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Notes to Accounts of Anik Industries Ltd.
Mar 31, 2025
xvi. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when there is a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future
operating losses.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or
more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. The Company does not
recognize a contingent liability but discloses its existence in the financial statements
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized, but its existence is disclosed in the
financial statements
xviii. Impairment of Non-Financial Assets
The company assesses at each reporting date whether there is any objective evidence that a non-financial asset or a group of non-financial assets are
impaired. If any such indication exists, the company estimates the amount of impairment loss.
For the purpose of assessing impairment, the smallest identifiable group of assets that generates cash inflows from continuing use that are largely
independent of the cash inflows from other assets or group of assets is considered as cash generating unit. If any such indication exists, an estimate of the
recoverable amount of the individual asset / cash generating unit is made.
An impairment loss is calculated as the difference between an assetâs carrying amount and recoverable amount. Losses are recognized in statement of
profit and loss and reflected in an allowance account. When the company considers that there are no realistic prospects of recovery of the asset, the relevant
amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the
impairment was recognized, then the previously recognized impairment loss is reversed through profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been in place had there been no
impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in
Statement of Profit and Loss.
xix Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial instruments also include derivative contracts such as foreign currency foreign exchange forward contracts, interest rate swaps and currency
options; and embedded derivatives in the host contract.
I. Financial assets
Classification
The Company classifies financial assets in the following measurement categories:
a. Those measured at amortised cost and
b. Those measured subsequently at fair value through other comprehensive income or fair value through profit or loss on the basis of its business model
for managing the financial assets and the contractual cash flow characteristics of the financial asset.
Initial recognition and measurement
All financial assets are recognised initially at fair value. Transaction costs that are attributable to the acquisition of the financial asset are adjusted to fair
value in the case of financial assets not recorded at fair value through profit or loss. Purchases or sales of financial assets that require delivery of assets
within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the
company commits to purchase or sell the asset.
Measured at amortised cost
A financial asset is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal
amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost
is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is
included in finance income in the statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss. This
category generally applies to trade and other receivables.
Measured at fair value through other comprehensive income (FVOCI)
A financial asset is measured at FVOCI if both of the following criteria are met:
a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
b) The assetâs contractual cash flows represent SPPI.
Financial assets included within the FVOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are
recognized in the other comprehensive income (OCI). However, the company recognizes interest income, impairment losses & reversals and foreign
exchange gain or loss in the profit and loss.
On derecognition of the non derivative debt instruments designated at FVOCI, cumulative gain or loss previously recognised in OCI is reclassified from
the equity to profit and loss. Whereas on derecognition of the equity instruments designated at FVOCI,cumulative or loss previously recognised in OCI is
reclassified from the equity to retained earning.
Interest earned whilst holding FVOCI debt instrument is reported as interest income using the EIR method.
Financial Asset at fair value through profit and loss (FVTPL)
FVTPL is a residual category for financial asset. Any financial asset, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is
classified as at FVTPL.
In addition, the company may elect to classify a financial asset, which otherwise meets amortized cost or FVOCI criteria, as at FVTPL. However, such
election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as âaccounting mismatchâ).
Financial assets included within the FVTPL category are measured at fair value with all changes recognized in the profit and loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a company of similar financial assets) is primarily derecognised (i.e. removed
from the companyâs balance sheet) when:
I. The rights to receive cash flows from the asset have expired, or
ii. The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a âpass-throughâ arrangement; and either (a) the company has transferred substantially all the risks and rewards of the
asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
iii. When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to
what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the
asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the companyâs continuing involvement.
In that case, the company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the
rights and obligations that the company has retained.
iv. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the company could be required to repay.
Impairment of financial assets
In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the
following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, and bank balance.
b) Trade receivables.
The Company follows âsimplified approachâ for recognition of impairment loss allowance on:
I. Trade receivables which do not contain a significant financing component.
The application of simplified approach recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.
ii. For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant
increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss.
However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there
is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-
month ECL.
ii. Financial liabilities
Classification
The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or
loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or amortised costs.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction
costs.
The companyâs financial liabilities include trade and other payables, loans and borrowings, financial guarantee contracts and derivative financial
instruments.
Financial liabilities at fair value through profit or loss.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in
the near term. This category also includes derivative financial instruments entered into by the company that are not designated as hedging instruments in
hedge relationships as defined by Ind-AS 109. Separated embedded derivatives are also classified as held for trading unless they are designated as effective
hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the
criteria in Ind-AS 109 Financial instruments are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit
risk are recognized in OCI. These gains/loss are not subsequently transferred to P&L. However, the company may transfer the cumulative gain or loss
within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit and loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange
or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when, and when the company has a legally
enforceable right to set off the amount and it intends either to settle them at a net basis or to realize the asset and settle the liability simultaneously.
Measurement of fair values
The Companyâs accounting policies and disclosures require the measurement of fair values, for financial instruments.
The Company has an established control framework with respect to the measurement of fair values. The management regularly reviews significant
unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the
management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of Ind AS,
including the level in the fair value hierarchy in which such valuations should be classified.
When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorised into
different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is
categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
C. Recent Accounting Pronouncement
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year ended March 31,2025, MCA has notified Ind AS - 117 Insurance Contract and amendments to Ind AS - 116
Leases, relating to sale and leaseback transactions, these are effective from period beginning on or after 1st April, 2024. The company has reviewed the
new pronouncements and based on its evaluation has determined that it has no impact on the companyâs financial position.
NOTE-41 Financial risk management objectives and policies
In its ordinary operations, the companies activities expose it to the various types of risks, which are associated with the financial instruments and markets in
which it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and
liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main
risks:
a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies
income or value of itâs holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return.
i) Interest rate risk
Interest rate risk is the risk the the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair value
interest rate risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest
rate risk is the risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.
The Companyâs exposure to the risk of changes in market interest rates relates primarily to the borrowing from banks. Currently company is not using any
mitigating factor to cover the interest rate risk.
ii) Foreign currency risk
The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk
as to which balances outstanding in currency other than the functional currency of that Company. The company enters in to derivative financial instrument such foreign
currency forward contract to mitigate the risk of changes in exchange rate on foreign currency exposure.
(b) Credit risk
"Credit risk is the risk that arises from the possibility that the counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss.
Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial
insturments of the company results in material concentration of credit risk.
Financial assets are written off when there is no reasonable expectation of recovery, however, the Company continues to attempt to recover the
receivables. Where recoveries are made, these are recognised in the Statement of Profit and Loss.
The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment calculation, based on the Companyâs past history, existing market conditions as well as forward
looking estimates at the end of each balance sheet date."
"Trade and other receivables
To Manage trade and other receivables, the company periodically assesses the financial reliability of customers, taking in to account the financial
conditions, economic trends, analysis to historical bad debts and ageing of such receivables."
"Investments
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The
Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any
significant concentration of exposures to specific industry sectors or specific country risks."
"Cash & Cash Equivalent
The Company holds cash & cash equivalent with credit worthy banks of Rs. 116.12 lakh as at March 31, 2025 (Rs. 85.96 Lakh as at March 31,2024 ) . The
credit worthness of such banks is evaluated by the management on ongoing basis & is considered to be good."
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.The Company has obtained fund and non¬
fund based working capital lines from various banks. The company''s treasury department is responsible for liquidity, funding as well as settlement
management. In addition, process and policies related to such risk are overseen by senior management. Management moniters the company''s net liquidity
position through rolling forecasts on the basis of expected cash flows."
Capital Management
"For the purpose of the Companyâs capital management, capital includes issued equity capital, securities premium and all other equity reserves
attributable to the equity shareholders of the Company. The Companyâs objective when managing capital is to safeguard its ability to continue as a going
concern so that it can continue to provide returns to shareholders and other stake holders.
The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial
covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy
back its shares) or issue new shares.No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March,
2025 and 31st March, 2024."
NOTE-46 Additional Regulatory Information
"i. During the year under review the company have given loan and advances to its material subsidiary company, Revera Milk & Foods Private Limited, repayable on
demand, in compliance with section 185, 186 and 188 of the Companies Act, 2013, except that the company has not granted Loans or Advances in the nature of loans
to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are: (a)
repayable on demand or (b) without specifying any terms or period of repayment."
ii. The company neither have any Benami property nor any proceedings have been initiated or pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
iii. The company is not declared wilful defaulter by any bank or financial Institution or other lender.
iv. The company does not have any transactions with companies struck off under section 248 ofthe Companies Act, 2013 or section 560 of Companies Act, 1956.
v. The company has complied with investment in subsidiary for two layers of investment prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017 .
vi. (A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other
person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall.
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf ofthe Ultimate Beneficiaries;
(B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether
recorded in writing or otherwise) that the company shall
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
vii. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in
the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
viii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
ix. The Company has no borrowings 5 crores from banks or financial institutions on the basis of security of current assets. No Quarterly returns or statements of
current assets filed by the Company with banks or financial institutions .
x. As informed and explained to us , the management has not revalued its property , plant and equipment (including right of use assets ) or intangible assets or both
during the year .
xi. Following Charges or satisfaction are pending to be registered with ROC beyond the statutory period :
NOTE-49 Anik industries limited had given the corporate Guarantee for a limited period to the IDBI bank Limited towards loan facilities availed by M/s Suman Agritech
Limited (âSALâ) in year 2010, for the purpose of setting up of edible oil plant in Patna, Bihar. Thereafter on the failure of re-payment of financial facilities on the
part of SAL, IDBI bank Limited filed various legal cases, against SAL as well as against Anik Industries Limited and also marked lien against substantial funds
of Anik Industries ltd. lying in the current account with IDBI bank Limited .
Therefore, During FY 2023-24, with the object of getting release of funds under lien as well as to conclude all the litigations with IDBI bank, the Company has
entered in settlement agreement dated 10.10.2023 with IDBI Bank Ltd for withdrawing of all its pending disputes at all the Forums and there against has made
payment of Rs. 6.50 crores to IDBI Bank Ltd. Consequently IDBI has withdrawn all the pending litigations against Anik Industries Limited, in the matter of
impugned corporate guarantee.
As per our report of even date attached
For B. Shroff & CO.
