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Coconut and Coir Sector Review (Inside)

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Website: www.rajuandprasad.com

May 2017 Volume 4, Issue 3

FOCAL POINT

Newsletter from Raju and Prasad Chartered Accountants

mailto:[email protected]

http://www.rajuandprasad.com/


Raju and Prasad Chartered Accountants Page 1

Dear Reader,

Our editorial comments for this month are on the Ordinance

of NPA.

This month we have covered the ‘Coconut and Coir Sector’ in

our Industry Review.

Please give your views and also send this newsletter to your

friends.

Regards

For Raju& Prasad

Chartered Accountants

M Siva Ram Prasad

Partner



Contents Contents ............................................................................................................................................................. 2

Editorial ............................................................................................................................................................. 3

Is it oversight or overseeing?

Ordinance on NPA? ................................................................................................................................................. 3

Industry Review ........................................................................................................................................... 5

Coconut and Coir Industry ................................................................................................................................. 5 Economic and Social Significance ................................................................................................................................................................ 5 Cultivation: ..................................................................................................................................................................................................................... 6 Government Initiatives ......................................................................................................................................................................................... 7 Present Scenario ........................................................................................................................................................................................................ 8 Coconut Products ....................................................................................................................................................................................................... 9 COIR ..................................................................................................................................................................................................................................... 9 Coir Process ................................................................................................................................................................................................................... 9 Challenges of the Sector ................................................................................................................................................................................... 11 Recommendations of FAO ................................................................................................................................................................................ 12

Policy Watch ................................................................................................................................................. 13

Company Law .......................................................................................................................................................... 13 Amendment to Companies (Acceptance of Deposits) Rules, 2014 ................................................................................ 13

RBI ................................................................................................................................................................................. 13 Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset

classification and provisioning by Banks .............................................................................................................................................. 13 Submission of Statutory returns (SLR-Form VIII) in XBRL platform ........................................................................... 14

Direct Tax................................................................................................................................................................... 14 Exemptions under section 139AA of the Income Tax Act, 1969 ...................................................................................... 14

Verdicts ............................................................................................................................................................ 15

Direct Taxation ....................................................................................................................................................... 15 Income from sub-leasing of house property earned by a firm or other assessee to be treated as

Income from house property, unless if the firm had engaged in a systematic activity of providing

service to occupants ............................................................................................................................................................................................. 15 Sale of entire running business with all assets and liabilities in one go to be treated as slump sale

of long term capital asset and section 50(2) shall not be attracted ............................................................................. 15

►►► PHOTOGRAPH OF THE MONTH ..................................................................................... 16



Editorial

Is it oversight or overseeing?

Ordinance on NPA

The bad loan situation is universal. The

information about NPAs is transparently

reported in bank’s balance sheets to a great

extent. The provision coverage ratio, gross

NPA and net NPAs are disclosed regularly.

Restructuring is a mechanism that helps the

borrower to recoup and enhance the

performance in many adversities. In the entire

exercise of borrower vs. lender, there are

many schemes that were drafted as a part of

win-win situation.

The number of schemes like CDR and CDR

empowered group in the past have given

relief to many borrowers and it was proved

that bad loans turned into successful units.

Later SDR envisaging change in

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Page 4 Raju and Prasad Chartered Accountants

management with JLF decision was

introduced in 2014-15 and S4A was

introduced in 2015-16 to resolve the problems

of large borrowers.

The recent ordinance only gives a legal

framework to help banks in giving a legal

sanctity for the various directives given by RBI.

This is meant to help banks to fight the

litigations by borrowers who will try to stall the

process. The ordinance might give comfort

level to bankers in giving haircuts to

borrowers without fear of further

investigations, otherwise the ordinance only

repeats the same frame work as in Debt

Restructuring Schemes. The overseeing

committee will be coordinating the multiple

bankers to resolve the issue. It is a good

measure to convey the mood of the

government and urgency to resolve the

problem.

What one should wonder in the process is the

regulator who is regulating the banking is

asked to involve at a micro level to solve the

problems. The time lines prescribed to

change the managements and to bring the

additional equity is not so practical, since the

industry cannot be sold like an off the shelf

item especially when certain sectors are

specifically in down trend, it is appreciable

that the government is vigorous in its efforts to

solve and resolve.

