79833894_PLIE_2013-09-28-19-18-30-049.pdf

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf

http://slidepdf.com/reader/full/79833894plie2013-09-28-19-18-30-049pdf 1/31

Independent Auditors’ Report to the members of Shakumbari Sugar & Allied Industries

Limited.

Report on the financial statements

We have audited the accompanying financial statements of Shakumbari Sugar & AlliedIndustries Limited., which comprise the balance sheet as at 31st March 2013, and the

statement of the profit and loss and the cash flow statement for the year then ended, and a

summary of the significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation of these financial statements that give a true

and the fair view of the financial position, financial performance and cash flows of the

company in accordance with the accounting principles generally accepted in India,

including accounting standards referred to in sub section (3C) of section 211 of the

Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation

and maintenance of internal control relevant to the preparation and presentation of the

financial statements that give a true and fair view and free from material misstatement,

whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the Standards on Auditing issued by Instituteof Chartered Accountant of India. Those standards require that we comply with the ethical

requirements and plan and perform the audit to obtain the reasonable assurance about

whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the financial statements. The procedures selected depend on the auditor’s

judgment, including assessment of risks of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, the auditor

considers internal control relevant to the company’s preparation and fair presentation of the

financial statements in order to design audit procedures that are appropriate in the

circumstances. An audit also includes evaluating the appropriateness of accounting policies

used and the reasonableness of the accounting estimates made by the management, as well

as evaluating the overall presentation of the financial statements.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for audit opinion.

Emphasis of Matter

i) Note no 26 regarding fully erosion of net worth of the company. As explained in the saidnote, in view of continuing financial support from the Holding Company, the Management

has prepared the Financial Statements on a going concern basis

ii) Note no. 34 regarding non provision against impairment loss on its Fixed Assets for the

reason stated in the said note, as its expected recoverable value is more than its carrying

value.

Our opinion is not qualified on the matters mentioned in para (i) & (ii).

Qualification

1) Attention is invited to:

(i) Note no. 27 regarding pending confirmation /reconciliation of balances of debtors, creditors,Loans & Advances {including capital advances as stated in note no. 25 (d)}, other liabilities and provision and internal control to be further strengthened for the reasons as stated in the said note andconsequential impact whereof presently cannot be ascertainable.

(ii) Note no. 28(a) regarding pending verification and updation of records of certain fixed assets as

stated in the said notes.

We further report that the loss for the year, debit balance of profit & loss account, balance of loans &advances, and other assets and liabilities are without considering the impact of item mentioned in para1(i) & (ii) above, the effect of which could not be determined.

Opinion

Subject to our comment in para 1(i) & (ii) above, in our opinion and best to our information and

according to the explanations given to us, the financial statements read together with notesthereon, give the information required by Act in the manner so require and give a true and

fair view in conformity with the accounting principles generally accepted in India:

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


a. In the case of the balance sheet, of the state of the affairs of the company as at 31st

March 2013,

b. In case of the statement of the profit and loss, of the profit/loss for the year ended on

that date, and

c. In case of the cash flow statement, of the cash flows for the year ended on that date.

Report on other legal and the regulatory requirements:

1. As required by the Companies (Auditor’s Report) Order, 2003 (“the Order”) issued

by the Central Government of India in terms of sub-section (4A) of section 227 of the

Act, we give the Annexure a statement on the, manners specified in the paragraphs 4

and 5 of the order.

2. As required by section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations which, to the best ofour knowledge and belief, were necessary for the purposes of our audit;

b. In our opinion, proper books of account, as required by law, have been kept by

the Company so far as appears from our examination of those books;

c. The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement

referred to in this report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow

Statement referred to in this report comply with the Accounting Standards

referred to in sub-section (3C) of section 211 of Companies Act, 1956;

e.

On the basis of the written representations received from the Directors andtaken on records by the Board of Directors, we report that none of the directors

of the Company is disqualified as on 31st March 2013 from being appointed as

a Director of the Company in terms of clause (g) of sub-section (1) of section

274 of the Companies Act, 1956.

For LODHA & CO.,Firm Registration Number: 301051EChartered Accountants

SD/

N.K. LODHA(Partner)Membership No: 85155Place: Noida, UPDate:

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


Annexure referred to in paragraph 1 under the heading “Report on other legal and

regulatory requirements” of our report of even date

1.

(a) Fixed Assets records showing full particulars, including quantitative details andsituation of fixed assets are in process of compilation /updation. (Read with note no. 28(a)).

(b) As per information and explanations given to us, physical verification of fixed assets

is in process as per the programme of physical verification in periodical manner (read

with note no. 28(a)). The discrepancies noticed on such physical verification, to the extent

verified, were not material. However in our opinion this to be further strengthened.

(c) As per the records and information and explanations given to us, fixed assets

disposed off during the year do not affect the going concern assumption of the

Company.

2. (a) The inventory of the Company has been physically verified by the management atreasonable intervals read with note no. 28(b).

(b) In our opinion and according to the information and explanations given to us, the

procedures of physical verification of inventories followed by the management are

reasonable (read with para (2) (a) above) in relation to the size of the Company and

nature of its business.

(c) In our opinion and according to information & explanations given to us, the company

has maintained proper records of inventory [except process stock which has beenupdated on periodical basis read with note no. 28(b)]. The discrepancies noticed on such

physical verification of inventory as compared to book records were not material.

3. As per the information and records made available to us, the Company has neithergranted nor taken during the year any loan secured or unsecured to / from companies,firms or other parties listed in the register maintained under section 301 of the Act.Accordingly the provisions of clause 4 (iii) (b) to (d) and (f) & (g) of the order are notapplicable to the Company.

4. In our opinion and according to the information & explanations given to us, havingregard to the explanation that some of the items purchased are of special nature orwhere user department has shown specific preference, where, as explained, suitablealternative sources do not exist to obtain comparative quotation and rates were determinedconsidering the quality, volume, nature of the items and present market condition prevailing atthat time, there is an internal control system which needs to be further strengthened to be madethe same commensurate with the size of the Company and nature of its business for the purchase

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


of inventory & fixed assets and for the sale of goods (read with note no. 35 regarding MSME). Based on the audit procedure performed and information & explanation provided bythe management, during the course of our audit, we have not observed any continuingfailure to correct major weakness in internal control system.

5. According to the information and explanations provided by the management and basedon the audit procedure performed, we are of the opinion that the particulars of contractsor arrangements referred to in Section 301 of the Companies Act, 1956 have been enteredin the register maintained under that section; and having regard to our comment in para(4) above, the transaction made in pursuance of such contracts or arrangement(exceeding the value of Rs. 5 Lacs in respect of each party during the financial year) havebeen made at prices which are generally reasonable having regard to the prevailingmarket prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, theCompany has not accepted any deposits from the public within the meaning of Section

58A and 58AA of the Act.

7. In our opinion, the company has an internal audit system, which needs to be furtherstrengthened to make the same commensurate with the size of the company and nature of itsbusiness.

