Mar 31, 2015
1) General information
D & H India Limited is engaged in Manufacturing business primarily
dealing in Welding Electrodes & Consumables, C02 Wire, M Core Wire,
Flux Powder, Flux cored Wire, Stainless Steel Wire & other similar
activities. The company has manufacturing plants in India and sells
primarily in India.
The company is a public limited company incorporated and domiciled in
India and has its registered office at Mumbai, Maharastra, India. Its
shares are listed on the Bombay Stock Exchange Ltd. (BSE).
2. Terms/Rights attached to equity Shares
Equity Shares: The company has one class of equity shares having par
value of Rs.10 per share. Each share holder is eligible for one vote
per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting. 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 to their
shareholding.
3. Nil Equity Shares were issued in the last 5 years under the
Employee Stock Options Plan as consideration for services rendered by
employees.
4. Capital Reserves Includes Capital subsidy received from DIG as per
terms & agreement for the period from 17.03.2011 to 16.03.2016.
5 Deferred Tax Assets and Deferred Tax Liabilities have been offset
as they relate to the same governing taxation laws.
6. Working capital limit are secured by hypothecation of present and
future stock of raw materials, stock- inprocess, finished goods, stores
and spares (not relating to plant and machinery), book debts. &
Personal Guarantee of Mr. Harsh Vora& Mr. Madhusudan Jain.
7. Unsecured Loan Taken from Directors are from thier owned fund &
Maximum tenure of repayment is within six month.
8. In the absence of information from suppliers of their status being
small scale/ ancillary undertakings amount overdue and interest payable
there on cannot be quantified.
9. Other Paybles Includes Statutory Liabilities .Advance received from
customers & Security Deposits from Dealer.
10. Other Short term provisions includes the diff. of excise duty on
opening & closing stock of finished goods.
11. During the Year company commences production at Durg
(Chhattisgarh). Hence Capital Work In Progress Converted into Fixed
Assets
12. Intangible Assets underdevelopment include SAP under
development.
13. Pursuant to the enactment of Companies Act 2013, the company
has applied the estimated useful lives as specified in Schedule II.
Accordingly the unamortised carrying value is being depreciated over
the remaining useful lives. The written down value of Fixed Assets
whose lives have expired as at 1st April 2014 have been adjusted net of
tax, in the opening balance of Profit and Loss Account amounting to Rs.
3216888
14. Fixed Deposit maintained by the company with bank, which can be
withdrawn by the company at any point of time.
15. 'Other Loans and advances includes Advance to Vendors / Service
Providers.
16. As per Accounting Standard 15 "Employee benefits", the disclosures
as defined in the Accounting Standard are given below:
a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short-term employee benefits. Benefits
such as salaries, wages, and short term compensated absences, etc. are
recognized in the period in which the employee renders the related
services.
b) Long Term Benefits Defined Contribution Plans :
The Employee State Insurance Scheme and Contributory Provident Fund
administered by Provident Fund Commissioner are defined contribution
plans. The Company's contribution paid/payable under the schemes is
recognized as expense in the profit and loss account during the period
in which the employee renders the related service.
Employers Contribution to Provident fund & ESI 46,45,667 40,61,684
Defined Benefit plans :
a. The employees' gratuity fund scheme managed by Life Insurance
Corporation of India for the Company is a defined benefit plan. During
the year company paid amount Rs. 358319/- for future gratuity benefits
of the employees of company.
b. Benefit related to the Leave Encashment company made provision
amounting Rs. 886185/- as per the policy of the company.
17. Interest expenses is net of Interest Subsidy received from DIG
Dhar for Ghatabillod Unit amounting to Rs. C.Y.561025 /- P.Y. 250297/-
18. The Excise duty related to the difference between the closing
stock and opening stock Rs.(10,33,596)/- (Previous Year Rs.
(69,09,789/-) has been shown in other manufacturing expenses and excise
duty related to sales amounting to Rs.8,43,54,388/- .(Pr.Yr.
