divya jyoti industries limited report 2017- 2018.pdf · annual report-2017-18 01 notice notice is...
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DIVYAJYOTIINDUSTRIESLIMITED26thAnnualReport2017-2018
BalanceSheet...............................................................................29StatementofProfit&Loss........................................................30
StatementofChangesinEquity…………………........………..32NotesonFinancialStatement..................................................33
CashFlowStatement...................................................................31
StatutoryAuditReport............................................................ 24SecretarialAuditReport........................................................22ManagementDiscussionandAnalysis............................ 20CorporateGovernanceReport..................................................12BoardReport................................................................................... 6Notice................................................................................................... 1
01AnnualReport-2017-18
NOTICE
Notice is hereby given that theTwenty SixthAnnualGeneralMeeting of theMembers ofDIVYA JYOTI INDUSTRIESthLIMITEDwillbeheldonSaturday,the29 dayofSeptember,2018at11:30AM.attheRegisteredOfficeoftheCompany
situatedat19-39,SectorIII,IndustrialArea,Pithampur-454775,DistrictDhar(M.P.)totransactthefollowingbusiness:
ORDINARYBUSINESS:st 1. ToconsiderandadopttheAuditedFinancialStatementoftheCompanyfortheyearended31 March,2018andreportof
BoardofDirectorsandAuditorsthereon.
2. Tore-appointMr.GirdhariLalNyati(DIN:00118079),WholeTimeDirectoroftheCompanywhoretiresbyrotationat thisAnnualGeneralMeetingandbeingeligibleoffershimselfforre-appointment.
RESOLVEDFURTHERTHATtheBoardbeandisherebyauthorizedtodoallsuchactsandtakeallsuchstepsasmaybe necessary,properorexpedienttogiveeffecttothisresolution.”
RESOLVEDFURTHERTHATthisresolutionshallhaveoverridingeffectandshallsubstituteanyotherearlierresolutionst st passedinentiretywitheffectfrom1 April,2019to31 March,2024;
“RESOLVEDTHATpursuanttotheRegulation17(1A)oftheSEBI(ListingObligationsandDisclosureRequirements) Regulations,2015asinsertedbytheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2018(tobe
st effectivefrom1 April,2019),Section149,152oftheCompaniesAct,2013readwithScheduleIVtothesaidActandthe Companies(AppointmentandQualificationofDirectors)Rules,2014(includinganystatutoryamendmenttheretoor modificationthereofforthetimebeinginforce)Mr.SudarshanShastri(DIN:00155105),IndependentDirectorofthe Companybeandisherebyre-appointedasNonExecutive-IndependentDirectoroftheCompanytoholdofficeforaterm
st st ofFiveconsecutiveYearswitheffectfrom1 April,2019to31 March,2024;
Toconsiderandifthoughtfit,topass,withorwithoutmodification(s),thefollowingresolutionasaSpecialResolution:
5.RE-APPOINTMENTOFNONEXECUTIVE-INDEPENDENTDIRECTOR
RESOLVEDFURTHERTHATtheBoardbeandisherebyauthorizedtodoallactsandtakeallsuchstepsasmaybe necessary,properorexpedienttogiveeffecttothisresolution.”
“RESOLVEDTHATpursuanttotheprovisionsofSection196,197,and203readwithScheduleVandallotherapplicable provisions of the Companies Act,2013 and the Companies (Appointment and Remuneration of Managerial Personnel)Rules,2014(includingstatutorymodification(s)orre-enactmentthereofforthetimebeinginforce),approval ofthemembersbeandisherebyaccordedtothere-appointmentofMr.Gopal Nyati(DIN:00784071)asWhole-Time DirectoroftheCompany,foraperiodof5(five)yearswitheffectfrom1stApril,2018onthetermsandconditionsasmay bemutuallydecidedinaccordancewiththeapplicablelegalprovisions,anystatutorymodificationorre-enactment thereof;withlibertytotheBoardofDirectors(hereinafterreferredtoas“theBoard”Whichtermshallbedeemedto includeAuditCommitteeandNominationandRemunerationCommitteeoftheBoard)toalterandvarythetermsand conditionsofthesaidreappointmentasitmaydeemfitandasmaybeacceptabletoMr.GopalNyati;
Toconsiderandifthoughtfittopasswithorwithoutmodifications(s),thefollowingresolutionasanordinaryresolution:
4.RE-APPOINTMENTOFWHOLE-TIMEDIRECTOR
SPECIALBUSINESS:
“RESOLVEDTHATpursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s)orre-enactment(s)thereof,forthetimebeinginforce),theappointmentofM/s.ANUBHAVPRADHAN& CO.CharteredAccountants(ICAIFRN:013822C),beandisherebyratifiedasStatutoryAuditoroftheCompanyforthe financialyear2018-2019,atsuchremunerationasmaybefixedbytheBoardofDirectorsoftheCompanyinconsultation withtheAuditCommitteeandagreedbytheAuditor.”
Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasanOrdinaryResolution:
3. RatificationofAppointmentofStatutoryAuditor
AnnualReport-2017-18 02
1. TheExplanatoryStatementannexedtothisnoticepursuanttoSection102(1)oftheCompaniesAct,2013setoutthematerialfactsinrespectofthebusinessunderItemNos.4,5and6assetoutabove.Further,thedetailsrequiredunderRegulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations,2015areincludedintherespectiveitemofbusinessintheExplanatoryStatement.
2. AMEMBERENTITLEDTOATTENDANDVOTEATTHEMEETINGISENTITLEDTOAPPOINTAPROXYTOATTENDANDVOTEINSTEADOFHIMSELF/HERSELF.THEPROXYNEEDNOTBEAMEMBER.Apersoncanactasproxyonbehalfofmembersnotexceedingfifty(50)andholdingintheaggregatenotmorethantenpercentofthetotalsharecapitaloftheCompany.AmemberholdingmorethantenpercentofthetotalsharecapitaloftheCompanycarryingvotingrightsmayappoint a singlepersonasproxy and suchperson shall not act as aproxy for anyotherpersonor shareholder.Theinstrumentappointingproxyshouldhoweverbedepositedattheregisteredofficeofthecompanynotlaterthan48hoursbeforethecommencementofthemeeting.Proxyshallnothaveanyrighttospeakatthemeeting.
3. Duringtheperiodbeginning24hoursbeforethetimefixedforthecommencementoftheAGManduntiltheconclusionofthemeeting,amemberwouldbeentitledtoinspecttheproxieslodgedduringthebusinesshoursoftheCompanyprovidedthatnotlessthanthreedaysnoticeinwritingisgiventotheCompany.
4. CorporateMembersarerequestedtosendadulycertifiedcopyoftheBoardresolution,pursuanttoSection113oftheCompaniesAct,2013authorizingtheirrepresentativetoattendandvoteattheAnnualGeneralMeeting.
5. Incaseofjointholdersattendingthemeeting,theMemberwhosenameappearsasthefirstholderintheorderofnamesaspertheRegisterofMembersoftheCompanywillbeentitledtovote.
th6. TheRegisterofmembersandshare transferbooksof theCompanywill remainclosed fromSeptember27 ,2018 tothSeptember29 ,2018(bothdaysinclusive)forthepurposeofAnnualGeneralMeeting.
7. ShareholdersseekinganyinformationwithregardtoaccountsarerequestedtowritetotheCompanyatleast10daysbeforethemeetingsoastoenablethemanagementtokeeptheinformationready.
8. AlldocumentsreferredtointheaccompanyingnoticeandexplanatorystatementwillbekeptopenforinspectionattheRegisteredOfficeofCompanyonallworkingdaysexceptSaturdaybetween11.00A.M.to1.00P.M.
9. MembersarerequestedtobringthecopyofAnnualReportatthemeeting.10.MembersarerequestedtosupportGreenInitiativebyregistering/updatingtheire-mailaddresseswiththeDepository
participant(incaseofsharesheldindematerializedform)orwithLinkintimeIndiaPrivatelimited(incasesharesheldinphysicalform)
11.Membersholdingsharesinphysicalformarerequestedtonotifychangeinaddress,ifanytotheRTAoftheCompany. Incasesharesheldindematerializedform,theinformationregardingchangeofaddressshouldbegiventotheirrespectiveDepositoryParticipant.
12.Votingthroughelectronicmeans:
TheCompanyispleasedtooffere-votingfacilitytoallitsmemberstoenablethemtocasttheirvoteelectronicallyintermsofSection108oftheCompaniesAct,2013readwiththeCompanies(ManagementandAdministration)Rules,2014andRegulation44oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015(includinganystatutorymodificationorre-enactmentthereofforthetimebeinginforce).Accordingly,amembermayexercisehis/hervotebyelectronicmeans.
E-VOTINGPROCESS:
Theinstructionsforshareholdersvotingelectronicallyareasunder:th th(I)Thevotingperiodbeginson26 September,2018at9:00A.M.andendson28 September,2018at5:00P.M.Duringthis
periodshareholdersoftheCompanyholdingshareseitherinphysicalformorindematerializedform,asonthecut-offdatend22 September,2018maycasttheirvoteelectronically.Thee-votingmoduleshallbedisabledbyCDSLforvotingthereafter.
RESOLVEDFURTHERTHATtheBoardofDirectorsoftheCompanybeandisherebyauthorizedtodoallactsandtakeallsuchstepsasmaybenecessary,properorexpedienttogiveeffecttothisresolution.”
Notes:-
Toconsiderandifthoughtfit,topass,withorwithoutmodification(s),thefollowingresolutionasanOrdinaryResolution:
“RESOLVEDTHATpursuanttotheprovisionsofSection148andallotherapplicableprovisionsoftheCompaniesAct,2013andtheCompanies(CostRecordsandAudit)Rules,2014,includinganystatutorymodificationorre-enactmentthereof,forthetimebeinginforceandasrecommendedbytheBoardandAuditCommittee,thetotalconsolidated remunerationpayableduringtheyear2018-19toM/sG.K.Gupta&Co.,CostAccountants,appointedbytheBoardofDirectorstoconducttheauditofcostrecordsofthecompanyforthefinancialyear2018-19,AmountingtoRs.18,000/-(RupeesEighteenThousandOnly)beandisherebyratifiedandconfirmed;
6.RATIFICATIONOFREMUNERATIONOFCOSTAUDITORFORTHEFINANCIALYEAR2018-19
ForMembersholdingsharesinDematFormandPhysicalForm
PAN Enteryour10digitalpha-numericPANissuedbyIncomeTaxDepartment(Applicableforbothdematshareholdersaswellasphysicalshareholders)"MemberswhohavenotupdatedtheirPANwiththeCompany/DepositoryParticipantarerequestedtousethesequencenumberwhichisprintedonAttendanceSlipindicatedinthePANfield.
DividendBankDetailsORDateofBirth(DOB)
EntertheDividendBankDetailsorDateofBirth(indd/mm/yyyyformat)asrecordedinyourdemataccountorinthecompanyrecordsinordertologin."Ifboththedetailsarenotrecordedwiththedepositoryorcompanypleaseenterthememberid/folionumberintheDividendBankdetailsfieldasmentionedininstruction(iv).
03AnnualReport-2017-18
AnnualReport-2017-18 04
ByOrderoftheBoardofDirectors
sd/-SuruchiMaheshwariCompanySecretary
ANNEXURETONOTICEEXPLANATORYSTATEMENTPURSUANTTOSECTION102(1)OFTHECOMPANIESACT,2013
Place:IndorethDate:14 August,2018
ThefollowingStatementsetsoutallmaterialfactsrelatingtotheSpecialBusinessmentionedintheaccompanyingNotice:
Mr.GopalNyatiisadynamicDirectoroftheCompany.HeisaFellowCharteredAccountant.Hehasgotverykeenknowledge,expertiseandrichexperienceinthefieldofSoyaIndustry,productionandpromotionofproductsandisbeingassociatedwith
ththeCompanyalongbackandjoinedtheBoardoftheCompanyon20 October,2007.HehassignificantlycontributedtoCompany's all round growth. He plays an active role in overall strategic decisions of the company. His proactive andpersonalized approach towards business and the competitive spirit has been instrumental in establishing businessrelationshipsoftheCompany.Hebringsacrosssharpfinancialacumenandinsightsintobusinesstransactionsbothfromriskandrewardperspective.Thebusinessofthecompanyhasgrownmanyfoldsinhistenure.Keepinginviewhisuntiringeffortandcontribution,theBoardhasresolvedtoreappointhimaswholetimedirector.
NoneoftheDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,financiallyorotherwise,intheaboveresolutionexceptthedirectorhimselfandMrs.BabitaNyati(DIN:06904655),NonexecutiveDirectoroftheCompanyastheyaremutuallyrelatedasspouse.
ITEMNO.4PursuanttoSection152,196,197,203,otherapplicableprovisionsoftheCompaniesAct,2013,ScheduleVtheretoandtheapplicable Regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 subject to anyamendmenttheretoormodificationthereofforthetimebeinginforce,Mr.GopalNyati(DIN:00784071),wasappointedas
stWholeTimeDirectorof theCompanyforaperiodoffiveyearswhichisexpiredon31 March,2018.OnrecommendationofAuditCommitteeandNominationandRemunerationCommittee,theBoardofDirectorsoftheCompanyhaveconsideredthe
thmatterofhisreappointmentandattheirmeetingheldon10 February,2018approvedthere-appointmentofMr.GopalNyatist st(DIN-00784071)asWholetimeDirectoroftheCompanyforafurtherperiodof5yearscommencingfrom1 April,2018to31
March,2023ontheperusaloffollowingfactsandtermsandconditionsofappointmentassetoutinthisstatement.
TheBoardrecommendsResolutionassetoutinitemno.4forapprovalofmembersasordinaryresolution.
AnnualReport-2017-18 05
Further, in the opinion of Nomination and Remuneration Committee and the Board, Mr. Sudarshan Shastri fulfills theconditionsofappointmentofIndependentDirectorasspecifiedintheCompaniesAct,2013,Rulesmadethereunderandotherapplicableprovisionsoflistingregulationsandisindependentofthemanagementandhasgivenhisconsentanddeclarationforthesame.
TheBoardrecommendsResolutionassetoutinitemno.6forapprovalofmembersasOrdinaryResolution.
DuringhistenureasanIndependentDirectorhehaveactivelyparticipatedintheCommitteeandBoardMeetingsandhave rigorouslyreviewedcompany'sactivitiesasIndependentDirectoroftheCompany.There-appointmentandcontinuationofhisdirectorshipwouldbenefitcompanymanifoldsinthegovernanceoftheCompany.
TheBoardrecommendsResolutionassetoutinitemno.5forapprovalofmembersasSpecialResolution.
NoneoftheDirectors/KeyManagerialPersonneloftheCompany/theirrelativesareinanyway,concernedorinterested,financiallyorotherwise,intheaboveresolution.
Mr.SudarshanShastri(DIN:00155105),wasappointedasNonExecutive-IndependentDirectoroftheCompanyforatermth nd thuptofiveconsecutiveyearsi.e.30 September,2019at22 AnnualGeneralMeetingoftheCompanyheldon29 September,
th2014attheregisteredofficeoftheCompany.Consecutively,hisexistingtenureisexpiringon30 September,2019.
However,PursuanttotheamendmenttoSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015bywayofinsertionofRegulation17(1A)videSEBIListingObligationsandDisclosureRequirements)Regulations,2018(tobeeffectivefrom1stApril,2019),Section149,152oftheCompaniesAct,2013readwithScheduleIVtothesaidActandtheCompanies(AppointmentandQualificationofDirectors)Rules,2014(includinganystatutoryamendmenttheretoormodificationthereofforthetimebeinginforce)there-appointment/continuationofdirectorshipofMr.SudarshanShastri(DIN:00155105)asNonExecutive-IndependentDirectoroftheCompanyrequiresapprovalofthemembers.
ITEMNO.5
Mr.SudarshanShastriholdsaBachelorDegreeinLaw(LL.B)andtheDegreeofMasterofCommerce(M.Com).Mr.Shatripossesaverywidebackgroundofpracticeincorporatelawsandalliedmattersforabout40yearsandhavetremendouslegalandcommercialknowledgeandisassociatedwiththeCompanyformorethanadecade.
TheDirectorshipandmembershipoftheboardandcommitteesoftheotherlistedentity(s)andshareholdingoftheCompanyofMr.SudarshanShastriisdisclosedinCorporateGovernanceReportformingpartofthisannualreport.
Keeping in view the above facts, on recommendation of Nomination and Remuneration Committee and PerformancethEvaluation, theBoardofDirectorsat theirmeetingheldon14 August,2018hasconsidered thematteranddecided to
Continueandre-appointMr.SudarshanShastri(DIN:00155105)asNonExecutive-IndependentDirectoroftheCompanyforast sttermuptofiveconsecutiveyearscommencingfrom1 April,2019to31 March,2024.
NoneoftheDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,financiallyorotherwise,intheaboveresolutionexcepttheDirectorhimselftotheextentofhisshareholdingintheCompany.
OntherecommendationoftheAuditCommitteeandonreceiptofConsentandeligibilitycertificatefromG.K.Gupta&Co.,CostAccountants,BoardhasapprovedthereappointmentofthesaidfirmasCostAuditorsoftheCompanytoconducttheauditofthecostrecordsoftheCompanyforthefinancialyear2018-19andremunerationthereto.InaccordancewiththeprovisionsofSection148oftheActreadwiththeCompanies(CostRecordsandAudit)Rules,2014,theremunerationoftheCostAuditorsisrequiredtobeconfirmedbytheshareholdersoftheCompany.
ACopyofdraft letterofappointmentofShriSudarshanShastri, settingout the termsandconditionsofappointment isavailableforinspectionbythemembersattheregisteredofficeoftheCompany.
ITEMNo.6
ByOrderoftheBoardofDirectors
SuruchiMaheshwariCompanySecretary
Place:IndorethDate:14 August,2018
sd/-
AnnualReport-2017-18 06
DearMembers,
FINANCIALHIGHLIGHTS
thYourDirectors arepleased to present the26 AnnualReportand theCompany's auditedFinancial Statements for thestFinancialYearended31 March,2018.
stTheCompany'sfinancialperformancefortheyearendedon31 March,2018issummarizedbelow:
Particulars 2017-18 2016-17
1041.53
1105.33
122.60
63.80
0
646.35
95.59
428.16
38.29
218.19
10.43
12147.43
-6.50
12157.86
Less: (a)CurrentTax
(b)DeferredTax
RevenuefromOperations
Add:OtherIncome
TotalRevenue
EarningsBeforeFinancecost&Depreciation&Tax
Less:FinanceCosts
ProfitBeforeDepreciation
Less:DepreciationandamortizationExpenses
ProfitBeforeTax(PBT)
ProfitAvailableforAppropriation
Less:Transferredduringtheyear
ProfitAfterTax(PAT)
Add:ProfitBroughtForward
223.30
124.59
98.71
453.07
676.37
11673.50
11652.12
21.38
34.53
(2.29)
66.47
975.06
0
1,041.53
In compliancewith section92(3), section134 (3) (a) and rule11of theCompanies (Management andAdministration)Rules,2014 andTheCompaniesAmendmentAct,2017theannualreturnforthefinancialyear2017-18isavailableonthewebsiteoftheCompanyontheweblinkhttp://www.divyajyoti.net/AGM/Annual-Return-2017-18.pdf
COMPOSITIONANDMEETINGSOFTHEBOARD
InaccordancewiththeprovisionsofCompaniesAct,2013andArticlesofAssociationoftheCompanyMr.GirdhariLalNyati(DIN- 00118079), Whole Time Director retires by rotation and being eligible offers himself for re-appointment & thedeclarationhasbeenreceivedfromhimcertifyingthathemeetswithcriteriaofappointmentandholdingofficeofDirectorthereto.
DIRECTORSANDKEYMANAGERIALPERSONNELBased on recommendation of Nomination and Remuneration Committee and Audit Committee, Mr. Gopal Nyati (DIN:
st00784071),ExecutiveDirectoroftheCompanywhoseperiodofappointmentasWholeTimeDirectorhasexpiredon31 thMarch,2018wasreappointedasWhole-timeDirectorintheBoardMeetingheldon10 February,2018subjecttotheapproval
ofmembersatthisAnnualGeneralMeeting.Necessaryresolutionseekingapprovalofthemembersforre-appointmentofMr.GopalNyatiasWholetimeDirectorhasbeenincorporatedintheNoticeoftheensuingAnnualGeneralMeeting.
ANNUALRETURN
Currently, the Board has three committees: the Audit Committee, the Nomination & Remuneration Committee and theStakeholders'RelationshipCommittee.AdetailednoteonthecompositionoftheBoardanditscommitteesisprovidedintheCorporateGovernanceReportformingpartofthisAnnualReport.6(Six)meetingsoftheBoardofDirectorswereheldduringtheyear.ThedetailsofBoardandCommitteemeetingsarementionedintheCorporateGovernanceReport.
Duringtheyearunderreview,yourCompanyhasrecordedtotalrevenueofRs.121.57Crores.TherevenuefromoperationsofsttheCompanyfortheyearended31 March,2018hasincreased.
BUSINESSPERFORMANCEANDTHESTATEOFCOMPANYAFFAIRS
BOARDREPORT
AnnualReport-2017-18 07
Matchingtheneedsof theCompanyandenhancingthecompetenciesof theBoardarethebasis for theNominationandRemunerationCommitteetoselectacandidateforappointmenttotheBoard.Thecurrentpolicyistohaveabalancedmixofexecutiveandnon-executiveIndependentDirectorstomaintaintheindependenceoftheBoard,andseparateitsfunctionsofgovernanceandmanagement.
Duringtheperiodunderreview,Mr.ShriNiwasSoni(DIN:02302980),hasresignedasIndependentDirectoroftheCompanythw.e.f.12 March,2018.
Duringtheyear,Ms.PrabhaviMungeehasresignedfromthepostofCompanySecretaryandComplianceofficer(KMP)w.e.f.st31 December,2017andMs.SuruchiMaheshwariwasappointedasCompanySecretaryandComplianceofficer(KMP)ofthe
thCompanyw.e.f5 January,2018.
INDEPENDENTDIRECTORSMr.SudarshanShastri(DIN:00155105),IndependentDirectoroftheCompanyisproposedtobere-appointedasIndependentDirectorof theCompanyat thisAnnualGeneralMeeting for a termup to five consecutiveyears in accordancewith theprovisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
thamended.RelevantinformationandtheproposalforthesameisincludedintheNoticecalling26 AnnualGeneralMeeting.
Duringtheyearunderreview,appointmentofMr.SureshKumarVarma(DIN:07651488)asIndependentDirectoroftheth thCompanyw.e.f.14 November,2016foraperiodoffiveyearshasbeen approvedbythemembersat25 AnnualGeneral
thMeetingoftheCompanyheldon27 September,2017.
TheCompanyhasreceivednecessarydeclarationfromeachindependentdirectorunderSection149(7)oftheCompaniesAct,2013,thathemeetsthecriteriaofindependenceaslaiddowninSection149(6)oftheCompaniesAct,2013andRegulation25ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015.
MEETINGOFINDEPENDENTDIRECTORS
(i) EvaluationoftheperformanceofNon-IndependentDirectorsandtheBoardofDirectorsasawhole;
Duringtheyearunderreview,theIndependentDirectorsmetonThursday,the1stdayofMarch,2018,interalia,carriedonthefollowingbusiness:
(ii) EvaluationoftheperformanceoftheChairmanoftheCompany,takingintoaccounttheviewsoftheExecutiveandNon- ExecutiveDirectors;(iii) Evaluationofthequality,contentandtimelinesofflowofinformationbetweentheManagementandtheBoardthatis necessaryfortheBoardtoeffectivelyandreasonablyperformitsduties.
FORMALANNUALEVALUATION
PolicyonDirector'sAppointmentandRemuneration
Thepolicyformulatesthecriteriafordeterminingqualifications,competencies,positiveattributesandindependencefortheappointmentofadirector(executive/non-executive)andalsothecriteriafordeterminingtheremunerationofthedirectors,key managerial personnel and other employees.The Complete policy is available on the web linkhttp://www.divyajyoti.net/Policies/Remuneration%20Policy.pdf.
DIRECTORS'RESPONSIBILITYSTATEMENTPursuanttoSection134(5)oftheCompaniesAct,2013,theBoardofDirectorsconfirmthat:-
(vi) TheDirectorshavedevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuch systemsareadequateandoperatingeffectively.
(ii) Theyhave,intheselectionoftheaccountingpolicies,consultedthestatutoryauditorsandhaveappliedthem consistentlyandmadejudgmentsandestimatesthatarereasonableandprudentsoastogiveatrueandfairviewofthe stateofaffairsoftheCompanyattheendofthefinancialyearandoftheprofitoftheCompanyforthatperiod.
(I) Inthepreparationoftheannualaccounts,theapplicableaccountingstandardshavebeenfollowedandthatthereareno materialdepartures.
(iii) Theyhavetakenproperandsufficientcare,tothebestoftheirknowledgeandability,forthemaintenanceofadequate accountingrecordsinaccordancewiththeprovisionsoftheCompaniesAct,2013forsafeguardingtheassetsofthe Companyandforpreventinganddetectingfraudandotherirregularities.
POLICIES
(iv) Theyhavepreparedtheannualaccountsonagoingconcernbasis.(v) TheDirectorshavelaiddowninternalfinancialcontrolstobefollowedbytheCompanyandthatsuchinternalfinancial controlsareadequateandareoperatingeffectively.
TheBoardcarriedoutanannualperformanceevaluationofitsownperformance,theIndependentDirectorsindividuallyaswellastheevaluationoftheworkingoftheCommitteesoftheBoard.TheperformanceevaluationofalltheDirectorswascarriedoutindividuallybytheNominationandRemunerationCommittee.
AnnualReport-2017-18 08
AnnualReport-2017-18 09
ExpenditureinForeignCurrency : Nil ValueofCIFImports : Nil2. OutGo
TheCompanyhasdirectlyexportedLecithinforFOBvalue$2,55,200.00(DollarTwoLacsFiftyFiveThousandTwo Hundredonly)amounting toRs.1,62,60,720/- (RupeesOneCroreSixtyTwoLacsSixtyThousandSevenHundred Twentyonly)duringtheyearunderreview.
1. Earnings
TheCompanyhasalreadyestablishedanexportmarketforitsproductsandhasbeentakingkeeninterestfordevelopingnewexportmarketforitsproducts.
III.FOREIGNEXCHANGEEARNINGS&OUTGO
isnotapplicable.3. Wedonothaveanyimportedtechnologyandhence,thedetailsrequiredtobegivenforimportedtechnology2. However,itisnotpossibletoevaluatetheexactcostreductionandproductionimprovement.1. Thetechnologyisinnovatedonthebasisofexperiencegainedintheworkingoftheplant.
(B)TechnologyAbsorption,AdaptionandInnovation
4. ExpenditureonR&D.:N.A.3. FuturePlanofAction:Atthemoment,thecompanyhasnospecialareastocarryonR&D.2. BenefitsderivedasaresultoftheaboveR&D:N.A.
1. TheCompanyisnotcarryingonanyR&DinspecialareabutiscontinuouslyengagedinimprovementofPlantand Machinerytoconserveenergyforbetterworkingresults.
(A) Research&DevelopmentII. TECHNOLOGYABSORPTION
TheCompanyhasbeenlayingemphasisontheconservationofenergyandtakingseveralmeasureslikeeffective
controlonutilizationofenergyandregularmonitoringofitsconsumptionetc.Theadoptionofthesemeasuresto
conserveenergyhasresultedinsavingofthesame
I.CONSERVATIONOFENERGY
Theparticularsrelatingtoenergyconservation,Technologyabsorption,foreignexchangeearningsandoutgo,asrequiredto
bedisclosedunderSection134(3)(m)oftheCompaniesAct,2013readwiththeCompanies(Accounts)Rules,2014are
formingpartoftheBoardReport.
CONSERVATIONOFENERGY,TECHNOLOGYABSORPTION&FOREIGNEXCHANGEEARNINGSANDOUTGO
Rate/Litre(InRs.) 48.17 52.55 TotalCost(InRs.) 430170.36 9,94,889 Quantity(Litre) 8931 18931Diesel
Rate/MT(InRs.) 6584.73 6,229.20 TotalCost(InRs.) 26181136.37 1,79,42,27,300 Quantity(Metricton) 3976.035 2880.360Coal
Rate/Unit(InRs.) 8.57 9.41 TotalCost(InRs.) 1,73,07,650.00 1,64,68,514.00 Unit(KWH) 2019104 1750455Electricity
PowerandFuelConsumption 2017-18 2016-17
(AmountinRs.)
AnnualReport-2017-18 10
Thecompanyhasadequatesystemofmanagement,supervisedinternalcontrol,whichisaimedatachievingefficiencyinoperations,optimumutilizationofresources,effectivemonitoringandcompliancewithallapplicablelaws.Itensurethatallcorporatepoliciesarestrictlyadheredto.Anabsolutetransparencyisfollowedinaccountingandallitsbusinessdealings.TheCompany's internalcontrolsystemsarecommensuratewiththenatureof itsbusinessandthesizeandcomplexityof itsoperations.Thecompanyensuresadherencetoallinternalcontrolpoliciesandprocedures.AqualifiedandindependentauditcommitteeoftheBoard,reviewstheadequacyofinternalcontrol.ThereportonInternalFinancialControlhasalsobeenannexedwiththefinancialstatementsoftheCompanyasprovidedbytheStatutoryAuditoroftheCompany.
INTERNALCONTROLSYSTEMANDTHEIRADEQUACY
DEPOSITSTheCompanyhasnotinvited/acceptedpublicdepositwithinthemeaningofsection73oftheCompaniesAct,2013andrulesmadethereunder,duringtheyearunderreview.