8. We have broadly reviewed the books of accounts to the extent maintained by thecompany pursuant to the rules made by the Central Government for the maintenance ofcost records under Section 209 (1) (d) of the Act in respect of the company’s products towhich the said rules are made applicable and are of the opinion that prima facie, theprescribed records have been made and maintained. We have, however, not made adetailed examination of the said records with a view to determine whether they areaccurate and complete.

9. (a) According to the records and information made available, the Company is generallyregular in depositing undisputed statutory dues including Income Tax, Sales Tax,Wealth Tax, Excise Duty, Service Tax, Provident Fund and Cess with the appropriateauthorities. According to the information and explanations given to us, there are noundisputed amounts payable in respect of statutory dues which have remainedoutstanding as at 31st March 2013 for a period more than six months.

(b) According to the information and explanations given to us, there are no dues in

respect of Income Tax, Custom Duty, Wealth Tax & Service Tax that have not been

deposited with the appropriate authorities on account of any dispute and the dues in

respect of Excise Duty, Cess, Entry Tax and sales tax that have not been deposited with

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


the appropriate authorities on account of disputes and the forum where the dispute is

pending are given below:

Statute Nature of

Dues

Amount (Rs.

in lacs)

Period Forum where disputes

are pending

Central Excise

Act

Excise Duty 33.04 2007-08 to

2008-09,

2011-12 to

2012-13

Commissioner

(Appeals) Meerut

Excise Duty 28.96 1994-95,

1995-96

2008-09 to

2012-13,

CESTAT, New Delhi

Excise Duty 5.15 2010-11 to

2012-13

Asst. Commissioner,

Saharanpur

Central Sales

Tax act

Central Sales

Tax

2,544.67 2004-05 &

2007-08

Dy. Commissioner of

Commercial Taxes,

Saharanpur

Central Sales

Tax

13.79 2005-06 &

2006-07

Addl. Commissioner

of Commercial Taxes,

Saharanpur

UP Trade Tax

Act

Entry Tax 318.69 2000-01,

2004-05 &

2007-08

Dy. Commissioner of

Commercial Taxes,

Saharanpur

Entry Tax 3.32 2005-06 to

2006-07

Addl. Commissioner


Saharanpur

UP Trade Tax

Act

Provincial

Sales Tax

408.67 2004-05 &

2007-08

Dy. Commissioner of

Commercial Taxes,

Saharanpur

Provincial

Sales Tax

0.11 2005-06 Addl. Commissioner


Saharanpur

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


10. The Company has accumulated losses at the end of the financial year exceeding 50% ofits net worth, further company has incurred cash losses during the current financial yearand in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, theCompany has not defaulted in the repayment of dues to the banks or financialinstitution or debenture holders.

12. According to the information and explanations given to us and based on documents andrecords provided to us, the Company has not granted any loans and advances on thebasis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, theprovisions of clause 4 (xiii) are not applicable.

14. According to the information and explanations given to us, the company is not dealingin or trading in shares, securities, debentures and other investments. Accordingly clause4 (xiv) of the said order are not applicable.

15. According to the information and explanations given to us, the company has not givenany guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, term loans have beenapplied for the purposes for which they were obtained as at balance sheet date.

17. On the basis of information and explanations given to us and on overall examination ofthe financial statements of the Company, funds raised on short-term basis have primafacie not been used for long-term investment as at balance sheet date.

18. According to the information and explanations given to us, the Company has not madepreferential allotment of shares to any parties or companies covered in the registermaintained U/s 301 of the Act

19. The company has neither issued nor had any outstanding debenture during the year.

20. The company has not raised money by public issues during the year.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


21. To the best of our knowledge and belief, based on the audit procedures performed andon the basis of information and explanations provided by the management, no materialfraud on or by the Company has been noticed or reported during the course of the audit.

For LODHA & CO.,Firm Registration Number: 301051EChartered Accountants

SD/

N.K. LODHA(Partner)Membership No: 85155

Place: Noida, UP

Date:

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


SHAKUMBARI SUGAR AND ALLIED INDUSTRIES LIMITED

BALANCE SHEET - -

AS AT 31st. March 2013 (Rs. in Lacs)

ParticularsNote

No.

As at

31.03.2013

As at

31.03.2012

EQUITY AND LIABILITIES

Shareholders' Funds

Share Capital 2 6,067.71 6,067.71

Reserves and Surplus 3 (12,131.72) (9,506.14)

(6,064.01) (3,438.43)

Non-current Liabilities

Long-term borrowings 4 6,902.01 8,792.14

Other Long-term liabilities 5 197.62 111.51

Long-term provisions 6 20.17 15.63 7,119.80 8,919.28

Current Liabilities

Short-term borrowings 7 4,727.44 6,927.66

Trade payables 5,745.66 4,569.21

Other current liabilities 8 12,612.77 8,043.30

Short-term provisions 6 84.73 57.96

23,170.60 19,598.13

TOTAL 24,226.39 25,078.98

ASSETS

Non-current Assets

Fixed Assets

Tangible assets 9 9,231.93 9,680.57

Capital work-in-progress 9 1,372.73 1,693.27

Long-term loans and advances 10 725.66 730.90

Other non-current assets 11 444.26 75.72

11,774.58 12,180.46

Current Assets

Inventories 12 10,728.94 7,771.67

Trade receivables 13 177.28 3,765.08

Cash and bank balances 14 1,019.31 769.15

Short-term loans and advances 15 526.28 592.62

12,451.81 12,898.52

TOTAL 24,226.39 25,078.98

- -

Summary of Significant Accounting Policies 1

The accompanying notes are an integral part of the financial statements

As per our report of even date

For Lodha & Co. For and on behalf of board of directors

Chartered Accountants

Firm Registration No. 301051E

SD/ SD/ SD/

(N. K. Lodha)

Partner (U. S. Bhartia) (Mohan Sharma)

M.N.-85155 Chairman Executive Director

Place: Noida, U.P. Place: Noida, U.P.

