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Notes to Accounts of Dalmia Refractories Ltd.

Mar 31, 2015

NOTE-1

(I) OVERVIEW

The Company is in the business of refractory manufacturing and selling. It produces High Alumina Refractory Bricks, Castables and Supplying to Core Industries namely Cement, steel and others. The Company is having manufacturing Units at Dalmiapuram (Tamil Nadu), Khambalia and Katni (Madhya Pradesh) and its corporate office is situated at New Delhi. The Securities of the Company were listed at Calcutta Stock Exchange, Delhi Stock Exchange and Madras Stock Exchange. However, Delhi Stock Exchange had been derecognized by Securities and Exchange Board of India (SEBI) vide its order dated 19th November, 2014 and had also passed orders date 14th May, 2015 to provide exit to Madras Stock Exchange, which had sought voluntary exit from the stock exchange activities. The Company continues to be listed at Calcutta Stock Exchange.

NOTE-2

Excise duty is net of reimbursement on job work production Rs.Nil (previous year Rs.794.03 lacs). The sale of services includes processing charges for job work Rs.Nil (previous year Rs.1855.26 lacs)

During the year, the Company has changed the method of determining the cost of raw material from "Yearly Weighted Average Cost Method" to "Real Time Weighted Average Cost Method". The impact of this change, if any, could not be ascertained on account of installation of the new accounting software "RAMCO" during the year.

NOTE-3

The following expenses have been charged to other Accounts -

Salaries, Wages and Benefits to Employees 125.28 133.78

NOTE-4

In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans and Advances, will, in the ordinary course of business, not be less than the amount at which they are stated in the Balance Sheet.

NOTE-5

Company has carried out production of refractories at its Dalmiapuram Unit on job work basis and the same has been discontinued w.e.f. 01.04.2014.

NOTE-6

Previous year figures have been regrouped and/or rearranged wherever necessary to correspond with current period figures.

NOTE-7

All amounts including those in contingent liabilities and notes have been expressed in Rupees Lacs rounded off to the nearest thousands. Figures less than Rupees five hundred which are required to be shown separately have been shown at actuals in double bracket. Figures in Metric Tonnes have been rounded off to the nearest Metric Tonne.

NOTE-8

As per Accounting Standard (AS)-15 "Employee Benefits", the disclosure of employee benefits as defined in the Accounting standard is given below:

(a) Defined Contribution Plans:- The Company has recognised an expense of Rs.91.48 lacs (previous year Rs.86.16 lacs) towards the defined contribution plan.

NOTE-9

Related Party Disclosures, as required by Accounting Standard -18 is as below:

A. Relationships:

(i) Key Managerial Personnel :-

Shri C.N. Maheshwari Chief Executive Officer Designated as KMP w.e.f. 29.05.2014

Shri S.K. Srivastava Chief Financial Officer Designated as KMP w.e.f. 29.05.2014

Ms. Akansha Jain Company Secretary w.e.f. 26.08.2014

(ii) Promoters of the Company/Relatives of the Promoters:-

Shri J. H. Dalmia, Shri Y. H. Dalmia, J. H. Dalmia (HUF), Y. H. Dalmia (HUF), Shri Gautam Dalmia, Shri Puneet Yadu Dalmia, Gautam Dalmia(HUF), Smt. Kavita Dalmia,Smt.BelaDalmia,Smt.AnupamaDalmia, Smt. Avantika Dalmia, Kumari Shrutipriya Dalmia, Kumari Sukeshi Dalmia, Kumari Vaidehi Dalmia, Kumari Sumana Dalmia, Kumari Avanee Dalmia, Mst. Priyang Dalmia.

