Khaitan (India) Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2015

1. Corporate Information :

The Company is the owner of "Khaitan" Brand and getting royalty from its users. The Company is manufacturer of Sugar and also cultivates sugarcane in its captive farms for utilizing the same for manufacturing sugar in its factory.

(a) There has been no change /movements in number of Shares outstanding at the beginning and at the end of the Reporting period .

(b) The company has only one class of issued shares i.e. Equity Share having par value of Rs. 10/- per share . Each holder of Equity Shares is entitled to one vote per share and equal right for dividend . In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after payment of preferential amounts , in proportion to their share holding.

Details of Security

A) Term Loan from IDBI Bank under the " Scheme for extending financial assistance to Sugar undertaking 2014" is secured by hypothecation of stocks, book debts, standing crops ,stores & spares and all other current assets and mortgage of agricultural land measuring about 2067.21 Acres and entire fixed assets of sugar division of the company, present & future and personal guarantee of a Director.

B) Loan from Sugar Development Fund is secured by charge on specified assets and guaranteed by a Director of the Company .

Terms of Repayment of Secured Term Loans

I) Term loan from IDBI Bank is repayable in 36 monthly instalments staring from September , 2016 . The rate of interest is BASE BANK RATE (BBR) 350 Bps (current BBR is 10.25% p.a) . Any delay will attract panel interest @ 2% p.a. and also liquidated damages in case of default.

II) Loan from Sugar Development Fund for Rs. 287.55 laks was sanctioned on 31-03-1992 to be disbursed in 3 instalments upto 31-03- 1995. However, only one instalment of Rs. 132.19 lakhs was disbursed. Initially rate of interest was 9% p.a. and penal interest was 2.5% above normal rate of interest. The interest rate was later revised to 4.5% and again to 7.5%. There was a moratorium of 3 years Repayment of Principal was to be made in 4 equal annual instalment after expiry of moratorium period and interest on loan was payable annually. At present amount due on principal account is Rs. 8563117 (Previous year Rs. 8563117) and Rs.25431195 (previous year Rs.23407341 towards interest. The Company has sent a proposal to Sugar Development Fund for concession/waiver of interest which is pending. Inerest on loan of Rs.2023854 for the year (previous Year Rs.1648081) has been provided as per agreement.

The Company has defaulted in repayment of loan and interest in respect of the following

The loan from Sugar Development fund of Rs. 132.19 lacs was repayable in 4 annual instalments by 1999. There is a continous default now. Principal amount of Rs. 46,56,883 has been paid and balance amount due is Rs. 8563117 as on 31-03-2015 and interest due is Rs.25431195 as on 31.03.2015.

There are no Micro, Small, Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

3. DEFERRED TAX

a) Net Deferred tax assets as on 31.03.2015 is Rs 45500973/-(Previous year Rs.8,71,23,847/-) in accordance with Accounting Standard 221 'Accounting for taxes on Income' issued by ICAI. Out of above Deferred tax assets of Rs. 12857222/-(Previous Year Rs. 5,44,80,096/- for the year has not been recognised by the Company due to uncertainty on prudence basis and opening Deferred Tax Assets of Rs.3,26,43,751/- has been kept in Balance Sheet.

4. Contingent Liabilities, not provided for, in respect of:

i) Guarantee/Sureties given by the Company for its Business Associates 3,250,000 3,250,000

ii) Counter Guarantee against Guarantees given by the bank to various authorities 2,728,172 2,728,172

iii) Estimated liabilities for Sales Tax relating to earlier years 9,487,225 9,487,225

iv) Income tax matters for earlier years (under appeals) 22,921,244 32,570,557

5(A) Secondary Segment Information

The Company operates exclusively in the Indian Market and as such there are no reportable geographical segments.

(B) Other Discloser

The Company's operation predominantly relate to Sugar and Other products relating to sugar manufecturing .

Accordingly these busness segments comprise the primary basis of segmental information set out in the financial statements. The acoounting policies adopted for segment reporting are in line with the accountng policy of the Company .

