Notes to Accounts of Roto Pumps Ltd.
Mar 31, 2023
i) SECURITIES PREMIUM
Securities Premium represents premium received on equity shares issued, which can be utilised only in accordance with the provisions of the companies Act,2013 (''''the Act'''') for specified purposes.
The general reserve is used from time to time to transfer profits from retained earnings for appropriations purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.
iii) OTHER COMREHENSIVE INCOME
These are actuarial gains/ losses on employee benefit obligations.
During the year financial year 2022-23, the board of directors has approved payment of Final dividend of Rs 2.85 per equity share of face value Rs. 2 each. During the previous financial year company has paid an Final dividend of Rs 0.35 per equity share of face value Rs. 2 each.
17.1 Terms of Repayment:
a) Term Loans from others consists of vehicle loans repayable in 36 monthly equal installments.
b) Unsecured Loan facility is avalied in United Kingdom which consists of providing economic benefit to our business including , but not limited to , working capital or investing in our business, first repayable will be made on the date 13 months from the draw down loan dated 16.07.2020 after that in 59 months equal installments.
17.2 Security: Term Loans from others consists of vehicle loans which are secured by hypothecation of Motor Vehicles purchased under the loan.
DBS Bank & BANK OF BARODA
a) Hypothecation on the stocks and book debts of the company on Pari Passu basis.
b) Equitable Mortgage of Immovable Factory Building, located at Roto House , 13 NSEZ, Noida on Pari Passu basis.
c) Equitable Mortgage of Immovable Factory land and building located at B-14, Phase-II, Extension, Noida on Pari Passu basis.
d) Equitable Mortgage of Immovable Factory land and building located at B-15, Phase-II, Extension, Noida on Pari Passu basis.
As per terms of banks, the company has submitted monthly stock statements and Quarterly Information Statement(QIS) which
tallies with books of accounts.
|
35 CONTINGENT LIABILITIES & COMMITMENTS |
||
|
35.1 Contingent Liabilities |
('' in Lakhs) |
|
|
PARTICULARS |
As at |
As at |
|
31st, March 2023 |
31st, March 2022 |
|
|
i) Bank Guarantees/Letter of Credit |
939.18 |
757.62 |
|
ii) Corporate Guarantees |
2.22 |
112.05 |
|
iii) Labour Cases |
53.66 |
61.08 |
|
iv) Income tax cases |
204.33 |
75.49 |
|
v) DGFT/custom Authority against EPCG licences |
269.98 |
270.18 |
35.2 Commitmentsa) Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for INR 609.37 Lakhs (As at 31st March 2022 : INR 2139.08 Lakh)
Term Deposits with Bank of India, Janpath Branch New Delhi amounting to INR 300.07 lakhs (As at 31st March 2022 : INR 287.35 lakhs), Term Deposit with Bank of Baroda, Janpath Branch, New Delhi amounting to INR 104.79 lakhs ( As at 31st March 2022: INR 116.11 lakhs) and Term Deposit with DBS Bank India Limited, Sector 63,Gautam Budh Nagar, Noida amounting to INR110.00 lakhs (As at 31st March 2021: INR 110.00 lakhs) are pledged with respective Banks as Margin on Bank Guarantees, Letter of Credit and Foreign bills purchased by them.
36 The particulars of loans given and Investment in wholly owned subsidiaries during FY 2022-23 which are disclosed below as required by Section 186(4) of the Companies Act 2013:
The Company''s policy is to maintain a strong capital base so as to ensure that the Company is able to continue as going concern to sustain future development of the business. The capital structure of the Company is based on management''s judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market conditions. The policy is also adjusted based on underlying macro-economic factors affecting business environment, financial and market conditions. Its guiding Principles are as below:-
i) Maintenance of financial strength to ensure the highest ratings;
ii) Ensure financial flexibility and diversify sources at financing;
iii) ''Manage Company exposure in forex to mitigate risks to earnings;
iv) ''Leverage optimally in order to maximum shareholders returns while maintaining strength and flexibility of the balance sheet.
FVTPL Fair Value through Profit & Loss A/c.
FVTOCI :- Fair Value through Other Comprehensive Income
The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used for the year ended 31st March, 2022.
The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements as described below: Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. In the case of Derivative contracts, the Company has valued the same using the forward exchange rate as at the reporting date.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. b) Calculation of fair values:
i) Financial assets and liabilities measured at fair value as at Balance Sheet date:
The fair values of the derivative financial instruments has been determined using valuation techniques with market observable inputs. The models incorporate various inputs including the credit quality of counter-parties and foreign exchange forward rates.
ii) Other financial assets and liabilities:-
-Cash and cash equivalents , trade receivables, other financial assets (except derivative financial instruments), trade payables, and other financial liabilities (except derivative financial instruments) have fair values that approximate to their carrying amounts due to their short-term nature.
-Loans have fair values that approximate to their carrying amounts as it is based on the net present value of the anticipated future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities."
39 FINANCIAL RISK MANAGEMENT Risk Management framework and policies
The Company''s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company''s senior management has the overall responsibility for establishing and governing the Company''s risk management framework. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Company''s risk management policies. The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the Company.
The Company has exposure to the following risks arising from financial instruments:
A) Credit Risk
B) Liquidity Risk
C) Market Risk
D) Interest Rate Risk
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. Credit Risk arises from credit exposures from customers, cash and cash equivalent with banks, security deposits and loans.
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer and including the default risk of the industry, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company uses an allowance matrix to measure the expected credit losses of trade receivables. The loss rates are computed using a ''roll rate'' method based on the probability of receivable progressing through successive stages of delinquency to write off.
Liquidity Risk is the risk that a company could encounter if it faces difficulty in meeting the obligations associated with financial liabilities by delivering cash and other financial asset or the risk that the Company will face difficulty in raising financial resources required to fulfill its commitments. The Company''s exposure to liquidity risk is very minimal as it has a prudent liquidity risk management process in place which ensures maintaining adequate cash and marketable securities to pay its liabilities when they are due. To ensure continuity of funding , the Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities , by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The Company operates internationally and a major portion of the business is transacted in several currencies. Consequently the company is exposed to foreign exchange risk through its sales and services in the US and elsewhere, and purchases from the overseas suppliers in various foreign currencies. The Company holds derivative financial instruments such as foreign exchange forward contract to mitigate the risk of changes in exchange rates on foreign currency exposure. The exchange rate between rupee and foreign currency has changed substantially in recent years and may fluctuate substantially in future. Consequently ,the results of the Company''s operation are adversely affected as the rupee appreciates/ depreciates against these currencies.
Forward Foreign Exchange Contracts
The Company has entered into short term Forward Exchange Contracts, being derivative instruments for hedge purposes and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain receivables. For the fair Value (Marked to Market) of foreign currency derivative contracts outstanding refer to Note No 22.
Interest Rate risk can be the cash flow interest rate risk. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing instruments will fluctuate because of fluctuations in market interest rates.
Significant actuarial assumption for the determination of the defined benefit obligation are discount rate and expected salary increase rate. Effect of change in mortality rate is negligible .The Sensitivity analysis presented below may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of the assumptions may be correlated. The results of sensitivity analysis are given below :
47 The Company''s operations predominantly comprises of only one segment- Pumps & Spares, therefore operationally segment reporting does not apply.
48 During the financial year, the Board of Directors of the Company at its meeting held on 23rd May 2023 had approved payment of an Final dividend at rate of INR 3.15 per equity share of face value INR 2/- each on 15703805 equity shares and Bonus shares in the ration of 1:1 i.e. 1 (one) equity bonus share of face value INR 2/- fully paid up will be issued for every 1 (one) equity share of face value of INR 2/- fully paid up held on the record date.
49 The Company has not entered into any transactions with the Companies struck off under section 248 of the Companies Act 2013 or Section 560 of Companies Act 1956.
50 There is no Immovable Properties, Title deeds of those are not held in the name of the Company.
51 The Company neither have any Benami property, nor any proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act,1988 and rule made thereunder.
52 The Company does not have any charges or satisfaction which is yet to be registered with Registrar Of Companies (ROC) beyond the statutory period.
53 The company is not declared wilful defaulter by any bank or financial institution or other lender.
54 The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
55 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year ended 31 March 2023 and 31 March 2022.
56 No revaluation of Property, Plant & Equipment & Intangible assets has been carried out during the year.
57 The subsidiaries are within the limit prescribed under clause 87 of Section 2 of the Act read with Companies (Restriction on number of layers) Rule, 2017,
58 Previous Year''s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year''s figures and better disclosure requirements.
