Mar 31, 2016
1) Details of shares held by the Holding Company, the ultimate holding company, their subsidiaries and associates:
2. In the opinion of the Board of Directors of the Company, the current assets, loans and advances are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of business.
3. The Company has provided for gratuity to employees based on the actuarial valuation report. However they said liabilities aggregating to Rs.5.02 lacs (P.Y. Rs.5.76 lacs) are not funded.
4. Segment Reporting: Business Segment
The company is having two Business Segments viz. Chemical Division (Manufacturing) and Global Trading Division.
5. Related Party Transactions :
A. Holding Company:
Aura Alkalies and Chemicals Private Limited
B. Subsidiary Company:
Ashwa Minerals Private Limited
C. Associates
- Prabhudas Vithaldas
- Bharat Abrasives and Chemicals Industries
- Kantilal Mohanlal Mehta
- Saurashtra Traders
- Vinod Pandya
- Yogita Allied & Calcined Products
- Shyam Minerals
- Shiva Mines & Minerals
- Altage Stone Crushing Industries
- Aditya Minerals
- Avni Minerals
- Prachi Mines
- Nilesh Mines
- Manohar Daryayani
- Sandeep Abrasives Industries
D. Director(s) / Key Managerial Personnel (KMP):
- Mr. Sunil Shah - Director
- Mr. Sridhar Chari - Whole Time Director ( Up to 24th March 2016)
- Mr. V.Shashidharan - Chief Financial Officer
- Ms.Seema Gangawat - Company Secretary & Compliance Officer
E. Relatives of Director(s) / Key Managerial Personnel :
- Mr. Raviraj S. Shah
*Exclusive of Service Tax
7. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amount unpaid at the yearend together with interest paid/ payable under this Act, has not been given.
8. The Management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard (AS)-28 issued by the Institute of Chartered Accountants of India. Based on the judgment of the Management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.
9. Remuneration includes Rs.36.13 Lacs (P.Y. Rs.35.62 lacs) paid to Whole Time Director.
10. Capacities, Production, Stocks and Sales : (As Certified by the Management)
11. Balances for Trade Payables, Trade Receivables, Loans and Advances are subject to confirmations from the respective parties and reconciliations, if any, in many cases. In absence of such confirmations, the balances as per books have been relied upon by the auditors.
12. On March 31, 2016 the Company has acquired 100% Equity Shares of Ashwa Minerals Private Limited and consequent to the said acquisition, Ashwa Minerals Private Limited has become a wholly owned subsidiary of the Company.
13. Previous year''s figures have been regrouped/recast wherever necessary to correspond with the current year''s classification disclosure.
Mar 31, 2015
1. The company has issued only one class of shares referred to as Equity
shares having a par value of Rs. 10/-. Each holder of equity shares is
entitled to one vote per share.
2. Contingent Liabilities and Commitments:
a) Contingent Liabilities not provided for in respect of:
Sr. Particulars 2014 - 2015 2013 - 2014
No.
1. Income Tax matters 1,54,43,399 43,24,222
2. Sales Tax 13,96,998 13,96,998
3. Excise/Service Tax matters NIL 3,75,855
Total 1,68,40,397 60,97,075
3. In the opinion of the Board of Directors of the Company, the
Current Assets, Loans and Advances are approximately of the value
stated in the Balance Sheet, if realized in the ordinary course of
Business.
4. The Company has provided for gratuity to employees based on the
actuarial valuation report. However the said Liabilities aggregating to
Rs. 5.76 lacs are not funded.
5. Segment Reporting Business Segment
The company is having two Business Segments viz. Chemical Division
(Manufacturing) and Global Trading Division.
