final-4-ksfl-2013-20th september 2013.pmd
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KRIBHCO SHYAM FERTILIZERS LIMITED
1
DIRECTORS’ REPORT
Dear Members
Your Directors have great pleasure in presenting the Eighth Annual Report on the business and operations of your
Company together with the Audited Statement of Accounts for the year ended on March 31, 2013.
FINANCIAL RESULTS(` in Lacs)
Particulars Year ended 31.03.2013 Year ended 31.03.2012
Revenue from Operations & Other Income 134590.72 127705.64
Profit Before Interest, Depreciation & Tax 27735.87 27040.46
Less : Interest & Depreciation 25699.81 24119.60
Add: Prior Period adjustments 3.39 44.19
Profit/ (Loss) Before Tax 2039.45 2965.05
Less: Tax Expenses 423.19 617.10
Profit/ (Loss) after Tax 1616.26 2347.95
Add: Balance of Profit/ (Loss) brought forward (12018.85) (14366.80)
Balance of Profit/ (Loss) carried to Balance Sheet (10402.59) (12018.85)
PERFORMANCE HIGHLIGHTS
During the year 2012-13, the overall performance of the
Shahjahanpur Plant of your Company has been very good
and plant achieved production of 6,00,090 MT Ammonia
with capacity utilization of 119.64% and 10,08,296 MT
Urea with capacity utilization of 116.62%. KSFL
Shahjahanpur plant has maintained the highest degree
of productivity and it has now maintained Urea
production level of more than one million MT per year
for three years in a row. Ammonia production has also
been in excess of 6 lakh MT per year for the last three
years. Plants also achieved the best ever specific energy
of 7.874 Gcal/MT Ammonia and 5.576 Gcal/ MT Urea in
FY 2012-13. Your Company commenced production of
Neem-Coated-Urea from Aug 11 and during the year
2012-13 the production was 3,51,352 MT which was
34.85% of total Urea production.
Your Company crossed the “cut-off” level of 9,09,810
MT and “qualifying” production level of 9,55,301 MT of
Urea fixed by Department of Fertilizer, Government of
India, thus making it eligible for Import Parity Price (IPP)
Scheme. Consequently the entire production beyond the
“cut-off” level amounting to 98,486 MT qualified for
pricing under the IPP.
During the year, your Company achieved excellent
performance in its dispatch and sales operations. With
the sincere efforts made by KRIBHCO’s marketing
department, 10.06 LMT Urea was dispatched out of
which 9.95 LMT Urea was sold. The Company has
received all payments for sale of Urea and there are no
pending receivables from the sales channel for the year
2012-13.
PERFORMANCE AWARDS
Your Company has been declared joint runners-up for
FAI Award for the Best Overall Performance of an
operating fertilizer unit for nitrogen (ammonia and urea)
for the year 2011-12. This is the second consecutive year
when your Company has got the FAI award for Best
Overall Performance. The award was given by Hon’ble
Minister of State for Chemicals and Ferti lizers,
2
ANNUAL REPORT 2012-138th
Shri Srikant Kumar Jena on 10th December, 2012 at the
FAI Annual Seminar and was received by Shri V.P. Kaushik,
Managing Director of the Company.
FUTURE OUTLOOK
For FY 2013-14, outlook is very positive and your
Company has targeted to surpass all its previous records
of production and energy consumption. To achieve these
targets, a comprehensive Performance Plan has been
prepared which sets performance parameters and
targets for each and every department and section.
DIVIDEND
The Directors of the Company do not recommend any
dividend for the year 2012-13.
DIRECTORS
The Board of Directors in their meeting held on
December 5, 2012 appointed Shri Ajay Khanna as
Alternate Director to Shri Alok Tandon. On attending the
meeting of the Board of Directors by Shri Alok Tandon
(original director) on March 21, 2013, the Alternate
Director vacated the office with immediate effect in
pursuance to the provisions of section 313 of the
Companies Act, 1956.
The Board of Directors in their meeting held on
March 21, 2013 has appointed Shri Rajan Chowdhry as
an Additional Director of the Company with effect from
March 21, 2013. As an Additional Director Shri Rajan
Chowdhry holds office till the ensuing Annual General
Meeting of the Company. The Company has received a
notice under section 257 of the Companies Act, 1956
from a member, proposing the candidature of Shri Rajan
Chowdhry for being appointed as Director of the
Company. The Board of Directors recommends his
appointment and the necessary resolution is proposed
for your approval.
In accordance with the provisions of Companies Act,
1956 and Company’s Articles of Association,
Shri Waghji Rughnath Boda, Director of the Company is
due to retire by rotation at the ensuing Annual General
Meeting and being eligible, offer himself for
re-appointment. The Board of Directors recommends his
re-appointment.
AUDITORS & AUDITORS REPORT
M/s G.K. Choksi & Co., Chartered Accountants, who are
the Statutory Auditors of the Company, hold office till
the conclusion of the forthcoming Annual General
Meeting. The Company has received a special notice
from a Member of the Company, in terms of section
225(1) of the Companies Act, 1956, proposing the
appointment of M/s S.K. Mehta & Co., Chartered
Accountants as the Statutory Auditors of the Company
in place of M/s G.K. Choksi & Co. the retiring auditors of
the Company. The retiring auditors have informed the
Company that they have no representation to make in
this context.
M/s S.K.Mehta & Co., Chartered Accountants have
expressed their willingness to act as Statutory Auditors
of the Company, if appointed, and have further
confirmed that the said appointment would be in
conformity with the limits specified under section
224(1B) of the Companies Act, 1956. The Board of
Directors recommends their appointment.
The Auditors Report is self explanatory and therefore,
do not call for any further comments except point (xvii)
of Annexure to the Auditor’s Report. On this point (xvii)
the Management clarifies that during the financial year
2012-13, the Company had repaid long term loans of
` 667.78 crore availed in the earlier years for acquisition
of Shahjahnpur Plant and for other capex. The Company
had made relentless efforts to finalize long term ECB/
rupee loan for repayment of long term loans. However
due to higher interest rates on long term borrowings, it
chose to avail short term loan available at lower rate of
interest. As a result, the Company had considerably
reduced its finance cost, which otherwise would have
been much higher. The Company is in the process of
finalizing a long term loan of ` 500 crore at most
competitive interest rate to replace the outstanding
short term loan.
COST AUDITORS
The Central Government has directed the Company to
conduct audit of cost accounts by a Cost Auditor.
For FY 2011-12, the Cost Audit report was filed on
30th January, 2013 by the Cost Auditor of the Company,
M/s K.G. Goyal & Associates, Cost Accountant within the
due date of filing.
KRIBHCO SHYAM FERTILIZERS LIMITED
3
For FY 2012-13, M/s K.G. Goyal & Associates, Cost
Accountant were appointed as Cost Auditor of the
Company with the approval of the Central Government
who will file the Cost Audit Report for FY 2012-13 directly
to the Central Government.
For FY 2013-14, the Company is proposing to the Central
Government for re-appointment of M/s K.G. Goyal &
Associates, Cost Accountant as the Cost Auditor of the
Company.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits from
the public during the year under review.
PARTICULARS OF CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
In accordance with the requirements of Section
217 (1) (e) of the Companies Act, 1956 read with Rule
(2) of the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules 1988, as
amended from time to time, with respect to
conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outgo is annexed and forms part
of this report.
DIRECTORS RESPONSIBILITY STATEMENT IN
TERMS OF SECTION 217(2AA) OF THE COMPANIES
ACT, 1956
As required under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of your Company
confirms that:
a. in the preparation of the annual accounts for the
financial year ended 31st March, 2013 the
applicable accounting standards had been
followed along with proper explanation relating
to material departures;
b. the Directors had selected such accounting
policies and applied them consistently and made
judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state
of affairs of your Company at the end of the
financial year and of the profit or loss of your
Company for that period;
c. the Directors had taken proper and sufficient care
for the maintenance of adequate accounting
records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets
of your Company and for preventing and detecting
fraud and other irregularities;
d. the Directors had prepared the annual accounts
on a going concern basis.
PARTICULARS OF EMPLOYEES
The particulars of employees as required under the
provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended from time to time
are not applicable on the Company for the year ended
31st March, 2013.
HUMAN RESOURCES, INDUSTRIAL RELATIONS &
SOCIAL WELFARE
During the year under review, the Company continued
to place great importance on training and development
of human resources and accordingly considerable efforts
were made in training and development of the potential
of the employees. Towards this end apart from in-house
training programmes, the employees were also
nominated for attending external training programs and
seminars in specified areas by leading agencies.
The industrial relations between the management and
its employees remained very harmonious and peaceful
during the year & no man-days were lost due to
industrial unrest.
The Company is continuing with its policy of extension
of welfare activities so as to improve the working
environment and living conditions of the employees.
Various religious functions, yoga camp, health check-up,
sports day, tournaments were organized in the township
from time to time so as to maintain harmonious & joyful
atmosphere. All the employees with their family
members had participated and enjoyed the occasions.
The hospital, infrastructure, school and other facilities
in the Company’s township are being improved and
considerable investments have been made wherever
required.
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ANNUAL REPORT 2012-138th
Your Company is also working for the welfare of
surrounding villages as part of its Corporate Social
Responsibility. Your Company is organizing regular
medical camps (twice in a week) at nearby villages,
wherein the health check up of the villagers are done
by our medical team and necessary medicines are
distributed to them on free of cost basis. Your Company
is also operating a widow pension scheme and pension
to 186 widows of nearby villages is being disbursed
regularly. Your Company is also extending its resources
for providing relief in case of natural calamities such as
floods etc.and providing contribution for upkeep of park
in nearby areas.
ENVIRONMENT PROTECTION, HEALTH AND
SAFETY
Your Company continued to focus on the key areas of
Environment Protection, Health and Safety and all the
regulatory and legislative requirements are being
complied. Trade and domestic effluent are treated in
respective treatment plant. Due to effective
environmental management system, the treated
effluent, ambient air quality and stack emission are
monitored and maintained as per standards. The
Company operates an Environmental Management
System which complies with the requirements of
ISO-14001:2004 and the Quality Management System
complies with the requirement of ISO 9001:2008 for the
manufacture of fertilizer grade urea.
The Company has also obtained OHSAS-18001
certification and implementation of Occupational Health
and Safety (OHS) is being done in the plant effectively
to make healthy and safe environment. Annual Medical
check-up of all the employees was completed in
compliance to the statutory requirements as well as the
conditions of OHSAS 18001-2007. Further improvement
in safety standards of Company in terms of
infrastructure, skill of employees etc. is in progress to
ensure zero accident.
All Safety & Fire Systems including fire tenders at plant
are in healthy condition.
ACKNOWLEDGEMENT
Your Directors have pleasure in recording their
appreciation of the continued guidance & support
provided by the Lenders, Department of Fertilizers (DoF)-
Govt. of India, Reserve Bank of India, Company’s
Bankers, Government Agencies, Customers and
Suppliers.
Your Directors hereby wish to place on record their
appreciation of the efficient and loyal services rendered
by all staff and work force at all levels through their
involvement, dedication and sincerity in achieving an all
round success. This unstinted support has been and
continues to be integral to your Company’s ongoing
growth.
