Annual Report 2014-15 - Himalya International

Transcription

24th Annual Report
YEAR 2014-2015
HIMALYA INTERNATIONAL LIMITED
BOARD OF DIRECTORS
MAN MOHAN MALIK
CORPORATE IDENTIFICATION
NUMBER (CIN)
L 5 1 9 0 9 D L 1 9 9 2 P L C 0 4 7 3 9 9
Chairman&ManagingDirector
SANJIV KAKKAR
ManagingDirector
REGISTRAR &
SHARE TRANSFER AGENT
Director
BeetalFinancial&ComputerServices(P)Ltd.
BeetalHouse,3rdFloor,99Madangir,
BH-LocalShoppingComplex,
NearDadaHarsukhdasMandir,
NewDelhi-110062
ANITA KAKKAR
BANKERS
SANGITA MALIK
Director
SUNIL KHERA
IndependentDirector
AUDITORS
M/sAnujeetDandona&Co.
CharteredAccountants
REGISTERED OFFICE
E-555,2ndFloor,
PalamExtension,Sector-7,
Dwarka,NewDelhi-77
Tel:011-45108609
www.HimalyaInternational.com
MARKETING OFFICE
908,TowerB,
GlobalBusinessPark,
MGRoad,Gurgaon-122002
Phone:0124-4498150
StateBankofIndia,Overseas Branch,
New Delhi
CorporationBank,Connaught Circus
Branch, New Delhi
EximBank,Chandigarh
BankofBaroda,Vad Nagar, Gujarat
SHARES LISTED AT
BombayStockExchange
526899(ScripCode)
HEAD OFFICE & WORKS
Village:Shubhkhera,PaontaSahib
Distt.Sirmour(H.P.)173025
Tel.:01704-223494,8894788612
Fax:01704-225178
GUJARAT PLANT
SurveyNo.:215/A/1,
Vadnagar-Navapura-RedlaxmipuraRoad
Sultanpur-384355
Distt.Mehsana,Gujarat
Phone:9227892542
ALL NATURAL
TASTE OF PURE
MyDearShareholders
GreetingsfromHimalyaInternational.
Weinformedyoulastyearabouttheannihilatinglosses&setbackssufferedbythecompanyduringthethreeyearsofpartnershipwith
Simplot.Theappetiserunitsatbothlocationsremainedclosedduetotheexclusivityclausewhichfinallycametoanendwiththetermination
ofJVagreementsinJune2014.
AtGujarat,theappetizer&theadjoiningDairyunitremainedclosedduetoabandonmentoftheadjoiningpremisesleasedtoSimplot.They
locked&abandonedthepremiseswithoutcompletingthejobstheyhadundertakenformodifications.
Theyleftabruptlywithseriouslapses,gapsandholesinwallsandceilingandbylockingthepremisesmadeallutilitylinesinaccessiblethat
arepassingthroughthelockedpremises.
ThelossesfromSimplotfiascoaroseduetomultiplereasonsincluding:
a)Expiry&writeoffofstocksmadeforSimplotJVprojectionsandnotlifted.ThetotalwriteoffofsuchstocksisRs.21.36crore.Outof
whichtheamountwrittenoffinFY2015isRs.5.59Crores.
b)ContinuedclosureofunitsatbothlocationsinHimachal&GujaratduetoenforcementofexclusivitybySimplotInspiteofNoSalesand
ClosureofJVoperationsunderSimplotappointedCEO.
c)ContinuedclosureofunitsinGujaratwhichwerenotevenunderexclusivityduetoabruptabandonment&lockingofunfinished,totally
depilated,adjoiningPremisesleasedtoSimplot.
ThelossesfromSimplotledtoseriousdefaultsinpaymentsandcurtailedourcapacitytomeetallobligations.Wehadtorequestourlenders
fordebtrestructureandtheykindlyallowedusbreathingspacetillDecember2015.
BanksinsistedoncompulsoryconversionofallDollarloanstoRupeeprematurely.ThelossonthisaccountfordebtrestructurehasbeenRs.
13.64crore.
Thoughcrippledbyannihilatinglosses,wehavetakenstepstoputthecompanybackontrackbytakingfollowingsteps:
A)PromotershavemadeadditionalequityinvestmentofRs.4.66croreduringthefinancialyear2014-15.
B)WehavetakenallthestepstorecoverlossesduetounfairandmonopolisticJVandSimplotIndiaLLCandonaccountofabandonmentof
thepremisesduetowhichallGujaratprocessingunitsremainedshutdownformorethantwoyears.
C)Wehavetakenalternativestepstosealthelockedpremisesandhavearrangedalternativemeanstousetheutilitiesandhaveprepared
theappetizer&dairyunitsatVadnagarGujaratforFood&Humansafetyaudits.Wearefocusingonputtingalltheclosedprocessingunitsat
Vadnagarinactiveoperationwithintheshortestpossibletime.
D)Wehavesuccessfullytappedseveraloverseasfoodretailchainswhohaveplacedsubstantialorderstofillourlinesatbothplants.
CurrentlyweareprocessingmostexportordersfromHimachalplant.
E)WearealsoplanningstepstorevivethedomesticmarketandmodernretailchainswhichwereservedonplattertoSimplotJVbut
unfortunatelytheseaccountscouldnotbeservedbySimplotJVandrequiremassiveeffortstorevivealltheseaccounts.
IampleasedtodisclosethatwehavesuccessfullygrownanddevelopedPortobelloMushroomscommerciallyforthefirsttimeinthecountry
andhavestartedmarketingspecialtyproductsmadefromPortobelloMushrooms.Wealsohavedevelopedsomenewfrozenappetizers&
breakfastitemsthatareingooddemandinoverseasmarkets.AllthesenewproductswillbetransferredtoGujaratPlantaftercompletingall
issuesofFood&HumanSafetyasexplainedaboveandaclearanceoflicensebyFASSAI.
It'sagreatsaying“Tanytimedon’tlast,toughpeopledo”andIreassureyouthatHimalyateamisstrongerthaneverbefore.
Sincerely
&
With Best Wishes
For Himalya International Ltd
Man Mohan Malik
Chairman
Dated : 28.08.2015
ALL NATURAL
TASTE OF PURE
Notice
NOTICEisherebygiventhatthe24thAnnualGeneralMeetingofthemembersoftheCompanywillbeheldonWednesday,the30thDayofSeptember2015,at3:30
PMatSuryaBanquetpartyhall,NearDwarkaPalamFlyover,Sector-7,Dwarka,NewDelhitotransactthefollowingbusiness:-
ORDINARY BUSINESS:
1. Toreceive,considerandadoptFinancialStatementsoftheCompanyfortheyearended31stMarch2015andtheReportsoftheDirectorsandAuditorsthereon.
2.ToappointaDirectorinplaceofMrs.SangitaMalik(DIN:02428506),whoretiresbyrotationandbeingeligible,offersherselfforre-appointment.
3. ToratifytheappointmentofM/sAnujeetDandona&Company,CharteredAccountants,asStatutoryAuditorsoftheCompanyandfixtheirremunerationforthe
financialyearending31stMarch2016andtopassthefollowingResolutionasanOrdinaryResolution:
“RESOLVED THATpursuanttotheprovisionsofsections139,142andotherapplicableprovisions,ifany,oftheCompaniesAct,2013andtheRulesframed
thereunder,asamendedfromtimetotime,pursuanttorecommendationofAuditCommitteeoftheBoardofDirectors,andpursuanttotheresolutionpassedby
themembersatthe23rdAnnualGeneralMeetingheldon30thSeptember2014,theappointmentM/sAnujeetDandona&Company,CharteredAccountants
(FirmRegistrationNo.006118C),asAuditorsofthecompanytoholdofficefromtheconclusionof23rdAGMtilltheconclusionof26thAGMofthecompanybe
andisherebyratifiedatsuchremunerationasshallbefixedbytheBoardofDirectorsofthecompany.”
SPECIAL BUSINESS:
4.AppointmentofMr.AshishSachdevaasanIndependentDirector.
Toconsiderandifthoughtfittopass,withorwithoutmodifications,thefollowingresolutionasOrdinaryResolution:
''RESOLVED THATpursuanttoprovisionofsection149,150,152andanyotherprovisionsoftheCompaniesAct,2013andtherulesmadethereunder
(includingstatutorymodification(s)orre-enactmentthereofforthetimebeinginforce)readwiththescheduleIVtocompaniesAct,2013,Mr.Ashish
Sachdeva,inrespectofwhom,theCompanyhasreceivedanoticeinwritingfromamemberundersection160ofthecompaniesact,2013proposingMr.
AshishSachdevaasacandidatefortheofficeofDirector,beandisherebyappointedasIndependentDirectoroftheCompanyundersection149ofthe
CompaniesAct,2013,notsubjecttoretirementbyrotation,toholdtheofficeforfiveconsecutiveyearsuptoSeptember30,2020.
By order of the Board of Directors
Himalya International Limited
Place: Paonta Sahib
Date: 28.08.2015
Man Mohan Malik
(Chairman & Managing Director)
DIN No. 00696077
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NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON POLL ON HIS / HER BEHALF AND THE PROXY NEED
NOT BE A MEMBER OF THE COMPANY.PursuanttoSection105oftheCompaniesAct,2013,apersoncanactasaProxyonbehalfofnotmorethanfifty
membersholdinginaggregate,notmorethantenpercentofthetotalsharecapitaloftheCompany.Membersholdingmorethantenpercentofthetotalshare
capitaloftheCompanymayappointasinglepersonasProxy,whoshallnotactasaProxyforanyotherMember.
2. TheinstrumentofProxy,inordertobeeffective,shouldbedepositedattheRegisteredOfficeoftheCompany,dulycompletedandsigned,notlaterthan48
hoursbeforethecommencementofthemeeting.AProxyFormisannexedtothisReport.Proxiessubmittedonbehalfoflimitedcompanies,societies,etc.,
mustbesupportedbyanappropriateresolution/authority,asapplicable.
3. Members/Proxiesshouldbringtheenclosedattendanceslipdulyfilledin,forattendingthemeeting,alongwiththeAnnualReport.
4. TheRegisterofMembersandShareTransferBooksoftheCompanywillremainclosedfrom25thSeptember2015to30thSeptember2015,bothdays
inclusive.
5. ShareholderswhoholdsharesindematerializedformarerequestedtobringtheirclientIDandDPIDnumbersforeasyidentificationofattendanceatthe
meeting.MembersarerequestedtonotifytheiremailID.
6. Membersarerequestedtonotifythechangeintheiraddressesandbankaccountdetails,ifany.
7. AlldocumentsreferredtointheaccompanyingnoticeareopenforinspectionattheRegisteredOfficeoftheCompanyduringtheofficehoursonallworking
daysbetween11a.m.and1.00p.m.uptothedateofthisAnnualGeneralMeeting.
8. CorporateMembersintendingtosendtheirauthorizedrepresentativestoattendtheAnnualGeneralMeetingarerequestedtosenddulycertifiedcopyofthe
BoardResolutionauthorizingtheirrepresentativestoattendandvoteattheMeeting.
9. MembersarerequestedtonotethatallcorrespondencerelatingtosharetransfershouldbeaddressedtotheCompany'sShareTransferAgentsMembersare
requestedtonotifytheiremailaddressestothecompany'sShareTransferAgents.Ms.BeetalComputer&FinancialServicesPvt.Ltd,BeetalHouse, 3rd
Floor,99,Madangir,BH_LocalShoppingCentre,NewDelhi-110062
10. AspartoftheGreenInitiativeinCorporateGovernance,theMinistryofCorporateAffairs(MCA),GovernmentofIndia,throughitsCircularNos.17/2011and
18/2011,datedApril21and29,2011respectively,hasallowedcompaniestosendofficialdocumentstotheirshareholderselectronically.
11. Membersarerequestedto
a.
NotethatcopiesofAnnualReportwillnotbedistributedattheAnnualGeneralMeetingandtheywillhavetobringtheircopiesofAnnualReport;
b.
QuotetheFolio/ClientID&DPIDNos.inallcorrespondence;
c.
Notethatnogifts/couponswillbedistributedattheAnnualGeneralMeeting,incompliancewiththeSecretarialStandardonGeneralMeetings.
12. TheAnnualReportoftheCompanyisalsoavailableonthecompany'swebsitewww.himalyainternational.com
13. IntermsoftheprovisionsofSection108oftheCompaniesAct,2013readwithrelevantrulesthereto,thebusinessatGeneralMeetingsmaybetransacted
throughelectronicvoting(e-voting)andthecompanyisprovidinge-votingfacilitytomembers.
14. Kindlynotethatthememberscanoptforonlyonemodeofvotingi.e.,eithere-votingorexercisingtherightinthemeeting.Oncethevoteonaresolutionis
castbymember,heshallnotbeallowedtochangeitsubsequently.
15. Membersdesiringtoexercisetheirvotebye-votingarerequestedtocarefullyreadtheenclosedinstructionswhichinter-aliaprovidetheprocessandmanner
fore-voting,loginID,generatingPasswordandtimeschedule,includingthetimeperiodduringwhichthevotesmaybecast,etc.
16. Inordertoscrutinizethee-votingprocessinafairandtransparentmannerandtocarryouttherequiredactivities,theBoardofDirectorshasappointedM/s
HimanshuSharma&Associates,CompanySecretaries,NewDelhiasthescrutinizer.
VOTING THROUGH ELECTRONIC MEANS
IncompliancewithprovisionsofSection108oftheCompaniesAct,2013andRule20oftheCompanies(ManagementandAdministration)Rules,2014,
Himlaya International Limited is offering e-voting facility to its members in respect of businesses to be transacted at the 24th Annual General Meeting
scheduledtobeheldonWednesday,the30thDayofSeptember2015,at03:30P.M.TheCompanyhasengagedtheservicesofCentralDepositoryServices
(India) Limited (CDSL) to provideE- voting facilities. The Notice of the 24th AGM and its communication is also available at the company's website at
www.himalyainternational.com
TheCompanyhasengagedCentralDepositoryServices(India)Limitedastheauthorizedagencytoprovidee-votingfacility.
Theinstructionsforshareholdersvotingelectronicallyareasunder:
i. Theremotee-votingperiodbeginsonSunday,27thSeptember2015at9.00A.M.andendsonTuesday29thSeptember2015at5:00P.M.Duringthis
periodshareholder'softheCompanyholdingshareseitherinphysicalformorindematerializedform,asonthecut-offdate(recorddate)of24th
September,2015maycasttheirvoteelectronically.Thee-votingmoduleshallbedisabledbyCDSLforvotingthereafter.
ii. Logontothee-votingwebsite:www.evotingindia.comduringthevotingperiod.
iii.ClickonShareholderstab.
iv.Selectthe“Himalya International Limited”fromthedropdownmenuandclickonsubmit
v. NowEnteryourUserID
a.
ForCDSL:16digitsbeneficiaryID,
b.
ForNSDL:8CharacterDPIDfollowedby8DigitsClientID,
c.
MembersholdingsharesinphysicalformshouldenterFolioNumberregisteredwiththeCompany.Nextentertheverificationcodeas
d.
displayedandclickonlogin.
NextentertheimageverificationcodeasdisplayedandclickonLogin
vi.Ifyouareholdingdematformandhadloggedontowww.evotingindia.comandcastedyourvoteonanearliervotingoranycompany,thenyourexisting
passwordistobeused.
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i. Ifyouareafirsttimeuserfollowthestepsgivenbelow:
For members holding shares in a demat form and physical form
PAN*
Enteryour10digitalpha-numeric*PANissuedbyIncomeTaxDepartment(incapital)(applicableforbothdematshareholdersaswellas
physicalshareholders).

ShareholderswhohavenotupdatedtheirPANwiththeCompany/DepositoryParticipantarerequestedtousethefirsttwolettersoftheir
nameinfollowedby8digitsfoliono.inthePANfield.

Incasethefolionumberislessthan8digitsentertheapplicablenumberof0'sbeforethenumberafterthefirsttwocharactersofthenamein
CapitalLetters.E.g.ifyournameisRajeshKumarwithfolionumber1thenenterRA00000001inthePANfield.
DOB*
EntertheDateofBirthasrecordedintheDemataccount/companyrecordsforthesaidfolioindd/mm/yyyyformat.
Dividend PleaseentertheDividendBankdetailsasrecordedinyourdemataccountorinthecompanyrecordsforthesaiddemataccountorfolio.