(in) Enterprises controlled by the Promoters of the Company:-

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, OCL India Limited, ZipAhead.Com Private Limited, Alirox Abrasives Limited, Dalmia Bharat Limited (formerly Dalmia Bharat Enterprises Limited), Kanika Investment Limited, Ishita Properties Limited, Dalmia Cement (Bharat) Limited (Formerly Avnija Properties Limited), D.I. Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Shri Rangam Properties Limited, Arjuna Brokers & Minerals Limited, Dalmia Minerals & Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Dalmia Power Limited, DCB Power Ventures Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Madhusudhana Mines and Properties Limited, Sri Trivikrama Mines & Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, Rajputana Properties Private Limited, Golden Hills Resorts Private Limited, Dalmia Bharat Sugar and Industries Limited (Formerly Dalmia Cement (Bharat) Limited), Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Sugar Ventures Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, Adhunik Cement Ltd., Adhunik MSP Cement (Assam Ltd.), Calcom Cement (India) Ltd., Vinay Cement Ltd, RCL Cements Ltd, SCL Cements Ltd., Khappal Coal Co. Pvt. Ltd., Shri Chamundeswari Minerals Ltd., Shri Yadu Hari Trusteeship Services Pvt. Ltd., YHD Trusheeship Services Pvt. Ltd., Vastalaya Developers Pvt. Ltd., Vinimay Developers Pvt. Ltd., Dalmia Bharat Cements Holdings Ltd., Sri Rangam Securities and Holdings Ltd., Shri Investments, Yadu Hari Dalmia Parivar Trust, Respect Elders & Co., Love Children & Co., Respect Nature & Society, Shri Brahma Creation Trust, Shri Vishnu Preservation Trust, Shubh Home Realtors LLP., Dalmia Cement East Limited, Glow Homes Technologies Private Limited, Jayevijay Agro Farms Private Limited, OCL Global Limited, OCL China Limited, Odisha Cement Limited.


Mar 31, 2014

(I) OVERVIEW

The Company is in the business of refractory manufacturing and selling. It produces High Alumina Refractory Bricks, Castables and Supplying to Core Industries namely Cement, steel and others. The Company is having manufacturing Units at Dalmiapuram (Tamil Nadu), Khambalia and Katni (Madhya Pradesh) and its corporate office is situated at New Delhi. The Company is listed at Madras Stock Exchange, Calcutta Stock Exchange and Delhi Stock Exchange.

(Rs. In lacs)

Particulars As at As at 31- March, 2014 31st March, 2013

NOTE -1.2 CONTINGENT LIABILITIES AND COMMITMENTS:

(A) Contingent Liability exists in respect of

i) Income Taxforwhich the Company has preferred appeals

ii) Income Tax for which the Income Tax Department has preferred 0.52 0.52 appeals against the decisions in favour of the Company

iii) Other monies for which the Company is contingently 146.67 269.25 liable including bank guarantees.

iv) Letter of credit opened by bank 20.93 361.65

(B) Claims against the Company not acknowledge as debt and being contested before the appropriate authorities.

i) Excise matters 34.11 71.64

ii) Sales tax matters 45.56 35.37

iii) Other matters 82.92 81.14

NOTE-1.4

Excise duty is net of reimbursement on job work production Rs.794.03 lacs (previous year Rs.770.27 lacs). The sale of services includes processing charges for job work Rs.1855.26 lacs (previousyear Rs.2053.82 lacs)

NOTE-1.6

In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans and Advances, will, in the ordinary course of business, not be less than the amount at which they are stated in the Balance Sheet.

NOTE-1.7

Company has carried out production of refractories at its Dalmiapuram Unit on job work basis and the same is being discontinued w.e.f. 01.04.2014.

NOTE-1.8

Previous year figures have been regrouped and/or rearranged wherever necessary to correspond with current period figures.

NOTE-1.9

All amounts including those in contingent liabilities and notes have been expressed in Rupees Lacs rounded off to the nearest thousands. Figures less than Rupees five hundred which are required to be shown separately have been shown at actuals in double bracket. Figures in Metric Tonnes have been rounded off to the nearest Metric Tonne.

NOTE-1.10

As per Accounting Standard (AS)-15 "Employee Benefits", the disclosure of employee benefits as defined in the Accounting standard is given below:

(a) Defined Contribution Plans:-

The Company has recognised an expense of Rs.86.16 lacs (previous year Rs.83.77 lacs) towards the defined contribution plan.