Date: 30/05/2013 Date: 30/05/2013

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf



Statement of PROFIT & LOSS

FOR THE YEAR ENDED 31st. MARCH 2013 (Rs. in Lacs)

ParticularsNote

No.31-Mar-13 31-Mar-12

Income

Revenue from operations (gross) 16 10,620.54 16,556.55

Less: Excise duty 558.07 665.96

Revenue from operations 10,062.47 15,890.59

Other income 17 23.55 163.16

Total Revenue (I) 10,086.02 16,053.75

Expenses:

Cost of materials consumed 18 11,239.90 9,905.19

Purchase of Stock-in-Trade 19 - 4,699.94

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade 20 (2,839.88) (161.87)

Employee benefits expense 21 726.95 696.50

Other expenses 22 882.15 1,282.02

Total Expenses (II) 10,009.12 16,421.78

Earning before interest, tax, depreciation & amortization (EBITDA) (I) - (II) 76.90 (368.03) Finance costs 23 1,928.03 2,508.40

Depreciation and amortization expense 24 774.34 779.22

Profit/(Loss) before exceptional and extraordinary items and tax (2,625.47) (3,655.65)

Exceptional Items - -

Profit/(Loss) before extraordinary items and tax (2,625.47) (3,655.65)

Extraordinary Items - -

Profit/(Loss) before tax (2,625.47) (3,655.65)

Tax Expense:

Current Tax - -

Deferred Tax - -

Profit/(Loss) for the period (2,625.47) (3,655.65)

Earnings per equity share (Rs.):

- Basic & Diluted (5.18) (7.21)

Summary of Significant Accounting Policies 1

The accompanying notes are an integral part of the financial statements





SD/ SD/ SD/

(N. K. Lodha)

Partner (U. S. Bhartia) (Mohan Sharma)

M.N.-85155 Chairman Executive Director


Date: 30/05/2013 Date: 30/05/2013

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


Shakumbari Sugar And Allied Industries Limited

Notes to financial statement for the year ended 31 March 2013

1. Significant Accounting Policies

1.1 Accounting Concept

The accounts are being prepared using historical cost convention and on the basis of going concern with revenue recognized and

expenses accounted for on accrual basis except that Insurance claim owing to the uncertainty attached thereto, are accounted for on

receipt basis.

1.2 Fixed Assets & Depreciation

a) Fixed Assets are stated at cost less accumulated depreciation and amortisation. Cost of fixed assets includes other expenses related

to acquisition and installation.

b) Depreciation is provided in accordance with the rates prescribed in Schedule XIV of the Companies Act, 1956, on straight line

method. Depreciation on additions/disposals is provided with reference to the month of addition/disposal.

1.3 Treatment of expenditure during the construction period

Expenditure during construction period is being included under capital work-in progress and the same is allocated to fixed assets on

completion of installation / construction.

1.4 Inventories

i) a) Finished Goods and Stock in Process of Sugar - At cost or at net realisable value whichever is lower, the net realizable value of

sugar in case of finished goods of stock of levy sugar, levy price notified by Central Government.

Finished stock against which Company has firm commitment- At cost or committed price which ever is lower

b) Store and spares parts – At cost arrived at applying weighted average method.

ii) Cane crop – At net realisable value determined on the basis of estimated yield per hectare.

iii) Inventory of Molasses, Bagasse, Press mud and Bio Compost are considered at net realizable value.

iv) Excise duty payable on finished goods in stock as at Balance Sheet date is provided and included in the value of these inventoriesand excise duty paid account and there is no impact of the same on the operating results for the year.

1.5 Foreign Exchange Transactions

Foreign currency transactions are recorded at the rate of exchange prevailing at the date of transaction. Foreign currency monetary

assets and liabilities are converted at the exchange rates prevailing at the year end except those covered under firm commitment

which are stated at contracted rate. Exchange difference is charged to the revenue account except arising on account of such

conversion related to (i) the purchase of fixed assets is adjusted therewith, and (ii) other long term monetary items is adjusted in the

“Foreign Currency Monetary Item Translation Difference”.

1.6 Government Grant

Capital subsidy received for specific depreciable Asset is shown as Reserve and Surplus and it is treated as deferred income, which

is amortised over useful life of the assets in proportion of depreciation on such asset.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf


1.7 Employees’ benefit

a) Defined Contribution Plan:

Employee benefits in the form of Provident Fund (with Government Authorities) are considered as defined contribution plan and

the contribution are charged to the Profit & Loss Account of the year when the contributions to the respective funds are due.

b) Defined Benefit Plan:

Retirement benefit in the form of Gratuity and long term compensated leaves are considered as defined benefit obligations and are

provided for on the basis of an actuarial valuation, using the projected unit credit method, as at the date of Balance Sheet.

Actuarial gain/loss, if any, is immediately recognized in the Profit & Loss Account.

c) Other short term employees’ benefits are recognised as an expense at the undiscounted amount in the Profit & Loss Account of the

year in which the related service is rendered.

1.8 Borrowing Cost

Interest and other costs in connection with the borrowing of funds are capitalised up to the date when such qualifying assets are

ready for its intended use and other borrowing costs are charged to Profit and Loss Account

1.9 Provision For Current Tax And Deferred Tax

Provision for current tax has been made on the basis of estimated taxable income computed in accordance with the provisions of Income Tax Act, 1961.

Deferred Tax resulting from all timing differences between book profit and profit as per Income Tax Act, 1961 is accounted for, at

the enacted / substantially enacted rate of Tax, to the extent that the timing differences are expected to crystallize. Deferred tax

assets are recognised only to the extent that there is a reasonable / virtual certainty that sufficient future taxable profits will be

available against which such deferred tax assets can be realised.

1.10 Impairment

Where the recoverable amount of fixed assets is lower than its carrying amount, a provision is made for the impairment loss. Post

impairment, depreciation is provided on the revised carrying value of the asset over its remaining useful life.

1.11 Use Of Estimates And Assumptions

The presentation of financial statements requires estimates and assumptions to be made that effect the reported amount of assets

and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period.

Difference between the actual result and the estimates are recognised in the period in which the results are known / materialized.

1.12 Provisions, Contingent Liabilities And Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result

of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are

disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




2. Share Capital31-March-13 31-Mar-12

(Rs. in Lakhs) (Rs. in Lakhs)

Authorised Capital:

Equity Shares - 9,00,00,000 of Rs. 10 each (Previous Year 9,00,00,000) 9000.00 9,000.00

10% Cumulative Redeemable Preference Shares (CRPS)- 1000.00 1,000.00 1,00,00,000 of Rs. 10 each (Previous Year 1,00,00,000)

10000.00 10,000.00

Issued, Subscribed and paid up :

Equity Shares - 5,06,77,100 of Rs. 10 each fully paid up 5067.71 5,067.71

(Previous Year 5,06,77,100 of Rs. 10 each)

10% Cumulative Redeemable Preference Share - 1000.00 1,000.00

10,000,000 (Previous year 10,000,000) of Rs.10/- each

redeemable on 30th September 2014

6067.71 6,067.71

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period:

Equity shares

31-Mar-13 31-Mar-12

No. of Shares No. of Shares

At the beginning of the period 50,677,100 50,677,100

Shares issued during the period - -

Shares bought back during the period - -

Outstanding at the end of the period 50,677,100 50,677,100

Preference shares

31-Mar-13 31-Mar-12


At the beginning of the period 10,000,000 10,000,000

Shares issued during the period - -

Shares redeem during the period - -

Outstanding at the end of the period 10,000,000 10,000,000

(b) Details of shareholders holding more than 5% shares in the company

31-Mar-13 31-Mar-12


Equity shares

India Glycols Limited, the holding company 50,112,100 50,112,100

Preference shares

India Glycols Limited, the holding company 10,000,000 10,000,000

(c) Terms/rights attached to equity shares:

(d) Terms/rights attached to preference shares:

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share

and also have equal right in distribution of profit/surplus in proportion to the equity share held by shareholders.

