Notes to Financial Account
Note 25 : Revenue from operations
Particulars
2017-18
2016-17
Rs
(a) Sales
4,499,094,321
4,237,729,589
(b) Erection & Commissioning services
3,898,983
9,413,732
Total
4,502,993,304
4,247,143,321
Note 26 : Other income
(a) Interest Income
8,843,056
8,162,507
(b) Other non-operating income (net)
1,661
223,462
(c) Interest Received from security deposit
351482
298477
9,196,199
8,684,446
Note 27 (a) : Cost of materials consumed
Opening stock
268,508,537
230,362,822
Add: Purchases
3,856,757,821
3,311,751,969
4,125,266,358
3,542,114,791
Less: Closing stock
232,325,753
Cost of material consumed
3,892,940,605
3,273,606,254
Material consumed comprises:
Copper wire & Strips
1,359,414,859
1,139,175,040
Transformer oil
448,466,758
374,730,116
Lamination
1,009,439,499
847,084,663
Others
1,075,619,489
912,616,436
Note 27(b) : Changes in inventories of finished goods, work-in-progress and stock-in-trade
Inventories at the end of the vear:
Finished goods
481,918,617
349,907,789
Work-in-progress
479,435,141
315,981,421
961,353,758
665,889,210
Inventories at the beginning of the year:
435,940,475
148,307,302
584,247,777
Net (increase) / decrease
(295,464,548)
(81,641,433)
Note 28: Excise Duty Sale of Goods
Excise duty
46,592,960
316,611,573
Total Excise Duty on Sale of Goods
Note 29: Employee benefits expense
Salaries and wages
144,017,315
136,625,166
Contributions to provident and other funds
4,002,234
3,665,186
Gratuity
1,931,084
907,368
Staff welfare expenses
4,727,442
6,519,611
154,678,075
147,717,331
Note 30: Finance costs
(a) Interest expense on: Borrowings
215,128,025
194,176,356
(b) Other borrowing costs Bank Commission.Bank Guarantee & other Charges
53,445,033
49,524,549
268,573,058
243,700,905
Note 31: Depreciation and Amoritisation Expenses
(a) Depreciation on Property, Plant and Equipments
63,895,054
61,717,062
(b) Amoritisation of Intangible Assets
119,338
62,350
Less: Utilised from revaluation reserve
-
1,331,456
Add:- Utilised from revaluation reserve reversed
1,842,992
65,857,384
60,447,956
Note 32 : Other expenses
Power and fuel
23,142,211
22,455,788
Rent including lease rentals (Net)
9,545,520
Repairs and maintenance - Buildings
523,677
72,930
Repairs and maintenance - Others
2,426,052
2,391,142
Insurance
9,839,373
7,588,676
Rates and taxes
2,726,810
4,474,332
Communication
2,505,089
2,901,687
Travelling and conveyance
28,388,931
27,430,607
Printing and stationery
2,145,043
1,814,696
Motor Car Expenses
7,658,553
6,644,887
Office Expenses & Electricity Charges
2,248,800
2,989,603
Freight and forwarding
133,975,754
100,696,810
Loading & Unloading Charges
3,898,924
4,055,986
Commission & Brokerage
1,347,501
824,213
Donations and contributions
68,200
150,000
Legal and professional
12,629,784
10,877,798
Elecrama Expenses
5,476,058
Payments to auditors (Refer Note (i) below)
500,000
Net loss on foreign currency transactions
3,490,742
279,318
Loss on fixed assets sold / scrapped / written off
35,180
Miscellaneous expenses
49,247,520
38,977,902
301,784,543
244,707,073
Notes:
(i) Payments to the auditors comprises (net of service tax input credit, where applicable):
As auditors - statutory audit
325,000
For taxation matters
75,000
Company law Matter
100,000
CSR as per section 135 of the Companies act 2013 are not applicable to the Company for the year ended March, 2018 hence it has not been provided.
Note 33 : Additional information to the financial statements
33.2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
For the year ended 31st March, 2018
For the year ended 31st March, 2017
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year
.
250,477
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year
Nil
(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year
(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.
33.3
Value of imports calculated on CIF basis @:
Raw materials including Spares
91,672,550
169,823,172
33.4
Expenditure in foreign currency
Travelling
68,744
Note
33.1
Contingent liabilities and commitments (to the extent not provided for)
(i)
Contingent liabilities
(a) Claims against the Company not acknowledged as debt
15,990,900
(b) Income Tax Matters
2,164,160
(c) Performance, Counter& Advance Guarantees EMD
1,602,935,494
1,500,337,494
(d) Corporate guarantees given to the Banks on behalf of related Party- IMP Energy Ltd.
220,000,000
(e) Other money for which the Company is contingently liable
Note 34 : Disclosures under IND Accounting Standards 24 "Related Party Disclosures"
34.a Details of related parties:
Description of relationship
Names of related parties
Subsidiaries Companies in which Directors are interested
IMP Energy Limited
Raga Organics P. Ltd
Advance Transformers & Equipments Pvt. Ltd
Shree Kishoriju Trading & Investment Pvt. Ltd
Shree Rasbihari Electricals Pvt. Ltd
Shree & Sons.
