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Notes to Accounts of Bhoruka Aluminium Ltd.

Mar 31, 2014

1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rupees in Lakh) Particulars 31st March, 2014 31st March, 2013 (6 Months)

Estimated amount of contracts remaining to be executed on capital account Nil Nil

Bills discounted with Banks Nil Nil

Bank Guarantees outstanding Nil 9.63

Service tax under dispute 3.30 3.30

Excise Duty under SEZ clearance 353.44 353.44

Note: The above disputed liabilities since been transferred while transferring Aluminium Extrusion Business Division by way of slump sale. However, the appeals are still pending in the Company''s name.

2. In terms of Accounting Standard (AS-11) "changes in Foreign Exchange Rates" on transaction of monetary items at the year end exchange rate, there is notional exchange gain / (loss) of Rs. 64,143 which has been accounted in the Profit and Loss Account.

3. GROUP:

1. Shri R.K.Aggarwal

2. Smt.Urmila Agarwal

3. Shri Rajat Agarwal

4. Shri Utsav Agarwal

5. Smt.Tanushree Hazarika Agarwal

6. Rockstrong Investments Private Limited

7. Sunbright Investments Private Limited

8. Elegant Enterprises

9. Rajkumar Aggarwal, Karta

10. Rajkumar & Sons (HUF)

11. Bhoruka Fabcons Private Limited

12. Maverick Infotec Private Limited

13. Bhoruka Aluminium FZE

4. There are no Micro, Small and Medium Enterprises to whom dues are outstanding for more than 45 days at the year end as determined to the extent such parties have been identified on the basis of information available with the Company.

5. Adequate provisions as required by Accounting Standard 15 employees benefits has been made and no further liability on this account is envisaged.

6. Previous year''s Figures have been regrouped/restated wherever necessary to conform to Current period''s classification. However, current period being of twelve months, to that extent, previous year''s figures are not comparable.


Mar 31, 2013

1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rupees in Lakhs)

Particulars 31s''March, 2013 30m Sept., 2012

Estimated amount of contracts remaining to be executed on capital account Nil Nil

Bills discounted with Banks Nil Nil

Bank Guarantees outstanding 9.63 9.63

ROR Nil 194.43

Service tax under dispute 3.30 11.43

Excise Duty under SEZ clearance 353.44 353.44

2. (a) State Bank of India, the lender Bank, has treated all outstanding dues from the company, as NPA and has issued notices under Securitizations And Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002 to which the Company has replied.

(b) These accounts have been prepared on a going concern basis. However, the going concern concept will hold good depending upon the receipt of required support from its bankers, promoters and others. Necessary adjustments may have to be made in the value of assets and liabilities, in case the going concern concept is vitiated.

(i) No provision has been made in these accounts for interest of Rs 893.65 lacs on outstanding dues to State Bank of India. No confirmation of the outstanding dues as on 31st March, 2013 (6 months) from State Bank of India has been received.

(ii) No provision has been made for interest on unsecured loan to the extent of Rs. 2.00 lacs (6 months) in view of severe financial constraint.

(iii) The outstanding receivables and payables and loans and advances given and taken have been considered in these accounts at values as stated in the books of accounts and the reconciliation is under process. Necessary adjustments are being carried out in the books on completion of reconciliation.

3A. During the financial period under review (6months), the amount paid/payable to the Managing Director and Executive Director amounting to Rs. 28,16,002/- was approved by ROC on 28.04.2013 based on Shareholders'' approval at the Annual General Meeting held on 25.02.2013. However, the auditors are having a view that the payment to Managing Director and Executive Director are to be approved by the Central Government.

4. In terms of Accounting Standard (AS-11) "changes in Foreign Exchange Rates" on transaction of monetary items at the year end exchange rate, there is notional exchange gain / (loss) of Rs. 25,761/- which has been accounted in the Profit and Loss Account.

5. GROUP:

1. Shri R.K.Aggarwal

2. Smt.Urmiia Agarwal

3. Shri Rajat Agarwal

4. Smt.Tanushree Hazarika Agarwal

5. Shri Utsav Agarwal

6. Rockstrong Investments Private Limited

7. Sunbright Investments Private Limited

8. Elegant Enterprises

9. Rajkumar Aggarwal, Karta

10. Rajkumar & Sons (HUF)

11. Bhoruka Fabcons Private Limited

12. Maverick Infotec Private Limited

13. Bhoruka Aluminium FZE

14. Bhoruka Facades Private Limited

6. There are no Micro, Small and Medium Enterprises to whom dues are outstanding for more than 45 days at the year end as determined to the extent such parties have been identified on the basis of information available with the Company.

7. Adequate provisions as required by Accounting Standard 15 employees benefits has been made and no further liability on this account is envisaged.