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 propotion to the number of equity share held by the shareholders.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




The cumulative redeemable preference shareholders have:-

3. Reserve & surplus

31-Mar-13 31-Mar-12

(Rs. in Lakhs) (Rs. in Lakhs)

Securities Premium Reserve - as per last financial statement 421.65 421.65

Capital Subsidy (received on plant)

Balance as per last financial statements 0.36 0.47

Less: amount transferred to statement of profit and loss @ 0.11 0.11

Closing Balance 0.25 0.36

@ being pro-rata cost

Molasses Reserve Fund

Balance as per last financial statements 16.82 16.02

Add: amount transferred from surplus balance

in the statement of profit and loss 0.84 0.80


Surplus/(deficit) in the statement of profit & loss

Balance as per last financial statements (9,944.97) (6,288.52)

Profit/(Loss) for the year (2,625.47) (3,655.65)

Less: Appropriation

Transfer to Molasses Reserve Fund 0.84 0.80

Net surplus in the statement of profit & loss (12,571.28) (9,944.97)

Total reserves and surplus (12,131.72) (9,506.14)

- The right to receive a fixed cumulative preferential dividend at 10% p.a. on the paid up capital.

- The right to receive arrears of cumulative dividend, if any, whether earned or declared or not, at time of redemption of the said shares, and,

- The right in a winding up to have the capital paid up on such shares and the arrears, if any, of the said preferential dividend, whether earned or

declared or not, be paid off in priority to any payment of capital on equity shares. However, it shall not confer the right to any further participation in

the profits or assets of the Company.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




4. Long term borrowings

31-March-13 31-March-12 31-March-13 31-March-12

(Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs)

Secured Loans

Term loans

From Banks 3,653.95 5,217.66 1,563.78 1,817.90

From Others 2,283.58 2,610.00 262.60 262.60 (A) 5,937.53 7,827.66 1,826.38 2,080.50

Unsecured Loans

Loan from related parties (Body Corporates)* 964.48 964.48 - -

(B) 964.48 964.48 - -

Gross amount (A) + (B) 6,902.01 8,792.14 1,826.38 2,080.50

Less: Amount Disclosed under the head "Other

Current Liabilities" (Note No. 8) 1,826.38 2,080.50

Net amount 6,902.01 8,792.14 - -

Notes:

1

2

3

4

5

6

7

8

9

10

11

12

*

Term loan from Banks of Rs. Nil (Previous year Rs. 31.11 Lacs) . The loan is secured by a first pari passu charge created on movable

(including book debts) and immovable properties both present and future of Company's plant situated at saharanpur in state of Uttar

Pradesh.

Term Loan from Others of Rs. 1,740.42 Lacs (Previous year Rs. 1,804.24 Lacs) is repayable in 5 equal yearly installments of Rs. 348.08

Lacs each started from year 2017.

The above loans ( 1 to 10) is also secured by bank guarantee, which is further secured by corporate guarantees of India Glycols Ltd.(The

Holding Company)

Current MaturitiesNon Current

Term loan from Banks of Rs. Nil (Previous year Rs. 7.14 Lacs). The loan is secured by a first pari passu charge created on movable


Pradesh.

Taken from India Glycols Limited (The Holding Company)

Term Loan from Others of Rs. 77.50 Lacs (Previous year Rs. 155.00 Lacs) is repayable in 1 yearly installments of Rs. 77.50 Lacs each.

Term Loan from Others of Rs. 462.76 Lacs (Previous year Rs. 647.86 Lacs) is repayable in 5 half yearly installments of Rs. 92.55 Lacs

each.

Term Loan from Others of Rs. 265.50 Lacs (Previous year Rs. 265.50 Lacs) is repayable in 4 equal yearly installments of Rs. 66.38 Lacs

each started from year 2016.

Term loan from Banks of Rs. 2,490.58 Lacs (Previous year Rs. 3,202.20 Lacs) is repayable in 14 equal quarterly installments of Rs.177.90 Lacs each. The loan is secured by a first pari passu charge created on movable (including book debts) and immovable properties

both present and future of Company's plant situated at saharanpur in state of Uttar Pradesh.

Term loan from Banks of Rs. 2,708.30 Lacs (Previous year Rs. 3,541.61 Lacs) is repayable in 13 equal quarterly installments of Rs.

208.33 Lacs each. The loan is secured by a first pari passu charge created on movable and immovable properties both present and future

of Company's plant situated at saharanpur in state of Uttar Pradesh.

Loan from related parties of Rs. 964.48 is payable on 31st March 2016

Term loan from Banks of Rs. Nil (Previous year Rs. 194.22 Lacs). The loan is secured by a first pari passu charge created on movable


Pradesh.Term loan from Banks of Rs. 18.85 Lacs (Previous year Rs. 59.28 Lacs) is repayable in 2 quarterly installment 1st of Rs.10.11 Lacs and

2nd quarterly installment of Rs. 8.73 Lacs. The loan is secured by a first pari passu charge created on movable (including book debts)

and immovable properties both present and future of Company's plant situated at saharanpur in state of Uttar Pradesh.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




5. Other long term liabilities31-March-13 31-March-12

(Rs. in Lacs) (Rs. in Lacs)

Security deposits of dealers/agents 30.73 30.73

Interest accrued but not due on borrowings 166.89 80.78

197.62 111.51

6. Provisions

31-March-13 31-March-12 31-March-13 31-March-12

(Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs)

Provision for Employee Benefits

Gratuity - - 70.15 46.14

Leave Encashment 20.17 15.63 14.58 11.82

20.17 15.63 84.73 57.96

7. Short term borrowings 31-March-13 31-March-12


Secured Loans

Cash credit from bank 4,727.44 6,927.66

4,727.44 6,927.66

31-March-13 31-March-12

8. Other current liabilities (Rs. in Lacs) (Rs. in Lacs)

Current maturities of long term borrowings 1,826.38 2,080.50

Interest accrued but not due on borrowings* 756.00 663.11

Security Deposits 42.98 40.91

Advance from customer - Trading goods 3,867.80 1,109.67

Advance from related party 5,077.63 3,200.00

Other Liability

Capital Payable 252.06 278.28 Statutory Dues 575.41 525.83

Others 214.51 145.00

12,612.77 8,043.30

* Due to India Glycols Limited (The Holding Company) 748.82 582.18

Working Capital Facilities are secured/to be secured by way of hypothecation of book debts and stocks including in-transit and second charge on

all immovable properties of the company.Further, secured by corporate guarantees of India Glycols Ltd.(The Holding Company)

Short TermLong Term

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




9. Fixed assets

(Rs. in Lacs)

As at Additions Sales/ As at Upto For the Sales/ Upto As at As at

01.04.2012 Adjustments 31.03.2013 01.04.2012 Year Adjustments 31.03.2013 31.03.2013 31.03.2012

(i) Tangible Assets

Land - Freehold 216.76 - - 216.76 - - - - 216.76 216.76

Buildings 2,124.19 - - 2,124.19 586.89 49.21 - 636.10 1,488.09 1,537.30

Plant & Equipments 12,944.44 335.70 15.40 13,264.74 5,162.71 692.72 2.91 5,852.52 7,412.22 7,781.73

