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Notes to Accounts of Tuticorin Alkali Chemicals & Fertilizers Ltd.

Mar 31, 2017

1. Retirement Benefits

a. Retirement benefits in the form of Provident Fund / Superannuation Fund are defined contribution schemes and the contributions are charged to Statement of Profit and Loss in the year in which the contributions to the respective funds are due.

b. Employees Gratuity Fund scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is provided for on the basis of actuarial valuation using the Projected Unit Credit method at the end of each financial year.

c. Actual gain / losses are charged to statement of Profit and Loss.

2. SEGMENTAL REPORTING FOR THE PERIOD ENDED 31st MARCH ''17

The business segment consisting only of Tuticorin operations (Soda Ash / Ammonium Chloride - Dual Products). Hence, the Segmental Reporting has not been furnished.


Mar 31, 2015

1. Contingent Liabilities and Commitments

(Rupees in Lakhs)

Particulars As at As at 31st March 2015 31st March 2014

Claims against company not acknowledged as debt

a) No provision is made for Purchase Tax, Sales Tax and penalties thereon imposed by Sales Tax Authorities relating to earlier years, which are under appeal. 350.26 350.26

b) Disputed claims for rent and Interest on rent dues of VOC Port Trust, Tuticorin 2,552.09 2,059.65

c) Arrears of dividend 1,471.45 1,347.45 on Preference Shares

d) Excise and Service Tax dues on appeal by the Department 83.10 192.10

Total Contingent Liabilities and Commitments 4,456.90 3,949.46

2. Related Party disclosure under Accounting Standard -18

I. The list of related party as identified by the Management are as under:

Associates:

Southern Petrochemical Industries Corporation Limited

Key Management Personnel of the Company:

G. Ramachandran, Managing Director S. Nandakumar, Chief Financial Officer S. Raghavan, Company Secretary

3. Retirement Benefits

a. Retirement benefits in the form of Provident Fund / Superannuation Fund are defined contribution schemes and the contributions are charged to Statement of Profit and Loss in the year in which the contributions to the respective funds are due.

b. Employees Gratuity Fund scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is provided for on the basis of actuarial valuation using the Projected Unit Credit method at the end of each financial year.

c. Actual gain / losses are charged to Statement of Profit and Loss.

4. Accounting Policies

Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.


Mar 31, 2014

1. Deferred Tax Liability / Asset

As regards recognition of deferred tax, in accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the total deferred tax / liability as on 31st March, 2014 is as under:

As a matter of prudence the Company has recognised Deferred Tax Asset of Rs.2,138.14 lakhs to the extent of Deferred Tax Liability.

2. Related Party disclosure under Accounting Standard -18

I. The list of related party as identified by the Management is as under:

Associates:

Southern Petrochemical Industries Corporation Limited

Key Management Personnel of the Company:

G. Ramachandran, Managing Director

II. The following transactions were carried out with the related parties:

3. Retirement Benefits

a. Retirement benefits in the form of Provident Fund / Superannuation Fund are defined contribution schemes and the contributions are charged to Statement of Profit and Loss in the year in which the contributions to the respective funds are due.

b. Employees Gratuity Fund scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is provided for on the basis of actuarial valuation using the Projected Unit Credit method at the end of each financial year.

c. Actual gain / losses are charged to Statement of Profit and Loss.

4. SEGMENTAL REPORTING FOR THE PERIOD ENDED 31ST MARCH 2014

The business segment consisting only of Tuticorin operations (Soda Ash / Ammonium Chloride - Dual Products). Hence, the Segmental Reporting has not been furnished.

5. Accounting Policies

Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.


Mar 31, 2013

1. Related Party disclosure under Accounting Standard -18

I. The list of related party as identified by the Management is as under:

Associates:

Southern Petrochemical Industries Corporation Limited

Key Management Personnel of the Company:

G. Ramachandran, Vice President and Whole Time Director

2. Retirement Benefits

a. Retirement benefits in the form of Provident Fund / Superannuation Fund are defined contribution schemes and the contributions are charged to Profit and Loss Account in the year in which the contributions to the respective funds are due.

b. Employees Gratuity Fund scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is provided for on the basis of actuarial valuation using the Projected Unit Credit method at the end of each financial year.

c. Actual gain / losses are charged to Statement of Profit and Loss.

3. SEGMENTAL REPORTING FOR THE PERIOD ENDED 31 MARCH 2013

The business segment consisting only of Tuticorin operations (Soda Ash /Ammonium Chloride - Dual Products). Hence, the Segmental Reporting has not been furnished.

4. The financial statements for the year ended 31 March 2012 are prepared under revised Schedule VI. Accordingly, current year financial statements have also been prepared on similar lines.