DisclosurespertainingtoremunerationandotherdetailsasRequiredunderSection197(12)oftheActreadwithRule5(1)oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014areasfollows:-i. ThepercentageincreaseinremunerationofeachDirector,ChiefFinancialOfficerandCompanySecretaryduring thefinancialyear2017-18:-
PARTICULARSOFEMPLOYEESANDRELATEDDISCLOSURES
ThereisnoincreaseinremunerationofDirectorsandKMPexceptintheremunerationofMr.AnkitMaheshwari,CFO oftheCompany,by16.28%inthefinancialyear2017-18.
ii. ratiooftheremunerationofDirectortothemedianremunerationoftheemployeesoftheCompanyforthefinancial year2017-18areasunder:
Further,duringtheyearunderreview,CompanyhasreceivedloanfromMr.GopalNyati(DIN:00784071),WholeTimeDirectoroftheCompanyforanaggregateamountofRs.FiftyFiveLakhsonly,inaccordancewiththeprovisionsofCompaniesAct,2013andunderthedeclarationasprescribedunderRule2(1)(c)(viii)ofCompanies(AcceptanceofDeposits)Rules,2014.
Further, In accordance with the provisions of Section 197(12) of the Act read with Rule 5 (2) and 5 (3) Companies
(AppointmentandRemunerationofManagerialPersonnel)Rules,2014,readwithSection136(1)oftheAct,theReportand
Accountsassetouttherein,arebeingsenttoallMembersofyourCompanyexcludingthestatementasrequiredunderthe
aforesaidrules.The copiesofsameisavailableforinspectionbyMemberatitsregisteredofficeduringworkinghoursforathperiodoftwentyonedaysbeforethedateoftheannualgeneralmeetingi.e.from8 September,2018.
PersonnelandotherEmployees.
vii. ItisherebyaffirmedthattheremunerationpaidisaspertheRemunerationPolicyforDirectors,KeyManagerial
vi. Average percentage increasemade in the salaries of employees other than themanagerial personnel in the last financialyeari.e.2017-18was2.05%.
stv. Therewere114permanentemployeesontherollsoftheCompanyason31 March,2018.iv. Inthefinancialyear,increaseofinthemedianremunerationofemployees:Niliii. ThemedianremunerationofemployeesoftheCompanyforthefinancialyearwasRs.9250/-P.M.
S.No.
12 240000
840000
RemunerationofDirector/KMPfor
financialyear2017-18
2.16
RatioofRemunerationofeachDirectortomedian
Remunerationofemployees
7.56WholeTimeDirectorWholeTimeDirector
Designation
Mr.GopalNyatiMr.GirdhariNyati
NameofDirector
AnnualReport-2017-18 11
BoardofDirectorswouldliketoexpresssincereappreciationfortheassistanceandco-operationreceivedfromthefinancial
institutions,banks,governmentauthorities,customers,vendorsandmembersduringtheyearunderreview.YourDirectors
alsowishtoplaceonrecordtheirdeepsenseofappreciationforthecommittedservicesbytheCompany'sexecutives,staffand
Workers.
ACKNOWLDGEMENT
Management Discussion and Analysis Report for the year under review, as stipulated under Companies Act, 2013 andSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015ispresentedinaseparatesectionandformingpartoftheAnnualReport.
MANAGEMENTDISCUSSIONANDANALYSISREPORT
TherequisitecertificateanddeclarationsarealsoannexedtotheCorporateGovernanceReport.
TheReportonCorporateGovernanceasstipulatedunderSecuritiesandExchangeBoardofIndia(ListingObligationsand
DisclosureRequirements)Regulations,2015andListingAgreementwith theBombayStockExchange formspartof this
AnnualReport.
CORPORATEGOVERNANCE
Place:Indore thDate:14 August,2018
sd/-GirdhariR.Nyati
WholeTimeDirectorDIN:00118079
sd/-GopalNyati
WholeTimeDirectorDIN:00784071
OnbehalfoftheBoardofDirectors
AnnualReport-2017-18 12
CORPORATEGOVERNANCEREPORT
TheCompany'sCorporateGovernancepolicyisbasedontheideologyoftransparencyandopennessintheeffectiveworkingofthemanagementandtheBoard.ItisimperativetonotethatgoodCorporateGovernanceliesnotmerelyindraftingacodeofCorporateGovernancebutinpracticingit.YourCompanyconfirmsthecomplianceofCorporateGovernanceaspertheListingAgreementandRegulationsascontainedinChapterIVoftheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015("SEBI(LODRRegulations)")asamended.
COMPANYPHILOSOPHYONCORPORATEGOVERNANCE
BOARDOFDIRECTORS
a) COMPOSITIONOFTHEBOARD TheBoardofDirectorsoftheCompanyconsistsofanoptimumcombinationofExecutive,NonExecutiveandIndependent directors, to ensure the independent functioning of the Board.ThecompositionoftheBoardofDirectorsisas follows.
CORPORATEGOVERNANCEREPORTInaccordancewithSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015,theDirectorspresenttheCompany'sReportonCorporateGovernance.
1.
2.
3.
4.
5.
6.
Mr.GirdhariRNyati
Mr.GopalNyati
Mrs.BabitaNyati
Mr.SudarshanShastri
Mr.SureshKumarVarma
Mr.JohnneyPaul
WholeTimeDirector
ExecutiveDirector
WomanDirector
Director
Director
Director
Executive
Executive
NonExecutive
IndependentNonExecutive
IndependentNonExecutive
IndependentNonExecutive
b) NO.OFBOARDMEETINGSHELDDURINGTHEFINANCIALYEAR2017-18
Duringtheyearunderreview,theBoardofDirectorsmet(6)timesonthedatesgivenhereinbelow:
27.05.2017 11.08.2017 25.11.2017 05.01.2018 10.02.2018 12.03.2018
Directorship
ofother
Indian
Companies
NameofDirectorsS.No.
No.ofChairmanship/MembershipofotherBoard
No.ofBoardMeetings Attendanceat
thelastAGM
Held Attendance
1.
2.
3.
4.
5.
6.
7.
Mr.GirdhariRNyati
Mr.GopalNyati
Mr.ShriniwasSoni*
Mr.SudarshanShastri
Mrs.BabitaNyati
Mr.SureshKumarVarma
Mr.JohnneyPaul
1
1
Nil
1
1
Nil
3
Nil
2
3*
6
1
2
Nil
6
6
6*
6
6
6
6
6
6
5
6
6
1
1
Yes
Yes
Yes
Yes
Yes
No
No
AnnualReport-2017-18 13
th1. Mr.ShriniwasSonihasresignedw.e.f.12 March,2018.2. ShriGopalNyati(DIN:00784071)andSmt.BabitaByati(DIN:0694655),DirectorsoftheCompanyarerelatedtoeach otheri.e.spouse.3. HoldingofsharesbyNonExecutiveDirectors
Note:-
Mrs.BabitaNyati Mr.SudarshanShastri
90000EquityShares 3000EquityShares
5. ReviewingwiththeManagement,theperformanceofStatutoryAuditorsandadequacyofinternalcontrolsystems.
c) majoraccountingentriesinvolvingestimatesbasedontheexerciseofjudgmentbymanagement;
6. CarryingoutsuchotherfunctionsasmaybespecificallyreferredtotheCommitteebytheBoardofDirectorsand/orother CommitteesofDirectorsoftheCompanyandasrequiredbyanyapplicablelaw.
f) modifiedopinion(s)inthedraftauditreport.
4. theweblinkoffamilarisationprogrammeis: http://www.divyajyoti.net/Policies/Familiarization%20programme%20of%20Independent%20Directors.pdf
COMMITTEESOFTHEBOARDInCompliancewiththerequirementsundertheSEBI(ListingObligationsandDisclosureRequirementsRegulations),2015,ListingAgreementandtheapplicablelaws,theBoardhasconstitutedthefollowingcommittees:
2.Nomination&RemunerationCommittee 1.AuditCommittee
3.StakeholdersRelationshipCommittee
TermsofReferenceandRoleofAuditCommittee:-
TheAuditCommitteeisconstitutedinaccordancewiththeprovisionsofSection177oftheCompaniesAct,2013andSecuritiesandExchangeBoardofIndia(ListingObligations andDisclosure Requirements) Regulations,2015.MembersoftheAuditCommitteearefinanciallyliterateamongwhomMr.GopalNyatiisaCharteredAccountantandthefinanceprofessionalandMr.SudarshanShastriisSeniorCorporateLegalandFinancialConsultant.
AUDITCOMMITTEE
4. ReviewingwiththeManagement,theQuarterlyFinancialresultsbeforesubmissiontotheBoardforapproval.
The composition, procedures, powers and role/functions of the Audit Committee of the Company comply with therequirementsofRegulation18(3)andPartCofScheduleIIofSecurities andExchangeBoardofIndia(ListingObligations andDisclosureRequirements)Regulations,2015andprovisionsoftheCompaniesAct,2013.RoleofAuditCommitteeincludesthefollowing:1. OversightoftheCompany'sfinancialreportingprocessandthedisclosureofitsfinancialinformationtoensurethatthe FinancialStatementsarecorrect,sufficientandcredible.2. RecommendingtotheBoard,theappointment,reappointmentand,ifrequired,thereplacementorremovalofStatutory AuditorsincludingCostAuditorsandfixationofauditfees.
a) mattersrequiredtobeincludedinthedirector'sResponsibilityStatementtobeincludedintheboard'sreportinterms
ThescopeandfunctionoftheAuditCommitteeistoregularlyreviewtheinternalcontrolsystemsandprocedures,accountingpoliciesandothermattersthatprotecttheinterestofthestakeholders,ensurecompliancewiththelawsandmonitoractivitieswithaview to provide effective supervision to the management's process, ensure accurate, timely and proper disclosures,transparency,integrityandqualityoffinancialreporting.
3. ReviewingwiththeManagement,theAnnualFinancialStatementsbeforesubmissiontotheBoardforapprovalwith particularreferenceto:
ofclause(c)ofsub-section(3)ofSection134oftheCompaniesAct,2013; b) Changes,ifany,inaccountingpoliciesandpracticesandreasonsforthesame;
d) Compliancewithlistingandotherlegalrequirementsrelatingtofinancialstatements; c) Significantadjustmentsmadeinthefinancialstatementsarisingoutofauditfindings;
e) Disclosureofrelatedpartytransactions;
AnnualReport-2017-18 14
27.05.2017 11.08.2017 25.11.2017 05.01.2018 10.02.2018
MEETINGSHELDDuringtheFinancialYear2017-18,5(Five)AuditCommitteeMeetingswereheldonthefollowingdates:
COMPOSITIONANDATTENDANCE
NameOftheMember stCompositionason31 March2018 No.ofMeetingsAttended
Mr.SudarshanShastriMr.GopalNyatiMr.SureshKumarVerma
ChairmanMemberMember*
55
NotApplicable
Note:1.Mr.ShriNiwasSonihasresignedfromDirectorshipandtheCommitteethereofw.e.f.12.03.2018.Themeetingsheld
andattendedbyhimduringhistenureintheFinancialYear2017-18wereFour(4).th2.Mr.SureshKumarVarmahasappointedasmemberofAuditCommitteew.e.f.12 March,2018.
NOMINATIONANDREMUNERATIONCOMMITTEE
DescriptionandRoleoftheNomination&RemunerationCommittee:
Inaccordancewiththeprovisionsofsection178oftheCompaniesAct,2013readwithRule6oftheCompanies(Meetingsof
BoardanditsPowers)Rules,2014andRegulation19oftheSecuritiesandExchangeBoardofIndia(ListingObligationsand
DisclosureRequirements)Regulations,2015,roleofthesaidcommitteeisasunder:
2. Formulationofcriteriaforevaluationofperformanceofindependentdirectorsandboardofdirectors.
3. DevisingapolicyondiversityofBoard.
1. Formulationofcriteriafordeterminingqualifications,positiveattributes,independenceofadirectorandrecommend
totheBoardapolicyrelatingto,theremunerationofdirectors,keymanagerialpersonnelandotheremployees.
6. CarryingoutsuchotherfunctionsasmaybespecificallyreferredtotheCommitteebytheBoardofDirectorsand/or
otherCommitteesofDirectorsoftheCompanyandasrequiredbyanyapplicablelaw.
4. Identifying personswho are qualified to become directors andwhomay be appointed in seniormanagement in
accordancewiththecriterialaiddownandrecommendtotheBoardofDirectorstheirappointmentandremoval.
5. Whether to extend or continue the term of appointment of the independent director, on the basis of report of
performanceevaluationofindependentdirectors.
MEETINGSHELDDuringtheFinancialYear2017-18,2(Two)Nomination&RemunerationCommitteeMeetingwasheldonFollowingDates
th05 January,2018th10 February,2018
COMPOSITIONANDATTENDANCE
NameOftheMember stCompositionason31 March2018 No.ofMeetingsAttended
Mr.SudarshanShastriMrs.BabitaNyatiMr.SureshKumarVarma
ChairmanMemberMember
2NotApplicable
Nil
th 3. Mr.GopalNyatihasresignedfromthecommitteew.e.f.25 November,2017.
Note:1.Mr.ShriNiwasSonihasresignedfromDirectorshipandtheCommitteethereofw.e.f.12.03.2018andthemeetings heldandattendedbyhimduringhistenureintheFinancialYear2017-18wereTwo(2).
th 2.Mr.SureshKumarVarmaandMrs.BabitaNyati haveappointedasmemberofCommitteew.e.f.25 November,th 2017and12 March,2018respectively.
AnnualReport-2017-18 15
PERFORMANCEEVALUATIONCRITERIAFORINDEPENDENTDIRECTORS:
TheDirectorsexpressedtheirsatisfactiontotheevaluationprocess.
PursuanttotheprovisionsoftheCompaniesAct,2013andSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015,aBoardEvaluationPolicyhasbeenframedandapprovedbytheNominationandRemunerationCommittee(NRC)andbytheBoardwhichalsosetouttheperformanceevaluationcriteriaforIndependentDirectors.FurtherCodeofConductforIndependentDirectorsisinplace.
The Board carried out an annual performance evaluation of the Independent Directors individually. The performanceevaluationofalltheDirectorswascarriedoutbytheNominationandRemunerationCommittee.TheperformanceevaluationoftheChairmanandtheNon-IndependentDirectorswascarriedoutbytheIndependentDirectors.
REMUNERATIONOFDIRECTORS:
S.No. NameofDirector DescriptionofTransaction
1.2.
Mr.GirdhariR.NyatiMr.GopalNyati
SalarySalary
2,40000/-8,40000/-
2. No service contract has been executed between the company and executive directors. The services of Executive
DirectorsaresubjecttothepersonnelpolicyoftheCompany.Noseverancefeesispayabletoexecutivedirectors.
4. Presently, the Company does not have a scheme for grant of Stock Options either to the executive directors or
employees.
5. AllNonExecutiveDirectorsdonothaveanypecuniaryrelationshipwiththeCompanyotherthanreceiptofsittingfees
forattendingmeetingsoftheBoardandCommitteesandnoremunerationispayabletothem.