8. During the financial period under review, a new temporary subsidiary Company, namely, Bhoruka Facades Private Limited was incorporated on 11th February, 2013. The Company holds 9900 Equity Shares (99% holding) in the said subsidiary company. As per AS 21 issued by the Institute of Chartered Accountants of India (ICAI), a subsidiary company should be excluded from consolidation when the "control is intended to be temporary because the subsidiary is acquired and held exclusively with a view to its subsequent disposal in the near future". Further Bhoruka Facades Private Limited will be closing its books of accounts in the next financial year, therefore, the Company has not incorporated the same in its Consolidated Financial Statements and is also not attaching subsidiary company''s balance sheet with the balance sheet of the Company as required under Section 212 of the Companies Act, 1956.

9. Previous year''s Figures have been regrouped/restated wherever necessary to conform to Current period''s classification. However, current period being of six months, to that extent, previous year''s figures are not comparable.


Sep 30, 2012

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 dividend proposed by the Board of Directors is subject to the approval of the shareholders, except in case of interim dividend. 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 of their shareholding.

A. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rupees in Lakhs)

Particulars 30th Sept, 20t2 31th March,2011

Estimated amount of contracts remaining to be

executed on capital account Nil Nil

Bills discounted with Banks Nil 1738.94

Bank Guarantees outstanding 9.63 27.50

ROR 194.43 194.43

Service tax under dispute 11.43 0.65

B. (i) a. Losses incurred during the period have eroded over fifty percent of the net worth of the Company. State Bank of India ,the lender Bank, has treated all outstanding dues from the company, as NPA and has issued notices under Securitizations And Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002 to which the Company has replied.

b. These accounts have been prepared on a going concern basis. However, the going concern concept will hold good depending upon the receipt of required support from its bankers, promoters and others. Necessary adjustments may have to be made in the value of assets and liability, in case the going concern concept is vitiated.

(ii) No provision has been made in these accounts for interest of Rs 1204 lakh on out- standing dues to State Bank of India, of Rs 16.80 lakh on other loans & advances and of Rs 17.27 lakh on dues to vendors for materials supplied

(iii) No confirmation of the outstanding dues as on 30th September 2012 from State bank of India has been received.

(iv) The outstanding receivables and payables and loans and advances given and taken have been considered in these accounts at values as stated in the books of accounts and the reconciliation is under process. Necessary adjustments are being carried out in the books on completion of reconciliation.

C GROUP:

1. Shri R.K. Aggarwal

2. Smt.Urmila Agarwal

3. Shri Rajat Agarwal

4. Smt.Tanushree Hazarika Agarwal

5. Shri Utsav Agarwal

6. Rockstrong Investments Private Limited

7. Sunbright Investments Private Limited

8. Elegant Enterprises

9. Rajkumar Aggarwal, Karta

10. Rajkumar & Sons (HUF)

11. Bhoruka Fabcons Private Limited

12. Maverick Infotec Private Limited

i. There are no Micro, Small and Medium Enterprises to whom dues are outstanding for more than 45 days at the yearend as determined to the extent such parties have been identified on the basis of information available with the Company.

D. Adequate provisions as required by Accounting Standard-15, employees benefits has been made and no further liability on this account is envisaged.

E. a) On 14th December, 2010 the Company had issued 17,17,222 Equity share Warrants to the Bodies Corporate in the Promoters group on Preferential basis convertible into even number of equity share of Rs.10/- each at a premium of Rs. 35/- per share at any time within a period of 18 months from the date of Issue. Accordingly, 4,30,222 Equity shares were allotted on exercise of conversion option on 14th December, 2010 and balance 12,87,000 Warrants were converted into Equity shares on 26th August, 2011.


Mar 31, 2011

1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rupees in Lakhs) Particulars 31st March, 2011 31st March, 2010

Estimated amount of Nil Nil contracts remaining to be executed on capital account

Bills discounted with Banks 1738.94 2008.37

Bank Guarantees outstanding 27.50 52.38

R O R 194.43 194.43

Service tax under dispute 0.65 0.65

2. In terms of Accounting Standard (AS-11) "changes in Foreign Exchange Rates" on translation of monetary items at the year end exchange rate, there is notional exchange gain of Rs. 3,885,143 which has been accounted in the Profit & Loss Account.

3. GROUP:

1. Shri R.K.Aggarwal

2. Smt.Urmila Agarwal

3. Shri Rajat Agarwal

4. Smt.Tanushree Hazarika Agarwal

5. Shri Utsav Agarwal

6. Rockstrong Investments Private Limited

7. Sunbright Investments Private Limited

8. Elegant Enterprises

9. Rajkumar Aggarwal, Karta

10. Rajkumar & Sons (HUF)

11. Bhoruka Fabcons Private Limited

12. Maverick Infotec Private Limited

4. RELATED PARTY DISCLOSURES:

Related parties with whom transactions have taken place during the year:

Key Management Personnel:

Shri R.K. Aggarwal Managing Director

Shri Rajat Agarwal Executive Director

5. There are no Micro, Small and Medium Enterprises to whom dues are outstanding for more than 45 days at the year end as determined to the extent such parties have been identified on the basis of information available with the Company.

