CAMSON BIO TECHNOLOGIES LIMITED _________________________________________________________________________________________________________ INFORMATION MEMORANDUM _________________________________________________________________________________________________________
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CAMSON BIO TECHNOLOGIES LIMITED - bseindia.com Ishwar & Gopal, Chartered Accountants K. V. Gopalakrishnayya Partner Membership No.21748 Firm Registration No. 001154S ... Share Capital
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INFORMATION MEMORANDUM _________________________________________________________________________________________________________
Annual Report2010-1135
To the Members of Camson Bio Technologies Limited
1. We have audited the attached Balance Sheet ofCAMSON BIO TECHNOLOGIES LIMITED as at 31stMarch 2011, and also the Profit and Loss Accountand the Cash Flow Statement for the year ended ason that date, both annexed thereto. These financialstatements are the responsibility of the Company’sManagement. Our responsibility is to express anopinion on these financial statements based on ouraudit.
2. We conducted our audit in accordance with auditingstandards generally accepted in India. Those standardsrequire that we plan and perform the audit to obtainreasonable assurance about whether the financialstatements are free of material mis-statements. Anaudit includes examining, on a test basis, evidencesupporting the amounts and disclosures in thefinancial statements. An audit also includes assessingthe accounting principles used and significantestimates made by the Management, as well asevaluating the overall financial statementpresentation. We believe that our audit provides areasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report)Order, 2003 as amended by the Companies (Auditor’sReport) (Amendment) Order, 2004 (the ‘order’) issuedby the Central Government in terms of Section 227(4A) of the Companies Act, 1956 we give in theannexure, a statement on the matters specified inparagraphs 4 and 5 of the said order to the extentapplicable.
4. Further to our comments in the Annexure referred toabove, we report that:
a. We have obtained all the information andexplanations which, to the best of our knowledgeand belief, were necessary for the purposes of ouraudit;
b. In our opinion, proper books of account as requiredby law have been kept by the Company so far as itappears from our examination of those books;
c. The Balance Sheet, the Profit and Loss Accountand the Cash Flow Statement dealt with by thisreport are in agreement with the books of account;
d. In our opinion, the Balance Sheet, the Profit andLoss Account and the Cash Flow Statement dealtwith by this report comply with the accountingstandards, to the extent applicable, referred to insubsection (3C) of Section 211 of the CompaniesAct, 1956;
e. On the basis of written representations receivedfrom the Directors, taken on record by the Boardof Directors, we report that none of the Directorsis disqualified as at 31st March, 2011 from beingappointed as a Director in terms of Clause (g) ofsub-section (1) of Section 274 of the CompaniesAct, 1956; and
f. In our opinion, and to the best of information andaccording to the explanations given to us, the saidAccounts, give the information required by theCompanies Act, 1956, in the manner so required,giving a true and fair view
i. in the case of Balance Sheet, of the state ofaffairs of the Company as at 31st March, 2011;
ii. in the case of Profit and Loss Account, of theprofit of the Company for the year ended onthat date; and
iii. in the case of the Cash Flow Statement, of theCash Flows for the year ended on that date.
For Ishwar & Gopal,Chartered Accountants
K. V. GopalakrishnayyaPartner
Membership No.21748Firm Registration No. 001154S
Place : BangaloreDate : 27th August 2011
Auditors’ Report
36
(i) a. The Company has maintained proper recordsshowing full particulars including quantitativedetails and situation of the fixed assets.
b. According to the information and explanationsgiven to us, the fixed assets have been physicallyverified by the Management during the year ina phased periodic manner which in our opinionis reasonable having regard to the size of theCompany and the nature of its assets. Nomaterial discrepancies were noticed on suchverification.
c. As explained to us the Company has notdisposed off any fixed asset during the yearunder review.
(ii) a. As explained to us, inventories were physicallyverified during the year by the Management atreasonable intervals.
b. In our opinion and according to the informationand explanations given to us, the procedures ofphysical verification of inventories followed bythe Management were reasonable and adequatein relation to the size of the Company and natureof the business.
c. The Company is maintaining proper records ofinventory. We have been informed that nomaterial discrepancies have been noticed onphysical verification of stocks with the inventoryrecords maintained by the Company.
(iii) According to the information and explanationsgiven to us, the Company has not granted or takenunsecured loans to/from Companies, firms or otherparties covered in the Register maintained underSection 301 of the Companies Act, 1956.
(iv) In our opinion and according to the informationand explanations given to us, internal controlsystems with regard to purchase of inventory, fixedassets, and with regard to sale of goods needs tobe strengthened to make it commensurate withthe size of the Company and the nature of itsbusiness. However, during the course of our audit,we have not come across continuing failure tocorrect major weakness in the internal controls.
(v) a. To the best of our knowledge and belief andaccording to the information and explanationsgiven to us, transactions to be entered in theregister maintained under Section 301 of theCompanies Act, 1956 have been entered in theregister.
b. In our opinion and according to the informationand explanations given to us, the transactionsmade in pursuance of contracts or arrangements
entered in the register maintained under Section301 of the Companies Act,1956 in respect ofany party during the year have been made atprices which are reasonable having regard toprevailing market marker prices at the relevanttime.
(vi) In our opinion and according to the informationand explanations given to us, the Company hasnot accepted deposits in terms of the provisions ofSections 58A and 58AA or any other relevantprovisions of the Companies Act, 1956.
(vii) In our opinion, internal audit system of theCompany needs to be strengthened to make itcommensurate with the size and nature of itsbusiness.
(viii) The Central Government has not prescribedmaintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956 in respect of anyof the activities of the Company.
(ix) a. According to the information and explanationsgiven to us, the Company has generally beenregular in depositing undisputed statutory dues,including Provident Fund, Investor Educationand Protection Fund, Employees’ StateInsurance, Income-Tax, Wealth Tax, Service Tax,Customs Duty, Excise Duty, Cess and any othermaterial statutory dues. There are no arrears ofundisputed amounts payable in respect of theaforesaid dues which were outstanding as on31st March, 2011 for a period of more than sixmonths from the date they became payable.
b. According to the information and explanationsgiven to us, there are no dues of Income Tax,Sales Tax, Wealth Tax, Service Tax, Customs Duty,Excise Duty and cess which have not beendeposited on account of any dispute.
(x) The Company does not have accumulated losses.The Company has not incurred cash losses duringthe financial year covered by our audit and in theimmediately preceding financial year.
(xi) According to the information and explanationsgiven to us, the Company has not defaulted in therepayment of dues to banks. The Company has nodues to financial institutions or debenture holdersduring the year under review.
(xii) In our opinion and according to the informationand explanations given to us, no loans and advanceshave been granted by the Company on the basis ofsecurities by way of pledge of shares, debenturesand other securities.
Annexure to the Auditors’ Report[Referred to in paragraph (3) of our report of even date]
Annual Report2010-1137
(xiii) The Company is not a chit fund/nidhi/mutual benefitfund/society. Accordingly, Clause 4 (xiii) of theCompanies (Auditor’s Report) Order, 2003 is notapplicable to the Company during the year underaudit.
(xiv) In our opinion and according to the informationand explanations given to us, the Company is notdealing in or trading in shares, securities, debenturesand other investments. Therefore, the provisionsof Clause (4) (xiv) of the Companies (AuditorsReport) Order 2003 are not applicable to theCompany.
(xv) The Company has not given any guarantee for loanstaken by others from financial institutions or banks.
(xvi) The Company has not availed any term loans duringthe year under review.
(xvii) According to the information and explanationsgiven to us, and on an overall examination of theBalance Sheet of the Company, short term fundshave not been used for long term investments.
(xviii) During the year, the Company has made allotmentof shares on conversion of warrants issued onpreferential basis during the prior years to parties
covered in the Register maintained under Section301 of the Act. In our opinion the price at whichsuch share warrants were issued are prima facienot prejudicial to the interest of the Company.
(xix) The Company has not issued any debentures duringthe year under review.
(xx) The Company has not raised any money by publicissues during the year.
(xxi) Based upon the audit procedures performed by usand information and explanations given by theManagement, we report that no fraud on or by theCompany has been noticed or reported during thecourse of our audit.
For Ishwar & Gopal,Chartered Accountants
K. V. GopalakrishnayyaPartner
Membership No.21748Firm Registration No. 001154S
Place : BangaloreDate : 27th August 2011
38
Particulars Schedule As at As atNo. 31st March, 2011 31st March, 2010
Sources of Funds
Share Holders’ Funds
Share Capital A 181,300,000 160,500,000
Share Warrants 20,931,250 61,106,250
Reserves & Surplus B 867,544,152 1,069,775,402 533,247,087 754,853,337
Loan Funds C
Secured Loans 9,045,076 9,996,676
Deferred Tax Liability (Net) D 6,076,589 4,218,911
Contribution to Providend and other funds 1,670,762 914,855
Workmen & Staff Welfare Expenses 479,487 192,148
Gratuity 951,314 789,944
37,180,873 21,249,825
SchedulesForming Part of Accounts
46
Amount in Rs.
Particulars Year ended Year ended31st March, 2011 31st March, 2010
Schedule - M
Research Expenses
Research Materials 421,182 161,262
Geoclimatic Trials 161,815,398 145,509,311
Consumables 120,476 1,113,356
Salary 6,855,734 4,517,290
Total 169,212,790 151,301,219
Schedule - N
Operating and Other Overheads
Labour Charges 1,633,288 1,261,791
Power, Fuel & Water 2,683,014 2,213,286
Repairs and Maintenance:
Building 1,268,803 455,575
Plant & Machinery 476,422 486,114
Others 1,355,843 2,180,901
Rent & Hiring Charges 2,762,994 2,159,566
Rates & Taxes 1,136,190 1,662,264
Insurance 865,036 130,175
Travelling & Conveyance 22,839,889 10,644,282
Communication expenses 725,832 561,821
Postage & Courier Charges 490,813 367,542
Advertisement & Publicity 2,081,660 1,356,803
Printing & Stationery 786,112 477,211
Lease & License Fee 602,766 240,000
Legal & Professional Fee 4,617,141 2,523,136
Donations 15,000 12,200
Director’s Remuneration 5,303,226 1,200,000
Auditors’ Remuneration 275,750 275,750
Director’s Sitting Fee 14,000 12,000
Freight 9,853,819 5,674,215
Rebates & Discounts 137,826,293 148,148,222
Commission 2,377,308 2,214,482
Business Promotion 131,898,011 112,574,407
Loss on sale of Investment 69,258 -
Bad Debts 738,105 -
Miscellaneous 1,451,997 2,727,380
Total 334,148,570 299,559,122
Schedule - O
Financial Charges
Interest on Vehicle Loan 184,909 288,191
Interest on Security Deposit 1,001,074 1,267,795
Bank Charges 245,884 414,604
Total 1,431,867 1,970,590
SchedulesForming Part of Accounts
Annual Report
2010-1147
Schedules forming part of the accounts for the year ended 31st March, 2011Schedule P - Significant accounting policies and notes to accounts.
A. Significant Accounting Policies :
1) Basis of Accounting :
The financial statements are prepared under the historic cost conversion, on the basis of a going concern and asper applicable Notified Accounting Standards laid down in Companies (Accounting Standards) Rules, 2006 andrelevant provisions of the Companies Act, 1956. The Company follows mercantile system of accounting andrecognizes Income and Expenditure on accrual basis. The accounting policies have been diligently applied bythe Company and are consistent with those used in the previous year.
2) Use of estimates :
The preparation of financial statements in conformity with the generally accepted accounting principles requiresthe Management to make estimates and assumptions that affect the reported balances of assets and liabilitiesand disclosure of contingent assets and liabilities at the date of the financial statements and the results ofoperations during the period under review. Although these estimates are based upon the Management’s bestknowledge of current events and actions, actual results could differ from these estimates.
3) Fixed Assets :
Fixed Assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises thepurchase price, expenses incidental to the installation of the assets, cost of bringing the asset to its workingcondition for its intended use and attributable borrowing costs. Capital Work-in-Progress comprises of advancespaid to acquire fixed assets and the cost of fixed assets that are not yet ready for their intended use as at theBalance Sheet date. Intangible assets are recorded at the consideration paid for their acquisition.
4) Depreciation / Amortization :
1. The Company provides depreciation on Fixed Assets on Straight Line Method at the rates and in the mannerprescribed in Schedule XIV of the Companies Act, 1956. Depreciation on additions/deletions during the yearhas been provided for on pro-rata basis. Assets purchased/installed during the year costing less than Rs.5,000/- each are fully depreciated.