Chartered Accountants
(FRN 006514W)
CS SOURABH VISHNOI MANISH SHAHRA
CAPushkar Jain Company Secretary Chairman & Managing Director
Partner DIN:00230392
Membership No: 450290
GAUTAM JAIN ASHOK KUMAR TRIVEDI
Date: 30th May , 2025 Chief Financial officer Whole Time Director
Place:Indore DIN:00350507
Mar 31, 2024
14.2 Rights, Preference and restrictions attached to Shares :
The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
Nature and purpose of Reserves General Reserve
The general reserve is created from time to time transfer of profits from retained earnings. General reserve is created by transfer from component of equity to another and is not an item of other comprehnsive income, items included in general reserve will not be reclassified subsequently to statement of profit and loss.
Security Premium
Security Premium is created on receipts of premium on issue of equity shares .The reserve can be utilised in accordance with the provisions of the Companies Act,2013.
Retained Earnings
The same is created out of profit over the years and shall be utilised as per the provision of the ACT, 2013.
Nature of Security and terms of repayment for borrowings :
Loan from LIC Housing Limited of Rs. 1294.00 Lakhs (Rupees Twelve Crore and Ninety Four Lakhs Only) under Emergency Credit Line Guarantee Scheme 2.0
The Emergency Credit Line Guarantee Scheme 2.0 having outstanding of Rs. 733.78 Lakhs (Prev. year 1060.59 Lakhs) is secured by Second Charge of Project land and structure thereon in the project One Rajarhat situated at premises no. 30-1111 in street no. 11n(Erstwhile Plot No. BG-9) in Block No.-1B situated in the New Town, Police Station New Town, Dist. North 24 Parganas presently in Panchayat Area falling in Mouza Thakdari, J.L No.-19 under Mahisbathan-II G.P, Assignment/ Hypothecation of receivables from the project âOne Rajarhatâ.
Term loan repayable in fixed 5 years (First year principal moratorium and rest four year principal & interest repayment), 48 monthly instalment of Rs. 35.28 Lakhs (including interest ) and Rate of Interest is 13% p.a. (Prev. year 13%)
Working Capital Loans from Consortium Banks Rs. NIL , all Working Capital Loans repaid during the year and charge satisfied (Pre.Year Rs. 1210.78 Lakhs) Previous year are secured by :
1. First charge on pari passu basis by way of hypothecation and/or pledge of the Company''s Current Assets, Consumable Stores & Spares, Bills Receivable, Book Debts and tangible movable properties related to non dairy business of Company.
2. Collateral Security by way of first charge on pari passu basis by way of Mortgage of Company''s Plots situated at Kolkata Leather Complex, Mauza-Gangapur, KITP, Dist: 24 Paraganas, (WB).
3. Collateral Security by first charge on pari passu basis by way of equitable mortgage of Residential Diverted Land of Survey No. 263/4, 264/4 & Survey No. 291 part & Survey No. 291 part in Village Nipaniya, tehsil & Dist. Indore (MP) held by Brightstar Housing Pvt. Ltd.
4. Collateral Security by first charge on pari passu basis by way of equitable mortgage of all that pieces and parcels of Land bearing Survey No. 361/5 and 361/4 and all that pieces and parcels of Land bearing Survey No. 361/2, 361/6, 361/7 & 361/8 of Village Khajrana, Tehsil & District, Indore (MP) held by Nischal Housing Pvt. Ltd.
5. Personal Guarantee of one directors of the Company.
|
NOTE-32 CONTINGENT LIABILITIES AND COMMITMENTS (To the extent not provided for ) |
(Figures in Lakhs) |
||
|
PARTICULARS |
For the Year ended 31st March, 2024 |
For the Year ended 31st March, 2023 |
|
|
i) |
Contingent Liabilities |
||
|
a) |
Income tax demand disputed in appeal ( advance paid Rs. 140.00 lakhs (Previous year Rs. 140.00 lakhs ) against disputed demand] |
11,226.08 |
11,226.08 |
|
b) |
Sales tax demand disputed in appeal ( advance paid Rs. 269.41 lakhs (Previous year Rs. 274.41 lakhs ) against disputed demand] |
1,162.41 |
2,265.96 |
|
c) |
Excise duty demand disputed in appeal ( advance paid Rs. 5.00 lakhs (Previous year Rs. 5.00 lakhs ) against disputed demand] |
56.01 |
56.01 |
|
d) |
Claims against the company not acknowledged as debt |
515.05 |
515.05 |
|
i) The company does not expect any reimbursements in respect of the above contingent liabilities. |
|||
|
ii) It is not practicable to estimate the timing of cash outflows, if any ,in respect of above matters due to pending resolution of the arbitration / appellate proceeding . Further the liablitiy mentioned above includes interest except in cases where the company has determined that the possibility of such levy is remote . |
|||
|
ii) |
Commitments |
Nil |
Nil |
âDuring the year under review the provision of section 135 and Schedule VII of the Companies Act, 2013 are applicable on the Company. Accordingly CSR committee and CSR policy has been formulated as per the requirement and provision of the Companies Act 2013. The Company have spent Rs. 12.50 lakhs (Rupees Twelve Lacs Fifty Thousands only), against the total CSR obligation of Rs. 12.39 lakhs (Rupees Twelve Lacs Thirty Nine Thousands Two Hundred Twenty Eight and Thirty paisa only/-) for the FY 2023-24 (which was in excess of the required expenditure on CSR activities)â and for the FY 2022-23 ( Prev Year ) the company has incurred average net Losses calculated in pursuant to section 135 of the companies Act, 2013 read with section 198 and rules made there under and hence the requirement of compulsory CSR expenditure on CSR activities as per section 135 of the Companies Act, 2013 is not applicable.
N OTE-41 Financial risk management objectives and policies
In its ordinary operations, the companies activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks:
Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies income or value of itâs holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Interest rate risk is the risk the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.
The Companyâs exposure to the risk of changes in market interest rates relates primarily to the borrowing from banks. Currently company is not using any mitigating factor to cover the interest rate risk.
The sensitivity analysis below have been determined based on exposure to interest rates for borrowing at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in case of term loans that have floating rates. If the interest rates had been 1% higher or lower and all the other variables were held constant, the effect on Interest expense for the respective financial years and consequent effect on companies profit in that financial year would have been as below:
The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the functional currency of that Company. The company enters in to derivative financial instrument such foreign currency forward contract to mitigate the risk of changes in exchange rate on foreign currency exposure.
Sensitivity to foreign currency risk
The following table demonstrates the sensitivity in the USD currencies if the currency rate is increased/(decreased) by 1% with all other variables held constant. The below impact on the Companyâs profit before tax is based on changes in the fair value of unhedged foreign currency monetary assets and liabilities at balance sheet date:
Credit risk is the risk that arises from the possibility that the counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial insturments of the company results in material concentration of credit risk.
Financial assets are written off when there is no reasonable expectation of recovery, however, the Company continues to attempt to recover the receivables. Where recoveries are made, these are recognised in the Statement of Profit and Loss.
The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Companyâs past history, existing market conditions as well as forward looking estimates at the end of each balance sheet date.
To Manage trade and other receivables, the company periodically assesses the financial reliability of customers, taking in to account the financial conditions, economic trends, analysis to historical bad debts and ageing of such receivables.
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.
Cash & Cash Equivalent
The Company holds cash & cash equivalent with credit worthy banks of Rs. 85.80 lakhs as at March 31,2024 (Rs. 200.49 lakhs as at march 31,2023 ) . The credit worthness of such banks is evaluated by the management on ongoing basis & is considered to be good.
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.
The Company has obtained fund and non-fund based working capital lines from various banks. The company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, process and policies related to such risk are overseen by senior management. Management moniters the company''s net liquidity position through rolling forecasts on the basis of expected cash flows.
Expected contractual maturity for derivative and non derivative Financial Liabilities:
For the purpose of the Companyâs capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Companyâs objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stake holders.
The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.
No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March, 2024 and 31st March, 2023.
Note- 42 - Financial Instruments by Category and fair value heirarchy
Set out below, is a comparison by class of the carrying amounts and fair value of the Companyâs financial instruments, other than those with carrying amounts that are reasonable approximations of fair values.
The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counter parties.
To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation for each level is given below.
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
NOTE-44 ( A ) Trade receivable ( Note No.9 ) includes Rs 3844.71 lakhs (Prev.Year Rs 3844.71 lakhs ) considered doubtful of recovery for which provision is made to the extent of Rs. Rs 3844.71 lakhs (Prev.Year Rs 3844.71 lakhs ) , in addition to the expected credit loss allowance made as per accounting policy . Company has also filed legal case agaist the party for recovary of claims .Company had filed 2 civil suits before the Hon''ble District court, Indore M.P.for recovary agaist M/s Clemfield Industries ltd. & M/s Middle East Industries FZE both located out of India towards non-receipt of consideration of exports made to these parties .
( B ) Further Advance to suppliers ( Note No. 12 ) includes Rs. 1525 lakhs (Prev.Year 1525 lakhs ) considered doubtful of recovery for which aggrergate provision Rs. 1525 lakhs (Prev.Year 1525 lakhs ) is made .
1. Current ratio increase during the year due to decrease in current Liabilities .
2. Debt Equity ratio increased due to Partial amount of LIC Term loans and PNB short term Loan paid during the year.
3. Debt Service Coverage ratio Decreased due to Partial amount of LIC Term loans and PNB short term Loan paid .
4. Return on Equity ratio decreased due to decrease in Profit from operations.
5. Inventory turnover ratio increased due to average inventory decrease in compared to previous year.
6. Net profit ratio decreased due to decrease in Revenue from operations on account of exceptional expenses and reversal of deferred tax.
7. Trade payables turnover ratio increased due to decrease in trade Payables.
8. Net capital turnover ratio decrease due to decrease in Revenue from operation.
Anik Industries Ltd. (Anik) has settled all its disputes with IDBI Bank arising out of impugned limited period corporate guarantee (valid upto start of commercial production at the plant at Ara, Bihar of Suman Agritech Ltd. (SAL) issued earlier for loan facility to SAL by IDBI Bank. Commercial production started in the said plant of SAL in March 2012 and Anik completely discharged from its liability under corporate guarantee.
