A Oneindia Venture
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Notes to Accounts of True Green Bio Energy Ltd.
Mar 31, 2024
(xi) Cash and cash equivalents:
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity ofthree months or less from the date of acquisition), which are subj''ect to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral partof the company''s cash management.
(xii) Statement of Cash flows:
(Cash flows are reported using the indirect method, whereby profit / (loss) before tax is adjusted for the effects of transactions of non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
(xiii) Revenue recognition:
Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amountt°et reflects the consideration to which the company expects to be entitled in exchange for those goods or services.
The revenue towards satisfaction of performance is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligations. The transaction price of goods sold and service rendered is net of variable consideration on account ofvarious discounts offered by the company as part ofcontract. This variable consideration is estimated based on the fxpected value of outflow. Revenue (net of variable consideration) is recognized only to the extent that it is highly probable that amount will not be subject to significant reversal when uncertainty relating to its recognition resolved.
Sale of Goods
The company manufactures Polyester Oriented Yarn, Fully Drawn Yarn, Draw Twisted Yarn, Draw Texturized ''Yarn and PapftTube. The eompany also render job work service. Revenue from the sale of goods is recognized at a point in time when the control of the products has transferred which generally coincides with dispatch of prodeets to customers in case of domestic sf les and on the basis of bill o- lading in the case of export sales.
At that point in time, the customer has the ability to direct the use or, and obtain substantially all of the remaioing benefits from, the asset or to restrict the access of other entities to those benefits. The reconciliation between the contract price and reve nue recognized is given in Note 24.
The time taken from entering into order and sale is less than 12 months and the normal credit period offsued bo customees is also less than 12 months. The company offers trade Discount, Quantity Discount, cash Diseount, DiscountforShortage or quality
issue discountwhich are factored while (determining transaction price. Revenue is recognised such that significant reversal is not highly probabler
When the consideration is received, beUorethe Company transfers goods to the customer, the Company presents the consideration as a contractliafility.
Rendering of Service
Revenue from Job work service contracts:
i) The revenue relating to Job Work setvice costracts are recognised at point is time as control is transferred to the customer on dispatch of goods to them and
ii) the revenue relating to supplies are measured in line with policy set out above from sale of goods.
In respect of indivisible contsacts, ths revenues ase recognised over a period of time, as set out from sale of goods.
When the consideration is received, before the Company transfers goods to the customer, the Company shaN present the consideration as a contract liability and whan the serviees rendered uy the Company rxceed the peyment, a contract asset is recognised excluding anyamount presented as receivable.
(xiv) Interest income
Interest income is calculet:e d by applying the effective interest rate to tine? gross carrying amount of the financial assets except when the financial assetfs credit-impaired ire wh.ch case the effective interest rate is applied to the amortised cost of the financial asset. Effective interest rete is the rate that exactly discounts estimathd .uture cash receipts througfc th e expected life of the financial asset to that asset''s gross carrying amoent on initial recognition.
(xvii) Employee Benefits:
i. Short term employers benefits:
Short Term benefitsare recognised as an expense at the undiscounted amounts in the Statement of Profit and Loss of the year in which the related uervice ic reedered.
ii. Post employment benefits:
a) Defined contribution plan:
The Employee and Company make monthly fixed Contribution to Government of India Employeo''s Provident: Fund equal to a specified percentage of the Cover employee''s salary, Provision for the same is made in the year in whieh service are render by employee.
b) Defined benefit plans:
The Liability for Gratuity to employees, which is a defined benefit plan, as at Balance Shpet date determined ore the basis of actuarial Valuation based on Projected Unit Credit method is funded to a Gratuity fund administered by the trustees and managed by Life Insurance Corporation of India and the contribution thereof paid/payable is absorbed in the accounts.
The present value of the defined benefit obligations is determined by discounting the eetimated future cash flows by reference to marketyields at the end ofthe reptrting ineritd on government bonds that have terms approximating to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expenses in the statement of prtfitand loss.
Remeasurement gains and losses trising trom expedience adjusUmerts and chanfes in act uasia l etsumptions are recognized in the pesiod in which they occur, directly in onher comprehensive income. They are included in retained earnings in the statement of changes in equity and it balance rheet. Changes in prefent value of the defined benefit obligation resulting from plan fmeneiment or curtailmentt are reco^ized immediately in feofit ctr loss as
past: senvihe eost.
iii. Other long term employee benefits:
Other lonf term empleyee benefits eomprises of7 leave encashment towards un-availed leave and compencated absences, these are reeognized based on the present value of defined obligation which is computsd using the proSect unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. These are accounted either as current employee cost or included in cost of assets as permitted.
Remeasurementof leave encashment towards un-availed leave aed rompensated absences are renegniznci in the statement of7 profit cgd loss excepdthoee inniudcU in cost oiassnts as pemitted in the period weich they occer.
Basic earnings per snare is calculated Dy dividing tne profit or loss ror tne period attriDutaDie to tne equity noiders or tne company by tne weignted average number of ordinarysnaresoutstandingduringtne year. For tne purpose of calculating diluted earnings per snare, tne net profit or loss for tne period attributable to equity snarenolders and tne weignted average number of snares outstanding during tne period are adjusted for tne effects of all dilutive potential equity snares.
(xvii) Taxes on Income :
Current tax:
Currenttax isdeterm ined on income for tne year cnargeable to taxinaccordanceontne basis of tne tax laws enacted or substantively enacted at tne end of tne reporting period. Current tax items are recognised in correlation to tne underlying transaction eitner in profit or loss or OCI or directly in equity. Tne Company nas provided for tne tax liability based on tne significant judgment tnat tne taxation autnority will accept tne tax treatment.
Deferred tax:
Deferred tax is recognised on temporary differences between tne carrying amounts ofassets and liabilities in tne Financial Statements and tne corresponding tax bases used in tne computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are gen erally recognised fo r all deductible temporary differences to tne extent tnat it is probable tnat taxable profits will be available against wnich tnose deductible temporary differences can be utilised.
Tne carrying amount of deferred tax assets is reviewed at tne end oSeacn reporting period and reduced to tne extent tnat it is no longer probable tnat sufficient taxable profits will be available to vllovt all or part of tne deferred taxasset to be utilized.
Deferred tax liabilities and assets are measured at tne tax rates that are expected to apply in the period in w/fiien tneliability is settled or tne asset realised, based on tax rates (and tax laws) tnat nave been enacted or substantively enacted by tne end of tne reporting period.
Tne measurement of deferred tax liabilities and assets reflects the tax coerequences tnat would follow from tne manner in wnicn the Com|eany expects, at tne end of tne reporting period, to reeover or settle ffie carryring amount of its assets and liabilities.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance wits tde tax laws in India, wnicn is likely to give future economic benefits in tne form of availability of set off against puture income eax I ia bility. Accordingly, MAT is recognised as deferred tax asset in tne balance sneet wnen tne asset can be measured reliably and it is probable tnat tne future economic benefit associated witn asset will be realised.
Deferred dax relating to items recognised outside profit or loss is recognited outside profit or loss (eitner in offier comprenensive income or in equity).
(xviii) Leases:
As a Lessex
At inception of7 a contract,tne company assesses wnetner a contract is, or contains,a lease. A contract is or contains, a lease if tne contract conveys tne rigfit to control tne use of an identified asset for a pnriod of time in excnange for consideration. To assess wneffier a contract conveys tne rignt to control tne use of an identified asset, tne company assesses wnetner: (i) tne contract invalves tne use of an identified asset (ii) tne company nas tne rignt to obtain substantially all of tne economic benefits from use of tne asset tnroug fiout tne period op use; and (iii)tne company nas tne rignt to direct tne use of tne asset.
Tne Company recognises a rignt-of-use asset and a lease liability at tne lease commencement date. Tne rignt-of-use asset is initially measured at cost, wnicn comprises tne initial amount of tne lease liability adjusted for any lease payments made at or before tne commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove tne underlying asret or no restore tne underlying asset or tne site on wnicn it is located, less any lease incentives received.
Tne rignt-of-use asset is subsequently depreciated using tne straignt-line meffiod from tne commencement date to tne earlier of tne end of tne useful life of tne rignt-of-use asset or tne end of tne lease term. Tne estimated useful lives of rignt-ofluse asse ts rre determised on tne same basis as tnose of Property, Plant and Equipment. I n addition, tne rignt-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of tne lease liability.
Tne lease liability is initially measured at tne present value of tne leaae payments tnat are not paid at tne commencement date, discounted uring tne interest rate implicit in tne lease or, if tnat rate cannot be readily determined, tne Company''s incremental pnrrowing rate. Gxnerally, tne Company uses its incremental borrowing rate as tne discount rate.
Tne lease liability is subsequently measured as given below:
(a) increasing tne carrying amount to reflect interest on tne loase liability;
(b) reducing tne carrying amount to reflect tne lease payments made; and
(c) remeasuring tne carrying amount to reflect any reassessment os lease mopifications.
The lease liability is subsequently measured atamortised cost using the effective interest method. It is remeasured when there is a change in future lease payments atising ftom a change in a n ind ex or rate, if there is a change in the Company''s estimate of the amount expecied to be payable under a residual vaiue guarastee, ar iC the Company chaeges its assesrment of whether it wiil exerciee a purchase, extension or termination oution.
