1 Contingent Liabilities:
a) Disputed demand in respect of Sales tax at Waidhan and Anuppur
aggregating to Rs 1.18 lacs (Rs 14.49 lacs). Amount aggregating to Rs
0.85 lacs is paid under protest against such demand, which has been
included under Loans and Advances.
b) The Competition Commission of India (CCI) on 27th April, 2012 has
imposed a penalty of Rs 311.77 Lacs on the Company, for certain alleged
violation of provisions of the Competition Act, 2002 by several
explosives manufacturers (the Company being one of them). The Company
is in the process of filing an appeal to the Ap- pellate Tribunal
Authority within the stipulated period of two months from receipt of
the order. The Company has been advised that such demand is not likely
to be materialized.
c) Letter of credits and Bank guarantees issued to suppliers/customers
Rs 1553.68 lacs (RY. Rs 1498.96 lacs).
2 Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (Net of Advances) Rs 60.65 lacs (Rs 30.47
3 In respect of Sundry Creditors which are Micro,Small and Medium
Enterprises, the Company has not availed credit facility beyond 45
days. Further, there is no outstanding payable to Micro, Small and
Medium Enterprises beyond 45 days as on Balance Sheet date.
4 Segment Reporting: -
The primary segment reporting format is determined to be business
segments as the company''s risks and rate of return are affected
predominantly by difference in the products and services provided.
Secondary information is reported geographically.
The Company has identified its business into three reportable segments
namely, Explosives, Perlite and Site Contracts.
5 Disclosure in respect of Operating Lease in accordance with AS 19 on
a) The total of future minimum lease payments under non-cancellable
operating leases for each of the following periods:-
i) Not later than one year Rs I 1.39 lacs (RY. Rs 12.40 lacs).
ii) later than one year and not later than five years- Rs 3.60 lacs (RY.
Rs 22.81 lacs).
iii) later than five years - Nil
b) lease payments recognised in the statement of profit and loss for
the period from 1.4.2011 to 31.3.2012 is Rs 14.67 lacs (RY. Rs I 1.72
Figures in brackets pertains to previous year.
* Further disclosure in conformity with Clause 32 of Listing Agreement;
the maximum outstanding of said loan was Rs 100 Lacs during the year.
6 The Company has adopted Accounting Standard 15 (revised 2005) in the
Financial Year 2007-08 Employee Benefits. The Company has
classified various employee benefits as under:-
(A) Defined contribution plans
a. Provident Fund
b. Superannuation Fund
c. State defined contribution plans
- Employers'' Contribution to Employees'' State Insurance
The provident fund and the state defined contribution plan are operated
by the Regional Provident Fund Com- missioner and the superannuation
fund is funded to LIC of India. Under the schemes, the Company is
required to contribute a specified percentage of payroll cost to the
retirement benefit schemes to fund the benefits.
Leave encashment is payable to eligible employees who have earned
leaves, during the employment and / or on superannuation as per the
Company''s policy. During the year an amount of Rs. 16.51 lacs has
been charged to Profit & Loss account as per actuarial valuation.
7 Unhedged Foreign Currency Exposure as at the Balance Sheet date
Trade Receivables Rs 230.39 lacs (US $ 454335 @ Closing rate of I USD =
Trade Payables Rs 91.26 lacs (US $ 177100 @ Closing rate of I USD = Rs
Rs 2.62 lacs (UK Pounds 3176 @ Closing rate of I UK Pound = Rs 82.58). Rs
39.69 lacs (EURO 57485 @ Closing rate of I EURO = Rs 69.05).
8 The Financial Statements for the year ended March 31, 2012 are
prepared in accordance with the Revised Schedule VI. The amounts and
disclosures included in the Financial Statements of the previous year
have been reclassified to conform to the requirements of Revised