Mar 31, 2015
Not available
Mar 31, 2014
1. Shares out of the issued, subscribed and paid up Share Capital were
allotted as Bonus Shares in the last five years by capitalization of
Securities Premium Reserves - Nil.
Shares out of the issued, subscribed and paid up Share Capital were
allotted in the last five years pursuant to the various scheme of
amalgamation without payment being received in cash - Nil.
Shares out of the issued, subscribed and paid up Share Capital held by
subsidiaries do not have Voting Rights and are not eligible for Bonus
Shares - Nil.
Note:
Term Loans from Rana Motors are secured by Hypothecation on Vehicles
and personal Guarantee of Managing Director, and from financial
institutions and other are unsecured but personal guarantee of Managing
Director.
2. In compliance with AS 22 on Accounting for the Taxes on Income, a
Sum of Rs. 971.04 thousand (previous year Rs. 429.24 thousand) has been
considered as deferred tax liability in respect of timing difference
for the year under consideration and the same has been charged to
Profit & Loss Account.
3. Note :
Working Capital Limits from Banks are secured / to be secured by First
charge on stocks of Raw materials, Semi- finished goods, Finished
goods, Consumable stores, hypothecation of book debts. The limits are
further secured by Equable Mortgage of Factory Land of the company.
All secured and unsecured loans are further secured by personal
guarantee of Managing Director of the Company.
NOTE 4
CONTINGENT LIABILITIES NOT PROVIDED FOR ON ACCOUNT OF:
a) Letter of credit outstanding for import / 2,294.46 2,122.09
purchase of Raw materials, spares and plant
and machinery
b) Estimated amount of contracts remaining 1,290.00 -
to be executed on account of capital account
and not provided for (net of advances)
Mar 31, 2013
NOTE 1
CONTINGENT LIABILITIES NOT PROVIDED FOR ON ACCOUNT OF: in Thousand
March 31, 2013 March 31, 2012
a) Letter of credit outstanding
for import / purchase of 2,122.09 3,349.00
Raw materials, spares and
plant and machinery
b) Estimated amount of
contracts remaining to be executed on NIL 430.96
account of capital account
and not provided for (net of advances)
Mar 31, 2012
Shares out of the issued, subscribed and paid up Share Capital were
alloted as Bonus Shares in the last five years by capitalization of
Securities Premium Reserves - Nil.
Shares out of the issued, subscribed and paid up Share Capital were
alloted in the last five years pursuant to the various scheme of
amalgamation without payment being received in cash - Nil.
Shares out of the issued, subscribed and paid up Share Capital held by
subsidiaries do not have Voting Rights and are not eligible for Bonus
Shares - Nil.
The details of Shareholders holding more than 5% shares.
Note:
Term Loans from Rana Motors are secured by Hypothecation on Vehicles
and personal Guarantee of Managing Director, and from financial
institutions and other are unsecured but personal guarantee of Managing
Director.
In compliance with AS 22 issued by ICAI on Accounting for the Taxes on
Income, a sum of Rs. 271.65 thousand (previous year Rs. 2192.68 Lac)
has been considered as deferred tax liability in respect of timing
difference for the year under consideration and the same has been
charged to profit & Loss account.
During the year, company has made a provision of Rs. 467.77 Lacs for
accrued liability on account of leave encashment on the basis of
actuarial valuation based on projected unit method as required by AS 15
(Revised 2005).
Note :
Working Capital Limits from Banks are secured / to be secured by First
charge on stocks of Raw materials, Semi- finished goods, Finished
goods, Consumable stores, hypothecation of book debts. The Limits are
further secured by Equalibale Moratage of Factory Land of the company.
All secured and Unsecured loans are further secured by personal
guarantee of Managing Director of the Company.
The company is in the business of manufacturing Polymer Dispersions,
Fatliquors, Synthetic Tanning Agents, Finishing Chemicals and these are
considered as Leather Chemicals. These products are also sold for
applications in Shoes, textiles and plastic Industry. As such there is
no other segment according to the provisions of the accounting standard
17 on segment reporting as issued by Institute of chartered accountants
of India.
The company is in the business of manufacturing of Polymers,
Dispersions, Fatliquors, Finishing Chemicals and these all are
considered as Leather finishing chemicals. As such, there is no other
segment according to the provisions of the Accounting Standard 17 on
ÃSegment reportingà as issued by the Institute of Chartered
Accountants of India.