6. Related PartyTransactions :
A. Holding Company:
Aura Alkalies and Chemicals Private Limited
B. Key Management Personnel:
Mr. Sridhar Chari - Whole Time Director
Mr. Shashidharan V. - Chief Financial Officer
Mrs.Seema Gangawat - Company Secretary & Compliance Officer
C. Relatives of Key Management Personnel: NIL
7. Consequent to the enactment of the Companies Act, 2013 (the Act) and
its applicability for the accounting period commencing after 1 April,
2014, the Company has reviewed and revised the estimated useful lives
of its Fixed Assets, generally in accordance with the provisions of
Schedule II of the Act. Consequent to change of useful life an amount
of Rs. 3,36,511/- (net of deferred tax Rs. 1,65,744/-) representing WDV
of those assets whose useful life had already expired as on 1st April,
2014 has been adjusted against the General Reserve. Had there been no
change, depreciation charges for the year ended 31st March, 2015 would
have been higher by Rs. 26,91,876/- and profit would have been lower by
Rs.26,91,876/- for the year.
8. DeferredTax :
Considering the market trend for Company's product and Management's
perception on future outlook of the Company, the Deferred Tax Surplus
for current year is accounted to Profit & Loss Account. The deferred
tax adjustment in terms of Accounting Standard 22 is assessed out on
the basis of following timing differences.
9. The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure relating to amount unpaid at the year
end together with interest paid/ payable under this Act, has not been
given.
10. The Management of the Company has, during the year, carried out
technological evaluation for identification of impairment of assets, if
any, in accordance with the Accounting Standard (AS)-28 issued by the
Institute of Chartered Accountants of India. Based on the judgment of
the Management and as certified by the Directors, no provision for
impairment is found to be necessary in respect of any of the assets.
11. Remuneration includes Rs. 35.62 Lacs (P.Y. Rs. 29.48 lacs) paid to
Whole Time Director.
12. Capacities, Production, Stocks and Sales : (As Certified by the
Management)
Notes : ( i) Figures in brackets are in respect of the previous year.
(ii) Sales includes Excise Duty and Sales Tax
(iii) Loss / Gain of goods and captive consumption during the year are
adjusted in sales quantity.
13. The Company had in the previous year, issued, 4,50,000 convertible
equity warrants of Rs. 30 each to Aura Alkalies and Chemicals Private
Limited (Promoter Group) on preferential basis . These warrants were
converted into 4,50,000 equity shares at Rs 10 each and at a premium of
Rs 20 during the current financial year.
14. Balances for Trade Payables, Trade Receivables, Loans and Advances
are subject to confirmations from the respective parties and
reconciliations, if any, in many cases. In absence of such
confirmations, the balances as per books have been relied upon by the
auditors.
15. Previous year's figures have been regrouped/recast wherever
necessary to correspond with the current year's classification
disclosure.
Mar 31, 2014
1. Contingent Liabilities:
Contingent Liabilities not provided for in respect of:
Sr. Particulars 2013-2014 2012-2013
No. Rs. Rs.
1. Income Tax matters 43,24,222 3,99,38,826
2. Sales Tax 13,96,998 13,96,998
3. Excise/Service tax matters 3,75,855 10,35,125
Total 60,97,075 4,23,70,949
2. In the opinion of the Board of Directors of the Company, the
Current Assets, Loans and Advances are approximately of the value
stated in the Balance Sheet, if realised in the ordinary course of
Business.
3. The provision for doubtful debts continues at an amount of Rs.
1056.35 Lacs (P. Y.1056.35 Lacs). In the opinion of the management
these debts have not become bad and they are hopeful of recovery of the
amount.
4. The Company has provided for Gratuity to employees based on the
actuarial valuation report. However the said liabilities aggregating to
Rs. 9.59 are not funded.
5. Related Party Transactions :
A. Associate Concerns :
- Aura Alkalies and Chemicals Private Limited
B. Key Management Personnel and Relatives :
- Sridhar Chari - Whole Time Director
6. The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure relating to amount unpaid at the year
end together with interest paid/ payable under this Act, has not been
given.
7. Balances for Trade Payables, Trade Receivables, for Loans and
Advances are subject to confirmations from the respective parties and
reconciliations, if any, in many cases. In absence of such
confirmations, the balances as per books have been relied upon by the
auditors.