59 Figures have been rounded off to the INR Lakhs. Amounts appearing as zero "0" in financial are below the rounding off norm adopted by the Company
Mar 31, 2018
Company Overview
Roto Pumps Limited referred to as âRPLâ or âthe Companyâ was incorporated on 31st July 1975. RPL is an enterprise listed on the BSE Ltd. The company is engaged in manufacturing of screw pumps and parts of pumps. The Companyâs products include progressive cavity pumps (PCP), twin screw pumps (TSP) and retrofit parts. The Companyâs products serve across section of industries including infrastructure, oli and gas, power, mining, paper and pulp which form critical part of economy
1 FIRST-TIME ADOPTION OF Ind AS:
These are the Companyâs first financial statements prepared in accordance with Ind AS.The Company has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs with effect from 1st April, 2017, with a transition date of 1st April, 2016. Ind AS 101 - First time adoption of Indian Accounting Standards requires that all Ind ASâs and interpretations that are issued an effective for the first Ind AS financial statements which is for the year ended 31st March, 2018 for the Company, be applied retrospectively and consistently for all financial years presented. Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
Optional Exemptions availed:
(a) Deemed Cost
The Company has elected to continue with the carrying value for all of its property, plant and equipment and Intangible assets as recognized in the financial statement as at 31.03.2016, measured as per the previous GAAP and use that as its deemed cost as at the transition date.
(b) Investments in subsidiaries and joint ventures
The Company has elected to continue with the carrying amount of investment as recognized in the financial statement as at 31.03.2016, measured as per the previous GAAP and used that as its deemed cost as at the transition date.
(c) Foreign Currency Monetary items
In terms of Para D13AA of Ind AS 101, the Company may continue to account for foreign exchange differences relating to long term foreign currency monetary items as per previous IGAAP. The Company has elected to apply the same.
(d) Designation of previously recognized financial instruments
The Company has elected to designate investments in equity instruments (other than equity instrument in subsidiaries and joint ventures) at fair value through other comprehensive income on the basis of the facts and circumstances at the date of transition to Ind AS.
Applicable Mandatory Exceptions
(a) Estimates
An entityâs 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).
Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:
(i) Impairment of financial assets based on expected credit loss model.
(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. However, Ind AS 101 allows the first time adopter to apply the derecognition requirement in Ind AS 109 retrospectively from the date to the entities choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities to de-recognized as a result of past transactions was obtained at the time of initially accounting for those transactions. The Company has elected to apply the de-recognition provision of Ind AS 109 prospectively from the date of transition to Ind AS.
(c) Classification and measurement of financial assets
As required under Ind AS 101 the Company has assessed the classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Where practicable, measurement of financial assets accounted at amortized cost has been done retrospectively.
(d) Impairment of Financial Assets
Ind AS 101 requires an entity to apply the Ind AS requirements retrospectively if it is practicable without undue cost and effort to determine the credit risk that debt financial instruments where initially recognized. The company has measured impairment losses on financial assets as on the date of transition i.e. 1st April, 2016 in view of cost and effort.
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 as required under Ind AS 101:
(i) Reconciliation of Balance sheet as at 1st April, 2016 (Transition Date);
(ii) Reconciliation of Balance sheet as at 31st March, 2017;
(iii) Reconciliation of Total Comprehensive Income for the year ended 31st March, 2017;
(iv) Reconciliation of Total Equity as at 1st April, 2016 and as at 31st March, 2017;
(v) Adjustments to Cash Flow Statements as at 31st March, 2017
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 re-grouped previous GAAP information is derived from the Financial Statements of the Company prepared in accordance with previous GAAP
v) Adjustment to the Cash Flow Statement as at 31st March 2017
The Ind AS adjustments are non cash adjustments. 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.
Additional Notes to the Reconcilation:
A) Investment Property
Under previous GAAP, there was no requirement to present investment property separately and the same was included under non - current investments and measured at cost less provision for diminution other than temporary.
Under Ind AS, investment property is required to be presented separately in the balance sheet.
B) Derivative Contract
Under previous GAAP, in respect of derivative contracts such as forward exchange contracts, premium/discount arising at the inception of the forward exchange contract to hedge foreign currency risks, were amortized as expense or income over the life of the contract. Exchange differences on such forward exchange contracts were recognized in the Statement of Profit and Loss.
Under Ind AS, all derivative contracts are measured at fair value through profit and loss.
C) Reasurement of Defined Benefit Liabilities
Under previous GAAP, actuarial gains and losses were recognized in profit or loss.
Under Ind AS, the actuarial gains and losses form part of remeasurement of the net defined benefit liability/asset which is recognized in other comprehensive income.
Consequently, the tax effect of the same has also been recognized in other comprehensive income under Ind AS instead of profit or loss.
D) Trade Receivables
Under previous GAAP, the Company had recognized provision on trade receivables based on the expectation of the Company.
Under Ind AS the Company provides loss allowance on receivables based on the Expected Credit Loss (ECL) model which is measured following the ""simplified approach"" at an amount equal to the lifetime ECL at each reporting date.
E) Deferred Tax
Under previous GAAP, deferred tax accounting was done using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period.
Under Ind AS, accounting of deferred taxes is done 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.
F) Proposed Dividend
Under previous GAAP, dividends on equity shares recommended by the board of directors after the end of the reporting period but before the financial statements were approved for issue were recognized in the financial statements as a liability.
Under Ind AS, such dividends are recognized when declared by the members in a general meeting.
G) Government Grants
The Company had received Government grant against a capital asset in the year 1995. Under previous GAAP the same was accounted for in Capital Reserve.
Under Ind AS, the grant needs to be recognized as deferred income over the useful life of the capital asset. As the useful life of the capital asset has expired on the date of transition, the same has been written off to Retained Earnings.
H) Other Comprehensive Income
Under previous GAAP, there was no concept of other comprehensive income.
Under Ind AS specified items of income, expense, gains or losses are required to be presented in other comprehensive income.
i) The average credit period for collection is 90 days.
ii) No trade or other receivable are due from directors either severally or jointly with any other person.
iii) Trade receivable includes Rs. 59,304,059 (As at 31st March, 2017: Rs. 72,147,476,As at 1stApril, 2016: Rs. 36,017,778 ), receivable from subsidiaries incorporated out side India.
iv) Information about credit risk and market risk of trade receivables refer Note No 39
2.1 During the period from 1st April 2016 to 31st March 2017 & 31st March 2018 there is no Changes in Number of Shares oustanding at the end of the reporting period in comparison to number of Shares Oustanding at the beginning of the reporting period.
2.2 Application Money on 9,300 Equity Shares @ Rs. 10/- per Share alongwith premium @ Rs. 45/- per share aggregating to Rs. 5,11,500/- allotted on 11.11.1994 has not yet been dispatched and realised as the same was paid by an applicant through a forged stock invest which has been dishonoured by the bankers. During the Financial year 2014-2015 the Face Value of Shares is divided into Rs 2/- per Share from Rs 10/- per Share each.
i) SECURITIES PREMIUM
Securities reserve is used to record the Premium on issue of shares. This reserve is utilized in accordance with the provisions of the Act.
ii) GENERAL RESERVE
The general reserve is used from time to time to transfer profits from retained earnings for appropriations purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.
iii) OTHER COMREHENSIVE INCOME
These are actuarial gains/ losses on employee benefit obligations.
iv) DIVIDEND
The Company paid the dividend of Rs. 0.40 per Share in (2017-2018) and 0.20 per Share in (2016-2017) for face value of Rs. 2/- per Share
3.1 Current Year Term Loan from bank Rs. 1,43,83,885 (USD 2,22,971.40) {As at 31st March, 2017 Rs. 7,18,63,682 (USD 11,14,857.00)}, {As at 1st April, 2016 : Rs. 13,20,03,528 (USD 20,06,742.20)} includes Rs. 66,891 {As at 31st March, 2017 Rs. (4,15,293), (As at 1st April 2016 Rs. 1,07,97,733) on account of Foreign Exchange Difference against FCNR term Loan availed from Citi Bank. Out of the Total Outstanding FCNR term Loan Rs. 1,43,83,885 (USD 2,22,971.40) {As at 31st March 2017: Rs.5,74,90,946 (USD 891885.60)}, {As at 1st April, 2016 : Rs. 5,86,68,235 (USD 891885.60)} is shown in Current Liabilities for Long term Borrowings and Rs. NIL {March 2017: Rs.1,43,72,736 (USD 222971.40)}, {As at 1st April, 2016 : Rs. 7,33,35,293 (USD 1114857.00)} is shown in Long Term Borrowings for Greater Noida Project which is Secured by:-
a) Sole Charge on assets funded under FCNR Term Loan.
b) First exclusive charge on immovable property Land and Building located at Plot no 31, Ecotech -XII,Greater Noida, U.P 17.2
3.2 Terms of Repayment:
a) FCNR Term Loan from Citi bank is repayable in 16 equal quarterly instalments of USD 2,22,971.40 out of which 15 equal quarterly Instalments has been paid till Marchâ18
b) Term Loans from others consists of vehicle loans repayable in 36 monthly equal installments.
