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

Notes to Accounts of Bajaj Steel Industries Ltd.

Mar 31, 2015

1) Estimated amount of contracts to be executed on Capital accounts and not provided for Rs. 120.33 lacs (P.Y. f 517.99 lacs), advance thereagainst Rs. 11.39 lacs (P.Y. f 135.70 lacs).

2) According to the accounting system consistently followed by the Company, excise duty payable on finished goods is accounted for at the time of removal of the same for sale. Had the said liability been provided, the same would have resulted in higher value of inventory having no impact on the profit for the year.

3) (a) Due to insufficient information from suppliers regarding their SSI status, the amount due to Small scale Industrial Undertakings cannot be ascertained.

(b) In absence of adequate information relating to the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the Company is unable to identify such suppliers, hence the Information required under the said Act, cannot be ascertained.

4) In terms of provisions of the Companies Act, 2013, the rates of depreciation on tangible assets on written down value method have been recalculated based on useful life of the assets as prescribed under schedule-II of the said Act, effective from 01.04.2014. Consequently, depreciation for the year is higher by Rs.354.96 Lakhs.

5) On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2015.

6) Certain Balances under Advance from Customers, Trade Payables, Capital Advances, Trade Receivables and Advances Recoverable in cash or in kind or value to be received are subject to Confirmation.

7) Related parties and transactions with them as specified in the Accounting Standard- 18 on "Related Party Disclosures" issued by the ICAI has been identified and given below;

1. Enterprises where Control Exists: Bajaj Coneagle LLC (Wholly Owned Foreign Subsidiary)

2. Other Related parties with whom the Company had transactions:

(a) Key Management personnel and there relatives:- Shri Rohit Bajaj (Chairman cum Managing Director), Shri Sunil Bajaj (Executive Director), Shri Ashish Bajaj (CEO of Superpack Division), Shri Vinod Kr. Bajaj (Director) Dr. M.K. Sharma ( Director and CEO of the Company), Shri Manish Sharma (CFO), Shri Rahul Patwi (Company Secretary).

Relatives :- Shri Hargovind Bajaj, Smt Devika Bajaj, Shri Lav Bajaj, Shri Vedant Bajaj.

(b) Enterprises over which Key Management personnel and their relatives are able to exercise Significant Influence Associated Biscuit Company Limited, Bajaj Chemoplast (I) Limited, Bajaj Trade Development Limited, Bajaj Exports Private Limited, Rohit Polytex Limited, Prosperous Finance Services Limited, Ampee Tex- tiles Private Limited, Twinstar Plasticoats Private Limited, Bajaj Global Limited, Vidarbha Tradelinks Pvt. Limited, Glycosic Merchants Private Limited, Xerxes Trad- ers Pvt. Ltd., Bajaj Marketing Services, Rohit Machines & Fabricators Limited, Gangalaxmi Agrotech Limited, Gangalaxmi Industries Ltd, Luk Technical Services Pvt Limited ,Luk Plastcon Limited, Plast Master Batches Limited, Luk Infrastructure Private Limited, Enbee Trade and Finance Limited , Tashi India Limited, Luk Bed- rocks Private Limited, Nagpur Infotech Pvt.Ltd, Bajaj Polymin Ltd., Luk Bricks Pvt. Ltd., Bajaj Polyblends Pvt. Ltd , Bajaj Superpack Ltd, Bajaj Gintech Pvt. Ltd., Bajaj Plastics Pvt. Ltd., Bajaj Reinforcement LLP and Bajaj Cotgin Pvt. Ltd.

8) The " Earning per share (EPS)" has been calculated as specified in Accounting Stan- dard-20 issued by the Institute of Chartered Accountants of India by dividing the Net Profit after Tax for the year by the number of shares alloted by the Company.

9) The disclosures required under accounting standard-15:Employees Benefit, notified in the company's (Accounting standard) Rules.

The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation, seniority, promotion and other relevant factors. The expected return on Plan Assets is based on actuarial expectations of the average long term rate of return expected on invest- ments of the fund during the estimated terms of the obligations. The above information is certified by the Actuary.

10) a) Previous year figures above are indicated in brackets.

b) Previous year figure have been regrouped/rearranged, wherever found necessary.


Mar 31, 2014

1) Contingent liabilities (not provided for) in respect of:-

(Rs. In Lacs)

2013-2014 2012-2013

a) Excise duty 0.43 0.43

b) Customs Duty 136.60 136.60

c) Sales Tax 21.04 35.38

d) Income Tax 301.57 301.57

e) Entry Tax 0.58 2.24

2) Estimated amount of contracts to be executed on Capital accounts and not provided for Rs. 517.99 lacs (P.Y. Rs. 15.01 lacs), advance there against Rs. 135.70 lacs (PY. Rs. 4.58 lacs).

