Mar 31, 2014
1.1. Addition to the Capital during the last five financial year:
a) 43,56,611 Equity Shares of Rs. 10/- each allotted as bonus shares in
the proportion of 7:10 Equity Shares held as on dated 13.01.2012
pursuant to the resolution of the members of the company on 12.12.2011.
b) 31,00,000 Equity Shares of Rs.10/- each allotted on preferential basis
at a premium of Rs. 25 each in the financial year 2010-11.
c) 16,53,787 Equity Shares ofRs.10/-each allotted as bonus shares in the
financial year 2009-10.
Note No:
1.1 The Company has declared dividend on the equity shares @ Rs. 0.10 per
share (previous yearRs. 0.10 per share), totaling to Rs. 12,37,854(previous
year Rs.12,37,854) including dividend tax. The dividend so declared is
subject to approval of the members of the Company at the Annual General
Meeting.
Secured loan
Term Loan from other parties
i) Amounting to 73,90,486 {previous year 727,80,160) secured by way
of hypothecation of movable assets of worth 712,90 lakhs (previous year
717,33 Lakhs) and also pledge of fixed deposit receipts of 77 lakhs
(previous year 77 lakhs) of the company.
Repayable in 36 monthly installments commencing from June, 2011 to May,
2014 as per the terms of agreement. (First 12 installments of 75.00
lakhs each, next 12 installments of 73.50 lakhs each and the last 12
installments of 72.00 lakhs each.
ii) Amounting to 73,67,129 (previous year 7 13,41,128) secured by way
of hypothecation of movable assets of worth 712.90 lakhs (previous year
717.33) and also pledge of fixed deposit receipts of 77 lakhs
(previous year 77 lakhs) of the company.
Repayable in 18 equated monthly installments of 795,400/- each
commencing from Jan. 2013 to July 2014.
iii) Amounting to 743,10,326 (previous year 7Nil) secured by way of
hypothecation of movable assets of worth 7 4.88 lakhs (previous year 7
Nil) and also pledge of fixed deposit receipts of 7 20 lakhs ( previous
year 7 Nil lakhs) of the company.
Repayable in 36 monthly installments commencing from August, 2013 to
July, 2016 as per the terms of agreement. (First 12 installments of 7
3.00 lakhs each, next 24 installments of 71.715 lakhs each.
iv) Amounting to 7 7,65,685 (previous year 7 28,74,315) secured by way
of hypothecation of car.
Repayable in 18 equated monthly installments of 7196,632/- commencing
from February, 2013 to July, 2014. ''
b)Vehicle Loan from bank
i) Amounting to Rs. 34,429 (previous year Rs. 2,28,310) secured by way of
hypothecation of cars.
Repayable in 60 equated monthly installments of Rs. 17,451/-Each
commencing from June, 2009 to May, 2014.
ii)Amounting to Rs.Nil (previous year Rs. 6,22,712)secured by way of
hypothecation of cars.
Repayable in 60 equated monthly installments of Rs.16,995/-commencing
from Feb, 2012 to May, 2017.
iii) Amounting to Rs.3,08,496 (previous year Rs. 3,85,256) secured by way
of hypothecation of cars.
Repayable in 60 equated monthly installments of Rs. 10,997/- commencing
from May, 2012 to April, 2017.
iv) Amounting to Rs. 17,97,856 (previous yearRs. Nil) secured by way of
hypothecation of cars.
Repayable in 36 equated monthly installments of Rs.85,805/- commencing
from April, 2013 to February, 2016. Un-Secured Loan
b) Public Deposits
The public deposits are accepted under the provisions of the Companies
Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.
The public deposits are taken for a minimum period of 6 months to a
maximum period of 3 years. The same are repayable as per the deposit
terms.
c)Deferred payment liabilities
Amounting toRs.4,97,370 (previous year 7 6,39,474) being deferred payment
liability in the form of installments granted by RIICO in terms of the
lease agreement in connection with Residential Land situated at
D-637,RIICO Housing Colony, Abu Road, Distt. Sirohi, RAJ.
Repayable in 19 quarterly installments of *35,526/- each plus interest
commencing from March, 2013 to September, 2017.
A) Cash credit & Working Capital Facility (including Buyer''s Credit)
(1) Loan taken from Oriental Bank of Commerce are secured against
hypothecation of Stocks & Receivables and collaterally secured as per
under mentioned details:-
I. Registered Mortgage of Property bearing no: 5476, South Basti
Harphool Singh, Sadar Bazar, Delhi, standing in the name of Director
Mrs. Ira Rastogi.
II. Equitable Mortgage of the following Properties:-
a) Flat no: 805A, Beverly Park Apartments, MG Road, Gurgaon, Haryana -
122001, standing in the name of M/s Cyber Dot Com Pvt. Ltd.
b) 1943, Bagichi Raghunath, Sadar Bazar, Delhi - 110006, standing in
the name of Mr. Tanuj Rastogi.
c) 2192, Bagichi Raghunath, Sadar Bazar, Delhi - 110006, standing in
the name of Mr. Tanuj Rastogi.
d) 2269-70, Bagichi Raghunath, Sadar Bazar, Delhi - 110006, standing in
the name of Mrs. Ira Rastogi.
e) House no: 145, Block F, Sector Alfa, Greater Noida, Uttar Pradesh,
standing in the name of Mrs. Ira Rastogi.
f) 15, first floor, NRI Complex, Mandakini, G. K. - IV, New Delhi-
110019, standing in the name of Mrs. Ira Rastogi.
g) Part - 2658, 4/6, Second & Third Floor, Tola Ram Building, Sadar
Thana Road, Sadar Bazar, Delhi - 110006, standing in the name of Mrs.
