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Notes to Accounts of Creative Castings Ltd.

Mar 31, 2015

1. Corporate Information :

CREATIVE CASTINGS LIMITED is a public limited company domiciled in India and incorporate under the provisions of the Companies Act, 1956, Its shares are listed in one stock exchange in India (OTC). The company is engaged in manufacturing of steel and alloy steel investment castings. The company is also engaged in generating of Power from wind energy. The Casting Manufacturing unit of the company is situated at G.I.D.C. Estate, Phase - II Rajkot Road, Dolatpara Junagadh - 362 003. The company caters to both domestic and international markets.

2. Basis of Preparation.

The financial statement of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) including accounting standards notified under the relevant provisions of the Companies Act, 2013. The Financial statements have been prepared on an accrual basis and under the historical cost convention except where specifically stated.

3. Use of Estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements and the reported amount of revenues and expenses during the reporting year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

* Terms / rights attached to shares : The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.The company declare and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Share holders in the ensuing Annual General Meeting .

In the event of liquidation of the company, the holders of equity shares will be entitled to received remaining assets of the company after distribution of all preferential amounts. The distribution will be in propotion to the numbers of equity shares held by the shareholders.

* Term Loan from bank is Secured against Hypothecation of Wind energy generator and Equitable Mortgage of all Land & Building of the company and against the personal guarantees of all the directors.

4. Contingent liabilities not provided for in respect of:

[i] Bank guarantees outstanding as at 31st March, 2015 for which the Company has given counter guarantees amounting to Rs. 90,000/- (Previous year Rs. 180,000/-).

5. Provision for current taxes represents estimated liability having regard to the profit adjusted for appropriate reliefs, allowances, etc, under the Income tax Act / Rules.

Deferred Tax is calculated at current statutory Income Tax rate and is recognized on timing differences between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year

6. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

7. The provision for all known liabilities is adequate and not in excess of the amount reasonably required.

8. Confirmation of debit/credit balances have not been received and hence these balances are subject to adjustment, if any.

9. Value of Raw materials and Components consumed.

10. Information in regard to expenditure in foreign currency : For Traveling Expenses Rs. 139,133/- (previous Year Rs. 80,844/-) For Participation fee Rs. 178,968/-( previous year Rs. Nil).

11. SEGMENT INFORMATION : The company has identified two Reportable Segments viz. Investment Casting and Power.

12. IMPAIRMENT OF ASSETS

An Assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. On the assessment made by the Management and the Valuation Report of the Approved Valuer, there is no Impairment of Assets and there for no provision for Impairment of loss is required.

13. RELATED PARTY INFORMATION

Disclosure in respect of related parties ( as defined in Accounting Standard 18), with whom transaction have taken place during the year are given below:

(1) RELATIONSHIP:

(a) Key Management Personnel

(i) Rajan R. Bambhania

(ii) Vishal D. Patel

(iii) Siddharth V. Vaishnav

(b) Relatives of Key Management Personnel

(i) Kokilaben D. Dand

(ii) Hina V. Patel

(iii) Dipti S. Vaishnav ( Upto 30.09.2014)

Note : Related Party relationship is as identified by the company and relied upon by the auditors.


Mar 31, 2014

1. Corporate Information:

CREATIVE CASTINGS LIMITED is a public limited company domiciled in India and incorporate under the provisions of the Companies Act, 1956, Its shares are listed in one stock exchange in India (OTC). The company ,s engaged in manufacturing of steel and alloy steel investment castings. The company is also engaged in manufacturing of Power from wind energy. The Casting Manufacturing unit of the company is situated at G.T.D.C Estate, Phase - II Rajkot Road, Dolatpara Junagadh - 362 003. The company caters to both domestic and international markets.

2. Basis of Praparation:

The financial statement of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting standards) Rules, 2006, (as respects with the relevant provisions of the Companies Act,1956 and the provisions of the Companies Act, 2013 (to the extent notified) and guidelines issued by the Institute of Chartered Accountants of India ( regulatory authority The Financial statements have been prepared on an accrual basis and under the historical cost convention, except where specifically stated.

3. Terms / rights attached to shares :

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.The company declare and pays dividends in Indian Rupees. The dividend proposedby the Board of Directorsis subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to received remaining assets of the company after distribution of all preferential amounts. The distribution will be in propotionto the numbers of equity shares held by the shareholders.

4. Contingent liabilities not provided for in respect of:

[i] Bank guarantees outstanding as at 31st March, 2014 for which the Company has given counter guarantees amounting to Rs. 180,000/- (Previous year Rs. 180,000/-).

5. Provision for current taxes represents estimated liability having regard to the profit adjusted for appropriate reliefs, allowances, etc. under the Income tax Act / Rules.

Deferred Tax is calculated at current statutory Income Tax rate and is recognized on timing differences between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year

6. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

7. The provision for all known liabilities is adequate and not in excess of the amount reasonably required.

8. Confirmation of debit/credit balances have not been received and hence these balances are subject to adjustment, if any.

