Mar 31, 2018
1. CORPORATE INFORMATION :
Vikram Thermo (india) Limited (referred to as âthe companyâ) is a leading in manufacturing and selling of basic pharma co-polymer âDrug Coatâ and âDiphenenyle Oxideâ. The company has its registered office at 101, Classic Avenue, 1st Floor, Opp. Sales India, Ashram Road, Ahmedabad - 380009, Gujarat, India.
In accordance with Ind-AS transitional provisions, the company opted to consider previous GAAP carrying value of property, plant and equipment as deemed cost on transition date owing to exemption given in Para D7AA of Ind AS 101 -First time adoption of Indian Accounting Standards. Refer significant accounting policy Sr. No iii (c)
(a) Assets pledged as Security
âSecured loan are secured against first charge on all present and future Plant & Equipment.âSecured Loan are Collateral Equitable Mortage of the below properties as per the valuation report of Bankâs approved valuer (To be registered with registrar of assurance) : â1. Unit 1, Block No 131/1 and 131/2, Village Dhanot, Chhatral Kadi Road, Dist . Gandhinagar.â2. Unit II, Survey No. 322 Paiki 4 and 322 Paiki 5, Village Indrad, Chhatral Kadi Road, Dist. Mehsana.â
(b) Capitalised Borrowing Cost
Borrowing Cost Capitalised on Property, Plant and Equipment during the year 2017-18 Rs.25,79,177/- (PY.2016-17 Rs.23,34,250/- )
(c) Contractual Obligations
Refer Note.2 for disclosure of Contractual Commitments for the acquisition of property, Plant & Equipment.
In accordance with Ind-AS transitional provisions, the company opted to consider previous GAAP carrying value of intangible asstes as deemed cost on transition date owing to exemption given in Para D7AA of Ind AS 101 -First time adoption of Indian Accounting Standards. Refer significant accounting policy Sr. No iv (b)
a. The company has only one class of shares referred to as Equity shares having face value of Rs. 10/-. Each Holder of equity share is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholder.
The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuing Annual General Meeting.
No Shares has been reserved for issue under options or contracts/commitments for the shares/disinvestment.
Security:
* Secured loans are secured against first charge on all present and future current assets inclusive of all Stocks, Book Debts and Plant & Equipment and personal guarantee of the directors, Shareholders and collateral security owners of the company.
Secured Loans are secured against Collateral Equitable Mortage of the below properties as per the valuation report of Bankâs approved valuer (registered with registrar of assurance) :
1. Unit 1, Block No 131/1 and 131/2, Village Dhanot, Chhatral Kadi Road, Dist . Gandhinagar.
2. Unit II, Survey No. 322 Paiki 4 and 322 Paiki 5, Village Indrad, Chhatral Kadi Road, Dist. Mehsana.*
** Vehicle loans are secured against hypothecation of vehicles
Interest:
* Term Loans carry an interest rate which shall be HDFC Bank base rate plus 0.85% payable on monthly basis.
** Vehicle loans carry an interest rate ranging between 9.55 % to 10%
Repayment:
* Term Loans carry an interest rate which shall be HDFC Bank base rate plus 0.85% payable on monthly basis.
(a) There were no overdue amounts/interest payble to Micro, Small and Medium Enterprises Develpoment Act, 2006 as at the Balance Sheet date or any time during the year.
(b) Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of the information collected by the Management.This has been relied upon by the Auditors.
3 Segment Reporting
The Companyâs management, consisting of the chief executive officer, the chief financial officer and the manager for corporate planning, monitors the operating results of the below business segments separately for the purpose of making decisions about resource allocation and performance assessment and accordingly, based on the principles for determination of segments given in Indian Accounting Standard 108 âOperating Segments â and in the opinion of management the Company is primarily engaged in the business of manufacturing of âChemicalsâ. All other activities of the Company revolve around the main business and as such there is no separate reportable business segment.
Key Managerial Personnel and Relatives of Key Management Personnel who are under the employment of the Company are entitled to post employment benefits and other long term benefits recognised as per Ind As 19 - âEmployee Benefitsâ in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.
