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Notes to Accounts of Baroda Extrusion Ltd.

Mar 31, 2015

1. TERMS AND RIGHTS ATTACHED TO EQUITY SHARES

A) The Company has issued Equity Shares of Rs. 10 each fully paid up at a premium of Rs. 2.5/- per equity share during F.Y. 2011-12. Each holder of equity share is entitled to one vote per share.

B) In the event of liquidation, the holders of the equity shares will be entitled to receive remaining assets of the Company after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the Share Holders.

2. Contingent Liabilities not provided for:

2014-15 2013-14 Particulars (Rs.) (Rs.)

Bank Guarantees 5,00,000 5,00,000

Income Tax NIL 1,09,59,420

Value Added Tax 25,34,889

3. Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05-01-2007 debited an amount of Rs.25.00 Lacs in RG 23 Part II without raising any demand for excise and therefore the same is shown under the head "Short Term Loans and Advances" -(Note No.14). The excise authorities have passed an order for reversal of wrong CENVAT Credit claimed by the Company and also imposed penalty for such wrong CENVAT credit. The Honourable Customs Excise and Service Tax Tribunal Ahmedabad vide their order dated 11.02.2014 of stay in response to application filed by the Company. In the opinion of the Board of Directors of the Company no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

4. The Company has been sanctioned working capital facility in the form of Factoring Facility to the tune of Rs.3500.00 Lacs and revolving Purchase Bills Discounting facility to the tune of Rs.500.00 Lacs against various securities by SICOM Ltd., Mumbai. As the Company failed to pay the dues to SICOM Ltd, it has issued take over notice on 23.01.2013 for possession of its secured assets and demanded Rs. 45,19,29,024/- against its dues upto 15.01.2013 under section 29 of State Financial Corporation Act,1951 for recovery of its dues. As informed to us SICOM Ltd has not taken physical possession of its secured assets.

SICOM LTD filled petition in The High Court of Gujarat for winding up of The Company u/s 433 and 434 of The Companies Act 1956 on 28.07.2014 and demanded Rs.55,59,73,509/- towards its dues up to 09.07.2014.

In absence of confirmation from SICOM LTD regarding its outstanding dues as on 31.03.2015, the company has not provided interest. The interest at contracted rate on outstanding dues as on 01.04.2014 comes to Rs.626,27,883/- which is required to be provided following the accrual method of accounting.

As informed to us the Company has filed a suit against SICOM LTD in City Civil Court at Mumbai and has sought relief in the form of compensation of Rs.80.00 Crores for the damage, loss and injury caused by SICOM LTD for damage/loss caused. The matter is still pending with City Civil Court at Mumbai

As informed to us the company has also given legal notice to SICOM LTD on 29.01.2015 and several other communications demanding Rs.200.00 Crores towards loss and damages of goodwill and reputation of company and its Directors caused due to unreasonable conduct of SICOM Ltd. The Company has also disputed the amount due to SICOM Ltd in its notice.

5. Sales Tax Assessments are completed up to the accounting year 2008-09 and additional liability if any, on this account is recognised on completion of the assessment. However, the Company has preferred an appeal against the Order passed by the Assistant Commissioner of Commercial Tax and hopeful of favorable decision. The liability, if any, on this account would be recognised on final decision by the Commissioner of Commercial Tax.

6. The Income Tax Assessments of the Company have been completed by the Department up to the Assessment Year 2011-2012 corresponding to the accounting Year 2012-2013.

7. In the opinion of the Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

8. Letters seeking confirmation of balances outstanding to secured loans, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2015 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the current year's financial statements.

9. MSMED Undertakings dues:

Under the Micro, Small & Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small & Medium Enterprises. The information with regard to the balance due to Micro & Small Enterprises as defined under the Micro, Small and Medium Enterprise Development Act, 2006 is not available with the company and therefore payment made to such suppliers beyond the due dates during the year is not quantified. In view of this the impact of Interest, if any, that may be payable in accordance with the Provisions of the Act is not ascertained.

10. As the company has incurred loss during the current year, no provision for taxation is considered necessary.

11. Related Party Transactions:

Disclosures as required by Accounting Standard -18 are given below:

Sr. Name of Related Parties Nature of Relationship no.

1 Mr. Parasmal B. Kanugo Key Management Personnel

2 Mr. Alpesh P. Kanugo Relative of Key Management Personnel

3 Mrs. Meera A. Kanugo Relative of Key Management Personnel

4 Global Copper Limited Company in which relative of the Director is Director.

5 Ms. Rina G. Patel Director

The following transactions were carried out with the Related Parties in ordinary course of business.

12. Employee Benefits

(i) Defined contribution plans

The Company has recognised Rs.93,925- ( P.Y. Rs.129695/-) for Provident Fund Contribution as expenses under the defined contribution plan in the statement of Profit & Loss for the year ended 31st March, 2015.

(ii) Defined benefit plan

The Company has not recognized the liability towards the gratuity and leave encashment at each Balance sheet date.

