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Notes to Accounts of Ess Dee Aluminium Ltd.

Mar 31, 2015

1. Contingent Liabilities

Rs. in Lacs

Particulars 31st March 15 31st March 14

Contingent Liability

a) Claims against the Company not acknowledged as debt 1,403.21 1,347.95

b) Guarantees

- given for bank loans taken by its subsidiaries 2,700.00 4,502.99

- Others 270.00 275.45

Commitments

Capital Commitment 7,659.00 8,946.00

Total 12,032.21 15,072.39

Under the provisions of section 132 of Income Tax Act, 1961, Income Tax Authorities had carried out search and seizure proceedings at the premised of the company on 28th March, 2014 when they sought certain clarifications and documents in regard to the tax liability, if any, of the company. All relevant material was produced and provided to the IT officials. There is no undisclosed income tax evasion, levy of penalty for any previous years or current year and there will not be revision in income booked in the earlier accounting years. The matter shall be resolved as per provision of the Income tax law.

2. Suppliers/service providers covered under Micro, Small and Medium Enterprises (MSME) Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company. The disclosure relating to Micro and Small Enterprises as at 31st March 2015 are as under.

3. Segment Information ( Accounting Standard – 17)

The Company''s entire activity is of advanced packaging solutions. As such there is only one segment viz; advanced packaging solutions, accordingly, no disclosure is required to be made under AS 17, segment reporting.

4. Leases (Accounting Standard – 19)

Operating Lease

The Company has leased facilities under non-cancelable operating leases. The future lease payments in respect of these leases as at 31st March 2015 and 31st March 2014 are Minimum Lease payments.

Ess Dee Aluminium Pvt Ltd the wholly owned subsidiary has been established to support and facilitate the foreign business of the group with the added objective of reducing the cost of financing at a consolidation level. Though the subsidiary has not been able to commence these operations, the Company is in the process of strengthening infrastructure for this purpose. Hence the management is confident of the success of these operations from the next financial year.

5. Previous year figures have been accordingly re-grouped and reclassified


Mar 31, 2014

1. Contingent Liabilities

Particulars 31st March, 2014 31st March, 2013 Rs. In Lacs Rs. In Lacs

Contingent Liability a) Claims against the Company not acknowledge as debt 1947.95 837.28

b) Guarantees - * given for bank loans taken by its subsidiaries 4502.99 3,184.35 * Others 275.45 180.47

Total 6726.39 4,202.10

The Company was subject to search u/s 132 of The Income Tax Act, 1961 in the month of March 2014. The Tax Department is in the process of assessing the impact of the said search and has not raised any demand on the company till date.

2. Segment Information ( Accounting Standard - 17)

The Company''s entire activity is of advanced packaging solutions. As such there is only one segment viz; advanced packaging solutions, accordingly, no disclosure is required to be made under AS 17, segment reporting.

3. Leases (Accounting Standard - 19)

Operating Lease

The Company has leased facilities under non cancelable operating leases. The future lease payments in respect of these leases as at 31st March 2014 and 31st March 2013 are Minimum Lease payments 28.14 Previous year figures have been accordingly re-grouped and reclassified.


Mar 31, 2013

1.01 Segment Information (Accounting Standard D17)

The Company''s entire activity is of advanced packaging solutions. As such there is only one segment viz; advanced packaging solutions, accordingly, no disclosure is required to be made underAS 17, segment reporting.

1.02 Previous year figures have been accordingly re-grouped and reclassified


Mar 31, 2012

1. Balance with scheduled banks include Rs. 818.61 Lacs (PY Rs. 860.19 Lacs ) representing margin money for letter of credit and bank guarantees issued.

2. Section 205 of the companies Act 1956 mandates that companies transfer dividend that has been unclaimed for period of seven years from unpaid dividend account to the Investor Education and Protection Fund (IEPF), Accordingly if dividend is unclaimed for a period of seven years, it will be transferred to IEPF.