2. Amortization on Leasehold improvements has been done in proportion to the period of lease.
5) Investments :
Investments that are readily realizable and intended to be held for not more than a year are classified as currentinvestments. All other investments are classified as long-term investments. Current investments are carried atlower of cost and fair value determined on an individual investment basis. Long term investments are carried atcost.
6) Inventories :
a. Inventories comprises of Raw Materials, Stores, Spares and Consumables, Packing Materials, Work-in-Progressincluding Foundation Seeds and Finished Goods.
b. Cost of inventories comprises of cost of purchase, cost of conversion and other costs incurred in bringing theinventories to their present location and condition.
c. The method of valuation of various categories of inventories is as follows :
(i) Raw Materials, stores, spares, consumables, and packing materials are valued at lower of cost and net realizablevalue on FIFO basis. However, materials and other items held for use in the production of inventories are notwritten down below cost if the finished products in which they will be incorporated are expected to be sold ator above cost.
(ii) Work-in-Progress and Finished Goods are valued at lower of cost and net realizable value. Cost includes directmaterials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost ofseeds is determined on standard cost basis.
7) Employee Benefits :
a. Post-employment benefit plans :
Contribution to defined contributory retirement benefit schemes are recognized as an expense when employeeshave rendered services entitling them to contributions. For defined benefit schemes, the cost of providing
NotesForming Part of Accounts
48
benefits is determined using the Project Unit Credit Method, with actuarial valuation being carried out at eachBalance Sheet Date. Actuarial gains and losses are recognized in full in the Profit and Loss Account for the periodin which they occur. Past service cost is recognized immediately to the extent that the benefits are alreadyvested, and otherwise it is amortized on straight-line basis over the average period until the benefits becomeeligible for being vested.
b. Short Term Employee Benefits :
The amount payable on account of short term employee benefits comprising largely of salaries and wages,annual bonus is valued on an undiscounted basis and charged to the Profit and Loss Account for the year.
8) Revenue Recognition :
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company andthe revenue can be reliably measured.
a. Sale of Goods :
Revenue from sale of goods is recognized when significant risk and rewards of the ownership of the goods havepassed to the buyer which generally coincides with dispatch of goods to the customer and when there is nosignificant uncertainty existing regarding the amount of the consideration that will be derived from the sale ofgoods.
b. Interest Income :
Interest Income is recognized on a time proportionate basis taking into account the amount outstanding andthe rate applicable.
c. Dividend Income :
Dividend from Investment is recognized when the right to receive payment is established.
9) Research And Development :
Research and Development expenditure relating to capital items is debited to fixed assets and depreciated at theapplicable rates. Revenue expenditure is charged to Profit and Loss Account in the year in which it is incurred.
10) Borrowing Costs :
Borrowing costs that are directly attributable to the acquisition and construction of qualifying assets are capitalizedas part of the cost of asset up to the date such asset is ready for its intended use. A qualifying asset is one thatnecessarily takes substantial period of time to get ready for intended use. Other borrowing costs are charged toProfit and Loss Account in the year in which they are incurred.
11) Taxation :
a. Current Tax :
Provision for current taxation has been made in accordance with the Income Tax laws applicable to the assessmentyear.
b. Minimum Alternative Tax (MAT) :
In case the Company is liable to pay income tax u/s 115JB of Income Tax Act,1961 (i.e. MAT), the amount of taxpaid in excess of normal income tax is recognized as an asset (MAT Credit Entitlement), only if there is convincingevidence for realization of such asset during the specified period. MAT credit entitlement is reviewed at eachBalance Sheet date.
c. Deferred Tax :
The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have beenenacted or substantively enacted by the Balance Sheet date. Deferred tax assets arising mainly on account ofbrought forward losses and unabsorbed depreciation under tax laws are recognized only if there is a virtualcertainty of its realization supported by convincing evidence. Deferred tax asset on account of other timingdifferences are recognized only to the extent there is a reasonable certainty of its realization. At each BalanceSheet date the carrying amount of deferred tax assets are reviewed to reassure realization.
NotesForming Part of Accounts
Annual Report
2010-1149
12) Impairment of Assets :
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairmentof the carrying amount of the Company’s assets. If any indication exists, the recoverable amount of such assetsis estimated. An impairment loss is recognized wherever the carrying amount of the assets exceeds its recoverableamount. The recoverable amount is greater of the net selling price or value in use. Where it is not possible toestimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of thecash generating unit to which the asset belongs.
13) Foreign Currency Transactions :
Foreign currency transactions are dealt with in accordance with the Accounting Standard 11 “The Effects ofChanges in Foreign Exchange Rates”, notified by the Companies (Accounting Standards) Rules, 2006.
14) Operating Leases :
Assets acquired on lease where a significant portion of the risks and rewards of the ownership are retained bythe Lessor are classified as operating lease. Lease rentals are charged off to the Profit & Loss Account as incurred.
15) Earnings per Share :
Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders(after deducting preference dividends and attributable taxes) by the weighted average number of equity sharesoutstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equityshareholders and the weighted average number of shares outstanding during the period are adjusted for theeffects of all dilutive potential equity shares.
16) Accounting for Provisions, Contingent Liabilities and Contingent Assets :
A provision is recognized when the Company has a present obligation as a result of past event and it is probablethat an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate canbe made. Provisions are not discounted to present value and are determined as best estimates required settlingthe obligation at the Balance Sheet date.
Contingent Liabilities are disclosed by way of notes to accounts in case of :
a. a present obligation arising from past events, when it is not probable that an outflow of resources will berequired to settle that obligation ;
b. a present obligation when no reliable estimate is possible; and
c. a possible obligation arising from past events where the probability of outflow of resources is remote.
Contingent Assets are not recognized in the financial statements.
B. Notes to Accounts :
1) The Income generated from cultivation and marketing of seeds, vegetables and fruits, which is in the nature ofagricultural activity, is fully exempt from Income Tax u/s 10(1) of the Income Tax Act, 1961. Expenses which arecommon for both agricultural activities and agri biotech products are bifurcated on an estimated basis for thepurpose of computing taxable income.
2) Share warrants application money includes Rs. 181 lakhs (Previous Year Rs. 529 lakhs) towards security premium.
3) The Honorable Court of Civil Judge (SR .DN), Doddaballapur, vide their order dated 8th December 2009 closedthe case filed by National Horticulture Board (NHB) to recover the Soft Loan of Rs. 69.00 lakhs and interestthereon from the Company since NHB has not taken any steps to resolve the issue despite the directives fromthe said court. However, as a matter of prudence, Rs 80.04 lakhs is shown as soft loan and accrued interestthereon due to NHB is not withdrawn.
4) The Company has taken certain assets under cancelable operating leases. The total rental expense under cancelableoperating leases during the year was Rs. 27,62,994/- (Rs. 21,59,566/-).
NotesForming Part of Accounts
50
5) Deferred Tax :
The Company has accounted for deferred tax in accordance with Accounting Standard 22 ‘Accounting for Taxeson Income’, notified by the Companies (Accounting Standards) Rules, 2006. The deferred tax liability comprisesfollowing components :
Amt. in Rs.
Particulars 31.03.2011 31.03.2010
a. Deferred Tax Liability : Timing difference on account of depreciation 63,92,009 44,81,311
b. Deferred Tax Asset :Disallowance on account of non deduction of TDS 3,15,421 2,62,400
Net Deferred Tax Liability (a-b) 60,76,589 42,18,911
6) Retirement Benefit Plans :
a) Defined contribution plans :
The Company makes Provident Fund contribution to defined contribution retirement benefit plans for eligibleemployees. Under the scheme, the Company is required to contribute a specified percentage of the payrollcosts to fund the benefits. The Company recognized Rs. 16,70,762/- (Rs. 9,24,215/-) for provident fundcontributions in the Profit and Loss Account including contribution to the Managing Director. The contributionspayable to these plans by the Company are at rates specified in the rules of the respective scheme.
b) Defined benefit plans :
The Company makes the provision to the Employees’ Gratuity Scheme for eligible employees. The Schemeprovides for lump sum payment to eligible employees at retirement, death while in employment or on terminationof employment, an amount equivalent to 15 days salary payable for each completed year of service or partthereof in excess of six months. Eligibility occurs upon completion of five years of service.
The present value of the defined benefit obligation and current service cost were measured using the ProjectedUnit Credit Method, with actuarial valuations being carried out at each Balance Sheet date.
The following table sets out the funded status of the gratuity plan and the amounts recognized in the Company’sfinancial statements as at March 31, 2011:
Amount in Rs.
Particulars As at As at31st March, 2011 31st March, 2010
I. Change in benefit obligations :
Projected benefit obligation, beginning of the year(April 1, 2010) 15,10,549 -
Service cost 4,80,674 -
Interest cost 1,56,865 -
Actuarial (gain) / loss 4,24,100 -
Benefits paid - 20,769
Projected benefit obligation, end of the year 25,72,188 15,10,549
II. Change in plan assets :
Fair value of plan assets, beginning of the year(April 1, 2011) - -
Expected return on plan assets - -
NotesForming Part of Accounts
Annual Report
2010-1151
Particulars As at As at31st March, 2011 31st March, 2010
Employer’s contributions - -
Benefits paid - -
Actuarial gain - -
Fair value of plan assets at the end of the year -
Excess of (obligation over plan assets)/plan assets over obligation (25,72,188) (15,10,549)
III. Net gratuity and other cost for the year endedMarch 31, 2011 :
Service cost 10,61,639 7,89,944
Interest on defined benefit obligation - -
Expected return on plan assets - -
Net actuarial gain recognized in the year - -
Net gratuity and other cost 10,61,639 7,89,944
Actual Return on Plan Assets - -
IV. Category of Assets as at March 31, 2011:
Special Deposits Scheme Nil Nil
Insurer Managed Funds Nil Nil
Others Nil Nil
Total Nil Nil
V. Assumptions used in accounting for the gratuity plan :
Discount rate 8.05% 8%
Salary escalation rate 10% - First 10% - First4 years and 5 years and
7% thereafter 7% thereafter
Retirement Age 58 years 58 years
7) Auditors’ Remuneration :
Amount in Rs.
No.Particulars 2010 -11 2009 -10
1 Statutory Audit Fee 2,00,000 2,00,000
2 Tax Audit Fee 50,000 50,000
3 Service Tax on above 25,750 25,750
Total 2,75,750 2,75,750
Amount in Rs.
NotesForming Part of Accounts
52
8) Managerial Remuneration :
Amount in Rs.
No.Particulars 2010-11 2009-10
1 Salary 52,93,866 11,90,640
2 Employer’s contribution to Provident Fund 9,360 9,360
3 Perquisites - 3,00,000
Total 53,03,226 15,00,000
9) The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act,2006 has been determined to the extent such parties had been identified on the basis of information availablewith the Company in this regard.
2010 - 11 2009 - 10Particulars Principal Interest Principal Interest
Principal amount and the interest due thereon remaining unpaidto any supplier as at the end of each accounting year ; Nil Nil Nil Nil
The amount of interest paid by the buyer in terms of Section 16 ofthe Micro, Small and Medium Enterprises Development Act, 2006,along with the amount of the payment made to the supplier beyondthe appointed day during each accounting year ; Nil Nil Nil Nil
The amount of interest due and payable for the period of delay inmaking payment (which have been paid but beyond the appointedday during the year) but without adding the interest specified underthe Micro, Small and Medium Enterprises Development Act, 2006 ; Nil Nil Nil Nil
The amount of interest accrued and remaining unpaid at the end ofeach accounting year; Nil Nil Nil Nil
The amount of further interest remaining due and payable even inthe succeeding years, until such date when the interest dues asabove are actually paid to the small enterprise, for the purpose ofdisallowance as a deductible expenditure under Section 23 of theMicro, Small and Medium Enterprises Development Act, 2006. Nil Nil Nil Nil
This information has been compiled based on the details available with the Company.
10) Additional particulars as required under Part II of Schedule VI of the Companies Act, 1956.
The Company is engaged in the business of Production and sale of Agro Biotech products, seeds and vegetables.The particulars required to be disclosed in 3, 4B and 4C of Part II of Schedule VI to the Companies Act, 1956 arefurnished to the extent applicable to the Company for the year under review.
