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Notes to Accounts of Vijay Solvex Ltd.
Mar 31, 2025
(17) Provisions, Contingent liabilities, Contingent assets and Commitments
(a) General
The Company recognizes provisions for liabilities and probable losses that have been incurred when it has a
present legal or constructive obligation as a result of past events and it is probable that the Company will be
required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If the
effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognized as a financing cost.
Contingent liability is disclosed in the case of:
⢠A present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation:
⢠A present obligation arising from past events, when no reliable estimate is possible
⢠A possible obligation arising from past events, unless the probability of outflow of resources is remote.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.
(b) Other Litigation claims
Provision for litigation related obligation represents liabilities that are expected to materialise in respect of
matters in appeal.
(c) Onerous contracts
Provisions for onerous contracts are recorded in the statements of operations when it becomes known that the
unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be
received.
(18) Exceptional Items
On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary
activities of the company is such that its disclosure improves the understanding of the performance of the
company, such income or expense is classified as an exceptional item and accordingly, disclosed in the notes
accompanying to the financial statements.
(19) Earnings per share
Basic Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. There are no
dilutive potential equity shares.
(20) Segment accounting
The Operating segment of the company is Edible oils, Ceramics and Wind Power generation and the same
have been evaluated on management approach as defined in IND AS-108 "Operating Segment". The company
accordingly reports its financials under three segments.
(21) Financial statement classification
Certain line items on the balance sheet and in the statement of Profit and Loss have been combined. These
items are disclosed separately in the Notes to the financial statements. Certain reclassifications have been
made to the prior year presentation to conform to that of the current year. In general the co mpany classifies
assets and liabilities as current when they are expected to be realized or settled within twelve months after the
balance sheet date.
(22) Fair value measurement
The Company measures financial instruments such as derivatives and certain investments, at fair value at each
balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability takes place either:
⢠In the principal market for the asset or liability.
Or
⢠In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company. The fair value of an asset
or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non- financial asset takes into account a market participant''s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use. The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing
the use of relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole;
⢠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.
For assets and liabilities that are recognised in the balance sheet on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting
period.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
explained above.
(23) Non-current assets held for sale and discontinued operations
Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be
recovered principally through a sale transaction rather than through continuing use. Non-current assets and
disposal groups are classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell. This condition is regarded as met only when the sale is highly probable and the asset or
disposal group is available for immediate sale in its present condition. Management must be committed to the
sale, which should be expected to qualify for recognition as a complete sale within one year from the date of
classification.
Discontinued operations are excluded from the results of continuing operations are presented as a single
amount as profit or loss after tax from discontinued operations in the statement of profit and loss.
Assets and liabilities classified as held for distribution are presented separately from other assets and liabilities
in the balance sheet.
A disposal group qualifies as discontinued operation if it is a component of the Company that either has been
disposed of, or is classified as held for sale, and:
⢠Represents a separate major line of business or geographical area of operations,
⢠Is part of a single co-ordinate plan to disclose of a separate major line of business or geographical area of
operations
Or
⢠Is a subsidiary acquired exclusively with a view to resale.
An entity shall not depreciate (or amortise) a non-current asset while it is classified as held for sale or while it
is part of a disposal group classified as held for sale.
2.5 The company owns 247500 equity shares of Saurabh Agrotech Pvt. Ltd., which was illegally
transferred. This illegality has been challenged by the Company before the National Company Law
Tribunal (NCLT) under Section 111 of the Companies Act, 1956. Since the case is sub-judice before
NCLT and Honâble Supreme Court, the holding of such investment is continued to be shown in the
books of the company.
2.6 Share of Raghuvar (India) Ltd. being not traded in any stock exchange, hence shown under unquoted
Category and carried at cost.
2.7 Disclosure on Impairment of Invesment in Associate (Pursuant of IND AS 28, IND 36 and IND AS 10)
The Company held investment in its associate, Data Foods Private Limited, which was carried at
?183.98 lakhs before impairment.
Subsequent to the reporting date but prior to the approval of the financial statements, the Company
entered into a binding agreement to sell its entire investment in Data Foods Private Limited for a total
consideration of ?71.58 lakhs. The agreed sale consideration was significantly lower than the carrying
amount as at the balance sheet date. The transaction was carried out at fair value based on independent
commercial assessment and is not prejudicial of the interest of the share holder.
In accordance with the principles of Ind AS 36 - Impairment of Assets, and considering the post
balance sheet agreement as an indicator of impairment, the management assessed the recoverable
amount of the investment based on the agreed sale price. Consequently, an impairment loss of ?112.40
lakhs has been recognised in the Statement of Profit and Loss for the year ended 31 -3-2025, to reduce
the carrying amount of the investment to its recoverable value.
Accordingly, the investment in Data Foods Private Limited is presented at its impaired value of ?71.58
lakhs in these financial statements.
10.1 Other Receivable includes Rs. 80.00 Lacs held with enforcement of directorate, against matter
pending before Appellate Authority (PMLA) New Delhi under Prevention of Money Laundering Act,
2002 (PMLA). (Refer note no 35 and 36)
10.2 Other receivable includes an amount of ?39.42 lakhs, representing the principal and interest deposited
by the Company in compliance with directions of the Honâble High Court of Rajasthan, Jaipur
Bench, in relation to the pending First Appeal (D.B. Civil First Appeal No. 23/2024) filed by the
Company against the decree dated 01.11.2023 passed by the Honâble Commercial Court, Alwar in
Civil Suit No. 60/2021. The said amount has been deposited with the Commercial Court,
Alwar.(Refer note no 35 and 36)
12.1 Terms/rights attached to paid up equity shares
The company has only one class of equity shares having a par value of Rs 10/-. Each holder of equity
shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.
12.2 The Company has not allotted any fully paid up equity shares pursuant to contracts without payment
being received in cash during the period of five years immediately preceding the balance sheet date.
12.3 The Compnay has neither issued any bonus share nor bought back any share during a peried of 5 year
immediately preceding the balance sheet date.
13.1 Nature and purpose of reserves
Securities Premium
Securities premium is used to record the premium received on issue of shares. It is utilized in
accordance with the provisions of the Companies Act, 2013.
Capital Reserve
Capital reserve was created in financial year 1995-96 at the time of amalgamation of Jaipur Glass and
Potteries works Ltd with the company.
Retained Earnings
Retained earnings represent accumulated profits after transfer to reserve, and is a free reserve
available for distrinution to shareholder of the company.
General Reserve
Under the erstwhile Companies Act, 1956 a general reserve was created through transfer from
retained earnings in accordance with applicable regulation. it is free reserve and available for
distribution to shareholders.
Other Comprehensive Income
The cumulative gain and losses arising on fair value changes of equity investments measured at fair
value through other comprehensive income and Remeasurement (Losses)/Gain on defined benefit
plan are recognised in Other Comprehensive income.
17.2 Working Capital Loan of Rs 2245.79 Lacs (Repayable on demand) from HDFC Bank Ltd. Alwar are
secured by Pari Passu Charge by way of hypothecation, both present & future, of raw material,
finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on
the personal guarantee of Directors Shri Vijay Data, Shri Daya Kishan Data, Shri Saurabh Data and
Pari Passu charge over the fixed assets of the Company.
17.3 The Company has filed quarterly statement of current assets with banks and these are in agreement
with books of account for all quarters in the current year and previous year.
36. LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND NATIONAL COMPANY
LAW TRIBUNAL (Earlier Company Law Board)
- Order dated 14.03.2012 passed by Honâble High Court of Judicature of Rajasthan, Bench at Jaipur inter
alia in S.B. Civil Misc. Appeal No. 2218 of 2011 in respect of partition suit was set aside by the Honâble
Supreme Court vide order dated 04.08.2014 and the matter was remitted back to Honâble High Court of
Judicature of Rajasthan for its fresh consideration after hearing the parties. Honâble High Court of
Judicature of Rajasthan, Bench at Jaipur, after hearing the parties, passed an order dated 06.04.2015
partially setting aside Order dated 10.02.2011 passed by the Court of Ld. ADJ, Jaipur. The order dated
06.04.2015 passed by Honâble High Court of Judicature of Rajasthan was challenged before the Honâble
Supreme Court of India by the original Plaintiffs by filing SLP (C) No.11870 of 2015 and Honâble
Supreme Court of India dismissed the SLP vide order dated 29.01.2019. After dismissal of the SLP filed
by Original Plaintiffs there is no restraint order against the Company from transferring or alienating its
properties/ assets or creating charge over the properties of the Company.
- The cases filed against or by the Company under Section 397-398 of the Companies Act, 1956 are still
sub-judice before the Honâble National Company Law Tribunal (erstwhile Company Law Board),
Jaipur/Kolkata which are yet to be heard finally by the NCLT.
- The Company owns 247500 equity shares of Saurabh Agrotech Pvt. Ltd., which were illegally
transferred. This illegality has been challenged by the Company before the National Company Law
Tribunal (NCLT) under Section 111 of the Companies Act, 1956. Since the case is sub-judice before
NCLT and Honâble Supreme Court, the holding of such investment is continued to be shown in the
books of the Company.
- Presently, the Company is registered owner of SCOOTER trademark/device/logo and copyright holder
for the artwork of SCOOTER Wavy device which is registered with Registrar of Trade Mark and
Copyright in favour of the Company. The Company is taking appropriate legal action against all the
persons who are infringing its trademark and copyright. The Company is also defending its right before
the Honâble Courts and Tribunals, wherever the challenges against use of âScooterâ and /or any other
intellectual property rights of the Company have been made.
- The Company filed an Appeal before Appellate Authority, PMLA, Delhi titled Vijay Solvex Limited Vs.
Deputy Director, Enforcement of Directorate against order dated 02.05.2019 passed by the Adjudicating
Authority, PMLA registered as FPA-PMLA-3117/PTN/2019 and also filed an application for de-freezing
the bank account of the Company held in State Bank of India. The application for de-freezing of accounts
has been allowed by the Appellate Authority vide order dated 24.07.2019. The said appeal is fixed for
hearing on 08.07.2025.
- That a 2nd supplementary complaint registered as Special trial No. (PMLA) 01/2020 has been filed
before Special judge PMLA Patna in main complaint no. 02/2018 dated 18.07.2018 (in ECIR No.
PTZO/05/2016 dated 26.12.2016) before Ld. Sessions Judge (Special Judge (PMLA), Patna for
impleading Vijay Solvex Limited as Accused No. 8 in the main complaint. The 2nd Supplementary
complaint was listed on 21.05.2025 and same has been fixed for hearing on 09.06.2025.
- The Company had filed an application before Directorate of Marketing & Inspection of Agriculture,
Cooperation & Farmer Welfare for inclusion of its registered trademark / Trade Brand Label
âSCOOTERâ for Mustard Oil in CA Book in the year 2016 in terms of the provisions of Agricultural
Produce (Grading and Marking) Act, 1937 and Rules made thereunder. However, the said Trade Brand
Label âSCOOTERâ has not been included in the CA Book of the Company till date. Therefore, Company
filed a Civil Writ Petition before the Honâble High Court of Rajasthan at Jaipur Bench, being SB Civil
Writ Petition No. 16821/2022. Respondent i.e., Directorate of Marketing & Inspection of Agriculture,
Cooperation & Farmer Welfare has filed its reply to the Writ Petition. The Honâble High Court of
Rajasthan, Jaipur Bench vide its Order dated 23.01.2023 directed to implead M/s Vijay Industries as a
necessary party as Respondent No. 3. M/s Vijay Industries, Respondent No. 3 has filed its reply and the
Company also filed its rejoinder to the reply of Respondent No. 3. The Writ Petition is fixed for hearing
on 18.09.2025.
- M/s R.S. Gopal Sahay Shiv Narayan filed a Civil Suit against Vijay Solvex Limited (Company) bearing
No. 60/2021 (CIS No. 41/2021) before the Commercial Court, at Alwar, Rajasthan for recovery of Rs.
20,07,568/- and Rs. 8,43,178/- towards interest totaling to a sum of Rs. 28,50,746/-. The Honâble
Commercial Court at Alwar vide Order dated 01.11.2023 decreed the commercial suit in favour of M/s
R.S. Gopal Sahay Shiv Narayan and directed the Company to deposit a sum of Rs. 28,50,076/- along
with interest thereon.
Being aggrieved by Order dated 01.11.2023, the Company preferred a first appeal before Honâble High
Court of Judicature of Rajasthan Bench at Jaipur bearing D.B. Civil First Appeal No. 23/2024 titled
Vijay Solvex Limited Vs. M/s R.S. Gopal Sahay Shiv Narayan (First Appeal). The Honâble High Court
vide Orders dated 15.04.2024 and 17.02.2025 issued various directions to the Company which directions
have been complied with and the Company has deposited the entire decretal amount along with up-to-
date interest with the Honâble Commercial Court, Alwar. The First Appeal filed by the Company is
pending before the Honâble High Court of Rajasthan at Jaipur and is fixed for further proceedings on
04.07.2025.
The Company is hopeful that the pending cases would be decided in favour of the Company.
