Home  »  Company  »  Bombay Oxygen Invest  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Bombay Oxygen Investments Ltd.

Mar 31, 2018

Note 1. Corporate Information

Bombay Oxygen Corporation Limited (“the Company”) is a Listed Public Company domiciled in India and is incorporated on 3rd October, 1960 under the provisions of the Companies Act applicable in India. The Company is listed on BSE Limited. The Company is a manufacturer and supplier of Industrial gases like oxygen, nitrogen and argon.

The financial statements of the Company for the year ended 31st March, 2018 were authorised for issue in accordance with resolution of the Board of Directors passed on 17th May, 2018.

note 2.2 first time adoption of ind as

These are Company’s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in Note 2.1 have been applied in preparing the financial statements for the year ended 31st March, 2018, the comparative information presented in these financial statements for the year ended 31st March, 2017 and in the preparation of an opening Ind AS balance sheet as at 1st April, 2016 (The Company’s date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).An explanation of how the transition from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows is set out in the following tables and notes :

a) exemptions and exceptions availed

1) Ind aS optional exemptions :

Ind AS 101 allows first time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

a) Deemed cost

I nd AS 101 permits a first time adopter to elect to fair value of its property, plant and equipment as recognised in financial statements as at the date of transition to Ind AS, measured as per previous GAAP and use that as its deemed cost as at the date of transition or apply principles of Ind AS retrospectively. Ind AS 101 also permits the first time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS. This exemption can be also used for intangible assets covered by Ind AS 38.

b) For financial instruments, wherein fair market values are not available (viz. interest free and below market rate security deposits or loans) the Company has elected to adopt fair value recognition prospectively to transactions entered after the date of transition.

2) Ind aS mandatory exceptions :

a) estimates

An entity estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates at 1st April, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP.

b) Derecognition of financial assets and financial liabilities

Ind AS 101 requires a first time adopter to apply the derecognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. Accordingly,the Company has applied the derecognition requirement for financial assets and financial liabilities in Ind AS 109 prospectively for transactions occurring on or after date of transition to Ind AS.

c) classification of financial assets and liabilities

I nd AS 101 requires an entity to assess classification and measurement of financial assets on the basis of facts and circumstances that exist on the date of transition to Ind AS. Accordingly, the Company has applied the above requirement prospectively. Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable. Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of financial assets accounted at amortised cost has been done retrospectively except where the same is impracticable.

d) Impairment of financial assets

Ind AS 101 requires an entity to assess and determine the impairment allowance on financial assets as per Ind AS 109 using the reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments which were initially recognised and compare that to the credit risk at the date of transition to Ind AS. The Company has applied this exception prospectively.

B) transition to Ind aS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS in accordance with Ind AS 101:

I. Balance sheet as at 1st April, 2016 and 31st March, 2017

II. Total Comprehensive Income for the year ended 31st March, 2017

III. Reconciliation of Total Comprehensive Income for the year ended 31st March, 2017 between previous GAAP and IND AS

IV. Reconciliation of Equity as at 1st April, 2016 and 31st March, 2017 between previous GAAP and IND AS The presentation requirements under Previous GAAP differs from Ind AS and hence Previous GAAP information has been regrouped for ease of reconciliation with Ind AS. The Regrouped Previous GAAP information is derived from the Financial Statements of the Company prepared in accordance with Previous GAAP footnotes to the reconciliation of equity as at 1st april, 2016 & 31st March, 2017 and Statement of Profit and Loss for the year ended 31st March, 2017

1) financial asset

Under Indian GAAP the Company accounted for long term investments in quoted equity shares as investment measured at cost less provision for other than temporary diminution in the value of investments. under Ind AS, the Company has designated such investments as FVTOCI investments. Ind AS requires FVTOCI investments to be measured at fair value. At the date of transition to Ind AS, difference between the instruments at fair value and Indian GAAP carrying amount has been recognised as a separate component of equity, in the FVTOCI reserve, net of related deferred taxes.

