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NOTES TO ACCOUNTS

Archit Organosys Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 14.56 Cr. P/BV 0.42 Book Value (₹) 23.25
52 Week High/Low (₹) 30/7 FV/ML 10/1 P/E(X) 0.00
Bookclosure 11/02/2017 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2016-03 

1. Rights, Preferences and Restrictions

The rights and privileges to equity shareholders are general in nature and defined under the Articles of Association.

Equity Shares : The Company has only class of equity shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, if any, in proportion to their shareholding.

2. The Company has calls in arrears / unpaid calls amounting to Rs. 1,52,150/- in respect of 78000 equity shares, however it does not have any outstanding calls in due from directors and officers of the company. The company has not forfeited any shares at balance sheet date.

3. (a) The company had entered in to derivatives contracts (for sale of foreign currency) with HDFC bank Limited which have already been concluded in earlier years. The company had incurred loss on such contracts against which the sum of Rs. 78,70,798/- (including adjustment of fixed deposit amounting to Rs. 23,64,200/-) have already been paid and charged to Statement of Profit and Loss under the head “Loss on Derivative Contract”. The company had also received summons / show cause notice from Mumbai Debt Recovery Tribunal in the month of May, 2009. In response to the same, based on legal advice, the company had filed its reply with appropriate authority. Pending final outcome, the management is of the opinion that the aforesaid liability is of contingent nature and therefore the company has not recognized as liability for the balance loss of Rs. 1,47,07,069/- including interest up to January, 2013.

4. The Company has not recognized and acknowledged the claims as liability in the books of account amounting to Rs. 4,84,830/- (P.Y. Rs. NIL ) which have been made against the company by Department of Income Tax since such claims have been disputed and pending before the appropriate authorities for final adjudication and accordingly sub-judice. The final outcome of such lawsuits filed against the Company is not presently ascertained and accordingly no provision in respect thereof has been made in the books of account of the company.

5. Employee Benefits

6. Defined contribution to Provident fund and Employee state insurance

The company makes contribution towards employees' provident fund and employees' state insurance plan scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company during the year recognized Rs. 3,75,237/- (P.Y. Rs. 3,94,899/-) as expense towards contributions to these plans.

7. The Company operates within a solitary business segment i.e. dealing & manufacturing of chemicals, the disclosure requirements of Accounting Standard - 17 “Segment Reporting” issued by the Institute of Chartered Accountants of India is not applicable.

8. Borrowing Cost

Adhering to significant accounting policy, the company has capitalized the sum of Rs. 29,82,307/-(P.Y. Rs. NIL) being borrowing cost comprising of Interest on term loans, exchange difference in long term Monetary items, etc of specific asset.

9. Balances of Trade Payables, Trade Receivable and Loans and Advances are subject to confirmations and reconciliation if any, by the respective parties.

10. Statement of Management

11. 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 otherwise in the Accounts. Provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

12. Balance Sheet and Statement of Profit and Loss read together with Notes to the accounts thereon, are drawn up so as to disclose the information required under the Companies Act, 2013 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.

13. The previous year's figures have been reworked, regrouped and reclassified wherever necessary so as to make them comparable with those of the current year.

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