Bank
PleaseentertheDOBordividendbankdetailsinordertologin.Incaseboththedetailsarenotrecordedwiththedepositoryandcompany

Details*
pleaseenterthememberID/FolioNo.inthedividendbankdetailsfield.
viii.
Afterenteringthesedetailsappropriately,clickon"SUBMIT"tab.
ix.
MembersholdingsharesinphysicalformwillthenreachdirectlytotheEVSNSelectionScreen.However,membersholdingsharesindematformwill
nowdirectlyreachthe'PasswordCreation'menuwhereintheyarerequiredtobemandatorilyentertheirloginpasswordinthenewpasswordfield.
KindlynotethatthisnewpasswordistobeusedbythedematholdersforvotingforResolutionsofanyothercompanyonwhichtheyareeligibleto
vote,providedthatcompanyoptsfore-votingthroughCDSLplatform.Itisstronglyrecommendednottoshareyourpasswordwithanyotherperson
andtakeutmostcaretokeepyourpasswordconfidential.
x.
ForMembersholdingsharesinPhysicalformthedetailscanbeusedonlyfore-votingonResolutionscontainedinthisnotice.
xi.
ClickontheEVSNforHimalyaInternationalLimitedonwhichyouchoosetovote.
xii.
Onthevotingpage,youwillsee"RESOLUTIONDESCRIPTION"andagainstthesametheoption"YES/NO"forvoting.SelecttheoptionYESorNOas
desired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNOimpliesthatyoudissenttotheResolution.
xiii.
xiv.
Clickonthe"RESOLUTIONSFILELINK"ifyouwishtoviewtheentireResolutionsDetails.
Afterselectingtheresolutionyouhavedecidedtovoteon,clickon"SUBMIT".Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,click
on"OK",elsetochangeyourvote,clickon"CANCEL"andaccordinglymodifyyourvote.
xv.
Onceyou"CONFIRM"yourvoteontheresolutionyouwillnotbeallowedtomodifyyourvote.
xvi.
Youcanalsotakeoutprintofthevotingdonebyyoubyclickingon"Clickheretoprint"optionontheVotingpage.
xvii. IfDemataccountholderhasforgottenthesamepasswordthenentertheUserIDandtheimageverificationcodeandclickonForgotPassword&enterthe
detailsaspromptedbythesystem.
xviii.

NoteforNon-IndividualShareholdersandCustodians:
Non-IndividualShareholders(i.e.otherthanIndividuals,HUF,NRIetc.)andcustodianarerequiredtologonto www.evotingindia.comandregister
themselvesasCorporate.


AscannedcopyoftheRegistrationFormbearingthestampandsignoftheentityshouldbeemailedtohelpdesk.evoting@cdslindia.com.
Afterreceivingthelogindetailsacomplianceusershouldbecreatedusingtheadminloginandpassword.TheComplianceuserwouldbeabletolinkthe
account(s)forwhichtheywishtovoteonandthencasttheirvoteon.

Thelistofaccountsshouldbemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccountstheywouldbeabletocasttheirvote.

AscannedcopyoftheBoardResolutionandPowerofAttorney(POA)whichtheyhaveissuedinfavouroftheCustodian,ifany,shouldbeuploadedinPDF
formatinthesystemforthescrutinizertoverifythesame.
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xix.
PursuanttoSection107oftheActreadwithrule20oftheCompanies(Managementandadministration)Rules,2014,therewillnotbevotingbyshowof
handsonanyoftheagendaitemsatthemeetingandpollwillbeconductedinlieuofthereof.
ii.
M/sHimanshuSharma&Associats,PracticingCompanySecretary,NewDelhihasbeenappointedastheScrutinizertoscrutinizethee-votingprocessina
fairandtransparentmanner.TheScrutinizershallwithinaperiodnotexceedingthree(3)workingdaysfromtheconclusionofthee-votingperiod
unblockthevoteinthepresenceofatleasttwo(2)witnessesnotintheemploymentoftheCompanyandwillmakeaScrutinizesReportoftheVotescast
infavouroragainst,ifany,andsubmititforthwithtotheChairmanoftheCompany.
(A)
IntheeventofPoll,Pleasenotethatthememberswhohaveexercisetheirrighttovotethroughelectronicmeansasaboveshallnotbeeligibletovoteby
wayofpollatthemeeting.ThepollprocessshallbeconductedandreportthereonshallbepreparedinaccordancewithSection109ofTheCompanies
Act,2013readwithrelevantrules.Insuchanevent,Votescastunderpolltakentogetherwiththevotedcastthroughe-votingshallbecountedforthe
purposeofpassingtheResolution(s).Novotingbyshowofhandswillbeallowedatthemeeting.
(B)
TheResultsoftheresolutionpassedattheAGMofthecompanywillbedeclaredwithin48hoursfromtheconclusionofAGM.TheResultsdeclaredalong
withtheScrutinizer'sReportshallbeplacedontheCompany'swebsite www.himalyainternational.comandonthewebsiteofCDSL andwillbe
communicatedtoalltheStockExchanges(s).
(C)
MembersholdingequitysharesinelectronicformandproxiesthereofarerequestedtobringtheirDPIDandClientIDforidentification.
(D)
Shareholdersholdingsharesinphysicalformarerequestedtoprovidetherequisiteinformationasperformatgivenbelowbypostore-mailto:
BEETAL Financial & Computer Services Pvt Ltd.
BEETAL HOUSE, 3rd Floor, 99, Madangir, behind LSC, New Delhi - 110062 Ph. 011-29961281-283 Fax 011-29961284
Email:[email protected]
EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
Item No. 4
Intermofsection149andotherapplicableprovisionoftheCompaniesAct,2013,Mr.AshishSachdevabeingeligibleandofferinghimselfforthe
appointmentasanIndependentDirectorforthefiveconsecutiveyearsforthetermuptoSeptember30,2020.Anoticehasbeenreceivedinwriting
undersection160ofthecompaniesact,2013fromamemberproposingMr.AshishSachdevaasacandidatefortheofficeofDirectoroftheCompany.
Board considers that his continued association would be of immense benefit to the Company and it is desirable to continue to avail services of
IndependentDirector.According,theBoardrecommendstheresolutionintherelationtoappointmentofMr.AshishSachdevaasIndependentDirector,
fortheapprovalbytheShareholdersoftheCompany.
ExceptMr.AshishSachdeva,beinganappointee,noneoftheDirectorandKeyManagerialPersonneloftheCompany,andtheirrelativesisconcernedor
interested,financialorotherwise,intheresolutionsetoutasItemNo.4.ThisExplanatorystatementmayalsoberegardedasdisclosureunderclause49
oftheListingAgreement.
Place: Paonta Sahib
Date: 28.05.2015
Man Mohan Malik
DIN No. 00696077
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DIRECTORS' REPORT
To,
TheMembers,
WearepleasedtopresenttheTwentyforthAnnualReportoftheCompanytogetherwithAuditedFinancialStatementsandAuditor'sReportfortheFinancialYear
endedason31stMarch2015.TheFinancialHighlightsfortheyearunderreviewaregivenbelow:
1.
FINANCIAL RESULT :TheCompany'sfinancialperformanceisgivenhereunder:
(Rs.inLacs)
Particulars
Financial Year ended 31.03.2015
Financial Year ended 31.03.2014
IncomefromOperation
10092.32
18912.72
OtherIncome
107.80
86.29
Profit before Finance cost,
Depreciation and Taxes
680.63
2565.65
Finance Cost
3373.29
1605.14
Depreciation
1263.57
911.64
Profit/(Loss)beforetax
(3956.23)
48.87
Less:Provisionfordiminutioninvalue
ofinvestmentinJointventure
0.00
1149.36
ProvisionforBadDebts
12.35
0.00
ProvisionforTaxation
0.00
0.00
DeferredTax(Assets)/Liability
68.30
196.58
Short/(Excess)
ProvisionofearlierYear
0.00
0.00
Profit/(Loss)fortheyear
(4036.88)
(1297.07)
Performance: Duringtheyearunderreview,thetotalincomeofyourCompanywasRs.10092.32LacsascomparedtoRs.18912.72Lacsinthe previousyear.
ThenetLossofthecompanyforthecurrentfinancialyearisofRs.4036.88LacsascomparedtolossofRs.1297.07Lacsinthepreviousyear.
Reasons for loss:
ThelossesfromSimplotledtoseriousdefaultsinpaymentsandcurtailedourcapacitytomeetallobligations.Wehadtorequestour
lendersfordebtrestructureandtheykindlyallowedusbreathingspacetillDecember2015.
13.64crore.
2.DIVIDEND:
DuetolossincurredbytheCompanyduringthefinancialyear,theBoardhasnotrecommendedanydividendfortheyearended31stMarch2015.3. Business
Operations Overview & Future Outlook : Company'sbusinessactivitiesarebroadlydividedintoGrowingofmushrooms(agriculture Activity),Cheese,sweets
andappetizermanufacturingandexport.
4. DEPOSITS:
YourCompanyhasnotacceptedanyPublicDepositsunderChapter-VofCompaniesAct,2013,duringtheyearunderreview.
5. INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT:
YourcompanyhasanadequateInternalControlSystemandRiskManagementproceduretomonitortherisksandtheirmitigatingactions.Companyhasdeveloped
policies&procedurestoassesstheriskassociatedwiththecompanyandminimizationthereofandperiodicallyinformedtheBoardofDirectorsfortheirreviewto
ensurethattheexecutivemanagementcontrolstheriskinaccordancewithdefinedpoliciesandproceduresadoptedbythecompany.
TheBoardofDirectorsofthecompanyappointedMr.AkhilGupta,CostAccountantanemployeeoftheCompanyasanInternalAuditorsoftheCompanyforthe
financialyear2014-2015.TheInternalAuditorsindependentlyevaluateadequacyofinternalcontrolsandauditthetransactionsundertakenbytheCompany.The
AuditCommitteeoftheBoardofDirectorsinteralia,reviewstheadequacyandeffectivenessofinternalControlandmonitorsimplementationofInternalAudit
observations.
6.
AUDITORS:M/sAnujeetDandona&Co.,CharteredAccountantswereappointedasStatutoryAuditorsoftheCompanyatthelastAnnualGeneralMeeting
heldon30thSeptember2014foratermof3consecutiveyears.Aspersection139ofCompaniesAct,2013,theappointmentofAuditorsistoberatifiedbythe
membersateveryAnnualGeneralMeeting.TheCompanyhasreceivedacertificatefromtheauditorstotheeffectthattheirratificationifmade,wouldbein
accordancewiththeprovisionofsection141oftheCompaniesAct,2013.
TheReportgivenbytheAuditorsonthefinancialstatementsoftheCompanyispartoftheAnnualReportwhichisselfexplanatoryandneedsnocomments.
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7.
SECRETARIAL AUDITOR: AspertheprovisionsofSection204ofCompaniesAct,2013andrulesmadethereunder,everylistedcompanyisrequiredtoannexwithits
Board'sReport,aSecretarialAuditReportgivenbyaCompanySecretaryinpractice.SecretarialAuditwascarriedoutbyM/sHimanshuSharma&Associats,Practicing
CompanySecretary,NewDelhi,theSecretarialAuditoroftheCompanyforthefinancialyear2014-2015.ThedetailedreportontheSecretarialAuditisappendedasan
AnnexuretothisReportwhichisselfexplanatoryandneedsnocomments.
8.
COMMITTEES OF THE BOARD:TherearecurrentlythreeCommitteeoftheBoardwhichareasfollows:
a)AuditCommittee
b)Nomination&RemunerationCommittee
c)Stakeholders'RelationshipCommittee
DetailsofalltheCommitteesalongwiththeircomposition,chartersandmeetingsheldduringtheyear,areprovidedinthe“ReportonCorporateGovernance”,apartof
thisAnnualReport.
9.
EXTRACT OF ANNUAL RETURN: TheextractofAnnualReturninFormMGT-9asrequiredunderSection92(3)andRule12oftheCompanies(Managementand
Administration)Rules,2014isappendedasanAnnexuretothisReport.
10. DIRECTORS: Mrs.SangitaMalik,DirectoroftheCompanyisretiringbyrotationandbeingeligible,offersherselfforre-appointment.
A) Changes in Directors and Key Managerial Personnel:
Mr.ChandarPrakashChhabra,IndependentDirectorResignedfromtheBoardoftheCompanyduringtheyearunderreview.
B) Declaration by Independent Directors:
TheIndependentdirectorhavesubmittedtheirdisclosuretotheBoardthattheyfulfillalltherequirementsastoqualifyfortheirappointmentasanIndependent
DirectorundertheprovisionsofSection149(6)oftheCompaniesAct,2013.Theterms&conditionsfortheappointmentofIndependentDirectorsaregivenatthe
websitei.e.www.Himalyainternational.comoftheCompany.
C) Formal Annual Evaluation: ThedetailsoftrainingandfamiliarizationprogrammesandAnnualBoardEvaluationprocessforDirectorshavebeenprovidedunderthe
Corporate Governance Report. The policy on Director's appointment and remuneration including criteria for determining qualifications, positive attributes,
independenceofDirector,andalsoremunerationforKeyManagerialPersonnelandotheremployeesformspartofCorporateGovernanceReportofthisAnnualReport.
D) Board Meetings:TheBoardofDirectorsmet5timesduringthefinancialyear2014-2015on26.04.2014,30.07.2014,30.10.2014,30.01.2015and30.03.2015as
detailedintheCorporateGovernanceReport.
11.
PARTICULARS OF EMPLOYEES:Theprovisionofrule5subrule(2)&(3)ofthecompanies(AppointmentandRemunerationofManagerialPersonnel)Rules2014requiring
particularsoftheemployeesinreceiptofremunerationinexcessofRs.60LacsperyeartobedisclosedintheReportofBoardofDirectorsoftheCompanyareasunder:
Name of employee
Designation
Remuneration (in Rs.)
ChairmanandManagingDirector 95,06,000
ManMohanMalik
12.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.
TheCompanyhasinplaceanAntiSexualHarassmentPolicyinlinewiththerequirementoftheSexualHarassmentofWomenattheworkplace(Prevention,
Prohibition,Redressal)Act,2013.InternalComplaintsCommittee(ICC)hasbeensetuptoredressthecomplaintsreceivedregardingsexualharassment.All
employees(permanent,contractual,temporary,trainees)arecoveredunderthispolicy.Nocomplianthasbeenreceivedinthisregard.Mrs. Jinni Sharmais
chairmanofthesexualharassmentcommittee.
13.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186: -
14.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:Duringtheyearunderreviewthecompanyhasenteredintothefollowingcontractsorarrangementswithrelatedparty.
Duringtheyearunderreviewthecompanyhasnotacceptedanyloansorprovidedanyguaranteeormadeanyinvestmentsundersection186.
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TheBoardhasalsoframedapolicyonrelatedpartytransactionsandthesameisavailableonCompany'swebsite.
15. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
TheCompanyhasestablishedaVigilMechanism/WhistleBlowerPolicytodealwithinstancesoffraudandmismanagement,ifany.ThePolicyhasasystematic
mechanismfordirectorsandemployeestoreportconcernsaboutunethicalbehavior,actualorsuspectedfraudorviolationoftheCompany'sCodeofConduct
orpolicy.ThepolicyisalsoavailableontheCompany'swebsite.
16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Informationpursuanttosection134(3)(m)oftheCompaniesAct,2013relatingtoconservationofenergy,technologyabsorptionandforeignexchange
earningsandoutgoisasunder:
A-Energyconservation–TheCompanymakescontinuouseffortstoexplorenewtechnologiesAndtechniquestomakethe
infrastructuremoreenergyefficient. TheoperationsoftheCompanyarenotenergyintensive.Companyuseagrowastetofireboilers.
B- TechnologyabsorptionCompanyusesIndiantechnicalmanpowertoOperateIndianandimportedinfrastructureForeignexchange
earningsandoutgo.
