Home  »  Company  »  AML Steel  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of AML Steel Ltd.

Mar 31, 2014

Note 1 :

Previous years figures have been regrouped/rearranged where ever required to conform to current years classification.


Mar 31, 2010

1. Secured Loans from Central Bank of India is primarily secured by Paripassu first charge on the entire block of assets of the Company along with personal guarantee of Mr. Ashok Agrawal, Mrs. Anita Agrawal and Mr. Ajay Agrawal Directors, relative of Mr. Ashok Agrawal, Director of the Company. Secured Loans from UTI Bank Ltd is secured by first charge on Office Premises situated at No 9, Gopalapuram, 6th Street, Chennai - 600 086.

Secured Loans from The Federal Bank Ltd is primarily secured by Paripassu first charge on entire block of assets of the Company along with personal guarantee of Mr. Ashok Agarwal, Anita Agarwal, further secured by the Corporate Guarantee of Ashok Memory India (P) Ltd. A group Company.

Secured Loans from The Allahabad Bank Ltd is primarily secured by Paripassu first charge on wind mill of the company

Interest Free Sales Tax (IFST) is secured by residual charges on all fixed assets of PVC unit of the company.

2. The previous year figures have been regrouped / recast wherever necessary.

3. All Loans & Advances are unsecured but considered good.

4. Due to Small Scale Industrial Undertaking

The unpaid overdue amounts as of 31st March 2010 due to small scale or ancillary industrial supplier is Rs. Nil (Previous year Rs. Nil). This information has been complied in respect of parties to the extent they could be identified as small scale and ancillary undertaking on the basis of information available to us.

5. Retirement Benefits as per Accounting Standard 15.

Retirement benefits in the form of Provident Fund / Pension Fund whether in pursuance of law or otherwise is accounted on accrual basis and charged to profit and loss account of the year. No provision has been made for the retirement benefits in respect of gratuity and leave encashment.

6. Segment Reporting as per Accounting Standard 17 is not applicable.

7. Related parties disclosure as per accounting standard 18:

i.Parties where control exists:

Ashok Memory (India) Private Limited.

Efficient Agencies.

Ankit Ispat (P) Ltd.

Ashok Steel Industries Private Limited, Sri Lanka.

Corbin Trades & Investment Limited.

AML Steel and Power Limited.

ii. Key management Personnel

Mr. Ashok Agarwal, Promoter Director. Relatives of Mr. Ashok Agarwal Mrs. Anita Agarwal, Wife Mr. Ankit Agarwal, Son

iii. Related Party Transaction

Transactions with Subsidiary Companies

8. Deferred Tax.

As required by Accounting Standard 22 issued by The Institute of Chartered Accountants of India, the Company has recognized deferred taxes which result from timing difference between book profit and tax profit for the year, aggregating NIL in the Profit and Loss Account.

9. There was no impairment loss on fixed assets on the basis of review carried out by the management in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

10. Provision for Contingent Liabilities and Contingent Assets as per Accounting Standard 29:

A provision is recognize when the company has a present obligation as a result of past events, the setlement of which is expected to result in outflow of resources and which can be measured only by using a substantial degree of estimation. Provisions are not discounted to its 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.

On the basis of information and explanation given to us, contingent liabilities as on the Balance Sheet date are: NIL


Mar 31, 2009

1. Secured Loans from Central Bank of India is primarily secured by first charge on the entire block of assets of the Company along with personal guarantee of Mr. R.R. Agarwal, Mr. Ashok Agarwal, Mr. Ajay Agarwal Directors and Mrs. Anita Agarwal, relative of Mr. Ashok Agarwal Director of the Company.

Secured Loans from UT1 Bank is secured by first charge on Office Premises situated at No 9, Gopalapuram, 6th I Street, Chennai - 600 086.

Secured Loans from The Federal Bank Ltd is primarily secured by Paripassu first charge on entire block of assets of the Company along with personal guarantee of Mr. Ashok Agarwal, Anita Agarwal, further secured by the Corporate Guarantee of Ashok Memory India (P) Ltd. a group company. Interest Free Sales Tax (IFST) Loan is secured by residual charges on all fixed assets of PVC unit of the; Company.

2. The previous year figures have been regrouped / recast wherever necessary.

3. Due to Small Scale Industrial Undertaking

The unpaid overdue amounts as of 31st March 2009 due to small scale or ancillary industrial supplier is Rs. Nil (Previous year Rs. Nil). This information has been complied in respect of parties to the extent they could be identified as small scale and ancillary undertaking on the basis of information available to us.

4. Retirement Benefits as per Accounting Standard 15,

Retirement benefits in the form of Provident Fund / Pension Fund whether in pursuance of law or otherwise is accounted on accrual basis and charged to profit and loss account of the year. No provision has been made for the retirement benefits in respect of gratuity and leave encashment.

5. Segment Reporting as per Accounting Standard 17 is not applicable.

6. Related parties disclosure as per accounting standard 18: Parties where control exists:

Ashok Memory (India) Private Limited. Efficient Agencies. Ankit Ispat Private Limited. Ashok Steel Industries Private Limited,Sri Lanka, Corbin Trades & Investment Limited. AML Steel and Power Ltd.

ii. Key management Personnel

Mr, Ashok Agarwal, Promoter Director Relatives of Mr. Ashok Agarwal Mrs. Anita Agarwal, Wife Mr. Ankit Agarwal, Son

7. Deferred Tax.

As required by Accounting Standard 22 issued by The Institute of Chartered Accountants of India, thy Company has recognized deferred taxes which result from timing difference between book profit and tax profit for the year, aggregating Rs. 40, 01,000/- in the Profit and Loss Account.

8. There was no impairment loss on fixed Assets on the basis of review carried out by the management in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

9. Provision for Contingent Liabilities and Contingent Assets as per Accounting Standard 29:

A provision is recognize when the company has a present obligation as a result of past events, the settlement of which is expected to result in outflow of resources and which can be measured only by using a substantial degree of estimation. Provisions are not discounted to its 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.

On the basis of information and explanation given to us, there were no contingent liabilities as on the Balance Sheet date.

Contingent Assets are neither recognized nor disclosed.

 
Subscribe now to get personal finance updates in your inbox!