6. Thecompanydoesnotpaycommissionorperformancelinkedincentivestoanyofthedirectors
STAKEHOLDERS'RELATIONSHIPCOMMITTEE
3. Theremuneration to the executive directors is being paid as per the recommendation of Remuneration
Committeeandapprovaloftheshareholdersatthegeneralbodymeeting.
stCOMPOSITIONANDATTENDANCE(CompositionAson31 March2018)
Notes
1. Theremunerationtotheexecutivedirectorsisbeingpaidaspertheapprovaloftheshareholdersatthegeneralbody
meeting.
NameOftheMember Designation No.OfMeetingsAttended
Mr.SureshKumarVarmaMr.SudarshanShastriMr.GopalNyati
ChairmanMemberMember
Nil*44
2. Mr. SureshKumarVarma haveappointed Chairmanand Memberof Stakeholders'RelationshipCommitteeth w.e.f.12 March,2018.
Note: 1. Mr.ShriNiwasSonihasresignedfromDirectorshipandtheCommitteethereofasChairmanandmember w.e.f. 12.03.2018. The meetings held and attended by him during his tenure in the Financial Year 2017-18 were Four(4).
MEETINGSHELD
DuringtheFinancialYear2017-18,4(Four)StakeholdersRelationshipCommitteeMeetingswereheldonthefollowingdates:
th27 May,2017 th11 August,2017 th25 November,2017 th10 February,2018
AnnualReport-2017-18
Alltheresolution,includingspecialresolutions,werepassedbytheshareholdersassetoutintherespectivenoticesthroughpoll.Noresolutionwasputtovotethroughpostalballotinlastyeari.e.2016-17andnoresolutionisputtovotethroughpostalballotintheyearunderreviewi.e.FY.2017-18.
MEANSOFCOMMUNICATIONS
FinancialResults:ThequarterlyfinancialresultsaresubmittedtotheBombayStockExchangeinaccordancewiththeSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015andListingAgreement theretoandsimultaneouslypublishedinNewspapersi.e.Englisheditionof'FreePress'andHindieditionof'ChouthaSansar'.
Timelydisclosureofconsistent,comparable,relevantandreliableinformationoncorporatefinancialperformanceisatthecoreofgoodgovernance.TowardsthisendtheCompanyfurnishesfinancialinformationasfollows–
Website:TheCompany'swebsitewww.divyajyoti.netcontainsaseparatededicatedsection“Investors”whereinformationforshareholdersisavailable.TheQuarterly/AnnualFinancialResults,annualreportsarepostedonthewebsite.
GENERALSHAREHOLDERINFORMATIONAGMDETAILS
thDate : Saturday,29 September,2018
Time : 11:30AMVenue : PlotNo.M-19-39,Sector-III,IndustrialArea,PithampurDist-Dhar(M.P.)
FinancialYear: April1,2017toMarch31,2018th thBookClosureDate: 27 September,2018to29 September,2018(bothdaysinclusive)
Corporate Filing: Announcements, Quarterly Results, Shareholding Pattern etc. of the Company regularly filed by theCompany,arealsoavailableonthewebsiteofTheBombayStockExchangeLimited–www.bseindia.com.
Street,Mumbai400001
ISIN: INE666B01018AnnualCustody/IssuerfeefortheyearunderreviewhasbeenpaidbytheCompany.
StockScripCode: 526285
ListedonStockExchanges: BombayStockExchangeLimited,PhirozeJeejeebhoyTowers,Dalal
16
2014-20152015-20162016-2017
September21,2015September26,2016September27,2017
11.00am11.30am11.30am
RegisteredOfficeRegisteredOfficeRegisteredOffice
-1-
AnnualReport-2017-18 17
STOCKMARKETPRICEDATA
April17
May17
June17
July17
August17
September17
October17
November17
December17
January18
February18
March18
8.95
8.82
8.26
8.40
7.98
7.50
6.65
6.80
7.85
7.00
7.00
6.35
6.69
7.91
7.70
7.60
7.25
6.00
5.92
5.61
6.60
5.80
5.97
5.70
6843
6540
5839
12081
1070
4498
3800
2200
5521
23357
7545
4256
MonthMonth'sHighPrice(`)Month'sLowPrice(`)No.OfShares
C101,247Park,LBSMarg,VikhroliWest,Mumbai400083
LinkIntimeIndiaPrivateLimitedREGISTRAR&SHARETRANSFERAGENT
PhoneNo:022-25963838Fax:022-25946969
TransferanddematerializationofsharesareprocessedbyLinkIntimeIndiaPvt.Limited,Mumbaiandareapprovedby
Stakeholders'RelationshipCommittee.
Email:[email protected]
STDISTRIBUTIONOFSHAREHOLDINGASON31 MARCH,2018
SHARETRANSFERSYSTEM
1-500
501-1000
1001-2000
2001-3000
3001-4000
4001-5000
5001-10000
10001andabove
Total
10352
494
260
69
32
36
58
78
11379
1607356
410542
396176
177481
113514
170441
431284
6993206
10300000
90.9746
4.3413
2.2849
0.6064
.2812
0.3164
0.5097
0.6855
100.00
15.6054
3.9858
3.8464
1.7231
1.1021
1.6548
4.1872
67.8952
100.00
Sr.No.SharesRange No.of %ofTotal TotalShares %ofIssued
Shareholders Shareholders fortheRange Capital
AnnualReport-2017-18 18
STCATEGORIESOFSHAREHOLDINGASON31 MARCH,2018
ThesharesoftheCompanyareavailablefortradingontheStockExchangeandthepositionofdematerializationofsharesisasfollows:
DEMATERIALIZATION
Ms.SuruchiMaheshwariCompanySecretary
a) DISCLOSUREREGARDINGMATERIALLYSIGNIFICANTRELATEDPARTYTRANSACTIONS There arenomaterially significant relatedparty transactions thatmayhavepotential conflictwith the interests of companyatlargeinthefinancialyear2017-18.RelatedpartytransactionshavebeendisclosedinNoteNo.33ofNoteson
st FinancialStatementformingpartoftheAnnualFinancialStatementfortheyearended31 March,2018.
ADDRESSFORCORRESPONDENSE
Phone:0731-4010900-901
DivyaJyotiIndustriesLimited
SapnaSangeetaRoad,Indore-452001(M.P.)
DISCLOSURES
201-204B.M.TowerOppositeLotusShowroom,
TheCompanydoesnothaveanyoutstandinginstrumentsGDRs/ADRsoranyconvertibleinstrumentsason31.03.2018.
Pithampur-454775,Dist.Dhar(M.P.)19-39,Sector-III,IndustrialArea
OutstandingGDRs/ADRs/Warrantsoranyotherconvertibleinstrumentsandtheirimpactonequity:
PLANTLOCATION
The Company has complied with all the mandatory requirements of the Securities and Exchange Board of India (Listing
ObligationsandDisclosureRequirements)Regulations,2015.
b)LEGALCOMPLIANCES TheCompanyhascompliedwithalltherequirementofregulatoryauthoritiesonthemattersrelatedtocapitalmarket hencenopenaltiesorstrictureshavebeenimposedontheCompanybyStockExchanges,SEBIoranyotherstatutory authorityduringthelastthreeyears.
c) WHISTLEBLOWERPOLICY/VIGILMECHANISM TheCompanyhasconveyedexistenceofWhistleBlowerPolicy/VigilMechanismtoallitsemployeesanditishereby affirmedbytheBoardthatnopersonnelhasbeendeniedaccesstotheAuditCommittee.
d) MANDATORYANDNON-MANDATORYREQUIREMENTS
AnnualReport-2017-18 19
S.No.
1
2
http://divyajyoti.net/Policies/Material%20Subsidiary%20Policy.pdf
http://divyajyoti.net/Policies/Related-Party-Transaction-Policy.pdf
WebLink
(f)CommodityPriceRiskand/orForeignExchangeRiskandhedgingactivities:
Place:Indore
thDate:14 August,2018
Duringtheyearunderreview,theCompanywasnotengagedinhedgingactivityandalltheforeignexchangerisk(s)werefullycovered.TheCompanyisnotdealingincommoditiesmarket,thereforethereisnocommoditypricerisk.
Theinvestorcomplaint(s)areprocessedinacentralizedwebbasedcomplaintsredresssystem.Thesalientfeaturesofthissystemare:Centralizeddatabaseofallcomplaints,onlineuploadofActionTakenReports(ATRs)bytheconcernedcompaniesandonlineviewingbyinvestorsofactionstakenonthecomplaintanditscurrentstatus.
SEBIComplaintsRedressSystem(SCORES):
OnbehalfoftheBoardofDirectors
Sd/-
GopalNyati
WholeTimeDirector
DIN:00784071
DECLARATIONFROMCHIEFEXECUTIVEOFFICER
Date:August14,2018 ChiefExecutiveOfficer
PursuanttotheprovisionsofScheduleV(D)ofSecuritiesandExchangeBoardofIndia(ListingObligations andDisclosure
Requirements)Regulations, 2015 I, SanjayBaweja, CEOof theCompanydeclare thatmembersof theBoard andSenior
ManagementPersonnelhaveaffirmedcompliancewiththecodeofconductoftheCompanyforBoardofDirectorsandSenior
management.
Place:Indore SanjayBaweja Sd/-
AUDITORS'CERTIFICATEONCORPORATEGOVERNANCE
WehaveexaminedthecomplianceofconditionsofCorporateGovernancebyDivyaJyotiIndustriesLimited,fortheyearended31stMarch,2018asstipulatedinSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015andListingAgreementwiththeBombayStockExchanges.
TheMembersTo
DivyaJyotiIndustriesLimited
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,wecertifythatthecompanyhascompliedwiththemandatoryrequirementsofCorporateGovernanceasstipulatedintheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015andListingAgreement.
ThecomplianceofconditionsofCorporateGovernanceistheresponsibilityoftheManagement.Ourexaminationhasbeenlimitedtoa
reviewoftheproceduresadoptedandimplementationthereofbytheCompanyforensuringcompliancewiththeconditionsoftheCorporate
GovernanceasstipulatedinthesaidRegulations.It isneitheranauditnoranexpressionofopiniononthefinancialstatementsofthe
Company.
WestatethatsuchcompliancesareneitheranassuranceastothefutureviabilityoftheCompanynoroftheefficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.
e)WEBLINKOFPOLICIES
thDate:14 August,2018
Place:Indore
forAnubhavPradhan&CoCharteredAccountants
FRN.:013822C
sd/-AnubhavPradhanPartnerMembershipNo.113980
AnnualReport-2017-18
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Soybean is a kharif crop and contributes to nearly one-third of India's overall oilseeds output. As per the latest survey by the apex industry body Soybean Processors' Association (SOPA), India's soybean output is at 83.5 lakh tonne for the harvesting season 2017-18.
In addition to above, BSE has signed a pact with Soybean Processors Association of India (SOPA) for the growth and development of commodity market and its value-chain participants, enabling them to manage price risk in a better manner in the Soybean oil complex.
The proactive approach of management assist Company in availing the opportunities comes in its path and have a promising way ahead. There can be risks inherent in meeting unforeseen situation, not uncommon in the industry. Company is fully aware of these challenges and is geared to meet them. Company also recognizes the risks associated with business and would take adequate measures to address the associated risks and concerns. However, management also sense the limitations due to limited resources in hand and funding scenario prevailing in the industry.
The long-term outlook of edible oil demand in India is favorable on expectation of increasing population, increase in per capita consumption which in turn would be driven by changing lifestyles, growing urbanization, increasing proportion of middle-class population and steadily rising affluence levels. The near-term outlook for the edible oil business is expected to be stable on steady edible oil domestic demand and improvement in operating margin due to increasing refining operations.
OUTLOOK
Segment Reporting is not being applicable on the company as the business activity of the company falls within single primary business segment viz. Solvent Extraction & Refinery. The core products of the Company are Soya DOC, Soya Refined oil and Soya Solvent Oil and it is to be noted that all these three products have relatively higher contribution during the year under review as compared to the past financial years.
SEGMENT WISE OR PRODUCT WISE PERFORMANCE
Indian Edible oil Industry has witnessed financial stress due to droughts, rising production costs and cheaper imports thus forcing several small & larger firms to suffer hardship in carrying on business. Volatility in margins has cost in terms of working capital erosion. Additional working capital is a challenge in current funding scenario to the industry as many of large players in Soya Industries have not been able to sustain the huge debt in light of the thin margins attributed to margins volatility. Opportunity cost to the other industry players, specially small, has been very high due to very limited working capital being available and absence of capital raising resources.
Supported by record soya bean production and attractive prices for international buyers, India's soya meal exports are rapidly gaining ground in the global market. Trade sources revealed that countries that refrained from importing Indian soya meal are now among the top destinations.
OPPORTUNITIES AND THREATS
The agreement will be beneficial for launching products like soybean, soya oil and soya meal futures trading on BSE. BSE and SOPA have made significant progress in their respective areas for the growth and development of the commodity market and will share knowledge and expertise in this regard.
In line with this, the Company consistently aligns its strategies with ever changing business environment, which helps us to move towards a sustainable future. However, we also acknowledge that increasing pricing volatility both in procurement & supplying is a challenge and requires additional working capital to withstand it resulting in sustained margins. We also acknowledge the major developments in last 1 year where large players were forced to resort to NCLT for their unsustainable debt which mainly result of unprecedented volatility in raw material and finished goods prices has squeezed the margins of the industry substantially, can be contagious.
INDUSTRY STRUCTURE AND DEVELOPMENTS
20
AnnualReport-2017-18
ManagementhasputinplaceeffectiveInternalControlSystemstoprovidereasonableassuranceforsafeguardingassetsandtheirusage.ThereismaintenanceofproperaccountingrecordsandadequacyandreliabilityoftheinformationusedforcarryingonBusinessOperations. InternalAuditorof theCompanyensures complianceandeffectivenessof the InternalControlSystems.TheAuditCommitteeisregularlyreviewingtheinternalauditactivitiesfortheauditingcarriedoutinallthekeyareasoftheoperations.
INTERNALCONTROLSYSTEMSANDTHEIRADEQUACY
StatementsintheManagementDiscussionandAnalysisReportdescribingtheCompany'sstrengths,strategies,projectionsandestimates,areforward-lookingstatementsandprogressivewithinthemeaningofapplicablelawsandregulations.Actualresultsmayvaryfromthoseexpressedor implied,dependinguponeconomicconditions,GovernmentPoliciesandotherincidentalfactors.Readersarecautionednottoplaceunduerelianceontheforwardlookingstatement.
CAUTIONARYSTATEMENT
DISCUSSIONONFINANCIALPERFORMANCEWITHRESPECTTOOPERATIONALPERFORMANCEYourCompanyrecordedrevenueofRs.12147.43LacsduringtheyearunderreviewasagainsttherevenueofRs.11652.11lacsintheprecedingfinancialyearasthesalesofcoreproductsoftheCompanyintheyearunderreviewwasrelativelyhightothatof theprecedingfinancialyear.Debtorsof thecompanyhasbeenhighduetocurrent liquidityscenarioprevailing intheindustryhowever,companyishopefulofnotlettingitstretchfurtherunlessterminalmeltdownatdebtorsendlikehappenedincaseofmanySoyaIndustry’slargeplayerswhowereforcedtoresorttoNCLTfordebtbeingunsustainableduetoindustrialdevelopments.