6. Adequate provisions as required by Accounting Standard 15 employees benefits has been made and no further liability on this account is envisaged

7. a) On 14th December, 2010 the Company had issued 17,17,222 Equity share Warrants to the Bodies Corporate in the Promoters group on Preferential basis convertible into even number of equity share of Rs.10/- each at a premium of Rs.35/= per share at any time within a period of 18 months from the date of Issue. Accordingly, 4,30,222 Equity shares were allotted on exercise of conversion option leaving a balance of 12,87,000 Warrants to be converted into Equity shares.

b) As per the terms of the issue, if the option is not exercised on or before 13th June, 2012 against the aforesaid balance warrants, the said warrants stand lapsed.

c) SCHEME OF AMALGAMATION

In terms of Scheme of Amalgamation as approved by members of the company at a court convened meeting held on 1st September,2010 and subsequently sanctioned by the Hon'ble High Court of Karnataka, judicature at Bangalore vide its order dated 15th December, 2010 approving the Scheme of Amalgamation under section 391 to 394 of the Companies Act, 1956 the erstwhile Bhoruka Agro Greens Limited (BAGL) is merged with the Company with effect from appointed date i.e. 1st April, 2010. In accordance with the said scheme:

1. The Assets, liabilities including contingent liabilities, reserves, rights and obligations of BAGL have been vested in the Company w.e.f. 1st April, 2010 and have been recorded at their respective book values under the pooling of interest method of accounting for Amalgamation as prescribed by Accounting Standard – 14 issued by the institute of Chartered Accountants of India after making adjustments to ensure uniform accounting policy as stated in(4) below.

2. 5903333 Equity shares of Rs. 10/- each of the Company allotted on 27th January,2011 as fully paid up shares to the shareholder of erstwhile BAGL in ratio of 28 Equity shares of the Company of Rs.10/- each for every 3 shares of BAGL of Rs. 10/- each without payment being received in cash.

3. There is no change in method of providing depreciation on fixed assets between the BAGL and the Company.

8. The Company has incorporated a wholly owned Subsidiary Company on 29th November 2010 in UAE since there were no business transactions and in view of Section 212 (2) (c) of the Companies Act, 1956 consolidation of the accounts with the Company is not considered during this year only.

9. Previous year's Figures have been regrouped/restated wherever necessary to conform to current classification.


Mar 31, 2010

1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rupees in Lakhs)

Particulars 31st March, 2010 31st March, 2009

Bills discounted with Banks 2008.37 1044.11

Bank Guarantees outstanding 52.38 41.38

R.O.R 194.43 194.43

Service tax under dispute 0.65 0.65

2. In terms of Accounting Standard (AS-11) The Effect of changes in Foreign Exchange Rates" on translation of monetary items at the year end exchange rate, there is notional exchange gain of Rs.29,92,500 which has been accounted in the Profit & Loss Account.

The operation of the company is primarily engaged in the business of manufacturing, processing and dealing in Aluminium Extrusions. Since all the activities are governed by the same set of risk and returns, these have been grouped as a single segment. In view of this the segment reporting prescribed under Accounting Standard - 17 is not applicable to the company.

3. DISCLOSURES:

Related parties with whom transactions have taken place during the year: Key Management Personnel:

Shri R.K. Aggarwal Managing Director

Shri Rajat Agarwal Executive Director

4. There are no Micro, Small and Medium Enterprises to whom dues are outstanding for more than 45 days at the year end as determined to the extent such parties have been identified on the basis of information available with the Company.

5. In view of carried forward losses no tax provision is considered necessary in these accounts.

6 Adequate provisions as required by Accounting Standard 15 employees benefits has been made and no further liability on this account is envisaged.

7. GROUP

Persons constituting Group coming within the definition of "Group" as defined in the Monopolies and Restrictive Trade Practices Act, 1969 include.

1. Smt Sannodevi Agarwal

2. Shri R.K. Aggarwal

3. Smt. Urmila Agarwal

4. Shri Rajat Agarwal

5. Smt. Tanushree Hazarika Agarwal

6. Shri Utsav Agarwal

7. Rockstrong Investments Private Limited

8. Sunbright Investments Private Limited

9. Elegant Enterprises

10. Rajkumar Aggarwal, Karta

11. Rajkumar & Sons (HUF)

12. Bhoruka Agro Greens Limited

13. Bhoruka Fabcons Private Limited

14. Maverick Infotec Private Limited

8. Previous years Figures have Deen regrouped / restated wherever necessary to conform to current years classification

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