While this exercise is on, banks have a

problem of working out their ratios for capital

adequacy, gross NPA percentage etc. In this

entire plan how wise it is to invoke the

bankruptcy law in solving the problems.

What should be worked out today is sector

specific ratios with and without infrastructure.

Where banks have committed their short term

funds for long term loans in infrastructure

sector which will mismatch the asset-liability

management of banks.

It is time for banks to reorient on capital

adequacy of the borrower and debt equity

norms for various industries.

Today the need is for even changing the 90

days norm taking each industry specifically

instead of a blanket approach. The borrowed

concepts of NPA applicable to retail lending

cannot be extended to industry, exports and

infrastructure. It is high time that banks should

concentrate on working capital finance and

retail lending and withdraw from term loan

lending which should be done by specialized

financial institutions.

M SIVA RAM PRASAD

`



Industry Review

Coconut and Coir IndustryEconomic and Social Significance

Coconut is a very interesting tropical plant

which has multiple utilities. The plants are

cultivated mostly in southern states of India

in Kerala, Tamil Nadu, Karnataka and

Andhra Pradesh. The word `Kerala’ itself

means `Land of Kera (Coconut)’. There is

no historical evidence about the origin of

the plant, but it is said to have travelled

from Ceylon (Sri Lanka) to India. The crop is

grown in many South Asian countries, Africa

and America. The crop is grown in about 90

countries in the world and it is said to be

propagated because of the travelers in sea

routes.

Long coast area in the country facilitates

climatically the cultivation of coconut crop

though it is not widespread in Maharashtra.

Many parts of the plant can be used

besides its fruits. The leaves are used in



housing as roofing material, the trunks are

also used in making houses, the dried parts

are used as fuel, the fruits are consumed for

drinking coconut water, kernel from the

coconut is used in preparing food, dried

kernel is also used in food preparation and

oil is extracted out of the dried coconut

kernel. The oil is used in preparation of

medicines, used as edible oil, hair oil and

for oil massaging etc. Coir is pealed from

the coconut outer shell (husk) and is used

for many products of commercial use. With

so many products and utilities the crop has

economic significance. Practically there is

no ritual or function for majority of Indians

without breaking a coconut and is

auspicious. Perhaps for these reasons it is

known as Kalpa Vruksha (Tree of life or tree

of prosperity).

Cultivation:

The coconuts are grown in different soil

conditions whether it is sandy, alluvial,

loamy or laterite. The rocky soils and water

stagnant areas should be avoided.

Coconuts are grown with or without

irrigation but drainage of water is essential,

without water being stagnant. Rainfall of

2000 mm per annum is required for non-

irrigated cultivation. Normally seedlings with

age of one year are planted with space of

25 feet. Intercropping is also done with

pineapples, pepper, turmeric, marigolds

etc. In general tall varieties, semi tall (semi

dwarf) varieties are grown in the country.

CPCRI has developed dwarf varieties to

yield tender coconuts with more water in

the fruit. The varieties that are developed

are root pest resistant. Popular among

them are Kalpa Raksha, Chowgat orange

dwarf, Kalpa Sree, Kalpa Jyothi, Kalpa

Sreshta, Chandra Sankara, Kera Sankara,

Chandra Laksha, Kalpa Samrudhi and

Kalpa Sankara.

The tall varieties like Kalpa Dhun, Kalps

Pratiba, Kalpa Mitra, Chandra Kalpa, Kera



Chandra, Kalpa Tharu and Kalpa Pattarita

are grown depending on the soil condition

and moisture in wet land.

Government Initiatives

Coconut research station was set up at

Kasar Gode as early as in 1916 by Provincial

Government of Madras state which was

converted to Central Plantation Crop

Research Institute (CPCRI) later. Thrust on

coconut development started in early years

of 1940s.

