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1NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Shri Deepak Tikku Chairman Shri S. Parthasarathy IAS (Retd) Shri Dilip RathMD, NDDB
Smt. Shyamala Gopinath Ex Deputy Governor, RBI Prof. M.S. SriramVisiting Faculty, IIM Bangalore
Shri Sangram Chaudhary ED, NDDB Shri S. NagarajanMD, MDFVPL
Dr. V.A. Srinivasan Advisor, NDDB
Shri Y.Y. PatilGM - Accounts, NDDB
Dr. Omveer Singh MD, NDDB Dairy Services
Shri A.K. KhoslaED, NDDB Dairy Services
Board of Directors
NDDB Dairy Services, a not-for-profit company under Section 25 of the Companies Act, is a wholly-owned subsidiary of the National Dairy Development Board (NDDB).
3NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Contents
What Is a Producer comPany? 5
mIlk Producer comPanIes 6
Women Take Charge in Andhra Pradesh
Facilitating Two Other Milk Producer Companies
Key Indicators of Milk Producer Companies
Support to Milk Producer Companies
ProductIvIty servIces 22
accounts 29
the staff 48
5NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
What Is a Producer comPany?
A Producer Company is a private
limited company to which provisions
contained in Part IX A of the
Companies Act 1956 apply. A Producer
Company is a business enterprise run
on the basis of ‘Mutual Assistance
Principles’ – which are broadly similar
to the Cooperative Principles adopted
by the International Cooperative
Alliance for cooperatives.
A Producer Company combines the
institutional and ideological strengths
of cooperatives – ownership limited
to users; limited interest on shares;
no trading of shares; patronage not
capital-based – with the flexibility and
autonomy available under company
law.
There are however a few key enabling
features in a Producer Company’s legal
framework which differentiate it from
cooperatives:
Producer Company vis-à-vis Cooperatives
Producer Company (Act) Cooperative Act
Legal framework Central Act, enabling in nature State Act, restrictive in nature
Area of Operation Not restricted Restricted
Shareholders Only user members can hold shares Non-users can also hold shares
Voting Rights One member, one vote
Members of Producer Company having only Producer Institutions as its members shall have patronage-based voting rights
One member, one vote
Audit Regular audit by a Chartered Accountant as per provisions of the Companies Act
Audit by the Cooperative Audit Department, or in some states, by an auditor from a panel of auditors approved by Government
Even though a Producer Company is a private limited company, there are certain distinct features which differentiate it
from other companies:
Producer Company vis-à-vis Other Companies
Producer Company Other Companies
Only producers can be members/shareholders Anyone can be a shareholder
Owned by user members Owned by investors
One member, one vote or patronage-based voting Voting rights based on shareholding
No trading of shares is permitted. However transfer of shares among members is permitted.
Trading of shares is permitted
Limited dividend No limit on dividend
Patronage-based returns Capital-based returns
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 6
mIlk Producer comPanIes
Women Take Charge in Andhra PradeshChittoor in Andhra Pradesh is one of the major milk production districts with
dairying as a major source of income for rural households. By the late ‘90s,
facing increasing competition from private dairies coupled with inadequa-
cies in governance in the Chittoor Milk Union, the Government of Andhra
Pradesh approached NDDB for assistance. NDDB thereupon initiated the
setting up of a New Generation Cooperative (NGC).
The district administration requested that the area of operation be extended
to more villages so as to benefit a larger number of milk producers. The
District Rural Development Agency (DRDA) financed 52 Bulk Milk Chilling
Units (BMCUs) which were managed by the Mandal Mahila Samakhyas,
while an additional 56 BMCUs were funded by NDDB.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 8
By 2013-14, about 2,300 Milk Pooling
Points (MPPs) were organised. NDDB
Dairy Services (NDS) then decided
to facilitate the setting up of a Milk
Producer Company (MPC) with only
women members.
Prior to incorporation, NDS organised
village meetings in Chittoor and
Anantapur districts to discuss the
concepts and features of an MPC.
Twenty-seven milk producers
from a pool of women producers
agreed to be the ‘First Subscribers’
and expressed their willingness to
collectively contribute the requisite
Rs. 1 lakh as minimum paid-up capital
for incorporation of a company.
NDS conducted a two-day orientation
programme for the First Subscribers,
on the provisions of the Memorandum
of Association (MoA) and Articles
of Association (AoA). Five of the
subscribers were identified as First
Directors of the Producer Company.
The subscribers decided on the
name ‘Shreeja Mahila Milk Producer
Company’ and the Company was
incorporated in July 2014. The Head
Office of the Company is located in
the famous temple city of Tirupati.
Post-incorporation, NDS assisted the
Shreeja Mahila Milk Producer Compa-
ny (Shreeja MMPC) in the recruitment
of key manpower. Orientation and
awareness programmes were held
to explain the concept of Producer
Companies to the field staff. There-
after, field teams conducted group
discussions in the villages to enrol
milk producers and identify Sahay-
aks to manage the milk procurement
functions at MPPs.
9NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Training programmes were organised
for the Shreeja milk procurement
staff and for the Sahayaks. The staff
of the BMCUs owned and managed
by Shreeja MMPC and BMCUs
managed by the Mandal Mahila
Samakhyas were familiarised with
the Standard Operating Procedures
(SOP) developed by NDS. The
Shreeja staff was also trained in
the use of Information Technology
applications to ensure transparency
in procurement and payment
transactions.
The membership enrolment drive led
to about 30,400 women becoming
members and Shreeja MMPC being
operationalised in September 2014.
Producers enrolled themselves as
members of the Shreeja MMPC
for a number of reasons: A woman
member found that the transparency
in Shreeja’s milk testing procedures
was a striking feature – with results
being displayed immediately and a
printed acknowledgement receipt of
the value of the milk being provided
– when she compared these to
other private dairies operating in her
village. This in fact was cited as one
of the main reasons by a number of
members for joining Shreeja MMPC.
Another member appreciated Shreeja
MMPC’s practice of depositing her
milk payment directly into her bank
account. Yet another appreciated the
various awareness programmes being
carried out by Shreeja MMPC which
she said were being conducted in her
village for the first time.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 10
Facilitating Two Other Milk Producer Companies
During the year, NDDB Dairy Services
(NDS) also assisted milk producers in
Punjab and Uttar Pradesh to set up
Milk Producer Companies (MPCs).
To start with, more than 500 Milk
Pooling Points (MPPs) were set up in
Punjab. NDS organised village meet-
ings in eight districts of Punjab
(Barnala, Bathinda, Faridkot, Firo-
zpur, Mansa, Moga, Muktsar, and
Sangrur) to explain the features
of an MPC. Out of the 16 milk pro-
ducer 'First Subscribers', six 'First
Directors' were identified. The ‘Baani
Milk Producer Company’ was in-
corporated in August 2014 with its
Registered Office in Patiala.
Post-incorporation, NDS facilitated
the Baani MPC field staff to carry
out a member enrollment drive and
about 22,000 members were enrolled.
Training programmes were organised
for the MPC milk procurement and
chilling centre staff and Sahayaks.
Baani MPC was operationalised in
November 2014.
In Uttar Pradesh, initially about 3,150
MPPs were set up in 20 districts.
Subsequently, NDS organised village
meetings in 10 districts of the State
(Agra, Aligarh, Budaun, Etah, Etawah,
Firozabad, Hathras, JP Nagar, Mainpuri,
and Moradabad). Out of the 14 milk
producer 'First Subscribers', five 'First
Directors' were identified. The ‘Saahaj
Milk Producer Company’ (HQ Agra)
was incorporated in October 2014.
With assistance from NDS, a member
enrolment drive was undertaken by
the Saahaj MPC staff – which took
the membership to about 35,000.