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 at amortised cost for which fair values 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 financial instruments in to three levels prescribed is as under:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilties
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liabilty, either directly (i.e. as prices ) or indirectly (i.e. derived from prices)
Level 3 - Inputs for the assets or liabilties 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 liabilties required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified assets and liabilties are readily available from the quoted pricies in the open market and rates available in secondary market respectively. The valuation method applied for various financial assets and liabilties are as follows-
1. Quoted price in the primary market (NAV) considered for the fair valuation of the current investment i.e Mutual fund. Gain / (loss) on fair valauation is recognised in profit and loss.
2. The carrying amount of trade receivable, 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.
4 Financial risk management
The Company has exposure to the following risks arising from financial instruments:
I Credit Risk
I I Liquid Risk III Market Risk
Risk Management Framework
The Companyâs risk management is governed by policies and approved by the board of directors. Companyâs identifies, evaluates and hedges financial risks in close co-operation with the Companyâs 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 compliance with the companyâs risk management policies 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 undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit 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 credit rating and also reviews their credit-worthiness on an on-going basis.âThe maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always been managed by the company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business. âOn account of the adoption of Ind AS 109, the company uses ECL model to assess the impairment loss or gain. The company uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk factors and the companyâs 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 made 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. 62.94 lakhs as at March, 2017 and Rs. 97.32 lakhs as at March 31, 2018. The movement in allowances for doubtful accounts comprising provision for both non-collection of receivables and delay in collection is as follows:
II Liquid Risk
Liquidity risk is 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 Companyâs 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, without incurring unacceptable losses or risking damage to the Companyâs reputation.
Management regularly monitors the position of cash and cash equivalents vis-a-vis projections. Assesment of maturity profiles of financial assets and libilities including debt financing plans and maintainance of balance sheet liquidity ratios are considered while reviewing the liquidity position.
i) Exposure to Liquid Risk:
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
III 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 of payables and receivables in foreign currency. Company is exposed to currency risk on account 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 Companyâs 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 instruments in 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 personnel and represents managementâs assessment of the reasonably possible change in interest rates.
c) Price Risk
As of 31st March 2018, the company has nil exposure on security price risks.
5 Capital management
âThe Companyâs 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 of capital through the optimization of the capital structure i.e. the debt and equity balance.âThe Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.â
6 The financial statement are approved for issue by the Audit Committee as at its meeting on 29th May,2018 and by the Board of Directors on 29th May,2018.
7 The board has recommended dividend of 5% (Re. 0.50 per share of face value of Rs. 10/- each) for the financial year ended 31st March, 2018 which is subject to approval of shareholders in the ensuing Annual General Meeting.
8 Transition to Ind-AS
These financial statements, for the year ended 31 March 2018, are the first the company has prepared in accordance with Ind-AS.
The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and the opening Ind AS balance sheet at 1 April 2016 (the Companyâs date of transition to Ind AS). In preparing its opening Ind AS balance sheet the company has adjusted amount reported previously in financial statements in accordance with accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and other relavent provisions of the act (previous GAAP). An explanation of how transition from previous GAAP to Ind AS has affected the Companyâs financials position, financial performance and cash flows is set out in following tables and notes.
8.1 Exemptions and exceptions availed
In preparing these financial statement, the Company has elected to apply the below optional exemptions and mandatory exceptions in line with principles of Ind AS 101.
I Optional exemptions
I Property, Plant and Equipment (PPE) and intangible assets
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.
II Mandatory Exceptions
1 Estimates
An entityâs estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:
- Impairment of financial assets based on expected credit loss model
- Determination of the discounted value for financial instruments carried at amortised cost.
2 Classification and measurement of financial assets
Ind AS 101 provides exemptions to certain classification and measurement requirements of financial assets under Ind AS 109, where these are impracticable to implement. Classification and measurement is done on the basis of facts and circumstances existing as on the transition date. Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the transition date.
