Rallis India
BSE: 500355 | NSE: RALLIS | ISIN: INE613A01012 | Pesticides/Agro Chemicals
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
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| Notes to Accounts | Year End : Mar '09 |
Rs. lacs
As at As at
31st March, 31st March,
2009 2008
1. Contingent Liabilities :-
(a) Demand contested by the Company
- Sales tax 1,651.18 1,637.50
- Excise duty 378.77 1,211.86
- Customs Duty 144.10 744.70
- Income Tax 1,455.55 1,315.94
- Service tax 1.85 1.85
- Property cases 65.56 63.56
- Labour cases 197.86 184.39
- Other Cases 536.87 535.73
-Number of cases where amount is
not quantifiable 26 Nos.; (Previous
Year 28 Nos.)
(b) Bills discounted 987.36 2,092.84
(c) Uncalled partly paid shares held
as Investments 4.34 4.34
(d) A guarantee of Rs. 273.12 lacs (Previous Year Rs. 273.12 lacs) has
been issued by the Company at the request of its wholly owned
subsidiary in favour of its lending bank.
(e) Other guarantees given to Government authorities for which the
Company is contingently liable to Rs. 85.80 lacs (Previous Year Rs.
132.16 lacs).
(f) Recourse guarantee amounting to Rs. NIL (Previous Year Rs. 453.00
lacs) has been given by the Company in respect of channel finance
provided to its dealers by banks.
The Company does not expect any liability in respect of item (a), (b),
(d), (e) and (f) to devolve in respect of its exposure and therefore no
provision has been made in respect thereof.
2. Estimated amount of contracts remaining to be executed on capital
account is Rs. 1,703.28 lacs (Previous Year Rs. 1,852.54 lacs)
including advances paid aggregating Rs. 1,083.94 lacs (Previous Year
Rs. 238.57 lacs).
3. Fixed assets include Rs. 769.52 lacs (Previous Year Rs. 821.81
lacs) representing the book value of assets held for disposal. The
Management expects to recover amounts higher than the carrying value of
these assets.
4. Amount payable to Micro, Small and Medium Enterprises are as
follows:
a. The total amount of delayed payments during the year aggregated to
Rs. 514.02 lacs in respect of 117 parties (Previous Year Rs. 4,034.79
lacs in respect of 79 parties with amounts ranging from Rs. 0.01 lac to
Rs. 701.17 lacs) with amounts ranging from Rs.0.01 lac to Rs.61.74
lacs.
b. The amount of principal outstanding in respect of the above as at
Balance Sheet date is Rs. 100.89 lacs in respect of 30 parties
(Previous Year Rs. 532.38 lacs in respect of 38 parties with amounts
ranging from Rs. 0.03 lac to Rs. 410.10 lacs) with amounts ranging from
Rs.0.06 lac to Rs. 17.66 lacs.
c. The total interest payable on account of delayed payment aggregates
to Rs.26.96 lacs (Previous YearRs.25.22 lacs) and this entire amount
was outstanding as at the year end.
5. The charge in favour of the Companys bankers by way of
hypothecation of stocks and receivables has been created to secure
guarantees executed and bank overdraft and temporary loan facilities
granted by the bankers in the normal course of business.
6. Secured Loans :-
a. Bank overdrafts and temporary loans have been secured by a first
charge by way of hypothecation of stocks and receivables.
b. Loans from others on account of purchase of vehicles have been
secured by way of hypothecation of vehicles.
7. Sundry Debtors include Rs. 1,062.87 lacs (Previous Year Rs.
487.08 lacs), being amounts receivable from a company under the same
Management, Rallis Australasia Pvt. Ltd. (RAPL) (wholly owned
subsidiary).
Also, induded inLoans and Advancesis a sum of \Rs.Nil
(PreviousYearRs.Nil) being amounts loaned to RAPL. The maximum amount
outstanding during the year was Rs. Nil (Previous Year Rs. 35.83 lacs).