Ira Rastogi.
h) Industrial land together with constructed shed and plant and
machinery installed therein located at B-290(A), Growth Centre Phase
-1, Abu Road, Distt. Sirohi, RAJ. standing in the name of the company.
Working capital loan from bank are repayable on demand.
(2) The buyers credit facilities are secured by Letter of Comforts (in
the nature of Bank Gurantees issued by the Oriental Bank of Commerce.
These Letter of Comforts are in turn secured by margin in the form of
fixed deposits receipts (FDR) pledged obtained by Oriental Bank of
Commerce. As at March 31, 2014 FDR''s of 79,00,000/- (71,15,76,268/- as
at March 31, 2013) were kept as margin.
(3) Personal gurantee of Mrs. Ira Rastogi, Mr. Tanuj Rastogi & Mr.
Mudit Kumar directors of the Company, Corporate Guarantee of M/s Cyber
Dot Com Pvt. Ltd. and also of all the directors of M/s Cyber Dot Com
Pvt. Ltd.
Buyers Credit in foreign currency are repayable as per the terms and
agreement within 12 months of the Balance Sheet date.
Note No.:
7.1 Detail of suppliers covered under micro, small and medium
enterprises Development Act, 2006 and which have furnished the
information regarding filling of necessary memorandum with appropriate
authority is as under:
a) Amount outstanding at the year endRs.Nil (previous year Rs.Nil)
b) Interest payable on delayed paymentsRs. Nil (previous year Rs.Nil)
Including Director''s remuneration X 28,80,000 (previous year Rs.
29,20,000). The same is exceeding the limit as prescribed under Part II
of Schedule XIII of the Companies Act, 19S6, but paid as minimum
remuneration in terms of the notifications issued thereunder and as per
shareholder''s resolution passed on September 26,2011.
NOTE NO. 2
Contingent Liability (not provided) in respect of:
a) Claims against the company not acknowledged as debt- (Amount in Rs.)
PARTICULARS 2013-2014 2012-2013
Income Tax Demand under Appeal 9,407 9,407
(Assessment Year 2002-2003)
Value Added Tax Demand under Appeal with 5,36,122 5,36,122
Rajasthan Tax Board, Ajmer
Value Added Tax Penalty levied by ACIT, Noida NIL 9,85,300
(FY 2012 -13), Appeal
filed by the company before Comm. (A)
Value Added Tax Demand under Appeal 2,37,931 2,37,931
with Add. Comm., Special Zone, Department of
Trade & Taxes, Delhi
Income Tax Demand under rectification due to 1,03,370 NIL
dividend tax deposited in wrong head during
the Assessment Year 2011-12
# The appeal has been decided in favour of the company; however a
rectification application for deletion of demand is pending.
@ The first stage appeal with Deputy Commissioner Appeals - IV, Jaipur,
had been decided in favour of the company; however the department had
made second appeal with Rajasthan Tax Board, Ajmer. "
$ The Appeal has been decided in favour of the company by Commissioner
(Appeals) vide its order dated 02-04-2013.
As per available information with the company, second appeal has not
been filed by the department.
% Ex-parte penalty order had been passed by ACIT, Noida pertaining to
m/o April 2012, May 2012 & June 2012.
Subsequently the case was re-opened on medical grounds. The company has
filed the details as required, however the final order hasn''t been
passed till date.
b) Guarantees .
- Outstanding bank guarantees furnished by Banks on behalf of the
Company is Rs. 625,000/- respectively (previous year Rs.625,000/-).
- Outstanding Letter of Comforts (in the nature of Bank Guarantees) to
the extent of Rs.58,55,384/ (previous yearRs.13,67,83,836/-)have also
been furnished by bank to secure buyer''s credit facilities availed by
the Company.
- Outstanding Inland Letter of Credit to the extent of Rs.72,00,000/- (
previous year Rs.Nil) have been furnished by bank, for the purpose of
enabling the company to procure goods.
NOTE NO. 3
Management is of the opinion that Current Assets, Loan and Advances are
stated in the Balance Sheet at the amount, which is at least equal to
the amount expected to be realized in the ordinary course of business.
Certain balances of debtors, loans and advances and creditors are
subject to confirmation.
NOTE NO. 4
Segment wise Revenue, Results and Capital Employed
As the company was engaged primarily in trading of Non Ferrous metals &
other items during the entire year. The revenue from Non-ferrous metals
exceeds 90% of the total revenue, hence there is no requirement for
segment wise details, in terms of Accounting Standard -17.
NOTE NO. 5
Customs duty refundable (to the extent of claims filed) amounting to Rs.
1,02,19,014/-(previous year Rs. 1,83,75,031/-) has been shown under the
head Short Term Loans 8i Advances as Duty drawback and special
additional duty refundable in terms of Customs notification no:
102/2007 dated 14-09-2007. Out of the aforesaid a sum of Rs.
95,36,484/-(previous yearRs.74,10,414/-) pertains claims filed with the
Custom Authorities and a sum of Rs.6,82,530/- (previous
yearRs.11,09,64,617/ ) pertains to refund claim not filed due to
non-fulfillment of certain conditions as per the said notification.
Further the amount of additional duty is deducted from the total duty
as debited to Statement of Profit & Loss as cost of goods purchased.
NOTE NO. 6
a. The seller of the property W-111A, G. K. -I, New Delhi-110 048 has
filed a case in the court for non-payment of the sales consideration.