37. As per IND AS-19 â Employee Benefitsâ
The disclosure of employees benefit as defined in the Indian Accounting Standard-19 "Employee
Benefits" are as follows:
37.1 Defined Contribution Plan
During the year ended 31-3-2025 the Company have contributed a sum of Rs 104.81 Lacs (P.Y. 79.28
Lacs) towards PF and ESI contribution and has been recognised as expenses in statement of Profit and
Loss.
37.2 Defined Benefit Plan
The Employee Gratuity Fund is not Funded and managed by the Company. The Present value of
Obligation is determined based on the actuarial valuation using the projected unit method.
The Leave Encashment liability of Rs 223.75 lacs form part of long term provision Rs.64.42 lacs ( P.Y.
Rs 58.23 lacs ) and short term provision Rs.159.33 lacs (P.Y. Rs. 140.30 lacs) and is unfunded and does
not require disclosures as mentioned in para 158 of Ind AS 19.
37.3 Nature of the Benefits
Each employee rendering contribution service of 5 Years or more is entitled to receive gratuity amount
based on completed tenure of service subject to maximum of Rs 20 lakh at the time of seperation from
the company.
Description of Regulatory Framework in which Plan operates
The Payment of Gratuity is required by the Payment of Gratuity Act, 1972.
Description of Entityâs Responsibilities for Governance
The Company operates a defined benefit gratuity plan as per the Payment of Gratuity Act, 1972. The plan
is unfunded and the Company meets the liability directly as and when it arises. There are no minimum
funding requirements under the applicable law or regulations. Consequently, there is no impact of any
regulatory framework on the Companyâs future contribution requirements. Since the plan is unfunded,
the question of refund or reduction in future contributions does not arise.
37.4 Risk Factors:- Valuations are performed on certain basic set of pre-determined assumptions and other
regulatory framework which may vary over time.Thus the Company is exposed to various risks in
providing the above gratuity benefit which are as follows:
Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest
rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an
increase in the value of the liability (as shown in financial statements).
Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts.This
may arise due to non availabilty of enough cash / cash equivalent to meet the liabilities or holding of
illiquid assets not being sold in time.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption
of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future
for plan participants from the rate of increase in salary used to determine the present value of
obligation will have a bearing on the plan''s liabilty.
Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of
the liability. The Company is exposed to the risk of actual experience turning out to be worse compared
to the assumption.
Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of
Gratuity Act, 1972 (as amended from time to time). There is a risk of change in regulations requiring
higher gratuity payouts (e.g. Increase in the maximum limit on gratuity of Rs. 20,00,000).
37.6 Sensitivity Analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate,
expected salary increase and mortality. The sensitivity analysis below have been determined based on
reasonably possible changes of the assumptions occurring at the end of the reporting period, while
holding all other assumptions constant. The results of sensitivity analysis is given below:
39. Financial Risk Management
The Companyâs activities expose it to credit risk, liquidity risk and market risk. This note explains the
source of risk which the company is exposed to and how to manages the risk and its impact in the
financial statement. The board of directors provides guiding principle for overall risk management, as
well as policies covering specific area i.e. Foreign exchange risk, Credit risk & Investment of Surplus
liquidity. The companies risk management is carried out by finance department, accordingly, this
department identifies, evaluation and hedges financial risk.
A) Credit Risk
The Company takes on exposure to Credit risk, which is the risk that counterparty will default on its
contractual obligations. Credit risk arises from trade receivable, Loan and other financial assets.
Credit Risk Management
The main source of credit risk at the reporting date is from trade receivables as these are typically
unsecured. This credit risk has always been managed through credit Approvals, establishing credit limits
and continuously monitoring the creditworthiness of customer to whom credit is extended in normal
course of business. The company estimates the expected credit loss on the basis of past data and
experience. Expected credit losses of financial assets receivable in next 12 months are estimated on the
basis of historical data provided the company has reasonable and supportable data. On such an assessment
the expected losses are nil or negligible.
Review of outstanding trade receivables and financial assets is carried out by management each quarter.
The company do not have any doubtful debts hence, no provision for bad and doubtful debts have yet
been made in accounts.
B) Liquidity risk
The principle source of liquidity of the Company are cash and cash equivalents, borrowings and the cash
flow that is generated from operations. The Company believes that current cash and cash equivalents, tied
up borrowing lines and cash flow that is generated from operations is sufficient to meet requirements.
Accordingly, Liquidity risk is perceived to be low.
The following table shows the maturity analysis of financial liabilities of the Company based on
contractually agreed undiscounted cash flows as at the Balance sheet date:
C) Market Risk
(i) Price Risk
The prices of the main raw material namely Raw oil and seeds fluctuate on day to day basis,
accordingly the prices of finished goods are changed to take care of fluctuations in raw material
prices. The company do not foresee any risk on this account.
(ii) Interest rate risk
The Companyâs borrowings do bear fixed rate of interest and there are no borrowings bearing
variable rate of interest. Hence, there are no interest rate risks.
(iii) Foreign Currency Risk
The Management identifies, evaluates, and hedges foreign risk. The Management conducts the
regular meetings to keep a track on the movement of foreign currency in currency Market. The
company also takes advice from consultants on risk of foreign currency.
40. Capital Management
For the purpose of the Companyâs capital management, capital includes issued equity capital, share
premium and all other equity reserve attributable to the equity holders of the Company. The Primary
objective of the Companyâs capital management is to maximize the shareholder value. The Company
manage its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants, if any. To maintain or adjust the capital structure, the Company
reviews the fund management at regular intervals and take necessary actions to maintain the requisite
capital structure.
(i) The companyâs Capital Risk Management Policy objective is to ensure that at all times it remains a
going concern and safeguard interest of shareholders and stakeholders.
43. Segment Information:
The business segment has been considered as the operating segment. The Company is organized into
three operating segments, Edible Oils, Ceramics and Wind Power Generation. The operating
segments are reported in a manner consistent with the internal reporting to the director of the
company. The detail of products and services included in above segments are given below-
Edible Oil segment includes Vanaspati, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics segments
includes Insulators and Wind Power segment includes electricity generation from Wind Power
Generators.
Geographical segments have been considered as secondary segments and bifurcated into India and
Outside India.
Segment revenue, results, assets and liabilities have been accounted for on the basis of their
relationship to the operating activities of the segment and amounts allocated on a reasonable basis.
45. Ind AS 10- EVENTS AFTER THE REPORTING PERIOD
The company evaluates events and transactions that occurs subsequent to the balance sheet date put prior
to approval of the financial statements to determine the necessary for recognition and /or reporting of any
of these events and transactions in the financial statements.
46. Ind AS 20- Accounting for Government Grants and Disclosure of Government Assistance
The company has not received any government grant during the year.
47. Ind AS 29- Financial Reporting in Hyperinflationary Economies
The company does not operate in hyperinflationary economy.
48. Ind AS 41- Agriculture
The company do not deal with any agriculture activity and hence no disclosure regarding the same.
49. Ind AS 101- First-time Adoption of Indian Accounting Standards
The company has already adopted Indian accounting standards and hence it is not a first time adoption,
therefore no disclosure regarding the same has been provided.
50. Ind AS 102- Share Based Payment
The company did not grant or issue any share- based payments during the year, and therefore, no
disclosure of share- based payment transactions is required.
51. Ind AS 103- Business Combinations
There were no business combinations or acquisitions during the year and therefore, no disclosures are
required under the applicable Indian accounting standards for business combinations.
52. RELATIONSHIP WITH STRUCK OFF COMPANIES
The company do not have any transactions with the struck off companies under section 248 of the
companies Act, 2013 or section 560 of companies Act, 1956.
53. ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE
COMPANIES ACT, 2013
(i) The Company do not have any benami property held in its name. No proceedings have been initiated
on or are pending against the Company for holding benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) The Company has not been declared wilful defaulter by any bank or financial institution or other
lender or government or any government authority.
(iii) There is no income surrendered or disclosed as income during the year in tax assessments under the
Income Tax Act,1961 (such as search or survey or any other relevant provision of Income tax Act 1961.),
that has not been recorded in the books of account.
(iv) The Company has not traded or invested in crypto currency or virtual currency during the year.
(v) The Company does not have any charges or satisfaction of charges which is yet to be registered with
Registrar of Companies beyond the statutory period.
(vi) The Company does not have any subsidiary company hence the provisions of section 2(87) of the
Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017, is not
applicable.
(vii) The company has not entered into any scheme of Amalgamation which has an accounting impact on
current and previous financial statement.
(viii) Disclosure on loans / advance to directors / KMP / related parties has given in Note no - 9.1
(ix) The company has not revalued any of the property, plant & equipment and Intangiable assets during
the year.
(x) The company has not made any contribution to any politicial party during the current financial year as
well as in the previous financial year.
54. The Code on Social Security, 2020 and Industrial Relations Code, 2020
The Central Government has published The Code on Social Security, 2020 and Industrial Relations
Code,2020 (âthe codesâ) in the Gazette of India, inter alia, subsuming various existing labour and
industrial laws which deals with employees including post-employment period. The effective date of the
code and the rules are yet to be notified. The impact of the legislative changes if any will be assessed and
recognised post notification of relevant provisions.
55. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including
foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate
Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons or
entities identified by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
56. Previous year figures have been re-grouped and re-arranged wherever necessary to confirm to current year
classification.
As per our report of even date
F or Aggarwal Datta & Co. For and on behalf of the Board of Directors
Chartered Accountants
Reg. No.-024788C
CA. PANKHURI AGGARWAL DATTA VIJAY DATA SAURABH DATA
Membership No. 429303 Managing Director Director
DIN-00286492 DIN-00286331
Place : Alwar JAY PRAKASH LODHA SHANKER KUKREJA
Date : 30-05-2025 Company Secretary Chief Financial Officer
Mar 31, 2024
The project of Sri Ganganagar Cotton Complex is temporarily on hold, as the project is not viable in present condition. Provision for impairment in the value of capital work in progress for Sri Ganganagar Cotton Complex has not been done, as in the opinion of the management, the project will be taken up subsequently and the net realisable value of capital work in progress is not less than the carrying value.
2.5 The company owns 247500 equity shares of Saurabh Agrotech Pvt. Ltd., which was illegally transferred. This illegality has been challenged by the Company before the National Company Law Tribunal (NCLT) under Section 111 of the Companies Act, 1956. Since the case is sub-judice before NCLT and Honâble High Court of Judicature of Rajasthan, Bench at Jaipur, the holding of such investment is continued to be shown in the books of the company.
2.6 Share of Raghuvar (India) Ltd. being not traded in any stock exchange, hence shown under unquoted Category and carried at cost.
13.1 Terms/rights attached to paid up equity shares
The company has only one class of equity shares having a par value of Rs 10/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
13.2 The Company has not allotted any fully paid up equity shares pursuant to contracts without payment being received in cash during the period of five years immediately preceding the balance sheet date.
14.1 Nature and purpose of reserves Securities Premium
Securities premium is used to record the premium received on issue of shares. It is utilized in accordance with the provisions of the Companies Act, 2013.
Capital reserve was created in financial year 1995-96 at the time of amalgamation of Jaipur Glass and Potteries works Ltd with the company.
Under the erstwhile Companies Act, 1956 a general reserve was created through transfer from retained earnings in accordance with applicable regulation. it is free reserve and available for distribution to shareholders.
The cumulative gain and losses arising on fair value changes of equity investments measured at fair value through other comprehensive income and Remeasurement (Losses)/Gain on defined benefit plan are recognised in Other Comprehensive income.
18.1 Working Capital Loan of Rs 32.07 Lacs (Repayable on demand) from State Bank of India, Alwar are secured by pari passu charge by way of hypothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guarantee of Directors Shri Vijay Data, Shri Daya Kishan Data, Shri Saurabh Data and Pari Passu charge over the fixed assets of the Company.
18.2 Working Capital Loan of Rs.880.75 Lacs (Repayable on demand) from HDFC Bank Ltd. Alwar are secured by Pari Passu Charge by way of hypothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on
the personal guarantee of Directors Shri Vijay Data, Shri Daya Kishan Data, Shri Saurabh Data and Pari Passu charge over the fixed assets of the Company.
18.3 The Company has filed quarterly statement of current assets with banks and these are in agreement with books of account for all quarters in the current year and previous year.
21.1 Other payable includes a sum of Rs 14.49 lacs received in ceramic division (erstwhile JGPWL) during the period of 1989-91, against the use of Companyâs property. On account of non-execution of deed of conveyance in favour of these persons and pending legal formalities, the said amount has been treated as other current financial liabilities.
21.2 There are no outstanding dues to be paid to Investor Education and Protection Fund.
35.2 During the financial year 2020-21, the Company has undertaken an ongoing project for establishment of Wellness Center at Alwar to be implemented by Gangadeen Niranjan Lal Data Charitable Trust. The above said Project was completed during the financial year 2023-24. The total cost of the project was Rs. 428.12 Lakhs and out of the total project cost, the Company has contributed a sum of Rs. 216.12 Lakhs towards the above said project implemented by Gangadeen Niranjan Lal Data Charitable Trust. As per the records of the Company, during the financial year 2023-24, the Company has spent a sum of Rs. 3.24 Lakhs out of its CSR Liability for the financial year 2023-24 on the above said ongoing project and also released the Unspent CSR amount of Rs. 8.77 Lakhs related to financial year 2022-23 as deposited with the Unspent CSR Account of the Company for the above said ongoing project.