NOTE-1.12

Related Party Disclosures, as required by Accounting Standard -18 is as below:

A. Relationships:

(i) Subsidiary of the Company:-Shri Chamundeswari Minerals Limited till 30.03.2013.

(ii) Promoters of the Company/Relatives of the Promoters:-

Shri J.H. Dalmia, Shri Y.H. Dalmia, J.H. Dalmia (HUF), Y.H. Dalmia (HUF), Shri Gautam Dalmia, Shri Puneet Yadu Dalmia, Gautam Dalmia (HUF), PuneetYadu Dalmia (HUF), Smt. Kavita Dalmia, Smt. Bela Dalmia, Smt. Anupama Dalmia, Smt. Avantika Dalmia, Kumari Shrutipriya Dalmia, Kumari Sukeshi Dalmia, Kumari Vaidehi Dalmia, Kumari Sumana Dalmia, Kumari Avanee Dalmia, Mst. Priyang Dalmia, Shri M.H. Dalmia, Smt. Abha Dalmia, Shri V.H. Dalmia.

(iii) Enterprises controlled by the Promoters of the Company:-

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, OCL India Limited, ZipAhead.Com Private Limited, Alirox Abrasives Limited, Dalmia Bharat Limited (formerly Dalmia Bharat Enterprises Limited), Kanika Investment Limited, Ishita Properties Limited, Dalmia Cement (Bharat) Limited, (Formerly Avnija Properties Limited), D.I. Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Shri Rangam Properties Limited, Arjuna Brokers & Minerals Limited, Dalmia Minerals & Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Dalmia Power Limited, DCB Power Ventures Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Madhusudhana Mines and Properties Limited, Sri Trivikrama Mines & Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, Rajputana Properties Private Limited, Golden Hills Resorts Private Limited, Dalmia Bharat Sugar and Industries Limited (Formerly Dalmia Cement (Bharat) Limited), Himshikharlnvestment Limited, Dalmia Solar Power Limited, Dalmia Sugar Ventures Limited, New Habitat Housing Finance and Development Ltd., Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, Adhunik Cement Ltd., Adhunik MSP Cement (Assam Ltd.), Calcom Cement (India) Ltd., Vinay Cement Ltd, RCL Cements Ltd, SCL Cements Ltd., Khappal Coal Co. Pvt. Ltd., Shri Chamundeswari Minerals Ltd., Shri Yadu Hari Trusteeship Services Pvt. Ltd., YHD Trusheeship Services Pvt. Ltd., Vastalaya Developers Pvt. Ltd., Vinimay Developers Pvt. Ltd., Dalmia Bharat Cements Holdings Ltd., Sri Rangam Securities and Holdings Ltd., Shri Investments, Yadu Hari Dalmia ParivarTrust, Respect Elders & Co., Love Children & Co., Respect Nature & Society, Shri Brahma Creation Trust, Shri Vishnu Preservation Trust, Shubh Home Realtors LLP.


Mar 31, 2013

(I) OVERVIEW

The Company is in the business of refractory manufacturing and selling. It produces High Alumina Refractory Bricks, Castables and Supplying to Core Industries namely Cement, steel and others. The Company is having manufacturing Units at Dalmiapuram (Tamil Nadu), Khambalia and Wankaner (Gujarat) and Katni (Madhya Pradesh) and its corporate office is situated at New Delhi. The Company is listed at Madras Stock Exchange, Calcutta Stock Exchange and Delhi Stock Exchange.

(Rs. In lacs) Particulars As at As at 31 "March, 2013 31 "March, 2012

NOTE-1.1 CONTINGENT LIABILITIES AND COMMITMENTS:

(A) Contingent Liability exists in respect of

i) Income Tax for which the Company has preferred appeals

ii) Income Tax for which the Income Tax Department has preferred 0.52 0.52 appeals against the decisions in favour of the Company

iii) Other monies for which the Company is contingently 269.25 334.67

liable including bank guarantees.