1 Prepayment Charges
Under previous GAAP, leasehold land was shown as a part of property, plant and equipment and depreciated based on leasehold period. Whereas under Ind AS, all leases are considered as operating leases and therefore are shown as prepaymemnt charges and amortized over the leasehold period. This reclassification resulted in depreciation by Rs. 850/- with corresponding increase in other expenditure.
2 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.
Under previous GAAP, the defined benefit obligations in respect of gratuity were recognised as per the employeeâs gratuity fund managed by the Life Insurance Corporation of India (LIC). Also leave encashment and bonus was charged to revenue on payment basis. Whereas under Ind As, the defined benefit obligations in respect of gratuity, leave encashment, bonus expense and depreciation written back were recognised as prior period item. All material prior period items are adjusted against the profit of the year to which it relates or against the opening equity as the case may be. The defined benefit obligations in respect of gratuity and leave encashment are recognised as per the actuary valuation under Ind As 19 - âEmployee Benefitsâ.
Accordingly, the prior period items of Rs. 47,25,396/- have been adjusted against equity as on the transition date i.e. 1 April, 2016 resulting in increase in other equity as on 1 April, 2016 and Rs. 24,37,999 /- have been adjusted against equity as on the 31 March, 2017 resulting in decrease in profit before tax for the year ended 31 March, 2017 .
3 Current Investments
Under previous GAAP, the company accounted for short term investments in mutual funds as investment measured at cost. As per Ind AS, investments in liquid mutual funds have been revalued at fair value. The resulting fair value changes of these investments have been recognised in profit and loss.
4 Remeasurement of post employment benefit obligations
As per Ind AS, remeasurement of defined benefit plans have been disclosed under âOther Comprehensive Incomeâ(OCI) , which was being debited to statement of profit and loss under previous GAAP.
5 Retained Earnings
Retained earnings as at 1 April, 2016 has been adjusted consequent to the above Ind AS transition adjustments.
6 Deferred Tax Liabilties (Net)
Tax adjustments include deferrred tax impact on account of differences between previous GAAP and Ind AS adjustments
7 Proposed dividend
Under previous GAAP, the Company used to provide for proposed dividend including distribution tax as and when the same is declared by the Board of directors considering the same as adjusting event. Under Ind As, declaration of dividend by Board of Directors would be considered as non-adjusting event and the same would be provided once it is approved by the shareholders in their general meeting.
8 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 profit and loss.
9 Other Comprehensive Income
As per Ind AS, re-measurement of defined benefit plans have been disclosed under âOther Comprehensive Incomeâ (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.
9 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.
10 Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. 25,79.177 (Previous Year Rs. 23,34,250) is capitalized by the company.
11 The Company has entered into certain operating lease agreements and an amount of Rs. 2,81,298 ( P.Y Rs.2,54,100) 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.
12 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)
13 Previous yearâs figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.
Mar 31, 2016
Contingent Liabilities are not recognized but are disclosed in the notes.
Contingent Assets are neither recognized nor disclosed.
a. There is no movement in share capital during the current year and previous year.
b. Details of Equity shares held by shareholders holding more than 5% shares in the company.
No shareholder holds more than 5% of shares of the company.
* Security for Long term and Short term borrowings:
Working Capital facilities and Term Loan are secured against first charge on entire present and future current assets including entire stock, Book Debt, Loans and Advances and mortgage of Fixed Assets and personally guaranteed by some of the directors/promoters of the company.
a. There is no amounts due and outstanding to be credited to Investor Education and Protection Fund under section 125 of The Companies Act,2013 as at year end.
1. Related Party Disclosures
Related party disclosure as per Accounting Standard 18 issued by the Institute Of Chartered Accountants Of India.