35.3 Further, during the Financial Year 2023-24, apart from the contribution towards the ongoing project as mentioned above made by the Company, the Company has also spent a sum of Rs. 110.00 Lakhs towards its CSR liability for distribution of raw food material to the people in need through Suraj Charitable Trust, Delhi and Rs. 2.43 Lakhs spent for providing Computers, LED TV and Printers to various schools in the district of Alwar for promoting digital education.
37. LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND NATIONAL COMPANY LAW TRIBUNAL (Earlier Company Law Board)
- Order dated 14.03.2012 passed by Honâble High Court of Judicature of Rajasthan, Bench at Jaipur inter alia in S.B. Civil Misc. Appeal No. 2218 of 2011 in respect of partition suit was set aside by the Honâble Supreme Court vide order dated 04.08.2014 and the matter was remitted back to Honâble High Court of Judicature of Rajasthan for its fresh consideration after hearing the parties. Honâble High Court of Judicature of Rajasthan, Bench at Jaipur, after hearing the parties, passed an order dated 06.04.2015 partially setting aside Order dated 10.02.2011 passed by the Court of Ld. ADJ, Jaipur. The order dated 06.04.2015 passed by Honâble High Court of Judicature of Rajasthan was challenged before the Honâble Supreme Court of India by the original Plaintiffs by filing SLP (C) No.11870 of 2015 and Honâble Supreme Court of India dismissed the SLP vide order dated 29.01.2019. After dismissal of the SLP filed by Original Plaintiffs there is no restraint order against the Company for transferring or alienating its properties/ assets or creating charge over the properties of the Company.
- The cases filed against or by the Company under Section 397-398 of the Companies Act, 1956 are still sub-judice before the Honâble National Company Law Tribunal (erstwhile Company Law Board), Jaipur/Kolkata which are yet to be heard finally by the NCLT.
- The Company owns 247500 equity shares of Saurabh Agrotech Pvt. Ltd., which were illegally transferred. This illegality has been challenged by the Company before the National Company Law Tribunal (NCLT) under Section 111 of the Companies Act, 1956. Since the case is sub-judice before NCLT and Honâble High Court of Judicature of Rajasthan, Bench at Jaipur, the holding of such investment is continued to be shown in the books of the Company.
- Presently, the Company is registered owner of SCOOTER trademark/device/logo and copyright holder for the artwork of SCOOTER Wavy device which is registered with Registrar of Trade Mark and Copyright in favour of the Company. The Company is taking appropriate legal action against all the persons who are infringing its trademark and copyright. The Company is also defending its right before the Honâble Courts and Tribunals, wherever the challenges against use of âScooterâ and /or any other intellectual property rights of the Company have been made.
- The Company filed an Appeal before Appellate Authority, PMLA, Delhi titled Vijay Solvex Limited Vs. Deputy Director, Enforcement of Directorate against order dated 02.05.2019 passed by the Adjudicating Authority, PMLA registered as FPA-PMLA-3117/PTN/2019 and also filed an application for de-freezing the bank account of the Company held in State Bank of India. The application for de-freezing of accounts has been allowed by the Appellate Authority vide order dated 24.07.2019. The said appeal is fixed for hearing on 30.07.2024.
- That a 2nd supplementary complaint registered as Special trial No. (PMLA) 01/2020 has been filed before Special judge PMLA Patna in main complaint no. 02/2018 dated 18.07.2018 (in ECIR No. PTZO/05/2016 dated 26.12.2016) before Ld. Sessions Judge (Special Judge (PMLA), Patna for impleading Vijay Solvex Limited as Accused No. 8 in the main complaint. The 2nd Supplementary complaint was listed on 29.05.2024 and same has been fixed for hearing on 10.07.2024.
- The Company had filed an application before Directorate of Marketing & Inspection of Agriculture, Cooperation & Farmer Welfare for inclusion of its registered trademark / Trade Brand Label âSCOOTERâ for Mustard Oil in CA Book in the year 2016 in terms of the provisions of Agricultural Produce (Grading and Marking) Act, 1937 and Rules made thereunder. However, the said Trade Brand Label âSCOOTERâ has not been included in the CA Book of the Company till date. Therefore, Company filed a Civil Writ Petition before the Honâble High Court of Rajasthan at Jaipur Bench, being SB Civil Writ Petition No. 16821/2022. Respondent i.e., Directorate of Marketing & Inspection of Agriculture, Cooperation & Farmer Welfare has filed its reply to the Writ Petition. The Honâble High Court of Rajasthan, Jaipur Bench vide its Order dated 23.01.2023 directed to implead M/s Vijay Industries as a necessary party as Respondent No. 3. M/s Vijay Industries, Respondent No. 3 has filed its reply and the Company also filed its rejoinder to the reply of Respondent No. 3. The Writ Petition is fixed for hearing on 16.08.2024.
- The Company entered into a contract for purchase of Crude Degummed Soybean Oil (Goods) on 03rd March 2022 with ADM International SARL (Seller). The Company opened the Letter of Credit in the favour of Seller. The goods arrived in India at Kandla Port. However, Seller could not deliver the goods in the absence of valid documents including Bill of Lading. The documents provided by Seller to the Company were also not as per agreement. The delivery could not be made to the Company in time deteriorating quality of the goods.
- The Seller requested for extension of validity of Letter of Credit. In the meantime, the prices of goods fell down drastically in the International Market, and Seller tried to sell the goods beyond delivery period at contract price and this proposal was rejected by the Company.
- The Seller invoked the Arbitration and filed Claim towards alleged damages before FOSFA. The Company filed its reply, however, FOSFA Tribunal without providing opportunity for Oral Hearing passed an award dated 14.06.2023 against the Company. As per the Awrad, the Company was directed to pay to Sellers default damages of US$ 400,000.00 (United States Dollars four hundred thousand) plus interest thereon @ 4.5% P.A. from 6th August, 2022 to the date of payment, compounded quarterly and also to pay the fees, costs and expenses of the award in the sum of £17,167.50 (Seventeen Thousand, One Hundred and Sixty-Seven Pounds Sterling with Fifty Pence) together with compound interest @ 4.5% per annum from the date of the Award till the date of payment.
- The award dated 14.06.2023 has been challenged by the Company before the Appellate Authority of FOSFA. Proceedings and arguments before the Appellate Authority of FOSFA was completed on 24.01.2024 and the order/ Award of the Appellate Authority of FOSFA is awaited.
The Company is hopeful that the pending cases would be decided in favour of the Company.
38. As per IND AS-19 â Employee Benefitsâ
The disclosure of employees benefit as defined in the Indian Accounting Standard-19 "Employee Benefits" are as follows:
38.1 Defined Contribution Plan
During the year ended 31-3-2024 the Company have contributed a sum of Rs 79.28 Lacs (P.Y. 52.78 Lacs) towards PF and ESI contribution and has been recognised as expenses in statement of Profit and Loss .
The Employee Gratuity Fund is not Funded and managed by the Company. The Present value of obligation is determined based on the actuarial valuation using the projected unit method.
The Leave Encashment liability of Rs 198.53 lacs form part of long term provision Rs. 58.23 lacs ( P.Y. Rs 53.90 lacs ) and short term provision Rs.140.30 lacs (P.Y. Rs. 122.91 lacs) and is unfunded and does not require disclosures as mentioned in para 158 of Ind AS 19.
38.3 Risk Factors:- Valuations are performed on certain basic set of pre-determined assumptions and other regulatory framework which may vary over time.Thus the Company is exposed to various risks in providing the above gratuity benefit which are as follows:
Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts.This may arise due to non availabilty of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liabilty.
Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time) . There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity of Rs. 20,00,000).
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of sensitivity analysis is given below:
The Companyâs activities expose it to credit risk, liquidity risk and market risk. This note explains the source of risk which the company is exposed to and how to manages the risk and its impact in the financial statement. The board of directors provides guiding principle for overall risk management, as well as policies covering specific area i.e. Foreign exchange risk, Credit risk & Investment of Surplus liquidity. The companies risk management is carried out by finance department, accordingly, this department identifies, evaluation and hedges financial risk.
The Company takes on exposure to Credit risk, which is the risk that counterparty will default on its contractual obligations. Credit risk arises from trade receivable, Loan and other financial assets.
The main source of credit risk at the reporting date is from trade receivables as these are typically unsecured. This credit risk has always been managed through credit Approvals, establishing credit limits and continuously monitoring the creditworthiness of customer to whom credit is extended in normal course of business. The company estimates the expected credit loss on the basis of past data and experience. Expected credit losses of financial assets receivable in next 12 months are estimated on the basis of historical data provided the company has reasonable and supportable data. On such an assessment the expected losses are nil or negligible.
Review of outstanding trade receivables and financial assets is carried out by management each quarter. The company do not have any doubtful debts hence, no provision for bad and doubtful debts have yet been made in accounts.
The principle source of liquidity of the Company are cash and cash equivalents, borrowings and the cash flow that is generated from operations. The Company believes that current cash and cash equivalents, tied up borrowing lines and cash flow that is generated from operations is sufficient to meet requirements. Accordingly, Liquidity risk is perceived to be low.
The prices of the main raw material namely Raw oil and seeds fluctuate on day to day basis, accordingly the prices of finished goods are changed to take care of fluctuations in raw material prices. The company do not foresee any risk on this account.
The Companyâs borrowings do bear fixed rate of interest and there are no borrowings bearing variable rate of interest. Hence, there are no interest rate risks.
The Management identifies, evaluates, and hedges foreign risk. The Management conducts the regular meetings to keep a track on the movement of foreign currency in currency Market. The company also takes advice from consultants on risk of foreign currency.
For the purpose of the Companyâs capital management, capital includes issued equity capital, share premium and all other equity reserve attributable to the equity holders of the Company. The Primary objective of the Companyâs capital management is to maximize the shareholder value. The Company manage its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, if any. To maintain or adjust the capital structure, the Company reviews the fund management at regular intervals and take necessary actions to maintain the requisite capital structure.
The Company''s total owned funds of Rs 28412.70 Lacs is considered adequate by the management to meet its business interest and any capital risk it may face in future.
Under the terms of borrowing facilities, the company is required to comply with certain financing covenants and the company has complied with those covenants throughout the reporting period.
Depreciation on right of use asset is Rs 3.22 Lacs (P.Y. 31.44 Lacs) and interest on lease liability is Rs 1.15 Lacs (P.Y. 6.99 Lacs) for year ended 31.3.2024.
Lease Contracts entered by the company pertains to Plant & Machinery and Land & Building taken on lease to conduct the business activities in ordinary course.
The business segment has been considered as the operating segment. The Company is organized into three operating segments, Edible Oils, Ceramics and Wind Power Generation. The operating segments are reported in a manner consistent with the internal reporting to the director of the company. The detail of products and services included in above segments are given below-
Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics segments includes Insulators and Wind Power segment includes electricity generation from Wind Power Generators.
Geographical segments have been considered as secondary segments and bifurcated into India and Outside India.
Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allocated on a reasonable basis.
46. RELATIONSHIP WITH STRUCK OFF COMPANIES
The company do not have any transactions with the struck off companies under section 248 of the companies Act, 2013 or section 560 of companies Act, 1956.
47. ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013
(i) The Company do not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(iii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act,1961 (such as search or survey or any other relevant provision of Income tax Act 1961.), that has not been recorded in the books of account.
(iv) The Company has not traded or invested in crypto currency or virtual currency during the year.
(v) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.
(vi) The Company does not have any subsidiary company hence the provisions of section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017, is not applicable.
(vii) The company has not entered into any scheme of Amalgamation which has an accounting impact on current and previous financial statement.
(viii) Disclosure on loans / advance to directors / KMP / related parties has given in Note no - 10.1
(ix) The company has not revalued any of the property, plant & equipment and Intangiable assets during the year.
(x) The company has not made any contribution to any politicial party during the current financial year as well as in the previous financial year.
48. The Code on Social Security, 2020 and Industrial Relations Code, 2020
The Central Government has published The Code on Social Security, 2020 and Industrial Relations Code,2020 (âthe codesâ) in the Gazette of India, inter alia, subsuming various existing labour and industrial laws which deals with employees including post-employment period. The effective date of the code and the rules are yet to be notified. The impact of the legislative changes if any will be assessed and recognised post notification of relevant provisions.
49. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
50. Previous year figures have been re-grouped and re-arranged wherever necessary to confirm to current year classification.
Mar 31, 2023
2.1 The company has elected to measure its investment in Associates as per previous GAAP carrying value.
2.2 Other trade investment-quoted and unquoted have been measured at fair value through Profit and loss account and other non trade investment-quoted and unquoted have been measured through other comprehensive income.
2.4 The company owns 247500 equity shares of Saurabh Agrotech Pvt. Ltd., which was illegally transferred. This illegality has been challenged by the Company before the National Company Law Tribunal (NCLT) under Section 111 of the Companies Act, 1956. Since the case is sub-judice before NCLT and Honâble High Court of Judicature of Rajasthan, Bench at Jaipur, the holding of such investment is continued to be shown in the books of the company.
