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Notes to Accounts of Associated Stone Industries (Kotah) Ltd.

Mar 31, 2015

Terms/Rights attached to Equity Shares:

The Company has only one class of equity share having a par value of Rs. 5/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March, 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs.1.50 per share ( Previous year Rs.1.25 per share).

Nature of Security & Terms of Repayment

a) Term loan from Bank, balance outstanding amounting to Rs. 1364.89 lacs (P. Y. Rs. 1510.28 lacs) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 120 EMI of Rs. 24.94 lacs starting from Nov, 2011. Last installment due in July, 2021 (Current Rate of Interest as on 31.03.2015 is 10.65% p.a).

b) Term loan from Bank, balance outstanding amounting to Rs. 1375.29 lacs (P. Y. Nil) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 120 EMI of Rs. 20.09 lacs starting from Dec, 2014. Last installment due in Nov, 2024 (Current Rate of Interest as on 31.03.2015 is 12.00% p.a).

c) Term loan from Bank, balance outstanding amounting to Rs. 47.79 lacs (P.Y. Rs. 155.73 lacs) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 28 quarterly installment of Rs. 30.69 lacs starting from Sept, 2012. Last installment due in Sept, 2015 (Current Rate of interest as on 31.03.2015 is 12.50% p.a.).

d) Term loan from Bank, balance outstanding amounting to Rs. 210.48 lacs (P.Y. Rs. 245.87 lacs) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 28 quarterly installment of Rs. 16.23 lacs starting from Sept, 2012. Last installment due in June, 2019 (Current Rate of Interest as on 31.03.2015 is 12.50% p.a).

e) Equipment and vehicle loan amounting Rs. 634.42 lacs (P. Y. Nil) secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 30 EMI of Rs 29.81 lacs installment starting from Nov, 2014. Last installment due in March, 2017 (Current Rate of Interest as on 31.03.2015 is 11.85% p.a).

f) Equipment and vehicle loans balance outstanding amount to Rs. 158.80 lacs (P.Y Rs. 312.34 lacs) secured by hypothecation of specific equipment/vehicle and guaranteed by Directors. Various payment dates starting from Nov, 2012 and last installment due in Nov, 2017. (Rate of interest ranging from 9.25% to 12.00% p.a.).

As at As at 31.03.2015 31.03.2014 Rs. in Lacs Rs. in Lacs

2. Contingent Liability and Commitments

(i) Contingent Liabilities

a) Claims against the Company not acknowledge as 103.59 162.09

b) Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) 67.37 67.37

ii) 132.10 135.43

c) Counter guarantees given by the Company in respect of guarantees given by the Bank to 25.58 26.08

Government authorities & others

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account not provided for 441.14 528.03 (net of advances)

3. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has an Export obligation of US$10,96,336.20 (Previous year US$ 10,96,336.20) to be completed over a period of 8 years from June, 2007.

4. During the year, the Company has sold some of the land for Rs. 41.39 Lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 31.91 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

5. During the year under review, the Company has incurred expenditure of Rs.Nil (Previous year Rs. 37.80 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to pre-operative expenses and shown under the head of Other Current Assets.

6. The exceptional items as shown in the Statement of Profit & Loss relates reversal of earlier year provisions amounting to Rs. 257.10 lacs due to re-assessment of land tax liability by the appropriate authority.

7. The Company has changed the policy of providing depreciation on Fixed Assets effective from 1st April, 2014 as required by the Companies Act, 2013. The Management of the Company estimated the useful life of all assets and the remaining useful life of the assets wherever appropriate based on evaluation. Due to this the depreciation charges for the year ended 31st March, 2015 is lower by Rs. 94.90 lacs. Further based on transitional provision provided in Note 7(b) of Schedule II an amount of Rs. 50.66 lacs which pertains to carrying value of assets whose remaining useful life as on 1st April, 2014 is NIL has been adjusted to the Retained Earnings.

8. During the current year the company has:-

i) formed a wholly owned subsidiary viz. ASI Global Limited a private Company limited by shares, incorporated on 19th May, 2014 in Mauritius under the Companies Act, 2001.

ii) acquired on 27th October, 2014, 99% shares (51% shares held by nominee as required by local law for beneficial interest of the group) in Al Rawasi Rock & Aggregate LLC, UAE (RRA) having Limestone Quarry, through its aforesaid wholly owned subsidiary. As the Company holds 1% shares in RRA, RRA also become the wholly owned subsidiary of the Company.