Furniture and Fixtures 46.55 - - 46.55 42.76 1.77 - 44.53 2.02 3.79

Vehicles 162.94 - - 162.94 116.11 16.46 - 132.57 30.37 46.83

Office Equipments 378.09 2.77 0.97 379.89 283.93 14.18 0.69 297.42 82.47 94.16

Total 15,872.97 338.47 16.37 16,195.07 6,192.40 774.34 3.60 6,963.14 9,231.93 9,680.57

Previous Year 15,913.95 18.33 59.31 15,872.97 5,464.45 779.22 51.27 6,192.40

(iii) Capital Work in Progess

Capital Work in Progress - - 1,372.73 1,693.27

PARTICULARS

DEPRECIATIONGROSS CARRYING VALUE NET CARRYING VALUE

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




10. Long term loans & advances31-March-13 31-March-12


Unsecured, considered good:

Capital Advances 725.66 730.90

725.66 730.90

11. Other non-current assets31-March-13 31-March-12


Non-current bank balances (note no. 14) 424.98 71.88

Accrued Interest 19.28 3.84

444.26 75.72

12. Inventories

(As taken, value & certified by management) 31-March-13 31-March-12


Raw Material 82.55 -

Work-in-Process (refer note 20) 322.24 150.04

Finished Goods (refer note 20) 10,123.61 7,389.92

Stores and Spares 200.54 231.71

10,728.94 7,771.67

13. Trade receivables(Unsecured, unless other stated, considered good) 31-March-13 31-March-12


Outstanding for a period exceeding six months from the date they are due for payment

Good 63.16 67.70

Doubtful 26.89 26.89

90.05 94.59

Less : Provision for doubtful receivables 26.89 26.89

(A) 63.16 67.70

Other Trade receivable

Good (B) 114.12 3,697.38

(A) + (B) 177.28 3,765.08

14. Cash & bank balances31-March-13 31-March-12


Cash and cash equivalents

Balances with Banks

On Current accounts 826.63 189.60

Cash on hand 4.62 8.27

831.25 197.87

Other bank balances @

In Fixed Deposit Accounts - Current 188.06 571.28

In Fixed Deposit Accounts - Non Current 424.98 71.88

613.04 643.16 Amount disclose under non-current assets (note 11) (424.98) (71.88)

1,019.31 769.15

@ The above fixed deposits pledged with bank against Bank guarantee and with Excise & other Government Authorities

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




15. Short term loans & advances (considered good)

(Unsecured, unless otherwise stated) 31-March-13 31-March-12


Advance to employees

Considered good 5.10 11.32

Doubtful 17.47 17.47

Less : Provision for doubtful advances (17.47) (17.47)

5.10 11.32 Advance to suppliers

Considered good 36.88 29.27

Doubtful 9.51 9.51

Less : Provision for doubtful advances (9.51) (9.51)

36.88 29.27

Security Deposits / Earnest Money Deposits 65.99 50.99

Claims Receivable 39.24 24.01

Prepaid Expenses 39.55 124.43

Income Tax Advance Payments 28.11 21.53

Balance with Excise and Sales tax Authorities 303.57 276.31

Accrued Interest & others 7.84 54.76

526.28 592.62

16. Revenue From Operations31-March-13 31-March-12


Revenue From Operations

Sale of Products

Finished goods 10,464.74 11,268.72

Traded goods - 5,211.30

Less: Excise duty 558.07 665.96

9,906.67 15,814.06

Other operating revenues

Bagasse Sales 155.60 69.95

Scrap Sales 0.06 4.10

Excess Provision/Liability Written Back 0.03 2.37 Transfer from Capital Subsidy Reserve 0.11 0.11

Revenue from operations (net) 10,062.47 15,890.59

Details of products sold31-March-13 31-March-12


Finished goods sold

Sugar 8,150.51 8,133.20

Special Denatured Spirit (SDS) 2,314.17 3,135.50

Other Items 0.06 0.02

10,464.74 11,268.72

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




Traded goods sold

Agri Products - 5,211.30

- 5,211.30

10,464.74 16,480.02

17. Other Income31-March-13 31-March-12


Rental Income 1.65 1.59

Sale of Advance Licence - 138.28

Miscellaneous Income 19.27 23.29

Profit on sale of Fixed Assets 2.63 -

23.55 163.16

18. Cost of materials consumed31-March-13 31-March-12


1Cane 10,456.98 9,024.39

1Molasses 664.78 772.77

Packing Materials 118.14 108.03

11,239.90 9,905.19

19. Purchase of Stock-in-Trade31-March-13 31-March-12


Agri Products - 4,699.94

- 4,699.94

20. Changes in inventories of finished goods,

work-in-progress and Stock-in-Trade31-March-13 31-March-12


Inventories at the end of the period

Finished goods 10,123.61 7,389.92

Work-in-progress 322.24 150.04

Stock-in-trade - -

(a) 10,445.85 7,539.96

Inventories at the beginning of the period

Finished goods 7,389.92 7,250.29

Work-in-progress 150.04 114.80

Stock-in-trade - -

(b) 7,539.96 7,365.09

Less:- Differential Excise Duty on Inc/Dec of Finished Goods (c) 66.01 13.00

Increase/(Decrease) in Stocks (a-b-c) 2,839.88 161.87

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




Details of inventory31-March-13 31-March-12


Finished goods

Sugar 9,204.74 6,590.80

Molasses 624.48 497.39

Rectified Sprit & Anhydrus Alcohol & Special Denatured Spirit 16.78 17.45

Country Liquor 114.28 114.28

Bagasse 141.45 148.54 Other 21.88 21.46

10,123.61 7,389.92

Work-in-progress

Sugar 235.32 48.64

Molasses 27.25 12.21

Rectified Sprit & Anhydrus Alcohol & Special Denatured Spirit - -

Country Liquor 1.21 1.21

Bagasse 58.46 87.98

Other - -

322.24 150.04

21. Employee benefits expense31-March-13 31-March-12


Salaries, Wages, and Bonus 651.19 616.09

Contribution to Provident and other Funds 60.39 56.69

Employees' Welfare and other Benefits 15.37 23.72

726.95 696.50

22. Other expenses31-March-13 31-March-12


Stores and Spares# 100.34 103.59

Power and Fuel 154.05 121.45

Inter-unit Bagasse Trf - Steam Generation

Repairs and Maintenance

Building 74.04 56.44

Plant and Machinery 231.55 279.49 Others 38.71 21.98

Other Manufacturing Expenses 80.93 105.28

(Net of recovery of Denaturation Cost from customer Rs. 17.27 Lacs, Previous year

Rs. 7.18 Lacs)

Insurance 25.23 13.35

Rent 0.95 0.92

Rates & Taxes 2.71 2.12

Travelling & Conveyance 17.48 29.01

Security Charges 46.05 48.20

Commission on Sale 29.18 23.24

(Net of recovery from selling agents Rs. 7.92 Lacs, Previous year Rs. 13.26 Lacs)