Government of India in 1943

recommended setting up of a statutory

body. Indian Central Coconut Committee

was formed in 1945 to develop the sector

from economic, commercial and technical

point of view. After independence,

Directorate of Coconut development was

setup in 1966. This was abolished in 1981

and Coconut Development Board was

established. The coconut development

board concentrated on increasing the

area of land to cultivate coconuts with

better methodologies with modern

technologies and giving assistance to

farmers in market development. Kerafed

was setup in 1989 for integrated

development of coconut production,

processing and marketing. Later, Export

Promotion Council was set up in April 2009

as part of Coconut Development Board.

Table showing production and area under cultivation in the year 2015-16. Andhra Pradesh and

Tamil Nadu have the highest productivity per hectare.

S.No. States /Union Territories AREA ('000 Hectares) Production (Million nuts) Productivity (Nuts/ha)

1 Kerala 770.62 7429.39 9641

2 Tamil Nadu 459.74 6171.06 13423

3 Karnataka 526.38 5128.84 9744

4 Andhra Pradesh 103.95 1427.46 13732

5 West Bengal 29.51 373.58 12658

6 Odisha 50.91 328.38 6451

7 Gujarat 22.81 312.68 13706

8 Maharashtra 22.75 271.24 9775

9 Bihar 14.90 141.38 9489

10 Assam 19.73 132.59 6720

11 Chhattisgarh 1.85 30.54 16508

12 Tripura 7.20 29.51 4097

13 Nagaland 0.33 2.67 8091

14 Others 52.80 388.13 7351

All India 2088.47 22167.45 10614 Source: Horticulture Division, Dept. of Agriculture & Cooperation, Ministry of Agriculture & Farmers Welfare

“Coconut“ is the king of vegetables, with its

Sap fruits, leaves, stem, root and all parts to

feed, appease, shelter, cure and carry

mankind”, Jose Maria de Silva, LISBON

`



Present Scenario

As per Press Information Bureau release on

2nd September, 2016, the country has

produced 2044 crore nuts from 19.8 lakh

hectares with an average production of

10,345 coconuts per hectare. The sector

contributes nearly Rs. 20000 crores to the

GDP of the country. The export accounted

for Rs. 1450 crores in 2015-16. The sector

employs nearly 10 million people.

Table showing export of Coconut Products during 2015-16.

Sl. No. Item Quantity (in MT) Value (Rs. in lakhs)

1 Activated Carbon 61212.58 63208.13

2 Coconut Fatty Soap - 3177.06

3 Hair Cream - 1121.33

4 Coconut Oil 8549.97 17540.30

5 Coconut Water - 728.53

6 Copra 6749.21 5292.61

7 Desiccated Coconut 4260.97 5260.61

8 Dry coconut 18303.04 17846.79

9 Fresh coconut 39800.46 14960.52

10 Grated/sliced coconut 2163.52 3916.26

11 Oval coconut shell 1630.26 913.64

12 Shell charcoal 7565.85 2511.52

13 VCO (Virgin Coconut Oil) 818.33 2622.50

14 Misc. coconut products - 5924.59

Total 145024.38

Source: Coir Board

To achieve this over years Coconut

Development Board, Central Crop

Research Institute (CPCRI) and Coconut

Export Development Council have

developed and implemented number of

programs like Production in Planting

Materials, Integrated Farming, Technology

Mission, Replanting & Rejuvenation and

besides the promotion of 402 coconut

processing units in the country.



Coconut Products

As mentioned earlier there are various

products made out of coconut, few among

them are bottled coconut water, coconut

flower syrup, coconut palm jaggery,

coconut palm sugar, copra, coconut oil,

raw kernel, coconut cake, coconut shell

based products like charcoal and

activated carbon, coconut wood based

products and coir pith.

COIR

The word coir is derived from Malayalam

word ‘Kayer’. Coir is fiber coming from the

outer peel (husk) of coconut fruits. Coir

ropes were used in shipping and ship

building in olden days. First industry in coir

was set up in Alleppey in Kerala in 1859 by

Mr. James Darragh, an Irish man. Later

number of Indian entrepreneurs and

corporates entered the industry and is

spread in all the southern states of India

which account for about 90% of coconut

production in the country. Co-operative

sector also entered the industry with

primary societies for coir supply and

manufacturing societies for products.

