| 1. Employee benefit plans
As per the Accounting Standard 15 'Employee Benefits' the disclosure of
employee benefit as defined in the Accounting Standard are given below:
2. Segment reporting:
Segment reporting as per AS-17 is not applicable to the company as it
does not have any reportable segment.
3. Related party disclosure
As required by Accounting Standard-18, "Related Party Disclosures"
issued by the Institute of Chartered Accountants of India, relevant
information is provided here below:
(d) Tax Demand totaling Rs. 8.60 Lacs for AY 2004-2005, Rs. 23.43 Lacs
for AY 2013-2014 and Rs. 2.71 Lacs for AY 2014-15 raised by the Income
Ta x Department is being contested by the Company in appeal. No
provision has been made for the liability in the accounts under report.
Other Tax demand of Rs. 10.11 Lacs For Assessment Year 2008-2009 raised
by Income Tax Department is under rectification for apparent error.
(e) The company has entered an arbitration suit against the Punjab
State Warehousing Corporation. The arbitration tribunal has issued its
award against the company for Rs.890.25 lacs. However, both the parties
have filed separate applications in the court with requests for setting
aside the award. The hon'ble court has now dismissed the application of
PSWC in the month of August 2014 . The petition of Company is still in
progress and as such quantification of any liability or recovery, if
any, is not possible, hence no provision for the same has been made.
However, the company is fairly confident of its position and expects to
get a favorable judgment in the case.
4. In a suit for recovery against Harshvardhan Chemicals & Minerals
Ltd., Udaipur (HCML), the High Court of Delhi has passed a decree of
Rs. 55.68 lacs in favour of the company. However, HCML approached BIFR
for revival and rehabilitation. The BIFR has recently dismissed HCML's
application and ordered for winding up. Now HCML has approached AIIFR.
The decree is alive and effective and the company hopes to execute it..
5. License in hand valued at Rs 21,46,73,628/- appearing in note-16 are
due to expire in financial year 2015-16. If not sold/ utilized the
entire amount shall be required to be written off in FY 2015-16.
6. Un hedged foreign currency exposure
The Company is in the business of export and import of commodities. The
net un hedged foreign currency exposure as on 31.03.2015 is USD 26.19
Million and Euro 9.41 Million total equivalent INR 22690.70 lacs (
31.03.2014 USD 3.72 million and Euro 4.52 million, total equivalent INR
5950.33 lacs).
7. Micro and small enterprises
Disclosure of Sundry Creditors under current Liabilities is based on
the information available with the Company regarding the status of the
suppliers as defined under the Micro, Small and Medium Enterprises
Development Act, 2006". Amounts due as on 31st March, 2015 to Micro,
Small and Medium Enterprises on account of principal amount together
with Interest, aggregate to Rs. Nil. (Previous Year: Rs. NIL).
8. Previous years figures has been regrouped / restated where ever
found necessary.
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