Particulars
EarningsinforeignExchange ExpenditureinforeignExchange
Amount(InRs,000)
299738
78806
17. DIRECTORS' RESPONSIBILITY STATEMENT:
TheBoardherebyaffirms:
(a) inthepreparationoftheannualaccounts,theapplicableaccountingstandardshadbeenfollowedalongwithproperexplanationrelatingtomaterial
departures;
(b) thedirectorshadselectedsuchaccountingpoliciesandappliedthemconsistentlyandmadejudgmentsandestimatesthatarereasonableand
prudentsoastogiveatrueandfairviewofthestateofaffairsofthecompanyattheendofthefinancialyearandoftheprofitandlossofthecompany
forthatperiod;
(c) thedirectorshadtakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsofthisAct
forsafeguardingtheassetsofthecompanyandforpreventinganddetectingfraudandotherirregularities;
(d) thedirectorshadpreparedtheannualaccountsonagoingconcernbasis;
(e) thedirectorshadlaiddowninternalfinancialcontrolstobefollowedbythecompanyandthatsuchinternalfinancialcontrolareadequateandwere
operatingeffectively;and
(f) thedirectorshaddevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuchsystemswereadequateand
operatingeffectively.
18. Management Discussion and Analysis : Adetailedchapteron“ManagementDiscussion&Analysis”(MDA)pursuanttoClause49oftheListing Agreement
isannexedtotheAnnualReportandformsintegralpartofDirectors'Report.
19. Corporate Governance Report : Westrivetoattainhighstandardsofcorporategovernancewhileinteractingwithallourstakeholders.The Companyhas
dulycompliedwithrevisedClause49-CorporateGovernanceCodeasstipulatedinthelistingagreementwithStockExchanges.Aseparatesectionon
CorporateGovernancealongwithCertificatefromM/s.AnujeetDandona&Co.,CharteredAccountants,confirminglevelofComplianceisannexedand
formspartoftheDirectors'Report.
20. Acknowledgement : YourDirectorsgreatlyappreciatethededicationandcommitmentofemployeesatalllevelswhohavecontributedtowards the
effectivefunctioningoftheCompany.Wealsowishtoconveygratitudetocompany'sBankers,FinancialInstitutions,GovernmentAuthorities,Clients,
Vendors,andInvestorsfortheirsupportandencouragementduringtheyearandlookforwardfortheircontinuedsupportinthefuture.
Place: Paonta Sahib
Date: 28.08.2015
Man Mohan Malik
DIN No. 00696077
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MANAGEMENT DISCUSSIONS AND ANALYSIS
Industry Structure and Developments
Company Business : TheCompany'sprimarybusinessismanufactureofGrowingofMushroom(agricultureActivity),vegetables,Cheese,Yogurt, Appetizers,
snacks,sweetsandFrenchfriesandtradingofdailyonetabletetc.
Discussions on Financial Performance With Respect to Operational Performance
Duringtheyearunderreview,thetotalincomeofyourCompanywasRs.10200.12LacsascomparedtoRs.18999.01Lacsinthepreviousyear.ThenetLoss
beforetaxofthecompanyforthecurrentfinancialyearisofRs.3968.58LacsascomparedtoprofitofRs.1100.49Lacsinthepreviousyear.
Reasons for loss:
ThelossesfromSimplotledtoseriousdefaultsinpaymentsandcurtailedourcapacitytomeetallobligations.Wehadtorequestour
lendersfordebtrestructureandtheykindlyallowedusbreathingspacetillDecember2015.
13.64crore.
Human Resources : Duringtheyear2013-14yourcompany'sHumanResourcesareasunder
Particulars
As31.03.2015
As31.03.2014
SkilledEmployees
342
380
Non-SkilledEmployees
845
860
Total
1187
1240
Outlook : CompanyhasstruggledhardtimesincetheformationofJVinOct2001underwhichwemergedallourresourcescreatedoveralongperiodof
includingtheContractfarming,Marketing&ListingonRetailchainsandproductionfromallFrozenAppetiserLinesexclusivelyfortheJV.TheJVmanaged
bytheUSPartnerSimplotwentdefunctandhasinflictedhugelossesdirectly&indirectlyontheoverallbusinessofHimalya.Theentireequityinvestedin
theJViswipedout.Besides,thestocksmadeonprojectionsoftheJVexpiredandhavebeendestroyedandtherearemanyotherduesunpaidbySimplot
USA.
YourCompanyhastakenthefollowingstepstogetbackontrackandachievethePre-JV,highgrowthtrajectoryasap:
WehaveapproachedourBankstorestructureourdebtsandtheconsultingcompanyDun&Bradstreethassubmittedtherestructureproposal
whichisunderfinalisationbytheLenders.
2) WehaveplannedtorestartourownmarketingsetupforfrozenSnacks&AppetisersinFoodService&Retailsegment.
3) Promotersareinprocesstoinvestadditionalequitytostrengthentheworkingcapital.
4) WearetakingstepsforadditionalexportstonewmarketschieflySAARC&MiddleEast.
5) Wearetakingallstepstolegallyrecoverlossesduetounfair&monopolisticactionsoftheJV&SimplotIndiaLLC.
6) WehavealsotakenstepstorecoverlossesfromlastyearFireinUSwarehouse.
OureyesstayfocussedonourVision2020tobeoneofthebestfoodprocessingcompaniesinIndia.Wefirmlybelievethatinspiteofhugesetbacksinlast
threeyears,weshallstabilizesoonandwillbethrivingbackinthehighgrowthtracks.
Internal Control System and Their Adequacy : Broadlytheinternalcontrolsandsystemsarebrokenupintofollowingareas:
1. FinancialSystemsandReporting
2.
ManagementReporting
3. HRSystemsandReporting
4.
SalesSystemsandReporting
5. CapitalAssetSystemsandReporting
6.
OperationalFulfillmentSystemsandReporting
1)
7. GeneralAdministrativeSystemsandReporting
8.
KnowledgeManagementSystems
Forthesizeofthebusiness,mostofthesystemsareconsideredadequate.Duetothesevereresourcecrunchinthecompany,ithasbeenunabletoimplement
itsplansofautomotivesystems.
Risk and Concerns : TheCompanyisoperatingitsbusinessintheGrowthOrientedenvironmentwithinnovations,changesandvaryinglevelsof resources
availabletofoodprocessingindustry.
Cautionary Statement : “ManagementDiscussionandAnalysis”reportcontainsforwardlookingstatements,whichmaybeidentifiedbytheuse ofthewordsin
thatdirection,orconnotingthesame.Allthestatementsthataddressexpectationsorprojectionsaboutthefuture,includingbutnotlimitedtostatements
abouttheCompany'sstrategyforgrowth,productdevelopment,marketposition,expenditureandfinancialresultsareforwardlookingstatements.
TheCompany'sactualresults,performanceorachievementscouldthusdiffermateriallyfromthoseprojectedinsuchforwardlookingstatements.TheCompany
assumesnoresponsibilitytopublic,toamend,modifyorreviseanyforwardlookingstatementsonthebasisofsubsequentdevelopments,informationorevents.
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REPORT ON CORPORATE GOVERNANCE
I. COMPANY'S PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE
CorporateGovernanceassumesagreatdealofimportanceinthebusinesslifeoftheCompany.TheCompany'sphilosophyoncorporategovernanceisbasedonthe
beliefthattimelydisclosures,transparentaccountingpolicies,andastrongandindependentBoardgoalongwayinpreservingshareholderstrustwhilemaximizing
long-termshareholdersvalue.IthasbeenaconstantendeavoronthepartoftheCompanytofollowgoodCorporateGovernancebyfollowingtheprinciplesof
transparency,accountabilityandintegrityinfunctioning,soastoconstantlyenhancevalueforallstakeholdersandfulfillthesocialobligationentrusteduponthe
corporatesector.
II. BOARD OF DIRECTORS
(A) Composition of Board
ThePresentBoardofDirectorsofourCompanycomprisesDirectorsconsistingofFourExecutiveandOneNon-Executive.
S.No.
Name
Category
1
Mr.ManMohanMalik
Promoter-ExecutiveDirector
2
Mrs.SangitaMalik
3
Sh.SanjivKakkar
4
Mrs.AnitaKakkar
5
Sh.SunilKhera
Non-ExecutiveIndependentDirector
Non Executive Directors
(B) Non Executive Director's Compensation and Disclosures
TheNonExecutiveDirectorsoftheCompanyarepaidsittingfeesasfixedbytheBoardofDirectorswithinlimitsprescribedundertheCompaniesAct,2013.
Besidessittingfeenon-executivedirectorsarenotpaidanyremuneration.
(C) Other provisions as to Board and Committee
ThedetailsoftheotherdirectorshipoftheBoardandtheirattendanceattheBoardmeetingsheldduringtheyear,i.e.betweenApril01,2014toMarch
31,2015isgiveninthefollowingtable
Name
Category
Board Meeting
Attendance at
No. of Director
No. of Committee
attending during
last AGM
ship in other
position held
companies*
chairman/member**
Mr.ManMohanMalik
5
YES
-
3
Mrs.SangitaMalik
5
YES
-
1
Mr.SanjivKakkar
2
NO
-
2
Mrs.AnitaKakkar
2
NO
-
0
Mr.SunilKhera
Non-ExecutiveIndependentDirector
5
NO
-
3
*ExclusiveoftheDirectorshipinPrivateLimited,Companies,Non-CorporateInstitutions,foreignCompaniesandSection25Companies.
**Includesonlychairmanship/membershipofAuditCommittee,RemunerationCommitteeandShareholders/InvestorsGrievanceCommittee.
TheBoardperiodicallyreviewsCompliancereportsofalllawsapplicabletotheCompanyandhasputinplaceproceduretoreviewstepstakenbytheCompanyto
rectifytheinstancesofnon-compliances,ifany.
(D) Number of Board Meetings held and dates: Duringthefinancialyear2014-2015theBoardofDirectorsmet5times.Thedatesofthe
meetingsare26.04.2014,30.07.2014,30.10.2014,30.01.2015and30.03.2015.
(E)
•
•
•
Information supplied to the Board: TheBoardhascompleteaccesstoallinformationwiththeCompany.Theinformationisprovidedtothe Boardandthe
agendapapersforthemeetingsarecirculatedinadvanceofeachmeeting.TheinformationsuppliedtotheBoardincludes:
Business/OperatingPlans,Quarterly,HalfyearlyandyearlyresultsoftheCompany,MinutesoftheMeetingsofauditCommitteesandotherCommittees
oftheBoard.
FixationofdateofEGMandAnnualGeneralMeetings.
Growthofexpansionplans.
TheBoardperiodicallyreviewscomplianceofalllawsapplicabletotheCompanyaswellasstepstakenbytheCompanytorectifyinstancesofnon
(F)
compliancesifany.
Code of conduct: Intermsofthenewprovisionsofclause49ofthelistingagreementandcontemporarypracticesofgoodcorporate governanceacodeof
conductforalltheBoardmembersandseniormanagementpersonnelhasbeenapprovedbytheBoardofDirectorsvidetheirmeetingheldon9th
December,2010andthesamehasbeenpostedontheweb-siteoftheCompany.AlltheBoardmembersandseniormanagementpersonnelhaveaffirmed
compliancewiththecodeofconduct.
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III. AUDIT COMMITTEE:
(A) Qualified & Independent Audit Committee:
Mr.SunilKheraisthechairmanofthecommittee.ThetermofreferencecoversallaspectstipulatedbytheSEBIguidelineasspecifiedin
clause49ofthelistingagreementwithStockExchange.
(B) ThecompositionoftheauditCommitteeconsistingoffollowingindependentmembers:
Chairman:Mr.SunilKhera,NonExecutiveIndependentDirector
Member:Mr.ManMohanMalikandMrs.SangitaMalik
(c) Meetings of Audit Committee : Duringtheyear4meetingswereheldandtheCompositionoftheAuditCommitteeandnumberofmeetings
attendedbythemembersaregivenbelow
Sl.No NameofMember(s)ofAudit
Committee
Category
No.ofMeetings
Held
1.
Mr.ManMohanMalik
Chairman
4
4
2.
Mr.SunilKhera
Member 4
4
3.
Mrs.SangitaMalik
Member 4
4
(D)
1)
2)
3)
4)
(E)
Attended
of the Audit Committee : TheAuditCommitteehaspowersincluding:
Powers
Toinvestigateanyactivitywithinitstermsofreference.
Toseekinformationfromanyemployee
Toobtainoutsidelegalorotherprofessionaladvice.
Tosecureattendanceofoutsiderswithrelevantexpertise,ifitconsidersnecessary.
Role of Audit Committee:
- Oversightofthecompany'sfinancialreportingprocessanddisclosureofitsfinancialinformationtoensurethatfinancialstatementis
correct,sufficientandcredible.
- RecommendationtotheBoardofDirectors,theappointment,re-appointmentandifrequired,thereplacementorremovalofthe
statutoryauditorandfixationofauditfees.
- Approvalofpaymenttostatutoryauditorsforanyotherservicesrenderedbythestatutoryauditors.
- Reviewingwiththemanagement,theannualfinancialstatementsbeforesubmissionstoboardforapproval,withparticularreference
to-MattersrequiredtobeincludedintheDirectorsResponsibilityStatementtobeincludedintheBoard'sreportintermsofClause
(2AA)ofsection217oftheCompaniesAct,1956.
- Changes,ifany,inaccountingpoliciesandpracticesandreasonsforthesame.
-
-
Majoraccountingentriesinvolvingestimatesbasedontheexerciseofjudgmentbymanagement.-Significantadjustmentsmadein
thefinancialstatementsarisingoutofauditfindings.-Compliancewithlistingandotherlegalrequirementsrelatingtofinancial
statements-Disclosureofrelatedpartytransactions.
Qualificationsindraftauditreport.
-
Reviewingwithmanagement,thequarterlyfinancialstatementsbeforesubmissiontotheboardforapproval.-Reviewingwith
management,performanceofstatutoryandinternalauditors,andadequacyofinternalcontrolsystems.
-
-
Reviewingtheadequacyofinternalauditfunction,ifanyincludingthestructureoftheinternalauditdepartment,staffingand
seniorityoftheofficialheadingthedepartment,reportingstructurecoverageandfrequencyoftheinternalaudit.
Discussionwithinternalauditorsanysignificantfindingsandfollowupthereon.
-
Discussionwiththestatutoryauditorsbeforetheauditcommences,ofthescopeandnatureofauditandaswellashavepostaudit
discussiontoascertainanyareaofconcern.
- Tolookintothereasonsforsubstantialdefaultsinthepaymenttothedepositors,debentureholders,shareholders(incaseofnon
paymentofdeclareddividends)andcreditors.
Review of information by the Audit Committee
TheauditCommitteereviewthereportsoftheInternalAuditors,meetsStatutoryandInternalAuditorsasandwhenrequired&discuss
theirfindings,observations,suggestions,internalcontrolsystem,scopeofauditandotherrelatedmatters.
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(A) Related Party Transaction
i. StatementscontainingtransactionswithrelatedpartyhasbeensubmittedperiodicallybeforetheAuditCommittee.
ii.
TherearenomateriallysignificantrelatedpartytransactionswiththeCompany'spromoters,Directors,themanagement,therelatives,whichmayhave
potentialconflictwiththeinterestoftheCompanyatlarge.SuitabledisclosuresasrequiredbyAccountingStandard(AS-18)ontransactionwithrelated
partieshavebeenshowninnoteno.26.3ofscheduleSinnotesonaccountsoftheAnnualAccountsfortheyear.
(B) Disclosure of Accounting Treatment
Duringtheyear,therehasbeennochangeintheaccountingtreatmentofAccountingStandardapplicabletotheCompany.
(C) Risk Management : IntermsofnewprovisionofClause49&contemporarypracticesofgoodcorporategovernance,Companyhas developedthepolicies&
procedurestoassesstheriskassociatedwiththeCompanyandminimizationthereofandperiodicallyinformedtheBoardofDirectorsfortheirreviewto
ensurethattheexecutivemanagement,controlstheriskinaccordancewiththedefinedpoliciesand
proceduresadoptedbytheCompany.
IV Remuneration Committee/ Nomination and Remuneration Committee (Non-Mandatory)
TheBoardoftheCompanyhasdecidedthatthecommitteewillalsobeknownwiththenameNominationandRemunerationCommitteeasrequiredunder
CompaniesAct,2013.TheCommitteerecommendsremunerations,promotions,incrementsandconsiderstheappointmentofExecutivesDirectorsasand
whenrequired:
AtpresenttheRemunerationCommitteeoftheCompanycomprisesofthefollowingmemberswhoareExecutiveandIndependentDirectorsoftheCompany:
1. Mr.SunilKhera,Chairman
2. Mr.SanjeevKakkar,Member
3. Mr.ManMohanMalik,Member
DuringtheyearthereareonesuchRemunerationCommitteeMeetingoftheCompanyhasbeenheldbytheCompanyon30.03.2015.