As per the general exemption given under Section 211 of the Companies Act, 1956, vide press note no. 2/2011dated 08.02.2011, the Company has not furnished information prescribed in para 3 (i) (a) and 3 (ii) (b) of PartII of Schedule VI to the Companies Act, 1956.
Capacity and Production :
Particulars 2010-11 2009-10
Licensed Capacity NA NA
Installed Capacity (As certified by the Management):Seeds 2,50,000 kgs 2,50,000 kgsBiocides 15,00,000 kgs 15,00,000 kgs
NotesForming Part of Accounts
Annual Report
2010-1153
Particulars 2010-11 2009-10
Actual production :Seeds* 2,10,477 kgs 1,71,248 kgsBiocides 9,09,910 Ltrs 11,90,526 ltrs
8,36,620 kgs 11,93,302 kgs
* Includes produced through contract farming.
a) Details of Value of Imports, Earnings in foreign currency, and Expenditure in foreign currency :
Amount in INR
Particulars 2010-11 2009-10
i) CIF value of Imports(a) Stores, supplies & spares; Nil 24,893
ii) Earnings in foreign currency 5,35,500 Nil
iii) Expenditure in foreign currency Travel Expenses 2,82,000 Nil
b) Value and % of Materials Consumed :
Amount in Rs.
Particulars 2010-11 2009-10
Amount % of Amount % ofConsumption Consumption
Value of Materials Consumed :
Imported - - - -
Indigenous 3,61,640,252 100% 22,40,22,977 100%
Total 3,61,640,252 100% 22,40,22,977 100%
11) Related Party Disclosure :
1. Relationship during the year :
(a) Subsidiaries :
None
(b) Associates :
None
(c) Key Management Personnel :
Dhirendra Kumar – Managing Director
(d) Relatives of Key Management Personnel:
A.N. Singh
Veerendra Kumar Singh
Alka Singh
Geeta Singh
Karan Singh
(e) Entities where Key Management Personnel (KMP)/relatives of Key Management Personnel (RKMP) have significantinfluence :
NotesForming Part of Accounts
{ {
54
Sanatan Herbal & Naturals Limited
Camson Farm Produce Private Limited
Shashtika Health Resorts & Spa Private Limited
Camson Green Valley Products Private Limited
2. Transactions carried out with related parties referred in 1 above :
Amount in Rs.
Related Transaction
Name of the party Director’sRemuneration Rent Deposit Lease rent Sales
Dhirendra Kumar 53,03,226(12,33,566)
Camson Green Valley Products 9,12,377Private Limited (Nil)
Earnings per share is calculated in accordance with Accounting Standard 20 – “Earnings per share”, notifiedby the Companies (Accounting Standards) Rules, 2006.
Amount in Rs.
Particulars 2010-11 2009-10
Profit Before Tax & Extra Ordinary Items 22,38,93,058 14,71,32,853
Less : Current year Tax 19,29,168 63,53,696 Deferred Tax 18,57,678 37,86,846 42,18,912 1,05,72,608
NotesForming Part of Accounts
Annual Report
2010-1155
Particulars 2010-11 2009-10
Profit After Tax but before ExtraOrdinary Items 22,01,06,211 13,65,60,245
Extra Ordinary Items - -
Profit After Tax and ExtraOrdinary Items 22,01,06,211 13,65,60,245
Weighted average no. of Equity shares :Basic 1,61,35,479 1,47,10,822Diluted* 1,61,35,479 1,47,18,938
Earnings per Share - Basic :a. Before extra ordinary items 13.641 9.283b. After extra ordinary items 13.641 9.283
Earnings per Share – Diluted :
a. Before extra ordinary items 13.641 9.283b. After extra ordinary items 13.641 9.283
Note : The share warrants not allotted have been subsequently forfeited and hence not considered for dilutedshares.
13) Segment Information :
In accordance with AS-17 “Segment Revenue”, notified by the Companies (Accounting Standards) Rules, 2006,segment revenue, segment results and other information are as under :
A. Primary Segment
(a) Business Segment :
Segment identified by the Company comprises as under:
i. Seeds & Vegetables
ii. Agri Biotech Products
(b) Segment Revenue & Expenses :
Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities ofthe segment. Revenue and Expenses which relate to enterprises as a whole and are not allocable to a segmenton a reasonable basis have been disclosed as “Unallocable”.
(c) Segment Assets & Liabilities :
Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, taxrelated assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis havebeen disclosed as “Unallocable”.
B. Secondary Segment
The entire turnover of the Company is from domestic business and there is no geographical/secondary segmentto be reported.
Amount in Rs.
Particulars Seeds & Vegetables Agri Biotech Products Consolidated Total
15) The Company is in the process of filing revised returns under various State Sales Tax Act (VAT). Reconciliation ofliability accounts relating to VAT is in progress and the effect, if any, will be accounted in the year in which it isreconciled/ revised returns filed.
16) Foundation Seeds included earlier under Fixed Assets and depreciated are now grouped under inventoriesbased on its written down value. Issue of the same for further production is accounted as consumption .There is no impact on the revenue and reserves of the Company on account of this change.
17) Previous year figures have been regrouped / reclassified wherever necessary to conform to current year classification.Figures in brackets are in respect of previous year.
Schedules referred to herein from an integral
part of Balance Sheet and Profit & Loss Account
As per our report of even date For and on behalf of the Board
For Ishwar & GopalChartered Accountants
K. V. GopalakrishnayyaPartnerMembership No : 021748Registration No. 001154S
Place : Bangalore C. M. MurthyDate : 27th August, 2011 Company Secretary
Dhirendra KumarManaging Director
A. N. SinghDirector
NotesForming Part of Accounts
58
Balance Sheet Abstract
37
AUDITORS’ REPORT
To the Members of Camson Bio Technologies Limited
1. We have audited the attached Balance Sheet of Camson Bio Technologies Limited as at 31st March 2012, and
also the Profit and Loss Account and the Cash Flow statement for the year ended as on that date, both
annexed thereto. These financial statements are the responsibility of the Company’s Management. Our
responsibility is to express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statements. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the Management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003 as amended by the Companies (Auditor’s
Report) (Amendment) Order, 2004 (the ‘order’) issued by the Central Government in terms of Section 227
(4A) of the Companies Act, 1956 we give in the annexure, a statement on the matters specified in paragraphs
4 and 5 of the said order to the extent applicable.
4. Further to our comments in the Annexure referred to above, we report that:
a. We have obtained all the information and explanations which, to the best of our 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 it
appears from our examination of those books;
c. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report
are in agreement with the books of account;
d. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with
by this report comply with the accounting standards, to the extent applicable referred to in subsection
(3C) of the Section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors, taken on record by the Board of
Directors, we report that none of the directors is disqualified as at 31st March 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act,
1956; and
f. In our opinion, and to the best of information and according to the explanation given to us, the said
Accounts, give the information required by the Companies Act, 1956 in the manner so required give a
true and fair view
i. in the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2012;
ii. in the case of Profit and Loss Account, of the profit of the Company for the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.
For ISHWAR & GOPAL,
Chartered Accountants
K. V. Gopalakrishnayya
Partner
Membership No.21748 Place: Bangalore
Firm Registration No. 001154S Date: 30.08.2012
38
ANNEXURE TO THE AUDITORS’ REPORT [Referred to in paragraph (3) of our report of even date] (i) a. The Company has maintained proper records showing full particulars including
quantitative details and situation of the fixed assets.
b. According to the information and explanation given to us, the fixed assets have been
physically verified by the Management during the year in a phased periodic manner
which in our opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such verification.
c. As explained to us the Company has not disposed off any fixed asset during the year
under review.
(ii) a. As explained to us, inventories were physically verified during the year by the Management at reasonable intervals.
b. In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and nature of the business.
c. The Company has strengthened inventory records which in our opinion need to be modified to record the movement and balances of the inventory on regular basis. We have been informed that no material discrepancies have been noticed on physical verification of stocks with the inventory records maintained by the Company.
(iii) a. According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.
b. According to the information and explanations given to us, the Company has taken
unsecured loans from four parties covered in the register maintained under section 301 of
the Companies Act, 1956. Maximum amount involved during the year was Rs 2,80,09,178/
and balance as on year end was Rs 2,48,71,146/
(iv) In our opinion and according to the information and explanations given to us, internal control systems with regard to purchase of inventory, fixed assets, and with regard to sale of goods needs to be strengthened to make it commensurate with the size of the Company and the nature of its business. During the course our audit, we have been informed that the company has initiated corrective steps to address the weakness in internal controls.
(v) a. To the best of our knowledge and belief and according to the information and explanations given to us, transactions to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been entered in the register
b. As per the information and explanations given to us, the Company during the year under review has not entered into any transactions exceeding Rs Five lakhs in respect of any party which need to be recorded in the register maintained under section 301 of the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits in terms of the provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956.
(vii) In our opinion, internal audit system of the Company needs to be strengthened to make it commensurate with the size and nature of its business.
39
(viii) The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of any of the activities of the company.
(ix) a. According to the information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees’ State Insurance, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues except for income tax where there is slight delay in a few cases. According to the information and explanations given to us, income tax dues of Rs 1,61,731/ is outstanding as on 31st March 2012 for a period of more than six months from the date they became payable
b. According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and cess which have not been deposited on account of any dispute.
(x) The Company does not have accumulated losses. The Company has not incurred cash losses during the financial year and in the immediately preceding financial year.
(xi) According to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks.
(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of securities by way of pledge of shares, debentures and other securities.
(xiii) Company is not a chit fund/nidhi/mutual benefit fund/society. Accordingly, clause 4 (xiii) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the company during the year under audit.
(xiv) In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments. All the investments are held by the Company in its own name.
(xv) The Company has not given any guarantee for loans taken by others from financial institutions or banks.
(xvi) Based on the explanation given to us, the term loans were applied for the purpose for which loans are obtained.
(xvii) According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, short term funds have not been used for long term investments.
(xviii) The Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the year under review.
(xx) The Company has not raised any money by public issues during the year.
(xxi) Based upon the audit procedures performed by us and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.
For ISHWAR & GOPAL, Chartered Accountants K. V. Gopalakrishnayya Partner Membership No. 21748 Place: Bangalore Firm Registration No. 001154S Date: 30.08.2012
40
CAMSON BIO TECHNOLOGIES LIMITED
Balance Sheet as at 31st March 2012 (All amounts expressed in Indian Rupees)
Total 1,81,30,000 18,13,00,000 1,81,30,000 18,13,00,000 a. Par value per Equity Share is Rs. 10 /= b. Reconciliation of the Shares Outstanding at the Beginning and at the end of the Reporting Period
Particulars
As at 31.03.2012 As at 31.03.2011
Number Amounts in
INR Number Amounts in INR
Equity Shares
Outstanding at the Beginning of the Period 1,81,30,000 18,13,00,000 1,81,30,000 18,13,00,000
Outstanding at the End of the Period 1,81,30,000 18,13,00,000 1,81,30,000 18,13,00,000
c. Terms / Rights Attached to Equity Shares
The Company has only One class of Equity Shares having par value of Rs. 10 per Share. Each Holder of an Equity Share is Entitled to One Vote per Share. The Company Declares and pays Dividend in Indian Rupees. The Dividend Proposed by the Board of Directors is subject to the Approval of Share Holders in the Annual General Meeting.
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 Shares held by the Equity Share Holders.