(B) Claims against the Company not acknowledge as debt and being contested before the appropriate authorities.

i) Excise matters 71.64 57.34

ii) Sales tax matters 35.37 61.60

iii) Other matters 81.14 75.52

NOTE-1.2

The Company has taken on lease a refractory unit at Wankaner effective from 01.04.2011 for a period of 3 years at a lease rent of Rs.17.50 lacs per quarter with the right of purchasing the unit within a period 3 years at Rs.450 lacs. The total lease rent charged to the Statement of Profit & Loss for the year is Rs.70.00 lacs. The Company is in the process to discontinue the operations and vacate the premises by 30,h June, 2013.

Not later than one year 17.50 70.00

Later than one year and not later than five years Nil 70.00

Later than five year N.A. N.A.

NOTE-1.3

Excise duty is net of reimbursement on job work production Rs.770.27 lacs (previous year Rs.690.38 lacs). The sale of services includes processing charges for job work Rs.2,053.82 lacs (previous year Rs. 2,280.58 lacs)

NOTE-1.4

The following expenses have been charged to other Accounts - Salaries, Wages and Benefits to Employees

NOTE-1.5

In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current

Assets, Loans and Advances, will, in the ordinary course of business, not be less than the amount at which they are stated in the Balance Sheet.

NOTE-1.6

Company has carried out production of refractories at its Dalmiapuram Unit on job work basis. NOTE-1.7

Previous year figures have been regrouped and/or rearranged wherever necessary to correspond with current period figures.

NOTE-1.7

All amounts including those in contingent liabilities and notes have been expressed in Rupees Lacs rounded off to the nearest thousands. Figures less than Rupees five hundred which are required to beshown separately have been shown at actuals in double bracket. Figures in Metric Tonnes have been rounded off to the nearest Metric Tonne.

NOTE-1.8

As per Accounting Standard (AS)-15 "Employee Benefits", the disclosure of employee benefits as defined in the Accounting standard is given below:

(a) Defined Contribution Plans:-

The Company has recognised an expense of Rs.83.77 lacs (previous year Rs.74.06 lacs) towards the defined contribution plan.

NOTE-1.9

Related Party Disclosures, as required by Accounting Standard -18 is as below:

A. Relationships:

(i) Subsidiary of the Company:- Shri Chamundeswari Minerals Limited till 30.03.2013.

(ii) Key Management Personnel of the Company:-

Shri Deepak Thombre - Managing Director till 31st March, 2013.

(iii) Promoters of the Company/Relatives of the Promoters:-

Shri J.H. Dalmia, Shri Y.H. Dalmia, J.H. Dalmia (HUF), Y.H. Dalmia (HUF), Shri Gautam Dalmia, Shri Puneet Yadu Dalmia, Gautam Dalmia (HUF), Puneet Yadu Dalmia (HUF), Smt. Kavita Dalmia, Smt. Bela Dalmia, Smt. Anupama Dalmia, Smt. Avantika Dalmia, Kumari Shrutipriya Dalmia, Kumar Sukeshi Dalmia, Kumari Vaidehi Dalmia, Kumari Sumana Dalmia, Kumari Avanee Dalmia, Mst. Priyang Dalmia, Shri M.H. Dalmia, Smt. Abha Dalmia, Shri V.H. Dalmia.

(iv) Enterprises controlled by the Promoters of the Company:-

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agra Industries Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, OCL India Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Dalmia Bharat Limited (formerly Dalmia Bharat Enterprises Limited), Kanika Investment Limited, Ishita Properties Limited, Dalmia Cement (Bharat) Limited, (Formerly Avnija Properties Limited), D.I. Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Shri Rangam Properties Limited, Arjuna Brokers & Minerals Limited, Dalmia Minerals & Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Dalmia Power Limited, DCB Power Ventures Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swamihatha Mines & Minerals Limited, Sri Madhusudhana Mines and Properties Limited, Sri Trivikrama Mines & Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Dalmia Cement Ventures Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, Rajputana Properties Private Limited, Golden Hills Resorts Private Limited, Dalmia Bharat Sugar and Industries Limited (Formerly Dalmia Cement (Bharat) Limited), Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Sugar Ventures Limited, New Habitat Housing Finance and Development Ltd., Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, Adhunik Cement Ltd., Adhunik MSP Cement (Assam Ltd.), Calcom Cement (India) Ltd., Vinay Cement Ltd, RCL Cements Ltd, SCL Cements Ltd and Khappal Coal Co. Pvt. Ltd.