Operations of the Saahaj MPC
commenced in December 2014.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 12
Key Indicators of Milk Producer Companies
By March 2015, five large Milk Producer
Companies (MPCs) incorporated and
operationalised with assistance from
NDDB Dairy Services in Rajasthan
(Paayas), Gujarat (Maahi), Andhra
Pradesh (Shreeja), Punjab (Baani) and
Uttar Pradesh (Saahaj), had enrolled
around 2.67 lakh milk producers as
members, of whom about 36 per cent
were women. About 52 per cent of
the members enrolled were small
and marginal milk producers. The
five companies combined procured
about 18 lakh kg of milk per day
during the year. The members of these
five companies raised about Rs. 500
million towards share capital.
Paayas and Maahi Milk Producer
Companies continued operations
during the year. Saahaj, Baani and
Shreeja however, were in operation
for about four to seven months of the
year. Key indicators of the five MPCs
as on 31st March 2015 were:
Membership
Share Capital Contribution by Members
Num
ber o
f Mem
bers
Women Members
Paayas Maahi Shreeja Baani Saahaj
1,00,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Shar
e Ca
pita
l Con
trib
uted
by
Mem
bers
(in
mill
ion
Rs.)
Paayas Maahi Shreeja Baani Saahaj
37%
20%
100%22%
12%
300
250
200
150
100
50
0
154.1
262.2
20.3 13.822.2
13NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
5,995
9,858
1,384871
1,587
12,000
10,000
8,000
6,000
4,000
2,000
0 Paayas Maahi Shreeja Baani Saahaj
Average Milk Procurement Per Day
Turnover
Note:1. Shreeja had operations for only
7 months in 2014-15
2. Baani had operations for only 5 months in 2014-15
3. Saahaj had operations for only 4 months in 2014-15
Milk
Pro
cure
men
t (in
lakh
kg/d
ay)
Paayas Maahi Shreeja Baani Saahaj
6
5
4
3
2
1
0
4.12
2.36
1.7
4.25
Turn
over
(in
mill
ion
Rs.)
5.36
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 14
Support to Milk Producer Companies
During the year, NDDB Dairy Services’ (NDS) professionals continued to assist the Milk Producer Companies (MPCs) in
various ways.
Training & Capacity Building
MPCs have a range of stakeholders
who require training to expand their
knowledge base and raise their
behavioural and skill levels. NDS
organised training programmes for
these stakeholders and also carried
out train-the-trainer programmes.
For Board Members and Senior Professionals NDS organised Business Orientation
Programmes for the Board of Directors
of the Shreeja and Saahaj MPCs in
Tirupati and Aligarh respectively.
The programmes put across the
15NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Values, Vision, and Mission of an
MPC and covered the company’s key
priority areas for the next five years.
Discussions were held on the roles and
responsibilities of the MPC Board and
the Chief Executives.
NDS organised three-day workshops
on ‘Leadership through Policy
Governance’ for Producer-Member
Directors and Chief Executives of both
Paayas and Maahi MPCs. Participants
were taken through the concept
of Policy Governance, the process
of formulating policies, the ‘policy
calendar’ and the importance of
monitoring these.
As part of a concerted effort to
improve leadership skills, a new
learning and development initiative,
‘I Excel I Lead’, was organised for
the senior management teams
(Chief Executives and departmental
heads) of the MPCs. The programme
focused on understanding leadership
in conjunction with spirituality, and
included yoga and meditation
techniques to imbibe positive values
and to de-stress.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 16
For MembersAbout nine Train-the-Trainer pro-
grammes were conducted by NDS
for the MPCs’ Producer Institution
Building (PIB) teams to enable them
conduct awareness programmes for
members and other residents in the
village.
MPCs have set up informal groups
namely Member Relations Groups
(MRGs) and Village Contact Groups
(VCGs) to help strengthen the
relationship between members and
their company, and to promote
effective two-way communication.
NDS developed various training mod-
ules for the VCG and MRG members
and also trained the identified train-
ers so that they could take up these
training programmes in the villages.
A Leadership Development Pro-
gramme was organised for selected
MRG and VCG members of the MPC
with a view to groom them for lead-
ership roles. It covered topics such
as ‘Importance of Values’, ‘Vision and
Mission of the MPC’, ‘Importance
of Communication and Teamwork
at the Village Level’, and ‘Role of
Leaders and Leadership Qualities’.
Experience Sharing
The annual meet of the Producer
Institution Building (PIB) teams was
held in Delhi to provide all the MPCs
with the opportunity to share their
institution-building experiences. The
two-day workshop was attended by
the CEOs, PIB teams and Heads of
Procurement of the five MPCs.
Functional heads from the five MPCs
in the key areas of Quality Assurance,
Finance, and Purchase also shared
their experiences at similar such other
workshops.
17NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Extension & CommunicationNDS has developed communica-
tion materials – awareness posters,
pamphlets, information booklets (on
Balanced Feeding, Artificial Insemina-
tion, etc.) which are being used by
the MPCs in their extension activities.
A short video film was also produced
on the concept of an MPC, member-
ship criteria, benefits and responsi-
bilities of members, etc. The film is
used both in awareness-raising pro-
grammes and also for reorientation
of existing MPC members.
A film made on Artificial Insemination
(AI) provides technical information for
the use of MPC Mobile AI Technicians.
Information TechnologyA Pourer Relationship and Input
Services Management (PRISM)
software was developed for MPCs
to manage member milk supplies,
input services and member payments.
During the year, it was implemented
at Shreeja MMPC and a start was
made at Baani and Saahaj MPCs.
NDS is in the process of assisting
Paayas and Maahi MPCs in:
• Implementing a comprehensive
ERP (Enterprise Resource Planning)
system covering all the major
business activities of an MPC such as
Finance, Purchase, Sales, Inventory,
Fixed Assets, and Human Resources.
•Setting up a data centre for hosting
the various IT applications. The cen-
tre is co-located at the premises of a
professionally-managed outsourced
entity.
•Setting up a secured Multiprotocol
Label Switching (MPLS) network
connecting the Head Office with
the cluster-level offices.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 18
Quality Assurance
NDDB Dairy Services (NDS) assisted
Shreeja, Baani and Saahaj Milk Pro-
ducer Companies (MPCs) in putting in
place practices to meet the standards
laid down by the Food Safety and
Standards Authority of India (FSSAI).
The NDS team also trained members
of Quality Assurance teams in all
the MPCs in Good Manufacturing
Practices, Regulatory Compliance
Requirements, and use of the
e-Quality MIS Reporting System.
19NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Marketing
NDS facilitated consumer feedback
surveys covering more than 500
respondents including retailers,
consumers and non-consumers of
products of Paayas and Maahi MPCs.
To understand consumer behaviour
and milk-buying patterns, a market
study was also conducted for Maahi
MPC. In select cities of Punjab, a
market survey was carried out for
Baani MPC to assess the market
potential for liquid milk as well as
value-added products.
NDS conducted training programmes
on ‘Advanced Selling Techniques’ for
the sales teams of Paayas and Maahi
MPCs, the objective being to enable
the sales staff to build and improve
collaboration with channel partners,
and communicate with customers.
Under National Dairy Plan I (NDP I),
the different Sub-Project Plans i.e.
Village-based Milk Procurement
System, Pilot Model for Viable Door-
step AI Delivery Services, Ration
Balancing Programme, and Fodder
Development, have in-built strategies
for environment and social manage-
ment to minimize or mitigate adverse
environmental impact and enhance
their positive social impact. NDS
assisted the MPCs in project imple-
mentation.
Environment & Social Management
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 22
Increasing the productivity of milch animals to meet the rapidly-growing demand for milk, calls for both genetically
improving the animals, and feeding them a balanced ration. Genetic improvement can be accomplished through the use
of quality semen of high genetic merit bulls and increased coverage of Artificial Insemination of milch animals. Balanced
rations are necessary to realise the genetic potential of milch animals.
ProductIvIty servIces
Increasing Semen Production
NDDB Dairy Services (NDS) manages the two largest semen stations in the
country – Sabarmati Ashram Gaushala in Bidaj (Gujarat) and Animal Breeding
Centre in Salon (Uttar Pradesh) – which together produced over 22.4 million
frozen semen doses during the year.