However, subsequently on the default made by SAL, IDBI Bank initiated various legal cases against SAL as well as Anik disputing discharge of Anik Industries Ltd. from Corporate Guarantee. Anik duly contested all the cases and thereafter at the proposal of IDBI Bank, Anik with the object of concentrating on constructive business, agreed for settlement @Rs. 6.50 crores to conclude all pending litigations with IDBI Bank in this respect and also got release of companyâs substantial funds lying under lien with IDBI Bank since long.
NOTE-46 Additional Regulatory Information
i. The company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are: (a) repayable on demand or (b) without specifying any terms or period of repayment.
ii. The company neither have any Benami property nor any proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
iii. The company is not declared wilful defaulter by any bank or financial Institution or other lender.
iv. The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
v. The company has complied with investment in subsidiary for two layers of investment prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 .
vi. (A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall.
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;
(B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
vii. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
viii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
ix. The Company has borrowings in excess of Rs. 5 crores from banks or financial institutions on the basis of security of current assets. Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.
x. As informed and explained to us , the management has not revalued its property , plant and equipment (including right of use assets ) or intangible assets or both during the year .
xi. Following Charges or satisfaction are pending to be registered with ROC beyond the statutory period :
Mar 31, 2023
Nature and purpose of Reserves General Reserve
The general reserve is created from time to time transfer of profits from retained eranings. General reserve is created by transfer from componant of equity to another and is not an item of other comprehnsive income, items included in general reserve will not be reclassified subsequently to statement of profit and loss.
Security Premium
Security Premium is created on receipts of premium on issue of equity shares .The reserve can be utilised in accordance with the provisions of the Companies Act,2013.
Retained Earnings
The same is created out of profit over the years and shall be utilised as per the provision of the ACT, 2013.
Nature of Security and terms of repayment for borrowings :
( A ) Loan from LIC Housing Limited of Rs. 10000 Lakhs (Rupees Ten Thousand Lakhs Only ) under Original Sanction Letter.
The Construction finance loan from LIC Housing Ltd. having outstaning Rs. NIL ( Prev. 2788.03 lakhs ) is secured by Equitable mortgage of Project land admeasuring 147.77 Katha and structur thereon in the project One Rajarhat situated at premises no. 30-1111 in street no. 1111(Erstwhile Plot No. BG-9) in Block No.-1B situated in the New Town, Police Station New Town, Dist. North 24 Parganas presently in Panchayat Area falling in Mouza Thakdari, J.L No.-19 under Mahisbathan-II G.P. Personal Guarantee of Mr. Manish Shahra .
As per Resolution Framework for COVID -19 related Stress issued by the Reserve Bank of India vide notification dated August 06, 2020 bearing reference no. Ref No. DOR.No.BP. BC/3/21.04.048/2020- 21 as amended and modified from time to time by Reserve Bank of India , the repayment schedule has been revised by LIC Housing Ltd. Original Term : Term loan repayable in 57 month (including moratorium period of 36 months from the date of first disbursement ) and Rate of Interest is 13% p.a. (Previous
Year 13% )
Revised Term : Term loan repayable in 6 monthly instalment of Rs. 400 Lakhs from July 2022 to Dec 2022 and 4 montly installment of Rs 450 lakhs from Jan 2023 to April 2023 , Last Instalment of Rs. 626 Lakhs on 1st May 2023 . However company has made prepayment of loan and balance as at the year end is NIL .
( B ) Loan from LIC Housing Limited of Rs. 1294 lakhs (Rupees Twelve Crore and Ninety Four Lakhs Only) under Emergency Credit Line Guarantee Scheme 2.0
The Emergency Credit Line Guarantee Scheme 2.0 having outstanding of Rs. 1060.59 lakhs (Prev. year 1277.82 lakhs) is secured by Second Charge of Project land and structure thereon in the project One Rajarhat situated at premises no. 30-1111 in street no. 1111(Erstwhile Plot No. BG-9) in Block No.-1B situated in the New Town, Police Station New Town, Dist. North 24 Parganas presently in Panchayat Area falling in Mouza Thakdari, J.L No.-19 under Mahisbathan-II G.P, Assignment/ Hypothecation of receivables from the project âOne Rajarhatâ.
Term loan repayable in fixed 5 years (First year principal moratorium and rest four year principal & interest repayment), 48 monthly instalment of Rs. 34.71 Lakhs (including interest ) and Rate of Interest is 13% p.a. (Prev. year 13%)
Working Capital Loans from Consortium Banks Rs. 1210.78 lakhs (Pre.Year Rs. 126.22 lakhs ) are secured by :
1. First charge on pari passu basis by way of hypothecation and/or pledge of the Companyâs Current Assets, Consumable Stores & Spares, Bills Receivable, Book Debts and tangible movable properties related to non dairy business of Company.
2. Collateral Security by way of first charge on pari passu basis by way of Mortgage of Companyâs Plots situated at Kolkata Leather Complex, Mauza-Gangapur, KITP, Dist: 24 Paraganas, (WB).
3. Collateral Security by first charge on pari passu basis by way of equitable mortgage of Residential Diverted Land of Survey No. 263/4, 264/4 & Survey No. 291 part & Survey No. 291 part in Village Nipaniya, tehsil & Dist. Indore (MP) held by Brightstar Housing Pvt. Ltd.
4. Collateral Security by first charge on pari passu basis by way of equitable mortgage of all that pieces and parcels of Land bearing Survey No. 361/5 and 361/4 and all that pieces and parcels of Land bearing Survey No. 361/2, 361/6, 361/7 & 361/8 ofVillage Khajrana, Tehsil & District, Indore (MP) held by Nischal Housing Pvt. Ltd.
5. Personal Guarantee of one directors ofthe Company.
6. Letter of credit with Punjab National Bank devolved during 16th June 2022 to 27th September 2022 amounting to Rs. 2583.29 lakhs out of that principal of Rs. 884.03 lakhs and interest Rs.181.96 lakhs outstanding as on 31st March 2023. Bank is charging interest @ 18 % P.A. on the overdue outstanding of Rs.1065.99 lakhs .
7. With effect from current financial year company has presented bill discounted with other banks under borrowing , which were included under note 18 trade payable in previous year . Accordingly pervious year figures regrouped and Rs 4542.64 lakhs present under borrowing .
Ther company has no amount payable as at the year end (prev.year Nil ) to Micro and Small Enterprises covered under MSMED Act, 2006 and no interest paid / payable , For which disclosure requirement under MS MED Act. 2006.
Note : Trade Payable Ageing schedule refer in note no. 48
NOTE-39 Pursuant to disclosure pertaining to section 186 (4) of Companies Act ,2013 the following are the details thereof :-
Investment made-
The same are classified respective heads .( Refer Note 03 )
NOTE-40 During the year under review the provision is applicable on the Company as per section 135 of the Companies Act, 2013 but the
company has incurred average net Losses calculated in pursuant to section 135 of the companies Act, 2013 read with section 198 and rules made there under and hence the requirement of compulsory CSR expenditure on CSR activities as per section 135 of the Companies Act, 2013 is not applicable.
NOTE-41 Financial risk management objectives and policies
In its ordinary operations, the companies activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks:
a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies income or value of itâs holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
i) Interest rate risk
Interest rate risk is the risk the the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.
The Companyâs exposure to the risk of changes in market interest rates relates primarily to the borrowing from banks. Currently company is not using any mitigating factor to cover the interest rate risk.
ii) Foreign currency risk
The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the functional currency of that Company. The company enters in to derivative financial instrument such foreign currency forward contract to mitigate the risk of changes in exchange rate on foreign currency exposure.
(b) Credit risk
Credit risk is the risk that arises from the possibility that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial insturments of the company results in material concentration of credit risk.
Financial assets are written off when there is no reasonable expectation of recovery, however, the Company continues to attempt to recover the receivables. Where recoveries are made, these are recognised in the Statement of Profit and Loss.
The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Companyâs past history, existing market conditions as well as forward looking estimates at the end of each balance sheet date.
Trade and other receivables
To Manage trade and other receivables, the company periodically assesses the financial reliability of customers, taking in to account the financial conditions, economic trends, analysis to historical bad debts and ageing of such receivables.
Investments
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.
Cash & Cash Equivalent
The Company holds cash & cash equivalent with credit worthy banks of Rs. 200.49 lakhs as at March 31,2023 (Rs. 236.67 lakhs as at march 31,2022 ) . The credit orthiness of such banks is evaluated by the management on ongoing basis & is considered to be good.
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.
The Company has obtained fund and non-fund based working capital lines from various banks. The company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, process and policies related to such risk are overseen by senior management. Management moniters the company''s net liquidity position through rolling forecasts on the basis of expected cash flows.
Capital Management
For the purpose of the Companyâs capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Companyâs objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stake holders.
The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.
Set out below, is a comparison by class of the carrying amounts and fair value of the Companyâs financial instruments, other than those with carrying amounts that are reasonable approximations of fair values.
The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.
To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation for each level is given below.
Level 1:Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
(A) Trade receivable ( Note No.8 ) includes Rs 3844.71 lakhs (Prev.Year Rs 3844.71 lakhs ) considered doubtful ofrecovery for which provision
is made to the extent of Rs. Rs 3844.71 lakhs (Prev.Year Rs 3844.71 lakhs ) ,in addition to the expected credit loss allowance made as per accounting policy . Company has also filed legal case agaist the party for recovary of claims .Company had filed 2 civil suits before the Hon''ble District court, Indore M.P.for recovary agaist M/s Clemfield Industries ltd. & M/s Middle East Industries FZE both located out of India towards non-receipt of consideration of exports made to these parties .
( B ) Further Advance to suppliers ( Note No. 12 ) includes Rs. 1525 lakhs (Prev.Year 1525 lakhs ) considered doubtful of recovery for which aggrergate provision Rs. 1525 lakhs (Prev.Year 1525 lakhs ) is made .
