Mar 31, 2018
Note 1 â Corporate Information
Andrew Yule &Company Limited (AYCL) was incorporated in 26.05.1919 as a Private Sector Company with an objective to work as managing agency. With the abolition of managing agency system, the Company lost its traditional business and Government of India acquired the Company in 1979. AYCL is a Schedule-âBâ CPSE in Medium and Light Engineering Sector together with Tea producing and manufacturing business under the administrative control of Ministry of Heavy Industries and Public Enterprises, Department of Heavy Industry with 89.25% shareholding by the Government. Its Registered Office is situated 8, Dr. Rajendra Prasad Sarani, Kolkata-700001, West Bengal.
AYCL is a nationalized enterprises in the business of both manufacturing and sale of Black Tea, Transformers, Regulators/Rectifiers, Circuit Breakers, Switches, Industrial Fans, Tea Machinery, Turnkey jobs etc. It has five (5) Operating Units in West Bengal at Kalyani (1 Unit), Kolkata (3 Units) and in Chennai, Tamilnadu (1 Unit) and 15 Tea Gardens accross Assam and West Bengal. The Company is functioning in three main sectors namely Engineering, Electrical and Tea. AYCL has three 100% Subsidiaries namely Hooghly Printing Co. Ltd., Yule Engineering Ltd., and Yule Electrical Ltd. The enterprise has an employee strength of 14785 as on 31.03.2018. Its shares are listed at BSE.
The Financial Statements were approved for issue in accordance with the resolution of the Board of Directors on 30th May, 2018
Note 2 â Employee Benefits
[2.1] [a] Leave Obligation :
The Company provides for encashment of leave or leave with pay subject to certain rules. The employees are entitled to accumulate leaves subject to certain limits for future encashment. The liability is provided on the basis of number of days of accumulated leave at each Balance sheet on actuarial valuation. The scheme is unfunded. The amount of provision for leave encashment is Rs.1301.18 lakh (Rs.1327.85 lakh) is presented as current and non-current as per actuarial valuation basis.
[b] Medical Benefits :
The Medical benefits for the employees for domiciliary treatment is for a block of three years and shall lapse yearly thereafter if the concerned employee does not avail it. The liability towards such unveiled quantum of Medical benefits has been determined on actual basis instead of actuarial valuation method since the eligible amount will remain fixed during the next block. The total amount of liability as on 31st March, 2018 is Rs.299.54 lakh (Rs.216.59 lakh) has been taken into accounts.
[2.2] Post Employment Obligation â Defined Benefits Plans :
[a] Gratuity :
The Company has an obligation towards Gratuity payable to eligible employees as per the Payment of Gratuity Act,1972. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimation of expected Gratuity payment. The plan is being managed by a separate trust created for the purpose and obligation of the Company is to make contribution to the trust based on actuarial valuation. The scheme is funded.
[b] Post retirement Medical Scheme :
Under the scheme employee gets one time benefits subject to certain limit of amount. The liability for this is determined on actual cost. The scheme is unfunded.
[c] Pension fund :
The Company has a defined benefit pension fund for certain eligible employees. The scheme is managed by a separate trust created for the purpose.
[2.3] Post Employment Obligation :
Defined Contribution plan :
The Company has defined contribution plan viz PF and ESI. The expenses recognized during the period towards Defined contribution plan is as follows :
Note 3
The Company has incurred revenue expenditure of Rs.150.81 lakh (Previous year Rs.43.23 lakh) on account of Research & Development expense the break-up of which is as follows :
[4.1] The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax authority.
[4.2] During the year ended 31st March, 2017, the Company has paid dividend to the shareholders. This has resulted in payment of DDT to the taxation authorities. The Company believes that DDT represents additional payment to taxation authority on behalf of the shareholders. Hence DDT paid is charged to equity.
[4.3] During the year ended 31st March 2018 the current income tax expense of Rs.58.21 lakh relates to Assam and West Bengal agricultural income tax after adjustment of unabsorbed carry forward loss and eligible mat credit. There is no liability on account of Central Income Tax Act 1961.
Note 5 â Reconciliation between previous GAAP and Ind AS
Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS.
Note 6
Pending transfer of Assets and Liabilities of Engineering and Electrical Division to two 100% subsidiaries incorporate in the name of Yule Engineering Ltd and Yule Electrical Ltd as per Sanctioned Rehabilitation Scheme (SRS) all transactions for the year ended 31st March 2018 related to aforesaid divisions entered into by the Company in the Name of Andrew Yule & Company Ltd. (AYCL) have been accounted for in the Books of Accounts.
Note 7
Other Receivables includes Rs.23.96 lakh paid as Electricity duty which is considered receivable vide Circular Number 233-IR/O/IM-4/2003 dated 25th February, 2014 issued by Govt of West Bengal under âWest Bengal Industrial Renewal Scheme, 2001â stated that the amount paid as electricity duty under the Provisions of Bengal Electricity Rules, 1935 shall be waived for period of five years with effect from 31st March, 2006.
Note 8
Sanctioned Rehabilitation Scheme approved by Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 30th 0ct.,2007 with the cut off date of 31st March, 2006 is under implementation and the Company has come out from BIFR as per Order of BIFR dated 8th July, 2015.
Pursuant to Sanctioned Rehabilitation Scheme (hereinafter SRS) of BIFR stated above, the necessary effects have been given in the Financial Statements as under :
[a] West Bengal Sales Tax Loan amounting to Rs.250.00 lakh was granted by Government of India in 1999 repayment of which was to commence from 1st April, 2001and was payable in 5 equal instalments. BIFR vide its Order dated 30th October, 2007 recorded the issue of the said outstanding loan and prescribed that the accrued interest as on 31.03.2016 amounting to Rs.131.42 lakh, on the above principal amount of Rs.250.00 lakh will be added to the later and will be converted into an additional soft loan and prescribed a fresh repayment schedule, wherein the said Sales Tax Loan amounting to Rs.381.42 lakh was to be repaid over 8 (Eight) years in 16 (Sixteen) semi-annual instalments with a moratorium of three years, subject to rephasement by the Government of West Bengal. However, no rephasement of loan has been done by the Govt. of West Bengal as yet. As per present discussion with the respective Dept. of Govt. of West Bengal and as advised by them vide their letter dated 05.12.2017, Andrew Yule on 09.03.2018 deposited the Principal outstanding loan of Rs.250.00 lakh as full & final payment against the abovesaid due. Accordingly, the entire balance amount of Rs.530.44 lakh standing in the books as on 31.03.2018 has been written back.
Note 9
The Company has decided to increase the moratorium period in respect of 6% Cumulative Redeemable Preference Shares- WEBFIL of Rs.150.68 lakh (Discounted as per IND AS) (previous year Rs.136.11 lakh ) (Original value Rs 204.40 lakh) and zero rated unsecured Redeemable Bond of Rs.194.79 lakh (Discounted as per IND AS) (Previous year Rs.183.47 lakh) (Original value Rs.305.00 lakh) of WEBFIL for a period of 7 (Seven) years commenced from 1st April, 2014 and 20th December, 2014 respectively.
However, due to improvement in the financial position, WEBFIL has paid Rs.5.00 lakh to AYCL against their due for Unsecured Redeemable Bond.
Note 10
The Employees Provident Fund Organization has raised a demand Vide Order No. RRC-II/21 (88)05/WB amounting to Rs.566.37 lakh against which an amount of Rs.83.58 lakh has been paid under protest and Rs.16.84 lakh has been attached by Provident Fund Authority from Bank account maintained at State Bank of India, Kalyani Branch. The Honâble BIFR vide MA No.126 of 2014 has passed an order dated 23 rd June, 2015 to waive off the said demand. Our application to EPFO in this regard is still pending.
Note 11
[a] Figures in Bracket are of previous year.
[b] The fig in these accounts have been rounded off to nearest lakh of Rupees.
[c] Previous year figures have been rearranged and re-grouped wherever necessary as per the Indian Accounting Standards format.
Note 12 â First time adoption of IND AS
[12.1] Exemptions and Exceptions availed
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
[12.1.1] Ind AS Optional Exemptions
[12.1.1.1] Deemed Cost
Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its property, plant and equipment, measured as per the previous GAAP and use that as its deemed cost at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38.
Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets and investment property at their previous GAAP carrying value.
[12.1.1.2] Designation of previously recognized Financial Instruments
Ind AS 101 allows an entity to designate investments in equity instruments at Fair Value through Other Comprehensive Income (FVOCI) on the basis of facts and circumstances at the date of transition to Ind AS except investment in Associate and Subsidiary Company.
The entity has elected to apply this exemption for its investments.
[12.1.1.3] Leases
Ind AS requires an entity to assess whether a contract or arrangement contains a lease. This assessment should be carried out at the inception of the contract or arrangement. Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the date of transition to Ind AS.
[12.1.2] Ind AS mandatory exceptions
[12.1.2.1] Estimates
An entityâs estimates in accordance with Ind AS at the date of transition with a view thatInd AS shall be consistent with estimates made for the same date in accordance with previous GAAP.
Ind AS estimates at 1st April, 2016 are consistent with the estimates as at the same date made with conformity with previous GAAP.
[12.1.2.2] De-recognition of Financial Assets and Liabilities
Ind AS 101 requires a first time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first time adopter to apply the de-recognition retrospectively from a date of entityâs choosing.