Relations between themanagement& the employees at all levels remained healthy& cordial throughout the year. TheManagementandtheemployeesarededicatedtoachievethecorporateobjectivesandthetargetssetbeforetheCompany.Internaltransfer,jobrotationandtraininghavebeeninculcatedatdifferentlevelsoforganizationinordertonurturethepotentialskillsoftheemployeesoftheCompany.Therewere114employeesontheRollattheendoftheFinancialYear.
HUMANRESOURCE/INDUSTRIALRELATIONS
21
AnnualReport-2017-18 22
f. TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008(NotApplicabletothe companyduringtheyear);
e. TheSecuritiesandExchangeBoardofIndia(RegistrarstoanIssueandShareTransferAgents)Regulations,1993regarding theCompaniesActanddealingwithclient;
V. ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992('SEBI Act')totheextentapplicabletotheCompany:-
IV.ForeignExchangeManagementAct,1999andtheRulesandRegulationsmadethereundertotheextentofForeignDirect Investment,OverseasDirectInvestmentandExternalCommercialBorrowings(NotApplicabletothecompanyduringthe year);
DuringtheperiodunderreviewtheCompanyhascompliedwiththeprovisionsoftheAct,Rules,Regulations,Guidelines, Standards,ListingAgreementsetcmentionedabove.
i. TheCompanyhascompliedwiththerequirementsundertheSEBI(ListingObligationsandDisclosureRequirements) Regulations,2015.
h. TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998(NotApplicabletothecompany duringtheyear);
III.TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;
CIN:L15143MP1992PLC007090
PITHMPUR-454775,Dist.Dhar
We,haveconductedthesecretarialauditofthecomplianceofapplicablestatutoryprovisionsandtheadherencetogoodcorporate practices by (hereinafter called the Company). Secretarial Audit wasDIVYA JYOTI INDUSTRIES LIMITEDconductedinamannerthatprovidedusareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingouropinionthereon.Basedonourverificationofthebooks,papers,minutebooks,formsandreturnsfiledandother recordsmaintained by the Company and also the information provided by the Company, its officers, agents andauthorizedrepresentativesduringtheconductofsecretarialaudit,weherebyreportthatinouropinion,theCompanyhas,
stduringtheauditperiodcoveringthefinancialyearendedonMarch31 ,2018,compliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:
1.Wehaveexamined thebooks, papers,minutebooks, formsand returns filedandother records maintainedby the st Companyforthefinancialyearendedon31 March,2018accordingtotheprovisionsof:
II. TheSecuritiesContracts(Regulation)Act,1956('SCRA')andtheRulesmadethereunder;
TheMembers,To,
I. TheCompaniesAct,2013(theAct)andtheRulesmadethereunder;
FormNo.MR-3
(AppointmentandRemunerationofManagerialPersonnel)Rules,2014]
19-39SECTORIIIINDUSTRIALAREA,
[PursuanttoSection204(1)oftheCompaniesAct,2013andRuleNo.9oftheCompanies
SecretarialAuditReport
g. TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009(NotApplicabletothecompany duringtheyear);
c. TheSecuritiesandExchangeBoardofIndia(ShareBasedEmployeeBenefits)Regulations,2014(NotApplicableto thecompanyduringtheyear);
st(Forthefinancialyearended31 March,2018)
d. TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009(Not Applicabletothecompanyduringtheyear);
DIVYAJYOTIINDUSTRIESLIMITED
b. TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015; a. TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesandTakeovers)Regulations,2011;
I. SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndia.We,havealsoexaminedcompliancewiththeapplicableclausesofthefollowing:
II. TheListingAgreementsenteredintobytheCompanywiththeBSELimited.
AnnualReport-2017-18 23
· AllthedecisionsattheBoardMeetingsandCommitteeMeetingshavebeencarriedoutunanimouslyasrecordedinthe minutesofthemeetingoftheBoardofDirectorsorCommitteesoftheBoard,asthecasemaybe.
Place:Indore
Wefurtherreportthat:
thDate:July14 ,2018
· thereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsoftheCompanyto monitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.
Wefurtherreportthat
· therewerenosuchspecificevents/actionsinpursuanceoftheabovereferredlaws,rules,regulations,etc.,havingamajor bearingontheCompany'saffairs.
· AdequatenoticeisgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentat leastsevendaysinadvance,andasystemexistsforseekingandobtainingfurtherinformationandclarificationsonthe agendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.
· TheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors,Non-Executive DirectorsandIndependentDirectors.ThechangesinthecompositionoftheBoardofDirectorsthattookplaceduringthe periodunderreviewwerecarriedoutincompliancewiththeprovisionsoftheAct.
forKaushalAmeta&Co.sd/-
KaushalAmeta(Proprietor)PracticingCompanySecretary
MembershipNo:F8144C.P.No.:9103
forKaushalAmeta&Co.sd/-
KaushalAmeta(Proprietor)PracticingCompanySecretary
MembershipNo:F8144C.P.No.:9103
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy oreffectivenesswithwhichthemanagementhasconductedtheaffairsofthecompany.
Place:Indore thDate:July14 ,2018
5. ThecomplianceoftheprovisionsofCorporateandotherapplicablelaws,rules,regulations,standardsistheresponsibility ofmanagement.
DIVYAJYOTIINDUSTRIESLIMITED
2. We have followed the audit practices and processes aswere appropriate to obtain reasonable assurance about the correctnessofthecontentsoftheSecretarialrecords.Theverificationwasdoneontestbasistoensurethatcorrectfactsare reflectedinsecretarialrecords.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulationsandhappeningofeventsetc.
19-39SECTORIIIINDUSTRIALAREA,
3. Webelievethattheprocessesandpractices,wefollowedprovideareasonablebasisforouropinion.Wehavenotverified thecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsofthecompany.
CIN:L15143MP1992PLC007090
AnnexuretoSecretarialAuditReportTo,TheMembers
PITHMPUR-454775,Dist.Dhar
OurSecretarialreportofevendateistobereadalongwiththisletter.1. Maintenanceofsecretarialrecordistheresponsibilityofthemanagementofthecompany.Ourresponsibilityistoexpress anopiniononthesesecretarialrecordsbasedonouraudit.
AnnualReport-2017-18
OtherMatters
a. Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposeofouraudit
b. InouropinionproperbooksofaccountsasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooks.
2. AsrequiredbySection143(3)oftheAct,wereportthat:
1. AsrequiredbytheCompanies(Auditor'sReport)Order,2016('theOrder')issuedbytheCentralGovernmentofIndiaintermsofSection143(11)oftheAct,wegiveintheAnnexureA,astatementintheparagraph3and4oftheorder.
ReportonotherLegalandRegulatoryRequirements
TheCompany'sBoardofDirectorsisresponsibleforthemattersstatedinsection134(5)ofCompaniesAct2013('TheAct')withrespecttothepreparationoftheseIndASfinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financial performance, changes in equity and cash flows of the company in accordancewith the Accounting principlesgenerallyacceptedinIndia,includingtheIndianAccountingStandards(IndAS)prescribedundersection133oftheAct.ThisresponsibilityalsoincludesthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheActforsafeguarding the assets of the company and for preventing and detecting frauds and other irregularities, selection andapplicationofappropriateaccountingpolicy,makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceof internalfinancialcontrolrelevanttothepreparationandpresentationoftheIndASfinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidoftheIndASfinancialstatementsgivetheinformationrequiredbytheAct inthemannersorequiredandgiveatrueandfairviewinconformitywith the accountingprinciples generally accepted in India including the IndAS, of the stateof affairsof theCompanyasatMarch31,2018,itsprofit(includingothercomprehensiveincome),itscashflowsandchangesinequityfortheyearendedonthatdate.
ThecomparativefinancialinformationofthecompanyfortheyearendedMarch31,2017andthetransitiondateopeningBalanceSheetasatApril1,2016preparedinaccordancewithIndASincludedintheseIndASFinancialStatementshavebeenauditedbythepredecessorAuditorwhoexpressedanunmodifiedopiniononthosestatementsonMay27,2017.
Opinion
AnauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresintheIndASfinancialstatements.Theproceduresselecteddependontheauditor'sjudgment,includingtheassessmentoftherisksofmaterialmisstatementoftheIndASfinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsiders internal financial control relevant to the Company's preparation and fair presentation of the IndAS financialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances.AnauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadebytheCompany'sDirectors,aswellasevaluatingtheoverallpresentationoftheIndASfinancialstatements.
OurresponsibilityistoexpressanopinionontheseIndASfinancialstatementsbasedonouraudit.WehavetakenintoaccounttheprovisionsoftheAct,theaccountingandauditingstandardsandmatterswhicharerequiredtobeincludedintheauditreportundertheprovisionsoftheActandtherulesmadethereunderandtheorderissuedu/s.143(11)oftheAct. WeconductedourauditinaccordancewiththeStandardsonAuditingspecifiedu/s.143(10)oftheAct.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhethertheIndASfinancialstatementsarefreefrommaterialmisstatement.
WebelievethattheauditevidenceobtainedbyusissufficientandappropriatetoprovideabasisforourauditopinionontheIndASfinancialstatements.
Management'sResponsibilityfortheIndASFinancialStatements
Auditor'sResponsibility
ReportontheIndASFinancialStatements
TheMembersofDivyaJyotiIndustriesLimitedTo,
WehaveauditedtheaccompanyingIndASfinancialstatementsofDivyaJyotiIndustriesLimited(“theCompany”),whichcomprisetheBalanceSheetasatMarch31,2018,theStatementofProfitandLoss(includingOtherComprehensiveIncome),theCashFlowStatementandtheStatementofChanges inEquity for theyear thenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation(hereinafterreferredtoas“IndASFinancialStatements”).
INDEPENDENTAUDITOR'SREPORT
24
AnnualReport-2017-18
c. TheBalanceSheet,theStatementofProfitandLoss,theCashFlowStatementandtheStatementofChangesinEquitydealtwithbythisreportareinagreementwiththebooksofaccount;
g. With respect to theothermatters tobe included in theAuditor's report in accordancewithRule11of theCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandexplanationsgiventous:
d. Inouropinion,theaforesaidIndASfinancialstatementscomplywiththeaccountingstandardsspecifiedundersection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014.
Place:Indore
(iii) Therehasbeennodelayintransferringamounts,requiredtobetransferred,totheInvestorEducationandProtectionFundbytheCompany.
f. Withrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingofthecompanyandtheoperatingeffectivenessofsuchcontrols,refertoourseparatereportin'AnnexureB'and
(ii) The Company hasmade provision, as required under the applicable law or Accounting Standards, formaterialforeseeablelosses,ifany,onlongtermcontractsincludingderivativecontracts.
(I) TheCompanyhasdisclosedtheimpactofpendinglitigationsonthefinancialpositioninitsIndASfinancialstatements.
thDate:May29 ,2018
ste. Onthebasisofthewrittenrepresentationreceivedfromthedirectorsason31 March2018takenonrecordbysttheBoardofDirectors,noneofthedirectorsisdisqualifiedason31 March2018frombeingappointedasa
directorintermsofSection164(2)oftheAct;
25
ForAnubhavPradhanandCo.CharteredAccountants
FirmRegistrationNo.013822C
sd/-AnubhavPradhan
PartnerMembershipNo.:113980
AnnualReport-2017-18
Name of theStatute
Natureofdues Amount(inLacs)
Period towhich theAmountrelates
Forumwheredisputeispending
M.P. CommercialTaxAct,1994
CommercialTax
6.51 2004-05 Reference Application filed toAppellateTribunal,Bhopal
M.P. CommercialTaxAct,1994
CommercialTax
2.39 2005-06 Reference Application filed toAppellateTribunal,Bhopal
M.P. Entry TaxAct,1976
EntryTax 0.26 2005-06 Reference Application filed inJabalpurHighCourt
M.P. Entry TaxAct,1976
EntryTax 0.79 2006-07 Writ Petition filed at Indore HighCourt
M.P. Entry TaxAct,1976
EntryTax 150.41 2007-08 Writ Petition filed at Indore HighCourt
M.P. Entry TaxAct,1976
EntryTax 223.66 2008-09 Writ Petition filed at Indore HighCourt
M.P. Central TaxAct,1956
Central SalesTax
57.85 2003-04 WritPetition filedat JabalpurHighCourt
26
ANNEXURE“A'TOINDEPENDENTAUDITOR'SREPORT
(c) Accordingtothe informationandexplanationgiventousandonthebasisofourexaminationthetitledeedsof immovablepropertiesareheldinthenameofthecompany.
The annexure referred to in Independent Auditor's Report to the members of the company on the Ind AS financial ststatementsfortheyearendedon31 March2018,wereportthat:
i. (a)Thecompanyhasmaintainedproperrecordsshowingfullparticulars,includingquantitativedetailsandsituationof fixedassets.
iii. Thecompanyhasnotgrantedloans,securedorunsecuredtocompanies,firms,limitedliabilitypartnershipsorother partiescoveredintheregistermaintainedundersection189oftheCompaniesAct,2013.
(b)Asexplainedtousandonthebasisofourexamination,thecompanyhasregularprogrammeforphysicalverification ofitsfixedassetswhichisreasonablewithregardtothesizeofthecompanyandnatureofitsassetsandnomaterial discrepancieswerenoticedonsuchverification.
iv. Thecompanyhasnotgivenanyloans,investments,guaranteesandsecurityundertheprovisionsofsection185and186 oftheCompaniesAct,2013.
vi. Accordingtotheinformationandexplanationgiventousandverifiedbyusbroadlythecompanyhasmaintainedthecost recordsasprescribedbythecentralgovernmentundersubsection1ofsection148oftheCompaniesAct,2013.However, wehavenotmadeadetailedexaminationofCostrecordswithaviewtodeterminewhethertheyareaccurateorcomplete.
v. Thecompanyhasnotacceptedanydepositsfromthepublic.
vii. (a) Accordingto the informationandexplanationgiventousandonthebasisofourexaminationofrecordsof the company,thecompanyisregularindepositingstatutorydues,includingprovidentfund,employeesstateinsurance, Incometax,SalesTax,ServiceTax,GoodsandServiceTax(GST),DutyofCustoms,DutyofExcise,Valueaddedtax,cess andanyotherstatutoryduestotheappropriateauthorities. (b)According to the information and explanations given to us, no undisputed amounts payable in respect of ProvidentFund,Employees'StateInsurance,Income-Tax,Sales-Tax,ServiceTax,GoodsandServicesTax,Dutyof Customs,DutyofExcise,ValueAddedTax,Cessandothermaterialstatutorydueswereinarrearsasat31stMarch, 2018foraperiodofmorethansixmonthsfromthedatetheybecamepayable.
ii. Accordingtotheinformationandexplanationgiventous,thephysicalverificationofinventoryhasbeenconductedat reasonable intervals by the management. The procedure of physical verification of inventory followed by the managementisreasonableandadequateinrelationtothesizeofthecompanyandnatureofitsbusiness.Thecompany has maintained proper record of inventories and no material discrepancies were noticed on such verification of inventoriesascomparedtothebookrecords.