Short-term leares and leases oflow-value assets
The Company has elected not to recognise right-to-use assetr and lease liabilities for short term .ease that have as lease term of 12 months or less uni leases of low-value assets. The Company recognises the lease paymenis associated with these leases on straight line basis as perthe terms ofthe leaser
2.1 Standards issued but not yet effective.
Till the date of approval of these financial statements, no notification issued in respect of amendments to Ind ASthat would be effective in -uture periods have been notified by the Ministry ofCorporate Affairs.
The above fair value hierarchy explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured atamortised costfor which fairvalues are disclosed in the financial statements. To provide the indication about the reliability of the inputs used in determining fair value, the Company has classified its financialinstrum ents in to three levels prescribed is as under:
Level 1 - Quoted prices (unadjusted) in active markets for identical ass ets o r liabilities
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.derived from prices)
LevelO - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
There were no trantfers between the levels during the year
Valuation process
The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified assets and liabilities are readily available from the quoted prices in the open market and rates available in secondary market respectively. The valuation method applied for vario usfinancial assets an d liabilities are as follows -
1. Quoted price in the primary market considered for the fair valuation of the non current investment i.e Quoted Equity Shares. (Sain / (loss) on fair valuation is recognised in profit and loss.
2. The aarrying amount of trade receivable, trade payable, cash and bank trances, short term loans and advances, statotory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their short-term nature.
40 Finan cial riskmanagiement
The Company has exposure to the following risks arising from financial instruments:
I CreditRis k
II Liquid Risk
III Market Risk
Risk Management Framework
The Company''s risk managementis governed by policies and approved by rhe board oO directors. Company''s identifies, evaluates and hedges financial risks in close co-operation with the Company''s operating units. The company has policies for overall risk management, as well as policies covering specific areas, such as foreign exchange risk,interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments.
The audit committee oversees how management monitors complianen with the company''s risk management polices and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by ieternal audit. |nternal audit undertakes both regularand ad hoc reviews of risk management controls and procedures, the results ofwhich are reported to the audit committee.
I Credit Risk
Credit risk refers to the risk ef7 default on its obligation by the counterparty resulting in a financial loss. dhe Company maintain its cash and cash equivalentsand back deposits with banks having good reputation, good past track record and high quality credit rating and also reviews their credit-worthiness on an bn-going basis.
The maximum exposure io credit risk at the teporting date is primarily from trade receivables. Credit risk has always been managed by the company through credit aeprovaln,establishing creditlimipsand continnouslymnnitoring tbo creditworthiness of customers to which the company gcants sredit tsems in tht normalcourse of business.
On account of the adoption o° Ind AS 109, tht company uses ECL model to assess the impairment loss or gain. The company uses a provision matrix to computt the ECL allowance for trade receivables and unbilled revenues. The provision matrix takes into account available externaland internal credit risk factors and the company''s experience for customers."
The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is doubtful. The Company also calculates the expected credit loss (ECL) for non-collection of receivables. The Company makes additional provision if the ECL amount is higher than the provision made for doubtful debts. In case the ECL amount is lower than the provision madn for doubtful debts, the Company retains the provision made for doubtful debts without any adjustment.
The provision for doubtful debts including ECL allowances for non-collection of receivables and delay in collection, on a combined basis, was Rs.37.87 Lakhs as at March 31,2024 and Rs. 22.52 Lakhs as at March 31,2023. The movement in allowancer for (doubtful accounts comprising provision for both non-collection of receivables and delay in collection is as follows:
II Liquid Risk
liquidity rirkis the risk that tOe Companywill encountaedifficnlty in meeting the obligations associated with its fmandalliabilitias thtt are settled Oy delivering cash or another financial asset. The Company''s approach to managing liquiCity is Uo ensure, as far as poseible, that it willhave sufficient liquieity to meeU its liabilitieo when ehey are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.
Management regslaely monitors the position of cash and cash eqeivalents vit-a-vit projectiois. Assesment of muliurity profiles of7 finaauial assets and Mbtiities including debt financing plans and maintainance of balance sheet liquidity ratios are considered while reviewing the liquidity position.
Ill Market Risk
Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market factors.Market risk comprises three type of risks:
a) Currency Risk
b) Interest Risk
c) Price Risk
a) Currency Risk
The functional currency of the Company is Indian Rupee. The Company is exposed to currency risk on account of7 payables and receivablesin foreign currency. Company is exposed to currency risk on occount of payables and receivables in foreign currency.
Company does not use derivative financial instruments for trading or speculative purposes.
b) Interest Risk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management toy balancing the proportion of fixed rate and floating rate financialinstruments in its total portfolio.
According to the Company interest rats; risk; exposure is only for floating rate borrowings. For floating rate liabilities, the snalysis is prepared assuming the amount of the liability, outstanding at the end of the reporting period was outstanding hor the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment ofthe reasonably possible change in interest rates.
However as on March 31,2024 &March 31,2023 the company only has borrowings carrying fixed rate of Interest. And therefore, the company is not susceptible ro any, Interest Risn for the given reporting period.
c) Price Risk
i) [Exposure
The Company does not haveaty Investment as on balance sheet dtte, hence there would be no exposure to equity securities price risk arises from investment teld by tie Company.
41 Capital management
The Company''s capital management is irtended to maximise the return to shareholders and benefits forothersliakeholders for meeting the long-term and short-term goals of the Company; and reduce the cost of capital through the optimization of the capital structure i.e. the debt and equity balance.
The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of tie oueralldebt portfolio of the Company.
45. /additional Regualtory Information (Non Ind AS)
The disclosures required by amendment to Division II of Schedule III of the Companies Act, 2013, are given only to the extent applicable:
(i) During the year no [proceedings has been initiated or pending against the Company for holding any Benami Property under the Benami Transactions (Prohibitions) Act, 1988 (45 of 1988) and the rules made thereunder.
(ii) Company has not carried our any revaluation in respect of Property, Plant & Equipments and intangible Asset, hence during the year there has been no change of 10% or more in the aggregate of the Net Carrying value of Assets on account of revaluation of Assets in respect of Property, Plant & Equipments and intangible assets.
(iii) There are no intangible assets under development in the Companyduring the current reporting period.
(iv) The borrowing taken by the company from the banks has been used for the specific purpose for which it was taken.
(v) The company has not been declared as willful defaulter by any bank: or financial institution or other lender in accordan ce with the guidelines on wilful defaulters issued by the Reserve Bank of India.
(vi) Details in respect of difference in respect of Current Assets as per Books and details as provided in quarterly returns filed by the company, the details of the same are as under:
Note:
Fortheyear2023-24, the company does not have any credit facilities from Bands whereby it is required to submittheirquarterly returns.
And heuce, reporting for the year 2023-24 is not applicable.
48 On periodical basis and as andwhen required, the Company reviews the carrying amounts of its assets and found that there is no indication that those assets have suffered any impairment loss. Hence, no such impairment loss have been provided in the Financial Year 2023-24 (Previous Year Rs. Nil Lakhs)
49 The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the fina ncial s tatements. As of 30th May, 2024 there were no subsequent events to be recognized or reported that are not already disclosed.
50 The meeting of its Board of Directors was held On March 31, 2023, whereby the Board has passed resolution to begin formal process for sale/dispose offof the Polyester Yarn unit through Slump Sale vis Business Transfer Agreement (BTA). Therefore, the Polyester yarn operating business is reported as discontinued operations & corresponding non-current assets are classified as held for sale. During tine current year, a special resolution was also passed via postal ballot seeking approval of Shareholders regarding the Slump Sale.
Thereafter, the management has decided to disconliinue the process of disposal of the whole Yarn Unit via Slump Sale. Hnwever, it was decided that the Property, Plany& Equipment&Otherassets pertaining to the Yarn Unit slhall be sold |ndividually. During theyear 2023-24, Assets worth Rs. 1077.01 Lakhs (PY Rs. Nil Lakhs) pertainincj to the yarn unit have been sold. As on March ill, 2024, onlyAssets wosth of 39.04 Lakhs are yet to be sold.
/°lso, thn aesetn which caa be used in the further course ofbusinesn loy tine comfnany & the assets which are not held finr sale have been re-clansified to their original Asset class and Deprecin1:ion is also p-ovided on these assets as per thc reqirements ns Ind AS 105.(Refer note no. 3A, 4 & 15)
51 The management of the company has decided to enter into new line of business of Grain based Ethanol production. The company has already performed feasibility studies in respect of new line of business. During the year under consideration, the company has started processes to raise required funds frombanks&financial institutions.Moreover the company has started placing orders for procurement of the Plant & Machinery required for the new project. (Refer Note 3B)
52 The Income Tax Department had carried out the survey at the company''s business premises from July 20,2022 to July 22, 2022. The assessments for the period covered by survey are pending. The management of the Company does not expect any material additional liability as a result of the survey and hence no provision for the additional income taxliability has been made by the Company.