Coir Process

The coir is normally available in brown and

white colours depending on the maturity of

the fruit. Fiber is obtained by spike splitting

or dehusking manually. This process is also

done by machines. The fibers are graded

into long and short bristle fibers. After fiber is

extracted, it is soaked in water for two to

three hours and passed through a willowing

machine and impurities are eliminated,

then it is passed through slivering machine

to make it into sliver form and the slivers are

spun into yarns in spinning mill. Then it is

wound into rolls and dispatched to market.

In this process coir pith is generated which is

washed with water to reduce the high

electric conductivity (E.C) and made into

blocks after sieving and passed through



block making machine. Then blocks are

packed and sold.

Coir products are many for regular use like

mats, creel mats, fiber mats, loop mats,

mesh mats, rope mats, gymnasia mats,

mattings, ribbed matting, multi shaft

matting, cricket pitch mattings, rugs etc.

Geo textiles are used in preventing soil

erosion. Coir pith is used as soil conditioners

in agricultural and horticultural activities,

certain articles like pots, hanging baskets

and poles for creepers are used in

gardening. Needled felts are also used in

soil rehabilitation, used as upholstery

products. Rubberised coir is used in

mattresses and upholstery of automobile

industry etc.

Coir board is giving marketing assistance

and also export market assistance to

manufacturers of coir products.

Table showing export of coir and coir products during 2014-15 and 2015-16

Q=Quantity in M Tones V=Value in Rs. Lakhs

2015-16 2014-15 % Growth

Item Qty Value Qty Value Qty Value

Coir Pith 408897 68808.56 316425 43295.24 29.2 58.9

Tufted Mat 45770 44316.03 41284 39725.96 10.9 11.6

Coir Fiber 255293 41767.11 219103 41923.34 16.5 -0.4

Handloom Mat 20386 22279.96 25353 23946.91 -19.6 -7.0

Geo textiles 4520 3531.72 4236 3270.28 6.7 8.0

Coir Yarn 4134 2820.82 4070 3000.89 1.6 -6.0

Curled Coir 9470 2510.07 12621 3732.00 -25.0 -32.7

Handloom Mattings 1706 1968.78 1667 1835.28 2.3 7.3

Rubberized Coir 678 971.74 897 1410.88 -24.4 -31.1

Coir Rope 517 396.61 614 391.92 -15.9 1.2

Power loom Mat 280 367.35 161 225.25 73.6 63.1

Coir Rugs & Carpet 307 282.5 135 146.10 127.1 93.4

Coir Other Sorts 46 94.79 71 85.79 -34.6 10.5

Power loom Matting 16 26.48 28 43.93 -44.6 -39.7

Total 752020 190142.52 626666 163033.77 20.0 16.6

Source: Coir Board, Ministry of MSME



Challenges of the Sector

Though India produces 31% of the world’s

coconuts and about 70% of coir products,

the sector has certain challenges.

Like any other agricultural sector this

crop also faces problems of pests,

termites etc, besides climatic changes

and cyclones.

The sector is mostly concentrated in

southern states of India which poses a

problem of transport to other areas in

the country.

Replanting in place of old plants not

giving sufficient yield, is not done

regularly.

The sector is not concentrated in terms

of land holding. The coconuts are grown

as a domestic plant as well as coconut

farms. Collection and marketing of the

fruit and coir is difficult due to its spread

in wide area. There is need to increase

more farmers’ societies.

The training and skill development of

workers is needed to produce quality

products consistently.

About 30% coir only is used in coir

product manufacturing, rest of the

material is used as fuel. The other dried

parts of the plant are also used as fuel.

Coir composite developed by coir

board is to be popularised to replace

Medium Density Fiber (MDF) board,

wood boards, plywood and plastic

boards.

Unlike other countries the value added

products like face creams, moisturisers,

body lotions, shampoos, scrubs, insect

repellents etc. are not made and

marketed in India and abroad.

India being a large market, most of the

produce is consumed in India and there

is need to increase export of value

added products.

Competition in the international market

from Vietnam, Fiji, Indonesia and

Philippines can be combated with value

added products.

Cultivation of coconuts should be

propagated in other states.