8. Consumption of raw materials, packing materials and stores and
spare parts includes provisions of Rs. 280.95 lacs (Previous
YearRs.310.49lacs) for slow, non-moving and damaged stocks.
9. Operating Expenses includes net loss of Rs. 452.87 Lacs (Previous
Year net gain Rs. 60.27 lacs grouped under Other Income) on account
of foreign currency translation differences.
10. Segment Reporting :-
The Company has determined its business segment as Agri -
lnputscomprising of Pesticides, Plant Growth Nutrients and Seeds. The
other business segment comprises Fine Chemicals and is
non-reportable.
11. The Company has invested Rs. 880.00 lacs in Non-Convertible
Debentures (NCDs) of Advinus Therapeutics Pvt. Ltd. The NCDs carry a
coupon rate of 4.25% and will be redeemed in three equal instalments in
the years 2011,2012 and 2013 at a premium of 25%. Income recognised
during the year includes Rs. 33.32 lacs (Previous Year Rs. 33.32 lacs)
in respect of redemption premium determined on the basis of the
Internal Rate of Return.
12. Employee Benefit Obligations :-
Defined-Contribution Plans
The Company makes contribution towards provident fund, family pension
fund and superannuation fund to a defined contribution retirement
benefit plan for qualifying employees. The provident fund is
administered by the Trustees of Rallis India Limited Provident Fund
Trust, the family pension fund is administered by the Government of
India and the superannuation fund is administered by the Life Insurance
Corporation of India. Under the schemes, the Company is required to
contribute aspecified percentage of salary to the retirement benefit
schemes to fund the benefit. The Rules of the Companys Provident Fund
administered by a Trust require that if the Board of Trustees are
unable to pay interest at the rate declared by the Employees Provident
Fund by the Government under para 60 of the Employees Provident Fund
Scheme, 1952 for the reason that the return on investment is less or
for any other reason, then the deficiency shall be made good by the
Company. Having regard to the assets of the Fund and the return on the
investments, the Company does not expect any deficiency in the
foreseeable future.
A sum of Rs.382.31 lacs (Previous Year Rs. 344.10 lacs) has been
charged to the revenue account in this respect.
Defined-Benefits Plans
The Company offers its employees defiried-benefit plans in the form of
a gratuity scheme (a lump sum amount) and a supplemental pay scheme (a
life long pension). Benefits under the defined benefit plans are
typically based either on years of service and the employees
compensation (generally immediately before retirement).The gratuity
scheme covers substantially all regular employees, while supplemental
pay plan covers certain executives. In the case of the gratuity scheme,
the Company contributes funds to Gratuity Trust, which is irrevocable,
while the supplemental pay scheme is not funded. Commitments are
actuarially determined at year-end. On adoption of the revised
Accounting Standard, (AS) -15 on Employee Benefits prescribed under
Section 211(3C) of the Indian Companies Act 1956, actuarial valuation
is done based on Projected Unit Credit method. Gains and losses of
changed actuarial assumptions are charged to the profit and loss
account.
13. Accelerated Depreciation :-
During the year, on the basis of estimates of the Companys technical
staff, the Company has accelerated its depreciation charge on certain
facilities which were used for manufacture of products which are
currently discontinued. These assets have been brought down to the
terminal value and the rates applied are numerous and cannot be
meaningfully listed in the financial statements. As a result the
depreciation charge for the year is higher by Rs. 598.49 lacs and the
profit for the year, after adjusting the reduction in deferred tax
liability of Rs. 203.42 lacs, lower by Rs. 395.06 lacs.
14. Profit on sale of assets includes a profit of Rs. Nil on sale of
land and building (Previous Year Rs. 8,741.76 lacs).
15. Previous years figures have been regrouped/restated wherever
necessary to conform to the classification of the current. |
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| Source : Religare Technova | |
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