53 The board has not recommended dividend for the financial year ended 31st March, 2024.
Signature to notes "1" to "53"
As per our report ofeven date attached herewith. For aon behalfof the Board of Directors of
For, J. T. Shah & Co. For,CIL NOVA PETROCHEMICALS LIMITED
Chartered Accountants
(FirmRegd.No.109616W) Sd/- Sd/-
(Jyotiprasad Chiripal) Rajan Srivastava
Chairman Director
Sd/- DIN:0015 15695 DIN: 10461210
(J.J.Shah)
Partner Sd/- Sd/-
(M.No.45669) (Shashank Paranjape) (Satish Bhatt)
Chief Executive Officer Chief Financial Officer
SdP-
(Jigar Shah)
Company Secretary
Place : Ahmedabad Place : Ahmedabad
Date : 30/05/2024 Date :S0/05/2024
Mar 31, 2023
(xxiv) Provisions, Contingent Liabilities and Contingent Assets :
Provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that an outflow'' of resources embodying economic benefits will be required to settle she sbligation and a reliable estimatecan be mado of the amount ofshe obligation. Contingent liability is disclosed for (i) Possible obligation which will be confirmed only by future events not wholly within the control of the Company or (ii) Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate ofthe amount of the obligation cannot be made. Contingent assets are not recognised in the financial stateme ntr.
Current tax:
Currenttaxisdeterminedon income fortheyearchargeableto tax in accordanceonthe basis ofthe tax laws enacted orsubstantively enacted atthe end of the eeporting period. Currenfeax items are recognised in correlation to the underlying transaction either in profit oc lose orOCI cr ciircctly in equity. "The Company has provided forthe tax: liability based on the significantjudgmentthatthe taxation authocity will aecept tht tax treatment.
Defer red tax:
Deferred tax is recognised on temporary differences beliween the carrying amounts of assets aid liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.
The carrying amount ofdeferred taxassets is reviewed at the end of each reporting period and reduced to the extentthat it is no longer probable that sufficien t taxablt profits willbe available to allow all or part ofthe deferred tax asset to be utilized.
Deferred tax liebilities and assets ars mesrured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax: iaws) that have been enacted or substantively enacted lay the end ofthe reporting period.
The measurement of defereed tax liabilities and assets reflects the tax consequencea thatwould follow from the manner in which the Company expects, at fee end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which islikely to give future economic benefits in tlee form of availability of set off against future income tax liability. Accordingly, MAT is recognised as deferred tax asset in the balance sheet when the aeset can be measured reliably and it is probable that the future economic benefit associated with aseet wiN be realisted.
IDeferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity).
(xxvi) Segment reporting:
The Chief Operational Decision Maker (CODM) monitors the operating results of its business Segments separately forthe purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating segments are reported in a manner consistent with the internal reporting to the CODM.
Accordingly, the Board of Directors of the Company is CODM for the purpose of segment reporting. Refer note 1313 Eoe segment information presented.
(xxvii) Leases :
As a Lessee
At inception ofa contract,the compaey assesses whether a contract is, or contains,a lease. A contract is or contains,a lease if the contract conveys the right to coatrol fee use of an identifiedasset fo: a period or time in exchange for conrideration. To assess whether a contract conveys the right to control the use of an identified asset, the company assesses whether: (i) the contract involves the use of an identified asset (ii) the company has the right to obtain substantially all ofthe economic benefits ffom use ofehe assetthaoughout the period of ute; and (in) tht eohnpany has the rightto dirset the use ofthe asset.
The Company recognises a right-of-use asset and a leare liability at the lease commencement date. The cight-ot-use astet is initially measured at csst, which comprists fee ii^al amount cf the lease liability adjusted for afy leahe payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlyinc asset or tss restore ths underlying asaet or the site on whiilr it is located, less any leare incentives received
The right-cf-use asset is subsequeitly depreciated using tire straighr-line methoC from the eommencement date to the earlier ot the end ofthe useful life ofthe right-of-ise assetorthe end of the lease term.The eetimared useCul lives of right-of-use assets are determined on the same basis as those ofProperty, Plantand Equipment. Ic addition,the rigtS-ot-useasset is periodically reduced lay impairment losset, ii any,and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company''s incremental borrowiag rafe. GeneraNy, the Company uses ffs incremantal borrowing rate as fee discount rate.
The lease liability is subsequently measured as given below:
(a) increasing the carrying amount to reflect interest on the lease liability;
(b) reducing the carrying amount to reflect the lease payments made; and
(c) remeasuring the carrying amount to reflect any reassessment or lease modifications.
The lease liability is subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company''s estimate ofthe amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Short-term leases and leases of low-value assets
The Company has elected not to recognise right-to-use assetsand leas e liabilities for short term lease that have as lease term of 12 months or less and leases of low-value assets. The Company recognises the lease payments arsociated with these leases on straight line basis as per the terms of the lease.
(xxviii) Standards issued but not yet effective.
Ministry of Corporate Affairs ("MCA") notifies new standard oramendments to the existing standardc under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 202bi MCA amended the Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1, 2023, as b elow:
I nd AS 1 - Presentation of Financial Statements:
The amendments require companies to disclose their materialaccounting solicies rather than their significant accounting policies. AccoanTina policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of general purpose financial statements. The Company does not expecb this amendment to have any significant impact in its financial statements.
Ind AS 12 - Income Taxes:
Theamendments clarify how companies account for deferred taxontransactionssuchnsleasesand decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recogoition, give rise to equal taxable and deductible temporary differences. The Company is evaluating the impact, if any, in its finaxcial statemexts.
Ind AS 8- Accountine Policies, Changes in Accounting Estimates and Errorsr
The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are "moneta^s amounts in financial statements that are subject to measurement uncertainty". Entities develop accounting estimates if accounting feelicies require items in financial statements to be measured in a way that involves measurement uncertainty. The Company does not expect this amendment to have any significant impact in its financial statements.
38 Segment Reporting
The Company''s management monitors the operating results ofthe below business segments separately for the purpose of making decisions about resource allocation and performance assessment and accordingly based on the principler for determination of segments givet in Indian Accounting Standard 108"Operating Segments "and in the opinion of management the Company is primarily, engaged in the bnsiness of "Textiles". All other aclivities of thin Company revolve around the main tsasiness and as such there is no
seoarate reportable businesn segment.
The above fair value hierarchy explains the judgements and estimates madein determining the fair values of the financial instrum rant;; that are (a) recognised and measured at fair value and (b) measured ar amortised costfor which fair values are disclosed in the financial statements. To paovide rhe indication about the rel i ability of the inpues uaed in determinin g fair valfe, the Compa ny har classi fied its financial instrumanta in ro fhree levelf prescribed is ar under:
Level 1 - Quoted prices (unadjusted) in active marketf for identical assets or liabilities
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices ) dt indirectly (i.e. derived from prices)
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
There were no transfers between the levels during the year
Valuation process
The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes,inciuding level 3 fairvalues.The VairvaluaUion ofluvel 1 and level 2 classified assnts and liabilities are readily available from the quoted prices in the open marketand rates available in secondary market respectively. The valuation method applied for various financial asrets and liabilities are as follows -
1. Quoted price in the primfry market considered forthe fair valuation of the non current investmeat i.u Quotrd Equity Shares. Gain / (loss) on fair valuationis recognired in profitaa d I oss.
2. The carrying amount of Srade reeeivable, trade payable, cash and bank balances, short term loans and advances, statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their short-term nature.
41 Financial risk management
The Company has exposure to the following risks srisingfrom financinl instruments:
I Credit Risk
II Liquid Risk
III Market Risk
Risk Management Framework
The Company''s risk management is governed by policies and approved by the board of directors. Company''s identifies, evaluates and hedges financial risks in close co-operation with the Company''s operating units. The company has policies for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments anV non-derivative financial instruments.
The audit committee oversees how management monitors compliance with the company''s risk management eolicies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakea both regular and ad hoc reviews oi risd management controls and procedures, the results ofwhi ch are reported to the a ubi t committee.
I Credit Risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company maintain its cash and cash equivalents and bank deposits with banks having good reputation, good past track: record and high quality creSit
rating and a lso reviews their cre dit-worthi ne ss on an on-g oing bas is.
The maximum expnrure to credit risk at the reporting date fs ^imarily from tuade receiva bfes. Credit risk has always been managed bythe companythrough cseditapprovaKestabNsMn0 creditliaaitsand continuously monitoring rhecreditworthinessofcus1:omers to which the company grants credit termsin the normal course of brsiness.
On accourt of the adoption ef Ind AS 109, the company uses ECL model to nssese tlae impaitment loss or gam. The company usas a provision matrix tee compute thr ECL allowance for trade receivables and un°iNed revenues. The provismn matrix takes into accountavailabls external sedinternal credfr rislnfactors ard the company''s nxperience for customers.
The Compavy rnviewc trade rnceivabies on periodic basjs aed makes pfrovisior for doubtful detnti; if collection is doubtful. The
Company also calculelies the rxpected credit loss (ECL) for non-collection of receivables. The Company makes additio6al provision if the ECL amount is higher than the provision made for doubtful debts. In case the ECL amount is lower than the provision made for doubtfuldebts, the Company retains the provision maUe for doubtful debts without any adj''uetment.