Non-Executive Directors
a.TheNon-ExecutiveDirectorsareentitledtosittingfeeonlyforattendingBoard/Committeemeetings.AsittingFeeofRs.2500/-permeetingispaidfor
attendingBoard/Committeemeeting.
b.Therehasbeennopecuniaryrelationshipsortransactionsofthenon-executivedirectorsvis-à-vistheCompanyduringtheyear.
c. TheCompanyhaspaidsittingfeeaggregatingRs.25,000/-totheNonExecutiveDirectorswhichiswithinthelimitsasprescribedundertheCompaniesAct
2013,Nootherpaymentsweremadetosuchdirectors.Number of Shares held by Non-Executive Director 40,000/V Shareholders'/ Investors' Grievance Committee /Stakeholders Relationship Committee:
TheBoardhasdecidedthatShareholders'/Investors'GrievanceCommitteeoftheCompanywillalsobeknownasStakeholderRelationshipCommitteeas
requiredundertheCompaniesAct,2013.TheBoardhaddelegatedthepowertoconsiderandresolvegrievanceofsecurityholdersofthecompanyto
Shareholders'/Investors'GrievanceCommittee/StakeholdersRelationshipcommittee
TheShareholders'/Investors'GrievanceCommittee/StakeholdersRelationshipcommitteepresentlycomprisesofthreeDirectorsviz. Mr.SunilKhera,
Chairman,Mr.ManMohanMalikandMr.SanjevKakkar.
TheCompanyreceived5(Five)complaintfrominvestorduringthefinancialyear2014-2015,whichwerepromptlyandsatisfactorilyresolved.During
theyearthereisnoshareholdercommitteemeetings.
VI. CEO/CFO CERTIFICATION
TheManagingDirector&Director(Finance)havecertifiedtotheBoardofDirectorsoftheCompanythat:
(a)Theyhavereviewedfinancialstatementandcashflowstatementfortheyearended31stMarch2015andtothebestoftheirknowledgeandbelief:
(i)thesestatementsdonotcontainanymaterialuntruestatementoromitanymaterialfactorcontainthatmightbemisleading.
(ii) ThesestatementstogetherpresentatrueandfairviewoftheCompanyaffairsandareincompliancewithexistingaccountingstandards,applicable
lawsandregulations.
(b) Thereare,tobestoftheirknowledgeandbelief,notransactionsenteredintobytheCompanyduringtheyearwhicharefraudulent,illegalorviolatethe
Company'scodeofconduct.
(c) Theyacceptresponsibilityforestablishingandmaintaininginternalcontrolsforfinancialreportingandthattheyhaveevaluatedtheeffectivenessof
internalcontrolsystemsoftheCompanypertainingtofinancialreportingandtheyhavedisclosedtotheAuditorsandtheAuditCommittee,deficienciesin
thedesignoroperationofsuchinternalcontrol,ifanyofwhichtheyareawareandthestepstheyhavetakenorproposetotaketorectifythesedeficiencies.
(d) TheyhaveindicatedtotheAuditorsandAuditCommittee:
(i)
significantchangesininternalcontroloverfinancialreportingduringtheyear.
(ii) significantchangesinaccountingpoliciesduringtheyearandthatsamehasbeendisclosedinthenotestofinancialstatements,and
(iii) instancesofsignificantfraudofwhichtheyhavebecomeawareandtheinvolvementtherein,ifanyofthemanagementoranemployee
havingasignificantroleintheCompany'sinternalcontrolsystemoverfinancialreporting.
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VII. REPORT ON CORPORATE GOVERNANCE
Thequarterlycompliancereporthasbeensubmittedtothestockexchangeswherethecompanies'equitysharesarelistedinthe
requisiteformatanddulysignedbythecomplianceofficer.
i) General Body Meetings:
DetailsofLocation,DateandTimeofAnnualGeneralMeetingsheldduringlastthreeyearsaregivenbelow:
Particulars
23rdAGM
22ndAGM
21stAGM
Time
Dated on which held
2:00PM 4:00PM 4.00PM 30thSeptember2014
30thSeptember2013
29thSeptember2012
Venue
Swagat,DDACommunityHall,Sector-7,
NearRamphalChowk,Dwarka,NewDelhi-110077
Swagat,DDACommunityHall,Sector-7,
NearRamphalChowk,Dwarka,NewDelhi-110077
SangamFarm,RoadNo.2,FarmNo.34,
Ghitorni,NewDelhi-110030
AttheensuingAnnualGeneralMeetingthereisnospecialResolutionproposedtobepassedthroughthepostalballot
(ii) Means of Communications
-Quarterly/Yearlyresultsarepublishedinprominentnewspapers.
- Companyissuespressreleasesfromtimetotime.
- InformationoftheCompanyareavailableonwebsiteofthecompany:www.Himalyainternational.com
AdetailedManagementDiscussionandAnalysisasperrequirementofClause49oftheListingagreementisformingpartofAnnualreport.
(iii) General shareholder information Annual General Meeting
Day&Date:30thSeptember,2015Time:03.30P.M.
Venue:Surya Banquet party hall, Near Dwarka Palam Fly over, Sector-7, Dwarka, New Delhi
Date of Book Closure:
From25thdayofSeptember2015to30thdayofSeptember2015(bothdaysinclusive)forthepurposeofAnnualGeneralMeeting.
Name of the Stock Exchanges on which the equity shares of the Company is listed: BombayStockExchange
Stock Code: TheStockExchange,Mumbai:526899
Listing Fee: ListingfeehasbeenpaidtoTheStockExchangesuptothefinancialyear2014-2015.
ISINnoallottedtothedepositoriesnamely,NSDLandCDSLisINE552B01010.
Market Price Data: MonthlyhighandlowoftheequitysharesoftheCompanyinTheStockExchange,Mumbai(BSE)fortheF.Y.2013-14arestated
hereinbelow:
Month
Bombay Stock
Exchange (BSE)
High(Rs.) Low(Rs.)
April2014
21.02 8.75
May2014
19.35 14.80
June2014
19.75 16.25
July2014
20.65 15.80
August2014 14.25 11.10
September2014
16.95 11.35
October2014
15.25 11.62
November2014
14.00 9.20
December2014
10.50 8.27
January2015 9.20
7.30
February2015
8.40
7.01
March2015 7.49
5.78
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Distribution Schedule of shareholding as on 31.03.2015:
Share Holding of Nominal
Value of Rs.
Number of
Shareholders
%
To Total
UpTo5000
5001to10000
10001to20000
20001To30000
30000To40000
40001To50000
50001To100000
100001ToandAbove
12,178
2,048
1,073
434
161
221
300
313
72.80
12.24
6.41
2.59
0.96
1.32
1.79
1.87
Total
16,728
100.00
No. of Shares
Amount in Rs
%
To Total
24,71,377
17,91,585
17,35,041
11,49,438
5,87,268
10,63,978
22,71,901
4,38,51,692
2,57,13,770
1,79,15,850
1,73,50,410
1,14,94,380
58,72,680
1,06,39,780
2,27,19,010
43,85,16,920
4.67
3.25
3.15
2.08
1.06
1.93
4.12
79.69
5,50,22,280
55,02,22,800
100.000
Registrar & Share Transfer Agents: M/s. Beetal Computer & Financial Services Pvt. Ltd
BeetalHouse,3rdFloor,99,Madangir,BH-LocalShoppingCentreNearDadaHarsukhdasMandir,NewDelhi–110062
System of Share Transfer/ de-materialization/ re-materialization etc.:
TheaforementionedRTAhasitsowninfrastructurecommensuratewiththeworkundertakenandismannedbyskilledandtrainedstaff.
De-materialization of shares and liquidity: Company'ssharesarenowinCompulsoryDematcategory.Over82.03%oftheshareshavebeen
dematerialized.The EquitySharesarelistedonBombayStockExchanges.
Outstanding GDRs/ADRs, and Convertible Bonds, Conversion date and likely impact on equity: As on date company’s capital Rs. 57,87,28,840 and No
Warrants / Convertible Bonds is pending for conversion .
Plant Locations:TheFactoryPremisesofthecompanyissituatedat:1.
VillageShubhKhera,PaontaSahib,District-Sirmour,HimachalPradesh.
2.
Site:SurveyNo.215/A/1,Vadnagar-Navapura-RedlaxmipuraRoad,Sultanpura-384355Ta-Vadnagar,Dist:Mehsana,Gujarat
Address for correspondence:
Company's Registered Office
CompanySecretary
HimalyaInternationalLimited
E555,2ndFloor,PalamExtension,Sector-7,Dwarka,NewDelhi–110077Tele:011-
45108609E-mail:[email protected]:
www.himalyainternational.com
Head Office : Vill-ShubhKhera,PaontaSahib,Distt.Sirmour(H.P.)
Tele:01704-223494,Fax:01704-225178,8894788612
Marketing office : 3rdFloor,308TowerB,GlobalBusinessPark,M.G.Road,Gurgaon-122002,India,+91-0124-4498150
Declaration:ThisistoconfirmthatalltheDirectorsandSeniorManagementPersonneloftheCompanyhaveaffirmedcompliancewiththeCodeof
Conductand adoptedbytheBoard.
Place: Paonta Sahib
Date: 28.05.2015
Man Mohan Malik
DIN No. 00696077
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AUDITORSCERTIFICATEONCOMPLIANCEWITHTHECONDITIONOF
CORPORATEGOVERNANCEUNDERCLAUSE49OFTHELISTINGAGREEMENTS
To,
TheMembersof
HimalyaInternationalLimited
WehaveexaminedthecomplianceofconditionsofcorporategovernancebyHimalyaInternationalLimitedfortheyearendedon31
March2015,asstipulatedinclause49ofthelistingagreementofthesaidcompanywithstockexchanges.
Ourexaminationwaslimitedtoproceduresandimplementationthereof,adoptedbythecompanyforensuringthecomplianceofthe
CorporateGovernance.Itisneitheranauditnoranexpressionofopiniononthefinancialstatementsofthecompany.
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,wecertifythatthecompanyhascomplied
withtheconditionsofCorporateGovernanceasstipulatedintheabove-mentionedListingAgreement.
ForAnujeetDandona&Co.
CharteredAccountant
Sd/
AnujeetSingh
MembershipNo.73662
Place:Dehradun
Date:28.08.2015
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CFO Certification
To,
The Board of Directors
1.
We have reviewed financial statements and the cash flow statement for the year ended 31st March, 2015 and that to the
best of our knowledge and belief, certify that :


These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
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.
2.
There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year 20142015 which are fraudulent, illegal or violative of the Company's code of conduct.
3.
We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and have
disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any,
of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
4.
We have indicated to the Auditors and the Audit committee that :



There are no significant changes in internal control over financial reporting during the year;
There are no significant changes in accounting policies during the year and that the same have been disclosed in
the notes to the financial statements; and
There are no 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 role in the Company's internal control system over financial
reporting.
Place: Paonta Sahib
Date: 28.08.2015
Ajay Kaushik
Chief Financial Officer
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SecretarialAuditReportinFormMR-3:
SECRETARIALAUDITREPORT
FORTHEFINANCIALYEARENDED31STMARCH,2015
To,
TheMembers,
M/sHIMALYAINTERNATIONALLIMITED
E-555,1st&2ndFloor
PalamExtension,Sector-7,Dwarka
NewDelhi-110077
IhaveconductedtheSecretarialAuditofthecomplianceofapplicablestatutoryprovisionsandtheadherencetogoodcorporatepracticesby
HIMALYAINTERNATIONALLIMITEDhavingitsregisteredofficeatE-555,1st&2ndFloor,PalamExtension,Sector-7,Dwarka,NewDelhi-110077.
SecretarialAuditwasconductedinamannerthatprovidedmeareasonablebasisforevaluatingthecorporateconducts/statutorycompliances
andexpressingmyopinionthereon.
BasedonmyverificationoftheCompanybooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbythecompanyand
alsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,Ihereby
reportthatinmyopinion,theCompanyhas,duringtheauditperiodcoveringthefinancialperiodendedon31stMarch,2015compliedwiththe
statutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processesandCompliance-mechanisminplacetotheextent,
inthemannerandsubjecttothereportingmadehereinafter:
Ihaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbyHIMALYAINTERNATIONALLIMITED
(“theCompany”)forthefinancialyearendedon31stMarch,2015accordingtotheprovisionsof:
(i)
TheCompaniesAct,2013(theAct)andtherulesmadethereunder;
(ii)
TheSecuritiesContracts(Regulation)Act,1956('SCRA')andtherulesmadethereunder;
(iii)
TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;
(iv)
ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992('SEBIAct'):-
(v)
ForeignExchangeManagementAct,1999andtherulesandregulationsmadethereundertotheextentofForeignDirectInvestment,
OverseasDirectInvestmentandExternalCommercialBorrowings:-
(vi)
ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992('SEBIAct'):(a)
TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesandTakeovers)Regulation,2011;
(b)
TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,1992;
(c)
TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009:-
(d)
TheSecuritiesandExchangeBoardofIndia(EmployeeStockOptionSchemeandEmployeeStockPurchaseScheme)
Guidelines,1999:- Not Applicable
(e)
TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008:-Not Applicable
(f)
TheSecuritiesandExchangeBoardofIndia(RegistrarstoanIssueandShareTransferAgents)Regulations,1993regardingthe
CompaniesActanddealingwithclient:-
(g)
TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009:-Not Applicable
(h)
TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998:-Not Applicable
(vii)
OtherapplicableLawstotheCompany.
Ihavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:
(I)
SecretarialStandardsissuedbytheInstituteofCompanySecretariesofIndia(Thesewillbeeffectivefrom01.07.2015&hencenot
applicabletotheCompanyduringtheauditperiod)
(ii)
TheListingAgreementsenteredintobytheCompanywiththeBombayStockExchangelimited.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, Etc.
mentionedabove.
IfurtherreportthattheBoardofDirectorsoftheCompanyconstitutedwithExecutive,Non-ExecutiveDirectorandIndependentDirectors.The
changesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththe
provisionsoftheAct.
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TheBoardofDirectorsoftheCompanywasdulyconstitutedintermsoftheClause49oftheListingAgreement.Mr.ChanderPrakashChabra
Independentdirectorofthecompanyresignedondt.04.08.2014,hencethenumberofindependentdirectorsontheBoardfelltolessthan
50%oftheoriginalstrengthoftheBoard.HowevertheBoardhasappointedMr.AshishSachdevaasindependentDirectorinitsmeetingdt.
28.08.2015.
DuetotheresignationofMr.ChanderPrakashChabra,IndependentDirectorofthecompany,thecompositionoftheauditcommitteewas
reconstitutedanditwasnotincompliancewiththeprovisionsofSection177oftheCompaniesact,2013andClause49ofthelistingagreement
duetoshortfallofoneindependentDirector.
AdequatenoticeisgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentinadvance,andasystem
existsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationat
themeeting.
AlldecisionsatBoardMeetingsandCommitteeMeetingsarecarriedoutunanimouslyasrecordedintheminutesofthemeetingsoftheBoardof
DirectorsorCommitteeoftheBoard,asthecasemaybe.
Ifurtherreportthatthereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsofthecompanyto
monitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.
Ifurtherreportthatduringtheauditperiod,therewerenoothereventshavingamajorbearingontheCompany'saffairsinpursuanceofthe
abovereferredlaws,rules,regulations,guidelinesetc.
For Himanshu Sharma & Associates
Company Secretaries
Himanshu Sharma
ACS Proprietor
CP. No.:11553
Date : 28.08.2015
Place : New Delhi
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Shareholding at the beginning of the financial year
Shareholding at the ending of the financial year
-1.89
3077150
5.88
1194915
2.29
0.00
3077150
5.57
3.99
1194915
2.18
2.18
105000
0.19
0.17
1632311
2.97
1144900
96000
0.19
SIDARTH KAKKAR
{20}
-0.11
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11,44,900
11,94,915
2.26
11,94,915
96,000
2.26
0.19
105000
{22}
0.19
ALL NATURAL
TASTE OF PURE
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IndependentAuditor'sReport
TotheMembersofHimalyaInternationalLimited
ReportontheFinancialStatements
WehaveauditedtheaccompanyingfinancialstatementsofHimalyaInternationalLimited(“theCompany”)whichcomprisethebalancesheetas
at31March2015,thestatementofprofitandlossandthecashflowstatementfortheyearthenendedandasummaryofsignificantaccounting
policiesandotherexplanatoryinformation.
