company has assessed potential generation of economic benefits from its business units and is of the view that Assets employed in continuing businesses are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly management is of the view that no impairment provision is called for in these accounts.

17. Related Party Disclosures

As per the Accounting Standard (AS-18), issued by the Institute of Chartered Accountants of India (ICAI), the disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

I List of Related Parties

a) Subsidiary

Shree Ambika Naturals Private Limited

b) Key Management Personal (KMP) Mr. Vipul P. Shah

Dr. S. N. Sahai

Mr. Prasannakimar B. Gawde

Mr. Jagdeep Mehta

c) Relatives of KMP Mrs. Jaya P. Shah Vipul P. Shah HUF

d) Other Related Parties (Entities in which (KMP) or their relatives have significant influence) M/s. Jayshree Chemicals

M/s. Ganesh Tiles & Marble Industries M/s. Amar Trading Corporation M/s. J.V.Dye Chem. Private Limited M/s. VIP Chem Private Limited M/s. Standardcon Private Limited

18. The Company has presented current financial statement as per Revised Schedule VI to the Companies Act, 1956. Consequently, previous year figures are regrouped / re classified to conform to figures of the current year presented as per Revised Schedule VI.


Mar 31, 2010

B1 Contingent Liabilities not provided for in respect of::

(Amount in Rs. Lacs)

31.03.2010 31.03.2009

A) Estimated amount of contract ] remaining to be executed on Capital 5.00 5.00 account.

B) Bank Guarantees/Counter Guarantee issued. - -

C) Letter of Credit & Bank Guarantee (Secured with 100% margin - - pledged with Bank in the form of F.D.R.)

D) Income Tax Assessment Refund/Dues against which Company prefer 0.54 0.54 appeal.

E) Due Raised by M.S.E.B which is protested by Company. 2.50 2.50



B2 The Sales Tax & Income-Tax Assessments are pending for earlier years. Liabilities in respect of such taxes could not ascertained.

B3 Export benefits including Central Excise, Advance Licenses and Passbook of Duty Credit to be reconciled with the related evidences and Statements and necessary adjustment if required will be made after reconciliation. Export benefits receivable are valued and certified by the management. However the actual realisation of the same may significantly differ.

B4 The Company has deposits of Rs.74 lacs with the Pyrates Phosphates & Chemicals Ltd. (PPCL) which is overdue. However the company has filed a suit with District Court and for the same District Court has given the ruling in favor of the Company by the way of decree. The Company has now filled an application for the execution of the preferential claim for the decree against PPCL and as per the latest order given by the Honorable High Court Patna, it has been decided that the claim may be considered upon liquidation /disposal of all the assets of PPCL. In view of that, the management has not made any provision for doubtful deposits.

B5 Sundry Debtors, Creditors, Loan, Deposits and advances are subject to reconciliation and confirmation, necessary adjustment if required will be after reconciliation.

B6 Some assets of which the company is beneficial owner are pending for transfer in the name of the company.

B7 No provision has been made in the accounts for diminution in the value of quoted investments by reason of these investments being Long Term Investment and the decline in their value being on account of temporary factors.

B8 The Company has created an Employees Group Gratuity Fund, which has taken a Group Gratuity cum Life Insurance Policy from the Life lnsurance Corporation of India. Consequent to this reserve at the year end has decreased by Rs. 4.73 Lacs for contribution of premium to LIC for earlier year liability. Bonus is accounted on cash basis.

B9 For the transaction exceeding Rs.50000/-per annum falling under the provision of section 297 of Companies Act, 1956, we are informed that necessary permission from the concerned authority have not been received till date. Amounts of advance paid are against Trade Transaction.

B10 In the opinion of the Board of Directors to the best of Knowledge and belief all the current assets, loans and advances have been stated at realisable value at least of an amount equal to the amount at which they are stated in Balance Sheet.

B11 Unpaid Dividend accounts are subject to reconciliation.

B12 The Company does not possess information as to which of its suppliers are Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act,2006 to whom the Company owes any amount However, the Company is regular in making payments to its suppliers and has not received any claim in respect of interest for delayed payment.

B13 Following are the outstanding forward exchange contract entered into by the company for USD 85,400 equivalent INR 39.40 Lacs.

B14 The entire operations of the Company relate to only one segment viz. Dyes, Chemicals & Intermediates such, there is no separate reportable segment under Accounting Standard 17 on Segment Reporting.

B15 As stipulated in Accounting Standard 28 on Impairment of Assets issued by the Institute of Chartered Accountants Of India, the company has assessed potential generation of economic benefits from its business units and is of the view that Assets employed in continuing businesses are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly management is of the view that no impairment provision is called for in these accounts.

B16 Related Party Disclosure as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

A. Key Management Personal (KMP)

Shri V.P Shah Managing Director

Shri R. L Rathod Whole Time Director

Dr.S.N.Sahai Whole Time Director



B. Relatives of KMP

Shri. P. B. Shah

Smt. Jaya P. Shah

P. B. Shah (HUF)



C. Other Related Parties (Entities in which (KMP) or their relatives have significant influence)

Jayshree Chemicals

Ganesh Tiles & Marble Industries

Amar Trading Corporation

Riddhi Sidhi Corporation

J.V.Dye Chem. Pvt. Ltd.

Shree Ambica Dye Chem. Pvt. Ltd.

Jayapriya Chemical Industries Ltd.

VIP Chem Pvt. Ltd.

Standardcon Pvt.Ltd.

B17 Accounting for Tax on Income

Deferred tax liability at the year end comprises of timing difference on account of depreciation.

B18 Previous year figures have been regrouped, rearranged and recasted wherever necessary.

 
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