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Transcript of Insecticides India Ltd-10
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insect(INDIA) LIMITED
A N N U A L R E P O R T : 2 0 0 9 - 1 0
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For the formers, it's a boon. For us, it's a step forward to serve the nation.Striving towards better technology, our Dahej (Gujarat) project
is a sign of technical expertise and economic strength
The journey has just begun...the aim is clear
OUR RHNGE OFTECHNICHL GRHDE PRODUCTSINSECTICIDES :
Lambdacyhalothrin • Acetamiprid • Imidacloprid• Thiamethoxam • Dichlorvos
WEEDICIDES & HERBICIDES :Glyphosate • Sulfosulfuron • Metsulfuron Methyl
FUNGICIDES :Thiophanate Methyl
HOUSEHOLD INSECTICIDES :• d - Trans Allethrin • Permethrin
insect(INDIA) LIMITED
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SANSC
Chairman's Message to ShareholdersDear Members,
It feels immense pleasure in communicating the
achievements and the financial snapshots of the last year
to you. Last year was an eventful year, and by your
continuous trust and support,your company has achieved
many milestones.
I feel glad to write to you that the company's projects at
Udhampur ()&K) and Dahej (Gujarat) are nearing
completion, and will roll out the production by second
half of this year. The manufacturing facility at Dahej will
house a multi-product technical plant with various
streams with a production capacity of about IOOOOT.P.A.
The company has taken this initiative to equip itself for a
robust growth.This will help in the backward integration
and provide the quality technical to the formulation units
which will further strengthen the company's synergy and
consolidate its business plans.
Focusing & strengthening on R&D initiatives, your
company has also set up an R&D Centre at Dahej, with all
the latest and modern machines & equipments.
Your company enjoys a very strong brand value in the
market and its Tractor Brand and products like Lethal,
Thimet,Victor are the preferred brands in their Product
category. The wide acceptability of the company'sTractor
brand products signifies the deep connection of your
company with the Indian farming community.
Your company has been assigned an upgraded rating of
LA- from LBBB+ by the renowned rating agency ICRA,
indicating its moderate credit quality to Rs. 130 million
fund based limits of your company. ICRA has also
assigned A2+ rating indicating above average credit
quality to Rs. I 10 million non-fund based limits of ML. This
year company has come out with good results and is
geared up to come with very good prospects in the future
which will also create a value for the shareholders.
I would like to bring on record,that company has achieved
a turnover of Rs. 39686.81 Lacs with increase of 35% and
PAT of Rs. 2821.69 Lacs with 36%. Also price of our
company share has touched all time high of Rs. 287.00.
I am sure with the new projects coming up, this growth
will be continuous.
I would also like to take this opportunity to express my
heartiest gratitude to all the Board of Directors, Bankers,
employees, suppliers, customers and shareholders for
their continuous support and confidence, poised on our
ability.
With best wishes
Sincerely yours,
H.C.AggrawalChairman
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SANSC(
Bonding with a Vivid FutureMulti-purpose technical synthesis plant at Chopanki(Rajasthan) has rolled out a number of quality products.This plant with various streams is capable of producing avariety of technical products that bears the impressionsof technical expertise. The plant produces - SyntheticParethyroid, Fungicides, and Herbicides. Ill's leadingproducts include Acetamiprid, Lambdacyhalothrin,Dichlorovos, Glyphosate, Thiophanate Methyl,Thiamethoxam, Metsulfuron Mthyl, Sulfosulfuronincluding breakthrough launch of d-Trans Allethrintechnical.This has increased the efficiency, prominence,and strategic advantages of company so as to enable it toperform with competence in order to meet the changingdemands.
Bonding with QualityInsecticides India Limited's systems have always been synonymous with quality ofproducts, services and solutions. Synchronization of state-of-art technology withcommitted, qualified & experienced team is the base on which pillars of qualityfunctioning have deepened.
Ill has 2 formulation units, a technical plant and an R&D center.The units are anabode of finer production amenities and integrated environment in order toensure finest recital heights. ML is producing a vast range of agro-chemicals in theunits at Rajasthan and J&K.Standardized and well laid out QA plan for all products,effectively practiced stage QC checks; painstaking testing and scrutiny composeintrinsic textures of day-to-day working done as per GLP& NABL specifications.
ML values every customer.The sole & prime endeavour of III is the commitmenttowards the customer, and we strive for it.The blend of technical expertise withhuman proficiency is the powerful knack that leads ML towards the unsurpassedpinnacle.
Every action of III is directed in a way which is environmental friendly andpreserves the Nature's treasure which has brought the esteemed ISO14001:2004 certification. ML is also committed towards occupational health &safety and is also OHSAS 18001 certified.
INSFtTIC IDI.S INDIt11MITO)
ISO MttlsMM
Bonding with Progressof Agro India
Our motto is "Technology for well being of all".Committed R&D Center of IIL, which is recognized bythe Department of Scientific & Industrial Research,Ministry of Science and Technology, exhibits portrayal ofefficient manufacture with steady augmentation. It's astate-of-art, high-tech R&D centre having a devotedpanel of competent & experienced scientists. IIL keepsfunctioning for research & development to improve theproduct services and direct them towards contentmentof our valued customers. Finest techniques are theepitomes at the Ill's R&D centre.
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C O N T E N T S
Chairman's Statement
Board of Directors 2
Notice 3
Directors' Report 7
Annexure of Directors' Report 10
Management Discussion and Analysis 12
Corporate Governance Report 14
Auditors' Report 24
Balance Sheet 27
Profit and Loss Account 28
Cash Flow Statement 29
Schedules and Notes on Accounts 31
Proxy and Attendance Slip
13th Annual Report 2009-10 | 1
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insecticides INSECTICIDES (INDIA) LIMITED{INDIA) LIMITED
BOARD OF DIRECTORSMr. Hari Chand Aggarwal ChairmanMr. Rajesh Aggarwal Managing DirectorMr. Sanjeev Bansat Whole-time DirectorMr. Rajender Pershad Gupta DirectorMr. Navneet Goel DirectorMr. Gopal Chandra Agarwal DirectorMr. Navin Shah DirectorMr. Anil Kumar Singh Director
COMPANY SECRETARY & COMPLIANCE OFFICERMr. Pankaj Gupta
AUDITORSM/s Mohit Parekh & Co.Chartered Accountants
Delhi
INTERNAL AUDITORSM/s Devesh Parekh & Co.Chartered Accountants
Delhi
BANKERSPunjab National Bank
Citi Bank N.AStandard Chartered Bank
REGISTRAR & TRANSFER AGENTAlankit Assignments Ltd.
Alankit House, 2E/21, Jhandewalan Exten.New Delhi - 110 055
REGISTERED & CORPORATE OFFICE401-402, Lusa Tower,
Azadpur Commercial Complex, Delhi - 110 033
WORKS OFFICEE - 442, RIICO Industrial Area,
Chopanki, (Bhiwadi) - 301 707 (Raj.)
E - 443 - 444, RIICO Industrial Area,Chopanki, (Bhiwadi) - 301 707 (Raj.)
SIDCO, Industrial Growth Centre,Post & Dist. Samba (J & K)
13th Annual Report 2009-10 | 2
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INSECTICIDES (INDIA) LIMITED - ^J Insecticides(INDIA) LIMITED
NOTICE
NOTICE is hereby given that the Thirteenth Annual General Meeting of the members of INSECTICIDES (INDIA) LIMITED will be held onMonday, the day of August 23, 2010 at 11.30 A.M. at M. P. C. U. Shah Auditorium, Civil Lines, Delhi - 110 054, to transact thefollowing business:
ORDINARY BUSINESS1. To receive, consider and adopt the Audited Balance Sheet of the Company as at March 31, 2010 and the Profit & Loss Account
for the year ended on that date together with the Directors' Report and the Auditors' Report.
2. To declare final dividend of Rs. 2 per Equity Share for the year 2009-10.
3. To appoint a Director in place of Mr. Navneet Goel, who retires by rotation and being eligible, offers himself for re-appointment.
4. To appoint a Director in place of Mr. Anil Kumar Singh, who retires by rotation and being eligible, offers himself forre-appointment.
5. To appoint Statutory Auditors who shall hold office from conclusion of this Annual General Meeting until the conclusion of thenext Annual General Meeting and fix their remuneration and in this regard to consider and, if thought fit, to pass with orwithout modification(s) the following resolution as an ORDINARY RESOLUTION:
"RESOLVED THAT pursuant to Section 224 of the Companies Act, 1956, Messrs MOHIT PAREKH & CO., Chartered Accountants,Delhi (Firm Regd. No. 002067N) be and are hereby reappointed as the Auditors of the Company to hold office from theconclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the company on suchremuneration as shall be fixed by the Board of Directors of the Company."
SPECIAL BUSINESS6. To consider and if thought fit, to pass, with or without modification, the following resolution as an SPECIAL RESOLUTION:
"RESOLVED THAT subject to the provisions of the Companies Act, 1956, Listing Agreement, Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended from time to time and such other rules andregulations as may be applicable to the Company for the time being in force, consent of shareholders be and is hereby accorded tothe variations in the end use, time and cost schedule of the IPO Proceeds as per the details provided in the Explanatory Statementattached herewith in accordance with the document(s) approved by the Board and initialed by the Chairman for identificationpurposes thereto.
RESOLVED FURTHER THAT for the purpose of giving effect to this resolution the Board of Directors (hereinafter referred to as'Board' which term shall deem to include any committee constituted by the Board) be and is hereby authorized to take suchsteps and to do all such acts, deeds, matter and things and to accept any alteration or modification, as the Board may deemfit and proper in such manner as may appear to the Board most beneficial to the Company."
By Order of the Board
Registered Office:401-402, Lusa Tower, (PANKAJ GUPTA)Azadpur Commercial Complex, Company SecretaryDelhi - 110 033
Date : May 25, 2010
NOTES:
1. A member entitled to attend and vote at the Annual General Meeting (the meeting) is entitled to appoint a proxy toattend and vote on a poll instead of him and the proxy need not be a member of the Company. The instrument appointingproxy should, however, be deposited at the Registered Office of the Company not less than forty-eight hours beforecommencement of the Meeting.
2. Corporate members intending to send their authorized representatives to attend the meeting are requested to send a certifiedcopy of the Board Resolution authorizing their representative to attend and vote on their behalf at the meeting.
13th Annual Report 2009-10 | 3
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I insecticides INSECTICIDES (INDIA) LIMITED(INDIA) LIMITED
3. An explanatory statement pursuant to Section 173 (2) the Companies Act, 1956, relating to special business to be transactedat the meeting is annexed hereto.
The relevant explanatory statement pursuant to Sections 173 of the Companies Act, 1956, in respect of Item No. 6 of the noticeis also annexed hereto.
4. Members / Proxies are requested to bring duly filled in attendance slips sent herewith for attending the meeting.
5. In case of Joint Holders attending the meeting, only such Joint Holder who is higher in the order of names will be entitled tovote.
6. The statutory registers and relevant documents referred to in accompanying Notice are open for inspection at the RegisteredOffice of the Company on all working days (except Saturdays, Sundays and Holidays) between 11:00 a.m. to 1:00 p.m up to thedate of Annual General Meeting.
7. The register of members and share transfer books of the Company shall remain close from August 16, 2010 to August 23, 2010(Both days inclusive).
8. Members are requested to contact the Registrars and Share Transfer Agents of the Company (Address provided in CorporateGovernance Report on page no. 19 of this report) for recording any change of address or nominations and for redressal ofcomplaints or contact the Company Secretary at the Registered Office or by email at investorfjginsecticidesindia.com
9. Members holding shares in Electronic Form are hereby informed that bank particulars registered against their respectivedepository accounts will be used by the Company for payment of dividend. The Company or its Registrars cannot act on anyrequest received directly from the Members holding shares in Electronic Form for any change of bank particulars or bankmandates. Such changes are to be advised only to the Depository Participant of the Members.
10. As per the provisions of the Companies Act, 1956 facility for making nomination is available for the Members in respect of theshare held by them. Nomination forms can be obtained from the Company's Share Registrars and Transfer Agents.
11. Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges, it is informed that Mr. Navneef Goel and Mr. Anil KumarSingh retires by rotation in accordance with the Articles of Association of the Company at the ensuing Annual General Meetingand being eligible, have offered themselves for re-appointment. The particulars of the Directors are given below:
Item No. 3:
Mr. Navneet Goel, aged 49 years, is a Chartered Accountant and Cost Accountant by qualification. He is a practicing charteredaccountant and currently based in Delhi. He is a reputed person in his community and has past knowledge of Finance Sector and hehas more than 21 years of experience in the field. Mr. Navneet Goel was appointed has Director of the Company w.e.f. July 26, 2007.He is neither a Director nor a Member in any other Company and their Committees. He is holding nil share of the Company.
Item No. 4:Mr. Anil Kumar Singh, aged 33 years, is a Company Secretary by qualification. Presently, he is a Practicing Company Secretary andbased in Delhi. He has more than 6 years of experience. He is a reputed person in his community and has vast knowledge of Legaland Corporate Consultancy. He is a Director in AKS Consultancy Pvt. Ltd. He is neither a Director nor a Member in any other Companyand their Committees. He is holding nil shares of the Company.
Members are requested to bring their copies of the Annual Report and Admission Slip to the Meeting.
Explanatory Statement pursuant to Section 173 (2) of Companies Act, 1956, annexed to the notice convening the AnnualGeneral Meeting to be held on August 23, 2010.
Item No. 6The Company came out with an Initial Public Offering in May 2007. Since then the Company is on a verge towards further developmentand growth. However, during the time span there has been certain variations in the proposed objects of issue, tentative costsrelated to fulfillment of such objects and the timelines to meet such desired objectives. Since the same variations have beenunintentional and have happended in response of bona fied efforts on part of the Company to meet the desired objectives, the Boardproposes the following variations for the approval of the members of the Company:-
I. Objects of issue as provided in the Prospectus1. To set up a formulation plant in the state of Jammu & Kashmir;2. To set up a plant for manufacturing Technicals at Bhiwadi, Rajasthan;3. To set up a research and development facility at Bhiwadi, Rajasthan;4. General Corporate Purpose;5. To meet the expenses of the Public Issue;6. To list the shares offered through this issue on BSE and NSE
13th Annual Report 2009-10 | 4
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
Revised objects to the issue1. To set up a formulation plant'in the state of Jammu & Kashmir;2. To set up a plant for manufacturing Technical and Formulation at Dahej, Gujarat;3. To set up a research and development facility at Dahej, Gujarat;4. General Corporate Purpose;5. To meet the expenses of the Public Issue;6. To list the shares offered through this issue on BSE and NSE
II. Revised cost of projects (Rs in lacs)
ParticularsLand & Site DevelopmentBuilding & Civil WorkPlant & MachineriesMiscellaneous Fixed AssetsSub TotalGeneral Corporate PurposePublic Issue ExpensesTotal
Formulation PlantPhase I
16.79
149.43
134.08
11.94
312.24
Phase II
29.42
300.00
150.00
52.00
531.42
Technical Plant
Phase I
Nil*
107.17
410.90
62.70
580.77
Phase II
500.00
1500.00
2000.00
200.00
4200.00
R&D Unit
Phase I
-
81.38
23.95
1.17
106.50
Phase II
103.82
200.00
100.00
100.00
503.82
Total
650.03
2337.98
2818.93
427.81
6234.75
311.97
394.62
6941.34
* Land of Technical Plant (Phase - I) have already acquired before coming IPO.
Revised Sources of Finance (Rs. In Lacs)
ParticularsProceeds from Initial Public OfferInternal AccrualsTotal
Amount3691.50
3249.84
6941.34
HI. Schedule of implemenatation
Revised schedule for Formulation Plant in the State of Jammu & Kashmir
s.No.1
2
3
4
5
6
Activities
Acquisition of LandBuilding and Civil WorkPlacement of Order for MachineriesArrival, Erection and Commissioning ofMachineriesCommencement of Trial ProductionCommencement of Actual Production
Phase I
Month ofCommencement
Month ofCompletion
Already AcquiredMarch, 2006
August, 2006November, 2006
June, 2007June, 2007April, 2007
July, 2007August, 2007
Phase II
Month ofCommencement
October, 2007November, 2007February, 2010
July, 2010
Month ofCompletion
October, 2007August, 2010
July, 2010September, 2010
September, 2010November, 2010
Revised schedule for implementation of Plant for Manufacturing Technical
S.No.12
3
4
5
6
Activities
Acquisition of LandBuilding and Civil WorkPlacement of Order for MachineriesArrival, Erection and Commissioning ofMachineriesCommencement of Trial ProductionCommencement of Actual Production
Phase I (At Chopanki, Bhiwadi)Month of
CommencementMonth of
CompletionAlready Acquired
April, 2006September, 2006
December, 2006
June, 2007June, 2007
June, 2007August, 2007
September, 2007
Phase II (At Dahej)
Month ofCommencementDecember, 2008
May, 2009January, 2010
June, 2010
Month ofCompletion
December,2008September, 2010
August, 2010
November, 2010December, 2010
March, 2011
13th Annual Report 2009-10 | 5
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(insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
Revised schedule for Research and Development Facility
s.No.1
2
3
4
Activities
Acquisition of Land
Building and Civil Work
Placement of Order for Machineries
Arrival, Erection and Commissioning ofMachineries
Phase I (At Chopanki, Bhiwadi)
Month ofCommencement
Month ofCompletion
Not Applicable
February, 2007
March, 2007
' March, 2007
May, 2007
May, 2007
June, 2007
Phase II (At Dahej)
Month ofCommencement
December, 2008
July, 2010
July, 2010
January, 2011
Month ofCompletion
December, 2008
December, 2010
January, 2011
April, 2011
Some of the above variations and delay which are incurred or expected to incured by the Company are due to social disturbancesin the specified locations, other alterations being business decisions are taken after analyzing the cost benefit occurring to theCompany on the basis of economical availability of resources required, easy accessibility to such resources etc. The decisionsbeing purely based on commercial analysis on the part of the Company, the Company has not/will not be deriving any unduebenefit out of such variations.
The document related to alterations on such objects to the issue would be open for inspection for the shareholders of theCompany on the registered office from 11.00 a.m. to 1.00 p.m.
The Directors are interested in the aforesaid resolution only upto their shareholding in the Company. The Board of Directorsrecommends the resolution for the approval of the shareholders.
Registered Office:401-402, Lusa Tower,Azadpur Commercial Complex,Delhi - 110 033
Date : May 25, 2010
By Order of the Board
(PANKAJ GUPTA)Company Secretary
13th Annual Report 2009-10 | 6
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INSECTICIDES (INDIA) LIMITED (insecticides(INDIA) LIMITED
DIRECTORS' REPORT
Dear Members,
Your Directors have pleasure in presenting the Thirteenth AnnualReport and the Audited Statements of Accounts of the Companyfor the year ended March 31, 2010.
1. FINANCIAL RESULTS (Rs. in Lacs)
Particulars
Turnover
Other Income
Total Income
Earnings before Interest,
Depreciation & Taxation
(EBIDTA)
Less : Interest & FinancialCharges
Depreciation
Profit before Taxation (PBT)
Less: Provision for Income Tax
Provision for Fringe Benefit Tax
Deferred Tax
Profit after Tax (PAT)
Amount available forappropriation
Proposed Final Dividend
Income Tax on the ProposedFinal Dividend
Transfer to General Reserve
Balance carried forward to
Balance Sheet
Current YearMarch 31, 2010
39686.81
128.53
39815.34
3653.55
251.68
120.01
3281.86
432.65
-27.52
2821.69
7783.44
253.66
42.13
211.63
7276.02
Previous YearMarch 31, 2009
29448.62
145.79
29594.41
2805.22
281.62
111.57
2412.03
275.00
23.05
37.96
2076.02
5414.47
253.66
43.11
155.95
4961.75
2. REVIEW OF PERFORMANCEDuring the year under review, the turnover of the Companyrose to Rs. 39686.81 Lacs as against Rs. 29448.62 Lacsreported last year, registering a growth of 35%. The Companyhas earned net profit Rs.2821.69 Lacs as against the netprofit of Rs. 2076.02 Lacs reported last year, registering agrowth of 36%. The improvement in performance of yourCompany could mainly be attributed to better capacityutilization, ongoing emphasis on productivity and efficiency,improvement in all areas of operation.
3. DIVIDEND
The Board of Directors has recommended a final dividend ofRs. 2.00 per Equity Share for the year 2009-10 (Previousyear Rs. 2.00 per Equity Share). The final dividend, ifapproved at the ensuing Annual General Meeting will bepaid to all those Equity Shareholders whose name appearon the Register of Members as on August 16, 2010. Theamount of dividend and the tax thereon aggregates toRs.253.66 Lacs and Rs.42.13 Lacs.