Management'sResponsibilityfortheFinancialStatements
TheCompany'sBoardofDirectorsisresponsibleforthemattersstatedinSection134(5)oftheCompaniesAct,2013(“theAct”)withrespecttothe
preparationofthesefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceandcashflowsofthe
CompanyinaccordancewiththeAccountingprinciplesgenerallyacceptedinIndia,includingtheAccountingStandardsreferredtoinsection133
oftheAct,readwithrule7oftheCompanies(Accounts)Rules2014.Thisresponsibilityalsoincludesmaintenanceofadequateaccountingrecords
inaccordancewiththeprovisionoftheActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandother
irregularities,selectionandapplicationofappropriateaccountingpolicies,makingjudgementsandestimatesthatarereasonableandprudent
,anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracy
andcompletenessoftheaccountrecords,relevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairview
andarefreefrommaterialmisstatement,whetherduetofraudorerror.
Auditor's'Responsibility
Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.
WehavetakenintoaccounttheprovisionsoftheAct,theaccountingandauditingstandardsandmatterswhicharerequiredtobeincludedin
theauditreportundertheprovisionsoftheActandtheRulesmadethereunder.
WeconductedourauditinaccordancewiththeStandardsonAuditingspecifiedunderSection143(10)oftheAct.ThoseStandardsrequirethatwe
complywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefree
frommaterialmisstatement.
Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsandthedisclosuresinthefinancialstatements.The
procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial
statements,whetherduetofraudorerror. Inmakingthoseriskassessments,theauditorconsidersinternalfinancialcontrolrelevanttothe
Company'spreparationofthefinancialstatementsthatgiveatrueandfairviewinordertodesignauditproceduresthatareappropriatein
the circumstances, but not for the purpose ofexpressing an opinion on whether the Company hasin place anadequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the
appropriatenessoftheaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadebytheCompany'sDirectors,aswellas
evaluatingtheoverallpresentationofthefinancialstatements.
Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourqualifiedauditopiniononthe
standalonefinancialstatements.
Opinion
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,exceptfortheeffectsofthematterdescribedinthe
BasisforQualifiedOpinionparagraphabove,theaforesaidstandalonefinancialstatementsgivetheinformationrequiredbytheActinthe
mannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsof
theCompanyasat31stMarch,2015,anditslossanditscashflowsfortheyearendedonthatdate.
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ReportonOtherLegalandRegulatoryRequirements
1. AsrequiredbytheCompanies(AuditorsReport)Order2015(“theOrder”)issuedbytheCentralGovernmentofIndiaintermsofsub-section
(11)ofsection143oftheAct,wegiveintheAnnexureastatementonthemattersspecifiedinparas3and4ofthesaidOrder,totheextent
applicable.
2. Asrequiredbysection143(3)oftheAct,wereportthat:
a. Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthe
purposeofouraudit;
b. InouropinionproperbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasappearsfromourexaminationof
thosebooks;
c. Thebalancesheet,statementofprofitandlossandcashflowstatementdealtwithbythisReportareinagreementwiththebooksof
account;
d. Inouropinion,theaforesaidstandalonefinancialstatementscomplywiththeAccountingStandardsspecifiedunderSection133ofthe
Act,readwithRule7oftheCompanies(Accounts)Rules,2014..
e. Onthebasisofwrittenrepresentationsreceivedfromthedirectorsason31March2015,andtakenonrecordbytheBoardofDirectors,
noneofthedirectorsisdisqualifiedason31March2015,frombeingappointedasadirectorintermsofSection164(2)oftheAct.
f. WithrespecttotheothermatterstobeincludedintheAuditorsReport inAccordancewithRule11oftheCompanies(Auditand
Auditors)Rules,2014inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:
i.
TheCompanyhasdisclosedtheimpactofpendinglitigationsonitsfinancialpositioninitsfinancialstatementsasreferredtoin
Note28.4tothefinancialstatements.
ii. TheCompanyhasmadeprovision,asrequiredundertheapplicablelaworaccountingstandards,formaterialforeseeablelosses,if
any,andasrequiredonlong-termcontractsincludingderivativecontracts.
iii. TherewerenoamountswhichwererequiredtobetransferredtotheInvestorEducationandProtectionFundbytheCompany.
FirmRegistrationNo.006118C
(AnujeetSingh)
Proprietor,FCA.
MembershipNo.73662
Place:Dehradun
Dated:30.05.2015
{26}
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Referredtoinparagraph1under'ReportonOtherLegalandRegulatoryRequirements'ofourIndependentAuditor's'Reportof
evendatetothemembersofHimalyaInternationalLimitedonthefinancialstatementsfortheyearended31stMarch,2015
Onthebasisofsuchchecksasweconsideredappropriateandaccordingtotheinformationandexplanationsgiventousduringthe
courseofouraudit,wereportthat:
(i)Inrespectofitsfixedassets:
(a) TheCompanyhasmaintainedproperrecordsshowingfullparticulars,includingquantitativedetailsandsituationofthe
fixedassets.
(b) Asexplainedtous,fixedassetshavebeenphysicallyverifiedbythemanagementduringtheyearinaccordancewiththe
phasedprogrammeofverificationadoptedbythemanagementwhich,inouropinion,providesforphysicalverificationof
all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material
discrepancieswerenoticedonsuchverification.
(ii)Inrespectofitsinventory:
(a) Asexplainedtous,theinventoriesoffinishedgoods,semi-finishedgoods,stores,sparepartsandrawmaterialswere
physicallyverifiedatregularintervalsbytheManagement.
(b) Inouropinionandaccordingtotheinformationandexplanationgiventous,theproceduresofphysicalverificationof
inventoriesfollowedbytheManagementwerereasonableandadequateinrelationtothesizeoftheCompanyandthe
natureofitsbusiness.
© Inouropinionandaccordingtotheinformationandexplanationsgiventous,theCompanyhasmaintainedproperrecords
ofitsinventories.Thediscrepanciesnoticedonphysicalverificationofstocksascomparedtobookrecordswerenot
materialandhavebeenproperlydealtwithinthebooksofaccount.
(iii)Inrespectofloans,securedorunsecured,grantedtothepartiescoveredinregistermaintainedundersection189ofthe
CompaniesAct2013:
(a) Accordingtotheinformationandexplanationsgiventous,theCompanyhasgrantedloanstocompanies,firmsorother
partiescoveredintheRegistermaintainedunderSection189oftheCompaniesAct,2013asunder.
Nameofthecompany
APJLaboratoriesLtd.
DoonValleyFoodsPvtLtd.
Natureofloan Advanceagainst
purchase
Advanceagainst
purchase
Balanceasat31.03.2015 MaximumAmountDueduringFY
56,179 58,030
1,279
47,015
(a) Theprincipalamountsandinterestarebeingreceivedregularlyasperstipulations.
(b) ThereisNiloverdueamountasregardsaforesaidloans.
(iv)Inouropinionandaccordingtotheinformationandexplanationsgiventous,thereareadequateinternalcontrolprocedures
commensuratewiththesizeofthecompanyandthenatureofitsbusinessforthepurchaseofinventory,fixedassetsandfor
thesaleofgoods.DuringthecourseofourAudit,wehavenotobservedanycontinuingfailuretocorrectmajorweaknessesin
internalcontrol.
(v)TheCompanyhasnotreceivedanypublicdepositsduringtheyear.
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(vi)Asinformedtous,theCentralGovernmenthasnotprescribedmaintenanceofcostrecordsundersub-section(1)ofSection148oftheAct,in
respectoftheactivitiescarriedonbytheCompany.
(vii)Inrespectofstatutorydues:
(a) AccordingtotherecordsoftheCompanyandinformationandexplanationsgiventous,theCompanyhasnotbeenregularindepositing
undisputedstatutorydues.Pendingamountsareasunder:
Particulars
AmountDueRs.'000
TaxDeductedatSource
5,126
EmployeesStateInsurance 846
EmployeesprovidentFund 2,189
(b) Accordingtotheinformationandexplanationsgiventous,thedisputedamountspayableinrespectofExciseDutyduesasat31March,
2015foraperiodofmorethansixmonthsfromthedatetheybecamepayable,isasunder:
Particularsofdues ExciseDuty
AmountRs.'000' Periodtowhich
Forumwhere
amountrelates
disputeispending
378
1999-2000
Tribunal
(c) TherewerenoamountswhichrequiredtobetransferredbytheCompanytotheInvestorEducationandProtectionFund.
(viii) TheCompanydoesnothavetheaccumulatedlossesattheendoffinancialyear.TheCompanyhasincurredaCashlossofRs.26.93Crore
duringthefinancialyearcoveredbyourAuditandRs.Nilintheimmediatelyprecedingfinancialyear.
(ix) Inouropinionandaccordingtotheinformationandexplanationsgiventous,theCompanyhasnotdefaultedintherepaymentofduesto
financialinstitutions,banksanddebentureholders.Theloanswererenewed&restructuredundertheJointLendingForumandthereisno
repaymentofTermLoantill31.12.2015,alsotheinterestonloanisnottobepaidtill31.12.2015andistobeconvertedintoFITL.
(x) Inouropinion,andaccordingtotheinformationandtheexplanationgiventous,theCompanyhasgivenguaranteeinconnectionwithloans
takenbyothersfrombanksorfinancialinstitutions,amountingtoRs5.75CroreissuedtoAllahabadBank,Chandigarh,incaseofcurrent
outstandingofRs1.25CroreofDoonValleyFoodsPvt.Ltd.Inouropinion,andaccordingtotheinformationandtheexplanationgiventous,
thetermsandconditionsoftheguaranteesgivenarenotprejudicialtotheinterestoftheCompany.
(xi) ThetermloanstakenbytheCompanyhavebeenappliedforthepurposeforwhichtheywereraised.
(xii) Tothebestofourknowledgeandaccordingtotheinformationandexplanationsgiventous,nofraudbytheCompanyandnomaterialfraud
ontheCompanyhasbeennoticedorreportedduringtheyear.
FirmRegistrationNo.006118C
(AnujeetSingh)
Proprietor,FCA.
Membershipno.73662
Place:Dehradun
Dated:30.05.2015
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TASTE OF PURE
Balance Sheet as at March 31, 2015
(All amounts in Rs '000 unless otherwise stated)
Note No
As at
March 31, 2015
As at
March 31, 2014
EQUITY & LIABILITIES
Shareholders’ funds
Share capital
Share Application Money
Reserves and surplus
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Other Long term liabilities
Long-term provisions
3
4
5
550,222
37,571
1,194,055
1,781,848
523,002
20,891
1,557,711
2,101,604
6
1,202,221
68,780
402
5,266
1,276,669
735,447
61,950
175
3,974
801,546
520,295
33,057
49,319
29,281
631,952
684,406
32,948
53,348
29,194
799,896
3,690,469
3,703,046
1,800,278
524,144
2,000,666
386,540
7
8
Current liabilities
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
9
10
10
11
TOTAL
ASSETS
Non-Current assets
Fixed assets
Tangible assets
Capital work-in-progress
12
Long-term loans and advances
Other non-current assets
14
15
72,228
279,196
2,675,846
47,281
270,396
2,704,883
Current assets
Inventories
Trade receivables
Cash and cash equivalents
Short-term loans and advances
Other current assets
16
17
18
19
20
611,003
269,387
18,317
77,755
38,161
1,014,623
634,296
204,324
14,011
113,971
31,561
998,163
3,690,469
(0)
3,703,046
(0)
TOTAL
Statement of Significant Accounting Policies
2
The notes referred to above and notes to accounts from an integral part of the balance sheet
As per our report of even date
for and on behalf of the Board
For Anujeet Dandona & Co.
Firm Registration No. 006118C
Chartered Accountants
(Anujeet Singh )
Proprietor FCA
Membership no. 73662
Place: Dehradun
Date: 31.05.2015
Man Mohan Malik
Chairman & Managing
DIN:00696077
Sangita malik
Director
DIN:02428506
Ajay Kaushik
CFO
Company Secretary
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Provisional Statement of Profit and Loss Account for the year ended March 31, 2015
(All amounts in '000 Rupees unless otherwise stated)
For the year ended
Note No
March 31, 2015
Continuing Operations
Revenue from operations
Other Income
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade
Total Revenue
21
22
Expenses:
Manufacturing and other expenses
Employee benefits expense
Other expenses
Total Expenses
Earning before financial expenses, depreciation and
amortisation, and taxes
Finance costs
Depreciation and amortisation expense
Profit Before extra ordinary item & Tax
For the year ended
March 31, 2014
1,009,232
10,780
1,891,272
8,629
23
(90,433)
929,579
45,695
1,945,596
24
25
26
641,801
61,185
158,530
861,516
1,325,948
66,762
296,321
1,689,031
27
12
Extra Ordinary Items:
Provision for diminution in value of investment in joint venture
Provision for Bad Debts
Loss before Tax
68,063
337,329
126,357
(395,623)
256,565
160,514
91,164
4,887
1,235
(396,858)
114936
(110,049)
Tax expense
- Deferred tax
6,830
Loss for the year
Earnings per equity share [nominal value of share Rs 10/(Previous year Rs 10/-)]
- Basic
- Diluted
19,658
(403,688)
(129,707)
(7.34)
(6.74)
(2.48)
(2.17)
Statement of Significant Accounting Policies
2
The notes referred to above and notes to accounts from an integral part of the balance sheet
As per our report of even date
for and on behalf of the Board
For Anujeet Dandona & Co.
Firm Registration No. 006118C
(Anujeet Singh )
Proprietor FCA
Membership no. 73662
Place: Dehradun
Date: 31.05.2015
Man Mohan Malik
Chairman & Managing Director
DIN:00696077
Sangita Malik
Director
DIN:02428506
Ajay Kaushik
CFO
Company Secretary
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CASH FLOW STATEMENT FOR YEAR ENDED 3I ST March, 2015
PURSUANT TO CLAUSE 32 OF THE LISTING AGREEMENTS
AMOUNT
(Rs. in '000)
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit As per P& L Account
Adjustment for:
Depreciation
Add/(Less) Refund/ (Payment) of Taxes
A. OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
-403688
126357
6830
Adjustment for :
(Increase)/Decrease in Loan and advances
Increase/(Decrease) in Borrowings
Increase/(Decrease) in other long term Liabilities
(Increase)/Decrease in Current Assets
Increase/(Decrease) in Current Liabilities
(33747)
466774
1519
(12154)
(167944)
NET CASH FROM OPERATIVE ACTIVITIES
B.CASH FLOW FROM INVESTING ACTIVITIES
Purchase (Sale) of / Advance for Fixed Assets
133187
-270501
254448
(16053)
129104
NET CASH PAID FROM INVESTING ACTIVITIES
129104
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from issue of share capital
Capital Subsidy received
Proceeds deom Share Premium
NET CASH RECEIVED FOR FINANCING ACTIVITIES
43900
102841
2722
149463
NET DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENT (OPENING)
CASH AND CASH EQUIVALENT (CLOSING)
4306
14011
18317
For and on behalf of Board
Man Mohan Malik
DIN:00696077
AUDITOR'S CERTIFICATE
We have verified the above Cash Flow Statement of Himalya International Ltd. derived from the
Audited financial statement for the year ended March 31, 2015 and found the same are drawn in
accordance therewith and also with the requirements of Clause 32 of the listing Agreements with
the stock exchanges
FOR ANUJEET DANDONA & CO.
Firm Registration No.006118C
(ANUJEET SINGH)
Proprietor FCA
Membership No.73662
Place: Dehradun
Date: 31.05.2015
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Himalya International Ltd.
Notes to Accounts
(All amounts in Rupees unless otherwise stated)
1. Nature of Operations : HimalyaInternationalLtd.,incorporatedinNewDelhi,IndiawithUINL51909DL1992PLC047399,isafoodprocessing
companyengagedingrowingofmushrooms(whichqualifiesasagricultureactivity),IQFreadytoeatitemsandtradinginnutritionalsupplement.
ItisexportingitsproductstoUSAandalsosellingthemdomestically.
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation : Thefinancialstatementshavebeenprepared,tocomplyinallmaterialrespectswiththeGenerallyAcceptedAccounting
PrinciplesinIndia(IndianGAAP),includingtheAccountingStandardsnotifiedundertherelevantprovisionsoftheCompaniesAct,2013.The
financialstatementshavebeenpreparedunderthehistoricalcostconvention,onanaccrualbasis,exceptincaseofassetsforwhichprovisionfor
impairmentismadeandrevaluationiscarriedout.TheaccountingpolicieshavebeenconsistentlyappliedbytheCompanywiththoseusedinthe
previousyear.