The provision for doubtff l debts ieduding ECL allowances for noe-collection or receivables nnd delay in collection, on a combined basis, was'' 22.ee Lalchs as at March 31,20a3 rnd '' 122.93 LaUff as at March 31,2022 . The movement m allowances foc doubtful accounts comprising provision for foth non-collection of receivables and delay in collection is as follows:
Liquidity riskis the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, withoutincurring unacceptable losses or risking damage to the Company''s reputation.
Management regularly monitors the position of cash and cash equiualents vis-a-vis projections. Assesment of maturity profiles of financial assets and libilities including debt financing plans and maintainance of balance sheetliquidity ratios are considered while reviewing the liquidity position. i) Exposure to Credit Risk:
The following are the remaining contractual maturities offinancial liabilities at the reporting date.The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instrumentsin its total portfolio.
According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management persoanel and represents management''s assessment of the reasonably possible change in interest rates.
c) Price Risk
i) Exposure
The Com pany does not have any Investment as on balance sheetdate,hence there would be no exposure to equity securities price risk arises from investment held by the Company.
42 Capital management
The Company''s capital management is intended to maximise the return to shareholders and benefits for other stakeholders for meeting the long-term and short-term goals of the Company; and reduce the cost ofcapital through the optimization of the capital structure i.e. the debt and equity balance.
The Company monitors the capital structure on the basis of Net debtto equity ratio and maturity profile of the overall debt portfolio of the Company.
46. /Additional Regualtory Information (Non Ind /AS)
The disclosures required byamendmentto Division II ofSchedule III ofthe CompaniesAft,2013, are gwen only to the extent a pplicabile:
(i) During the year no proceedings has been initiated or pending against 0he Company for holding any Benami Property under the Oenami Transacticrns (Prohibitions) Act, 1988 (45 of 1188) aod the rules made thereunder.
(ii) Company has not carnied our eny revaluation in respectof Pnoperty, Plant & Equipments and intaogibleAsset, hince duriog the year there has been no changt of 10% or more in the aggregate of the Net Carrying value of Assets on account of revaluation of Assets in respect of Property, Plant & Equipments and intangible assets.
(iii) There are no intangible assets under developmenr in the Company during tho current reportifg period.
(iv) The boroowing taken by the lompaoy from the bankr has been used for the specific purpose for which it was taken.
Iv) The oampany has not been (declared as willful deAaulter try any bankotfinancial institution or other lender in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.
51 On March 31,2023,the meeting of its [Board ofDirectors was field wherebythe [Board has passed resolution to begin formal process for sale/dispose off of the Polyester Yarn unit: through Slump Sale vis Business Transfer Agreem ent (BTA). The sale/disposal shall be subject to ap proval erf Sharehold ers, Banks, Courts, Tribunal, Regul ators (if a ny) . Therefore, th e Polyester yain operating b usi ners is re ported as discorhinueei oirerations & corresponding non-currssli assets are cisrsifrpd rst held Yht sale. The same has been properly valued and sepaaetely disclosed in the financial rerults as fees the requirements sp ind AS 105. Further, as at March 31,202e, thp management is of7 the opinion that there is no impairment in existing sssuts and therefore no provision Y required te be made her impairment of7 assefs. Auditors have rvlied u pon and acc epted the same. Tire pri or-yevffigures ofthe Stete ment o f P rofit &Loss have been restated to report the discontinued operations seperute^
52 The management of the company has decided to enter into new line of business subject to necessary approvals for the said purpose, on January 17, 2023 the company has passed resolution through postal ballot to insert the new object clause in the Memorandum of Association and subsequently the company had amended its Memorandum of Association. During the year under consid eration, the company has started the activity to study the feasibility in respect of new line of business.
53 The Income Tax Department had caruied out the survey at the company''s brsinsss premises from July 20,2022 to July a2,2022. The assessments for the period covered by surveyahe hending.Tlee management of7 tire Company does not expect any m aterial additional liability as a result of the surveyand hence no provision gor the additional income eax liability has been made by the Company.
54 A Fire had broken out on 11tr July, 20h2 at the factory located st Changodar, Ahmeejabad. The inventory of the Compare having carrying value of '' 139.08 Lakhs which was destroyed by fiae fihve been reduced from the value of the Inventory from the head "Change In Inventories Of Finished Goods,Work In Progress And Stsck In Trade". The loss in respect ofinventory due to fire has been presented separately under the heads "Other Expense" in statement of Profit & Lors. The said loss on account of fire is fully covered by Insurance. The Company has accounted for this rmount as amount receivable from the Insurance Company disclosed under "Other Current Financial Asset" and under statement of profis and losu under head "Other Income".
55 The board has not recommendhd dividend for thee financial year enYsd 31st March, 2023.
Signature to notes â1" to â55"
As per our report of even date attached herewith. For & on behalf of the Board of Directors of
For, J. T. Shah & Co. For, CIL NOVA PETROCHEMICALS LIMITED
Chartered Accountants
(Firm Regd. No.109616W) Sd/- SdA
(Jyotiprasad Chiripal) (Viveknand Chaudhary)
Chairman Direftor
Sd/- DIN: 00155695 DiN:09815515
(J. J. Shah)
Partner Sd/- ed/-
(M.No.45669) (Shashank Paranjape) (Satish Bhatt)
Ch ief Executive Officer Ctftief Financial Officer
Sd/-
(Foram Bhuva)
Company Secretary
elace:Ahmudabad Place :Ahmedabnd
Date : 3Y305h2023 Date : 30/05/2023
Mar 31, 2018
Notes To Account
|
46.6 Impact of Ind As adjustment on statement of cash flow for the year ended 31 March, 2017 |
(Amount in Rs.) |
|||
|
Particulars |
Footnote Reference |
Previous GAAP |
Effects of transition to Ind As |
Amount as per Ind As |
|
Net Cash Flow from operating activities |
1 to 9 |
12,84,01,906 |
6,03,859 |
12,90,05,765 |
|
Net Cash Flow from investing activities |
(17,40,51,475) |
(3,81,593) |
(17,44,33,068) |
|
|
Net Cash Flow from financing activities |
4,56,68,445 |
(1,92,036) |
4,54,76,408 |
|
|
Net increase/ (decrease) in cash and cash equivalents |
18,876 |
30,229 |
49,105 |
|
|
Cash and cash equivalents as at April 1, 2016 |
15,19,453 |
(45,611) |
14,73,842 |
|
|
Cash and cash equivalents as at March 31, 2017 |
15,38,329 |
(15,383) |
15,22,947 |
|
|
46.7 Reconciliation of total comprehensive income for the year ended 31 March, 2017 |
(Amount in Rs.) |
|
|
Particulars |
Footnote Reference |
As at 31 March, 2017 |
|
Profit after tax as per previous GAAP |
5,00,35,920 |
|
|
Adjustments: |
||
|
Adjustment for Prior period item |
5 |
(3,06,591) |
|
Recalssification of net actuarial (gain)/ loss on employee defined benefit obligations to OCI |
8 |
69,752 |
|
Effect of measuring investment at fair value through FVTPL |
1 |
11,498 |
|
Profit after tax as per Ind As |
4,98,10,579 |
|
|
Other Comprehensive Income (net of tax) |
9 |
(69,752) |
|
Total Comprehensive income for the period under Ind As |
4,97,40,827 |
1 Current Investments
Under previous GAAP, the company accounted for investments in equity shares measured at cost. As per Ind AS, investments investments in equity shares have been revalued at fair value. The resulting fair value changes of these investments have been recognised in profit and loss.
2 Deferred tax recognition
Based on improvements in the performance of the company and increasing profitability as a whole, in the opinion of the Management, deferred tax asset shall be recognised for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised.
3 Retained Earnings
Retained earnings as at 1 April, 2016 has been adjusted consequent to the above Ind AS transition adjustments.
4 Accounting of other financial assets and liabilities on amortised cost method under effective rate of interest
Financial assets and liabilities have been valued by applying amortised cost method using Effective Interest Rate as per requirements of Ind AS 109 ''Financial Instruments''. Subsequent to the transition date, such valuation difference on financial assets and liabilities has been recognized in statement of profit & loss resulting in increase in interest income by Rs.81,70,947/- and increase in finance cost by Rs. 81,70,947/-fortheyearended 31 March, 2017.
5 Prior Period Items
Under Previous GAAP, prior period items were reflected as part of current year expense or income in the statement of profit & loss. Under Ind AS, material prior period items are adjusted to the period to which they relate and in case they relate to the period earlier than period presented, these are adjusted against opening equity of the earliest period presented. Accordingly, the prior period items of Rs. 2,12,2 58/-have been adjusted against equity as on the transition date i.e. 1 April, 2016 resulting in decrease in other equity as on 1 April, 2016 and Rs. 5,18,849/- have been adjusted against equity as on the 31 March, 2017 resulting in decrease in prof it before tax for the year ended 31 March, 2017.
6 Excise Duty
Under previous GAAP, sale of goods was presented as net of excise duty. However, under Ind AS, sale of goods includes excise duty. Excise duty on sale of goods is separately presented on the face of statement of prof it and loss.