Provision for doubtful debt/ advances - 8.41

Prior Period Expenes (Net of Rs. 0.70 Lacs, Previous Year Rs. 7.28 Lacs) 16.95 23.12

Bad Debt - 13.50 Pre-operative expenses written off * - 344.22

Balances written-off - 11.08

Loss on sale of Fixed Assets (Net of Gain of Rs.Nil, Previous Year Rs. 0.01 Lacs) - 0.61

Printing & Stationery, Postage, Telephone,Legal & professional and other

Miscellaneous Expenses and net of revenue of farm expenses of Rs.10.97 Lacs

(Previous Year Rs. 4.45 Lacs) 63.98 76.01

882.15 1,282.02

# Include diminution in value of store & comsuption of Rs.25.38 Lacs (Previous Year Rs. 15.47 Lacs)

* In respect of assets sold/discarded laying in Capital Work in Progess

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




23. Finance costs31-March-13 31-March-12


Interest Expenses* 1,883.68 2,517.35

Other Borrowing Costs 107.97 46.41

1,991.65 2,563.76

Less: Interest on Fixed deposits with bank 63.62 55.36

1,928.03 2,508.40

* includes Rs. 194.26 lacs (Previous Year Rs. 383.60 lacs) paid to India Glycols

Limited (The Holding Company) towards interest on ICD

24. Depreciation and amortization expense31-March-13 31-March-12


Depreciation of tangible assets 774.34 779.22

774.34 779.22

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf



Cash Flow StatementFOR THE YEAR ENDED 31st. MARCH 2013 (Rs. in Lacs)

Particulars 31-Mar-13 31-Mar-12

A. Cash Flow From Operating Activities:

Net Profit Before Tax (2,625.47) (3,655.65)

Adjustments For:

Depreciation 774.34 779.22

(Profit) / Loss On Sale Of Assets (2.63) 0.61

Rental Income (1.65) (1.59)

Bad Debt & Provision For Doubtful Debts And Advances - 21.91

Debtors / Advances Written Off - 11.08

Liability No Longer Required Written Back (0.03) (2.37)

Decrease In Capital Subsidy (0.11) (0.11)

Pre-Operative Expenses Written Off - 344.22

Interest Expenses 1,991.65 2,563.76

Interest Income (63.62) (55.36)

Operating Profit Before Working Capital Changes 72.48 5.72

Movements in working capital:

(Increase)/Decrease In Trade And Other Receivables 3,260.70 (2,666.09)

(Increase)/Decrease In Inventories (2,957.27) (185.78)

Increase/(Decrease) In Trade And Other Payables 5,964.71 5,629.87

Cash Generated From Operations 6,340.62 2,783.72

Direct Taxes Paid (Net) (6.58) (0.31) Net Cash From Operating Activities: (A) 6,334.04 2,783.41

B. Cash Flow From Investing Activities:

Purchase Of Fixed Assets (44.15) (299.13)Sale Of Fixed Assets 15.40 1,197.44

Capital Adavnce Received Back 5.24 607.59

Interest Received 95.10 39.81

Rental Income 1.65 1.59Net Cash From Investing Activities: (B) 73.24 1,547.30

C. Cash Flow From Financing Activities

Proceeds From Borrowings - 265.50

Inter Corporate Deposit Received 4,398.00 28,488.03

Inter Corporate Deposit Repaid (4,398.00) (27,750.00)

Repayment Of Borrowings (4,344.47) (3,477.40)

Interest/ Other Borrowing Cost (1,812.65) (2,230.78) Net Cash Used In Financing Activities : (C) (6,157.12) (4,704.65)

Net Increase/(Decrease) In Cash And Cash Equivalents {(A)+(B)+(C)} 250.16 (373.94)

Opening Cash And Cash Equivalent Being Cash And Bank Balances 769.15 1,143.09

Closing Cash And Cash Equivalent Being Cash And Bank Balances 1,019.31 769.15

Note :

(1) Previous Year'S Figures Have Been Regrouped Wherever Considered Necessary.

(2) Cash And Cash Equivalent Being Cash And Bank Balances As Per Note - 14





SD/ SD/ SD/

(N.K. Lodha) (U.S. Bhartia) (Mohan Sharma)

Partner Chairman Executive Director

M.N.-85155


Date: 30/05/2013 Date: 30/05/2013

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




25. Contingent liabilities not provided for (as certified by the management):

a). In respect of :

Particulars As on31.03.2013

(Rs. in lacs)

As on31.03.2012

(Rs. in lacs)

Central Excise/ State Excise 67.16 60.03

UP Trade Tax/ Central Sales Tax 3,289.25 3,290.89

Claim against the company not acknowledged as debt 96.73 97.25

b). Recovery Charges claimed by S.D.M. Behat towards payment of cane dues Rs.66.82 Lacs

(Previous year 66.82 Lacs) including the interest on cane dues Rs 46.89 Lacs (Previous year Rs

46.89 Lacs).

c). Pending final disposal by the appellate tribunal (CESAT), Central Excise, the Company has not

reversed in the books of account CENVAT credit taken, in respect of certain cost, inputs and

capital goods of Rs. 15.21 Lacs (Previous year Rs. 15.21 Lacs) initially disallowed by authorities

and however reversed in the Excise records and the same is included in CENVAT receivables.

d). Estimated amount of contracts remaining to be executed on capital account (net of advances of Rs.

725.66 Lacs (Previous year Rs. 730.90 Lacs) Rs. 3,593.55 Lacs (Previous year Rs. 3,744.42

Lacs). e). Arrears of dividend on 10% Cumulative Redeemable Preference Shares Rs.350.14 Lacs (Previous

Year Rs. 250.14 Lacs)

26. The Board for Industrial and Financial Reconstruction (BIFR) vide its order dated 4th April 2013

have declared M/s. Shakumbari Sugar & Allied Industries Ltd. as a sick industrial company in term

of Sec 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985. Further, BIFR has

appointed IDBI as the Operating Agency (OA) with directions to prepare a revival scheme for the

company. The company & IDBI is in process of preparing the Draft Rehabilitation Scheme

considering this and also continuous financial support from the Holding company, the management

considers it appropriate to prepare these Financial Statements on Going Concern basis despite the

negative net worth on the balance sheet date.

27. Balances of Debtors, Creditors, Loans & Advances (including Capital Advances of Rs. 725.66Lacs (Previous Year Rs. 730.90 Lacs) to supplier as stated in note no. 25(d) herein above), Current

liabilities and provisions are in process of confirmation / reconciliation. Management is confident

on final recoverability/ confirmation/adjustment of these, there will not be any material adjustment.

Certain expenses and payments have been accounted for based on supporting available and

approved by the management as full audit trail is not available, steps have been initiated to further

strengthen internal control process in this regard.

