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BSE: 519421|NSE: KSE|ISIN: INE953E01014|SECTOR: Edible Oils & Solvent Extraction
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Mar 15
Notes to Accounts Year End : Mar '16

Note 1. There was no fresh issue or buying back of shares in the preceding five years.

Note 2. There was neither bonus issue nor any other issue of shares in the preceding five years.

3. ADDITIONAL INFORMATION

4. Figures of the previous year have been regrouped and recast wherever necessary to suit the current year’s layout.

5. In the opinion of the Board, current assets and long term loans & advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

6. Details in respect of claims against the Company not acknowledged as debts disclosed under Note No. 29.3 are as follows:

(i) Commissioner of Customs, Cochin has issued Orders demanding Rs.47,05,015 for short levy of customs duty on import of Machinery for cattle feed plant and spare parts due to difference in classification under Customs Tariff Head. Aggrieved by the order, Company had filed an appeal before the Hon. Customs, Excise and Service Tax Appellate Tribunal, Bangalore and the appeal is pending.

(ii) Assistant Commissioner (Assessment), Department of Commercial taxes, Thrissur had issued order demanding Rs.25,40,012 (including interest Rs.12,63,624) for the financial year 2000-01 against sales tax exemption claimed on sale of refined vegetable oil. On appeal, The Deputy Commissioner (Appeals), Ernakulam had issued an order directing the assessing authority to reconsider the matter. The final order from the Assistant Commissioner (Assessment) is not yet received.

(iii) Southern Railway had raised two demands aggregating to Rs.57,10,829 on grounds of undercharge due to incorrect classification of deoiled rice bran. The claim has been challenged by the Company before the Hon. High Court of Kerala and the writ petition is still pending before the Court.

(iv) (a) Some of the employees of the company had challenged the enhancement of wage limit for coverage of ESI, before the

Hon. High Court of Kerala and the Court had granted stay. The cases were disposed off by the Court in favour of ESI Corporation and Company had remitted contributions of employer and employees.

Subsequently, ESI Corporation demanded interest amounting to Rs.1,56,862 for delay in payment of contributions relating to the period when the above stay was in operation and Rs.19,214 towards employees’ contribution in respect of retired/resigned employees during the said period. Company had preferred appeal before the ESI Court, Palakkad which was decided in favour of the Company. Aggrieved by the order, ESI Corporation had filed appeal before the Hon. High Court of Kerala challenging the orders of ESI Court, Palakkad, and the said appeal is still pending.

ESI Corporation had also demanded damages of Rs.1,14,199 for the delay in remittance of contribution mentioned above and the Company had filed an appeal before the ESI Court, Palakkad which is still pending.

(b) ESI Corporation has issued order demanding Rs.1,62,952 as interest and Rs.60,080 as damages for delay in remittance of contribution on omitted wages for the period from 01.04.1996 to 31.03.2002. The Company remitted Rs.75,000 towards this demand on direction by the Court, while granting stay. The balance demand is Rs.1,48,032, and the case is still pending before ESI Court, Palakkad.

(v) Kerala State Electricity Board (KSEB) had issued an order demanding Rs.1,11,780 as charges for additional connected load in Konikkara Dairy Unit of the company relating to the period from November, 2001 to July, 2002. This order has been challenged by the company before the Hon. High Court of Kerala which is still pending.

In all the above cases company is legally advised that there is a good chance for full relief and hence no provision is considered necessary at this stage.

7. The landed property of the company located at Mysore with an area of around 4 acres 10 cents was sold during the financial year 2014-15 for a total sale consideration of Rs.1,350 lakhs. Profit on the sale of the property earned by the Company amounting to Rs.1,045.71 lakhs has been shown in the Statement of profit and loss as Exceptional item in that year.

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