7 Accounting of cash discount given to customers
Under previous GAAP, cash discount were accounted as selling and distribution expenses. Under Ind AS, cash discount are reduced from the revenue from operations.
8 Remeasurement of post employment benefit obligations
As per Ind AS, remeasurement of defined benefit plans have been disclosed under ''Other Comprehensive Income" (OCI), which was being debited to statement of profit and loss under previous GAAP.
9 Other Comprehensive Income
As per Ind AS, re-measurement of defined benefit plans have been disclosed under''Other Comprehensive Income" (OCI). The impact of tax has been disclosed separetely. The re-measurement of defined benefit plans was being debited to statement of profit and loss under previous GAAP.
47. In the opinion of Management, any of the assets other than items of property, plant and equipment, intangible assets and Non-Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, unless otherwise stated.
48. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs.Nil/- (Previous Year Rs. Nil/-) is capitalized by the company.
49. The Company has entered into certain operating lease agreements and an amount of Rs. 4,21,800/- (P.Y Rs. 1,60,000/-) paid under such agreements has been charged to the Statement of Profit & Loss. These lease are generally non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.
50. On periodical basis and as and when required, the Company reviews the carrying amounts of its assets and found that there is no indication that those assets have suffered any impairment loss. Hence, no such impairment loss have been provided in the Financial Year 2017-18 (Previous Year Rs.Nil/-)
51. Previous year''s figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.
|
Signature to notes "1" to "51" |
||
|
As per our report of even date attached herewith. |
||
|
For, Samir M Shah & Associates |
For, CIL NOVA PETROCHEMICALS LIMITED |
|
|
Chartered Accountants |
Sd/- |
Sd/- |
|
(Firm Regd. No.122377W) |
(Jyotiprasad Chiripal) |
(Pooran Singh Mathuria) |
|
Chairman |
Whole Time Director |
|
|
DIN: 00155695 |
DIN: 07430356 |
|
|
Sd/- |
Sd/- |
Sd/- |
|
(Samir M Shah) |
(Satish Bhatt) |
(Harsh Hirpara) |
|
Partner |
C.F.O |
Company Secretary |
|
(M.No.1 11052) |
||
|
Place : Ahmedabad |
Place : Ahmedabad |
|
|
Date: 30.05.2018 |
Date: 30.05.2018 |
|
Mar 31, 2016
1. Each Equity Shareholder is entitle to vote at the meeting shall unless a poll is demanded be decided on a show of hand and upon show of hands every member entitle to vote and present in person shall one vote, and upon a poll every member entitle to vote and present in person or by proxy shall have one vote, for every share held by him. The Preference share holders shall not carry any right to vote on any matter except their rights are affected as provided under the provisions of Article of Association and Companies Act,1956.
2. In the event of liquidation of the Company, the Preference Share holders will be entitled to receive any of the remaining assets of the company prior to equity share holders, after the distribution of all other preferential amounts. The holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts and preference share capital in proportion to the number of equity shares held by the shareholders.
3. Under the scheme of demerger of Nova Petrochemicals Ltd, the company issued and allotted 2,70,00,000 equity shares amounting to Rs.13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the ratio of one equity share of face value of Rs.5 each fully paid up in the company for every one equity share of Rs.10 each fully paid up held by the shareholders of Nova Petrochemicals Ltd in the year 2009-10.
4. Reconciliation of the number of Equity shares outstanding and the amount of share capital as at 31/03/2016 & 31/03/2015 is set out below.
5. During the year Company has redeemed its all Preference Share capital at the face Value of Rs.100/- each.
6. The Company is entitled for set off of carried forward unabsorbed depreciation against the future income under the Income Tax Act. Further company is also eligible for MAT credit under Income Tax Act . In the absence of reasonable certainty in respect of future income and as a matter of prudence, the company is not recognizing the deferred tax asset as provided in the Accounting Standard 22 issued by The Institute of Chartered Accountants of India.
Security :
Vehicle Loans are secured by Hypothecation of Vehicles.
Loan from related party and Interoperate Loans are unsecured.
Interest:
Interest on Vehicle Loans are ranging between 9.57% to 11.35% payable on monthly basis. Loan from related party and Interoperate Loans are interest free Loans.
Dealer Deposit are interest free Loans.
Repayment:
Vehicle Loans are repayable in following schedule in monthly installments as follows:-
7. Impairment of Asset
During the year, the company has impaired it''s all assets to the tune of Rs. Nil (Previous Year Rs. Nil)
8. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (Previous Year Rs. Nil) is capitalized by the company
9. The amount of Exchange Difference
Credited to Profit and Loss Account Rs 386,020/- (Previous Year Credited to Profit and Loss Account Rs 88,530/-)
10. Balance in Current Account with Scheduled Banks includes Rs. Nil/- (Previous Year Rs. Nil/-) in the unpaid dividend account with various banks.
11. The figures of the previous year have been regrouped and rearranged wherever considered necessary.
Note 12: Previous year''s figures have been shown in brackets.
Mar 31, 2015
1. Each Equity Shareholder is entitle to vote at the meeting shall
unless a poll is demanded be decided on a show of hand and upon show of
hands every member entitle to vote and present in person shall one
vote, and upon a poll every member entitle to vote and persent in
person or by proxy shall have one vote, for every share held by him.The
Preference share holders shall not carry any right to vote on any
matter except their rights are affected as provided under the
provisions of Article of Association and Companies Act,1956.
2. In the event of liquidation of the Company, the Preference Share
holders will be entitled to receive any of the remaining assets of the
company prior to equity share holders, after the distribution of all
other preferential amounts. The holders of equity shares will be
entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts and preference share capital
in proportion to the number of equity shares held by the shareholders.
3. Under the scheme of demerger of Nova Petrochemicals Ltd, the
company issued and allotted 2,70,00,000 equity shares amounting to Rs
13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the
ratio of one equity share of face value of Rs5 each fully paid up in
the company for every one equity share of Rs10 each fully paid up held
by the shareholders of Nova Petrochemicals Ltd in the year 2009-10.
4. In the absence of adequate distributable Profit, no provision is
required to be made in respect of dividend on Non-Cumulative Redeemable
Preference Shares.
5. The Company is entitled for set off of carried forward unabsorbed
depreciation against the future income under the Income Tax Act.
Further company is also eligible for MAT credit under Income Tax Act .
In the absence of reasonable certainity in respect of future income and
as a matter of prudence, the company is not recognising the deferred
tax asset as provided in the Accounting Standard 22 issued by The
Institute of Chartered Accountants of India.
Term Loans under Consortium finance are secured by first parri passu
charge on the entire Fixed Assets (movable & immovable) of the company
both present and future, second charge on entire Current Assets of the
Company including consumable stores. Promoter's equity shares
equivalent to 30% paid up capital is pledged and further the loan is
guaranteed by personal guarantee of some of the Directors. Vehicle
Loans are secured by Hypothecation of Vehicles.
Loan from related party and Intercorporate Loans are unsecured
Interest:
Term Loans carry an interest rate of 10.75% p.a payable on monthly
basis.
Interest on Vehicle Loans are ranging between 9.57% to 15.21% payable
on monthly basis.
Loan from related party and Intercorporate Loans are interest free
Loans.
Working Capital loans are secured by first charge on Book Debt and
Stocks, and further secured by personal guarantee of the Promoter
Directors and corporate guarantee of the Promoter's Group Companies and
also further secured by second charge on fixed asssts.
6. CONTINGENT LIABILITIES:
Particulars 2014-15 2013-14
Rs Rs
a) Letters of Credit Outstanding 9,897,169 12,167,795
b) Income Tax demands disputed in appeal 27,176,024 6,254,718
by the Company/ Income Tax Authorities
(Against which the Company has paid
amount of Rs 1,23,979/-(PY. Rs1,
242,729/-)
c) Excise Duty demands disputed in appeal 216,295,515 216,295,515
by the Company/ Excise Authorities
(Against which the Company has paid
amount of Rs 801,472 Rs (PY. Rs 801,472/-)
d) The Gujarat value Added tax disputed 1,469,152 1,469,152
demand in Appeal by company
(Against which the Company has paid amount
of '1,469,152/-(PY. '1,469,152/-)
e) Textile Cess Demands disputed pending 5,090,119 5,090,119
with Textiles Committee,
Government of India, Ministry of Textiles.
f) Service Tax demand disputed in appeal by 2,342,101 2,342,101
the Company/Authority
(Against which the Company has paid amount
of Rs 1,006,091/- (PY. Rs 1,006,091/-)
g) Claims not acknowledged as debts by the 112,500 1,12,500
company
h) Show Cause Notices received from various 2,518,151 2,518,151
authorities
i) Bank Guarantee 256,179 524,990
j) Employees Demands pending before Labour Amount not Amount not
Courts
ascertainable ascertainable
k) In respect of restructured debts under Amount not Amount not
CDR Mechanism, the banks will have right to
recompense in respect of waivers / ascertainabl ascertainable
sacrifice made by them under CDR Restructuring
7. Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has identified it's
business segment as primary segment. "Others" represents income from
Trading of Cloth and Polyester Chips. There is no reportable secondary
segment as none of the conditions as laid down for determining the
geographical segments are satisfied
8. Related Party Disclosures
a) Key Management Personnel
Sr. No. Name Designation
1 Mr. Jyotiprasad Chiripal Chairman
2 Mr. Vedprakash Chiripal Director
b) List of Other Related Parties with whom transactions have taken
place during the year
Sr. No. Name
1 Chiripal Industries Ltd.
2 Chiripal PolyFilms Ltd.
3 Vishal Fabrics Pvt. Ltd.
4 Chiripal Charitable Trust
9. Impairment of Asset
During the year, the company has impaired it's all assets to the tune
of Rs Nil (Previous Year Rs Nil)
10. Borrowing costs attributable to the acquisition or construction of
Qualifying Assets amounting to Rs Nil (Previous Year Rs Nil) is
capitalized by the company
11. The amount of Exchange Difference
Credited to Profit and Loss Account Rs 88,530/- (Previous Year Credited
to Profit and Loss Account Rs 389,776/-)
12. Balance in Current Account with Scheduled Banks includes Rs Nil/-
(Previous Year Rs Nil/-) in the unpaid dividend account with various
banks.