However, the company has deposited the disputed sum of Rs. 66,69,000/-
with Registrar General of Delhi High Court on 23-11-2005 as per
instruction of Delhi High Court and the matter is still Sub-Judice. The
company has already disposed off the said property to third party in
the prior years.
b. Recovery suit ofRs. 30,08,771/- has been filed in High Court Delhi
against M/s G.S International and the same has been admitted in the
court. Criminal case has also been filed in Tis Hazari Court Delhi
against the party for above recovery of dues.
NOTE NO. 7 .
Employee Compensation
a. Provident Fund: - The Company pays fixed contributions to the
Employee''s Provident Fund Commissioner on a mandatory basis. The
Company has no further payment obligations once the contributions have
been paid. The Company''s contributions to defined contribution plans
are recognized as employee compensation expense when they are due.
b. Employee State lnsurance:-During the current financial year i.e.
2013-14 the company was covered under the provisions of section of the
Employees State Insurance Act with respect to the workers employed at
its manufacturing unit. Accordingly the company has made a provision
ofRs. 4,74,594/-(previous yearRs. 2,73,765/).
The said amount has been duly deposited with the respective
authorities.
c. Provision for Gratuity: - The Company is small in terms of the
number of employees employed during the year.
The management is of the opinion that the gratuity liability be
calculated on actual basis as at the close of the year, based on the
assumption of going concern and that all present employees shall
continue. The actual liability is revised at the close of the financial
year, based on the last drawn salary of the respective employees and
accordingly provision has been made. Total amount provided
isRs.5,34,795/- for the year (for the previous yearRs. 235,383/-) and
cumulative balance is Rs. 14,99,408/- as at 31s1 March 2014 (for the
previous year Rs. 9,64,613/-).
NOTE NO. 8
As per Accounting Standard 18 issued by the ICAI, the disclosures of
transactions with the related parties as defined in the Accounting
Standard are given below:-
1. List of related parties where control exists and related parties
with whom transactions have taken place and relationships:-
Name of the Related Party
Mrs. Ira Rastogi, Managing Director
Mr. Tanuj Rastogi, Whole-time Director
Mr. Mudit Kumar, Whole- time Director
Bairam Chandra Rastogi
Neha Rastogi
V. B. Rastogi
Aseem Invesment Ltd.
Pisces Global Pvt. Ltd.
(Formerly known as Asia Export Import Pvt. Ltd.)
Relationship
Key Managerial Personnel
Relative of Key Managerial Personnel
Enterprise over which Key Managerial Personnel are able to exercise
significant influence (Associates)
NOTE NO. 9
Previous Year figures have been regrouped/ reclassified wherever
considered necessary to make the same comparable with current year
presentation.
Mar 31, 2013
CORPORATE INFORMATION
Aseem Global Limited (the Company) is a public limited company
domiciled in India, incorporated in New Delhi in 1983 under the
provisions of Companies Act, 1956. Its shares are listed on Delhi Stock
Exchange Limited and Bombay Stock Exchange Limited. The Company is
trading in Non-ferrous metals and during the current financial year
2012-13 the company has setup its manufacturing facilities for
Manufacturing/ processing of Non-ferrous scrap at Abu Road, Distt.
Sirohi, Rajasthan.
1.1. Addition to the Capital during the last five financial year:
a) 43,56,611 Equity Shares of Rs. 10/- each allotted as bonus shares in
the proportion of 7:10 Equity Shares held as on dated 13.01.2012
pursuant to the resolution of the members of the company on 12.12.2011.
b) 31,00,000 Equity Shares of Rs. 10/- each allotted on preferential
basis at a premium of Rs. 25 each in the financial year 2010-11.
c) 16,53,787 Equity Shares of Rs. 10/- each allotted as bonus shares in
the financial year 2009-10.
Note No:
2.1 Reversal of Dividend in FY 2011-12 amounting to Rs. 65,31,731
pertaining to previous financial year 2010-11. With a need to conserve
resources for future expansion, the Shareholders had passed a
resolution in the Annual General Meeting dated 26-09-2011, reducing the
proposed dividend from 10% to 1% for the said year.
2.2 The Company has declared dividend on the equity shares @ Rs. 0.10 per
share (previous year Rs. 0.10 per share), totaling to Rs. 12,37,854
(previous yearRs. 12,29,680) including dividend tax. The dividend so
declared is subject to approval of the members of the Company at the
Annual General Meeting.
Note No.:
3.1 Detail of suppliers covered under micro, small and medium
enterprises Development Act, 2006 and which have furnished the
information regarding filling of necessary memorandum with appropriate
authority is as under:
a) Amount outstanding at the year end Rs. Nil (previous year Rs. Nil)
b) Interest payable on delayed payments Rs. Nil (previous year X Nil)
Note:
1. The company acquired industrial land on long-term leasehold basis
from RIICO Ltd, Abu Road, RAJ. during the financial year 2011-12.
Pursuant to Tribal Area Regional Industrial Promotion Scheme 2009-10 of
the Rajasthan Government the company was entitled to 50% subsidy in the
Development charges of the leasehold land if the commercial production
was commenced on or before 31.12.2012. In line thereof the company has
received a cash subsidy of Rs. 24,79,086/-(being 50% of the development
charges of Rs. 49,58,171/-). The amount of subsidy has been adjusted from
the value of leasehold land.
* Bank deposits valuing Rs. 1,15,76,268/- (Previous Year Rs. 4,26,90,000/-)
is pledged with banks for the purpose of buyers credit facilities.
