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Wadala Commodities Ltd. Notes to Accounts, Wadala Commodities Ltd. Company
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Notes to Accounts of Wadala Commodities Ltd.

Mar 31, 2014

1. SHARE CAPITAL

a) Terms/rights attached to equity shares

The Company has 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 dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

b) Terms/rights attached to preference shares

On September 07, 2002; the Company had allotted Preference Share Capital comprising of 5,000,000 - 8% Redeemable Cumulative Preference Shares of Rs.10/- each (Rs.9/- each called and paid up); redeemable after 10 years. The said shares were allotted to Godrej Industries Ltd, a fellow subsidiary company of Wadala Commodities Ltd., which was the only Preference Shareholder and were redeemable on September 08, 2012.

The Board of Directors, with the consent of the preference and equity shareholders, passed a resolution in the Board Meeting dated September 13, 2012 approving the following variations in the terms of the Preference Share Capital:

(i) Waiver of arrears of preference dividend amounting to Rs. 23,197,808/- on 50,000,000, 8% 10 Year Redeemable Cumulative Preference Shares till September 08, 2012.

(ii) The 50,000,000 - 8%, Redeemable Cumulative Preference Shares of Rs. 10 each (Rs. 9 each called and paid up) were converted to 50,000,000 - 0.01% Redeemable Non-Cumulative Preference Shares of Rs. 10 each (Rs. 9 each called and paid up) and the period of redemption of these preference shares was extended by 10 years to September 08, 2022.

The Preference Shares rank above the claims of ordinary shareholders in the event of a winding up.

c) Terms/rights attached to Unclassified Shares.

The Company has not issued any Unclassified Shares.

d) There are no equity shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment.

e) For the priod of five years immediately preceeding the date of the Balance Sheet.

i) The Company has not alloted any shares as fully paid up pursuant to contracts without payment being received in cash; or

ii) Alloted as fully paid up bonus shares: or

iii) Bought back any of its equity shares.

f) There are no calls unpaid on any equity shares.

g) There are no forfeited shares.

2. TRADE PAYABLES

* The amount due to Micro and Small Enterprises as defined in the "The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the Company.

3. The Board of Directors of the Company have approval to a Scheme of Amalgamation of Wadala Commodities Ltd. with Godrej Industries Ltd. (GIL) subject to the approval of the Shareholders of the Company, the High Court and such other regulatory authorities as may be applicable.

As per the proposed Scheme of Amalgamation all the assets, investments, properties, debts, liabilities and obligations of the Company shall stand transferred to and vest in GIL. The Appointed Date is proposed to be April 1, 2014.

In consideration for the proposed Scheme of amalgamation, GIL shall allot to the shareholders of WCL.

a) 1 fully paid equity share of Re.1/- each in GIL to the equity shareholders of WCL for every 108 fully paid equity shares of Re.1/- each held in WCL.

b) 10 fully paid equity shares of Re.1/- each in GIL to the preference shareholders of WCL who hold 5,000,000, 0.01% Redeemable Non-Cumulative Preference Shares of Rs.10/- each (Rs.9/- called and paid up) in WCL

3. Related Party Disclosures:

(i) List of Related Parties and their Relationship:

Godrej & Boyce Manufacturing Co. Ltd. Holding Company

Godrej Industries Ltd. Fellow Subsidiary

Mr.Chandrashekhar Shetty Manager

Mr.R.P.Gopal Ex - Manager

4. Segment Reporting

The Company''s only business is bulk trading of vegetable oils which is its only business segment. The company operates in economic environments which are subject to the same risks and returns. Hence, there is no identifiable secondary segment.

5. Expenditure in Foreign Currency Rs.NIL (Previous Year Rs.NIL)

6. Value of Imports on CIF BasisTrading goods Rs.NIL (Previous Year Rs.NIL)

7. Previous Year''s figures have been regrouped/restated, wherever necessary to conform to current year''s presentation.


Mar 31, 2013

1. Trade Payables

The amount due to Micro and Small Enterprises as defined in the "The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the Company.

2. Segment Reporting

The Company''s only business is bulk trading of vegetable oils which is its only business segment. The company operates in economic environments which are subject to the same risks and returns. Hence, there is no identifiable secondary segment.

3. The Company neither has any Hedging Contracts nor does it have any unhedged foreign currency exposures during the current year and the previous year.

4. Trade Receivables, Loans and advances and Trade Payables are subject to confirmation / reconciliation and consequential adjustment, if any.

5. Expenditure in Foreign Currency Rs. NIL (Previous Year Rs.NIL)

6. Value of Imports on CIF Basis (includes only Imports directly made) Trading goods Rs. NIL (Previous Year Rs.NIL)

7. Previous Year''s figures have been regrouped, wherever necessary.


Mar 31, 2012

1. Sundry Creditors

The amount due to Micro and Small Enterprises as defined in the "The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the Company.

2. Segment Reporting

The Company's only business is bulk trading of vegetable oils which is its only business segment. The company operates in economic environments which are subject to the same risks and returns. Hence, there is no identifiable secondary segment.