Note -
1. Current ratio increase during the year due to decrease in current assets and current liabilities .
2. Debt Equity ratio decreased due to Partial amount of LIC Term loans and PNB short term Loan paid during the year.
3. Return on Equity ratio decreased due turnover and profit after tax remaining decreased during the year.
4. Trade Receivable turnover ratio decreased due to decrease in Revenue from operations.
5. Trade Payable turnover ratio decreased due to decrease in adjusted expenses and trade payable.
6. Net Capital turnover ratio decreased due to decrease in Revenue from operations.
7. Inventory turnover ratio decreased due to decrease in Revenue.
NOTE-46 ADDITIONAL REGULATORY INFORMATION
I. The company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under
Companies Act, 2013,) either severally or jointly with any other person, that are: (a) repayable on demand or (b) without specifying any terms or period of repayment.
ii. The company neither have any Benami property nor any proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
iii. The company is not declared wilful defaulter by any bank or financial Institution or other lender.
iv. The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
v. The company has complied with investment in subsidiary for two layers of investment prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 .
vi. (A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall.
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;
(B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
vii. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
viii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
ix. The Company has borrowings in excess of Rs. 5 crores from banks or financial institutions on the basis of security of current assets.Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.Except disclosed as under :
x. As informed and explained to us , the management has not revalued its property , plant and equipment (including right of use assets ) or intangible assets or both during the year.
xi. No charges or satisfaction are pending to be registered with ROC beyond the statutory period.
Previous year''s figures have been regrouped or rearranged whereever considered necessary to make them comparable with current year''s figures.
Mar 31, 2018
A. General Information
Anik Industries Limited (Formerly known as Madhya Pradesh Glychem Industries Limited) was incorporated as a Limited Company on February 10% 1976 ( hereinafter referred to as the Company).
The main business activities in which Company is dealing in Wind Power Generation, Housing & Property Developments, Trading activities by Import and Export of edible oil & other commodities.
The shares of the Company are listed at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
1.1 Rights, Preference and restrictions attached to Shares :
The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
1.2 The details of shares held by shareholders holding more than 5% shares in the Company :
1.3 For a period of five years immediately preceding the date of Balance Sheet i.e. 31st March, 2018 the company has not allotted any equity shares as fully paid up pursuant to contract (s) without payment being received in cash or any bonus shares or bought back any equity shares .
Nature and purpose of Reserves General Reserve
The general reserve is created from time to time transfer of profits from retained eranings. General reserve is created by transfer from componant of equity to another and is not an item of other comprehnsive income,items included in general reserve will not be reclassified subsequently to statement of profit and loss.
Security Premium Reserve
Security Premium Reserve is created on receipts of premium on issue of equity shares .The reserve can be utilised in accordance with the provisions of the Companies Act,2013.
Nature of Security and terms of repayment for borrowings :
(i) (a) Vehicle loan taken from HDFC bank sanctioned amount Rs. 11.00 lacs outstanding Rs 8.28 lacs (Previous Year Nil, as at 1st april 2016 Nil) repayable in 36 monthly installments of Rs 0.36 lacs(including interest )commencing from April 2017 and last instalment due in May 2020.
(b) Vehicle loan taken from HDFC bank sanctioned amount Rs 33.00 lacs outstanding Rs 28.26 lacs (Previous Year Nil, as at 1st april 2016 nil) repayable in 37 monthly installments of Rs 1.03 lacs (including interest) commencing from oct.,2017 and last instalment oct.,2020 .
(ii) The term loan from LIC Housing Ltd. outstaning Rs. 3675.85 lacs( Prev. Year Nil ,as at 1st April 2016 Nil) was secured by Equitable mortgage of Proj ect land admeasuring 147.77 Katha and structur thereon in the proj ect One Raj arhat situated at premises no. 30-1111 in street no. 1111(Erstwhile Plot No. BG-9) in Block No.-1B situated in the New Town, Police Station New Town, Dist. North 24 Parganas presently in Panchayat Area falling in Mouza Thakdari, J.L No.-19 under Mahisbathan-II G.P. Personal Guarantee of Mr. Manish Shahra and Mr. Suresh Shahra.
Term loan repayable in 57 month (including moratorium period of 36 months from the date of first disbursement ) and Rate of Interest is 13% p.a. (Previous Year Nil, as at 1st April 2016 nil )
B Unsecured
(i) The term loan from HDFC Bank outstanding Rs 1000.00 lacs ( Prev. Year Nil, as at 1st April 2016 Nil ) was secured by Collateral Security by way of Equitable Mortgage of Immovable property of Sarthak Industries Limited situated at Portion Nos. 201-A & 201B, 202-A & 202 B, 203 A, 203 B, 204 A and 204 B on Second Floor ofthe Building known as Bansi Trade Centre, Tehsil & Dist. Indore (M.P) 452001 .
Term loan repayable in bullet instalments of principal on Dec., 2018 and Rate of Interest is 8.98% p.a. (Previous Year Nil, as at 1 st April 2016 nil )
The term loan from HDFC Bank outstaning Rs 399.73 lacs( Prev. Year Rs. 799.04 lacs, as at 1st april 2016 1197.91) was secured by by exclusive charge of Milk Processing Plant at Bhopal . Since the Milk Processing Plant has been sold by the company and the balance outstanding amount of Rs 399.73 lacs (Pre. Year Rs. 799.04 lacs) has been considered by Company as unsecured .
Term loan repayable in 20 equal quarterly instalments of Rs. 100 lacs each, commenced from June, 2014 and last intsalment due on March 2019 and Rate of Interest is 11.98% p.a. (Previous Year 13 % as at 1 st april 2016 Nil)
(ii) Unsecured loan from Yes Bank outstanding NIL( Prev. Year Nil , as at 1st April 2016 Rs. 500.00 lacs) is repayable in bullet installments of principal at the end of 13 month tenor from the date of sanctioned, Rate of Interest NIL(Pre.year Nil ,as at 1st April 2016 12.30% p.a.)
Working Capital Loans from Consortium Banks Rs. Nil (Pre.Year Nil, as at 1st April 2016 Rs 11345.92 lacs) are secured by :
1. First charge on pari passu basis by way of hypothecation and/or pledge of the Companyâs Current Assets, Consumable Stores & Spares, Bills Receivable, Book Debts and tangible movable properties related to non dairy business of Company.
2. Collateral Security by way of first charge on pari passu basis by way of Mortgage of Companyâs Plots situated at Kolkata Leather Complex, Mauza-Gangapur, KITP, Dist: 24 Paraganas, (WB)
.3. Collateral Security by first charge on pari passu basis by way of equitable mortgage of Residential Diverted Land of Survey No. 263/4, 264/4 & Survey No. 291 part & Survey No. 291 part in Village Nipaniya, tehsil & Dist. Indore (MP) held by Brightstar Housing Pvt. Ltd.
4. Collateral Security by first charge on pari passu basis by way of equitable mortgage of all that pieces and parcels of Land bearing Survey No. 361/5 and 361/4 and all that pieces and parcels of Land bearing Survey No. 361/2, 361/6, 361/7 & 361/8 of Village Khajrana, Tehsil & District, Indore (MP) held by Nischal Housing Pvt. Ltd .5. Personal Guarantee of two directors ofthe Company.
(I) Trade Payables includes bills payable for purchases of materials Rs. 12449.28 lacs (Pre. Year Rs. 12068.46 lacs As as 1st April 2016 Rs. 47172.05 lacs)
(ii) There are no overdue amount payable to Micro and Small and Medium Enterprises as at the year end , For which disclosure requirement under MSMED Act. 2006 are applicable.
NOTE-2 Related Party Disclosure
(A) Relationships (Related parties with whom transactions have taken place during the year)
(a) Control Exist
Revera Milk food Product Pvt Ltd - Subsidiary Company
Mahakosh Property Developers (a firm where company is a partner) - Associate/Joint Venture
(b) Key Management Personnel
1. Shri Suresh Chandra Shahra : Chairman & Managing Director( Ceased on 17.02.2018)
2. Shri Manish Shahra : Chairman & Managing Director (w.e.f. 01.06.2018)
3. Shri Ashok Kumar Trived : Whole Time Director
4. Shri Shivam Asthana : Independent Director
5. Shri Gautam Jain : Chief Financial Officer
6. Shri Shailesh Kumath : Company Secretary
(c) Other parties where Key Management Personnel and/or their relatives have significant influence.and with whom transaction have taken place during the year
(i) Mahakosh Family Trust (ii) APL International Private Limited
(iii) Anik Ferro Alloys Pvt. Ltd.
N OTE-3 Leases (Where company is lessee)
The Company has taken office premises and residential premises under cancellable operating lease agreement these are renewable on periodic basis at the option of both lessor and lesee.The agreegate amount of operating lease payments recognised in the statement of profit and loss is Rs 27.62 lacs (P.Y.Rs.37.82 lacs).The company has not recognised any contingent rent as expense in the statement of profit and loss.
NOTE - 4 Pursuant to disclosure pertaining to section 186 (4) of Companies Act ,2013 the following are the details thereof -1 - Particulars of Loan given and Outstanding as on 31st March 2018
The above loans given are unsecured and classified under Short Term Loans and advances as Inter Corporate Deposits and are charged interest at the rate of 8%. The same are utilized by the recipient for general corporate purpose. (Refer Note 13)
2- Investment made-
The same are classified respective heads and utilised for the purpose as mentioned in their object clause . Refer Note 04 & 09.
NOTE - 5.
The company is required to spend on CSR activities under section 135 of the Companies Act, 2013 for the year ended March 31st 2018 is Rs 4.07 lacs (Pre. year Rs.0.16 lacs ) calculated as per section 198 of the Companies Act, 2013. Expenditure incurred (Paid through Bank) on CSR activities during the year Rs. Rs.4.07 lacs (Pre.Year Rs.0.71 lacs) other than capital expenditure.
NOTE -6 Exceptional Items
a (i) During the year 2016-17 the Company had transferred its Dairy Business on a slump sale basis for a lump sum consideration of Rs. 44568.95 lacs to Anik Milk Product Pvt Ltd as a going concern w.e.f. 1st September 2016. Dairy Business sold is considered as discontinued operation from that date. Accordingly the following assets and liabilities have been transferred:
b During the year 2016-17 the company has written off non realizable claims of debtors to the tune of Rs.Nil (Prev.year Rs. 9500.00 lacs) and the same has been disclosed as an exceptional item. c Loss on sale of companyâs stake in subsidiary viz Revera Milk Food Product Pvt Ltd of Rs.Nil (prev.year Rs.2839.73 lacs)
NOTE -7 Financial risk management objectives and policies
In its ordinary operations, the companies activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks:
a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies income or value of itâs holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. i) Interest rate risk
Interest rate risk is the risk the the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.