For and on behalf of the Board of Directors
Place : Noida (Dr. Chandrapal Singh Yadav)
Dated : 26th June, 2013 Chairman
KRIBHCO SHYAM FERTILIZERS LIMITED
5
Particulars UNIT Year ended Year ended31.03.2013 31.03.2012
Power and Fuel Consumption
1. Electricity
(a) Purchased
Unit MWH NIL NIL
Total Amount `/Lacs NIL NIL
Rate per unit `/KWH NA NA
(b) Own Generation
Through Gas Turbine Units
Qty (Gross) MWH 134967 134936
Units per SM³ of Gas KWH/SM³ 4.28 4.26
Cost per unit `/KWH 2.89 2.65
2. Fuel Consumption
(a) Natural Gas (Amm-Fuel,power and steam)
Qty 1000SM³ 288446.29 290938.92
Total Cost in Lacs 35661.22 32836.81
Rate/Unit `/1000 SM³ 12363.21 11286.49
(b) Naphtha
Qty MT NIL 565.900
Total Cost ` in Lacs NIL 223.20
Cost/Unit `/MT NA 39442.12
(c) HSD
Qty KL 7.219 10.898
Total Cost ` in Lacs 3.09 4.24
Cost/Unit `/Litre 42.83 38.92
Consumption Per UnitProduction (Urea)
Natural Gas SM³/MT 286.07 285.51
Naphtha Kg/MT NIL 0.56
HSD Litres/MT 0.01 0.01
ANNEXURE ‘A’ TO THE REPORT OF DIRECTORS PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES
ACT, 1956 READ WITH PARTICULARS AS PER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF THE BOARD OF DIRECTORS) RULES, 1988
A. CONSERVATION OF ENERGY
Conservation of energy is a high priority area for the Company and constant efforts are being made to reduce
energy costs at all levels. The strong internal controls have helped to conserve energy consumption at the plant.
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ANNUAL REPORT 2012-138th
B. TECHNOLOGY ABSORPTION
Research and Development (R&D)
(a) Specific areas in which R & D was carried out by the Company - None
(b) Benefits derived as a result of the above R & D - NA
(c) Future Plan & Action - NIL
(d) Expenditure on R & D - NIL
Technology Absorption, Adaptation and Innovation:
1. Efforts in brief made towards technology absorption, adaptation and innovation:
Feasibility study was carried out in 2012 by M/s Haldor Topsoe, Denmark (HTAS) for enhancing ammonia
production capacity to 2000 MTPD and capability to generate CO2 for producing 3500 MTPD urea. Based on
the current & previous studies recommendations made by M/s HTAS for revamp of ammonia plant, some of
the schemes such as replacement of piping of PG line at synthesis gas compressor suction side; Replacement
of burners of 2 rows in primary reformer with better design & higher capacity; HP regenerator tower packing
replacement, Rearrangement of boiler feed water exchanger (E-1211A/B) etc. were implemented in
FY 2012-13. Additional cooling tower cell for ammonia plant was also commissioned this year. Action for
implementation of few more schemes are being taken.
2. Benefits derived as a result of the above:
Implementation of above measures has resulted in achieving lowest ever yearly specific energy consumption
for ammonia as well as urea in FY 2012-13. After implementation of remaining schemes plant performance
will further improve.
3. Information regarding Technology Imported during the last five years:
No technology has been imported since the Company acquired the plant on 18th January, 2006.
C. FOREIGN EXCHANGE EARNINGS
Earnings : ` 38.65 lacs
D. FOREIGN EXCHANGE OUTGO
Outgo : ` 621.11 lacs
KRIBHCO SHYAM FERTILIZERS LIMITED
7
INDEPENDENT AUDITOR’S REPORT
To,
The Members,
KRIBHCO SHYAM FERTILIZERS LIMITED,
New Delhi.
Report on the Financial Statements
We have audited the accompanying financial statements
of Kribhco Shyam Fertilizers Limited (“the Company”),
which comprises the Balance Sheet as at March 31,
2013, and the Statement of Profit and Loss and 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
Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (“the Act”). This
responsibility includes the design, implementation and
maintenance of internal control relevant to the
preparation and presentation of the financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
our audit in accordance with the Standards on Auditing
issued by 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
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.
(a) in the case of the Balance Sheet, of the state of
affairs of the Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, 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 sub-section (4A)
8
ANNUAL REPORT 2012-138th
of section 227 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:
(a) we have obtained all the information and
explanations which to the best of our
knowledge and belief were necessary for the
purpose of our audit;
(b) in our opinion proper books of account as
required by law have been kept by the Company
so far as appears from our examination of those
books;
(c) the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement dealt with by this
Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement
of Profit and Loss and Cash Flow Statement
comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the
Companies Act, 1956;
(e) on the basis of written representations received
from the Directors as on March 31, 2013, and
taken on record by the Board of Directors, none
of the Directors is disqualified as on
March 31, 2013, from being appointed as a
Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies
Act, 1956.
FOR G. K. CHOKSI & CO.
[Firm Registration No. 101895W]
Chartered Accountants
SANDIP A. PARIKH
Partner
Membership No. 40727
Place : Ahmedabad
Date : 26th June, 2013
KRIBHCO SHYAM FERTILIZERS LIMITED
9
(i) (a) The Company has maintained proper records
showing full particulars, including quantitative
details and situation, of its fixed assets.
(b) As explained by management, major items of
fixed assets were physically verified by the
Management at the end of the year, in
accordance with the regular programme of
verification which in our opinion is reasonable,
having regard to the size of the Company and
nature of its assets. No material discrepancy
was noticed on such physical verification.
(c) The Company has not disposed of any
substantial part of its fixed assets during the
year as would affect its going concern status.
(ii) (a) In our opinion, physical verification of
inventory has been conducted by the
management at reasonable intervals.
(b) In our opinion and according to the
information and explanations given to us, the
procedure of physical verification of inventory
followed by the Management is reasonable
and adequate in relation to the size of the
Company and the nature of its business.
(c) On the basis of our examination of records of
inventory, in our opinion, the Company is
maintaining proper records of inventory. No
material discrepancy was noticed on physical
verification of the inventory.
(iii) (a) As per 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. Accordingly the clauses
4(iii)(a) to 4(iii)(d) of the report are not
applicable.
(b) As per the information and explanations given
to us, the Company has not taken any loans,
secured or unsecured, from companies, firms
or other parties covered in the Register
maintained under Section 301 of the
Companies Act, 1956. Accordingly the clauses
4(iii)(c) to 4(iii)(g) of the report are not
applicable.
(iv) In our opinion and according to the information and
explanations given to us, there is adequate internal
control system commensurate with the size of the
Company and the nature of its business, for the
purchase of inventory, fixed assets and with regard
to the sale of goods and services.
During the course of audit, we have not observed
any continuing failure to correct major weakness
in Internal Control System.
(v) (a) In our opinion and according to the
information and explanations given to us, the
particulars of contracts or arrangements
referred to in Section 301 of the Companies
Act, 1956 have been entered in the Register
maintained under that Section;
(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 have been made at
prices which are reasonable having regard to
the prevailing market prices at the relevant
time.
(vi) The Company has not accepted any deposits from
the public. Accordingly, the provisions of Clause (vi)
of paragraph 4 of the Order are not applicable to
the Company.
(vii) In our opinion, the Company has an internal audit
system commensurate with the size and nature of
its business.
(viii) We have broadly reviewed the books of account
maintained by the Company pursuant to the
Rules made by the Central Government for
ANNEXURE TO THE AUDITORS’ REPORT
(Referred to in our Report of even date to the members of Kribhco Shyam Fertilizers Limited)
10
ANNUAL REPORT 2012-138th
maintenance of cost records prescribed under
Section 209(1)(d) of the Companies Act, 1956, and
are of the opinion that prima facie, the prescribed
accounts and records have been made and
maintained.
(ix) (a) According to the information given to us, the
Company is generally regular in depositing
with appropriate authorities undisputed
statutory dues and the Company had no
arrears of such outstanding statutory dues as
at 31st March, 2013 for a period more than six
months from the date they became payable.
(b) According to the information and explanations
given to us, the Company had no disputed
outstanding statutory dues as at 31st March,
2013, except as enumerated here under:
(x) The company has accumulated losses of
`10402.59 lacs as at balance sheet date which
does not exceed 50% of its net worth. It has not
incurred any cash losses in the current financial
year or in immediately preceding financial year.
(xi) As per the information and explanations given to
us, the Company has not defaulted in the
repayment of dues to financial institutions, banks
or debenture holders during the year. The
company has so far not issued any debentures.
(xii) As per the information and explanations given to
us, the Company has not granted any loan or
advance on the basis of security by way of pledge
of shares, debentures and other securities.
[` in Lacs]
Nature of the Dues Amount Forum where dispute is pending
Stamp Duty on Deed of Mortgage(Refer note 2.31 of the Financial Statement)
F.Y. 2008-2009 19000.00 Hon’ble High Court
Trade Tax / VAT / Entry Tax(Refer note 2.32 of the Financial Statement)
F.Y. 2005-2006 21.60 Joint Commissioner (Appeals)
F.Y. 2006-2007 65.99 Joint Commissioner (Appeals)
F.Y. 2007-2008 18.16 Additional Commissioner (Appeals)
F.Y. 2007-2008 875.42 Additional Commissioner ( Appeals)
F.Y. 2007-2008 77.31 Joint Commissioner (Appeals)
F.Y. 2007-2008 344.00 Joint Commissioner (Appeals)
F.Y. 2008-2009 129.60 Joint Commissioner (Appeals)
F.Y. 2008-2009 367.32 Joint Commissioner (Appeals)
Income Tax Demand notice(Refer note 2.33 of the Financial Statement)
A.Y. 2007-2008 to 2009-2010 558.95 Income-tax Appellate Tribunal,
Lucknow Bench
A.Y. 2010-2011 98.64 Commissioner of Income-tax (Appeals)
A.Y. 2008-2009 79.45 (*) See note below
Excise 166.00 Central Excise & Service Tax Appellate
(Refer note 2.34 of the Financial Statement) Tribunal
(*)The company in the process of preferring appeal before appropriate authorities
KRIBHCO SHYAM FERTILIZERS LIMITED
11
(xiii) The provisions of any special statute applicable
to chit fund / nidhi / mutual benefit fund /
societies are not applicable to the Company.
(xiv) In our opinion and according to the information
and explanations given to us, the Company does
not deal or trade in shares, securities, debentures
and other investments.
(xv) In our opinion, the terms and conditions on which
the Company has not given guarantees for loans
taken by other from banks or financial
institutions.
(xvi) In our opinion and according to the information
and explanations given to us, on an overall basis,
the term loans have been applied for the purposes
for which they were obtained.
(xvii) In our opinion and according to the information
and explanations given to us, and on an overall
examination of the Balance Sheet of the Company,
we report that company has utilised funds to the
tune of ̀ 48793.15 lacs raised on short term basis
for long term investments.
(xviii) The Company has not made preferential allotment
of shares to companies covered in the register
maintained under Section 301 of the Companies
Act, 1956.
(xix) The Company has not issued any debentures
during the year under review.
(xx) The Company has not raised any money by public
issue during the year.
(xxi) According to the information and explanations
given to us, no fraud on or by the Company has
been noticed or reported during the year under
review.
FOR G. K. CHOKSI & CO.
