Mar 31, 2015
2014-15 2013-14
1. CONTINGENT LIABILITIES (not provided for)
Claim against company not acknowledged as Debt 2.50 0.50
2. In view of uncertainty that sufficient future taxable income will be
available against unabsorbed depreciation and carried forward losses
under tax laws, deferred tax assets has not been recognized.
3. In spite of company's net worth being fully eroded, Accounts have
been prepared on going concern basis.
4. The company's operations fall under single segment namely
"Chemicals".
5. Related Party Disclosure
a. Parties where control exists :
Refnol Overseas Limited Subsidiary
Tex Care Middle East LLC Sub-subsidiary
Tex Care Bahrain WLL Sub-subsidiary
b. Other related parties with whom transactions have taken place
during the year :
i Other parties
Indokem Limited Associate
Indokem Export Limited Associate
Shubhlabh Chemicals Pvt. Ltd. Associate
Formost Chemicals Pvt. Ltd. Associate
Chemron Texchem Pvt. Ltd. Associate
Orchard Acres Associate
Priyamvada Holdings Limited Associate
Khatau Leasing and Finance Co. Pvt. Ltd. Associate
MKK Holdings Private Limited Associate
Vindyapriya Holdings Private Limited Associate
ii. Key Management Personnel & Relatives :
1. Mr. Mahendra K. Khatau, Chairman
2. Mr. Arup Basu, Managing Director
3. Mr. Vikas Agarwal, Chief Financial Officer
4. Ms. Anu Rajput, Company Secretary
5. Vikas Agarwal (HUF), HUF firm of Vikas Agarwal, Chief Financial
Officer
6. Mr. Abhik Basu, S/o, Mr. Arup Basu, Managing Director
7. Mrs. Leela K. Khatau, Executive (Mother of Mr. Mahendra K. Khatau,
Chairman)
6. The figures of the previous year have been regrouped / reclassified
/ rearranged, wherever necessary.
Mar 31, 2014
2013-14 2012-13
1. CONTINGENT LIABILITIES (not provided for)
Claim against company not acknowledged as Debt 0.50 0.50
Bills discounted with bank - 129.54
2. In view of uncertainty that sufficient future taxable income will
be available against unabsorbed depreciation and carried forward losses
under tax laws, deferred tax assets has not been recognized.
3. In spite of company''s net worth being negative, Accounts have been
prepared on going concern basis.
4. The company''s operations fall under single segment namely
"Chemicals".
5. The figures of the previous year have been regrouped / reclassified
rearranged, wherever necessary.
Mar 31, 2013
1.1 Equity Shares carry voting rights at the General Meeting of the
company and are entitled to participate in surplus, if any, in the
event of winding up.
2012-13 2011-12
2 CONTINGENT LIABILITIES
(not provided for)
Claim against company not
acknowledged as Debt 0.50 0.50
Bills discounted with bank 129.54 149.92
3 In view of uncertainty that sufficient future taxable income will be
available against unabsorbed depreciation and carried forward losses
under tax laws, deferred tax assets has not been recognized.
4 Company''s Accounts are prepared on a going concern basis in spite of
net worth of the company having turned negative at the end of the year.
5 The company''s operations fall under single segment namely
"Chemicals".
6 The figures of the previous year have been regrouped / reclassified
/ rearranged, wherever necessary.
Mar 31, 2010
(Rupees in lacs)
1 Contingent Liabilities not Provided for: Current Previous
Year Year
a) Counter Guarantees given to bank - 7.57
b) Letter of Credit 394.70 301.19
c) Claim against company not acknowledged
as Debt 0.50 0.50
d) Bills discounted with bank 125.35 4.43
2 Company is awaiting information from the suppliers to identify
enterprises falling under section 22 of the micro, small and medium
enterprises development act, 2006.
3 Company ceases to be a sick company within the meaning of section 3
(1) (o) of the Sick Industrial Companies (special provisions) Act, 1985
as per decision of BIFR in its meeting held on 20/04/2010 effective
31st March 2010.
4 The gross block of fixed assets includes Rs. 541.33 lacs (Previous
year Rs. 541.33 lacs) on account of revaluation of fixed assets carried
out on 31/03/09. Consequent to the said revaluation, there is an
additional charge of depreciation of Rs. 23.69 lacs (Previous year Rs.
nil) and an equivalent amount has been withdrawn from Revaluation
reserve and credited to the profit and loss account. This has no impact
on profit of the year.
5 The companys operations fall under single segment namely
"Chemicals".
6 Related Party Disclosure :
a. Parties where control exists :
Refnol Overseas Limited - Subsidiary
Indokem Limited - Associate
Indokem Export Limited - Associate
Priyamvada Holdings Limited - Associate
Khatau Capacitors Pvt. Ltd. - Associate
Orchard acres - Associate
b. Other related parties with whom transactions have taken place
during the year: Key Management Personnel & Relatives :
(1) Mr. Arup Basu, Managing Director
(2) Mrs. Leela K. Khatau, Executive (Relative of Mr. Mahendra K.
Khatau, Chairman)
(3) Mr. Anil K. Khatau (Relative of Mr. Mahendra K. Khatau, Chairman)
7 Due to Carried forward Book Losses Company has not provided
accumulated net deferred tax as on 1 st April, 2001 and for the current
year as per Accounting Standard 22 (Accounting for Taxes on Income) of
The Institute of Chartered Accountants of India.
8 The figures of the previous year have been regrouped / reclassified
/ rearranged, wherever necessary.
9 Additional information required under Part IV of Schedule-VI to the
Companies Act, 1956 are as per Schedule 22.