8. The Management of the Company has, during the year, carried out
technological evaluation for identification of impairment of assets, if
any, in accordance with the Accounting Standard (AS)-28 prescribed
under the Companies (Accounting Standards)Rules, 2006. Based on the
judgement of the management and as certified by the Directors, no
provision for impairment is found to be necessary in respect of any of
the assets.
9. The Company has during the year issued 3,75,000 convertible Equity
Warrants of Rs.10 each to Aura Alkalies and Chemicals Private Limited a
body corporate under the promoters group on preferential basis at a
premium of Rs.20 per share/ warrant. These warrants are convertible
into one equity share against each warrant within a period of 18 months
from the date of the issue.
10. Remuneration includes Rs.36.32 Lacs paid to Whole Time Director
(P.Y. Rs. 16.29 Lacs paid to Managing Director upto 26.11.2012 and a
Whole Time Director).
Notes: (i) Figures in brackets are in respect of the previous year.
(ii) Sales includes Excise Duty and Sales Tax. (iii) Loss / Gain of
goods and captive consumption during the year are adjusted in sales
quantity.
11. Previous year''s figures have been regrouped/recast wherever
necessary to correspond with the current year''s classification
disclosure.
Mar 31, 2013
1. Contingent Liabilities:
Contingent Liabilities not provided for in respect of:
Sr. Particulars 2012-2013 2011-2012
No. Rs. Rs.
1. Income Tax matters 3,99,38,826/- NIL
2. Sales Tax 13,96,998/- 13,96,998/-
3. Excise/Service tax matters 10,35,125/- 5,85,376/-
4. Bank Guarantee NIL 7,22,300/-
Total 4,23,70,949/- 27,04,674/-
2. In the opinion of the Board of Directors of the Company, the
current assets, loans and advances are approximately of the value
stated in the Balance Sheet, if realised in the ordinary course of
business.
3. The provision for doubtful debts continues at an amount of Rs.
1056.35 Lacs (P.Y. Rs. 1056.35 Lacs). In the opinion of the management
these debts have not become bad and they are hopeful of recovery of the
amount.
4. The Company has provided for Gratuity to Employees based on the
actuarial valuation report. However the said Liabilities aggregating to
Rs. 3.95 Lacs are not funded.
5. Related Party Transactions (upto 26.11.2012):
A. Associate Concerns:
- Kumaka Industries Limited (Formerly Known as Ashok Organic Industries
Limited)
- Kadakia Alkalies & Chemicals Limited
- Ashok Cellulose Limited
- Ashok Chem Pharma International
- USM Enterprise
- Aqua Alco Bio-Tech Pvt. Ltd.
- Ashok Pharmaceuticals Pvt. Ltd.
- Ashok & Brothers, Ashok M. Kadakia HUF
- Anil M. Kadakia HUF
- Pankaj M. Kadakia HUF
- Aura Alkalies and Chemicals Private Limited
B. Key Management Personnel and Relatives:
- Dr. Anil M. Kadakia (resigned on 26.11.2012)
C. Relatives of Key Management Personnel:
- Mrs. Urvashi Ashok Kadakia Proprietor of Raj Enterprises (Wife of Mr.
Ashok M. Kadakia)
- Mrs. Shobhana Anil Kadakia (Wife of Dr. Anil M. Kadakia)
6. The Company has not received information from vendors regarding
their status under the Micro,Small and Medium Enterprises Developement
Act, 2006 and hence, disclosure relating to amounts unpaid as at the
year -end together with interest paid/ payable under this Act have not
been given.
7. The Management of the Company has, during the year, carried out
technological evaluation for identification of impairment of assets, if
any, in accordance with the Accounting Standard (AS)-28 issued by the
Institute of Chartered Accountants of India. Based on the judgment of
the Management and as certified by the Directors, no provision for
impairment is found to be necessary in respect of any of the Assets.
8. Remuneration includes Rs.16.29 Lacs (P.Y. Rs. 23.93 Lacs) paid to
Managing Director upto 26th November, 2012 and a whole time Director.
Mar 31, 2012
1. The company has not made provision for interest on sales tax
assessment dues of earlier years aggregating to Rs.66,67,265/-which has
resulted in the profit for the year and Reserves and Surplus being
overstated by the said amount.