Rs.8,16,60,741/-) has been reduced from gross sales.
19. Related Party Disclosures
In accordance with accounting standard 18 " Related Party Disclosure"
issued by the Institute of Chartered Accountant of India, the Company
has compiled the required information is as under
Subsidiary Company
V & H Fabricators Pvt. Ltd.(Wholly Owned)
Commonwealth Mining Private Limited Key Managerial Persons
Shri Harsh Kumar Vora (Managing Director)
Shri Madhusudan Jain (Whole Time Director)
Shri Saurabh Vora (Whole Time Director w.e.f 01/10/2014)
Smt. Atithi Vora (Whole Time Director w.e.f 01/10/2014)
Shri Sanat Jain (Chief Financial Officer)
Shri Rajesh Sen ( Company Secretary)
Enterprises Over which Key Managerial Person are able to Exercise
Significant Influence
Vora Wires Industries (India) Limited Corna Infra Limited
V & H Infra Pvt. Ltd.
Relative Of Key Managerial Person
Shri Saurabh Vora
Smt. Atithi Vora
20. Various items included under the head Current Assets, Loan &
Advances, as well as Current liabilities are subject to confirmation /
reconciliation.
21. In the opinion of the Management, the value on realization of loans
and advances, and other current assets will be at least equal to the
amounts stated in the books of accounts, if realized in the ordinary
course of the business.
22. Amortization of lease hold land is not being done as the same is on
perpetual lease.
23. Segment Reporting
a) Business Segment:
The Company is mainly engaged in the business of welding consumables.
All other activities of the Company revolve around the main business
and as such there is no separate reportable business ' segment.
b) Geographical Segment:
Since all the operations of the Company are conducted within India as
such there is no separate reportable geographical segment.
24. Contingent Liabilities & Commitments(To the Extent not provided for)
i Guarantees given on behalf of the company - 3,15,400
ii CST Demand (in appeal) 22,94,412 19,04,426
iii Entry Tax Demand (in appeal) 65,224 4,00,987
Total 23,59,636 26,20,813
25. Some of the cases are pending before the Hon'ble courts but
management believes that the ultimate outcome of these proceedings will
not have a material adverse effects on the Company's financial position
and results of operation.
26. These financial statements have been prepared in the format
prescribed by the revised Schedule III to the companies Act 2013.
Previous period figures have been recasted/ restated to confirm to the
current period Figures have been rounded off to the nearest Rupee.
Mar 31, 2014
1) General information
D & H India Limited is engaged in Manufacturing business primarily
dealing in Welding Electrodes & Consumables, CO2 Wire, M Core Wire,
Flux Powder, Flux cored Wire & other similar activities. The company
has manufacturing plants in India and sells primarily in India. The
Company is a public limited company domiciled in India and incorporated
under the provisions of the Companies Act, 1956 Its shares are listed
on the Bombay Stock Exchange (BSE).
1.2 Terms/Rights attached to equity Shares
Equity Shares: The company has one class of equity shares having par
value of Rs.10 per share. Each share holder is eligible for one vote
per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting. 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 to their
shareholding.
2.1 Nature of Security and terms of repayment for secured borrowings
Nature of Security
a) Term Loan From HDFC Bank amounting Rs. 50/-Lakhs (Previous Year
200/- Lakhs)is secured by way of Hypothecation by First and exclusive
charges of Plant & Machinery. & Copllateral security by way of first
mortgage of industrial property situated at village: Sejwaya, Gram
Ghatabillod, District Dhar & Personal Guarantee of Mr. Harsh Vora & Mr.
Madhusudan Jain.
Terms of Repayment
Repayble in 60 Month installment of
Rs. 112617/-@ BR 2.55% starting
from 07/05/2014
b) Vehicle Loans from HDFC Bank amounting to Rs. 9/- Lakhs (Previous
Year Two vehicle loan amounting Rs. 16.25/- Lakhs) is secured against
respective Vehicles. & Personal Guarantee of Mr. Harsh Vora.