[Firm Registration No. 101895W]
Chartered Accountants
SANDIP A. PARIKH
Partner
Membership No. 40727
Place : Ahmedabad
Date : 26th June, 2013
12
ANNUAL REPORT 2012-138th
BALANCE SHEET AS AT MARCH 31, 2013[` in Lacs]
Particulars Notes March 31, 2013 March 31, 2012
EQUITY AND LIABILITIESShareholders’ FundShare Capital 2.1 80,005.71 80,005.71Reserves and Surplus 2.2 (10,402.59) (12,018.85)
–––––––––––––– ––––––––––––––69,603.12 67,986.86
––––––––––––––Non-Current LiabilitiesLong term borrowings 2.3 2,825.57 33,115.75Deferred tax liabilities (Net) 2.4 0.00 0.00Long term provisions 2.5 1,113.56 990.79
–––––––––––––– ––––––––––––––3,939.13 34,106.54
––––––––––––––Current liabilitiesShort term borrowings 2.6 1,24,651.33 63,028.29Trade payables 2.7 6,229.25 5,425.83Other current liabilities 2.8 19,426.94 55,709.83Short term provisions 2.9 361.59 656.96
–––––––––––––– ––––––––––––––1,50,669.11 1,24,820.91–––––––––––––– ––––––––––––––
Total: 2,24,211.36 2,26,914.31–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
ASSETSNon-current assetsFixed assets
Tangible assets 2.10 1,36,459.24 1,45,267.52Intangible assets 2.11 3,490.75 4,737.45Capital work-in-progress 2.12 512.18 618.14Intangible assets under development 2.13 53.85 53.85
–––––––––––––– ––––––––––––––1,40,516.02 1,50,676.96
––––––––––––––Non-current investments 2.14 7,350.00 7,350.00Long term - loans and Advances 2.15 153.54 52.31Other non-current assets 2.16 15.05 50.66
Current AssetsInventories 2.17 6,428.30 4,846.99Trade receivables 2.18 59,770.15 47,725.25Cash & cash equivalents 2.19 433.18 8,407.04Short term - Loans & advances 2.20 9,439.06 7,695.04Other current assets 2.21 106.06 110.06
–––––––––––––– ––––––––––––––76,176.75 68,784.38
–––––––––––––– ––––––––––––––Total: 2,24,211.36 2,26,914.31
–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––Significant Accounting Policies 1Notes forming part of accounts 2
The accompanying notes are an integral part of the financial statements.
As per our report of even dateFOR G. K. CHOKSI & CO. FOR AND ON BEHALF OF THE BOARD[Firm Registration No. 101895W]Chartered Accountants
SANDIP A. PARIKH B. D. SINHA ALOK TANDON V. P. KAUSHIKPartner Director Director Managing DirectorMembership No. 40727
RAJAN CHOWDHRY BIPIN C. PHULORIADirector & Chief Financial Officer Company Secretary
Place : New Delhi Place : New DelhiDate : 26th June, 2013 Date : 26th June, 2013
KRIBHCO SHYAM FERTILIZERS LIMITED
13
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2013[` in Lacs]
Particulars Notes March 31, 2013 March 31, 2012
INCOME
Revenue from operations 2.22 1,35,258.97 1,27,820.78
Less : Excise duty 1,473.56 1,265.26–––––––––––––– ––––––––––––––1,33,785.41 1,26,555.52
Other Income 2.23 805.31 1,150.12–––––––––––––– ––––––––––––––
Total Revenue 1,34,590.72 1,27,705.64––––––––––––––––––––––––––––
EXPENSES
Cost of materials consumed 2.24 89,415.88 83,173.53
Changes in inventories 2.25 (1,301.03) (827.03)
Employee benefits expenses 2.26 3,909.23 3,896.93
Finance costs 2.27 13,958.94 12,856.24
Depreciation and amortization expenses 11,740.87 11,263.36
Manufacturing and other expenses 2.28 14,830.77 14,421.76
Prior period adjustments 2.29 (3.39) (44.19)–––––––––––––– ––––––––––––––
Total Expenses 1,32,551.27 1,24,740.60–––––––––––––– ––––––––––––––
Profit for the year before Tax 2,039.45 2,965.04
Tax Expenses
Current Tax 423.19 617.10
[Including short Provision of Tax `13.19 lacs
(P.Y. Net of excess provision of tax `2.91 lacs.)]
Deferred Tax 0.00 0.00–––––––––––––– ––––––––––––––
423.19 617.10–––––––––––––– ––––––––––––––
Profit/(Loss) for the period carried to Balance sheet 1,616.26 2,347.94–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Earnings per equity share:
Basic and diluted `0.20 `0.29
Significant Accounting Policies 1
Notes forming part of accounts 2
The accompanying notes are an integral part of the financial statements.
As per our report of even dateFOR G. K. CHOKSI & CO. FOR AND ON BEHALF OF THE BOARD[Firm Registration No. 101895W]Chartered Accountants
SANDIP A. PARIKH B. D. SINHA ALOK TANDON V. P. KAUSHIKPartner Director Director Managing DirectorMembership No. 40727
RAJAN CHOWDHRY BIPIN C. PHULORIADirector & Chief Financial Officer Company Secretary
Place : New Delhi Place : New DelhiDate : 26th June, 2013 Date : 26th June, 2013
14
ANNUAL REPORT 2012-138th
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2013[` in Lacs]
Particulars 2012-2013 2011-2012
A Cash Flow from Operating Activities:Net Profit Before Tax, after Prior Period Adjustments 2,039.45 2,965.05Adjustment for:Depreciation 11,740.88 11,263.36Interest and Hedging Cost (Net) 13,958.94 12,856.24(Profit) / Loss on sale of assets (Net) 351.52 507.67(Profit) / Loss on Sale of Investments (27.08) 538.50Interest Income (561.79) (929.92)Prior Period Depreciation (9.58) –
–––––––––––––– ––––––––––––––Operating Profit before Working Capital Changes 27,492.34 27,200.90
–––––––––––––– ––––––––––––––Adjustment for:Inventories (1,581.31) (997.38)Trade and Other Receivables (13,853.14) (23,133.36)Trade Payable and Provisions (35,022.61) 17,259.88
–––––––––––––– ––––––––––––––Cash Generated from Operations (22,964.72) 20,330.04
–––––––––––––– ––––––––––––––Income Tax Paid (Net of Refunds) (725.15) (58.61)
–––––––––––––– ––––––––––––––Net Cash from Operating Activities [A] (23,689.87) 20,271.43
–––––––––––––– ––––––––––––––B Cash Flow from Investing Activities
Purchase of Fixed Assets including C.W.I.P. (2,041.45) (3,381.65)Proceeds from Sale of Fixed Assets 119.55 25.65Proceeds from Sale of Investments (Net) 27.08 6,840.00Interest Received 564.39 1,028.98
–––––––––––––– ––––––––––––––Net Cash from Investing Activities [B] (1,330.43) 4,512.98
–––––––––––––– ––––––––––––––C Cash Flow from Financing Activities
Repayment of long term borrowings (30,290.17) (41,893.44)Proceeds from short term borrowings/cash credit 61,623.04 28,028.29Repayment of short term borrowings/cash credit – (2,500.00)Interest Paid (14,286.43) (13,083.59)Proceeds from Issue of share capital – –
–––––––––––––– ––––––––––––––Net Cash from Financing Activities [C] 17,046.44 (29,448.74)
–––––––––––––– ––––––––––––––Net Increase/(Decrease) in Cash & Cash Equivalents [A+B+C] (7,973.86) (4,664.33)
–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––Cash and Cash Equivalents as at the beginning of the year 8,407.04 13,071.37Cash and Cash Equivalents as at the close of the year 433.18 8,407.04
–––––––––––––– ––––––––––––––Net Increase/(Decrease) in Cash and Cash Equivalents (7,973.86) (4,664.33)
–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Note:(a) The above cash flow statement has been prepared under the ‘Indirect Method’ as set out in Accounting Standard -3 on
cash flow statement issued by the ICAI.(b) Figures in brackets denotes cash outflow.
The accompanying notes are an integral part of the financial statements.
As per our report of even dateFOR G. K. CHOKSI & CO. FOR AND ON BEHALF OF THE BOARD[Firm Registration No. 101895W]Chartered Accountants
SANDIP A. PARIKH B. D. SINHA ALOK TANDON V. P. KAUSHIKPartner Director Director Managing DirectorMembership No. 40727
RAJAN CHOWDHRY BIPIN C. PHULORIADirector & Chief Financial Officer Company Secretary
Place : New Delhi Place : New DelhiDate : 26th June, 2013 Date : 26th June, 2013
KRIBHCO SHYAM FERTILIZERS LIMITED
15
NOTE-1 : SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis Preparation of Financial Statements
The financial statements are prepared under the
historical cost convention on accrual basis and in
accordance with the requirements of the
Companies Act, 1956 and in compliance with the
applicable accounting standards referred to in sub-
section (3C) of the section 211 of the said Act. The
accounting policies, except otherwise stated, have
been consistently applied by the Company.
1.2 Use of Estimates
The presentation of financial statements in
conformity with the Generally Accepted Accounting
Principles requires estimates and assumptions to
be made that affect the reportable amount of assets
and liabilities on the date of financial statement
and the reportable amount of revenue and
expenses during the reporting period. Differences
between the actual results and estimates are
recognised in the year in which the results are
known / materialised.
1.3 Revenue Recognition
(a) Sales
Sale is recognised upon the transfer of
significant risks and reward of ownership to
the customers. Sales are stated at net of
discount and rebates allowed.
(b) Interest
Interest income is recognized on a time
proportion basis taking into account the
amount outstanding and rate applicable.
(c) Subsidy from Government under Group
Concession Scheme
The Subsidy on Urea and Equated Freight from
the Government of India under Group
Concession Scheme are recognised as revenue
on the basis of sales. Further, subsidy is
recognized based on management’s
estimation taking into consideration the
guidelines, policies, instructions and
clarifications given by the Government and
input price escalation/de-escalation.
1.4 Fixed Assets
(a) F ixed assets are carried at cost less
depreciation and impairment loss, if any. The
cost of fixed assets includes cost of acquisition
and directly attributable cost for bringing the
assets in an operational condition for their
intended use including pre-operative
expenditure till commencement of
commercial production and other incidental
expenses subsequent thereto up-to the date
of stabilisation of production but excluding
refundable taxes and duties thereon, if any.
(b) Intangible assets are recognised as per the
criteria specified in Accounting Standard - 26
“Intangible Assets” issued by the Institute of
Chartered Accountants of India and are
amortised over the useful life of the assets or
ten years, whichever is earlier.
(c) Machinery Spares / Standby Equipments
which can be used only in connection with an
item of Fixed Asset and whose use is expected
to be irregular are capitalized.
(d) Capital work- in-progress is carried at cost and
also includes stock at site, material in transit
and capital advances.
1.5 Borrowing Costs
Borrowing costs that are attributable to the
acquisition or construction of qualifying assets are
capitalised as part of the cost of assets. A qualifying
asset is one that necessarily takes substantial period
of time to get ready for intended use.
All other borrowing costs are charged to revenue.
1.6 Depreciation
(a) Depreciation on Fixed Assets has been
provided on Straight Line Method at the rates
and manner specified under the Schedule XIV
(as amended) to the Companies Act, 1956. The
plant is a continuous process plant and the
depreciation is charged accordingly.
Fixed Assets costing up-to ` 5,000/- are being
fully depreciated in the year of acquisition.
16
ANNUAL REPORT 2012-138th
(b) Depreciation on subsequent replacement of
Catalyst is equally charged over the estimated
useful lives as technically assessed.
(c) Depreciation on Machinery spares / Standby
Equipments has been charged over the
residual life of related Plant and Machinery.
(d) Depreciation on assets discarded from active
use has not been charged.
(e) Value of Leasehold Land and Site Development
is written off over the period of lease.
1.7 Impairment of Assets
An asset is impaired if there are sufficient indication
that the carrying cost would exceed the recoverable
amount of cash generating asset. In that event an
impairment loss so computed would be recognised
in the accounts in the relevant year.
1.8 Foreign Currency Transactions
(a) Foreign currency transactions are recorded at
exchange rates prevailing on the date of such
transactions.
(b) Foreign currency monetary assets and
liabilities remaining unsettled at the year end
are translated at the closing exchange rate.
Gain and losses on account of exchange
difference either on settlement or on
translation is recognized in the relevant head
of Profit & Loss Account.
(c) Non-monetary items denominated in foreign
currency are reported using exchange rate
prevailing on the date of transactions.