2. The company has entered into transactions with concern in which
Managing Director is interested and has not complied with the
provisions of section 297 under the Companies Act, 1956 and the
purchases amounts to Rs. 23,76,115/- and sales amounts to Rs.
31,50,760/-
3. Contingent Liabilities:
Contingent Liabilities not provided for in respect of:
Sr. Particulars 2011 - 2012 2010 - 2011
No.
1. Income Tax matters NIL 1,49,57,630/-
2. Sales Tax 13,96,998/- 80,64,263/-
3. Excise/Service tax matters 5,85,376/- 5,85,376/-
4. Bank Guarantee 7,22,300/- NIL
Total 27,04,674/- 2,36,07,269/-
4. Capital Commitments:
Estimated amount of contracts remaining to be executed on capital
account and not provided for amounts to Rs. 2,90,77,155/- (Rs. NIL)
5. In the opinion of the Board of Directors of the Company, the
current assets, loans and advances are approximately of the value
stated in the Balance Sheet, if realized in the ordinary course of
business.
6. Assets under Operating Leases:
The Company has taken on operating lease certain assets. The total
lease rent paid on the Immovable Equipments amounts to Rs. 35,57,746/-
and the amount amortized on leased land amounts to Rs. 12,677/-
7. The provision for doubtful debts continues at an amount of Rs.
1056.35 Lacs (RY1056.35 iacsj. In the opinion of the management these
debts have not become bad and they are hopeful of recovery of the
amount.
8. The company has provided for gratuity to employees based on the
actuarial valuation report. However they said liabilities aggregating to
Rs. 13.51 are not funded. We have been informed by the management that
Life Insurance Corporation of India has permitted to remit the said
dues within a span of twelve months starting from March, 2012.
9. Related Party Transaction :
A. Associate Concerns :
- Kumaka Industries Limited ( Formerly Known as Ashok Organics
Limited)
- Kadakia Alkalies & Chemicals Limited
- Ashok Cellulose Limited
- Ashok Chem Pharma International
- USM Enterprise
- Aqua Alco Bio-tech Pvt. Ltd.
- Ashok Pharmaceuticals Pvt. Ltd.
- Ashok & Brothers, Ashok M Kadakia HUF
- Anil M Kadakia HUF
- Pankaj M Kadakia HUF
- Aura Alkalies and chemicals private Limited
B. Key Management Personnel and Relatives :
- Dr. Anil M. Kadakia
C. Relatives of Key Management Personnel :
- Mrs. Urvashi Ashok Kadakia Proprietor of Raj Enterprises (Wife of
Mr. Ashok M. Kadakia)
- Mrs. Shobhana Anil Kadakia (Wife of Dr. Anil M. Kadakia)
10. The Management of the Company has, during the year, carried out
technological evaluation for identification of impairment of assets, if
any, in accordance with the Accounting Standard (AS)-28 issued by the
Institute of Chartered Accountants of India. Based on the judgment of
the Management and as certified by the Directors, no provision for
impairment is found to be necessary in respect of any of the assets.
11. Remuneration includes Rs.23.93 Lacs (P.Y. Rs. 24.00 lacs) paid to
Managing Director.
12. The Revised Schedule VI has become effective from 1st April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/recast wherever
necessary to correspond with the current year's classification
disclosure.
Mar 31, 2010
1. Figures for previous year have been re-grouped wherever necessary.
2. Contingent Liabilities not provided for in respect of :
(Amount in Rupees)
Sr. Particulars 2009-10 2008-09
No.
I Income-tax matters 1,49,57,630/- 2,15,67,630/-
II Excise matters Nil 27,220/-
III Labour matters 4,40,000/- 4,40,000/-
Total : 1,53,97,630/- 2,20,34,850/-
Note : Company is seeking legal remedy in the form of appeal and
alternate redressal in respect of liabilities listed above.
3. In the opinion of the Board of Directors of the Company, the
current assets, loans and advances are approximately of the value
stated in the Balance Sheet, if realised in the ordinary course of
business.
