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Notes to Accounts of Bhagwandas Metals Ltd.

Mar 31, 2014

Note No: 1.1 - ADDITIONAL INFORMATION TO FINANCIAL STATEMENT

a) Contingent Liability & Commitments - Nil (31.03.2013 - Nil)

b) Value of Import on CIF basis is Rs.9,10,27,719/- (31.03.2013 - Rs.5,65,85,622/-)

c) Earnings in Foreign Currency- Nil (31.03.2013 - Nil)

d) Expenditure in Foreign Currency - Nil (31.03.2013 - Nil)

e) Amount remited during the year in foreign exchange on account of dividend for the previous year-Nil

f) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts. However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

g) The company has provided interest for electricity payable up to 31-03-2001. In view of the cases filed by the company before the Hon''ble High Court disputing the amount due, the management is of the opinion that there will not be further liability on the company beyond the amount already provided for.

Key Management Personnel and their relatives

Mr. Govind Prasad, Chairman-cum-Managing Director

Mrs. Gita Agarwal (Wife)

Mr. Nand Kishore Sonthalia (Whole time Director)

Mrs. Bobby Sonthalia (Wife)

j) Previous year figures have been regrouped & reclassified wherever necessary.

k) In the opinion of the Board of Directors Current Assets, Loans & Advances have a value on realisation in the ordinary course of business atleast equal to the amount stated.

l) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.


Mar 31, 2013

A) Contingent Liability & Commitments - Nil (31.03.2012 - Nil)

b) Value of Import on CIF basis is Rs.5,65,85,622/-( 31.03.2012- Rs.4,82,19,444/-)

c) Earnings in Foreign Currency - Nil (31.03.2012 - Nil)

d) Expenditure in Foreign Currency - Nil (31.03.2012 - Nil)

e) Amount remited during the year in foreign exchange on account of dividend for the previous year-Nil

f) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts. However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

g) The company has provided interest for electricity payable up to 31-03-2001. In view of the cases filed by the company before the Hon''ble High Court disputing the amount due, the management is of the opinion that there will not be further liability on the company beyond the amount already provided for.

Key Management Personnel and their relatives

-Mr. Govind Prasad, Chairman-cum-Managing Director

-Mrs. Gita Agrawal (Wife)

-Mr. Nand Kishore Sonthalia (Director)

-Mrs. Bobby Sonthalia (Wife)

h) Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the companies (Accounting Standard) Rules 2006, the following disclosure have been made as required by the standard.

i) The Company has recognized the following amounts in the Profit and Loss Account towards contribution to defined contribution Plans which are included under contribution to provident and other funds:

j) Previous year figures have been regrouped & reclassified wherever necessary.

k) In the opinion of the Board of Directors Current Assets, Loans & Advances are unsecured and considered good have a value on realisation in the ordinary course of business at least equal to the amount stated.

l) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.


Mar 31, 2012

Note No: 1.1 - LONG TERM BORROWINGS

a) HDFC Bank - Finance Loan I from bank carries interest @ 12.75 % p.a. The loan is repayable in 36 Monthly Installment of Rs. 800.000/- from March 2009. The loan is secured by hypothecation of car created out of this loan.

a) HDFC Bank - Finance Loan II from bank carries interest @ 15.01 % p.a. The loan is repayable in 36 Monthly Installment of Rs. 900000/- from February 2009. The loan is secured by hypothecation of car created out of this loan.

Note No: 1.2 -ADDITIONAL INFORMATION TO FINANCIAL STATEMENT

a) Contingent Liability & Commitments - Nil (31.03.2011 - Nil)

b) Value of Import on CIF basis is Rs. 4,82,19,444/- (31.03.2011 - Rs. 19,92,03,896/-)

d) Earnings in Foreign Currency- Nil (31.03.2011 - Nil)

e) Expenditure in Foreign Currency - Nil (31.03.2011 - Nil)

f) Amount remitted during the year in foreign exchange on account of dividend for the previous year-Nil

g) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts. However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

h) The company has provided interest for electricity payable up to 31-03-2001. In view of the cases filed by the company before the Hon'ble High Court disputing the amount due, the management is of the opinion that there will not be further liability on the company beyond the amount already provided for.

i) Related Parties:

Name of the Related Party Nature of Relationship

MGM Steels A Partnership concern in which our chairman Mr. Govind Prasad is a Partner.

Key Management Personnel and their relatives

-Mr. Govind Prasad, Chairman-cum-Managing Director

-Mrs. GitaAgrawal (Wife)

-Mr. Nand Kishore Sonthalia (Director)

-Mrs. Bobby Sonthalia (Wife)

j) Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the companies (Accounting Standard) Rules 2006, the following disclosure have been made as required by the standard.

k) Previous year figures have been regrouped & reclassified wherever necessary.

l) In the opinion of the Board of Directors Current Assets, Loans & Advances have a value on realisation in the ordinary course of business at least equal to the amount stated.

m) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.

 
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