Mar 31, 2012

(I) OVERVIEW

The Company is in the business of refractory manufacturing and selling. It produces High Alumina Refractory Bricks, Castables and Supplying to Core Industries namely Cement, steel and others. The Company is having manufacturing Units at Dalmiapuram (Tamil Nadu), Khambalia and Wankaner (Gujarat) and Katni (Madhya Pradesh) and its corporate office is situated at New Delhi. The Company is listed at Madras Stock Exchange, Calcutta Stock Exchange and Delhi Stock Exchange.

a) Terms/rights attached to equity shares. The Company has only one class of equity shares having par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company. The distribution will be in proportion the number of equity shares held by the shareholders.

During the year ended 31st March, 2012 the amount of per share dividend recognize as distribution to equity shareholders was Rs.2.00 (previous year Rs.2.50). The Company declares Dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

b) Aggregate number of shares issued during the period of five years immediately preceding the reporting date.

During the previous year, the Board of Directors have exercised the call option in respect of detachable warrants as attached with 6% NCDs as per the terms of issue and called upon all the existing warrant holders to submit their applications for conversion of the warrants held by them into equity shares of the Company. Warrant holders holding 23,52,084 warrants exercised the options and consequently the company allotted 23,52,084 equity shares of Rs.10 each fully paid up. The funds have been utilized for long term working capital and general corporate purposes as defined in the Letter of Offer.

As per records of the Company, including register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

1) Debentures

i) 6% Non Convertible Debentures to be redeemed at the face value of Rs.10 each at the end of seven years or earlier as decided by the Board from the date of issue i.e. 14.08.2009.

ii) 6% Non Convertible Debentures are Secured by Hypothecation and Pari Passu charge on Company's moveable and fixed assets at its Dalmiapuram Unit.

2) Terms Loans

i) Loans of Rs.680.50 lacs (Previous Year Rs.897.50 lacs) as shown in long term borrowings and current maturities of long term debts in Note-10 are secured by equitable mortgage of Factory Land and Building at Dalmiapuram, Khambalia and Katni Units of the Company. In addition to that secured by first charge over moveable fixed assets and hypothecation of Stocks and other current assets as collateral extension.

Cash credit from banks is secured by hypothecation of stocks of raw materials, semi-finished goods, finished goods, stores, spares, book debts and moveable fixed assets at the company's Dalmiapuram, Khambalia and Katni Units.

The Cash Credit is repayable on demand and carries interest at BPLR-3.75% and varies from 12.5% to 13.5%.

* Disclosure of sundry creditors under current liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since there are no. such parties identified based on the information so far available, the disclosure regarding overdue amounts and interest payable thereon are not given.

@ Goods traded are of different specifications, sizes, weights and are in large numbers. Due to voluminous data, it is not possible to give quantitative details of goods traded.

(*) Including Capacity of leased plants 17800 MT (previous year 17800 MT)

(**) Includes production of 50667 MT (previous year 49414 MT) on job work basis.

(***) Includes 6486 MT (previous year 8186 MT) towards calcinations of clay etc.

(****) Excludes income from lining contract and designing work Rs.295.22 lacs (previous year Rs.114.72 lacs).

(*****) Includes 46 MT (previous year NIL) processed further.

(******)Corresponding figures have been included under the relevant expenditure head and this treatment has no impact on Profit/Loss for the year.

(Figures in brackets pertain to previous year)

(Rs. In lacs)

Particulars As at As at 31st March, 2012 31st March, 2011

NOTE -1.1 CONTINGENT LIABILITIES AND COMMITMENTS:

(A) Contingent Liability exists in respect of

i) Income Tax for which the Company has preferred appeals - 12.90

ii) Income Tax for which the Income Tax 0.52 0.52 Department has preferred appeals against the decisions In favour of the Company

iii) Other monies for which the Company is contingently 334.67 235.13 liable including bank guarantees.

