1 Contingent liabilities not provided for:
(Rs.in lacs)
2010-11 2009-10
a. Letter of Credit against purchase of
raw material: 10528.58 12493.41
b. Bank Guarantees 5814.58 31.35
c. Export obligation in respect of
custom duty: 177.18 85.49
d. Contingent Liabilties in respect of
unassessed cases of Amt
Unascertained Amt
Unascertained
Income Tax, Excise Duty, Sales Tax and
Service Tax.
e. Corporate guarantees given on
behalf of (to the extent utilized)
Ind Swift Ltd 4166.00 5000.00
Essix Biosciences Ltd 3117.55 1167.00
Halcyon Life Science Private Limited 4504.36 2776.31
2 Estimated amount of contracts remaining to be executed on capital
account and not provided for (Net of advances) Rs.5002.32 lacs
(Previous year Rs.1448.90 Lacs)
3 In the opinion of the Board, the Current Assets, Loans & Advances
shown in the Balance Sheet have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated.
4 Company has revalued its assets Comprising of Land, Building,
Machinery of Derabassi Unit by the approved External Valuer to reflect
the market value and accordingly the appreciation amounting to
Rs.10138.73 Lac have been credited to Capital Reserve Account
(Re-valuation Reserve A/c) as on 31.03.2007.
Depreciation amounting to Rs.367.35 Lac (Rs.367.35 Lac) has been
provided during the year & the same is reduced from Revaluation
Reserve.
5 Other expenses under head administrative expenses includes Rs.81,000
(Previous Year Rs.47000) paid to directors as sitting fee.
6 In accordance with Accounting Standard 18, ''Related Party
Disclosures'' , issued by the Institute of Chartered Accountants of
India, the Company has compiled the following information : a. List of
related parties and their relationship
Associates Ind Swift Limited
Essix Biosciences Limited
Halcyon Life Science Pvt Ltd.
Fortune (India) Constructions Ltd.
Mansa Print & Publishers Limited
Swift Fundamental Research & Education Society
Ind swift communications (P) Ltd.
Punjab Renewable Energy Pvt Ltd.
AKJ Portfolio Pvt. Ltd.
NRM Portfolio Pvt. Ltd
GM Portfolio Pvt. Ltd.
VRM Portfolio Pvt Ltd.
VKM Portfolio Ltd.
SRM Portfolio Pvt Ltd.
Key Management personnel-Directors Mr. N.R. Munjal
Mr. Himahshu Jain
Mr. Rishav Mehta Subsidiary Ind Swift Laboratories Inc. USA
Meteoric Life Sciencec Pte. Ltd
Ind Swift Middle East FZE(UAE)
Hakim farayand Chemi Co (Iran)
7 The balance in the parties accounts whether in debit or credit are
subject to confirmation,reconciliation and adjustment. The impact of
the same on the accounts at the year end is unascertainable.
8 Fixed deposits with banks of Rs.3232.85 Lacs (Previous year
Rs.1435.36 Lacs) are pledged with banks as margin money for working
capitial facilities.
9 As per best estimate of the management,no provision is required to
be made as per Accounting Standard (AS) 29 as notified by
Companies(Accounting Standards) Rules 2006, in respect of any present
obligations as a result of a past event that could lead to a probable
outflow of resources,which would be required to settle the obligations.
10 Total amount of secured Term Loans installments payable during
twelve months following 31-03-2011 are Rs.12912.55 Lacs (Previous year
Rs.10207.54 Lacs)
11 Excess provision on commision on exports in earlier year amounting
to Rs.306.77 lacs (Previous Year Rs.299.70 lacs) is considered as
extraordianry item.
12 The outstanding dues of small scale industrial undertakings have
been determined to the extent such parties have been identified on the
basis of information available with the compnay. The parties to whom
the Company owes sum outstanding for more than 30 days as at the
balance sheet date are: (1) Ammonia Supply Co. (2) Time Technoplast Ltd
13 Company has not received intimation from supplier regarding the
status under Micro, Small and Medium Enterprises Development Act 2006
and hence disclosures, if any, relating to amounts unpaid as at the
year end together with the interest paid/payable as required under the
said Act have not been given.
14 The Compnay has ESOP scheme called ESOS 2006. During the year,
Company has granted no Employee Stock Option.(Previous Year Nil)
Deferred Employee Compensation Cost is being amortised over a period of
three years, being the vesting period and on proportionate basis.
Accordingly a sum of Rs.21.59 Lac has been amortised during the year.
During the year the employees have opted 185660 options which were
granted to them in earlier year & the same has been allotted to them in
the form of equity shares
15 Obligations/Entitlements on account of advance licenses not
recognised at the time of export during the year amounts to Rs.741.49
Lac (Previous year Rs.357.78 Lac).
The above treatment has no impact on the profit & loss account.
16 i) Office Buildings includes Mumabi Office Buildings Rs.266.42
(Previous Year Rs.41.46 Lcs) Lac purchased in Mumbai in the name of the
Managing Director of the Company out of which one building amounting to
Rs.41.46 Lacs is mortgaged with ICICI Bank. The Company has entered
into an agreement to sell and has taken GPA from the Managing
Director.
The property is yet to be registered in the name of Company.
ii) Freehold land includes Rs.13.79 crores and Flats Rs.14.58 Crore for
which agreement to sell and GPA in favour of the company has been
executed and the same have been put to use. The Freehold Land & Flats
are yet to be registered /transferred in the name of the Company.
17 Capital Work in Progress includes:
a) Capital advances Rs.11303.08 Lacs (Previous Year; Rs.4023.53 Lacs).
27 The company entered into Forward Exchange Contracts which are not
intended for trading or speculative purposes, but for hedge purposes,
to establish the amount of reporting currency required or available at
the settlement date.
18 In compliance with AS-28, during the year, company has identified
fixed assets amounting to Rs.459.40 Lacs (Previous Year Rs.899.54 Lac)
for impairement whose accumulated depreciation was 133.84 Lacs
(Previous Year 212.39 Lac). The Net Realisable Value of such fixed
assets has been estimated at Rs.84.21 lacs (Previous Year Rs.185.34
Lacs). Accordingly, Impairment Loss of Rs.241.35 Lacs Previous Year
501.81 Lacs) has been charged to Profit & Loss Account during the year.
19 In compliance with AS-15, during the year, company has provided
Rs.31.28 Lacs (Previous Year Rs.11.93 Lacs) as provision towards the
Company Gratuity Policy maintained with LIC after the actuarial
valuation done by the LIC.
20 Capital Reserve includesRs. 17.97 Lacs being Subsidy for DG Set
which is net of Rs.1.21 Lacs amortised and treated as income during the
year.
21 Loans & Advances include Rs.4.66 lacs (Previous Year 4.33 lacs) due
from Company Secretary. Maximum amount due during the year is Rs.5.14
Lacs (Previous Year 4.33 Lacs)
22 The Company received Rs.15.00 crore against 14% Non-convertible
Debenturs on 28.05.2009 which are redeemable in 13 quarterly
installments with effect from febuary 2010. Balance outstanding as on
31.03.2011 is Rs.9.25 Crore (Previous Year Rs.13.85 crore)
23 Previous year figures have been regrouped, rearranged wherever
considered necessary for comparison.
24 Schedule I to XV form an integeral part of Balance Sheet and Profit
& Loss Account and have been duly authenticated.
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