(b) Use of Estimates :Thepreparationoffinancialstatementsinconformitywithgenerallyacceptedaccountingprinciplesrequiresmanagement
tomakeestimatesandassumptionsthataffectthereportedamountsofassetsandliabilitiesanddisclosureofcontingentliabilitiesatthedateof
thefinancialstatementsandtheresultsofoperationsduringthereportingperiod.Althoughtheseestimatesarebaseduponmanagement’sbest
knowledgeofcurrenteventsandactions,actualresultscoulddifferfromtheseestimates.
© Changes in Accounting Policies :Fixedassetsarestatedatcost(orrevaluedamounts,asthecasemaybe),lessaccumulateddepreciationand
impairmentlossesifany.Costcomprisesthepurchasepriceandanyattributablecostofbringingtheassettoitsworkingconditionforitsintended
use.Borrowingcostsrelatingtoacquisitionoffixedassets,whichtakessubstantialperiodoftimetogetreadyforitsintendeduse,arealso
included,totheextenttheyrelatetotheperiod,tillsuchassetsarereadytobeputtouse.Projectsunderwhichassetsarenotreadyfortheir
intendedusearedisclosedunderCapitalWork-in-Progress.
(e)Depreciation : DepreciationisprovidedusingtheStraightLineMethodaspertheusefullivesoftheassetsestimatedbythemanagement,as
prescribedinscheduleIItothecompaniesact2013.
AsaresultofintroductionofCompaniesAct2013andtheusefullifeofassetsprescribedinScheduleIItothesaidact,thedepreciationrates
appliedhavechanged.Ifsuchachangehadnottakenplace,depreciationwouldbelowerbyRs.2,51,56,000andreserveandsurpluswouldbe
higherbyRs.Rs.2,51,56,000.
(f) Government grants and subsidies : Grantsandsubsidiesfromthegovernmentarerecognizedwhenthereisreasonableassurancethatthe
grant/subsidywillbereceivedandallattachedconditionswillbecompliedwith.Whenthegrantorsubsidyrelatestoanexpenseitem,itis
recognizedasincomeovertheperiodsnecessarytomatchthemonasystematicbasistothecosts,whichitisintendedtocompensate.Wherethe
grantorsubsidyrelatestoanassetitsvalueisdeductedfromthegrossvalueoftheassetconcernedinarrivingatthecarryingamountofthe
relatedasset.Governmentgrantsofthenatureofpromoters’contributionarecreditedtocapitalreserveandtreatedasapartofshareholders’
funds.
(g) Investments :Investmentsthatarereadilyrealisableandintendedtobeheldfornotmorethanayearareclassifiedas"currentinvestments".
Allotherinvestmentsareclassifiedas"long-terminvestments".Currentinvestmentsarecarriedatlowerofcostandfairvaluedeterminedonan
individualinvestmentbasis.Long-terminvestmentsarecarriedatcost.However,provisionfordiminutioninvalueismadetorecogniseadecline
otherthantemporaryinthevalueoftheinvestments
(h) Inventories : Inventoriesarevaluedasfollows:
Rawmaterials,components,storesandspares:
Lowerofcostandnetrealizablevalue.However,materialsandotheritemsheldforusein
theproductionofinventoriesarenotwrittendownbelowcostifthefinishedproductsin
whichtheywillbeincorporatedareexpectedtobesoldatorabovecost.Costisdetermined
onaweightedaveragebasis.
Work-in-progressandfinishedgoods: Lowerofcostandnetrealizablevalue.Costincludesdirectmaterialsandlabouranda
proportion of manufacturing overheads based on normal operating capacity. Cost of
finishedgoodsincludesexciseduty.Costisdeterminedonaweightedaveragebasis.
{32}
ALL NATURAL
TASTE OF PURE
Netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusiness,lessestimatedcostsofcompletionandestimatedcosts
necessarytomakethesale.
(i) Revenue recognition :RevenueisrecognizedtotheextentthatitisprobablethattheeconomicbenefitswillflowtotheCompanyandthe
revenuecanbereliablymeasured.
(j) Sale of Goods : Revenueisrecognisedwhenthesignificantrisksandrewardsofownershipofthegoodshavepassedtothebuyer.
(k) Interest : Revenueisrecognisedonatimeproportionbasistakingintoaccounttheamountoutstandingandtherateapplicable.
(l) Dividends : Revenueisrecognisedwhentheshareholders’righttoreceivepaymentisestablishedbythebalancesheetdate.Dividendfrom
subsidiaries,ifany,isrecognisedevenifsamearedeclaredafterbalancesheetdatebutpertainstoperiodonorbeforethedateofbalancesheet
aspertherequirementofscheduleVItotheCompaniesAct,1956.
(m) Royalties :Revenueisrecognizedonanaccrualbasisinaccordancewiththetermsoftherelevantagreement.
(n) Deferred Revenue Expenditure :Costsincurredinraisingfundsareamortisedequallyovertheperiodforwhichthefundsareacquired.Where
suchperiodisnotpracticallydeterminabletheyareamortisedequallyoveraperiodof5years.
(o) Foreign currency translation :
(i) Initial Recognition : Foreigncurrencytransactionsarerecordedinthereportingcurrency,byapplyingtotheforeigncurrencyamountthe exchangeratebetweenthereportingcurrencyandtheforeigncurrencyatthedateofthetransaction.Expensesarerecordedaspermonthly
averageoftheexchangerate.
(ii) Conversion :Foreigncurrencymonetaryitemsarereportedusingtheclosingrate.Non-monetaryitemswhicharecarriedintermsofhistorical
costdenominatedinaforeigncurrencyarereportedusingtheexchangerateatthedateofthetransaction;andnon-monetaryitemswhichare
carriedatfairvalueorothersimilarvaluationdenominatedinaforeigncurrencyareexistedreportedusingtheexchangeratesthatwhenthe
valuesweredetermined.Expensesinforeigncurrencyarereportedusingmonthlyaverageoftherate.
(iii) Exchange Differences :Exchangedifferencesarisingonamonetaryitemthat,insubstance,formpartofcompany'snetinvestmentinanonintegralforeignoperationisaccumulated inaforeigncurrencytranslationreserveinthefinancialstatementsuntilthedisposalofthenet
investment,atwhichtimetheyarerecognisedasincomeorasexpenses.
Exchangedifferencesarisingonthesettlementofmonetaryitemsnotcoveredabove,oronreportingsuchmonetaryitemsofcompanyatrates
differentfromthoseatwhichtheywereinitiallyrecordedduringtheyear,orreportedinpreviousfinancialstatements,arerecognizedasincome
orasexpensesintheyearinwhichtheyarise.
(iv) Forward Exchange Contracts not intended for trading or speculation purposes : Thepremiumordiscountarisingattheinceptionofforward
exchangecontractsisamortisedasexpenseorincomeoverthelifeofthecontract.Exchangedifferencesonsuchcontractsarerecognisedinthe
statementofprofitandlossinthe yearinwhichthe exchangerateschange.Anyprofitorlossarisingoncancellationorrenewalofforward
exchangecontractisrecognisedasincomeorasexpensefortheyear.However,exchangedifferenceinrespectofaccountingperiodcommencing
onorafter7thDecember,2006arisingontheforwardexchangecontractundertakentohedgethelongtermforeigncurrencymonetaryitem,in
sofarasasset,areaddedtoordeductedfromthecostofassetandinothercases,areaccumulatedin“ForeignCurrencyMonetary Item
TranslationDifferenceAccount”andamortisedoverthebalanceperiodofsuchlongtermasset/liabilitybutnotbeyond31stMarch,2011.
(v) Forward Exchange Contracts for trading or speculation purposes : A gain or loss on such forward exchange contracts is computed by
multiplyingtheforeigncurrencyamountoftheforwardexchangecontractbythedifferencebetweentheforwardrateavailableatthereporting
datefortheremainingmaturityofthecontractandthecontractedforwardrate(ortheforwardratelastusedtomeasureagainorlossonthat
contractforan earlieryear).Thegainorlosssocomputedisrecognisedinthestatementofprofitandlossfortheperiod. Thepremiumor
discountontheforwardexchangecontractisnotrecognisedseparately.
(vi) Translation of Integral and Non-integral foreign operation : Thefinancialstatementsofanintegralforeignoperationaretranslatedasifthe
transactionsoftheforeignoperationhavebeenthoseofthecompanyitself.Intranslatingthefinancialstatementsofanon-integralforeign
operationforincorporationinfinancialstatements,theassetsandliabilities,bothmonetaryandnon-monetary,ofthenon-integralforeign
operationaretranslatedattheclosingrate;incomeandexpenseitemsofthenon-integralforeignoperationaretranslatedatexchangeratesat
thedatesofthetransactions;andallresultingexchangedifferencesareaccumulatedinaforeigncurrencytranslationreserveuntilthedisposalof
thenetinvestment.
Onthedisposalofanon-integralforeignoperation,thecumulativeamountoftheexchangedifferenceswhichhavebeendeferredandwhich
relatetothatoperationarerecognisedasincomeorasexpensesinthesameperiodinwhichthegainorlossondisposalisrecognised.Whenthere
isachangeintheclassificationofaforeignoperation,thetranslationproceduresapplicabletotherevisedclassificationareappliedfromthedate
ofthechangeintheclassification.
(p) Retirement and other employee benefits : (i)RetirementbenefitintheformofProvidentFundisadefinedcontributionschemeandthe
contributionsarechargedtotheProfitandLossAccountoftheyearwhenthecontributionstotherespectivefundsaredue.Therearenoother
obligationsotherthanthecontributionpayabletotherespectivefunds.
(ii)Gratuityliabilityisadefinedbenefitobligationsandareprovidedforonthebasisofanactuarialvaluationonprojectedunitcreditmethod
madeattheendofeachfinancialyear.
(iii)Noprovisionismadeforunencashableshorttermcompensatedabsences.
(iv)Actuarialgains/lossesareimmediatelytakentoprofitandlossaccountandarenotdeferred.
{33}
ALL NATURAL
TASTE OF PURE
(q) Income taxes: Taxexpensecomprisesofcurrentanddeferredtax.Currentincometaxismeasuredattheamountexpectedtobepaidtothetax
authoritiesinaccordancewiththeIncome-tax Act,1961enactedinIndia[andtaxlawsprevailingintherespectivetaxjurisdictionswherethe
Companyoperates].
Deferredincometaxesreflectstheimpactofcurrentyeartimingdifferencesbetweentaxableincomeandaccountingincomefortheyearand
reversaloftimingdifferencesofearlieryears.
Deferredtaxismeasuredbasedonthetaxratesandthetaxlawsenactedorsubstantivelyenactedatthebalancesheetdate.Deferredtaxassets
anddeferredtaxliabilitiesareoffset,ifalegallyenforceablerightexiststosetoffcurrenttaxassetsagainstcurrenttaxliabilitiesandthedeferred
taxassetsanddeferredtaxliabilitiesrelatetothetaxesonincomeleviedbysamegoverningtaxationlaws.Deferredtaxassetsarerecognisedonly
totheextentthatthereisreasonablecertaintythatsufficientfuturetaxableincomewillbeavailableagainstwhichsuchdeferredtaxassetscanbe
realised.Insituationswherethecompanyhasunabsorbeddepreciationorcarryforwardtaxlosses,alldeferredtaxassetsarerecognisedonlyif
thereisvirtualcertaintysupportedbyconvincingevidencethattheycanberealisedagainstfuturetaxableprofits.
AteachbalancesheetdatetheCompanyre-assessesunrecogniseddeferredtaxassets.Itrecognisesunrecogniseddeferredtaxassetstothe
extentthatithasbecomereasonablycertainorvirtuallycertain,asthecasemaybethatsufficientfuturetaxableincomewillbeavailableagainst
whichsuchdeferredtaxassetscanberealised.Thecarryingamountofdeferredtaxassetsarereviewedateachbalancesheetdate.Thecompany
writes-downthecarryingamountofadeferredtaxassettotheextentthatitisnolongerreasonablycertainorvirtuallycertain,asthecasemay
be,thatsufficientfuturetaxableincomewillbeavailableagainstwhichdeferredtaxassetcanberealised.Anysuchwrite-downisreversedtothe
extentthatitbecomesreasonablycertainorvirtuallycertain,asthecasemaybe,thatsufficientfuturetaxableincomewillbeavailable.
MATcreditisrecognisedasanassetonlywhenandtotheextentthereisconvincingevidencethatthecompanywillpaynormalincometaxduring
thespecifiedperiod.IntheyearinwhichtheMinimumAlternativetax(MAT)creditbecomeseligibletoberecognizedasanassetinaccordance
withtherecommendationscontainedinguidanceNoteissuedbytheInstituteofcharteredaccountantsofIndia,thesaidassetiscreatedbyway
ofacredittotheprofitandlossaccountandshownasMATCreditEntitlement.TheCompanyreviewsthesameateachbalancesheetdateand
writesdownthecarryingamountofMATCreditEntitlementtotheextentthereisnolongerconvincingevidencetotheeffectthatCompanywill
paynormalIncomeTaxduringthespecifiedperiod.
(r) Employee Stock Compensation Cost: Measurementanddisclosureoftheemployeeshare-basedpaymentplansisdoneinaccordancewith
theGuidanceNoteonAccountingforEmployeeShare-basedPayments,issuedbytheInstituteofCharteredAccountantsofIndia.TheCompany
measurescompensationcostrelatingtoemployeestockoptionsusingtheintrinsicvaluemethod.Compensationexpenseisamortizedoverthe
vestingperiodoftheoptiononastraightlinebasis.
(s) Earnings Per Share : Basicearningspersharearecalculatedbydividingthenetprofitorlossfortheperiodattributabletoequityshareholders
(afterdeductingpreferencedividendsandattributabletaxes)bytheweightedaveragenumberofequitysharesoutstandingduringtheperiod.
Partlypaidequitysharesaretreatedasafractionofanequitysharetotheextentthattheywereentitledtoparticipateindividendsrelativetoa
fullypaidequityshareduringthereportingperiod.Theweightedaveragenumberofequitysharesoutstandingduringtheperiodareadjustedfor
eventsofbonusissue;bonuselementinarightsissuetoexistingshareholders;sharesplit;andreversesharesplit(consolidationofshares).
(t) Provisions :Aprovisionisrecognizedwhenanenterprisehasapresentobligationasaresultofpastevent;itisprobablethatanoutflowof
resourceswillberequiredtosettletheobligation,inrespectofwhichareliableestimatecanbemade.Provisionsarenotdiscountedtoitspresent
valueandaredeterminedbasedonbestestimaterequiredtosettletheobligationatthebalancesheetdate.Thesearereviewedateachbalance
sheetdateandadjustedtoreflectthecurrentbestestimates.
(u) Derivative Instruments: AspertheICAIAnnouncement,accountingforderivativecontracts,otherthanthosecoveredunderAS-11,are
markedtomarketonaportfoliobasis,andthenetlossafterconsideringtheoffsettingeffectontheunderlyinghedgeitemischargedtothe
incomestatement.Netgainsareignored.
(v) Impairment : Thecarryingamountsofassetsarereviewedateachbalancesheetdateifthereisanyindicationofimpairmentbasedon
internal/externalfactors. Animpairmentlossisrecognizedwhereverthecarryingamountofanassetexceedsitsrecoverableamount. The
recoverableamountisthegreateroftheasset’snetsellingpriceandvalueinuse.Inassessingvalueinuse,TheCompanyhasmeasuredits‘value
inuse’onthebasisofundiscountedcashflowsofnextfiveyearsprojectionsestimatedbasedoncurrentprices.Afterimpairment,depreciation
isprovidedontherevisedcarryingamountoftheassetoveritsremainingusefullife.
(w) Borrowing Costs :Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofanassetthatnecessarilytakesa
substantialperiodoftimetogetreadyforitsintendeduseorsalearecapitalizedaspartofthecostoftherespectiveasset.Allotherborrowing
costsareexpensedintheperiodtheyoccur.Borrowingcostsconsistofinterestandothercoststhatanentityincursinconnectionwiththe
borrowingoffunds.
(x) Cash Flow Statement : CashflowstatementhasbeenpreparedinaccordancewiththeindirectmethodprescribedinAccountingStandard-3
issuedundertheCompanies(AccountingStandard)Rules2006andasrequiredbytheSecuritiesandExchangeBoardofIndia.