6.TRANSACTION WITH RELATED PARTIES

A) Name of the related party and description of relationship :

Related Party Relationship

Khaitan Electricals Limited Associates

The Oriental Mercantile Company Ltd. Associates

Khaitan Lefin Limited Associates

Mr. S.Bafna Executive Director

Seth chiranjilal Khaitan Trust Associates

7. Disclosure of employee benefits is as under:-

i. Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefit recognised in the Balance Sheet represent the present value of the obligation as adjusted for unrecognised service cost, and as reduced by the fair value of plan assets.

a. Basis of estimates of rate of escalation in salary.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

b. The Expenses have been recognized in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule.'

8. The Compnay is not paying to LIC for gratuity fund. However the Company is also not regular in making payment of Gratuity due to its employess who have been retired from the company.

9. There is no impairmrnt of assets during the year.

10. No Borrowing cost have been capitalised during the year.

11. Advances, Debtors and creditors balances are subject to confirmation.

12. Previous year figures have been regrouped/ rearranged/reclassified wherever necessary

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Mar 31, 2014

1. Corporate Information

The Company is the owner of "Khaitan" Brand and getting royalty from its users. The Company is manufacturing Sugar and cultivating sugarcane in its captive farms for utilising the same for manufacturing sugar in its factory.

2013-14 2012-13 Particulars Rs. Rs.

2. Contingent Liabilities, not provided for, in respect of:

i) Guarantee/Sureties given by the Company for its Business Associates 3,250,000 3,050,000

ii) Counter Guarantee against Guarantees given by the bank to various 2,728,172 2,528,172 authorities

iii) Estimated liabilities for Sales Tax relating to earlier years 9,487,225 9,487,225

iv) Income tax matters for earlier years (under appeals) 32,570,557 48,042,913

ix. Basis of estimates of rate of escalation in salary.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

x. The Expenses have been recognized in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule.''.

3. The Company is not paying any premium to LIC for Gratuity Fund. Further the Company has paid gratuity directly to the employee who have retired during the year.

4. As per management five employees have filed legal case against the company for claiming their dues of gratuity with the Company. As per the decision of the Court, the company has paidthe dues of three employees along with interest. However, no interest on the dues of the balance two employees have either been paid or provided for in the books..

5. Working Capital Term loan from IDBI and Bank of Baroda was secured by hypothecation of stock, book debts, standing corps, all Moveable Properties and Mortgage of 2067.21 acres of Company''s Agriculture Land and second charge on Fixed Assets of Sugar Division and guarantee of its one director, overdrafts against pledge of Fixed Deposit Receipts Satisfaction of charge for this has not yet been done.

6. Sundry balances written back includes Rs.0.78 lakhs, being liability in our books on account of Term Loan payable but not payable as per bank and hence written back.

7. There is no impairment of assets during the year.

8. No Borrowing cost have been capitalised during the year.

9. Advances, Debtors and creditors balances are subject to confirmation.

10. Previous year figures have been regrouped/ rearranged/reclassified wherever necessary.

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Mar 31, 2013

1. Corporate Information

The Company is the owner of "Khaitan" Brand and getting royalty from its users. The Company is manufacturing sugar and cultivating sugarcane in its captive farms for utilizing the same for manufacturing sugar in its factory .

2. Sundry Balances written off includes Rs. 18.98 lakhs being very old balances receivable from NJMC Unit Khardah claim for Capital Investment subsidy and State Trading Corporation claiming them to be irrecoverable..

3. There is no impairment of assets during the year.

4. No Borrowing cost have been capitalised during the year.

5. Advances, Debtors and creditors balances are subject to confirmation.

6. Previous year figures have been regrouped/ rearranged wherever necessary

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Mar 31, 2012

1. Term Loan from IDBI is repayable in 60 equal installments of Rs. 10 Lacs per month from April,2009 to March,2014 installments of Rs. 10 lacs each are due as on 31-03-2012. The applicable rate of interest is 15.25% and in case of default compound interest and penal interest is imposed.