28. (a) Company is in process of updating the fixed assets records and physical verification of

certain Fixed Assets is in progress, and

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




(b) Inventories has been taken / valued and certified by the management as certain records are in

process of updation. In view of the adequate security arrangements, management is of the view

that there will not be any material discrepancies between book and physical stock of inventories

and fixed assets on completion of physical verification.

29. Deferred tax assets (net), in the immediate future cannot be quantified with a reasonable certainty

in view of significant carry forward losses and present market scenario, therefore, no deferred tax

assets (net) have been recognized.

30. For the sugar season 2007-08, sugar cane purchases was accounted for @ Rs.110/- per quintal

whereas State Advised Price (SAP) is Rs. 125/- per quintal, the matter was subjudice and pending

before the Hon’ble Supreme Court, which was paid in accordance with the Interim Order passed by

the Hon’ble Supreme Court. Necessary adjustments in accounts arising out of difference between

SAP @ Rs 125/- per quintal and @ Rs 110/- per quintal amounts to Nil (Previous Year Rs. 569.91

Lacs ) has been considered/provided for as the matter is finally decided by the Supreme Court in

the financial year 2011-12.

31. Provision for revision in Cane price amounting to Rs. 569.91 Lacs have been included in respective

head of accounts which in previous year was considered as exceptional item.

32. Farm expenses represent the agriculture expenses incurred at Farm (shown under other expenses)

and it is net of agriculture product sold of amounting to Rs.10.97 Lacs (Previous year Rs.4.45

Lacs).

33. (a) Capital Work In Progress includes machinery in hand/ in transit (net of machinery resold

and/or returned) and construction work in progress and also pre operative expenses as given below:(Rs. in Lacs)

Current Year Previous Year

Pre-operative expenditure as follows:

Opening Balance

Add: Interest on Fixed Loans

Less: Capitalised/ Charged to statement of profit & loss

378.76

-

69.64

722.98

-

344.22


(b) In view of pending payment of supplier of plant & machinery in earlier year, during the yearcompany has sold/returned certain plant & machinery and as assessed by the company, part

of expenditure of amounting to Rs. Nil (Previous Year Rs. 344.22 lacs) (as stated above)

charged to statement of profit & loss and for balance amounting to Rs. 309.12 (Previous

year Rs. 378.76 lacs), management is confident that on completion of expansion necessary

treatment will be given.

34. In accordance with the Accounting Standard (AS-28) on “Impairment of Assets” issued by the

Institute of Chartered Accountants of India, in view of the management, no impairment loss on its

Fixed Assets /Cash Generating Units (CGU) is required to be made/considered necessary at this

stage, as its expected recoverable value is more than its carrying value.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




35. The detail of amounts outstanding (Trade and other payables) under the Micro, Small and Medium

Enterprises Development Act, 2006 (MSMED Act) to the extend of information available with the

company are as under:-

(i) Principal & Interest amount due and remaining unpaid at the end of the accounting year: Rs.

2.36 Lacs (Previous year: Rs. 3.84 Lacs), (ii) Payment made beyond the appointed day during the

year: Nil (Previous year: Nil) and (iii) Interest Accrued and unpaid at the end of theaccounting year: Nil (Previous year: Nil)

Note: The information as required to be disclosed under the Micro, Small and Medium Enterprises

Development Act, 2006 has been determined to the extent available with the Company based on

evidence from confirmations received from enterprises having been registered under the said Act.

36. Since repairing charges charged by the parties are composite i.e. inclusive of cost of spares at times

and since spares consumed in repairs are debited to related repairs account, it is not possible to

ascertain and include value of such spares in store and spares consumption disclosed in note no.22.

37. Employee Benefits:

a) Defined Contribution Plan: Contribution to Defined Contribution Plan, recognized as expense for the period in Employees

Provident Fund Rs. 55.32 Lacs (Previous year Rs. 51.93 Lacs).

b) Defined Benefit Plan: The Employee’ Gratuity Fund Scheme managed by a trust is a defined benefit plan. The present

value of obligation is determined based on actuarial valuation using the Projected Unit Credit

Method, which recognizes each period of service as giving rise to additional unit of employee

benefit entitlement and measures each unit separately to build up the final obligation. The

obligation for leave encashment is recognized in the same manner as gratuity.

I. Reconciliation of opening and closing balance of Defined Benefit Obligation(Rs. in Lacs)

Gratuity

Leave Encashment

Unfunded

Present Value of Obligation at the beginning of the

year

173.27

(150.31)

27.45

(24.70)

Current Service Cost 18.20

(14.71)

6.26

(5.27)Interest Cost 14.73

(12.02)

2.33

(1.97)

Actuarial (gain)/ loss on obligations 15.96

(4.53)

3.64

(14.82)

Benefit Paid (5.71)

(-8.30)

(4.93)

(-19.31)

Present Value of Obligation as at the end of the

period

216.45

(173.27)

34.75

(27.45)

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




II. Reconciliation of opening and closing balance of fair value of plan assets(Rs. in Lacs)

Gratuity

Leave Encashment

Unfunded

Fair value of plan assets at the beginning of the year 127.13(111.52)

Nil(Nil)

Expected Return on Plan Assets 10.17

(10.20)

Nil

(Nil)

Contributions 13.60

(15.00)

Nil

(Nil)

Actuarial gain/ (loss) 1.11

(-1.28)

Nil

(Nil)

Benefit Paid (5.71)

(-8.30)

Nil

(Nil)

Fair value of plan assets at the end of the period 146.30

(127.13)

Nil

(Nil)

III. Reconciliation of fair value of assets and obligation

(Rs. in Lacs)

Gratuity

Leave Encashment

Unfunded

Fair value of plan assets as at 31st March 2013 146.30

(127.13)

Nil

(Nil)

Present Value of Obligation as at 31st March 2013 216.45

(173.27)

34.75

(27.45)

Funded Status [surplus/(Deficit)] (70.15)(-46.14)

(34.75)(-27.45)

Net Assets/(Liability) Recognized in Balance Sheet (70.15)

(46.14)

(34.75)

(-27.45)

IV. Expenses recognized during the year(Rs. in Lacs)

Gratuity

Leave Encashment

Unfunded

Current Service Cost 18.20

(14.71)

6.26

(5.28)Interest Cost 14.73

(12.02)

2.33

(1.97)

Expected Return on Plan Assets (10.17)

(-10.20)

Nil

(Nil)

Actuarial (gain)/ loss 14.85

(5.81)

3.64

(14.82)

Net Expenses Recognized 37.61

(22.34)

12.23

(22.07)

V. Investment Detail

All Investments are made with Trust.

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




VI. Actuarial / Demographic assumptions

Gratuity Leave Encashment (Unfunded)

Mortality Table (LIC) 1994-96(Ultimate) 1994-96(Ultimate)Discount rate (Per annum) 8.00% 8.00%

Expected Return on Plan Assets (Per

annum)

9.25% -NA-

Rate of escalation in salary (per

annum)

7.00% 7.00%

Retirement Age 60 Years

Withdrawal Rate (All Ages) 10.00%

The estimate of rate of escalation in salary considered in actuarial valuation, take into account

inflation, seniority, promotion and other relevant factors including supply and demand in the

employment market. The above information is certified by the actuary.The principal assumptions are the discount rate and salary growth rate. The discount rate is

generally based upon the market yields available on Government bonds at the accounting date

with a term that matches that of the liabilities.