(c) Accordingtotheinformationandexplanationgiventous,followingduesofIncomeTax,salestax,servicetax,dutyof customsordutyof exciseorvalueadded taxhavenotbeendepositedby the companyonaccountofdisputes.
AnnualReport-2017-18 27
Name of theStatute
Natureofdues Amount(inLacs)
Period towhich theAmountrelates
Forumwheredisputeispending
M.P. Central TaxAct,1956
Central SalesTax
181.46 2004-05 WritPetition filedat JabalpurHighCourt
M.P. ValueAddedTax,2002
Value AddedTax
52.44 2006-07 Appeal filed at Appellate Authority,CommercialTax,Indore
M.P. Central TaxAct,1956
Central SalesTax
39.59 2008-09 AppealfiledatAppellateAuthority,CommercialTax,Indore
M.P. Central TaxAct,1956
Central SalesTax
29.17 2010-11 AppealfiledatAppellateAuthority,CommercialTax,Indore
M.P. Central TaxAct,1956
Central SalesTax
386.62 2011-12 AppealfiledatAppellateAuthority,CommercialTax,Indore
M.P. Central TaxAct,1956
Central SalesTax
99.67 2012-13 AppealfiledatAppellateAuthority,CommercialTax,Indore
M.P. Central TaxAct,1956
Central SalesTax
25.48 2014-15 AppealfiledatAppellateAuthority,CommercialTax,Indore
(xi) Accordingtothe informationandexplanationgiventousandbasedonourexaminationoftherecordsof the company, thecompanyhaspaid/provided for themanagerial remuneration inaccordancewith theapprovals mandatedbytheprovisionsofsection197,readwithScheduleVoftheCompaniesAct,2013.
thDate:May29 ,2018Place:Indore
(ix) The company did not raise anymoney by way of initial public offer or further public offer (including debt instruments)andtermloansduringtheyear.Accordingly,paragraph3(ix)oftheorderisnotapplicable.
(viii) Thecompanyhasnotdefaultedinrepaymentsofloansorborrowingstofinancialinstitutions,banks,government. Thecompanyhasnottakenanyloansfromdebentureholders.
(xiv) Accordingtothe informationandexplanationgiventousandbasedonourexaminationoftherecordsof the company,thecompanyhasnotmadeanypreferentialallotmentorprivateplacementofsharesorfullyorpartly convertibledebenturesduringtheyear.
Note:Theamountduehasbeenshownasnetofamountspaid.
(x) Accordingtotheinformationandexplanationsgiventous,nofraudbythecompanyoronthecompanybyits officersoremployeeshasbeennoticedorreportedduringthecourseofouraudit.
Theamountdoesnotincludetheinterestclaimed,butnotyetquantified.
(xiii)Accordingtotheinformationandexplanationgiventousbythemanagement,transactionswithrelatedpartiesare incompliancewithSection177and188oftheCompaniesAct,2013,whereapplicableandthedetailshavebeen disclosedinthenotestothefinancialstatements.
(xv) Accordingtotheinformationandexplanationgiventousandbasedonourexaminationofrecordsofthecompany, thecompanyhasnotenteredintononcashtransactionwithdirectorsorpersonsconnectedwithhim.Accordingly paragraph3(xv)oftheorderisnotapplicable.
(xii) InouropinionandaccordingtotheinformationandexplanationgiventousthecompanyisnotaNidhiCompany. Accordingly,paragraph3(xii)oftheorderisnotapplicabletothecompany.
(xvi) Thecompanyisnotrequiredtoberegisteredundersection45-IAoftheReserveBankofIndiaAct,1934.
ForAnubhavPradhanandCo.CharteredAccountants
FirmRegistrationNo.013822C
sd/-AnubhavPradhan
PartnerMembershipNo.:113980
AnnualReport-2017-18
(i) Pertain to themaintenance of records, in reasonable details, accurately and fairly reflects the transactions anddispositionsoftheassetsofthecompany.
MeaningofInternalFinancialControlsoverFinancialReportingAcompany'sinternalfinancialcontroloverfinancialreportingisaprocessdesigntoprovidereasonableassuranceregardingthereliabilityof financial reportingandthepreparationof financialstatement forexternalpurposes inaccordancewithgenerally accepted accounting principles. A company's internal financial controls over financial reporting include thosepoliciesandproceduresthat:
(ii) Providereasonableassurancethattransactionarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizationofthemanagementsandthedirectorsofthecompanyand
(iii) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, ordispositionofthecompany'sassetsthatcouldhaveamaterialeffectonthefinancialstatements.
InherentLimitationsofInternalFinancialControlsoverFinancialReportingBecauseofInherentlimitationsofinternalfinancialcontrolsoffinancialreporting,includingthepossibilitiesofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontrolsoverfinancialreportingmaybecomeinadequatebecauseofchangesincondition,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.OpinionInouropinionthecompanyhas,inallmaterialrespects,anadequateinternalfinancialcontrolssystemoverfinancialreporting
standsuchinternalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasat31 March,2018,basedontheinternalcontroloverfinancialreportingcriteriaestablishedbythecompanyconsideringtheessentialcomponentofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.
Date:May29,2018 Place:Indore
Auditor'sResponsibilityOurresponsibilityistoexpressopinionontheCompany'sinternalfinancialcontrolsoverfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialcontrolsoverfinancialreporting('theGuidanceNote')andtheStandardsonAuditing,issuedbyICAIanddeemedtobeprescribedunderSection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols,bothapplicabletoanauditofInternalfinancialControls,andbothissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNote require thatwe complywith ethical requirements and plan and perform the audit to obtain reasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwereestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.Ouraudit involvesperformingprocedures toobtainauditevidenceabout theadequacyof the internal financialcontrolssystemsoverfinancialreportingandtheiroperatingeffectiveness.Ourauditofinternalfinancialcontrolssystemoverfinancialreportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingriskthatamaterialweaknessexists,andtestingandevaluatingthedesignanoperatingeffectivenessofinternalfinancialcontrolsbasedontheassessedrisk.Theproceduresselecteddependontheauditor'sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.
Management'sResponsibilityforInternalFinancialControls
WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany'sInternalFinancialControlssystemoverfinancialreporting.
TheCompany'smanagementisresponsibleforestablishingandmaintaininginternalfinancialcontrolsbasedontheinternalcontroloverfinancialreportingcriteriaestablishedbythecompanyconsideringtheessentialcomponentsofinternalcontrolstated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India('ICAI').These responsibilities include the design, implementation and maintenance ofadequate internal controls thatwereoperatingeffectively for ensuring theorderly andefficient conductof itsbusiness,includingadherencetotheCompany'spolicies, thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecordsandthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.
ReportontheInternalFinancialControlsunderClause(i)ofsub-section3ofSection143ofCompaniesAct,2013('theAct').
Annexure'B'totheAuditor'sReport
WehaveauditedtheinternalfinancialcontrolsoverfinancialreportingofDivyaJyotiIndustriesLimited('theCompany')asofst31 March,2018inconjunctionwithourauditoftheIndASfinancialstatementsofthecompanyfortheyearendedonthatdate.
28
ForAnubhavPradhanandCo.CharteredAccountants
FirmRegistrationNo.013822C
sd/-AnubhavPradhan
PartnerMembershipNo.:113980
AnnualReport-2017-18
BalanceSheetasat31stMarch,2018
Particular Note Asat1stApril,2016
Asat31stMarch,2017
Asat31stMarch,2018
29
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AnnualReport-2017-18
Fortheyearended31stMarch,2018
Fortheyearended31stMarch,2017
StatementofProfitandLossfortheyearended31stMarch,2018
Particular Note
(c) DeferredTax(Net) (650121) (229009)
(a) CostofMaterialsConsumed 23 1050430635 933573333
(a) RevenuefromOperations 21 1214743335 1165211711
NetCurrentTaxExpenses(a+b) 3829002 3452972
(b) OtherIncome 22 1042778 2138218
A INCOME
Total 1215786113 1167349929
B EXPENDITURE
C PROFITBEFORETAX 9559265 9870861
D TAXEXPENSES
(e) FinanceCosts 27 42816456 45306923
(b) ShortProvisionofearlieryears’tax 250674 132514
(f) DepreciationandAmortisationExpense 28 12259285 12458519
(g) OtherExpenses 29 97446446 75281745
(a) CurrentTaxExpenses 3578328 3320458
Total 1206226848 1157479068
&Stock-in-Trade 25 (31933839) (12519891)
(d) EmployeeBenefitsExpense 26 23354036 23205660
(b) Exciseduty 516546 1488080
(b) PurchasesofStock-in-Trade 24 11337283 78744699
(c) ChangesinInventoriesofFinishedGoods,SIP
Total 3178881 3223963
E PROFITFORTHEYEAR 6380384 6646898
F EARNINGSPEREUITYSHAREOF
facevalueofRs.10/-each: 30
BasicandDiluted(inRs.) 0.62 0.65
NotesonFinancialStatements 1-36
30
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AnnualReport-2017-18
Particular Fortheyearended31stMarch,2017
Fortheyearended31stMarch,2018
CashFlowStatementfortheyearended31March,2018
Adjustmentsforincrease/(decrease)inoperatingliabilities: (a) TradePayables (6,217,889) 2,78,14,245
(f) Gainonforeigncurrencytransactions (57,895) -
OperatingProfitbeforeWorkingCapitalChanges 64034114 67086803 ChangesinWorkingCapital:
(f) LossonsaleofFixedAssets 1,702 1,05,285
Adjustmentsfor(increase)/decreaseinoperatingassets:
54474849 57215943
(e) DividendIncome (7,500) (3,750) (d) InterestIncome (537,199) (6,51,034)
A. CashFlowfromOperatingActivitiesProfitBeforeTax 9559265 9870860 Adjustmentsfor: (a) UtilisedfromReserve 0 0 (b) DepreciationandAmortisationExpense 12,259,285 1,24,58,519 (c) FinanceCosts 42,816,456 4,53,06,922
(e) OtherAssets(BankFDRs) 30,000 - (d) OtherCurrentAssets(Interestaccued) (57,249) 16,502
(b) TradeReceivables (11,060,713) (8,75,37,083) (a) Inventories (30,681,273) (1,68,75,113)
(c) OtherCurrentAssets 4,485,385 16,35,4,262
(b) OtherCurrentLiabilities 7,363,241 1,42,11,293 (c) Provisions (692,962) 35,95,586 (36831461) (42420308) CashGeneratedfromOperations 2,72,02,654 2,46,66,494 (a) NetTaxpaid (3,829,002) (34,52,972) NetCashFlowfrom/(usedin)OperatingActivities(A) 23,373,652 21,213,522B. CashFlowFromInvestingActivities: (a) PurchaseofFixedAssets (953,549) (2,95,371) (b) ProceedsfromSaleofFixedAssets 27,500 1,57,931 (c) Long-termLoansandAdvances (1,383,408) (31,38,764) (d) InterestIncome 537,199 6,51,034 (e) DividendIncome 7,500 3,750 (f) Gaininforeigncurrencytransaction 57895 - NetCashFlowfrom/(usedin)InvestingActivities(B) (1,706,863) (2,621,420)C. CashFlowFromFinancingActivities: (a) ProceedsfromLong-TermBorrowings 11,129,233 97,04,314 (b) RepaymentofLong-TermLiabilities 561,553 (57,234) (c) Netincrease/(decrease)inWorkingCapitalBorrowings 3,692,209 1,71,69,653 (d) FinanceCosts (42,816,456) (45,306,923) NetCashFlowfrom/(usedin)FinancingActivities(c) (27,433,461) (18,490,190) (a) NetIncreaseinCashandCashEquivalents (5,766,672) 1,01,912 (b) CashandCashEquivalentsatbeginningoftheyear 9,962,794 98,60,882 (c) CashandCashEquivalentsattheendoftheyear 4,196,122 99,62,794
31
(Amt.inRs.)
Note:TheaboveCashFlowStatementhasbeenpreparedunderthe"IndirectMethod"assetoutinIndianAccountingStandard-7on"CashFlowStatement"
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AnnualReport-2017-18
Particular Asat31stMarch2018
Asat31stMarch2017
StatementofchangesinEquityfortheyearended31March,2018
32
(Amt.inRs.)
A.EQUITYSHARECAPITAL
EquitySharesofINR10eachIssued,subscribedandfullypaid
Balanceatthebeginningoftheyear 103000000 103000000
Changesduringtheyear
Balanceattheendoftheyear 103000000 103000000
B.OTHEREQUITY
ReservesandSurplus
Particulars Capital Securities General SurplusinP&L Total
Reserve Premium Reserves
Reserve
Balanceat1stApril,2016 2965000 1186000 - 97505649 101656649
Add/(Less):
TotalComprehensiveIncome
foryear2016-17 - - - 6646897 6646897
Balanceat31stMarch,2017
asperIndAS 2965000 1186000 - 104152546 108303546
Add/(Less):
TotalComprehensiveIncome
foryear2017-18 - - - 6380384 6380384
TransfertoGeneralReserves - - 62935 - 62935
Balanceattheendofthe
reportingperiod
(31/03/2018) 2965000 1186000 62935 110532930 114746865
sd/-
sd/-
sd/-
sd/-
sd/-
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NotesonFinancialStatementsfortheyearended31March2018
33
1 A.GeneralCorporateInformation DivyaJyotiIndustriesLimited(theCompany)isaPublicLimitedCompanyincorporatedundertheprovisionsof
CompanyAct,1956.ItssharesarelistedonBombayStockExchange(BSE)inIndia.ThecompanyisengagedinSolventExtraction&RefineryofSoyaOil.
1B. SignificantAccountingPolicies a.BasisofPreparationofFinancialStatements ThefinancialstatementshavebeenpreparedinaccordancewithIndianAccountingStandards(IndAs)notifiedunder
the Companies (Indian Accounting Standards) Rules,2015 and with Companies (Indian Accounting Standards)(Amendment)Rules,2016.