Interest rate sensitivity
The sensitivity analysis below have been determined based on exposure to interest rates for borrowing at the end ofthe reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in case of term loans that have floating rates. If the interest rates had been 1 % higher or lower and all the other variables were held constant, the effect on Interest expense for the respective financial years and consequent effect on companies profit in that financial year would have been as below:
ii) Foreign currency risk
The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the functional currency of that Company. The company enters in to derivative financial instrument such foreign currency forward contract to mitigate the risk of changes in exchange rate on foreign currency exposure.
Sensitivity to foreign currency risk
The following table demonstrates the sensitivity in the USD currencies if the currency rate is increased/(decreased) by 1% with all other variables held constant. The below impact on the Companyâs profit before tax is based on changes in the fair value of unhedged foreign currency monetary assets and liabilities at balance sheet date:
(b) Credit risk
Credit risk is the risk that arises from the possibility that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial insturments of the company results in material concentration of credit risk.Financial assets are written off when there is no reasonable expectation of recovery, however, the Company continues to attempt to recover the receivables. Where recoveries are made, these are recognised in the Statement of Profit and Loss.The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Companyâs past history, existing market conditions as well as forward looking estimates at the end of each balance sheet date.
Trade and other receivables
To Manage trade and other receivables, the company periodically assesses the financial reliability of customers, taking in to account the financial conditions, economic trends, analysis to historical bad debts and ageing of such receivables.
InvestmentsThe Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.The Company has obtained fund and non-fund based working capital lines from various banks. The companyâs treasury department is responsible for liquidity, funding as well as settlement management. In addition, process and policies related to such risk are overseen by senior management. Management moniters the companyâs net liquidity position through rolling forecasts on the basis of expected cash flows.
Capital Management
For the purpose of the Companyâs capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders ofthe Company. The Companyâs objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stake holders.
The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March, 2018 and 31st March, 2017.
Note- 8 Financial Instruments by Category and fair value heirarchy
Set out below, is a comparison by class of the carrying amounts and fair value of the Companyâs financial instruments, other than those with carrying amounts that are reasonable approximations of fair values.The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.
To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation for each level is given below.
Level 1 :Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
NOTE- 9 Transition to Ind AS:
For the purposes of reporting as set out in Note A - B, we have transitioned our basis of accounting from Indian generally accepted accounting principles (âIGAAPâ) to Ind AS. The accounting policies set out in note B have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 1, 2016 (the âtransition dateâ).In preparing our opening Ind AS balance sheet, we have made certain adjustments to amounts reported in financial statements prepared in accordance with IGAAP. An explanation of how the transition from IGAAP to Ind AS has affected our financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables. On transition, we did not revise estimates previously made under IGAAP except where required by Ind AS.
Exemptions and exceptions availed
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Indian GAAP to Ind AS :
Ind AS Optional Exemptions :
Property, Plant and Equipment & Intangible Assets
IND AS 101 permits to measure all its property ,plant and equipment at their previous GAAP carring value i.e. being deemed cost represented by Gross Block reduced by accumulated depreciation on 1st ,April 2016.
Leases
In accordance with Ind-AS transitional provisions, the company opted to determine whether an arrangement existing at the date of transition contains a lease on the basis of facts and circumstances existing at the date of transition rather than at the inception of the arrangement.
F air value of financial assets and liabilities
The Company has financial receivables and payables that are non-derivative financial instruments. Under previous GAAP, these were carried at transaction cost less allowances for impairment, if any. Under Ind AS, these financial assets and liabilities are intially recognised at fair value and subsequently measured at amortised cost, less allowance for impairment, if any. For transactions entered into on or after the date of transition to Ind AS, the requirement of intial recognition at fair value is applied prospectively.
Investment in Subsidiaries
Ind As 101 permit a first-time adopter to elect to continue with the carrying value for all of its investment in subsidiaries are recognised in the financial statements at the date of transition to Ind AS, measur previous GAAP carrying value.ed as per the previous GAAP and use that as its deemed cost as at the date of transition. Accordingly ,the Company has elected to measure all of its investments in subsidiaries at their previous GAAP carrying value.
Estimates
The estimates at 1st April, 2016 and at 31st March, 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adj ustment to reflect any differences if any, in accounting policies) apart from the following items where application of Indian GAAP did not require estimation.
- Impairment of financial assets based on expected credit loss method.
- Investment in debt instruments carried at Amortised Cost.
- investment in equity instruments carried at Fair Value through profit or loss.
The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions as at the transition date and as of 31st March, 2017.
Ind AS mandatory exceptions
Classification and measurement of financial assets
The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exists at the date of transition to Ind AS.
Derecognition of financial assets & financial liabilities
The company has elected to apply the derecognition requirements for financial assets & financial liabilities in accordance with Ind AS 109 prospectively for transactions occuring on or after the date of transition to Ind AS.
Impact of transition to Ind AS
The following is a summary of the effects of the differences betwwen Ind AS and Indian GAAP on the Companyâs total equity shareholdersâ funds and profit and loss for the financial period for the period previously reported under Indian GAAP following the date of transition of Ind AS Transition to Ind AS Reconciliation
The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS in accordance with Ind AS 101:
The presentation requirements under Previous GAAP differs from Ind AS and hence Previous GAAP information has been regrouped for ease of reconciliation with Ind AS. The Regrouped Previous GAAP information is derived from the F inancial Statements of the Company prepared in accordance with Previous GAAP.
Notes on First time Adoption
I Property, Plant & Equipment:
on the date of transition i.e., 1 St April ,2016 the company has elected to measure all its property ,plant and equipment at their previous GAAp carrying value i.e., being deemed cost
II Defined benefit obligation:
Under Previous GAAP, the cost relating to post employment benefit obligation ncluding acturial gain/losses were recognised in profit and loss. Under the Ind AS , actuarial gain/losses on the net defined liability are recognised in the comprehensive income instead of profit & loss.
III Ind AS 109 requires transaction costs incurred towards borrowings to be deducted from the transaction value on initial recognition .These cost are recognised in profit & loss over the tenure of borrowings as a part ofthe interest expense by applying effective interest rate method.
IV Deferred tax have been recognized on adjustments made on transition to Ind As on 1 st April 2016 to retained earnings
V Investments
Under Previous GAAp, the group made Investments are recorded at cost. Under Ind AS the investments has been fair valued through profit & loss
VI Trade Receivables
The Company measures recovery of debtors on expected Credit loss Model. The difference between the present value and carrying amount is recognised in retained earnings as on transition date i.e., 1 st April ,2016
VII Non -Current Assets Held For Sale
Non Current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and sale is considered highly probable. They are measured at lower of thier carrying amount and fair value less cost to sell. Non current asset are not depreciated or amortised while they are classified as held for sale.
10. Previous yearâs figures have been regrouped or rearranged whereever considered necessary to make them comparable with current yearâs figures.
Mar 31, 2016
1. Working Capital Loans from Consortium Banks Rs. 1,13,45,92,201/-(Pre. Year Rs.1,14,01,87,730/-) are secured by:
2. Hypothecation of stocks of raw materials, finished goods, stores and spares, stock in process, packing materials and book debts, and all other movables, both present and future, lying or stored in factory premises, at Village Bilawali, Dist. Dewas (M.P.), Kasganj Road, Etah(U.P.), Govindpura, Bhopal units or where ever else, the same may be held or kept.
3. Further secured by Equitable Mortgage created over the Land situated at village Bilawali Dist. Dewas (MP), Kasganj Road, Etah (U.P.) with all buildings, super structures, plant & Machinery installed thereon except specific equipment, Plant & Machinery charged to Dena Bank for securing Term Loan.
4. Working Capital Loans from Banks Nil (Pre. Year Rs. 4,22,71,300/-) are secured by:
Subsequent and subservient charge on current assets such as stocks of raw materials, finished goods, stores and spares, stock in process, packing materials and book debts, and all other movables fixed assets of the company.
5. Short term borrowings aggregating to Rs. 1,13,45,92,201/- (Pre. Year Rs.1,18,24,59,030/-) is secured by personal guarantee of directors.
6. The Company has availed buyerâs credit, the said facility outstanding as at 31st March 2016, was Rs. Nil (previous year Rs. 37,75,53,046/- ), is guaranteed by banks against earmarking the non fund based credit facilities sanctioned by the banks.
7. Trade Payables includes bills payable for purchases of materials Rs.4,71,72,05,013 /- (Pre. Year Rs.3,66,15,65,170 /-)
8. a) Trade Payables includes Rs.10,52,670/- (Previous Year 5,26,067/- ) amount due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act , 2006 (MSMED) Act.
9. The details of amount outstanding to Micro and Small Enterprises are as under :
/kimirAO in
10. The information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.
11. Financial and Derivatives Instruments:-
Derivative contract entered by the Company and outstanding as on 31st March, 2016
12. The Company has provided Rs. NIL (previous year Rs.56,384/-) towards wealth tax liability, which is included under rates & taxes.
13. Leases (Where company is lessee)
The Company has taken office premises and residential premises under operating lease agreement these are renewable on periodic basis at the option of both lessor and lesee. The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs. 44,18,017/- (P.Y.Rs. 69,85,646/-).The company has not recognized any contingent rent as expense in the statement of profit and loss. The total future minimum non cancellable lease rentals payable at the balance sheet date is as under -
14. During the previous year pursuant to the Companies Act 2013 (âthe Actâ) being effective from 1st April 2014 company has revised the useful life of fixed Assets for providing depreciation on it. Accordingly, carrying amount as on 1st April, 2014 has been depreciated over the remaining revised useful life of the fixed assets. Due to this change the depreciation for the year ended 31st March, 2015 is higher by Rs. 63,15,430/- and profit before tax is lower to the extent of Rs. 63,15,430/-. In accordance with transitional provision in respect of assets whose useful life is already exhausted as on 1st April, 2014, depreciation Rs.79,52,955/-(Net of deferred Tax Rs. 42,09,015/-) has been recognized in the opening balance of retained earnings in accordance with requirement of Schedule II of the Act.
15. Pursuant to disclosure pertaining to section 186 (4) of Companies Act ,2013 the following are the details thereof:-1- Investment made-
The same are classified respective heads for the purpose as mentioned in their object clause . Refer Note 12 & 15.