(d) In respect of Foreign Currency Term Loans,
interest cost incurred on account of hedging
is being charged to Profit & Loss Account. Any
profit or loss on settlement / cancellation of
forward contract is recognized as an income
or expense for the year in which they arise.
1.9 Investments
Investments are classified as long term or current.
Long-term investments are stated at acquisition
cost. Provision for diminution in the value of long-
term investments is made only if such a decline is
other than temporary. Current investments are
valued at lower of cost and market rate on
individual investment basis.
1.10 Inventories
Valuation of stock is done as follows:
(a) Raw Material, At lower of Cost and
Packing Material Net Realisable Value
and Stores &
Spares
(b) Work-in-Progress At lower of Cost
& Finished Goods (raw material and
appropriate proportion
of overheads) and Net
Realisable Value
(c) Scrap At Estimated
Realisable Value
Notes:
(i) Cost of inventories is determined on the basis of
weighted average method.
(ii) Realisable value of manufactured finished goods is
the Concession Price as determined as per the norms
of the Fertilizer Industry Co-ordination Committee.
1.11 Employees Benefits
Gratuity, Leave Encashment and Sick Leave liability
is accounted for on accrual basis computed as per
actuarial valuation made at the end of each
financial year in accordance with AS-15 (Revised).
1.12 Taxation
(a) Current Tax
Income Tax expense comprises of current
tax. Provision for taxation is ascertained on
the basis of assessable profits computed in
accordance with the provisions of Income
Tax Act, 1961. However, where the tax is
computed in accordance with the provisions
of Section 115 JB of the Income Tax Act,
1961 as the Minimum Alternate Tax (MAT),
it is charged off to the Profit and Loss
Account of the relevant year. However,
credit of MAT would be taken within the
permissible time period when the
company’s profits would be subject to
normal income tax rates.
KRIBHCO SHYAM FERTILIZERS LIMITED
17
(b) Deferred Tax
Deferred Income Tax (expense or credit) is
recognised for the current year timing
differences between taxable income and
accounting income for the year and reversal
of timing difference of earlier years.
Deferred Tax Assets in respect of carry
forward of unabsorbed depreciation and tax
losses are recognised to the extent there is
virtual certainty of their realisation against
future taxable profits. However, in case of
other items, recognition is done on the basis
of reasonable certainty.
Deferred Tax assets and liabilities are
measured using the tax rates and the tax
laws that have been enacted or substantially
enacted at the balance sheet date.
1.13 Pre Project Expenditure
The expenses on pre-feasibility study reports,
market survey reports, techno-economic
feasibility reports etc. on new projects is allocated
to the fixed assets on completion of the projects.
Where the projects are proved infructuous they
are charged off in the year in which the decision
is taken to scrap the same by Competent
Authority.
1.14 Lease
Assets taken on lease under which, all risks and
rewards of ownership are effectively retained by
the lessor are classified as operating lease. Lease
payments under operating lease are recognized
as expense on accrual basis in accordance with
the respective lease agreements.
1.15 Provisions, Contingent Liabilities and
Contingent Assets (AS-29)
Provisions involving substantial degree of
estimation in measurement are recognised when
there is a present obligation as a result of past
events and it is probable that there will be an
outflow of resources. Contingent liabilities are not
recognised but are disclosed in the notes.
Contingent assets are neither recognised nor
disclosed in the financial statements.
1.16 Revenue Recognition in the Event of Uncertainty
The following items are recognised on realization
basis:
(a) Claims for
(i) Shortage/Damages on movement of
fertilizers
(ii) Under-charges on freight paid to Railways
(iii) Rebate on freight from Railways
(iv) Interest on overdue payments.
(v) Insurance claims
(vi) Refund of Purchase Tax, Sales Tax,
Turnover Tax, Customs, Excise and
Electricity Duties excess charged.
(b) Penalties and Compensation
(c) Difference in Service Charges payable to
KRIBHCO.
18
ANNUAL REPORT 2012-138th
NOTES - 2 : NOTES FORMING PART OF ACCOUNTS
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.1 SHARE CAPITAL
(a) Authorised
100,00,00,000 (P.Y. 100,00,00,000) Equity Shares of `10/- each 1,00,000.00 1,00,000.00–––––––––––––––– –––––––––––––––––––––––––––––––– ––––––––––––––––
(b) Issued, Subscribed and fully Paidup
80,00,57,143 (P.Y. 80,00,57,143) Equity Shares of `10/-
each Fully Paid up 80,005.71 80,005.71–––––––––––––––– –––––––––––––––––––––––––––––––– ––––––––––––––––
Note :
During the period of five financial years immediately preceeding the Balance Sheet date, the company has not:
(i) allotted any fully paidup equity shares by way of bonus shares;
(ii) allotted any equity shares pursuant to any contract without payment being received in cash;
(iii) brought back any equity shares.
(c) Reconciliation of number of shares
Number of Equity Shares
March 31, 2013 March 31, 2012
As at April 1, 2012 80,00,57,143 80,00,57,143
Add
Shares issued for Cash or Right Issue or Bonus 0 0
Exercise of Share Option under ESOS / ESOP 0 0
Shares issued in Business Combination 0 0–––––––––––––––– –––––––––––––––– 80,00,57,143 80,00,57,143
Less
Shares bought back / Redemption etc. 0 0––––––––––––––– –––––––––––––––
As at March 31, 2013 80,00,57,143 80,00,57,143––––––––––––––– –––––––––––––––––––––––––––––– –––––––––––––––
(d) Rights, Preferences and Restrictions
The authorised share capital of the Company has only one class of shares referred to as ‘equity shares’ having a par
value of `10/- each. The rights and privileges to equity shareholders are general in nature and defined under the
Articles of Association of the Company and as allowed under Companies Act, 1956.
The equity shareholders shall have:
(i) right to vote in shareholder’s meeting. Where voting is to be made on a show of hands, every member
present in person and holder of equity share, shall have one vote and in case of poll, the voting rights shall be
in proportion to the shares in the paid up capital of the Company;
(ii) right to receive dividend in proportion to the amount of capital paid up on the shares held.
The shareholders are not entitled to exercise any voting right either personally or proxy at any meeting of the
Company in cases calls or other sums payable have not been paid.
If the Company shall be wound up the distribution of available assets/losses to the equity shareholders shall be in
proportion to the paid up capital.
Particulars
KRIBHCO SHYAM FERTILIZERS LIMITED
19
Particulars
(e) Details of Shareholdings
Number of Shares held by Holding Enterprise
Number of Equity Shares % of Holding
March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012
Krishak Bharati Co. Op. Ltd. 68,00,34,286 68,00,34,286 85.00 85.00
Shareholders holding more than 5% shares
Number of Equity Shares Percentage (%)
March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012
Krishak Bharati Co. Op. Ltd. 68,00,34,286 68,00,34,286 85.00 85.00
STL Fertilizers Pvt. Ltd. 12,00,22,855 12,00,22,855 15.00 15.00
(f) The company has not issued any share capital which may be used for specific purpose as on balance sheet date.
(g) The company does not have any shares which have been reserved for issue under options and contract / commitments
for the sale of share / disinvestment.
(h) The company has not issued any preference shares either convertible in to equity or non convertible.
(i) The Company does not have any calls in arrears / unpaid calls and has not forfeited any shares at balance sheet date.
2.2 RESERVES AND SURPLUS [` in Lacs]
Particulars March 31, 2013 March 31, 2012
Surplus / (Deficit) in Statement of Profit & Loss
Balance as per previous financial statements (12,018.85) (14,366.80)
Add : Profit for the year 1,616.26 2,347.95
–––––––––––––– ––––––––––––––
Balance available for appropriation (10,402.59) (12,018.85)
Less : Appropriations 0.00 0.00
Net Surplus / (Deficit) (10,402.59) (12,018.85)–––––––––––––––– –––––––––––––––––––––––––––––––– ––––––––––––––––
2.3 LONG TERM BORROWINGS [` in Lacs]
Non-current portion Current maturities
March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012
Secured
Term Loans from Banks
In Foreign Currency 0.00 0.00 0.00 22,684.09
(Refer note 1 below)
In Rupee Currency
Syndicate Bank 0.00 1,880.00 0.00 3,780.00(Refer note 1 below)
WBSC Bank Ltd. 0.00 0.00 0.00 5,554.00
(Refer note 1 below)
Particulars
Particulars
20
ANNUAL REPORT 2012-138th
[` in Lacs]
Particulars March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012
2.3 LONG TERM BORROWINGS (Contd...)
Vijaya Bank 0.00 15,000.00 15,000.00 0.00
(Refer note 2 below)
Axis Bank Ltd. 0.00 12,000.00 0.00 0.00
(Refer note 2 below)
Union Bank 0.00 0.00 0.00 15,000.00
(Refer note 2 below)
HDFC Bank 0.00 0.00 0.00 5,880.00
(Refer note 3 below)
0.00 28,880.00 15,000.00 52,898.09
Unsecured
UP Trade Tax Loan in lieu of Trade
Tax Deferment 2,825.57 4,235.75 1,410.18 0.00
2,825.57 33,115.75 16,410.18 52,898.09
Less:
Amount disclosed under the head
“Other Current Liabilities” 0.00 0.00 16,410.18 52,898.09
Total : 2,825.57 33,115.75 0.00 0.00
Secured Loans
1. ` NIL (Previous Year ` 33,898.09 lacs) Secured by a First pari passu charge over all the fixed assets of the Company
including a pari passu priority first mortgage and charge on all the company’s fixed assets, present and future and also
assignment of all the company’s right, title, benefit and interest, in and under all the permits, licenses, authorisations
etc. and further guaranteed by joint and several corporate guarantees of KRIBHCO and Shyam Basic Infrastructure
Projects Pvt. Ltd.
2. ` 15,000 lacs term Loan (Previous Year ̀ 42,000 lacs) secured by second pari passu charge over the fixed assets of the
company and further guaranteed by joint and several corporate guarantees of KRIBHCO.
3. Term loan from HDFC Bank ` NIL (Previous Year ` 5,880) secured against pledge of 7.95% Fertilizer Company - Govt.
of India Bond of face value of ̀ NIL (Previous Year ̀ 2,100 lacs) 7.00% Fertilizer Company - Govt. of India Bonds of face
value of ` NIL(Previous year ` 2,100 lacs) and 6.65% Fertilizer Company-Govt. of India Bonds of face value of ` NIL
(Previous year ` 3,150 lacs).
Terms of Repayment of Loans
Vijaya Bank Loan is repayable by way of Bullet payment on 24th February, 2014 i.e three years from the date of
first drawal.
Unsecured Loan
Guranteed by Bank Guarantee.The financial assistance has been provided by the Pradeshiya Industrial and Investment
Corporation of Uttar Pradesh Ltd. (PICUP) under Trade Tax Deferment Scheme of State Govt. of U.P. and is re-payable in
yearly installment of `1,410.18 lacs, ` 924 lacs, `1,046.40 lacs and ` 855.17 lacs which falls due on 31st May, 2013,
31st May, 2014, 31st May, 2015 and 31st May, 2016.
KRIBHCO SHYAM FERTILIZERS LIMITED
21
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.4 DEFERRED TAX LIABILITIES (NET)
The Company estimates deferred tax/(charge) using the applicable rate of taxation based on the impact of timing
difference between financial statements and estimated taxable income for the current year.