Under Indian GAAP the Company accounted for mutual funds as investment measured at lower of cost or NRV in case of Short term Investments and at cost less provision for other than temporary diminution in the value of investments in case of long term investments. Under Ind AS, the Company classified these mutual funds as FVTPL investments. Ind AS requires such investments to be measured at fair value. At the date of transition to Ind AS, difference between the instruments at fair value and cost as at the date of transition has been recognised in other equity, net of related deferred taxes.

2) Defined benefit liabilities

Both under Indian GAAP and Ind AS, the Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP the entire cost, including actuarial gains and losses, are charged to the statement of profit and loss. Under Ind AS, remeasurements (comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the Balance Sheet with a corresponding debit or credit to other equity through OCI.

3) Deferred tax (Including Mat credit)

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the Balance Sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the Balance Sheet and its tax base. This has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP

I n addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in other equity or a separate component of equity.

Under Previous GAAP MAT credit was disclosed under non-current assets. In accordance with Ind AS 12, deferred tax asset shall include any carry forward unused tax credits. Hence, MAT credit entitlement has been included in deferred tax asset.

Leasehold land is a non-depreciable asset, Management is expecting that its carrying value will be recovered through sale and the indexation benefit at the time of disposal will be available, accordingly deferred tax asset on the difference between carrying value and indexed value has been created.

4) revenue

Under Indian GAAP revenue from sale of products was presented excluding excise duty. Under Ind AS, revenue from sale of products is presented inclusive of excise duty. Excise duty paid is presented on the face of the statement of profit and loss as part of expenses. There is no impact on total equity and profits.

5) Proposed Dividend

Under the previous GAAP proposed dividend including corporate dividend tax (CDT), are recognised as liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, proposed dividend is recognised as liability in the period in which it is declared by the Company, usually when approved by the shareholders in a General Meeting, or paid.

6) other comprehensive Income

Under Indian GAAP the Company has not presented Other Comprehensive Income (OCI) separately. Hence, it has reconciled Indian GAAP profit or loss to profit or profit or loss as per Ind AS. Further, Indian GAAP profit or loss is reconciled to total comprehensive income as per Ind AS.

7) Statement of cash FIow

The Ind AS adjustments are either non cash adjustments or are regrouping among the cash flow from operating, investing and financing activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended 31st March, 2017 as compared with the previous GAAP

Note 3.1 Tata SSL Limited had unilaterally suspended taking supply of gases from the Company from October, 2000. The outstanding dues continues at Rs.4,746 (000) (excluding interest), and the Company is hopeful of receiving the dues, for which it has taken necessary legal action in a court of law, and also made a claim for non-lifting of minimum 50,000 cu.ms. of oxygen gas per month from 01.11.2000 as per Agreement with them till its validity.

b. Terms/rights attached to equity shares :

The Company has only one class of equity shares having a par value of ''100 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 4. Segment Reporting as required under Indian Accounting Standard 108, “Operating Segments” :

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Manager and Chief Finance Officer of the Company, The Company operates only in one Business Segment i.e. manufacture and supply of Industrial Gases, hence does not have any reportable Segments as per Ind AS 108 “Operating Segments”. The performance of the Company is mainly driven by sales made locally and hence, no separate geographical segment is identified.

Note 5. Disclosure relating to employee benefits as per Ind AS 19 ‘Employee Benefits’

[A] Post Employment Benefit Plans :

Defined Benefit Plans Gratuity:

The defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk, and market (investment) risk.

For the funded plans, the trust maintains appropriate fund balance considering the analysis of maturities. Projected Unit credit method is adopted for Asset-Liability Matching.

Sensitivity analysis

Sensitivity analysis for each significant actuarial assumption as stated above, showing how the defined benefit obligation would be affected, considering increase/decrease of 1% as at 31.03.2018 & 31.03.2017 is as below :

Note 6. Expenditure on Corporate Social Responsibility Activities

As per provisions of Section 135 of the Companies Act, 2013, the Company has to incur at least 2% of average net profits of the preceding three financial years towards Corporate Social Responsibility (“CSR”). Accordingly, a CSR Committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act, 2013.