Repayble in 36 Month installment of
Rs. 29570/- 11.25% starting from
08.11.11 respectively
c) Vehicle Loan from State Bank Of India amountingRs. 10/- Lakhs is
secured against respective Vehicles.& Personal Guarantee of Mr. Harsh
Vora & Mr. Madhusudan Jain.
Repayble in 36 Month installment of
Rs. 33000/[email protected]% starting from
04/11/2011
d) Working Capital Term Loan From HDFC Bank amounting Rs. 500/- Lakhs
(Previous Year 400/- Lakhs) is secured by way of Hypothecation by First
and exclusive charges of Plant & Machinery. & Copllateral security by
way of first mortgage of industrial property situated at village:
Sejwaya, Gram Ghatabillod, District Dhar & Personal Guarantee of Mr.
Harsh Vora & Mr. Madhusudan Jain.
Repayble in 36 Month installment of
Rs. 15,65,656/- @ BR 2.55%
starting from 03/08/2012
6 Deferred Tax Liability (Net)
Deferred Tax Liability on timing difference on account of difference
between written down value of fixed assets
2.1 As per Accounting Standard 15 "Employee benefits", the disclosures
as defined in the Accounting Standard are given below :
a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short-term employee benefits. Benefits
such as salaries, wages, and short term compensated absences, etc. are
recognized in the period in which the employee renders the related
services.
3 Related Party Disclosures
In accordance with accounting standard 18 " Related Party Disclosure"
issued by the Institute of Chartered Accountant of India, the Company
has compiled the required information is as under :-
Associates
Vora Wires Industries (India) Limited
International Steel
Corna Infra Limited (Earlier Known as "Good Creation Investment
& Finance Limited)
Commonwealth Mining Pvt. Ltd.
V & H Infra Pvt. Ltd.
Subsidiary Company
V & H Fabricators Pvt. Ltd. Key Managerial Persons
Shri Harsh Kumar Vora (Managing Director)
Shri Madhusudan Jain (Whole Time Director)
Shri V. S Bhate (Director- For the part of the year)
Transactions with related Parties
Nature of Transactions Associates/Key Management Persons
Associates/Key Management Persons
4 Pursuant to accounting standard 28 " Impairment of Assets" issued by
the Institute of Chartered Accountants of India, the company has
reviewed its carrying cost of assets with value in use (determined
based on future earnings ) and Net realizable value on an approximate
basis. Based on such review, the management is of the view that in the
current financial year, Provision for impairment of assets is not
considered necessary.
5 Various items included under the head Current Assets, Loan &
Advances, as well as Current Liabilities are subject to confirmation /
reconciliation.
6 In the opinion of the Management, the value on realization of loans
and advances, and other current assets will be at least equal to the
amounts stated in the books of accounts, if realized in the ordinary
course of the business.
7 Amortization of lease hold land is not being done as the same is on
perpetual lease.
8 Segment Reporting
a) Business Segment :
The Company is mainly engaged in the business of welding consumables.
All other activities of the Company revolve around the main business
and as such there is no separate reportable business segment.
b) Geographical Segment:
Since all the operations of the Company are conducted within India as
such there is no separate reportable geographical segment.
9 Contingent Liabilities & Commitments
As at As at
31.03.2014 30.03.2013
Rupes Rupes
i Guarantees given on behalf of the company 3,15,400 6,34,760
ii CST Demand (in appeal) 19,04,426 37,04,484
iii Entry Tax Demand (in appeal) 4,00,987 52,84,665
Total 26,20,813 96,23,909
10 These financial statements have been prepared in the format
prescribed by the revised Schedule VI to the companies Act 1956.
Previous period figures have been recasted/ restated to confirm to the
current period. Figures have been rounded off to the nearest Rupee.