(B) Claims against the Company not acknowledge as debt and being contested before the appropriate authorities.

i) Excise matters 57.34 48.99

ii) Sales tax matters 61.60 35.07

iii) Other matters 75.52 326.06

NOTE-1.2

Excise duty is net of reimbursement on job work production Rs.690.38 lacs (previous year Rs.662.99 lacs). The sale of services includes processing charges for job work Rs.2280.58 lacs (previous year 1963.86 lacs)

NOTE-1.3

In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans and Advances, will, in the ordinary course of business, not be less than the amount at which they are stated in the Balance Sheet.

NOTE-1.4

Company has carried out production of refractories at its Dalmiapuram Unit on job work basis.

NOTE-1.5

Previous year figures have been regrouped and/or rearranged wherever necessary to correspond with current year's classification.

NOTE-1.6

All amounts including those in contingent liabilities and notes have been expressed in Rupees Lacs rounded off to the nearest thousands. Figures less than Rupees five hundred which are required to be shown separately have been shown at actuals in double bracket. Figures in Metric Tonnes have been rounded off to the nearest Metric Tonne.

NOTE-1.7

As per Accounting Standard (AS)-15 "Employee Benefits", the disclosure of employee benefits as defined in the Accounting Standard is given below. .

(a) Defined Contribution Plans:-

The Company has recognised an expense of Rs.74.06 lacs (previous year Rs.68.06 lacs) towards the defined contribution plan.

NOTE-1.8

Related Party Disclosures, as required by Accounting Standard -18 is as below:

A. Relationships:

(i) Subsidiary of the Company Shri Chamundeswari Minerals Limited

(ii) Key Management Personnel of the Company:- Shri Deepak Thombre - Managing Director.

(iii) Promoters of the Company/Relatives of the Promoters:-

Shri J.H. Dalmia, Shri Y.H. Dalmia, J.H. Dalmia (HUF), Y.H. Dalmia (HUF), Shri Gautam Dalmia, Shri Puneet Yadu Dalmia,'Gautam Dalmia (HUF), Puneet Yadu Dalmia (HUF), Smt. Kavita Dalmia, Smt. Bela Dalmia, Smt. Anupama Dalmia, Smt. Avantika Dalmia, Kumari Shrutipriya Dalmia, Kumar Sukeshi Dalmia, Kumari Vaidehi Dalmia, Kumari Sumana Dalmia, Kumari Avanee Dalmia, Mst. Priyang Dalmia, Shri M.H. Dalmia, Smt. Abha Dalmia, Shri V.H. Dalmia.

(iv) Enterprises controlled by the Promoters of the Company:-

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, OCL India Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Dalmia Bharat Enterprises Limited, Kanika Investment Limited, Ishita Properties Limited, Dalmia Cement (Bharat) Limited, (Formerly Avnija Properties Limited), D.l. Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Shri Rangam Properties Limited, Arjuna Brokeers & Minerals Limited, Dalmia Minerals & Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Dalmia Power Limited, DCB Power Ventures Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited,

Sri Swaminatha Mines & Minerals Limited, Sri Madhusudhana Mines and Properties Limited,

Sri Trivikrama Mines & Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, - Dalmia Cement Ventures Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, Rajputana Properties Private Limited, Golden Hills Resorts Private Limited, Dalmia Bharat Sugar and Industries Limited (Formerly Dalmia Cement (Bharat) Limited), Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Sugar Ventures Limited, New Habitat Housing Finance and Development Ltd., Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust and Avanee Trust.