3) According to the accounting system consistently followed by the Company, excise duty payable on finished goods is accounted for at the time of removal of the same for sale. Had the said liability been provided, the same would have resulted in higher value of inventory having no impact on the profit for the year.

4) a) Due to insufficient information from suppliers regarding their SSI status, the amount due to Small scale Industrial Undertakings cannot be ascertained.

b) In absence of adequate information relating to the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the Company is unable to identify such suppliers, hence the Information required under the said Act, cannot be ascertained.

5) On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2014

6) Certain Balances under Advance from Customers, Trade Payables, Capital Advances, Trade Receivables and Advances Recoverable in cash or in kind or value to be received are subject to Confirmation.

7) Related parties and transactions with them as specified in the Accounting Standard-18 on "Related Party Disclosures" issued by the ICAI has been identified and given below;

1. Enterprises where Control Exists:

Bajaj Coneagle LLC (Wholly Owned Foreign Subsidiary)

2. Other Related parties with whom the Company had transactions:

a) Key Management personnel there relatives :-

Sri Rohit Bajaj (Managing Director), and Sri Sunil Bajaj (Executive Director), Sri Ashish Bajaj (Chief Executive Officer), Sri Vinod Kr. Bajaj (Director), Sri Manish Sharma (CFO), Sri Jagdish Shirke (Company Secretary)

Relatives :-

Sri Hargovind Bajaj, Smt Devika Bajaj, Sri Lav Bajaj, Sri Vedant Bajaj.

b) Enterprises over which Key Management personnel and their relatives are able to exercise Significant Influence-

Associated Biscuit Company Limited, Bajaj Chemoplast (I) Limited, Bajaj Trade Development Limited, Bajaj Exports Private Limited, Rohit Polytex Limited, Prosperous Finance Services Limited, Ampee Textiles Private Limited, Twinstar Plasticoats Private Limited, Bajaj Global Limited, Vidarbha Tradelinks Pvt. Limited, Glycosic Merchants Private Limited, Bajaj Marketing Services, Rohit Machines & Fabricators Limited, Gangalaxmi Agrotech Limited, Gangalaxmi Industries Ltd, Luk Technical Services Pvt Limited ,Luk Plastcon Limited, Plast Master Batches Private Limited, Luk Infrastructure Private Limited, Enbee Trade and Finance Limited , Tashi India Limited, Luk Bedrocks Private Limited, Nagpur Infotech Pvt.Ltd, Bajaj Polymin Ltd., Luk Bricks Pvt. Ltd., Bajaj Polyblends Pvt. Ltd , Bajaj Superpack Ltd, Bajaj Gintech Pvt. Ltd., Bajaj Plastics Pvt. Ltd., Bajaj Reinforcement LLP and Bajaj Cotgin Pvt. Ltd.

8) The" Earning per share (EPS)" has been calculated as specified in Accounting Standard-20 issued by the Institute of Chartered Accountants of India by dividing the Net Profit after Tax for the year by the number of shares alloted by the Company.

Defined Benefit Plan

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

9) a) Previous year figures above are indicated in brackets.

b) Previous year figure have been regrouped/rearranged, wherever found necessary.


Mar 31, 2013

1. Contingent liabilities (not provided for) in respect of:- (Rs. In Lacs)

2012-2013 2011-2012

a) Excise duty 0.43 0.43

b) Customs Duty 136.60 136.60 c) Sales Tax 35.38 36.21

d) Income Tax 259.49 200.89

e) Entry Tax 2.24 2.24

2. Estimated amount of contracts to be executed on Capital accounts and not provided for Rs. 15.01 lacs (PY. Rs. 44.40 lacs), advance there against Rs. 4.58 lacs (PY. Rs. 28.15 lacs).

3. According to the accounting system consistently followed by the Company, excise duty payable on finished goods is accounted for at the time of removal of the same for sale. Had the said liability been provided, the same would have resulted in higher value of inventory having no impact on the profit for the year.

4. (a) Due to insufficient information from suppliers regarding their SSI status, the amount due to Small scale Industrial undertakings can not be ascertained.

(b) In absence of adequate information relating to the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the Company is unable to identify such suppliers, hence the Information required underthe said Act, cannot be ascertained.

5. On the basis of physical verification of assets, as specified in Accounting Standard - 28 and c a s h generating capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2013

6. Certain Balances under Advances from Customers, Trade payables, Capital Advances, Trade receivables and Advances Recoverable in cash or kind or value to be received are subject to Confirmation.