4. FIXED DEPOSITS
The Company continues to accept the deposits under Section58A and 58AA of the Companies Act, 1956, and as on March31, 2010 there was no overdue deposit with the Company.All deposits due for payment were either paid or renewedduring the year.
5. POLLUTION CONTROL
The Company has taken various initiatives to keep theenvironment free from pollution. It has already installedvarious devices in the factory to control the pollution.
6. SUBSIDIARY COMPANY
During the year under review, the wholly owned subsidiarycompany "Advance Crop Solutions Limited" has amalgamatedwith the Company under order passed by the Hon'ble DelhiHigh Court, New Delhi dated on January 19, 2010 whichcame in to effect from the appointed date i.e. April 1, 2009.
7. SCHEME OF AMALGAMATION
During the year under review, a Scheme of Amalgamationu/s 391/394 of the Companies Act, 1956, (the Scheme) foramalgamation of "Advance Crop Solutions Limited," thewholly owned subsidiary with the Company was approvedby the Hon'ble Delhi High Court, New Delhi vide theirrespective order dated January 19, 2010 which came intoeffect from the appointed date i.e. April 1, 2009.
Accordingly, the results of the Company on standalone basisfor the year ended March 31, 2010 include the results ofAdvance Crop Solutions Limited for the 11 months periodfrom April 1, 2009 to February 28, 2010. Please also referto 'Note' on Scheme of Amalgamation given in Notes toAccounts in this report.
8. DIRECTORS
Presently your Board constitutes of Eight (8) Directorscomprising of Mr. Hari Chand Aggarwal as Chairman, Mr.Rajesh Aggarwal as Managing Director, Mr. Sanjeev Bansalas Whole-time Director, Mr. Rajender Pershad Gupta, Mr.Navneet Goel, Mr. Gopal Chandra Agarwal, Mr. Navin Shahand Mr. Anil Kumar Singh being the Independent & Non-executive Directors.Pursuant to provisions of Section 256 of the Companies Act,1956 and in accordance with Article 89 of the Articles ofAssociation of the Company, Mr. Navneet Goel and Mr. AnilKumar Singh, Directors of the Company who retires by rotationin the ensuing Annual General Meeting and being eligible,offer themselves for re-appointment. Details of the Directorsseeking re-appointment as required under Clause 49(VI) ofthe Listing Agreements entered into with the Stock Exchangesare provided in the Notice forming part of this Annual Report.
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(insecticides(INDIA) LIMITED
None of the Directors of the Company is disqualified forbeing appointed as Director as specified in Section 274(l)(g)of the Companies Act, 1956.
9. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of theCompanies Act, 1956 with respect to Directors ResponsibilityStatement, it is hereby confirmed that:
i) In the preparation of the annual accounts for the yearended March 31, 2010, the applicable accountingstandards have been followed and no materialdepartures have been made from the accounts;
ii) The Directors have selected such accounting policesand applied them consistently and made judgments andestimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of theCompany at the end of the financial year and of theprofit of the Company for the year ended on that date;
iii) The Directors have proper and sufficient care for themaintenance of adequate accounting records inaccordance with the provisions of the Act forsafeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities;and
iv) The Directors have prepared the annual accounts on agoing concern basis.
10. CORPORATE GOVERNANCE
Your Company has complied with the requirements of Clause49 of the Listing Agreement regarding Corporate Governance.
A report on the Corporate Governance practices followed bythe Company, the Auditors' Certificate on compliance ofmandatory requirements thereof and Management Discussionand Analysis are given as annexure to this report.
11. AUDITORS AND AUDITORS' REPORT
The Company recommends the appointment Messer MohitParekh & Co., Chartered Accountants, Statutory Auditors ofthe Company, subject to the approval of Members at theensuing Annual General Meeting. The Company has receiveda letter from Messer Mohit Parekh & Co., CharteredAccountants to the effect that their appointment, if made,would be within the prescribed limits under Section 224(16)of the Companies Act, 1956 and that they are not disqualifiedfor such appointment within the meaning of Section 226 ofthe said Act.
The notes on accounts referred to the Auditors' Report areself-explanatory and therefore do not call for any furthercomments.
12. EXCISE DUTY
During the year under review, a sum of Rs.1951.06 Lacs waspaid on account of Excise Duty on various productsmanufactured by your Company.
INSECTICIDES (INDIA) LIMITED
13. HUMAN RESOURCES
Inspite of a challenging year with demands of the productsdecreasing, cordial industrial relations environment prevailedat all the manufacturing units of the Company during theyear.
14. QUALITY POLICY/CERTIFICATION
The Company is committed to provide consistent good qualityproducts to its customers worldwide and for achievement ofworld class quality in the products manufactured, everyemployee is involved in ensuring quality of products at alltimes. Management on its part is fully committed to furtherimprove quality and provides all resources to accomplishthis task. The Company is also committed to continuallyimprove safety and health of employees and workingenvironment through institutionalizing proactive safety,health and environmental management strategies.
15. CREDIT RATING
Your Company's rating for Fund Based Facilities has beenassigned LA- (pronounced L A minus) rating by ICRA Ltd.and they have also assigned A2+ (pronounced A two plus)rating to the Non-Fund Based Facilities, availed by theCompany. The rating has upgraded from LBBB+ (pronouncedL triple B plus) on Fund Based Facilities and A2 (pronouncedA two) on Non-Fund Based Facilities for the last year.
16. PHASE - II OF EXPENSION (AS PER PROSPECTUS) -PRESENT STATUS
The Company will commence the commercial production inboth units one of Formulation unit at Udhampur (J&K) andother Technical & Formulation unit at Dahej, Gujarat in thecurrent financial year 2010-11.
17. CHANGE OF CODE FOR TRADING OF SHARES
During the year under review, the Company has receivednew Scrip ID in BSE "INSECTCID" and Symbol in NSE"INSECTICID" w.e.f. May 11, 2009.
18. CORPORATE SOCIAL RESPONSIBILITY
The Company is contributing to sustainable developmentby its economic activities combined with the fulfillment ofits social responsibilities relating to the education, health,safety and environment aspects.
19. EXPORT
During the year, the export turnover is Rs. 79.06 Lacscompared to Rs. 41.32 Lacs achieved during the previousyear. The Company has participated in various exhibitionsand conferences through the World and the Company isplanning for registration in various conuntn'es.
20. THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES,1975 AS AMENDED
During the year under report, there was no employee drawing
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INSECTICIDES (INDIA) LIMITED (insecticides(INDIA) LIMITED
a salary exceeding the limits prescribed u/s 217 (2A) of theCompanies Act, 1956 read with rules made there under.
21. ENERGY, TECHNOLGY ABSORPTION, FOREIGN EXCHANGEEARNINGS & OUTGO
A Statement containing necessary information, as requiredunder the Companies (Disclosure of Particulars in the Reportof Board of Directors) Rules, 1988, is annexed hereto.
22. CASH FLOW ANALYSIS
The Cash Flow Statement for the year under reference termsof Clause 32 of the Listing Agreement with the StockExchanges is annexed hereto.
23. INCREASE OF COST OF PROJECTSThe increase is cost of projects is due to increase in cost ofraw material, building material, civil work, strengtheningof pollution control equipments, increase in plant andmachinery for the purpose of increasing the productioncapacity and other economical factors. The variation towardscost of project are due to increase in cost or resources andno money of the company has been diverted towards any
other purposes, other then the stated objects in theprospectus. The Company is using its internal accurals tomeet the objects stated in the objects. All the decisionswere purely business in nature and were make keeping inmind the interest of the stakeholders.
24. APPRECIATION
' The Directors wish to thank Creditors, Investors, Banks andGovernment Authorities for their continued support. TheDirectors also wish to place on record their deep sense ofgratitude for the committed services of the Executives Staffand Workers of the Company.
We would also like to express sincere thanks to ourShareholders for their confidence and understanding.
For and on behalf of the BoardINSECTICIDES (INDIA) LIMITED
Place : DelhiDate : May 25, 2010
(HARI CHAND AGGARWAL)Chairman
DIN-00577015
13th Annual Report 2009-10 I 9
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
ANNEXURE TO THE DIRECTORS' REPORT
(Under Section 217(1) (e) of the Companies Act, 1956)
Information as required u/s 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosures of Particulars in the Report ofBoard of Directors) Rules, 1988 is set out as under:
A. Conservation of Energy
i) Energy Conservation Measures taken
Energy conservation efforts are ongoing activities. During the year under review, further efforts were made to ensure optimumutilization of fuel and electricity.
ii) Additional investments and proposals, if any, being implemented for reduction of consumption of energy : Niliii) Impact of measures at (i) & (ii) above for reduction of energy consumption and consequent impact on the cost of production
of goods.iv) Total energy consumption and energy consumption per unit of production as per Form 'A'
FORM 'A'
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY
I. Power and Fuel Consumption
(1) Electricity(a) Purchased: Chopanki Unit
Unit (KWH)Total Amount (Rs. In Lacs)Average Rate/Unit (Rs.)
(b) Purchased: Samba UnitUnit (KWH)Total Amount (Rs. In Lacs)Average Rate/Unit (Rs.)
(c) Purchased: Technical PlantUnit (KWH)Total Amount (Rs. In Lacs)Average Rate/Unit (Rs.)
(d) Own Generation: Chopanki UnitThrough diesel generatorUnit (Ltr.)Total Amount (Rs. In Lacs)Average Rate/Unit (Rs.)
(e) Own Generation: Samba UnitThrough diesel generatorUnit (Ltr.)Total Amount (Rs. In Lacs)Average Rate/Unit (Rs.)
(f) Own Generation: Technical PlantThrough diesel generatorUnit (Ltr.)Total Amount (Rs. In Lacs)Average Rate/Unit (Rs.)
(2) Coal (Quantity)Total Cost & Average Rate
(3) Furnace Oil (KL.)Total Amount/Average Rate
(4) Other/internal Generation (MT)Quantity Cost/Rate Per Unit
Current Year
20642010.37
5.02
3262979.813.00
88900839.71
4.47
62502.60
32.99
290009.73
33.56
3632411.9432.87
Nil
Nil
Nil
Previous Year
22848411.334.96
234845
7.993.40
977352
44.25
4.53
3400
1.0029.41
141004.57
32.41
22461
7.1631.88
Nil
Nil
Nil
13th Annual Report 2009-10 | 10
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INSECTICIDES (INDIA) LIMITED b^J Insecticides(INDIA) LIMITED
II. Consumption per unit of productionThe Company is a multi-divisional unit, producing a variety of products, proper allocation of energy cannot be ascertained.
B. Technology Absorption and Research & Developmenti) Technology Absorption
(a) The Company neither entered in to any technical foreign collaboration nor received imported any technology from any
foreign organization.
(b) Product improvements have and will continue to result in improved productivity and cost reduction and this will result in
improving the profitability of the Company
(c) Process improvements in existing products resulted in better productivity, efficiency and quality.
ii) Research and Development (R&D)a) Specific areas in which R& D carried out
b) Benefits derived as a result of of the above R&D
c) Future plan of Action
d) Expenditure on R&D (Rs. In Lacs)
i) Capital
ii) Recurring
iii) Total
iv) Total R&D expenditure as a percentage
of total turnover
Improvement in the overall Quality of Pesticides and InsecticidesImprovement in product Quality
Development of New Products and Processes
1.4548.5950.040.13%
C. Foreign Exchange Earning & Outgo:i) Information relating to export is contained in the Directors' Report
ii) Total Foreign Exchange used and earned
Used : Rs. 8052.40 Lacs
Earned : Rs. 79.07 Lacs
For and on behalf of the Board
INSECTICIDES (INDIA) LIMITED
(HARI CHAND AGGARWAL)Place : Delhi Chairman
Date : May 25, 2010 DIN-00577015
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'insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
REPORT ON MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Despite comprising of 12% of the global arable land, Indiacontributes just 10% to the total food grain production in theWorld. Estimated at US$ 1 bn, the Indian agrochemical industryis ranked second in Asia (behind China) and twelfth globally.Compared to other countries, per capita consumption ofagrochemicals in India is the lowest at 0.6 kg/ha and can beattributed to - Fragmented land holdings, low level of irrigation,dependence on monsoons and low awareness among farmers aboutthe benefits of using agro chemicals. The future prospects of theagrochemical industry look promising on account of the increasingneed to protect farm produce from pests, higher farmeraffordability / profitability and lucrative farm produce prices.
The Indian farmer's personality has undergone a change. From apassive and gullible purchaser he has graduated to a reluctantnegotiator. Today's Indian farmers is seen as someone who isbrand conscious, a value and information seeker.
OPPORTUNITIES AND OUTLOOK
Over time the agriculture sector has seen a plethora of changesin patterns :— From sugarcane, rice and wheat overall focus has shifted to
cotton and soya bean. Pulses and Oilseeds are pegged to bethe future focus crops
— Government initiatives began with improving irrigated area.
The area of concern has now shifted to rainfed area withtalks of rainwater harvesting and replenishing ground watertables, micro-irrigation other such water saving technologies
— From developing Northern Indian as seen under the Greenrevolution, focus area changed to south (AP, Karnataka etc.).All agricultural initiatives are being directed towards easternIndian for the next wave of growth in agricultural productivity
— Nature of government initiatives has changed fromproductivity improvement to market led economics forimprovement
• Change in consumer taste and expectations, environmentaland social influences, renewed government focus areinfluencing the :— Nature / quantity of inputs used— Choice of marketing avenues— Approach to agriculture as a whole
• 2010-2020 is expected to be the Golden period for agricultureand agrochemical industry in India
RISKS, CONCERNS AND THREATSWith the advent of the IPM technique, the use of Bio Pesticidesand GM seeds have increased. In India Bt Seeds are widely usedand the use of some insecticides may diminish but the scope ofthe insecticides for the sucking pests, herbicides and the plantgrowth regulators increases.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCEComparision of various items between Financial Statements for Fiscal Year 2010 and Fiscal Year 2009: (Rs. in Lacs)
Particulars
Sales/Income from OperationSales (Export)Other IncomeTotal IncomeDecrease/increase) in StockRaw Material ConsumedTrading PurchasesManufacturing ExpensesR&D ExpensesEmployees CostOther ExpenditureTotal ExpensesEBIDTAFinance ChargesDepreciationPBTTaxationExceptional ItemPAT
StandaloneFY2010
Rs.39607.75
79.06128.53
39815.34-1135.9823639.18
1728.953520.11
48.59905.86
7455.0836161.79
3653.55251.68120.01
3281.86460.17
—2821.69
%99.48
0.200.32
100.00-2.8559.37
4.348.840.122.28
18.7290.82
9.180.630.308.24
——
7.09
FY2009Rs.
29407.3041.32
145.7929594.41-2332.7317088.11
544.663058.17
22.68679.16
7729.1426789.192805.22
281.62111.57
2412.03336.01
3.312079.33
%99.370.140.49
100.00-7.8857.741.84
10.330.082.29
26.1290.529.480.950.388.15
230.480.017.03
13th Annual Report 2009-10 | 12
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
STANDALONE BASISTotal Sales of the Company has stepped up from Rs.29448.62lacs in FY 2009 to Rs.39686.81 lacs in FY 2010, thus is increaseof 35% in the total turnover of the Company. Profit BeforeTaxation increased from Rs.2412.03 lacs during FY 2009 toRs.3281.86 lacs during FY 2010. Profit after Tax for FY 2010stood at Rs.2821.69 lacs compared to Rs.2076.02 lacs duringFY 2009.
INTERNAL CONTROL SYSTEM AND ADEQUACY
The Company has a proper and adequate system of internalcontrols commensurate with its size to ensure that all assets aresafeguarded and protected against loss from unauthorized useor disposition and that transaction are authorized, recorded andreported correctly.The Company's Internal Control Systems are further supplementedby an extensive program of Internal Audit by an independentfirm of Chartered Accountants and periodic review by AuditCommittee and Board.The Internal Control System is designed to ensure that all financialand other records are reliable for preparing financial statementsand other data and for maintaining accountability of assets.Cost savings and profit improvement ideas also form an importantpart of the responsibilities of the Internal Audit Department.The Enterprise Risk Management framework and CEO and AssistantManager (Accounts) certification as required under Clause 49 ofthe Listing Agreement with Stock Exchanges for controls testingpertaining to financial reporting, resulted in continuingimprovement in internal control.
HUMAN RESOURCES
The Company believes that employees are real assets of theCompany and they treat them as their HR capital. Expertise,dedication and the experience are the main driving force forgrowth. Towards one of the organization's strategic intents is toform the best team in the industry, initiatives are taken to becomea performance driven organization. Current efforts also includebuilding skills, attracting and retaining talent and nurturing anddeveloping leadership potential. The Company also carried outan Internal Customer Satisfaction Survey to look for opportunitiesto enhance the employee satisfaction index.
Industrial relations continued to remain harmonious at all themanufacturing units during the year. The number of personsemployed in the Company is 419 as on date.
RESEARCH & DEVELOPMENT
Technology for well being of all is our motto. Committed R&DCenter of III which is recognized by department of Scientific&Industrial Research, Ministry of Science STechnology, exhibitsportrayal of efficient manufacture with steady augmentation .It'sa state of art, high tech R& D center having a developed panelof competent and experienced Scientists. IIL believes researchand development and it keeps functioning for research anddevelopment to improve the services and direct them towardscontentment of our valued customers. Finest techniques are theepitomes at the Ill's R&D center.
ENVIRONMENT, HEALTH & SAFETY (EHS)
The Company has a environmental policy for implementing anEnvironmental Management System (EMS) for meeting the content& purpose of organization's Environmental Policy & objectiveswhich take into account legal requirements and otherrequirements to which the organization subscribes andinformation about significant environmental aspects. It aims atuse of processes, practices, techniques, materials, products,services or energy to avoid, reduce or control the creation,emission or discharge of any type of pollutant or waste, in orderto reduce adverse environmental impacts.
Occupational Health & Safety describes the Occupational Health& Safety Management System adopted by the company, theelements of the OHSAS 18001:1999 Amendment 1:2002 standardand measures stipulated for ensuring the conformance to theOccupational Health & Safety Management System, legal &statutory requirements, continual improvement and satisfactionof interested parties (i.e. customers, suppliers, employees andpublic).
CORPORATE SUSTAINABILITY
Realizing its social responsibility, the company had started asocial welfare programme "Agla Kadam" in Punjab and Rajasthanthree years ago, where it has adopted villages to offer peoplethe basic needs of life healthcare, education, womenempowerment. It is undertaking various activities for them suchas providing books and study material to children, givingscholarships and aid for schools, providing vocational educationlike stitching, embroidery etc. to girls and ladies for self-employment, providing technical education to farmers about newand latest technologies etc to increase their yield and improvetheir income. The company aims to adopt more villages in otherparts of the country as well.
Identifying the need of information among farmers for theirupliftment, your company had also started a farmer awarenessinitiative "JAGRUKTA ABHIYAN", three years ago, where a teamof agri experts is deputed to train and help the farmers for betteragricultural practices. This campaign was very well accepted bythe farmers all across the country. This campaign is now runningin mostly all the states.
CAUTIONARY STATEMENT
Certain statements in the 'Management Discussion and Analysis'describing the Company's objectives, projections, estimates,expectations may be forward-looking and are stated as requiredby applicable securities laws and regulations. Many factors mayaffect the actual results, which would be different from whatthe Directors envisage in terms of the future performance andoutlook.
For and on behalf of the BoardInsecticides (India) Limited
Place : DelhiDate : May 25, 2010
(HARI CHAND AGGARWAL)Chairman
DIN-00577015
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(insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
REPORT ON CORPORATE GOVERNANCE
Corporate Governance is the application of best management practices, compliance of law and adherence to ethical standard to achievethe Company's objective of enhancing shareholders value and discharge of social responsibility. The Corporate Governance Structure inthe Company assigns responsibilities and entrusts authority among different participants in the Organization viz., the Board ofDirectors, Senior Management, Employees etc.The Company adopts and adheres to the best recognized corporate governance practices and continuously strives to better them. The detailsof the Corporate Governance compliance by the Company as per the Clause 49 of the Listing Agreement with Stock Exchanges are as under:
COMPANY'S PHILOSOPHYInsecticides (India) Limited (IIL) defines Corporate Governance as a process directing the affairs of the Company with integritytransparency and fairness, so as to optimize its performance and maximize the long term shareholder value in legal and ethical manner,ensuring justice, courtesy and dignity in all transactions of the Company. Your Company is committed to good Corporate Governance inall its activities and processes.The Company maintains the optimum combination of Executive and Independent Directors having rich experience in related sectors forproviding premeditated directions to the Company. The Board of Directors always endeavor to create on environment of fairness equityand transparency in transactions with the underlying objective of securing long term shareholder value, while, of the same time,respecting the right of all stakeholders.
