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EICL Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 237.05 Cr. P/BV 1.55 Book Value (Rs.) 30.42
52 Week High/Low (Rs.) 55/33 FV/ML 2/1 P/E(X) 8.98
Bookclosure 20/06/2014 EPS (Rs.) 5.25 Div Yield (%) 0.00
Year End :2015-03 
1 CONTINGENT LIABILITIES

Particulars                                     As at             As at 
                                       March 31, 2015    March 31, 2014
a) Outstanding bank guarantees 2,80,54,661 1,99,74,041 and letter of credits

b) Excise and sales tax matters:

i) Demand of Rs. 6,34,94,596 -- 6,34,94,596 (including pentalty of Rs. 3,17,47,298 received from Commissioner of Central Excise, Panchkula on account of misclassification of plain maize starch against which an order has been passed by CESTAT in favour of the Company.

ii) Entry tax levied by the Government 1,51,33,588 1,51,33,588 of Kerala on Special Kerosene Oil (SKO), pending before Hon'ble Supreme Court of India against which an amount of Rs. 1,51,33,588 (March 31, 2014 : Rs. 1,51,33,588) deposited under protest.

c) Income tax matters (note 39.3 (ii)) 13,46,91,876 14,00,52,056

2 Commitments

Estimated amounts of contracts remaining to be executed on capital account (net of advances) Rs. 27, 21,758 (March 31, 2014: Rs. 2, 38, 80,226).

3 Litigation

i) Excise and Sales Tax matters

a) Demands aggregating to Rs. 10,73,69,734 for the year 2000 to 2004 relating to inputs used in manufacturing of excisable and as well as exempted goods and cenvat credit of service tax, pending with Central Excise and Service Tax Appellate Tribunal (CESTAT) were set aside and remitted to the relevant authorities for a fresh decision and revision in demand. Consequently amount deposited under protest amounting to Rs. 12, 41,379 have been considered good and recoverable and no provision for the same has been considered necessary. Further, till the time demands are received by the Company amounts of contingent liabilities, if any, is not ascertainable.

b) Entry tax levied by the Government of Kerala on Special Kerosene Oil (SKO), pending before Hon'ble Supreme Court of India against which an amount of Rs. 1, 51, 33,588 (March 31, 2014: Rs. 1, 51, 33,588) deposited under protest.

ii) Income Tax matters:

a) in respect of demand aggregating to Rs. 5,24,38,648 for the assessment year 1997-98, 1999-2000, 2000-01 and 2001-02 raised by the assessing officer in view of order of Hon'ble High Court of Kerala disallowing certain expenses to verify the facts, an appeal was filed with the CIT(Appeals).

b) in respect of demand aggregating to Rs. 5,61,53,668 for the assessment year 1995-96 raised by the assessing offiªcer in view of order of Hon'ble High Court of Kerala disallowing certain expenses to verify the facts, an appeal was filed with the CIT(Appeals).

c) in respect of demand aggregating to Rs. 2,17,65,100 for the assessment year 2010-11 raised by assessing officer in view of the order of CIT (Appeals) dismissing the appeal filed by the Company with respect to contribution made to gratuity fund, against which the Company has filed an appeal with Income-tax Appellate Tribunal, which is pending for disposal.

d) in respect of demand aggregating to Rs. 43,34,460 for the assessment year 2007-08 raised by the Assessing Officer in view of the order of ITAT to verify the facts with respect to disallowance of certain expenditure, the Company has filed an appeal with CIT (Appeals).

Based on above, the management is of the opinion that the appeals will be allowed in favour of the Company and hence no provision is considered necessary.

4 SHOW CAUSE NOTICE ON CLASSIFICATION OF PRODUCTS

The Company on April 9, 2015 has received a show cause notice from Directorate General of Central Excise Intelligence (DGCEI) dated March 31, 2015 on wrong classification of clay products for which the Company is in the process of preparing a reply.

5 DELISTING OF SHARES

The shares of the Company have been delisted with effective from 4th June, 2014 from the stock exchanges of India.

6 JOINT VENTURE AGREEMENT

The Company has entered into a joint venture agreement with MAC Group Limited of Tanzania for prospecting of mines and evaluation of proposed clay manufacturing facility in Tanzania (East Africa).

7 PREVIOUS YEAR FIGURES

Previous year figures have been re-grouped/reclassified, wherever necessary to conform the current year classification.


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