Deferred Tax Liabilities
Difference of book depreciation and tax depreciation 20,029.20 17,836.67
Deferred Tax Assets
Disallowance u/s. 43(b) allowable on payment 423.54 435.06
Unabsorb depreciation 19,605.66 17,401.61–––––––––––––– ––––––––––––––
20,029.20 17,836.67–––––––––––––– ––––––––––––––
Net Deferred Tax Liability / (Asset) 0.00 0.00–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Deferred Tax Assets in respect of unabsorbed depreciation have been recognized to the extent of net deferred tax
liability on the concept of virtual certainty, based on convincing evidences, as envisaged in Accounting Standard-22
(Accounting of Taxes on Income) and further clarifications/interpretations issued by The Institute of Chartered
Accountants of India.
2.5 LONG TERM PROVISIONS
For Employee Benefits
Gratuity 840.52 724.65
Privileged / Earned Leave 312.83 321.53
Sick Leave 58.57 37.92–––––––––––––– ––––––––––––––
1,211.92 1,084.10–––––––––––––– ––––––––––––––
Less :
Amount disclosed under the head “Short Term Provisions”
Gratuity 54.26 58.94
Privileged / Earned Leave 44.10 34.37–––––––––––––– ––––––––––––––
98.36 93.31–––––––––––––– ––––––––––––––
Total : 1,113.56 990.79–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.6 SHORT TERM BORROWINGS
Working Capital /Short Term Loans
Secured
State Bank of India 13,500.00 0.00
State Bank of India - Cash Credit 1,484.09 0.00(Refer note 1 below)
State Bank of Travancore 15,000.00 0.00(Refer note 2 below)
IDBI Bank Ltd. 11,500.00 0.00(Refer note 3 below)
HDFC Bank - Cash Credit 8,639.07 528.29(Refer note 4 below) –––––––––––––– ––––––––––––––
50 123.16 528.29–––––––––––––– ––––––––––––––
22
ANNUAL REPORT 2012-138th
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.6 SHORT TERM BORROWINGS (Contd....)
Unsecured
Federal Bank - OD 6,819.98 7,500.00
Rabobank International 0.00 10,000.00
Union Bank of India 30,700.00 30,000.00
Vijaya Bank 0.00 7,500.00
Corporation Bank 14,400.00 0.00
State Bank of Bikaner and Jaipur 17,500.00 7,500.00–––––––––––––– ––––––––––––––
69,419.98 62,500.00–––––––––––––– ––––––––––––––
Others
Special Banking Arrangement (FICC)
State Bank of India 5,108.19 0.00–––––––––––––– ––––––––––––––
Total : 1,24,651.33 63,028.29–––––––––––––––– –––––––––––––––––––––––––––––––– ––––––––––––––––
Notes:
Secured Loan
1. Working Capital Demand Loan amounting to ` 13,500 Lacs (P.Y. ` NIL) and Cash Credit ` 1,484.09 Lacs (P.Y. ` NIL) from
State Bank of India is secured by First pari-passu charge on all current assets of the Company by way of hypothecation
of stocks, stores, book-debts and other current assets and further guaranteed by corporate guarantee of Krishak Bharati
Cooperative Limited.
2. Short Term Loan amounting to ` 15,000 Lacs ( P.Y ` NIL ) from State Bank of Travancore is secured by Second pari-passu
charge on the fixed assets of the Company both present and future and further guaranteed by corporate guarantee of
Krishak Bharati Cooperative Limited.
3. Working Capital Demand Loan amounting to ` 11,500 Lacs (P.Y ` NIL ) from IDBI Bank Ltd. is secured by First pari-passu
charge on entire current assets both present and future and further guaranteed by corporate guarantee of
Krishak Bharati Cooperative Limited.
4. Cash Credit amounting to ` 8,639.07 Lacs (P.Y ` 528.29 Lacs) from HDFC Bank is secured by exclusive charge on all
current assets of the Company by way of hypothecation of stocks, stores, book-debts and other current assets and
further guaranteed by corporate guarantees of Krishak Bharati Cooperative Limited and Shyam Basic Infrastructure
Projects Pvt. Ltd.
Unsecured Loan
` 69,419.98 lacs (Previous Year ` 62,500 lacs) is guaranteed by corporate guarantee of Krishak Bharati Cooperative Limited.
` 5,108.19 (P.Y. ` NIL) is in the nature of special banking finance against receivable from FICC.
Terms of Repayments
State Bank of India Repayable in ninety days
State Bank of Travancore Repayable within one hundred and eighty days from the date of disbursement.
IDBI Bank Ltd. Repayable within ninety days from the date of disbursement.
Union Bank of India Repayable within ninety to one hundred and eighty days from the date of each disbursement.
Corporation Bank Repayable within one year from the date of each disbursement.
State Bank of Bikaner & Repayable within one hunded and eighty days to twelve months from the date of each
Jaipur disbursement.
KRIBHCO SHYAM FERTILIZERS LIMITED
23
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.7 TRADE PAYABLES
For Goods and Services
Related Party 1,088.07 948.26
(Refer note 2.38)
Others 5,141.18 4,477.57
(Refer note 2.45 for dues to Micro and Small Enterprises) –––––––––––––– ––––––––––––––
Total : 6,229.25 5,425.83–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.8 OTHER CURRENT LIABILITIES
Current Maturities of Long Term Debt 16,410.18 52,898.09
Interest Accrued But not due 89.69 178.81
Interest Accrued but due 0.00 68.04
Hedging cost payable 0.00 170.33
Deposits from contractors and others 1,075.24 975.82
Advances from Customers 1,019.67 919.41
Other Payables
Employees and others 270.88 57.53
Statutory dues 561.28 441.80
–––––––––––––– ––––––––––––––
832.16 499.33
–––––––––––––– ––––––––––––––
Total : 19,426.94 55,709.83–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Amount payable to related party ` 0.89 lacs (P.Y. ` NIL)
2.9 SHORT TERM PROVISIONS
Provision for Employee Benefits
Gratuity 54.26 58.94
Privileged / Earned Leave 44.10 34.37
–––––––––––––– ––––––––––––––
98.36 93.31
–––––––––––––– ––––––––––––––
Others
For Taxation 260.32 562.29
(Net of Advance Tax)
For Excise on closing Stock 2.91 1.36
–––––––––––––– ––––––––––––––
263.23 563.65
–––––––––––––– ––––––––––––––
Total : 361.59 656.96–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
24
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2.10 TANGIBLE ASSETS
[` in Lacs]
GROSS BLOCK AT COST DEPRECIATION / AMORTISATION NET BOOK VALUE
As at Deletions/ As at Up to For the Deletions/ Up to As at As at
Description of Assets April 01, Additions Adjustment March 31, March 31, Year Adjustment March 31, March 31, March 31,
2012 2013 2012 2013 2013 2012
Leasehold land & Site
Development 9,744.30 – – 9,744.30 815.10 131.35 – 946.45 8,797.85 8,929.20
Building
Factory Building 2,720.96 87.37 – 2,808.33 520.71 93.46 – 614.17 2,194.16 2,200.25
Non Factory Building 1,945.86 303.89 – 2,249.75 181.52 32.60 – 214.12 2,035.63 1,764.34
Plant & Machinery
Plant & Machinery 1,90,414.20 1,687.06 2,271.97 1,89,829.29 58,554.72 10 174.32 274.97 68,454.07 1,21,375.22 1,31,859.48
Capital Spares 431.36 22.21 – 453.57 141.90 23.95 – 165.85 287.72 289.46
Furniture & Fixture 130.06 3.85 – 133.91 45.59 7.36 – 52.95 80.96 84.47
Office Equipments 99.47 4.68 0.56 103.59 31.24 4.63 0.16 35.71 67.88 68.23
Computer 129.26 14.11 – 143.37 76.26 21.44 – 97.70 45.67 53.00
Vehicle 33.52 24.24 – 57.76 14.43 5.06 – 19.49 38.27 19.09
Assets Retired from
Active Use – 1,610.33 74.45 1,535.88 – – – – 1,535.88 –
Total : 2,05,648.99 3,757.74 2,346.98 2,07,059.75 60,381.47 10,494.17 275.13 70,600.51 1,36,459.24 1,45,267.52
Previous Year 1,99,974.24 6,261.72 586.96 2,05,648.99 50,418.44 10,016.65 53.73 60,381.47 1,45 267.52
KR
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2.11 INTANGIBLE ASSETS
[` in Lacs]
Description of Assets GROSS BLOCK AT COST DEPRECIATION / AMORTISATION NET BOOK VALUE
As at Deletions/ As at Up to For the Deletions/ Up to As at As at
April 01, Additions Adjustment March 31, March 31, Year Adjustment March 31, March 31, March 31,
2012 2013 2012 2013 2013 2012
Intangible Assets 12,466.98 – – 12,466.98 7,729.53 1,246.70 – 8,976.23 3,490.75 4,737.45
(Refer note below)
Total : 12,466.98 – – 12,466.98 7,729.53 1,246.70 – 8,976.23 3,490.75 4,737.45
Previous Year 12,466.98 – – 12,466.98 6,482.83 1,246.70 – 7,729.53 4,737.45
Note :
Intangible Assets are in the nature of Gas Price Right, Locational Benefits in terms of present/future products, Trained Manpower etc. as identified by the independent valuer
M/s. Projects Developments of India Ltd. (PDIL), a Government of India undertaking, in terms of its valuation report for the purpose of determining fair value of individual assets
taken over while acquiring the 8.64 lakhs MT Urea Plant at Shahjahanpur, Uttar Pradesh.
26
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2.12 CAPITAL WORK IN PROGRESS
[` in Lacs]
As at Deductions / As at
Particulars April 1, 2012 Additions Adjustment Capitalised March 31, 2013
Tangible Assets
Factory Building 34.87 74.22 0.36 87.52 21.21
Non-Factory Building 0.00 298.90 0.00 298.90 0.00
34.87 373.12 0.36 386.42 21.21
Plant & Equipments 180.14 1,377.00 4.29 1,515.47 37.38
Revamp
Urea Plant 47.54 0.00 0.00 0.00 47.54
Ammonia Plant 294.31 50.46 0.00 0.00 344.77
Railway Sidings 61.28 0.00 0.00 0.00 61.28
403.13 50.46 0.00 0.00 453.59
Total: 618.14 1,800.58 4.65 1,901.89 512.18
Capital Work-in-Progress includes professional fee of ` 247.29 lacs (Previous year ` 196.83 lacs) incurred on feasibility study of the following projects, which
could be adjusted in terms of the Accounting Policy no.13 of note 1.
(i) Construction of Private Railway Siding at Shahjahanpur Plant.
(ii) Revamping of Ammonia and Urea Plant.
2.13 INTANGIBLE ASSET UNDER DEVELOPMENT
[` in Lacs]
As at Deductions / As at
Particulars April 1, 2012 Additions Adjustment Capitalised March 31, 2013
ERP Software 53.85 0.00 0.00 0.00 53.85
Total: 53.85 0.00 0.00 0.00 53.85
KRIBHCO SHYAM FERTILIZERS LIMITED
27
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.14 NON CURRENT INVESTMENTS(Unquoted, Non Trade)
In Bonds issued by Government of India
6.65% Fertilizer Company-Special Bond 2023 3,150.00 3,150.00
7.95% Fertilizer Company-Special Bond 2026 2,100.00 2,100.00
7.00% Fertilizer Company-Special Bond 2022 2,100.00 2,100.00
–––––––––––––– ––––––––––––––
Total : 7,350.00 7,350.00–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
The investments amounting to ` 7,350 lacs (P.Y. ` 14,700 lacs)
was pledged against term loan from HDFC Bank. The Company
is in the process of releasing the same.
2.15 LONG TERM LOANS AND ADVANCES
(Unsecured, considered good unless otherwise stated)
Capital Advances 129.12 32.47
Security Deposits 4.65 4.17
Other Loans and Advances
Employees 19.77 15.67
–––––––––––––– ––––––––––––––
Total : 153.54 52.31–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Amount receivable from related parties, directors and officers ` NIL (P.Y. ` NIL).
