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AksharChem (India)

BSE: 524598|NSE: AKSHARCHEM|ISIN: INE542B01011|SECTOR: Dyes & Pigments
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Mar 15
Notes to Accounts Year End : Mar '16

Note I:

1. Term Loan is repayable by 7 quarterly equal installments of Rs. 25,09,641 and 8th for Rs. 25,09,643.

2. Corporate Loan is repayable by first 3 quarterly installments of Rs. 25,00,000, thereafter 5 quarterly installments of Rs. 50,00,000, 4 quarterly installments of Rs. 75,00,000, 2 quarterly installments of Rs. 1,00,00,000 and last 1 quarterly installment of Rs. 1,25,00,000. Repayment schedule starts from June, 2016.

b. Vehicle loans are secured by hypothecation of concerned vehicles.

Repayment terms of Vehicle Loan

Vehicle loans are repayable in equal monthly installment over the terms of loan ranging from 1 to 3 years.

There was no default in repayment of loan or interest.

“Secured loans are secured by hypothecation of raw materials, finished goods, stock in process book debts and other current assets of the Company.

(2) There are no Micro, Small & Medium Enterprises to whom the company over dues, which are outstanding for more than 45 days as at 31st March, 2016. This information is disclosed under the Micro, Small & Medium Enterprises Development Act, 2006 which has been determined to the extent such parties have been identified on the basis of the information available with the company.

3. SEGMENT REPORTING

The Company has reorganized the system of operation and internal business reporting and accordingly identified the business segment based on the nature of products, risks, returns and the internal business reporting system as per the Accounting Standard -17. Accordingly, The Company is principally engaged in a single segment of Dyes and Pigments.

4. RELATED PARTY DISCLOSURES

Related Party Disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below:

5.Related Parties and Nature of Relationship

a) The Enterprises in which Key Managerial Personnel (KMP) and their relatives have significant influence:

Asahi Songwon Colors Ltd.

Skyjet Aviation Pvt. Ltd.

Skyways

Asahi Energy Pvt. Ltd.

Asahi Powertech Pvt. Ltd.

Flyover Communication Pvt. Ltd.

Akshar Silica Pvt. Ltd.

b) Key Managerial Personnel:

Mrs. Paru M. Jaykrishna Mr. Munjal M. Jaykrishna Mr. Meet J. Joshi

c) Relative of Key Managerial Personnel

Mr. Mrugesh Jaykrishna Mr. Gokul M. Jaykrishna #

d) Subsidiary Company

Akshar Pigments Pvt. Ltd

6.. IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company and as such no provision is required as per Accounting Standard 28 issued by The Institute of Chartered Accountants of India.

7. In the previous financial year i.e. 2014-15 Prior Period Adjustments of Rs. 11,565,000/- shown in the Statement of Profit and Loss.

8. SCHEME OF ARRANGEMENT

Pursuant to the Scheme of Arrangement (the Scheme) under Section 391 to 394 and other applicable provisions of the Companies Act, 1956 between AksharChem (India) Limited (the Company), Asahi Songwon Colors Limited (ASCL) and their respective shareholders and creditors as approved by the Hon’ble High Court of Gujarat vide its certified order dated November 29, 2014, which became effective from December 2, 2014 on filing with Registrar of Companies, Gujarat and accordingly all assets and liabilities of the CPC Green Division (i.e. business and interests in manufacture of CPC Green Division) of Asahi Song won Colors Limited has been transferred by way of demerger to the Company at their respective book values on a going concern basis with effect from the appointed date (i.e. April 1, 2014). Accordingly the same has been reflected in the previous year’s figures.

9. Previous year’s figures have been regrouped / reclassified, wherever necessary to make them comparable with the figures of the current year financial statements.

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