2.5 Share of Raghuvar (India) Ltd. being not traded in any stock exchange, hence shown under unquoted category.
11.1 (*)During the financial year 2007-08, the Company, to widen its existing operations, invested a sum of Rs. 1212.00 lacs by way of acquisition of First Charge over the fixed assets of M/s ROM Industries Ltd situated at spl - 1, RIICO Industrial Area, Hirawala, Tehsil Bassi, District Jaipur (Raj.) from IFCI, vide deed of assignment dated 31.10.2007. The said charge has been settled by ROM industries Ltd and paid the settlement amount to the company.
11.2 Other Receivable includes Rs. 80.00 Lacs held with enforcement of directorate, against matter pending before Appellate Authority (PMLA) New Delhi under Prevention of Money Laundering Act, 2002 (PMLA). (Refer note no 36 and 37)
13.1 Terms/rights attached to paid up equity shares
The company has only one class of equity shares having a par value of Rs 10/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
13.2 The Company has not allotted any fully paid up equity shares pursuant to contracts without payment being received in cash during the period of five years immediately preceding the balance sheet date.
14.1 Nature and purpose of reserves Securities Premium
Securities premium is used to record the premium received on issue of shares. It is utilized in accordance with the provisions of the Companies Act, 2013.
Capital Reserve
Capital reserve was created in financial year 1995-96 at the time of amalgamation of Jaipur Glass and Potteries works ltd with the company.
General Reserve
Under the erstwhile Companies Act, 1956 a general reserve was created through transfer from retained earnings in accordance with applicable regulation. it is free reserve and available for distribution to shareholders.
Other Comprehensive Income
The cumulative gain and losses arising on fair value changes of equity investments measured at fair value through other comprehensive income and Remeasurement (Losses)/Gain on defined benefit plan are recognised in Other Comprehensive income.
18.1 Working Capital Loan of Rs 13.65 Cr. (Repayable on demand) from State Bank of India, Alwar are secured by pari passu charge by way of hypothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guarantee of Directors Shri Vijay Data, Shri Daya Kishan Data, Shri Saurabh Data and Pari Passu charge over the fixed assets of the Company.
18.2 Working Capital Loan of Rs.23.82 Cr. (Repayable on demand) from HDFC Bank Ltd. Alwar are secured by Pari Passu Charge by way of hypothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guarantee of Directors Shri Vijay Data, Shri Daya Kishan Data, Shri Saurabh Data and Pari Passu charge over the fixed assets of the Company.
18.3 The Company has filed quarterly statement of current assets with banks and these are in agreement with books of account for all quarters in the current year and previous year.
20.2 The information as required to be disclosed under The Micro, Small and Medium Enterprises Development Act, 2006 (âthe Actâ) has been determined to the extent such parties have been identified by the company, on the basis of information and records available with them. The amount of principal and interest outstanding is given below.
21.1 Other payable includes a sum of Rs 14.49 lacs received in ceramic division (erstwhile JGPWL) during the period of 1989-91, against the use of Companyâs property. On account of non-execution of deed of conveyance in favour of these persons and pending legal formalities, the said amount has been treated as other current financial liabilities.
21.2 There are no outstanding dues to be paid to Investor Education and Protection Fund.
35.1 During the financial year 2020-21, the Company has undertaken an ongoing project for establishment of Wellness Center at Alwar to be implemented by Gangadeen Niranjan Lal Data Charitable Trust. During the financial year 2022-23 the Company has spent a sum of Rs. 204.11 Lakhs (Rs. 111.00 Lakhs against the CSR Liability for the financial year 2022-23 and Rs. 82.51 Lakhs and Rs. 10.60 Lakhs (In Rounding off) towards the unspent CSR Liability of the Company for financial year 2021-22 and 2020-21 respectively as deposited with the Unspent CSR Account of the Company) towards its CSR Liability related to above said ongoing project. For the Financial year 2022-23, a sum of Rs. 8.77 Lakhs was unspent towards the CSR Liability of the Company related to above said ongoing project and in accordance with the provisions of section 135(6) of the Companies Act, 2013 the Company has transferred a sum of Rs. 8.77 Lakhs on 26.04.2023 to Unspent CSR Account of the Company held with State Bank of India, SME Arya Nagar Branch, Alwar (Rajasthan).
37. LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND NATIONAL COMPANYLAW TRIBUNAL (Earlier Company Law Board)
- Order dated 14.03.2012 passed by Honâble High Court of Judicature of Rajasthan, Bench at Jaipur inter alia in S.B. Civil Misc. Appeal No. 2218 of 2011 in respect of partition suit was set aside by the Honâble Supreme Court vide order dated 04.08.2014 and the matter was remitted back to Honâble High Court of Judicature of Rajasthan for its fresh consideration after hearing the parties. Honâble High Court of Judicature of Rajasthan, Bench at Jaipur, after hearing the parties, passed an order dated 06.04.2015 partially setting aside Order dated 10.02.2011 passed by the Court of Ld. ADJ, Jaipur. The order dated 06.04.2015 passed by Honâble High Court of Judicature of Rajasthan was challenged before the Honâble Supreme Court of India by the original Plaintiffs by filing SLP (C) No.11870 of 2015 and Honâble Supreme Court of India dismissed the SLP vide order dated 29.01.2019. After dismissal of the SLP filed by Original Plaintiffs there is no restraint order against the Company for transferring or alienating its properties/Assets or creating charge over the properties of the Company.
- The cases filed against or by the Company under Section 397-398 of the Companies Act, 1956 are still sub-judice before the Honâble National Company Law Tribunal (erstwhile Company Law Board), Jaipur/Kolkata which are yet to be heard finally by the NCLT.
- The Company owns 247500 equity shares of Saurabh Agrotech Pvt. Ltd., which were illegally transferred. This illegality has been challenged by the Company before the National Company Law Tribunal (NCLT) under Section 111 of the Companies Act, 1956. Since the case is sub-judice before NCLT and Honâble High Court of Judicature of Rajasthan, Bench at Jaipur, the holding of such investment is continued to be shown in the books of the Company.
- Presently, the Company is registered owner of SCOOTER trademark/device/logo and copyright holder for the artwork of SCOOTER Wavy device which is registered with Registrar of Trade Mark and Copyright. The Company is taking appropriate legal action against all the persons who are infringing its trademark and copyright. The Company is also defending its right before the Honâble Courts and Tribunals, wherever the challenges against use of âScooterâ and /or any other intellectual property rights of the Company have been made.
. The Company filed an Appeal before Appellate Authority, PMLA, Delhi titled Vijay Solvex Limited Vs. Deputy Director, Enforcement of Directorate against order dated 02.05.2019 passed by the Adjudicating Authority, PMLA registered as FPA-PMLA-3117/PTN/2019 and also filed an application for de-freezing the bank account of the Company held in State Bank of India. The application for de-freezing of accounts has been allowed by the Appellate Authority vide order dated 24.07.2019 and the matter was thereafter listed for arguments on 14.04.2020. Owing to the outbreak of COVID-19 pandemic the Appeal could not be heard earlier. Now the Appeal is listed for hearing before the Appellate Authority on 27.07.2023.
- That a 2nd supplementary complaint registered as Special trial No. (PMLA) 01/2020 has been filed before Special judge PMLA Patna in main compliant no. 02/2018 dated 18.07.2018 (in ECIR No. PTZO/05/2016 dated 26.12.2016) before Ld. Sessions Judge (Special Judge (PMLA), Patna for impleading Vijay Solvex Limited as Accused No. 8 in the main complaint. The 2nd supplementary complaint has not been taken up for hearing in view of spread of COVID-19 pandemic and no effective orders have been passed in said matter. The 2nd Supplementary complaint is next listed for hearing on 21.06.2023.
The Company had filed an application before Directorate of Marketing & Inspection of Agriculture, Cooperation & Farmer Welfare for inclusion of its registered trademark/ Trade Brand Label âSCOOTERâ for Mustard Oil in CA Book in the year 2016 in terms of the provisions of Agricultural Produce (Grading and Marking) Act, 1937 and Rules made thereunder. However. The said Trade Brand Label âSCOOTERâ has not been included in the CA Book of the Company till date. Therefore, Company filed a Civil Writ Petition before the Honâble High Court of Rajasthan at Jaipur Bench. Being SB Civil Writ Petition No. 168221/2022. Respondent i.e. Directorate of Marketing &
inspection of Agriculture, Cooperation & Farmer Welfare has filed its reply to the Writ Petition. The matter is now listed on 02.06.2023
- The Board is hopeful that the pending matters would be disposed of in favour of the Company.
38. As per Ind AS-19 â Employee Benefitsâ
The disclosure of employees benefit as defined in the Indian Accounting Standard-19 "Employee Benefits" are as follows:
38.1 Defined Contribution Plan
During the year ended 31-3-2023 the Company have contributed a sum of Rs 52.78 Lacs (P.Y. 53.15 Lacs) towards PF and ESI contribution and has been recognised as expenses in statement of Profit and Loss.
- The Employee Gratuity Fund is not Funded and managed by the Company. The Present value of obligation is determined based on the actuarial valuation using the projected unit method.
- The Leave Encashment liability of Rs 176.81 lacs form part of long term provision Rs.53.90 lacs ( P.Y. Rs 48.97 lacs ) and short term provision Rs. 122.91 lacs (P.Y. Rs. 123.66 lacs) and is unfunded and does not require disclosures as mentioned in para 158 of Ind AS 19.
38.3 Risk Factors: Valuations are performed on certain basic set of pre-determined assumptions and other regulatory framework which may vary over time. Thus the Company is exposed to various risks in providing the above gratuity benefit which are as follows:
Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non availability of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.
Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability .The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time) . There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity of Rs. 20,00,000).
38.4 Sensitivity Analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of sensitivity analysis is given below:
The Companyâs activities expose it to credit risk, liquidity risk and market risk. This note explains the source of risk which the company is exposed to and how to manages the risk and its impact in the financial statement. The board of directors provides guiding principle for overall risk management, as well as policies covering specific area i.e. Foreign exchange risk, Credit risk & Investment of Surplus liquidity. The companies risk management is carried out by finance department, accordingly, this department identifies, evaluation and hedges financial risk.
The Company takes on exposure to Credit risk, which is the risk that counterparty will default on its contractual obligations. Credit risk arises from trade receivable, Loan and other financial assets.
Credit Risk Management
The main source of credit risk at the reporting date is from trade receivables as these are typically unsecured. This credit risk has always been managed through credit Approvals, establishing credit limits and continuously monitoring the creditworthiness of customer to whom credit is extended in normal course of business. The company estimates the expected credit loss on the basis of past data and experience. Expected credit losses of financial assets receivable in next 12 months are estimated on the basis of historical data provided the company has reasonable and supportable data. On such an assessment the expected losses are nil or negligible.
Review of outstanding trade receivables and financial assets is carried out by management each quarter. The company do not have any doubtful debts hence, no provision for bad and doubtful debts have yet been made in accounts.
B) Liquidity risk
The principle source of liquidity of the Company are cash and cash equivalents, borrowings and the cash flow that is generated from operations. The Company believes that current cash and cash equivalents, tied up borrowing lines and cash flow that is generated from operations is sufficient to meet requirements. Accordingly, Liquidity risk is perceived to be low.
C) Market Risk
(i) Price Risk
The prices of the main raw material namely Raw oil and seeds fluctuate on day to day basis, accordingly the prices of finished goods are changed to take care of fluctuations in raw material prices. The company do not foresee any risk on this account.
(ii) Interest rate risk
The Companyâs borrowings do bear fixed rate of interest and there are no borrowings bearing variable rate of interest. Hence, there are no interest rate risks.
(iii) Foreign Currency Risk
The Management identifies, evaluates, and hedges foreign risk. The Management conducts the regular meetings to keep a track on the movement of foreign currency in currency Market. The company also takes advice from consultants on risk of foreign currency.
For the purpose of the Companyâs capital management, capital includes issued equity capital, share premium and all other equity reserve attributable to the equity holders of the Company. The Primary objective of the Companyâs capital management is to maximize the shareholder value. The Company manage its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, if any. To maintain or adjust the capital structure, the Company reviews the fund management at regular intervals and take necessary actions to maintain the requisite capital structure.
The Company''s total owned funds of Rs 28138.82 Lacs is considered adequate by the management to meet its business interest and any capital risk it may face in future.
Under the terms of borrowing facilities, the company is required to comply with certain financing covenants and the company has complied with those covenants throughout the reporting period.
Depreciation on right of use asset is Rs 31.44 Lacs (P.Y. 31.44 Lacs) and interest on lease liability is Rs 6.99 Lacs (P.Y. 9.71 Lacs) for year ended 31.3.2023.
Lease Contracts entered by the company pertains to plant & machinery and land & building taken on lease to conduct the business activities in ordinary course.
# Ceased from directorship from closure of business hours on 30.09.2022 due to completion of their second term as independent director.
*Significant Transaction with Related Parties.
The business segment has been considered as the operating segment. The Company is organized into three operating segments, Edible Oils, Ceramics and Wind Power Generation. The operating segments are reported in a manner consistent with the internal reporting to the director of the company. The detail of products and services included in above segments are given below-
Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics segments includes Insulators and Wind Power segment includes electricity generation from Wind Power Generators.