(y) Leases :Leaseswherethelessoreffectivelyretainssubstantiallyalltherisksandbenefitsofownershipoftheleaseditem,areclassifiedas
operatingleases.OperatingleasepaymentsarerecognizedasanexpenseintheProfitandLossaccountonastraight-linebasisoverthelease
term.
{34}
ALL NATURAL
TASTE OF PURE
Notes to Accounts
Note 3 Share Capital
Particulars
As at
March 31, 2015
As at
March 31, 2014
Authorised
7,50,00,000 (Previous year 7,50,00,000) equity shares of Rs. 10/- each
750,000
750,000
Issued, Subscribed & Paid up
5,50,22,280 ( Previous year 5,23,00,206) equity shares of Rs. 10/- each
550,222
523,001
550,222
523,001
Total
(a)
27,22,074 (Previous Year 896100) equity shares were allotted on conversion of share warrants
(b)
Reconciliation of shares outstanding at the beginning and at the end of the year
Particulars
As at March 31, 2015
Number ('000) Amount in Rs. '000
Number ('000) Amount in Rs.'000
Equity shares
(c)
(d)
(e)
At the beginning of the year
52,300
523,001
51,404
514,041
Issued during the year
Outstanding at the end of the year
2,722
55,022
27,221
550,222
896
52,300
8,960
523,001
Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 each. No dividend has been proposed.
the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts.
Details of Shares held by each shareholder holding more than 5% shares
Name of Shareholder
No. of Shares held
% of Holding
First Family Holding
3,302,613
6.31
Himalaya Intetrnational Inc
3,618,174
6.58
In
No. of Shares held
% of Holding
3,302,613
6.31
896,100
1.71
Shares reserved for issue under options
For details of shares reserved for issue under the employee stock option (ESOP) plan of the company please refer Note No.27.5
Note 4 Share application money pending allotment
Particulars
Application Money Share warrants (48,74,606 warrants @ Rs. 2.75 per warrant)
(75,96,680 warrants @ Rs. 2.75 per warrant)
Allotment Money Share warrants (29,29,231 warrants @8.25 per warrant)
(Previous year Rs. NIL )
Total
{35}
As at
March 31, 2015
13,405
24,166
37,571
As at
March 31, 2014
20,891
0
20,891
ALL NATURAL
TASTE OF PURE
No te 5
Reserve and surplus
Particulars
As at March 31,
2015
A s at M arch 31,
2014
Capital Fund
Capital Reserve
104
132,068
104
29,227
Securities premium reserve
Balance as p er last financial statements
Add: premium received on issue of equity shares
Closing Balance
332,211
2,722
334,933
331,315
896
332,211
Accumulated Profits in the statement of profit and loss
Balance as p er last financial statements
Less : Depreciation ad justment (see Note 12.1)
Profit for the year
Accumulated Profits in the statement of profit and loss
1,196,169
(65,531)
(403,688)
726,950
1,325,876
(129,707 )
1,196,169
Total reserves and surplus
1,194,055
1,557,711
Note : Capital Reserve include Capital Subsidy given by MOFPI, N HB & Himachal Pradesh State Government.
No te 6 Long term borrowings
Non Current Portio n
As at March 31, As at March 31,
2015
2014
Particulars
Secured
Term lo ans
fro m banks
fro m other parties
1,200,632
1,589
1,202,221
Total
732,869
2,578
735,447
Current Maturities
As at March 31,
As at March
2015
31, 2014
3,877
987
4,864
13,990
885
14,875
Notes: Term loans from banks:(a)TermLoansaresecuredbyFirstparipassuchargeovertheentirefixedassetsofthecompanyatPaontasahib(H.P.)andMehsana(Gujarat),withJoint
LendingForumcomprisingSBI,CorporationBank,BankofBarodaandEximBank,alongwithpersonalguaranteesoftheDirectorsandPromotors.
(b)AllvehicleloansaresecuredagainstthevehicleandpersonalguaranteeoftheCMDMr.ManMohanMalik.
(c)TheCompanyhasnotdefaultedinrepaymentofeitherprincipalorinterestduringtheyear.Theloanswererenewed&restructuredundertheJoint
lendingForumandthereisnorepaymentofTermLoantill31.12.2015,alsotheinterestonloanisnottobepaidtill31.12.2015andistobeconvertedinto
FITL.
Underthesaidscheme,JLFhassacrificedanamountofRs13.21Crores(SacrificeamountofSBIRs.4.04crores,CorporationBankRs.6.44croresBankof
BarodaRs.3.51croresandEximBankRs.-(0.78)crore)&PromotershaveinfusedanamountofRs3.30Crores.
Particulars
State Bank of India TL -2(Rupee Loan)
State Bank of India W CTL -(Rupee Loan)
State Bank of India FITL -(Rupee Loan)
State Bank of India W CTL -(Rupee Loan)
Corporati on Bank FC Loan
Corporati on Bank TL -(Rupee Loan)
Corporati on Bank W CTL -(Rupee L oan)
Corporati on Bank W CTL -(Rupee L oan)
Corporati on Bank FITL -(Rupee Loan)
Export Im port Bank of India (FCTL)
Export Im port Bank of India (FITL)
Bank o f Baroda (Rupee Lo an)
Bank o f Baroda FITL (Rupee Lo an)
ICICI Bank Limited (Rupee Loan)
HDFC Bank (Rupee Loans)
HDFC Bank (Rupee loans - ag gregated)
HDFC Bank (Rupee Loans)
Total
As at March 31, As at M arch 31,
2015
2 014
62,695
71516
121,526
39,769
5,455
187,000
245,882
2,357
9,294
85,677
45,562
312,671
245,953
12,737
238,652
22,559
116,348
116,288
348
693
1,811
7
3,313
1,330
1,925
1,204,509
746,859
Rate of Interest
12.00
12.00
12.00
12.00
6+ Libor
14.85
12.00
12.00
12.00
5.25+ Libor
12.00
12.00
12.00
13.00
13.00
9.49
8.73
10.75
10.75
{36}
Date of M aturity
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
30.0 6.2024
15.0 9.2014
05.1 0.2015
20.1 0.2015
01.0 3.2017
Repayment
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Monthly
Monthly
Monthly
Monthly
Monthly
Instalment due Instalment due
in 2015-16
in 2014-15
0
700
-
0
800
600
10000
400
693
24
660
3,877
0
0
348
1116
1934
592
13,990
ALL NATURAL
TASTE OF PURE
B. Term loans from other parties
(a)AllvehicleloansaresecuredagainstthevehicleandpersonalguaranteeoftheCMD,Mr.ManMohanMaliktakenfromBMWfinancialServices
andTataCapitalLimited.
(b)'TheCompanyhasnotdefaultedinrepaymentofeitherprincipalorinterestduringtheyear.
As at March 31, As at March 31,
2015
2014
Particulars
Tata Capital Limited
BMW Financial Service
Total
B alance Rs'000
1 22
2,4 54
2,5 76
Rate of Interest
197
3,266
3,463
Date of Maturity
11.00 15.08.2016
10.82 01.09.2017
Repayment
Monthly
Monthly
Instalment due Instalment due
in 2015-16
in 2014-15
84
903
987
74
811
885
No tes to Accounts
No te 7
Other long term liabilities
Particulars
A s at
Ma rch 3 1, 2015
Others
Advances and deposits from customers
(Non Current)
Total
No te 8
As at
March 31, 20 14
402
175
402
175
Long term pro visions
Particulars
A s at
Ma rch 3 1, 2015
As at
March 31, 20 14
Provision for employee benefits
Provision for gratuity
Total
No te 9
5,266
3,974
5,266
3,974
Short term borrowings
Particulars
A s at
Ma rch 3 1, 2015
Secured
Loans repayable on demand
Cash Credit/Export Credit facilities
As at
March 31, 20 14
Total
520,295
520,295
68 2,658
68 2,658
Total
520,295
1,748
68 4,406
Unsecured
Short-term loans and advances:
- From related parties
Notes:
Secured:
a. A ll working capital limits are secured by first pari charge over the entire current assets of the Company
with Corpo ration Bank, alongwith personal guarantees of the D irectors and Promotors.
{37}
ALL NATURAL
TASTE OF PURE
Notes to Accounts
Note 10
Other Current Liabilities
Particulars
As at March 31,
2015
Trade payables
As at March 31,
2014
33,057
32,948
33,057
32,948
4,864
19,687
14,875
8,122
Total
16,607
5,126
846
2,189
49,319
18,432
6,222
103
794
4,800
53,348
Total
82,376
86,296
Total
Other Liabilities
Current maturities of long-term debt
Creditors for purchase of fixed assets
Other payables
Expense payable
TDS payable (tax deducted at source)
Employees State Insurance payable
Employees Provident Fund payable
Interest Payable (Exim Bank)
Note 11
Short term provisions
As at March 31,
2015
Particulars
Provision for employee benefits
Provision for leave encashment
Other
Provision
for gratuity
gratuity
Provision for
Provision for tax
Total
{38}
As at March 31,
2014
1,273
1,329
585
27,423
29,281
442
27,423
29,194
Note12.1PursuanttotheenactmentofCompaniesAct2013,theCompanyhasappliedtheestimatedusefullivesasspecifiedinScheduleII,exceptinrespectofcertainassetsas
disclosedinAccountingPolicyonDepreciation,AmortisationandDepletion.Accordinglytheunamortisedcarryingvalueisbeingdepreciated/amortisedovertherevised/
remainingusefullives.ThewrittendownvalueofFixedAssetswhoseliveshaveexpiredasat1stApril2014havebeenadjustednetoftax,intheopeningbalanceofProfitand
LossAccountamountingtoRs.6.55crore.
ALL NATURAL
TASTE OF PURE
{39}
ALL NATURAL
TASTE OF PURE
Notes to Accounts
Note 13
Non-current investment
As at March 31,
2015
Particulars
Long term investments (at cost)
(Equity Shares, fully paid up and unquoted)
In joint venture (Himalya Simplot Pvt. Ltd.)
22,79,966 Shares of Rs 10/- each
Share Apllication Money
Less: Provision for diminution in value of Investments
Total
Notes
(1) Aggregate amount of Unquoted Investments:
Cost Rs 0 (As at 31.03.2014 Rs 0)
Note 14
Long Term loans and advances
-
As at March 31,
2015
Particulars
Capital advances
Security deposits
Unsecured, considered good
Deposits to others
Subsidy and Other Receivables
Capital Subsidy (MOFPI)
Capital Subsidy Cheese Plant (MOFPI)
Capital Subsidy (Cold Chain from MOFPI Gujarat Plant)
Other loans and advances
Advance tax and tax deducted at source
Total
Note 15
As at March 31,
2014
114,936
114,936
-
As at March 31,
2014
4,333
4,333
4,482
4,482
3,167
3,750
25,000
31,917
3,167
3,750
6,917
35,978
35,978
35,882
35,882
72,228
47,281
Other Non Current Assets
As at March 31,
2015
Particulars
As at March 31,
2014
Unsecured, considered good unless stated otherwise
Mat Credit entitlements
Advance to corporate
Claim receivable
25,959
6,122
247,115
17,159
6,122
247,115
Total
279,196
270,396
Note 15.1: Claim receivable of Rs. 24.71 crore is against stocks destroyed in a fire in a warehouse on September
2, 2013 in United States of America. A claim has been filed against the warehouse. This amount is shown noncurrent assets on account of possible delays in recovery from insurance company, due to investigation on causes
of fire by Federal US agencies.
{40}
ALL NATURAL
TASTE OF PURE
No tes to Accounts
No te 16 Inventories
Particulars
As at M arch 31,
2015
As at March 31,
2014
Inventories (at lower of cost and net realisable value)
Raw Material
Goods in Process
65,32 2
165,73 6
44,360
169,117
Finished Goods
Goods in transit
Consumables
Total
292,11 8
19,44 3
387,294
11,319
68,38 4
611,00 3
22,206
634,296
No te 17 Trade Receivables
Particulars
Outstanding for a period exceeding six months
from the date they are due for pa yments
U nsecured, co nsidered good
Non-Current
As at M arch 31, 201 5
As at M arch 31,
2014
Current
As at M arch 31,
As at March 31,
2015
2014
125,097
8,649
-
-
125,097
8,649
-
-
Secured , considered good
-
-
U nsecured, co nsidered good
U nsecured, co nsidered doubtful
-
-
145,52 5
-
195,675
-
1,235
-
145,52 5
-
195,675
-
1,235
-
145,52 5
195,675
123,862
8,649
145,52 5
195,675
Other debts
Provision for doubtful debts
Total
Trade receivables include:
Non-Current
As at M arch 31,
2014
Dues from private limited companies in w hich
one or more directors of the Company are
directors:
- Himalya Simplot Pvt Ltd.
Less: Provision for bad and doubtful debts
Current
As at M arch 31,
As at March 31,
2015
2014
1,235
1,235
-
-
1,235
-
1,235
-
-
No te 18 Cash and Cash Equivalents
Particulars
Non-Current
As at M arch 31,
2014
Current
As at M arch 31,
As at March 31,
2015
2014
Cash and cash equiva lents
Balances with banks:
O n current accounts with scheduled banks
O n current accounts with Non scheduled banks
O n EEFC accounts
Cash on hand
-
-
4,94 5
2,157
-
-
1
28
7
21
-
-
4,97 4
5,02 3
2,185
240
Oher bank balances
{41}
ALL NATURAL
TASTE OF PURE
No tes to Accounts
No te 19
Short term loans and advances
As at March 31,
2015
Particulars
Loa ns and advances to related parties
Loan to a related party
Others
Advances recoverable in cash or in kind or for value to be
received
TDS receivable
Interest receivable
Staff advance
Total
As at March 31,
2014
57,458
57,458
105,045
105,045
14,480
4,289
204
113
5,500
67
4,570
20,297
8,926
77,755
113,971
56,179
1,279
57,458
58,030
47,015
105,045
Dues from private limited companies in which one or more
directors of the Company are directors:
APJ Lab oratories Ltd
Doon Valley Foods Pvt Ltd.
No te 20
Other Current Assets
As at March 31,
2015
Particulars
As at March 31,
2014
Subsidy and incentive receivable
38,161
31,561
Total
38,161
31,561
{42}
ALL NATURAL
TASTE OF PURE
Notes to Accounts
Note 21 Revenue from Operations
Particulars
Sale of goods
Sales- Export
Sales- Fresh Mushroom (Agriculture)
Sales- Domestic
Total
For the year ended
March 31, 2015
For the year
ended March 31,
2014
299,738
309,757
399,737
1,009,232
362,187
1,079,520
449,565
1,891,272
For the year ended
March 31, 2015
For the year
ended March 31,
2014
1,942
621
4,707
1,359
8,629
Note 22 Other Income
Particulars
Minimum Guarantee against processing charges
Interest income
Export Incentive
Exchange profit
Total
2,553
234
7,993
10,780
Note 23 Changes in inventories of finished goods work-in-progress and Stock-in-Trade
Particulars
Opening Stock
Goods in Process
Finished Goods
Finished Goods-in Transit
Closing Stock
Goods in Process
Finished Goods
Finished Goods-in Transit
Total
{43}
For the year ended
March 31, 2015
For the year
ended March 31,
2014
169,117
387,294
11,319
567,730
130,819
372,779
18,437
522,035
165,736
292,118
19,443
477,297
(90,433)
169,117
387,294
11,319
567,730
45,695
ALL NATURAL
TASTE OF PURE
Notes to Accounts
No te 24
Manufacturing & Other Exp
For the year ended
March 31, 2015
For the year
ended March 3 1,
2014
Raw Material & Consumables Consumed
Labour & Labour welfare
Power & Fuel
Freight Inward
Packing Expenses
Others
Manufacturing & Other Exp
434,992
60,487
66,137
2,257
77,123
805
641,801
1,03 1,390
6 1,521
7 2,215
4,955
14 0,258
1 5,609
1,32 5,948
Raw Material & Consumables Consumed
Opening Stock
Purchases
Less : Closing Stock
Cost of Goods Consumed
66,566
502,132
133,706
434,992
10 6,446
99 1,510
6 6,566
1,03 1,390
Particulars
No te 25
Employee Benefit Plans
Particulars
Salaries, wages and bonus
Contribution to
Provident fund
Employees' State Incorporation Fund
Gratuity expenses
Staff welfare expenses
Total
No te 26
For the year ended
March 31, 201 5
For the year ended
March 31, 20 14
53,809
59,244
2,321
844
2,031
2,180
61,185
2,414
839
249
4,016
66,762
For the year ended
March 31, 201 5
406
For the year ended
March 31, 20 14
1,680
3,789
2,382
2,615
8,520
4,955
3,017
3,101
1,195
62
2,150
751
7,687
577
2,115
6,285
617
54,994
43,724
26,080
158,530
9,875
3,521
3,859
7,278
1,121
17,585
3,214
2,255
15,102
652
91,453
70,526
51,708
296,321
Other Expenses
Particulars
Po wer and fuel
Rent:
- Offices and God owns
Rates and taxes
Insurance
Repairs and maintenance:
- Plant and machinery
- Building
- Others
Advertisement and sales promotion
Po stage and courier
Travelling and conveyance
Printing and stationery
Communication
Legal and professional
Payment to Auditors (refer note 27.2)
Selling Expenses
Freight Outward
Miscellaneous expenses
Total
{44}
ALL NATURAL
TASTE OF PURE
Notes to Accounts
No te 27
Finance Cost
For the year ended
March 31, 201 5
Particulars
Interest expense
on fixed loans
on other loans
Loss on account of foreign exchange fluctuation:
- Current Period
- Prior Period
Other borrowing costs
Total
For the year ended
March 31, 20 14
176,009
1,324
152,101
1,557
-
11,471
124,973
23552
337,329
Note 28
28.1 Directors’ Remuneration
(included under head salary)
Salaries to Managing Director
Salaries to Whole Time Director
Contribution to Provident fund
6,856
160,514
2015
2014
9,506
1,862
20
11,388
10,200
1,620
20
11,840
Note:- As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Company as a whole,
the amounts pertaining to the directors are not included above.