38. Remuneration to the Whole Time Director Rs. 32.00 Lacs (Previous year Rs. 22.80 Lacs).

Note: Liability of gratuity has not been ascertained separately, since funded through group policy.

Leave encashment liability cannot be ascertained separately hence same is not included in above.

39. Amount paid to Auditors: Rs. In Lacs

2012-13 2011-12

i.) Statutory Auditors

a) Audit Fee 1.50 1.50

b) Taxation 0.50 0.50

c) Certificates/other services 1.10 -

d) Reimbursement of expenses 0.13 0.16

ii.) Cost Auditors

a) Audit Fee 0.50 0.30

b) Certificates/other services - 0.10

c) Reimbursement of expenses 0.08 0.05

40. Value of Imported and indigenous Raw Materials, Store Spares and Chemicals

a) Cost of Materials Consumed:

Particulars 2012-13 2011-12

Value

(Rs. in Lacs)

%age Value

(Rs. in Lacs)

%age

Imported ---- ---- --- ---

Indigenous 11,239.90 100 9,905.19 100

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




b) Stores & Spares Consumed:

Particulars 2012-13 2011-12

Value

(Rs. in Lacs)

%age Value

(Rs. in Lacs)

%age

Imported ---- ---- --- ---

Indigenous 100.34 100 103.59 100

41. Segment Information:

A. Information about Business Segments (Primary Segments):

(Rs. in Lacs)

S.

No.Particulars

Business SegmentOther Unallocable Total

Chemical Sugar Liquor

A Revenue1 Gross sale 2,314.17 8,150.51 0.06 - - 10,464.74

(3,135.50) (8,133.20) (0.02) (5,211.30) - (16,480.02)

2 Other Income 9.87 104.20 - - 65.28 179.35

(5.38) (177.36) - - (56.95) (239.69)

B Result

1 Segment Result

(PBIT)

269.18 (959.14) (8.84) (2.53) 3.89 (697.44)

(350.68) (-1,989.01) (-19.82) (508.83) (2.07) (-1,147.25)

2Interest Expense

(Net)1,928.03

(2,508.40)

3 Profit Before Tax (2,625.47)(-3,655.65)

4 Deferred Tax -

-

5 Wealth Tax -

-

6 Profit after Tax (2,625.47)

(-3,655.65)

C Other Information

1 Segment Assets 4,447.78 17,590.38 354.13 158.81 1,675.29 24,226.39

(4,819.71) (14,792.51) (362.40) (3,336.26) (1,768.10) (25,078.98)

2 Segment Liabilities 5,360.06 11,369.15 95.05 6.78 13,459.36 30,290.40

(3,502.76) (4,334.07) (95.05) (2,781.70) (17,803.83) (28,517.41)

3 Capital Expenditure 6.82 4.01 - - 1.86 12.69

(-1,841.29) (11.63) - - (1.87) (-1,827.79)

4 Amortization &

Depreciation

144.09 579.22 8.84 2.53 39.66 774.34

(141.06) (576.78) (19.82) (2.53) (39.03) (779.22)

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




Notes:

Primary Segment reporting (by business segment)Segments have been identified in line with Accounting Standard on ‘Segment Reporting’ (AS-17),

taking into account the organizational structure as well as the differential risks and returns of thesesegments. The company has identified four segments i.e. business chemical, Sugar, liquor and

other which includes herbal activity and reported accordingly. As company mainly engaged in the

manufacturing and sale of sugar and the same is shown as separate segment. However, other

segments have been indentified in line with the holding company.

Secondary Segment reporting (by geographical segment-customer location)

In respect of secondary segment information, the company has not identified any geographical

segment.

Reportable segments

Reportable segments have been identified as per the quantitative criteria specified in ‘AccountingStandard 17: Segment Reporting’.

Segment Composition

Chemicals Segment comprises manufacture and sale of EQRS, Anhydrous Alcohol (Ethanol) and

Special Denatured Spirit.

Sugar Segment comprises manufacture and sale of Sugar.

Liquor Segment comprises manufacture and sale of Rectified Spirits, ENA and Ethyl Alcohol

(Potable) i.e. Country Liquor.

Other Segment primarily trading of agri/herbal products.

.

42. Related Party Disclosure

Related Party and their relationship

A. Holding Company

India Glycols Limited (w.e.f. 15th December 2007)

Fellow Subsidiaries

IGL Finance Limited (w.e.f. 15th December 2007)

IGL Chem International PTE Limited (w.e.f. 15th December 2007)

B. Subsidiary - Nil

C. Key Management Personnel:

Mohan Sharma : Executive Director (w.e.f. 13th February 2008)

D. Companies in which Company has Substantial Interest or Joint Venture NIL

7/27/2019 79833894_PLIE_2013-09-28-19-18-30-049.pdf




(Rs. in Lacs)

Nature of TransactionParties Referred to in A

above

Parties Referred to in

C above

Loan Taken 4,398.00 NIL(28,488.03) (NIL)

Loan Repaid / Adjusted 4,398.00 NIL

(27,750.00) (NIL)

Interest Expense 194.26 NIL

(383.60) (NIL)

Sale of Material 1,798.32* NIL

(2,940.93)* (NIL)

Sale of Capital items 16.28* NIL

(201.99)* (NIL)

Purchase 3.30 NIL

(16.50) (NIL)Amount Payable 5,077.63 NIL

(Net of receivable) (2,849.65) (NIL)

ICD Payable (Including interest

accrued)

1,713.30 NIL

(1,538.47) (NIL)

Remuneration NIL 32.00

(NIL) (22.80)

Refer foot note to note 4 & 8

*including CST of Rs. 40.40 Lacs (P.Y. Rs. 59.55 Lacs) & denaturation cost of Rs. 15.74 Lacs (P.Y.

Rs. 4.89 Lacs)

43. Earning Per Share

(Figures in Lacs)

Particulars Current year Previous year

Profit attributable to Equity Shareholders (2,625.47) (3,655.65)

Weighted Average Number of Equity Shares 506.77 506.77

Nominal value of Equity Shares 10 10

Basic/Diluted Earning Per Share (5.18) (7.21)

44. Previous year ’s figures have been regrouped / rearranged wherever considered necessary.

For Lodha & Co. For and on behalf of Board of Directors


Registration No. 301051E

SD/ SD/ SD/

(N. K. Lodha) (U. S. Bhartia) (Mohan Sharma)

Partner Chairman Executive Director

M.N. - 85155Place: Noida, U.P. Place: Noida, U.P.

D 30/05/2013 D 30/05/2013

79833894_PLIE_2013-09-28-19-18-30-049.pdf

Documents