Universal Transformers Pvt. Ltd
Shree Rasbihari Trading and Investment Pvt. Ltd
Raj Exports Pvt. Ltd.
Mangalam Laboratories Pvt. Ltd.
Ramniwas R Dhoot (HUF)
Shri J B Pharma LLP
Mangalam Drugs & Organics Limited
Directors its Relatives
Chairman : Shri Ramniwas R Dhoot
Vice Chairman : Shri Ajay R Dhoot
Managing Director : Shri Aaditya R Dhoot
Director : Priyanjali Malpani
Mrs. Rajkumari R Dhoot (wife of Shri R. R. Dhoot), (up to August 22, 2017)
Mrs. Smita A Dhoot (wife of Shri Aaditya. R. Dhoot),
Mrs. Radhika A Dhoot (wife of Shri Ajay R. Dhoot),
Key Management Personnel (KMP)
Mr.Bakul K Desai (CFO)
Ms. Priya Shah (Company Secretary)
Note: Related parties have been identified by the Management.
33.5 Details of consumption of imported and indigenous items *
%
Imported
Raw materials
109,959,610
2.82
Note: Figures / percentages in brackets relates to the previous year
(177,022,263)
(5.41)
Indigenous
3,782,980,996
97.18
(3,096,583,992)
94.59
34.b Details of related party transactions during the Year ended 31st March, 2018 and balances outstanding As at 31st March, 2018
Subsidiaries
Associates
KMP
Relatives of KMP
Entities in which KMP/ relatives of KMP have significant influence
Related party transactions
Purchase of goods
100,447,137
(185,933,166)
Sales of goods
15,004,880
Remuneration
Shri Ramniwas R Dhoot
5,340,000
(4,740,000)
Shri Ajay R Dhoot
5,190,000
(4,680,000)
Shri Aaditya R Dhoot
5,040,000
(4,560,000)
Mrs Priyanjali Malpani
607,000
(600,000)
Mr Bakul K Desai (Chief Financial Officer)
1,655,716
w.e.f 01.07.2016 to 31.03.2017
(1,173,037)
Mr Deepak Shah (Chief Financial Officer)
w.e.f 01.04.2016 to 30.06.2016
(505,500)
Miss Priya Shah (Company Secretary)
458,860
w.e.f 14.02.2017 to 31.03.2017
(58,968)
Miss Srita Parwani (Company Secretary)
w.e.f 19.09.2016 to 30.01.2017
(157,234)
Mrs Parvati Nair (Company Secretary)
w.e.f 01.04.2016 to 30.07.2016
(156,242)
Leasing or hire purchase arrangements
Shri Ramniwas R Dhoot (HUF)
95,000
(120,000)
420,000
(420,000)
390,000
(390,000)
Interest
_
618,634
6,892
79,245
(797,260)
527,104
Balances outstanding at the end of the vear
Trade receivables
Loans and advances
7,000,000
(7,000,000)
Trade payables
31,406,336
(81,607,768)
Note: Figures in bracket pertains to the previous year
Note 37 : Previous year's figures
Previous year's figures have been regrouped / reclassified wherever necessary to confirm with the current year's classification.
In terms of our report of even date
For V.S. SOMANI AND Co.,
For and on behalf of the Board of Directors
Chartered Accountants
(CA. VIDYADHAR S. SOMANI )
AJAY R DHOOT
AADITYA R DHOOT
Proprietor
Vice Chairman
Managing Director
Place:- Mumbai
BAKUL K DESAI
PRIYA SHAH
Date:- May 11, 2018
Chief Financial Officer
Company Secretary
Note 36: Disclosures under Accountinq Standards 20 " Earninqs Per Share"
As at 31st March, 2018
As at 31st March, 2017
36
Earnings per share
Weighted average number of equity shares outstanding
8,636,563
36.a
Profit (Loss) after taxation as per Profit & Loss account attributable to Equity Shareholders after adjusting dividend on preference shares before extraordinary items
54,620,823
33,897,607
36.b
Earning Per Share (Basic & Diluted) Before Extra-Ordinary item
Profit (Loss) after taxation as per Profit & Loss account attributable to Equity Shareholders after adjusting dividend on preference shares after extraordinary items
6.32
3.92
Earning Per Share (Basic & Diluted)
Nominal Value per share
10.00
Note 35: Disclosures under Accounting Standards 19 "Leases"
27
Details of leasing arrangements
As Lessee
The Company has entered into operating lease arrangements for its office premises at Tardeo Mumbai. The leases are non-cancellable and are for a period of 3 years and may be renewed for a further period as mutual agreement of the parties.
Future minimum lease payments
not later than one year
later than one year and not later than five years
9,333,928
later than five years
Lease payments recognised in the Statement of Profit and Loss Contingent rents recognised as expense during the year (state basis)
9,853,155