45
(All amounts expressed in Indian Rupees ) d. Shares held by each Shareholder holding more than 5 percent Shares specifying the number of Shares held
Name of the Shareholder
As at 31.03.2012 As at 31.03.2011
No. of
shares % of holding No. of
shares % of holding
held held
Dhirendra Kumar 19,16,580 10.57 926580 5.11
Camson Farm Produce Private Limited 10,61,093 5.85 19,85,240 10.95
Shashtika Health Resort & SPA Private Ltd
9,90,000 5.46
-
4 RESERVES & SURPLUS
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Securities Premium Account
Balance As Per Last Financial Statement
354,950,000
219,750,000
Add: Received During The Year
-
354,950,000
135,200,000
354,950,000
Capital Reserve
Balance as per Last Financial Statement
189,885
189,885
Add: Additions During the Year
20,931,250
21,121,135
-
189,885
General Reserve
Balance as per Last Financial Statement
212,362,915
12,362,915
Add: Additions During the Year
-
212,362,915
200,000,000
212,362,915
Surplus / (Deficit) in Statement of Profit & Loss A/c
Balance as per last Financial Statement
300,041,354
300,944,287
Profit for the Year 207,222,850 220,106,211
507,264,204
521,050,498
Appropriations
Proposed Dividend on Equity Shares
18,130,000
18,130,000
Corporate Dividend Tax 2,949,174 2,879,146
Transfer to General Reserve
-
200,000,000
Net surplus / (Deficit) in Statement of Profit & Loss
486,185,030
300,041,352
Total
1,074,619,080
867,544,152
46
5 LONG TERM BORROWINGS
(All amounts expressed in Indian Rupees )
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Term Loans
Term Loan from Banks - Secured 993,634 1,041,076
(Secured against hypothecation of Vehicles)
Other Long Term Borrowings from Related Parties
2,48,71,146 17,46,178
(Unsecured ,Interest free -Repayable after 31st March 2014)
Total Long Term Borrowings 2,58,64,780 27,87,254
Less: Current maturities of long term debt (refer note 10)
5,42,966 8,88,568
Total 2,53,21,814 18,98,686
Particulars of repayment of Term Loan to Banks
Year of Repayment Amount Amount
2011-12
-
888,568
2012-13
542,966
152,508
2013-14
281,439
-
2014-15
169,229
-
Total
993,634
1,041,076
6 DEFERRED TAX ASSETS / (LIABILITIES)
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Deferred Tax Liability on Account of Fixed Assets
72,67,504 63,92,009
Deferred Tax Assets on Account of Temporary Disallowances under Income Tax Act
49,238
315,420
Net Deferred Tax Liability 72,18,266 60,76,589
47
7 LONG TERM PROVISIONS
(All amounts expressed in Indian Rupees)
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Provision for Gratuity 3,168,879 2,463,177
Total 3,168,879 2,463,177
8 SHORT TERM BORROWINGS
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Loans Repayable on Demand
Cash Credit Facilities from a Bank - Secured
90,587,442 -
From National Horticultural Board -Unsecured
8,004,000 8,004,000
Total 98,591,442 8,004,000
The Cash credit facilities from HDFC Bank Limited are Secured by exclusive Hypothecation of Stocks and Book Debts (Present & Future) of the Company and further Secured by First Charge on the Land and Building situated at Plot No 6 A and B, Phase -4, Industrial Area, Gwalthai, Dist: Bilasapur, Himachal Pradesh, Pin - 174 201.
9 TRADE PAYABLES
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Due to Micro, Small and Medium Enterprises*
-
-
Due to Others 78,656,367 138,141,744
Total 78,656,367 138,141,744
* As per the information available with the Company
10 OTHER CURRENT LIABILITIES
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Current Maturities of Long Term Debts (refer note 5)
5,42,966 8,88,568
Interest Accrued and Due on Borrowings
-
782,877
Taxes & Levies 1,714,634 2,205,709
Trade Deposit Received 16,276,325 15,948,882
Other Liabilities 10,121,532 32,345,081
Advances From Customers 10,369,884 6,573,932
Unpaid Dividend 629,122 292,080
Total
39,654,463
59,037,129
48
11 SHORT TERM PROVISIONS
(All amounts expressed in Indian Rupees )
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Provision for Gratuity 4,92,094 1,09,011
Proposed Dividend 1,81,30,000 1,81,30,000
Corporate Dividend Tax 28,79,146 29,41,139
Provision for Taxation (Net of Advance Tax)
16,45,975 58,97,396
Total 2,31,47,215 2,70,77,546
12. FIXED ASSETS OF TANGIBLE
Tangible
Gross Block Depreciation/Amortization Net Block
As at 1st April, 2011
Additions during the
year
Deductions during the
year
As at 31st March, 2012
As at 1st April, 2011
For the Year
Withdrawn As at 31st
March, 2012
As at 31st March, 2012
As at 31st March, 2011
LAND - FREEHOLD
9,780,800
9,780,800
-
-
9,780,800
9,780,800
LAND -LEASEHOLD
1,242,500
1,242,500
-
-
1,242,500
1,242,500
BUILDING
141,242,705
40,842,790
182,085,495
16,921,385
6,081,655
23,003,040
159,082,455
124,321,320
GREEN HOUSE
8,951,987
8,951,987
8,951,987
-
8,951,987
(0)
(0) PLANT AND MACHINERY
117,487,975
53,069,566
170,557,541
11,093,688
7,468,783
18,562,471
151,995,070
106,394,287
OFFICE EQUIPMENT
4,857,550
402,253
-
5,259,803
2,008,526
240,820
2,249,346
3,010,457
2,849,024
COMPUTER
2,452,782
518,389
2,971,171
116,507
408,716
525,223
2,445,948
2,336,275 FURNITURE & FIXTURES
13,320,570
69,095
13,389,665
2,641,562
843,935
3,485,497
9,904,168
10,679,008
VEHICLES
13,200,861
1,352,854
14,553,715
4,773,198
1,306,130
6,079,328
8,474,387
8,427,663
TOTAL
312,537,730
96,254,947
-
408,792,677
46,506,853
16,350,039
-
62,856,892
345,935,785
266,030,877
Capital WIP
111,578,243
183,229,049
73,621,704
221,185,588
221,185,588
111,578,243
GRAND TOTAL
424,115,972
279,483,996
73,621,704
629,978,265
46,506,853
16,350,039
-
62,856,892
567,121,373
377,609,119
Previous year
354,791,965
119,955,800
162,144,110
312,603,655
66,066,218
9,215,779
28,772,013
46,509,984
266,093,671
288,725,746 12A. INTANGIBLE ASSETS
Intangible
Gross Block Depreciation/Amortization Net Block
As at 1st April, 2011
Additions during the
year
Deductions during the
year
As at 31st March, 2012
As at 1st April, 2011
For the Year
Withdrawn As at 31st
March, 2012
As at 31st March, 2012
As at 31st March, 2011
SOFTWARE
65,925
301,602
-
367,527
3,131
14,520
17,651
349,876
62,794
TOTAL
65,925
301,602
-
367,527
3,131
14,520
-
17,651
349,876
62,794
GRAND TOTAL
424,181,897
279,785,598
73,621,704
630,345,792
46,509,984
16,364,559
-
62,874,543
567,471,249
377,671,913
49
13 NON CURRENT INVESTMENTS (All amounts expressed in Indian Rupees )
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Investment in Government or Trust Securities
18,000
18,000
Others 72,696 72,696
Total 90,696 90,696
14 LONG TERM LOANS AND ADVANCES
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Capital Advances 4,00,06,989 28,36,790
Deposit - With Government Authorities
12,96,454 6,64,566
Trade /Security Deposits 2,36,05,800 31,67,000
Total 6,49,09,243 66,68,356
15 CURRENT INVESTMENTS
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Investments in Mutual Funds
-
43,422,801
Nil (20,96,392) Units of Kotak Mahindra Mutual Funds Net Present Value - Nil (Rs.5,27,56,080/=)
Total
-
43,422,801
16 INVENTORIES
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Raw Materials 5,045,980 7,683,157
Work in Progress 80,865,000 264,877,797
Finished Goods 309,230,097 150,666,229
Packing Materials 4,921,681 4,000,965
Total 400,062,758 427,228,148
50
17 TRADE RECEIVABLES
(All amounts expressed in Indian Rupees)
PARTICULARS
As at As at
31-Mar-2012 31-Mar-2011
Unsecured, Aggregate amount of Trade Receivables outstanding for a Period Exceeding Six months from the date they are Due for Payment
Considered Good 32,479,182 44,312,908
Considered Doubtful 1,805,578 905,578
Sub Total 34,284,760 45,218,486
Less: Provision for Doubtful Debts 1,805,578 905,578
24 (INCREASE) / DECREASE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE (All amounts expressed in Indian Rupees)
PARTICULARS
For the Year Ended For the Year Ended
31-Mar-2012 31-Mar-2011
Inventories at the end of the Year
Work in Progress 285,827,395 264,877,797
Finished Goods 104,267,701 150,666,229
390,095,096 415,544,026
Inventories at the beginning of the year
Work in Progress 264,877,797 148,343,236
Finished Goods 150,666,229 69,136,797
415,544,026 217,480,033
(Increase) / Decrease in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade
25,448,930
(198,063,993)
Details of Work In Progress and Finished Goods
Closing Stock of Work In Progress
Foundation Seeds 207,767,800 193,237,797
Other Seeds 78,059,595 71,640,000
Sub Total 285,827,395 264,877,797
Closing Stock of Finished Goods
Seeds 80,322,530 107,402,389
Biocides 23,945,171 43,263,840
Sub Total 104,267,701 150,666,229
Opening Stock of Work In Progress
Foundation Seeds 193,237,797 -
Other Seeds 71,640,000 148,343,236
Sub Total 264,877,797 148,343,236
Opening Stock of Finished Goods
Seeds 107,402,389 50,160,892
Biocides 43,263,840 18,975,905
Sub Total 150,666,229 69,136,797
53
25 EMPLOYEE BENEFIT EXPENSES
(All amounts expressed in Indian Rupees)
PARTICULARS
For the Year Ended For the Year Ended
31-Mar-2012 31-Mar-2011
Salaries , Wages and Allowances 42,394,029 41,886,358
Contribution to Provident & Other Funds
1,398,612 1,670,762
Staff Welfare Expenses 1,131,797 479,487
Total
44,924,437
44,036,607
26 FINANCIAL COSTS
PARTICULARS
For the Year Ended For the Year Ended
31-Mar-2012 31-Mar-2011
Interest Expense on Working Capital 2,371,832 -
Interest Paid on Term Loan 132,316 184,909
Interest on Trade Deposits 259,175 1,001,074
Interest on Others 79,126 -
Bank Charges 776,250 245,884
Total 3,618,699 1,431,867
54
27 OTHER EXPENSES
(All amounts expressed in Indian Rupees)
PARTICULARS
For the Year Ended For the Year Ended
31-Mar-2012 31-Mar-2011
Research Materials 339,904 421,182
Geo-Climatic Trials 164,844,914 161,815,398
Consumable 2,283,998 1,711,847
Labour Charges 2,639,127 1,633,288
Power, Fuel & Water 4,160,424 2,683,014
Repairs & Maintenance:
Building 973,481 1,268,803
Plant & Machinery 57,860 476,422
Others 3,188,251 1,355,843
Rent & Hire Charges 3,661,705 2,762,994
Rates & Taxes 3,172,827 1,638,583
Insurance 1,159,767 865,036
Travelling & Conveyance 20,452,010 22,839,889
Communication Expenses 1,108,152 725,832
Postage & Courier Charges 711,814 490,813
Advertisement & Publicity 440,358 2,081,660
Printing & Stationery 2,696,353 786,112
Lease & License Fee 900,000 602,766
Legal & Professional Fees 4,117,039 4,617,141
Donations 10,500 15,000
Director's Remuneration 5,870,940 5,303,226
Auditors' Remuneration 393,260 275,750
Director's Sitting Fee 18,000 14,000
Freight 14,339,093 8,001,959
Rebate & Discounts 168,632,446 137,826,293
Commission 5,137,126 2,377,308
Business Promotion 174,668,633 131,898,011
Selling & Distribution 22,812 69,258
Provision for Bad Debts / Bad Debt written off
900,000 738,105
Miscellaneous 2,041,412 949,604
Total 588,942,206 496,245,137
Remuneration to Auditor
As Auditor Audit Fees 300,000 200,000
Tax Audit Fees 50,000 50,000
Service Tax 43,260 25,750
Total 393,260 275,750
55
CAMSON BIO TECHNOLOGIES LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2012
(All amounts expressed in Indian Rupees) Particulars Year Ended 31st March, 2012 Year Ended 31st March, 2011
A. CASH FROM OPERATING ACTIVITIES
Net Profit before tax and extraordinary items
204,467,881
223,893,057
Adjustments for:
Prior Period Adjustments (Net)
-
Depreciation
16,364,559
9,215,779
Interest Income
(1,064,542)
(985,100)
Dividend Income
(3,280,280)
(691,898)
Profit on redemption of investments
(15,561)
Interest and financial charges
3,618,699
184,909
Proceeds from sale of fixed assets
(89,449)
Provision for doubtful debts
900,000
-
Provision for employee benefits
1,088,785
17,611,660
1,061,639
8,695,880
Operating Profit /(Loss) before working capital changes
222,079,541
232,588,937
Adjustment for changes in :
Inventories
27,165,390
(72,184,852)
Trade & other receivables
(113,308,731)
(316,285,326)
Trade & other payables
(73,664,025)
(159,807,366)
141,161,654
(247,308,524)
Cash generated from operations
62,272,175
(14,719,587)
Income tax paid (net)
(4,297,864)
(3,811,860)
Net Cash Flow before extraordinary items
57,974,312
(18,531,447)
Extraordinary items
-
- Net Cash Flow from/(used in) Operating Activities
57,974,312
(18,531,447)
56
B. CASH FLOW FROM INVESTING ACTIVITIES
Investment in Fixed Assets / in New Projects
(206,163,894)
(176,334,777)
Proceeds from Sale of Fixed Assets
1,444,048
(Increase)/decrease in other Investment
43,407,240
(35,121,783)
Interest Income
1,064,542
985,100
Dividend Income
3,280,280
691,898
Net Cash Flow from/(used in) Investing Activities
(158,411,832)
(208,335,514)
C. CASH FLOW FROM FINANCIAL ACTIVITIES
Proceeds from issue of Share Capital
-
20,800,000 Proceeds from Share Warrants Application Money
-
(40,175,000)
Increase in Share Premium
-
135,200,000
Increase/(Decrease) in Secured Loans
114,010,570
(951,599)
Dividend paid (Including Dividend Tax)
(20,804,125)
(18,715,705)
Interest & Financial charges
(3,618,699)
(184,909) Net Cash Flow from/(used in) Financing Activities
89,587,746
95,972,787
NET CHANGES IN CASH & CASH EQUIVALENTS
(10,849,774)
(130,894,174)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR
19,441,196
150,335,370
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
8,591,421
19,441,196
As per our report of even date
For and on behalf of the Board of Directors
for Ishwar and Gopal, Chartered Accountants,
K V Gopalakrishnayya
Dhirendra Kumar A N Singh Managing Director Director Partner
Membership Number 021748
Firm Registration No : 001154S Malatesh G Kalal Company Secretary
Place : Bangalore
Date : 30.08.2012
57
NOTES TO ACCOUNTS (All amounts expressed in Indian Rupees) 1. CORPORATE INFORMATION
Camson Bio Technologies Limited (‘the Company’) is in the field of bio technology focused on cultivation of hybrid seeds and manufacture of effective, safe and environmentally friendly natural pest management products for the agricultural markets.