2. a) Working Capital Term loan of Rs. 270 Lacs from IDBI was sanctioned with a moratorium of six months from 01-04-2009 and repayable in 24 monthly instalments @ Rs. 11,25,000 commencing from October, 2009. This amount has been fully repaid during the F. Y. 2011-12. The applicable rate of interest is 13.5%. b) Working Capital Term Loan of Rs. 105.78 Lacs from Bank of Baroda was sanctioned with a moratorium of nine months from April, 2009 and repayable in 24 monthly instalments of Rs. 4,40,750 from January, 2010. This amount has been fully repaid during the F. Y. 2011 - 12. The applicable rate of interest is 12.25%.

3. Loan from Sugar Development Fund for Rs. 287.55 lacs sanctioned on 31-03-1992 to be disbursed in 3 instalments upto 31-03-1995. However only one instalment of Rs. 132.19 lakhs was disbursed. Initially rate of interest was 9% p.a. and penal interest was 2.5% above normal rate of Interest. The interest rate was later revised to 4.5%. There was a moratorium of 3 years and Repayment of Principal was to be made in 4 equal annual instalment after expiry of moratorium period and interest on loan was payable annually. At present amount due on principal account is Rs. 8,563,117.14 and Rs. 20,204,467 towards interest. The Company has sent a proposal to Sugar Development Fund for concession / waiver of interest which is pending. Interest on loan of Rs. 1,470,576 for the year (Rs. 1,383,546) has been provided as per agreement.

The Company has defaulted in repayment of loan and interest in respect of the following :

1. Term Loan from IDBI was to be paid in monthly installment of Rs. 10 lacs. Although the full amount of Rs. 12,00,000 has been paid but the same has not been paid on due dates either in FY 2010-11 or 2011-12 and hence over and above the interest, compound interest and penalty on principal amount has been imposed.

2. The WCTLfrom IDBI was to be repaid in 24 monthly instalments of Rs. 11,25,000 each from October, 2009. There was delay / default in payment of monthly instalments throughout the repayment period from which interest and penal interest has been imposed. Out of total amount of instalment of Rs. 1,35,00,000 payable by 31-03-2011 an amount of Rs. 1,291,859.56 was paid. The total loan has been repaid on 31-12-2011.

3. The WCTL from Bank of Baroda was to be repaid in 24 monthly instalments of Rs. 4,40,750 from January, 2010. There was delay / default in payment of monthly instalments through out the repayment period for which interest and panel interest have been imposed. Out of total amount of instalment of Rs. 5,289,000 payable by 31-3-2011 an amount of Rs. 518,068 was paid. The total loan has been repaid on 31-03-2012.

4. The loan from Sugar Development Fund of Rs. 132.19 Lacs was repayable in 4 annual installments by 1999. There is a continuous default now. Principal amount of Rs. 46,56,883 has been paid and balance amount due is Rs. 8,563,117.14 on 31-03-2012 (F. Y. 2011-12) and interest due is Rs. 20,204,467 as on 31-03-2012.

There are no Micro, Small, Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

5. Deferred Tax

a) Net Deferred tax assets as on 31.03.2012 is Rs 78,088,469 in accordance with Accounting Standard 222 'Accounting for taxes on Income' issued by ICAI. Out of above Deferred tax assets of Rs. 35,944,714 for the year has not been recognised by the Company due to uncertainty on prudence basis and opening Deferred Tax Assets of Rs 3,26,43,751/- has been kept in Balance Sheet.

6. Segment Reproting

As required under Accounting Standard 17 on Segment Reporting by the Institute of Chartered Accountants of India, the informations on revenue, profit, assets and liabilities relating to business segments of the Company are given below :

7. Disclosure of employee benefits is as under:- ii. Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation.- The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

Any assets resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amount recognized in the profit and loss account for the year ended 31st March, 2012 in respect of Employees Benefit Schemes based on actuarial reports as on 31st March, 2012 is as follows:-

viii. Major Category of Plan Assets as a % of the Total Plan Assets as at 31st March, 2012:

1. Administered by Life Insurance Corporation of India 100% 100%

ix. Basis of estimates of rate of escalation in salary.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

x. The Expenses have been recognized in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule.'