The entity has elected to apply the de-recognition provisions prospectively from the date of transition.
[12.1.2.3] Classification and Measurement of Financial Assets
Ind AS 101 requires an entity to assess classification and measurement of assets on the basis of facts and circumstances that exist at the date of transition to Ind AS.
The entity has applied this exception.
[12.1.2.4] Fair Valuation of Investments
Under the previous GAAP, investments were classified as long term investments or current investments based on the intended holding period and realizability. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments have been recognized in retained earnings as at the date of transition.
[12.1.2.5] Deferred Tax
The disclosure relating to deferred tax is given in Note 43.
[12.1.2.6] Trade Receivables
The Company applies the simplified approach of recognizing the expected losses from initial recognition of the receivables on case to case basis as provision for impairment.
[12.1.2.7] Bank Overdrafts
Under Ind AS, bank overdrafts repayable on demand are included in cash and cash equivalents for the purpose of presentation of statement of cash flows. Under previous GAAP, bank overdrafts were considered as part of borrowings.
[12.1.2.8] Proposed Dividend
Under the previous GAAP, dividends proposed by the Board of Directors after the Balance Sheet date, before the approval of the financial statements were considered as adjusting events. Under Ind AS, such dividends are recognized when the same is approved by shareholders in the general meeting.
The Board has proposed dividend @ 1.96% amounting to Rs.191.73 lakh (Dividend Distribution Tax thereon Rs.39.03 lakh) at its meeting held on 30th May, 2018, subject to approval of members in the Annual General Meeting.
[12.1.2.9] Excise Duty
Under the previous GAAP, revenue from sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty. The excise duty paid is presented as part of expenses.
[12.1.2.10] Recognition of Assets for WIP of Bearer Plants
As per Standard Accounting practice being followed in Tea Industry, all tea plants planted are treated as matured tea after its nurturing for three consecutive years & cost thereof for those sections which have attained maturity are shown as addition to block on the fourth year of its maintenance from Capital WIP.
[12.1.2.11] Remeasurements of Post-employment Benefit Obligations
Under the Ind AS, actuarial gains and losses and the return on plant assets, are recognized in other comprehensive income. Under the previous GAAP, they were forming part of the profit and loss for the year.
Mar 31, 2017
1.01 Estimated amount of contracts remaining to be executed on Capital Account Rs.277.61 lakh (Net of advance) (Rs.9.78 lakh).
1.02 Contingent liabilities not provided for in respect of :
[a] Claims against the Company not acknowledged as debts Rs.599.55 lakh (Rs.203.18 lakh).
[b] Guarantees and Indemnities given by banks to various customers and Authorities in connection with Companyâs operations amounting to Rs.2705.08 lakh (Rs.3295.50 lakh).
[c] Guarantees given to Banks on behalf of other Group and/or Subsidiary Companies :
[i] *India Paper Pulp Co. Ltd. â Rs.265.00 lakh (Rs.265.00 lakh).
[ii] Hooghly Printing Co. Ltd. â Rs.976.00 lakh (Rs.334.70 lakh).
* In respect of item Nos.(i) above, although the notice of invocation of guarantees has been received but neither any payment nor any provision has been made as the matter is sub-judice.
[d] Disputed Sales Tax aggregating to Rs.2193.47 lakh (Rs.2244.11 lakh). The demand under the WBST, CST, AGST and OST Acts are according to the opinion of the Company, erroneously raised for which appeals have been preferred at higher Forums of Sales Tax Authority.
[e] Aggregate Income Tax demands including penalty amounting to Rs.2303.43 lakh (Rs.485.04 lakh) excluding interest not admitted, against which appeals have been preferred by the Company.
[f] Disputed Excise/Customs Duty/Service Tax claims Rs.424.28 lakh (Rs.429.27 lakh) excluding interest against which appeal have been preferred by the Company.
[g] Unexpired Letter of Credit opened by the Companyâs Bankers â Rs.3256.38 lakh (Rs.2307.40 lakh).
1.03 Sanctioned Rehabilitation Scheme approved by Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007 with the cut-off date of 31st March, 2006 is under implementation and the Company has come out from BIFR as per Order of BIFR dated 8th July, 2015.
Pursuant to Sanctioned Rehabilitation Scheme (hereinafter SRS) of BIFR stated above, the necessary effects have been given in the Financial Statement as under :â
[a] West Bengal Sales Tax Loan amounting to Rs.250.00 lakh was granted by Government of India in 1999 repayment of which was to commence from 1st April, 2001 and was payable in 5 equal annual installments. BIFR vide its Order dated 30th October, 2007 recorded the issue of the said outstanding loan and prescribed that the accrued interest as on cut-off date amounting to Rs.131.42 lakh, on the above principal amount of Rs.250.00 lakh will be added to the latter and will be converted into an additional soft loan and prescribed a fresh repayment schedule, wherein the said Sales Tax Loan aggregating to Rs.381.42 lakh (Rs.381.42 lakh) was to be repaid over 8 (eight) years in 16 (sixteen) semi-annual instalments with a moratorium of three years, subject to rephasement by the Government of West Bengal. However, no rephasement of loan has been done by the Government of West Bengal as yet.
1.04 [a] Employee Benefits :
The Companyâs contribution to Defined Contribution Plans aggregated to Rs.1338.57 lakh (Rs.1267.59 lakh) for the year ended 31st March, 2017 has been recognised under the line item Contribution to Provident and Other Funds included in Note No.9.3 above.
1.05 The medical benefits for the employees for domiciliary treatment is for a block of three years and shall lapse yearly thereafter if the concerned employee does not avail it. The liability towards such unavailed quantum of medical benefits has been determined on actual basis instead of actuarial valuation method since the eligible amount will remain fixed during the next block. The total amount of liability as on 31st March, 2017 is Rs.216.59 lakh (Rs.380.23 lakh) has been taken into account.
1.06 Liability for Liquidated damages amounting to Rs.2695.62 lakh (Rs.2521.71 lakh) has been set off against Trade Receivables.
1.07 The Company has made investments of Rs.543.24 lakh (Rs.543.24 lakh) in the following companies which have diminution in its value which is not of permanent nature and against which no provision has been made and the same has been considered recoverable in future by the management.
1.08 Balances of Trade Receivables, Deposits and Advances to the parties, Trade Payables, dues to and from Govt. Undertakings and stock with third parties are subject to confirmation.
1.9 The major component of the respective balances of Deferred Tax Assets and Liabilities are disclosed in the Financial Statement. Details of Deferred Tax Liability as on 31st March, 2017 are given below :â
1.10 Revenue expenditure on Research and Development represent Rs.26,91,264/- (Rs.18,75,152/-) for subscription to Tea Research Association and Rs.16,31,971/- (Rs.19,60,698/-) for development of a new type of Industrial Fan. Moreover, âNil (Rs.18,75,152/-) has been incurred for Development of Electrical Transformer.
1.11 There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company.
1.12 Pending transfer of Assets and Liabilities of Engineering and Electrical Divisions to two 100% subsidiaries incorporated in the name of Yule Engineering Ltd. and Yule Electrical Ltd. as per Sanctioned Rehabilitation Scheme (SRS) all transactions for the year ended 31st March, 2017 relating to aforesaid Divisions entered into by the Company in the name of Andrew Yule & Company Limited (AYCL) have been accounted for in the Books of Account.
1.13 Other receivables includes Rs.23.96 lakh paid as Electricity Duty which is considered receivable vide Circular Number 233-IR/O/IM-4/2003 dated 25th February, 2014 issued by Government of West Bengal under âWest Bengal Industrial Renewal Scheme, 2001â stating that the amount paid as Electricity Duty under the provisions of the Bengal Electricity Rules, 1935 shall be waived for a period of 5 (five) years with effect from 31st March, 2006.
1.14 The Company has decided to increase the moratorium period in respect of 6% Cumulative Redeemable Preference Shares-WEBFIL of Rs.204.40 lakh and Zero Rate Unsecured Redeemable Bond of Rs.305.00 lakh of WEBFIL Ltd. for a period of 7 (Seven) years commenced from 1st April, 2014 and 20th December, 2014 respectively.
1.15 The Employees Provident Fund Organisation has raised a demand vide Order Number RRC-II/21(88)05/WB amounting to Rs.566.37 lakh against which an amount of Rs.83.58 lakh has been paid under protest and Rs.16.84 lakh has been attached by Provident Fund Authority from Bank Account maintained with State Bank of India, Kalyani Branch. The Honâble BIFR vide MA No.126 of 2014 has passed an Order dated 23 rd June, 2015 to waive off the said demand. Our application to EPFO in this regard is still pending.
1.16 Revaluation Reserve of Rs.10332.50 lakh created against revaluation of Estate has now been adjusted against creation of Biological Assets in the Current Year, as per Para 91 of the Accounting Standard-10 on property, plant and equipments revised vide Companies (Accounting Standard) Rules, 2016.
1.17 During the year Company has written off old unlinked balances and receivables amounting to Rs.72.94 lakh and written back unlinked liabilities, provisions and payables amounting to Rs.497.20 lakh in the Statement of Profit and Loss. Provisions and Liabilities no longer required written back which had been provided earlier against operational expenses is now treated as operational income in the current year.
1.18 Disclosure of the details of Specified Bank Notes (SNB) held and transacted during the period from 8th November, 2016 to 30th December, 2016 is as follows.