2. SIGNIFICANT ACCOUNTING POLICIES : 2.1 Basis of Accounting:
The financial statements are prepared under the historic cost conversion, on the basis of a going concern and as per applicable Notified Accounting Standards laid down in Companies (Accounting Standards) Rules, 2006 and relevant provisions of the Companies Act, 1956. The Company follows mercantile system of accounting and recognizes Income and Expenditure on accrual basis. The accounting policies have been diligently applied by the Company and are consistent with those used in the previous year.
2.2 Use of Estimates:
The preparation of financial statements in conformity with the generally accepted accounting principles requires the Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the results of operations during the period under review. Although these estimates are based upon the Managements best knowledge of current events and actions, actual results could differ from these estimates.
2.3 Fixed Assets:
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price, expenses incidental to the installation of the assets, cost of bringing the asset to its working condition for its intended use and attributable borrowing costs. Capital Work-in Progress comprises cost of fixed assets that are not yet ready for their intended use as at the balance sheet date. Intangible assets are recorded at the consideration paid for their acquisition.
2.4 Depreciation / Amortization:
The Company provides depreciation on fixed assets on Straight Line Method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956. Depreciation on additions/deletions during the year has been provided for on pro-rata basis. Assets purchased/installed during the year costing less than Rs.5, 000/- each are fully depreciated.
Amortization on Leasehold improvements has been done in proportion to the period of lease.
2.5 Investments: Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long term investments are carried at cost.
58
2.6 Inventories:
a. Inventories comprises of Raw Material, Stores, Spares and Consumables, Packing Materials, Work-in Process including foundation seeds and Finished Goods.
b. Cost of inventories comprises of cost of purchase, cost of conversion and other cost incurred in bringing the inventories to their present location and condition.
c. The method of valuation of various categories of inventories is as follows:
(i) Raw Materials, stores, spares, consumables, and packing materials are valued at lower of cost and net realizable value on FIFO basis. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.
(ii) Work-in-Progress and Finished Goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour expenses and appropriation of manufacturing overheads based on normal operating capacity determined on standard cost basis. Cost also includes a portion of the research expenses which in the opinion of the management attribute to the development of these seeds.
2.7 Employee Benefits:
a. Post-employment benefit plans
Contribution to defined contributory retirement benefit schemes are recognized as an expense when employees have rendered services entitling them to contributions. For defined benefit schemes, the cost of providing benefits is determined using the Project Unit Credit Method, with actuarial valuation being carried out at each Balance Sheet Date. Actuarial gains and losses are recognized in full in the profit and loss account for the period in which they occur. Past service cost is recognized immediately to the extent that the benefits are already vested, and otherwise it is amortized on straight-line basis over the average period until the benefits become eligible for being vested.
b. Short Term Employee Benefits: The amount payable on account of short term employee benefits comprising largely of salaries and wages, annual bonus is valued on an undiscounted basis and charged to the profit &loss account for the year.
2.8 Revenue Recognition:
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
a. Sale of Goods:
Revenue from sale of goods is recognized when significant risk and rewards of the ownership of the goods have passed to the buyer which generally coincides with dispatch of goods to the customer and when there is no significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of goods.
b. Interest Income:
Interest Income is recognized on a time proportionate basis taking into account the amount outstanding and the rate applicable.
c. Dividend Income:
Dividend from Investment is recognized when the right to receive payment is established.
59
2.9 Research and Development:
Research and Development expenditure relating to capital items is debited to fixed assets and depreciated at the applicable rates. Revenue expenditure is charged to Profit and Loss account in the year in which it is incurred.
2.10 Borrowing Costs:
Borrowing costs that are directly attributable to the acquisition and construction of qualifying assets are capitalized as part of the cost of asset up to the date such asset is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. Other borrowing costs are charged to Profit and Loss Account in the year in which they are incurred.
2.11 Taxation:
a. Current Tax:
Provision for current taxation has been made in accordance with the Income Tax laws applicable to the assessment year.
b. Minimum Alternative Tax (MAT):
In case the company is liable to pay income tax u/s 115JB of income tax Act,1961 ( MAT), the amount of tax paid in excess of normal income tax is recognized as an asset (MAT Credit Entitlement) only if there is convincing evidence for realization of such asset during the specified period. MAT credit entitlement is reviewed at each balance sheet date.
c. Deferred Tax:
The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws are recognized only if there is a virtual certainty of its realization supported by convincing evidence. Deferred tax asset on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization. At each balance sheet date the carrying amount of deferred tax assets are reviewed to reassure realization.
2.12 Impairment of Assets: The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment of the carrying amount of the Company's assets. If any indication exists, the recoverable amount of such assets is estimated. An impairment loss is recognized wherever the carrying amount of the assets exceeds its recoverable amount. The recoverable amount is greater of the net selling price or value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.
60
2.13 Foreign Currency Transactions: Foreign currency transactions are dealt with in accordance with the Accounting Standard 11 “The Effects of Changes in Foreign Exchange Rates”, notified by the Companies (Accounting Standards) Rules, 2006.
2.14 Operating Leases:
Assets acquired on lease where a significant portion of the risks and rewards of the ownership are retained by the lessor are classified as operating lease. Lease rentals are charged off to the Profit & Loss Account as incurred.
2.15 Earnings per Share:
Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
2.16 Accounting for Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to present value and are determined as best estimates required settling the obligation at the Balance Sheet date.
Contingent Liabilities are disclosed by way of notes to accounts in case of:
a. A present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle that obligation;
b. A present obligation when no reliable estimate is possible; and
c. A possible obligation arising from past events where the probability of outflow of resources is remote.
Contingent Assets are not recognized in the financial statements.
28. ADDITIONAL DISCLOSURES:
28.1 The Income generated from cultivation and marketing of seeds, vegetables and fruits, which is
in the nature of agricultural activity, is fully exempt from Income Tax u/s 10(1) of the Income Tax Act, 1961.Expenses which are common for both agricultural activities and agri - biotech products are bifurcated on an estimated basis for the purpose of computing taxable income.
28.2 The Honorable Court of Civil Judge (SR .DN), Doddaballapur vide their order dated 8th
December 2009 closed the case filed by National Horticulture Board (NHB) to recover the Soft Loan of Rs. 69.00 lakhs and interest thereon from the Company since NHB has not taken any steps to resolve the issue despite the directives from the said court. However as a matter of prudence, Rs 80.04 lakhs is shown as soft loan and accrued interest thereon due to NHB is not withdrawn.
61
28.3 The Company has taken certain assets under cancelable operating leases. The total rental expense under cancelable operating leases during the year was Rs. 36, 61,705/- (Rs. 27, 62,994/-).
28.4 Retirement Benefit Plans:
a) Defined contribution plans:
The Company makes Provident Fund contribution to defined contribution retirement benefit plans for eligible employees. Under the schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs. 13, 98,612/- (Rs. 16,70,762/-) for provident fund contributions in the profit and loss account including contribution to the Managing Director. The contributions payable to these plans by the Company are at rates specified in the rules of the respective scheme.
b) Defined benefit plans:
The Company makes the provision to the Employees' Gratuity Scheme for eligible employees. The scheme provides for lump sum payment to eligible employees at retirement, death while in employment or on termination of employment, an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Eligibility occurs upon completion of five years of service.
The present value of the defined benefit obligation and current service cost were measured using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date. The following table sets out the funded status of the gratuity plan and the amounts recognized in the Company’s financial statements as at March 31, 2012:
Particulars
As at March 31, 2012
As at March 31, 2011
I. Change in benefit obligations:
Projected benefit obligation, beginning of the year (April 1, 2011)
25,72,188 15,10,549
Service cost 5,82,206 4,80,674
Interest cost 2,49,541 1,56,865
Actuarial (gain) / loss 2,57,038 4,24,100
Benefits paid
Projected benefit obligation, end of the year 36,60,973 25,72,188
II. Change in plan assets:
Fair value of plan assets, beginning of the year (April 1, 2011)
- -
Expected return on plan assets - -
Employer’s contributions - - Benefits paid - -
Actuarial gain - -
Fair value of plan assets at the end of the year
Excess of (obligation over plan assets) / plan assets (36,60,973) (25,72,188)
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28.5 The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties had been identified on the basis of information available with the Company in this regard.
2011-12 2010-11 Particulars Principal Interest Principal Interest
Principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year;
Nil Nil Nil Nil
The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;
Nil Nil Nil Nil
The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006;
Nil Nil Nil Nil
The amount of interest accrued and remaining unpaid at the end of each accounting year;
III. Net gratuity and other cost for the year ended March 31, 2012:
Service cost 10,88,785 10,61,639
Interest on defined benefit obligation - Expected return on plan assets -
Net actuarial gain recognized in the year -
Net gratuity and other cost 10,88,785 10,61,639
Actual Return on Plan Assets -
IV. Category of Assets as at March 31, 2012:
Special Deposits Scheme -Nil- -Nil- Insurer Managed Funds -Nil- -Nil-
Others -Nil- -Nil-
Total - -
V. Assumptions used in accounting for the gratuity plan:
Discount rate 8.05% 8.05%
Salary escalation rate 10% - First 4 years and 7%
thereafter
10% - First 4 years and 7%
thereafter
Retirement Age 58 years 58 years
63
The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.
Nil Nil Nil Nil
This information has been compiled based on the details available with the Company.
28.6 Details of Value of Imports, Earnings in foreign currency, and Expenditure in foreign currency:
Particulars 2011-12 2010-11 i) CIF value of Imports Nil Nil ii) Earnings in foreign currency Nil 5,35,500 iii) Expenditure in foreign currency Travel Expenses
89,962
2,82,000
28.7 Related Party Disclosure:
1. Relationship during the year:
(a) Subsidiaries: None
(b) Associates: None
(c) Key Management Personnel:
Dhirendra Kumar – Managing Director
Veerendra Kumar Singh - Director
(d) Relatives of Key Management Personnel:
A.N. Singh - Director Alka Singh Geetha Singh Karan Singh
(e) Entities where Key Management Personnel (KMP)/relatives of Key Management Personnel (RKMP) have significant influence:
Sanatan Herbal & Naturals Limited
Camson Farm Produce Private Limited
Shashtika Health Resorts & Spa Private Limited
Camson Green Valley Products Private Limited
64
2. Transactions carried out with related parties referred in 1 above:
Related Party Transaction
Sl. No.