4.1 BANK OF INDIA
The working Capital loans are secured against hypothecation of stocks and book debts on Pari Passu basis with Citi Bank & IndusInd Bank and guaranteed by the Chairman and Managing Director, Dy. Mananging Director and Marketing Director as well as collaterly secured by:
a) Equitable Mortgage of Immovable Factory Building, located at Roto House, 14 NSEZ, Noida on Pari Passu basis with IndusInd Bank.
b) Equitable Mortgage of Immovable Factory land and building located at B-14, Phase-II, Extension, Noida on Pari Passu basis with IndusInd Bank.
c) Hypothecation of plant & machinery exclusively charged to Bank of India.
Citi Bank
a) Hypothecation on the stocks and book debts of the company on Pari Passu basis with Bank of India & IndusInd Bank.
b) Equitable mortagage of Immovable property Land and Building located at Plot No :-31, Ecotech-XII, Greater Noida, U.P IndusInd Bank
a) Equitable Mortagage over the Immovable Factory Building situated at Roto House ,13 NSEZ , Noida as well as Land and Building situated at B-14, Hosiery Complex, Noida on Pari Passu basis with Bank of India.
b) Hypothecation charge on all Stock and book Debts of the company on Pari Passu basis with Bank of India & Citi Bank.
5.1 Other payable includes Rs.2,65,29,424 for Capital liability (As at 31st March, 2017: Rs.15,58,483, As at 1st April, 2016: Rs.91,39,081), and Rs.85,99,107 on account of advance from (As at 31st March , 2017 : Rs. 68,28,944, As at 1st April , 2016 : Rs.57,20,195) customers and balance on account of other expenses payable.
The amount of sales during the current financial year is inclusive of excise duty amounting to Rs 55,80,368 till 30th June 2018 and Rs 4,32,36,786 during the year 2016-2017 . However, w.e.f 1st July, 2017 on introduction of Goods and Service Tax (GST), Central Excise, Value Added Tax etc. have been subsumed into GST. In accordance with the Accounting Standard-18 Revenue Recognition and Schedule III of the Companies Act 2013, unlike Excise Duties, Levies like GST, VAT etc. are not part of Revenue therefore the sales amount is net of GST.
5.2 Commitments
a) Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 30,03,205 as at 31st March 2018 (As at 31st March 2017 : Rs Nil , As at 1st April 2016 : Rs Nil)
b) Financial Guarantee
Term Deposits with Bank of India, Janpath Branch amounting to Rs 60,32,362/- (As at 31st March 2017 : Rs.16,02,356/- , As at 1st April 2016 Rs.33,07,350) and Term Deposit with Indusind Bank ,Barakhamba Road Branch amounting to Rs 46,56,715/-(As at 31st March 2017: Rs 29,33,016/-, As at 1st April 2016 Rs 23,99,044/-) are pledged with Bank of India & IndusInd Bank as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.
Term Deposits with Citi Bank, Barakhamba branch amounting to Rs 90,84,386/-is pledged as Security with Goods & Service Tax Department.
6 The Company being engaged in the business of Engineering manufacturing, the provision of Section 186 of the Companies Act, 2013 are not applicable and accordingly, disclosure of details with respect to Loan given, guarantee given,security and investment made during the financial year 2017-2018 & 2016-2017 in terms of Section 186(4) of the Act is not applicable.
7 Capital Management
The Companyâs policy is to maintain a strong capital base so as to ensure that the Company is able to continue as going concern to sustain future development of the business. The capital structure of the Company is based on managementâs judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market conditions. The policy is also adjusted based on underlying macro-economic factors affecting business environment, financial and market conditions. Its guiding Principles are as below:-
i) Maintenance of financial strength to ensure the highest ratings;
ii) Ensure financial flexibility and diversify sources at financing;
iii) Manage Company exposure in forex to mitigate risks to earnings;
iv) Leverage optimally in order to maximum shareholders returns while maintaining strength and flexibility of the balance sheet.
The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used for the year ended 31st March, 2017.
The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements as described below:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. In the case of Derivative contracts, the Company has valued the same using the forward exchange rate as at the reporting date.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
b) Calculation of fair values:
i) Financial assets and liabilities measured at fair value as at Balance Sheet date:
The fair values of the derivative financial instruments has been determined using valuation techniques with market observable inputs. The models incorporate various inputs including the credit quality of counter-parties and foreign exchange forward rates.
ii) Other financial assets and liabilities:-
-Cash and cash equivalents, trade receivables, other financial assets (except derivative financial instruments), trade payables, and other financial liabilities (except derivative financial instruments) have fair values that approximate to their carrying amounts due to their short-term nature.
-Loans have fair values that approximate to their carrying amounts as it is based on the net present value of the anticipated future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.
8 Financial Risk Management
Risk Management framework and policies
The Companyâs business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Companyâs senior management has the overall responsibility for establishing and governing the Companyâs risk management framework. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Companyâs risk management policies. The Companyâs risk management policies are established to identify and analyze the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the Company.
The Company has exposure to the following risks arising from financial instruments:
A) Credit Risk
B) Liquidity Risk
C) Market Risk
D) Interest Rate Risk
The table below explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact in the financial statements:-
A) Credit Risk
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. Credit Risk arises from credit exposures from customers, cash and cash equivalent with banks, security deposits and loans.
The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer and including the default risk of the industry, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.The Company uses an allowance matrix to measure the expected credit losses of trade receivables.The loss rates are computed using a âroll rateâ method based on the probability of receivable progressing through successive stages of delinquency to write off.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
Other than trade and other receivables, the Company has no other financial assets that are past due but not impaired.
The derivative contracts are entered into with scheduled banks which have good credit ratings.
B) Liquidity Risk
Liquidity Risk is the risk that a company could encounter if it faces difficulty in meeting the obligations associated with financial liabilities by delivering cash and other financial asset or the risk that the Company will face difficulty in raising financial resources required to full fill its commitments.The Companyâs exposure to liquidity risk is very minimal as it has a prudent liquidity risk management process in place which ensures maintaining adequate cash and marketable securities to pay its liabilities when they are due.To ensure continuity of funding, the Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities , by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
C) Market Risk
The Company operates internationally and a major portion of the business is transacted in several currencies. Consequently the company is exposed to foreign exchange risk through its sales and services in the US and elsewhere, and purchases from the overseas suppliers in various foreign currencies. The Company holds derivative financial instruments such as foreign exchange forward contract to mitigate the risk of changes in exchange rates on foreign currency exposure. The exchange rate between rupee and foreign currency has changed substantially in recent years and may fluctuate substantially in future. Consequently ,the results of the Companyâs operation are adversely affected as the rupee appreciates/ depreciates against these currencies.
Foreign Currency sensitivity
The sensitivity of profit or loss to changes in the exchange rate arises mainly from foreign currency denominated financial instruments. The sensitivity to variations in respect of major currencies is given below.This analysis assumes that all other variables remain constant.
The Company, in accordance with its risk management policies and procedures, enters into foreign currency forward contracts to manage its exposure in foreign exchange rate variations. The counter party is generally a bank. These contracts are for a period between one day and one year. The above sensitivity does not include the impact of foreign currency forward contracts which largely mitigate the risk.
Forward Foreign Exchange Contracts
The Company has entered into short term Forward Exchange Contracts, being derivative instruments for hedge purposes and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain receivables. For the fair value (Marked to Market) of foreign currency derivative contracts outstanding refer Note no. 22
D) Interest Rate Risk
Interest Rate risk can be the cash flow interest rate risk.Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing instruments will fluctuate because of fluctuations in market interest rates.
Mr. Vijoy Kumar had resigned w.e.f 9th February, 2017 and Mr. Basant Seth was appointed in casual vacancy w.e.f 12th May, 2017.
9.1 Relatives of Key Managerial Personnel Mr. H. C. Gupta HUF
Mr. H. C. Gupta, Chairman & Managing Director of the Company is the Karta of H. C. Gupta HUF and the Company had taken on lease for Camp Office from H. C. Gupta HUF Upto Sept 16 and paid Rs. 27,56,000/- towards rent for the year 2016-2017.
10 Employees Benefit
a) Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:
b) Defined Benefit Plan
The present value of the defined benefit obligations and related current service cost were measured using the Projected unit credit method, with actuarial valuation being carried out at each Balance Sheet date.