Note 7. Discontinued Operation

Contract with Mukand Limited for supply of Industrial Gases from Kalwe Unit (situated on a piece of land provided by Mukand Limited) of the Company was discontinued w.e.f. 1st January, 2017. As per the terms of the agreement, the Company is to handover the vacant and peaceful possession of the plot to Mukand Limited on or before 31st December, 2018. Considering the age, location and output of the plant, the Company did not find any possibility of relocating the plant nor any prospective buyer. Accordingly, in the Meeting of the Board of Directors of the Company held on 19th March, 2018, the Board has resolved to dismantle and dispose off the plant, machinery and other equipments at Kalwe Unit of the Company.

Pursuant to the provisions of the Section 180 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014, the Company has sought a consent from its members to dispose off the plant, machinery and other equipments at the Kalwe Unit of the Company through Postal Ballot. In accordance with the result of the Postal Ballot announced on 11th May, 2018, the members have granted their consent to the above stated Board Resolution by requisite majority. Accordingly, the operations of Kalwe Unit is classified as Discontinued Operations in terms of Ind AS 105. The details of revenue and expenses in respect of ordinary activities attributable to the discontinued operations are as follows :

The assets, liabilities, operating results and cash flows of the Company’s discontinued operations are summarised below :

The Company has not disclosed the fair values for financial instruments for other financial assets (current and non-current), trade receivables, cash and cash equivalents and bank balances other than cash and cash equivalents,Trade payables, other current financial liabilities because their carrying amounts are reasonably approximation of fair value.

(ii) Fair value hierarchy

Fair value hierarchy explains the judgement and estimates made in determining the fair values of the financial instruments that are -

a) recognised and measured at fair value.

b) measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

(b) Assets and Liabilities that are disclosed at Amortised Cost for which values are disclosed are classified as Level 3.

If one or more of the significant inputs is not based on observable market data, the respective assets and liabilities are considered under Level 3.

Note 8. Financial risk management objectives and policies

The Company''s activities expose it to a variety of financial risks, market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.

a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company has investments in equity instruments and it manages the risk of market price fluctuations under the guidance of experts in this line of business. The Company does not have any foreign currency exposure and thus it does not foresee any market risk related to currency price fluctuation.

b) Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company''s receivables from third party are not material. Further, the Company does not expect any credit loss in receivables.

c) Liquidity Risk

Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company does not have any borrowings. Further, the current obligations of trade payables and other liabilities are not material and thus Company does not foresee any liquidity risk.

Note 9. Prior year comparatives

Previous year''s figures have been regrouped or reclassified, to conform to the current year''s presentation wherever considered necessary.

This is a summary of significant accounting policies and other explanatory information referred to in our report of even date.


Mar 31, 2015

1 CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

(ii) Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of ' 100 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Messer Griesheim GmbH ("Messer") had acquired 75001 shares, which have not been transferred on account of the various orders of the Courts to that effect. The shares still continue to stand in the name of the original shareholders. Subsequently the right, title and interest in these 75001 shares is sold to the promoters by "Messer".

2. CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Disputed liability towards excise Rs. 13,255 (000) [Previous year - Rs. 21,194 (000)] in respect of various units.

(b) Disputed liability in respect of Income tax Rs. 19,237 (000) [Previous year - Rs. 17,817 (000)].

(c) Disputed liability in respect of Central Sales tax Rs. 1,060 (000) [Previous year - Rs. 1,060 (000)].

(d) Bills discounted Rs. 25,074 (000) [Previous year - Rs. 32,567 (000) ].

3. Effective from April 1, 2014, the Company has charged depreciation on its assets based on their useful life as stipulated under Schedule II of the Companies Act, 2013. Due to this, the depreciation for the year ended on 31st March, 2015 is lower by Rs. 2640(000) as compared to the depreciation computed under the provisions of the Companies Act, 1956. Further, based on the transitional provision as provided in Note 7(b) of Schedule II, Rs. 2640(000) has been adjusted against opening balance of retained earnings and corresponding impact of Deferred Tax Liability amounting to Rs. 857(000) has also been adjusted against opening balance of retained earnings.