(Refer Note No. 6.2 (B))
* Bank deposits valuing Rs. 7,00,000/- (Previous Year Rs. 27,00,000/-) is
pledged with banks for availing secured loan. (Refer Note No.
4.1(a)(ii))
* Bank deposits valuing Rs. 5,50,000/- (Previous Year Rs. 5,50,000/-) is
pledged with the sales tax department.
* Bank deposits valuing 71,02,50,000/- (Previous Year Rs. 48,00,000/-)
are held as margin for Public Deposits.
Contingent Liability (not provided) in respect of:
a) Claims against the company not acknowledged as debt-
(Amount in Rs. )
PARTICULARS 2012-2013 2011-2012
Income Tax Demand under Appeal
(Assessment Year 2002-2003)
# 9,407 9,407
Value Added Tax Demand under
Appeal with Add. Comm., Special 3,13,161 3,13,161
Zone, Department of Trade &
Taxes, Delhi
Value Added Tax Demand under
Appeal with Rajasthan Tax Board, 5,36,122 5,36,122
Ajmer @
Value Added Tax Penalty levied
by ACIT, Noida (FY 2012-13),
Appeal 9,85,300 -
filed by the company before
Comm. (A) $
Value Added Tax Penalty
levied by ACIT, Noida (FY
2012-13) 2,13,922 -
# The appeal has been decided in favour of the company; however a
rectification application for deletion of demand is pending. @ The
first stage appeal with Deputy Commissioner Appeals - IV, Jaipur, had
been decided in favour of the company; however the department had made
second appeal with Rajasthan Tax Board, Ajmer.
$ The Appeal has been decided in favour of the company by Commissioner
(Appeals) vide its order dated 02-04-2013. As per available information
with the company, second appeal has not been filed by the department.
% Ex-parte penalty order had been passed by ACIT, Noida pertaining to
m/o April 2012, May 2012& June 2012. Subsequently the case was
re-opened on medical grounds. The company has filed the details as
required, however the final order hasn''t been passed till date.
b) Guarantees
Outstanding bank guarantees furnished by Banks on behalf of the
Company/by the Company is Rs. 625,000/- respectively (previous year Rs.
625,000/-).
Letter of Comforts (in the nature of Bank Guarantees) to the extent of
Rs. 13,67,83,836/-(previous year Rs. 14,43,76,185/-) have also been
furnished by bank to secure buyer''s credit facilities availed by the
Company.
NOTE NO. 4
During the current financial year the company has set up manufacturing
facilities for processing of non-ferrous metal scrap at Abu Road,
DisttSirohi, Rajasthan. The construction work for setting up industrial
shed and erection of plant and machinery commenced during the first
quarter of the current financial year and was partly completed before
the close of the second quarter. The first phase of the project was
completed and commercial production commenced from October 1,2012. Form
the commencement of construction activity till the commencement of
commercial production the company had incurred a sum of Rs. 5,69,908/- as
Administration and other general overhead expenses underthe under
mentioned heads:-
NOTE NO. 5
Management is of the opinion that Current Assets, Loan and Advances are
stated in the Balance Sheet at the amount, which is at least equal to
the amount expected to be realized in the ordinary course of business.
Certain balances of debtors, loans and advances and creditors are
subject to confirmation.
NOTE NO. 6 Segment wise Revenue, Results and Capital Employed
As the company was engaged primarily in trading of Non Ferrous metals &
other items during the entire year. The revenue from Non-ferrous metals
exceeds 90% of the total revenue, hence there is no requirement for
segment wise details, in terms of Accounting Standard -17.
NOTE NO. 7
Customs duty refundable (to the extent of claims filed) amounting to Rs.
1,83,75,031/- (previous year Rs. 1,54,38,045/-) has been shown under the
head Short Term Loans & Advances as Duty drawback and special
additional duty refundable in terms of Customs notification no:
102/2007 dated 14-09-2007. Out of the aforesaid a sum of Rs. 74,10,414
(previous year Rs. 82,65,657/-) pertains claims filed with the Custom
Authorities and a sum of Rs. l,09,64,617/-(previous year 171,72,388/-)
pertains to refund claim not filed due to non-fulfillment of certain
conditions as per the said notification.
Further the amount of additional duty is deducted from the total duty
as debited to Statement of Profit & Loss as cost of goods purchased.
NOTE NO. 8
The seller of the property W-111A, G. K. -I, New Delhi-110 048 has
filed a case in the court for non-payment of the sales consideration.
However, the company has deposited the disputed sum of Rs. 66,69,000/-
with Registrar General of Delhi High Court on 23-11-2005 as per
instruction of Delhi High Court and the matter is still Sub-Judice. The
company has already disposed off the said property to third party in
the prior years.
NOTE NO. 9 Employee Compensation
a. Provident Fund: - The Company pays fixed contributions to the
Employee''s Provident Fund Commissioner on a mandatory basis. The
Company has no furtherpayment obligations once the contributions have
been paid. The Company''s contributions to defined contribution plans
are recognized as employee compensation expense when they are due.
b. Employee State lnsurance:-During the current financial year i.e.
2012-13 the company had started manufacturing activities and hence was
covered under the provisions of section of the Employees State
Insurance Act with respect to the workers employed at its manufacturing
unit. Accordingly the company has made a provision of Rs. 2,73,765/-. The
said amount has been duly deposited with the respective authorities.
c. Provision for Gratuity: - The Company is small in terms of the
number of employees employed during the year. The management is of the
opinion that the gratuity liability be calculated on actual basis as at
the close of the year, based on the assumption of going concern and
that all present employees shall continue. The actual liability is
revised at the close of the financial year, based on the last drawn
salary of the respective employees and accordingly provision has been
made. Total amount provided is Rs. 2,35,383/- for the year (for the
previous year Rs. 35,094/-) and cumulative balance is Rs. 9,64,613/- as at
31s*March 2013 (for the previous year Rs. 7,29,230/-).