11 CSR Expenditure
a) Gross amount required to be spent by the Company during the FY 2017-2018 is Rs 11,02,000/- (Previous Year Rs 12,00,000/-)
b) Amount spent during the period
Note:Expenses of Foreign Branch includes Capital goods (net of sales) installed and used at Foreign Branch Rs.17,23,029/-(Prev. Year Rs.13,62,917/-) and Consumption of Consumable Stores of Rs 7,26,974/- ( Prev.Year Rs 3,45,095/-)
12 Remittance in foreign currency towards Dividend for 2016-2017 to Ms. Debra Pauly, U.K. of Rs.1,52,800/- on 382000 Equity Shares (Previous Year Rs.76,400/-)
Note: Imported Consumables includes Rs.7,26,974/- (Previous Year Rs.3,45,095/-) consumption at foreign branches.
13 The Companyâs operations predominantly comprises of only one segment- Pumps & Spares, therefore operationaly segment reporting does not apply.
14 The Board of Directors of the company at its meeting held on May 30, 2018, inter alia, has recommended a dividend of Rs 0.40 per equity shares on 15453805 equity Shares of Par value Rs. 2/- each.
15 Previous Yearâs figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current yearâs figures.
16 Figures have been rounded off to the nearest rupee.
Mar 31, 2016
1. During the Year there is no Changes in Number of Shares outstanding at the end of the reporting period in comparison to number of Shares Outstanding at the beginning of the reporting period.
2. Application Money on 9,300 Equity Shares @ Rs, 10/- per Share along with premium @ Rs, 45/- per share aggregating to Rs, 5,11,500/- allotted on 11.11.1994 has not yet been dispatched and realized as the same was paid by an applicant through a forged stock invest which has been dishonored by the bankers. During the Financial year 2014-2015 the Face Value of Shares is divided into Rs, 2/- per Share from Rs, 10/- per Share each.
3. Current Year Term Loan Rs, 13,20,03,528/- (USD 2006742.20) {Prev Year Rs, 17,98,59,880/- ( USD 2898627.80)} includes Rs, 1,07,97,733/- ( Prev Year Rs, 90,21,803/-) on account of Foreign Exchange Difference against FCNR Loan availed from Citi Bank. Out of the Total Outstanding FCNR term Loan Rs, 5,86,68,235/- (USD 891885.20){ Prev Year Rs, 5,53,41,501/-( USD 891885.60)} is shown in Current Liabilities for Long term Borrowings and Rs, 7,33,35,293/- ( USD 1114857.00) {Prev Year Rs, 12,45,18,379/- (USD 2006742.20)} is shown in Long Term Borrowings for Greater Noida Project which is Secured by:-
a) Sole Charge on assets funded under FCNR Term Loan.
b) First exclusive charge on immovable property of the company located at Plot no 31, Ecotech -XII,Greater Noida,U.P
4. Current Year Term Loan Rs, 88,88,449/- (USD 135123.90) { Prev Year Rs, 3,25,00,000/- ( USD 540495.59) includes Rs, 11,93,275/- (Prev Year Rs, 9,56,001/ -) on account of Foreign Exchange Difference against FCNR Loan for Plant & Machinery from IndusInd Bank .Out of the Total Outstanding FCNR Term Loan Rs, 88,88,449/- (USD 135123.90) {Prev Year Rs, 1,67,68,876/-( USD 270247.80) is shown in Current Liabilities for Long Term Borrowings and Rs, NIL ( USD NIL) { Prev Year Rs, 83,84,437/- (USD 135123.90) is shown in Long Term Borrowings which is Secured by :-
a) Exclusive Charge over Machinery Purchased by utilizing the Term Loan
b) Second Charge over the Land and Building situated at Roto House, Noida SEZ and Land and Building situated at B-14, Hosiery Complex, Noida.
5. Terms of Repayment:
a) FCNR Term Loan from Citi bank is repayable in 16 equal quarterly installments of USD 2,22,971.40 out of which 7 equal quarterly Installments has been paid till March''16
b) FCNR Term Loan from Inducing Bank is repayable in 8 equal quarterly Installments of USD 67,561.95 out of which 6 equal quarterly Installments has been paid till March 16
c) Term Loans from others consists of vehicle loans repayable in 36 monthly equal installments.
6. BANK OF INDIA
The working Capital loans are secured against hypothecation of stocks and book debts on Pari Passu basis with Citi Bank & Inducing Bank and guaranteed by the Chairman and Managing Director and Dy. Managing Director as well as collaterally secured by:
a) Equitable Mortgage of Immovable Factory Building, located at Roto House , 14 NSEZ, Noida on Pari Passu basis with Inducing Bank.
b) Equitable Mortgage of Immovable Factory land and building located at B-14, Phase-II, Extension, Noida on Pari Passu basis with Inducing Bank .
c) Hypothecation of plant & machinery exclusively charged to Bank of India.
Citi Bank
a) Hypothecation on the stocks and book debts of the company on Pari Passu basis with Bank of India & IndusInd Bank.
b) Equitable mortagage of Immovable property located at Plot No. 31, Ecotech-XII, Greater Noida , U.P
IndusInd Bank
a) Equitable Mortagage over the Immovable Factory Building situated at Roto House ,14 NSEZ , Noida as well as Land and Building situated at B-14, Hosiery Complex, Noida on Pari Passu basis with Bank of India.
b) Hypothecation charge on all Stock and book Debts of the company on Pari Passu basis with Bank of India & Citi Bank.
6.1 Other payable includes Rs, 91,39,081/- for Capital liability (Previous year Rs, 82,76,054/-), Rs, 57,20,195/- on account of advance from customers (Previous year Rs, 75,01,699/-)and balance on account of other expenses payable
7. Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for Rs, NIL /-(Previous year '' 2,80,48,000/-)
8. Revaluation of all the fixed assets (except Building under construction up to 31.03.1993) was carried out by an approved valuer as on 31st March, 1993, which resulted in an increase in the Gross Value of assets over original cost by Rs, 2,50,17,478/-. The net increase in the value, resulting from the revaluation amounting to Rs, 2,50,17,478/-has been credited to Revaluation Reserve, created during the year ended 31.03.1993. Of this Revaluation reserve, a sum of Rs, 2,41,68,195/- has been adjusted on account of depreciation/sale of revalued assets till 31st March, 2016.
9. Depreciation for the year, on write up of assets due to revaluation as on 31.03.1993, has been recouped out of Revaluation Reserve.
10. Term Deposits with Bank of India, Janpath Branch amounting to Rs, 33,07,350/- (Prev. year Rs, 51,57,978.54) and Term Deposit with Indusind Bank ,Barakhamba Road Branch amounting Rs, 23,99,044/- (Prev Year Rs, 15,21,138/-)are pledged with Bank of India & IndusInd Bank as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.
During the F.Y 2015-2016 Mr Pradeep Jain is being promoted from Deputy General Manager -Finance & Accounts to Chief Financial Officer with effect from 10th November 2015.
Relatives of Key Managerial Personnel Mr. H. C. Gupta HUF
Mr. H. C. Gupta, Chairman & Managing Director of the Company is the Karta of H. C. Gupta HUF and the Company had taken on lease for Camp Office from H. C. Gupta HUF and paid Rs, 49,74,000/- towards rent (Prev year Rs, 48,00,000/-).
Mr. N. K Gupta HUF
Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of N. K. Gupta HUF and the Company has taken on lease a residential accommodation from N. K. Gupta HUF and paid Rs, NIL towards rent during the year (Prev. year Rs, 3,54,000/-)
The Joint Venture Company in Singapore - Roto Overseas Pte Ltd has divested its equity stake in the associate South African company - Ecochem Pumps Africa (Pty) Ltd at par value during the year and placed the sales proceeds with another South African Company known as Roto Pumps Africa (Pty) Ltd with intent to acquire majority stake. The process of acquisition of equity could not be completed as on 31st March, 2016. Roto Pumps (Africa) Pty Ltd has started sales and marketing of pumps and parts of pumps during the year under review and has achieved a sales turnover of South African Rand (ZAR) 613,493 and incurred a loss of ZAR 533,702.
11. Income /(Loss) on difference in exchange rates on account of foreign currency transactions relating to Export Sales amounting to Rs, 51,81,976/- { Previous Year - Rs, (2,65,326/-)} has been grouped with Export Sale.
12. Excise duty payable on finished goods/Scrap Stock lying in stock at factory amounting to Rs, 7,01,577/- (Prev. year Rs, 8,21,637/-) has been included in the value of the closing stock after creating suitable provision for liability.