2.16 OTHER NON CURRENT ASSETS :(Unsecured, Considered good, unless otherwise stated)
VAT Input Receivables 1.43 0.00
Fixed Deposits 1.90 34.81
(With maturity of more than 12 months)
Prepaid Expenses 11.72 15.85(To be settled after 12 months)
–––––––––––––– ––––––––––––––
Total : 15.05 50.66–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.17 INVENTORIES(As taken, valued and certified by the Management)
Stock in Process 29.69 33.22
Finished Goods 667.58 646.80
Finished Goods in Transit 1,707.15 423.37
Stores and Spares 4,023.88 3,743.60
–––––––––––––– ––––––––––––––
Total : 6,428.30 4,846.99–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Inventory items have been valued considering the significant accounting policy No. 1.10 disclosed in Note No. 1 to these
financial statement.
28
ANNUAL REPORT 2012-138th
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
Breakup of Inventories
Stock in Process
Ammonia 27.30 29.55
Urea 2.39 3.67–––––––––––––– ––––––––––––––
29.69 33.22–––––––––––––– ––––––––––––––
Finished goods
Ammonia 119.10 418.02
Urea 548.48 228.78–––––––––––––– ––––––––––––––
667.58 646.80–––––––––––––– ––––––––––––––
Finished goods in Transit
Ammonia 0.00 0.00
Urea 1,707.15 423.37–––––––––––––– ––––––––––––––
Total: 1,707.15 423.37–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.18 TRADE RECEIVABLE
(Unsecured, considered good, unless otherwise stated)
Debt outstanding for the period exceeding six months
Claims due from Government of India 5,929.01 7,010.61
Others 29.74 24.62
(Refer note 1 below) –––––––––––––– ––––––––––––––
5,958.75 7,035.23–––––––––––––– ––––––––––––––
Others debts
Claims due from Government of India 52,534.45 40,340.18
Others 1,276.95 349.84
(Refer note 2 below) –––––––––––––– ––––––––––––––
53,811.40 40,690.02–––––––––––––– ––––––––––––––
Total : 59,770.15 47,725.25–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Notes:
1. The above trade receivables includes ` 22.71 lakhs is recoverable from M/s B.S. Trading Co., Uttarakhand against whom a legal
suit for recovery has been filed by the company under Negotiable Instruments Act, 1881. A civil suit has also been filed against
M/s. B.S.Trading Co., for recovery of the outstanding with interest. The suit was admitted and has been decreed in favour of the
company. Therefore the said debts have been considered as good for recovery and no provision for doubtful recovery in respect
thereof has been made.
2. Amount due from associate enterprise Krishak Bharati Co. Op. Ltd. (Related party) ` 3.15 lacs (P.Y. ` 12.37 lacs)
3. The amount dues by :
– Directors NIL NIL
– Officers either severally or jointly with other persons NIL NIL
– Firms or private companies in which any director is partner or director or a member. NIL NIL
KRIBHCO SHYAM FERTILIZERS LIMITED
29
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.19 CASH AND CASH EQUIVALENTS
Balances with scheduled banks
Current / Cash Credit accounts 183.79 560.68
Fixed Deposits
With maturity of less than 3 months 0.00 7,000.00
Cheques / Demand Drafts on hand 185.16 597.86
Cash in hand 2.25 1.03
Remittances in transit 0.00 236.71
Other Bank balances
Fixed deposits 61.98 10.76
(With maturity for more than 3 months but less than 12 months) –––––––––––––– ––––––––––––––
Total : 433.18 8,407.04–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.20 SHORT-TERM LOANS AND ADVANCES(Considered good unless otherwise stated)
Advances to Employees 53.80 31.60
Contractors & Suppliers 81.46 122.06
Others
Balances with revenue authorities 627.71 273.67
Stamp duty paid under protest 5,770.43 5,770.43
Prepaid Expenses 127.78 110.95
Additional VAT on Natural Gas 392.12 1,378.65(Recoverable from Government of India)
VAT Recoverable 2,302.42 0.00
Other Recoverable 83.34 7.68–––––––––––––– ––––––––––––––
9,303.80 7,541.38–––––––––––––– ––––––––––––––
Total : 9,439.06 7,695.04–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Amount receivable from related parties, Directors and Officers ` NIL (P.Y. ` NIL).
2.21 OTHER CURRENT ASSETS
Interest accrued :
On Govt. Bonds 101.29 105.49
On Fixed Deposits 3.77 2.17–––––––––––––– ––––––––––––––
105.06 107.66
Deposits 1.00 2.40–––––––––––––– ––––––––––––––
Total : 106.06 110.06–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
30
ANNUAL REPORT 2012-138th
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.22 REVENUE FROM OPERATIONS
Sale of Products 59,051.00 59,178.82(Net of discounts / rebates)
Concession / Price Support from Central Government 75,802.26 68,641.96(Net of recovery / adjustments)
Other Operating Revenue 405.71 0.00(Refer note below) –––––––––––––– ––––––––––––––
Total : 1,35,258.97 1,27,820.78–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Concession / Price Support from Government of India
Nitrogenous fertilizers are under the concession scheme as notified by Government of India (GOI) from time to time. The
concession on nitrogenous fertilizers has been accounted for keeping in view the practice in the industry, norms, parameters
and guidelines fixed/ followed by Fertilizer Industry Co-ordination Committee (FICC) from time to time, pending notification by
the FICC. On fixation of final concession price, necessary adjustments, if any, has been made in the accounts for the year in
which such price is fixed.
Breakup of sales of product
Urea 52,512.86 52,991.11(Excludes transit & other losses)
Ammonia 6,515.66 6,187.71(Excludes captive consumption)
Electricity 22.48 0.00–––––––––––––– ––––––––––––––
Total : 59,051.00 59,178.82–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Breakup of Concession / price support
Urea
Price Concession 67,315.84 61,074.92
Freight Subsidy 8,486.42 7,567.04
–––––––––––––– ––––––––––––––
Total : 75,802.26 68,641.96–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Other Operating Revenue
Pursuant to order passed by Hon’ble High Court of Allhabad, Lucknow Bench, the amount of `1,832.86 lacs being
VAT charged by the suppliers on supplies of natural gas stands recoverable from them. Consequently the claim of
subsidy from FICC also stands reduced by `1,427.15 lacs. The Company has recognised both the adjustment under
other operating revenue and disclosed the same under revenue from operation.
KRIBHCO SHYAM FERTILIZERS LIMITED
31
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.23 OTHER INCOME
Interest Income
From Banks 39.82 235.12
Government securities 521.97 694.44
Others 3.72 0.36–––––––––––––– ––––––––––––––
565.51 929.92–––––––––––––– ––––––––––––––
Gain on sale of investments 27.08 37.04
Rentals / Compensation of Properties 27.47 30.11
Other Non-Operating Income
Profit on disposal/retirement of fixed assets 0.00 0.18
Insurance claim received 1.76 0.00
Sundry Balances W/off (Net) 10.68 0.00
Excess provisions written back 7.91 4.19
Income from Training 38.65 23.64
Scrap Sales 65.91 87.55
Miscellaneous 60.34 37.49–––––––––––––– ––––––––––––––
185.25 153.05–––––––––––––– ––––––––––––––
Total : 805.31 1,150.12–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.24 COST OF MATERIAL CONSUMED
Raw Materials 50,423.51 47,176.30
Packing Materials 2,903.10 2,539.49
Chemicals & Catalysts 418.92 379.84
Power, Fuel & Water 35,670.35 33,077.90–––––––––––––– ––––––––––––––
Total : 89,415.88 83,173.53–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Breakup of Raw Materials Consumed
Natural Gas 50,423.51 47,176.30–––––––––––––– ––––––––––––––
Total : 50,423.51 47,176.30–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Breakup of Power, Fuel and Water
Power - Natural Gas 35,653.45 32,836.81
Fuel
Naptha consumed 0.00 223.20
HSD consumed 3.09 4.24
Water 13.81 13.65–––––––––––––– ––––––––––––––
Total : 35,670.35 33,077.90–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
32
ANNUAL REPORT 2012-138th
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.25 CHANGES IN INVENTORIES
Closing Stock
Finished Goods 2,374.73 1,070.17
Work in Progress 29.69 33.22–––––––––––––– ––––––––––––––
2,404.42 1,103.39–––––––––––––– ––––––––––––––
Opening Stock
Finished Goods 1,070.17 276.36
Work in Progress 33.22 0.00–––––––––––––– ––––––––––––––
1,103.39 276.36–––––––––––––– ––––––––––––––
Decrease / (Increase) in Inventories ( 1,301.03) ( 827.03)–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.26 EMPLOYEES BENEFITS EXPENSES
Salary, Allowances, Wages & Bonus 3,191.22 3,056.44
Contribution to Provident & other funds 456.20 619.29
Staff Welfare expenses 261.81 221.20–––––––––––––– ––––––––––––––
Total : 3,909.23 3,896.93–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.27 FINANCE COST
Interest on
Foreign currency term loans 595.31 709.18
Rupee Term loans 4,323.65 5,883.90
On Cash credit and Short term Loans 7,730.08 3,953.66–––––––––––––– ––––––––––––––
12,649.04 10,546.74–––––––––––––– ––––––––––––––
Other Borrowing Cost
Other ancillary Cost 73.78 26.36
LC Charges 0.00 22.51
Hedging Charges 1,009.31 1,710.13–––––––––––––– ––––––––––––––
1,083.09 1,759.00–––––––––––––– ––––––––––––––
Adjustments on account of foreign exchange fluctuation 226.81 550.50–––––––––––––– ––––––––––––––
Total : 13,958.94 12,856.24–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
KRIBHCO SHYAM FERTILIZERS LIMITED
33
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.28 MANUFACTURING AND OTHER EXPENSES
Stores & Other Consumables 313.37 149.87
Repairs and Maintenance:
Buildings 119.86 224.91
Plant, Machinery and Other Equipments 1,784.01 1,642.94
Others 3.76 3.54–––––––––––––– ––––––––––––––
1,907.63 1,871.39–––––––––––––– ––––––––––––––
Insurance Charges 197.71 191.71
Travelling Expenses:
Directors 1.72 11.19
Others 35.82 35.17–––––––––––––– ––––––––––––––
37.54 46.36–––––––––––––– ––––––––––––––
Printing and Stationery 11.69 21.52
Rent, Rates & Taxes
Rent 6.32 6.32
Rates & Taxes 41.69 35.67–––––––––––––– ––––––––––––––
48.01 41.99–––––––––––––– ––––––––––––––
Communication Expenses 14.13 14.90
Publicity & Sales Promotion 4.94 4.37
Bagging Expenses 198.80 224.03
Freight Outward and Handling 10,672.32 9,276.31
Warehousing Charges 45.20 73.79
Director Sitting Fees 2.05 2.35
Service Charges 423.76 419.68
Vehicle Running & Maintenance 85.36 88.98
Legal and Professional Charges 73.15 61.61
Auditor’s Remuneration 16.85 13.83
Bank Charges 39.30 23.80
Loss on Assets discarded / retired from Active Use 164.39 507.51
Loss on sale of Investments 0.00 575.54
Loss on sale of Fixed Assets 187.15 0.34
Foreign Exchange Fluctuation 11.09 454.02
Miscellaneous Expenses 376.33 357.86–––––––––––––– ––––––––––––––
14,830.77 14,421.76–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
Break-up of Auditor’s Remuneration
As Auditors 10.67 8.43
Tax Matters 5.06 4.72
Certification Fees 0.35 0.55
Out of Pocket Expenses 0.77 0.13–––––––––––––– ––––––––––––––
Total: 16.85 13.83–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
34
ANNUAL REPORT 2012-138th
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
2.29 PRIOR PERIOD ADJUSTMENTS
Income
Stock adjustments 0.00 57.09
Others 15.20 38.80–––––––––––––– ––––––––––––––
15.20 95.89–––––––––––––– ––––––––––––––
Expenditure
Depreciation & Amortisation 0.01 0.13
Stores & Spares Consumption 0.00 23.42
Others 11.80 28.15–––––––––––––– ––––––––––––––
11.81 51.70–––––––––––––– ––––––––––––––
Net prior period adjustments ( 3.39) (44.19)–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––
2.30 CLAIM PENDING SETTLEMENT
During the year 2006-07, the Company had paid
stamp duty of `190.80 crores on transfer/
registration of Assets acquired from Oswal
Chemicals & Fertilizers Limited vide sale
agreement dated 31st March 2006. The Company
has paid the amount of stamp duty as finalized by
Additional District Magistrate (F&R), Collector of
Stamps, Shahjahanpur on total sale consideration
of ` 1908 crores. The Company has filed an
appeal before the Board of Revenue, Uttar Pradesh
for refund of total Development Tax amounting
to ` 38.16 crores paid at the rate of 2% in respect
of all assets and stamp duty amounting to ̀ 19.54
crores paid on Leasehold Land, Site Development,
intangible Assets/benefits and Current Assets,
challenging the levy of the same. Upon dismissal
of appeal by Board of Revenue, UP, the Company
has filed a writ petition before the Hon’ble High
court, Allahabad challenging the order passed by
Board of Revenue.