I. Related Party & Their Relationship
Name Of Related Party Nature Of Relationship
Dr. Chimanbhai K Patel Chairman Cum Director
Mr. Dhirajbhai K Patel Managing Director - Key Management Personnel
Dr. Dinesh H. Patel Director Production & Research - Key Management Personnel
Mrs. Alpaben A. Patel Director - Key Management Personnel
Mr.Ankur D. Patel Director - Key Management Personnel
Mr. Motibhai D Fosi C.F.O - Key Management Personnel
Mr. Ambalal K. Patel Brother - Key Management Personnel
Mr. Harjivanbhai K Patel Brother/Father - Key Management Personnel
Mr. Ghanshyambhai K Patel Brother - Key Management Personnel
Mr. Jaimin C Patel Son - Key Management Personnel
Mr.Alpesh A. Patel Husband - Key Management Personnel
Mr. Vikalp D. Patel Son - Key Management Personnel
Mrs. Rachana V Patel Daughter-In Law -Key Managerial Personnel
2. Segment Reporting
As per the definition of Reportable Segment in accordance with Accounting Standard-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has only one reportable segment i.e. "Chemicals", hence separate disclosure for segment reporting is not applicable to the company.
3. Contingent Liabilities and Commitments
- Estimated amount net of advance payments for contract remaining to be executed on capital account and not provided for is Rs. 10,84,96,500/- (Previous year Rs.25000000/-)
4. Previous yearâs figures
The previous year figures have been regrouped / re-classified to conform to the current year''s classification wherever is necessary.
Mar 31, 2015
1. Segment Reporting
As per the definition of Reportable Segment in accordance with
Accounting Standard-17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has only one reportable
segment i.e. "Chemicals", hence separate disclosure for segment
reporting is not applicable to the company.
2. Contingent Liabilities and Commitments
- Estimated amount net of advance payments for contract remaining to be
executed on capital account and not provided for is Rs. 2,50,00,000/-
(Previous year Rs.1,77,16,273/-)
3. Previous years figures
The previous year figures have been regrouped / re-classified to
conform to the current year's classification whereever is necessary.
Mar 31, 2014
1. Share Capital
a. There is no movement in share capital during the current year and
previous year.
b. Details of Equity shares held by shareholders holding more than 5%
shares in the Company.
No shareholder holds more than 5% of shares of the Company.
1.1. Working Capital facilities are secured against first charge on
entire present and future current assets including entire stock, Book
Debts, Loans and Advances And mortgage of Fixed Assets.
2. Segment Reporting
As per the definition of Reportable Segment in accordance with
Accounting Standard-17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has only one reportable
segment i.e. "Chemicals", hence separate disclosure for segment
reporting is not applicable to the company.
3. Contingent Liabilities and Commitments Commitments
- Estimated amount net of advance payments for contract remaining to be
executed on capital account and not provided for is Rs.1,77,16,273/-
(Previous year Rs.2,16,29,628/-)
- Bills Discounted but not matured NIL (Previous year Rs.24,80,466/-)
4. Previous years figures
The previous year figures have been regrouped / re-classified to
conform to the current year''s classification whereever is necessary.
Mar 31, 2013
1. Segment Reporting
As per the definition of Reportable Segment in accordance with
Accounting Standard-17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the Company has only one reportable
segment i.e. "Chemicals", hence separate disclosure for segment
reporting is not applicable to the Company.
2. Contingent Liabilities and Commitments
Commitments
Estimated amount net of advance payments for contract remaining to be
executed on capital account and not provided for is Rs.2,16,29,628/-
(Previous year Rs.2,68,12,391/-)
Disputed Income Tax demand of Rs.3,38,980/-.
Bills Discounted but not matured Rs.24,80,466/-
3. Previous years figures
The previous year figures have been regrouped / re-classified to
conform to the current year''s classification whereever is necessary.
Mar 31, 2012
A. There is no amounts due and outstanding to be credited to Investor
Education and Protection Fund under section 205C of The Companies
Act,1956 as at year end.
a. Fixed deposit with banks includes deposits of Rs. 1 Lac (Previous
Year Rs. 1 Lac) with maturing of more than 12 months. Fixed deposit
with banks also includes deposit of Rs. 3 Lacs (Previous Year 3 Lacs)
marked as Margin for Letter of Credit.
1. Segment Reporting
As per the definition of Reportable Segment in accordance with
Accounting Standard-17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the Company has only one reportable
segment i.e. "Chemicals", hence separate disclosure for segment
reporting is not applicable to the Company.
