(A Rights, Preferences and restrictions attached to the Shares:
(i) Equity Shares:
Equity shares rank pari passu as regards to dividend and voting rights.
Each share has one vote.
Preference shares have right to preferential dividend of 10% per annum
on cumulative basis and also for redemption of as to principal over the
equity shares. Preference share holders have right ot vote only on the
mattes concerning the preference shares.
Provision is made for Gratuity on the assumption that all the eligible
employees retire at the year end. Provision for Leave Encashment is
made for the leave accrued as at March 31, 2012 calculated at the year
end salary of the respective employees.
The company have not received any intimation from suppliers regarding
their status under the Micro, Small & Medium Enterprises Act 2006 and
hence disclosures if any, relating to amounts unpaid as at the year end
to whether with interest paid/payable as required under the said Act
has not been given.
1. Segment Reporting:
The Company''s operations predominantly relates to manufacture of
chocolates, hence no reportable primary segment information is made.
The secondary segment reporting of the company''s revenues are as
2. Related party disclosures:
Related parties with whom company entered into transactions during the
(i) List of Related parties :
(a) Key Management Personnel and Enterprises :
(i) P.Prakash Pai, Director
(ii) P.Ananth Pai , Director
(iii) P. Abhijeet Pai, Director
(iv) P. Ashwini Pai, Director
(v) G.S.Ram, CEO, Whole Time Director
(vi) Dilip Mangesh Kalelkar, Whole Time Director ( Technical)
(b) Enterprises / Entities having Common Key Management Personnel
i. Puzzolona Machinery Fabricators
ii. Lotus Lanka ( P) Limited
iii. Lotus Choco Uganda Limited
The Company has identified all related parties and details of
transactions are given below There are no other related parties where
control exists that need to be disclosed.
3. Contingent Liabilities not Provided for in respect of:
1. Claims against the Company not acknowledged as debts:
a) From Commissioner of Customs, Chennai in respect of Advance licences
not fulfilled within the stipulated time though extension and clubbing
of such licences have been allowed by the Licensing authority RS
18,000,000 (Previous year Rs 18,000,000).During the year the company has
received order in favour of the company from Commissioner of Customs,
Chennai Vide order No.10404/2009 dt 23-12-2009.However the department
has preferred an appeal before the appellate tribunal against the order
issued by Commissioner Customs,(Seaport-Export)
b) From Directorate of Revenue Intelligence, Chennai in respect of
alleged non fulfillment of export obligation for Rs 31,900,000 (Previous
year RS 31,900,000 )
4. Counter Guarantees given to the Bankers in respect of guarantees
furnished by them Rs 543,000 (previous year Rs 543,000)
5. Accrued and unpaid preference dividend Rs 100,903,000 (previous year
6. Balances of Trade receivables, payables and loans & advances are
subject to confirmation and reconciliation.
7. Figures have been rounded off to the nearest rupee.
8. The company was using pre revised Schedule VI to the Companies
Act, 1956 for the preparation and presentation of its financial
statements up to the year ended 31st March 2011. During the year ended
31st March 2012 the revised Schedule VI notified under the Companies
Act, 1956, has become applicable to the company. The company has
reclassified previous year figures to conform to this year''s