Hon’ble High Court has allowed the writ petition
in part and the orders of ADM (F&R),
Shahjahanpur and Chief Controlling Revenue
Authority have been set aside. The matter has
been remanded back to ADM (F&R), Shahjahanpur
to decide the case afresh in the light of the
observations made in the order of the Hon’ble
High Court after giving opportunity of hearing to
the Company.
Pending final outcome, the sum of ` 57.70 crores
paid by the Company (based on actual
computation) has been disclosed as “Stamp Duty
paid under protest” under the head of Short Term
Loans & Advances in Note No 2.20 of the Financial
Statement. However, for the purpose of Income
Tax, based on the advice received from Tax
Consultant, the Company has claimed the
depreciation on the same in the Income Tax
Return filed for the assessment years 2006-07
(revised), 2007-08 and thereafter.
2.31 STAMP DUTY
Collector Stamps/DM, Shahjahanpur passed an
order dated 13/08/08 observing that the deed
of mortgage executed on 31/01/2006 between
Oswal Chemicals & Fertilizers Limited, UTI Bank
Limited (Security Trustee) and the Company, will
attract stamp duty of ` 190 crores (the amount
revised from ` 190 lacs to ` 190 crores upon
rectification application and subsequent order by
Collector of Stamps) and also served an order for
recovery on the Company. Aggrieved by the order,
the Company has preferred an appeal before the
Chief Controlling Revenue Authority, Uttar Pradesh
KRIBHCO SHYAM FERTILIZERS LIMITED
35
and filed stay petition before the Hon’ble
High Court of Allahabad. In response, the Hon’ble
High Court of Allahabad granted stay on recovery
proceedings. The Chief Controlling Revenue
Authority (CCRA) pronounced the judgment
against the Company. The Company had filed a
writ petition before the Allahabad High Court
against the judgment of CCRA. The writ petition
was admitted and decided in favour of the
Company wherein it was decided that till the next
date of listing, the operation of the order passed
by the Collector Stamp, Shahjahanpur and that of
the CCRA shall remain stayed. The matter is
pending as on balance sheet date.
Pending final award, based on legal opinion by
an expert obtained by the Company, the Company
has not made any provision in respect of aforesaid
demand, and however, the same has been
disclosed as contingent liability in “Notes forming
part of accounts”.
2.32 TRADE TAX
(a) The company had received Trade Tax
assessment order related to the financial
year 2005-06 and 2006-07 from the
Dy. Commissioner (Assessment), Commercial
Taxes, Shahjahanpur assessing Trade Tax on
sale of Anhydrous Ammonia @ 12% as
against @ 4% being collected and
deposited by the Company, and raising
demand of ` 21.60 lacs and ` 65.99 lacs
respectively for the two years.
Upon appeal preferred by the Company, the
Joint Commissioner (Appeals) cancelled the
order passed by the Dy. Commissioner and
referred the case back to Dy. Commissioner
for reassessment. Aggrieved by the order
passed by Joint Commissioner, the Company
had preferred an appeal before the Hon’ble
Tribunal of Commercial Tax, Bareilly. The
Hon’ble Tribunal has decided the case in
favour of the Company and advised Joint
Commissioner to decide the case.
On similar grounds, the Dy. Commissioner,
Commercial Taxes, Shahjahanpur, had
passed an order raising demand of
` 18.16 lacs in respect of financial year
2007-08. The Company has preferred an
appeal against the order before Additional
Commissioner (Appeals) who has stayed the
demand to the extent of 70% on furnishing
of Security Bond with the Appropriate
Authorities.
The department had preferred appeal
before the Hon’ble High Court on the same
issue. During the financial year 2011-12, the
Hon’ble High court had decided the case in
favour of the Company by striking down the
department’s plea. In view of the order
passed by the Hon’ble High Court, the
appeals pending at various levels are
expected to be decided in favour of the
Company during the subsequent financial
years.
The Company, therefore, does not
anticipate any liability in future and
consequently the Company has neither
provided for any liability nor disclosed
the same as contingent liability in the
financial statements.
(b) During the year 2010-11, the Company had
received an order with a demand notice for
` 875.42 lacs for the year 2007-08 from
Dy. Commissioner, Commercial Tax,
Shahjahanpur disallowing the Company’s
claim in respect of concessional tax rate on
Natural Gas. An appeal has been filed by
the Company before the Additional
Commissioner (Appeals) challenging the
order of the Assessing Authority. On an
application made for grant of stay of the
demand, 90% of the demand has been
stayed by the Learned Tribunal on
furnishing on Security Bond and the balance
10% of the demand amount has been
deposited by the Company and disclosed as
“Balances with Government Authorities”
under the head Short Term Loans and
Advances in Note No. 2.20 of the financial
statements. The appeal has been heard and
orders are awaited.
(c) During the financial year 2011-12, the
Company had received an order along with
36
ANNUAL REPORT 2012-138th
a demand notice of ` 77.31 lacs in respect
of VAT for the year 2007-08 (January 2008
to March, 2008) from the Dy. Commissioner,
Commercial Taxes, Shahjahanpur upon
assessing the taxable turnover of the
Company after including road freight paid
on Urea. An appeal has been filed by the
Company before Joint Commissioner
(Appeal) challenging the order of the
Assessing Authority. The appeal is yet to be
heard.
The Company has been granted stay for
90% of the demand on furnishing Security
Bond while balance 10% of the demand
amount has been deposited by the
Company. The same has been disclosed
as “Balances with Government Authorities”
under the head Short Term Loans and
Advances in Note No. 2.20 of the financial
statements.
(d) During the financial year 2011-12 under
review, the Company has received Entry-
Tax assessment order from Deputy
Commissioner, Trade Tax Shahjahanpur
with a demand of ` 344.00 lacs for the
financial year 2007-08. The Tax was levied
by the State Government on purchase of
Natural Gas from GAIL in Uttar Pradesh.
Upon appeal before Joint Commissioner
(Appeals), Bareilly, stay has been granted
on furnishing of Security Bond. The appeal
is yet to be heard.
(e) During the year 2011-12, the Company had
received an order along with a demand
notice of ` 129.60 lacs in respect of VAT
for the year 2008-09 from by the
Dy. Commissioner, Commercial Taxes,
Shahjahanpur upon assessing the taxable
turnover of the Company after including
road freight paid on Urea & Scrap Sale
(Export). An appeal has been filed by the
Company before Joint Commissioner
(Appeal), challenging the order of the
Assessing Authority. As against the demand
the Company has deposited the sum of
` 100 lacs during the current financial year
and the same has been disclosed as
“Balances with Government Authorities”
under the head Short Term Loans and
Advances in Note No. 2.20 of the financial
statements.
(f) During the current financial year the
Company has received an order for year
2008-09 from Deputy Commissioner Sales
Tax raising demand of ` 367.32 lacs on
account of entry tax. The Company has
preferred an appeal which is yet to heard.
The Company has however been granted
stay on the demand by the appropriate
authority.
Pending final outcome in respect of matters
enumerated at Note No. 2.32 (b), (c), (d),
& (e) based on the merit of the cases, the
Company does not anticipate any liability
and consequently, no provision in the books
of accounts has been made. The demands,
however, have been disclosed as contingent
liability in the financial statements.
2.33 INCOME TAX
The Income Tax Officer (TDS), Bareilly has
passed orders on 30th March, 2011 u/s 201(1) and
201(1A) of the Income Tax Act, 1961 in respect of
the assessment years 2007-08 to 2009-10
directing the Company to deposit the sum of
` 3,774 lacs being the amount of Tax ought to have
been deducted at Source or short deducted at
source (including interest thereon) from payments
made to gas suppliers/transporters for
transmission of Natural Gas and also from other
payments.
The Company had filed an application before
appropriate authority seeking stay of demand and
also preferred an appeal before Commissioner of
Income Tax (Appeals), Bareilly. In response to
an application seeking stay of demand the
appropriate authority granted stay on 50% of the
demand with condition to deposit the balance
50% on or before 31st March, 2012. The Company
had made representation to Member (Revenue)
requesting him to keep the demand in abeyance
KRIBHCO SHYAM FERTILIZERS LIMITED
37
till the appeal is decided. The appeal preferred
before CIT(A) has been partially allowed in current
year directing the assessing officer to recompute
the demand. The demand was recomputed at
` 558.95 lacs by the assessing authority. As against
the recomputed demand, the Company has
already deposited a sum of ` 189.36 lacs while in
respect of balance amount of ` 369.59 lacs the
Company has been granted stay by the
appropriate authority. The Company has preferred
an appeal before ITAT, Lucknow Bench which has
been heard and orders are awaited.
Pending final outcome, the Assessing Officer
(TDS) has passed an order on 28th March, 2013
for assessment year 2010-11 raising demand of
` 98.64 lacs on the similar ground. The Company
is in the process of filing appeal before the
appropriate authorities.
During the year under review, the Company has
also received a notice u/s 271(1)(c) of the Income
Tax Act, 1961 and a demand for ` 79.45 lacs for
the assessment year 2008-09 from Deputy
Commissioner of Income Tax. The Company is in
the process of filing appeal before the appropriate
authority.
In view of the above the Company has not
provided for any liability in the financial
statements but disclosed the same as Contingent
Liability in Note No. 2.40 of the financial
statements and the sum of ` 189.36 lacs already
paid has been disclosed as “Balances with
Government Authorities” in Note No. 2.20 of
the financial statements.
2.34 EXCISE
During the current financial year, the Department
of Excise & Customs served show cause notice
raising demand of ` 828.00 lacs on the Company
with regard to wrong availment of cenvat credit.
The Company disputed the show cause notice
and the Commissioner of Central Excise reduced
the demand to `166.00 lacs. The Company
preferred an appeal before CESTAT and the
Company has been granted stay on demand.
Pending final outcome of the proceeding, the
Company has not provided for liability but
disclosed the same as contingent liability in
Note No. 2.41 of the financial statements.
2.35 FOREIGN CURRENCY EXPOSURE
The foreign currency exposure in respect of foreign
currency loan (principal) amounting to
` NIL (previous year `18,522.09 lacs) was hedged
by derivative transactions for the equivalent
amount and the un-hedged loan liability, being
monetary item, had been restated at exchange
rate prevailing at year end.