16. The company is required to spend on CSR activities under section 135 of the Companies Act, 2013 for the year ended March 31 2016 is Rs. 2,48,493/- (Pre. year Rs. 5,04,718/-) calculated as per section 198 of the Companies Act, 2013. Expenditure incurred (Paid through Bank) on CSR activities during the year Rs. 2,50,000/- (Pre. Year Rs. 7,00,000/-), on other than capital nature.
17. The Board of Directors of the Company at their meeting held on 0741 March, 2016 has approved the sale and transfer of the Dairy business of the Company being run at its plants situated at Dewas, Bhopal in the state of Madhya Pradesh and at Etah in the state of Uttar Pradesh to M/s B.S.A. International, Belgium or its affiliates, as a going concern on Slump Sale basis. The proposed sale and transfer of Dairy business is subject to approval of members, lenders and statutory/ regulatory authorities, as required and other conditions.
18. Previous yearâs figures have been regrouped or rearranged where ever considered necessary to make them comparable with current yearâs figures.
Mar 31, 2015
1. SHARE CAPITAL
1.1 Rights, Preference and restrictions attached to Shares:
The Company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share. The
dividend proposed by the Board of Directors is subject to the approval
of shareholders in the ensuing Annual General Meeting, except in case
of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company, after distribution of all preferential amounts, in proportion
of their shareholding.
1.2 For a period of five years immediately preceding the date of
Balance Sheet i.e. 31]st March 2015 the Company has not :-
(i) Allotted shares as fully paid up pursuant to contract (s) without
payment being received in cash.
(ii) Allotted shares as fully paid up by way of bonus shares.
(iii) Bought back shares.
2. CONTINGENT LIABILITIES AND COMMITMENTS
(To the extent not provided for) (Figures in Rs. )
PARTICULARS For the For the
Year 2014 Year 2013
-15 -14
i) Contingent Liabilities
a) Income tax / Sales tax/ Excise duty
demand disputed in appeal [Net of
advance paid Rs. 3,92,98,996 (Previous 12,32,78,127 10,63,89,858
year Rs. 3,40,49,958 ) against disputed
demand]
b) Estimated liability of Custom Duty,
which may arise if export obligation/
commitment is not fulfilled 2,06,29,251 2,06,29,251
c) Guarantee issued by bank for and on
behalf of third party, against, lien
on fixed deposit 1,69,33,600 1,69,33,600
d) Corporate Guarantee given on behalf 3,89,74,489 -
of others
e) Claims against the Company not 5,21,48,651 5,23,93,651
acknowledged as debt
f) Bills Discounting with Banks 57,26,700 2,36,00,000
ii) Commitment - -
3. Sitting fees paid to directors Rs. 68,000/ -(Previous year
Rs.85,000/-) included in miscellaneous expenses .
4. In the opinion of the Board of Directors, current assets, loans and
advances have value on realization in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet and that the provision for known liabilities is adequate and
reasonable. There are no contingent liabilities other than stated
hereinabove.
5. The lease deed in respect of the land at Jaisalmer on which Wind
Mill is installed, is yet to be executed.
6. Disclosure as perAS-15"Employee Benefits" (Revised 2005)
a The Company has opted for scheme with Life Insurance Corporation of
India to cover its liabilities towards employees' gratuity at Etah Unit
The annual premium paid to Life Insurance Corporation of India is
charged to statement of Profit and Loss . The Company also carried out
actuarial valuation of gratuity using Projected Unit Credit Method as
required by Accounting Standard 15 "Employee Benefits" (Revised 2005)
and difference between fair value of plan assets and liability as per
actuarial valuation as at year end is recognized in Statement of Profit
and Loss.
7. Related Party Disclosure
(A) Relationships (Related parties with whom transactions have taken
place during the year)
(a) Associate/ Joint Venture
Mahakosh Property Developers (a firm where Company is a partner)
(b) Key Management Personnel & their relatives
1. Shri Suresh Chandra Shahra : Managing Director
2. Shri Manish Shahra : Jt. Managing Director
3. Shri Kailash Chandra Shahra : Chairman
4. Shri Ashok Kumar Trivedi : Whole Time Director
(c) Other parties where Key Management Personnel and/or their relatives
have significant influence.
(i) Mahakosh Family Trust
(ii) Anik Ferro Alloys Private Limited
(iii) Suman Agritech Limited
(iv) APL International Private Limited
Note: Related party relationships are as identified by the Company on
the basis of information available.
8. Financial and Derivatives Instruments:-
Derivative contract entered by the Company and outstanding as on 31st
March, 2015
9. The Company has provided Rs.56,384/- (previous year Rs. 71,629/-)
towards wealth tax liability, which is included in Rates & Taxes .
10. Leases (Where Company is lessee)
The Company has taken office premises and residential premises under
operating lease agreement these are renewable on periodic basis at the
option of both lessor and lesee. The aggregate amount of operating
lease payments recognized in the statement of profit and loss is Rs.
1,17,61,156 (P.Y.Rs.95,23,038).The Company has not recognised any
contingent rent as expense in the statement of profit and loss.
11. Pursuant to the Companies Act 2013 ('the Act') being effective from
1st April 2014, Company has revised the useful life of fixed Assets for
providing depreciation on it. Accordingly, carrying amount as on 1st
April, 2014 has been depreciated over the remaining revised useful life
of the fixed assets. Due to this change the depreciation for the year
ended 31st March, 2015 is higher by Rs. 63,15,430 and profit before tax
is lower to the extent of Rs. 63,15,430 . In accordance with
transitional provision in respect of assets whose useful life is
already exhausted as on 1st April, 2014, depreciation Rs. 79,52,955 (
Net of Tax expensesRs.42,09,015) has been recognized in the opening
balance of retained earnings in accordance with requirement of Schedule
II of the Act.
12. Diminution in value of Investments written back Rs.1,75,330/-(Pre.
Year Rs. Nil) is included in Misc. expenses Note 28 under Other
Expenses.
13. Previous year's figures have been regrouped or rearranged wherever
considered necessary to make them comparable with current year's
figures.
14. Company Information, Significant Accounting policies and practices
adopted by the Company are disclosed as under .
15. GENERAL INFORMATION
Anik Industries Limited (Formerly known as Madhya Pradesh Glychem
Industries Limited) was incorporated as a Limited Company on February
10th, 1976.
In the year 2006, Company sold its Soya processing, Vegetable oils &
fats and Food businesses (other than dairy) to its group Company M/s.
Ruchi Soya Industries Ltd. and merged Dairy business situated at Etah
(U.P.).
Now, the main business activities in which Company is dealing are
processing of milk and its products, Wind Power Generation, Housing &
Property Developments, Trading activities by Import and Export of
edible oil & other commodities.
The shares of the Company are listed at the Bombay Stock Exchange (BSE)
and the National Stock Exchange (NSE).
Mar 31, 2014
1 Working Capital Loans from Consortium Banks are secured by :
a) Hypothecation of stocks of raw materials, finished goods, stores and
spares, stock in process, packing materials and book debts, and all
other movables, both present and future, lying or stored in factory
premises, at Village Bilawali, Dist. Dewas (M.P.) , Kasganj Road, Etah
(U.P.), Govindpura , Bhopal units or wherever else, the same may be
held or kept.
b) Further secured by Equitable Mortgage created over the Land situated
at village Bilawali Dist. Dewas (MP) and Kasganj Road, Etah (U.P.) with
all buildings, super structures, plant & Machinery installed thereon
except specific equipment, Plant & Machinery charged to Dena Bank for
securing Term Loan.
c) Short term borrowing aggregating to Rs. 88,72,74,431/- (previous
year 85,63,19,804/-) is secured by Personal guarantee of Directors.
2 CONTINGENT LIABILITIES AND COMMITMENTS
( To the extent not provided for )
(Figures in Rs)
PARTICULARS For the Year For the Year
2013-14 2012-13
i) Contingent Liabilities
a) Outstanding Bank Guarantees 265493377 42417877
b) Income tax / Sales tax/ 106389858 5929142
Excise duty demand disputed in appeal
[Net of advance paid Rs 34049958
(Previous year Rs 27345565 )
against disputed demand]
c) Estimated liability of Custom Duty 20629251 13559347
which may arise if export obligation/
commitment is not fulfilled
d) Claims against the company not 53293651 54047817
not acknowledged as debt
e) Bills Discounting with Banks 23600000 24371008
ii) Commitments a) Guarantee issued by bank for and on behalf of third
party, against lien on fixed deposit 1,69,33,600 1,69,33,600
3 a) Trade Payables includes Rs. 18,33,218 (Previous Year Rs.
4,05,154) amount due to micro, small and medium enterprises registered
under the Micro, Small and Medium Enterprises Development Act, 2006
(MSMED) Act.
b) The details of amount outstanding to Micro, Small and Medium
Enterprises are as under : ^
c) The information has been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the Auditors.
4 During the year Company has availed buyer''s credit, the said
facility outstanding as at 31st March 2014, was Rs. 31,29,09,565
(Previous year Rs. 56,21,32,608) is guaranteed by banks against
earmarking the non fund based credit facilities sanctioned by the
banks.
5 Sitting fees paid to directors Rs. 85,000/-(Previous year
Rs.67,500/-) included in miscellaneous expenses.
6 In the opinion of the Board of Directors, current assets, loans and
advances have value on realization in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet and that the provision for known liabilities is adequate and
reasonable. There are no contingent liabilities other than stated
hereinabove.
7 The lease deed in respect of the land at Jaisalmer on which Wind
Mill is installed, is yet to be executed.
8 Disclosure as per AS-15"Employee Benefits" (Revised 2005)
a The Company has opted for scheme with Life Insurance Corporation of
India to cover its liabilities towards employees gratuity at Etah Unit.
The annual premium paid to Life Insurance Corporation of India is
charged to statement of Profit and Loss . The Company also carried out
acturial valuation of gratuity using Projected Unit Credit Method as
required by Accounting Standard 15 "Employee Benefits" (Revised 2005)
and difference between fair value of plan assets and liability as per
acturial valuation as at year end is recognized in Profit and Loss
Account.