I. BOARD OF DIRECTORS(A) Composition of Board
As on March 31, 2010, Board of the Company comprises of 8 Directors, of which three are Executive Directors and rest five areIndependent & Non-executive Directors. The composition of the Board is in conformity with Clause 49 of the Listing Agreementwith the Stock Exchanges.There is no nominee director, appointed by any Financial Institution/Bank on the Board. Non-executive Directors did not have anymaterial pecuniary relationship or transactions with the Company during the year 2009-10, which may affect their judgments inany manner. As on March 31, 2010, the composition of the Board of Directors was as under:
s.No.
1
2
3
4
5
6
7
8
Directors
Mr. Hari Chand Aggarwal
Mr. Rajesh Aggarwal
Mr. Sanjeev Bansal
Mr. Navneet Goel
Mr. Rajender Pershad Gupta
Mr. Gopal Chandra Agarwal
Mr. Navin Shah
Mr. Anil Kumar Singh
Category
Chairman
Managing Director
Whole-time Director
Independent & Non-executive Director
Independent & Non-executive Director
Independent & Non-executive Director
Independent & Non-executive Director
Independent & Non-executive Director
No. of Outside Directorship
Companies
None
None
None
None
None
1
None
1
Committees
None
None
None
None
None
None
None
None
(B) Information as required under Clause 49(vi) of the Listing Agreement in respect of Directors being re-appointed forms partof the notice of the ensuing Annual General Meeting.
(C) Non-executive Directors' DisclosuresAll sitting fees paid to Independent & Non-executive Directors, has fixed by the Board of Directors.No stock options were granted to Independent & Non-executive Directors during the year under review.
(D) Meetings and Attendance of the BoardDuring the financial year 2009-10, 5 (Five) board meetings were held. The dates on which the said meetings were held are asfollows:
Month
April
June
July
October
January
Date
April 24
June 23
July 29,
October
January
, 2009
, 2009
2009
31, 2009
30, 2010
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
The Last Annual General Meeting of your Company was held on August 12, 2009.None of the Directors of the Board serve as members of more than 10 committees nor do they chair more than 5 committees as perthe requirements of the Listing Agreement.The attendance of each director at these meetings is as follows:
S. No.12
3
4
5
6
7
8
MembersMr. Had Chand AggarwalMr. Rajesh AggarwalMr. Sanjeev BansalMr. Rajender Pershad GuptaMr. Navneet GoelMr. Gopal Chandra AgarwalMr. Navin ShahMr. Anil Kumar Singh
No. of Board Meetings Attended5
5
4
5
5
5
3
4
AGM held on August 12, 2009 AttendedYesYesNoYesYesYesYesYes
(E) Information supplied to the BoardIn terms of quality and importance, the information supplied by management to the Board of Insecticides (India) Ltd. is farahead of the list mandated under Clause 49 of the Listing Agreement.
(F) Review of Legal Compliance ReportsDuring the year, the Board periodically reviewed compliance reports with respect to the various laws applicable to the Company,as prepared and placed before it by the Management.
(G) Code of Conduct(i) The Board of Directors has laid down Code of Conduct for all Board Members and Senior Management of the Company. The
copies of Code of Conduct as applicable to the Executive Directors (including Senior Management of the Company) andIndependent & Non-executive Directors have been sent to all the Directors and Senior Management Personnel. The Code ofConduct is available on the Company's website www.insecticidesindia.com and copy of the Code of Conduct can beinspected at the Registered Office of the Company during the business hours.
(ii) All the members of the Board of Directors and Senior Management personnel have affirmed compliance with the Code ofConduct as applicable to them during the year ended March 31, 2010. The annual report of the Company contains certifi-cate duly signed by the Managing Director.
(H) Relationship among the DirectorsSl.No.12
3
Name of DirectorsMr. Hari Chand AggarwalMr. Rajesh AggarwalMr. Sanjeev Bansal
Relationship with other DirectorsFather of Mr. Rajesh Aggarwal and Father in law of Mr. Sanjeev BansalSon of Mr. Hari Chand Aggarwal and Brother in law of Mr. Sanjeev BansalSon in law of Mr. Hari Chand Aggarwal and Sister's husband of Mr. Rajesh Aggarwal
(I) Insider Trading PolicyPursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, theCompany has adopted Code of Conduct for Prevention of Insider Trading. The Company inter alia, observe closedperiod of trading, prohibition on dealing, communicating or counseling and policy on disclosure as well.
II. AUDIT COMMITTEEThe Board has established an Audit Committee.(A) Qualified and Independent Audit Committee
The Company complies with the provisions of Section 292A of the Companies Act, 1956 as well as Clause 49 of the ListingAgreement pertaining to the Audit Committee. Its composition and functioning is as under:i) The Audit Committee consists of the three directors as members and all of them are independent directors.ii) All members of the committee are financially literate and present Chairman Mr. Navneet Goel is having the requisite
financial management expertise.iii) The Chairman of the Audit Committee is an independent director.iv) The Chairman of the Audit Committee was present at the last Annual General Meeting held on August 12, 2009.v) The Statutory Auditors including his representatives and such other person and official of the Company are invited to
attend the Audit Committee meetings as and when required,vi) The Company Secretary & Compliance Officer acts as the Secretary to the Committee.
(B) Meeting of the Audit CommitteeDuring the year under review, the Audit Committee was reconstituted from time to time. During the last financial year, theAudit Committee met Five times: April 24, 2009, June 23, 2009, July 29, 2009, October 31, 2009 and January 30, 2010.
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insecticides INSECTICIDES (INDIA) LIMITED(INDIA) LIMITED
The Audit Committee Meetings were held at the Registered Office of the Company. The proper quorum was present in all theAudit Committee Meetings held during the year.The composition of the Audit Committee and number of meetings attended by the Members are given below:
Name of MemberMr. Navneet GoelMr. Rajender Pershad GuptaMr. Gopal Chandra Agarwal
Composition of the Audit CommitteeChairmanMemberMember
Number of meetings attended5
5
5
(C) Powers of Audit Committeei) To investigate any activity within its terms of reference.ii) To seek information from any employee.iii) To obtain outside legal or other professional advice.iv) To secure attendance of outsiders with relevant expertise, if it considers necessary.
(D) Role of Audit CommitteeThe role of the Audit Committee includes the following:• Review of the Company's financial reporting process, the financial statements and financial / risk management poli-
cies.• Recommend the Board on appointment / re-appointment of statutory auditors and fixation of audit fee and other fees
to auditors.• Review of the adequacy of the internal control systems in the Company.• Review of the internal audit report.• Discussions with management of the external auditors, the audit plan for the financial year and joint post-audit
review of the same.• Review of the quarterly and annual financial statements before submission to the Board.• Disclosure of contingent liabilities• Review the quarterly and half yearly financial results and the annual financial statements before they are submitted
to the Board of Directors.• Review of compliance with Listing Agreement and various other legal requirements concerning financial statements
and related party transactions• To carry out any of the functions contained in the Corporate Governance Clause of the Listing Agreement.
(E) Review of information by Audit CommitteeThe Audit Committee has reviewed the following information during the year:1. Management Discussion and Analysis of financial condition and results of operations of the Company.2. The reports of Statutory Auditors.3. The reports of Internal Audit.
III. SUBSIDIARY COMPANIESDuring the year under review, a scheme of amalgamation u/s 391/394 of the Companies Act, 1956 for amalgamation of 'AdvanceCrop Solutions Limited' a wholly owned subsidiary company with the company was approved by the Hon'ble Delhi High Court,New Delhi vide their respective order dated January 19, 2010 which came in to effect from the appointed date i'.e. April 1, 2009.There have no other subsidiary company(ies) of the Company.
IV. REMUNERATION COMMITTEEPresently, the Remuneration Committee comprises of three members Mr. Navneet Goel was the Chairman of the RemunerationCommittee and Mr. Rajender Pershad Gupta and Mr. Gopal Chandra Agarwal were other members, all of them being Independent& Non-executive Directors. During the year, the Remuneration Committee has met for discussion regarding increase of remu-neration of Chairman, Managing and other Executive Directors.The Committee is responsible for considering and approving the remuneration and commission of the Managing/ExecutiveDirectors and recommending the fees and commission payable, if any, to the Non-executive Directors.
V. INVESTORS GRIEVANCE/TRANSFER COMMITTEEPresently, the Investors Grievance/Transfer Committee comprises of three members Mr. Navneet Goel was the Chairman of theInvestors Grievance/Transfer Committee and Mr. Rajender Pershad Gupta and Mr. Gopal Chandra Agarwal were other members,all of them being Independent & Non-executive Directors.During the year under review, the committee met Eleven times to review the investors' services rendered. Members were presentat the meeting. The Company Secretary (who is also the compliance officer) was also present.
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
VI.
All physical transfers of shares as well as requests for dematerialisation/rematerialisation have been in the meeting.
During the year, 19 complain letters were received, all of which were responded to/resolved.
* AMALGAMATION COMMITTEEDuring the year, the Amalgamation Committee of the Company was constituted vide a resolution passed by the Board at itsmeeting held on April 24, 2009 with a view to give authority to deal with the concerned Statutory Authorities, to approve thescheme, to file the application, to delegate the power, to take approval from concerned Stock Exchanges and to do such acts,deeds, matters and things and to execute all such documents, deeds and other relevant writings as may be deemed necessaryand expedient for achieving the object of Amalgamation of wholly owned subsidiary company 'Advance Crop Solutions Ltd' withparent company 'Insecticides (India) Ltd.' The Committee comprises of Mr. Gopal Chandra Agarwal, as Chairman, Mr. RajeshAggarwal and Mr. Navneet Goel as Members.
During the year, the committee met six times to review the working of amalgamation proceeding. All members were present atthe meeting. The Company Secretary (who is also the compliance officer) was also present in all meetings.
Disclosures(A) Basis of related party transactions
Transactions with related parties are disclosed in notes to the accounts in detail.
(B) Disclosure of Accounting TreatmentDuring the year, there has not been changed in Accounting Policies.
(C) Risk ManagementThe Company has laid down procedures to inform the Board of Directors about the Risk Management and its minimizationprocedures. The Audit Committee and the Board of Directors review these procedures periodically.
(D) Proceeds of Initial Public IssueThe Board proposed the tentative costs and timelines related to fulfillment of objects of Issue through IPO for theapproval of the members of the Company. The details of said proposal is contained in the Explanatory Statement of Noticeof the Annual General Meeting.
Remuneration of Directors
i) Remuneration was paid to the Executive Directors during the year.
ii) Sitting fees was paid to the Non-executive Directors.
The Non-executive Directors have disclosed that they do not hold any shares and / or any convertible instruments inthe Company.
There was new appointment of Non-executive Directors on the Board of Directors of the Company during the yearunder review.
There has been no pecuniary relationship or transactions of the Non-executive Directors vis-a-vis the Company duringthe year under review.
The Register of Contracts maintained by the Company under Section 301 of the Companies Act, 1956, contains record of thetransactions entered in this register. The register is signed by all directors present in respective board meeting.
• Remuneration and Sitting Fees paid/payable to the Directors during the year 2009-10:
(E)
iii)
iv)
v)
vi)
S.No.
1.2.
3.
4.
5.
6.
7.
8.
Name of Directors
Mr. Hari Chand Aggarwal
Mr. Rajesh Aggarwal
Mr. Sanjeev Bansal
Mr. Rajender Pershad Gupta
Mr. avneet Goel
Mr. Gopal Chandra Agarwal
Mr. Navin Shah
Mr. Anil Kumar Singh
Salary & Perquisites(Rs. In Lacs)
21.07
21.07
4.69
-
-
--
Sitting fees(Rs. In Lacs)
---
0.60
0.60
0.60
0.40
0.50
Total• (Rs. In Lacs)
21.07
21.07
4.69
0.60
0.60
0.60
0.40
0.50
Notes: Salary and perquisites include all elements of remuneration i.e. salary, allowances, incentive and ben-efits. The Company has not issued any stock options to any of the directors. The term of executive directors doesnot exceed five years.
(F) Whistle Blower PolicyThe Company does not have any Whistle Blower Policy as of now but no personnel is being denied any access to the AuditCommittee.
(G) ComplianceThe Company had not adopted the non-mandatory requirements as mentioned in the Clause 49. Further, the Company has
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
also attempted to comply with the Voluntary Guidelines on Corporate Governance as prescribed by the Ministry of CorporateAffairs in December, 2009. However, all the clause prescribed there in are not followed as it is and the Company is on themode of initiating best Corprate Governance Practices in future.
(H) Managementi) Management discussion and analysis
This is given as a separate chapter in the Annual Report.ii) Warning against insider trading
Comprehensive guidelines in accordance with SEBI regulations are in place. The Code of Conduct and CorporateDisclosure Practices framed by the Company have helped in ensuring Compliance with the requirements.
(I) Other informationi) CEO and CFO Certification
The Managing Director (CEO) and Asst. Manager (Accounts) have certified to the Board of Directors of the Company that:a) They have reviewed financial statements and the cash flow statement for the year and that to the best of their
knowledge and belief:i) These statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;ii) These statements together present a true and fair view of the Company's affairs and are in compliance with
existing accounting standards, applicable laws and regulations.b) There are, to the best of their knowledge and belief, no transactions entered into by the Company during the year
that are fraudulent, illegal or violate the Company's Code of Conduct.c) They accept responsibility for establishing and maintaining internal controls for financial reporting and that
they have evaluated the effectiveness of internal control systems of the Company pertaining to financial report-ing and they have disclosed to the Auditors and Audit Committee, deficiencies in the design or operation of suchinternal controls, if any, of which they are aware and the steps they have taken or propose to take to rectifythese deficiencies.
(d) They have indicated to the auditors and the Audit Committee(i) significant changes in internal control over financial reporting during the year;(ii) significant changes in accounting policies during the year and that the same have been disclosed in the
notes to the financial statements; and(iii) instances of significant fraud of which they have become aware and the involvement therein, if any, of the
management or an employee having a significant rote in the company's internal control system over financialreporting.
The other information on Corporate Governance Report for the benefit of shareholders is as under:
GENERAL BODY MEETINGSLocation and time of General Meetings held in the last 3 years:
Year
2007
2008
2009
Type
AGM -
AGM
AGM
Date
Saturday,September 29, 2007
ThursdayAugust 14, 2008
WednesdayAugust 12, 2009
Venue
JD Farm House (RP Jain Charitable Institute), Alipur Narela Road,Holombi Kalan, Delhi-110036
Shalimar Palace, Main Road, Burari, Delhi-110084
M.P.C.U. Shah Auditorium, Civil Lines, Delhi-110054
Time
9.30 A.M.
9.30 A.M.
11.00 A.M.
The special resolution was not passed in the Annual General meeting 2007, 2008 and 2009 respectively. Neither special nor ordinaryresolution was passed through Postal Ballot during the previous Three Annual General Meeting. During the financial year 2010-11,the postal ballot u/s 293 (l)(a) & 293(l)(d) of the Companies Act, 1956 proposed by the Company for approval of the members ofthe Company.
Means of Communication(i) website: The Company's official news and other important investor related information are periodically displayed and updated
on the Company's website; viz. www.insectiddesindia.com(ii) Presentation made to institutional investors or to the analysts: Not Applicable.Details of Capital Market Non-compliance, if anyThere has been no non-compliance by the Company of any legal requirements, nor has there been any penalty, stricture imposed onthe Company by any Stock Exchange, SEBI or any Statutory Authority on any matter related to capital market during the year.
13th Annual Report 2009-10 | 18
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
Communication to Shareholders
Quarterly, half-yearly and annual financial results have been published in numerous leading dailies, such as Economic Times(English), Economic Times (Hindi), Business Standard (English) & Business Standard (Hindi) and other magazines related capital
markets along with the official press release.
Report on Corporate GovernanceThis chapter, read together with the information given in the chapters on Management Discussion & Analysis and Additional
Shareholders Information, constitute the compliance report on Corporate Governance.
Auditors' Certificate on Corporate Governance
The Company has obtained the certificate from its statutory auditors regarding compliance with the provisions relating to Corporate
Governance laid down in Clause 49 of the Listing Agreement. This certificate is annexed to the Directors' Report and will be sent to
the Stock Exchanges along with the Annual Report to be filed by the Company.
GENERAL SHAREHOLDERS INFORMATION
Annual General Meeting:
(i) Date, Time and Venue
(ii) Financial Year(iii) Financial Calendar 2010-11
Un-audited first quarter financial results
Un-audited second quarter financial results
Un-audited third quarter financial results
Audited annual results
Annual General Meeting
(iv) Dividend
(v) Date of Book Closure
(vi) Payment of Dividend
(vii) Listing of Equity Shares on StockExchanges and payment of Listing Fee
(viii) Stock Code
(ix) ISINNo.
(x) Registrars and Share Transfer Agents
(xi) Share Transfer System
(xii) Dematerialisation and
Re-materialisation of shares
Monday, August 23, 2010
11.30 A.M., M. P. C. U. Shah Auditorium, Civil Lines, Delhi - 110 054
April 01, 2009 to March 31, 2010
Second week of August, 2010
Second week of November, 2010
Second week of February, 2011
Last week of May, 2011
August, 2011
The Board of Directors have proposed a dividend of Rs. 2/- per equity share
for the financial year 2009-10, subject to approval by the shareholders in
the ensuing Annual General Meeting.
August 16, 2010 to August 23, 2010 (Both days inclusive)
Dividend will be paid with in 30 days from the date of declaration through
account payee/non-negotiable instruments or through the electronic
clearing service (ECS), as notified by the SEBI through the Stock Exchanges.
Bombay Stock Exchange Ltd. (BSE)
P.J. Towers, Dalai Street, Mumbai - 400 001
The National Stock Exchange of India Ltd. (NSE)"Exchange Plaza", Bandra Kurla Complex, Bandra(E), Mumbai - 400 051
Annual listing fee for the year 2009-10, has been paid by the Company to
BSE and NSE.
Annual custodian charges of Depository have also been paid to NSDL and CDSL
532851-Bombay Stock Exchange Ltd.
INSECTICID- The National Stock Exchange of India Ltd.
During the year under review, the Company was received the new Scrip
ID "INSECTCID" from Bombay Stock Exchange Ltd. and new Symbol
"INSECTICID" from The National Stock Exchange of India Ltd.
INE 070101018Alankit Assignments Limited
(Unit: Insecticides (India) Limited)
Alankit House, 2E/21, Jhandewalan Extension, New Delhi - 110 055
Tel No. (Oil) 4254 1234/2354 1234 Fax No. (Oil) 4254 1967Email: rtaOalankit.com
Shares lodged for transfer at the Registrar's address are normally processed
and approved by Investors Grievance/Transfer Committee as and when required.
During the year under review, 412 shares were re-mataterialised.
13th Annual Report 2009-10 | 19
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
(xiii) Share held in physical and electronic mode as on March 31, 2010
Particulars
Physical
No. of Shares
920174
% to Total Shareholding
7.26
Demat:
NSDL
CDSL
Sub-Total
Total
10762714
1000078
11762792
12682966
84.86
7.88
92.74
100.00
(xiv) Stock Market Data & Share price performance in comparison to board based indies
a) III vs BSE SENSEX
b) IIL vs NSE NIFTY
Month IILHigh Low
SensexHigh Low
2009AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
43.3063.0078.7572.7568.9086.8089.7097.2096.50
34.0037.2544.5055.2558.0566.0074.1076.2584.35
11492.1014930.5415600.3015732.8116002.4617142.5217493.1717290.4817530.94
9546.29
11621.30
14016.95
13219.99
14684.45
15356.72
15805.20
15330.56
16577.78
2010JanuaryFebruaryMarch
104.8597.80
133.00
83.0585.2084.20
17790.3316669.2517793.01
15982.08
15651.99
16438.45
Month IIL
High Low
Nifty
High Low
2009
April
May
June
July
August
September
October
November
December
43.70
64.40
78.95
72.90
67.90
87.30
90.00
97.40
96.75
33.70
35.25
48.30
55.20
57.00
65.55
74.05
77.00
86.60
3517.25
4509.40
4693.20
4669.75
4743.75
5087.60
5181.95
5138.00
5221.85
2965.70
3478.70
4143.25
3918.75
4353.45
4576.60
4687.50
4538.50
4943.95
2010
January
February
March
104.50
100.00
133.40
84.00
86.35
88.05
5310.85
4992.00
5329.55
4766.00
4675.40
4935.35
(Source: BSE & NSE website)
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INSECTICIDES (INDIA) LIMITED
Stock Trends during the year (At a Glance)
(insecticides(INDIA) LIMITED
-125
.94.8
£4.6
Apr IMay Jun Uul Aug 'Sep lOct Nov iDec Jan iFeb I Mar
2087 - ._„. -'2008.. __ . . _ _ .2Q09. . ..— — —-"-"
Insecticides India
(xv) Distribution of ShareholdingsShare Ownership Pattern as on March 31, 2010
BSE
Category
Promoter and Promoter Group
Mutual Funds
Banks / Financial Institutions-IFCI
FIIs
NRIs / Foreign Nationals
Corporate Bodies
Indian Public
TOTAL
No. of shares held
9472700
6946
10
Nil
26845
944632
2231833
12682966
% of Shareholding
74.69
0.05
0.00
Nil
0.21
7.45
17.60
100.00
Top 10 Shareholders as on March 31, 2010
Name of Shareholder
Mr. Rajesh Aggarwal
Ms. Pushpa Aggarwal
Rajesh Aggarwal (HUF)
Hari Chand Aggarwal (HUF)
Ms. Nikunj Aggarwal
Mr. Hari Chand Aggarwal •
Master Sanskar Aggarwal
Isec Organics Ltd.