1.19 Certain old balances of Security Deposits and Earnest Money Deposits are under reconciliation, adjustment if any necessary will be made in the Books of Account as and when the balances are reconciled.
1.20 Balances of Related Parties are subject to reconciliation.
1.21 The Board has proposed Dividend @ 5% amounting to Rs.488.95 lakh (Dividend Distribution Tax thereon Rs.95.10 lakh payable thereon), at its meeting held on 30th May, 2017, subject to approval of members in the forthcoming Annual General Meeting.
1.22 [a] Figures in brackets are of previous year.
[b] Previous yearâs figures have been re-arranged and/or re-grouped wherever necessary.
[c] The figures in these accounts have been rounded off to nearest lakhs of rupees and, as such, the balances in certain heads of account amounting to Rs.500 or less, although maintained in the Books of Account of the Company, do not appear in these financial statements.
Mar 31, 2016
Notes: [1] The business segments comprise of the following major product groups :â
_ Industrial Fans.
Engineering _ Air Pollution and Water Pollution Control Equipments.
___Turn-key projects involving the above products._
_ HT and LT Switchgears.
.-i . i _ Transformers
Electrical
_ Relay and Contactors
__ Turn-key projects on power distribution._
Tea__ Tea growing and manufacturing._
[2] The information relating to erstwhile Belting Division has been considered as part of the corporate information for the purpose of the above reporting as the related business has been discontinued earlier.
[3] Information relating to âProject" has been reported after being clubbed with Engineering Division.
[4] Figures in bracket pertaining to previous year.
10.13 Particulars relating to discontinued operations.
[a] Description of discontinued operations
Business Segments | Discontinued Operations
_ Air Handling Unit (AHU)
[i] Engineering Division _ Core Lamination Project (CLP)
__ Project_
_ Port Engineering Works (PEW)
[ii] Electrical Division _ Turnkey __ Agency_
[b] Carrying amount of Fixed Assets, Current Assets and Current Liabilities in respect of discontinued operations included in the total Assets and liabilities as shown in the Balance Sheet as on 31st March, 2016 :
[c] Revenue, Expenses and Pre-Tax, Profit/Loss and Cash Flow in respect of discontinued operations : Nil
10.14 Related party disclosure :
[i] Names of Related Parties with whom Company had transactions during the year :
_ Hooghly Printing Co. Ltd._
Subsidiary Companies _ Yule Electrical Co. Ltd._
___ Yule Engineering Co. Ltd._
_ Tide Water Oil Co. (I) Ltd._
_ The Bengal Coal Co. Ltd._
_ The New Beerbhoom Coal Co. Ltd._
Associate Companies _ Katras |herriah Coal Co. Ltd._
_ Yule Agro Industries Ltd._
_ WEBFIL Ltd._
___ Yule Financing and Leasing Co. Ltd._
[ii] Key Management Personnel :
[a] Mr. Kallol Datta___Chairman & Managing Director [till 31st March, 2016]
[b] Mr. Sunil Munshi___Whole Time Director_
[c] Mr. R. C. Sen___Whole Time Director_
[d] Mr. Debasis Jana___Whole Time Director [w.e.f. 1st August, 2015]_
[e] Ms. Sanyukta Samaddar _ Nominee Director [w.e.f. 27th May, 2015]_
[f] Mr. Bhaskar Jyoti Mahanta _ Nominee Director [w.e.f. 21st March, 2016]_
[g] Mr. Rajesh Kumar Singh _ Nominee Director [till 21st March, 2016]_
Mar 31, 2015
Note 1
1.01 Estimated amount of contracts remaining to be executed on Capital
Account Rs.13.24 lakh (net of advances) (Rs.146.53 lakh) and Other
Commitments Rs.Nil (Rs.Nil) not provided for.
1.02 Contingent liabilities not provided for in respect of :
[a] Claims against the Company not acknowledged as debts Rs.146.96 lakh
(Rs.68.77 lakh)
[b] Guarantees and Indemnities given to various Institutions and
Authorities in connection with Company's operations amounting to
Rs.2451.37 lakh (Rs.2159.51 lakh).
[c] Guarantees given to Banks on behalf of other Group and/or Associate
Companies :
[i] *India Paper Pulp Co. Ltd. - Rs.265.00 lakh (Rs.265.00 lakhs).
[ii] Other Companies  Rs.334.70 lakh (Rs.411.45 lakhs) on behalf of
Hooghly Printing Co. Ltd., a Subsidiary of the Company.
* In respect of item Nos.(i) above, although the notice of invocation
of guarantees has been received neither any payment nor any provision
has been made as the matter is sub-judice.
[d] Disputed Sales Tax aggregating to Rs.2844.75 lakh (Rs.2851.75 lakh).
The demand under the WBST, CST, AGST and OST Acts are according to the
opinion of the Company, erroneously raised for which appeals have been
preferred at higher Forums of Sales Tax Authority.
[e] Aggregate Income Tax demands including penalty amounting to Rs.485.04
lakh (Rs.438.49 lakh) excluding interest not admitted, against which
appeals have been preferred by the Company.
[f] Disputed Excise/Customs Duty/Service Tax claims Rs.447.33 lakh
(Rs.447.28 lakh) excluding interest against which appeal have been
preferred by the Company.
[g] Unexpired Letter of Credit opened by the Company's Bankers Â
Rs.2301.11 lakh (Rs.1979.41 lakh).
1.03 Sanctioned Rehabilitation Scheme approved by Board for Industrial
and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007
with the cut-off date of 31st March, 2006 is under implementation.
Pursuant to Sanctioned Rehabilitation Scheme (hereinafter SRS) of BIFR
stated above, the necessary effects have been given in the Accounts as
under :Â
[a] [i] Shares pending allotment appearing in Note No.3 for Rs.2857.00
lakh representing 14,28,50,000 number of shares at a face value of
Rs.2/- each to be issued to Government of India (GOI) arising out of
conversion of non-plan GOI loan of Rs.4152.00 lakh after writing off
Rs.1295.00 lakh against accumulated loss as a part of financial
restructuring package approved by GOI and BIFR.
[ii] During the year the Company has issued 75,00,000 Equity Shares at
face value of Rs.2/- each to State Bank of India towards Conversion of
Funded Interest in terms of BIFR Order dated 30.10.2007.
[iii] The above pending shares will be allotted upon enhancement of
Company's authorised capital from Rs.7500.00 lakh to Rs.11000.00 lakh after
disposal of Company's application for waiver of ROC filing fee for
enhancement of authorised capital by BIFR and completion of ROC
formalities, though approval for enhancement of authorised capital was
already obtained in Annual General Meeting held on 20.09.2013.
[iv] During the year the Company has written back an amount of Rs.1200.12
lakh towards interest payable to State Bank of India.
[b] In terms of the aforesaid order 46% of unsecured creditors
amounting to Rs.2.11 lakh (Rs.58.47 lakh) except sub-judice matters has
been written back during the year.
[c] 9.1% Secured Non-convertible 10 Years Bond is secured by specified
indenture.
if the concerned employee does not avail it. The liability towards such
unavailed quantum of medical benefits has been determined on actual
basis instead of actuarial valuation method since the eligible amount
will remain fixed during the next block. The total amount of liability
as on 31st March, 2015 is Rs.550.09 lakh (Rs.196.06 lakh) has been taken
into account.
1.04 Provision for Liquidated damages amounting to Rs.2217.02 lakh
(Rs.2075.26 lakh) has been set off against Trade Receivables.
1.05 Diminution in the value of Long Term Investments in Equity Shares
of WEBFIL Ltd. amounting to Rs.14.50 lakh is in the opinion of the
management not of a permanent nature. Accordingly, no provision has
been made in the Accounts.
1.06 Confirmation for balances of Trade Receivables, Deposits and
Advances to the parties, Trade Paybles, dues to and from Govt.
Undertakings and stock with third parties have been sought from the
concerned parties, with stipulation that in case of non receipt of
confirmation within 20 days of despatch, the book balance is to be
considered as confirmed. The financial statements have been drawn up
accordingly.
[c] In computing deferred tax liability of the Company for the
financial year 2014-15, unabsorbed depreciation, business loss, as well
as disallowances u/s.43B as per Income Tax Act, 1961 has not been
recognised as deferred tax assets.
Notes: [1] The business segments comprise of the following major
product groups :Â
_ Industrial Fans.
Engineering _ Air Pollution and Water Pollution Control equipments.
_ Turn-key projects involving the above products.
_ HT and LT Switchgears.
_ Transformers
Electrical
_ Relay and Contactors _ Turn-key projects on power distribution.
Tea _ Tea growing and manufacturing.
[2] The information relating to erstwhile Belting Division has been
considered as part of the corporate information for the purpose of the
above reporting as the related business has been discontinued earlier.
[3] Information relating to "Project" has been reported after being
clubbed with Engineering Division.
[4] Figures in bracket pertaining to previous year.
1.07 Particulars relating to discontinued operations.
[a] Description of discontinued operations
Business Segments Discontinued Operations
_ Air Handling Unit (AHU)
[i] Engineering Division _ Core Lamination Project (CLP)
_ Project
_ Port Engineering Works (PEW)
[ii] Electrical Division _ Turnkey
_ Agency
1.08 Related party disclosure :
[i] Names of Related Parties with whom Company had transactions during
the year :
_ Tide Water Oil Co. (I) Ltd.
