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Notes to Accounts of Aditya Ispat Ltd.

Mar 31, 2014

1. There are no micro, small and medium enterprises to whom the company owes dues which are outstanding for more than 45 days from the balance sheet date. The micro, small and medium enterprises have been identified on the basis of information available with the company. This has been relied upon by the Auditors.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. NIL (Py Rs.11,08,475/- )

3. Contingent Liabilities not provided for - Rs. NIL (PY Rs.NIL)

4. The company has carried out an impairment test as per ''Accounting Standard - 28'' issued by I.C.A.I on all the assets and no provision was found to be required towards impairment of assets for the period ending 31st March, 2014.

5. The company does not have any non concealable lease arrangements. Office premises are taken on operating lease and such lease rentals are charged to revenue on accrual basis

6. The company is engaged in the manufacture of single product i.e Bright Bars and its activities are confined to India. Hence there are no reportable segments of the company.

7. Balances under the head trade receivables, long term loans & advances, short term loans & advances, trade payables and other current liabilities are subject to confirmation from the respective parties.

8. Previous year figures have been regrouped/ recasted/ reclassified/ re-arranged wherever deemed necessary to conform to current year''s classification.

9. Short term and long term loans & advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.

10. Amounts, due and outstanding, to be credited to Investor Education and Protection Fund as on 31st March, 2014 - Nil. (p.y Nil).

11. Earnings/Outgoings in foreign currency:

Earnings : Rs. Nil (Previous year Nil)

Outgo : Rs. Nil (Previous year Nil)


Mar 31, 2013

1.1 Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. 1108475/- (P.y Rs.Nil )

1.2 Contingent Liabilities not provided for – Rs. NIL (PY Rs.NIL)

1.3 Related party Disclosures: Disclosures as required by the Accounting Standard (AS-18) "Related party Disclosures" are given here in below:

i. Names of related parties and description of relationship:

a. Associates : Jai Bapji Ispat (P) Ltd.

b. Key Management Personnel : Shri Satya Bhagwan Chachan – Managing Director

c. Relatives of Key : Smt. Usha Chachan Management Personnel

1.4 The company has carried out an impairment test as per ''Accounting Standard – 28'' issued by I.C.A.I on all the assets and no provision was found to be required towards impairment of assets for the period ending 31st March, 2013.

1.5 The company does not have any non cancelable lease arrangements. Office premises are taken on operating lease and such lease rentals are charged to revenue on accrual basis

1.6 The company is engaged in the manufacture of single product i.e Bright Bars and its activities are confined to India. Hence there are no reportable segments of the Company.

1.7 Balances under the head trade receivables, long term loans & advances, short term loans & advances, trade payables and other current liabilities are subject to confirmation from the respective parties.

1.8 Previous year figures have been regrouped/ recasted/ reclassified/ re-arranged wherever deemed necessary to conform to current year''s classification.

1.9 Short term and long term loans & advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.

1.10 Amounts, due and outstanding, to be credited to Investor Education and Protection Fund as on 31st March, 2013 - Nil. (p.y Nil).

1.11 Earnings/Outgoings in foreign currency: Earnings : Rs. Nil (Previous year Nil) Outgo : Rs. Nil (Previous year Nil)


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. Nil (P.y Rs.Nil )

2. Contingent Liabilities not provided for - Rs. NIL (PY Rs.NIL)

3. During the year the company has made preferential issue of 2,50,000 convertible warrants of Rs. 10/- each, convertible into 2,50,000 Equity shares of Rs. 10/- each, amounting to Rs.25 lacs to the promoter group. Pursuant to the same, the company has allotted 2,50,000 Equity shares of Rs. 10/- each as fully paid on 31-12- 2010 and the proceeds were utilized to meet the long term working capital requirements.

4. Professional charges include a sum of Rs.11,030 (PY 5,515) paid to Statutory Auditors towards certification charges.

5. Employees Benefits Defined Contribution Plan

Defined Benefit Plan

The company has adopted the revised accounting standard (AS-15) issued by the Institute of Chartered Accountants of India , on employees benefits with effect from 1st April, 2008. The following table gives the status of the non- funded gratuity plan as required under AS 15 (Revised):-

6. Related party Disclosures: Disclosures as required by the Accounting Standard (AS-18) "Related party Disclosures" are given here in below:

i. Names of related parties and description of relationship:

a. Associates Jai Bapji Ispat (P) Ltd.

b. Key Management Personnel Shri Satya Bhagwan Chachan - Managing Director

c. Relatives of Key Smt. Usha Chachan Management Personnel

7. The company has carried out an impairment test as per 'Accounting Standard - 28' issued by I.C.A.I on all the assets and no provision was found to be required towards impairment of assets for the period ending 31st March, 2011.

8. The company does not have any non cancelable lease arrangements. Office premise is taken on operating lease and such lease rentals are charged to revenue on accrual basis

9. The company is engaged in the manufacture of single product i.e Bright Bars and its activities are confined to India. Hence there are no reportable segments of the Company.

10. The company has not received any intimation from 'suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act, have not been given.

11. Balances under the head Debtors, Loans & Advances, Trade Creditors and other liabilities are subject to confirmation from the respective parties.

12. Previous year figures have been regrouped/recasted/reclassified/re-arranged wherever deemed necessary to conform with current year's classification.

13. Current Assets loans & Advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.

14. Amounts, due and outstanding, to be credited to Investor Education and Protection Fund as on 31st March, 2011 - Nil. (p.y Nil).

 
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