Kinetic Investments Private Limited
Kritika Aggarwal
No. of shares Held
3528600
1434600
1302000
996000
750000
615600
601200
169700
135519
75000
% to total Shareholing
27.82
11.31
10.27
7.85
5.91
4.85
4.74
1.34
1.07
0.59
13th Annual Report 2009-10 | 21
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
Sharholding Pattern by Size
Category (No. of Shares)
1 - 100
101 - 500
501 - 1000
1001 - 5000
5001 - 10000
10001 - 20000
20001 - 30000
30001 - 40000
40001 - 50000
50001 - 100000
100001 - 500000
500001 - Above
Total
Holders
4794
2863
700
271
36
23
6
2
None
3
2
8
8708
Shares Held
257839
752656
529030
609484
248943
334882
153191
69900
None
193822
305219
9228000
12682966
% age
2.03
5.93
4.17
4.81
1.96
2.64
1.21
0.55
None
1.53
2.41
72.76
100.00
(xiii) Outstanding GDRs / ADRs / Warrants or any convertible instruments, conversion date and likely impact on equityThe company has not issued any GDRs / ADRs / Warrants or any convertible instruments.
(xiv) Secretarial AuditDuring the year under review, the Company has conducted the secretarial audit on every quarter basis by a law firm M/sCorporate Professionals (I) Private Limited having its office at D-28, South Exten., Part-I, New Delhi-110 049.
(xv) Plant locations• E - 442, RIICO Industrial Area,
Chopanki, (Bhiwadi) - 301 707 (Raj.)
. E - 443 - 444, RIICO Industrial Area,Chopanki, (Bhiwadi) - 301 707 (Raj.)
• SIDCO, Industrial Growth Centre,Post & Dist. Samba (J & K)
(xvi) Address for correspondenceInvestors and Shareholders can correspond with the registered office of the Company at the following address:The Company Secretary & Compliance OfficerInsecticides (India) Limited401-402, Lusa Tower,Azadpur Commercial Complex,Delhi - 110 033Tel No. (Oil) 2767 9700 - 04Fax No. (Oil) 2767 1617Email - investorOinsecticidesindia.com
DECLARATION BY CHIEF EXECUTIVE OFFICER (CEO)
I, Rajesh Aggarwal, Managing Director of Insecticides (India) Limited hereby declare that all the board members and seniormanagerial personnel have affirmed for the year ended on March 31, 2010 compliance with the code of conduct of the Company laiddown for them.
Place : DelhiDate : May 25, 2010
(RAJESH AGGARWAL)Managing Director
DIN-00576872
13th Annual Report 2009-10 | 22
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INSECTICIDES (INDIA) LIMITED '. I^Jinsecticides(INDIA) LIMITED
CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE
The MembersInsecticides (India) Limited401-402, Lusa Tower,Azadpur Commercial Complex,Delhi - 110 033
We have examined the compliance of conditions of Corporate Governance by Insecticides (India) Limited, for the year ended March31, 2010, as stipulated in Clause 49 of the Listing Agreement of the said Company with Stock Exchanges.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination has been limited areview of the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of theCorporate Governance as stipulated in the said Clause, it is neither an audit nor an expression of opinion on the financial statementsof the Company.
In our opinion and to the best of out information and according to the explanations given to us and the representations made by theDirectors and management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated inClause 49 of the above mentioned Listing Agreement.
We further state that such compliance is neither as assurance as to the future viability of the Company nor the efficiency oreffectiveness with which the management has conducted the affairs of the Company.
For MOHIT PAREKH & CO.Chartered Accountants
Place : Delhi MOHIT A. PAREKHDate : May 25, 2010 Proprietor
M.NO.-81069Firm Regn. No. - 002067N
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
AUDITORS' REPORT
To,The Members of INSECTICIDES (INDIA) LTD.
We have audited the attached Balance Sheet of INSECTICIDES(INDIA) LTD. as at March 31, 2010 and also the Profit and LossAccount for the year ended on that date and the Cash FlowStatement for the year ended on that date annexed thereto.These financial statements are the responsibility of the Company'smanagement. Our responsibility is to express an opinion onthese financial statements based on our audit.
1. We conducted our audit in accordance with auditingstandards generally accepted in India. Those standardsrequire that we plan and perform the audit to obtainreasonable assurance about whether the financial statementsare free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used andsignificant estimates made by management, as well asevaluating the overall financial statement presentation.We believe that our audit provides a reasonable basis forour opinion.
2. As required by the Companies (Auditor's Report) Order, 2003and as amended by the Companies ( Auditor's Report)(Amendment) Order, 2004 issued by the Central Governmentof India in terms of sub-section (4A) of Section 227 of theCompanies Act, 1956, we enclose in the Annexure astatement on the matters specified in paragraphs 4 & 5 ofthe said order.
3. Further to our comments in the Annexure referred to inparagraph 2 above, we report that:a) We have obtained all the information and explanations,
which to the best of our knowledge and belief werenecessary for the purposes of our audit-
fa) In our opinion, proper books of accounts as requiredby law have been kept by the Company so far asappears from our examination of those books;
c) The Balance Sheet, Profit and Loss account and CashFlow Statement dealt with by this report are inagreement with the books of accounts;
d) In our opinion, the Balance Sheet, Profit & LossAccount & Cash Flow Statement comply withaccounting standards referred to in sub-section 3(C)of Section 211 of the Companies Act, 1956 ;
e) On the basis of written representations received fromthe directors of the Company, as on March 31,2010and taken on records by the Board of Directors, wereport that none of the directors of the Company aredisqualified as on March 31,2010 from being appointedas directors in terms of clause (g) of sub-section (1)of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information andexplanations given to us, the said accounts readtogether with Significant Accounting Policies andNotes to Accounts give the information required underthe Companies Act, 1956 in the manner so requiredand give a true and fair view in conformity with theaccounting principles generally accepted in India:i) In so far as relates to the Balance sheet, of the
state of affairs of the Company as at March 31,2010;
ii) In so far as relates to the Profit and Loss account,of the Profit for the year ended March 31, 2010;and
iii) In so far as relates to the Cash Flow Statement, ofthe Cash Flows for the year ended March 31, 2010.
For MOHIT PAREKH & CO.Chartered Accountants
PlaceDate
DelhiMay 25, 2010
MOHIT A. PAREKHM.No.- 81069
Firm Regn. No. - 002067N
13th Annual Report 2009-10 | 24
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INSECTICIDES (INDIA) LIMITED (insecticides(INDIA) LIMITED
ANNEXURE TO AUDITOR'S REPORT REFERRED TO IN PARAGRAPH2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OFINSECTICIDES (INDIA) LIMITED, ON THE ACCOUNTS FOR THEYEAR ENDED ON MARCH 31, 2010
1. In respect of its Fixed Assets
a. The Company has maintained proper records showingMl particulars including quantitative details andsituation of fixed assets on the basis of availableinformation.
b. As explained to us, the Fixed Assets have beenphysically verified by the management during the yearin a phased periodical manner, which in our opinion isreasonable, having regard to the size of the Companyand nature of its assets. No material discrepancies werenoticed on such physical verification.
c. During the year, the Company has not disposed offsubstantial part of fixed assets and the going concernstatus of the Company is not affected.
2. In respect of its Inventories
a. As explained to us, the inventories have been physicallyverified by the management at regular intervals duringthe year.
b. In our opinion and according to the information andexplanations given to us, the procedures of physicalverification ofinventori.es followed by the managementare reasonable and adequate in relation to the size ofthe Company and the nature of its business.
c. The Company has maintained proper records ofinventories. As explained to us, there was no materialdiscrepancies noticed on physical verification ofinventory as compared to the book records.
3. (a) The Company has obtained secured/unsecured loansfrom the Companies, Firm (s) or other parties coveredin the register maintained u/s 301 of the CompaniesAct, 1956. The rate of interest and other terms andconditions are prima facie not prejudicial to the interestof the Company.
(b) The Company has not granted loans any secured orunsecured to the Companies, Firm (s) or other partiescovered in the register maintained u/s 301 of theCompanies Act, 1956.
4. In our opinion and according to the information andexplanations given to us, there are adequate internal controlprocedures commensurate with the size of the Company andthe nature of its business for the purchase of inventory,fixed assets and also for the sale of goods. During the courseof our audit, no major weaknesses have been noticed ininternal controls.
5. In respect of transactions covered under Section 301 ofthe Companies Act. 1956
a. In our opinion and according to the information andexplanations given to us, the transactions made inpursuance of contracts or arrangements, that neededto be entered into in the register maintained u/s 301of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information andexplanations given to us, the transactions made inpursuance of contracts or arrangements entered in theregister maintained under Section 301 of the CompaniesAct, 1956 and exceeding the value of Rs. Five Lacs inrespect of any party during the year have been madeat prices which are reasonable having regard toprevailing market price at relevant time.
6. The Company has complied with the provisions of Sections58A & 58AA or any other relevant provisions of theCompanies Act, 1956 and the Companies (Acceptance ofDeposits) Rules, 1975 with regard to the deposits acceptedfrom the public in earlier year(s). According to theinformation and explanations given to us, no order has beenpassed by the Company Law Board or National CompanyLaw Tribunal or RBI or any other Tribunal on the Companyin respect of the aforesaid deposits.
7. In our opinion, the internal audit system of the Company iscommensurate with the size and nature of its business.
8. We have been informed that the Central Govt. has prescribedmaintenance of cost records under Section 209(l)(d) ofthe Companies Act, 1956. We have test checked / reviewedthe accounts and records of the Company in this connectionand are of the opinion, that prima facie, the prescribedaccounts and records have been made and maintained.
9. In respect of Statutory Dues
a. According to the records of the Company, undisputedstatutory dues including Provident Fund, EmployeesState Insurance, Investor Education and ProtectionFund, Income Tax, Sales tax, Wealth Tax, Service Tax,Custom Duty, Excise Duty, Cess and other statutory dueshave been generally regularly deposited with theAppropriate Authorities.
b. According to the information and explanations givento us, no undisputed amounts payable in respect ofthe aforesaid dues were outstanding as at March 31,2010 for a period of more than six months from thedate of becoming payable.
c. According to the records of the Company, the disputedstatutory dues aggregating to Rs.279.33 Lacs that havenot been deposited on account of disputed matterpending before Appropriate Authorities are as under:
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Rinsecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
s.No.
1.2
3.
Name of the Statute
Central Excise Act, 1944
Central Excise Act, 1944
Service Tax Act,1994
Nature of Dues
Excise Duty
Excise Duty
Service Tax
Forum where dispute is pending
Appellate Tribunal - New Delhi
Appellate Tribunal - New Delhi
Commissioner Appeal - Gurgaon
Amount(Rs. In Lacs)
75.67
161.72
41.94
10. The Company has no accumulated losses and has not incurredany cash losses during the financial year covered by ouraudit or in the immediately preceding financial year.
11. Based on our audit procedures and according to theinformation and explanation given to us, we are of theopinion that the Company has not defaulted in repaymentof dues to financial institutions or banks.
12. In our opinion and according to the explanations given tous and based on the information available, the Companyhas not granted loans and advances on the basis of securityby way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a Chit fund or a Nidhi/Mutual Benefit Fund/Society. Therefore the provisions ofClause 4(xiii) of the Companies (Auditor's Report) Order,2003 are not applicable to the Company.
14. In our opinion and according to the information andexplanations given to us, the Company is not a dealer ortrader in shares, securities, debentures and otherinvestments.
15. According to the information and explanations given to us,the Company has not given any guarantees for loans takenby others from banks or financial institutions.
16. The Term Loans have been applied for the purpose for whichthey were raised.
17. According to the information and explanations given to usand on an overall examination of the Balance Sheet of theCompany, we are of the opinion that there are no fundsraised on short-term basis that have been used for LongTerm Investment and similarly no funds raised on Long-Term basis that have been used to finance Short-Term Assetsexcept core working capital.
18. During the year, the Company has not made any preferentialallotment of shares to parties, firms and companies coveredin the Register maintained under Section 301 of theCompanies Art, 1956.
19. During the year, the Company has not created securities inrespect of debentures issued.
20. The Company has not raised money by way of public issueduring the year.
21. In our opinion and according to the information andexplanations given to us, no fraud on or by the Companyhas been noticed or reported during the year that causesthe financial statements to be materially misstated.
For MOHIT PAREKH & CO.Chartered Accountants
PlaceDate
DelhiMay 25, 2010
MOHIT A. PAREKHProprietor
M.No.- 81069Firm Regn. No. - 002067N
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INSECTICIDES (INDIA) LIMITED insecticides
BALANCE SHEET AS AT MARCH 31, 2010
Schedule No.
I. SOURCES OF FUNDS1. Shareholder's Fund
a) Share Capital 1b) Reserve & Surplus 2
2. Loan Funda) Secured Loans 3b) Unsecured Loans 4
3. Deferred Tax Liability
TOTAL
II. APPLICATION OF FUNDS1. Fixed Assets
Gross Block 5Less: Depredation
Net BlockCapital Work In Progress
2. Investments 63. Current Assets, Loans & Advances
a) Inventories 7b) Sundry Debtors 8c) Cash & Bank Balances 9d) Other Current Assets 10e) Loans & Advances 11
Less : Current Liabilities & Provisionsa) Current Liabilities • 12b) Provisions 13
NET CURRENT ASSETS4. Miscellaneous Expenditure 14
(To the extent not written off or adjusted)
TOTAL
Notes on Accounts & 24Significant Accounting Policies
1268.3011353.22
2179.5310.22
2921.67(371.07)
2550.60708.41
11808.356340.59867.23
2461.901126.18
22604.25
10509.651235.62
11745.27
Figures As AtMarch 31, 2010
(Rs. In Lacs)
12621.52
2189.75
168.11
14979.38
3259.01
499.62
1268.308813.45
1370.659.13
2739.44(286.23)
2453.2175.04
9633.543315.49
327.151391.84840.72
(INDIA) LIMITED
Figures As AtMarch 31, 2009
(Rs. In Lacs)
10081.75
1379.78
139.83
11601.36
2528.25
1717.24
15508.74
10858.98361.77
14979.38
7491.911032.77
8524.68
6984.06371.81
11601.36
The Schedules referred to above form an integral part of these Accounts.Auditors Report FOR AND ON BEHALF OF THE BOARDAs per our separate report of even date appended herewith.
For MOHIT PAREKH & COMPANYChartered Accountants
(MOHIT A PAREKH)ProprietorM.NO.-81069Firm Regn. No. -002067N
HARI CHAND AGGARWALChairman (DIN-00577015)
SANJEEV BANSALWhole-time Director(DIN-01102006)
RAJESH AGGARWALManaging Director (DIN-00576872)
PANKAJ GUPTACompany Secretary
PlaceDate
DelhiMay 25, 2010
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED ON MARCH 31, 2010
Schedule No.For the year Ended
March 31, 2010(Rs. In Lacs)
For the year EndedMarch 31, 2009
(Rs. In Lacs)INCOMESales -15Interest Income 16Miscellenous Income . 17Increase/ Decrease in Stocks 18
TOTAL (A)
EXPENDITUREFinished Goods Purchased for TradingExcise Duty (Net)Research & Development ExpensesRaw Material Consumed/Sold 19Manufacturing Expenses 20Selling & Distribution Expenses 21Administrative & General Expenses 22Financial Charges Incurred/ (Recovered) 23Loss on Sale of Fixed AssetsDepreciation 5Preliminary Expenses Written off 14
TOTAL (B)
Profit Before Tax (A-B)Less : Extra Ordinary ItemLess: Provision for Taxation
1. Current Tax2. Deferred Tax3. Short Provision of Income Tax & FBT in earlier year4. Provision for FBT
Add: Excess Provision of FBT in earlier yearProfit After TaxAdd: Exceptional Item - Actuarial Gain on Employee
BenefitsAdd: Balance brought forward from previous yearPROFIT AVAILABLE FOR APPROPRIATIONTransferred to General ReserveProposed Dividend— Equity Shares— Tax on Proposed Dividend
Balance transferred to Reserves & Surplus
Earning per share Before Exceptional Item (Basic and Diluted) -(In Rs.)Earning per share (Basic and Diluted) - (In Rs.)Notes on Accounts & Significant Accounting Policies 24
39686.8184.5543.98
1135.98
40951.32
1728.951951.06
48.5923639.183696.615216.98978.68251.6824.24
120.0113.48
37669.46
3281.86
434.0027.52
1.352821.69
5013.747783.44
211.63
253.6642.13
7276.03
22.2522.25
29448.62144.06
1.732332.73
31927.14
544.663106.66
22.6817088.113199.314107.801031.07281.62
9.73111.57
11.90
29515.11
2412.03
275.0037.96
3.5519.50
2076.02
3.313335.145414.47155.95
253.6643.11
4961.75
16.3716.39
The Schedules referred to above form an integral part of these Accounts.Auditors Report FOR AND ON BEHALF OF THE BOARDAs per our separate report of even date appended herewith.
For MOHIT PAREKH & COMPANYChartered Accountants
(MOHIT A PAREKH)ProprietorM.NO.-81069Firm Regn. No. -002067N
Place : DelhiDate : May 25, 2010
HARI CHAND AGGARWALChairman (DIN-00577015)
SANJEEV BANSALWhole-time Director(DIN-01102006)
RAJESH AGGARWALManaging Director (DIN-00576872)
PANKAJ GUPTACompany Secretary
13th Annual Report 2009-10 | 28
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED ON MARCH 31, 2010
CURRENT YEAR(Rs. In Lacs)
PREVIOUS YEAR(Rs. In Lacs)
A. CASH FLOW FROM OPERATING ACTIVITIES &EXTRA ORDINARY ITEMS
Net Profit before Tax
AddDepreciation 120.01
Preliminary Expenses Written Off 13.48
Loss on Sale of Investment/ Fixed Assets 24.24
Interest & Financial Charges 251.68
DeductInterest Income (84.55)
Other Income (43.98)
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
Add/(Less) : Increase/Decrease in Working Capital
(Increase)/Decrease in Trade Receivables (3025.10)
(Increase)/Decrease in Inventories (2174.81)
(Increase)/Decrease in Other Current Assets (1220.67)
Increase/(Decrease) in Sundry Creditors 3131.77
Increase/(Decrease) in Statutory Dues and 53.41Expenses Payable
Increase/(Decrease) in Other Current Liabilities (167.76)
Adjustments for:Interest & Financial Charges paid
Direct Tax Paid (Including Tax Deducted at Souce)
Preliminary Expenses Incurred
Net Cash Effected Due To Merger
Net Cash from /(used in) Operating Activities
3281.86
280.88
3562.74
(3403.16)
(251.68)
(360.53)
(3.19)
11.48
(444.34)
111.57
11.90
9.73
281.62
(144.06)
(1.72)
(184.33)
(3550.19)
331.29
737.16
(105.93)
1261.98
2412.03
269.04
2681.07
(1510.02)
(281.62)
(276.65)
612.78
B. CASH FLOW FROM INVESTING ACTIVITIES
Addition to Fixed Assets
Proceeds from sale of Fixed Assets
Interest Income
Other Income
Maturity of Investment in Shares / Units etc.
Net Cash from /(used in) Investing Activities
(899.58)
24.64
84.55
43.98
1217.63
471.22
(660.65)
16.84
144.06
1.72
120.65
(377.38)
13th Annual Report 2009-10 | 29
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital
Increase/(Decrease) in Secured Loans
Increase/(Decrease) in Unsecured Loans
Dividend Paid/ Payable
Distribution Tax Paid/Payable
Net Cash from /(used in) Financing Activities
NET INCREASE/(DECREASE) IN CASH ANDCASH EQUIVALENTS(A + B + C)
Cash & Cash Equivalents at the beginning of the year(Opening Balance)
Cash & Cash Equivalents at the end of the year(Closing Balance)
808.87
1.10 809.97
(253.66)
(43.11)
513.20
540.08
327.15
867.23
540.08
(85.55)
(30.60) (116.15)
(190.25)
(32.33)
(338.73)
(103.33)
430.47
327.14
(103.33)
NOTES:-
1 The cash flow statement has been prepared under the "Indirect Method" as set out in the Accounting Standard -3 Cash FlowStatement issued by the Institute of Chartered Accountants of India.