Two new semen stations at Alamadhi in Tamil Nadu and Rahuri in Maharashtra
are also being established.
Sabarmati Ashram Gaushala, Bidaj Producing 14.2 million semen doses
in 2014-15, the Sabarmati Ashram
Gaushala continued to maintain its
top position in the country. Its sale
of semen touched 14.2 million doses
which was a growth of 14% over the
previous year.
23NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Animal Breeding Centre, SalonThe Animal Breeding Centre, the
second largest semen-producing
station in the country, produced 8.2
million semen doses of which it sold
7.9 million doses, a 20% increase over
the previous year.
Alamadhi Semen StationWork was completed on a semen
station over 350 acres of land
allotted by the Govt. of India at
the Central Cattle Breeding Farm
located at Alamadhi in Tamil Nadu.
The procurement of high genetic
merit bulls was also completed.
The semen station has a capacity
to produce about 10 million semen
doses in a year and is expected to be
operationalised early next year.
Rahuri Semen StationWork is progressing satisfactorily in
setting up the Rahuri Semen Station
over 250 acres of land allotted by
the Govt. of Maharashtra - Mahatma
Phule Krishi Vidyapeeth at Rahuri. The
Rahuri Semen Station has facilities
similar to those at the Alamadhi
station, and a capacity to produce 10
million semen doses in a year.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 24
Artificial Insemination (AI) ensures
rapid genetic improvement of the
bovine population. NDDB Dairy
Services (NDS) continued to support
Milk Producer Companies (MPCs) in
providing AI services to farmers at
their doorstep.
NDS facilitated the recruitment
and training of key manpower for
the MPCs, training of mobile AI
technicians, and field distributors in
the proper handling of frozen semen
doses and liquid nitrogen containers.
NDS organised basic AI training for
about 450 AI technicians from Paayas
and Maahi MPCs.
Training programmes on managing
AI operations and handling of Frozen
Semen Doses were also organised for
the AI Delivery service managerial
teams of Paayas and Maahi MPCs.
NDS assisted the MPCs in monitor-
ing their AI operations through the
observations captured in the Infor-
mation Network for Animal Produc-
tivity & Health (INAPH) by mobile AI
technicians using internet-enabled
netbooks.
Under NDDB’s Assam Dairy Develop-
ment Plan, NDS supported the West
Assam Milk Union Ltd (WAMUL) in the
implementation of the World Bank-
funded AI project in Nagaon district
of Assam.
Artificial Insemination Delivery Services
25NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Breed-improvement programmes
need to be supported by feeding
milch animals a balanced ration so
that they produce milk commensurate
with their genetic potential.
NDDB Dairy Services assisted the MPCs
in implementing Ration Balancing
and Fodder Development Projects to
obtain higher milk production levels.
NDS’ support extended to establishing
delivery mechanisms for compound
cattle feed, area-specific mineral
mixture, and fodder seeds.
In 2014-15, NDS facilitated the training
of a total of 1,768 Local Resource
Persons (LRPs), including 187 women,
who were deployed in Paayas and
Maahi MPCs to cover a large number
of milch animals. NDS assisted in
the monitoring of the programme,
through field visits and analysis of data
captured in INAPH.
NDS assisted in organising 97 silage
and 178 mower demonstrations con-
ducted for 6,675 farmers in the villages
of Paayas and Maahi MPCs. NDS also
assisted in creating awareness among
dairy farmers on crop-residue conser-
vation and biomass management, be-
sides the construction of six biomass
storage silos. NDS facilitated the sale
of cattle feed and mineral mixture by
MPCs for their members. The Maahi
MPC provided improved fodder seeds
to their members in about 450 villages.
Animal Nutrition Services
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 26
Dairy Farm Services
A pilot project to improve farm-
management practices is being im-
plemented, covering eight producer
members of the Shreeja Mahila Milk
Producer Company in Andhra Pradesh.
The number of lactating cows with
these producer members ranges
from three to nine and the landhold-
ing from one to five acres. Once the
best practices are established they
will be developed as models of learn-
ing centres where farmer members
can witness good farm-management
practices. The improved management
practices will cover:
Heat detection and calving: Use of a
Breeding Calendar for identification
of standing heat and timely insemi-
nation and pregnancy diagnosis.
Housing and heat stress manage-
ment: Improved practices such as
increased access to feed and wa-
ter, controlling temperature and
humidity, and doing away with
tethering animals all the time.
27NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Soil and water resource manage-
ment: Treating soil and water af-
ter testing can increase fodder
yield. Promoting silage-making in
small bags (50 to 100 kg) for use
throughout the year will reduce
dependence on rain for fodder
production.
Minimising sickness: i.e. preventive
health care by early detection of
mastitis, metritis, contagious dis-
eases, parasite-borne diseases, etc.
Dairy unit economics: Maintain-
ing regular records of income and
expenditure which would lead to
planning for improved productivity
based on actual data.
Calf and heifer care: Feeding colos-
trum to improve the immunity, use
of milk replacers, calf starters and
monitoring calf growth, leading
ultimately to reduced age at first
calving.
29NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
Chartered Accountants 7th Floor, Building 10, Tower B DLF Cyber City Complex DLF City Phase-ll Gurgaon - 122 002, Haryana India
Tel: + 91 (124) 679 2000 Fax: + 91 (I24) 679 2012
I N D E P E N D E N T A U D I T O R S ’ R E P O R T
TO THE MEMBERS OF NDDB Dairy Services
Report on the Financial StatementsWe have audited the accompanying financial statements of NDDB Dairy Services (“the Company”), which comprise the Balance Sheet as at 31st March, 2015, the Income and Expenditure Account, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial StatementsThe Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards Specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
Deloitte Haskins & Sells
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 30
Deloitte Haskins & Sells
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2015, and its excess of Income over Expenditure and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements 1. As the Company is registered under Section 8 of the Act, it is not required to enclose a statement on the matters specified
in paragraphs 3 and 4 of the Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act.
2. As required by Section 143(3) of the Act, we report that:(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books.(c) The Balance Sheet, the Income and Expenditure Account, and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account.(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164(2) of the Act.
(f ) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements –
Refer to Note 19 to the financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company
For DELOITTE HASKINS & SELLS Chartered Accountants (Registration No. 015125N)
Jitendra Agarwal Partner Place: Gurgaon (Membership No. 87104)Date: June 16, 2015
31NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N D D B D a i r y S e r v i c e S
B A L A N c E S H E E T A S A T 3 1 M A R c H , 2 0 1 5
Particulars Note No. As at 31 March, 2015 As at 31 March, 2014Rupees Rupees
I EQUITY AND LIABILITIES
1 Shareholder’s funds (a) Share capital 3 2,000,000,000 2,000,000,000 (b) Reserves and surplus 4 75,212,775 29,553,940
2,075,212,775 2,029,553,940
2 Non-current liabilities
(a) Long-term borrowings 5 483,926,250 123,710,000 (b) Long-term provisions 6 11,159,867 5,967,300
495,086,117 129,677,300 3 Current liabilities
(a) Trade payables 7 14,342,328 14,500,717 (b) Other current liabilities 8 102,263,044 83,027,053 (c) Short-term provisions 9 641,736 576,123
117,247,108 98,103,893
Total 2,687,546,000 2,257,335,133
II ASSETS1 Non-current assets
(a) Fixed Assets 10(i) Tangible assets 25,351,065 10,844,950 (ii) Intangible assets 2,761,344 1,953,206 (iii) Capital work-in-progress 519,823,362 62,387,807 (iv) Intangible assets under development 736,903 -
(b) Long-term loans and advances 11 164,502,931 155,865,788 713,175,605 231,051,751
2 Current assets(a) Cash and cash equivalents 12 1,959,404,428 2,007,057,573 (b) Short-term loans and advances 13 9,298,121 2,036,283 (c) Other current assets 14 5,667,846 17,189,526
1,974,370,395 2,026,283,382
Total 2,687,546,000 2,257,335,133
See accompanying notes forming part of the financial statements
In terms of our report attached
For Deloitte Haskins & Sells For and on behalf of the Board of DirectorsChartered Accountants
Jitendra Agarwal Deepak Tikku Omveer Singh Partner Chairman Managing Director Place: GurgaonDate: June 16, 2015 K.S. Mehta Tapash Chakravarty Head Legal & Company Secretary Practice Head Finance & Accounts
Place: New Delhi Date: June 16, 2015
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 32
N D D B D a i r y S e r v i c e S
I N c O M E & E x P E N D I T U R E A c c O U N T f O R T H E y E A R E N D E D 3 1 M A R c H , 2 0 1 5
Particulars Note No.
