SENSEX NIFTY India | Notes to Account > Chemicals > Notes to Account from Excel Industries - BSE: 500650, NSE: EXCELINDUS

Excel Industries

BSE: 500650|NSE: EXCELINDUS|ISIN: INE369A01029|SECTOR: Chemicals
May 26, 16:00
-0.9 (-0.24%)
VOLUME 2,597
May 26, 15:51
0.75 (0.2%)
VOLUME 7,035
Mar 14
Notes to Accounts Year End : Mar '15
 Excel Industries Limited (the Company) is a public company domiciled in
 India.Its shares are listed on two stock exchanges in India. The
 Company is engaged in manufacturing and selling of Chemicals, Pharma
 intermediates and environmental products. Chemicals comprising of
 Industrial and specialty chemicals and Pesticides Intermediates.
 environmental products comprising of soil Enricher, Bio-Pesticides and
 other Bio-products. The Company caters to both domestic and
 international markets. The Company is also engaged in manufacturing
 activity on behalf of third parties.
 The financial statements of the Company have been prepared in
 accordance with the generally accepted accounting principles in India
 (Indian GAAP). The Company has prepared these financial statements to
 comply in all material respects with the accounting standards notified
 under section 133 of the Companies Act 2013, read together with
 paragraph 7 of the Companies (Accounts) Rules 2014. The financial
 statements have been prepared on an accrual basis and under the
 historical cost convention, except in case of assets for which
 revaluation is carried out. The accounting policies adopted in the
 preparation of financial statements are consistent with those of
 previous year.
 (b) Terms/rights attached to equity shares
 The Company has only one class of equity shares having par value of Rs. 5
 per share. Each holder of equity shares is entitled to one vote per
 share. The company declares and pays dividends in Indian rupees. The
 dividend proposed by the Board of Directors is subject to the approval
 of the shareholders in the ensuing Annual General Meeting.  during the
 year ended March 31, 2015, the amount of per share dividend recognised
 as distributions to equity shareholders is Rs. 7/- (including Interim
 dividend Rs. 3/-) (Previous year: Rs. 3.75/-)
 In the event of liquidation of the Company, the holders of equity
 shares will be entitled to receive remaining assets of the Company,
 after distribution of all preferential amounts. The distribution will
 be in proportion to the number of equity shares held by the
 The Company had issued and allotted 20,00,000 fully convertible
 warrants of face value of Rs. 69/- each on a preferential basis
 aggregating to Rs. 1,380 lacs to utkarsh Global Holdings Private Limited,
 a promoter group Company, pursuant to a special resolution passed in
 the Extraordinary General Meeting held on 15 March 2014. The said issue
 was pursuant to section 81 (1A) of the Companies Act, 1956 and sEBI
 (ICDR) Regulations, 2009.
 Each such warrant is convertible at the option of the holder of the
 warrants into one equity share of face value of Rs. 5/- each of the
 Company at a premium of Rs. 64/- per equity share.  The Company has
 received Rs. 345 lacs being 25% of consideration of the warrants.
 During the year, warrant rights has been exercised and accordingly 10
 lacs fully convertible warrants had been converted to 10 lacs equity
 shares of Rs. 5 each after receiving balance money from utkarsh Global
 Holdings Private Limited. The balance warrants will, at the option of
 the holder, be converted into equity shares in one or more tranches,
 but not later than 18 months from the date of their allotment ie 27
 March, 2014.
 3. DETAILS OF EMPLOYEE BENEFITS (I) Defined Benefit Plan Gratuity
 The Company has a defined benefit gratuity plan. Every employee who has
 completed five years or more of service gets gratuity on retirement at
 15 days of last drawn salary for each completed year of service. If an
 employee completes more than 25 years of service then instead of 15
 days, he/she will get gratuity on retirement at 22 days last drawn
 salary. The aforesaid liability is provided for on the basis of an
 actuarial valuation made at the end of the financial year. The scheme
 is funded with insurance Companies in the form of qualifying insurance
 The following tables summaries the components of net benefit expense
 recognised in the statement of profit and loss and the funded status
 and amounts recognised in the balance sheet for the respective plans.
 (II) Defined contribution Plans:
 (i) Provident Fund is a defined contribution scheme established under a
 State Plan.
 (ii) superannuation fund is a defined contribution scheme. The scheme
 is funded with an insurance Company in the form of a qualifying
 insurance policy.
 (1) Related parties where control exists:
 Kamaljyot Investments Limited Excel Bio Resources Limited
 Joint Venture
 Multichem Industries (a partnership firm)
 (2) Related parties with whom transactions have taken place during the
 enterprises owned or significantly influenced by key management
 personnel or their relatives or through companies/entities which are
 controlled/ significantly influenced by the KMP and their relatives
 Agrocel Industries Limited
 Anshul specialty Molecules Ltd
 Divakar Techno specialities & Chemicals Ltd.
 excel Crop Care Limited
 Good Rasayan Limited (upto 30.09.2014)
 Transpek Industry (europe) Limited
 Transpek Industry Limited
 utkarsh Global Holdings Pvt. Ltd.
 Key Management Personnel
 shri Ashwin C. shroff (Chairman and Managing director)
 smt. usha A. shroff (executive Vice Chairperson)
 shri Ravi Ashwin shroff (executive director w.e.f 3rd september, 2014)
 shri s. R. Potdar (executive director upto 2nd september, 2014)
 Relatives of KMP
 shri Hrishit Ashwin shroff (son of shri Ashwin C. shroff and smt. usha
 A. shroff ) smt. Anshul A. bhatia (daughter of shri Ashwin C. shroff
 and smt. usha A. shroff) shri. Amrish s. bhatia (son in law of Ashwin
 C. shroff and smt. usha A. shroff ) smt. Amrita R. shroff (Wife of shri
 Ravi A. shroff)
 Kr. Parthiv R. shroff (son of shri Ravi A. shroff)
 Kr. shreyaan R. shroff (son of shri Ravi A. shroff)
 Office premises and godowns are obtained on operating leases for
 various tenors. Except for the Office premises, none of the operating
 leases are renewable. In respect of office premises, the operating
 lease are renewable for further period of five years, with an
 escalation clause of 5% over the existing lease rent. There are no
 restrictions imposed by lease agreements/arrangements.
                         For the year ended     For the year ended
                         March 31, 2015         March 31, 2014
                          Rs. in Lacs             Rs. in Lacs
 Bills discounted             2,77.85             5,05.91
 Disputed income-tax 
 liability                    7,10.50            21,01.91
 Disputed excise duty 
 liability                    7,60.58             6,85.90
 Disputed sales tax liability   16.52               16.52
 Disputed custom duty liability 72.44               27.43
 Disputed service tax liability                  48.02
 Guarantees given by Company''s 
 bankers on behalf of the 
 Company to third parties     1,31.60               21.79
 Claims against the Company 
 not acknowledged as debts      24.31               24.31
 Liability in respect of claims 
 made by workers and contract 
 labourers                    Amount not          Amount not
                              ascertainable       ascertainable
 As a responsible corporate citizen, our CSR strategy complements our
 business philosophy and objectives. During the year, the company had as
 its social responsibility, partnered with its group NGos like shree
 VRTI, samarth Gram Vikas Trust etc and other reputed organisations for
 undertaking various social activities in the field of education,
 employment through vocational training activities, agricultural
 development, environment and nature conservation.
 During the year the company has incurred an amount of Rs. 38.91 lacs
 (Previous Year: Rs. 5.17 lacs) towards the above mentioned activities.
 Previous Year figures have been regrouped/reclassified, where necessary
 to conform to this year''s classification.
Source :
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