Particulars 31st March 2012 31st March 2011
i Transactions with KMP & their relatives
Remuneration to Dhirendra Kumar 6,000,000 5,303,226
Shares allotted to Dhirendra Kumar Nil 74,250,000
Commission to V K Singh 2,061,581 Nil
Loan Taken/recovered from Dhirendra Kumar
1,550,000
Nil
Lease Deposit to A N Singh, Director
19,915,000 Nil
ii Transactions with associates
Sales to Camson Green Valley Private Limited
Nil 912,377
Sales to Camson Green Valley Products Private Limited
Nil 912,377
Lease Rent to Camson Farm Produce Private Limited
900,000 249,500
Dividend to Camson Farm Produce Private Limited
1,061,093 1,985,240
Dividend to Shastika Health Resorts & spa Private Limited
990,000 Nil
Dividend to Sanatan Herbal & Natural Limited
36,691 555,700
Shares allotted to Shastika Health Resorts & spa Private Limited
Nil 74,250,000
Loan taken from Camson Green Valley Products Private Limited
18,250,000 Nil
Trade advance from Camson Farm Produce Private Limited
13,001,214 Nil
Loan repaid to Camson Farm Produce Private Limited
Nil 198,000
Loan Taken from Sanatan Herbal & Naturals Limited
6,709,178 2,515,335
Loan repaid to Sanatan Herbal & Naturals Limited
Nil 769,157
65
Balances with Related Parties :
Rent Deposit to Camson Farm Produce Private Limited
2,100,000 2,100,000 Payable to Dhirendra Kumar 1,550,000 Nil Payable to Geeta Singh 1,500,000 Nil Loan Payable Camson Green Valley
Products private Limited 18,111,968 Nil
Trade Payables to Camson Farm Produce
Private Limited 13,001,214 Nil
Loan payable to Sanatan Herbal & Naturals
Limited 3,709,178 2,515,335
Due from Shastika Health Resorts & spa
Private Limited 1,400 1,400
Deposit due from A N Singh 19,915,000 Nil
28.8 Earnings per Share (EPS):
Earnings per share is calculated in accordance with Accounting Standard 20 – “Earnings per share”, notified by the Companies (Accounting Standards) Rules, 2006.
Particulars 2011-12 2010-11
Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Profit Before Tax & Extra Ordinary Items 204,467,881 223,893,057
Less: Current Year Tax 1,566,849 1,929,168
Deferred Tax 1,141,677
1,857,678 Current Tax relating to
Prior Years Withdrawn
(3,896,646)
MAT Credit Entitlement (1,566,849) (2,754,969) 3,786,846 Profit After Tax but before Extra-Ordinary Items
207,222,850
220,106,211
Extra Ordinary Items - - Profit After Tax and Extra Ordinary Items
207,222,850
220,106,211
Weighted average no. of Equity shares:
Basic 18,130,000 16,135,479
Diluted* 18,130,000 16,135,479
Earnings per Share - Basic:
a. Before extra-ordinary items 11.43
13.64
b. After extra ordinary items 11.43
13.64
Earnings per Share – Diluted:
a. Before extra-ordinary items 11.43
13.64
b. After extra ordinary items 11.43
13.64
66
28.9 Segment Information:
In accordance with AS-17 “Segment Revenue”, notified by the Companies (Accounting Standards) Rules, 2006, segment revenue, segment results and other information are as under:
A. Primary Segment
(a) Business Segment:
Segment identified by the company comprises as under:
i. Seeds & Vegetables
ii. Agri Biotech Products
(b) Segment Revenue & Expenses:
Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprises as a whole and are not allocable to a segment on a reasonable basis have been disclosed as “Unallocable”.
(c) Segment Assets & Liabilities:
Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Unallocable”.
B. Secondary Segment
The entire turnover of the Company is from domestic business and there is no geographical/secondary segment to be reported.
Segment report
Particulars Seeds & Vegetables Agri Biotech Products Consolidated Total
28.10 Contingent Liabilities and commitments : Nil
28.11 Balances of Trade Payables, Trade Receivables, Loans and Advances are subject to balance
confirmation and reconciliation. 28.12 Up to the year ended March 31st 2011, the Company was using pre-revised schedule VI to the
Companies Act 1956, for preparation and presentation of its Financial Statements. For the year ended March 31st 2012, the revised Schedule VI notified under the Companies Act, 1956 has been applicable to the Company. The Company has reclassified previous year figures to conform to this classification. Figures in brackets relate to previous year.
As per our report of even date For and on behalf of the Board of Directors For ISHWAR & GOPAL Chartered Accountants
K. V. Gopalakrishnayya Dhirendra Kumar A N Singh Partner Managing Director Director Membership No. 21748 Firm Registration No. 001154S Place: Bangalore Malatesh G Kalal Date: 30.08.2012 Company Secretary
68
CAMSON BIO TECHNOLOGIES LIMITED
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE
(All amounts expressed in Indian Rupees)
(As per Part-IV of Schedule VI to the Companies Act 1956)
I. Registration Details
Registration No. 14944 State Code 08
Balance Sheet Date 31-Mar-12
II. Capital raised during the year
Public Issue Nil Preferential Issue Nil
Bonus Issue Nil Private Placement Nil
III. Position of Mobilisation and Deployment of Funds
SOURCES OF FUNDS APPLICATION OF FUNDS
Paid-up Capital 181,300,000 Net Fixed Assets 567,471,248
Share Warrents Application Money
0 Investments
78,073
Reserves & Surplus 1,074,619,080 Net Current Assets 794,179,467
Secured Loan 98,591,442
Deferred Tax Liability 7,218,266
Total Liabilities 1,361,728,788 Total Assets 1,361,728,788
IV. Performance of the Company
Turnover 1,127,327,298 Profit/(Loss) after Tax 207,222,850
Total Expenditure 922,859,417 Earning Per Share in Rs. 11.43
Profit/(Loss) before Tax 204,467,881 Dividend Rate in % 10
V. Generic Names of three principal products (as per monitory terms)
Item Code No. (ITC Code) 120900
Product Description Agricultural Biotech Products
Zero Residue Vegetables & Fruits
As per our report of even date For and on behalf of the Board of Directors
for Ishwar and Gopal,
Chartered Accountants,
K V Gopalakrishnayya
Dhirendra Kumar A N Singh
Partner
Managing Director Director
Membership Number 021748 Firm Registration No : 001154S
Place : Bangalore
Malatesh G Kalal Company Secretary Date : 30.08.2012
Auditors Report
INDEPENDENT AUDITORS REPORT
To the Members of Camson Bio Technologies Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Camson Bio Technologies Limited (“the Company”)
which comprises the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss and the Cash Flow
statement for the year then ended and a summary of 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 fair view of the
financial position, financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India. This responsibility includes the design, implementation and maintenance of
the internal control relevant to the preparation and presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
Auditors’ 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 the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidences about the amounts and disclosures in the
financial statements. The procedures selected depend on auditor’s judgement, including the assessment of the risks
of the material misstatements 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.
We believe that that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India:
(a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2013;
(b) In the case of Profit and Loss Account, of the profit for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.
Report on Other Legal and 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 Section 227 (4A) of the Act, we give in the Annexure, a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2 As required by Section 227(3) of the Act, we report that:
Auditors Report
a. We have obtained all the information and explanations which, to the best of our 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 it
appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this
Report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
comply with the Accounting Standards, to the extent applicable, referred to in Section 211 (3C) of the
Act.
e. On the basis of written representations received from the directors as on March 31st, 2013, taken on
record by the Board of Directors, none of the directors is disqualified as at March 31st, 2013 from
being appointed as a director in terms of Section 274 (i) (g) of the Act .
For Ishwar & Gopal,
Chartered Accountants
Sd/-
K. V. Gopalakrishnayya
Partner
Membership No. 21748
Firm Registration No. 001154S
Place: Bangalore
Date: 30th
May 2013
ANNEXURE TO THE AUDITORS’ REPORT
[Referred to in paragraph (3) of our report of even date]
i. a. The Company has maintained proper records showing full particulars including quantitative details
and situation of the fixed assets.
b. According to the information and explanation given to us, the fixed assets have been physically
verified by the Management during the year in a phased periodic manner which in our opinion is
reasonable having regard to the size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
c. As explained to us the Company has not disposed off any fixed asset during the year under review.
ii. a. As explained to us, inventories were physically verified during the year by the management at
reasonable intervals.
b. In our opinion and according to the information and explanation given to us, the procedures of
physical verification of inventories followed by the Management were reasonable and adequate in
relation to the size of the company and nature of the business.
c. Based on the records furnished before us we are of the opinion that the inventory records maintained
by the Company needs to be improved. We have been informed that no material discrepancies have
been noticed on physical verification of stocks with the inventory records maintained by the
Company.
iii According to the information and explanations given to us, the Company has not granted unsecured
loans to Companies, firms or other parties covered in the Register maintained under Section 301 of
the Companies Act, 1956. Hence the provisions of clause (4) (iii) (a) to (c) of the Companies
Auditors Report
(Auditors Report) Order 2003 are not applicable to the Company for the year under review.
d. The Company has taken interest free unsecured loans from 2 parties and 3 private limited Companies
and a limited Company listed in the register maintained under Section 301 of the Act. The maximum
balance outstanding during the year was Rs. 5,41,49,549/- and the outstanding as at the end of the
year was Rs. 5,13,99,149/-.
e. The rate of interest and other terms and conditions of these unsecured loans are in our opinion prima
facie not prejudicial to the interest of the Company.
f. In respect of the said loans and the interest thereon, there are no overdue amounts.
iv In our opinion and according to the information and explanations given to us, internal control
systems with regard to purchase of inventory, fixed assets, and with regard to sale of goods needs to
be strengthened to make it commensurate with the size of the Company and the nature of its business.
However, during the course of our audit, we have not come across continuing failure to correct major
weakness in the internal controls.
v a To the best of our knowledge and belief and according to the information and explanations given to
us, transactions to be entered in the register maintained under Section 301 of the Companies Act,
1956 have been entered in the register
b In our opinion and according to the information and explanations given to us, the transactions made
in pursuance of contracts or arrangements entered in the register maintained under section 301 of the
Companies Act, 1956 in respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market marker prices at the relevant time.
vi In our opinion and according to the information and explanations given to us, the Company has not
accepted deposits in terms of the provisions of Sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956.
vii In our opinion, internal audit system of the Company needs to be strengthened to make it
commensurate with the size and nature of its business
viii The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of
the Companies Act, 1956 in respect of any of the activities of the company.
ix a According to the information and explanations given to us, the Company has generally been regular
in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection
Fund, Employees’ State Insurance, Income-Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and any other material statutory dues.
b There are no arrears of undisputed amounts payable in respect of the aforesaid dues which were
outstanding as on 31st March, 2013 for a period of more than six months from the date they became
payable.
c According to the information and explanations given to us, there are no dues of Income Tax, Sales
Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and cess which have not been deposited
on account of any dispute.
x The Company does not have accumulated losses. The Company has not incurred cash losses during
the financial year covered by our audit and in the immediately preceding financial year.
xi According to the information and explanations given to us, the Company has not defaulted in the
repayment of dues to banks. The Company has no dues to financial institutions or debenture holders
during the year under review.
xii In our opinion and according to the information and explanations given to us, no loans and advances
have been granted by the Company on the basis of securities by way of pledge of shares, debentures
and other securities.
xiii The Company is not a chit fund / nidhi / mutual benefit fund/society. Accordingly, clause 4 (xiii) of
the Companies (Auditor’s Report) Order, 2003 is not applicable to the company during the year
under audit.
xiv In our opinion and according to the information and explanations given to us, the Company is not
Auditors Report
dealing in or trading in shares, securities, debentures and other investments. Therefore the provisions
of clause (4) (xiv) of The Companies (Auditors Report) Order 2003 are not applicable to the
Company.
xv The Company has not given any guarantee for loans taken by others from financial institutions or
banks.
xvi. As per the information and explanations furnished to us the term loans availed by the Company
during the year under review are utilized for the purposes for which the loans were obtained.
xvii According to the information and explanations given to us, and on an overall examination of the
Balance Sheet of the Company, short term funds have not been used for long term investments.
xviii During the year, the Company has made allotment of warrants issued on preferential basis to the
parties covered in the Register maintained under Section 301 of the Act. In our opinion the price at
which such share warrants were issued are prima facie not prejudicial to the interest of the Company.