4. Previous year's figures have been regrouped/reclassified, wherever necessary.


Mar 31, 2014

1 CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

2. contingent liabilities Not provided For :

(a) Claim against the Company not acknowledged as debts – Nil [Previous year – Rs.518 (000)].

(b) Disputed liability towards excise Rs.13,255(000) [Previous year – Rs. 21,194(000)] in respect of various units.

(c) Disputed liability in respect of Income tax Rs.17,817(000) [Previous year – Rs.3,886 (000)].

(d) Disputed liability in respect of Central Sales tax Rs.1,060(000) [Previous year – Nil].

(e) Bills discounted Rs.32,567(000) [Previous year – Rs.16,328(000)].

3. Previous year''s figures have been regrouped / reclassified, wherever necessary.


Mar 31, 2013

1. CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR :

(a) Claim against the Company not acknowledged as debts Rs. 518(000) [Previous year - Rs. 742(000)].

(b) Disputed liability towards excise Rs. 21,194(000) [Previous year - Rs. 21,194(000)] in respect of various units.

(c) Disputed liability in respect of Income tax Rs. 3,886(000) [Previous year - Rs. 101 (000)].

(d) Bills discounted Rs. 16,328(000) [Previous year - Rs. 5,215(000)].

3. SEGMENT REPORTING AS PER ACCOUNTING STANDARD -17 (AS-17):

(a) The Company has two primary business segments viz : (i) Industrial Gases and (ii) Plant Manufacturing Division

4. Previous year''s figures have been regrouped / reclassified, wherever necessary.


Mar 31, 2012

1. CORPORATE INFORMATION :

Bombay Oxygen Corporation Limited is a Public Limited Company incorporated on 3rd October, 1960 and listed on Bombay Stock Exchange Ltd.

The Company is one of the leading manufacturers and suppliers of Industrial gases like oxygen, nitrogen, argon and medical oxygen, both in liquid and gaseous form in tankers and cylinders to the public and the private sector, as well as through pipelines by installing and running onsite plants for high volume customers.

(i) Terms/rights attached to equity shares :

The Company has only one class of equity shares having a par value of Rs. 100 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR :

(a) Claim against the Company not acknowledged as debts Rs. 742(000) [Previous year - Rs. 742(000)].

(b) Disputed liability towards excise Rs. 21,194(000) [Previous year - Rs. 21,194(000)] in respect of various units.

(c) Disputed liability in respect of Income tax Rs. 101(000) [Previous year - Rs. 101(000)].

(d) Bills discounted Rs. 5,215(000) [Previous year - Nil],

3. Segment Reporting as per Accounting Standard -17 (AS-17):

(a) The Company has two primary business segments viz :

(i) Industrial Gases and

(ii) Plant Manufacturing Division

(b) The Company operates within the geographical limits of India, accordingly secondary segments have not been considered.

4. The subsidiaries viz. Bombay Oxygen Gases Ltd. and Bombay Oxygen Acetylene Ltd, have been closed and their names are struck off from the register of the Registrar of Companies with effect from 28.12.2011 & 27.12.2011 respectively.

5. Tata SSL Limited had unilaterally suspended taking supply of gases from the Company's Tarapur plant from October, 2000. The outstanding dues continues at Rs. 4,746(000) (excluding interest) as on 31.03.2012, for which the Company has taken necessary legal action, and also made a claim for non-lifting of minimum 50,000 cu.ms. of oxygen gas per month from 01.11.2000 as per Agreement with them.

6. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. The disclosure and presentation have been made in the financial statements accordingly. Previous year's figures have accordingly been regrouped / reclassified, to correspond with the current year's classification/disclosure.


Mar 31, 2011

1. Contingent Liabilities not provided for in respect of :

(i) Claim against the Company not acknowledged as debts Rs. 742 (000) [Previous year - Rs. 742 (000)].

(ii) Disputed liability towards excise Rs. 21,194 (000) [Previous year - Rs. 11,253 (000)] and service tax Nil [Previous year - Rs. 8 (000)] in respect of various units.