Mar 31, 2013
1) General information
D & H India Limited is engaged in Manufacturing business primarily
dealing in Welding Consumables, CO2 Wire, M Core Wire, Flux Powder,
Flux cored Wire & other similar activities. The company has
manufacturing plants in India and sells primarily in India. The
Company is a public limited company domiciled in India and incorporated
under the provisions of the Companies Act, 1956. Its shares are listed
on the Bombay Stock Exchange (BSE).
2 Pursuant to accounting standard 28 " Impairment of Assets" issued by
the Institute of Chartered Accountants of India, the company has
reviewed its carrying cost of assets with value in use (determined
based on future earnings ) and Net realizable value on an approximate
basis. Based on such review, the management is of the view that in the
current financial year, Provision for impairment of assets is not
considered necessary.
3 Various items included under the head Current Assets, Loan &
Advances, as well as Current Liabilities are subject to confirmation /
reconciliation.
4 In the opinion of the Management, the value on realization of loans
and advances, and other current assets will be at least equal to the
amounts stated in the books of accounts, if realized in the ordinary
course of the business.
5 In the absence of information from suppliers of their status being
small scale/ ancillary undertakings amount overdue and interest payable
there on cannot be quantified.
6 Amortization of lease hold land is not being done as the same is on
perpetual lease.
7 Segment Reporting
a) Business Segment :
The Company is mainly engaged in the business of welding consumables.
All other activities of the Company revolve around the main business
and as such there is no separate reportable business segment.
b) Geographical Segment:
Since all the operations of the Company are conducted within India as
such there is no separate reportable geographical segment.
2 Contingent Liabilities & Commitments
i Guarantees given on behalf of
the company 6,34,760 11,72,936
ii CST Demand (in appeal) 37,04,484 25,12,172
iii Entry Tax Demand (in appeal) 52,84,665 52,84,665
Total 96,23,909 89,69,773
8 These financial statements have been prepared in the format
prescribed by the revised Schedule VI to the companies Act 1956.
Previous period figures have been recasted/ restated to confirm to the
current period. Figures have been rounded off to the nearest Rupee.
Mar 31, 2012
1) General information
D & H India Limited is engaged in Manufacturing business primarily
dealing in Welding Consumables, CO2 Wire, M Core Wire, Flux Powder,
Flux cored Wire & other similar activities. The company has
manufacturing plants in India and sells primarily in India. The Company
is a public limited company domiciled in India and incorporated under
the provisions of the Companies Act, 1956. Its shares are listed on the
Bombay Stock Exchange (BSE).
2.1 Terms/Rights attached to equity Shares
Equity Shares: The company has one class of equity shares having par
value of Rs.10 per share. Each share holder is eligible for one vote
per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting. 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 to their
shareholding.
2.2 Nil Equity Shares were issued in the last 5 years under the
Employee Stock Options Plan as consideration for services rendered by
employees.
2.3 Covertible Warrants : The Company has issued and allotted 36,40,400
(Thirty Six Lacs Forty Thousand Four Hundred) Convertible Warrants on
5th April, 2010 at a price of Rs.22.00 each to the promoter and
non-promoter bodies corporate on preferential basis. The Holders are
entitled to exercise their option to convert the same into fully paid
up Equity shares of Rs.10.00 each at a premium of Rs. 12.00 per share
at any time within a period of 18 months from the date of allotment.
The application money i.e Rs. 5.50 per warrant, in respect of 23,90,400
& 12,50,000 convertible warrants have been received before 31.03.2010 &
on 05.04.2010 respectively.
The Company has converted 5,80,400 & 4,60,000 Convertible Warrants of
Rs.22.00 (Rupees Twenty Two Only), into equal number of fully paid
Equity Shares of Rs.10.00 (Rupees Ten only ) each at a premium of
Rs.12.00 ( Rupees Twelve only) each on 28th March,2011 & 4th
October,2011 Respectively.
3.1 Capital Reserves Includes Capital subsidy received from DIC as per
terms & agreement for the period from 17.03.2011 to 16.03.2016.