For the Year ended 31 March, 2015
For the Year ended 31 March, 2014
Rupees Rupees
1. Other Income 15 189,391,865 185,304,911
2. Total revenue 189,391,865 185,304,911
3. Expenses
(a) Employee benefits expense 16 89,400,138 74,359,629
(b) Depreciation and amortisation expense 10 5,476,392 1,926,746
(c) Other expenses 17 48,856,500 90,407,687
Total expenses 143,733,030 166,694,062
4. Excess of income over expenditure before tax (2-3)
45,658,835 18,610,849
5. Tax expense:
(a) Current tax expense - -
6. Excess of income over expenditure (4-5) 45,658,835 18,610,849
7. Surplus per equity share: (Face value - Rs. 10 per share)
18
(a) Basic 0.23 0.09
(b) Diluted 0.23 0.09
See accompanying notes forming part of the financial statements
In terms of our report attached
For Deloitte Haskins & Sells For and on behalf of the Board of DirectorsChartered Accountants
Jitendra Agarwal Deepak Tikku Omveer Singh Partner Chairman Managing Director Place: GurgaonDate: June 16, 2015 K.S. Mehta Tapash Chakravarty Head Legal & Company Secretary Practice Head Finance & Accounts
Place: New Delhi Date: June 16, 2015
33NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N D D B D a i r y S e r v i c e S
c A S H f L O w S T A T E M E N T f O R T H E y E A R E N D E D 3 1 M A R c H , 2 0 1 5
For the Year ended
31 March, 2015
For the Year ended
31 March, 2014
Rupees Rupees
A. CASH FLOW FROM OPERATING ACTIVITIES
Net surplus before tax 45,658,835 18,610,849
Adjustments for:
Depreciation and amortisation expense 5,476,392 1,926,746
Interest income (188,634,056) (185,291,969)
Provision for employee benefits 5,258,180 2,711,617
Loss/(Profit) on sale of fixed assets (net) 32,126 (12,942)
Operating surplus/(deficit) before working capital changes (132,208,523) (162,055,699)
Changes in working capital:
Adjustment for (increase)/decrease in operating assets:
Short term loans and advances (7,261,838) (7,845)
Long term loans and advances (664,483) (2,500)
Adjustment for increase/(decrease) in operating liabilities:
Trade payables (158,389) 2,381,771
Other current liabilities (49,801,785) 35,289,528
Cash generated from/(used in) operations (190,095,018) (124,394,745)
Advance WCT paid (13,750)
Net income tax (paid) (including demand paid under protest) / refund (net) (13,770,685) (12,862,288)
Net cash flow from/(used in) operating activities [A] (203,879,453) (137,257,033)
B. CASH FLOW FROM INVESTING ACTIVITIES
Decrease/(increase) in bank deposits not considered as cash and cash equivalents
5,1922,004 (78,715,670)
Capital expenditure on fixed assets including capital advances (452,661,154) (141,096,409)
Proceeds from sale of fixed assets 159,726 33,972,859
Interest received 200,155,736 198,365,607
Net cash flow from/(used in) investing activities [B] (200,423,688) 12,526,387
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term borrowings 408,572,000 123,710,000
Net cash flow from/(used in) financing activities [C] 408,572,000 123,710,000
Net increase /(decrease) in cash and cash equivalents [A+B+C] 4,268,859 (1,020,646)
Cash and cash equivalents at the beginning of the year 27,296,446 28,317,092
Cash and cash equivalents at the end of the year 31,565,305 27,296,446
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 34
For the Year ended
31 March , 2015
For the Year ended
31 March, 2014
Rupees Rupees
Components of Cash and Cash equivalents:
a) Balances with banks:
- In current/Savings accounts 8,565,305 4,296,446
- In deposit accounts 23,000,000 23,000,000
(maturity less than 3 months)
Cash and Cash equivalents as per Cash Flow Statement 31,565,305 27,296,446
b) Other Bank balances
- In deposit accounts (maturity more than three months)
1,927,200,000 1,979,200,000
- Deposits under lien 639,123 561,127
Cash and cash equivalents as per Balance Sheet 1,959,404,428 2,007,057,573
(see note 12)
See accompanying notes forming part of the financial statements
In terms of our report attached
For Deloitte Haskins & Sells For and on behalf of the Board of DirectorsChartered Accountants
Jitendra Agarwal Deepak Tikku Omveer Singh Partner Chairman Managing Director
Place: GurgaonDate: June 16, 2015 K.S. Mehta Tapash Chakravarty Head Legal & Practice Head Company Secretary Finance & Accounts
Place: New Delhi Date: June 16, 2015
35NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
1. Corporate Information NDDB Dairy Services (‘the Company’) was incorporated on 12 October, 2009 as a wholly owned subsidiary of
National Dairy Development Board (NDDB), a body corporate formed under the National Dairy Development Act, 1987. Thereafter, the Company obtained license under Section 25 of the Companies Act, 1956 on 10 March, 2010. The Company has been set up to promote operations related to enhancement of livestock production and productivity, to promote cooperative strategy by carrying out facilities relating to milk procurement, processing, transportation, marketing and quality assurance by itself and through dairy and other cooperatives, producer companies (new generation cooperatives) and other entities by providing technical, managerial and financial support.
2. Significant Accounting Policies The significant accounting policies are as follows:
a. Basis of accounting The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting
Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 (“the 1956 Act”) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 (“the 2013 Act”) / the Companies Act, 1956 (“the 1956 Act”), as applicable in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 2013 Act. The financial statements have been prepared on accrual basis under the historical cost convention.
b. Use of estimates The preparation of financial statements in conformity with Indian GAAP requires management to make estimates and
assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the period in which results are known/materialize.
c. Cash and cash equivalents (for purposes of Cash Flow) Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original
maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
d. Cash flow statement Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted
for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
e. Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliable measured and there is no material uncertainty as to its ultimate recovery.
Revenue from services are recognized when services are rendered and related costs are incurred.
Interest income on Investments/deposits and Income from rent and hire charges is recognized on accrual basis.
f. Fixed Assets (Tangible / Intangible) Fixed assets are carried at cost less accumulated depreciation / amortisation and impairment losses, if any. The cost of
fixed assets comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use. Machinery spares which can be used only in connection with an item of fixed asset and whose use is expected to be irregular are capitalised and depreciated over the useful life of the principal item of the relevant assets. Subsequent expenditure on fixed assets after its purchase / completion is capitalised only if such expenditure results in an increase in the future benefits from such asset beyond its previously assessed standard of performance.
Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 36
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Capital work-in-progress:
Projects under which tangible fixed assets are not yet ready for their intended use are carried at cost, comprising direct cost, related incidental expenses and attributable interest.
g. Depreciation Depreciation on tangible is provided on straight line method on the basis of useful life of the assets as specified in
Schedule II to the Companies Act 2013, except in respect of Mobile Phones. The estimated life of assets for charging depreciation is as follows:
Description Useful life (in Years)
Plant and Machinery 15
Office equipment 5
Computers 3
Furniture and fixtures 10
Mobile Phones 3
Vehicles 8
Depreciation is provided pro-rata from the date of addition.
Assets costing less than Rs. 5000 each are fully depreciated in the year of purchase.