_ Bengal Coal Co. Ltd.
_ New Beerbhoom Coal Co. Ltd.
Associate Companies _ Katras |herriah Coal Co. Ltd.
_ Yule Agro Industries Ltd.
_ WEBFIL Ltd.
_ Yule Financing and Leasing Co. Ltd.
[ii] Key Management Personnel :
[a] Kallol Datta _ Chairman and Managing Director
[b] S. Swaminathan _ Director (Planning)
[c] Sunil Munshi _ Director (Personnel)
[d] Late Amitava Dhar _ Director (Finance) till 29.07.2014
J[e] R. C. Sen _ Director (Finance) w.e.f.19.03.2015
[f] D. Bandyopadhyay _ Company Secretary
1.9 [a] Previous year's figures have been re-arranged and/or
re-grouped wherever necessary.
[b] The figures in these accounts have been rounded off to nearest
lakhs of rupees and, as such, the balances in certain heads of account
amounting to Rs.500 or less, although maintained in the Books of Accounts
of the Company, do not appear in these Accounts,
1.10 There is no investor Education and Protection Fund transferable
by the Company as on 31st March, 2015.
1.11 During the year, the Company has revised its estimates of useful
life of its fixed assets as prescribed in Part-C of Schedule-II of the
Companies Act, 2013, except for certain assets of Tea Division for
which different useful lifes have been considered based on independent
Technical Evaluation, which Management believes best represent the
period over which the assets are expected to be used economically,
carrying amount less residual value of the assets whose remaining
useful life has become "Nil" at the beginning of the period amounting
to Rs.183.86 lakh (Net of Deferred Tax of Rs.97.30 lakh) has been adjusted
with opening balance of retained earnings.
1.12 Pending transfer of Assets and Liabilities of Engineering and
Electrical Divisions to two 100% subsidiaries incorporated in the name
of Yule Engineering Ltd. and Yule Electrical Ltd. as per Sanctioned
Rehabilitation Scheme (SRS) all transactions for the year ended 31st
March, 2015 relating to aforesaid Divisions entered into by the Company
in the name of Andrew Yule & Company Limited (AYCL) have been accounted
for in the Books of Accounts of AYCL.
1.13 The Company has decided to increase the moratorium period in
respect of 6% Cumulative Redeemable Preference Shares- WEBFIL of
Rs.204.40 lakh and WEBFIL Ltd. Zero Rate Unsecured Redeemable Bond of
Rs.305.00 lakh for a period of 7 (Seven) years commencing from 1st April,
2014 and 20th December, 2014 respectively.
Mar 31, 2014
01 Estimated amount of contracts remaining to be executed on Capital
Account Rs. 146.53 lakh (net of advances) (Rs.191.05 lakh) and Other
Commitments Rs. Nil (Rs. Nil) not provided for.
02 Contingent liabilities not provided for in respect of :
[a] Claims against the Company not acknowledged as debts Rs. 68.77 lakh
(Rs. 68.77 lakh)
[b] Guarantees and Indemnities given to various Institutions and
Authorities in connection with Company''s operations amounting to Rs.
2159.51 lakh (Rs. 1469.65 lakh).
[c] Guarantees given to Banks on behalf of other Group and/or Associate
Companies :
[i] *India Paper Pulp Co. Ltd. Â Rs. 265.00 lakh (Rs. 265.00 lakhs).
[ii] Other Companies  Rs. 411.45 lakh (Rs. 328.00 lakhs) on behalf
of Hooghly Printing Co. Ltd., a Subsidiary of the Company.
* In respect of item Nos.(i) above, although the notice of invocation
of guarantees has been received neither any payment nor any provision
has been made as the matter is sub-judice.
[d] Disputed Sales Tax aggregating to Rs. 2851.75 lakh (Rs. 4178.60
lakh). The demand under the WBST, CST, AGST and OST Acts are according
to the opinion of the Company, erroneously raised for which appeals
have been preferred at higher Forums of Sales Tax Authority.
[e] Aggregate Income Tax demands including penalty amounting to Rs.
438.49 lakh (Rs. 533.11 lakh) excluding interest not admitted, against
which appeals have been preferred by the Company.
[f] Disputed Excise/Customs Duty/Service Tax claims ''447.28 lakh
(''447.28 lakh) excluding interest against which appeal have been
preferred by the Company.
[g] Unexpired Letter of Credit opened by the Company''s Bankers  Rs.
1979.41 lakh (Rs. 1372.47 lakh).
03 Sanctioned Rehabilitation Scheme approved by Board for Industrial
and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007
with the cut-off date of 31st March, 2006 is under implementation.
Pursuant to Sanctioned Rehabilitation Scheme (hereinafter SRS) of BIFR
stated above, the necessary effects have been given in the Accounts as
under :Â
[a] [i] Shares pending allotment appearing in Note No.3 for Rs. 3007.00
lakh includes Rs. 150.00 lakh representing 75,00,000 number of shares
at a face value of Rs. 2/- each arising out of conversion of funded
interest to be issued to State Bank of India as a part of SRS and Rs.
2857.00 lakh representing 14,28,50,000 number of shares at a face value
of Rs. 2/- each to be issued to Government of India (GOI) arising out
of conversion of non-plan GOI loan of Rs. 4152.00 lakh after writing
off Rs.1295.00 lakh against accumulated loss as a part of financial
restructuring package approved by GOI and BIFR.
[ii] The above pending shares will be allotted upon enhancement of
Company''s authorised capital from Rs. 7500.00 lakh to Rs. 11000.00 lakh
after disposal of Company''s application for waiver of ROC filing fee
for enhancement of authorised capital by BIFR and completion of
requisite formalities, though approval for enhancement of authorised
capital was already obtained in Annual General Meeting held on
20.09.2013.
[iii] The other operational income appearing in Note No.8.1 includes
Rs. 2622.87 lakh on account of waiver of interest on Government of
India Loan from 01.04.2007 to 31.03.2012 pursuant to BIFR Order
No.501/2003 dated 15.07.2013.
[b] In terms of the aforesaid order 46% of unsecured creditors
amounting to Rs. 58.47 lakh (Rs. 29.36 lakh) except sub-judice matters
has been written back during the year.
[c] 9.1% Secured Non-convertible 10 Years Bond is secured by specified
indenture.
04 [a] Employee Benefits :
The Company''s contribution to Defined Contribution Plans aggregated to
Rs. 990.96 lakh (Rs. 840.19 lakh) for the year ended 31st March, 2014
has been recognised under the line item Contribution to Provident and
Other Funds included in Note No.9.3 above.
2013-14 2012-13
Contribution to Provident Fund 989.09 831.09
Contribution to Employees State 1.87 9.10
Insurance Fund
05 The medical benefits for the employees for domiciliary treatment
is for a block of three years and shall lapse yearly thereafter if the
concerned employee does not avail it. The liability towards such
unavailed quantum of medical benefits has been determined on actual
basis instead of actuarial valuation method since the eligible amount
will remain fixed during the next block. The total amount of liability
as on 31st March, 2014 is Rs. 196.06 lakh (Rs. 170.66 lakh) has been
taken into account.
06 Provision for Liquidated damages amounting to Rs. 2075.26 lakh (Rs.
2093.82 lakh) has been set off against Trade Receivables.
07 Diminution in the value of Long Term Investments in Equity Shares
of WEBFIL Ltd. amounting to Rs.14.50 lakh is in the opinion of the
management not of a permanent nature accordingly no provision has been
made in the Accounts.
08 Confirmation for balances of Trade Receivables, Deposits and
Advances to the parties, Trade Paybles, dues to and from Govt.
Undertakings and stock with third parties have been sought from the
concerned parties, with stipulation that in case of non receipt of
confirmation within 20 days of despatch, the book balance is to be
considered as confirmed. The financial statements have been drawn up
accordingly.
Mar 31, 2013
1.01 Estimated amount of contracts remaining to be executed on Capital
Account Rs.191.05 lakh (net of advances) (Rs.70.64 lakh) and Other
Commitments Rs.Nil (Rs. Nil) not provided for.
1.02 Contingent liabilities not provided for in respect of:
[a] Claims against the Company not acknowledged as debts :
[i] Accrued interest of Rs.555.96 lakh upto 31st March,2007 being the
difference between Rs.2728.96 lakh, the interest including penal interest
due upto 31st March,2007 as per books of DHI and the interest waived
amounting to Rs.2173.00 lakh. The proposal for waiver of Rs.555.96 lakh
based on the principle of sanction by BIFRhas been approved by GOI
subject to approval of BIFRand also other contingent liability as
described in Note No.10.11.
[ii] Others Rs.68.77 lakhs (Rs.68.77 lakh)
[b] Guarantees and Indemnities given to various Institutions and
Authorities in connection with Company''s operations amounting to
Rs.1469.65 lakh (Rs.1932.23 lakh).
[c] Guarantees given to Banks on behalf of other Group and/or Associate
Companies : [i] "India Paper Pulp Co. Ltd. - Rs.265.00 lakh (Rs.265.00
lakhs).
[ii] Other Companies - Rs.328.00 lakh (f328.00 lakhs) on behalf of
Hooghfy Printing Co. Ltd., a Subsidiary of the Company.
*ln respect of item Nos.(i) above, although the notice of invocation of
guarantees has been received neither any payment nor any provision has
been made as the matter is sub-judice.