3. Preference Dividend

Arrears of Preference Dividend as at the March 31, 2012 is Rs 21,600,000 (Previous Year Rs 18,000,000)

4. Deferred Taxes

The Company is trading in edible oils based on opportunities and avoiding undue risk due to price volatilities. In view of insufficient profits in the future to offset brought forward losses, the company has not recognised Deferred Tax Asset.

5. The Company neither has any Hedging Contracts nor does it have any unhedged foreign currency exposures during the current year and the previous year.

6. Sundry debtors, Loans and advances and Sundry Creditors are subject to confirmation / reconciliation and consequential adjustment, if any.

7. Expenditure in Foreign Currency Interest Rs NIL (Previous Year Rs NIL)

8. Value of Imports on CIF Basis (includes only Imports directly made)

Trading goods Rs NIL (Previous Year Rs NIL)

Previous Year's figures have been regrouped, wherever necessary.


Mar 31, 2011

1. The additional information pursuant to the provisions of paragraphs 3 and 4 of Part II of Schedule VI of the Companies Act, 1956 in terms of quantities and values of Sales and Purchases are NIL and hence no such information has been disclosed.

2. The Company neither has any Hedging Contracts nor does it have any unhedged foreign currency exposures during the current year and previous year.

3. Related Party Disclosures :

List of Related Parties & Relationships :

a) Holding Company.

Godrej & Boyce Manufacturing Co. Ltd.

b) Follow Subsidiaries.

Godrej Industries Ltd.

Godrej Infotech Ltd.

Godrej (Malaysia) Sdn Bhd. (Incorporated in Malaysia)

Godrej (Singapore) Pte. Ltd. (Incorporated in Singapore)

Prashant Metal Forming Industries Pvt. Ltd. (w e.f March 25,2009)

Veromatic International BV (Incorporated in the Netherlands) (w.e.f April 14,2008)

Veromatic Services BV (Incorporated in the Netherlands)

Water Wonder Benelux BV (Incorporated in the Netherlands)

c) Persons exercising significant influence over the company :

Mr. R.P Gopalakrishnan

4. Sundry Creditors

The amount due to Micro and Small Enterprises as defined in the "The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. Segment Reporting

The Companys only business is bulk trading of vegetable oils which is its only business segment. The company operates in economic environments which are subject to the same risks and returns. Hence, there is no identifiable secondary segment.

6. Preference Dividend

Arrears of Preference Dividend as at the year end is Rs. 18,000,000 (Previous Year Rs.14,400,000)

7. Deferred Taxes

The Company is trading in edible oils based on opportunities and avoiding undue risk due to price volatilities. In view of insufficient profits in the future to offset brought forward losses, the company has not recognised Deferred Tax Asset.

8. Sundry debtors, Loans and advances and Sundry Creditors are subject to confirmation / reconciliation and consequential adjustment, if any.

9. Expenditure in Foreign Currency Interest Rs. NIL (Previous Year Rs. NIL).

10. Value of Imports on CIF Basis (includes only Imports directly made) Trading goods Rs. NIL (Previous Year Rs. NIL).

11. Previous Years figures have been regrouped, wherever necessary.


Mar 31, 2010

1. Related Party Disclosures :

List of Related Parties & Relationships:

a) Holding Company.

Godrej & Boyce Manufacturing Co. Ltd.

b) Fellow Subsidiaries

Godrej Industries Ltd.

Godrej Infotech Ltd.

Godrej (Malaysia) Sdn Bhd. (Incorporated in Malaysia )

Godrej (Singapore) Pte. Ltd. (Incorporated in Singapore)

Prashant Metal Forming Industries Pvt Ltd (w.e.f. March 25, 2009)

Veromatic International BV (Incorporated in the Netherlands) (w.e.f.April 14,2008)

Veromatic Services BV (Incorporated in the Netherlands)

Water Wonder Benelux Bv (Incorporated in the Netherlands)

c) Persons exercising significant influence over the company :

Mr.R.P.Gopalakrishna



2. Sundry Creditors

The information pertaining to micro, small and medium enterprises as required to be disclosed in accordance with Section 22 of Micro, Small and Medium Enterprises Development Act, 2006, which came into force on October 2, 2006; the Company is required to make certain disclosures relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling and assimilating the relevant information from its suppliers about their coverage under the Act. Since the relevant information is not readily available, no disclosures have been made in the accounts.

3. Segment Reporting

The Company is engaged in the business of bulk trading of vegetable oils which is its only primary business segment. The Company operates in economic environments which are subject to the same risks and returns. Hence, there is no identifiable secondary segment.

4. Preference Dividend Arrears of Preference Dividend as at the year end is Rs.14,400,000 (Previous Year Rs.10,800,000).

5. Deferred Taxes The Company is trading in edible oils based on opportunities and avoiding undue risk due to price volatilities. In view of insufficient profits in the future to offset brought forward losses, the company has not recognised Deferred Tax Asset.

6. Sundry debtors, Loans and advances and Sundry Creditors are subject to confirmation / reconciliation and consequential adjustment, if any.

7. Expenditure in Foreign Currency Interest NIL (Previous Year Rs. NIL)

8. Value of Imports on CIF Basis (includes only Imports directly made) Trading goods Rs.NIL (Previous Year Rs. NIL)

9. Previous Years figures have been regrouped/reclassified, wherever necessary.

 
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