1 Monies for which the company is contingently liable:
a Bonds executed in favour of Collector of Central Excise, Chennai -
Rs.8,00,000/- ( Rs.8,00,000 /-)
b Guarantees/Letter of Credit issued on behalf of the Company by Banks
-Rs. 2,25,34,291/- (Rs. 1,18,25,000/-)
c Contingent liability in respect of Income Tax Rs. 20,43,194/- (Rs.
20,43,194/-). However, the said amount has been paid under protest.
e Claims against the company not acknowledged as debts -
Rs.1,33,03,607/- (nil)
2 Lease rent in respect of leasehold land has been revised by the
Government of Tamilnadu with retrospective effect from November 2001
and the arrears on this account upto 31st March 2011 is Rs.
3,72,31,466. Since the enhancement of the rent is exhorbitant, the
Company has contested the said revision before the appropriate forum.
The matter is also pending before The Madras High Court in a writ
petition. Based on the legal advice, the Company is hopeful of a
favourable decision and hence no provision for the said liability is
considered.
3 Estimated amount of capital expenditure commitments Rs. 4,00,00,000/-
(Rs. 9,79,00,000/-)
4 Sundry Deposits represent Fixed Deposit with Shriram Transport
Finance Company Limited and Dewan Housing Finance Corporation Limited
made during the year for a period of 12 months.
5 a The Company has transferred Rs. 2,55,014 /- (Rs.83,034/-) of
unclaimed dividends to Investor Education and Protection Fund during
the year.
b Unclaimed Dividend amounting to Rs.9,549/- (Rs.9,549/-) is pending on
account on litigation among claimants.
6 The Company has made investments and granted advances to Holistic
Beauty Care Limited aggregating to Rs.1,46,29,026/-.
The Company has incurred significant setup cost leading to losses and
exploring new business alternatives. However, as a matter of prudence
contingency reserve of Rs. 1,25,00,000/- has been created for any
possible erosion in the value of investments / advances.
7 Provision for Taxation includes Rs.50,000 (Rs. 50,000/-) towards
Wealth Tax.
8. Segment Information
The Company has disclosed business segment as the primary segment and
is organised in to two main business segments namely OTC products and
Chemicals
The Company caters mainly to the needs of the domestic market and as
such there are no reportable geographical segments. Segment Revenue,
Segment Results, Segment Assets and Segment Liabilities include the
respective amounts identifiable to each of the segments as also amounts
allocated on a reasonable basis. Other unallocable expenditure includes
revenues and expenses which are not directly identifiable to the
individual segments as well as expenses which relate to the Company as
a whole.
9 Disclosure of Related Parties
(I) List of related parties and relationships:
a) Parties where control
exists - Subsidiaries : Data Quest Infotech and Enterprises Limited
Holistic Beauty Care Limited
Siva''s Soft Drink Pvt Ltd
b) Key Management
Personnel : Sri. S.Sambhu Prasad, Managing Director
(c) Relatives of
Key Management Personnel : Mrs. Rajeswari.S-Mother
10 The company has made investment in 100% of Equity Shares in Siva''s
Soft Drink Private Limited in February - 2011 for a consideration of
Rs.25,70,00,000/-, out of which amount of Rs.96,20,000/-payable as on
31st March 2011 to the erstwhile share holders is included under Other
Liabilities in Schedule -11.
11 Employee Benefits
b Gratuity is administered through Group gratuity scheme with Life
Insurance Corporation of India. The expected return on plan assets is
based on market expectation at the beginning of the year, for the
returns over the entire life of the related obligation
Leave Salary
The defined benefit obligations which are provided for but not funded
as on 31-3-2011 is Rs. 26,13,715/- (Rs. 27,68,901/-)
12 Previous year''s figures have been regrouped wherever necessary to
comply with current year''s classification.
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