(iii) Disputed liability in respect of Income tax Rs. 101 (000) [Previous year - Rs. 101 (000)].

(iv) Bank guarantees & Letter of Credit given to various authorities Rs. 22,840 (000) [Previous year - Rs. 17,715(000)]

2. Amounts falling due for repayment within one year Rs. 1,666 (000) [Previous year Rs. 2,364 (000)]

3. Tata SSL Limited has unilaterally suspended taking supply of gases from the Company's Tarapur plant from 20th October, 2000. The outstanding dues continues at Rs. 4,746(000) (excluding interest) as on 31.03.2011, for which the Company has taken necessary legal action, and also made a claim for non-lifting of minimum 50,000 cu.ms. of oxygen gas per month from 01.11.2000 as per Agreement with them.

4. Having regard to the fact that, in respect of an inter-corporate deposit of Rs. 1,000,000 (000) placed by the Company in the ordinary course of business, the terms concerning interest rate chargeable thereon have not been agreed to between the Company and the other Company and to the consequent uncertainty of the amount of such interest, based on AS-9 ("Recognition of Revenue") the same has not been considered as income and not accounted for.

5. Information in accordance with the requirements of Accounting Standard - 17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

(a) The Company has two primary business segments viz :

(i) Industrial Gases and

(ii) Plant Manufacturing Division

6. The Company has not received any intimation from any enterprise regarding their status under the Micro, small & Medium Enterprise Development Act, 2006 and hence disclosures relating to amounts unpaid together with interest as on 31st March, 2011, have not been given.

7. Previous year's figures have been regrouped/restated/reclassified, wherever necessary.


Mar 31, 2010

1. (a) Contingent Liabilities not provided for:

(i) Claim against the Company not acknowledged as debts Rs. 742(000) [Previous year - Rs.839 (000)].

(ii) Disputed liability towards excise Rs. 11,253(000) [Previous year - Rs.3,314 (000)] and service tax Rs. 8(000) [Previous year - Nil ] in respect of various units.

(iii) Disputed liability in respect of Income tax Rs. 101(000) [Previous year - Rs.454 (000)].

(iv) The liability in respect of employees working at Kalwe and Khopoli unit amounting to Rs. 4,512(000) [Previous Year - Nil ] as per the Industrial Tribunal Award has been provided in the books of account. The workmen have challenged the Award and filed a Writ Petition before the Hon. Bombay High Court.

(b) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil [Previous year - Rs. 2,519 (000)]

2. Amounts falling due for repayment within one year Rs. 3,132(000) [Previous year Rs. 11,740(000)]

3. Tata SSL Limited has unilaterally suspended taking supply of gases from the Companys Tarapur plant from 20th October, 2000. The outstanding dues continues at Rs. 4,746(000) (excluding interest) as on 31.03.2010, for which the Company has taken necessary legal action, and also made a claim for non-lifting of minimum 50,000 cu.ms. of oxygen gas per month from 01.11.2000 as per Agreement with them.

4 Having regard to the fact that, in respect of an inter-corporate deposit of Rs. 1,000,000(000) placed by the Company in the ordinary course of business, the terms concerning interest rate chargeable thereon have not been agreed to between the Company and the other Company and to the consequent uncertainty of the amount of such interest, based on AS-9 ("Recognition of Revenue") the same has not been considered as income and not accounted for.

5. Related Party Disclosures :

(a) Name of the Related Party Nature of Relationship Bombay Oxygen Gases Limited Subsidiary Company Bombay Oxygen Acetylene Limited Subsidiary Company

(b) Transactions with Related Parties Subsidiaries

6. Information in accordance with the requirements of Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

(a) The Company has two primary business segments viz :

(i) Industrial Gases and

(ii) Plant Manufacturing Division

7. The Company has not received any intimation from any enterprise regarding their status under the Micro, small & Medium Enterprise Development Act, 2006 and hence disclosures relating to amounts unpaid together with interest as on 31st March, 2010, have not been given. »

8. Previous year figures have been regrouped/restated/reclassified, wherever necessary.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X