Xix The Company has not issued any debentures during the year under review.
Xx The Company has not raised any money by public issues during the year.
xxi. Based upon the audit procedures performed by us and information and explanations given by the
Management, we report that no fraud on or by the Company has been noticed or reported during the
course of our audit.
For Ishwar & Gopal,
Chartered Accountants
Sd/-
K. V. Gopalakrishnayya
Partner
Membership No. 21748
Firm Registration No. 001154S
Place : Bangalore
Date: 30th
May 2013
Auditors Report
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors of Camson Bio Technologies Limited
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Camson Bio Technologies Limited (“the
Company”), which comprise the Consolidated Balance Sheet as at March 31, 2013, and the Consolidated
Statement of Profit and Loss and Consolidated Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
The Company’s management is responsible for the preparation of these financial statements that give a true and
fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of
the Group in accordance with the accounting principles generally accepted in India. This responsibility includes
the design, implementation and maintenance of internal control relevant to the preparation and presentation of the
consolidated financial statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants
of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
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 the assessment of the
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 management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
We report that the Consolidated financial statements have been prepared by the Company in accordance with the
requirements of Accounting Standards (AS) 21 – Consolidated Financial Statements – notified under section 211
(3C) of the Companies Act, 1956.
In our opinion and to the best of our information and according to the explanations given to us, the financial
statements give the information required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India subject to
a. in the case of the Consolidated Balance Sheet, of the state of affairs of the Company as at March 31, 2013;
b. in the case of the Consolidated Profit and Loss Account, of the profit for the year ended on that date; and
c. in the case of the Consolidated Cash Flow Statement, of the cash flows for the year ended on that date.
Other Matter
We did not audit the financial statements of a subsidiary, Camson Agri Ventures Private Limited, whose financial
statements reflect total assets (net) of Rs. 16,56,32,738/- as at March 31, 2013, total revenues of Rs. 16,51,76,888/-
and net cash inflows amounting to Rs. 1,25,000/- for the year ended on that date, as considered in the consolidated
financial statements
The financial statements of the aforesaid subsidiary have been audited by other auditors whose report has been
Auditors Report
furnished to us by the Management. Our opinion, in so far as it relates to the amounts and disclosures included in
respect of these entities, is based solely on the reports of the other auditors.
Our opinion is not qualified in respect of this matter
For Ishwar & Gopal,
Chartered Accountants,
Firm’s Registration Number : 001154S
Sd/-
(K V Gopalakrishnayya)
(Partner)
Membership Number: 21748
Place of Signature: Bangalore
Date: 30th
May 2013
Rs. Rs. Rs. Rs.
A. Cash Flow from Operating Activities
Profit /(Loss) before taxation 231,077,608.85 204,467,881.15
Adjustments for:
Depreciation 33,537,807.00 16,364,559.00
Interest income on deposits - (1,064,542.00)
Dividend income - (3,280,280.00)
Profit on redemption of Investment - (15,561.00)
Interest Expenses on borrowings 17,954,182.00 3,618,699.00
Provision for doubtful receivables 35,586,789.00 900,000.00
Provision for Employee Benefit 4,230,284.00 1,088,785.00
91,309,062.00 17,611,660.00
Operating profit before working capital changes 322,386,670.85 222,079,541.15
Changes in Working Capital:
Increase / (Decrease) in trade payables (47,378,099.00) (59,485,376.55)
Increase / (Decrease) in Short term provisions 3,818,738.00 (3,930,331.13)
Increase / (Decrease) in Other Long term Liabilities (1,810,001.00) -
Increase / (Decrease) in Long term provisions (3,168,879.00) (383,083.40)
Increase / (Decrease) in other current liabilities 36,208,810.00 (19,382,665.98)
(Increase) / Decrease in trade receivables (206,883,430.00) (42,868,806.60)
(Increase) / Decrease in inventories 4,477,003.00 27,165,390.43
(Increase) / Decrease in short term loans and advances (75,126,615.00) (6,805,395.23)
(Increase) / Decrease in Long term loans and advances (166,635,519.00) (58,240,886.62)
(Increase) / Decrease in other current assets (671,729.00) (78,073.00)
(Increase) / Decrease in current Assets - 43,422,801.00
(Increase) / Decrease in other non-current assets - (457,169,721.00) (120,586,427.08)
Taxes paid -
Net cash generated from operating activities A (134,783,050.15) 101,493,114.07
B. Cash flow from Investing Activities:
Purchase of tangible/intangible assets including Capital work in progress (250,253,581.10) (206,163,893.69)
Proceeds from redemption of investments 7,696.00 -
Profit on redemption of Investment - 15,561.00
Dividend Income - 3,280,280.00
Interest received on deposits - 1,064,542.00
Net cash from investing activities B (250,245,885.10) (201,803,510.69)
The Company has only one class of equity shares having par value of Rs. 10 per Share. Each holder of an equity share is entitled to one vote per share. The
company declares and pays dividend in Indian rupees. The dividend proposed by the board of directors is subject to the approval of share holders in the annual
general meeting.
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 shares held by the equity share holders.
d. Shares held by each shareholder holding more than 5 percent shares specifying the number of shares held
Particulars
Name of the ShareholderAs at 31.03.2013
Particulars
4 RESERVES & SURPLUS
Capital Reserve
Balance as per last financial statement 21,121,135 189,885
Add: additions during the year 21,121,135 20,931,250 21,121,135
Securities Premium Account
Balance as per last financial statement 354,950,000 354,950,000
Add: received during the year - 354,950,000 - 354,950,000
General Reserve
Balance as per last financial statement 212,362,915 212,362,915
Add: additions during the year - 212,362,915 212,362,915
Surplus / (Deficit) in Statement of Profit & Loss
Balance as per last financial statement 486,185,030 300,041,354
Profit for the year 230,061,527 207,222,850
716,246,557 507,264,204
Appropriations
Proposed dividend on equity shares 18,130,000 18,130,000
Corporate dividend tax 2,879,146 2,949,174
Net surplus / (deficit) in statement of Profit & Loss 695,237,411 486,185,030
Total 1,283,671,461 1,074,619,080
5 LONG TERM BORROWINGS
Term Loans
a) From Bank: - Secured
Term Loan from banks 1,064,989 993,634
(Secured against hypothecation of plant and machinery)
Term Loan from HDFC Bank Limited - Secured 130,000,000 -
(Security details - refer note 1)
b) From Other Parties:
- From TATA Motors Finance Ltd 473,768
(Secured against hypothecation of vehicles)
- From Related parties 51,399,149 24,871,146
(Unsecured ,Interest free -Repayable during the year 2015-16)
Total Long term borrowings 182,937,906 25,864,780
23,821,024 542,966
Total 159,116,882 25,321,814
As at As at
31-Mar-2013 31-Mar-2012
As at
31-Mar-2013
Less: Current maturities of long term debt (refer note 11)
31-Mar-2012
PARTICULARS
As atPARTICULARS
-
23,219,995
26,138,978
29,454,905 -
33,123,906 -
18,062,216 -
542,966
296,490 281,439
331,622 169,229
370,917
65,960
304,538
169,229
6 OTHER LONG TERM LIABILITIES
Trade deposit received 14,466,325 16,276,326
Total 14,466,325 16,276,326
7 DEFERRED TAX ASSETS / (LIABILITIES)
Deferred tax liability on account of fixed assets 8,462,416 7,267,504
Deferred Tax Assets on account of temporary disallowances
under Income Tax Act 267,247 49,238
Net Deferred Tax Liability 8,195,168 7,218,266
8 LONG TERM PROVISIONS
Provision for gratuity 4,004,137 3,168,879
Total 4,004,137 3,168,879
31-Mar-2012
31-Mar-2013
As at As at
31-Mar-2013
As at
31-Mar-2012
31-Mar-2013 31-Mar-2012
Note1 - The Term Loan from HDFC Bank Limited are secured by exclusive Hypothecation charge over plant and machinery purchase out of bank finance and
extension of charge on over property mortgaged for Cash Credit facility. The interest rate is 12.50% p.a.
2015-16
PARTICULARS
2014-15
2014-15
2016-17
2013-14
2015-16
2016-17
2017-18
PARTICULARS
31-Mar-2012
Particulars of repayment of Term Loan against Plant and machinery
from HDFC Ltd
As at
As at As at
As at
31-Mar-2013
PARTICULARS
As at
Particulars of repayment of Term Loan against vehicle from HDFC Ltd
2013-14
Particulars of repayment of loan against vehicle from TATA Motors
Finance Ltd.
2012-13
2013-14
2014-15
9 SHORT TERM BORROWINGS
a) Loans repayable on demand
i) From Banks:
Cash Credit facilities from HDFC bank Limited - Secured 170,765,465 90,587,442
Farmer Loan - HDFC Bank Limited - Unsecured 46,362,630 -
ii) From other parties:
National Horticultural Board -Unsecured 8,004,000 8,004,000
(Refer note 28.2)
Total 225,132,095 98,591,442
10 TRADE PAYABLES
Due to Micro, Small and Medium Enterprises* 3,745 -
Due to others 27,623,057 75,004,901
Total 27,626,802 75,004,901
Principal Interest Principal Interest
3,745 Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
2012-13 2011-12
The information required to be disclosed under the Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have
been identified on the basis of information available with the Company in this regard.
31-Mar-2013 31-Mar-2012
As at As at
31-Mar-2013
As atPARTICULARS
the amount of interest paid by the buyer in terms of section 16 of the
Micro, Small and Medium Enterprises Development Act, 2006, along with
the amount of the payment made to the supplier beyond the appointed
day during each accounting year;
PARTICULARS
the amount of interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day during the
year) but without adding the interest specified under the Micro, Small and
Medium Enterprises Development Act, 2006;
the amount of interest accrued and remaining unpaid at the end of each
accounting year;
the amount of further interest remaining due and payable even in the
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise, for the purpose of disallowance as a
deductible expenditure under section 23 of the Micro, Small and Medium
Enterprises Development Act, 2006.
Principal amount and the interest due thereon (to be shown separately)
remaining unpaid to any supplier as at the end of each accounting year;
* As per the information available with the Company
Particulars
31-Mar-2012
The Cash credit facilities from HDFC Bank Limited are secured by exclusive hypothecation of Stocks and Book receivables (Present & Future) of the Company and
further secured by first charge on the Land and Building situated at Plot No 6 A and B, Phase -4, Industrial Area, Gwalthai, Dist.: Bilasapur, Himachal Pradesh.