7. Related parties and transactions with them as specified in the accounting standard-18 on "Related Party Disclosures" issued by the ICAI has been identified and given below:

1. Enterprises where control exists:

Bajaj Coneagle LLC (Wholly owned foreign subsidiary)

2. Other related parties with whom the Company had transactions:

a) Key Management Personnel and three relatives:- Sri Rohit Bajaj (Managing Director),

Sri Sunil Bajaj (Executive Director) and Sri Ashish Bajaj (Chief Executive Officer)

Relatives:- Sri Hargovind Bajaj, Smt Devika Bajaj,

Sri Lav Bajaj, Sri Vedant Bajaj

b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence -

Associated Biscuit Company Limited, Bajaj Chemoplast (I) Limited, Bajaj Trade Development Limited, Bajaj Exports Private Limited, Rohit Polytex Limited, Prosperous Finance Services Limited, AmpeeTextiles Private Limited, Twinstar Plasticoats Private Limited,Bajaj Global Limited, Sidhi Vinimay Private Limited, Vidarbha Tradelinks Pvt. Limited, Glycosic Merchants Private Limited, Bajaj Marketing Services, Rohit Machines & Fabricators Limited, Gangalaxmi Agrotech Limited, Gangalaxmi Industries Ltd, Luk Technical Services Pvt Limited, Luk Plastcon Limited, Plast Master Batches Limited, Luk Infrastructure Private Limited, Enbee Trade and Finance Limited , Tashi India Limited, Luk Bedrocks Private Limited, Nagpur Infotech Pvt.Ltd, Bajaj Polymin Ltd., Luk Bricks Pvt. Ltd., Bajaj Polyblends Pvt. Ltd , Bajaj Superpack Ltd, Bajaj Gintech Pvt. Ltd., Bajaj Plastics Pvt. Ltd., and Bajaj Cotgin Pvt.Ltd., Tashi Rainforcement LLP.

8. The "Earning Per Share" (EPS) has been calculated as specified in Accounting Standard 20 issued by the Institute of Chartered Accountants of India by dividing the Net Profit after Tax for the year by the number of shares alloted by the Company

The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation, seniority, promotion and other relevantfactors. The expected return on Plan Assets is based on actuarial expectations of the average long term rate of return expected investments of the fund during the estimated terms of the obligations. The above information is certified by the Actuary.

9. a) Previous yearfigures above are indicated in brackets.

b) Previous yearfigure have been regrouped/rearranged, whereverfound necessary.


Mar 31, 2012

A) Terms/rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs.10/- 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 31 March 2012, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 3/- (31 March 2011: Rs. 2/-)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

The distribution will be in proportion to the number of equity shares held by the shareholders.

1) Contingent liabilities (not provided for) in respect of :-

(Rs. In Lacs)

2011-2012 2010-2011

a) Labour matters - 2.88

b) Excise duty 0.43 0.43

c) Customs Duty 136.60 136.60

d) Sales Tax 36.21 36.21

e) Income Tax 200.89 200.89

f) Entry Tax 2.24 2.24

2) Estimated amount of contracts to be executed on Capital accounts and not provided for Rs. 44.40 lacs (P.Y. Rs. 162.14 lacs), advance thereagainst Rs. 28.15 lacs (P.Y. Rs. 57.25 lacs).

3) According to the accounting system consistently followed by the Company, excise duty payable on finished goods is accounted for at the time of removal of the same for sale. Had the said liability been provided, the same would have resulted in higher value of inventory having no impact on the profit for the year.

4)(a) As per the information available with the Company and relied upon by the Auditors, Sundry Creditors include Rs. 32,828,705/- (P.Y. Rs. 55,989,747/-) due to Small Scale Industrial Undertakings (SSI). Names of the SSI Undertakings to whom there are dues for more than 30 days are Boltnut (India), Hindustan Metal Industries, Kirti Fasteners, Laxmi Iron & Steel Industries, Raju Steel Industries, Sanvijay Rolling & Engineering, Gangalaxmi Agrotech Limited and Luk Technical Services Private Limited.

(b) In absence of adequate information relating to the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the Company is unable to identify such suppliers, hence the Information required under the said Act, cannot be ascertained.

5) Related Party Disclosures:

1. Enterprises where control exists: None

2. Other related parties with whom the Company had transactions:

a) Key Management Personnel - Sri Rohit Bajaj (Managing Director), Sri Sunil Bajaj (Executive Director) and Sri Ashish Bajaj (Chief Executive Officer)