Forallperiodsuptoandincludingtheyearendedon31stMarch,2017,thegroupprepareditsfinancialstatementsinaccordancewithaccountingstandardsnotifiedundersection133oftheCompaniesAct,2013readwithparagraph7oftheCompanies(Accounts)Rules,2014(IndianGapp).ThesefinancialstatementsarethefirstthatthecompanyhaspreparedinaccordancewithIndAS.Thefinancialstatementshavebeenpreparedonthehistoricalcostbasis.
b.RevenueRecognition SaleofGoods Revenue from sale of goods is recognized when substantial risks and rewards of ownership in the goods are
transferredtothebuyerasperthetermsofthecontract. Salesarerecognizedatthetimeofdispatchofgoodsfromfactoryandarerecordedincludingexcisedutybutexclusive
ofsalestaxandtradediscountwhereverapplicable. OtherIncome Dividend:DividendIncomeisrecognizedwhentherighttoreceivedividendisestablished. Interest:InterestIncomeisrecognizedontimeproportionbasistakingintoaccounttheamountoutstandingandrate
applicable. c. ExciseDuty ExciseDutyisaccountedonthebasisofboth,paymentsmadeinrespectofgoodsclearedandalsoprovisionmadefor
goodslyingatfactory.SalesTax/ValueaddedTaxpaidischargedtoStatementofProfitandloss. d. Investments Investmentsareclassifiedintocurrentandnoncurrentinvestments.CurrentInvestmentsarestatedatcostorfair
market valuewhichever is lower computed categorywise.Noncurrent Investments, if any are stated at cost. Aprovisionfordimunition,ifanyismadetorecognizeadecline,otherthantemporary,andisreducedfromthecarryingamount.
e. Inventories InventoriesarestatedatlowerofcostorNetrealizablevalue.CostisdeterminedusingFIFOmethod.Thecostof
finishedgoodsandStockinProcesscomprisesRawmaterial,DirectMaterial,DirectLabour,otherdirectcostsandrelated production overhead upto the relevant stage of completion. By products and waste are valued at NetRealizable Value.Net Realizable value is the estimated selling price in the ordinary course of business, less theestimatedcostsnecessarytomakethesale.
f. BorrowingCosts Borrowingcoststhatareattributabletotheacquisitionorconstructionofqualifyingassetsarecapitalizedaspartof
thecostofsuchassets.Aqualifyingassetisonethattakessubstantialperiodoftimetogetreadyforintendeduse.Allotherborrowingcostsarechargedtorevenueintheperiodinwhichtheyareincurred.
g. TangibleFixedAssets 1TangibleFixedAssetsarecarriedatcostlessaccumulateddepreciationandimpairmentlosses,ifany.Thecostoffixed
assetscomprisesitspurchasepricenetofanytradediscountsandrebates,anyimportdutiesandothertaxes(otherthanthosesubsequentlyrecoverablefromthetaxauthorities),anydirectlyattributableexpenditureonmakingtheassetreadyforitsintendeduse,otherincidentalexpensesandinterestonborrowingsattributabletoacquisitionofqualifyingassetsuptothedatethefixedassetisreadyforitsintendeduse.Thefixedassetsarestatedathistoricalcostsandsubsequentexpenditurerelatedtoanitemoftangiblefixedassetareaddedtoitsbookvalueonlyiftheyincreasethefutureeconomicbenefitsfromtheexistingassetbeyonditspreviouslyassessedstandardofperformance.
2TangibleAssetsnotreadyforintendeduseasonthedateofBalanceSheetaredisclosedas“CapitalWorkinProgress.”
3Lossesand/orGainsarisingfromdisposaloftangibleassets,whicharecarriedatcost,arerecognizedintheStatementofProfitandLoss.
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
34
h. IntangibleFixedAssets
Intangibleassets,ifanyarestatedatcostofacquisitionlessaccumulatedamortization,ifanyandimpairmentlosses,ifany.
i. Depreciation.
Depreciation isprovidedbasedon theuseful lives assigned to eachasset in accordancewith Schedule II of theCompaniesAct,2013,withtheexceptionofassetsdepreciated,basedontechnicalevaluation.
Depreciationonassetsadded/disposedoffduringtheyearhasbeenprovidedonproratabasis.
Deferredtaxisthetaxeffectoftimingdifferencerepresentingthedifferencebetweentaxableincomeandaccountingincomethatoriginateinoneperiodandarecapableofreversalinoneormoresubsequentperiod(s).ThisismeasuredusingsubstantivelyenactedtaxrateandtaxregulationsasoftheBalanceSheetDate.
MinimumAlternateTax(MAT)isrecognizedasanasset inthebalancesheetwhenit isprobablethatthefutureeconomicbenefitassociatedwithitflowtothegroupandtheassetcanbemeasuredreliably.MATCreditentitlementifany,isutilizedaspertheprovisionsofIncomeTaxAct,1961.
k. ForeignCurrencyTransactions
Transactionsdenominated in foreigncurrenciesare recordedat theexchange rateprevailingon thedateof thetransactionsorthatapproximatetheactualrateatthedateoftransaction.AnyIncomeorexpensesonaccountofexchangedifferenceonsettlementisrecognizedintheprofitandlossaccount,ifitisrelatedtorevenueaccountandifrelatedtofixedassetsandliabilities,thesameisadjustedtotheacquisitioncostofsuchassetsanddepreciatedoveritsremainingusefullife.
l. EmployeeBenefits
DefinedContributionPlan:Company'scontributionspaid/payableduringtheyeartoprovidentfund,employeestateinsuranceschemearerecognizedduringtheperiodinwhichtheemployeerenderstherelatedservices.
DefinedBenefitplan:LiabilityinrespectofEmployees'GroupGratuityFundSchemearefundedbylifeInsuranceCorporationofIndia.
m.ImpairmentofAssets
AssessmentofImpairmentisdoneateachBalanceSheetdate.Wherevereventsorchangesincircumstancesindicatethecarryingcostofassetsexceedsitsrecoverablevalue,animpairmentlossischargedtoProfitandLossAccountintheyearinwhichanassetisidentifiedasimpaired.
j. Taxation
TaxesonIncomeareaccountedinaccordancewithIndAS–12“TaxesonIncome”.TaxesonIncomecomprisebothcurrenttaxanddeferredtax.ProvisionforcurrenttaxismadeaftertakingintoconsiderationbenefitsadmissibleundertheprovisionoftheIncomeTaxAct,1961,Advancetaxandprovisionforcurrentincometaxarepresentedinthebalancesheetafteroff-settingadvancetaxpaidandincometaxprovision.TaxexpensesfortheperiodcomprisingofCurrentTaxandDeferredTax
Type of Assets
Factory Building
Office Building
Plant and Machinery
Furntiure & Fixtures
Vehicles
Computers & Printers (except
Servers)
Servers
Office Equipments
Laboratory Equipments
Useful lives estimated by the Management(Years)
30
60
20
10
8
3
6
5
10
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NotesonFinancialStatementsfortheyearended31March2018
35
n.Provisions,ContingentLiabilitiesandContingentAssets
Provisions:Provisions involving degree of estimation inmeasurement are recognizedwhen there is a present
obligationasaresultofpastresultsanditisprobablethattherewillbeanoutflowofresources.
Contingentliabilities:Contingentliabilitiesaredisclosed,unlessthepossibilityofanoutflowofresourceembodying
theeconomicbenefitisremote.
ContingentAssets:Contingentassetsareneitherrecognizednordisclosedinthefinancialstatements.
Provisions,contingentliabilitiesandcontingentassetsarereviewedateachbalancesheetdate.
o. CashandCashEquivalents
CashandCashEquivalentsforthepurposeofCashFlowStatementscomprisescashatbankandcashinhandand
balancesindepositaccountswithbankshavingoriginalmaturitiesof12monthsorless.
p. Earningspershare
ThecompanyreportsthebasicanddilutedearningspershareinaccordancewithIndAS-33-“Earningpershare”.
BasicEarningperequityshareiscomputedbydividingthenetprofitaftertaxationbyweightedaveragenumberof
equitysharesoutstandingduringtheyear,adjustedforeventssuchasbonussharesandanyotherconversionof
equityshare.Thecompanydoesnothaveanydilutedequityshareshencebasicanddilutedearningspershareare
same.
AnnualReport-2017-18
NotesonFinancialStatements
fortheyearended31M
arch2018
Note2Property,Plant&Equipment
Note2Pro
perty,Plant&Equ
ipmen
t
36
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
Particular Note Asat1stApril,2016
Asat31stMarch,2017
Asat31stMarch,2018
37
Note-3Non-CurrentInvestments
InvestmentsinShares-Unquoted
a) 2,500(2500)EquitySharesofRs.10(10)each
fullypaidupinSaraswatCo-opBankLtd. 25000 25000 25000
b) 300(300)EquitySharesofRs.10(10)each
fullypaidupinShreeCo-OpBankLtd. 3000 3000 3000
c) 100(100)EquitySharesofRs.10(10)each
fullypaidupinNationalBoardofTrade 1000 1000 1000
Total 29000 29000 29000
Aggregateamountofunquotedinvestments 29000 29000 29000
Note-4OtherNon-CurrentFinancialAssets
BankFDRs(Maturityformorethan12months) 234734 264734 264734
Total 234734 264734 264734
Note-5OtherNon-CurrentAssets
(a) SecurityDeposits 4597610 4085303 4838034
(b) Advancetax(IncludingRefundsReceivable) 24838939 23967838 20076343
Total 29436549 28053141 24914377
Note-6Inventories
(a) RawMaterials
SoyaSeed 4802297 999790 211734
SoyaCrudeDegummedOil 0 4465338 3409923
Hexane 3951119 3124983 3304907
Coal 2408034 3381332 471014
Diesel 1348121 1154341 936380
GunnyBags 206343 216041 533477
PPBags 512775 331315 352982
Total 13228689 13673140 9220417
(b) Stock-in-Progress
SoyaSolventOil 229148 80280 3307817
Total 229148 80280 3307817
(c) FinishedGoods(otherthanthoseacquiredfortrading)
SoyaSolventOil 50999312 23913053 2548252
SoyaDOC 662012 703395 4587630
SoyaRefinedOil 33267850 26921454 29158562
AcidOil 539908 1382896 146921
Lecithin 1647271 2468818 1474741
FattyAcid 569465 295203 396201
Fly-Ash 12246 9132 9716
Total 87698064 55693951 38322024
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NotesonFinancialStatementsfortheyearended31March2018
Particular Note Asat1stApril,2016
Asat31stMarch,2017
Asat31stMarch,2018
38
(d) Stock-in-Trade(acquiredfortrading) SoyaDOC 0 292285 1916785 Total 0 292285 1916785 (e) StoresandSpares 6866887 7601859 7699359 Total 6866887 7601859 7699359 GrossTotal 108022788 77341515 60466402 Note-7TradeReceivables (a) UnsecuredandConsideredGood 469969298 458908585 371371502 Total 469969298 458908585 371371502 Note-8CashandCashEquivalents (a) Cashonhand 696955 3139613 3433777(b) BalanceswithBanksIncurrentaccounts 101710 106672 116280 Total 798665 3246285 3550057 Note-9BankBalancesotherthanCash&CashEquivalents (a) BalancesinBankDepositAccounts 1.Maturityformorethan12months 234734 264734 264734 2.Maturityformorethan3monthsbutlessthan12months2016243 1941231 1638369 3.MarginMoneyDeposit 1381214 4775278 4672456 Total 3632191 6981243 6575559 Less:AmountDisclosedunderNonCurrentFinancialAssets (234734) (264734) (264734) Total 3397457 6716509 6310825 9.1 MarginMoneyDepositsgivenasunder: MarginMoneyDepositswithacarryingamountofRs.13,81,214/-(31March2017:Rs.47,75,278/-)aresubjectto firstchargetosecurethecompany'sLCLimit. Note-10OtherCurrentFinancialAssets (a) Interestaccruedondeposits 189979 132730 149232 Total 189979 132730 149232 Note-11OtherCurrentAssets (a) LoansandAdvancestoEmployees 615850 714651 682923(b) PrepaidExpenses 685218 1270027 983342(c) BalanceswithGovernmentAuthorities 5117316 1448518 1482900(d) AdvancestoSuppliers 3627291 10380235 27549642(e) InsuranceClaimsReceivables 147000 147000 160942(f) OtherAdvances 7706844 8424474 7879417 Total 17899520 22384905 38739166 BalanceswithGovernmentAuthoritiesincludeMATCreditEntitlement,TEDEDBenefit,DutyCredit,DutyDrawbackReceivable,GSTInputCreditandTDS.
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
Particular
Particular
Note
Note
Asat1stApril,2016
Asat1stApril,2016
Asat31stMarch,2017
Asat31stMarch,2017
Asat31stMarch,2018
Asat31stMarch,2018
39
Note-12ShareCapital
(a) AuthorisedShareCapital:
1,05,00,000(1,05,00,000)EquitysharesofRs.10(10)each 105000000 105000000 105000000
Total 105000000 105000000 105000000
(b) Issued,subscribedandfullypaidup:
1,03,00,000(1,03,00,000)EquitysharesofRs.10(10)each 103000000 103000000 103000000
Total 103000000 103000000 103000000
12.1TheCompanyhasonlyoneclassofsharesreferredtoasequitySharehavingafacevalueofRs.10Each.HolderofEquity
Shareisentitledtoonevotepershare.
12.2Reconciliationofthenumberofsharesandamountoutstandingatthebeginningandattheendofthereportingperiod:
Particulars Numberof Numberof Numberof
Shares Shares Shares
(a) EquitySharesatthebeginningoftheyear 10300000 10300000 10300000
Add:Sharesissuedduringtheyear 0 0 0
Less:SharescancelledonbuybackofEquityShares 0 0 0
(b) EquitySharesattheendoftheyear 10300000 10300000 10300000
12.3NoBonusshareshavebeenissuedduringfiveyearsimmediatelypreceeding31stMarch,2018.
Note-13OtherEquity
(a) CapitalReserve 2965000 2965000 2965000
(b) SecuritiesPremiumReserve 1186000 1186000 1186000
(c) GeneralReserve 62935 0 0
(d) SurplusinStatementofProfitandLoss
OpeningBalance 104152546 97505649 92533861
Add:Profitfortheyear 6380,389 6646897 4971788
ClosingBalance 110532930 104152546 97505649
Total 114746865 108303546 101656649
Note-14Non-CurrentBorrowings
(a) Secured:
VehicleLoanfromSaraswatCo-operativeBankLtd. 229350 499163 741141
Total(a) 229350 499163 741141
(b) Unsecured:
InterCorporateDeposits 70446491 59047445 49101153
Total(b) 70446491 59047445 49101153
Total 70675841 59546608 49842294
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
Particular Note Asat1stApril,2016
Asat31stMarch,2017
Asat31stMarch,2018
40
14.1 VehicleLoansfromSaraswatCo-OpBankLtdistakenduringthefinancialyear2013-14.TheLoanisrepayablein
60monthlyinstallments.TheloanissecuredbyhypothecationchargeonVehicle.Further,loanhasbeenguarateedby
thepersonalguaranteeofMr.GirdhariNyati,WholeTimeDirectorandMr.GopalNyati,ExecutiveDirector.