9. Related Parties Disclosure

I Name of related parties and description of relationship A Key Management Persons and relatives

1. Shri. Deepak Jatia

2. Shri.Tushya Jatia

3. Smt. Anita Jatia

B Foreign Subsidiary Companies

1. ASI Global Limited , Mauritius

2. Al Rawasi Rocks & Aggregate LLC, UAE

C Other Related Parties

1. Stone Masters (India) Private Ltd.

2. Deejay Mining & Exports Private Limited


Mar 31, 2014

31-03-2014 31-03-2013 (Rs. In Lacs) (Rs. In Lacs)

1. Contingent Liability and Commitments

Contingent Liabilities

a. Claims against the Company not acknowledge as debts 162.09 147.84

b. Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Royalty 67.37 67.37

ii) Others 135.43 96.08

c. Counter guarantees given by the Company in respect of guarantees given by the Bank to Government authorities & others 26.08 26.08

Commitments

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) 528.03 435.74

2. PARTICULARS OF UNHEDGED FOREIGN CURRENCY EXPOSURE AS AT THE REPORTING DATE

Export Trade Receivable Euro 13741 15633

3. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 10,96,336.20 (Previous year US$ 25,15,355.07) to be completed over a period of 8 years from June, 2007.

4. During the year, the Company has sold some of the land for Rs. 118.05 Lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 95.56 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

5. During the year under review, the Company has incurred expenditure of Rs. 37.80 lacs (Previous year Rs. 18.49 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to preoperative expenses and shown under the head of Other Current Assets.

6. RELATED PARTIES DISCLOSURE:

I Name of related parties and description of relationship A Key Management Persons and relatives 1. Mr. Deepak Jatia 2 Mr. Tushya Jatia

B Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common

Stone Masters (India) Private Ltd.

7. Employee Benefits

(a) Plan Description.

The Company makes annual contributions to the Gratuity fund managed by Trust.

8. A search was conducted by the Income Tax Department on the Company in August, 2013. The proceedings in this are continuing but the Company does not expect any addition as a consequence of the search.

9. Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

10. Previous year figures have been regrouped / reclassified wherever considered necessary to confirm to the current year presenatation.


Mar 31, 2013

1. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 25,15,355.07 (Previous year US$ 25,34,001.26) to be completed over a period of 8 years from June, 2007.

2. During the year, the Company has sold some of the land for Rs. 5.53 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 5.17 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

3. During the year under review, the Company has incurred expenditure of Rs. 18.49 lacs (Previous year Rs. 28.76 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to pre-operative expenses and shown under the head of Other Current Assets

4. RELATED PARTIES DISCLOSURE:

I Name of related parties and description of relationship A Key Management Persons and relatives

1. Mr. Deepak Jatia 2 Mr. Tushya Jatia

B Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common

Stone Masters (India) Private Ltd.

5. Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

6. Previous year figures have been regrouped / reclassified wherever considered necessary to confirm to the current year presentation.


Mar 31, 2012

(a) 64000 Shares have been allotted as fully paid up pursuant to a contract without payment being received in cash.

(b) 100000 Shares have been allotted as fully paid up on conversion of 1,00,000 Deferred Shares of Rs.5/- each and

(c) 7782000 Shares have been issued as fully paid Bonus Shares by capitalisation of General Reserve.

1.1 Terms/Rights attached to Equity Shares :

The Company has only one class of equity share having a par value of Rs. 5/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March, 2012, the amount of per share dividend recognised as distributions to equity shareholders was Re 1/- per share (previous year Re 1/- per share).

(a) Trade Payable includes bills to the extent Rs. 2999.93 Lacs (Previous year Rs.2908.52 Lacs) accepted by the Company under letter of credit facility granted by IDBI Bank Ltd Jaipur. LC facility secured by first charge by way of hypothecation of trading business related stock, book debts, etc and equitable mortgage on specific immovable property and guaranteed by Directors.

(b) In absence of proper details from the suppliers, the amount over due if any, to Micro, Small & Medium Enterprises under Micro , Small & Medium Enterprises Development Act, 2006 cannot be ascertained.

Note: Land value includes Rs. 9047.96 Lacs (Previous Year Rs. 9056.03 Lacs) on account of revaluation during the Financial Year 2006-07. For the year ended

31.03.2012 31.03.2011

2. CONTINGENT LIABILITY AND COMMITMENTS (Rs.in lacs) (Rs.in lacs)

(i) Contingent Liabilities

a. Claims against the Company not acknowledge as debts 128.42 59.39

b. Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Income Tax 19.02 19.02

ii) Royalty 67.37 67.37

iii) Others 96.08 111.09

c. Counter guarantees given by the Company in respect of guarantees given by the Bank to Government authorities & others 25.48 25.48

(ii) Commitments

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) 434.61 498.10

3. PARTICULARS OF UNHEDGED FOREIGN CURRENCY EXPOSURE AS AT THE REPORTING DATE

Export Trade Receivable Euro 11790 Nil

Export Trade Receivable USD Nil 7592

4. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 25,34,001.26 (Previous year US$ 25,63,925.39) to be completed over a period of 8 years from June , 2007

5. During the year, the Company has sold some of the land for Rs.5.20 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 5.17 lacs has been credited to General Reserve Account and the Revalatuion Reserve Account has been debited to the extent of assets revalued earlier.