4. The provision for doubtful debts continues at an amount of Rs
1056.35 Lacs(P.Y.1056.35 lacs) In the opinion of the management these
debts have not become bad and they are quite hopeful of recovery of the
amount.
5. Unclaimed dividend amounting to Rs 2,72,924 /- remaining unpaid
even after the stipulated period of seven year is not deposited in
Investor Education and Protection Fund, as the same is yet to be
reconciled.
6. The Company,s reference made to BIFR u/s 15(1) of the Sick
Industrial Companies(Special Provisions) Act, 1985 , registered under
reference no 291/2003 has been dismissed by the Bench as
non-maintainable on account of networth of the company being positive.
Note: Previous year figures have not been given in the above statement
in view of adoption of AS 17 Segment Reporting by the Company for the
first time.
OTHE DISCLOSURES
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS-17) taking into account the organization
structure as well as the differential risks and returns of these
Segments.
2. The Company has disclosed Manufacturing segment as the primary
segment.
4. The Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and amounts
allocated on a reasonable basis.
7. Related Party Transaction :
As required by Accounting Standard - AS - 18, "Related Parties
Disclosure" issued by the Institute of Chartered Accountants of India,
the details are as follows:
List of Related parties are as under (more than 20% controlled by the
Directors and Relatives):
A. Associate Concerns :
- Ashok Organic Industries Limited
- Kadakia Alkalies & Chemicals Limited
- Ashok Cellulose Limited
- Ashok Chem Pharma International
- USM Enterprise
- Devjagan Salt Farm Pvt. Ltd.
- Aqua Alco Bio-tech Pvt. Ltd.
- Ashok Pharmaceuticals Pvt. Ltd.
- Ashok & Brothers, Ashok M Kadakia HUF
- Anil M Kadakia HUF
- Pankaj M Kadakia HUF
B. Key Management Personnel and Relatives :
- Dr. Anil M. Kadakia
- Mr. Pankaj M. Kadakia
C. Relatives of Key Management Personnel :
- Mrs. Urvashi Ashok Kadakia Proprietor of Raj
Enterprises (Wife of Mr. Ashok M. Kadakia)
- Mrs. Shobhana Anil Kadakia (Wife of Dr. Anil M. Kadakia)
- Mrs. Madhavi Pankaj Kadakia (Wife of Mr. Pankaj M. Kadakia)
8. As required by the notification no. GSR 129 (E) dated 22nd
February, 1999 issued by the Department of Company Affairs, Ministry of
Law, Justice and Company Affairs and based on the information available
with the Company in respect of the status of the suppliers, a sum of
Rs.11,36,645/- is due and is included in "Sundry Creditors". The
Company has not received any claim for interest from the suppliers
covered by the said provisions. The suppliers covered by the said
provisions to whom the Company owes more than Rs.1 lac for more than 30
days as at 31st March, 2010 are : Maldar Barrels Pvt. Ltd., and Renu
Engineering Industries.
9. The Management of the Company has, during the year, carried out
technological evaluation for identification of impairment of assets, if
any, in accordance with the Accounting Standard (AS) -28 issued by the
Institute of Chartered Accountants of India. Based on the judgment of
the Management and as certified by the Directors, no provision for
impairment is found to be necessary in respect of any of the assets.
10. The Company has not received information from Vendors regarding
their status under micro, small and medium Enterprise Development Act,
2006 and hence disclosure relating to amount unpaid as at the year end
together with interest paid / payable under this account have not been
given.
11. Remuneration includes Rs.18 Lacs (P.Y. Rs. 17.90 lacs) paid to
Managing Director.
Notes : (i) Figures in brackets are in respect of the previous year.
(ii) Sales includes Excise Duty, Sales Tax and Foreign Exchange Loss
(iii) Loss / Gain of goods and captive consumption during the year is
adjusted in sales quantity.
(iv) Installed Capacities are as certified by management.
Note: Values are inclusive of incidental expenses like transport,
freight etc.
12. Previous Years Figures have been regrouped / recast wherever
necessary. Figure have been rounded of to the nearest rupee.
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