As at
11 OTHER CURRENT LIABILITIES
Current maturities of long term debts (refer note 5) 23,821,024 542,966
Interest Accrued but not due on Borrowings 1,137,730 -
Interest accrued but not due on security deposit 894,836
Taxes & Levies 3,190,882 1,714,634
Advances from customers 1,900,526 10,369,884
Unpaid dividend 981,404 629,122
Liabilities for capital assets 15,712,019 3,651,466
Other liabilities 39,421,017 10,121,532
Total 87,059,438 27,029,604
12 SHORT TERM PROVISIONS
Provision for gratuity 226,147 492,094
Proposed dividend 18,130,000 18,130,000
Corporate dividend tax 2,879,146 2,879,146
Provision for taxation (Net of advance tax) 5,995,987 1,645,975
Total 27,231,280 23,147,215
As at As at
As at As at
31-Mar-2013 31-Mar-2012
31-Mar-2013 31-Mar-2012
PARTICULARS
PARTICULARS
14 NON CURRENT INVESTMENTS
Trade, Valued at Cost:
Investment in Equity Instruments - In a Subsidiary Compant
6500 (Nil) equity shares of face value of Rs.10 each in
subsidiary Company M/s Camson Agri Venture Private
Limited 65,000 -
Investment in government or Trust securities 18,000 18,000
Others - 72,696
Total 83,000 90,696
Aggregate amount of unquoted investment Rs.83,000/-, (P.Y. Rs.90,696/-)
15 LONG TERM LOANS AND ADVANCES
Capital advances 226,575,677 59,921,989
Trade /Security deposits 3,203,398 3,690,800
Deposit - With Government Authorities 1,765,687 1,296,454
Total 231,544,762 64,909,243
16 INVENTORIES
Raw materials 2,297,859 5,045,980
Work in progress 162,513,638 207,767,800
Finished goods 224,955,854 182,327,297
Packing materials 5,818,404 4,921,681
Total 395,585,755 400,062,758
17 TRADE RECEIVABLES
Unsecured,
Outstanding for a period exceeding six months from the date
they are due for payment
Considered good - 32,479,182
Considered doubtful 1,771,278 1,805,578
Sub Total 1,771,278 34,284,760
Less: Provision for doubtful receivables 1,771,278 1,805,578
- 32,479,182
Others - Considered good 640,643,226 436,867,403
Total 640,643,226 469,346,585
As at
31-Mar-2013 31-Mar-2012
As at As at
31-Mar-2013 31-Mar-2012
31-Mar-2013 31-Mar-2012
As at As at
As at As at
As at
PARTICULARS
PARTICULARS
31-Mar-2013 31-Mar-2012
PARTICULARS
PARTICULARS
18 CASH AND BANK BALANCES
Cash and Cash Equivalents:
Cash on hand 41,269 338,157
Cash at bank
- In Current accounts 15,549,244 7,480,156
- Unpaid Dividend account 981,004 628,722
Margin Deposit 184,386 144,386
Total 16,755,903 8,591,421
19 SHORT TERM LOANS AND ADVANCES
Unsecured - Considered Good
Advance to suppliers 1,923,518 4,567,359
Employee advances 5,166,972 2,850,401
MAT credit entitlement 6,532,621 1,566,849
Other advances 82,631,006 12,142,893
Total 96,254,117 21,127,502
20 OTHER CURRENT ASSETS
Prepaid expenses 749,802 78,073
Total 749,802 78,073
31-Mar-2012
As at As at
31-Mar-2013 31-Mar-2012
As at As at
31-Mar-2013
31-Mar-2013
31-Mar-2012
PARTICULARS
PARTICULARS
PARTICULARS
As at As at
CAMSON BIO TECHNOLOGIES LIMITED
(All amounts expressed in Indian Rupees )
Statement of Profit and Loss for year ended 31st March, 2013
1 INCOME
Revenue from operations 21 1,196,080,118 1,122,390,210
Other Income 22 3,031,114 4,937,088
Total Revenue 1,199,111,232 1,127,327,298
2 EXPENSES
Cost of Cultivation/ Materials consumed 23 282,838,015 243,560,586
Purchase of stock-in-trade 98,627,121 -
(Increase) / Decrease in Inventories of finished goods, work-in-
progress and stock-in-Trade 24 2,625,603 25,448,929
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 shares held by the equity share holders.
As at 31.03.2012
d. Shares held by each shareholder holding more than 5 percent shares specifying the number of shares held
As at 31.03.2013Name of the Shareholder
As at 31.03.2012
The Company has only one class of Equity Shares having par value of Rs. 10 per Share. Each holder of an equity share is entitled to one vote per share.
The Company declares and pays dividend in Indian rupees. The dividend proposed by the board of directors is subject to the approval of share holders in
the annual general meeting.
As at 31.03.2013
b. Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period
Particulars As at 31.03.2012
As at 31.03.2013
4 RESERVES & SURPLUS
Capital Reserve
Balance as per last financial statement 2,11,21,135 189,885
Add: Additions During the Year 21,121,135 20,931,250 21,121,135
Securities Premium Account
Balance as per last financial statement 35,49,50,000 354,950,000
Add: Received During The Year 354,950,000 - 354,950,000
General Reserve
Balance as per last financial statement 21,23,62,915 212,362,915
Add: Additions during the year 212,362,915 212,362,915
Surplus / (Deficit) in Statement of Profit & Loss
Balance as per last financial statement 48,61,85,030 300,041,354
Profit for the year 23,50,79,594 207,222,850
721,264,624 507,264,204
Appropriations
Proposed Dividend on equity shares 1,81,30,000 18,130,000
Corporate dividend tax 28,79,146 2,949,174
Net surplus / (Deficit) in Statement of Profit & Loss 700,255,478 486,185,030
Total 1,288,689,528 1,074,619,080
5 LONG TERM BORROWINGS
Term Loans
a) From Bank: - Secured
Term Loan from banks 1,064,989 993,634
(Secured against hypothecation of plant and machinery)
Term Loan from HDFC Bank Limited - Secured 130,000,000 -
(Security details - refer note 1)
b) From Other Parties:
- From TATA Motors Finance Ltd 473,768
(Secured against hypothecation of vehicles)
- From Related parties 51,399,149 24,871,146
(Unsecured ,Interest free -Repayable during the year 2015-16)
Total Long term borrowings 182,937,906 25,864,780
23,821,024 542,966
Total 159,116,882 25,321,814
31-Mar-2012
PARTICULARS
PARTICULARS
31-Mar-2013
As at As at
Less: Current maturities of long term debt (refer note 11)
31-Mar-2012
As at As at
31-Mar-2013
-
23,219,995
26,138,978
29,454,905 -
33,123,906 -
18,062,216 -
- 542,966
296,490 281,439
331,622 169,229
370,917 -
65,960 -
304,538 -
169,229 -
6 OTHER LONG TERM LIABILITIES
Trade deposit received 14,466,325 16,276,326
Total 14,466,325 16,276,326
7 DEFERRED TAX ASSETS / (LIABILITIES)
Deferred tax liability on account of fixed assets 8,462,416 7,267,504
Deferred Tax Assets on account of temporary disallowances
under Income Tax Act 267,247 49,238
Net Deferred Tax Liability 8,195,168 7,218,266
8 LONG TERM PROVISIONS
Provision for gratuity 4,004,137 3,168,879
Total 4,004,137 3,168,879
PARTICULARS
2012-13
2013-14
2014-15
As at
31-Mar-2012
As at
Particulars of repayment of Term Loan against Plant and machinery
from HDFC Ltd
As at
PARTICULARS
2016-17
2017-18
2013-14
2015-16
As at
31-Mar-2013 31-Mar-2012
As atAs at
31-Mar-2013
PARTICULARS
31-Mar-2013
31-Mar-2013 31-Mar-2012
Note1 - The Term Loan from HDFC Bank Limited are secured by exclusive hypothecation charge over plant and machinery purchase out of bank finance
and extension of charge on over property mortgaged for Cash Credit facility. The interest rate is 12.50% p.a.
2014-15
As at
31-Mar-2012
Particulars of repayment of loan against vehicle from TATA Motors
Finance Ltd.
2013-14
2014-15
As at
2015-16
2016-17
Particulars of repayment of Term loan against vehicle from
HDFC Ltd
9 SHORT TERM BORROWINGS
a) Loans repayable on demand
i) From Banks:
Cash Credit facilities from HDFC Bank Limited - Secured 170,765,465 90,587,442
Farmer loan - HDFC Bank Limited - Unsecured 46,362,630 -
ii) From other parties:
National Horticultural Board -Unsecured 8,004,000 8,004,000
(Refer note 28.2)
Total 225,132,095 98,591,442
10 TRADE PAYABLES
Due to Micro, Small and Medium Enterprises* 3,745 -
Due to others 179,336,592 75,004,901
Total 179,340,337 75,004,901
* As per the information available with the Company
.
Principal Interest Principal Interest
3,745 Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
the amount of interest paid by the buyer in terms of section 16 of the
Micro, Small and Medium Enterprises Development Act, 2006, along with
the amount of the payment made to the supplier beyond the appointed
day during each accounting year;
The information required to be disclosed under the Small and Medium Enterprises Development Act, 2006 has been determined to the extent such
parties have been identified on the basis of information available with the Company in this regard.
31-Mar-2012
the amount of interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day during the
year) but without adding the interest specified under the Micro, Small and
Medium Enterprises Development Act, 2006;
the amount of interest accrued and remaining unpaid at the end of each
accounting year;
the amount of further interest remaining due and payable even in the
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise, for the purpose of disallowance as a
deductible expenditure under section 23 of the Micro, Small and Medium
Enterprises Development Act, 2006.
PARTICULARS
PARTICULARS
As at
Particulars
2012-13
Principal amount and the interest due thereon (to be shown separately)
remaining unpaid to any supplier as at the end of each accounting year;
31-Mar-2013
31-Mar-2013 31-Mar-2012
2011-12
As at
The Cash credit facilities from HDFC Bank Limited are secured by exclusive hypothecation of Stocks and Book receivables (Present & Future) of the
Company and further secured by first charge on the Land and Building situated at Plot No 6 A and B, Phase -4, Industrial Area, Gwalthai, Dist.: Bilasapur,
Himachal Pradesh.
As at As at
11 OTHER CURRENT LIABILITIES
Current maturities of long term debts (refer note 5) 23,821,024 542,966
Interest Accrued but not due on borrowings 1,137,730 -
Interest accrued but not due on security deposit 894,836
Taxes & Levies 3,190,882 1,714,634
Advances from customers 1,900,526 10,369,884
Unpaid dividend 981,404 629,122
Liabilities for capital assets 15,712,019 3,651,466
Other liabilities 39,421,017 10,121,532
Total 87,059,438 27,029,604
12 SHORT TERM PROVISIONS
Provision for gratuity 226,147 492,094
Proposed dividend 18,130,000 18,130,000
Corporate dividend tax 2,879,146 2,879,146
Provision for taxation (Net of advance tax) 10,550,392 1,645,975
Provision for expenses 35,000 -
Total 31,820,685 23,147,215
As at As at
31-Mar-2012
PARTICULARS
PARTICULARS
As at
31-Mar-2013
31-Mar-2013
As at
31-Mar-2012
14 NON CURRENT INVESTMENTS
Trade, Valued at Cost:
Investment in Government or Trust Securities 18,000 18,000
Others - 72,696
Total 18,000 90,696
Aggregate amount of unquoted investment Rs.18,000/-, (P.Y. Rs.90,696/-)
15 LONG TERM LOANS AND ADVANCES
Capital advances 226,575,677 59,921,989
Trade /Security deposits 3,203,398 3,690,800
Deposit - With government authorities 1,765,687 1,296,454
Total 231,544,762 64,909,243
16 INVENTORIES
Raw materials 2,589,463 5,045,980
Work in progress 162,513,638 207,767,800
Finished goods 224,955,854 182,327,297
Packing materials 5,818,406 4,921,681
Total 395,877,361 400,062,758
17 TRADE RECEIVABLES
Unsecured,
Outstanding for a period exceeding six months from the date
they are due for payment
Considered good - 32,479,182
Considered doubtful 1,771,278 1,805,578
Sub Total 1,771,278 34,284,760
Less: Provision for doubtful receivables 1,771,278 1,805,578
- 32,479,182
Others - Considered good 805,820,111 436,867,403
Total 805,820,111 469,346,585
As atPARTICULARS
PARTICULARS
PARTICULARS
PARTICULARS
As at As at
31-Mar-2013 31-Mar-2012
As at
31-Mar-2013 31-Mar-2012
As at As at
31-Mar-2013 31-Mar-2012
As at
31-Mar-2013 31-Mar-2012
As at
18 CASH AND BANK BALANCES
Cash and Cash Equivalents:
Cash on hand 166,269 338,157
Cash at bank
- In Current accounts 15,549,244 7,480,156
- Unpaid Dividend account 981,004 628,722
Other Bank Balances
In Margin deposit 184,386 144,386
Total 16,880,903 8,591,421
19 SHORT TERM LOANS AND ADVANCES
Unsecured - Considered Good
Advance to suppliers 1,923,518 4,567,359
Employee advances 5,166,972 2,850,401
MAT credit entitlement 6,532,621 1,566,849
Other advances 81,121,311 12,142,893
Total 94,744,422 21,127,502
20 OTHER CURRENT ASSETS
Prepaid expenses 789,049 78,073
Total 789,049 78,073
PARTICULARS
PARTICULARS
As at As at
31-Mar-2013
As at
PARTICULARS
As at As at
31-Mar-2013 31-Mar-2012
31-Mar-2012
As at
31-Mar-2013 31-Mar-2012
CAMSON BIO TECHNOLOGIES LIMITED
(All amounts expressed in Indian Rupees )
Consolidated Statement of Profit and Loss for year ended 31st March, 2013
1 INCOME
Revenue from operations 21 1,360,413,525 1,122,390,210
Other Income 22 3,031,114 4,937,088
Total Revenue 1,363,444,639 1,127,327,298
2 EXPENSES
Cost of Cultivation/ Materials consumed 23 282,838,015 243,560,586
Purchase of stock-in-trade 250,164,476 -
(Increase) / Decrease in Inventories of finished goods, work-in-
progress and stock-in-Trade 24 2,625,603 25,448,929