3.2 During the year company forfeited 26,00,000 convertible warrant as
per the terms & condition of agreement & Board resolution. forfeited
warrants issued at 5.5/-per warrant application money and balance
amount not paid by the warrant holders so the amount forfeited &
transferred to the capital reserve account.
4.1 Working capital limit are secured by hypothecation of present and
future stock of raw materials, stock- inprocess,finished goods, stores
and spares (not relating to plant and machinery), book debts. &
Personal Guarantee of Mr. Harsh Vora & Mr. Madhusudan Jain.
5.1 Other Payables Includes Statutory Liabilities ,Advance received
from customers & Interest Payable to the related parties.
6.1 Other Short term provisions includes the diff. of excise duty on
opening & closing stock of finished goods.(also refer note no.30)
7.1 As per Accounting Standard 15 "Employee benefits", the disclosures
as defined in the Accounting Standard are given below
a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short-term employee benefits. Benefits
such as salaries, wages, and short term compensated absences, etc. are
recognized in the period in which the employee renders the related
services.
b) Long Term Benefits Defined Contribution Plans :
The Employee State Insurance Scheme and Contributory Provident Fund
administered by Provident Fund Commissioner are defined contribution
plans. The Company's contribution paid/payable under the schemes is
recognized as expense in the profit and loss account during the period
in which the employee renders the related service.
Defined Benefit plans :
a. The employees' gratuity fund scheme managed by Life Insurance
Corporation of India for the Company is a defined benefit plan.During
the year company paid amount Rs. 2490210/- for future gratuity
benefits of the employees of company
b. Benefit related to the Leave Encashment company made provision
amounting Rs. 501516/- as per the policy of the company.
8.1 The Excise duty related to the difference between the closing
stock and opening stock Rs.8,86,143/-(Previous Year Rs. 7,57,556/-) has
been shown in other manufacturing expenses and excise duty related to
sales amounting to Rs.6,84,43,945/- .(Pr.Yr. Rs.5,70,42,366/-) has been
reduced from gross sales.
9 Related Party Disclosures
In accordance with accounting standard 18 " Related Party Disclosure"
issued by the Institute of Chartered Accountant of India, the Company
has compiled the required information is as under :
1 Associates
Vora Wires Industries (India) Limited International Steel
Good Creation Investment & finance limited
V & H Fabricators Pvt. Ltd.
Commonwealth Mining Pvt. Ltd.
Smt. Suchita Kakrecha
Key Managerial Persons
Shri Harsh Kumar Vora (Managing Director)
Shri V.S. Bhate (Director-Technical)
Shri Madhusudan Jain (Whole Time Director)
10 Pursuant to accounting standard 28 " Impairment of Assets" issued
by the Institute of Chartered Accountants of India, the company has
reviewed its carrying cost of assets with value in use (determined
based on future earnings ) and Net realizable value on an approximate
basis. Based on such review, the management is of the view that in the
current financial year, Provision for impairment of assets is not
considered necessary.
11 Various items included under the head Current Assets, Loan &
Advances, as well as Current Liabilities are subject to confirmation /
reconciliation.
12 In the opinion of the Management, the value on realization of loans
and advances, and other current assets will be at least equal to the
amounts stated in the books of accounts, if realized in the ordinary
course of the business.
13 In the absence of information from suppliers of their status being
small scale/ ancillary undertakings amount overdue and interest payable
there on cannot be quantified.
14 Amortization of lease hold land is not being done as the same is on
perpetual lease.
15 Segment Reporting
a) Business Segment :
The Company is mainly engaged in the business of welding consumables.
All other activities of the Company revolve around the main business
and as such there is no separate reportable business segment.
b) Geographical Segment:
Since all the operations of the Company are conducted within India as
such there is no separate reportable geographical segment.