[d] Disputed Sales Tax aggregating to Rs.4178.60 lakh (Rs.4212.78 lakh).
The demand under the WBST, CST, AGST and OST Acts are according to the
opinion of the Company, erroneously raised for which appeals have been
preferred at higher Forums of Sales Tax Authority.
[e] Aggregate Income Tax demands including penalty amounting to T533.11
lakh (Rs.183.27 lakh) excluding interest not admitted, against which
appeals have been preferred by the Company.
[f] Disputed Excise/Customs Duty /Service Tax claims Rs.447.28 lakh
(Rs.551.81 lakh) excluding interest against which appeal have been
preferred by the Company.
[g] Unexpired Letter of Credit opened by the Company''s Bankers -
Rs.1372.47 lakh (Rs.1392.80 lakh).
1.03 Sanctioned Rehabilitation Scheme approved by Board for Industrial
and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007
with the cut-off date of 31st March, 2006 which is under implementation
and Accounts for the year have been prepared on going concern basis.
Pursuant to Sanctioned Rehabilitation Scheme (hereinafter SRS) of BIFR
stated above, the necessary effects have been given in the Accounts as
under :Â
[a] Rs.150.00 lakh appearing in the Accounts as Share Pending Allotment
represents 20% of funded interest upto cut off date i.e. 31st March,
2006 amounting to Rs.748.00 lakh which was sanctioned by State Bank of
India (S8I) as per terms of Sanctioned Rehabilitation Scheme dated 30th
October, 2007 for conversion into Equity. Allotment of 7500000 Shares
at Face Value of Rs.2/- each aggregating to Rs.150.00 lakh will be made on
receipt of Sanction Letter from SBI and approval of the same by
Company''s Competent Authority.
[b] In terms of the aforesaid order 46% of unsecured creditors
amounting to Rs.29.36 lakh (Rs.113.93 lakh) except sub-judice matters has
been written back during the year.
[c] 9.1% Secured Non-convertible 10 Years Bond is secured by specified
indenture.
1.04 [a] Employee Benefits
The Company''s contribution to Defined Contribution Plans aggregated to
Rs.840.19 lakhs (Rs.824.36 lakhs) for the year ended 31st March, 2013 has
been recognised under the line item Contribution to Provident and Other
Funds included in Note No.9.3 above.
1.05 The medical benefits for the employees for domiciliary treatment
is for a block of three years and shall lapse yearly thereafter if the
concerned employee does not avail it. The liability towards such
unavailed quantum of medical benefits has been determined on actual
basis instead of actuarial valuation method since the eligible amount
will remain fixed during the next block. The total amount of liability
as on 31st March, 2013 is 7170.66 lakh (7178.38 lakh) has been taken
into account.
1.06 Provision for Liquidated damages amounting to 72093.82 lakh
(71888.14 lakh) has been set off against Trade Receivables.
1.07 [i] Diminution in the value of long term investment amounting to
727.88 lakh in Yule Financing & Leasing Co. Ltd. (YFLC) is in the
opinion of the Management not of a permanent nature and accordingly no
provision has been made in the Accounts.
[ii] Diminution in the value of Long Term Investments in Equity Shares
of VVEBFIL Ltd. amounting to Rs.14.50 lakh is in the opinion of the
management not of a permanent nature accordingly no provision has been
made in the Accounts.
1.08 Confirmation for balances of Trade Receivables, Deposits and
Advances to the parties.Trade Paybles, dues to and from Govt.
Undertakings and stock with third parties have been sought from the
concerned parties, with stipulation that in case of non receipt of
confirmation within 20 days of despatch, the book balance is to be
considered as confirmed. The financial statements have been drawn up
accordingly.
1.09 Interest on Non-plan Loan of Govt, of India (GOI) have not been
considered during theyear since the entire loan as on 31 st March, 2012
would be converted into Equity and 77.20 crore being the difference
between 733.43 crore, the interest including penal interest due upto
31st March, 2012 as per Books of Department of Heavy Industries and the
interest of 726.23 crore as per Books of Accounts of the Company, have
not been considered to facilitate implementation of Financial
Restructuring Package approved by the Cabinet Committee of Economic
Affaire (CCEA), Government of India, on 02.05.2013, subject to approval
of BIFR, which inter-alia, includes conversion of Non-plan loan of
741.52 crore into Equity at face value of 72/- per share and write off
accumulated loss of 712.95 crore against Equity Share Capital of GOI.
The above write off amount was arrived at after considering interest on
Non-plan loan of 726.23 crore as per Company''s Books of Account as on
31st March, 2012.
1.10 Related party disclosure:
[i] Names of Related Parties with whom Company had transactions during
the year: Associate Companies  Tide Water Oil Co. (I) Ltd.
- Bengal Coal Co. Ltd.
- New Beerbhoom Coal Co. Ltd.
- Katras |herriah Coal Co. Ltd.
- Yule Agro Industries Ltd. WEBFIL Ltd.
- Yule Financing and Leasing Co. Ltd.
[ii] Key Management Personnel:
[a] Kallol Datta - Chairman and Managing Director
[b] I. Sengupta - Director (Personnel) (upto 30.06.2012)
[b] S. Swaminathan - Director (Planning)
[c] Amitava Dhar - Director (Finance)
[d] SunilMunshi - Director, (Personnel) (w.e.f.01.07.2012)
1.11 la] Previous year''s figures have been re-arranged and/or
re-grouped wherever necessary.
[b] The figures in these accounts have been rounded off to nearest
lakhs of rupees and, as such, the balances in certain heads of account
amounting to T500 or less, although maintained in the Books of Accounts
of the Company, do not appear in these Accounts.
1.12 The Annual Accounts for the year ended 31st March, 2013 have been
approved by the Board of Directors in the meeting held on .30th May,
2013.
1.13 The Ministry of Corporate Affairs, Government of India, vide
General Circular No.2 and 3 dated 8th February, 2011 and 21st February,
2011 respectively has granted a general exemption from compliance with
Section 212 of the Companies Act, 1956, subject to fulfilment of
conditions stipulated in the Circular. The Company has satisfied the
conditions stipulated in the Circular and hence is entitled to the
exemption. Necessary information relating to the subsidiaries has been
included in the Consolidated Financial Statements.
1.14 Pending transfer of Assets and Liabilities of Engineering and
Electrical Divisions to two 100% subsidiaries incorporated in the name
of Yule Engineering Ltd. and Yule Electrical Ltd. as per Sanctioned
Rehabilitation Scheme (SRS) all transactions for the year ended 31st
March, 2013 relating to aforesaid Divisions entered into by the Company
in the name of Andrew Yule & Co. Ltd. (AYCL) have been accounted for in
the Books of Accounts of AYCL.
Mar 31, 2012
In respect of a section of employees, the Company's liability towards
Defined Benefit for Provident Fund is determined and accounted for on
the basis of prescribed contributions to the respective Trustee managed
Funds and shortfall, if any, in plan assets as per Audited Accounts of
such Fund.
In respect of post retirement Defined Benefit Scheme of Leave
Encashment, the Company's liability is determined and accounted for on
the basis of independent actuarial valuation as required by Accounting
Standard-15 (Revised 2005) though there is no funding for such
liability.
[a] Leave encashment and Pension fund is unfunded but benefits have
been determined and accounted for in accordance with Accounting
Standard-15 (Revised 2005).
[1] Suitable modifications have been made in the prescribed form to
provide for adequate information. [4] Figures of the previous year
have been re-grouped/re-arranged wherever necessary.
2.01 Estimated amount of contracts remaining to be executed on Capital
Account Rs.70.64 lakh (net of advances) (Rs.342.01 lakh) and Other
Commitments Rs. Nil (Rs. Nil) not provided for.
2.02 Contingent liabilities not provided for in respect of:
[a] Claims against the Company not acknowledged as debts:
[i] Accrued interest of Rs.555.96 lakh upto 31 st March,2007 being the
difference between Rs.2728.96 lakh, the /: .est including penal interest
due upto 31st March,2007 as per books of DHI and the interest waived
amouist-ng to Rs.2173.00 lakh. The proposal for waiver of Rs.555.96 lakh
based on the principle of sanction by BIFR is . nder consideration of
the GOI.
[ii] Others Rs.68.77 lakhs (Rs.416.98 lakh)
[b] Guarantees and Indemnities given to various Institutions and
Authorities in connection with Company's operations amounting to
Rs.1932.23 lakh (Rs.1909.23 lakh).
[c] Guarantees given to Banks on behalf of other Group and/or Associate
Companies:
[i] India Paper Pulp Co. Ltd.-Rs.265.00 lakh (Rs.265.00 lakhs).
[ii] Other Companies-Rs.328.00 lakh (Rs.328.00 lakhs) on behalf of Hooghly
Printing Co. Ltd., a Subsidiary of the Company.
*In respect of item Nos.(i) above, although the notice of invocation of
guarantees has been received neither any payment nor any provision has
been made as the matter is sub-judice.
[d] Disputed Sales Tax aggregating to Rs.4212.78 lakh (Rs.6686.40 lakh).
The demand under the WBST, CST, AGST and OST Acts are according to the
opinion of the Company, erroneously raised for which appeals have been
preferred at higher Forums of Sales Tax Authority.
[e] Aggregate Income Tax demands including penalty amounting to Rs.183.27
lakh (Rs.50.53 lakh) excluding interest not admitted, against which
appeals have been preferred by the Company.
