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NOTES TO ACCOUNTS

Indo Gulf Industries Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 1.20 Cr. P/BV -0.22 Book Value (₹) -5.69
52 Week High/Low (₹) 6/1 FV/ML 1/50 P/E(X) 0.00
Bookclosure 06/06/2016 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2015-03 

1. Contingent liabilities and commitments (to the extent not provided
for)                                                            
                                                                 (Rs.)

                                        As At	             As At
Particulars                      31st March, 2015     31st March, 2014
a) Contingent liabilities:

Claims against the Company not 
acknowledged as debts	               -	             -

b) Commitments :
Estimated amount of Contracts 
remaining to be executed
on Capital Account and not 
provided for	                       -	             -
2. Based on the information / documents available with the Company, no amount (Previous year: Nil) is/was due to Micro, Small and Medium Enterprises as defined in the " Micro, Small and Medium Enterprises Development Act, 2006"

Hence, information as per the requirements of Section 22 of the aforesaid act is not required to be disclosed.

3. a) The Government of Uttar Pradesh has initiated recovery proceedings for recovery of Sales Tax dues related to Explosive unit at Jhansi, pursuant to which, the factory at Jhansi has been seized by the Government authorities. All the assets located at factory including records there at remain seized till the year end. Out of the above assets, certain assets pertaining to the said unit have been auctioned by the office of the labour commissioner, Jhansi, against which a sum of Rs. 8,03,000.00 (previous year: Rs. 8,03,000.00) is lying with them. Pending availability of relevant information, no adjustment in this respect has been carried out in these accounts.

b) The Company's net worth has been fully eroded as the accumulated losses of Rs. 3,21,63,639.91 exceeded its shareholders' fund of Rs. 95,67,270.00.

The Hon'ble Board for Industrial and Financial Reconstruction (BIFR) vide its order dated 07.01.2014 had permitted, transfer of 20% equity shares of the Company held by Balrampur Chini Mills Ltd. as well as induction of co-promoter / strategic investor in IGIL, under a Modified Draft Rehabilitation Scheme (MDRS) to be approved by the Hon'ble BIFR. However the Hon'ble BIFR vide its order dated 04.08.2014 reviewed its directions and directed the Operating Agency to submit its report after conducting due-diligence of co-promoter/ Strategic Investor and reserved its order for pronouncement.

The order in the subject matter was pronounced on 23.01.2015 whereby the Bench observed that induction of co-promoter/strategic investor was not in transparent manner and was not in accordance of the Law. The Hon'ble BIFR fixed the next date of hearing for further hearing in the matter. Aggrieved by the BIFR's order dated 23.01.2015, the Company has preferred an Appeal before the Hon'ble AAIFR which is pending adjudication before the Hon'ble AAIFR as on date. The Hon'ble AAIFR in the pending appeal has passed a direction vide its order dated 15.05.2015 directing circulation of MDRS to all concerned for their consideration. As envisaged in the MDRS to be circulated, after the said transfer of shares, the Company will cease to be a subsidiary of Balrampur Chini Mills Ltd and the Co-Promoter shall invest in terms of the provisions contained in the MDRS to meet the requirement of funds for the revival. Accordingly, .the Company has considered that it will be able to continue as a going concern entity.

4. Segment information as per Accounting Standard - 17 on 'Segment Reporting' :

The company is in the business of industrial explosive. Considering the core activities of the company, the management is of the view that it is a single reportable business segment and hence, information relating to primary segment is not required to be disclosed.

The information about secondary segment has not been furnished as there is no export revenue of the Company.

5. In accordance with Accounting Standard 22 "Accounting for taxes on Income Tax", the company has not accounted for deferred tax during the year.

Though, the Company has significant amount of carried forward losses and unabsorbed depreciation under the Income Tax Act, 1961. However, as a matter of prudence deferred tax assets have not been recognized.

6. Disclosure pursuant to AS - 28 on "Impairment of Assets"

Due to seizure of Company's explosive plant at Jhansi, the condition of the plant & machineries and other fixed assets there at and the impairment loss, if any, in respect thereof could not be determined, pending which no provision for such impairments, if any, could be made in the accounts.

7. Expenditure on Corporate Social Responsibilities (CSR) Activities

The provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company.

8. There are no transactions which are required to be disclosed as prescribed under paragraph 5 (viii) to general instructions for preparation of Statement of Profit and Loss under Schedule III to the Companies Act, 2013.

9. Previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary to make them comparable with those of the current year.

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