9 Related Party Disclosure
(A) Relationships (Related parties with whom transactions have taken
place during the year)
(a) Associate/ Joint Venture
Mahakosh Property Developers (a firm where company is a partner)
(b) Key Management Personnel and their relatives
1. Shri Suresh Chandra Shahra
2. Shri Manish Shahra
3. Shri Kailash Chandra Shahra
4. Shri Ashok Trivedi
Managing Director Jt. Managing Director Chairman
Whole-time Director
(c) Entities where Key Management Personnel and/or their relatives have
significant influence.
(i) Mahadeo Shahra Sukrat Trust (ii) Mahakosh Family Trust (iii) Suman
Agritech Limited
Note : Related party relationships is as identified by the Company and
relied upon by the auditor.
10 The Company has provided Rs. 71,629 /- (previous year Rs.
1,10,663/-) towards wealth tax liability, which is included in Rates &
Taxes.
11 Leases (Where company is lessee)
The Company has taken office premises and residential premises under
operating lease agreement these are renewable on periodic basis at the
option of both lessor and lesee. The agreegate amount of operating
lease payments recognised in the statement of profit and loss is Rs.
95,23,038 (P.Y. Rs. 1,13,95,110).The company has not recognised any
contingent rent as expense in the statement of profit and loss. The
total future minimum lease rentals payable at the balance sheet date is
as under :
12 The financial statements have been prepared in line with the
requirements of Revised Schedule VI of the Companies Act, 1956 as
introduced by the Ministry of Corporate Affairs from the financial year
ended on 31st March, 2012. Accordingly, assets and liabilities are
classified between current and non-current considering 12 month period
as operating cycle.
13 Previous year''s figures have been regrouped or rearranged whereever
considered necessary to make them comparable with current year''s
figures.
Mar 31, 2013
1 a) Trade Payables includes Rs. 4,05,154 (Previous Year 1,18,330)
amount due to micro, small and medium enterprises registered under the
Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) Act.
b) The details of amount outstanding to Micro, Small and Medium
Enterprises are as under :
b) The information has been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the Auditors.
2 During the year Company has availed buyer''s credit, the said
facility outstanding as at 31st March 2013, was Rs. 5,621 lacs
(Previous year Rs. 12,636 lacs) out of which Rs. Nil (Pre. Year Rs.
6,292 lacs ), is guaranteed by banks against lien on Fixed Deposits
(refer Note No. 16 ) with them and balance buyer''s credit of Rs. 5,621
lacs by earmarking the non fund based credit facilities sanctioned by
the banks.
3 Sitting fees paid to directors Rs. 67,500/-(Previous year
Rs.65,000/-) included in miscellaneous expenses .
4 In the opinion of the Board of Directors, current assets, loans and
advances have value on realization in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet and that the provision for known liabilities is adequate and
reasonable. There are no contingent liabilities other than stated
hereinabove.
5 The lease deed in respect of the land at Jaisalmer on which Wind
Mill is installed, is yet to be executed.
6 Disclosure as per AS-15"Employee Benefits" (Revised 2005)
a The Company has opted for scheme with Life Insurance Corporation of
India to cover its liabilities towards employees
gratuity at Etah Unit. The annual premium paid to Life Insurance
Corporation of India is charged to statement of Profit and Loss . The
Company also carried out acturial valuation of gratuity using Projected
Unit Credit Method as required by Accounting Standard 15 "Employee
Benefits" (Revised 2005) and difference between fair value of plan
assets and liability as per acturial valuation as at year end is
recognized in Profit and Loss Account.
b The liabilty inrespact leave encashment is determined using actuarial
valution carried out as at balance sheet date. Leave encashment
liabilty as at the year end Rs. 50,78,326/- (Prev.year Rs.
47,84,177/-)
6 Related Party Disclosure
(A) Relationships (Related parties with whom transactions have taken
place during the year) (a) Associate/ Joint Venture
Mahakosh Property Developers (a firm where company is a partner)
(b) Key Management Personnel & their relatives
1. Shri Suresh Chandra Shahra : Managing Director
2. Shri Manish Shahra : Jt. Managing Director
3. Shri Ashok Trivedi : Whole Time Director
(c) Other parties where Key Management Personnel and/or their relatives
have significant influence.
(i) Mahadeo Shahra Sukrat Trust (ii) Mahakosh Family Trust (iii) Suman
Agritech Limited (iv) Shahra Securities Pvt. Ltd.
Note : Related party relationships is as identified by the Company and
relied upon by the auditor.
7 The Company has provided Rs.1,10,663/- (previous year Rs.
1,01,500/-) towards wealth tax liability, which is included in Rates &
Taxes .
8 Leases (Where company is lessee)
The Company has taken office premises and residential premises under
operating lease agreement these are renewable on periodic basis at the
option of both lessor and lesee.The agreegate amount of operating lease
payments recognised in the statement of profit and loss is Rs.113.95
lacs (P.Y.Rs.80.70 lacs).The company has not recognised any contingent
rent as expense in the statement of profit and loss. The total future
minimum lease rentals payable at the balance sheet date is as under-
9 The financial statements have been prepared in line with the
requirements of Revised Schedule VI of Companies Act, 1956 as
introduced by the Ministry of Corporate Affairs from the financial year
ended on 31st March 2013. Accordingly, assets and liabilities are
classified between current and non-current considering 12 month period
as operating cycle.
10 Previous year''s figures have been regrouped or rearranged whereever
considered necessary to make them comparable with current year''s
figures.
11 Company Information, Significant Accounting policies and practices
adopted by the Company are disclosed as under :
GENERAL INFORMATION
Anik Industries Limited (Formerly known as Madhya Pradesh Glychem
Industries Limited) was incorporated as a Limited Company on February
10th, 1976.
In the year 2006, Company sold its Soya processing, Vegetable oils &
fats and Food businesses (other than dairy) to its group Company M/s.
Ruchi Soya Industries Ltd. and merged Dairy business situated at Etah
(U.P.).
Now, the main business activities in which company is dealing are
processing of milk and its products, Wind Power Generation, Housing &
Property Developments, Trading activities by Import and Export of
edible oil & other commodities.
The shares of the Company are listed at the Bombay Stock Exchange (BSE)
and the National Stock Exchange (NSE).
Mar 31, 2012
1.1 The Company has one class of equity shares having a par value of
Rs. 10 per share. Each shareholder is eligible for one vote per share.
The dividend proposed by the Board of Directors is subject to the
approval of shareholders, exceptincase of interim dividend.In the event
of liquidation, the equity shareholders are eligible toreceive the
remaining assetsof the Company, after distribution of all preferential
amounts,in proportion of their shareholding.
2 CONTINGENT LIABILITIES AND COMMITMENTS
(To the extent not provided for ) (Figures in `)
PARTICULARS For the Year For the Year
2011-12 2010-11
i) Contingent Liabilities
a) Outstanding Bank Guarantees 4,26,37,877 4,38,18,777
b) Income tax / Sales tax/ Excise
duty demand disputed in
appeal [Net of 3,94,93,357 3,94,93,357
advance paid Rs. 2,74,85,565
(Previous year Rs.2,74,85,565 )
against disputed demand]
c) Estimated liability of Custom
Duty, which may arise if export 1,35,59,347 1,17,93,819
obligation/ commitment is not
fulfilled
d) Letter of Credit opened on
behalf of others 30,83,177 5,52,00,000
e) Claims against the company not
acknowledged as debt 4,39,98,583 42,40,483
f) Bills Discounting with Banks 9,02,25,500 35,97,43,177
ii) Commitments
a) Estimated amount of contracts
remaining to be executed on 3,98,000 5,48,000
capital account (Net of advances)
b) Corporate Guarantee given on
behalf of others - 60,00,00,000
c) Guarantee issued by bank for
and on behalf of third party, 1,69,33,600 1,80,80,100
against lien on fixed deposit
3 The Company has not received any intimation from " Suppliers"
regarding their status under the Micro ,Small and Medium Enterprises
Development Act, 2006 and hence disclosures relating to amount unpiad
as at year end together with interest paid/payable under this Act have
notbeen given.
4 During the year Company has availed buyer s credit, the said
facility outstanding as at 31 March 2012, was Rs. 12,636 lacs (Previous
year Rs. 6,254 lacs) out of which Rs.6,292 lacs (Pre.Year Rs 6,254 lacs
), is guaranteed by banks against lien on Fixed Deposits (refer note 16
) with them and balance buyerÃs credit line of Rs. 6,343 lacs
guaranteed by banks, against earmarking the credit facilities
sanctioned by the banks.
5 Sitting fees paid to directors Rs. 65,000/-(Previous year
Rs.12,500/-) included in miscellaneous expenses.
6 In the opinion of the Board of Directors, current assets, loans and
advances have value on realization in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet and that the provision for known liabilities is adequate and
reasonable. There are no contingent liabilities other than stated
hereinabove.
7 The lease deed in respect of the land at Jaisalmer on which Wind
Mill is installed, is yet to be executed.
8 Capital Work In Progress
B Borrowing Cost capitalised during the year on funds attributable to
constuction/ set-up of new project at Dewas Rs. NIL (previous year
1,00,91,106/-) and included under capital work inprogress Rs.
NIL(previous year Rs. NIL)
9 Related Party Disclosure
(A) Relationships
(a) Associate/ Joint Venture
Mahakosh Property Developers (a firm where company is a partner)
(b) Key Management Personnel & their relatives
1. Shri Suresh Chandra Shahra : Managing Director
2. Shri Manish Shahra : Jt. Managing Director
3. Shri Ashok Trivedi : Whole Time Director
(c) Other parties where Key Management Personnel and/or their relatives
have significant influence.
(i) Shahra Securities Pvt Ltd (ii) Mahadeo Shahra Sukrat Trust
(iii) Mahakosh Family Trust
Note : Related party relationships is as identified by the Company and
relied upon by the auditor.
10 The Company has provided Rs. 1,01,500/- (previous year Rs. 97,000/-)
towards wealth tax liability, which is included in Rates&Taxes.
11 Leases(Where company is lessee)
The Company has taken various premises under operating leases with no
restrictions and are renewable / cancelable at the option of either
parties. There is no escalation clause in the lease agreement. There
are no sub-leases. There are no restrictions imposed by lease
arrangements. The aggregate amount of operating lease payments
recognized in the statement of profit and loss is Rs.80.70 lacs (Pre.