Geographical segments have been considered as secondary segments and bifurcated into India and Outside India.
Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allocated on a reasonable basis.
3. None of the non-current assets (other than financial instruments, investment in equity) are located outside India.
5. Wind Power Generation Plant of the Company Located at Village Hansua, District Jaisalmer, Rajasthan is not in operation as the same is not financially viable to run. However, the effect of this segment is very marginal on overall revenue of the company.
46. RELATIONSHIP WITH STRUCK OFF COMPANIES
The company do not have any transactions with the struck off companies under section 248 of the companies Act, 2013 or section 560 of companies Act, 1956.
47. ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013
(i) The Company do not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(iii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act,1961 (such as search or survey or any other relevant provision of Income tax Act 1961.), that has not been recorded in the books of account.
(iv) The Company has not traded or invested in crypto currency or virtual currency during the year.
(v) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.
(vi) The Company does not have any subsidiary company hence the provisions of section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017, is not applicable.
(vii) The company has not entered into any scheme of Amalgamation which has an accounting impact on current and previous financial statement.
(viii) Disclosure on loans / advance to directors / KMP / related parties has given in Note no - 10.1
(ix) The company has not revalued any of the property, plant & equipment and Intangiable assets during the year.
(x) The company has not made any contribution to any politicial party during the current financial year as well as in the previous financial year.
48. The Code on Social Security, 2020 and Industrial Relations Code, 2020
The Central Government has published The Code on Social Security, 2020 and Industrial Relations Code,2020 (âthe codesâ) in the Gazette of India, inter alia, subsuming various existing labour and industrial laws which deals with employees including post-employment period. The effective date of the code and the rules are yet to be notified. The impact of the legislative changes if any will be assessed and recognised post notification of relevant provisions.
49. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
50. Amendments not yet effective:
The Ministry of Corporate Affairs (MCA) notifies new Indian Accounting Standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2023, MCA amended the Companies (Indian Accounting Standards) Rules, 2015 by isssuing the Companies (Indian Accounting Standards) Amendment Rules, 2023 applicable from April 1, 2023, as below:
-IND AS 1 - Presentation of Financial Statements - The amendment requires Companies to disclose their material accounting policy rather than their significant accounting policies. Accounting policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of general purpose financial statements. The company does not expect this amendment to have any significant impact in its financial statement.
-IND AS 12- Income Taxes- The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transaction that, on initial recognition, give raise to equal taxable and deductible temporary differences. The company is evaluating the impact, if any, in its financial statements.
-Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors- The amendments will help entities to distinguish between accounting policies and accounting estimates, the definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial statement that are subject to measurement uncertainty". Entities develop accounting estimaties if accounting policies require item in
financial statement to be measured in a way that involves measurement uncertainty. The company does not expect this amendment to have any significant impact in its financial statements.
51. Previous year figures have been re-grouped and re-arranged wherever necessary to confirm to current year classification.
Mar 31, 2018
1.1 The company has elected to measure its investment in Associates as per previous GAAP carrying value.
1.2 Other trade investment-quoted and unquoted have been measured at fair value through Profit and loss account and other non trade investment-quoted and unquoted have been measured through other comprehensive income.
1.3 Categorywise Non Current Investment:
1.4 According to legal opinion, the Company continues to be the owner of the shares of Saurabh Agrotech (P) Ltd, Alwar. The company has challenged the illegal transfer of shares through Company Petition in National company Law Tribunal(NCLT) (earlier Company Law Board) and matter is Sub Judice before NCLT.
1.5 Share of Raghuvar India Ltd. being not traded in any stock exchange, hence shown under unquoted category.
2.1 The above amounts of Rs 5117.82 Lacs includes amount of Rs 2841.22 Lacs due to private companies where director is director/member and amount of Rs 306.13 Lacs is due to Partnership firms where director is partner.
3.1 (*)During the financial year 2007-08, the Company, to widen its existing operations, has invested a sum of Rs. 1212.00 lacs by way of acquisition of First Charge over the fixed assets of M/s ROM Industries Ltd situated at spl - 1, RIICO Industrial Area, Hiragana, Tehsil Bassi, District Jaipur (Raj.) from IFCI, vide deed of assignment dated 31.10.2007. The Company has stepped into the shoes of IFCI and is having all rights and liability, which are having with IFCI.
4.1 The aforesaid disclosure is based upon percentages computed separately for class of shares outstanding, as at the balance sheet date. As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
4.2 Terms/rights attached to paid up equity shares
The company has only one class of equity shares having a par value of Rs 10/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
4.3 The Company has not allotted any fully paid up equity shares pursuant to contracts without payment being received in cash during the period of five years immediately preceding the balance sheet date.
5.1 Working Capital Loan of Rs 65.16 Cr. from State Bank of India, Alwar are secured by hypothecation, both present & future, of raw material, finished goods, work-in-process, packing materials, stores, bills for collection and book-debts and on the personal guarantee of Directors Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge over the fixed assets of the Company.
5.2 KCC Loan of Rs .02 Cr. taken form IDBI Bank,Alwar is secured by hypothecation of corps / livestock / machinery / equipment / stock / movable assets, charge on agriculture land admeasuring 12.79 hectares at Bhandholi and Guarantee of Shri Vijay Data.
5.3 Working Capital Loan of Rs 21.43 Cr. with Axis Bank, Alwar is secured by way of pledge of stock as per warehouse receipt.
5.4 Unsecured loan from bank of Rs 10.00 Cr. is taken from Kotak Mahindra Bank Ltd. This Loan is a short term loan and is personally guaranteed by Shri Niranjan Lal Data and Shri Vijay Data.
6.1 Disclosures as required under the Micro, Small and Medium Enterprises Development Act, 2006 Based on the information available with the Company there are no outstanding amount payable beyond the agreed period to Micro, Small and medium Enterprises as on the date to the extent such enterprises have been identified.
7.1 *The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49 lacs during the period 1989-91, against the use of Companyâs property. On account of non-execution of deed of conveyance in favour of these persons and pending legal formalities, the said amount has been treated as other current financial liabilities.
8. LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND NATIONAL COMPANY LAW TRIBUNAL (Earlier Company Law Board)
- Order dated 14.03.2012 passed by Honâble High Court of Judicature of Rajasthan, Bench at Jaipur inter alia in S.B. Civil Misc. Appeal No. 2218 of 2011 in respect of partition suit was set aside by the Honâble Supreme Court vide order dated 04.08.2014 and the matter was remitted back to Honâble High Court of Judicature of Rajasthan for its fresh consideration after hearing the parties. Honâble High Court of Judicature of Rajasthan, Bench at Jaipur, after hearing the parties, passed an order dated 06.04.2015 partially setting aside Order dated 10.02.2011 passed by the Court of Ld. ADJ, Jaipur. However, the order dated 06.04.2015 passed by Honâble High Court of Judicature of Rajasthan has been challenged before the Honâble Supreme Court of India by the original Plaintiffs. Therefore, as on date, the restraint order passed by the Ld. Trial Court against the Company for transferring or alienating its properties or creating charge over the properties of the Company stands set aside and no order staying the operation of the order dated 06.04.2015 passed by Honâble High Court of Judicature of Rajasthan, has been passed by the Honâble Supreme Court.
- The cases filed against the Company under Section 111, 397-398 of the Companies Act, 1956 are still sub-judice before the Honâble National Company Law Tribunal (erstwhile Company Law Board), New Delhi which are yet to be heard finally by the NCLT.
- Presently, the Company is registered owner of SCOOTER trademark/device/logo and copyright holder for the artwork of SCOOTER Wavy device which is registered with Registrar of Trade Mark and Copyright. The Company is taking appropriate legal action against all the persons who are infringing its trademark and copyright. The Company is also defending its right before the Honâble Courts and Tribunals, wherever the challenges against use of âSCOOTERâ and /or any other intellectual property rights of the Company have been made.
- The Board is hopeful of disposal of the matter in favour of the Company.
9. As per Ind AS-19 â Employee Benefitsâ
The disclosure of employees benefit as defined in the Indian Accounting Standard-19 âEmployee Benefitsâ are as follows:
9.1 Defined Contribution Plan
An amount of Rs 49.06 Lacs (2016-17 Rs 41.00 Lacs) as contribution towards defined contribution plans is recognized as expenses in statement of Profit & Loss.
9.2 Defined Benefit Plan
- The Employee Gratuity Fund is not Funded and managed by the Company. The Present value of obligation is determined based on the actuarial valuation using the projected unit method.
- The Leave Encashment liability of Rs. 135.31 lacs form part of long term provision Rs. 64.97 lacs ( P.Y. Rs. 45.05 lacs ) and short term provision Rs. 70.34 lacs (P.Y. Rs. 23.03 lacs) and is unfunded and does not require disclosures as mentioned in para 158 of Ind AS 19.
9.3Risk Factors: Valuations are performed on certain basic set of pre-determined assumptions and other regulatory framework which may vary over time. Thus the Company is exposed to various risks in providing the above gratuity benefit which are as follows:
Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non availability of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the planâs liability.
Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability .The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time) . There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity of Rs. 20, 00,000).
9.4 Sensitivity Analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of sensitivity analysis are given below:
10. Financial Risk Management
The Companies Activities Expose It to credit risk, liquidity risk and market risk. This note explains the source of risk which the company is exposed to and how the manages the risk and its impact in the financial statement.
The board of directors provides guiding principle for overall risk management, as well as policies covering specific area i.e.. Foreign exchange risk, credit risk & Investment of Surplus liquidity.
The companies risk management is carried out by finance department, accordingly, this department identifies, evaluation and hedges financial risk
A) Credit Risk
Credit risk arises from cash and cash equivalents, financial assets measured at amortised cost and fair value through profit or loss and trade receivables
Credit Risk Management
The main source of credit risk at the reporting date is from trade receivables as these are typically unsecured. This credit risk has always been managed through credit Approvals, establishing credit limits and continuously monitoring the creditworthiness of customer to whom credit is extended in normal course of business. The company estimates the expected credit loss on the basis of past data and experience. Expected credit losses of financial assets receivable in next 12 months are estimated on the basis of historical data provided the company has reasonable and supportable data. On such an assessment the expected losses are nil or negligible.
Review of outstanding trade receivables and financial assets is carried out by management each quarter. The company do not have any doubtful debts hence, no provision for bad and doubtful debts have yet been made in accounts.
B) Liquidity risk
The principle source of liquidity of the Company are cash and cash equivalents, borrowings and the cash flow that is generated from operations. The Company believes that current cash and cash equivalents, tied up borrowing lines and cash flow that is generated from operations is sufficient to meet requirements. Accordingly, Liquidity risk is perceived to be low.
The following table shows the maturity analysis of financial liabilities of the Company based on contractually agreed undiscounted cash flows as at the Balance sheet date:
C) Price Risk
The prices of the main raw material namely Raw oil and seeds fluctuate on day to day basis, accordingly the prices of finished goods are changed to take care of fluctuations in raw material prices. The company do not foresee any risk on this account.
D) Interest rate risk
The Companyâs borrowings do bear fixed rate of interest and there are no borrowings bearing variable rate of interest. Hence, there are no interest rate risks.
E) Market Risk
Foreign Currency Risk
The company uses foreign exchange forward contracts to mitigate exposure in foreign currency risk. The foreign exchange forward contracts outstanding at reporting date are as under: -
CAPITAL MANAGEMENT
(i) The companyâs Capital Risk Management Policy objective is to ensure that at all times it remains a going concern and safeguard interest of shareholders and stakeholders
The Companyâs total owned funds of Rs 11371.92 Lacs is considered adequate by the management to meet its business interest and any capital risk it may face in future.
(ii) Loan Covenants
Under the terms of borrowing facilities, the company is required to comply with certain financing covenants and the company has complied with those covenants through out the reporting period.
11. Related party disclosures
Related party disclosures as required by Indian Accounting Standard (Ind AS) -24 is as under:-
A. List of related parties and relationships a) List of related parties
1. Enterprises where control exists : Nil
2. Other related parties with whom the Company had transactions, etc.
i) Associates
Raghuvar (India) Ltd Dhruva Enclave Pvt Ltd Data Houseware Ltd Indo Caps Pvt. Ltd.
ii) Key Management Personnel and Relatives Niranjan Lal Data
Vijay Data Daya Kishan Data Shanker Kukreja J.P. Lodha Neelima Data
iii) Enterprises where Key Management Personnel or relatives of Key Management Personnel have significant influence.
Vijay Industries
Data Infosys Ltd
Bhagwati Agro Products Ltd.
Pyare Lal Niranjan Lal & co.
Shree Bhagwati Farms Jhankar Motels Pvt Ltd Gaurav Ceramics (P) Ltd Deepak Vegpro Pvt Ltd Data oils
Gangadeen NiranjanLal Data Charitable Trust
12. SEGMENT INFORMATION:
The business segment has been considered as the operating segment. The Company is organized into three operating segments, Edible Oils, Ceramics and Wind Power Generation. The operating segments are reported in a manner consistent with the internal reporting to the director of the company. The detail of products and services included in above segments are given below-
Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics segments includes Insulators and Wind Power segment includes electricity generation from Wind Power Generators.
