Notes to Account
Note 27 Profit and loss from exceptional items:
| |
Exceptional Items
|
As at 31 March 2018
|
As at 31 March 2017
|
| |
|
Rs.
|
Rs.
|
|
Loss on sale of Motor Car
|
|
138,407
|
|
Prior Period Expenses
|
7,635
|
1,743,355
|
|
Total Rs.
|
7,635
|
1,881,762
|
Note 28 Contingent Liabilities:
|
Sr.No
|
Particular
|
2017-18
|
2016-17
|
|
(i)
|
Claims against the company not achnowledged
|
NIL
|
NIL
|
|
(ii)
|
Commitments, Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets.
|
-
|
2,000,000
|
Note: The Income-tax assessment of the Company has been completed up-to assessment year 2015-16, The Company has been demanded to pay a tax liability of Rs. 65,950 & Rs. 67,600 for the F. Y. 2011-12 & 2012-13 respectively and same has been paid in FY 2017-18.
Note 29 Balances of Sundry Debtors, Sundry Creditors Assets, Loans & Advances and Deposits as on 31/3/2018 either debit or credit are subject to confirmation,
reconciliation and adjustments, if any. Note 30 In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated in the Balance Sheet which would be realized in the ordinary course of business.
Note 31 The Board of Directors has waived off the board Meeting fees. Note 32 Figures of the previous year have been regrouped / reclassified, wherever necessary to make them comparable with the figures under review.
Note 33 Segment Reporting as per AS-17
a. The Organization been processor,importer,Supplier and Exporter of Chemical & Dyes used in the Painting and Textile Industry, which have similar risk and returns and also similar market conditions of demand and supply. All other activities of the company revolve around the main business; as such there are inherent natures of these activities are governed by the same set of risk and returns; these have been grouped as a single segment. The company does not have any other reportable as defined under the Accounting Standard 17 (AS-17) for segment reporting.
b. Geographical Segments as secondary segment:
|
Particular
|
2017-18
|
2016-17
|
|
Exports (Including duties & Taxes)
|
112,506,527
|
71,500,806
|
|
India (Including duties & Taxes)
|
644,645,740
|
512,684,878
|
|
Total
|
757,152,267
|
584,185,684
|
Note 34 Particulars of Remuneration to Statutory Auditors
(Amount In Rs.)
|
Particular
|
2017-18
|
2016-17
|
|
Audit Fees (Excluding Taxes)
|
80,000
|
70,000
|
|
Tax Audit (Excluding Taxes)
|
40,000
|
23,500
|
|
Fees for Certification Charges
|
5,870
|
-
|
Note 35 Details of Component of Raw material consumed
(Amount in Rs.)
|
Particular
|
2017-18
|
2016-17
|
|
Value
|
Percentage
|
Value
|
Percentage
|
|
Indigenous
|
494,476,982
|
86%
|
367,972,255
|
84%
|
|
Imported
|
80,540,804
|
14%
|
71,847,257
|
16%
|
|
Total
|
575,017,787
|
100%
|
439,819,512
|
100%
|
Note 36 Expenditure In Foreign Currency
|
Particular
|
2017-18
|
2016-17
|
|
Commission
|
288,673
|
770,058
|
Note 37 Value of Imports and Exports
|
Particular
|
2017-18
|
2016-17
|
|
Value of Imports on GIF Basis
|
86,629,804
|
88,587,257
|
|
Value of Exports on FOB Basis
|
112,506,527
|
71,500,805
|
Note 38 Earnings In Foreign Currency
|
Particular
|
2017-18
|
2016-17
|
|
Towards Export of goods
|
87,554,370
|
71,279,584
|
Note 39 There are No Micro, small and Medium Enterprises to whom the company owes dues which are outstanding for more then 45 days during the period. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified in the basis of information available with the company.
Note 40 Disclosure of related parties (As required by AS-18 Related party disclosure) List of key management personnel:
|
Reno.
|
Name of the Individual
|
Relationship
|
|
1
|
Mr Rakesh Shah
|
Key Management
|
|
2
|
Mrs Apooni Shah
|
Key Management
|
|
3
|
Mr Sharad Kothari
|
Key Management (From 12th Dec 2017)
|
|
4
|
Mr Aashay R Shah
|
Relative of Key Management
|
List of Subsidiary Company:-
|
Sn.
|
Name
|
Relation
|
|
1
|
Omega Woven Mills Pvt Ltd
|
Subsidiary Company
|
|
2
|
Om Maruti Glasswool & Wirenetting Products Pvt Ltd
|
Subsidiary Company
|
Disclosure of related party transaction (During the year):
(Amount in Rs.)
|
Sr.No.
