| NOTE 1
The company has only one class of shares referred to as equity shares
having a par value of Rs 10/- each.
Each holder of the equity share, as reflected in the records of the
company as of the date of the shareholders meeting, is entitled to one
vote in respect of each share held for all matters submitted to vote in
the shareholders meeting.
NOTE 2
Disclosure of shares held by its holding company
11060000 ( Pr. Year 11060000) Equity Shares fully paid up of Rs.1106
lakhs (Pr. Year Rs. 1106 lakhs ) are held by M/s Hindustan Organics
Chemicals Limited, the holding company.
3. The Term loan from HOCL is secured by part of the land to the
extent of 62 acres of the Factory & Plant and Buildings at Rudraram
Village.
4. The Term loan from HOCL of Rs. 2744.06 lakhs is Zero coupon loan
as per terms of the BIFR agreement and is repayable in seven equal
annual installments as per the loan agreement commencing from F Y
2010-11. The installment due for F Y 2010-11 , 2011-12 , 2012-13,
2013-14, 2014-15 amounting to Rs.1960.04 lacs is not paid by the
company and current maturities of F Y 2015-16 amounting to Rs.392.01
lacs are shown in Note - 8 under the head ' Other Current liabilities'
being current maturities of long term debt.
5. The Term loan from HOCL of Rs.756.42 lakhs is Interest bearing @
10.25% to 14.50% repayable in 5 annual installments commencing from F Y
2010-11 as per the loan agreement. The company is continuing default in
payment of all the installments due and interest during the F Y 2010-11
to 2014-15 amounting to Rs.456.43 lacs is not paid by the company &
shown in Note -8 of the financial statements under the head 'Other
Current liabilities' being current maturities of long term debt and
interest due amounting to Rs.616.23 lakhs under Interest accrued and
due.
6. Term loan of Rs. 5.00 Crore @14.20% p.a. (floating) for
refurbishment of PTFE plant and setting up Modified PTFE plant
repayable in 5 years 3 months including moratorium period of 9 months
after the completion of the project commencing from April, 2015. The
company hypothecated land of 60.285 acres and plant and machinery as
collateral security besides furnishing of corporate guarantee by
promoter company Viz., HOCL to this extent. Further, HOCL has given an
undertaking that they will not withdraw their investments during the
period of loan.
7. The company has received plan loan from government of India Rs.
3,60,00,000/-for manufacture of MPTFE on 22.8.2014 and Rs.
13,20,00,000/- for refurbishment of the Plant and HFP and FEP related
items on 01.01.2015 @11.5% p.a. repayable in 5 annual installments
commencing from F.Y. 2015-16. The 1st installment due for F.Y. 2015-16
amounting to Rs. 336.00 lakhs shown in Note-8 under the head 'Other
Current liabilities being Govt. Plan Loan current maturities of long
term debt'.
8. Secured by hypothecation of the company's entire stock of raw
materials, finished goods, stock in process, consumables, stores &
spares and book debts, plant and machinery and part of the land to the
extent of Acres 60.285 out of the total land of Acres126.13 at Rudraram
Village and guaranteed by the holding company, viz. Hindustan Organic
Chemicals Ltd. The cash credit is repayable on demand and carries
interest @14.2% p.a.
9. Margin money deposits are subject to first charge/ lien to
secure the company's cash credit loan and term loan with a maturity
period of 6 to 12 months. 15(B). The company has made a deposit with
SBH (Corporate Liquid Term Deposit) for a maturity period of 1 year.
10. Balance standing to the debit/credit of parties is subject to
confirmation by them and review by the Company. 14(B) Debts overdue
for a period exceeding six months includes towards case filed in High
Court of Andhra Pradesh, which is pending amounting to Rs.129.16 Lacs
(Previous year Rs.129.16 Lacs)
11. Both employer and employees make monthly contributions of 10%
instead of 12% as per BIFR scheme to a separately managed exempted EPF
Trust.
12. As per Accounting Standard 15 "Employee benefits", the
disclosures as defined in the Accounting Standard are given below:
The Company's Provident Fund is exempted under section 17 of Employees'
Provident Fund and Miscellaneous Provisions Act,1952. Conditions for
grant of exemption stipulate that the employer shall make good
deficiency, if any, in the interest rate declared by the trust
vis-…-vis statutory rate.
Defined Benefit Plan
The employees' gratuity fund scheme managed by a trust (Life Insurance
Corporation of India) is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected unit credit Method, which recognizes each period of service
as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
obligation for leave encashment is recognized in the same manner as
gratuity.
Note - 13
The company has prepared these financial statements as per the format
prescribed by Schedule III of the Companies Act, 2013 ('' the
schedule'') issued by Ministry of Corporate Affairs. Previous period's
figures have been recast/restated to conform to the classification
required by the Schedule - III
Note - 14
Previous year's figures have been regrouped/reclassified, wherever
necessary to confirm to current year's classification.
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