13. In the opinion of the Board, the Current Assets, Loans and Advances are stated at a value, considered realisable in the ordinary course of business.
14. The CompanyRs,s operations predominantly comprises of only one segment - Pumps & spares, therefore operationaly segment reporting does not apply.
15. Deferred Tax
Deferred Tax assets and liabilities are being offset as they relate to taxes on income levied by the same governing laws. Breakup of deferred tax assets / liabilities and reconciliation of current year deferred tax credit/charge.
Note: The Company has recognized the Deferred Tax Asset of Rs, 59,03,907/- (Previous year Deferred Tax Charge of Rs, 1,11,52,665/-) during the year and debited to Profit & Loss Account.
16 The disclosure required under Accounting Standard 15-"Employee Benefits" notified in the Companies( Accounting Standards) Rules 2006, are given below:
DEFINED CONTRIBUTION PLAN
Contribution to Defined Contribution Plan, recognized are charged off for the year are as under:
DEFINED BENEFIT PLAN
The Employees'' gratuity fund scheme managed by Reliance Life Insurance Company Ltd. is a defined benefit plan. The present value of obligation for gratuity and leave encashment is determined on the basis of Actuarial Valuation Report made at the year end.
17 Taxation provisions for current year and previous year tax adjustments includes interest thereon.
18 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 amounts unpaid as at the yearend together with interest paid/payable under this Act have not been given
Note : Export of goods includes sales at Foreign Branches Rs, 41,22,95,633/- (Prev. Year Rs, 36,63,70,856/-) Service Charges includes charges at Foreign Branches Rs, 5,91,631/- (Prev. Year Rs, 2,73,985/-) Interest Income includes interest at Foreign Branches Rs, NIL/- (Prev. Year Rs, NIL/-)
Note: Expenses of Foreign Branch includes Capital goods (net of sales) installed and used at Foreign Branch Rs, 3,17,424/-(Prev. Year Rs, 7,28,342/-) and Consumption of Consumable Stores of Rs, 5,58,601/- (Prev. Year Rs, 3,87,823/-)
19 Remittance in foreign currency towards Dividend for 2014-15 to Ms. Debra Pauly, U.K. of Rs, 2,29,200/- on 382000 Equity Shares (Previous Year Rs, 2,29,200/-)
20. Previous Year''s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year''s figures.
21. Figures have been rounded off to the nearest rupee.
Mar 31, 2015
1. Commitments
Estimated amount of contracts remaining to be executed on capital
account and not provided for, Rs. 2,80,48,000/- (Previous year Rs.
4,16,99,647/-)
2. Financial and Derivative Instruments For Hedging Currency
Nominal amounts of derivative contracts entered into by the Company and
outstanding as on 31st March 2015 is given below:
3. Revaluation of all the fixed assets (except Building under
construction upto 31.03.1993) was carried out by an approved valuer as
on 31st March, 1993, which resulted in an increase in the Gross Value
of assets over original cost by Rs. 2,50,17,478/-. The net increase in
the value, resulting from the revaluation amounting to Rs. 2,50,17,478/-
has been credited to Revaluation Reserve, created during the year ended
31.03.1993. Of this Revaluation reserve, a sum of Rs. 2,41,27,512/- has
been adjusted on account of depreciation/sale of revalued assets till
31st March,2015.
4. Depreciation for the year, on write up of assets due to revaluation
as on 31.03.1993, has been recouped out of Revaluation Reserve.
5. Term Deposits with Bank of India, Janpath Branch amounting to Rs.
51,57,978.54 (Prev. year Rs. 39,96,874.16) and Term Deposit with Indusind
Bank ,Barakhamba Road Branch amounting Rs. 15,21,138/- (Prve. Year Rs. NiL)
are pledged with Bank of India as Margin on Bank Guarantees, Letter of
Credit and Foreign biils purchased by them.
Relatives of Key Managerial Personnel Mr. H. C. Gupta HUF
Mr. H. C. Gupta, Chairman & Managing Director of the Company is the
Karta of H. C. Gupta HUF and the Company had taken on lease for Camp
Office from H. C. Gupta HUF and paid Rs. 48,00,000/- towards rent (Prev
year Rs. 12,00,000/ - towards rent & Rs. 12,00,000 for Security Deposit).
Mr. N. K Gupta HUF
Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of
N. K. Gupta HUF and the Company has taken on lease a residential
accommodation from N. K. Gupta HUF and paid Rs. 3,54,000/- towards rent
during the year (Prev. year Rs. 14,16,000/-)
6. Income /(Loss) on difference in exchange rates on account of foreign
currency transactions relating to Export Sales amounting to Rs.
(2,65,326/-) ( Previous Year - Rs. 2,57,291/-) has been grouped with
Export Sale.
7. Excise duty payable on finished goods/Scrap Stock lying in stock at
factory amounting to Rs. 8,21,637/- (Prev. year Rs. 6,31,154/-) has been
included in the value of the closing stock after creating suitable
provision for liability.
8. In the opinion of the Board, the Current Assets, Loans and Advances
are stated at a value, considered realisable in the ordinary course of
business.
9. The Company's operations predominantly comprises of only one segment
- Pumps & spares, therefore operationally segment reporting does not
apply.
10. Deferred Tax
Deferred Tax assets and liabilities are being offset as they relate to
taxes on income levied by the same governing laws.
Breakup of deferred tax assets / liabilities and reconciliation of
current year deferred tax credit/charge.
11. The disclosure required under Accounting Standard 15-"Employee
Benefits" notified in the Companies( Accounting Standards) Rules 2006,
are given below:
DEFINED CONTRIBUTION PLAN
Contribution to Defined Contribution Plan, recognised are charged off
for the year are as under:
12. Taxation provisions for current year and previous year tax
adjustments includes interest thereon.
13. 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 amounts unpaid as at the
year end together with interest paid/payable under this Act have not
been given
14. Remittance in foreign currency towards Dividend for 2013-14 to Ms.
Debra Pauly, U.K. of Rs. 2,29,200/- on 76400 Equity Shares (Previous Year
Rs. 1,91,000/-)
15. Previous Year's figures have been re-grouped/re-arranged wherever
necessary to render them comparable with the current year's figures.
16. Figures have been rounded off to the nearest rupee.
Mar 31, 2014
1. Current Year Term Loan of Rs. 21,23,40,124/-( USD 3567542) includes
Rs. 1,23,40,124/- on account of Foreign Exchange Difference against
FCNR Loan in USD equivalent to Rs. 20 Crore availed from bank during
the year. Out of the Total FCNR term Loan Rs. 3,98,13,773/- ( USD
668914.20) is shown in Current Liabilities for Long Term Borrowings and
Rs. 17,25,26,351/- ( USD 2898627.80) is shown in Long Term Borrowings
for Greater Noida Project which is Secured by
a) Sole Charge on assets funded under FCNR Term Loan.
b) First Exclusive charge on immovable property located at B-15,
Phase-II, Extension, Noida.
c) First exclusive charge on immovable property of the company located
at Plot no 31, Ecotech -XII,Greater Noida,U.P
2. Previous Year Term Loan of Rs. 37,83,879/- from Banks consist of
Plant and Machinery loans secured against hypothecation of respective
Plant and Machinery, guaranteed by the Chairman & Managing Director and
Dy. Mananging Director and collaterly secured by:
a) Equitable Mortgage of Immovable Factory Land and Building, located
at Roto House, 14 Noida Special Economic Zone, Noida.
b) Equitable Mortgage of factory land and building located at B-14,
Phase-II, Extension, Noida.
c) Negative Lien (Pledge of shares of Housing Society) on Company''s
Flat no 54, 5th Floor, Ajay Deep Building, 240 Nariman Street, Mumbai.
d) Hypothecation of Plant & Machinery and other fixed assets of the
company.
3. Terms of Repayment:
a) FCNR Term Loan from bank is repayable in 16 equal quarterly
instalments of USD 2,22,971.40/- start from Sept,14.
b) Term Loans from others consists of vehicle loans repayable in 36
monthly equal installments.
c) The company has availed Buyer'' Credit from Bank of India of USD
650000 which is due for payment in June,14.
4. The working Capital loans are secured against hypothecation of
stocks, book debts and Plant & Machinery, guaranteed by the Chairman &
Managing Director and Dy. Mananging Director and collaterly secured by:
a) Equitable Mortgage of Immovable Factory Land and Building, located
at Roto House, 14 Noida Special Economic Zone, Noida.
b) Equitable Mortgage of factory land and building located at B-14,
Phase-II, Extension, Noida.
c) Negative Lien (Pledge of shares of Housing Society) on Company''s
Flat no 54, 5th Floor, Ajay Deep building, 240 Nariman Street, Mumbai.
d) Hypothecation of Plant & Machinery and other fixed assets of the
company.