Geographical segments have been considered as secondary segments and bifurcated into India and Outside India.
Segment revenue, results, assets and liabilities have been accounted for on the basis of their relationship to the operating activities of the segment and amounts allocated on a reasonable basis.
3. âNone of the non-current assets (other than financial instruments, investment in subsidiaries/ associates) are located outside India.
4. âCustomers of the company individually account for 10% or more sale.
Notes*
1. The company has elected to measure its investment in Associates as per previous GAAP carrying value. In respect of investment in other equity instruments which are primarily not held for trading are being measured at fair value through Other Comprehensive Income (OCI). In respect of investment in other equity instruments which are held for trading are being measured at fair value through statement of profit and loss A/c. According as on transition date 01-04-2016. A sum of Rs. 1034.08 Lacs have been added to Non Current Investment with adjustment in retained earning for Rs. 834.53 Lacs (Net of Deferred Tax Liability of Rs. 199.55 Lacs)
2. The actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in the net interest on the net defined benefit liability are recognised in balance sheet through other comprehensive income. Thus employee benefit expenses are reduced by 5.54 Lacs and recognised in other comprehensive income gross of tax for the year ended March 31, 2017.
3. The Company availed the exemption available under Ind AS 101 to continue the carrying value for all its Property, Plant & Equipment and intangibles as recognised in the financial statements as at the date of transition to Ind AS, measured as per the IGAAP and use that as its deemed cost as at the date of transition (1st Aprilâ2016).
4. Adjustments to deferred taxes have been made for the above mentioned line items.
5. Under previous GAAP, the Company has not presented Other Comprehensive Income separately. Hence, it has reconciled previous GAAP profit to total comprehensive income as per Ind AS.
6. The transition from previous GAAP to Ind AS has not had a material impact on the statement of cash flows.
7. Previous GAAP figures have been regrouped/rearranged/reclassified wherever necessary to make them comparable in line with Ind AS.
Notes**
1. The company has elected to measure its investment in Associates as per previous GAAP carrying value. In respect of investment in other equity instruments which are primarily not held for trading are being measured at fair value through Other Comprehensive Income (OCI). In respect of investment in other equity instruments which are held for trading are being measured at fair value through statement of profit and loss A/c. According fair value gain of Rs. 29.57 Lacs of equity instrument primarily not held for trading are included under OCI and fair value gain of Rs. 111.59 Lacs of equity instrument which are held for trading have been included in other income for the year ended 31-03-2017
2. The actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in the net interest on the net defined benefit liability are recognised in balance sheet through other comprehensive income. Thus employee benefit expenses are reduced by 5.54 Lacs and recognised in other comprehensive income gross of tax for the year ended March 31, 2017.
3. The Company availed the exemption available under Ind AS 101 to continue the carrying value for all its Property, Plant & Equipment and intangibles as recognised in the financial statements as at the date of transition to Ind AS, measured as per the IGAAP and use that as its deemed cost as at the date of transition (1st Aprilâ2016).
4. Adjustments to deferred taxes has been made for the above mentioned line items.
5. Under previous GAAP, the Company has not presented Other Comprehensive Income separately. Hence, it has reconciled previous GAAP profit to total comprehensive income as per Ind AS.
6. The transition from previous GAAP to Ind AS has not had a material impact on the statement of cash flows.
7. Previous GAAP figures have been regrouped/rearranged/reclassified wherever necessary to make them comparable in line with Ind AS.
13 STANDARDS ISSUED BUT NOT YET EFFECTIVE
On 28th March, 2018, the Ministry of Corporate Affairs (MCA) has notified Ind AS 115 and certain amendments to existing Ind AS. These amendments shall be applicable to the company from 01st April, 2018.
a. Issue of Ind AS-115- Revenue from Contracts with Customers
Ind AS will supersede the current revenue recognition guidance. Ind AS provides a single model of accounting for revenue arising from contracts with customers based on identification and satisfaction of performance obligations.
b. Amendments to existing issued Ind AS
The MCA has also issued amendments of following accounting standards:
Ind AS 21 - The effects of changes in foreign exchange rates Ind AS 40 - Investment properties Ind AS 12 - Income Tax
Ind AS 28 - Investment in Associates and joint ventures Ind AS 112 -Disclosure of Interest in Other Entities
Applications of above standards are not expected to have any significant impact on the companyâs financial statements.
14 Previous year figures have been re-grouped and re-arranged wherever necessary to confirm to current year classification.
Mar 31, 2015
1.1 Of the above 15500 (P.Y. 15500) Equity shares were allotted as
fully paid up pursuant to contracts without payments being received in
cash.
1.2 Of the above 1456126 (P.Y. 1456126) Equity shares issued as fully
paid up Bonus shares by way of capitalisation of free reserves.
1.3 Of the above 19962 (P.Y. 19962) Equity shares were allotted as
fully paid up pursuant to the scheme of arrangement for amalgamation of
the Jaipur Glass & Potteries Ltd with the Company.
1.4 Of the above 56205 (P.Y. 56205) Equity shares were allotted as
fully paid up pursuant to the scheme of arrangement for amalgamation of
Goenka Products Pvt. Ltd with the Company.
1.5 Shareholder holding more than 5% of the Ordinary Shares in the
company.
2.1 Working Capital Loan of Rs.37.81 Crores from State Bank of Bikaner
& Jaipur, Alwar are secured by hypothecation, both present & future, of
raw material, finished goods, work-in-process, packing ma- terials,
stores, bills for collection and book-debts and on the personal
guarantee of Directors Shri Niranjan Lal Data, Shri Vijay Data, Shri
Daya Kishan Data and their relative Smt. Nirmala Devi & Shri Saurabh
Data and first charge over the fixed assets of the Company.
2.2 Working Capital Loan of Rs.20.86 Crores from IDBI are secured by
first pari passu charge by way of equitable mortgage of land & building
of company's Jaipur Unit and personal guarantee of Directors Shri Vijay
Data and Shri Daya Kishan Data.
2.3 Working Capital Loan Rs.0.92 Crores from State Bank of Bikaner &
Jaipur, Alwar is Secured by way of pledge of FDR's.
3.1 Disclosures as required under the Micro, Small and Medium
Enterprises Development Act, 2006 based on the information available
with the Company are given below.
There are no outstanding amount payable beyond the agreed period to
Micro, Small and Medium Enterprises as on the Balance Sheet to the
extent such enterprises have been identified, based on the information available with the company.
3.2 The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49
lacs during the period 1989- 91, against the use of Company's property.
On account of non-execution of deed of conveyance in favour of these
persons and pending legal formalities, the said amount have been
treated as other creditors.
4.1 Land, Building and Plant & Machinery of Sriganganagar Co-operative
Cotton Complex Ltd, Sriganganagar (Ginning & Spinning Mill) have been
shown under Capital W.I.P.
4.2 The Company has adopted useful lives of the Fixed Assets as those
specified in part C of Schedule II to the Companies Act, 2013 ("the
Act") effective from 1st April, 2014. Accordingly carrying amount of
assets, for which the useful lives as per the revised estimates are
exhausted as of 1st April, 2014 have been recognised in the retained
earning as on that date. For the other assets, the carrying amount as
of 1st April 2014 will be amortised over the remaining useful lives of
the assets. As a result.
a) An amount of Rs.31.74 Lacs has been recognised to the opening
retained earning as of 1st April, 2014.
b) Depriciation charges for the year ended 31st March, 2015, is lower
by 25.31 Lacs.
5.1 Shares of Raghuvar (India) Ltd being not traded during the
financial year hence market value could not be ascertained.
5.2 According to legal opinion, the Company continues to be the owner
of the shares of Saurabh Agrotech (P) Ltd, Alwar. The company has
challenged the illegal transfer of shares through Company Petition in
Company Law Board and matter is Sub Judice before Company Law Board.
5.3 The Closing Stock have been taken, valued and certified by the
Management.
6.1 During the financial year 2007-08, the Company, to widen its
existing operations, has invested a sum of Rs.1212.00 lacs by way of
acquisition of First Charge over the fixed assets of M/s ROM Industries
Ltd situated at SplÂ1, RlICO Industrial Area, Hiragana, Tehsil Bassi,
District Jaipur (Raj.) from IFCI, vide deed of assignment dated
31.10.2007. The Company has stepped into the shoes of IFCI and is
having all rights and liability, which are having with IFCI.
7 : CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT
31.03.2015 31.03.2014
Guarantee and Counter 47.31 2.10
Excise/Sales Tax/Income Tax/PF/ESI/
Customs/
Service Tax demands made by the
authorities in 661.82 571.33
respect of which appeal has been filed.
Claims against the Company not
acknowledged as debts estimated at :
In respect of Third parties 746.64 720.84
8 : LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD
Since order dated 14.03.2012 passed by Hon'ble High Court of
Judicature of Rajasthan, Bench at Jaipur in S.B. Civil Misc. Appeal
No.2218 of 2011 etc. w.r.t. partition suit has been set aside by the
Hon'ble Supreme Court Vide order dated 04.08.2014 and remitted back the
matter to Rajasthan High Court for its fresh consideration after
hereaing the parties. Hon'ble High Court of Judicature of Rajasthan,
Bench at Jaipur after hearing the parties passed an order dated
06.04.2015 and allowed the above mentioned Civil Misc. Appeal and
other connected appeal while partially setting aside Order dated
10.02.2011 passed by the Court of Ld.ADJ, Jaipur. However, the order
dated 06.04.2015 has been challenged before the Hon'ble Supreme Court
of India by the original Plaintiffs. The next date before Hon'ble
Supreme Court is 18.09.2015. Thus as on date the restraint order
passed by the Ld. Trial Court against the Company for transferring or
alienating the properties or creating charge over the properties of the
Company stood set aside.
Since the legal matter under Section 111, 397-398 of the Companies Act,
1956 are still sub-judice before the Hon'ble Company Law Board, New
Delhi which are yet to be heared finally by CLB.
Presently the Company is registered owner of SCOOTER
trademark/device/logo and copy right in the
artwork of SCOOTER Wavy device is registered with Registrar of Trade
Mark and Copyright. The Company is taking appropriate legal action
against all the persons who infringing its trademark and copyright and
company is defending its right before the Hon'ble Courts, wherever the
challenges have been made.
9 : Previous year's figures have been regrouped/recasted/rearranged
wherever necessary to conform to this year's presentation.
10 : Various debit and credit balances appearing in the various heads
remain unconfirmed by the respective parties. Necessary adjustment, if
any, will be made in the books of accout as and when the statement of
accounts/balance confirmation are received from the parties.
11 : DISCLOSURE PURSUANT TO ACCOUNTING STANDARD 15 "Employee Benefits"
a) An amount of Rs.26.60 Lacs (2013-14 Rs.23.53 Lacs) as contribution
towards defined contribution plans is recognized as expenses in
statement of Profit & Loss.
12 : SEGMENT INFORMATION:
The business segment has been considered as the primary segment. The
Company is organized into three business segments, Edible Oils,
Ceramics and Wind Power Generation. The detail of products and services
included in above segments are given below-
Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake,
De-oiled cake etc , Ceramics segments includes Crockery and Insulators
and Wind Power segment includes electricity generation from Wind Power
Generators.
Geographical segments have been considered as secondary segments and
bifurcated into India and Outside India.
Segment revenue, results, assets and liabilities have been accounted
for on the basis of their relationship to the operating activities of
the segment and amounts allocated on a reasonable basis.
13 : Related Party Disclosures
a) List of related parties
1. Enterprises where control exists : NIL
2. Other related parties with whom the Company had transactions, etc.
i) Associates & Joint Ventures
Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd Dhruva Enclave Pvt Ltd
Data Houseware Ltd Indo Caps Pvt Ltd
ii) Key Management Personnel & their relatives
Niranjan Lal Data Vijay Data Daya Kishan Data
iii) Enterprises where Key Management Personnel or relatives of Key
Management Personnel have significant influence.
Vijay Industries Vijay Oil Mills Data Infosys Ltd Shree Bhagwati Farms
Jhankar Motels Pvt Ltd Gaurav Ceramics (P) Ltd Deepak Vegpro Pvt Ltd
Data Oils.
Mar 31, 2014
1 : CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT
31.03.2014 31.03.2013
Guarantee and Counter 2.10 NIL
Excise/Sales Tax/Income Tax/PF/ESI/Customs/
Service Tax demands made by the authorities in 392.36 506.18
respect of which appeal has been filed.
Claims against the Company not acknowledged as
debts estimated at :
In respect of Third parties 720.84 698.00
2 : LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD
Some of the shareholders have filed Petition under section 397,398,111A
and 247 of the Companies Act, 1956 against the company in Company Law
Board Bench, Delhi and the same is pending for adjudication. The
Company has objected the Petition, under section 399 of the Companies
Act, 1956 while relying upon order dated 14.03.2012 of Hon''ble High
Court of Jaipur, before Hon''ble CLB and prayed for its dismissal.
This matter has been fixed for hearing on 15.07.2014.