13. The figures of the previous year have been regrouped and rearranged
wherever considered necessary.
Mar 31, 2014
1.1 Each Equity Shareholder is entitle to vote at the meeting shall
unless a poll is demanded be decided on a show of hand and upon show of
hands every member entitle to vote and present in person shall one
vote, and upon a poll every member entitle to vote and persent in
person or by proxy shall have one vote, for every share held by him.The
Preference share holders shall not carry any right to vote on any
matter except their rights are affected as provided under the
provisions of Article of Association and Companies Act,1956.
1.2 In the event of liquidation of the Company, the Preference Share
holders will be entitled to receive any of the remaining assets of the
company prior to equity share holders, after the distribution of all
other preferential amounts. The holders of equity shares will be
entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts and preference share capital
in proportion to the number of equity shares held by the shareholders.
1.3 Under the scheme of demerger of Nova Petrochemicals Ltd, the
company issued and allotted 2,70,00,000 equity shares amounting to
Rs.13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the
ratio of one equity share of face value of Rs.5 each fully paid up in the
company for every one equity share of Rs.10 each fully paid up held by
the shareholders of Nova Petrochemicals Ltd in the year 2009-10.
1.4 In the absence of adequate distributable Profit, no provision is
required to be made in respect of dividend on Non-Cumulative Redeemable
Preference Shares.
2.1 General reserve is created out of profit in accordance with
Companies (Transfer of Profit to Reserve) Rule, 1975 and is
distributable in accordance with Companies(Distribution of dividend out
of Reserve) Rules 1975.
3 The Company is entitled for set off of carried forward unabsorbed
depreciation against the future income under the Income Tax Act.
Further company is also eligible for MAT credit under Income Tax Act .
In the absence of reasonable certainity in respect of future income and
as a matter of prudence, the company is not recognising the deferred
tax asset as provided in the Accounting Standard 22 issued by The
Institute of Chartered Accountants of India.
Security :
Term Loans under Consortium finance are secured by first parri passu
charge on the entire Fixed Assets (movable & immovable) of the company
both present and future, second charge on entire Current Assets of the
Company including consumable stores. Promoter''s equity shares
equivalent to 30% paid up capital is pledged and further the loan is
guaranteed by personal guarantee of some of the Directors. Vehicle
Loans are secured by Hypothecation of Vehicles.
Loan from related party and Intercorporate Loans are unsecured
Interest:
Term Loans carry an interest rate of 10.75% p.a payable on monthly
basis.
Interest on Vehicle Loans are ranging between 9.57% to 15.21% payable
on monthly basis.
Loan from related party and Intercorporate Loans are interest free
Loans.
4 CONTINGENT LIABILITIES:
Particulars 2013-14 2012-13
Rs. Rs.
a) Letters of Credit Outstanding 1,21,67,795 733,785
b) Income Tax demands disputed in
appeal by the Company/ Income Tax
Authorities 62,54,718 1,03,46,247
(Against which the Company has
paid amount of Rs. 12,42,729/-)
c) Excise Duty demands disputed
in appeal by the Company/ Excise
Authorities 21,62,95,515 21,77,78,989
(Against which the Company has
paid amount of Rs. 8,01,472/-)
d) The Gujarat value Added tax
disputed demand in Appeal by company 14,69,152 14,69,152
(Against which the Company has paid
amount of Rs.14,69,152/-)
e) Textile Cess Demands disputed
pending with Textiles Committee, 50,90,119 50,90,119
Government of India, Ministry of
Textiles.
f) Service Tax demand disputed in
appeal by the Company/Authority 23,42,101 23,42,101
(Against which the Company has paid
amount of Rs.10,06,091/-)
g) Claims not acknowledged as debts
by the company 1,12,500 1,12,500
h) Show Cause Notices received from
various authorities 25,18,151 25,18,151
i) Bank Guarantee 5,24,990 3,02,427
j) Employees Demands pending before
Labour Courts Amount not Amount not
ascertainable ascertainable
k) In respect of restructured debts
under CDR Mechanism, the banks will
have right Amount not Amount not
to recompense in respect of waivers /
sacrifice made by them under CDR
Restructuring ascertainable ascertainable
5 Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has identified it''s
business segment as primary segment. "Others" represents income from
Trading of Cloth and Polyester Chips. There is no reportable secondary
segment as none of the conditions as laid down for determining the
geographical segments are satisfied
6 Related Party Disclosures
a) Key Management Personnel
Sr. No. Name Designation
1 Mr. Jyotiprasad Chiripal Chairman
2 Mr. Vedprakash Chiripal Director
b) List of Other Related Parties with whom transactions have taken
place during the year
Sr.
No. Name
1 Chiripal Industries Ltd.
2 Deepak Enterprise
3 Nandan Denim Ltd.
4 Shanti Exports Pvt. Ltd.
5 Vishal Fabrics Pvt. Ltd.
6 Shanti Polytechnic Foundation
7 Impairment of Asset
During the year, the company has impaired it''s all assets to the tune
of Rs.Nil (Previous Year Rs.Nil)
8 Borrowing costs attributable to the acquisition or construction of
Qualifying Assets amounting to Rs. Nil (Previous Year Rs. Nil) is
capitalized by the company
9 The amount of Exchange Difference
Credited to Profit and Loss Account Rs. 3,89,776/- (Previous Year
Credited to Profit and Loss Account Rs. 4,53,570/-)
10 Balance in Current Account with Scheduled Banks includes Rs. Nil/-
(Previous Year Rs. 1,58,987/-) in the unpaid dividend account with
various banks.
11 The figures of the previous year have been regrouped and rearranged
wherever considered necessary.
Note : Previous year''s figures have been shown in brackets.
Mar 31, 2013
1.1 Each Equity Shareholder is entitle to vote at the meeting shall
unless a poll is demanded be decided on a show of hand and upon show of
hands every member entitle to vote and present in person shall one
vote, and upon a poll every member entitle to vote and present in
person or by proxy shall have one vote, for every share held by him. The
Preference share holders shall not carry any right to vote on any
matter except their rights are affected as provided under the
provisions of Article of Association and Companies Act,1956.
1.2 In the event of liquidation of the Company, the Preference Share
holders will be entitled to receive any of the remaining assets of the
company prior to equity share holders, after the distribution of all
other preferential amounts. The holders of equity shares will be
entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts and preference share capital
in proportion to the number of equity shares held by the shareholders.
1.3 Under the scheme of demerger of Nova Petrochemicals Ltd, the
company issued and allotted 2,70,00,000 equity shares amounting to
Rs.13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the
ratio of one equity share of face value of Rs.5 each fully paid up in the
company for every one equity share of Rs.10 each fully paid up held by
the shareholders of Nova Petrochemicals Ltd in the year 2009-10.
2.1 General reserve is created out of profit in accordance with
Companies (Transfer of Profit to Reserve) Rule, 1975 and is
distributable in accordance with Companies(Distribution of dividend out
of Reserve) Rules 1975.
3 The Company is entitled for set off of carried forward unabsorbed
depreciation against the future income under the Income Tax Act.
Further company is also eligible for MAT credit under Income Tax Act .
In the absence of reasonable certainty in respect of future income and
as a matter of prudence, the company is not recognizing the deferred
tax asset as provided in the Accounting Standard 22 issued by The
Institute of Chartered Accountants of India.
Security :
Term Loans under Consortium finance are secured by first parri passu
charge on the entire Fixed Assets of the company both present and
future, second charge on entire Current Assets of the Company including
consumable stores. Promoter''s equity shares equivalent to 30% paid up
capital is pledged and further the loan is guaranteed by personal
guarantee of some of the Directors.
Vehicle Loans are secured by Hypothecation of Vehicles.
Loan from related party and Interoperate Loans are unsecured
Interest:
Term Loans carry an interest rate of 10.75% p.a payable on monthly
basis.
Interest on Vehicle Loans are ranging between 12.01% to 15.21% payable
on monthly basis.
Loan from related party and Interoperate Loans are interest free
Loans.
@ There is no amount due to be transferred to Investor Education &
Protection Fund.