Intangible assets are amortised over the estimated useful life on straight line method as follows:
Description Useful life (in Years)
Software 6
Trademarks 4
h. Employee Benefits Employee benefits include provident fund, gratuity and compensated absences. Employee benefits are accrued in
accordance with Accounting Standard – 15 (Revised) “Employee Benefits”
i. Defined-contribution plans The Company’s contribution to provident fund is considered as defined contribution plans and is charged as an expense
based on the amount of contribution required to be made and when services are rendered by the employees.
ii. Defined Benefit Plans For defined benefit plans in the form of gratuity, the cost of providing benefits is determined using the Projected Unit Credit
method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested.
iii. Short Term Employee benefits The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by
employees are recognised during the year when the employees render the service. These benefits include performance incentive and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related service.
The cost of short-term compensated absences is accounted as under:
(a) in case of accumulated compensated absences, when employees render the services that increase their entitlement of future compensated absences; and
(b) in case of non-accumulating compensated absences, when the absences occur.
iv. Long Term Employee benefits Compensated absences which are not expected to occur within twelve months after the end of the period in which the
employee renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the balance sheet date.
37NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
i. Foreign currency transactions and translations Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the
transaction. Monetary items denominated in foreign currency and outstanding at the balance sheet date are translated at the exchange rate ruling on that date.
Exchange differences arising on translation of monetary assets and liabilities and realised gains and losses on settlement of foreign currency transactions are recognised in the Income and Expenditure Account.
j. Earnings per share The Company reports basic and diluted surplus per share in accordance with Accounting Standard 20 on ‘Earnings per
Share’ prescribed by the Companies (Accounting Standards) Rules, 2006. Basic surplus per share are computed by dividing the Excess of Income over Expenditure for the year by weighted average number of equity shares outstanding during the year. Diluted surplus per share is computed by dividing the Excess of Income over Expenditure for the year by the weighted average number of equity shares outstanding during the year as adjusted to the effects of all dilutive potential equity shares, except where results are anti dilutive.
k. Taxes on Income Tax expense comprises current tax and deferred tax. Current tax is the amount expected to be paid for the year as
determined in accordance with the provisions of Income Tax Act, 1961. Deferred tax assets and liabilities are recognized for future tax consequences of timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods, subject to the consideration of prudence. Deferred tax assets and liabilities are measured using the tax rate enacted or substantively enacted at the balance sheet date.
l. Impairment At each balance sheet date, the Company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss. Recoverable amount is the higher of an assets net selling price and value in use. In assessing value in use the estimated future cash flows expected from the continuing use of the asset and from its disposal are discounted to their present value using a pre-discount rate that reflects the current market assessments of time value of money and the risks specific to the asset.
m. Borrowing costs Borrowing costs include interest and amortisation of ancillary costs incurred. Costs in connection with the borrowing of
funds to the extent not directly related to the acquisition of qualifying assets are charged to the Income and Expenditure Account over the tenure of the loan. Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset upto the date of capitalisation of such asset are added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Income and Expenditure Account during extended periods when active development activity on the qualifying assets is interrupted.
n. Lease Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are
recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis over the lease term.
o. Material Events Material events occurring after the Balance Sheet date are taken into cognizance.
p. Provisions and Contingent Liabilities: A provision is recognized when there is a present obligation as a result of past event and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Assets are neither recognized nor disclosed in the financial statements. Contingent liabilities are disclosed by way of notes.
q. Operating cycle Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their
realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 38
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Note No. 3 - Share Capital
Particulars As at March 31, 2015 As at March 31, 2014
Number of shares
Amount Rupees
Number of shares
Amount Rupees
Authorised share capitalEquity Shares of Rs. 10 each
200,000,000 2,000,000,000 200,000,000 2,000,000,000
Issued, Subscribed and Paid up capitalEquity Shares of Rs. 10 each fully paid up
200,000,000 2,000,000,000 200,000,000 2,000,000,000
(i) Reconciliation of number of shares and amount outstanding at the beginning and at the end of the year:
Particulars Year ended March 31, 2015 Year ended March 31, 2014
Number of shares
Amount Rupees
Number of shares
Amount Rupees
Shares outstanding at the beginning of the year
200,000,000 2,000,000,000 200,000,000 2,000,000,000
Shares issued during the year - - - -
Shares outstanding at the end of the year 200,000,000 2,000,000,000 200,000,000 2,000,000,000
(ii) Rights, preferences and restrictions attached to sharesThe Company has issued one class of equity shares having face value of Rs. 10 each. Each shareholder is entitled to one vote per share. As per the license issued by Ministry of Corporate Affairs under Section 25 of Companies Act, 1956, no portion of income derived shall be paid or transferred, directly or indirectly by way of dividend, bonus or otherwise by way of profit, to person who at any time are or have been members of the company. In the event of winding-up or dissolution of the Company, the remaining assets after satisfaction of all debts and liabilities shall be given or transferred to some other Company registered under Section 25 of the Companies Act, 1956 having objects similar to the objects of the Company, to be determined in accordance with clause X of the Memorandum of Association of the Company.
(iii) Shares held by holding company, ultimate holding company, their subsidiaries and associates
Particulars As at March 31, 2015 As at March 31, 2014
Number of shares
Amount Rupees
Number of shares
Amount Rupees
National Dairy Development Board, the Holding entity and its nominees
200,000,000 2,000,000,000 200,000,000 2,000,000,000
200,000,000 2,000,000,000 200,000,000 2,000,000,000
(iv) Shareholder holding more than 5 percent shares:
Particulars As at March 31, 2015 As at March 31, 2014
No. of Shares held
% of Holding No. of Shares held
% of Holding
National Dairy Development Board and its nomi-nees
200,000,000 100 200,000,000 100
Particulars As at 31 March, 2015 As at 31 March, 2014
Rupees Rupees
Note No. 4 - Reserves and Surplusa. Surplus/(Deficit) in Income and Expenditure Account
(i) Opening balance 29,553,940 10,943,091
(ii) Add: Surplus for the year 45,658,835 18,610,849
75,212,775 29,553,940
39NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Particulars As at 31 March, 2015 As at 31 March, 2014
Rupees Rupees
Note No. 5 - Long-term borrowingsSecured
a. Term loans from holding entity 532,282,000 123,710,000
Less: current maturity of long term borrowings 48,355,750 -
(see note 8) 483,926,250 123,710,000
Notes:(i) Term loans from National Dairy Development Board (NDDB) are obtained for the purpose of setting up a large frozen semen
station at Alamadhi, Tamil Nadu and Rahuri, Maharashtra. Term loans are secured by first charge on all the assets created under the setting up of semen stations by hypothecation of assets.
(ii) Interest and terms of repayment:
Total Loans sanctioned - Rs. 1,547,384,000. Loans Disbursed till March 31, 2015 - Rs. 532,282,000.
Term loans from NDDB are free of interest. However, any income earned on unutilised balance of loans is to be repaid to NDDB.
Term loans are to be repaid over a period of 10 years in 16 equal half yearly installments after the end of the initial moratorium period of 2 years from the date of first deemed disbursement i.e. 1 January, 2014 for Alamadhi Semen Station Loan and 1st October, 2014 for Rahuri Semen Station.