5. CONTINGENT LIABILITIES & COMMITMENTS
5.1 Contingent Liabilities (Amount in Rs.)
PARTICULARS 2013-14 2012-13
i) Disputed Income Tax (appeals pending) 50,54,838 50,54,838
ii) Bank Guarantee 2,67,39,973 2,16,53,193
iii) Labour Cases 59,34,857 43,82,214
5.2 Commitments
Estimated amount of contracts remaining to be executed on capital
account and not provided for, Rs. 4,16,99,647/- (Previous year Rs.
9,32,29,992/-).
6. Revaluation of all the fixed assets (except Building under
construction upto 31.03.1993) was carried out by an approved valuer as
on 31st March, 1993, which resulted in an increase in the Gross Value
of assets over original cost by Rs. 2,50,17,478/-. The net increase in
the value, resulting from the revaluation amounting to Rs.
2,50,17,478/-has been credited to Revaluation Reserve, created during
the year ended 31.03.1993. of this Revaluation reserve, a sum of Rs.
2,40,82,343/- has been adjusted on account of depreciation/sale of
revalued assets till 31st March, 2014.
7. Depreciation for the year, on write up of assets due to revaluation
as on 31.03.1993, has been recouped out of Revaluation Reserve.
8. Term Deposits with Bank of India, Janpath Branch amounting to Rs.
39,96,874/- (Prev. year Rs. 37,21,415/-) are pledged with Bank of India
as Margin on Bank Guarantees, Letter of Credit and Foreign biils
purchased by them.
9. Income /(Loss) on difference in exchange rates on account of foreign
currency transactions relating to Export Sales amounting to Rs.
(2,57,291/-) ( Previous Year - Rs. 34,42,735/-) has been grouped with
Export Sale.
10. Excise duty payable on finished goods/Scrap Stock lying in stock at
factory amounting to Rs. 6,31,154/- (Prev. year Rs. 11,11,553/-) has
been included in the value of the closing stock after creating suitable
provision for liability.
11. In the opinion of the Board, the Current Assets, Loans and Advances
are stated at a value, considered realisable in the ordinary course of
business.
12. The Company''s operations predominantly comprises of only one
segment - Pumps & spares, therefore segment reporting does not apply.
13. Deferred Tax
Deferred Tax assets and liabilities are being offset as they relate to
taxes on income levied by the same governing laws.
Breakup of deferred tax assets / liabilities and reconciliation of
current year deferred tax credit/charge.
14. Taxation provisions for current year and previous year tax
adjustments includes interest thereon.
15. 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 amounts unpaid as at the
year end together with interest paid/payable under this Act have not
been given.
16. Remittance in foreign currency towards Dividend for 2012-13 to Ms.
Debra Pauly, U.K. of Rs. 1,91,000/- on 76400 Equity Shares (Previous
Year Rs. 1,91,000/-).
17. Previous Year''s figures have been re-grouped/re-arranged wherever
necessary to render them comparable with the current year''s figures.
18. Figures have been rounded off to the nearest rupee.
Mar 31, 2013
1 CONTINGENT LIABILITIES & COMMITMENTS
1.1 Contingent Liabilities (Amount in Rs.)
"Particulars 2012-13 2011-12
i) Disputed Sales Tax
(appeals pending) - 403,642
ii) Disputed Income Tax
(appeals pending) 50,54,838 50,54,838
iii) Bank Guarantee 2,16,53,193 2,33,42,385
iv) Labour Cases 43,82,214 35,74,214
1.2 Commitments
Estimated amount of contracts remaining to be executed on capital
account and not provided for, Rs. 9,32,29,992/-(Previous year Rs.
2,428,769/-)
2 Revaluation of all the fixed assets (except Building under
construction upto 31.03.1993) was carried out by an approved valuer as
on 31st March, 1993, which resulted in an increase in the Gross Value
of assets over original cost by Rs. 2,50,17,478/-. The net increase in
the value, resulting from the revaluation amounting to Rs. 2,50,17,478/-
has been credited to Revaluation Reserve, created during the year ended
31.03.1993. Of this Revaluation reserve, a sum of Rs. 2,39,74,556/- has
been adjusted on account of depreciation/sale of revalued assets till
31st March, 2013.
3 Depreciation for the year, on write up of assets due to revaluation
as on 31.03.1993, has been recouped out of Revaluation Reserve.
4 Term Deposits with Bank of India, Janpath Branch amounting to Rs.
37,21,415/- (Prev. year Rs. 89,24,823/-) are pledged with Bank of India
as Margin on Bank Guarantees, Letter of Credit and Foreign biils
purchased by them.
Relatives of Key Managerial Personnel Mr. H.C. Gupta HUF
Mr. H.C. Gupta, Chairman & Managing Director of the Company is the
Karta of H.C. Gupta HUF and the Company had taken on lease a
residential accommodation from H.C. Gupta HUF and paid Rs. Nil towards
rent during the year (Prev year Rs. 4,65,000/-)
Mr. N.K Gupta HUF
Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of
N.K. Gupta HUF and the Company has taken on lease a residential
accommodation from N.K. Gupta HUF and paid Rs. 14,16,000/- towards rent
during the year (Prev. year Rs. 14,16,000/-)
5 Income/(Loss) on difference in exchange rates on account of foreign
currency transactions relating to Export Sales amounting to Rs.
34,42,735/- (Previous Year - (Rs. 38,91,826/-)) has been grouped with
Export Sale.
6 Excise duty payable on finished goods/Scrap Stock lying in stock at
factory amounting to Rs. 11,11,553/- (Prev. year Rs. 5,61,602/-) has been
included in the value of the closing stock after creating suitable
provision for liability.
7 In the opinion of the Board, the Current Assets, Loans and Advances
are stated at a value, considered realizable in the ordinary course of
business.
8 The Company''s operations predominantly comprises of only one
segment-Pumps & spares, therefore segment reporting does not apply.
9 Deferred Tax
Deferred Tax assets and liabilities are being offset as they relate to
taxes on income levied by the same governing laws.
Note: The Company has recognized the Deferred Tax Assets of Rs.
7,98,662/- (Previous year Deferred Tax Charge Rs. 37,01,921/-) during the
year and debited to Profit & Loss Account.
10. Taxation provisions for current year and previous year tax
adjustments includes interest thereon.
11. 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 amounts unpaid as at the
year end together with interest paid/payable under this Act have not
been given.
Note : Export of goods includes sales at Foreign Branches Rs.
36,75,14,645/- (Prev. Year Rs. 27,54,42,238/-) Service Charges includes
charges at Foreign Branches Rs. 4,07,484/- (Prev. Year Rs. 11,67,897/-)
Interest Income includes interest at Foreign Branches Rs. 3,043/- (Prev.
Year Rs. 25,724/-)
Note : Expenses of Foreign Branch includes Capital goods (net of sales)
installed and used at Foreign Branch Rs. 17,71,128/- (Prev. Year Rs.
4,13,795/-)
12. Remittance in foreign currency towards Dividend for 2011-12 to Ms.
Debra Pauly, U.K. of Rs. 1,91,000/- on 76400 Equity Shares (Previous Year
Rs. 1,91,000/-)
13. Previous Year''s figures have been re-grouped/re-arranged wherever
necessary to render them comparable with the current year''s figures.
14. Figures have been rounded off to the nearest rupee.
Mar 31, 2012
1.1 Application Money on 9,300 Equity Shares @ Rs 10/- per Share
alongwith premium @ Rs 45/- per share aggregating toRs 5,11,500/ -
allotted on 11.11.1994 has not yet been realised as the same was paid
by an applicant through a forged stock invest which has been
dishonoured by the bankers.
2.1 Term Loan from Banks consist of Plant and Machinery loans secured
against hypothecation of respective Plant and Machinery and guaranteed
by the Chairman and Managing Director, Dy. Managing Director and one
other Director and collaterly secured by:
a) Equitable Mortgage of Factory Land and Building located at Roto
House, 14 NSEZ, Noida.
b) Equitable Mortgage of factory Land and Building located at B-14,
Phase-ll, Extension, Noida.
c) Negative Lien (Pledge of shares of Housing Society) on Company's
Flat no 54, 5th Floor, Ajai Deep, Nariman Street, Mumbai,
2.2 Terms of Repayment:
a) Term Loan from bank is repayable in 20 equal quarterly instalments
of Rs 7,50,000/- each
b) Term Loans from others consists of vehicle loans repayable in 36
monthly equal installments and secured by hypothecation of respective
vehicles.
c) Deferred Payment liabilities consists of facility from Greater Noida
Industrial Development Authority in respect of Industial land financing
of Rs 4,98,40,000/- repayable in 10 half yearly installments of Rs
49,84,000/- alongwith interest theron at 11%.