Note: The aforesaid amount excludes a sum of Rs. 12,60,020/- (previous
year Nil) representing Export Sales to Nepal for which consideration
has been received in Indian Rupees and not in Convertible foreign
exchange)
NOTE NO. 10
As per Accounting Standard 18 issued by the ICAI, the disclosures of
transactions with the related parties as defined in the Accounting
Standard are given below:-
NOTE NO. 11
Previous Year figures have been regrouped/ reclassified wherever
considered necessary to make the same comparable with current year
presentation.
Mar 31, 2012
CORPORATE INFORMATION
Aseem Global Limited (the Company) is a public limited company
domiciled in India, incorporated in New Delhi in 1983 under the
provisions of Companies Act, 1956. Its shares are listed on Delhi Stock
Exchange Limited and Bombay Stock Exchange Limited. The Company is
trading in Non ferrous m etals.
1.1. The Company has only one class of equity shares, having a par
value ofRs. 10 per share. Each shareholder is eligible to one vote per
share held The repayment of equity share capital in the event of
liquidation and buy back of shares are possible subject to prevalent
regulations. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their
shareholding.
1.2. Addition to the Capital during the last five financial year:
a) 43,56,611 Equity Shares of f 10/- each alloted as bonus shares in
the proporation of 7:10 Equity Shares held as on dated 13.01.2012
pursuant to the resoloution of the members of the company on
12.12.2011.
b) 31,00,000 Equity Shares of Rs. 10/- each alloted on preferential basis
at a premium ofRs. 25 each in the financial year 2010-11.
c) 16,53,787 Equity Shares ofRs. 10/- each alloted as bonus shares in the
financial year 2009-10.
Note No:
2.1 Reversal of Dividend amounting to Rs. 65,31,731 pertaining to
previous financial year 2010-11.With a need to conserve resources for
future expansion, the Shareholders had passed a resolution in the
Annual General Meeting dated 26-09-2011, reducing the proposed dividend
from 10% to 1% for the said year.
2.2The Company has declared dividend on the equity shares @Rs. 0.10 per
share (previous yearRs. 1 per share), totaling toRs. 12,29,680 (previous
year Rs. 72,57,480) including dividend tax. The dividend so declared is subject to approval of the members of the Company at the Annual General Meeting.
NOTE NO: 3
Contingent Liability (not provided) in respect of :
a) Claims against the company not acknowledged as debt-
(Amount in Rs.)
PARTICULARS 2011-2012 2010-2011
Income Tax Demand under Appeal
(Assessment Year 2002-2003) 9,407 9,407
Value Added Tax Demand under Appeal
with Add. Comm, Special Zone, 3,13,161 3,13,161
Department of Trade & Taxes, Delhi
Value Added Tax Demand under Appeal
with Rajasthan Tax Board, Ajmer @ 5,36,122 5,36,122
# The appeal has been decided in favour of the company; however a
rectification application for deletion of demand is pending.
@ The first stage appeal with Deputy Commissioner Appeals - IV, Jaipur,
had been decided in favour of the company; however the department had
made second appeal with Rajasthan Tax Board, Ajmer.
b) Guarantees
Outstanding bank guarantees furnished by Banks on behalf of the
Company/by the Company is Rs. 625,000/- respectively (previous
yearRs.625,000/-).
Letter of Guarantees to the extent ofRs. 14,43,76,185/- (previous
yearRs.TNil) have also been furnished by bank to secure buyer's credit
facilities availed by the Company.
NOTE NO: 4
Current tax denotes Minimum Alternate tax u/s 115JB of the Income Tax
Act'1961.
NOTE NO: 5
Management is of the opinion that Current Assets, Loan and Advances are
stated in the Balance Sheet at the amount, which is at least equal to
the amount expected to be realised in the ordinary course of business.
Certain balances of debtors, loans and advances and creditors are
subject to confirmation.
NOTE NO: 6
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
As the company was engaged primarily in trading of Non Ferrous metals &
other items during the entire year. The revenue from Non-ferrous metals
exceeds 90% of the total revenue, hence there is no requirement for
segment wise details, in terms of Accounting Standard -17.
NOTE NO: 7
Customs duty refundable (to the extent of claims filed) amounting to
1,54,38,045/- has been shown under the head Short Term Loans & Advances
as Duty drawback and special additional duty refundable. Out of the
aforesaid a sum of Rs. 37,59,850/- pertains to very old Duty Drawback
pertaining to previous years which has been recovered before the date
of finalization of these financial statements. The balance amount ofRs.
116,78,195/- pertains to the refund of additional duty of customs paid
by the company in terms of Customs notification no: 102/2007 dated
14-09-2007. The amount of additional duty is deducted from the total
duty as debited to Statement of Profit & Loss as cost of goods
purchased.
NOTE NO: 8
The seller of the property W-111A, G. K.-I, New Delhi-110 048 has filed
a case in the court for non-payment of the sales consideration.
However, the company has deposited the disputed sum of Rs. 66,69,000/-
with Registrar General of Delhi High Court on 23-11-2005 as per
instruction of Delhi High Court and the matter is still Sub-Judice. The
Company has already disposed off the said property to third party in
the previous yea rs.