|
Nature of transaction
|
Subsidiary Company
|
Key Management
|
Relative of Key Management/ Associate
|
Total
|
|
1
|
Salary
|
-
|
4,846,469
|
-
|
4,846,469
|
|
-
|
(3,456,000)
|
(900,000)
|
(4,356,000)
|
|
2
|
Investment Made during the year
|
5,600,000
|
-
|
-
|
5,600,000
|
|
(7,462,500)
|
|
|
(7,462,500)
|
|
3
|
Unsecured Loan Received
|
|
11,255,666
|
-
|
11,255,666
|
|
-
|
(20,596,597)
|
|
(20,596,597)
|
|
4
|
Unsecured Loan Repayment
|
|
8,976,523
|
-
|
8,976,523
|
|
-
|
(19,608,159)
|
|
(19,608,159)
|
|
5
|
Unsecured Loan given
|
10,248,163
|
-
|
-
|
10,248,163
|
|
(6,913,579)
|
|
|
(6,913,579)
|
|
6
|
Equity Share Purchase of subsidiary Company
|
|
5,600,000
|
-
|
5,600,000
|
|
-
|
|
|
-
|
|
7
|
Factory Rent Paid
|
300,000
|
-
|
-
|
300,000
|
| |
|
|
|
Note- Figure in bracket represents last year data. Detail of Investment made in Subsidiary company:-______
|
No
|
Name
|
Amount
|
|
1
|
Om Maruti Glasswool & Wirenetting Products Pvt Ltd
|
5,600,000
|
| |
Total
|
5,600,000
|
Detail of transaction with Subsidiary company :-
|
No
|
Name
|
Unsecured Loan given
|
Rent Paid
|
|
1
|
Omega Woven Mills Pvt Ltd
|
696,303
|
-
|
|
2
|
Om Maruti Glasswool & Wirenetting Products Pvt Ltd
|
9,551,860
|
300,000
|
| |
Total Rs.
|
10,248,163
|
300,000
|
Detail of Salary and interest given to key managerial personnel:
(Amount in Rs.)
|
No
|
Name
|
Salary
|
Unsecured Loan Received
|
Unsecured Loan Repayment
|
Equity Share Purchase of subsidiary Company
|
|
1
|
Mr. Rakesh Shah
|
3,522,150
|
8,270,666
|
8,224,024
|
3,200,000
|
|
2
|
Mrs. Apooni Shah
|
1,205,319
|
2,985,000
|
752,499
|
2,400,000
|
|
3
|
Mr. Sharad Kothari
|
119,000
|
-
|
-
|
-
|
| |
Total Rs.
|
4,846,469
|
11,255,666
|
8,976,523
|
5,600,000
|
Disclosure of outstanding amount at year end:
(Amount in Rs.)
|
No
|
Name
|
Type of Transaction
|
Amount
|
|
1
|
Mrs. Apooni Shah
|
Unsecured Loan Received
|
5,634,776
|
|
2
|
Omega Woven Mills Pvt Ltd
|
Unsecured Loan Given
|
7,609,882
|
|
3
|
Om Maruti Glasswool & Wirenetting Products Pvt Ltd
|
Unsecured Loan Given
|
9,551,860
|
Note 41 In compliance with the Accounting Standard 22 relating to "Accounting for Taxes on Income" issued by the Institute of Chartered Accountant of India, the deferred tax liability accruing during the year has been recognized in the Profit and Loss Account.
Major components of the Deferred Tax Liability/Asset are as follows:-
(Amount in Rs.)
|
Particulars
|
Balance as on April 1, 2017 (DTA)
|
Arising during the year (P&L)
|
Balance carried forward (DTA)
|
|
Deferred Tax liability/Asset on account of timing difference in depreciation
|
6,257,200
|
(5,429,994)
|
827,206
|
|
Total
|
6,257,200
|
(5,429,994)
|
827,206
|
Note 42 Disclosure as per AS 15 for Gratuity Liability
Defined Contribution Plans Amount of Rs. 621275 (PY Rs. 474670) towards Provident Fund is recognized as an expenses & included in "Salaries, PF employer Contribution & Bonus" in Profit & Loss.
Defined Benefits plan and short term Employee benefits
Gratuity (Defined Benefits Plan)
The Company has a defined benefit gratuity plan. Every Employee who has completed Five years of service get a gratuity on death or resignation or retirement at 15 days of salary (last drawn salary) for each completed year of service. The Gratuity has been provided on the basis of valuation provided by the actuary based on Projected Unit Credit Method.
|
Date of Valuation
|
3/1/2018
|
|
Number of Member
|
68
|
|
Average Age
|
33.56
|
|
Average Monthly Salary
|
8243.46
|
|
Average Past Service
|
4.46
|
|
Mortality Rate
|
LIC (2006-08)
|
|
Withdrawal Rate
|
1% to 3% depending
|
|
Discount Rate
|
7.5% P.A.
|
|
Salary Escalation
|
4%
|
Result of Valuation
|
PV Of Past Service Benefit
|
1,199,279
|
|
Current Service Cost
|
170,723
|
|
Total Expenses recognised during the year
|
1,370,002
|
|
Particular
|
31-Mar-18
|
|
Gratuity Provision - Non Current
|
719,567
|
|
Gratuity Provision -Current
|
239,856
|
|
Signature to Note No. 1 to 42 forming part of the Balance Sheet and Statement of Profit & Loss.
|
|
As per our audit report of even date.
|
|
|
As per our Report of even date
|
For and on behalf of Board of Directors of
|
|
For Shambhu Gupta & Co.
|
AMBANI ORGANICS LIMITED (Formerly Known as Ambani Organics
|
|
FRN No.:-007234C
|
Private Limited)
|
|
Chartered Accountants
|
|
|
CA. Rajkumar Khatod
|
Mr. Rakesh Shah
|
Mrs. Apooni Shah
|
|
Partner
|
Director
|
Director
|
|
Membership No. 133612
|
DIN No. 00503074
|
DIN No. 00503116
|
|
Place :- Mumbai
|
|
|
|
Dated:- May, 02nd 2018
|
|
|
| |
Mr. Bhavesh Pandya
|
Ms. Honey Magia
|
| |
Chief Financial Officer
|
Company Secretary
|
|