The Following foreign currency exposures are not hedged by a derivative/forwarded transaction:
[` in Lacs]
Particulars March 31, 2013 March 31, 2012
Foreign Currency Loan Payable NIL 4162.00
Interest payable NIL 67.99
2.36 EMPLOYEE BENEFITS
(a) Defined contribution to provident fund and employee pension scheme
The Company makes contribution towards Employees’ Provident Fund and Employees’ Pension Scheme.
In accordance with the provisions of these schemes, the Company is required to contribute a specified
percentage of payroll costs. The Company has, during the year, recognized the sum of ` 202.17 lacs
(P.Y. `181.67) as expense towards contributions to these plans.
(b) Defined contribution towards retirement benefits:
The following table sets out the status of the gratuity and leave encashment scheme plans as at
31st March, 2013
38
ANNUAL REPORT 2012-138th
[` in lacs]
Particulars Gratuity Leave Encashment Sick Leave
2012-2013 2011-2012 2012-2013 2011-2012 2012-2013 2011-2012
Changes in the present value of obligation
Present value of obligation (Opening) 724.65 468.27 321.53 234.62 37.92 30.70
Interest cost 59.68 38.63 24.23 19.36 — —
Past service cost — — — — — —
Current service cost 62.20 58.73 26.61 25.56 20.65 7.22
Curtailment Cost / (Gain) — — — — — —
Settlement Cost / (Gain) — — — — — —
Benefits paid (44.97) (29.81) (73.12) (37.81) — —
Actuarial (Gain) / Loss 38.96 188.83 13.59 79.80 — —
Present value of obligation (Closing) 840.52 724.65 312.83 321.53 58.57 37.92
Amount recognized in the balance sheet
Present value of obligation as at the year end 840.52 724.65 312.83 321.53 58.57 37.92
Fair value of plan assets as at the year end — — — — — —
(Asset) / Liability recognized in the balance sheet 840.52 724.65 312.83 321.53 58.57 37.92
Expenses recognized in the profit & loss account
Current service cost 62.20 58.72 26.61 25.56 20.65 7.22
Past service cost — — — — — —
Interest cost 59.68 38.63 24.23 19.36 — —
Expected return on plan assets
Curtailment Cost / (Credit) — — — — — —
Settlement Cost / (Credit) — — — — — —
Net Actuarial (Gain) / Loss 38.96 188.83 13.59 79.80 — —
Total expenses recognized in the profit and loss account 160.84 286.18 64.43 124.72 20.65 7.22
Principal actuarial assumption (Rate of Discounting)
Rate of discounting 8.10% 8.50% 8.1% 8.50% 8.1% 8.50%
Expected return on plan assets — — — — — —
Rate of increase in salaries 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Reconciliation of the present value of defined benefit
obligation and the fair value of assets
Present value of funded obligation as at the year end — — — — — —
Fair value of plan assets as at year end — — — — — —
Funded (Asset)/ Liability recognized in the balance sheet — — — — — —
Present value of unfunded obligation as at the year end 840.52 724.65 312.83 321.53 58.57 37.92
Unrecognized past service cost — — — — — —
Unrecognized Actuarial (Gains) / Losses — — — — — —
Unfunded net liability recognized in the balance sheet 840.52 724.65 312.83 321.53 58.57 37.92
KRIBHCO SHYAM FERTILIZERS LIMITED
39
2.37 SEGMENT REPORTING
The Company’s primary business segment is manufacturing of Ammonia & Urea. Based on the guiding principles
given in Accounting Standard 17 on “Segment Reporting” issued by the Institute of Chartered Accountants of
India, this activity falls within a single primary business segment and accordingly the disclosure requirements
of Accounting Standard 17 in this regard are not applicable.
2.38 RELATED PARTY DISCLOSURE
(a) List of related parties with whom transactions have taken place during the year :
Key Management Personnel
� Mr. V. P. Kaushik, Managing Director
Holding Enterprise :
� Krishak Bharati Co-operative Ltd.
[` in Lacs]
(b) Transaction with related party 2012-2013 2011-2012
(i) Holding Enterprise
– Sale of Goods 1,681.98 2,036.34
– Sale of Spares and Equipments 3.40 —
– Service Charges 434.80 430.33
– Reimbursement of salary & other expenses 38.62 97.45
– Rent, Electricity & Other Services 18.36 16.92
– Payment for purchase of plant and Machinery / stores 33.87 2.61
(ii) Key Management Personnel
– Remuneration 55.49 50.81
[` in Lacs]
(c) Outstanding balances as at the end of the year 2012-2013 2011-2012
(i) Holding Enterprise
– Credit Balance (Net) 1,088.96 948.26
– Debit Balance 6.56 12.37
2.39 LEASES
The Company has taken office premises on cancelable operating lease where the lessee and the lessor shall
be entitled to terminate the lease agreement at any point of time before expiry of the agreed term by serving
three months’ notice in writing on the other party.
40
ANNUAL REPORT 2012-138th
2.40 EARNING PER SHARE
Earning per share is calculated by dividing the profit attributable to the equity shareholders by the weighted
average number of equity shares outstanding during the year.
Sr. No. Particulars 2012-2013 2011-2012
1. Profit after tax (` in lacs) 1,616.26 2,347.94
2. Weighted Average Number of equity shares 80,00,57,143 80,00,57,143
3. Face value per share (`) 10 10
4. Earnings per Share (Basic) ` 0.20 0.29
2.41 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
A. Contingent Liabilities not provided for in respect of:
[` in lacs]
Particulars 2012-2013 2011-2012
Letter of credits 8,362.55 6,688.92
Disputed Trade Tax Matters (Refer note no. 2.32 (b), (c) and (d) of Financial Statement) 1,793.65 1296.73
Stamp Duty on Mortgage (Refer note no. 2.31 of Financial Statement) 19,000.00 19,000.00
Income Tax demand notice (Refer note no. 2.33 of Financial Statement) 737.59 3,870.64
Demand received from Excise and Custom Department 166.00 –(Refer note. 2.34 of Financial Statement)
B. Capital and Other Commitments
[` in lacs]
Particulars 2012-2013 2011-2012
Capital Commitments
Estimated amount of contract remaining to the executed on
capital accounts (Net of Advances) 958.55 1093.80
Other Commitments — —
C. The Company has issued an undertaking of ` 11,184.00 lacs to Department of Fertilizers, Ministry of
Chemicals and Fertilizers, Government of India (GOI) in respect of pending dispute of GOI with
Oswal Chemicals & Fertilizers Limited regarding subsidy of ` 225 lacs on urea and payment of interest of
`10,959.00 lacs by Oswal Chemicals & Fertilizers Limited. An escrow account under joint operation of
the Company and Oswal Chemicals & Fertilizers Limited has been opened for the purpose of meeting
the claim of the Department of Fertilizers. The balance in the said escrow account adequately covers the
amount of undertaking.
KRIBHCO SHYAM FERTILIZERS LIMITED
41
2.42 REMUNERATION TO MANAGING DIRECTOR[` in lacs]
Sr. No. Particulars 2012-2013 2011-2012
1. Salaries & Allowances 52.14 47.78
2. Contribution to P.F. & Other Funds 3.20 2.88
3. Medical and Welfare Expenses 0.15 0.15
Total: 55.49 50.81
Note:
The aforesaid remuneration does not include the value of leave encashment and gratuity since it is determined on the basis of
actuarial valuation for all employees, including directors.
2.43 Balances of some of the Contractors/ Customers/ Suppliers/ Receivables/ Payable and deposits with others
are subject to confirmation/ reconciliation and consequential adjustments, if any, which in the opinion of
management would not be material. In case of major debtors, confirmations have been received and no material
adjustment remains pending.
2.44 Additional information, to the extent applicable, required under para 5(8) of Part-II of the Schedule VI to the
Companies Act, 1956.
A. Particulars of Stock & Sales
2012-2013 2011-2012
Particulars Quantity Amount Quantity Amount
(M.T.) (in Lacs) (M.T.) (in Lacs)
Opening Stock (Including Goods Transit)
Urea 6,482.600 652.15 — NIL
Ammonia 3,393.253 418.02 2,565.261 276.36
Total : 9,875.853 1,070.17 2,565.261 276.36
Closing Stock (Including Goods Transit)
Urea 20,058.450 2,255.63 6,482.600 652.15
Ammonia 870.536 119.10 3,393.253 418.02
Total : 20,928.986 2,374.73 9,875.853 1,070.17
Sales (Net of Excise)
Urea1 9,94,692.648 1,27,751.90 10,12,461.900 1,20,965.30
Ammonia2 22,109.10 5,605.32 26,873.600 5,480.39
Total : 10,16,801.748 1,33,357.22 10,39,335.500 1,26,445.69
1 Excludes Transit & 27.102 64.800
Other Losses (MT)
2 Excludes Captive 5,80,503.217 590,268.408
Consumption (MT)
42
ANNUAL REPORT 2012-138th
Particulars
Particulars
B. Raw Material Consumption (100% indigenous)
[` in Lacs]
2012-2013 2011-2012
Quantity Value (`) Quantity Value (`)
Natural Gas (MSM3) 407.79 50,423.51 417.990 47,176.30
C. CIF Value of Imports [` in lacs]
Particulars 2012-2013 2011-2012
Capital Goods 148.12 172.75
Stores and Spares 117.88 145.97
Total : 266.00 318.72
D. Analysis of Imported & Indigenous Spares consumption: [` in lacs]
2012-2013 2011-2012
Value (`) % of Total Value (`) % of Total
Imported 177.66 13.80 44.90 4.23
Indigenous 1,110.09 86.20 1,017.41 95.77
Total: 1,287.75 100.00 1,062.31 100.00
E. Expenditure in foreign currency (on payment basis): [` in lacs]
Particulars 2012-2013 2011-2012
Interest 584.81 651.45
Professional charges — 25.72
Fees for Technical Services 36.30 169.40
Foreign Travelling — 14.58
Total: 621.11 861.15
F. Earnings in Foreign Exchange: ` 38.65 (Previous year ` 23.64)
2.45 Information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act, 2006
has been determined to the extent such parties have been identified on the basis of information available with
the Company.
[` in lacs]
Particulars 2012-2013 2011-2012
Unpaid to supplier as at the end of the accounting year
Principal Amount Due NIL NIL
Amount of interest paid NIL NIL
Total : NIL NIL
KRIBHCO SHYAM FERTILIZERS LIMITED
43
2.46 STATEMENT OF MANAGEMENT
(a) The current assets, loans and advances are good and recoverable and are approximately of the values,
if realized in the ordinary courses of business unless and to the extent stated other wise in the Accounts.
Provision for all known liabilities is adequate and not in excess of amount reasonably necessary. There
are no contingent liabilities except those stated in the notes.
(b) Balance Sheet, Statement of Profit & Loss and Cash Flow statement read together with the schedules to
the accounts and notes thereon, are drawn up so as to disclose the information required under the
Companies Act, 1956 as well as give a true and fair view of the statement of affairs of the Company as at
the end of the year and results of the Company for the year under review.
2.47 Previous year figures have been regrouped, reclassified and reworked wherever necessary for comparative
purpose.
FOR G. K. CHOKSI & CO. FOR AND ON BEHALF OF THE BOARD
[Firm Registration No. 101895W]
Chartered Accountants
SANDIP A. PARIKH B. D. SINHA ALOK TANDON V. P. KAUSHIK
Partner Director Director Managing Director
Membership No. 40727
RAJAN CHOWDHRY BIPIN C. PHULORIA
Director & Chief Financial Officer Company Secretary
Place : New Delhi Place : New Delhi
Date : 26th June, 2013 Date : 26th June, 2013
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