NOTE NO: 9
EMPLOYEE COMPENSATION
a. Provident Fund : - The Company pays fixed contributions to the
Employee's Provident Fund Commissioner on a mandatory basis. The
Company has no further payment obligations once the contributions have
been paid. The Company's contributions to defined contribution plans
are recognized as employee compensation expense when they are due.
b. Provision for Gratuity :- The Company is small in terms of the
number of employees employed during the year. The management is of the
opinion that the gratuity liability be calculated on actual basis as at
the close of the year, based on the assumption of going concern and
that all present employees shall continue. The actual liability is
revised at the close of the financial year, based on the last drawn
salary of the respective employees and accordingly provision has been
made. Total amount provided is Rs. "35,094/- for the year (for the
previous year Rs. 3,05,581/-) and cumulative balance isRs.7,29,230/- as
at 31 Mstarch 2012 (for the previous year Rs.6,94,136/-).
NOTE NO: 10
Previous Year figures have been regrouped/ reclassified wherever
considered necessary to make the same comparable with current year
presentation.
Mar 31, 2011
1. Management is of the opinion that Current Assets, Loan and Advances
are stated in the Balance Sheet at the amount, which is at least equa l
to the amount expected to be realised in the ordinary course of
business. Certain balances of debtors, loans and advances and creditors
are subject to confirmation.
2. Since no Commission is payable to Managing Director and to
Directors, hence computation of Net Profit under Section 349 of the
Companies Act, 1956 has not been given.
3. Under the Micro, Small & Medium Enterprises Development Act, 2006,
certain disclosures are to be made. As per the information available,
no amount is payable to the suppliers covered by the said Act, hence
there is no disclosure in this respect.
4. Segment wise Revenue, Results and Capital Employed
As the company was engaged primarily in trading of Non Ferrous metals &
other items during the entire year. The revenue from Non-ferrous metal
s exceeds 90% of the total revenue, hence there is no requirement for
segment wise details, in terms of Accounting Standard - 17.
5. Customs duty refundable (to the extent of claims filed) amounting
to Rs. 2,17,18,042.42 has been shown under the head Loans & Advances as
other current assets. The said amount pertains to the refund of
additional duty of customs paid by the company in terms of Customs
notification no: 102/2007 dated 14-09-2007. The amount of additional
duty is deducted from the total duty as debited to Profit & Loss
account as cost of goods purchased.
6. Contingent Liability (not provided) in respect of: (in Rs.)
PARTICULARS 2010-2011 2009-2010
Income Tax Demand under Appeal (Assessment
Year 2002- 9,407 9,407
2003) #
Value Added Tax Demand under Appeal with
Add. Comm. , 3,13,161 0
Special Zone, Department of Trade & Taxes,
Delhi
Value Added Tax Demand under Appeal with
Rajasthan Tax 5,36,122 5,36,122
Board, Ajmer @
# The appeal has been decided in favour of the company; however a
rectification application for deletion of demand is pending.
@ The first stage appeal with Deputy Commissioner Appeals - IV, Jaipur,
had been decided in favour of the company; however the department had
made second appeal with Rajasthan Tax Board, Ajmer.
7. Other Current liabilities include the followng
i) Commission on Sales payable Rs. 12.11 lakhs (previous year Rs. 18.76
lakhs)
ii) Interest accrued but not due on Secured & Unsecured loans
(including fixed deposits) is Rs. 22.97 lakhs (previous year Rs. 2.46
lakhs)
8. The company has issued and allotted equity shares on preferential
basis to the Promoters aggregating to 15,56,200 shares and to
Non-promoters aggregating to 15,43,800 shares in its meeting held on
13-10-2010. The said equity shares were issued for a consideration of
Rs. 35/- each fully paid up (including Rs. 25/- each as premium). The
Delhi Stock Exchange has accorded requisite approval for listing of the
said shares vide their letter dated 22-11 -2010.
9. The seller of the property W-111A, G. K. -I, Ne w Delhi-110 048
has filed a case in the court for non-payment of the sales
consideration. However, the company has deposited the disputed sum of
Rs. 66,69,000/- with Registrar General of Delhi High Court on 23-11
-2005 as per instruction of Delhi High Court and the matter is still
Sub-Judice. The company has already disposed off the said property to
third party in the previous years.
10. Advance received from Overseas Customers:-
The company had received during the year 2005-06 a sum of Rs.
1,09,860/- from M/s Rashida Jewellery, uAe. Out of the same, company is
yet to refund/adjust amounts on exports. The rupee equivalent to Rs.
49,05,249/- is outstanding as on 31-03-2011. Necessary approvals for
refund is pending.
11. Employee Compensation
i) Provident Fund:- The Company pays fixed contributions to the
Employees Provident Fund Commissioner on a mandatory basis. The
Company has no further payment obligations once the contributions have
been paid. The Companys contributions to defined contribution plans
are recognized as employee compensation expense when they are due.
ii) Provision for Gratuity:- The company is small in terms of the
number of employees employed during the year. The management is of the
opinion that the gratuity liability be calculated on actual basis as at
the close of the year, based on the assumption of going concern and
that all present employees shall continue. The actual liability is
revised at the close of the financial year, based on the last drawn
salary of the respective employees and accordingly provision has been
made. Total amou nt provided is Rs. 3,05,581/- for the year (for the
previous year Rs. 2,16,055/-) and cumulative balance is Rs. 6,94,136/-
as at 31st March 2011 (for the previous year Rs. 3,88,555/-).
12. Few amounts in respect of Sundry Debtors, Sundry Creditors and
Advances taken/ given are subject to confirmation of respective
parties.