b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence - Associated Biscuit Company Limited, Bajaj Chemoplast (I) Limited, Bajaj Trade Development Limited, Bajaj Exports Private Limited, Rohit Polytex Limited, Prosperous Finance Services Limited, Ampee Textiles Private Limited, TwinstarPlasticoats Private Limited, Bajaj Global Limited, Ridhi Vinimay Private Limited, Sidhi Vinimay Private Limited, Vidarbha Tradelinks Pvt. Limited, Glycosic Merchants Private Limited, Bajaj Marketing Services, Rohit Machines & Fabricators Limited, Bajaj Packaging, Gangalaxmi Agrotech Limited, Gangalaxmi Industries Ltd, Luk Technical Services Pvt Limited ,Luk Plastcon Limited, Plast Master Batches Private Limited, Luk Infrastructure Private Limited, Enbee Trade and Finance Limited , Tashi India Limited, Luk Bedrocks Private Limited, Nagpur Infotech Pvt.Ltd, Bajaj Polymin Ltd., Luk Bricks Pvt. Ltd., Bajaj Polyblends Pvt. Ltd , Bajaj Superpack Ltd, Bajaj Gintech Pvt. Ltd., Bajaj Plastics Pvt. Ltd., and Bajaj Cotgin Pvt. Ltd.

3. Disclosures of transactions between the Company and related parties and the status of outstanding balances as on 31.03.2012:

6) On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2012.

Defined Benefit Plan

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation, seniority, promotion and other relevant factors. The expected return on Plan Assets is based on actuarial expectations of the average long term rate of return expected on investments of the fund during the estimated terms of the obligations. The above information is certified by the Actuary.

7) a) Previous year figures above are indicated in brackets.

b) Previous year figure have been regrouped/rearranged, wherever found necessary.


Mar 31, 2010

1) Contingent liabilities {not provided for) in respect of:-

(Rs. In Lacs)

2009-2010 2008-2009

a) Labour matters 7.40 7.04

b) Excise duty 6.57 6.57

c) Customs Duty 136.60 136.60

d) Sales Tax 39.58 7.98

2) Estimated amount of contracts to be executed on Capital accounts and not provided for Rs.285.08 lacs (P.Y. Rs. 22.93 lacs), advance thereagainst Rs.207.74 lacs (P.Y. Rs. 5.62 lacs).

3) According to the accounting system consistently followed by the Company, excise duty payable on finished goods is accounted for at the time of removal of the same for sale. Had the said liability been provided, the same would have resulted in higher value of inventory having no impact on the profit for the year.

4)a. As per the information available with the Company and relied upon by the auditors, Sundry Creditors include Rs.1 7,843.454/- (P.Y. Rs. 14,975,997/-) due to Small Scale Industrial Undertakings (SSI). Names of the SSI Undertakings to whom there are dues for more than 30 days are Boltnut (India), Hindustan Metal Industries, Kirti Fasteners, Laxmi Iron & Steel Industries, Raju Steel Industries, Sanvijay Rolling & Engineering, Gangalaxmi Agrotech Private Limited and Luk Technical Services Private Limited.

b. In absence of necessary information relating to the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 the Company is unable to identify such suppliers, hence the Information required under the said Act, cannot be ascertained.

5} The "Earning per share (EPS)" has been calculated as specified in Accounting Standard 20 issued by the Institute of Chartered Accountants of India by dividing the Net Profit after Tax for the year by the number of shares allotted by the Company.

6) Related Party Disclosures:

1. Enterprises where control exists: None

2. Other related parties with whom the Company had transactions:

a) Key Management Personnel - Shri Rohit Bajaj (Managing Director), Shh Sunil Baja| (Executive Director) and ShriAshish Bajaj (Whole Time Director)

Resigned on 29/10/2009

b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence - Associated Biscuit Company Limited,Bajaj Chemoplast (I) Limited, Bajaj Trade Development Limited,Bajaj Exports Private Limited, Rohit Polytex Limited, Prosperous Finance Services Limited, Ampee Textiles Private Limited, Twinstar Plaslicoats Private Limited, Ridhi Vinimay Private Limited, Sidhi Vinimay Private Limited, Vidarbha Tradelinks Pvt. Limited, Glycosic Merchants Private Limited, Bajaj Marketing Services, Rohit Machines & Fabricators Limited, Bajaj Packaging, Gangalaxmi Agrotech Pvt Limited, Gangalaxmi Industries Ltd, Luk Technical Services Pvt Limited, Luk Plastcon Limited, Plast Master Batches Limited, Luk Infrastructure Private Limited, Enbee Trade and Finance Limited, Luk Bedrocks Private Limited, Nagput Infotech Pvt. Ltd, Bajaj Polymin Pvt. Ltd., Luk Cratt Pvt. Ltd., Bajaj Polyblends Pvt. Ltd Bajaj Superpack Pvt. Ltd, Bajaj Gintech Pvt. Ltd.. and Bajaj Plastics Pvt. Ltd.

7) On the basis of physical verification of assets, as specified in Accounting Standard -28 and cash generating capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2010.

8 Previous year figures are rearranged/regrouped wherever considered necessary

 
Subscribe now to get personal finance updates in your inbox!