3.1 The working Capital loans are secured against hypothecation of
stocks and book debts and guaranteed by the Chairman and Managing
Director, Dy. Managing Director and one other Director and collaterly
secured by:
a) Equitable Mortgage of Factory Land and Building located at Roto
House, 14 NSEZ, Noida.
b) Equitable Mortgage of factory Land and Building located at B-14,
Phase-ll, Extension, Noida.
c) Negative Lien (Pledge of shares of Housing Society) on Company's
Flat no 54, 5th Floor, Ajai Deep, Nariman Street, Mumbai.
d) Hypothecation of plant & machinery installed that at B-14 & 15,
Phase-ll, Extension, Noida and Roto House, 14 NSEZ, Noida.
4.1 Other payable includes Rs 3,58,92,367/- for Capital liability
(Previous yearRs 14,21,621/-) and Rs 1,01,62,769/- on account of advance
from customers (Previous year Rs 1,62,48,892/-and balance on account of
other expenses payable.
5 CONTINGENT LIABILITIES & COMMITMENTS
5.1 Contingent Liabilities (Amount in Rs.)
PARTICULARS 2011-12 2010-11
i) Disputed Sales Tax
(appeals pending) 4,03,642 6,87,089
ii) Disputed Income Tax
(appeals pending) 50,54,838 50,54,838
iii) Bank Guarantee 2,33,42,385 2,98,59,936
iv) Labour Cases 35,74,214 33,25,342
5.2 Commitments
Estimated amount of contracts remaining to be executed on capital
account and not provided for, Rs 24,28,769/- (Previous year Rs 3865494/-)
6. Revaluation of all the fixed assets (except Building under
construction upto 31.03.1993) was carried out by an approved valuer as
on 31st March, 1993, which resulted in an increase in the Gross Value
of assets over original cost by Rs 2,50,17,478/-. The net increase in
the value, resulting from the revaluation amounting to Rs 2,50,17,478/-
has been credited to Revaluation Reserve, created during the year ended
31.03.1993. Of this Revaluation reserve, a sum of Rs 2,38,52,459/- has
been adjusted on account of depreciation/sale of revalued assets till
31st March, 2012.
7. Depreciation for the year, on write up of assets due to
revaluation as on 31.03.1993, has been recouped out of Revaluation
Reserve.
8. Term Deposits with Bank of India, Janpath Branch amounting to Rs
89,24,823/- (Prev. year Rs 72,85,658/-) are pledged with Bank of India
as Margin on Bank Guarantees, Letter of Credit and Foreign biils
purchased by them.
9. Term Deposit With ANZ Banking Group Limited, Melbourne amounting
to AUD 48,376.00 (Rs 25,41,198/-) (Previous Year AUD 48,376/- & Rs
22,12,597/-) are pledged with ANZ Banking Group Limited as margin on
Bank Guarantee.
Relatives of Key Managerial Personnel Mr. H. C. Gupta HUF
Mr. H. C. Gupta, Chairman & Managing Director of the Company is the
Karta of H. C. Gupta HUF and the Company has taken on lease a
residential accommodation from H. C. Gupta HUF and paid Rs 4,65,000/-
towards rent during the year (Prev year Rs 17,70,000/-)
Mr. N. K Gupta HUF
Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of
N. K. Gupta HUF and the Company has taken on lease a residential
accommodation from N. K. Gupta HUF and paid Rs 14,16,000/- towards rent
during the year (Prev. year Rs 13,32,000/-)
10. Income /(Loss) on difference in exchange rates on account of
foreign currency transactions relating to Export Sales amounting to Rs
38,91,826/- (Previous Year - (Rs 25,414/-)) has been grouped with Export
Sale.
11. Excise duty payable on finished goods/Scrap Stock lying in stock
at factory amounting to 7 5,61,602/- (Prev. year Rs 353,873/-) has been
included in the value of the closing stock after creating suitable
provision for liability.
12. Profit/Loss on Sales and Impairement of fixed assets account
includes Rs Nil - (Prev. Year - Rs 4,79,939/-) towards loss on impairment
of assets.
13. In the opinion of the Board, the Current Assets, Loans and
Advances are stated at a value, considered realisable in the ordinary
course of business.
14. The Company's operations predominantly comprises of only one
segment - Pumps & spares, therefore segment reporting does not apply.
15. Deferred Tax
Deferred Tax assets and liabilities are being offset as they relate to
taxes on income levied by the same governing laws.
16 The disclosure required under Accounting Standard 15- "Employee
Benefits" notified in the Companies (Accounting Standards) Rules
2006, are given below:
DEFINED BENEFIT PLAN
The Employees' gratuity fund scheme managed by Reliance Life
Insurance Company Ltd. is a defined benefit plan. The present value of
obligation for gratuity and leave encashment is determined on the basis
of Acturial Valuation Report made at the year end.
17. Taxation provisions for current year and previous year tax
adjustments includes interest thereon.
18. 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 amounts unpaid as at the
year end together with interest paid/payable under this Act have not
been given.
Note : Export of goods includes sales at Foreign Branches Rs
27,54,42,238/- (Prev. Year Rs 23,91,33,438/-) Service Charges includes
charges at Foreign Branches Rs 11,67,897/- (Prev. Year Rs 16,60,514/-)
Interest Income includes interest at Foreign Branches Rs 25,724/- (Prev.
Year Rs 26,306/-)
Note : Expenses of Foreign Branch includes Capital goods (net of s&les)
installed and used at Foreign Branch Rs 4,13,795/- (Prev. Year Rs
34,10,982/-)
19. Remittance in foreign currency towards Dividend for 2010-11 to Ms.
Debra Pauly, U.K. of Rs 1,91,000/- on 76400 Equity Shares (Previous Year
Rs 1,52,800/-)
20. Previous Year's figures have been re-grouped/re-arranged
wherever necessary to render them comparable with the current year's
figures.
21. Figures have been rounded off to the nearest rupee.
Mar 31, 2011
1 Others
I) Contingent liabilities not provided for, are disclosed by way of
notes.
II) Contingencies which can be reasonably ascertained are provided for.
(B) Contingent Liabilities: (Amount in Rs.)
Particulars 2010-11 2009-10
i) Disputed Sales Tax (appeals pending) 6,87,089 6,70,096
ii) Disputed Income Tax (appeals pending) 50,54,838 50,54,838
iii) Bank Guarantee 2,98,59,936 2,05,25,302
iv) Labour Cases 33,25,342 29,21,756
(C) Notes:
1 Revaluation of all the fixed assets (except Building under
construction upto 31.03.1993) was carried out by an approved valuer as
on 31st March, 1993, which resulted in an increase in the Gross Value
of assets over original cost by Rs. 2,50,17,478/-. The net increase in
the value, resulting from the revaluation amounting to Rs.
2,50,17,478/- has been credited to Revaluation Reserve, created during
the year ended 31.03.1993. Of this Revaluation reserve, a sum of Rs.
2,37,17,601/- has been adjusted on account of depreciation/sale of
revalued assets till 31st March, 2011.
2 Depreciation for the year, on write up of assets due to revaluation
as on 31.03.1993, has been recouped out of Revaluation Reserve.
3 The Credit Facilities from Bank of India as detailed in Schudule 3,
relating to secured loans are collaterally secured against :-
a Equitable Mortgage of Land & Building located at B-14,Phase-ll Extn.
Noida and Roto House,Noida Special Economic Zone, Noida.
b Hypothecatioin of Plant & Machinery installed at B-14 & B-15,
Phase-ll Extn. Noida and Roto House, Noida Special Economic Zone,
Noida.
c Lien on Flat No. 54, 5th floor, Ajai Deep, Nariman Street, Mumbai.
4 The Company has been allotted 20001.4 square meter land by Greater
Noida Industrial Development Authority (GNIDA) at Ecotech XII, Greater
Noida and the lease deed for the same has been executed on 31st March,
2010. The 70% value of the Land cost i.e. Rs. 4,98,40,000/- has been
financed by the GNIDA at 11 % rate of interest, payable in 10 (ten)
installment. As per terms of finance, the land will be re-possessed by
GNIDA in case of default in payment of two consecutive installments. The
financing towards land cost by GNIDA has been shown as deferred Payment
credit under Secured Loan.