Note-15DeferredTaxLiabilities(Net)
OpeningDeferredTaxLiability 25762079 25991088 25833190
Add:DeferredTaxLiabilityprovidedduringtheyear 0 0 157898
Less:DeferredTaxExpensesprovidedduringtheyear 650121 229009 0
Total 25111958 25762079 25991088
Note-16OtherNon-CurrentLiabilities
GratuityPayable 1116670 555118 612352
Total 1116670 555118 612352
Note-17CurrentBorrowings(Secured)
WorkingCapitalLoansFromBanks 336337587 332645377 315475724
Total 336337587 332645377 315475724
17.1 DetailsofWorkingCapitalLoansfromBanks
(a) CashCredit:
DenaBank 104178403 90108555 92229910
OrientalBankofCommerce 112838216 88317507 86142578
SaraswatCo-operativeBankLtd. 92067385 89225604 88006201
TotalCashCreditLimit 309084004 267651666 266378689
(b) LetterofCreditLimit:
DenaBank 27253583 38994886 25149130
OrientalBankofCommerce 0 25998825 23947905
TotalLCs 27253583 64993711 49097035
TotalWorkingCapitalLimits-fromBanks 336337587 332645377 315475724
17.2 (a)"CashCredit,ExportPackingCreditandLetterofCreditaresecuredbyequitablemortgageoftitledeedonthe
company'simmovablepropertiesconsisitingofLeaseholdLand,Building,structure,erection,Plant&Machinery
situatedatPlotNo.M-19-39,IndustrialArea,Pithampur."
(b)HypothicationofCurrentAssetsofthecompanyincludingStockofRawMaterial,Stockinprocess,Stores,Spares,
BillsReceivables,BookDebtsandallothermovableassets.
(c)EquitableMortagageofLandandBuildingsituatedatDhamnod(Dist.-Dhar)admeasuring3831.87sq.mtrs.
belongingtoM/s.ShrinathPressingUdhyog(prop.RangnathNyatiHUF).
(d)CashCreditandExportPackingCreditLoansarerepayableondemand.Further,loanhasbeenguarateedbythe
personalguaranteeofMr.GirdhariNyati,WholeTimeDirectorandMr.GopalNyati,ExecutiveDirector.
Note-18TradePayables
CreditorsforSupplies 83276613 89494503 61680258
Total 83276613 89494503 61680258
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
Particular
Particular
Note
Note
Asat1stApril,2016
Fortheyearended31stMarch,2017
Asat31stMarch,2017
Fortheyearended31stMarch,2018
Asat31stMarch,2018
41
Note-19OtherCurrentLiabilities
(a) CreditorsforCapitalExpenditure 547996 560976 569751
(b) Advancesfromcustomers 13435453 1359480 529749
(c) OtherPayables
(i)StatutoryDues 3889309 5361159 3785863
(ii)OtherPayable-SundryCreditors 20852465 24080366 12265325
Total 38725223 31361981 17150688
Note-20Provisions
(a) ProvisionforBonus 757875 840096 870171
(b) Others
(i)ProvisionforTax(netofadvancetax) 3829002 2820458 870135
(ii)OtherProvisions 170339 1789624 114286
Total 4757216 5450178 1854592
Note- 21RevenuefromOperations (a)SaleofProducts 1209440360 1159267255 (b)OtherOperatingRevenues 5302975 5944456 Total 1214743335 1165211711 21.1 ParticularsofSaleofProducts (a)ManufacturedGoods SoyaDOC 509365560 337548125 SoyaRefinedOil 654263290 709540431 AcidOil 5549375 4736673 Lecithin 5293481 13832491 FattyAcid 5176520 4063461 SoyaOilSludge - 764228 SoyaSolventOil 12390342 - Total 1192038568 1070485410 (b)DirectExport Lecithin 17401792 4452668 Total 17401792 4452668 (c)TradedGoods SoyaDOC - 84329178 Total - 84329178 GrossTotal 1209440360 115926725521.2 ParticularsofOtherOperatingRevenues (a)SaleofScraps 3305989 1932680 (b)JobWorkCharges 1753076 3265084 (c)DutydrawbackandotherExportIncentives 243910 746692 Total 5302975 5944456
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
Particular Note Fortheyearended31stMarch,2017
Fortheyearended31stMarch,2018
42
Note- 22OtherIncome (a)InterestIncome 537199 651034 (b)DividendIncome 7500 3750 (c)Gainonforeigncurrencytransactions 57895 - (d)OtherNon-OperatingIncome 440184 1483434 Total 1042778 213821822.1 ParticularsofInterestIncome (a)InterestfromBankDeposits 400636 465002 (b)InterestfromOthers 136563 186032 Total 537199 65103422.2 ParticularsofOtherNonOperatingIncome (a)SundryBalancewrittenoff 52378 - (b)MiscellaneousIncome 387806 1483434 Total 440184 1483434Note- 23CostofMaterialsConsumed (a)OpeningStock 5465128 3621657 (b)Add:Purchases 1049767805 935356804 1055232933 938978461 (c)Less:ClosingStock 4802297 5465128 A.CostofMaterialConsumed 1050430635 933513333 MaterialConsumedcomprises: (a)SoyaBeenSeed 597918064 307714686 (b)SoyaSolventOil 234747187 307671830 (C)SoyaDegumOil 217765384 318126817 B.Total 1050430635 933513333Note- 24PurchaseofTradedGoods SoyaDOC 11337283 78744699 Total 11337283 78744699 Note- 25ChangesinInventoriesofFinishedGoods,Stock-in-Progress andStock-in-Trade (a)Inventoriesattheendoftheyear: FinishedGoods 87698064 55693952 Stock-in-Progress 229148 80280 Stock-in-Trade - 292285 Total 87927213 56066517 (b)Inventoriesatthebeginningoftheyear: FinishedGoods* 55620809 38322024 Stock-in-Process 80280 3307817 Stock-in-Trade 292285 1916785 Total 55993374 43546626 Net(Increase)/Decrease (31933839) (12519891) *GSTandExciseDuty:- 1 EffectiveJuly1,2017;SalesarerecordednetofGST,whereasearliersaleswererecordedasGrossofExciseDuty whichformpartofexpenses. 2 Inpreviousyear,unpaidexcisedutyamountingRs.73,142/-wasprovided,whichhasbeenreversedduringthe yearaffectingtheinventoriesatthebeginningoftheyear.
AnnualReport-2017-18
Asat1stApril,2016
Asat31stMarch,2017
Asat31stMarch,2018
NotesonFinancialStatementsfortheyearended31March2018
Particular Note Fortheyearended31stMarch,2017
Fortheyearended31stMarch,2018
43
Note- 26EmployeeBenefitsExpense (a)SalariesandWages 20474713 20875485 (b)ContributionstoProvidentandESICFunds 1939078 1938374 (c)GratuityExpenses 561553 -57234 (d)StaffWelfareExpenses 378692 449035 Total 23354036 23205660
26.1 DisclosureasrequiredunderIndAS19- EmployeeBenefitsaregivenbelow: (a) DefinedContributionsPlansContributiontoDefined Plans,recognizedasexpensefortheyearisasunder: Employer'sContributiontoProvidentFund 1359019 1376258 871906 Employer'sContributiontoEmployeesStateInsuranceCorporation 580059 562116 907565 Total 1939078 1938374 1779471(b) DefinedBenefitPlan TheemployeesgratuityfundschememanagedbyaTrust (LifeInsuranceCorporationofIndia)isadefinedbenefitplan. 1 ReconciliationofOpeningandClosingBalanceofDefinedBenefitObligation DefinedBenefitObligationatbeginningoftheyear 3697467 3215094 3126569 CurrentServiceCost 500078 406843 436257 InterestCost 295797 243044 235962 ActurialGain/(Loss) (39249) 90997 (158734) BenefitsPaid (253730) (81461) (424960) DefinedBenefitObligationattheendoftheyear 4200363 3874517 32150942 ReconciliationofOpeningandClosingBalancesof FairValueofPlanAssets FairValueofPlanAssetsatbeginningoftheyear 3142349 3021036 2757495 ExpectedReturnonPlanAssets 195073 202774 229024 Employers'Contribution - - 459477 BenefitsPaid (253730) (81461) (424960) ActurialGain/(Loss) - - - FairValueofPlanAssetsattheendoftheyear 3083693 3142349 30210363 ReconciliationofFairValueofAssetsandObligation FairValueofPlanAssets 3083693 3142349 3021036 PresentvalueofObligation 4200363 3697467 3038044 AmountRecognisedinBalanceSheet (1116670) (555118) (17008)4 ExpensesRecognisedDuringtheYear CurrentServiceCost 500078 406843 436257 InterestCost 295797 243044 235962 ExpectedReturnonPlanAssets (195073) (202774) (229025) Acturial(Gain)/Loss (39249) 90997 (158734) NetCost 561553 538110 2844605 ActuarialAssumptions Particulars % % % DiscountRate(perannum) 8 8 8 Expectedrateofreturnonplanassets 8 9 9 Rateofescalationinsalary(perannum) 7 7 7
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
Particular Note Fortheyearended31stMarch,2017
Fortheyearended31stMarch,2018
44
Note: Theestimatesofrateofescalationinsalaryconsideredinactuarialvaluation,takeintoaccountinflation,seniority, promotionandotherrelevantfactorsincludingsupplyanddemandintheemploymentmarket. ThepresentvalueofobligationisdeterminedbasedonactuarialvaluationusingtheProjectedUnitCreditMethod.
Note- 27FinanceCosts
(a)InterestExpenseon
(i)Borrowings 39106707 41700023
(ii)Others 1170365 399162
(b)Otherborrowingcosts(BankCharges) 2539384 3207738
Total 42816456 45306923
Note- 28Depreciation
DepreciationandAmortisationfortheyear 12259285 12458519
Total 12259285 12458519
Note- 29OtherExpenses
(a)ManufacturingExpenses:
ConsumptionofPackingMaterials 3022304 2448958
ConsumptionofHaxene 4864161 2665210
RefineryOperatingExpenses 9816597 11491900
LaboratoryExpenses 61822 35497
Increase/(Decrease)ofexcisedutyoninventory - 444433
Power,FuelandElectricalExpenses 44607864 35954712
WaterCharges 2174243 2194076
FreightInward 46510 61797
LeaseRent 54670 122951
RepairsandMaintenance-Buildings 460691 566401
RepairsandMaintenance-Plant&Machinery 3048780 3380788
BrokerageInward 479505 924834
Insurance 335002 419941
SecurityExpenses 1391901 1130169
LicensesFeesExpenses 227083 391214
RatesandTaxes 280630 315187
Total 70871761 62548067
(b)Office&AdministrationExpenses:
CommunicationExpenses 545384 766439
TravellingandConveyance 982474 901991
RepairsandMaintenance-Others 213328 193790
PrintingandStationery 121252 331201
Donationsandcontributions 58200 86900
Rent 1065600 770100
LegalandProfessionalCharges 1109123 937333
PaymentstoAuditors 87500 109250
ElectricalExpenses(HO) 369188 243705
LossonFixedAssetsSold 1702 105285
AnnualReport-2017-18
NotesonFinancialStatementsfortheyearended31March2018
Particular Note Fortheyearended31stMarch,2017
Fortheyearended31stMarch,2018
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PriorPeriodItems(net) 857736 11381 OtherExpenses 350913 195490 NewsPaper&Periodical 7809 7854 ListingFees 288336 229000 Lossonforeigncurrencytransactions - 72200 SundryBalancewrittenoff - 103884 MembershipFees 303713 344702 Total 6362259 5410504 (c)SellingandDistributionExpenses: BusinessPromotion 58107 92907 DiscountonExportLicense 46308 15792 AdvertisementandPublicity 94924 79319 Clearing&Forwarding 346467 631168 FreightOutward 18812321 4586362 BrokerageOutward 532843 552173 Testing&Analysisfees 165462 106056 VATandServiceTax 155993 1259397 Total 20212425 7323174 GrandTotal 97446446 7528174629.1 PaymenttoAuditors (a)StatutoryAuditFees 55000 55000 (b)TaxAuditFees 10000 10000 (c)LimitedReviewFees 22500 30000 (d)Reimbursementofexpenses - 14250 Total 87500 10925029.2 PriorPeriodItem (a)IncomeTaxrelatedtoLastYears 597899 - (b)ShortProvisionofIncomeTaxofLastYear 250674 - (c)OtherExpensesrelatedtoLastYear 9162 11381 Total 857736 11381Note- 30EarningPerShare(EPS) (a)NetProfitAfterTax(Rs..) 6380384 6646897 (b)WeightedAverageNumberofEquityShareusedasdenomination 10300000 10300000 (c)BasicandDilutedEarningPerShare(Rs.) 0.62 0.65 (d)FaceValuePerEquityShare(Rs.) 10.00 10.00
Note-31Commitments&ContingentLiabilities: (a)BankGuaranteeissuedbyBanksonbehalfofthecompany 8,00,000 8,00,000 (b)Disputedtaxdemandpendingonappeal(Netofpre-deposit) (i)CentralSalesTax 81988429 81988429 (ii)CommercialTax 8,89,854 8,89,854 (iii)EntryTax 3,75,11,604 3,75,11,604 (xi)VAT 52,44,482 52,44,482 Note-32EarningInForeignCurrency FOBValueofExports 16260720 4344914
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NotesonFinancialStatementsfortheyearended31March2018
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Asat31stMarch,2018
Asat31stMarch,2017
Note-33RelatedPartyDisclosures (a)ListofRelatedParty Mr.GirdhariNyati : Director Mr.GopalNyati : Director Mr.AniruddhaNyati : ChiefOperatingOfficer ChhatraChayaNirmanPvt.Ltd. ShreeNyati&Sons (b)RelatedPartyTransactions-Remuneration Mr.GirdhariNyati 2,40,000 2,40,000 Mr.GopalNyati 8,40,000 8,40,000 Mr.AniruddhaNyati 6,00,000 6,00,000 OtherTransactions Mr.GopalNyati(Loanreceived) 5500000 - ChhatraChayaNirmanPvt.Ltd.(Loanreceived) 5000000 - ChhatraChayaNirmanPvt.Ltd.(InterestonLoanpaid) 70274 - ShreeNyati&Sons(Expenses) 652700 - Note-34 TheCompanyisoperatingonlyinonesegment,hencenosegmentwisedisclosureasperIndAS-108 isprovided. Note-35 SupplierswhoarecoveredunderMSMEDAct.2006havebeenidentifiedtotheextentofinformationavailable withthecompany.TheprincipalBalanceduetoMicroandSmallEnterprisesasat31stMarch2018isRs.Nil(31st March2017isRs.Nil).FurthernointeresthasbeenpaidorispayableundertheAct. Note-36 Previousyear’sfigureshavebeenregrouped/reclassifiedwherevernecessarytocorrespondwiththecurrent year’sclassification/disclosure.
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Signatureofmember
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RegisteredFolioNo./DPIDNo./ClientIDNo.:NameandAddressoftheMember :Name(s)oftheJointHolder(s)ifany :No.ofsharesheld :FullnameofProxy(INBLOCKLETTERS) :IherebyrecordmypresenceattheTWENTYSIXTHANNUALGENERALMEETINGoftheCompanyheldonSaturdaythe
th29 September,2018at11:30AM.atRegisteredOfficeofthecompanyat19-39,SectorIII,IndustrialArea,Pithampur-454775DistrictDhar(M.P.)
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