[f] Disputed Excise/Customs Duty claims Rs.551.81 lakh (Rs.538.95 lakh)
excluding interest against which appeal have been preferred by the
Company.
[g] Unexpired Letter of Credit opened by the Company's Bankers -
Rs.1392.80 lakh (Rs.828.18 lakh).
2.03 Sanctioned Rehabilitation Scheme approved by Board for Industrial
and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007
with the cut-off date of 31st March, 2006.
Pursuant to Sanctioned Rehabilitation Scheme (hereinafter SRS) of BIFR
stated above, the necessary effects have been given during the year in
the Accounts as under :-
[a] Rs.150.00 lakh appearing in the Accounts as Share Pending Allotment
represents 20% of funded interest upto cut off date i.e. 31 st March,
2006 amounting to Rs.748.00 lakh which was sanctioned by State Bank of
India (SBI) as per terms of Sanctioned Rehabilitation Scheme dated 30th
October, 2007 for conversion into Equity. Allotment of 7500000 Shares
at Face Value of Rs.2/- each aggregating to Rs.150.00 lakh will be made on
receipt of Sanction Letter from SBI and approval of the same by
Company's Competent Authority.
[b] In terms of the aforesaid order 46% of unsecured creditors
amounting to Rs.113.93 lakh (Rs.110.21 lakh) except sub-judice matters has
been written back during the year.
2.04 The medical benefits for the employees for domiciliary treatment
is for a block of three years and shall lapse yearly thereafter if the
concerned employee does not avail it. The liability towards such
unavailed quantum of medical benefits has been determined on actual
basis instead of actuarial valuation method since the eligible amount
will remain fixed during the next block. The total amount of liability
as on 31 st March, 2012 is Rs.178.38 lakh (Rs.138.35 lakh) has been taken
into account.
2.05 Provision for Liquidated damages amounting to Rs.1888.14 lakh
(Rs.1749.96 lakh) has been set off against Trade Receivables.
2.06 [i] Diminution in the value of long term investment amounting to
Rs.27.88 lakh in Yule Financing & Leasing Co. Ltd.
(YFLC) is in the opinion of the Management not of a permanent nature
and accordingly no provision has been made in the Accounts.
[ii] Diminution in the value of Long Term Investments in Equity Shares
of WEBFIL Ltd. is not of a permanent nature. The possible loss, if
any, is not ascertainable at this stage and accordingly no provision
has been made in the Accounts.
2.07 Confirmation for balances of Trade Receivables, Deposits and
Advances to the parties, Trade Paybles, dues to and from Govt.
Undertakings and stock with third parties have been sought from the
concerned parties, with stipulation that in case of non receipt of
confirmation within 20 days of despatch, the book balance is to be
considered as confirmed. The financial statements have been drawn up
accordingly.
2.08 Provision in respect of Income Tax (including capital gains) has
not been made as the Company's application for relief/concession on
various grounds based on sanction of BIFR, is still under the
consideration of CBDT.
2.09 Consequent to acquisition of leasehold land by Govt, of Assam
measuring about 9.07 hectresfrom RajgarhTea Estate for which
compensation amounting to Rs.280.37 lakh (net of charges) received by the
Company consisting of Rs.19.50 lakh for leasehold land and Rs.260.87 lakh
for loss of revenue arising out of tea bushes. The Company considered
the loss of revenue as "Exceptional Item" in the Statement of Profit
and Loss Account.
2.10 Proposal for conversion of Government of India Non-plan loan
amounting to Rs.4152.00 lakh into Equity and waiver of interest accrued
thereon as on 31 st March, 2012 amounting to Rs.2622.00 lakh is under
consideration of Govt, of India. However, out of aforesaid non-plan
loan of Rs.4152.00 lakh appearing as "Other Current Liabilities", four
yearly instalment of Rs.830.40 lakh each has fallen due consecutively
since 2008-09 aggregating Rs.3321.60 lakh. Final instalment of Rs.830.40
lakh will fall due in 2012-13. The rate of interest is 14.50% p.a. and
penalty of 2.75% in case of default.
2.11 In view of downturn in the business of one of its Units, Company
approached Consortium Bank for extension of the period of repayment of
Short Term Borrowing due for the period from January, 2012 to March,
2012, amounting to Rs.353.79 lakh. Accordingly, the said amount could not
be settled as on the Balance Sheet date.
2.12 Related party disclosure
[i] Names of Related Parties with whom Company had transactions during
the year:
Associate Companies - Tide Water Oil Co. (I) Ltd.
- Bengal Coal Co. Ltd.
New Beerbhoom Coal Co. Ltd. Katras Jherriah Coal Co. Ltd. Yule Agro
Industries Ltd.
- WEBFIL Ltd.
Yule Financing and Leasing Co. Ltd.
[ii] Key Management Personnel:
(a) Kallol Datta - Chairman and Managing Director
(b) I. Sengupta - Director (Personnel)
(c) S. Swaminathan - Director (Planning)
(d) AmitavaDhar - Director (Finance) (w.e.f. 20.12.2011)
(e) Sunil Munshi - Executive Director, Tea Division
(f) Sri Frakash Kar - Director (Finance) (from 01.04.2011 to
19.04.2011)
2.13 [a] Previous year's figures have been re-arranged and/or
re-grouped wherever necessary.
[b] The figures in these accounts have been rounded off to nearest
lakhs of rupees and, as such, the balances in certain heads of account
amounting to Rs.500 or less, although maintained in the Books of Accounts
of the Company, do not appear in these Accounts.
2.14 The Annual Accounts for the year ended 31st March, 2012 have been
approved by the Board of Directors in the meeting held on 29th June,
2012.
2.15 The Ministry of Corporate Affairs, Government of India, vide
General Circular No.2 and 3 dated 8th February, 2011 and 21st February,
2011 respectively has granted a general exemption from compliance with
Section 212 of the Companies Act, 1956, subject to fulfilment of
conditions stipulated in the Circular. The Company has satisfied the
conditions stipulated in the Circular and hence is entitled to the
exemption. Necessary information relating to the subsidiaries has been
included in the Consolidated Financial Statements.
2.16 Consequent to the notification of Revised Schedule VI under the
Companies Act, 1956, the Financial Statements for the'year ended 31 st
March, 2012 are prepared as per Revised Schedule VI. Accordingly,
previous year figures have also been reclassified to conform to this
year's classification and also have been regrouped, recast and
rearranged wherever necessary to make it comparable with the current
year figures. The adoption of Revised Schedule VI for the previous year
figures does not impact recognition and measurement principles followed
for preparation of Financial Statements.
2.17 Pending transfer of Assets and Liabilities of Engineering and
Electrical Divisions to two 100% subsidiaries incorporated in the name
of Yule Engineering Ltd. and Yule Electrical Ltd. as per Sanctioned
Rehabilitation Scheme (SRS) all transactions for the year ended 31 st
March, 2012 relating to aforesaid Divisions entered into by the Company
in the name of Andrew Yule & Co. Ltd. (AYCL) have been accounted for in
the Books of Accounts of AYCL.
[1] Name of the Subsidiary Company
HOOGHLY PRINTING COMPANY LIMITED YULE ENGINEERING LIMITED YULE
ELECTRICAL LIMITED
[2) Holding Company's Interest:
[A] Hooghly Printing Co. Ltd.
Entire issued Share Capital of 10,27,128 Ordinary Shares of ^10 each,
fully paid.
[R] Yule Engineering Ltd.
Entire issued Share Capital of 50,000 Ordinary Shares of Rs.10 each,
fully paid.
[C] Yule Electrical Ltd.
Entire issued Share Capital of 50,000 Ordinary Shares of Rs.10 each,
fully paid.
Mar 31, 2011
(Rs. in lakhs)
1. Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advances) Rs.342.01 lakhs (Rs.247.23
lakhs).
2. Contingent liabilities not provided for in respect of:
(a) Claims against the Company not acknowledged as debts : (i) Disputed
labour matters (amount not ascertainable).
(ii) Accrued interest of Rs.5.56 crore upto 31.03.2007 being the
difference between Rs.27.29 crore, the interest including penal interest
due upto 31.03.2007 as per books of DHI and the interest waived
amounting to Rs.21.73 crore. The proposal for waiver of Rs.5.56 crore based
on the principle of sanction by BIFRis under consideration of the GOI.
(iii) Others Rs.416.98 lakhs (Rs.415.05 lakh)
(b) Guarantees and Indemnities given to various Institutions and
Authorities in connection with Company's operations amounting
toRs.1909.23 lakh (Rs.1545.81 lakh).
(c) Guarantees given to banks on behalf of other Group and/or Associate
Companies ; (i) "India Paper Pulp Co. Ltd. -Rs.265.00 lakh (Rs.265.00
lakhs).
(ii) Other Companies - Rs.328.00 lakh (Rs.328.00 lakhs) on behalf of
Hooghly Printing Co. Ltd., a Subsidiary of the Company.
*In respect of item Nos. (i) above, although the notice of invocation
of guarantees has been received neither any payment nor any provision
has been made as the matter is sub-judice.
(d) Disputed Sales Tax aggregating to Rs.6686.40 lakh (Rs.6994.55 lakh).
The demand under the WBST and CST Acts are according to the opinion of
the Company, erroneously raised for which appeals have been preferred
at higher Forums of Sales Tax Authority.