9. Value of Raw materials and Components consumed.

10. Information in regard to expenditure in foreign currency: for Traveling Expenses Rs. 80,844/- (previous Year Rs. 556,021/-)

11. SEGMENT INFORMATION : The company has identified two Reportable Segments viz. Investment Casting and Power.

12. IMPAIRMENT OF ASSETS

An Assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. On the assessment made by the Management and the Valuation Report of the Approved Valuer, there is no Impairment of Assets and there for no provision for Impairment of loss is required.

13. RELATED PARTY INFORMATION

Disclosure in respect of related parties (as defined in Accounting Standard 18), with whom transaction have taken place during the year are given below:

(1) RELATIONSHIP:

(a) Key Management Personnel

(i) Rajan R. Bambhania

(ii) Vishal D. Patel

(iii) Sidhdharth V. Vaishnav

(b) Relatives of Key Management Personnel

(i) Kokilaben D. Dand

(ii) Hina V. Patel

(iii) Dipti S. Vaishnav

Note: Related Party relationship is as identified by the company and relied upon by the auditors.

14. Previous year figures

The company has regrouped / rearranged previous year figures in view of the easy comparison With current year figures.

15. All the figures including previous year figures have been rounded off to nearest rupee.


Mar 31, 2013

1. Corporate Information :

CREATIVE CASTINGS LIMITED is a public limited company domiciled in India and incorporate under the provisions of the Companies Act, 1956, Its shares are listed in one stock exchange in India.(OTC) The company is engaged in manufacturing of steel and alloy steel investment castings. The company is also engaged in manufacturing of Power from wind energy. The Casting Manufacturing unit of the company is situated at G.I.D.C. Estate, Phase—II Rajkot Road, Dolatpara Junagadh - 362 003. The company caters to both domestic and international markets.

2. Basis of Preparation.

The financial statement of the company have been prepared in accordance with generally accepted accounting principles in India ( Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The Financial statements have been prepared on an accrual basis and under the historical cost convention, except where specifically stated.

* No Shareholders holding more than 5% shares in the company.

* Terms / rights attached to shares:

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.The company declare and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to received remaining assets of the company after distribution of all preferential amounts. The distribution will be in propotion to the numbers of equity shares held by the shareholders.

* The Company has not received information from vendors regarding their status under the Micro, small and Medium Enterprise Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this Act have not been given .

* Trade payables includes amount due to Directors of Rs. 180000/-.(Previous year Rs. 166500/-).

3. Contingent liabilities not provided for in respect of:

[i] Bank guarantees outstanding as at 31st March,2013 for which the Company has given counter guarantees amounting to Rs. 1,80,000/- (Previous year Rs. 1,80,000/-).

4. Provision for current taxes represents estimated liability having regard to the profit adjusted for appropriate reliefs, allowances, etc. under the Income tax Act /Rules.

Deferred Tax is calculated at current statutory Income Tax rate and is recognized on timing differences between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year

5. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

6. The provision for all known liabilities is adequate and not in excess of the amount reasonably required.

7. Confirmation of debit/credit balances have not been received and hence these balances are subject to adjustment, if any.

8. Value of Raw materials and Components consumed.

9. IMPAIRMENT OF ASSETS

An Assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. On the assessment made by the Management and the Valuation Report of the Approved Valuer, there is no Impairment of Assets and there for no provision for Impairment of loss is required.

10. RELATED PARTY INFORMATION

Disclosure in respect of related parties ( as defined in Accounting Standard 18), with whom transaction have taken place during the year are given below:

(1) RELATIONSHIP:

(a) Key Management Personnel

(i) Rajan R. Bambhania (ii) Vishal D. Patel (iii) Sidhdharth V. Vaishnav

(b) Relatives of Key Management Personnel

(i) Kokilaben D. Dand (ii) Hina V. Patel (iii) Dipti S. Vaishnav

Note: Related Party relationship is as identified by the company and relied upon by the auditors.

11. Previous year figures

The company has regrouped / rearranged previous year figures in view of the easy comparison With current year figures.

12. Figures rounded off to nearest All the figures including previous year, gores have teen rounded off to nearest rupee.


Mar 31, 2012

1. Corporate Information :

CREATIVE CASTINGS LIMITED is a public limited company domiciled in India and incorporate under the provisions of the Companies Act, 1956, Its shares are listed in one stock exchange in India. ( OTC ) The company is engaged in manufacturing of steel and alloy steel investment castings. The company is also engaged in manufacturing of Power from wind energy. The Casting Manufacturing unit of the company is situated at G.I.D.C. Estate, Phase - II Rajkot Road, Dolatpara Junagadh - 362 003. The company caters to both domestic and international markets.

2. Basis of Preparation.

The financial statement of the company have been prepared in accordance with generally accepted accounting principles in India ( Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting standards ) Rules, 2006, ( as amended ) and the relevant provisions of the Companies Act, 1956. The Financial statements have been prepared on an accrual basis and under the historical cost convention, except where specifically stated.