28.2 Auditor's Remuneration
(included under head administrative expenses)
Professional Fee
-Audit Fees
-Tax Audit Fees
Reimbursement of Expenses
2015
2014
500
100
17
617
500
100
52
652
28.3 Related Party Disclosures
a
Name of Related Parties
Key Management Personnel and their relatives
Mr. M.M. Malik
Mrs. Sangita Malik
Enterprises over which key management personnel / shareholders and their relatives Himalya Carbonates Pvt. Ltd.
Doon Valley Foods Pvt. Ltd.
have significant influence
APJ Laboratories Ltd
Himalya International INC
Himalya Simplot Pvt Ltd.
{45}
ALL NATURAL
TASTE OF PURE
Notes to Accounts
b
Nature of transaction
(i) Manageria l Remuneration
Mr. M.M. Malik
Mrs. Sangita Malik
2015
9 ,506
1 ,882
2015
201 4
Transaction Value Closing Balance Transaction Value
2014
10,200
1,640
Closing Balance
(ii) Loans & Advances
Himalya Carbonates Pvt Ltd.
4,108
0
76,335
56,179
0
1,279
27 ,467
315
47 ,902
58,030
0
47,015
(iii) Share Application Money
(From Associate Company)
Himalya Carbonates Pvt Ltd.
17,248
0
1 ,748
1,748
1,235
0
0
1,235
(v) Sundry Debtors
Himalya Simplot Pvt Ltd.
2015
(vi) Purchases Value
28.4 Contingent Liabilities not provided for
Guarantees and Counter guarantees given by the Company
Letter of credit
Income Tax demands in respect of assessment years 20 07-08 to 2011-12 against
which the Company had gone in appeal have been d ecided in favour of the Company.
Based on judicial pro nouncements, the Income Tax Demand stands NIL.
Excise duty on Domestic Tariff Areas sales pending in Delhi Tribunal
2014
4 ,108
74 ,790
29,753
47,002
2 ,015
2,014
9 ,720
0
0
9,720
13,908
242,999
378
10 ,098
378
267,005
28.5 Employee Stock Option Plans
The Co mpany has, during the year 2014-15, not granted any option under Employees Stock Option Scheme 2008. Subject to the
vesting conditions mentioned in the scheme, the balance under the scheme, as on 01.04.2014, is 528,000 equity shares of Rs. 10
each & as on 31.03.2015, is 528,000 equity shares of Rs. 10 each
ESOP
Outstanding at the beginning of the year
Granted during the year
Cancelled During the year
Exercised During the year
Expired During the year
Outstanding at the end of the year
2 014-15
Numb er of Options Weighted average
exercise p rice
528,000
0
0
0
0
528,000
{46}
10
0
0
0
0
10
2013-14
Number of Options
Weighted average
exercise price
528 ,000
0
0
0
0
528 ,000
0
10
0
10
0
10
ALL NATURAL
TASTE OF PURE
28.6 Disclosures as required under Accounting Standard 15 (rev ised) is given below:
Brief Description: A general description of the defined benefit plans is given below:a Earned Leave Benefit (EL)
Accrual-1 leave per 20 working days
Accumulation up to 30 days allowed
EL accumulated in excess of 15 days is allowed fo r encashment while in service provided the EL encashed is not less than 5 days.
b Sick Leave (SL)
Accrual-7 days per year
Encashment while in service is not allowed
Encashment on retirement is permitted and entire accumulation is allowed for encashment
c Gratuity:
Gratuity liability is a defined benefit obligations and are provided for on the basis of an actuarial valuation on projected unit credit
method made at the end of each financial year.
Key Parameters
Discount rate
Expected rate of return on assets
Healthcare cost increase rate
Rate Of Increase in Compensation levels
2015
8%
0
0
10%
2014
8%
0
0
1 0%
The estimates of future Salary increases, considered in actuarial valuation, takes into account the inflation, senio rity, promo tion and
other relevant factors, such as supply and demand in employment market.
d Long Service Emblem
On completing of each milestone of service from the date of joining and also at the time of retirement, employees will be given a
gift depending on the milestone of service completed.
e Post Retirement Medical Benefits
There is no post retirement medical benefit in the company
f Retirement Benefits
At the time of superannuation, employees are entitled for reimbursement of expenses towards travel, transportation of personal
effects from their place of retirement to the new location up to certain limits depending on the designation of the employee at the
time and one month's salary as settling allowance.
The following contributions to Defined Contributions plans are treated as expenses during the year
Defined Contribution Plan
Expenses Contribution for key
recognised during
management
2014-15
personnel
2,321
20
(2414)
(20)
844
0
(839)
0
Employer's contribution to provident fund
(Previous year)
Employee State Insurance
(Previous year)
The amount recognised in the balance sheet for post employment benefit plans are as under
Gratuity
Post Retirement
Particulars
(UnFunded)
Medical Benefit
5,851
0
Present value of unfunded obligation
(Previous year)
(4416)
0
{47}
Other Retirement
Benefits
0
0
ALL NATURAL
TASTE OF PURE
28.7 Derivative Instruments and hedged Foreign Currency Exposures
2015
Particulars of Derivatives
Rs.(000)
US$(000)
Forward contract outstanding as at Balance
Sheet date
112,554
1,800
Purpose
Hedge of expected future sales
2014
Rs.(000)
US$(000)
394,445
6,800
2014
Rs.
245,953
187,000
US$
5,361
4,044
2015
2014
(61951)
(42293)
Conversion rate applied 1 USD= Rs. 62.53 (Previous rate Rs.58.00)
28.8 Particulars of Unhedged foreign Currency Exposure as at the Balance Sheet date
Particulars
Secured loan (Exim Bank)
Secured loan (Corporation Bank)
2015
Rs.
312,671
0
28.9 Deferred Payment Liabilities
Particulars
Deferred Current Assets (Liabilities) as per Balance Sheet
Deferred Tax Liability
Depreciation as per Companies Act
Depreciation as per Income Tax Act
Difference
Deferred Tax Liability
Deferred Tax Assets on 43B Items
US$
5,019
0
126,357
150,444
24,087
7,815
PF (Employers Share) not deposited as on 31.03.2015
ESI (Employers Share) not deposited as on 31.03.2015
Total
Deferred Tax Assets
2,189
846
3,035
985
(6830)
(68781)
Net Deferred Tax Liability
91,164
152,651
61,487
19,949
794
103
897
291
(19658)
(61951)
28.10 Details of dues to Micro and Small Enterprise s as per MSMED Act, 2006
The classification of the suppliers under MSMED Act, 2006 is made on the basis of information made available to the Company.
The Company has neither paid any interest in the terms of section 16 of the above said act nor any interest remains unpaid and no
payments were made beyond the "appointed date" to such enterprises during the year ended 31.03.2015. Amount outstanding to
these enterprises to the year ended 31.03.2015 is Rs. Nil (previous year Rs. Nil)
{48}
ALL NATURAL
TASTE OF PURE
b Information About the Secondary Segments
Revenue and sundry debtors as p er Geo graphical Markets
Particula rs
Revenue
2015
709,494
299,738
1,009,232
India
Outside India
Total
2014
1,528,208
362,187
1,890,395
Sundry Debtors
2015
39 ,689
229 ,698
269 ,387
2014
43,052
161,272
204,324
The Comp any has common fixed assets for producing goods fo r domestic Market and O verseas Market. H ence, separate figures for
fixed assets / additions to fixed assets cannot be furnished.
28.12 Value of imports calculated on CIF basis
Raw materials
Components and spare parts
Capital goods
2015
0
0
279 ,721
2014
3,482
0
0
2015
2014
28.13 Imported and indigenous raw materials, co mponents and spare parts consumed
P ercentage of total consumption
2015
2014
Raw M aterials
Imported
Indigenously obtained
Spare Parts / Components
Imported
Indigenously obtained
0.00%
100.00%
100.00%
0.34%
99.66%
100.00%
0
434 ,992
434 ,992
3,482
1,031,390
1,034,872
0.00%
100.00%
100.00%
0.00%
100.00%
100.00%
0
3 ,101
3 ,101
0
9,875
9,875
h Expenditure in foreig n currency (Accrual basis)
2015
0
0
78 ,806
Professional fees
Purchase of Raw Materials
General, Adminstrative and Selling expenses
i Earnings in foreign currency (A ccrual basis)
2015
Exports at F.O .B. Value
299,738
28.14 Earning per shares (E.P.S.)
Basic E.P.S.
Diluted E .P.S.
Calculation of Basic E.P.S.
a) Net Profit for the year attributable To E quity Shareholders
b) W eighted Average Number of Equity Shares
c) Basic Earnings per Share (a/b)
d) N ominal Value per Share
Calculation of Diluted shares
W eighted Average number of equity shares
Number of shares in respect of shares warrants
{49}
2014
287
3,482
72,437
2014
362,187
2015
2014
-7.34
-6.74
-2.48
-2.17
(403688)
5502 2280
-7.34
Rs. 10/-
(129707)
5 2300206
-2.48
Rs. 10/-
5502 2280
487 4606
5989 6886
5 2300206
7596680
5 9896886
ALL NATURAL
TASTE OF PURE
28.15 Asset s Taken on Operating Lease
a The compay has taken various residential, off ice, warehouse and plot under operating lease agreements.
The lease agreements generally have an escalation clause and there ar e no subleases. These leases are
generally not non-cancellab le and are renewable by mutual concent on mutually agr eed ter ms. There are
no restriction imposed by lease agreement.
b The aggr egate lease rentals payables are charged as 'Rent, Rates and Taxes' in note 24.
c The year wise br eakup of future lease payments in respect of leased pr emises ar e as under:
Particula trs
Minimum lease payments:
Not later than 1 year
Later than 1 year but not later than 5 years
Later than 5 year s
2015
2014
3552
0
0
3744
0
0
28.16 Disclosure of the Company's int erest In joint tly controlled assets:
The Company has interest in the following jointly contro lled entity:
C ompany's
Name Of the company
interest (% of
holding)
Himalya Simplot Pr ivate Ltd.
50
Amount of
Inv estment Partners and their participating interest
Rs '00 0
114,936 Simplot I ndia LLC
5 0%
The Company had invested in 50% shareholding of H imalya Simplot Pr ivate Limited (the "joint venture" ) which was managed by
the JV partner , Simplot India LLC.
The Comp any has access to the audited accounts of the joint ventur e for the financial year end ed 31 March 2012. Audited f inancial
statements for subsequent year s have not been made available to the Company. Based on information available with the Company
that the operations of the joint ventur e have ceased, the Management, as a measur e of abundant p rudence, made a pr ovision f or
dimunition in the value of the investment made in the entity in the financial year ended 31 March 2014 .
The Company as well Simplot I ndia LLC have prefer red counter claims against each other .
a.
Simplot I ndia LLC has invoked arbitration at Singapor e which the Company has challenged on gr ounds of jurisdiction. T he
Company has been legally advised that the claim of Simplot India LLC is untenable and liable to be rejected or substantially
diluted, and accordingly, no provisio n is considered necessar y.
b. The Company has f iled case against Simplot I ndia LLC befor e the H on'ble Delhi High Court, which has been directed to Delhi
High Co ur t arbitr ation centre.
28.17 There are no material prior year items included in the Statement of Profit and Lo ss, except to the extent disclosed at the appropr iate
place in the Notes.
28.18 Disclosure as per listing agreement s with t he Stock exchang es
Loans and Advances in the nature of loans given to the subsidiar ies, associates and others and Investment in shares of the company,
by such co mpanies: Rs. NIL
28.19 Dur ing the year there is no liablity to pay MAT as company is in loss.
28.20 Transf er pricing
The Company is of the opinion that its domestic transactions with r elated p arties is at arm's length and in compliance with the
transf er pricing legislation. The management believes that the af oresaid legislation will not have any impact on the f inancial
statements, par ticularly on its tax expense and liability.
28.21 Previous Year C omparatives
Previous year ’s figures have been regrouped / r ear ranged where necessary to confor m to cur rent year 's presentation.
Signatur es to Notes 1 to 2 8
As p er our report of even date
For Anuj eet Dandona & Co.
Fir m Registration No. 006118C
Chart ered Account ants
For and on behalf of the Boar d
(A nujeet Singh)
Proprietor FCA
Member ship No. 73662
M an M ohan M alik
D IN:00696077
Sangit a M alik
D ir ector
D IN: 0242 8506
Place: Dehradun
Date: 31.05.201 5
A jay Kaushik
CFO
Company Secretary
{50}
ALL NATURAL
TASTE OF PURE
Form No. MGT-11
Proxy form
{Pursuanttosection105(6)oftheCompaniesAct,2013andrule19(3)ofthecompanies(ManagementandAdministration)Rules,2014}
CIN:
Nameofthecompany:HimalyaInternationalLtd.
Registeredoffice:E-555,2ndfloor,PalamExt..Sec-7,Dwarka,NewDelhi-75
Nameofthemember(s):
Registeredaddress:
E-mailID:
FolioNo/ClientID:
DPID:
I/We,beingthemember(s)of.....................shareoftheabovenamedcompany,herebyappoint
1.Name:.................................
Address:
E-mailID:
Signature..........................,orfailinghim
2.Name:.................................
Address:
E-mailID:
Signature..........................,orfailinghim
3.Name:.................................
Address:
E-mailID:
Signature..........................,
asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe.........................................annualgeneralmeeting/
Extraordinarygeneralmeetingofthecompany,tobeheldonthe...................day....................at..................a.m./p.m.at........................
(place)andatanyadjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:
ResolutionNo.:
1.Toreceive,considerandadopttheAuditedBalanceSheetasat31stMarch2015,ProfitandLossAccount.
2.ToappointaDirectorinplaceofShriSanjivKumarKakkar(DIN:02434426)
3.AppointmentofStatuaryAuditor.
4.AppointmentofMr.SunilKumarKhera(DIN00263581)asanIndependentDirector.
Signedthis..............dayof.................20..........
Affix
Revenue
Stamp
Signatureofshareholder
SignatureofProxyholder(s)
Note : This form of proxy in order to be effective should be duly completed and deposited at the Registered office of the Company, not
less than 48 hours before the commencement of the Meeting.
BOOK POST
(A VIEW OF HIMALYA INTERNATIONAL LTD. HIMACHAL PRADESH & GUJARAT PLANT)
To,
..........................................................................
..........................................................................
..........................................................................
Ifundeliveredpleasereturnto:
HIMALYA INTERNATIONAL LIMITED.
Village:Shubhkhera,
PaontaSahib-173025(H.P.)
Phone:01704-223494
Fax:01704-225178
www.HimalyaInternational.com

Annual Report 2014-15 - Himalya International

Transcription

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