Some of the shareholders have also filed partition suit in Trial Court
of Jaipur and they have impleaded the Company as a party to the said
suit. The Interim Order passed by the Trial Court is vacated by the
Hon''ble Rajasthan High Court, Jaipur Bench, Jaipur vide its order dated
14.03.2012. The said shareholders challenged the order of Hon''ble
High Court of Rajasthan before Hon''ble Supreme Court of Indai through
Special Leave Petition (SLP) in the month of March, 2012. The Hon''ble
Supreme Court of India vide its order dated 30.03.2012 directed the
Company not to alienate the suit property. The next date of hearing is
fixed on 14.07.2014.
3 : Previous year''s figures have been regrouped/recasted/rearranged
wherever necessary to conform to this year''s presentation.
4 : Various debit and credit balances appearing in the various heads
remain unconfirmed by the respective parties. Necessary adjustment, if
any, will be made in the books of accout as and when the statement of
accounts/balance confirmation are received from the parties.
5 : DISCLOSURE PURSUANT TOACCOUNTING STANDARD 15 "Employee Benefits"
a) An amount of Rs.23.53 Lacs (2012-13 Rs.23.65 Lacs) as contribution
towards defined contribution plans is recognized as expenses of Profit
& Loss.
b) The disclosure in respect of the Defined Benefit Plans are given
below :
The Employee Gratuity Fund is not Funded and managed by the Company.
The present value of obligation is determined based on the actuarial
valuation using the projected unit credit method. The
6 : SEGMENT INFORMATION:
The business segment has been considered as the primary segment. The
Company is organized into three business segments, Edible Oils,
Ceramics and Wind Power Generation. The detail of products and services
included in above segments are given below- Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake, De-oiled cake etc , Ceramics
segments includes Crockery and Insulators and Wind Power segment
includes electricity generation from Wind Power Generators.
Geographical segments have been considered as secondary segments and
bifurcated into India and Outside India.
Segment revenue, results, assets and liabilities have been accounted
for on the basis of their relationship to the operating activities of
the segment and amounts allocated on a reasonable basis.
7 : Related Party Disclosures
a) List of related parties
1. Enterprises where control exists : NIL
2. Other related parties with whom the Company had transactions, etc.
i) Associates & Joint Ventures :
Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd
Vijay International Ltd Vijay Agro Mills (P) Ltd Dhruva Enclave Pvt Ltd
Data Houseware Ltd Data Foods (P) Ltd Gaurav Enclave Pvt Ltd
ii) Key Management Personnel & their relatives
Niranjan Lal Data Vijay Data Daya Kishan Data Neelima Data
iii) Enterprises where Key Management Personnel or relatives of Key
Management Personnel have significant influence.
Vijay Industries
Vijay Oil Mills
Pyarelal Niranjanlal & Co.
Pyare Lal Niranjan Lal Data Infosys Ltd Indo Caps Pvt Ltd Shree
Bhagwati Farms Bhagwati Agro Products Ltd Jhankar Motels Pvt Ltd Data
Developers Ltd Swastic Udyog Data Arcade Shree Data Krishi Farm Gaurav
Ceramics (P) Ltd Deepak Vegpro Pvt Ltd Pawan Udyog Gaurav Vegpro Pvt
Ltd Data Enclave Pvt Ltd Data Oils
Mar 31, 2013
1: CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT
31.03.2013 31.03.2012
Guarantee and Counter NIL NIL
Excise/Sales Tax/Income
Tax PF/ESI/Customs/
Service Tax demands made
by the authorities in 506.18 401.18
respect of which appeal
has been filed.
Claims against the Company
not acknowledged as debts
estimated at:
In respect of Third parties 698.00 680.20
2: LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD
Some of the shareholders have filed Petition under section 397,398,111
A and 247 of the Companies Act, 1956 against the company in Company Law
Board Bench, Delhi and the same is pending for adjudication. The
Company has objected the Petition, under section 399 of the Companies
Act, 1956 while relying upon order dated 14.03.2012 of Hon''ble High
Court of Jaipur, before Hon''ble CLB and prayed for its dismissal.
This matter has been fixed for hearing on 02.08.2013.
Some of the shareholders have also filed partition suit in Trial Court
of Jaipur and they have imp leaded the Company as a party to the said
suit. The Interim Order passed by the Trial Court is vacated by the
Hon''ble Rajasthan High Court, Jaipur Bench, Jaipur vide its order dated
14.03.2012. The said shareholders challenged the order of Hon''ble
High Court of Rajasthan before Hon''ble Supreme Court of Indai through
Special Leave Petition (SLP) in the month of March, 2012. The Hon''ble
Supreme Court of India vide its order dated 30.03.2012 directed the
Company not to alienate the suit property. The next date of hearing is
fixed on 26.06.2013.
3 : Previous year''s figures have been regrouped/recanted/rearranged
wherever necessary to conform to this year''s presentation.
4: DISCLOSURE PURSUANT TO ACCOUNTING STANDARD 15 "Employee Benefits"
a) An amount of Rs.23.65 Lacs (2011-12 Rs.24.65 Lacs) as contribution
towards defined contribution plans is recognized as expenses of Profit
& Loss.
5 : Related Party Disclosures
a) List of related parties
1. Enterprises where control exists : NIL
2. Other related parties with whom the Company had transactions, etc.
i) Associates & Joint Ventures :
Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd
Vijay International Ltd Vijay Agro Mills (P) Ltd Dhruva Enclave Pvt Ltd
Data Houseware Ltd Data Foods (P) Ltd Gaurav Enclave Pvt Ltd
ii) Key Management Personnel & their relatives Niranjan Lai Data
Vijay Data Daya Kishan Data Neelima Data
iii) Enterprises where Key Management Personnel or relatives of Key
Management Personnel have significant influence.
Vijay Industries
Vijay Oil Mills
Pyarelal Niranjanlal & Co.
Pyare Lai Niranjan Lai Data Infosys Ltd Indo Caps Pvt Ltd Shree
Bhagwati Farms Bhagwati Agro Products Ltd Jhankar Motels Pvt Ltd Data
Developers Ltd Swastic Udyog Data Arcade Shree Data Krishi Farm Gaurav
Ceramics (P) Ltd Deepak Vegpro Pvt Ltd Pawan Udyog Gaurav Vegpro Pvt
Ltd Data Enclave Pvt Ltd
Mar 31, 2012
1.1 Of the above 15500 (P.Y. 15500) Equity shares were allotted as
fully paid up pursuant to contracts without payments being received in
cash.
1.2 Of the above 1456126 (P.Y. 1456216) Equity shares issued as fully
paid up Bonus shares by way of capitalization of free reserves.
1.3 Of the above 19962 (P.Y. 19962) Equity shares were allotted as
fully paid up pursuant to the scheme of arrangement for amalgamation of
the Jaipur Glass & Potteries Ltd with the Company.
1.4 Of the above 56205 (P.Y. 56205) Equity shares were allotted as
fully paid up pursuant to the scheme of amalgamation for amalgamation
of Goenka Products Pvt. Ltd with the Company.
1.5 Shareholder holding more than 5% of the Ordinary Shares in the
company.
2.1 Working Capital Loan from State Bank of Bikaner & Jaipur, Alwar are
secured by hypothecation, both present & future, of raw material,
finished goods, work-in-process, packing materials, stores, bills for
collection and book-debts and on the personal guarantee of Directors
Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and
their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge
over the fixed assets of the Company.
2.2 Short term loan from IDBI are secured by first pari passu charge by
way of equitable mortgage of land & building of company's Jaipur Unit
and personal guarantee of Directors Shri Vijay Data and Shri Daya
Kishan Data.
2.3 Unsecured loan from bank of Rs.10.00 Crores is taken from Kotak
Mahindra Bank Ltd. This loan is a short term loan and is personally
guaranteed by Shri Niranjan Lal Data and Shri Vijay Data.
3.1 Disclosures as required under the Micro, Small and Medium
Enterprises Development Act, 2006 based on the information available
with the Company are given below.
There are no outstanding amount payable beyond the agreed period to
Micro, Small and Medium Enter- prises as on the Balance Sheet date to
the extent such enterprises have been identified, based on the information available with the company.
3.2 The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49
lacs during the period 1989- 91, against the use of Company's property.
On account of non-execution of deed of conveyance in favour of these
persons and pending legal formalities, the said amount have been
treated as other creditors.
4.1 Shares of Raghuvar (India) Ltd being not traded during the
financial year hence market value could not be ascertained.
4.2 According to legal opinion, the Company continues to be the owner
of the shares of Saurabh Agrotech (P) Ltd, Alwar. The company has
challenged the illegal transfer of shares through Company Petition in
Company Law Board and matter is Sub Judice before Company Law Board.
5.1 During the financial year 2007-08, the Company, to widen its
existing operations, has invested a sum of Rs. 1212.00 lacs by way of
acquisition of First Charge over the fixed assets of M/s ROM Industries
Ltd situated at Spl à 1, RIICO Industrial Area, Hiragana, Tehsil
Bassi, District Jaipur (Raj.) from IFCI, vide deed of assignment dated
31.10.2007. The Company has stepped into the shoes of IFCI and is
having all rights and liability, which are having with IFCI. The
Company has filed form 8 for registration/modification of charges but
same is pending for want of condonation of delay. The company is taking
appropriate action for condonation of delay with apporpriate authority
and for want of completion of legal formalities, the above amount has
been shown as loans & advances.
5.2 Since the Physical possession of Land, Building and Plant &
Machinery of Sriganganagar Co-operative Cotton Complex Ltd,
Sriganganagar (Ginning & Spinning Mill) were taken over by the Company
on 25.04.2011 vide possession report No.964 dated 25.04.2011 and the sale
deed got registered on 09.06.2011 in favour of the Company therefore the
above amount of Rs.801.00 Lacs along with regristration and transfer
expenses have been transfered under the head fixed assets from the head
Loans & Advances.
6 : CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNT
31.03.2012 31.03.2011
Guarantee and Counter NIL NIL
Excise/Sales Tax/Income Tax
PF/ESI/Customs/ Service Tax demands
made by the authorities in respect of
which appeal has been filed. 401.18 515.11
Claims against the Company not
acknowledged as debts estimated at :
In respect of Third parties 680.20 663.40
7 : LEGAL MATTERS PENDING BEFORE VARIOUS COURTS AND COMPANY LAW BOARD
Some of the shareholders have filed Petition under section 397,398,111A
and 247 of the Companies Act, 1956 against the company in Company Law
Board Bench, Delhi and the same is pending for adjudication. The
Company has objected the Petition, under section 399 of the Companies
Act, 1956 and relying upon order dated 14.03.2012 of Hon'ble High
Court of Jaipur, before Hon'ble CLB and prayed for its dismissal.
This matter has been fixed for hearing on 23.08.2012.
Some of the shareholders have also filed partition suit in Trial Court
of Jaipur and they have impleaded the Company as a party to the said
suit. The Interim Order passed by the Trial Court is vacated by the
Hon'ble Rajasthan High Court, Jaipur Bench, Jaipur vide its order dated
14.03.2012. The said shareholders challenged the order of Hon'ble
High Court of Rajasthan before Hon'ble Supreme Court of India through
Special Leave
Petition (SLP) in the month of March, 2012. The Hon'ble Supreme Court
of India vide its order dated 30.03.2012 directed the Company not to
alienate the suit property. The next date of hearing is fixed on
17.09.2012.
8 : Previous year's figures have been regrouped/recasted/rearranged
wherever necessary to conform to this year's presentation..
9 : Various debit and credit balances appearing in the various heads
remain unconfirmed by the respective parties. Necessary adjustment, if
any, will be made in the books of account as and when the statement of
accounts/balance confirmation are received from the parties.
10: SEGMENT INFORMATION:
The business segment has been considered as the primary segment. The
Company is organized into three business segments, Edible Oils,
Ceramics and Wind Power Generation. The detail of products and services
included in above segments are given below-
Edible Oil segment includes Vanaspati Ghee, Edible Oils, Oil Cake,
De-oiled cake etc , Ceramics segments includes Crockery and Insulators
and Wind Power segment includes electricity generation from Wind Power
Generators.
Geographical segments have been considered as secondary segments and
bifurcated into India and Outside India.
Segment revenue, results, assets and liabilities have been accounted
for on the basis of their relationship to the operating activities of
the segment and amounts allocated on a reasonable basis.
11 : Related Party Disclosures
a) List of related parties
1. Enterprises where control exists : NIL
2. Other related parties with whom the Company had transactions, etc.
i) Associates & Joint Ventures :
Saurabh Agrotech Pvt Ltd Raghuvar (India) Ltd
Vijay International Ltd Vijay Agro Mills (P) Ltd Dhruva Enclave Pvt Ltd
Data Houseware Ltd Data Foods (P) Ltd Gaurav Enclave Pvt Ltd
ii) Key Management Personnel & their relatives Niranjan Lal Data
Vijay Data Daya Kishan Data Neelima Data
iii) Enterprises where Key Management Personnel or relatives of Key
Management Personnel have significant influence.
Vijay Industries
Vijay Oil Mills
Pyarelal Niranjanlal & Co.