13. The company had during the previous year 2008-09 formed a wholly
owned foreign subsidiary in United Kingdom (UK), with an initial paid
up capital was Rs. 1,25,000. The company ceased to be a subsidiary
company during the financial year 2009-10, upon issue of fresh capital
to other. Furthermore, the company has also disposed off its entire
stake during the current financial year i.e. 2010-11 on 12th August
2010 and earned a gain of Rs. 26,73,550/-. The said company has also
not been considered as an Associate Company in terms of Accounting
Standard (AS-23), in view of the afore-stated facts. Considering the
same, consolidated results for the broken period, have not been
prepared.
@ subject to approval by shareholders in the forthcoming Annual General
Meeting.
Note: Due to inadequacy of profits, the above remuneration is the
minimum remuneration as prescribed by Part II, Section II to Schedule
XIII of the Companies Act, 1956.
14. Deferred Tax Assets resulting from timing di fferences between
taxable and accounting income (on difference between the WDV of assets
as per books of accounts and WDV as per In come Tax Act, 1961 for Rs.
3,09,339/- and on provision for payment of gratuity to employees for
Rs. 2,25,212/-) totaling to Rs. 5,34,551/- (previous year j2,61,688/-)
is continued to be recognized, as the management is of the view that
there is virtual certainty as to future profits.
NOTE:
1. Closing stock of Non ferrous metals for the year ending include
4,558 Kgs (previous year -NIL--) valued at j49,63,662 (previous year
Rs. -NIL--), lying unsold with consignment agents as at 31-03-2011 .
2. Closing stock of Non ferrous metals for the year ending include
42,099 Kgs (previous year -NIL--) valued at Rs. 71,98,731 (previous
year Rs. -NIL--), being in transit as at 31 -03-2011.
3. Sales during the year ended 31st March, 2011 includes sale of goods
aggregating to Rs. 1,707.08 lakhs (previous financial year 2009-10, Rs.
832.29 lakhs) in the capacity as consignment agentfor and on behalf of
external principal/consignors firms.
15. Previous Years figures have been re-grouped/ reclassified
wherever considered necessary to make the same comparable with current
years presentation.
Mar 31, 2010
I. Management is of the opinion that Current Assets, Loan and Advances
are stated in the Balance Sheet at the amount, which is at least equal
to the amount expected to be realised in the ordinary course of
business. Balances of debtors, loans and advances and creditors are
subject to confirmation.
II. Since no Commission is payable to Managing Director and to
Directors, hence computation of Net Profit under Section 349 of the
Companies Act, 1956 has not been given.
III. Under the Micro, Small & Medium Enterprises Development Act, 2006,
certain disclosures are to be made. As per the information available,
no amount is payable to the suppliers covered by the said Act, hence
there is no disclosure in this respect.
IV. Segment wise Revenue, Results and Capital Employed
As the company was engaged primarily in trading of Non Ferrous metals &
other items during the entire year. The revenue from Non-ferrous metals
exceeds 90% of the total revenue, hence is no requirement for segment
wise details, in terms of Accounting Standard - 17.
V. Amounts in respect of Sundry Debtors, Sundry Creditors and
Advances taken/ given are subject to confirmation of respective
parties.
VI. Provision for regular Income Tax has been made after considering
the set off of brought forward losses pertaining to previous years as
per the provisions of the Income T ax Act, 1961. Furthermore, there
were 'Nil' brought forward losses as per books of accounts, hence the
provision of regular Income Tax has been made in accordance with
provisions of the Income Tax Act, 1961.
VII. Customs duty refundable to the extent of Rs. 6,39,73,262.65 has
been shown under the head Loans & Advances as other current assets. The
said amount pertains to the refund of additional duty of customs paid
by the company in terms of Customs notification no: 102/2007 dated
14-09-2007. The amount of additional duty as above has been deducted
from the total duty as debited to Profit & Loss account as cost of
goods purchased.
VIII. The seller of the property W-111A, G. K. -I, New Delhi-110 048 has
filed a case in the court for non-payment of the sales consideration.
However, the company has deposited the sum with Registrar. The matter
is under legal Sub-Judice.
IX. The company had during the Financial Year 2008-09, purchased a
plot of land situated at B- 42, Sushant Lok-I, Gurgaon, Haryana,
measuring 680 sq. mtrs. Mutation of the property in revenue records is
yet to be carried out.
X. Advance received from Overseas Customers:-
The company had received during the year 2005-06 a sum of $ 1,09,860/-
from M/s Rashida Jewellery, uAe. Out of the same, company is yet to
refund/adjust amounts on exports. The rupee equivalent to Rs.
49,59,080.40/- is outstanding as on 31-03-2010. Necessary approvals for
refund have been applied for.
XI. Employee Compensation
i) Provident Fund:- The Company pays fixed contributions into the
Central Provident Fund, on a mandatory basis. The Company has no
further payment obligations once the contributions have been paid. The
Company's contributions to defined contribution plans are recognized as
employee compensation expense when they are due.
ii) Provision for Gratuity:- The company is small in terms of the
number of employees employed during the year. The management is of the
opinion that the gratuity liability be calculated on actual basis as at
the close of the year, based on the assumption of going concern and
that all present employees shall continue. The actual liability is
revised at the close of the financial year, based on the last drawn
salary of the respective employees and accordingly provision has been
made.