(e) Aggregate Income Tax demands (penalty) amounting to Rs.50.53 lakh
(Rs.50.53 lakh) excluding interest not admitted, against which appeals
have been preferred by the Company.
(f) Disputed Excise/Customs Duty claims Rs.538.95 lakh (Rs.582.40 lakh)
excluding interest against which appeal have been preferred by the
Company.
(g) Unexpired Letter of Credit opened by the Company's bankers -
Rs.828.18 lakh (Rs.209.19 lakh).
3. Sanctioned Rehabilitation Scheme approved by Board for Industrial
and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007
with the cut-off date of 31st March, 2006.
Pursuant to Sanctioned Rehebilitation Scheme (hereinafter SRS) of BIFR
stated above, the necessary effects have been given during the year in
the Accounts as under :-
(a) Funded interest upto cut-off date (31.03.2006) amounting to Rs.748.00
lakhs which was sanctioned by State Bank of India as per terms of
Sanctioned Rehabilitation Scheme dated 30.10.2007 for conversion into
equity to the extent of Rs.150.00 lakh i.e. 20% of the funded interest
comprising 75,00,000 shares @ Rs.2/- per share has been kept in Share
Pending Allotment Account. Balance 80% of funded interest i.e. Rs.598.00
lakh arising out of remission of funded interest, charged to Profit and
Loss Account in earlier years, has been accounted for an exceptional
item in the Profit and Loss Account during the year.
(b) In terms of the aforesaid order 46% of unsecured creditors
amounting to Rs.110.21 lakh except sub-judice matters has been written
back during the year.
4. Extra-ordinary income consist of -
(a) Rs.598.00 lakh as stated in Note No.3(a).
(b) (-)Rs.188.10 lakh being difference between amount of Rs.1003.20 lakh
(i.e. 80% of accrued interest from the cut off date i.e. 31.03.2006 to
31.03.2009 amounting to Rs.1254.00 lakh) credited to Profit and Loss
Account for the year ended 31st March, 2009 on account of Bank of Baroda consequent upon the Bank agreeing to accept equity for 20% of the value
after writing down the amount by 80% and Rs.815.10 lakh (65% of the said Rs.1254.00 lakh) in full and final settlement of the claim, in lieu of
issue of equity sanctioned by Bank of Baroda and approved by the Board
of Directors of the Company.
5. Share pending allotment consists of -
(i) Rs.150.00 lakh in favour of Govt, of India, which vide letter
10(3)/2008-PE-I dated 31st March, 2008 and No.l0(26)/ 2005-PE-I dated
18th March, 2008 allocated Rs.150.00 lakhs towards Equity @ Rs.10 per
share as investment in the Company for upgradation of Engineering
Division and West Bengal Gardens. Since in terms of BIFR order dated
30th October, 2007 the face value of Equity share of the Company has
been reduced to Rs.2 in place of Rs.10, the decision of issuance of
fresh shares @ Rs.2 per share after diminution has been kept pending
till revised order in this regard is received from Govt, of India.
(ii) Rs.150.00 lakh as shown in point no.3(a).
6. [a] Employee Benefits
The Company's contribution to Defined Contribution Plans aggregated to
Rs.813.21 lakhs (Rs.696.24 lakhs) for the year ended 31st March, 2011 has
been recognised under the line item Contribution to Provident and Other
Funds on Schedule 17 above.
7. The medical benefits for the employees for domiciliary treatment is
for a block of three years and shall lapse yearly thereafter if the
concerned employee does not avail it. The liability towards such
unavailed quantum of medical benefits has been determined on actual
basis instead of actuarial valuation method since the eligible amount
will remain fixed during the next block. The total amount of liability
as on 31st March, 2011 is Rs.138.35 lakh (Rs.122.49 lakh) has been taken
into account.
8. Inventories include Rs.106.51 lakh (Rs.115.46 lakh) worth of stocks
lying with thrid parties for which confirmations are awaited and/or
under reconciliation and the same has been fully provided for.
9. Disclosure of quantitative information relating to each class of
goods dealt with by the Company has not been made pursuant to
Notification No.SO301(E) dated 8th February, 2011.
10. Provision for Liquidated damages amounting to Rs.1749.96 lakh
(Rs.1645.48 lakh) has been set off against Sundry Debtors.
11. No provision is made in the Books for possible losses that may
arise in respect of long term investments made in Yule Financing &
Leasing Co. Ltd., amounting to Rs.27.88 lakh (Rs.27.88 lakh). The possible
loss, if any, will be accounted for as and when it arises.
12. Confirmation for balances of Sundry debtors, deposits and advances
to the parties. Trade Creditors, dues to and from Govt. Undertakings
and stock with third parties have been sought from the concerned
parties, with stipulation that incase of non receipt of confirmation
within 20 days of despatch, the book balance is to be considered as
confirmed. The financial statements have been drawn up accordingly.
13. The major component of the respective balances of Deferred Tax
Assets and Liabilities are disclosed in the Accounts.
(b) In computing deferred tax liability of the Company for the
financial year 2010-11, unabsorbed depreciation, business loss, as well
as disallowances u/s.43B as per Income Tax Act, 1961 has not been
recognised as deferred tax assets.
14. Provision in respect of Income Tax (including capital gains) has
not been made as the Company's application for relief/ concession on
various grounds based on sanction of BIFR, is still under the
consideration of CBDT.
Engineering
Industrial Fans.
Tea Machinery.
Air Pollution and Water Pollution Control equipments.
Turn-key projects involving the above products.
Electrical
HT and LT Switchgears.
Transformers
Relay and Contactors
Turn-key projects on power distribution.
Tea - Tea growing and manufacturing.
(2) The information relating to erstwhile Belting Division has been
considered as part of the corporate information for the purpose of the
above reporting as the related business has been discontinued earlier.
(3) Information relating to "Project" has been reported after being
clubbed with Engineering Division.
15. Particulars relating to discontinued operations. (a) Description
of discontinued operations
Business Segments
(i) Engiheering Division
(ii) Electrical Division
Discontinued Operations
Air Handling Unit (AHU) Core Lamination Project (CLP) Project
Port Engineering Works (PEW)
Turnkey
Agency
16. Related party disclosure
(i) Names of Related Parties with whom Company had transactions during
the year :
Associate Companies
- Tide Water Oil Co. (I) Ltd. Bengal Coal Co. Ltd.
New Beerbhoom Coal Co. Ltd. Katras Jherriah Coal Co. Ltd. Yule Agro
Industries Ltd.
- WEBFIL Ltd.
Yule Financing and Leasing Co. Ltd.
(ii) Key Management Personnel:
(a) Kallol Datta - Chairman and Managing Director
(b) I. Sengupta - Director (Personnel)
(c) S. P. Kar - Director (Finance)
(d) S. Swaminathan - Director (Planning)
(f) Sunil Munshi - Chief Executive, Tea Division
17.Fixed Assets have been physically verified by outside agencies and
discrepancies (shortage) noticed on such verification valuing Rs.19.48
lakhs has been adjusted in the Books of Accounts.
18.On review of old statutory liabilities appearing in the books over
the years, the admitted liabilities have been paid. However,
liabilities in the nature of provision, which are not statutory
liabilities, have been retained for further review and adjustment
thereof.
19.(a) Previous year's figures have been re-arranged and/or
re-grouped wherever necessary.
(b) The figures in these accounts have been rounded off to nearest
lakhs of rupees and, as such, the balances in certain heads of account
amounting to Rs.500 or less, although maintained in the books of accounts
of the Company, do not appear in these accounts.
20. Othei come includes Rs.2397.00 lakh, considered as prior period
item, being the amount received from two Associate Companies, against
their realisation ol sale proceeds in excess of Rs.10/- per Share for
3.42 lakh shares of DPSC Ltd. for revival of the Company, pursuant to
BIFR Order dated 26.11.2008, following a bidding conducted by Special
Officer appointed by Hon'ble Calcutta High Court.
Mar 31, 2010
1. Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advances) Rs.247.23 lakhs
(Rs.316.54 lakhs).
2. Contingent liabilities not provided for in respect of :
(a) Claims against the Company not acknowledged as debts : (i) Disputed
labour matters (amount not ascertainable). (ii) Others Rs.415.05 lakhs
(Rs.411.49 lakhs)
(b) Guarantees and Indemnities given to various Institutions and
Authorities in connection with Companys operations amounting to
Rs.1545.81 lakhs (Rs.1646.16 lakhs).
(c) Guarantees given to banks on behalf of other Group and/or Associate
Companies : (i) *India Paper Pulp Co. Ltd. Ã Rs.265.00 lakh (Rs.265.00
lakhs).
(ii) Other Companies à Rs.328.00 lakh (Rs.328.00 lakhs) on behalf of
Hooghly Printing Co. Ltd., a Subsidiary of the Company.
*In respect of item Nos.(i) above, although the notice of invocation of
guarantees has been received neither any payment nor any provision has
been made as the matter is sub-judice.
(d) Disputed Sales Tax aggregating to Rs.6994.55 lakhs (Rs.8020.02
lakhs). The demand under the WBST and CST Acts are according to the
opinion of the Company, erroneously raised for which appeals have been
preferred at higher Forums of Sales Tax Authority.
(e) Aggregate Income Tax demands (penalty) amounting to Rs.50.53 lakhs
(Rs.50.53 lakhs) excluding interest not admitted, against which appeals
have been preferred by the Company.