13. Details of Manufactured Goods :

(a) Manufactured Goods:

14. Previous Year's Figures:

Previous Year's figures have been regrouped / reclassified wherever necessary to correspond with the Current Year's classification/ disclosure.


Mar 31, 2013

1. Contingent Liabilities not provided for:

2012-13 2011-12 Particulars (Rs.) (Rs.)

1) Bank Guarantees 5,00,000 5,00,000

Directorate General of Central Excise – Investigation (DGCE-I) during the course of survey on 05-01-2007 debited an amount of Rs 25.00 Lacs in RG 23 Part II without raising any demand for excise and therefore the same is shown under the head "Short Term Loans and Advances" –(Note No.15). The excise authorities have passed an order for reversal of wrong CENVAT Credit claimed by the Company and also imposed penalty for such wrong CENVAT credit. In the opinion of the Board of Directors of the Company no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

2. The Company has been sanctioned working capital facility in the form of Factoring Facility to the tune of Rs. 3500.00 Lacs and revolving Purchase Bills Discounting facility to the tune of Rs. 500.00 Lacs against various securities by SICOM Ltd., Mumbai. As the Company failed to pay the dues to SICOM Ltd, it has issued take over notice on 14.09.2012 and 23.01.2013 and demanded Rs. 45,19,29,024/- against its dues upto 15.01.2013.

In absence of confirmation from SICOM Ltd regarding its outstanding dues as on 31.03.2013, the Company has provided interest at contracted rate on outstanding dues as on 01.04.2012.

3. Sales Tax Assessments are completed up to the accounting year 2007-08 and additional liability if any, on this account is recognised on completion of the assessment.

4. The Income Tax Assessments of the Company have been completed by the Department up to the Assessment Year 2008-2009 corresponding to the accounting Year 2007- 2008.

5. In the opinion of the Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

6. Letters seeking confirmation of balances outstanding to secured loans, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2013 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the current year''s financial statements.

7. MSMED Undertakings dues:

Under the Micro, Small & Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small & Medium Enterprises. The information with regard to the balance due to Micro & Small Enterprises as defined under the Micro, Small and Medium Enterprise Development Act, 2006 is not available with the company and therefore payment made to such suppliers beyond the due dates during the year is not quantified. In view of this the impact of Interest, if any, that may be payable in accordance with the Provisions of the Act is not ascertained.

8. Disclosure as per accounting standard 20- Earning per Share:

In accordance with Accounting Standard 20 - Earnings Per Share under the Companies Accounting Standards) Rules,2006, the Basic and Diluted Earning Per Share (EPS) has been calculated as under :

9. As the company has incurred loss during the current year, no provision for taxation is considered necessary.

10. Employee Benefits

(i) Defined contribution plans

The Company has recognised Rs.. 3,32,133/- ( P.Y. Rs.. 3,67,267/-) for Provident Fund Contribution as expenses under the defined contribution plan in the statement of Profit & Loss for the year ended 31st March, 2013.

(ii) Defined benefit plan

The Company has not recognized the liability towards the gratuity and leave encashment at each Balance sheet date.

11. Previous Year''s Figures:

The Revised Schedule VI has become effective from 1st April 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped / reclassified wherever necessary to correspond with the Current Year''s classification/ disclosure.


Mar 31, 2012

* Of above 67,50,000 Equity Shares of Rs. 10/- each fully paid up were issued /alloted at a premium of Rs. 2.5/- per share during F.Y 2011- 12 on preferential basis, over and above 3,50,000 equity shares of Rs. 10/- each fully paid up were issued/alloted during FY 2008-2009 on preferential basis

TERMS AND RIGHTS ATTACHED TO EQUITY SHARES

A) The Company has issued Equity Shares of Rs. 10 each fully paid up at a premium of Rs. 2.5/- per equity share during F.Y. 2011-12. Each holder of equity share is entitled to one vote per share.

B) In the event of liquidation, the holders of the equity shares will be entitled to receive remaining assets of the Company after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the Share Holders.

1. Contingent Liabilities not provided for:

2011-12 2010-11 Partlculars (Rs.) (Rs.)

1) Bank Guarantees 5,00,000 5,00,000

Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05-01-2007 debited an amount of Rs 25.00 Lacs in RG 23 Part II without raising any demand for excise and therefore the same is shown under the head "Short Term Loans and Advances" -(Note No.15). In the opinion of the Board of Directors of the Company no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

2. Sales Tax Assessments are completed up to the accounting year 2007-08 and additional liability if any, on this account is recognised on completion of the assessment

3. The Income Tax Assessments of the Company have been completed by the Department up to the Assessment Year 2008-2009 corresponding to the accounting Year 2007-2008.

4. In the opinion of the Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business

5. Letters seeking confirmation of balances outstanding from banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2012 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the current year's financial statements.

6. MSMED Undertakings dues :

Under the Micro, Small & Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small & Medium Enterprises. The information with regard to the balance due to Micro & Small Enterprises as defined under the Micro, Small and Medium Enterprise Development Act, 2006 is not available with the company and therefore payment made to such suppliers beyond the due dates during the year is not quantified. In view of this the impact of Interest, if any, that may be payable in accordance with the Provisions of the Act is not ascertained.