* No Shareholders holding more than 5 % shares in the company.

* Terms / rights attached to shares :

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The company declare and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting .

In the event of liquidation of the company, the holders of equity shares will be entitled to received remaining assets of the company after distribution of all preferential amounts. The distribution will be in propotion to the numbers of equity shares held by the shareholders.

3. Contingent liabilities not provided for in respect of:

[i] Bank guarantees outstanding as at 31st March,2012 for which the Company has given counter guarantees amounting to Rs. 180 Thousands (Previous year Rs. 180 Thousands ).

[ii] Income Tax demand of Rs. 17779 Thousands (Previous year Rs. NIL ) raised by the Income Tax department at the time of Assessment. The said demand is disputed by the company. The company has paid Rs.6026 Thousands (Previous year Rs. NIL) against the said demand.

4. Provision for current taxes represents estimated liability having regard to the profit adjusted for appropriate reliefs, allowances, etc. under the Income tax Act / Rules.

Deferred Tax is calculated at current statutory Income Tax rate and is recognized on timing differences between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year

5. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

6. The provision for all known liabilities is adequate and not in excess of the amount reasonably required.

7. Confirmation of debit/credit balances have not been received and hence these balances are subject to adjustment, if any.

8. Information in regard to expenditure in foreign currency : for Traveling Expenses Rs. -Nil- ( P. Y. Rs. -Nil-)

9. SEGMENT INFORMATION : The company has identified two Reportable Segments viz. Investment Casting and Power.

10. IMPAIRMENT OF ASSETS

An Assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. On the assessment made by the Management and the Valuation Report of the Approved Valuer, there is no Impairment of Assets and there for no provision for Impairment of loss is required.

11. RELATED PARTY INFORMATION

Disclosure in respect of related parties ( as defined in Accounting Standard 18), with whom transaction have taken place during the year are given below:

(1) RELATIONSHIP:

(a) Key Management Personnel

(i) Rajan R. Bambhania (ii) Vishal D. Patel wef. 01.07.2011 (iii) Sidhdharth V. Vaishnav w.e.f. 01.07.2011.

(b) Relatives of Key Management Personnel

(i) Kokilaben D. Dand (ii) Hina V. Patel (iii) Dipti S. Vaishnav

Note : Related Party relationship is as identified by the company and relied upon by the auditors.

12. Previous year figures

Till the year ended 31st March, 2011, the company was using pre-revised Schedule VI to the Companies act, 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012 , the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification. The adoption f revised Schedule VI dose not impact recognition and measurement principles followed preparation of Financial statements. However, it significantly impacts presentation and disclosures made in the financial statements particularly presentation of balance sheet.

13. Figures rounded off to nearest thousand. All the figures including previous year figures have been rounded off to nearest thousand. Where the rounding off has become zero, actual figures have been shown in brackets.


Mar 31, 2011

1. CONTINGENT LIABILITIES

(i) Bank guarantees outstanding as at 31st March, 2011, for which the company has given counter guarantees amounting to Rs. 100000/- (Previous year Rs.180000/-)

2. Provision for current taxes represents estimated liability having regard to the profit adjusted for appropriate reliefs, allowances, etc. under the Income tax Act / Rules.

Deferred Tax is calculated at current statutory Income Tax rate and is recognised on timing differences between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated in the balance sheet if realised in the ordinary course of business.

4. The provision tor all known liabilities is adequate and not in excess of the amount reasonably required.

5 Tire remuneration paid to the Managing Director of the Company including bonus and perquisites amounts to Rs. 730385/- ( Previous year Rs.655269/-)

6. Depreciation on the assets has been provided on Straight Lino Method as per the revised guidelines and rates proscribed by the Company Law Board in Schedule XIV of the companies act. 1956 by the Ministry of Law, Justice & Company affairs, Department of the Company affairs, New Delhi, The Provision of Depreciation for multiple shifts wherever applicable as per records and as advised has been made on the basis of actual shift wise utilisation of the respective eligible assets,

7. Confirmation of debit/credit balances have not been received and hence these balances are subject to adjustment,it any.

8. Additional information pursuant of paragraph 3(i),(ii). 4B, 4C and 4D of Part-H of Schedule IV of the Companies Act.1956.

9. IMPAIRMENT OF ASSETS

An Assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. On the assessmen made by the Management and the Valuation Report of the Approved Valuer, there is no Impairment of Assets and there for no provision for Impairment of loss is required.

10. RELATED PARTY INFORMATION

Disclosure in respect of related parties ( as defined in Accounting Standard 18), with whom transaction have taken place'during the year are given below:

(1) RELATIONSHIP: (a) Key Management Personnel (I) Shri Rajan R. Bambhania

Note : Related Party relationship is as identified by the company and relied upon by the auditors.

11. The figures of the Previous year have been re-grouped in view of the easy comparison with current year figures

12. The paises have been .eliminated to the nearest rupee for convenience.

 
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