Note No. 6 - Long-term provisionsa. Provisions for employee benefits
(i) For compensated absences 6,883,935 3,543,971
(ii) For gratuity 4,275,932 2,423,329
11,159,867 5,967,300
Note No: 7 - Trade payablesa. Trade Payables (Other than acceptances)
(See Note 20) 14,342,328 14,500,717
14,342,328 14,500,717
Note No. 8 - Other current liabilitiesa. Current maturities on long term borrowings (see note below) 48,355,750 -
b. Payables on purchase of fixed assets 48,292,383 27,610,357
c. Statutory dues (Contribution to P.F., Withholding Tax, VAT etc.) 4,465,566 4,365,942
d. Security deposits received 129,210 55,000
e. Due to related parties (See note 24) 1,020,135 50,995,754
102,263,044 83,027,053
Note: For details of security of current maturities of long term borrowings - refer to note 5
Note No. 9 - Short-term provisionsa. Provisions for employee benefits (i) For compensated absences 641,736 576,123
641,736 576,123
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 40
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14,4
34
1,93
8,77
2
1,95
3,20
6
ACC
UM
ULA
TED
DEP
RECI
ATIO
N
As
at
31 M
arch
, 201
4
384,
800
240,
441
655,
812
1,93
4,46
9
3,21
5,52
2
366
724,
107
724,
473
On
sale
s/
disp
osal
10,9
66
- 4,18
1
12,4
16
27,5
63
- - -
For t
he y
ear
343,
518
110,
750
366,
489
745,
002
1,56
5,75
9
366
360,
621
360,
987
As
at
1 A
pril,
201
3
52,2
48
129,
691
293,
504
1,2
01,8
83
1,67
7,32
6
- 363,
486
363,
486
GRO
SS B
LOCK
As
at
31 M
arch
, 201
4
3,98
9,98
9
1,16
5,79
2
4,45
2,80
4
4,45
1,88
7
14,0
60,4
72
14,8
00
2,66
2,87
9
2,67
7,67
9
Sale
s
10,9
66
-
69,3
20
26,6
07
106,
893
- - -
Add
ition
s
3,79
9,77
0
-
1,97
3,10
5
984,
360
6,75
7,23
5
14,8
00
857,
103
871,
903
As
at
1 A
pril,
201
3
201,
185
1,16
5,79
2
2,54
9,01
9
3,49
4,13
4
7,41
0,13
0
-
1,80
5,77
6
1,80
5,77
6
Part
icul
ars
TAN
GIB
LE A
SSET
S (O
wne
d)
Furn
iture
and
fixt
ures
Vehi
cles
Offi
ce e
quip
men
t
Com
pute
rs
Tota
l
INTA
NG
IBLE
ASS
ETS
(oth
er th
an s
elf g
ener
ated
)
Trad
emar
ks
Softw
are
Tota
l
a. b. c. d. a. b.
Amou
nt in
Rup
ees
41NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
PREV
IOU
S YE
AR
NET
BLO
CK
As
at
31 M
arch
, 201
3
148,
937
1,03
6,10
1
2,25
5,51
5
2,29
2,25
1
5,73
2,80
4
-
1,44
2,29
1
1,44
2,29
1
As
at
31 M
arch
, 201
4
3,60
5,18
9
925,
351
3,79
6,99
2
2,51
7,41
8
10,8
44,9
50
14,4
34
1,93
8,77
2
1,95
3,20
6
ACC
UM
ULA
TED
DEP
RECI
ATIO
N
As
at
31 M
arch
, 201
4
384,
800
240,
441
655,
812
1,93
4,46
9
3,21
5,52
2
366
724,
107
724,
473
On
sale
s/
disp
osal
10,9
66
- 4,18
1
12,4
16
27,5
63
- - -
For t
he y
ear
343,
518
110,
750
366,
489
745,
002
1,56
5,75
9
366
360,
621
360,
987
As
at
1 A
pril,
201
3
52,2
48
129,
691
293,
504
1,2
01,8
83
1,67
7,32
6
- 363,
486
363,
486
GRO
SS B
LOCK
As
at
31 M
arch
, 201
4
3,98
9,98
9
1,16
5,79
2
4,45
2,80
4
4,45
1,88
7
14,0
60,4
72
14,8
00
2,66
2,87
9
2,67
7,67
9
Sale
s
10,9
66
-
69,3
20
26,6
07
106,
893
- - -
Add
ition
s
3,79
9,77
0
-
1,97
3,10
5
984,
360
6,75
7,23
5
14,8
00
857,
103
871,
903
As
at
1 A
pril,
201
3
201,
185
1,16
5,79
2
2,54
9,01
9
3,49
4,13
4
7,41
0,13
0
-
1,80
5,77
6
1,80
5,77
6
Part
icul
ars
TAN
GIB
LE A
SSET
S (O
wne
d)
Furn
iture
and
fixt
ures
Vehi
cles
Offi
ce e
quip
men
t
Com
pute
rs
Tota
l
INTA
NG
IBLE
ASS
ETS
(oth
er th
an s
elf g
ener
ated
)
Trad
emar
ks
Softw
are
Tota
l
a. b. c. d. a. b.
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Particulars As at 31 March, 2015 As at 31 March, 2014
Rupees Rupees
Note No. 11 - Long-term loans and advances a. Capital advances
(i) Secured, considered good 83,262,870 82,720,000
(ii) Unsecured, considered good 9,265,048 15,619,693
b. Security deposits (Unsecured, considered good) 726,983 62,500
c. Advance income tax (net of provisions Rs. Nil) (unsecured, considered good)
42,163,280 57,463,595
d. Tax demand paid under protest (Unsecured, considered good) {see note 19 (c)}
29,071,000 -
e. Advance WCT (unsecured, considered good) 13,750 -
164,502,931 155,865,788
Note No. 12 - Cash and cash equivalentsa. Cash and cash equivalents
(i) Cheques in Hand - -
(ii) Balances with banks
- In current/savings accounts 8,565,305 4,296,446
- In deposit accounts (original maturity less than 3 months)
23,000,000 23,000,000
Cash and cash equivalents as per As-3 -Cash Flow Statement 31,565,305 27,296,446
b. Other bank balances
(i) In deposit accounts (original maturity more than 3 months)
1,927,200,000 1,979,200,000
(ii) Balances held as margin money 639,123 561,127
1,959,404,428 2,007,057,573
Note:(i) Balances with banks include deposits amounting to Rs. 796,500,000 (previous year Rs. 575,650,602) which have maturity of more
than 12 months from the balance sheet date.
Note No. 13 - Short-term loans and advances (Unsecured, considered good)
a. Loans and advances to related parties (refer note 24) 7,329,574 56,324
b. Loan and advances to employees 7,364 48,690
c. Prepaid expenses 611,308 414,723
d. Advances to vendors 957,941 1,516,546
e. Others 391,934 -
9,298,121 2,036,283
Note No. 14 - Other current assetsa. Accruals
(i) Interest accrued on bank deposits 5,667,846 17,189,526
5,667,846 17,189,526
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 42
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Particulars For the Year ended 31 March, 2015
For the Year ended 31 March, 2014
Rupees Rupees
Note No. 15 - Other income a. Interest income
- Bank deposits 185,253,160 185,291,969
- Income tax refund 3,380,896 -
b. Lease rent 755,367 -
c. Miscellaneous income 2,442 12,942
189,391,865 185,304,911
Note No. 16 - Employee benefits expensea. Salaries and wages 82,808,127 68,807,386
b. Gratuity expense (see note 23) 1,852,603 1,446,731
c. Contribution to provident fund (See note 23) 4,202,091 3,646,086
d. Staff welfare expenses 537,317 459,426
89,400,138 74,359,629
Note No. 17 - Other expensesa. Financial support to New Generation Co-operatives - 47,795,263
b. Power and fuel 2,414,986 1,916,642
c. Security expenses 2,001,867 1,843,853
d. Recruitment expenses 587,544 705,048
e. Retainership and contractual expenses 3,325,105 3,019,065
f. Rent 12 12
g. Rates and taxes 14,146 11,236
h. Repairs and maintenance:
- building 503,578 679,817
- others 1,377,169 1,408,517
i. Meeting and conference expense 549,255 1,441,617
j. Communication expenses 2,823,471 2,319,663
k. Loss on sale of fixed assets 32,126 -
l. Travelling and conveyance 16,183,009 18,199,119
m. Auditor's remuneration (See note below) 483,148 1,963,125
n. Legal and professional charges 11,093,337 3,511,410
o. Bank charges 24,976 31,521
p. Printing and stationery 995,588 410,831
q. Insurance expenses 765,936 605,281
r. Training, awareness and incentives to milk producers 4,897,693 3,869,931
s. Miscellaneous expenses 783,554 675,736
48,856,500 90,407,687
43NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Particulars For the Year ended 31 March, 2015
For the Year ended 31 March, 2014
Rupees Rupees
Note:
(i) Auditors' remuneration comprises: Statutory audit fee 350,000 350,000
Tax audit fee 75,000 75,000
Taxation matters - 1,275,000
Reimbursement of expenses 5,000 47,174
Service tax on above 53,148 215,951
483,148 1,963,125
Note No. 18 - Surplus Per Equity ShareUnit 31 March, 2015 31 March, 2014
Excess of Income over expenditure Rupees 45,658,835 18,610,849
Weighted average number of equity shares outstanding during the year
Numbers 200,000,000 200,000,000
Nominal Value of Equity Shares Rupees 10.00 10.00
Basic surplus/(deficit) per Share Rupees 0.23 0.09
Equity shares used to compute diluted surplus per share Numbers 200,000,000 200,000,000
Diluted surplus/(deficit) per Share Rupees 0.23 0.09
Note No. 19 - Contingent Liabilities and Commitments (to the extent not provided for)Particulars As at 31 March, 2015 As at 31 March, 2014
Rupees Rupees
(a) Contingent Liabilities
(i) Outstanding bank guarantees 639,123 561,127
(ii) Income Tax Demand for the Assessment year 2011-12 - 28,151,835
(see note (c) below)
(iii) Income Tax Demand for the Assessment year 2012-13 76,695,230 -
(see note (d) below)
(b) Commitments
(i) Estimated amount of contracts remaining to be executed on capital account (net of advances of Rs. 92,527,918)
319,287,447 273,815,372
(c) Income Tax Officer vide its Assessment Order dated 31.1.2014 had raised demand of Rs. 28,151,835 in respect of Assessment Year 2011-12 which was further revised to Rs. 30,049,751 vide its order dated 30.6.2014.The Company deposited an amount of Rs. 29,071,000 under protest and filed an appeal against the Assessment Order. The Commissioner of Income Tax (Appeals) vide its order dated 29.12.2014 has granted relief to the Company against the said demand by directing the Assessing Officer to apply the provisions of section 11 and 12 of the IT Act to grant the benefits as per the laid down provisions.