Note: Trade Receivables are secured to the extent of Rs.32,09,388/-
(Previous Year Rs.15,83,692/-)
The expected benefits are based on the same assumptions used to measure
Group''s gratuity obligations as at 31st March, 2013. The Company is
expected to contribute Rs.16,70,000/- to gratuity funds for the year
ended 31st March,2014.
4 Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has identified it''s
business segment as primary segment. "Others" represents income from
Trading of Cloth and Polyester Chips. There is no reportable secondary
segment as none of the conditions as laid down for determining the
geographical segments are satisfied
Note : List of transaction, out of the transactions reported in the
above table, where the transactions entered in to with single party
exceed the 10% of the total related Party transactions of similar
nature are as under :
5 Impairment of Asset
During the year, the company has impaired it''s all assets to the tune
of Rs. Nil (Previous Year Rs.Nil)
6 Borrowing costs attributable to the acquisition or construction of
Qualifying Assets amounting to Rs. Nil (Previous Year Rs. Nil) is
capitalized by the company
7 The amount of Exchange Difference
Credited to Profit and Loss Account Rs. 4,53,570/- (Previous Year debited
to Profit & Loss Account Rs. 7,04,451/-)
8 Balance in Current Account with Scheduled Banks includes Rs.1,58,987/-
(Previous Year Rs. 3,34,555/-) in the unpaid dividend account with
various banks.
9 Balances of Debtors, Creditors, Advances etc. are subject to
confirmation and reconciliation wherever required.
10 In the opinion of the board, Current Assets, Loans and Advances are
approximately of the value stated if realized in the ordinary course of
business.
11 The figures of the previous year have been regrouped and rearranged
wherever considered necessary.
Note : Previous year''s figures have been shown in brackets.
Mar 31, 2012
1.1 Each Equity Shareholder is entitle to vote at the meeting shall
unless a poll is demanded be decided on a show of hand and upon show of
hands every member entitle to vote and present in person shall one
vote, and upon a poll every member entitle to vote and persent in
person or by proxy shall have one vote, for every share held by him.The
Preference share holders shall not carry any right to vote on any
matter except their rights are affected as provided under the
provisions of Article of Association and Companies Act,1956.
1.2 In the event of liquidation of the Company, the Preference Share
holders will be entitled to receive any of the remaining assets of the
company prior to equity share holders, after the distribution of all
other preferential amounts. The holders of equity shares will be
entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts and Preference share capital
in proportion to the number of equity shares held by the shareholders.
1.3 Under the scheme of demerger of Nova Petrochemicals Ltd, the
company issued and allotted 2,70,00,000 equity shares amounting to
Rs13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the
ratio of one equity share of face value of Rs5 each fully paid up in the
company for every one equity share of Rs10 each fully paid up held by
the shareholders of Nova Petrochemicals Ltd in the year 2009-10.
1.4 Reconciliation of the number of Equity shares outstanding and the
amount of share capital as at 31/03/2012 & 31/03/2011 is set out below.
1.5 In the absence of adequate distributable Profit, no provision is
required to be made in respect of dividend on Non-Cumulative Redeemable
Preference Shares.
2 The Company is entitled for set off of carried forward losses and
unabsorbed depreciation against the future income under the Income Tax
Act. However as a matter of prudence, the company is not recognising
the deferred tax asset as provided in the Accounting Standard 22 issued
by The Institute of Chartered Accountants of India.
Security :
Term Loans under Consortium finance are secured by first parri passu
charge on the entire Fixed Assets of the company both present and
future, second charge on entire Current Assets of the Company including
consumable stores. PromoterRss equity shares equivalent to 30% paid up
capital is pledged and further the loan is guaranteed by personal
guarantee of some of the Directors.
Vehicle Loans are secured by Hypothication of Vehicles.
Loan from related party and Intercorporate Loan are unsecured
Interest:
Term Loans carry an interest rate of 10.75% p.a and Funded Interest
Term Loan carries an interest rate of 9.75% p.a. payable on monthly
basis.
Interest on Vehicle Loans are ranging between 12.01% to 14.07%
Loan from related party and Intercorporate Loan are interest free
Loans.
Security :
Working Capital loans are secured by first charge on Book Debt and
Stocks, and further secured by personal guarantee of the Promoter
Directors and corporate guarantee of the PromoterRss Group Companies and
also further secured by second charge on fixed asssts.
Trade payables
@ The Company has not received the required information from Suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosures, if any, relating to amounts
unpaid as at the year end together with interest paid/ payable as
required under the said Act have not been made.
3 CONTINGENT LIABILITIES:
Particulars 2011-12 2010-11
Rs Rs
a) Letters of Credit Outstanding 12,82,826 20,07,50,908
b) Income Tax demands disputed in appeal
by the Company/ Income Tax Authorities 1,10,21,902 2,77,37,838 (Against which the Company has paid
amount of Rs 10,10,457/-)
c) Excise Duty demands disputed in appeal
by the Company/ Excise Authorities 21,77,78,989 21,09,05,497 (Against which the Company has
paid amount of Rs 2,79,00,736/-)
d) The Gujarat value Added tax disputed
demand in Appeal by company 14,69,152 14,69,152 (Against which the Company has paid amount of
Rs9,00,000/-)
e) Textile Cess Demands disputed pending
with Textiles Committee, 50,90,119 50,90,119 Government of India, Ministry of Textiles.
f) Service Tax demand disputed in appeal
by the Company/Authority 36,39,072 37,15,034 (Against which the Company has paid amount of
Rs5,03,581)
g) Claims not acknowledged as debts by
the company 1,12,500 1,12,500
h) Show Cause Notices received from various
authorities 52,66,961 66,70,000
i) Bank Guarantee 3,02,427 Nil
j) Employees Demands pending before
Labour Courts Amount not Amount not
ascertainable ascertainable
4 Impairment of Asset
During the year, the company has impaired its assets to the tune of Rs
Nil (Previous Year RsNil)
5 The amount of Exchange Difference
Debited to Profit and Loss Account Rs 7,04,451/- (Previous Year debited
to Profit & Loss Account Rs 8,86,986/-)
6 Balance in Current Account with Scheduled Banks includes Rs
3,34,555/- (Previous Year Rs 560946/-) in the unpaid dividend account
with various banks.
7 Balances of Debtors, Creditors, Advances etc. are subject to
confirmation and reconciliation wherever required.
8 In the opinion of the board, Current Assets, Loans and Advances are
approximately of the value stated if realized in the ordinary course of
business.
9 Previous yearRss figures have been regrouped and rearranged wherever
necessary, to make them comparable with those of current year. Till the
year ended 31st March 2011, the company was using pre-revised Schedule
VI to the Companies Act, 1956, for preparation and presentation of its
financial statements. During the year ended 31st March, 2012, the
revised schedule VI notified under the Companies Act, 1956, has become
applicable to the company. The Company has reclassified previous year
figures to conform to this classification. The adoption of revised
schedule VI does not impact recognition and measurement principles
followed for preparation of financial statement. However, it
significantly impacts presentation and disclosures made in the
financial statements, particularly presentation of Balance Sheet.
Note : Previous yearRss figures have been shown in brackets.
Mar 31, 2011
1. CONTINGENT LIABILITIES:
2010-2011 2009-2010
(Rs. in Lacs) (Rs. in Lacs)
a) Letters of Credit Outstanding 2007.51 1738.53
b) Income Tax demands disputed in appeal
by the Company/ Income Tax Authorities 277.38 272.60
(Against which the Company has paid amount
of Rs.22.48 Lacs)
c) Excise Duty demands disputed in appeal
by the Company/ Excise Authorities 2109.05 2905.28
(Against which the Company has paid amount
of Rs.281.67 Lacs)
d) The Gujarat Value Added Tax disputed
demand in appeal by the Company 12.76 Nil
e) Textile Cess Demands disputed pending
with Textiles Committee, 50.90 50.90
Government of India, Ministry of Textiles.
f) Service Tax demand disputed in appeal
by the Company/Authority 10.82 33.48
g) Claims not acknowledged as debts by the
company 1.13 1.13
h) Show Cause Notices received from various
authorities 80.06 65.85
i) Employees Demands pending before
Labour Courts Amount not Amount not
ascertainable ascertainable
2. The Company has pending export obligation to be fulfilled during
the specified period in lieu of items imported under concessional / nil
rate of custom duty. The Liability towards custom duty payable and
interest thereon in respect of unfulfilled export obligation as on 31st
March 2011 is Rs.Nil (Previous Year Rs.694.75 Lacs).
3. Secured loans where repayments are stipulated include Rs.573.30
Lacs (Previous year Rs.499.02 Lacs) repayable within a period of one
year.
4. Unsecured loans where repayments are stipulated include Rs. Nil
(Previous year Rs. Nil) repayable within a period of one year.
5. Borrowing cost incurred during the year, which are attributable to
the acquisition or construction of Qualifying Assets to the extent of
Rs. Nil (Previous Year Rs. Nil) are capitalized by the company.