Mar 31, 2012

1. Related Party disclosure under Accounting Standard –18

I. The list of related party as identified by the Management are as under:

Associates:

Southern Petrochemical Industries Corporation Limited

Key Management Personnel of the Company:

Thiru G. Ramachandran, VP/Whole Time Director

2. Retirement Benefits

a. Retirement benefits in the form of Provident Fund / Superannuation Fund are defined contribution schemes and the contributions are charged to Statement of Profit and Loss in the year in which the contributions to the respective funds are due.

b. Employees Gratuity Fund scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is provided for on the basis of actuarial valuation using the Projected Unit Credit method at the end of each financial year.

c. Obligation for Leave encashment is recognized in the same manner as Gratuity.

d. Actual gain / losses are charged to Statement of Profit and Loss.

3. SEGMENTAL REPORTING FOR THE PERIOD ENDED 31ST MARCH '12

The business segment consisting only of Tuticorin operations (Soda Ash / Ammonium Chloride – Dual Products). Hence, the Segmental Reporting has not been furnished.

4. The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre- revised Schedule VI to the Companies Act,1956. Consequent to the notification under the Companies Act,1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.

5. Accounting Policies

Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account not provided for (Net of advances) - Rs. Nil (Previous year Rs.Nil)

2. Security Deposit lodged with Sales Tax Authorities Rs.0.14 lakhs. (Previous year Rs.0.14 lakhs)

3. Sundry Creditors include Rs.Nil (Previous year Rs.Nil) due to Small Scale Industrial (SSI) undertaking to the extent identified by the Management.

4. Manufacturing Expenses includes one-time repairs & maintenance expenditure of Rs.311.60 lakhs and additional raw material and utilities consumption of Rs.77.61 lakhs incurred at the time of start up and stabilization of plant.

(Rupees in lakhs)

5. Contingent Liabilities 31.03.11 31.03.10

a. No provision is made for Purchase Tax, Sales Tax and penalties thereon imposed 345.82 345.82 by Sales Tax Authorities relating to earlier years, which are under appeal.

b. Disputed claims for Rent and Interest under appeal. 1,606.81 1089.46

c. Arrears of dividend on Preference Shares 975.45 851.45

6. Related Party disclosure under Accounting Standard –18

I. The list of related party as identified by the Management are as under:

Associates:

Southern Petrochemical Industries Corporation Limited

Key Management Personnel of the Company:

Thiru S. Chandramohan, Managing Director

7. Retirement Benefits

a. Retirement benefits in the form of Provident Fund / Superannuation Fund are defined contribution schemes and the contributions are charged to Profit and Loss Account in the year in which the contributions to the respective funds are due.

b. Employees Gratuity Fund scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is provided for on the basis of actuarial valuation using the Projected Unit Credit method at the end of the each financial year.

c. Obligation for Leave encashment is recognized in the same manner as Gratuity.

d. Actual gain / losses are charged to Profit and Loss Account.

8. Segmental Reporting for the year ended 31st March '11

The business segment consisting only of Tuticorin operations (Soda Ash / Ammonium Chloride – Dual Products). Hence, the Segmental Reporting has not been furnished.

9. As regards recognition of deferred tax, in accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the total deferred tax / liability as on 31st March, 2011 are as under:

As a matter of prudence the company has recognised Deferred Tax Asset of Rs. 3,170.43 lakhs to the extent of Deferred Tax Liability.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account not provided for (Net of advances) - Rs. Nil (Previous year Rs.Nil)

2. Security Deposit lodged with Sales Tax Authorities Rs. 0.14 lakhs. (Previous year Rs.0.14 lakhs)

3. Sundry Creditors include Rs.Nil (Previous year Rs.Nil) due to Small Scale Industrial (SSI) undertaking to the extent identified by the Management.

* No provision is made for special pay amounting to Rs.10 lakhs (Previous year - Rs.15 lakhs) due to acute liquidity crisis arising out of shutdown of the plants. The same will be decided as and when the situation improves. ** Perquisites exclude contribution to Superannuation and Gratuity Fund.

4. Related Party disclosure under Accounting Standard -18

I. The list of related party as identified by the Management are as under:

Associates:

Southern Petrochemical Industries Corporation Limited

Key Management Personnel of the Company:

5. Retirement Benefits

a. Retirement benefits in the form of Provident Fund / Superannuation Fund are defined contribution schemes and the contributions are charged to Profit and Loss Account in the year in which the contributions to the respective funds are due.

b. Employees Gratuity Fund scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is provided for on the basis of actuarial valuation using the Projected Unit Credit method at the end of each financial year.

c. Obligation for Leave encashment is recognized in the same manner as Gratuity.

d. Actual gain / losses are charged to Profit and Loss Account.

6. Segmental Reporting for the year ended 31st March 10

The business segment consisting only of Tuticorin operations (Soda Ash / Ammonium Chloride - Dual Products). Hence, the Segmental Reporting has not been furnished.

As a matter of prudence the company has recognised Deferred Tax Asset of Rs.3531.28 lakhs to the extent of Deferred Tax Liability.

7. The figures for the current financial period are for twelve months and hence not comparable with the eighteen months previous accounting period.

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