2 Previous year's figures have been re-classified to confirm with the current year's presentation, where applicable.
This is a Cash Flow Statement referred to in our report of even date
FOR AND ON BEHALF OF THE BOARD
For MOHIT PAREKH & COMPANYChartered Accountants
(MOHIT A PAREKH)ProprietorM.NO.-81069Firm Regn. No. -002067N
Place : DelhiDate : May 25, 2010
HARI CHAND AGGARWALChairman (DIN-00577015)
SANJEEV BANSALWhole-time Director(DIN-01102006)
RAJESH AGGARWALManaging Director (DIN-00576872)
PANKAJ GUPTACompany Secretary
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
SCHEDULES ANNEXED TO AND FORMING PART OF BALANCE SHEET
Figures As AtMarch 31, 2010
(Rs.In Lacs)
Figures As AtMarch 31, 2009
(Rs. In Lacs)
SCHEDULE -1; SHARE CAPITALAuthorised15000000 Equity Shares of Rs. 10/- Each(Previous year 15000000 Equity Shares) •
Issued, Subscribed & Paid-up12682966 Equity Shares of Rs. 10/- Each (Including1550500 Equity Shares of Rs. 10/- Each issued as Bonusin the ratio of 1:5 in earlier year)(Previous year 12682966 Equity Shares)
TOTAL
SCHEDULE-2 ; RESERVE AND SURPLUSA. General Reserve
As per last Balance SheetAdd: Transferred from Profit & Loss Account
B. Transferred from Profit & Loss A/cAdd: Amount transferred from Wholy OwnedSubsidiary Company on Merger
C. Share Premium Account
TOTAL (A+B+C)
SCHEDULE-3; SECURED LOANSA. LOAN FROM BANKS
(Secured by a first pan passu charge on Plant and Machinary,Stocks, Book Debts ,Factory Land & Building and personalguarantee of directors & against hypothecation of .vehicles)Punjab National Bank -DelhiPunjab National Bank- Delhi (For Samba Unit)City Bank N.A (DELHI) - Demand LoanStandard Chartered Bank Buyer's Credit (C.C.Limit)Punjab National Bank - Car LoanStandard Chartered Bank- Jammu (Demand Loan )Union Bank of India - Car LoanICICI Bank - Car LoanAllahbad Bank - Car Loan
B. Gujarat Industrial Development Corp.(Against Hypothecation of Ind. Land at Dahej, Gujarat)
TOTAL
SCHEDULE-4 ; UNSECURED LOANSOthers/ Body Corporate
TOTAL
1500.00
1268.30
1268.30
328.19211.63
539.82
7276.0319.22
7295.25
3518.15
11353.22
488.26699.51500.39
72.96401.38
5.333.678.03
2179.53
10.22
10.22
1500.00
1268.30
1268.30
172.24155.95
328.19
4961.75
4961.75
3523.51
8813.45
238.41409.31
55.9920.22
396.669.93
20.55
219.58
1370.65
9.13
9.13
13th Annual Report 2009-10 | 31
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SCHEDULE - 5 : FIXED ASSETS AND DEPRECIATION ALLOWABLE (Rs. In Lacs)
01
TOre
SI.No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Description of Asests
Air Conditioner
Soaring
Building
Building (R&D)
Chilling Plant
Car
Computer
Cooler
Cycle
Cylinder
Electric Equipment
Electric Fitting
Electricity Fitting (R&D)
EPBX
Fan
Fax Machine
Fire Extinguisher
Furniture & Fixtures
Furniture & Fixture (R&D)
Generator
Jeep
Laboratory Equipment
Laboratory Equipments (R&D)
Land
Lath Machine
Machinery (R&D)
Mobile Phone
Mobile Phone (Advance Crop)
Motor Cycles
Office
GROSS BLOCK
OpeningBalance on01.04.2009
16.49
1.35
514.81
98.75
85.93
208.57
60.65
'l.28
0.10
1.31
29.93
74.86
2.78
3.36
2.18
0.75
6.01
30.91
11.06
40.28
17.19
19.97
36.79
551.21
1.36
8.29
6.74
0.07
34.96
67.43
Addition
0.62
—
—
—
—108.55
12.44
0.54
—
0.21
2.00
0.63
—
—0.05
0.20
—
1.82
—
—
—
1.43
1.45
42.67
—
—0.92
—
8.82
5.63
Sale/Adjustment
—
—
—
—
—
70.22
6.35
0.10
0.02
—
—
—
——
0.04
—
—
0.11
—
—
—
——
—
—
—
4.23
—
2.09
—
Totalas on
31.03.2010
17.11
1.35
514.81
98.75
85.93
246.90
66.75
1.73
0.09
1.52
31.93
75.49
2.78
3.36
2.20
0.96
6.01
32.62
11.06
40.28
17.19
21.40
38.24
593.88
1.36
8.29
3.43
0.07
41.69
73.07
DEPRECIATION
OpeningBalance on
01.04.2009
2.29
0.22
51.16
4.73
5.67
47.06
20.01
0.29
0.05
0.77
2.27
10.62
0.29
0.69
0.36
0.22
0.66
6.54
1.24
4.25
4.42
2.10
3.75
—
0.08
1.57
1.31
—
8.84
2.51
For theperiod
0.81
0.05
17.20
3.30
4.08
21.65
10.60
0.08
0.01
0.23
1.49
3.58
0.13
0.16
0.10
0.04
0.29
2.00
0.70
1.91
1.63
1.01
1.81
—
0.06
0.39
0.31
—3.79
1.18
WrittenBack
—
" —
—
——
26.99
5.32
0.11
0.01
—
—
——
—
0.04
—
—0.12
—
—
—
——
—
—
—1.34
—0.82
—
Totalas on
31.03.2010
3.10
0.26
68.36
8.02
9.75
41.72
25.28
0.26
0.05
1.00
3.77
14.20
0.42
0.85
0.42
0.26
0.95
8.41
1.94
6.17
6.05
3.11
5.56
—
0.15
1.96
0.27
—
11.81
3.69
NET BLOCK
.As on31.03.2010
14.01
1.09
446.45
90.72
76.17
205.18
41.47
1.47
0.04
0.52
28.17
61.29
2.36
2.52
1.78
0.70
• 5.07
24.20
9.12
34.11
11.14
18.29
32.68
593.88
1.21
6.33
3.16
0.06
29.88
69.37
As on31.03.2009
14.19
1.14
463.65
94.02
80.25
161.51
40.64
0.99
0.05
0.54
27.66
64.25
2.49
2.67
1.82
0.53
5.35
24.37
9.82
36.02
12.77
17.87
33.04
551.21
1.28
6.72
5.43
0.07
26.12
64.92
s§«••10-io
l/lm
nom
O
mO
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SCHEDULE - 5 : FIXED ASSETS AND DEPRECIATION ALLOWABLE (Contd...)
oo<o
SI.No.
31
32
33
34
35
36
•37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Description of Asests
Office Equipments
Packing Machine
Photo State Machine
Plant & Machinery
Plant Insulation
Pipe Line & Fitting
Pollution Control Equipments
Pollution Control Equip. (R&D)
Patents & Trade Marks
Projector
Refrigerator
Scooter
Sealing Machine
Stablizer,
Storage Tank
Telephone
Transformer
Truck / Tempo
Water Cooler
Water Filter
Water Pump
Welding Machine
Weight & Measurement
Website Development
Total
CWIP
Grand Total
Previous Year Figures
GROSS BLOCK
OpeningBalance on01.04.2009
16.13
69.45
1.81
417.96
11.59
98.40
73.41
10.47
23.05
1.05
0.24
2.12
8.15
0.83
32.25
2.24
16.36
5.39
2.38
0.41
0.20
0.29
9.21
0.77
2739.51
75.04
2814.55
2205.97
Addition
0.62
3.84
—
66.26
0.10
1.25
—
—
—
0.84
0.14
—
—
—0.80
0.18
—
3.09
—
0.51
——
0.59
—
266.22
672.71
938.93
919.24
Sale/Adjustment
0.05
——
—
—
—
—
——
—
—
—
—
—
—
0.85
—
—
—
—
—
—
—
—
84.05
39.34
123.40
310.73
Totalas on
31.03.2010
16.70
73.29
1.81
484.21
11.69
99.65
73.41
10.47
23.05
1.89
0.38
2.12
8.15
0.83
33.05
1.57
16.36
8.47
2.38
0.92
0.20
0.29
9.80
0.77
2921.67
708.41
3630.08
2814.48
DEPRECIATION
OpeningBalance on01.04.2009
1.34
15.78
0.18
49.77
0.68
5.96
6.19
3.28
6.51
0.41
0.05
0.88
1.32
. 0.23
3.87
0.64
1.99
1.05
0.39
0.06
0.03
0.05
1.48
0.12
286.23
—
286.23
200.22
For theperiod
0.78
3.43
0.09
22.05
0.55
4.71
3.49
0.50
1.09
0.09
0.02
0.20
0.39
0.04
1.54
0.10
0.78
0.91
0.11
0.03
0.01
0.01
0.46
0.04
120.01
—
120.01
111.57
WrittenBack
0.05
—
—
——
—
—
—
—
—
—
—
——
—
0.35
—
—
—
—
—
—
——
35.17
—
35.17
25.57
Totalas on
31.03.2010
2.07
19.20
0.27
71.82
1.24
10.68
9.68
3.78
7.61
0.51
0.07
1.08
1.71
0.27
5.41
0.40
2.76
1.96
0.50
0.09
0.04
0.06
1.94
0.15
371.07
—
371.07
286.23
NET BLOCK
As on31.03.2010
14.64
54.09
1.54
412.39
10.45
88.98
63.73
6.69
15.44
1.38
0.31
1.03
6.44
0.56
27.64
1.17
13.60
6.51
1.88
0.83
0.16
0.23
7.86
0.62
2550.60
708.41
3259.01
2528.32
As on31.03.2009
14.79
53.68
1.62
368.19
10.91
92.44
67.22
7.19
16.54
0.64
0.19
1.23
6.82
0.60
28.38
1.60
14.37
4.33
1.99
0.35
0.17
0.24
7.72
0.66
2453.28
75.04
2528.32
200.22
m
om1/1^-*Z
v*(Do
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I insecticides(INDIA) LIMITED
SCHEDULE - 6 ; INVESTMENTS
a. In Units of Mutual Funds ( At Cost Including Interest)( Invested in Fixed Maturity & Dividend Plan) - Unquoted
b. In Fixed Deposits with PNB, New Delhi (Including Interest)c. In 100000 Equity Shares of Wholly Owned Subsidiary Company
Advance Crop Solutions Ltd. - ( At Cost) - Unquoted(Previous Year - 100000 Equity Shares)
TOTAL
SCHEDULE - 7 ; INVENTORIES
(As taken , valued & certified by the Management)Raw MaterialFinished Goods (Manufactured)Packing MaterialSemi Finished GoodsFinished Goods (Traded)
TOTAL
SCHEDULE - 8 ; SUNDRY DEBTORS
(UNSECURED AND CONSIDERED GOOD)(As certified and confimed by the Management)More than 6 monthsOthers
TOTAL
SCHEDULE - 9 : CASH & BANK BALANCES
Cash on HandBank Balances
TOTAL
SCHEDULE - 10 : OTHER CURRENT ASSETS
Prepaid ExpensesCreditors having Debit BalanceSales Tax / Entry Tax RefundableD.D. In TransitRG 23A (Raw, Packing & Technical)RG 23C Capital GoodsExcise Duty Involved in Stocks lying with the various BranchesCenvat (Capital Goods)Excise Duty Recoverable SambaExcise Duty Recoverable (02-03)Excise Duty Others
Carry Forward
Figures As AtMarch 31, 2010
(Rs. In Lacs)
499.62
499.62
4899.315580.52341.72540.64446.16
11808.35
297.886042.71
6340.59
37.14830.09
867.23
7.07967.64
21.5318.08
567.010.88
455.081.56
160.3130.98
1.66
2231.80
Figures As AtMarch 31, 2009
(Rs. In Lacs)
1121.13
586.1110.00
1717.24
3890.475265.86311.73
165.48
9633.54
170.503144.99
3315.49
46.58280.57
327.15
8.60194.48
27.9135.50
314.5225.25
385.861.55
131.8330.9890.71
1247.19
13th Annual Report 2009-10 | 34
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
Figures As AtMarch 31, 2010
(Rs. In Lacs)
Figures As AtMarch 31, 2009
(Rs. In Lacs)
Brought Forward
RG23D (Raw, Packing & Technical)Service Tax (Cenvat) Capital Goods (Gujarat)Cheque in HandInterest RecoverableService Tax (Cenvat)Advance Custom Duty (DEPB)Insurance Claim Recoverable
TOTAL
2231.80
139.7013.220.43
76.75
2461.90
1247.19
27.3576.8939.111.30
1391.84
SCHEDULE -11: LOANS & ADVANCES(UNSECURED BUT CONSIDERED GOOD UNLESS OTHERWISE STATED)Staff Advance/Travelling AdvanceOther Advances/SecuritiesAdvance Payment of Income Tax and Tax Deducted at Source
TOTAL
SCHEDULE - 12 : CURRENT LIABILITIES
For Goods (Raw Material and Packing Material)Expenses PayablePayable to othersDebtors having Credit BalanceAdvance from CustomersCheques sent for CollectionSecurity From CustomersUnclaimed Dividend (F.Y.2007-08 & 2008-09)Balance in PLAInterest Recoverable (Subject to Acceptance of Debit Notes)
TOTAL
SCHEDULE - 13 ; PROVISIONS
Provision for Income Tax (A.Y. 2010-11)Provision for Income Tax (A.Y. 2006-07)Provision for Income Tax (A.Y. 2007-08)Provision for Income Tax (A.Y. 2008-09)Provision for Income Tax (A.Y. 2009-10)Provision for FBT(A.Y. 2007-08)Provision for FBT(A.Y. 2008-09)Provision for FBT(A.Y. 2009-10)Proposed Equity DividendDistribution Tax on Proposed Equity Dividend
TOTAL
7.71260.68857.79
1126.18
7604.90183.76513.28732.79
1232.5993.03
140.821.900.036.55
10509.65
434.00--
191.43274.78
-20.1219.50
253.6642.13
1235.62
7.68109.80723.24
840.72
4473.13130.34432.39
1963.19281.8784.33
120.030.66
-5.97
7491.91
-98.77
111.31191.43275.00
19.8720.1219.50
253.6643.11
1032.77
13th Annual Report 2009-10 | 35
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
Figures As AtMarch 31, 2010
(Rs.In Lacs)
Figures As AtMarch 31, 2009
(Rs. In Lacs)
SCHEDULE -14 ; MISCELLANEOUS EXPENDITURE
(To the extent not W/Off or Adjusted)
Opening BalanceAdd : Amount incurred for Merger
Less: Written off during the year
Balance Transferred to Balance Sheet (Rs.)
371.813.20
375.0113.24
361.77
383.71
383.7111.90
371.81
For the year endedon March 31, 2010
(Rs.In Lacs)
For the year endedon March 31, 2009
(Rs. In Lacs)
SCHEDULE -15 ;SALES
Sales ( Domestic)Sales ( Export)
TOTAL
39607.7579.06
39686.81
29407.3041.32
29448.62
SCHEDULE -16 ; INTEREST INCOME
Interest on Investments with Mutual FundsInterest on FD with Bank
TOTAL
29.4055.15
84.55
89.8054.26
144.06
SCHEDULE -17 ; MISCELLENOUS INCOME
Misc. IncomeService ChargesDividend Income
TOTAL
0.5317.9125.54
43.98
0.41
1.32
1.73
SCHEDULE -18 : INCREASE /(DECREASE) IN STOCK
A. Increase/ (Decrease) in Closing Stocks of Finished(Goods Purchased for Trading Purposes)Closing StocksLess: Opening Stocks
Increase/(Decrease) in Closing Stock
B. Increase/ (Decrease) in Closing Stocks of Finished &Semi Finished Goods (Goods Produced)Closing StocksLess: Opening Stocks
Increase/(Decrease) in Closing Stock
TOTAL (A+B)
446.16165.48
280.68
6121.165265.86
855.30
1135.98
165.4853.37
112.11
5265.863045.24
2220.62
2332.73
13th Annual Report 2009-10 | 36
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insecticides(INDIA) LIMITED
SCHEDULE - 19 : RAW MATERIAL CONSUMED/SOLD
Opening StockAdd : Purchases (net)Less : Closing Stock
TOTAL
SCHEDULE - 20 : MANUFACTURING EXPENSES
Packing Material ConsumedEntry Tax /Toll TaxWages (Including PF & Bonus)Labour WelfareConveyance ExpensesFreight InwardLab. ExpensesPower & Fuel ExpensesJob WorkConsumable StoresCommission on PurchasesPollution Control ExpensesRepair & Maintenance
TOTAL
* PACKING MATERIAL CONSUMED / PACKINGEXP. INCURRED
Opening StocksAdd: Purchases/ Exp. IncurredLess: Closing Stocks
TOTAL
SCHEDULE - 21 : SELLING & DISTRIBUTION EXPENSES
Discounts & Rebates AllowedFreight OutwardBusiness Promotion ExpensesLeakage ExpensesTour & Travelling ExpensesCommission
Advertisement & Publicity ExpensesRoyaltyTesting ChargesDemonstration
Tender Fee
TOTAL
For the year endedon March 31, 2010
(Rs. In Lacs)
3890.4724648.024899.31
23639.18
2675.6418.82
176.5016.84
8.11482.65
15.7885.0152.0395.68
1.8019.4148.34
3696.61
311.732705.63341.72
2675.64
3050.11900.94540.82
1.43230.78307.39
93.9486.21
2.123.210.03
5216.98
For the year endedon March 31, 2009
(Rs. In Lacs)
2676.2418302.343890.47
17088.11
2334.0918.42
141.1412.54
8.24384.91
9.9578.7656.11
133.81-
4.0717.27
3199.31
308.512337.31311.73
2334.09
2387.67692.76424.94
0.69181.37240.8288.7382.69
0.907.050.18
4107.80
13th Annual Report 2009-10 | 37
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I insecticides{INDIA) LIMITED
SCHEDULE -22: ADMINISTRATIVE & GENERAL EXPENSES
Legal & Professional ChargesSalaries (Including HRA, PF & ESI)Staff Welfare ExpensesConveyance ExpensesMisc. ExpensesPostage & Telegramme ExpensesTelephone ExpensesPrinting & Stationary ExpensesFiling FeesLicence FeesInsuranceRent, Rates & TaxesRepair & Maintenance ExpensesOffice Maintenance ExpensesMembership & SubscriptionVehicle Running & Maintenance ExpensesSecurity ChargesExchange Rate FluctuationDonationTDS (Including Interest)Scooter Running & Maintenance ExpensesDirectors' Meeting FeeProf. TaxAuditors' RemunerationFine & PenaltiesComputer Running & Maintenance ExpensesGenerator Repair & Maintenance ExpensesElectricity & Water ChargesBooks & PeriodicalsPrior Period ExpensesAdditional Sales TaxRentPetty Balances Written Off/ Round On /OffISO Expenses
TOTAL
SCHEDULE - 23 : FINANCIAL CHARGES
Bank ChargesInterest on CC Limits & Buyer's CreditInterest (Others)Interest on Term LoansInterest on Unsecured Loans
For the year endedon March 31, 2010
(Rs. In Lacs)
82.77729.36
7.733.58
30.397.30
39.1815.570.252.12
66.491.724.007.021.34
23.0013.93
(166.64)3.30
0.133.962.700.077.069.77
13.050.69
8.280.992.712.75
53.28(0.10)
0.93
978.68
88.53143.28
10.987.791.10
For the year ended
on March 31, 2009(Rs. In Lacs)
61.48538.02
12.062.11
17.586.42
36.8116.440.101.85
63.37
1.784.065.951.29
22.0912.14
139.184.290.052.961.80
(0.02)6.00
0.7513.61
0.826.610.261.846.27
42.56(0.41)
0.95
1031.07
106.52152.52
13.836.372.38
TOTAL 251.68 281.62
13th Annual Report 2009-10 | 38
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INSECTICIDES (INDIA) LIMITED ^J Insecticides(INDIA) LIMITED
SCHEDULE - 24 : SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS FORMING PART OFTHE BALANCE SHEET AS AT MARCH 31, 2010 AND PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED ONMARCH 31, 2010
SIGNIFICANT ACCOUNTING POLICIESACCOUNTING CONVENTIONAccounts are prepared on the basis of historical cost convention. Accounting Policies not specifically referred to otherwise, areconsistent and in consonance with generally accepted accounting principles, followed by the Company. Financial Statements havealso been prepared in accordance with the relevant presentational requirement of the Companies Act 1956. A summary of importantaccount policies which have been applied consistently are setout below.