Pyare Lal Niranjan Lal
Data Infosys Ltd
Indo Caps Pvt Ltd
Shree Bhagwati Farms
Bhagwati Agro Products Ltd
Jhankar Motels Pvt Ltd
Data Developers Ltd
Swastic Udyog
Data Arcade
Shree Data Krishi Farm
Gaurav Ceramics (P) Ltd
Deepak Vegpro Pvt Ltd
Pawan Udyog
Gaurav Vegpro Pvt Ltd
Data Enclave Pvt Ltd
Mar 31, 2011
1) The Closing Stock have been taken, valued and certified by the
Management.
2) In the opinion of the Management and to the best of their knowledge
and belief, the value of fixed assets, current assets and loans and
advances, if realised in the ordinary course of business, would not be
less than at which they are stated in the Balance Sheet, unless
otherwise stated.
3) Contingent liabilities not provided for in the account -
(Rs. In Lacs)
31.03.11 31.03.10
a) Guarantee and Counter - 5.00
Guarantees
b) Excise/Sales Tax/Income
Tax 515.11 850.61
PF/ESI/Customs/Service Tax
demands made by the
authorities in respect of
which appeal has been
filed.
c) Claims against the
Company not acknowledged
as debts estimated at :
In respect of Third parties 663.40 639.35
4) Exchange difference in respect of forward exchange contracts to be
charged in the subsequent accounting year Rs.NIL (P.Y. Rs.0.53 Lacs).
5) Working Capital Loan from State Bank of Bikaner & Jaipur, Alwar are
secured by hypothecation, both present & future, of raw material,
finished goods, work-in-process, packing materials, stores, bills for
collection and book-debts and on the personal guar- antee of Directors
Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and
their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge
over the fixed assets of the Company.
6) Short term loan from IDBI are secured by first pari passu charge by
way of equitable mortgage of land & building of company's Jaipur Unit
and personal guarantee of Directors Shri Vijay Data and Shri Daya
Kishan Data.
7) Unsecured loan from bank of Rs.10.00 Crores is taken from Kotak
Mahindra Bank Ltd. This loan is a short term loan and is personally
guaranteed by Shri Niranjan Lal Data and Shri Vijay Data.
8) Payments made or provided during the financial year to Directors as
Managerial remuneration under section 198 of the Act paid or payable
during the financial year Rs.88.17 Lacs (P.Y. Rs.40.78 Lacs).
9)Previous year's figures have been regrouped/recasted/rearranged
wherever necessary to conform to this year's presentation.
10)Various debit and credit balances appear- ing in the various heads
remain unconfirmed by the respective parties. Necessary adjustment, if
any, will be made in the books of account as and when the statement of
accounts/balance confirmation are received from the parties.
11)Expenditure on employees who are in receipt of remuneration of
Rs.2400000/- p.a. or more during the year or Rs.200000/- per month, if
employed for a part of the year Rs.88.17 Lacs (P.Y. NIL).
12)The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49
lacs during the period 1989-91, against the use of Company's property.
On account of non- execution of deed of conveyance in favour of these
persons and pending legal formali- ties, the said amount have been
treated as other creditors.
13)During the financial year 2006-07, the Company made a bid to
purchase Land, Building and Plant & Machinery of Sriganganagar
Co-operative Cotton Complex Ltd, Sriganganagar (Ginning & Spinning
Mill) for Rs.801.00 Lacs. Physical possession of the fixed assets were
taken over by the Company on 25.04.2011 vide possession report No.964
dated 25.04.2011 and the sale deed got registered on 09.06.2011 in
favour of the Company. Since the Company has not assumed the title over
the assets as on 31.03.2011, therefore the above amount of Rs.801.00
Lacs have been shown as deposit under the head Loans & Advances.
14)During the financial year 2007-08, the Com- pany, to widen its
existing operations, has invested a sum of Rs.1212.00 lacs by way of
acquisition of First Charge over the fixed assets of M/s ROM Industries
Ltd situated at Spl-1, RIICO Industrial Area, Hirawala, Tehsil Bassi,
District Jaipur (Raj.) from IFCI, vide deed of assignment dated
31.10.2007. The Company has stepped into the shoes of IFCI and is
having all rights and liability, which are having with IFCI. The Charge
in favour of the IFCI stands registered in the records of the ROC,
Punjab but the same is yet to be registered in favour of the Com- pany.
The Jaipur Unit of M/s ROM Industries Ltd is engaged in similar
business as that of the Company. ROM Industries Ltd is a declared sick
company by BIFR and a DRS has been presented in AAIFR by ROM Industries
Ltd and for want of completion of legal formalities, the above amount
has been shown as loans & advances.
15)According to legal opinion, the company continues to be the owner of
the shares of Saurabh Agrotech (P) Ltd, Alwar since the consideration
for the transfer of shares has not been determined, therefore the Com-
pany has rescinded the contract for sale of shares.
16)The Company is in process of identifying Micro & Small Enterprises
as defined un- der the Micro, Small & Medium Enterprises development
Act, 2006. Consequently, as of now, it is neither possible for the Com-
pany to ascertain whether payment to such enterprises has been made
within 45 days from the date of acceptance of supply of goods or
services rendered by the supplier nor to give the relevant disclosures
as re- quired under the Act.
17)Segment Information:
The Business segment has been considered as the primary segment. The
Company is organised into three segments, Edible Oils, Ceramics & Wind
Power Generation. The detail of products and ser- vices included in
above segments are given below -
Edible Oils segment includes Vanaspati Ghee, Edible Oils, Oil Cake,
De-oiled Cake etc, Ceramic segments includes Crockery and Insulators
and Wind Power segment in- cludes electricity generation from Wind
Power Generators.
Further the geographical segments have been considered as secondary
segments and bifurcated into India and outisde India.
Segment revenue, results, assets and liabilities have been accounted
for on the basis of their relationship to the operating activities of
the segment and amounts allocated on a reasonable basis.
18) Related Party Disclosures
a) List of related parties
1. Enterprises where control exists : NIL
2. Other related parties with whom the Company had transactions, etc.
i) Associates & Joint Ventures :
Saurabh Agrotech Pvt Ltd
Raghuvar (India) Ltd
Vijay International Ltd
Vijay Agro Mills (P) Ltd
Dhruva Enclave Pvt Ltd
Data Houseware Ltd
Data Foods (P) Ltd
Gaurav Enclave Pvt Ltd
ii) Key Management Personnel & their relatives
Niranjan Lal Data
Vijay Data
Daya Kishan Data
Neelima Data
iii) Enterprises where Key Management Personnel or relatives of Key
Management Personnel have significant influence.
Vijay Industries
Vijay Oil Mills
Pyarelal Niranjanlal & Co.
Pyare Lal Niranjan Lal
Data Infosys Ltd
Indo Caps Pvt Ltd
Shree Bhagwati Farms
Bhagwati Agro Products Ltd
Jhankar Motels Pvt Ltd
Data Developers Ltd
Swastic Udyog
Data Arcade
Shree Data Krishi Farm
Gaurav Ceramics (P) Ltd
Deepak Vegpro Pvt Ltd
Pawan Udyog
Gaurav Vegpro Pvt Ltd
Data Enclave Ltd
Mar 31, 2010
1) The Closing Stock have been taken, valued and certified by the
Management.
2) In the opinion of the Management and to the best of their knowledge
and belief, the value of fixed assets, current assets and loans and
advances, if realised in the ordinary course of business, would not be
less than at which they are stated in the Balance Sheet, unless
otherwise stated.
3) Contingent liabilities not provided for in the account -
(Rs. In Lacs)
31.03.10 31.03.09
a) Guarantee and Counter 5.00 14.08
Guarantees
b) Excise/Sales Tax/Income Tax 850.61 833.74
PF/ESI/Customs/Service Tax demands made
by the authorities in respect of which
appeal has been filed.
c) Claims against the Company not
acknowledged as debts estimated at :
In respect of Third parties 639.35 472.58
4) Exchange difference in respect of forward exchange contracts to be
charged in the subsequent accounting year Rs.0.53 Lacs (P.Y. NIL).
5) Working Capital Loan from State Bank of Bikaner & Jaipur, Alwar are
secured by hy- pothecation, both present & future, of raw material,
finished goods, work-in-process, packing materials, stores, bills for
collection and book-debts and on the personal guar- antee of Directors
Shri Niranjan Lal Data, Shri Vijay Data, Shri Daya Kishan Data and
their relative Smt. Nirmala Devi & Shri Saurabh Data and first charge
over the fixed assets of the Company.
6) Short term loan from IDBI are secured by first pari passu charge by
way of equitable mortgage of land & building of companys Jaipur Unit
and personal guarantee of Directors Shri Vijay Data and Shri Daya
Kishan Data.
7) Payments made or provided during the financial year to Directors as
Managerial remuneration under section 198 of the Act paid or payable
during the financial year Rs.40.78 Lacs (P.Y. Rs.31.55 Lacs).
8) Previous years figures have been regrouped/recasted/rearranged
wherever necessary to conform to this years presentation.
9)Various debit and credit balances appearing in the various heads
remain unconfirmed by the respective parties. Necessary adjustment, if
any, will be made in the books of account as and when the statement of
accounts/balance confirmation are received from the parties.
10)Expenditure on employees who are in receipt of remuneration of
Rs.2400000/- p.a. or more during the year or Rs.200000/- per month, if
employed for a part of the year NIL (P.Y. NIL).
11)The Ceramic Division (erstwhile JGPWL) received a sum of Rs.14.49
lacs during the period 1989-91, against the use of Companys property.
On account of non- execution of deed of conveyance in favour of these
persons and pending legal formali- ties, the said amount have been
treated as other creditors.
12)During the financial year 2006-07, the Company made a bid to
purchase Land, Building and Plant & Machinery of Sriganganagar
Co-operative Cotton Complex Ltd, Sriganganagar (Ginning & Spinning
Mill) for Rs.801.00 Lacs. The Govt. of Rajasthan has accepted the bid
and Com- pany has deposited entire amount of Rs.801.00 Lacs. The
possession of the as- sets of Cotton Mill has not been handed-over to
the Company, since the matter is sub- judice. The amount paid is fully
recoverable in the event if the assets are not handed- over to the
Company by the Govt. of Rajasthan, therefore the above amount of
Rs.801.00 Lacs have been shown as deposit under the head Loans &
Advances.
13)During the financial year 2007-08, the Com- pany, to widen its
existing operations, has invested a sum of Rs.1212.00 lacs by way
acquisition of First Charge over fixed assets of M/s ROM Industries Ltd
from IFCI, which is situated at RIICO Industrial Area, Hirawala, Tehsil
Bassi, Distt. Jaipur (Raj). The Jaipur Unit of M/s ROM Industries Ltd
is engaged in similar business as that of the Company. ROM Industries
Ltd is a declared sick com- pany by BIFR and a DRS has been pre- sented
in AAIFR by ROM Industries Ltd and for want of completion of legal
formalities, the above amount has been shown as loans & advances.
14)According to legal opinion, the company continues to be the owner of
the shares of Saurabh Agrotech (P) Ltd, Alwar since the consideration
for the transfer of shares has not been determined, therefore the
Company has rescinded the contract for sale of shares.
15)The Company is in process of identifying Micro & Small Enterprises
as defined un- der the Micro, Small & Medium Enterprises development
Act, 2006. Consequently, as of now, it is neither possible for the Com-
pany to ascertain whether payment to such enterprises has been made
within 45 days from the date of acceptance of supply of goods or
services rendered by the supplier nor to give the relevant disclosures
as re- quired under the Act.
16)Segment Information:
The Business segment has been considered as the primary segment. The
Company is organised into three segments, Edible Oils, Ceramics & Wind
Power Generation. The detail of products and ser- vices included in
above segments are given below -
Edible Oils segment includes Vanaspati Ghee, Edible Oils, Oil Cake,
De-oiled Cake etc, Ceramic segments includes Crockery and Insulators
and Wind Power segment in- cludes electricity generation from Wind
Power Generators.
Further the geographical segments have been considered as secondary
segments and bifurcated into India and outisde India.
Segment revenue, results, assets and liabilities have been accounted
for on the basis of their relationship to the operating activities of
the segment and amounts allo- cated on a reasonable basis.
17) Related Party Disclosures
a) List of related parties
1. Enterprises where control exists : NIL
2. Other related parties with whom the Company had transactions, etc.
i) Associates & Joint Ventures :
Saurabh Agrotech Pvt Ltd
Raghuvar (India) Ltd
Vijay International Ltd
Vijay Agro Mills (P) Ltd
Dhruva Enclave Pvt Ltd
Data Houseware Ltd
Data Foods (P) Ltd
Gaurav Enclave Pvt Ltd
ii) Key Management Personnel & their relatives
Niranjan Lal Data
Vijay Data
Daya Kishan Data
Neelima Data
iii) Enterprises where Key Management Personnel or relatives of Key
Management Personnel have significant influence.
Vijay Industries Vijay Oil Mills Pyarelal Niranjanlal & Co. Pyare Lal
Niranjan Lal Data Infosys Ltd Indo Caps Pvt Ltd Shree Bhagwati Farms
Bhagwati Agro Products Ltd Jhankar Motels Pvt Ltd Data Developers Ltd
Swastic Udyog Data Arcade Shree Data Krishi Farm Gaurav Ceramics (P)
Ltd Deepak Vegpro Pvt Ltd Pawan Udyog
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
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