6. During the year under review , the Company has incurred expenditure of Rs. 28.76 lacs (Previous year Rs. 15.86 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to pre-operative expenses and shown under the head of Other Current Assets.

7. RELATED PARTIES DISCLOSURE :

I Name of related parties and description of relationship A Key Management Persons and relatives

1. Mr. Deepak Jatia

2. Mr. Tushya Jatia

B Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common

Stone Masters (India) Ltd.

Note :Segment assets include all operating assets used by the business segment and consist principally fixed assets,debtors and inventories and segment liabilities primararily include creditors and other liabilities, as allocated by the management.

8. Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

9. Previous year figures have been regrouped/ reclassified wherever considered necessary to confirm to the current year presenatation.


Mar 31, 2011

(Rupees in Lacs)

For the year ended 1 Contingent liability not provided in 31.03.2011 31.03.2010 respect of

a.Estimated amount of contracts remaining 498.10 116.33 to be executed on capital account not provided for (net of advances)

b.Claims against the Company not acknowledge 59.39 36.88 as debts

c.Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Income Tax 19.02 19.02

ii) Royalty 67.37 67.37

iii) Others 111.09 19.07

d Counter guarantees given by the Company in 25.48 26.08 respect of guarantees given by the Bank to Government authorities & others

2 Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 25,63,925.39 (Previous year US$ 27,63,388.82) to be completed over a period of 8 years from June , 2007

3 During the year, the Company has sold some of the land for Rs.25.76 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 20.35 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

4 Sundry creditors includes bills to the extent Rs. 2908.52 lacs (previous year Rs 2999.34 lacs) accepted by IDBI Bank Ltd., Jaipur under letter of credit facility granted to the Company.

5 During year under the review, the Company has incurred expenditure of Rs.15.86 lacs towards feasibility study for setting up of new venture and same has been debited to pre -operative expenses and shown under the head Misc. Expenditure (Assets).

6 In absence of proper details received from the suppliers , the amount over due if any, to Micro, Small & Medium Enterprises under Micro, Small & Medium Enterprises Development Act, 2006 cannot be ascertained.

7 Directors Remuneration

c) No commission has been paid to the Directors', hence the computation of net profit for the purpose of Directors remuneration under section 349 of the Companies Act, 1956 has not been made. The remuneration has been paid to the Directors as per schedule XIII of the Companies Act, 1956.

8 Segmental Reporting (Rupees in Lacs)

The information pursuant to Accounting Standard 17- "Segment Reporting" Issued by the Institute of Chartered Accountants of India is as under: The key business segments of the Company are Stone, Wind Power & Trading .

(ii) Geographical Segments

Note :

Segment assets include all operating assets used by the business segment and consist principally fixed assets, debtors and inventories and segment liabilities primararily include creditors and other liabilities, as allocated by the management.

9 Employee Benefits

(a) Plan Description.

The Company makes annual contributions to the Gratuity fund managed by Trust.

10 Related Parties Disclosure :

I Name of related parties and description of relationship

A) Key Management Persons and relatives

1. Mr. Deepak Jatia 2. Mr. Tushya Jatia

B) Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common:

Stone Masters (india) Ltd.

11 Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

12 Previous year figures have been regrouped and rearranged wherever considered necessary.


Mar 31, 2010

(Rupees in Lacs) For the year ended 31.03.2010 31.03.2009

1 Contingent liability not provided in respect of

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) 116.33 1.50

b. Claims against the Company not acknowledge as debts 36.88 29.93

c. Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Income Tax 19.02 19.02

ii) Royalty 67.37 67.37

iii) Others 19.07 19.05

d Counter guarantees given by the Company in respect of guarantees given by the Bank to Government authorities & others 26.08 26.08

2 Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 27,73,526.06 (Previous year US$28,45,486.34) to be completed over a period of 8 years from June , 2007.

3 During the year, the Company has sold some of the land for Rs.49.42 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 39.79 lacs has been credited to General Reserve Account and remaining surplus Rs. 1.48 lacs has been credited to Profit & Loss Account and Revalatuion Reserve Account has been debited to the extent of assets revalued earlier.

4 Sundry creditors includes bills to the extent Rs. 2999.34 lacs (previous year Rs 997.25 lacs) accepted by IDBI Bank Ltd Jaipur under letter of credit facility granted to the Company.

5 Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

6 In absence of proper details received from the suppliers , the amount over due if any, to Micro, Small & Medium Enterprises under Micro, Small & Medium Enterprises Development Act, 2006 cannot be ascertained.

c) No commission has been paid to the Directors, hence the computation of net profit for the purpose of Directors remuneration under section 349 of the Companies Act, 1956 has not been made. The remuneration has been paid to the Directors as per schedule XIII of the Companies Act, 1956.

7 Segmental Reporting

The information pursuant to Accounting Standard 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India is as under:

The key business segments of the Company are Stone, Wind Power & Trading .

 
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