2. Contingent Liabilities and Commitments Commitments
- Estimated amount net of advance payments for contract remaining to be
executed on capital account and not provided for is Rs.2,68,12,391/-
(Previous year Rs.38,82,411/-)
- Disputed Income Tax demand of Rs.3,38,980/-.
3. Previous years figures
In view of revision to the Schedule VI issued by Ministry of Corporate
Affairs(MCA), the financial statements for the financial year ended
31st March,2012 have been prepared as per the requirements of the
Revised Schedule VI.The previous year figures have been accordingly
regrouped / re-classified to confirm to the current year's
classification.
Mar 31, 2010
(1) Previous years figures have been re-arranged and regrouped where
ever necessary to make them comparable with the figures of current year
(2) Estimated amount net of advance payments for contract remaining to
be executed on capital account and not provided for is Rs.4391412/-
(Previous year Rs. NIL)
(3) Related party disclosure as per Accounting Standard 18 issued bv
the Institute Of Chartered Accountants Of India.
I. Related Party & Their Relationship Name Of Related Party
Dr. Chimanbhai K Patel Mr. Dhirajbhai K Patel Mr. Ambalal K. Patel Dr.
Dinesh H. Patel Mr. Harjivanbhai K Patel Mr. Ghanshyambhai K Patel Mr.
Jaimin C Patel Mr. Alpesh A. Patel Mr. Ankur D. Patel
Nature Of Relationship
Chairman Cum Executive Director
Managing Director - Key Management Personnel
Director Liaison - Key Management Personnel
Director Production & Research - Key Management Personnel
Brother/Father - Key Management Personnel
Brother - Key Management Personnel
Son - Key Management Personnel
Son - Key Management Personnel
Son - Key Management Personnel
(4) As per the definition of Reportable Segment in accordance with
Accounting Standard-17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has only one reportable
segment i.e. "Chemicals", hence separate disclosure for segment
reporting is not applicable to the company.
(5) During the year foreign exchange amounting US $ NIL i.e.Rs.
NIL(Prev. YearUS$463 i.e.Rs.24136/-) is spent on R & D Chemical
expense. & US$ 6451/ -i.e. Rs.303650/- (Previous Year US$ 16822/-
amounting Rs.718880/-) on Sales Commission.
(6) During the year foreign exchange amounting to Rs. 89,00,302 - (
Prev. Year 1,06,16,794/-) is remitted for import of raw materials on
CIF basis.
(7) During the year company has earned foreign exchange of US
$1,92,249/-( Previous Year US$ 1,23,375/-) amounting
Rs85,48,271/-(Previous year Rs.50,92,456/-) on FOB basis against export
sales.
(8) During the year company has remitted US $ 270.67 ( Previous Year
US$ 519.50/-)amounting to Rs12800/- (Previous year Rs.25,350/-)as
dividend to non resident shareholders.
(9) Disclosure required by AS 29 Provisions, Contingent Liabilities
and Contingent Assets : Movements in Provisions ( Figures in brackets
are in respect of the previous year).
Particulars As at 31-3-09 Addition
Income Tax Provision 1,483,000 7,730,000
(11,500,000) (10,229,368)
Wealthtax Provision (4,105) -
- (4,105)
Provision For FBT 2078 -
(41,588) (99,498)
Proposed Dividend 5582570 5,582,570
(8,373,855) (5,582,570)
Provision For Div. tax 948758 948,758
(1,423,137) (948,758)
Prov For Doubtful Debts 11,682,713 5,372
(6,749,245) (4,933,468)
(Figures in brackets are in
respect of the previous year)
Particulars Utililised Reversed As at 31-3-10
Income Tax Provision 1,483,000 - 7,730,000
(20,246,368) - (1,483,000)
Wealthtax Provision - (4,105)
- (4,105)
Provision For FBT 2,078 -
(139,008) - (2,078)
Proposed Dividend 5,582,570 - 5,582,570
(8,373,855) - (5,582,570)
Provision For Div. tax 948,758 - 948,758
(1,423,137) - (948,758)
Prov For Doubtful Debts 6,177,937 - 5,510,148
- - (11,682,713)