USE OF ESTIMATESThe preparation of financial statements requires certain assumptions and estimates to be made that affect the reported amount ofassets & liabilities on the date of Financial Statements and the reported amount of Expenses and Income during the reportingperiod. Difference between the estimates and actual results are recognized in the period in which the results are materialized.
1. FIXED ASSETSa. Fixed Assets are stated at cost net of Cenvat /Value Added Tax and includes any attributable cost for bringing the assets to
its working condition for its intended use less accumulated depreciation.
b. All costs / expenses incurred relating to project prior to commencement of commercial production have been allocated /attributed to the cost of Fixed Assets.
2. DEPRECIATIONDepreciation on Fixed Assets has been provided on Straight Line Method as per the classification, rates and manner prescribedin Schedule XIV of the Companies Act, 1956 as amended up to date. Depreciation on assets acquired/disposed off during theyear has been provided on Pro-rata basis with reference to the date of use/addition/disposal.
3. INVESTMENTSThe Company came out with an IPO during the financial year 2007-08 and the remaining amount to be utilized out of IPO hasbeen kept separately in the shape of investments in the Units of Mutual Funds under dividend plan. The said investments arestated at cost.
4. PURCHASESPurchases are net of rebate/special discounts, excise duty, goods returned etc.
5. TURNOVERTurnover includes sale of goods (Net of Sales Returns, Sales Tax/ Value Added Tax) & Excise Duty.
6. FOREIGN CURRENCY TRANSACTIONS
a. Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of thetransaction.
b. Any Gain or Loss on account of exchange difference either on settlement or on translation is being debited &/or creditedto Profit & Loss Account under the captioned head "Exchange Fluctuation". Similarly, where they relate to acquisition offixed assets, they are being adjusted to the carrying cost of such assets.
7. RETIREMENT BENEFITS
a) Contribution to provident fund and family pension fund are accounted for on accrual basis.
b) Leave Encashment Benefits are accounted for on cash basis
c) The Company has Gratuity Fund covered by the scheme with LIC of India. However, the same has been provided during theyear on the basis of an actuarial valuation based on projected unit credit method made after the end of the financial year.
8. IMPAIRMENT OF ASSETS,An asset is treated as impaired, when carrying cost of assets exceeds its recoverable amount. An impairment loss is charged tothe Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in priorperiod(s), if any,, is reversed if there has been a change in the estimate of the recoverable amount.
13th Annual Report 2009-10 f 39
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insecticides ; INSECTICIDES (INDIA) LIMITED(INDIA) LIMITED
9. EXCISE DUTYExcise Duty has been accounted on the basis of both, payments made in respect of goods cleared and also provision made forgoods lying in Branches/Factories.
10. INVENTORIES
Inventories are valued as under:
(a) FINISHED GOODS Selling Price (Net of Excise) less average(Manufactured Goods) Gross Profit earned during the year.
(b) RAW MATERIAL & At Cost or Market price, whichever isCONSUMABLE GOODS lower (On FIFO Basis.)
(c) OTHER INVENTORIES Packing Material etc. are valued at cost(On FIFO basis).
(d) SEMI FINISHED GOODS At Weighted Average Cost
(e) TRADED GOODS At Cost (On FIFO Basis)
Note : The Valuation of Stocks are inclusive of taxes/duties incurred as required by Section 145A of the Income Tax Act, 1961.
11. STORES & SPARESThe Company has adopted the practice of treating stores & spares purchased during the year as consumed and no account istaken of closing stock.
12. Claims by or against the Company are accounted when acknowledged/ accepted/ settled/ received.
13. Interest on late payments by the customers & to the suppliers and differential interest to the bankers are accounted for onacceptance basis.
14. The bonus is accounted for on accrual basis.
15. The Company has already initiated the process and entitled for subsidy on account of certain revenue and capital nature ofexpenditures incurred at Samba Unit (Jammu & Kashmir) in earlier years as well as during the year. The same shall be accountedfor on cash/acceptance basis as under :Subsidy of capital nature and related to specific Fixed Assets shall be deducted from the gross value of assets.Subsidy related to revenue shall be recognized in the Profit & Loss Account to match them with related costs.
16. The Remuneration/Sitting Fee paid to the Directors for the year under consideration are as under:
SI. No.
1.2.
3.
4.
5.
6.
7.
8.
Name of Directors
Mr. Hari Chand AggarwalMr. Rajesh AggarwalMr. Sanjeev BansalMr. Rajender Prashad GuptaMr. Navneet GoelMr. Gopal Chandra AgarwalMr. Anil Kumar SinghMr. Navin Shah
Remuneration (Rs. in Lacs)
21.07
21.07
4.69
-
.
.
-
-
Sitting Fee (Rs. in Lacs)
---
0.60
0.60
0.60
0.50
0.40
17. PROVISION FOR CURRENT TAXProvision for income tax is made after availing Exemptions & Deductions at the rate (s) applicable under the Income Tax Act,1961 for the year under consideration.
18. All the common expenses incurred during the year under consideration, in respect of Chopanki and Samba Units has beenallocated at the year end in the proportion to Sales (Net) effected during the whole year. The Technical (Product) Unit atChopanki is a separate as well as independent unit having no common activities if compared with Formulation Units atChopanki and Samba and as such no expenses incurred by branches/other units have been allocated to the Technical unitexcept common expenses incurred and debited at H.O. in proportion to Sales (Net) effected by all the three units.
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INSECTICIDES (INDIA) LIMITED Rinsecticides(INDIA) LIMITED
19. SEGMENT REPORTINGThe Company is engaged in the business of Formulation & Manufacture of Pesticides. Segment Revenue, Segment Expenses,Segment Assets & Segment Liabilities have been identified to the segments on the basis of their relationship to the operatingactivities of the segment. The Revenue, Expenses, Assets & Liabilities which are not allocable to segments, have been includedunder" Unallocated Revenue, Expenses, Assets & Liabilities."
A. Primary SegmentBased on the following guiding priciples given in the Accounting Standard-17 "Segment Report" issued by The Institute ofChartered Accountants of India, the Company's primary segments are Formulated Pesticides consisting of Pesticides, Herbicides,Fungicides & Plant Growth Regulators and Technical Pesticides, which are the basic active ingredients used for making formulationsso that they can be used directly by the Farmers and/or Consumers.i) The nature of the products.ii) The related risks and returns.iii) The internal financial reporting system
Revenue and Expenses have been accounted for based on the basis of their relationship to the operating activities of thesegments.
Revenue and Expenses, which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis, havebeen included under "Unallocable Expenses". Assets and Liabilities which relate to the enterprise as a whole and are notallocable to segment on a reasonable basis, have been included under "Unallocable Assets/ Liabilities".
Primary Segment Information (Rs. In Lacs)Description
Revenue(5ales/Income)
a) External Sales
b) Inter Segmental Sales
Total Revenue
Segment Result
Operating Profit/Loss
Profit on Sale of Inv.
Dividend Income
Interest (Net)
Net unallocable
(ExpenditureJ/Income
Profit Before Tax
Provision of Current I.T.
Provision for earlier year
Provision for Deferred Tax
Provision for F.B.T.
Profit After Tax
Other Information
Segment Assets
Unallocated Corp. Assets
Total Assets
Segment Liablilites
Unallocated Corp. Liabilities
Shareholder's Fund
Total Liabilities
Capital Expenditure
Depreciation
Non-Cash Expenditure
2009-10
Formulations
35906.33
-
35906.33
-
-
-
-
-
34234.41
-
-
-
-
-
-
-
-
-
-
-
-
-
827.01
82.77
29.24
2008-09
Formulations
28138.06
-
28138.06
-
-
-
-
-
25685.13
-
-
-
-
-
-
-
-
-
-
-
-
-
587.57
77.13
-
2009-10
Technical
3780.49
8007.77
11788.26
-
-
-
-
-
3435.05
-
-
-
-
-
-
-
-
-
-
-
-
-
72.57
37.24
8.48
2003-09
Technical
1310.56
1912.43
3223.00
-
-
-
-
-
1496.84
-
-
-
-
-
-
-
-
-
-
. -
-
-
73.07
34.44
-
2009-10
Un-allocated
-
-
-
-
3171.77
-
25.54
84.55
—
3281.86
434.00
(1.35)
27.52
-
2821.69
-
25838.37
25838.37
-
13216.85
12621.51
25838.37
899.58
120.01
37.72
2008-09
Un-allocated
-
-4
-
2266.65
-
1.32
44.06
—
2412.03
275.00
3.55
37.96
19.50
2076.02
-
20126.05
20126.05
-
10044.30
10081.75
20126.05
660.65
111.57
21.63
2009-10Elimination
-
8007.77
8007.77
-
-
-
-
-
—
-
-
-
-
-
-
-
-
-
-
-
-
' -
-
-
-
2008-09Elimination
-
1912.43
1912.43
-
-
-
-
-
—
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2009-10
Total
39686.81
-
39686.81
-
3171.77
-
25.54
84.55
37669.46
3281.86
434.00
(1.35)
27.52
-
2821.69
-
25838.37
25838.37
-
13216.85
12621.51
25838.37
899.58
120.01
37.72
2008-09
Total
29448.62
-
29448.62
-
2266.65
-
1.32.
144.06
27181.97
2412.03
275.00
3.55
37.96
19.50
2076.02
-
20126.05
20126.05
-
10044.30
10081.75
20126.05
660.65
111.57
21.63
B. Secondary SegmentThe Company caterstotal turnover, there
mainly to the needs of the Indian Markets. Export Turnover during the year being less than 10 % of theare no reportable geographical segments.
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I insecticides INSECTICIDES (INDIA) LIMITED(INDIA) LIMITED
20. PROVISIONS, CONTINGENT LIABILITIES, CONTINGENT ASSETSProvisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as aresult of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized butare disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
21. PROPOSED DIVIDENDDividend proposed by the Board of Directors is provided for in the books of account pending approval at the Annual GeneralMeeting.
22. RESEARCH & DEVELOPMENTRevenue expenditure on Research & Development is recognized as expense in the year in which it is incurred and the expendi-ture on Capital Assets is depreciated on Straight Line Method as per the classification, rates and manner prescribed in ScheduleXIV of the Companies Act, 1956 as amended up to date.
23. REVENUE RECOGNITIONRevenue recognition is postponed to a later date, only when it is not possible to estimate it with reasonable accuracy.
NOTES TO THE ACCOUNTS1. CONTINGENT LIABILITIES/ ASSETS
(a) Letter of credits- Rs.2827.41 Lacs (Previous year - Rs.3126.18 Lacs)(b) Excise matter with Appellate Authority, New Delhi - Rs.75.67 Lacs (Previous year - Rs.75.67 Lacs) (Period Covered -
March '2002 to October '2002)(c) Bank Guarantee- Rs.18.46 Lacs (Previous year - Rs.21.26 Lacs).(d) Excise Matter with Appellate Authority, New Delhi - Rs.161.72 Lacs
(Previous Year - Rs.161.72 Lacs) (Period Covered September '2004 to August '2007)(e) Service Tax Matter with Appellate Authority, Gurgaon - for the period from April '2006 to September '2006 - Rs.41.94
(Previous Year - Rs. NIL)(Except above no contingent liabilities are outstanding as explained and certified by the Management of the Company)
With respect to contingent liabilities reported at l(b), (d) & (e) above, the management has taken an opinion from the legaladvisors / professional engaged by them and is very much hopeful that the appeals will be decided in the favour of the Companyand as such, no provision thereof has been made.
2. The Previous Year Figures have been reworked , regrouped , rearranged, reclassified and / or recasted wherever deemed neces-sary to make them comparable with those of the current year's figures.
3. In the opinion of the Board of Directors of the Company, the current assets, loans and advances have the value at least equalto the figures stated in the Balance Sheet on realization in the ordinary course of business and provision for all determinable/known liabilities have been made in the Accounts when reliable estimates can be made of the amount of obligation.
4. The Company has valued inventories as required under AS-2 issued by The Institute of Chartered Accountants of India exceptthe taxes / duties recoverable has been included in the valuation of stocks.
5. The prior period expenses debited to profit & loss account during the year amounting to Rs.2.71 Lacs (Previous year Rs.1.84 Lacs)
6. The total amount payable to Small Scale Industries (SSI) outstanding for more than 30 days as at March 31, 2010 is Rs.256.36Lacs ( Previous Year- Rs.300.72 Lacs).
7. The Company has not received any confirmation from suppliers regarding their status of registration under the Micro, Small &Medium Enterprises Development Act, 2006 which came into effect from October 2, 2006 and hence disclosure required underthe said act have not been given.
8. Estimated amount of Contract remaining to be executed on capital accounts (net of advances) and not provided for Rs.1132Lacs (Previous year Rs.1400 Lacs ).
9. In compliance to AS 18 issued by The Institute of Chartered Accountants of India, the Disclosure of transactions with RelatedParties as defined in Accounting Standard (Excluding Reimbursements) are given herein below:
RELATED PARTIESA. Key Management Personnel & Directors :
1. Mr. Hari Chand Aggarwal 2. Mr. Rajesh Aggarwal3. Mr. Sanjeev Bansal 4. Mr. Navneet Goel5. Mr. Gopal Chandra Agarwal 6. Mr. Rajender Pershad Gupta7. Mr. Navin Shah 8. Mr. Anil Kumar Singh
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA! LIMITED
B. Other related parties where common control exists and with whom the company had transactions during the year:
1. Paras Agro Industries Associates Firm
2. ISEC Organics Ltd. Associates Company
3. Evergreen Minerals Industries Associates Firm
(Except above, no other related person / parties with whom transaction took place during the year as confirmed and
certified by the Management of the Company) (Rs. In Lacs)
SI. No.
1
2
3
4
5
6
7
8
9
10
11
12
Name of Related Parties
Mr. Hari Chand Aggarwal
Mr. Rajesh Aggarwal
Mr. Sanjeev Bansal
Sanjeev Bansal (HUF)
Mr. Rajender Pershad Gupta
Mr. Navneet Goel
Mr. Gopal Chandra Agarwal
Mr. Anil Kumar Singh
Mr. Navin Shah
ISEC Organics Ltd.
Paras Agro Industries
Evergreen Minerals Industries
Relationship
Chairman
Managing Director
Whole-time Director
(Director is a Karta)
Director
Director
Director
Director
Director
Associate Company
Associate Firm
Associate Firm
Nature of Transation
Directors Remuneration
Directors Remuneration
Directors Remuneration
Interest Paid
Sitting Fee
Sitting Fee
Sitting Fee
Sitting Fee
Sitting Fee
Rent
Purchases
Purchases
Amount
21.07
21.07
4.69
0.10
0.60
0.60
0.60
0.50
0.40
17.29
107.35
37.32
10. Balances of Sundry Debtors and Sundry Creditors are subject to reconciliations.
11. EARNING PER SHARE: The Company reports basic & diluted earnings per equity share in accordance with Accounting Standard
- 20 issued by The Institute of Chartered Accountants of India. The same is computed by dividing the net profit attributable to
equity shareholders for the year, by the weighted average number of equity shares outstanding during the year. The Earning Per
Share is calculated as under:
Profit after Taxation
Weighted Average Number of Equity Shares
Earning Per Share (Basic & Diluted)
Face Value Per Share
Rs. 2821.69 Lacs
1,26,82,966
Rs. 22.25
Rs. 10.00
12. Deferred Tax Liabilities arising on account of timing difference are (Rs. In Lacs)
Deferred Tax Assets
Deferred Tax Liabilities
(Related to Depreciation)
As AtMarch 31, 2010
NIL
168.11
As AtMarch 31, 2009
NIL
139.83
Deferred Tax Liabilities
At The End of The Year
For The Year
(Including trsd. from Merged Company)
168.11
28.28
139.83
37.96
13th Annual Report 2009-10 | 43
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I insecticides INSECTICIDES (INDIA) LIMITED
13. Auditors Remuneration : (Net of Service Tax) (Rs. In Lacs)
a. As Auditors
b. In Other Capacity (Income Tax & Tax Audit)
TOTAL
2009-2010
4.40
2.00
6.40
2008-2009
4.00
2.00
6.00
14. Remittance in Foreign Currency on account of Dividend : NIL
15. The scheme of amalgamation ("Scheme") for merging the wholly owned subsidiary company M/s Advance Crop Solutions Ltd.(ACSL) with the Company under Section 391 to 394 of the Companies Act, 1956 sanctioned by The Hon'ble Delhi High Court,New Delhi vide their order dated January 19, 2010 has come into effect on February 28, 2010 from the appointed date of April1, 2009. On the scheme becoming effective, Advance Crop Solutions Ltd. stands dissolved without winding up.Pursuant to the scheme:The amalgamation of erstwhile ACSL with the Company has become accounted for under the "Pooling of Interest Method" in
the manner specified in the Scheme and Complies with the Accounting Standard notified u/s 211(3C) of the Companies Act,1956 and the following balances as at April 1, 2009 of erstwhile ACSL have been adjusted with the profit & loss account formingpart of reserves of the Company:
ASSETS
Fixed Assets (Including Goodwill of Rs. 5.35 Lacs)
Sundry Debtors
Cash & Bank Balances
Other Current Assets
Loans & Advances
TOTAL
Current Liabilities & Provisions
Net Assets Acquired on Amalgamation (A)
Transfer of Balances of Amalgamated CompanyProfit & Loss Account
Total Reserves & Surplus (B)
Less:Adjustment for Cancellation of Company's Investment inTransferor Company (C)
Gain Arising on Amalgamation (A - B - C) = D
Adjusted with:Share Premium Account
(Rs. In Lacs)
5.42
6.00
18.88
7.34
0.89
38.53
4.56
33.97
23.21
23.21
10.00
00.76
00.76
The transactions including Income & Expenses for the period from April 1, 2009 to February 28, 2010 when the business wasbeing run and managed in trust by erstwhile ACSL have also been incorporated in these accounts which do not have anymaterial impact on the profit for the year and net assets at the balance sheet date.Moreover, as per order of Scheme of Amalgamation sanctioned by The Hon'ble Delhi High Court, New Delhi, the Goodwill hasbeen set off with Share Premium Account.
16. EMPLOYEE BENEFITSA. RETIREMENT BENEFITS :
A. Retirement benefits in the form of Provident Fund/Family Pension Fund, which are defined contribution plans, areaccounted on accrual basis and charged to the Profit & Loss Account of the year.
B. Retirement benefits in the form of Leave Encashment, which is defined benefit plan, is accounted for on cash basisevery year and charged to the Profit & Loss Account of the year.
C. Retirement benefits in the form of Gratuity, which is defined benefit plan, is determined and accounted for on thebasis of an actuarial valuation done by applying the Projected Unit Credit Method.
D. The actuarial Gains / Losses arising during the year are recognized in the Profit & Loss Account of the year.
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
The following tables summaries the components of net benefit expense recognized in the Profit & Loss Account and the fundedstatus and amounts recognized in the Balance Sheet for the Gratuity Plan:
Gratuity Liability
I. Assumptions :
Discount Rate
Rate of Return on Plan Assets
Salary Escalation
Attrition Rate
II. Table Showing Change in Benefit Obligation :
Liability at the beginning of the year
Interest Cost
Current Service Cost
Past Service Cost (Non Vested Benefit)
Past Service Cost (Vested Benefit)
Settlement
Liability Transfer In
Liability Transfer Out
Benefit Paid
Actuarial (gain)/loss on obligations
Liability at the end of the year
III. Tables of Fair value of Plan Assets :
Fair Value of Plan Assets at the beginning of the year
Expected Return on Plan Assets
Contributions
Fund Transfer In
Fund Transfer Out
Benefit Paid
Actuarial gain/(loss) on Plan Assets
Fair Value of Plan Assets at the end of the year
Total Actuarial Gain/(Loss) to be recognised
IV. Actual Return on Plan Assets :
Expected Return on Plan Assets
Actuarial gain/(loss) on Plan Assets .
