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Bodal Chemicals

BSE: 524370|NSE: BODALCHEM|ISIN: INE338D01028|SECTOR: Dyes & Pigments
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Mar 15
Notes to Accounts Year End : Mar '16

1. Term loan from banks balance outstanding amounting to Rs. Nil (P.Y.: Rs. 1200.00 lacs) is secured by 1 st charge on immovable properties of the company situated at Plot No. 252,253,254 GIDC, Vatva and Plot No. 804 of Padra Unit and Hyp. of entire P&M and other equipment of the company. Loan id fully paid in August 2015. Rate of interest 12.75% (P.Y. 12.75%) p.a.

2. Term loan from banks balance outstanding amounting to Rs. Nil (P.Y.: Rs. 3704.00 lacs) is secured by 1 st charge on immovable properties of the company situated at Plot No. 804 & Block No. 800,803/1, 797, 796, 795, 532, 555, 556, 560, 561/1 and 525, Village Dudhavada,Taluka Padra, Vadodara and Hyp. of entire P&M and other equipment of the company. Loan is fully paid in March 2016. Rate of interest 12.40% (P.Y. 12.75%) p.a.

3. Term loan from banks balance outstanding amounting to Rs.Nil (P.Y.:Rs.2300.00 lacs) is secured by 1 st charge on immovable properties of the company situated at Plot No. 804 & Block No. 800,803/1, 797, 796, 795, 532, 555, 556, 560, 561/1 and 525, Village Dudhavada,Taluka Padra, Vadodara and Hyp. of entire P&M and other equipment of the company. Loan is fully paid in June 2015. Rate of interest 15.45% (P.Y. 15.25%) p.a.

4 Working Capital Term loan from banks balance outstanding amounting to Rs. Nil (P.Y.: Rs. 1349.50 lacs) is secured by 1 st pari pasu charge on entire current assets of the company. Loan is fully paid in August 2015. Rate of interest 12.75% (P.Y. 12.75%) p.a.

5. Vehicle loan, balance outstanding amounting to Rs. Nil (P.Y.: Rs. 8.05 lacs) is secured by Hire Purchase agreement for vehicles and repayable in monthly installments. Interest rate from 9%to 10%.

6 The Company has not defaulted in the repayment of loans and interest in current and previous year.

7. Working Capital Loans from Banks are secured by Hyp. Of Inventories, Book Debts and bills drawn under letter of credit and collaterally secured by equitable mortgage on Immovable property and Hyp. Of P&M of the company and personal guarantees of the Chairman and Managing Director and Executive directors. It is further secured by pledge of equity shares of the company held by the promoters and promoter group(excluding 3 NRIs and 1 resident Indians from promoter groups).

8. Trade Payables include Rs. 236.98 lacs (P.Y. 668.17 lacs) to related parties (refer note 35)

9. There is no amount due and outstanding to be transferred to the Investor Education and Protection Fund as on 31st March 2016.

10. Other Current Liabilities includes Deferred Premium, Interest payable, expenses payable etc.

11. Statutory liabilities represent amounts payable towards VAT, CST, Excise duty and TDS etc.

12 Balance with Statutory Authorities includes balances with Excise, Service Tax, Sales Tax, Customs Dept. etc.

* Held as lien by bank against bank guarantees and letters of credit.

18.1 Advances to supplier of goods include Rs. 246.86 lacs (P.Y. 171.94 lacs) to related parties, (refer note 35)

13 Balance with Statutory Authorities includes balances with Excise, Service Tax, Sales Tax, etc.

14 Others include Tour Advances, Gratuity Planned Assets (Net), and Income Receivables.

15 Excess provision written back includes provision of Interest recompense on exit from Corporate Debt Restructuring (CDR) amounting Rs. 350.78 lacs and liabilities not required to be paid by the company amounting Rs. 439.11 lacs.

Future cash outflows in respect of the above are determinable only on receipt of Judgments /decisions pending with various forums/authorities. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the additional demand raised is likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

The company enters into forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions and firm commitments. The company does not enter into any derivative instruments for trading or speculative purposes.

The forward exchange contract outstanding as at 31 st March, 2016 are as under,

16. During the year there was fire at the Company''s unit situated at Vatva, Ahmadabad and due to fire part of inventories, plant and machinery, electronic components, building structure and others has been damaged. The above items are fully insured and the company has received insurance claim of Rs. 156.13 lacs from insurance company against insurance claim of Rs. 160.21 lacs resulting i n loss due to fi re of Rs. 4.08 lacs.

a) Defined Benefit Plan Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with Life Insurance Corporation of India and Star Union Dai-ichi Life insurance company in the form of qualifying insurance policy.

The following table sets out the funded status of the gratuity plan and the amounts recognized in the company''s financial statements based on actuarial valuations being carried out as at 31 st March 2016.

i) Loan to subsidiary has been given for acquisition of assets and other business purposes.

ii) The loaned does not have any investment in the shares of the Company.

iii) There are no guarantees issued by the Company in accordance with section 186 of the Companies Act, 2013 read with rules issued hereunder.

a) Names of related parties and nature of relationship

I. Key Management Personnel (KMP)

1. Shri Suresh J. Patel Chairman& Managing Director

2. Shri Bhavin S. Patel Executive Director

3. Shri Ankit S. Patel Executive Director

4. Shri Mayur B. Padhya Chief Financial Officer

5. Shri Ashutosh B. Bhatt Company Secretary

II. Enterprise under significant influence of key management personnel(Enterprise)

(i) Shanti Inorgo Chem (Guj.) Pvt. Ltd.

(ii) Rudraksh Caterers Pvt. Ltd.

III. Wholly-owned Subsidiary Company (WOS)

(I) Bodal Agrotech Ltd.

The Company''s primary segment is identified as business segment based on nature of products, risks, returns and the internal business reporting system and secondary segment is identified based on the geographical location of the customers as per Accounting Standard 17. The Company is principally engaged in a single business segment viz.,Dyes, Dyes Intermediates and Basic Chemicals.

a) Revenue from external operations comprises of income from sale of products, and other operating revenues.

b) Carrying amount of segment assets comprises of non-current assets and current assets identified to the respective segments. However Segments assets in India also includes certain common assets used to generate revenue in both segments but not feasible of allocation.

c) Capital expenditure during the year represents net additions to Tangible and Intangible assets and movement in Capital work in progress.

* Represents actual outflow during the year.

At their respective meeting held on 10th march, 2016, the Board of the Company and of its subsidiary, Bodal Agrotech Ltd. have approved a scheme of amalgamation of Bodal Agrotech Ltd. with the company. The appointed date for the proposed scheme is 1 st April,2016.

The scheme of amalgamation is subject to the final order of the Hon''ble High Court of Gujarat and other legal compliances as per the provision of the Companies Act 1956 and other applicable provisions of the Companies Act, 2013. The effect of the amalgamation will be given in the books of the Company only after Final Order is passed in the matter by the Hon''ble High Court of Gujarat.

17 : Previous year''s figures have been rearranged and reclassified wherever necessary to correspond with the current year.

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