3.01 Contingent Liabilities

Particulars 31st March 12 31st March 11 Rs.in Lacs Rs.in Lacs

Contingent Liability

a) Claims against the Company not acknowledged as debt - -

b) Guarantees given for bank loans taken by its subsidiary Flex Art Foil Private Limited. 2,640.00 2,640.00

c) Other money for which the Company is contingent liable 456.49 430.23

Total 3,096.49 3,070.23

3.02 Suppliers/service providers covered under Micro, Small and Medium Enterprises (MSME) Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company. The Disclosure relating to Micro and Small Enterprises as at 31st March 2012 are as under.

3.03 Segment Information ( Accounting Standard 17)

The Company's entire activity is of advanced packaging solutions. As such there is only one segment viz; advanced packaging solutions, accordingly, no disclosure is required to be made under AS 17, segment reporting.

3.04 As per the requirements of Revised Schedule VI, the Company has re-classified its assets and liabilities into current and non-current based on the normal operating cycle, determined by the management. Previous year figures have been accordingly re-grouped and reclassified.


Mar 31, 2011

1 Merger of erstwhile India Foils Limited (IFL)

The Hon'ble Board for Industrial and Financial Reconstruction (BIFR) vide its order September 30, 2010 has sanctioned the Modified Rehabilitation cum Merger Scheme (Scheme) for the revival of erstwhile India Foils Limited (IFL), a subsidiary of Ess Dee Aluminium Limited (EDAL). According to the Scheme, IFL with effect from April 1, 2008 stands merged into EDAL without any further act, instrument or deed and without registration of any document. In accordance with the exchange ratio approved in the Scheme of Merger the Company has on October 30, 2010 issued & allotted 25,59,046 fully paid equity shares of Rs. 10/- each to the eligible share holders of erstwhile IFL.

2 Placement of Shares through QIP

During the current year, the Company made a Qualified Institutional Placement, in accordance with Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, of 16,64,000 equity shares of Rs. 10/- each at a premium of Rs. 507.03 per share to Qualified Institutional Buyers on 7th July, 2010.

3 Contingent Liabilities

a) The Company has given guarantee to the electricity supply undertakings aggregating to Rs. 87.69 Lacs (PY 13.80 Lacs) which is secured by fixed deposit under lien to the bankto the extent of Rs 7.95 Lacs. (PY 3.45 Lacs)

b) The Company is under obligation under the EPCG and Advance License scheme to export Aluminium Foil and PVC film. The contingent liability under the guarantee amounted to Rs 133.07 Lacs (PY 179.17 Lacs), which is secured by fixed deposit under lien to the bankto the extent of Rs 116.97 Lacs. (PY 163.07 Lacs).

c) Guarantees given for a bank loan taken for its subsidiary Flex Art Foil Private Limited to the extent of Rs 2,640.00 Lacs (PY 3,058.60 Lacs)

d) Demand from Kolkata Port Trust in respect of increased lease rental amounting to Rs 186.18 Lacs (PY Rs. 186.18 Lacs) against the Company not acknowledged as debt. The matter is subjudice and is pending before the Appellate Authority for Industrial and Financial Reconstruction. The Estate Officer appointed under the Public Premises (Eviction of Unauthorized Occupants) Act, 1971 has served an order dated 10/12/2009 for eviction and auction of the Company's assets situated at Taratalla. The Company has filed an appeal before the District Judge Alipore Court, Kolkata challenging this order and is confident that the order of the Estate Officer will be overturned.

e) The Company has issued a bank guarantee to the customs authorities Kolkata Airport for a value of Rs. 23.29 Lacs (PY 23.29 Lacs) which is fully secured by a fixed deposit under lien to the bank.

4. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

5 Segment Reporting (Accounting Standard -17)

The Company's entire activity is of advanced packaging solutions. As such there is only one segment viz; advanced packaging solutions, accordingly, no disclosure is required to be made under AS 17, segment reporting.

Additional information pursuant to paragraphs 3,4C and, 4D of part II of Schedule VI to the Companies Act, 1956.

6 Information regarding capacity, stocks, production and sale (as certified by Management)

i) Licensed Capacity: Not applicable

ii) Installed Capacity: Foil 37,000 Mtsp.a

PVC 4,200 Mtsp.a

(As certified by the management and being a technical matter accepted by the auditors)

7. Previous year's figures have been regrouped / reclassified wherever necessary.

 
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