Actual Return on Plan Assets
V. Amount Recognised in the Balance Sheet :
Liability at the end of the year
Fair Value of Plan Assets at the end of the year
Difference
Unrecognised Past Service Cost
Unrecognised Transition Liability
Amount Recognised in the Balance Sheet
For the year endedon March 31, 2010
(Rs. In Lacs)
8.25%
8.25%
5.00%
1% Age Related
33.55
2.60
7.72
—
—
—
—
—
(0.59)
2.79
46.08
36.86
2.86
16.19
—
—
(0.59)
1.34
56.66
(1.45)
2.86
1.34
4.20
46.08
56.66
(10.58)
—
—
(10.58)
For the year ended
on March 31, 2009
(Rs. In Lacs)
7.75%
7.75%
5.00%
1% Age Related
—
—
33.55
—
—
—
—
—
(1.08)
1.08
33.55
26.08
2.09
9.07
—
—
(1.08)
0.71
36.86
(0.37)
2.09
0.71
2.80
33.55
36.86
(3.31)
—
—
(3.31)
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
VI. Expenses Recognised in the Income Statement :
Current Service Cost
Interest Cost
Expected Return on Plan Assets
Past Service Cost (Non Vested Benefit) Recognised
Past Service Cost (Vested Benefit) Recognised
Recognition of Transition Liability
Acturial (Gain) or Loss
Expense Recognised in Profit & Loss Account
VII. Balance Sheet Reconciliation :
Opening Net Liability
Expense as above
Net Effect of Transfer In
Net Effect of Transfer Out
Employers Contribution
Amount Recognised in Balance Sheet
VIII. Category of Assets :
Government of India Assets
Corporate Bonds
Special Deposits Scheme
State Govt.
Property
Other
Insurer Managed Funds
Total
For the year ended
on March 31, 2010
(Rs. In Lacs)
7.72
2.60
(2.86)
—
—
—
1.45
8.92
(3.31)
8.92
—
—
(16.19)
(10.58)
—
—
—
—
—
—
56.66
56.66
For the year ended
on March 31, 2009
(Rs. In Lacs)
33.55
—
(2.09)
—
—
—
0.37
31.84
(26.08)
31.84
—
—
(9.07)
(3.31)
—
—
—
—
—
—
36.86
36.86
INVESTMENT DETAILS OF PLAN ASSETS 100 % OF THE PLAN ASSETS ARE WITH INSURANCE CO.
Short Term Employee Benefits are recognized as an expense in the Profit & Loss Account of the year in which the related
service is rendered.
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
17. Additional information pursuant to the provisions under paragraph 3,4c and 4d of the part II of Schedule VI of the CompaniesAct, 1956 (as taken,valued and certified by the Management of the Company)
Current Year Previous YearI. LICENSED CAPACITY N.A. N.A.
II. INSTALLED CAPACITY(As certified by the Management)
CHOPANKI UNIT
ITEM
EC
WDP
GRANULES
Current YearQuantity
60 LACS LTR
45 LACS KGS
75 LACS KGS
Previous YearQuantity
40 LACS LTR
35 LACS KGS
7500 MTS
SAMBA UNIT
ITEM
EC
WDP
GRANULES
Current YearQuantity
55 LACS LTR
21 LACS KGS
61 LACS KGS
Previous YearQuantity
40 LACS LTR
21 LACS KGS
. 6100 MTS
TECHNICAL PLANT
ITEM
TECHNICALS/BULK
Current YearQuantity
38 LACS KGS
Previous YearQuantity
11 LACS KGS
III. ACTUAL PRODUCTION
CHOPANKI UNIT
ITEM
EC
WDP
GRANULES*
UNIT
LTR
KGS
KGS
Current YearQuantity51 LACS
23 LACS
113 LACS
Previous YearQuantity
35.12 LACS
33.08 LACS
96.92 LACS
NOTE: GRANULES INCLUDES PRODUCTION OF GRANULES THROUGH JOB WORK
SAMBA UNIT
ITEM
EC
WDP
GRANULES
UNIT
LTR
KGS
KGS
Current YearQuantity27 LACS
21 LACS
31 LACS
Previous YearQuantity
20.22 LACS
16.93 LACS
31.36 LACS
TECHNICAL PLANT
ITEM
TECHNICALS/BULK
UNIT
KGS
Current YearQuantity22 LACS
Previous YearQuantity
10.64 LACS
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
IV. PURCHASES (TRADING GOODS)
ITEM
EC
GRANULES
COILS
TOTAL
UNIT
Ltr.
Kg.Nos.
CURRENT YEAR
Qty.
169358
1789367
-
Value(Rs. In Lacs)
1414.85
314.10
-
1728.95
PREVIOUS YEAR
Qty.
108069
1564298
77760
Value(Rs. In Lacs)
361.47
177.12
6.07
544.66
Note: THE ABOVE STATED PURCHASES ARE NET OF LEAKAGE/ BREAKAGE/ SHORTAGES ETC.
V. TURNOVER/SALES (The value is inclusive of Excise Duty)
A. FINISHED GOODS (Manufactured Goods) - DOMESTIC SALES
CHOPANKI UNIT
ITEM
EC
WDP
GRANULES
TOTAL
UNIT
Ltr.
Kg.
Kg.
CURRENT YEAR
Qty.
4561585
2207241
. 11690702
Value(Rs. In Lacs)
8680.70
1403.94
8383.06
18467.70
PREVIOUS YEAR
Qty.
3228411
3240599
9082592
Value(Rs. In Lacs)
8108.44
3079.15
4821.09
16008.68
SAMBA UNIT
ITEM
EC
WDP
GRANULES
TOTAL
UNIT
Ltr.
Kg.
Kg.
CURRENT YEAR
Qty.
2620331
2389205
3353844
Value(Rs. In Lacs)
7613.24
5751.39
2301.10
15665.73
PREVIOUS YEAR
Qty.
1962619
1589832
2973587
Value(Rs. In Lacs)
5328.87
4498.97
1549.92
11377.76
TECHNICAL PLANT
ITEM
TECHNICALS
TOTAL
UNIT
Kg.
CURRENT YEAR
Qty.
828208
Value(Rs. In Lacs)
3780.49
3780.49
InhouseConsumed Qty.
1304225
PREVIOUS YEAR
Qty.
426293
Value(Rs. In Lacs)
1310.56
1310.56
InhouseConsumed Qty.
491224
B. • FINISHED GOODS (Manufactured Goods)- EXPORT SALESCHOPANKI UNIT
ITEM
EC
TOTAL
UNIT
Ltr.
CURRENT YEAR
Qty.
39000
Value(Rs. In Lacs)
67.83
67.83
PREVIOUS YEAR
Qty.
26000
.Value(Rs. In Lacs)
41.32
41.32
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
C. FINISHED GOODS (Traded Goods)
ITEM
EC
Granules
Coils
TOTAL
UNIT
Ltr.
Kg.
Nos.
CURRENT YEAR
Qty.
146108
1744131
9673
Value(Rs. In Lacs)
1150.10
541.79
0.55
1692.44
PREVIOUS YEAR
Qty.
97979
1522921
105921
Value(Rs. In Lacs)
328.03
364.47
7.97
700.47
VI. PARTICULARS IN RESPECT OF OPENING & CLOSING STOCKAl. FINISHED GOODS (Manufactured Goods)
CHOPANKI UNIT
ITEM
EC
WDP
Granules
Stock in Transit
TOTAL
UNIT
Ltr.
Kg-
Kg.
OPENING STOCK
Qty.
793410
344726
1652931
2629
Value(Rs. In Lacs)
1683.66
291.22
667.48
1.54
2643.90
CLOSING STOCK
Qty.
1269216
444854
1223665
-
Value(Rs. In Lacs)
1870.94
244.93
427.49
-
2543.36
SAMBA UNIT
ITEM
EC
WDP
Granules
TOTAL
UNIT
Ltr.
Kg.Kg-
OPENING STOCK
Qty.
476877
777631
569426
Value(Rs. In Lacs)
1120.18
755.25
188.47
2063.90
CLOSING STOCK
Qty.
547677
472980
337395
Value(Rs. In Lacs)
1011.87
760.51
233.89
2006.27
TECHNICAL PLANT
ITEM
Technicals
TOTAL
UNIT
Kg.
OPENING STOCK
Qty.
184807
Value(Rs. In Lacs)
558.06
558.06
CLOSING STOCK
Qty.
243375
Value(Rs. In Lacs)
1030.89
1030.89
A2. FINISHED GOODS (TRADED GOODS)
CHOPANKI UNIT
ITEM
EC
Granules
Coils
TOTAL
UNIT
Ltr.
Kg.
Nos.
OPENING STOCK
Qty.
43371
110242
9673
Value(Rs. In Lacs)
142.04
22.44
1.00
165.48
CLOSING STOCK
Qty.
66620
155478
-
Value(Rs. In Lacs)
439.37
6.79
-
446.16
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
VII. DETAILS OF RAW MATERIAL CONSUMED
CHOPANKI UNIT
PARTRICULARS
2-4-D AMINE SALT .
2-4-D ETHYL ESTER 38% EC (BULK)
2-4-D ETHYL ESTER TECH
2-4-D SODIUM SALT 80% WP (BULK)
2-CHLORO-5CHLORO METHYL THIAZOLE
3144 OF EMULSUL
3-METHYL-4N]TROMINO PERHYDR01,3,5, OXA
A.N.A TECH
ACEPHATE 75% SP BULK
ACEPHATE TECH.
ACETA DYE (BLUE)
ACETEMAPRID 20% SP BULK
ACETEMAPRID TECH
ACETONE SOLVENT
ALPHAMETHRIN 10% EC BULK
ALPHAMETHRIN TECH
AMMONIUM SALT OF GLYPHOSATE
AMMONIUM SULPHATE MISC
ANILOPHOS 30% EC (BULK)
ANILOPHOS TECH
AP 901 (GUJ)
ATTRAZINE 50% WP.
ATTRAZINE TECH.
BENTON GRANULS (GUJ)
BENTONITE GRANULES MISC
BIO STUMILANT (MILSTIM) BULK
BRONOPOL
BUTACHLOR DYE
BUTACHLOR TECH
CALCIUM HYDROXIDE
CARBENDAZIM TECH
CARBENDAZIM12%+MANCOZEB
CARBOFURAN DYE
CARBOFURAN TECH
CARTAP DYE
CARTAP TECH
CARTAP TECH (GUJ)
CHARCOL ACTIVATED GRANOLES
CURRENT YEAR
Qty.
62556
—
79750
116225
25
400
25
—
5010
—
—
8920
—
320
3800
—
—
—
—
24000
281
—
37850
2330421
3786725
—
6047
11
49360
—
8000
—
1525
45720
152
5965
344
375
Value(Rs. In Lacs)
56.42
—
122.48
106.39
0.14
0.28
0.07
—
16.28
—
—
43.48
—
0.26
4.56
—
—
—
—
81.00
0.57
—
58.67
71.36
92.62
—
21.31
0.04
100.51
—
18.00
—
6.10
762.36
0.70
700.61
2.89
0.28
PREVIOUS YEAR
Qty.
45739
1160
89110
83475
—
3800
—
1115
—
12060
88
—
9000
—
—
1638
9420
782
20400
30250
2119
40
—
2856215
3740140
320
—
139
102420
100
20040
6450
1655
51050
358
76327
—
—
Value(Rs. In Lacs)
51.91
1.39
167.12
100.14
—
4.20
—
2.71
—
7.37
0.80
—
8.91
—
—
10.28
29.01
0.09
28.05
99.45
3.80
3.07
—
92.90
106.76
6.66
—
0.63
196.05
0.01
59.80
29.03
6.56
291.37
1.92
357.25
—
—
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INSECTICIDES (INDIA) LIMITED Rinsecticides(INDIA) LIMITED
PARTICULARS
CHINA CLAY (GUJ)
CHINA CLAY TULSI MISC
CHLORPYRIPHOS 20% EC BULK
CHLORPYRIPHOS TECH
C-IX SOLVENT BULK
CLODINAFOP PROPARGYLE 15% WP (BULK)
COC 50% WP (GUJ)
COPPER OXY CHLORIDE BULK
CPP 16%+ALPHACYPER 1% EC BULK
CPP 50% +CYPER 5% EC BULK
CYCHLOHEXAONE
CYCLO SOLVENT
CYPERMETHRIN TECH
D.E.G. SOLVENT
D.E.G. SOLVENT (GUJ)
D.M.S.O. SOLVENT
DDVP DYE
DDVP TECHNICAL
DELTAMETHRIN 2.8% BULK
DI CALCIUM PHOSPHATE
DIMETHOATE TECH
DI-METHYL SULFOXIDE
DM WATER
EMF AP - 901 (GUJ)
EMF NP-111 (GUJ)
EMULSIFIER
EMULSIFIER BMA
EMULSIFIER DVP-612
EMULSIFIER GA-3070
EMULSIFIER GN - 3070
EMULSIFIER GYP-106
EMULSOL 2041 D
EMULSOL 3522 A
EMULSOL 703 A
EMULSOL 703 N
EMULSOL 7066 N
EMULSOL BCA
EMULSOL BCN
EMULSOL EMF 2041 A
EMULSOL EMF 2041 N
CURRENT YEAR
Qty.
1323
17725
—
181509
1754786
5000
26300
—
—
—
13601
179774
10225
161453
118020
16000
31
165750
—
—
56750
16800
53800
100
100
6000
2000
1600
2000
3910
9000
16000
—
33200
13400
—
1000
400
2400
4600
Value(Rs. In Lacs)
0.03
2.12
—
427.88
628.84
48.07
50.91
—
—
—
9.12
123.34
47.63
66.86
53.90
15.70
0.18
246.02
—
—
124.02
30.05
0.30
0.10
0.10
3.81
2.24
1.29
1.72
3.35
7.73
14.94
—
29.76
11.75
—
0.93
0.36
2.29
4.22
PREVIOUS YEAR
Qty.
8813
68375
310
265227
1194799
7310
—
20
110
80
150
181506
14505
142762
134400
—
15
179750
140
128
59850
19120
—
—
—
63218
—
—
—
—
—
—
9400
14600
11400
7800
5400
3000
600
600
Value(Rs. In Lacs)
0.47
3.10
0.28
757.78
580.46
101.75
—
0.03
0.14
0.38
0.12
153.05
65.67
80.44
69.76
—
0.09
314.76
0.01
0.05
128.33
21.25
—
—
—
48.04
—
—
—
—
—
—
12.16
16.27
12.46
10.13
6.11
3.69
0.74
0.74
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
PARTRICULARS
EMULSOL EMG 2041 N
EMULSOL GL 07
EMULSOL HXA
EMULSOL HXM
EMULSOL IDA 2030
EMULSOL PAP
EMULSOL POT
EMULSOL PROPOL - HCA
EMULSOL PROPOL - HCN
EMULSOL VD SURF GLP
EMULSUL 2040
EMULSUL 2040 M
EMULSUL 30 VND
EMULSUL 33 X
EMULSUL 371 A
EMULSUL 371 N
EMULSUL 50 VND
EMULSUL 60 Y
EMULSUL DDVP
EMULSUL MAL A
EMULSUL MAL N
EMULSUL NP 85
EMULSUL SA-80
EMULSUL STAB P
ENDOSULFAN TECH
ETHEPHON TECH
ETHION 40% +CYPER 5% BULK
ETHION TECH
FATTY ACID
FENVALRATE TECH
FIPRONIL 0.03% GR
FIPRONIL 5% SL
FOLK ACID MISC
GINASUL 46 P
GLYPHOSATE 41% SL
GLYPHOSATE TECH
GREEN DYE (GUJ) '
HEXACANAZOLE 5% SC BULK (GUJ)
HEXACONAZOLE TECH
HYDRO CHLORIC ACID
CURRENT YEAR
Qty.
3000
7800
200
400
—
220
800
2000
1400
91220
8000
2000
22200
—
4600
3200
26600
—
—
—
200
478
2200
9600
132200
—
—
17950
13550
2900
143000
19960
25
—
—
27200
34
65078
400
—
Value(Rs. In Lacs)
2.70
12.96
0.30
0.43
—
0.37
0.88
1.47
0.98
79.35
7.89
2.95
18.99
—
4.04
2.71
22.73
—
—
—
0.30
0.69
2.22
8.56
282.63
—
—
53.45
6.53
13.09
101.65
26.60
0.45
—
—
2006.24
0.19
74.12
3.50
—
PREVIOUS YEAR
Qty.
1600
15891
1200
600
1000
—
—
—
—
3200
8800
3000
800
6600
3600
3000
800
11000
6000
1000
2600
—
—
7400
115300
200
140
14205
12300
510
167440
17040
5
2880
566200
231000
228
—
2790
240
Value(Rs. In Lacs)
1.51
7.75
1.56
0.69
1.08
—
—
—
—
2.88
9.16
3.07
0.36
6.73
3.54
3.01
0.34
9.56
7.06
1.14
2.83
—
—
7.41
263.78
0.57
0.04
40.30
6.19
1.87
46.70
79.31
0.11
3.52
193.16
825.19
1.24
—
22.94
0.06
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INSECTICIDES (INDIA) LIMITED I insecticides(INDIA) LIMITED
PARTRICULARS
HYYFLOW POWDER
IGSURF 2039
IGSURF 2040
IGSURF 2130
IGSURF 2140
IGSURF 2145
IGSURF 2333 PS EMULSUL
IGSURF 2567
IGSURF 2580
IGSURF 2595
IGSURF 27001
IGSURF 2709
IGSURF 2745
IGSURF 2746
IGSURF 2960
IGSURF 3524
IGSURF 6000 E
IGSURF 7000 E
IGSURF GL 07
IGSURF GL07
IMIDACHLOPRID 17.8% SL
IMIDACHLOROPRID TECH (GUJ)
IMIDACHLORPRID TECH
ISOPROPYL ALCOHAL
ISOPROTURON 75% SP (BULK)
LACTOSE
LAMBDA CYCHALOTHRIN TECH
L-GLUMATIC ACID MISC
M.T.O. SOLVENT
MALATHION TECH
MANCOZEB 75% WP (BULK)
METALXYAL 8%+MANCOZEB 64% BULK
METHYAL PARATHION TECH
METRIBUZEN TECH
METSULFURON METHYL 20% WP (BULK)
MIX XYLENE
MIXED FATTY ALCOHOL
MONO ETHYLENE GLYCOL
MONO ISOPROPYL AMINE
MONOCROTOPHOS TECH
CURRENT YEAR
Qty.
100
8400
7000
2600
1200
5600
—
—
10000
6197
4000
64000
400
1000
6800
1200
8400
10000
2300
—
116
8450
6250
—
—
—
8475
20
44145
78500
99000
—
134500
—
—
22854
95
—
410459
131910
Value(Rs. In Lacs)
0.04
8.02
6.41
3.75
1.62
6.38
—
—
11.55
14.31
3.84
35.52
0.32
1.12
6.56
1.06
7.59
9.01
2.26
—
4.26
16.85
546.86
—
—
—
138.92
0.06
13.50
104.06
160.43
—
381.34
—_
7.90
1.32
—
393.54
405.92
PREVIOUS YEAR
Qty.
—
5000
—
1600
4800
1000
267
15650
1400
41323
4000
41000
—
2600
4200
—
13400
18800
36500
600
4700
—
9210
13605
66170
24755
21784
50
65855
55500
17960
10
189150
20
5000
298496
—
230
124850
176585
Value(Rs. In Lacs)
—
5.52
—
1.55
5.83
0.91
0.29
15.26
0.72
42.02
5.28
26.70
—
2.88
5.20
—
14.44
21.07
38.29
0.66
22.00
—
20.89
10.12
132.13
20.12
21.13
0.13
27.78
72.92
37.06
0.09
246.49
—
28.13
126.36
—
0.17
119.85
466.83
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I insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
PARTRICULARS
N-(PHOSPHONOMETHYL) IMINO DIACEHC ACID
N.B.A. SOLVENT
N.M.P. SOLVENT
NEAT ETHOXYLATE
NITROBENZENA GRANUAL
NITROBENZENE TECH (GUJ)
NP-111 (GUJ)
ORGANICS MANURE
OXYFLUOFEN 23.5% EC
OXYLIC ACID TECH
P.V.A. MISC
P.V.P.K. 30 POWDER MISC .
PARAQUATE DI CHLORIDE (BULK)
PARAQUATE DI CHLORIDE TECH
PENDAMETHALIN 30% EC (BULK)
PENDAMETHRIN TECH
PERFENOPHOS 50% EC (BULK)
PERFENOPHOS 50% EC BULK
PHORATE TECH
PHORATE TECH (GUJ)
PHOSPHAMIDON DYE
PHOSPHAMIDON TECH
PHOSPHORIC ACIDE (GUJ)
PHOSPHORIC ACIDE MISC
PHOSPHORUS PENOTOXIDE MISC
POTASSIUM HUMATE POWDER
POTASSIUM HYDROXIDE
PRETILACHLOR TECH
PROFENOFOS TECH
QUINAL 20% EC+CYPER 3% EC BULK
QUINALPHOS DYE
QUINALPHOS TECH
RIVER SAND (GUJ)
RIVER SAND MISC
SEAWEED EXTRACT POWDER
SETRIC ACID (GUJ)
SILICA MISC
SOAP STONE POWER MISC
SODIUM CITRATE
SODIUM SILICATE
CURRENT YEAR
Qty.