Coconut Development Board, Central

Crop Research Institute, Coir Board have

done a commendable job in development



of the sector. Their activities should be

expanded throughout the country.

Recommendations of FAO

FAO study on coconut industry in Asia

Pacific Region made certain

recommendations for maintaining quality

of coconuts, their yield and to fight

diseases. FAO emphasized on

Selection of good quality mother palms,

development of hybrid varieties for

better yields as well as disease

resistance.

Development of seed banks, gene

banks, seed gardens and replacement

of old plants.

Giving technical inputs, technology

exchange among the countries in the

region for making high value added

products along with sourcing

appropriate processing equipment.

Inter cropping, keeping in mind the food

security, increase in profitability in

agriculture with development of poultry,

goat farming, honey bee keeping etc.

Adopting Good Agriculture Practices

(GAP) with Integrated Pest

Management (IPM) and organic

certification.

Promotion of research on health benefits

of coconut oil on heart disease,

Alzheimer’s disease etc.

Implementing the recommendations will

help facing the challenges of the sector

and coconut development should be

made a part of National Development

Program to achieve integrated rural

development.

- Team at Raju and Prasad

`



Policy Watch

Company Law

Amendment to Companies

(Acceptance of Deposits) Rules,

2014

The Ministry of Corporate Affairs vide

notification dated 11th May, 2017 has

amended the Companies (Acceptance of

Deposits) Rules, 2014 where in rule 2, sub-

rule (1), in clause (c), in sub clause (XVIII) of

the said rules, after the word “Domestic

Venture Capital Funds” the words

“Infrastructure Investment Trust” has been

inserted and in rule 5, in sub-rule (1) for the

proviso the following provision has to be

substituted, namely-“Provided that the

companies may accept deposits without

deposit insurance contract till the 31st,

March, 2018 or the availability of deposit

insurance products whichever is earlier.

http://www.mca.gov.in/Ministry/pdf/Compan

iesAcceptanceofDeposits_12052017.pdf

RBI Disclosure in the “Notes to

Accounts” to the Financial

Statements- Divergence in the

asset classification and

provisioning by Banks

The RBI vide notification no. RBI/2016-17/283

has notified, to ensure greater

transparency, a disclosure to be made in

the notes to accounts of the ensuing

annual financial statements wherever,

i. the additional provisioning requirements

assessed by RBI exceed 15 percent of

the published net profits after tax for the

reference period, or

ii. the additional Gross NPAs identified by

RBI exceed 15 percent of the published

incremental Gross NPAs for the

reference period, or

iii. Both (i) and (ii).

The disclosure shall be made in the

following format

http://www.mca.gov.in/Ministry/pdf/CompaniesAcceptanceofDeposits_12052017.pdf

http://www.mca.gov.in/Ministry/pdf/CompaniesAcceptanceofDeposits_12052017.pdf

`



S.No. Particulars Amount

1 Gross NPAs as on March 31, 20XX as reported by the bank

2 Gross NPAs as on March 31, 20XX as assessed by RBI

3 Divergence in Gross NPAs (2-1)

4 Net NPAs as on March 31, 20XX as reported by the bank

5 Net NPAs as on March 31, 20XX as assessed by RBI

6 Divergence in Net NPAs (5-4)

7 Provisions for NPAs as on March 31, 20XX as reported by the bank

8 Provisions for NPAs as on March 31, 20XX as assessed by RBI

9 Divergence in provisioning (8-7)

10 Reported Net Profit after Tax (PAT) for the year ended March 31, 20XX

11 Adjusted (notional) Net Profit after Tax (PAT) for the year ended March

31, 20XX after taking into account the divergence in provisioning

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI283469DAF40467844C9824637E9A90466D3.P

DF

Submission of Statutory returns (SLR-

Form VIII) in XBRL platform

RBI vide notification no. RBI/2016-17/302

dated 11th May, 2017 has notified that the

statutory returns of SLR Form VIII which was

previously filed on PCRPCD platform shall,

from the month of April, 2017, be filed in

XBRL (Extensible Business Reporting

Language) platform.

https://rbidocs.rbi.org.in/rdocs/notification/P

DFs/NOTI302F2863474360D4C89A92EAE7544B

85777.PDF

Direct Tax

Exemptions under section 139AA of

the Income Tax Act, 1969

The Central Board of Direct Taxes vide

notification dated 11th May, 2017 has

notified the below list of persons as

exempted from the provisions of section

139AA of the Income Tax Act, 1969 which

mandates all the eligible persons to obtain

Aadhaar number card on or after 1st July,

2017 and to quote the same in their return

of income.

