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NOTES TO ACCOUNTS

Resonance Specialties Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 25.40 Cr. P/BV 1.09 Book Value (₹) 20.15
52 Week High/Low (₹) 32/18 FV/ML 10/1 P/E(X) 0.00
Bookclosure 14/08/2018 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2016-03 

c) Note on Nature of Security on secured loan

(The above borrowing from Bank is secured by hypothecation of present and future stock of raw material, stock in process and Finished goods and book debts of the company, and further secured by first charge by way of equitable mortgage of land and building, plant and machineries and all immovable properties of the company situated at T - 140, MIDC Industrial Estate, Tarapur, Dist-Thane and further guaranteed by Managing Director of the company and is repayable on demand).

d) Working capital borrowing in form of cash credit account carry interest rate of 12.65% per annum and export packing credit at 10.90%.

Note -1: Contingent Liabilities:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. NIL-net of advance (Previous year Rs. NIL).

b) Bank Guarantees issued and outstanding on Balance Sheet date is Rs.41,00,000 (Previous year Rs. 42,50,000)

c) Letters of credit outstanding Rs 1,42,79,919 (Previous year: Rs 3,48,83,514)

d) Sale tax demand against which the company filed the appeals for the years 2005-06 to 2009-10 of Rs. 20,28,11,451 (Previous Year Rs: 20,28,11,451) for which permanent stay was granted on part payment of Rs. 80,35,000

e) Demand from service tax authority contested in appeal Rs. 27,11,069 (Previous year Rs: 27,11,069).

f) Demand from Income tax authority contested in appeal Rs. 16,18,770 (Previous year NIL).

g) Claim against the company by a customer but not admitted, pending in High Court Rs. 33,63,214 (Previous year Rs: 33,63,214).

Note-2: Disclosure pursuant to the Accounting standard -15 : Employees benefit.

Company adopted the Accounting Standard (AS-15) (Revised 2005) "Employee Benefits" effective from April 01, 2007.

The Company has classified the various benefits provided to employees as under:

I Defined Contribution Plans

The Company has recognized the amounts of Provident Fund of Rs. 8,78,761 (P.Y. 7,58,725) in Profit and Loss Account for the year ended 31st March, 2016:

II Defined Benefit Plans

Contribution to Gratuity Fund (Non Funded Scheme)

In accordance with the Accounting Standard (AS 15) (Revised 2005) actuarial valuation was performed in respect of the aforesaid defined benefit plans based on the following assumptions:

Note-3. Disclosure pursuant to the Accounting standard -17 : Segment Reporting

The Company has only one segment i.e. 'Chemical Manufacturing'. Therefore, as per Accounting Standard -17 (AS-17) the disclosure under 'Segment Reporting' is not considered necessary.

Note-4: Disclosure pursuant to the Accounting standard -18 : Related party Transaction

a) Particulars of Related Parties

~NAME OF RELATED PARTY NATURE OF RELATIONSHIP

i) Vista organics Pvt. Ltd. Interest of Director's Relatives

ii) Avignon Exim Pvt. Ltd. Interest of Director's Relatives

iii) Vista Finance & Leasing Pvt Ltd. Interest of Director's Relatives

iv) Avignon Chemicals P Ltd. Interest of Director's Relatives

v) Ushma Investments Pvt Ltd. Interest of Director's Relatives

vi) Ushma Technologies Pvt Ltd Interest of Director's Relatives

b) Key Management Personnel

NAME OF RELATED PARTY NATURE OF RELATIONSHIP

i) Dr Atma Gupta Managing director

ii) @Mr. Kamlesh Yadav Wholetime Director

iii) 'Mr. Satish Mathur Wholetime Director

iv) Mr. Dwarika Agrarwal Chief Financial officer

@Resigned w.e.f. 14th November, 2015 'Appointed w.e.f. 8th February, 2016

*Purchases & Sales figures mentioned above include amount of High Seas Purchases & High seas Sales respectively and exclusive of duties & Taxes.

** Conversion charges are net off material supplied for Conversion.

# For part of the year.

Remarks:

a) Related parties are as identified by the management and relied upon by the auditors.

b) Reimbursement of expenses in normal course of business are not considered hereinabove.

Note -5 Reporting on other disclosures

a) The Company has no information as to whether any of its suppliers constitute Micro, Small or Medium Enterprise and therefore, the claims for suppliers and other related data as per the requirement of Micro , Small and Medium Enterprises Development Act, 2006 could not be ascertained.

b) In the opinion of Board, current assets, loan and advances are stated at a value at least equal to the expected value on realization in the ordinary course of business.

c) During the year the company had carried out development of certain process technology for efficient commercial production in its approved R & D facilities at Tarapur and incurred an amount of Rs.55,74,259 /- (P.Y. 60,08,447/-) as Research & Development expenditure which have been accounted as follows :

d) Provision for Income Tax has been made considering the benefits available u/s 35 of the Income tax act.

e) The unclaimed dividend of Rs. 814,866 (PY Rs. 398,386.50) is not due to be transferred in investor education and protection fund and adequate funds are available in unclaimed dividend bank account.

f) The Consumption of the raw material are reported after deducting the cost of material received from third parties for conversion but used by the company for captive use amounting to Rs.61,23,150 (P Y Rs. 72,40,495). The conversion charges received, therefore, are also adjusted by the said amount.

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