8. There is no impairmrnt of assets during the year.

9. No Borrowing cost have been capitalised during the year.

10. Advances, Debtors and creditors balances are subject to confirmation.

11. Previous year figures have been regrouped/ rearranged wherever necessary

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Mar 31, 2010

1. Contingent Liabilities, not provided for, in respect of:

2009-10 2008-09

Rs. Rs.

a) Guarantee/Sureties given by the Company for its 30,50,000 30,50,000 Business Associates

b) Counter Guarantee against Guarantees given by the 25,28,172 20,74,198 bank to various authorities

c) Estimated liabilities for Sales Tax relating to earlier years 94,87,225 94,87,225

d) Income tax matters for earlier years (under appeals) 4,80,42,913 58,44,032

2. There is no impairment of assets during the year.

3. Interest Received includes on Fixed Deposits Rs. 79,311/-, (Previous year 2,80,696/-) on Investment Rs. 59,500/- (Previous Year Rs. 59,500/-) and from Loan given Rs. 8,66,802/- (Previous Year Rs. 12,75,760).

4. Cane Advances given to parties are considered good and recoverable by the management.

5. Payment of interest on Term Loan amounts to Rs.1,13,44,958/- (Previous year Rs.92,24,088/-).

6. No borrowing cost have been capitalised during the year.

8. a) Sundry Debtors of Agriculture Division includes Rs. 72,135/- (Previous year Rs.5,12,840/-) which are old dues and considered good by the management.

b) Advances, Debtors & Creditors balances as at the year end are subject to confirmation.

c) Sundry Debtors, considered good include Rs. 14,43,146/- which is under litigation.

d) The Companys proposal to Sugar Development Fund for concession/waiver of interest is still pending. Awaiting approval of the same, interest amounting to Rs. 13,05,232/- has been provided as per agreement. However, no balance confirmation has been received from Sugar Development Fund.

7. Un-provided gratuity liability as per actuarial valuation amounts to Rs. 69,79,202/- (Previous year Rs. 69,21,192) and Leave Encashment amount to Rs. 2,61,796/- (Previous year Rs. 2,35,000) in respect of the Sugar & Agriculture Divisions.

8. Disclosure of employee benefits in respect of the Marketing division is as under:-

Defined Contribution Plan:

Employee benefits in the form of Provident Fund, Employee State Insurance Scheme, Pension Scheme and Labour Welfare Fund are considered as defined contribution plan. The contribution to defined contribution plan, recognised as expense for the year is as under:

ii. Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognised in the balance sheet represent the present value of the obligation as adjusted for unrecognised past service cost, and as reduced by the fair value of plan assets.

Any assets resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amount recognised in the profit and loss account for the year ended 31st March, 2010 in respect of Employees Benefit Schemes based on actuarial reports as on 31st March, 2010 is as follows:-

ix. Basis of estimates of rate of escalation in salary

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.The above information is certified by the actuary. The Expenses have been recognised in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule. 11. There are no Micro, Small, Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

No commission is payable to directors for the year

Gratuity & Leave Encashment paid to Director on resignation amounting to Rs. Nil (Previous Year Rs. 3,50,000/-) & Rs. NIL (Previous Year Rs. 1,60,000/-) respectively ** [Including Service Tax of Rs.9,742/- (Previous Year Rs. 11,103/-)]

9. Deferred Tax

a) Net Deferred tax assets as on 31.03.2010 is Rs. 5,05,51,994/- in accordance with Accounting Standard 22 Accounting for Taxes on income issued by Institute of Chartered Accountants of India. Out of above Deferred Tax Assets of Rs. 1,79,07,243/- for the year has not been recognised by the Company due to uncertainty on prudence basis and opening Deferred Tax Assets of Rs. 3,26,43,751/- has been kept in the Balance Sheet.

10. Related Party Disclosure :

11. Previous year figures have been regrouped/rearranged wherever necessary.

12. Statement pursuant to Part IV of the Companies Act, 1956.