(d) The Income Tax Officer has raised a demand of Rs. 76,695,230 vide its Assessment Order dated 13.03.2015 in respect of Assessment Year 2012-13. An appeal against the assessment order has been filed before the Commissioner of Income Tax (Appeals). The Company does not expect any outflow of economic resources in respect of this demand and therefore no provision is considered necessary.
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 44
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Note No. 20 - MSMED disclosureAccording to the records available with the Company, there were no dues payable to entities that are classified as Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 during the year. Hence disclosures, if any, relating to amounts unpaid as at the year end together with the interest paid / payable as required under the said Act have not been given.
Note No. 21 - DepreciationDuring the year, the Company has revised the estimated useful life of some of its tangible assets to align the useful life with those specified in Schedule II of the Companies Act, 2013. The carrying amount of fixed assets as at 1 April, 2014 is depreciated over the revised remaining useful life. The details of previously applied depreciation rates/useful life and revised useful life are as follows:
Asset Previous deprecia-tion rate / useful life
Revised useful life
Tangible assets
Plant and machinery 9.50%/10 years 15 years
Office equipment 4.75%/20 years 5 years
Furniture and fixtures 10%/10 years 10 years
Computers 20%/5 years 3 years
Vehicles 9.50%/10 years 8 years
Mobile phones 33.33%/3 years 3 years
Due to change in estimated useful life of the assets, the depreciation charge for the year is higher by Rs. 1,753,092
Note No: 22 - Expenditure in foreign currencyParticulars Year ended
31 March , 2015Year ended
31 March, 2014
Rupees Rupees
a. Conference Fees - 732,381
b. Travelling expenses - 1,982,398
- 2,714,779
Note No. 23 - Employee benefit plans i. Defined-contribution plan The Company’s Provident Fund Scheme is a defined contribution plan. The Company has recognised Rs. 4,202,091 (previous year
Rs.3,646,086) for Provident Fund contributions in Income and Expenditure Account. ii. Defined benefit plan The Company’s Gratuity Scheme is a defined benefit plan. The following table sets out the status of defined benefit obligations
and amount recognised in the financial statements.
Particulars 31 March, 2015 31 March, 2014
Rupees Rupees
I Change in present valuation of obligation
Present value of obligation at the beginning of the year 2,423,329 976,598
Interest cost 189,020 86,429
Current Service cost 1,628,918 1,255,064
Actuarial (gain)/ loss on obligation 34,665 105,238
Present value of obligation at end of year 4,275,932 2,423,329
Note: The Company’s obligation are unfunded
45NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Particulars 31 March, 2015 31 March, 2014
Rupees Rupees
II Expense recognized in the Income and Expenditure Account
Current Service Cost 1,628,918 1,255,064
Interest Cost 189,020 86,429
Net Actuarial (gain)/ loss recognized 34,665 105,238
Expense recognized in the Income and Expenditure Account 1,852,603 1,446,731
III Liability recognized in the Balance Sheet
Present value of obligation at the end of the year 4,275,932 2,423,329
Funded status - -
Net liability recognized in the balance sheet 4,275,932 2,423,329
IV Balance Sheet reconciliation
Present value of obligation as at the beginning of the year 2,423,329 976,598
Expense as above 1,852,603 1,446,731
Benefits paid - -
Amount recognised in the balance sheet 4,275,932 2,423,329
The actuarial calculations used to estimate defined benefit commitments and expenses are based on the following assumptions, which if changed, would affect the defined benefit commitment’s size, funding requirements and expense.
V Assumptions 31 March, 2015 31 March, 2014
Discount Rate 7.80% 8.85%
Salary Growth rate 10.00% 10.00%
Mortality IAL 2006-08 Ultimate IAL 2006-08 Ultimate
Withdrawal rate 5.00% 5.00%
Notes:1. The discount rate is based on the prevailing market yields of Government of India securities as at the balance sheet date for the
estimated term of obligations. 2. The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant
factors.3. Actuarial assumptions used to measure liability for compensated absences are same as above.