7. Employee Benefits

(i) Defined contribution plans

The Company has recognised Rs. 3,67,267/- ( P.Y.Rs. 3,47,895/-) for Provident Fund Contribution as expenses under the defined contribution plan in the statement of Profit & Loss for the year ended 31st March, 2012.

(ii) Defined benefit plan

The Company recognizes the liability towards the gratuity at each Balance sheet date.

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at March 31, 2012 by an actuary.

8. Previous Year's Figures :

The Revised Schedule VI has become effective from 1st April 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year's figures have been regrouped / reclassified wherever necessary to correspond with the Current Year's classification/ disclosure.


Mar 31, 2010

1. Corresponding figures of the previous year have been regrouped and reclassified to make them comparable with current years figure wherever necessary.

2. The Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05.01.2007, debited an amount of Rs. 25.00 Lacs in RG23 Part II without raising any demand for excise and therefore the same is shown under the head "Loans and Advances" - Schedule I. In the opinion of the Board of Directors of the Companies no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

3. Contingent liability not provided for :

Bank Guarantees of Rs. 5,00,000/- (Previous Year Rs. 5,00,000/-) issued by Bankers of the Company.

Depreciation for the year is provided on straight-line method in the manner and at the rates (single shift) prescribed in Schedule XIV to the Companies Act, 1956, as amended.

4. Sales Tax assessments are completed up to the accounting year 2004-05 and additional liability if any, on this account is recognised on completion of the assessment.

5. Letters seeking confirmation of balances outstanding from banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2010 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the currrent years financial statements.

6. Old outstanding balances in Sundry Debtors account have been considered good and recoverable unless otherwise specified. The process of recoveries / adjustments, to appropriate accounts is being pursued and hence considered good and recoverable.

7. In the opinion of Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

8. As required by the notification No. GSR 129 (E) dated 22nd February 99, issued by the Government of India, Ministry of Law, Justice and Company Affairs, while the Company is ensuring payment to Small Scale Undertakings within reasonable time; the dues to such parties remain to be specifically identified.

9. The company has not regularly deposited statutory payments like Provident Fund, Income tax in current financial year 2009-2010 and certain payments are still outstanding as on 31st March, 2010.

10. Related party disclosures, as required in terms of "Accounting Standards 18" are given below.

1. Relationslip (Related Party Relationships are as identified by the company and relied up on by the Auditiors)

a) Enterprise in which relative of Managing Director of Baroda Extrusion Ltd. is a director and able to exercise significant influence.

b) Key Management Personnel -- Mr. Parasmal B. Kanugo

2. Transactions Carried out with related parties referred to above : Directors Remuneration : Rs. 7,80,000/-


Mar 31, 2009

1. Corresponding figures of the previous year have been regrouped and reclassified to make them comparable with current years figure wherever necessary.

2. The Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05.01.2007, debited an amount of Rs. 25.00 Lacs in RG23 Part II without raising any demand for excise and therefore the same is shown under the head "Loans and Advances" - Schedule I. In the opinion of the Board of Directors of the Companies no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

3. Contingent liability not provided for:

a) Bank Guarantees of Rs. 5,00,000/- (Previous Year Rs. 5,00,000/-) issued by Bankers of the Company.

b) Corporate Guarantee given by the Company to Gujarat State Financial Corporation on behalf of M/s Praveen Tubes Private Ltd.

Depreciation for the year is provided on straight-line method in the manner and at the rates (single shift) prescribed in Schedule XIV to the Companies Act, 1956, as amended.

4. Sales Tax assessments are completed up to the accounting year 2004-05 and additional liability if any, on this account is recognised on completion of the assessment.

5. Letters seeking confirmation of balances outstanding from banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2009 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the currrent years financial statements.

6. Old outstanding balances in Sundry Debtors account have been considered good and recoverable unless otherwise specified. The process of recoveries / adjustments, to appropriate accounts is being pursued and hence considered good and recoverable.

7. In the opinion of Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

8. As required by the notification No. GSR 129 (E) dated 22nd February 99, issued by the Government of India, Ministry of Law, Justice and Company Affairs, while the Company is ensuring payment to Small Scale Undertakings within reasonable time; the dues to such parties remain to be specifically identified.

9. The company has not regularly deposited statutory payments like Provident Fund, Income tax in current financial year 2008-2009 and certain payments are still outstanding as on 31st March, 2009.

10. Related party disclosures, as required in terms of "Accounting Standards 18" are given and relied up on by the Auditors)

1. Relationslip (Related Party Relationships are as identified by the company and relied up on by the Auditiors)

a) Enterprise in which relative of Managing Director of Baroda Extrusion Ltd. is a director and able to exercise significant influence.

M/s. Citizen Metalloys Pvt. Ltd.

b) Key Management Personnel - Mr. Parasmat B. Kanugo

 
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