(i) residing in the States of Assam, Jammu

and Kashmir and Meghalaya;

(ii) a non-resident as per the Income-tax

Act, 1961;

(iii) of the age of eighty years or more at

any time during the previous year;

(iv) not a citizen of India.

http://www.incometaxindia.gov.in/communi

cations/notification/notification37_2017.pdf

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI283469DAF40467844C9824637E9A90466D3.PDF

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI283469DAF40467844C9824637E9A90466D3.PDF

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI302F2863474360D4C89A92EAE7544B85777.PDF



http://www.incometaxindia.gov.in/communications/notification/notification37_2017.pdf

http://www.incometaxindia.gov.in/communications/notification/notification37_2017.pdf



Verdicts

Direct Taxation Income from sub-leasing of house

property earned by a firm or other

assessee to be treated as Income

from house property, unless if the

firm had engaged in a systematic

activity of providing service to

occupants

-vide Supreme Court of India vide Raj

Dadarkar & Associates Vs. Assistant

Commissioner of Income-tax.

The honourable Supreme Court of India

vide Raj Dadarkar & Associates Vs. Assistant

Commissioner of Income-tax held that

where the assessee-firm acquires lease hold

rights in a premises for more than 12 months

he shall be deemed owner u/s 27(iiib) of

the Act and income earned from sub-

leasing of house property shall be treated

as income from house property and not as

profits and gains from business or profession

as assessee-firm was not engaged in any

systematic or organized activity of

providing service to the occupiers of the

shops/stalls so as to constitute the receipts

from them as business income though a

clause exists in the partnership deed of the

assessee-firm showing that the business of

the assessee-firm is to take the premises on

rent and sub-let the same.

https://www.taxmann.com/filecontent.aspx?

Page=CASELAWS&multipage=false&id=10101

0000000175255&isxml=Y&search=&tophead=tr

ue&tophead=true

Sale of entire running business with

all assets and liabilities in one go to

be treated as slump sale of long

term capital asset and section

50(2) shall not be attracted

-vide decision of Supreme court of India

vide Commissioner of Income-tax. Ahd. Vs.

Equinox Solution (P.) Ltd

The honourable Supreme Court of India vide

Commissioner of Income-tax. Ahd. Vs.

Equinox Solution (P.) Ltd held that in case

where an assessee company had sold its

entire running business with all assets and

liabilities in one go, it shall be treated as slump

sale of a 'long term capital asset' and be

taxed accordingly; section 50(2) shall not

attracted as it applies to a case where only

block of assets are transferred by assessee.

https://www.taxmann.com/filecontent.aspx?

Page=CASELAWS&id=101010000000174862&is

xml=Y&search=&tophead=true&tophead=true

Disclamer Information in this Newsletter, charts, articles,

or any other statements regarding market or

any other financial information, is obtained

from the sources, which we feel reliable. We

do not warrant or guarantee the timeliness

or accuracy of the information.The reader

shall not take any decision based on the

facts or figures of the newsletter without

professional advice.

https://www.taxmann.com/filecontent.aspx?Page=CASELAWS&multipage=false&id=101010000000175255&isxml=Y&search=&tophead=true&tophead=true




https://www.taxmann.com/filecontent.aspx?Page=CASELAWS&id=101010000000174862&isxml=Y&search=&tophead=true&tophead=true



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►►► PHOTOGRAPH OF THE MONTH

Ibis searching for its prey- at Sewri Mud Flats, Mumbai - Clicked by M Siva Ram Prasad

Please visit http://www.rajuandprasad.com/newsletter.phpfor earlier issues

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Documents

Newsletter from Raju and Prasad Chartered Accountants · processing and marketing. Later, Export Promotion Council was set up in April 2009 as part of Coconut ... coconut palm jaggery,