5 Term Deposits with Bank of India, Janpath Branch amounting to Rs.
72,85,658/- (Prev. year Rs. 25,75,000/-) are pledged with Bank of India
as Margin on Bank Guarantees, Letter of Credit and Foreign bills
purchased by them.
6 Term Deposit With ANZ Banking Group Limited, Melbourne amounting to
AUD 48,376.00 (Rs. 22,12,597/-) (Previous Year AUD Rs. 48,376/- & Rs.
19,77,006/-) are pledged with ANZ Banking Group Limited as margin on
Bank Guarantee.
ii) Relatives of Key Managerial Personnel
H. C. Gupta HUF
Shri Harish Chandra Gupta, Chairman & Managing Director of the Company
is the Karta of H. C. Gupta HUF and the Company has taken on lease a
residential accommodation from H. C. Gupta HUF and paid Rs. 17,70,000/-
towards rent during the year (Prev year Rs. 15,00,000/-)
N. K Gupta HUF
Shri Anurag Gupta, Dy. Managing Director of the Company is the karta of
N. K. Gupta HUF and the Company has taken on lease a residential
accommodation from N. K. Gupta HUF and paid Rs. 13,32,000/- towards
rent during the year (Prev. year Rs. 10,80,000/-)
9 Application Money on 9,300 Equity Shares @ Rs. 10/- per Share
alongwith premium @ Rs. 45/- per share aggregating to Rs. 5,11,500/-
allotted on 11.11.1994 has not yet been realised as the same was paid
by an applicant through a forged stock invest which has been
dishonoured by the bankers.
10 Income /(Loss) on difference in exchange rates on account of foreign
currency transactions relating to Export Sales amounting to Rs.
25,414/- (Previous Year - (Rs. 13,95,824/-)) has been grouped with
Export Sale.
11 Excise duty payable on finished goods/Scrap Stock lying in stock at
factory amounting to Rs. 3,53,873/- (Prev. year Rs. 1,62,968/-) has
been included in the value of the closing stock after creating suitable
provision for liability.
12 Profit/Loss on Sales and Impairement of fixed assets account
Includes Rs. 4,79,939/- (Prev. Year-Rs. 1,14,611/-) towards loss on
impairment of assets.
13 In the opinion of the Board, the Current Assets, Loans and Advances
are stated at a value, considered realisable in the ordinary course of
business.
14 The Company's operations predominantly comprise of only one segment
- Pumps & spares, therefore segment reporting does not apply.
15 Deferred Tax
a Deferred Tax assets and liabilities are being offset as they relate
to taxes on income levied by the same governing laws.
b Breakup of deferred tax assets / liabilities and reconciliation of
current year deferred tax credit/charge.
B DEFINED BENEFIT PLAN
The Employees' gratuity fund scheme managed by Reliance Life Insurance
Company Ltd. is a defined benefit plan. The present value of
obligation for gratuity and leave encashment is determined on the basis
of Acturial Valuation Report made at the year end.
16 Taxation provisions for current year and previous year tax
adjustments includes interest thereon.
17 Previous Year's figures have been re-grouped/re-arranged wherever
necessary to render them comparable with the current year's figures.
18 Figures have been rounded off to the nearest rupee
ix) Remittance in foreign currency towards Dividend for 2009-10 to Ms.
Debra Pauly, U.K. of Rs. 1,52,800/- on 76400 Equity Shares (Previous
Year Rs. 1,52,800/-)
Mar 31, 2010
(A) Contingent Liabilities: Amount (Rs.)
Particulars 2009-10 2008-09
i) Disputed Sales Tax (appeals pending) 6,70,096 8,14,322
ii) Disputed Income Tax (appeals pending) 50,54,838 50,54,838
iii) Bank Guarantee 2,05,25,302 2,00,17,988
iv) Labour Cases 29,21,756 27,33,097
(C) Notes:
1 Revaluation of all the fixed assets (except Building under
construction upto 31.03.1993) was carried out by an approved valuer as
on 31st March, 1993, which resulted in an increase in the Gross Value
of assets over original cost by Rs. 2,50,17,478/-. The net increase in
the value, resulting from the revaluation amounting to Rs.2,50,17,478/-
has been credited to Revaluation Reserve, created during the year ended
31 03 1993.
2 Depreciation for the year, on write up of assets due to revaluation
as on 31.03.1993, has been recouped out of Revaluation Reserve.
3 The Credit Facilities from Bank of India as detailed in Schudule 3,
relating to-secured loans are collaterally secured against :-
a Equitable Mortgage of Land & Building located at B-14,Pnase-ll Extn.
Noida and Roto House,Noida Special Economic Zone, Noida.
b Hypothecatioin of Plant & Machinery installed at B-14 & B-15,
Phase-ll Extn. Noida and Roto House, Noida Special Economic Zone,
Noida.
c Lien on Flat No. 54, 5th floor, Ajai Deep, Nariman Street, Mumbai.
4 The Company has been allotted 20,001.40 square meter land by Greater
Noida Industrial Development Authority (GNIDA) at EcotechXIl, Greater
Noida and the lease deed for the same has been executed on 31st March,
2010. Hence the Company has capitaised the Land as at the end of
current year alongwith upto date interest amount and registration
charges. The 70% value of the Land cost i.e. Rs.4,98,40,000/- has been
financed by the GNIDA at 11% rate of interest, payable in 10 (ten)
instalment. As per terms of finance, the land will be re-possessed by
GNIDA in case of default in payment of two consecutive installments The
financing towards land cost by GNIDA has been shown as deferred Payment
credit under Secured Loan.
5 Term Deposits with Bank of India, Janpath Branch amounting to Rs.
25,75,000/- (Prev. year Rs. 25,77,845/-) are pledged with Bank of India
as Margin on Bank Guarantees, Letter of Credit and Foreign biils
purchased by them.
6 Term Deposit With ANZ Banking Group Limited, Melbourne amounting to
AUD 48376.00 ( Rs 1977,006/-) ( Previous Year AUD 48376/- & Rs.
1689048/-) are pledged with ANZ Banking Group Limited as margin on Bank
Guarantee.
ii) Relatives of Key Managerial Personnel
Mr. H. C. Gupta HUF
Mr. H. C. Gupta, Chairman & Managing Director of the Company is the
Karta of H. C. Gupta HUF and the Company has taken on lease a
residential accommodation from H. C. Gupta HUF and paid Rs. 15,00,000/-
towards rent during the year (Prev year Rs. 14,25,00/-)
Mr. N. K Gupta HUF
Mr. Anurag Gupta, Dy. Managing Director of the Company is the karta of
N. K. Gupta HUF and the Company has taken on lease a residential
accommodation from N. K. Gupta HUF and paid Rs. 10,80,000/- towards
rent during the year (Prev. year Rs. 10,35,000/-)
7 Application Money on 9,300 Equity Shares @ Rs. 10/- per Share
alongwith premium @ Rs. 45/- per share aggregating to Rs. 5,11,500/-
allotted on 11.11.1994 has not yet been realised as the same was paid
by an applicant through a forged stock invest which has been
dishonoured by the Bankers.
8 Income /(Loss) on difference in exchange rates on account of foreign
currency transactions relating to Export Sales amounting to ( Rs
13,95,824/-) ( Previous Year - Rs. 29,09,803/-) has been grouped with
Export Sale.
9 Excise duty payable on finished goods/Scrap Stock lying in stock at
factory amounting to Rs.1,62,968/- (Prev. year Rs .2,35,305/-) has been
included in the value of the closing stock after creating suitable
provision for liability.
10 Profit/Loss on Sales and Impairement of fixed assets account
includes Rs 1,14,611/ - ( Prev. Year - Rs. 3,75,650/-) towards loss on
impairment of assets.
11 In the opinion of the Board, the Current Assets, Loans and Advances
are stated at a value, considered realisable in the ordinary course of
business.
12 The Companys operations predominantly comprises of only one segment
- Pumps & spares, therefore segment reporting does not apply.
13 Deferred Tax
a Deferred Tax assets and liabilities are being offset as they relate
to taxes on income levied by the same governing laws.
b Breakup of deferred tax assets / liabilities and reconciliation of
current year deferred tax charge.
14 The disclosure required under Accounting Standard 15-"Employee
Benefits" notified in the Companies (Accounting Standards) Rules 2006,
are given below:
NOTE: The provision of Gratuity has been made on the basis of Acturial
certificate considering the ceiling limit of Rs.3,50,000/- .
15 Taxation provisions for current year and previous year tax
adjustments includes interest etc.
16 Previous Years figures have been re-grouped/re-arranged wherever
necessary to render them comparable with the current years figures.
17 Figures have been rounded off to the nearest rupee.
18 Schedule 1 to 14 form integral part of the accounts.
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