1: Capital Commitment
Estimated amount of contracts remaining to be executed on capital accounts amounted to Rs.7,411,294/- (PY Rs.6,781,463/-). Note 34: Micro, Small and Medium Enterprises Dues
The Company is in the process of identifying the Micro, Small and Medium Enterprises as defined under the ''''The Micro, Small and Medium Enterprises Development Act, 2006.'''' However, based on the information so far available with the Company, the Company has no dues to micro and small enterprises during the year ended March 31, 2017.
The Company operates a gratuity plan covering qualifying employees. The benefit payable is the greater of the amount calculated as per the Payment of Gratuity Act or the Company scheme applicable to the employee. The benefit vests upon completion of the five years of continuous service and once vested is payable to employee on retirement or on termination of employment. The Company makes annual contribution to the gratuity scheme administered by the Life Insurance Corporation of India through its Gratuity Trust Fund.
2. Related Party disclosures (As identified by the Management)
Related party disclosures as required by Accounting Standard 18, "Related Party Disclosures", issued by the Institute of Chartered Accountants of India are given below:-
3. Related Parties and their relationship i. Holding Company
Jayant Finvest Limited
4. Subsidiary companies
Ihsedu Agrochem Private Limited
Ihsedu Coreagri Services Private Limited
Ihsedu Itoh Green Chemicals Marketing Private Limited
5. Joint Venture
Vithal Castor Polyols Private Limited
6. Entities Controlled by Directors and Relatives
Enlite Chemical Industries Limited Gokuldas K. Udeshi Investment Innovative Micro Systems Private Limited Gokulmani Agricom Limited Akhandanand Engineering & Trading Company
7. Key Management Personnel
Mr.Abhay V Udeshi Chairman
Mr. Hemant V. Udeshi Managing Director
Dr. Subhash V. Udeshi Whole-time Director
Mr. Varun A. Udeshi (from July 23, 2016) Whole-time Director
Mr. Vikram V. Udeshi Chief Financial Officer
Mr. Dinesh M. Kapadia Company Secretary
vi. Relative of Key Management Personnel
Mr. Sudhir V. Udeshi Mrs. Trupti A. Udeshi Mr. Dhayvat H. Udeshi
Mr. Varun A. Udeshi (up to the date of becoming Director)
8: During the year 2014-15, pursuant to Joint Venture Agreement, the company has subscribed to 36,000,000 share warrants of Rs.5 each issued by Vithal Castor Polyols Pvt. Ltd. a joint venture of the company. These warrants entitles company to subscribe 36,000,000 equity shares of Rs.5 each fully paid upon payment at any time after the period of 7 years but on or before 20 years from the date of issue of warrants made by the said associated enterprise.
9: Long Term Derivative Contracts
The Company does not have any long term contracts or derivatives contract, which require provision of any foreseeable losses. Note 45: Investor Education and Protection Fund
The Company has transferred the amount, required to be transferred, of Rs.308,390 (PY Rs.374,871) to Investor Education and Protection Fund.
10: Interest income include an amount of Rs. Nil/- (PY Rs.19,164,860) received from Department of Commercial Tax in Gujarat as interest on VAT refunds.
11: Previous Year Figures
Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current year''''s classification.