—
—
—
23100
145160
43600
284
—
4000
—
1500
—
—
70300
—
30310
1
—
367089
386149
10
20250
105
—
—
3000
397
—
55000
—
20
18000
7475
1464080
35580
11792
9125
1446050
—
14288
Value(Rs. In Lacs)
—
—
—
21.57
25.17
13.56
0.41
—
40.00
—
2.37
—
—
239.20
—
118.55
0.01
—
694.83
688.03
0.05
70.31
0.12
—
—
2.45
0.38
—
179.86
—
0.15
52.96
0.20
9.48
91.97
6.00
2.48
12.59
—
1.53
PREVIOUS YEAR
Qty.
7200
1980
119240
18060
—
—
2116
5400
—
50
1500
250
109800
—
15400
23960
—
305
421106
274288
—
4150
705
700
2750
1000
104
52110
74000
1470
3
8650
155760
1828350
1380
13440
5250
1383850
19325
8640
Value(Rs. In Lacs)
11.70
1.72
92.90
16.41
—
—
2.67
4.68
—
0.02
2.51
0.99
188.70
33.82
101.11
—
0.79
772.84
756.60
—
8.40
0.73
0.75
6.76
0.82
0.11
69.71
244.96
3.83
0.02
31.00
0.98
11.65
2.84
6.13
1.35
9.22
11.70
0.97
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INSECTICIDES (INDIA) LIMITED I insecticides
PARTRICULARS
SODIUM SULPHATE
SPRAY ADJUVENT CONCETRATE
SPREY ADJUVENT CONCENTRATE
SULFOSULFURAN 75% WG BULK
SULFOSULFU RAN' TECH
SULPHEURIC ACID
SULPHOR 80% WP
T.E.A. MISC
TECHNIC GLY 565
TECHNIC GLYPHO 380
THIAMETHOXAM
THINNER A MISC
THIOPHENATE METHYL TECH
TRIAZOPHOS 40% EC BULK
TRIAZOPHOS TECH
TRICONTANOL
TRICYCLAZOLE 75% WP BULK
TRIFULARIN 48% EC BULK
TRIFULARIN TECH
ZINC SULPHATE 33%
GRAND TOTAL
CURRENT YEAR
Qty.
—
—
200
—
—
100
180000
—
159700
4050
6390
1200
3475
8240
250
—
—
—
—
245150
15906169
Value(Rs. In Lacs)
—
—
0.24
—
—
0.01
62.29
—
138.36
3.40
36.75
0.39
23.30
11.54
0.49
—
—
—
—
91.84
11903.07
PREVIOUS YEAR
Qty.
50
525
—
331
42
—
1580
300
—
—
5500
2395
—
5900
17600
960
4740
1160
5000
173950
16815761
Value(Rs. In Lacs)
0.01
0.58
—
0.58
3.04
—
1.54
0.42
—
—
61.69
0.88
—
10.78
31.33
0.81
31.99
2.79
18.25
105.47
9818.49
SAMBA UNIT
PARTRICULARS
A.N.A. TECH
ACEPHATE
ACEPHATE 75% BULK
ACEPHATE TECH.
ACETA DYE (BLUE)
ACETEMPARID 20% BULK
ACETEMPARID TECH
ACETONE COMM. GRADE
ACETONE SOLVENT
ALPHAMETHRIN TECH
AMMONIUM SULPHATE MISC
ATTRAZINE 50% WP
ATTRAZINE TECH.
BENTONITE GRANULES MISC
CURRENT YEAR
Qty.
525
122075
—
79950
110
7655
17700
—
400
6220
38300
—
116100
635375
Value(Rs. In Lacs)
2.61
299.56
—
240.90
1.14
20.35
196.09
—
0.22
64.78
4.46
—
297.76
12.24
PREVIOUS YEAR
Qty.
400
—
15380
41400
559
4250
26000
400
320
6800
4018
—
157000
137500
Value(Rs. In Lacs)
2.37
—
49.99
162.97
3.41
41.23
272.48
0.20
0.31
35.14
0.30
—
353.03
2.07
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(insecticides(INDIA) LIMITED
INSECTICIDES (INDIA) LIMITED
PARTRICULARS
BUTACHLOR 50% EC
BUTACHLOR DYE
BUTACHLOR TECH
CALCIUM CARBONATE
CARBENDAZIM TECH
CARTAP DYE
CARTAP HYDROCHLORIDE TECH
CHINA CLAY TULSI MISC
CHLORPYRIPHOS TECH
C-IX SOLVENT BULK
CLODINAFOP PROPARGYLE 15% WP (BULK)
CYCLOSOLVENT
CYPERMETHRIN TECH
D.E.G. SOLVENT
D.M.S.O. SOLVENT
DI CALCIUM PHOSPHATE
DI METHYL FORMAMIDE
EMULSIFIER
EMULSIFIER BMA
EMULSIFIER BMN
EMULSIFIER HEX-N
EMULSIFIER VIA
EMULSIFIER VIN
EMULSOL 2040 M
EMULSOL 30 VND
EMULSOL 3144 DF
EMULSOL 50 VND
EMULSOL 703 A
EMULSOL 703 N
EMULSOL AG-20
EMULSOL B25
EMULSOL BUTA-A
EMULSOL CCN
EMULSOL EPOXY P
EMULSOL GL 07
EMULSOL HC 22A
EMULSOL HC 22N
EMULSOL HEXA Y
EMULSOL HXA
EMULSOL HXM
CURRENT YEAR
Qty.
—
34
205220
—
36920
2820
125125
370350
323362
1178025
11008
650
55675
13690
141575
—
—
11750
34140
6200
3000
8800
10600
4000
800
200
1000
35550
33400
3200
1800
—
20000
2000
6000
800
600
—
4600
1400
Value(Rs. In Lacs)
—
0.18
366.77
—
204.84
12.31
448.20
18.10
784.59
416.52
117.31
0.36
260.76
6.74
115.19
—
—
8.81
30.80
7.77
2.79
7.61
8.88
3.63
0.68
0.19
0.88
31.93
29.89
3.27
2.33
—
17.87
1.66
5.72
0.48
0.90
—
4.33
1.31
PREVIOUS YEAR
Qty.
800
39
229250
—
42990
3225
129000
282000
225149
683480
5402
570
41775
9000
117385
50
200
—
30600
36400
—
800
—
—
—
—
—
3600
3600
1000
1200
1200
3600
— r
3200
1600
400
2600
1600
600
Value(Rs. In Lacs)
0.80
0.06
371.87
—
78.99
14.97
618.58
13.47
662.14
305.01
59.42
0.50
181.81
5.20
113.48
0.01
0.52
—
30.37
32.47
—
0.50
—
—
—
—
—
3.01
3.07
1.02
1.52
1.17
3.18
—
2.28
1.71
0.40
2.50
2.13
0.80
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INSECTICIDES (INDIA) LIMITED ninsecticides(INDIA) LIMITED
PARTRICULARS
EMULSOL PCA
EMULSOL PCN
EMULSOL SURFACTANT
EMULSOL TZA
EMULSOL TZN
EMULSUL 2040 M
EMULSUL 30 VND
EMULSUL 33 X
EMULSUL 371 N
EMULSUL 4000
EMULSUL 50 VND
EMULSUL 5000
EMULSUL 60 Y
EMULSUL ANX(T) (AVD)
EMULSUL AP
EMULSUL BUTA N
EMULSUL CC 40 A -
EMULSUL CC 40 N
EMULSUL CCA
EMULSUL EL-40
EMULSUL HEXA-X
EMULSUL IMD 700
EMULSUL NP 85
EMULSUL NRA
EMULSUL NRN
EMULSUL TECHNIC PAD
GIBERALIC ACID TECH
GINASUL 46 P
GLYPHOSATE (DYE)
GLYPHOSATE TECH
HEXACONAZOLE 5% EC BULK
HEXACONAZOLE TECH
HIMIGOLD DYE
IGSURF 2039
IGSURF 2130
IGSURF 2140
IGSURF 2333 PS EMULSUL
IGSURF 2567
IGSURF 6000 E
IGSURF 7000 E
CURRENT YEAR
Qty.
400
200
800
—
—
—
—
—
—
—
—
—
1400
8800
—
—
—
—
14000
7400
—
6800
25600
—
—
—
150
—
14
34270
—
6250
4
1000
—
—
2500
15800
1800
400
Value(Rs. In Lacs)
0.43
0.19
0.86
—
—
—
—
—
—
—
—
—
1.77
9.49
—
—
—
—
12.66
8.35
—
6.10
17.38
—
—
—
16.24
—
0.04
79.91
—
57.38
0.07
1.14
—
—
2.26
12.62
1.38
0.35
PREVIOUS YEAR
Qty.
—
—
37000
3400
2000
2400
1000
9200
1000
400
1600
400
17200
4400
2000
1200
7600
3600
5400
1400
2000
5600
—
3000
5600
6600
53
625
1
37145
400
6640
—
—
2000
4000
18305
38400
—
—
Value(Rs. In Lacs)
—
—
36.89
4.42
2.60
2.11
1.08
8.94
0.90
0.52
1.73
0.52
16.38
4.75
2.24
1.21
9.38
4.46
4.64
1.04
1.77
5.95
—
3.27
6.10
6.47
3.99
0.58
0.01
101.53
0.48
50.67
—
—
2.32
4.64
17.03
40.06
—
—
13th Annual Report 2009-10 | 57
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I insecticides INSECTICIDES (INDIA) LIMITED
SAMBA UNIT
CLASS OF GOODS
Imported
Indigenous
TOTAL
AMOUNTCurrent Year
(Rs. In Lacs)
2312.58
6100.81
8413.38
Previous Year(Rs. In Lacs)
800.56
5069.03
5869.59
PERCENTAGECurrent
Year
27.49
72.51
100.00
PreviousYear
13.64
86.36
100.00
TECHNICAL UNIT
Class of Goods
Imported
Indigenous
TOTAL
AMOUNTCurrent Year(Rs. In Lacs)
5028.34
1828.35
6856.70
Previous Year(Rs. In Lacs)
1034.38
365.65
1400.03
PERCENTAGECurrent
Year
73.33
26.67
100.00
PreviousYear
73.88
26.12
100.00
NOTE : THE CONSUMPTION OF TECHNICAL UNIT IS INCLUSIVE OF INHOUSE CONSUMPTION
B. SPARE PARTS & OTHER CONSUMABLE GOODS CONSUMEDCHOPANKI UNIT
CLASS OF GOODS
Imported
Indigenous
TOTAL
AMOUNTCurrent Year(Rs. In Lacs)
—
9.83
9.83
Previous Year(Rs. In Lacs)
—
7.99
7.99
PERCENTAGECurrent
Year—
100.00
100.00
PreviousYear
—
100.00
100.00
SAMBA UNIT
CLASS OF GOODS
Imported
Indigenous
TOTAL
AMOUNTCurrent Year(Rs. In Lacs)
—
14.79
14.79
Previous Year(Rs. In Lacs)
—
13.26
13.26
PERCENTAGECurrent
Year
—
100.00
100.00
PreviousYear
—
100.00
100.00
TECHNICAL UNIT
Class of Goods
Imported
Indigenous
TOTAL
AMOUNTCurrent Year(Rs. In Lacs)
—
71.06
71.06
Previous Year(Rs. In Lacs)
—
112.57
112.57
PERCENTAGECurrent
Year
—
100.00
100.00
PreviousYear
—
100.00
100.00
C. RAW MATERIAL, CONSUMABLE & OTHER GOODS CONSUMED & SOLDCHOPANKI UNIT
CLASS OF GOODS
Imported
Indigenous
TOTAL
AMOUNTCurrent Year(Rs. In Lacs)
2311.44
9601.45
11912.90
Previous Year(Rs. In Lacs)
224.77
9601.71
9826.47
PERCENTAGECurrent
Year
19.40
80.60
100.00
PreviousYear
2.29
97.71
100.00
13th Annual Report 2009-10 | 60
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INSECTICIDES (INDIA) LIMITED
SAMBA UNIT
(insecticides(INDIA) LIMITED
CLASS OF GOODS
Imported
Indigenous
TOTAL
AMOUNTCurrent Year(Rs. In Lacs)
2312.58
6115.60
8428.18
Previous Year(Rs. In Lacs)
800.56
5082.29
5882.85
PERCENTAGECurrent
Year
27.44
72.56
100.00
PreviousYear
13.61
86.39
100.00
TECHNICAL UNIT
CLASS OF GOODS
Imported
Indigenous
TOTAL
AMOUNTCurrent Year
(Rs. In Lacs)
5028.34
1899.42
6927.76
Previous Year(Rs. In Lacs)
1034.38
478.22
1512.60
PERCENTAGECurrent
Year
72.58
27.42
100.00
PreviousYear
68.38
31.62
100.00
NOTE : THE CONSUMPTION OF TECHNICAL UNIT IS INCLUSIVE OF INHOUSE CONSUMPTION
VALUE OF IMPORTS ON CIF BASIS
Current Year(Rs. In Lacs)
Previous Year(Rs. In Lacs)
CHOPANKI UNITRaw Material
SAMBA UNIT
Raw Material
TECHNICAL PLANTRaw Material
1698.49
1900.86
4365.14
949.18
1361.00
1633.32
EXPENDITURE IN FOREIGN CURRENCYTour & Travelling Exps
Royalty
5.80
82.11
3.67
82.69
EARNING IN FOREIGN EXCHANGE( FOB) 79.07 41.32
As per our report of even date
For MOHIT PAREKH & COMPANYChartered Accountants
(MOHIT A PAREKH)ProprietorM.NO.-81069Firm Regn. No. -002067N
Place : DelhiDate : May 25, 2010
FOR AND ON BEHALF OF THE BOARD
HARI CHAND AGGARWALChairman (DIN-00577015)
SANJEEV BANSALWhole-time Director(DIN-01102006)
RAJESH AGGARWALManaging Director (DIN-00576872)
PANKAJ GUPTACompany Secretary
13th Annual Report 2009-10 | 61
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I insecticides(INDIA) LIMITED
INFORMATION PURSUANT OT PART IV OF THE COMPANIES ACT, 1956 (AS AMENDED)
I. BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE DETAILS
REGISTRATION NO.
BALANCE SHEET DATE
55-83909
31-03-2010
STATE CODE
CIN NO.:
INSECTICIDES (INDIA) LIMITED
55
L65991DL1996PLC083909
II. CAPITAL RAISED DURING THE YEAR (AMOUNT IN RS. '000')
PUBLIC ISSUE NIL
BONUS ISSUE NIL
RIGHT ISSUE
PRIVATE PLACEMENT
NIL
NIL
III. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNT IN RS. '000')
TOTAL LIABILITIES 1497938.16 TOTAL ASSETS
SOURCE OF FUNDS
PAID UP CAPITAL 126829.66
RESERVE & SURPLUS 1135321.65
SECURED LOANS 217952.77
UNSECURED LOANS
DEFERRED TAX LIABILITY
1022.65
16811.43
APPLICATION OF FUNDS
NET FIXED ASSETS
INVESTMENT
NET CURRENT ASSETS
MIS. EXPENDITURE
1497938.16
325900.67
49961.82
1085898.13
36177.54
IV. PERFORMANCE OF COMPANY (AMOUNT IN RS. '000')
TURNOVER (INCLUDING OTHER INCOME) 3981534.51
PROFIT BEFORE TAX & EXCEPTIONAL ITEM 328186.20
EARNING PER SHARE BEFORE EXCEPTIONAL ITEM (RS.) 22.25
DIVIDEND RATE 20%
TOTAL EXPENDITURE 3766946.09
PROFIT AFTER TAX BEFORE EXCEPTIONAL ITEM 282169.23
EARNING PER SHARE AFTER EXCEPTIONAL ITEM (RS.) 22.25
V. GENERIC NAME OF THREE PRINCIPAL PRODUCTS/SERVICES OF COMPANY (AS PER MONETARY TERMS)
1. VICTOR (IMIDACHLOPRID 17.8% SL)
2. LETHAL (CHLORPYRIPHOS 20% E.C.)
3. THIMET(PHORATE 10% G)
FOR AND ON BEHALF OF THE BOARD
HARI CHAND AGGARWALChairman(DIN-00577015)
SANJEEV BANSALWhole-time Director(DIN-01102006)
Place : DelhiDate : May 25, 2010
RAJESH AGGARWALManaging Director(DIN-00576872)
PANKAJ GUPTACompany Secretary
13th Annual Report 2009-10 | 62
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insecticides(INDIA) LIMITED
Regd. Office : 401- 402, Lusa Tower, Azadpur Commercial Complex, Delhi - 110033
ATTENDANCE SLIP
Regd. Folio No : **D.P.I.D :
**Client I.D :
13th ANNUAL GENERAL MEETING - 23rd AUGUST, 2010
I Certify that I am a member/proxy for the member of the Company.
I hereby record my presence at the 13th Annual General Meeting of the Company held on Monday, 23rd August, 2010 at 11.30 a.m.at M.P.C.U., Shah Auditorium, Civil Lines, Delhi - 110054.
*Membeiys / Proxy's Name in Block Letter *Membei/s / Proxy's Signature
Note:1. Member/Proxy must bring the Attendance Slip to the Meeting and hand it over, duly signed, at the registration counter.2. The Copy of the Notice may please be brought to the Meeting Hall.
* Strike out whichever is not applicable
b^J insecticides(INDIA) LIMITED
Regd. Office: 401- 402, Lusa Tower, Azadpur Commercial Complex, Delhi - 110033
PROXY FORM
Regd. Folio No : **D.P.I.D :
**Client I.D :
13th ANNUAL GENERAL MEETING - 23rd AUGUST, 2010I/We ofbeing a member/members of Insecticides (India) Limited, hereby appoint of.or failing him/her of as my/ourProxy to attend and vote for me/us on my/our behalf at the 13th Annual General Meeting of the Company to be held on Monday,23rd August, 2010 at 11.30 a.m. at M.P.C.U., Shah Auditorium, Civil Lines, Delhi - 110054, and at any adjournment thereof.
Signed this day of 2010 ,
S9nature Revenue
Note: Stamp
1. Proxy need not be a member.2. Proxy form, complete in all respects, should reach the Company's Registered Office at 401 - 402, Lusa Tower, Azadpur Commercial
Complex, Delhi - 110033, not less than 48 hours before the scheduled time of the meeting.
** Applicable only in case of investors holding shares in Electronics form.
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Financial SummaryDescriptionPROFIT AND LOSS ACCOUNT
(Rs. in Lacs, except EPS)2009-10 2008-09 2007-08 2006-07 2005-06
39686.81 29448.62 22148.34 18408.56 13344.71Other IncomeTotal RevenueIncrease/Decrease in StocksExpenditureProfit before Depreciation, Interestand Tax (PBDITJProfit before TaxTaxExceptional ItemsNet Profit
128.5339815.34
1135.9837669.46
3653.55
2821.69
145.7829594.40
2332.7329515.112944.40
2079.32
178.9522327.29
689.8021340.47
1969.94
1426.78
25.6318434.19
559.3017982.021223.68
856.90
9.2013353.91
424.9912636.891312.28
1017.99Dividend - EquityTax on Distributed ProfitRetained EarningsBALANCE SHEETEquity CapitalShare Application MoneyReservesNet WorthBorrowingsDeffered Tax Liability (Net)Total Capital EmployedNet Fixed AssetsInvestmentsNet Current AssetsMiscellanceous Expenditure(to the extent not written-off)Earning per Share before Exceptional ItemsEarning per Snare after Exceptional Items
253.6642.13
2525.9
1268.30
11353.2212621.522189.75
168.1114979.383259.01499.62
10858.98361.77
22.25
22.25
253.6643.11
1782.55
1268.30
8813.4510081.75
1379.78139.83
11601.362528.261717.246984.05371.81
16.37
16.39
190.2432.33
1204.21
1268.30
7030.898299.191495.94101.87
9897.002005.751837.895669.63
383.72
11.25 & 11.75
11.25 & 11.75
-
856.90
947.27
2455.903403.171378.98
58.214840.361258.55
9.943571.05
0.83
9.05
9.05
46.516.52
964.96
930.30170.20
1446.282546.781138.52
47.203732.50762.96
-
2967.551.99
10.94
10.94
35000
30000
25000
20000
10000
5000
39686.811
29448.621 1
22148.34 1 •
18408.56. A • •
iliil2005-06 2006-07 2007-08 2008-09 2009-10
| Turnover (Rs. In Lacs)
2005-06 2006-07 2007-08 2008-09 2009-10
li PBT (Rs. In Lacs)
15
10
2005-06 2006-07 2007-08 2008-09 2009-10
• PAT (Rs. In Lacs)
2005-06 2006-07 2007-08 2008-09 2009-10
• EPS(Rs.)
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Registered Office: 401 • 402, Lusa Tower, Azadpur Commercial Complex, Delhi-110 033 IndiaTelefax: +91 11 27679700-04 email: [email protected]
www.insecticidesindia.com
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