VI Experience adjustments 31.03.2015 31.03.2014 31.03.2013 31.03.2012 31.03.2011
Rupees Rupees Rupees Rupees Rupees
Present value of obligation 4,275,932 2,423,329 976,598 1,018,282 261,173
Experience gain/(loss) on plan liabilities
(34,665) (105,238) 734,900 30,233 -
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 46
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Note No. 24 - Related party disclosuresDisclosures as required by the Accounting Standard (AS) 18 – “Related Party Disclosures” are as below:
A. Name of the related parties and nature of relationship (With whom the Company has transactions during the year):
Nature of Relationship Name of Entity
Holding Entity National Dairy Development Board (NDDB)
Fellow Subsidiaries IDMC Limited (IDMC) Indian Immunologicals Limited (IIL) Mother Dairy Fruit and Vegetable Private Limited (MDFVL)
Associates Maahi Milk Producer Company Limited (MMPCL) Paayas Milk Producer Company Limited (PMPCL)
Key Management Personnel Mr. Deepak Tikku (Whole-time Director, Chairman) Mr. Ajit Singh Parmar (Chief Operating Officer & Director) ceased to be Director on 15th July, 2014 Dr. Omveer Singh (Managing Director) joined on 8th September, 2014 Mr. Ajay Khosla (Whole-time Director)
B. Details of balances and transactions during the year with related partiesAmount in Rupees
Particulars Holding Company
Fellow Subsidiaries Associates Key Managerial Personnel
Total
MDFVPL IDMC IIL MMPCL PMPCL
Transactions during the Year
Lease income - 478,142 - - - - - 478,142
(-) (-) (-) (-) (-) (-) (-) (-)
Reimbursement of expenses by the Company
5,920 6,911,328 15,182 600 27,687 22,849 - 6,983,566
(1,512,630) (55,091) (63,790) (132,181) (-) (-) (-) (1,763,692)
Reimbursement of expenses to the Company
28,409 1,893,510 - - 509,780 - - 2,431,699
(221,369) (2,024,696) (-) (14,050) (-) (-) (-) (2,260,115)
Professional fees (expense) - - - - - -
(4,044,960) (-) (-) (-) (-) (-) (-) (4,044,960)
Purchase of fixed assets - - - - - - - -
(206,402) (4,562,245) (-) (-) (-) (-) (-) (4,768,647)
Financial support - - - - - - - -
(-) (47,795,263) (-) (-) (-) (-) (-) (47,795,263)
Long term borrowings taken 408,572,000 - - - - - 408,572,000
(123,710,000) (-) (-) (-) (-) (-) (-) (123,710,000)
Managerial remuneration:
- Mr. Deepak Tikku - - - - - - 2,588,448 2,588,448
(-) (-) (-) (-) (-) (-) (2,435,280) (2,435,280)
- Mr. Omveer Singh - - - - - - 2,433,374 2,433,374
(-) (-) (-) (-) (-) (-) (-) (-)
- Mr. Ajay Khosla - - - - - - 4,658,855 4,658,855
(-) (-) (-) (-) (-) (-) (4,429,682) (4,429,682)
- Mr. Ajit Singh Parmar - - - - - - 1,481,036 1,481,036
(-) (-) (-) (-) (-) (-) (3,400,714) (3,400,714)
Note: Figures in brackets represents previous year’s comparatives
47NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 I
N O T E S f O R M I N g P A R T O f T H E f I N A N c I A L S T A T E M E N T S
Particulars Holding Company
Fellow Subsidiaries Associates Key Managerial Personnel
Total
MDFVPL IDMC IIL MMPCL PMPCL
Balance outstanding at the end of the year
Other current liabilities 1,020,135 - - - - 1,020,135
(5,225,186) (45,770,566) (-) (-) (-) (-) (-) (50,995,752)
Long term borrowings 532,282,000 - - - - - - 532,282,000
(123,710,000) (-) (-) (-) (-) (-) (-) (123,710,000)
Short-term advances - 7,329,574 - - - - - 7,329,574
(-) (-) (-) (56,324) (-) (-) (-) (56,324)
Note: Figures in brackets represents previous year’s comparatives
Note No. 25The Company is registered under Section 12A of the Income Tax Act and has also complied with the required provisions of Section 12A, accordingly Company’s income is exempt from Income tax in terms of the said section. Therefore, no provision for current tax/deferred tax is required.
Note No. 26Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the current year’s classification /disclosure.
For and on behalf of the Board of Directors
Deepak Tikku Omveer Singh Chairman Managing Director
K.S. Mehta Tapash Chakravarty Head Legal & Practice Head Company Secretary Finance & Accounts
Place: New Delhi Date: June 16, 2015
I NDDB DAIRY SERVICES I AnnuAl RepoRt 2014-2015 48
The STaff
Chairman Deepak Tikku
Managing Director Dr. Omveer Singh
Executive Director Ajay Khosla
COMPANY SECRETARY, LEGAL & ADMINISTRATIONK.S. Mehta, Pratice Head BCom, CS
R. Balakrishna, Senior Analyst BA, PGD (PM & IR)
Harmeet Negi, Analyst BCom, CS, LLB
PRODUCER INSTITUTION BUILDINGSriram Singh, Practice Head BTech, PGDRM, CFA
R. Mariappan, Senior Associate BSc
Brajesh Narain Singh, Senior Associate BA (Hons), DCM
Alok Kumar Gupta, Associate BSc, MBA
Rachana Deodhar Goel, Analyst BSc, PGDRM
Gargi Pragya Vaicaknavi, Analyst BBA, PGDM
Ravi Ranjan, Analyst BCom, PGDM
Swati Keshari, Management Trainee BSc, PGDM
Dhruv Kumar Sharma, Management Trainee BBA, MBA-RM
PRODUCTIVITY ENHANCEMENT SERVICESDr. C.P. Devanand, Practice Head MVSc (Liv. Prod. Mgmt), MBA
Dr. K. Durairaj, Specialist MVSc (Animal Genetics & Breeding)
Dr. Ashis Roy Burman, Specialist BVSc & AH
Dr. Raghu Mallegowda, Senior Associate MVSc (Vet. Gynaecology and Obstetrics)
Dr. Manvir Singh, Associate MVSc (Animal Nutrition)
R. Ilamurgan, Site Engineer BE
Dr. Rajesh Roshan, Analyst BVSC & AH, MBA-RM
Dr. Navin Kumar Bansal, Analyst BVSC & AH
Dr. Mohammad Tarique, Analyst MVSc (Vet. Medicine)
Dr. Ibni Ali, Management Trainee MVSc (Vet. Physiology)
DAIRY VALUE CHAIN Vinod Kaushik, Practice Head BSc (Hons), PGDRM
Ashok Jawa, Specialist BSC, MBA (Agri Business)
Basant Choudhary, Associate BSC, MBA (Marketing)
Debashree Adhikary, Senior Analyst BA (Hons), PGDBM
Dr. Cijo K. Joseph, Analyst MVSc (Liv. Prod. Mgmt), PGDRM
Dr. Jayverdhan Tiwari, Analyst BVSC & AH, PGDRM
Anshumani Pandey, Analyst BSc, PGDM-RM
Mukesh Pratap Singh, Analyst M.Tech (Dairy Technology)
Gursharn Singh, Management Trainee MTech (Dairy Engineering)
Ketan Shete, Management Trainee MTech (Dairy Engineering)
QUALITY ASSURANCEDr. S.K. Bhalla, Advisor MSc, PhD (Microbiology)
Ashwani Sharma, Analyst BSc, PG (Food Technology)
Neeraj Kumar Mongia, Analyst BTech, MBA (Agri Business)
Sari T.P, Analyst MTech (Dairy Chemistry)
Priti Chaudhary, Analyst MSc (Dairy Chemistry)
Sandip Rathod, Management Trainee MTech (Dairy Engineering)
INFORMATION TECHNOLOGYJai Narain, Practice Head BA, MCA
Rohit Rajput, Associate BTech, MBA
Sachin Jain, Senior Analyst BE, MBA
Ashish Gupta, Analyst BSc, MCA
Prateek Agarwal, Analyst BE, MBA (Marketing)
BUSINESS EXCELLENCE Dr. Rajeev Krishnan, Senior Associate MVSc (Vet. Pathology), PGDABM
Nishant Aggarwal, Analyst Dip (Mechanical), PGDBA (Operations)
FARM SERVICESDr. C.S. Thomas, Senior Associate MSc, PhD (Animal Sciences)
Budh Prakash Kanoujia, Management Trainee BTech, PGDFM
FINANCE & ACCOUNTSTapash Chakravarty, Practice Head BCom (Hons), CA (Inter), ICWAI
Surya Prakash Gupta, Associate BCom, CA, CS
Harsh Kumar, Analyst BCom (Hons), CA
HUMAN RESOURCESVenkata Ramana Gullanki, Practice Head MA (Politics), MHRM
Shwet Awasthi, Associate BCom, PGDBM
Anjali Bhardwaj, Senior Analyst BSc (Hons), MCA
Abhimanyu Singh, Analyst BA, MBA, LLB
Govind Kumar Mishra, Analyst BCom, MBA
PURCHASEB. Dutta Biswas, Specialist BTech, PGD (High Polymer Engineering)
Hari Ome Choudhary, Analyst MTech (Agri Engineering), MBA (Agri Business)
Kumar Saurabh, Management Trainee BTech, PGDM (Finance)
AcknowledgementNational Dairy Development Board, Anand
Mother Dairy Fruit & Vegetable Pvt Ltd, DelhiEdit,
Des
ign,
Prin
t: IM
AGIN
E
NDDB House, Safdarjung Enclave, New Delhi 110 029
INDIA
Phone: (011) 49883000 / 49883088www.nddbdairyservices.com
email: [email protected]