1. There are no dues to Micro, Small and Medium Enterprises which are outstanding as at the Balance Sheet date and there were no delays as per the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 in payment of dues to such enterprises. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company and has been relied upon by the auditors.
2. Related Party Disclosures
(Related party relationships are identified by the company and relied upon by the auditors)
A. Names of the related parties and the nature of the relationship:
The India Cements Limited Ultimate Holding Company and
Holding Company of ICL Financial Services Limited ICL Financial Services Limited Holding Company
Trishul Concrete Products Limited Fellow Subsidiary
Key Management personnel [KMP]:
Sri T.S.Raghupathy Manager
3. Deferred Taxation
(a) Provision for Income tax / Minimum Alternate Tax (MAT) is not provided in accounts, as Company has unabsorbed Business Losses brought forward from previous year.
(b) In view of the losses incurred by the Company during last few years, the Company has accumulated net deferred tax assets of Rs.4077.32 Lakhs as on 31.03.2016 (4659.25 Lakhs as on 31.03.2015) in terms of provisions of Accounting Standard 22 "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India. However, following prudent accounting policy and the guidelines contained in paragraphs 15 to 18 of the said Accounting Standard, the management has decided not to make the adjustment in the books of accounts for the value of the said deferred tax assets until such time that there is reasonable certainty of realization of the said deferred tax assets against sufficient future taxable income.
4. Employee Benefits
The details of parameters adopted for valuation of post-employment benefit plans and leave benefits, as per Accounting Standard 15 issued by ICAI, are as under:
(a) Leave of absence and encashment:
The Company has different leave plans including paid leave of absence plans and encashment of leave plans for employees at different grades and provision has been made in accordance with Accounting Standard 15. The total amount of provision available for the unveiled leave balances as at 31st March 2016 is Rs.307.15 Lakhs (31st March 2015 is Rs.251.94 Lakhs).
(b) Gratuity:
The employees are eligible for Gratuity benefits as per the Payment of Gratuity Act, 1972. The Gratuity Scheme is governed by a Trust created for this purpose by The India Cements Ltd (Ultimate holding Company). The Company has made a provision for Gratuity for Rs.8.16 Lakhs as per the actuarial valuation.
(c) Contribution to Pension fund:
The company offers pension plans for managerial grade employees. Employees are eligible for Defined contribution plan of pension. The defined contribution plan is managed by Life Insurance Corporation of India. The total amount of contribution payable under defined contribution plan is Rs 72.24 lakhs for year ended 31st March 2016 (year ended 31st March 2015: Rs.68.00 Lakhs).
5. Segment Results: The company operates in single segment, i.e.,Cement.
6. Previous year's figures have been regrouped wherever necessary.
| 