(f) Disputed Excise/Customs Duty claims Rs.582.40 lakh (Rs.564.03 lakh)
excluding interest against which appeal have been preferred by the
Company.
(g) Unexpired Letter of Credit opened by the Companys bankers Ã
Rs.209.19 lakh (Rs.171.43 lakh).
3. Sanctioned Rehabilitation Scheme approved by Board for Industrial
and Financial Reconstruction (BIFR) vide Order dated 30th October, 2007
with the cut-off date of 31st March, 2006.
Pursuant to Sanctioned Rehebilitation Scheme (hereinafter SRS) of BIFR
stated above, the necessary effects have been given during the year in
the Accounts as under :-
(a) Funded interest upto cut-off date (31.03.2006) amounting to
Rs.531.00 lakhs which was sanctioned by Allahabad Bank and approved by
the Board of Directors of the Company for conversion into eqiuty to the
extent of Rs.106.20 lakhs i.e. 20% of the funded interest comprising of
53,10,000 shares @ Rs.2/- per share has been kept in Share Pending
Allotment Account. Balance 80% of funded interest i.e. Rs.424.80 lakhs
arising out of remission of funded interest, charged to Profit and Loss
Account in earlier years, has been accounted for as an exceptional
items in the Profit and Loss Account during the year.
(b) In absence of confirmation from State Bank of India, the conversion
of equity shares of Rs.748.00 lakhs as per terms of SRS dated
30.10.2007 has not been considered. The entire amount of outstanding
loan of the Bank as on 31.03.2006 (cut off date) has been bifercated
into (i) waiver of penal interest, (ii) WCTL, (iii) Need Based Cash
Credit, (iv) Funded interest (at PLR) to be converted into equity as
per terms of SRS dated 30.10.2007. Interest rate on WCTL and Cash
Credit @ Rs.9% and 10.75% respectively has been considered in the books
of accounts in the current year.
(c) In terms of the aforesaid order 46% of unsecured creditors
amounting to Rs.956.59 lakhs except sub-judice matters has been written
back.
4. (a) Share pending allotment consists of the following :Ã
(i) Govt. of India vide letter 10(3)/2008-PE-I dated 31st March, 2008
and No.10(26)/2005-PE-I dated 18th March, 2008 allocated Rs.150.00
lakhs towards Equity @ Rs.10 per share as investment in the Company for
upgradation of Engineering Division and West Bengal Gardens. Since in
terms of BIFR order dated 30th October, 2007 the face value of Equity
share of the Company has been reduced to Rs.2 in place of Rs.10, the
decision of issuance of fresh shares @ Rs.2 per share after diminution
has been kept pending till revised order in this regard is received
from Govt. of India. Hence the amount of Rs.150.00 lakhs so received
has been shown in the Balance Sheet under head "Share pending
allotment".
(ii) The Govt. of India vide letter No.10(11)/2004-PE-I dated 27th
March, 2009 has released Rs.340.00 lakhs as plan equity towards project
for plantation and augmentation of manufacturing and related facilities
in Assam Tea Gardens and the same has been shown under the head "Share
Pending Allotment".
(iii) Based on sanction dated 17.03.2009 of Bank of Baroda (BOB) for
conversion of accrued interest after cut-off date i.e. 31.03.2006 to
31.03.2009 amounting to Rs.1254.00 lakh to equity after writing down
the same by 80% and approval of the Board in its meeting held on
25.03.2009 the Company has effected necessary accounting entries by
writing back Rs.1003.20 lakh to the Profit and Loss Account and
retaining Rs.250.80 lakh in the ÃShare Pending Allotmentà in its
accounts in the year 2008-09. Approval from GOI to above is still
awaited.
On subsequent advice of Govt. of India and the Board of Directors, the
price for alloting shares to BOB keeping in view the market price, was
renegotiated where the BOB has agreed to accept allotment of 52.42 lakh
shares instead of 125.40 lakh shares, both of the face value of Rs.2/-
per share. Approval from GOI to the above renegotiated price has been
sought for.
(iv) Rs.106.20 lakh as stated in Point No.3(a).
Since the liability for leave encashment, gratuity and superannuation
has been computed and accounted for on Actuarial Valuation basis for
the Company as a whole as per AS-15 and no separate figure was provided
by the Actuary for Directors, the same has not been included in the
above figures.
5. Inventories include Rs.115.46 lakhs (Rs.93.06 lakhs) worth of
stocks lying with thrid parties for which confirmations are awaited
and/or under reconciliation and the same has been fully provided for.
6. The Company has obtained exemption from the Company Law Board in
respect of disclosure of quantitative information relating to each
class of goods dealt with by the Company.
7. Provision for Liquidated damages amounting to Rs.1645.48 lakh
(Rs.1630.78 lakh) has been set off against Sundry Debtors.
8. No provision is made in the Books for possible losses that may
arise in respect of long term investments made in Yule Financing &
Leasing Co. Ltd., amounting to Rs.27.88 lakhs (Rs.27.88 lakhs). The
possible loss, if any, will be accounted for as and when it arises.
9. Confirmation for balances of Sundry debtors, deposits and advances
to the parties, Trade Creditors, dues to and from Govt. Undertakings
and stock with third parties have been sought from the concerned
parties, with stipulation that in case of non receipt of confirmation
within 20 days of despatch, the book balance is to be considered as
confirmed. The financial statements have been drawn up accordingly.
10. The major component of the respective balances of Deferred Tax
Assets and Liabilities are disclosed in the Accounts. Details of
Deferred Tax Liability as on 31st March, 2010 are given below :Ã
(a) Timing difference of depreciation as per Tax Laws and Books
Rs.338.82 lakhs Total Deferred Tax liability Rs.338.82 lakhs
(b) In computing deferred tax liability of the Company for the
financial year 2009-10, unabsorbed depreciation, business loss, as well
as disallowances u/s.43B as per Income Tax Act, 1961 has not been
recognised as deferred tax assets.
11. Provision in respect of Income Tax (including capital gains) has
not been made as the Companys application for relief/concession on
various grounds based on sanction of BIFR, are under the consideration
of CBDT.
Notes: (1) The business segments comprise of the following major
product groups :-
Engineering - Industrial Fans.
- Tea Machinery.
- Air Pollution and Water Pollution Control equipments.
- Turn-key projects involving the above products.
Electrical - HT and LT Switchgears.
- Transformers
- Relay and Contactors
- Turn-key projects on power distribution.
Tea - Tea growing and manufacturing.
(2) The information relating to erstwhile Belting Division has been
considered as part of the corporate information for the purpose of the
above reporting as the related business has been discontinued earlier.
(3) Information relating to "Project" has been reported after being
clubbed with Engineering Division.
11. Particulars relating to discontinued operations.
(a) Description of discontinued operations
Business Segments Discontinued Operations
(i) Engineering Division Air Handling Unit (AHU)
Core Lamination Project (CLP)
Project
(ii) Electrical Division Port Engineering Works (PEW)
Turnkey
Agency
12. Related party disclosure
(i) Names of Related Parties with whom Company had transactions during
the year :
Associate Companies - Tide Water Oil Co. (I) Ltd.
- Bengal Coal Co. Ltd.
- New Beerbhoom Coal Co. Ltd.
- Katras Jherriah Coal Co. Ltd.
- Yule Agro Industries Ltd.
- WEBFIL Ltd.
- Yule Financing and Leasing Co. Ltd.
(ii) Key Management Personnel :
(a) Kallol Datta - Chairman and Managing Director
(b) I. Sengupta - Director (Personnel)
(c) S. P. Kar - Director (Finance) (since 22.07.2009)
(d) S. Swaminathan - Director (Planning) (since 05.10.2009)
(e) R. K. Sikdar - Director (Planning) (from 01.04.2009 to
30.09.2009)
(f) Sunil Munshi - Chief Executive, Tea Division
13. Fixed Assets in Engineering and Electrical Divisions have been
physically verified by outside agencies and discrepancies (shortage)
noticed on such verification valuing Rs.22.47 lakhs has been adjusted
in the Books of Accounts.
14. On review of old statutory liabilities appearing in the books over
the years, the admitted liabilities have been paid. However,
liabilities in the nature of provision, which are not statutory
liabilities, have been retained for further review and adjustment
thereof.
15. (a) Previous years figures have been re-arranged and/or
re-grouped wherever necessary.
(b) The figures in these accounts have been rounded off to nearest
lakhs of rupees and, as such, the balances in certain heads of account
amounting to Rs.500 or less, although maintained in the books of
accounts of the Company, do not appear in these accounts.
16. The Company disinvested its stake in full (26%) in Phoenix Yule
Ltd. (PYL) a Joint Venture and its holding of 301119 shares in DPSC
Ltd. during the year. The profit on sale of shares in these two
Companies amounting to Rs.7213.18 lakh has been reflected as Other
Income (including non compete fees and royality).
17. The Company closed down its Telepara Unit w.e.f. 28.02.2010 due to
continuous losses suffered by the Unit since taken over from
WBPPDCL/Govt. of West Bengal in April, 1993 to handover the entire Unit
on "as is where is basis" to WBPPDCL, Govt. of West Bengal.
Accordingly, liability towards terminal dues of the employees as per
Industrial Disputes Act, 1947 has been provided. However, additional
liability, if any, would be taken care of subject to reimbursement by
Govt. of West Bengal.
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