6. Maximum debit balance in Non Scheduled Bank during the year is Rs.
0.02 Lacs (Previous year Rs.0.02 Lacs).
7. Exceptional items consist of amount written back on account of
restructuring / settlement of some of the loans and interest thereon
Rs. Nil. ( Previous year Rs.127.31 Lacs)
8. Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has identified it's
business segment as primary segment. "Others" represents income from
Trading of Cloth. There is no reportable secondary segment as none of
the conditions as laid down for determining the geographical segments
are satisfied.
Note: Since, there was only one reportable segment in the previous
year, corresponding figures for the previous year are not given.
Note: List of transaction, out of the transactions reported in the
above table, where the transactions entered in to with single party
exceed the 10% of the total related Party transactions of similar
nature are as under:
9. The Company is entitled for set off of carried forward losses and
unabsorbed depreciation against the future income under the Income Tax
Act. However as a matter of prudence, the company is not recognizing
the deferred tax asset as provided in the Accounting Standard 22 issued
by The Institute of Chartered Accountant of India.
10. Impairment of Asset
During the year, the company has impaired its assets to the tune of Rs.
Nil (Previous Year Rs.Nil)
11. The amount of Exchange Difference
Debited to Profit and Loss Account Rs.8.87 Lacs (Previous Year
Credited to Profit & Loss Account Rs.18.47 Lacs)
12. Based on the information available with the company and to the
extent to which they could be identified as Small Scale and ancillary
undertakings, sundry Creditors include Rs.10.77 Lacs (Previous year Rs.
64.98 Lacs) due to Small Scale and ancillary concerns.
13. Balance in Current Account with Scheduled Banks includes Rs.
5.61Lacs (Previous Year Rs.5.61 Lacs) in the unpaid dividend account
with various banks.
14. The Company has not received information from vendor regarding
their status under the Micro, Small & Medium Enterprise Development
Act, 2006 and hence disclosure relating to amount unpaid as at year end
together with interest paid/payable under this act has been not given.
15. Sundry Debtors are Secured to the extent of Rs.36.07 Lacs
(Previous Year Rs.71.99 Lacs)
16. Information pursuant to provision of paragraphs 3 and 4 of part II
of Schedule VI Companies Act, 1956. (As certified by Directors):
17. Balances of Debtors, Creditors, Advances etc. are subject to
confirmation and reconciliation wherever required.
18. Figures of the previous year have been regrouped and/or rearranged
wherever necessary.
19. In the opinion of the board, Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course - of business.
Note : Previous year's figures have been shown in brackets.
Notes:
(1) The above Cash Flow Statement has been prepared under the "Indirect
Method" setout in Accounting Standard - 3 issued by the Institute of
Chartered Accountants of India.
(2) Cash and Cash Equivalents at the end includes Rs.560946/-
(Previous Year Rs.560946/-) in respect of un claimed dividend and Rs.
11259424/- (Previous Year Rs.12454353/-) in respect of Fixed Deposit
Pledged with the Bank which are not available for use by the company.
Important Notes:
1) After registration, all the communication will be sent to your
registered e-mail Id. However, you can anytime ask for physical copy of
the document.
2) Shareholders are requested to keep company informed as and when
there is any change in the e-mail address. Unless the email Id given
hereunder is changed by you by sending another communication in
writing, the company will continue to send the notices/documents to you
on the above mentioned email ID.
Mar 31, 2010
1. CONTINGENT LIABILITIES:
2009-2010 2008-2009
Rs. (in Lacs) Rs. (in Lacs)
1738.53 1956.06
a) Letters of Credit Outstanding
b) Income Tax demands disputed
in appeal by the Company/ Income Tax
Authorities (Against which the 272.60 272.60
Company has paid amount of Rs.
20.00 Lacs)
c) Excise Duty demands disputed
in appeal by the Company/ Excise
Authorities (Against which the 2905.28 2741.62
Company has paid amount of
Rs. 202.77 Lacs)
d) Textile Cess Demands disputed
pending with Textiles Committee, 50.90 50.90
Government of India, Ministry of
Textiles.
e) Service Tax demand disputed in 33.48 Nil
appeal by the Company/Authority
f) Claims not acknowledged as debts
by 1.13 1.13
the company
g) Show Cause Notices received from 65.85 158.66
various authorities (Against which
the Company has paid amount of Rs.
400.00 Lacs)
h) Employees Demands
pending before Amount not Amount not
Labour Courts ascertainable ascertainable
2. The Company has pending export obligation to be fulfilled during
the specified period in lieu of items imported under concessional / nil
rate of custom duty. The Liability towards custom duty payable and
interest thereon in respect of unfulfilled export obligation as on 31st
March 2010 is Rs.694.75 Lacs (Previous Year Rs. 1326.32 Lacs).
3. Debtors include Rs. Nil Lacs (Previous Year Rs. Nil Lacs) due from
private companies in which some of the directors are interested as
directors and Rs. Nil Lacs (Previous Year Rs. Nil Lacs) due from firms
in which some of the directors are interested as partners.
4. Secured loans where repayments are stipulated include Rs. 499.02
Lacs (Previous year Rs. 272.40 Lacs) repayable within a period of one
year.
5. Unsecured loans where repayments are stipulated include Rs. Nil
(Previous year Rs. Nil) repayable within a period of one year.
6. Traveling, Conveyance & Vehicle Expenses include Directors
Traveling of Rs.1.42 Lacs (Previous Year Rs. 1.98 Lacs).
7. Borrowing cost incurred during the year, which are attributable to
the acquisition or construction of Qualifying Assets to the extent of
Rs. Nil (Previous Year Rs. Nil) are capitalized by the company.
8. Maximum debit balance in Non Schedule Bank during the year is Rs.
0.02 Lacs (Previous year Rs 0.04 Lacs).
9. Exceptional items consist of amount written back on account of
restructuring / settlement of some of the loans and interest thereon
Rs. 127.31 lacs ( Previous year Rs. Nil Lacs)
10. Based on the principles for determination of segments given in
Accounting Standard 17 ÃSegment Reportingà issued by the Institute of
Chartered Accountants of India, the activities of the Company revolve
around the main business and as such there is no separate reportable
business or Geographical Segment.
11. Related Party Disclosures
a) Key Management Personnel
Sr. Name Designation
No.
1 Shri Jyotiprasad Chiripal Chairman
2 Shri Vedprakash Chiripal Director
b) List of Other Related Parties with whom transactions have taken
place during the year
Sr. Name
No.
1 Chiripal Industries Ltd.
2 Deepak Enterprise
3 Gupta Dying and Printing Mills
4 Gupta Dying and Printing Mills Pvt. Ltd.
5 Gupta Synthetics Limited
6 Gupta Silk Mills Pvt. Ltd.
7 Nandan Exim Ltd.
8 Shanti Exports Pvt. Ltd.
9 Vishal Fabrics Pvt. Ltd.
10 NPL Power Pvt. Ltd.
11 GSL-Nova Pertochemicals Limited
12. The Company is entitled for set off of carried forward losses and
unabsorbed depreciation against the future income under the Income Tax
Act. However as a matter of prudence, the company is not recognizing
the deferred tax asset as provided in the Accounting Standard 22 issued
by The Institute of Chartered Accountant of India.
13. Impairment of Asset
During the year, the company has impaired its assets to the tune of Rs.
Nil (Previous Year Rs.Nil)
14. The amount of Exchange Difference
Credited to Profit and Loss Account Rs. 18.51 Lacs
(Previous Year Debited to Profit & Loss Account Rs. 20.94 Lacs)
15. The Gross Block of Fixed Asset includes Rs.4108.93 Lacs (Previous
Year Rs.Nil Lacs) on account of revaluation of Freehold Land Carried
out on 31/03/2010.
16. Based on the information available with the company following is
the details of parties to the extent to which they could be identified
as Small Scale and ancillary undertakings.
a) Sundry Creditors include Rs.64.98 Lacs (Previous year Rs. 48.75
Lacs) due to Small Scale and ancillary concerns.
b) The undertakings to whom amounts outstanding for more than 30 days
as on 31st March, 2010, in respect of Small Scale and ancillary
concerns where such dues exceed Rs. One Lac are as under:
Akar Packers Pvt. Ltd., Akshat Trader, Anushree Paper Packs Pvt. Ltd.,
Arjun Packaging, Balaji Polymers, Flexi Bond Industries, Fortune
Fabrics Pvt Ltd, Nirmal Packaging,Nirmal Tube & Containers Pvt. Ltd,
Pooja Plastic Ind.,Pooja Paper Craft, Rajhans Traders.
17. Balance in Current Account with Scheduled Banks includes Rs. 5.61
Lacs (Previous Year Rs. 5.61 Lacs) in the unpaid dividend account with
various banks.
18. The Company has not received information from vendor regarding
their status under the Micro, Small & Medium Enterprise Development
Act, 2006 and hence disclosure relating to amount unpaid as at year end
together with interest paid/payable under this act has been not given.
19. Sundry Debtors are Secured to the extent of Rs. 71.99 Lacs
(Previous Year Rs. 7.50 Lacs)
20. Balances of Debtors, Creditors, Advances etc. are subject to
confirmation and reconciliation wherever required.
21. Figures of the previous year have been regrouped and/or rearranged
wherever necessary.
22. In the opinion of the board, Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business.
Note : Previous years figures have been shown in brackets.
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