Year Rs.185.01 lacs). The company has not recognized any contingent
rent as expense in the statement of profit and loss.
12 The financial statements have been prepared inline with the
requirements of Revised ScheduleVI ofCompaniesAct, 1956 as introduced
by the Ministry of Corporate Affairs from the financial year ended on
31st March 2012. Accordingly, assets and liabilities are classified
between current and non-current considering 12 month period as
operating cycle. Consequently, the Company has re-classified previous
year figures to confirm to this yearÃs classification.
13 Company Information, Significant Accounting policies and practices
adopted by the Company are disclosed in the statement annexed tothese
financial statements as"AnnexureA."
GENERALINFORMATION
Anik Industries Limited (Formerly known as Madhya Pradesh Glychem
Industries Limited) was incorporated as a Limited Company on February
10th,1976.
The Company's manufacturing units of dairy business are situated at
Dewas & Bhopal in M.P. and at Etah in U.P. The Company's products i.e.
Ghee, SMP, Milk etc. are marketed in all over the country under leading
brands ANIK and SOURABH, which are assuranceofbest quality.
Companyis also having presence in Housing and Property Development,
Merchant Trading, Wind Power Generation and Mining activities.
The sharesofthe Company are listedatthe Bombay Stock Exchange (BSE) and
the National Stock Exchange (NSE).
Mar 31, 2011
2010-11 2009-10
PARTICULARS (Rupees) (Rupees)
1 Contingent Liabilities Not provided for :
a) Outstanding Bank Guarantees 4,38,18,777 1,99,96,877
b) Estimated amount of contracts remaining
to be executed on capital account
(Net of advances) 5,48,000 49,34,092
c) Income Tax / Sales tax/ Excise Duty demand
disputed in appeal [Net of Advance paid
Rs. 2,74,85,565 (Previous year Rs. 2,65,10,565 )
against disputed demand] 3,94,93,357 3,76,11,580
d) Estimated liability of Customs Duty,
which may arise if export obligation/
commitment is not fulfilled 1,17,93,819 1,33,22,039
e) Letter of Credit opened on behalf
of others 5,52,00,000 --
f) Guarantee issued by bank for and on
behalf of third party 21,46,500 1,61,95,100
against, lien on fixed deposit
g) Corporate Guarantee given on behalf
of others 60,00,00,000 --
h) Claims against the company not
acknowledged as debt 42,40,483 8,01,302
i) Bills Discounting with Banks 35,97,43,177 28,47,98,825
2 Sundry Creditors includes bills payable for purchases of material
Rs.1,10,93,03,660/- (Pre. Year Rs. 1,02,45,00,931/-)
3 Sales includes loss Rs. 45,34,976/- (Pre.Year Rs. 1,05,06,175/-) and
purchase includes gain Rs.3,99,23,739/- (Pre. Year Rs. 18,21,54,175/-)
respectively towards difference arising on account of fluctuation in
the rate of exchange, consequent to recording the transactions as per
revised Accounting Standard No. 11 issued by the Institute of Chartered
Accountants of India.
4 During the year company has availed buyers credit, the said facility
is outstanding as on 31st March, 2011 was Rs. 6,254 Lacs (Prev. Yr. Rs.
18,282 Lacs) is guaranteed by the bank against pledge of fixed deposit
receipts with them. In the Balance Sheet (Schedule 4) the said amount
of buyers credit is included in unsecured loans from Banks and the
fixed deposit of Rs. 6,501 Lacs (Prev. year Rs. 18,610 Lacs) are
included under bank balances with scheduled banks in "deposit accounts"
(Schedule 9).
5 There is no Micro, Small and Medium Enterprises, to whom the Company
owes dues, which are outstanding for more than 45 days as at 31st
March, 2011. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the Company. This has been relied upon by
the Auditors.
6 In the opinion of the Board of Directors, current assets, loans and
advances have value on realization in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet and that the provision for known liabilities is adequate and
reasonable. There are no contingent liabilities other than stated
hereinabove.
7 The lease deed in respect of the land at Jaisalmer on which the Wind
Mill is installed, is yet to be executed.
8 Related Party Disclosur e:
(A) Relationships (Related parties with whom transactions have taken
place during the year)
(a) Associate/ Joint Ventur e
Mahakosh Property Developers (a firm where company is a partner)
(b) Key Management Personnel & their relatives
1 Shri Suresh Chandra Shahra : Managing Director
2 Shri Manish Shahra : Jt. Managing Director
3 Shri Deepakk Goyal : Executive Director (resigned on 07.02.11)
4 Shri Ashok Trivedi : Whole Time Director
(c) Other parties wher e Key Management Personnel and/or their
relatives have significant influence. (i) Shahra Securities Pvt. Ltd.
(ii) Mahadeo Shahra Sukrat Trust
Note : Related party r elationships is as identified by the company and
relied upon by the auditor .
9 The Company has provided Rs. 1,01,500/- (Previous Year Rs. 97,000/-)
towards wealth tax liability.
10 Leases (Where company is lessee)
Operating Leases : The Company has taken various commercial premises &
residential premises under cancellable operating leases. These lease
agreement are normally renewed on expiry.
11 From the current year with effect from 1st April , 2010 following
implemention of SAP transactions system, inventories are valued at
lower of cost arrived at on Moving Average Price ( MAP ) method or Net
Realisable Value (NRV) . Hitherto cost was arrived at on FIFO method .
The impact of the change in method of stock valuation on the profit for
the year is however not determinable.
12 Previous year's figures have been re-grouped/rearranged or recast
whereever necessary.
13 Additional information required in terms of Part-IV of Schedule VI
to the Companies Act,1956 is attached herewith.
Mar 31, 2010
PARTICULARS 2009-10 2008-09
(Rs.) (Rs.)
1 Contingent Liabilities Not provided for :
a) Outstanding Bank Guarantees 1,99,96,877 1,45,57,877
b) Estimated amount of contracts
remaining to be executed
on capital account (Net of advances) 49,34,092 9,21,77,730
c) Income Tax / Sales tax/ Excise Duty
demand disputed in appeal [Net
of amount paid Rs. 26510565(Previous
year Rs. 26370565 )
against disputed demand] 3,76,11,580 5,80,99,726
d) Estimated liability of Customs Duty,
which may arise if export
obligation/ commitment is Not fulfilled 1,33,22,039 27,98,235
e) Letter of Credit opened on behalf
of others - 51,31,68,324
f) Guarantee issued by bank for and
on behalf of third party
against, lien on fixed deposit 1,61,95,100 1,80,80,100
g) Claims against the company Not
acknowledged as debt 8,01,302
8,01,302 h) Bills Discounting with
Banks 28,47,98,825 40,41,24,543
2 Sundry Creditors includes bills payable for purchases of material Rs.
1,02,45,00,931 (Prev. YearRs. 63,29,16,530)
3 Sales and purchases includes Rs. 1,05,06,175 (Prev. Year Rs.
4,02,769) and Rs. 18,21,54,175 (Prev. Year Rs. 33,76,52,050)
respectively towards difference arising on account of fluctuation in
the rate of exchange, consequent to recording the transactions as per
revised Accounting Standard No. 11 issued by the Institute of Chartered
Accountants of India.
4 During the year company has availed Buyers Credit, the said facility
is outstanding as on 31 st March, 2010 was Rs. 18,282 Lacs (Prev. year
Rs. 2,409 Lacs) is guaranteed by the bank against pledge of Fixed
Deposit Receipts with them. In the Balance Sheet (schedule 4) the said
amount is shown as unsecured Loans from Banks and the fixed deposit of
Rs. 18,610 Lacs (Prev. year Rs. 2,415 Lacs) are included under bank
balances with Scheduled Banks in "Deposit Accounts" (schedule 9).
5 There is no Micro, Small and Medium Enterprises, to whom the Company
owes dues, which are outstanding for more than 3 0 days as at 31 st
March, 2010. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the Company. This has been relied upon by
the Auditors.
6 Balances of creditors, debtors, deposits and advances are partly
confirmed.
7 In the opinion of the Board of Directors, current assets, Loans and
advances have value on realization in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet and that the provision for known liabilities is adequate and
reasonable. There are no contingent liabilities other than stated
hereinabove.
8 The lease deed in respect of the land at Jaisalmer on which the Wind
Mill is installed, is yet to be executed.
9 Related Party Disclosure:
(A) Relationships (Related parties with whom transactions have taken
place during the year) (a) Subsidiary Companies:
(i) Anik Energy Pvt. Ltd. (w.e.f. 31.03.2010) (ii) Anik Ferro-Alloys
Pvt. Ltd. (w.e.f. 31.03.2010)
(b ) Associate/ Joint Venture
Mahakosh Property Developers (a firm where company is a partner)
(cj Key Management Personnel & their relatives
1. Mr. Suresh Chandra Shahra : Managing Director
2. Mr. Manish Shahra : Jt. Managing Director
3. Mr. Deepakk Goyal : Whole Time Director
4. Mr. Ashok Trivedi : Whole Time Director
5. Mr. Ashok Phadnis : Whole Time Director
(Mr. Ashok Phadnis resigned
on 10.03.10)
(d) Other parties where Key Management Personnel and/or their relatives
have significant influence.
(i) Gloryshine Property Developers Pvt Ltd (ii) Anik Precious Metals
Pvt. Ltd.
(iii) Mahadeo Shahra Sukrat Trust (iv) Shahra Securities
Pvt Ltd
(v) Shahra Estate Pvt. Ltd. (vi) Shahra Brothers
Pvt Ltd
(vii) Nestor Securities Pvt. Ltd. (viii) Ruchi Realty
Holdings Ltd.
(ix) Nirvana Housing Pvt. Ltd.
10 The Company has provided Rs. 97,000 /- (Previous Year Rs.
1,23,000/-) towards Wealth Tax liability.
11 Leases (Where company is lessee)
Operating Leases : The Company has taken various commercial premises &
residential premises under cancellable operating leases. These lease
agreement are normally renewed on expiry.
12 Sales of Power Generated by wind turbines includes 18,09,281 units
of Rs. 47,00,188/- (Prev. Yr. units 18,89,419 of Rs.52,93,326/-) used
for captive consumption.
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