16 Contingent Liabilities & Commitments
I Guarantees given on
behalf of the company 11,72,936 1,49,366
ii CST Demand (in appeal) 25,12,172 25,65,551
iii Entry Tax Demand (in appeal) 52,84,665 53,54,842
Total 89,69,773 80,69,759
17 These financial statements have been prepared in the format
prescribed by the revised Schedule VI to the companies Act 1956.
Previous period figures have been recasted/ restated to confirm to the
current period. Figures have been rounded off to the nearest Rupee
Mar 31, 2010
01. Pursuant to accounting standard 28 " Impairment of Assets" issued
by the Institute of Chartered Accountants of India, the company has
reviewed its carrying cost of assets with value in use (determined
based on future earnings ) and Net realizable value on an approximate
basis. Based on such review, the management is of the view that in the
current financial year, Provision for impairment of assets is not
considered necessary.
02. Previous year figures are regrouped and rearranged wherever found
necessary to make them comparable. Figures have been rounded off to the
nearest Rupee.
03. Various items included under the head Current Assets, Loan &
Advances, as well as Current Liabilities are subject to confirmation /
reconciliation.
04. In the opinion of the Management, the value on realization of
loans and advances, and other current assets will be at least equal to
the amounts stated in the books of accounts, if realized in the
ordinary course of the business.
05. In the absence of information from suppliers of their status being
small scale/ ancillary undertakings amount overdue and interest payable
there on cannot be quantified.
06. Debtors outstanding exceeding six month is Nil (Pr.Yr. Rs. Twenty
Five lacs) against for the sale of shares to a Company in which
directors are interested.
07. Loans and Advances includes Rs 57,00,960/-(Pr. Yr.Nil) for advance
to Firms/ Companies in which Directors are interested.
08. Amortization of lease hold land is not being done as the same is
on perpetual lease.
09. The Excise duty related to the difference between the closing
stock and opening stock Rs.(4,18,280/-) [Previous Year Rs.16,02,953/-]
has been shown in other manufacturing expenses and excise duty related
to sales amounting to Rs.4,39,55,392/- .(Pr.Yr. Rs.5,98,49,949/-) has
been reduced from gross sales.
10. The Break- up of deferred tax assets and liabilities into major
components at the year end is as under:
11. Related Party Disclosures
In accordance with accounting standard 18 " Related Party Disclosure"
issued by the Institute of Chartered Accountant of India, the Company
has compiled the required information is as under :-
Associates : VoraWires Industries (India) Limited
International Steel
Ennar Star Trade Limited
Good Creation Inv.& Fin.Ltd.
V & H Fabricators Pvt.Ltd.
Key Managerial Persons : Shri Harsh Kumar Vora - Managing Director
Shri V . S. Bhate - Director -
Technical
Shri Madhusudan Jain - Whole Time
Director
12. CONTINGENT LIABILITIES
a) Guarantees given on behalf of the 4,07,456 6,85,034
Company
b) Central Sales Tax demand (in Apeal) 9,32,648 0
c) Entry Tax demand (in Apeal) 3,59,447 0
13. PREFERENCIAL ALLOTMENT OF EQUITY SHARES AND CONVERTIBLE WARRANTS
The Company has converted 5,00,000 (Five Lacs) Convertible Warrants of
Rs.22.00 (Rupees Twenty Two Only), into equal number of fully paid
Equity Shares of Rs.10.00 (Rupees Ten only ) each at a premium of
Rs.12.00 ( Rupees Twelve only) each on 5th October,2009 and 29th March,
2010 respectively.
The Company has issued and allotted 36,40,400 (Thirty Six Lacs Forty
Thousand Four Hundred) Convertible Warrants on 5th April, 2010 at a
price of Rs.22.00 each to the promoter and non- promoter bodies
corporate on preferential basis. The Holders are entitled to exercise
their option to convert the same into fully paid up Equity shares of
Rs.10.00 each at a premium of Rs. 12.00 per share at any time within a
period of 18 months from the date of allotment. The application money
i.e Rs. 5.50 per warrant, in respect of 23,90,400 convertible warrants
have been received before 31.03.2010
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