Note : 1. Installed capacity is as certified by the management and not
verified by the auditors being technical matter.
2. Figures of stocks are shown after adjustments for captive
consumption, shortages/excesses.
3. Manufacturing Sales are stated at ex-works prices plus excise
duties.
4. Sales include transit losses.
5. Sales include export turnover Rs. 109,226,166 (Previous Year - Rs.
142,015,992).
6. The products manufactured by the company falls under one class of
goods.
The Company has taken Group Gratuity Policy from LIC and the fund Value
as on 31.03.2012 was Rs. 52,19,923/- and this is conformity as per the
requirements of AS 15 issued by ICAI. The provision for Leave
Encashment is on actuarial valuation basis. As per the actuarial
valuation report the provision for leave encashment has been determined
at Rs. 5,86,141/- as on 31.03.2012 and the same has been provided for
in the books of accounts.
Mar 31, 2010
1. Deferred tax
There is not deferred tax liability which needs to be accounted for in
the books of accounts as per the Accounting Standard 22, on "Accounting
for Taxes on Income". The deferred tax asset has been recognised in the
books owing to virtual certainty of realisation of the same in near
future. As sum of Rs. 92,552/- has been recognised as deferred tax
asset and the same has been adjusted against deferred tax liability
created in the earlier years.
2. Contingent liabilities
a) Letter of credits issued by the bank on behalf of the Company : Rs.
867,630/-. (previous year Rs. 867,630) net of advances,
b) Claims against the expenses not acknowledged as Debt Rs. NIL
(Previous Year Rs. 72,390/-).
3. The management is confident that the balance amount outstanding
against sundry debtors exceeding six months is good and recoverable.
Hence, no provision for the same is required to be made in the books of
accounts during the year.
4. In opinion of the Board the current assets, loan and advances if
realized in the ordinary course of business have the value at least
equal to the amount by which they are stated in the Balance Sheet. The
provisions for all the known liabilities are adequate and not in excess
of amount considered reasonable.
5. Sundry creditors include a sum of Rs. 3700287/- (previous year Rs.
11,76449/-) due to Micro and small Undertakings, which are outstanding
for more than 45 days as at 31.03.2010. This information is required to
be disclosed under Micro, Small and Medium Enterprises Development Act
2006, as determined to the extend the parties have been identified on
the basis of information with the company.
6. Segment Reporting
The company is in the business of manufacturing Polymer Dispersions,
Fat liquors, Synthetic Tanning Agents, Finishing Chemicals and these
are considered as Leather Chemicals. These products are also sold for
applications in Shoes, textiles and plastic Industry. As such there is
no other segment according to the provisions of the accounting standard
17 on segment reporting as issued by Institute of chartered accountants
of India.
The company is in the business of manufacturing of Polymers Fatliquors,
finishing chemicals and these all are considered as Leather finishing
chemicals. As such, there is no other segment according to the
provisions of the Accounting Standard 17 on "Segment reporting" as
issued by the Institute of Chartered Accountants of India.
7. Schedules 1 to 13 are forming integral part of the Balance Sheet
and Profit and Loss account.
8. Previous year figures have been re-grouped / re-classified to
conform to current years classification.
9. Staff Advances include loans advanced to employees, under various
schemes of the Company, amounting to Rs. 349267 (Previous Year - Rs.
187616/-), where the repayment is regular as per the terms of
sanctions.
10. Travelling and conveyance-Directors include expenditure of Rs.
888388 (Previous Year - Rs. 331041/-) on Managing Director foreign
travel.
11. During the year under audit a sum of Rs. 7,500,000/- has been
provided for as provision of Income Tax and the same has been adjusted
out of tax deducted at source and advance tax deposited. As a result
the provision for the Income Tax has been directly adjusted from
schedule of current assets in order to reflect the correct position of
current liability and assets.
12. The Company has taken Group Gratuity Policy from LIC and the
entire premium demanded by them for the year 2009-10 have been
paid/provided as per the requirements of AS 15 issued by ICAI. The
provision for Leave Encashment is on actuarial valuation basis. As per
the actuarial valuation report the provision for leave encashment has
been determined at Rs. 535643/- as on 31.03.10 and the same has been
provided for in the books of accounts.