Mar 31, 2011

1. (A) Contingent Liability exists in respect of

i) Income Tax for which the Company has preferred appeals 12.90 10.53

ii) Income Tax for which the Income Tax Department has preferred Appeals against the decisions in favour of the Company 0.52 0.52

iii) Other monies for which the company is contingently liable including Bank guarantees 235.13 27.98

(B) Claims against the company not acknowledge as debt and being contested before the appropriate authorities. i) Excise matters 48.99

ii) Sales tax matters 35.07 76.82

iii) Other matters 326.06 63.59

2. Estimated amount of contracts remaining to be executed on capital 10.39 231.05 account and not provided for (Net of advance of Rs.37.16 lacs -

3. Advances Recoverable in cash or in kind under the head "Loans & Advances" include an amount of Rs.1116.62 Lacs (Previous Year Rs.1,206.69 Lacs) being advance payment of Income-tax, net of provision of Rs.1,075.00 Lacs (Previous Year Rs. 1195.00 Lacs).

4. Disclosure of sundry creditors under current liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since there are no such parties identified based on the information so far available, the disclosure regarding overdue amounts and interest payable thereon are not given.

5. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans and Advances, will, in the ordinary course of business, not be less than the amount at which they are stated in the Balance Sheet.

6. During the year the Board of Directors have exercised the call option in respect of detachable warrants as attached with 6% NCDs as per the terms of issue and called upon all the existing warrant holders to submit their applications for conversion of the warrants held by them into equity shares of the company. Warrant holders holding 23,52,084 warrants exercised the options and consequently the company allotted 23,52,084 equity shares of Rs.10/- each fully paid up. The funds have been utilized for long term working capital and general corporate purposes as defined in the Letter of Offer.

7. Company has carried out production of refractories at its Dalmiapuram Unit on job work basis.

8. Previous year figures have been regrouped and/or rearranged. wherever necessary to correspond with current year's classification.

9. All amounts including those in contingent liabilities and notes have been expressed in Rupees Lacs rounded off to the nearest thousands. Figures less than Rupees five hundred which are required to be shown separately have been shown at actuals in double bracket. Figures in Metric Tonnes have been rounded off to the nearest Metric Tonne.

10. As per Accounting Standard (AS) -15 "Employee Benef its", the disclosure of employee benefits as defined in the Accounting standard is given below:

(a) Defined Contribution Plans:-

The Company has recognised an expense of Rs.68.06 lacs (previous year Rs.66.97 lacs) towards the defined contribution plan. 23. Related Party Disclosures, as required by Accounting Standard -18 is as below: A. Relationships:

(i) Subsidiary of the Company: - Shri Chamundeswari Minerals Limited

(ii) Key Management Personnel of the Company:-

Shri Deepak Thombre - Managing Director, Shri C. Nagaratnam - Whole-Time Director (up to 30.09.2010).

(iii) Promoters of the Company/Relatives of the Promoters:-

Shri J. H. Dalmia, Shri Y. H. Dalmia, J. H. Dalmia (HUF), Y. H. Dalmia (HUF), Shri Gautam Dalmia, Shri Puneet Yadu Dalmia, Gautam Dalmia (HUF), Puneet Yadu Dalmia (HUF), Smt. Kavita Dalmia, Smt. Bela Dalmia, Smt. Anupama Dalmia, Smt. Avantika Dalmia, Kumari Shrutipriya Dalmia, Kumari Sukeshi Dalmia, Kumari Vaidehi Dalmia, Kumari Sumana Dalmia, Kumari Avanee Dalmia, Mst. Priyang Dalmia, .Shri M.H. Dalmia, Smt. Abha Dalmia,.

(iv) Enterprises controlled by the Promoters of the Company :-

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, OCL India Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Dalmia Bharat Enterprises Limited, Kanika Investment Limited, Ishita Properties Limited, Dalmia Cement (Bharat) Limited (Formerly Avnija Properties Limited), D.I. Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Shri Rangam Properties Limited, Arjuna Brokers & Minerals Limited, Dalmia Minerals & Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Dalmia Power Limited, DCB Power Ventures Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Madhusudhana Mines and Properties Limited, Sri Trivikrama Mines & Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Dalmia Cement Ventures Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, Rajputana Properties Private Limited, Golden Hills Resorts Private Limited, Dalmia Bharat Sugar and Industries Limited (Formerly Dalmia Cement (Bharat) Limited), Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Sugar Ventures Limited, New Habitat Housing Finance and Development Ltd., Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust and Avanee Trust.

 
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