XII. The company had during the previous year 2008-09 formed a wholly
owned foreign subsidiary in United Kingdom (UK), with an initial paid
up capital was uk 1,25,000. The company ceased to be a subsidiary
company during the year, upon issue of fresh capital to other. The said
company has also not been considered as an Associate Company in terms
of Accounting Standard (AS-23), in view of the intention of the
management to dispose off the shareholding in the said company.
Considering the same consolidated results, have not been prepared.
XIII) Previous Year's figures have been re-grouped and reclassified
wherever considered necessary in make this comparable with current
years presentation.
Mar 31, 2009
I. Management is of the opinion that Current Assets, Loan and Advances
are stated in the Balance Sheet at the amount, which is at least equal
to the amount expected to be realised in the ordinary course of
business. Balances of debtors, loans and advances and creditors are
subject to confirmation.
II Foreign Exchange Earning I Expenses: (Rs. In lakhs)
2008-2009 2007-2008
Foreign Exchange Fluctuation Gain
/ (Loss) (53,11,216.17) 12,48,464.55
(net of gain of Rs. 51,16,495.75)
Value of Import on CIF basis 71,57,86,766.62 6,89,03,508.11
Advances given to Suppliers
(as at 31st March) 8,20,51,940.93 -
III. Investments in Foreign
Currency:
Investments in Subsidiary Company 85,51,250.00 -
Expenses incurred in Foreign
Currency 2,83,796.00 1,35,889.00
iv. Since no Commission is payable to Managing Director and to
Directors, hence computation of Net Profit under Section 349 of the
Companies Act, 1956 has not been given.
V. Under the Micro, Small & Medium Enterprises Development Act, 2006,
certain disclosures are to be made. As per the information available,
no amount is payable to the suppliers covered bv the said Act, hence
there is no disclosure in this respect.
VI. Segment wise Revenue, Results and Capital Employed
As the company was engaged primarily in trading of Non Ferrous metals &
other items during the entire year. The revenue from Non-ferrous metals
exceeds 90% of the total revenue, hence is no requirement for segment
wise details, in terms of Accounting Standard -17.
VII. Amounts in respect of Sundry Debtors, Sundry Creditors and
Advances taken/ given are subject to confirmation of respective
parties.
VIII. Provision for regular Income Tax has been made after considering
the set off of brought forward losses pertaining to previous years as
per the provisions of the Income Tax Act, 1961. Furthermore, there
were Nil' brought forward losses as per books of accounts, hence the
provision of Income Tax was made in accordance with Minimum Alternate
Tax provisions of the Income Tax Act, 1961. Provision for Fringe
Benefit Tax has been made on all applicable Fringe Benefits as per the
provisions.
IX. Customs duty refundable to the extent of Rs. 2,92,37,758.33 has
been shown under the head Loans & Advances. The said amount pertains to
the refund of additional duty of customs paid by the company in terms
of Customs notification no: 102/2007 dated 14-09-2007. The amount of
additional duty as above has been deducted from the total duty as
debited to Profit & Loss account.
X. Contingent Liability (not provided) in respect of:
{in Rs.)
Income Tax Demand under Appeal 2008-2009 2007-2008
(Assessment Year 2002-2003) 9,407.00 9,407.00
* The appeal has been decided in favour of the company; however a
rectification application for deletion of demand is pending.
XI. The seller of the property W-111A, G. K. -I, New Delhi-110 048 has
filed a case in the court for non-payment of the sales consideration.
However, the company has deposited the sum with Registrar. The matter
is under legal Sub-Judice.
XII The company has during the Financial Year 2008-09, purchased a plot
of land situated at B- 42, Sushant Lok-I, Gurgaon, Haryana, measuring
680 sq. mtrs. Mutation of the property in revenue records is yet to be
carried out. Furthermore, as the company has not generated fresh long
term funds, hence the said property is purchased out of short term
funds at the disposal of the company.
XIII Advance received from Overseas Customers:-
i) The company had received during the year 2005-06 a sum of $ 10,000/-
from M/s Future Key Trading Co. LLC, UAE. Out of the above amount of $
6,225.82 has been repaid/adjusted and $ 3774.18, rupee equivalent to
Rs. 192,294 is outstanding as on 31- 03-2009.
ii) The company had received during the year 2005-06 a sum of $
1,09,860/- from M/s Rashida Jewellery, UAE. Out of the same, company is
yet to refund/adjust amounts on exports. The rupee equivalent to Rs.
55,97,367/- is outstanding as on 31-03-2009.
For both of the above Advances, necessary approvals for refund have
been applied for.
XIV. Provision for Gratuity:- The company is small in terms of the
number of employees employed during the year. The management is of the
opinion that the gratuity liability be calculated on actual basis as at
the close of the year, based on the assumption of going concern and
that all present employees shall continue. The actual liability is
revised at the close of the financial year, based on the last drawn
salary of the respective employees and accordingly provision has been
made.
XV. The company has during the year formed a wholly owned foreign
subsidiary in United Kingdom (UK). The initial paid up capital was ã
1,25,000. The investment falls within the FEMA norms and the requisite
documentations have been completed by the company in this regard.
XVI a Deferred Tax Assets resulting from timing differences between
taxable and accounting income (on difference between the WDV of assets
as per books of accounts and WDV as per Income Tax Act, 1961) amounting
to Rs. 1,20,725 was continued to be recognized, as the management was
of the view that there is virtual certainty as to future profits and
the same is continued.
b. Further, the company has recognized MAT credit entitlement amounting
to Rs. 2,81,477 in view of the certainty as to future taxable profits.
XVII) Previous Year's figures have been re-grouped and reclassified
wherever considered necessary in make this comparable with current
years presentation.