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Good Luck Steel Tubes Ltd. Notes to Accounts, Good Luck Steel Tubes Ltd. Company
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Union Budget 2017-18
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Notes to Accounts of Good Luck Steel Tubes Ltd.

Mar 31, 2015

COMPANY OVERVIEW

Good Luck Steel Tubes Limited is engaged in the manufacturing of Black & G.I. Pipe, C.R. Sheet / Coil, G.PG.C. Sheet / Coil, C.R.C.A. Sheet / Coil, Structures, Poles, Stainless / Mild / Alloy steel forgings & flanges, Bright Bars, ERW Tube & CDW Tubes, etc.

1. DEPRICIATION

(i) Consequent to the enactment of the Companies Act 2013 (the Act) and its applicability for accounting period commencing after 1st April, 2014, the Company has reviewed and revised the estimated useful lives of its fxed assets in accordance with the provisions of the schedule II of the Act. Therefore, the depreciation charged for the year ended 31st March, 2015 is higher by Rs.180.47 Lacs.

(ii) In respect of assets of which useful life has expired before 1st April, 2014 depreciation of Rs. 34.20 lakh has been set off out of brought forward General Reserve of the company in persuance to the amendment in Schedule II of the Companies Act, 2013.

2. FINANCIAL AND DERIVATIVE INSTRUMENTS

The Company has entered into the following derivative instruments. All the swaps and forward contracts are accounted for as per accounting policies stated in Note "J" annexed to the balance sheet and statement of proft and loss.

(1) The Company uses foreign currency forward contracts to hedge its risk associated with foreign currency fuctuations. The use of foreign currency forward contracts is governed by the company's strategy approved by the board of director which provide principles on the use of such forward contracts consistant with the company's risk management policy. The company does not use forward contract for speculative purposes.

Particulars of outstanding Short term forward exchange contracts entered into by the company on account of receivables including forecast receivables :

(2) The Company also uses derivative currency interest rate swap contracts other than forward contract on its capital account. Such transactions are governed by the company's strategy approved by the board of directors which provide principles on the use of these instruments consistant with the company's risk management policy. The company does not use these contracts for speculative purposes.

3. SEGMENT INFORMATION

A. Business Segments

The Company has identifed two segments viz. Pipe/Sheets/Structure/Auto Tubes & Engineering goods . Segments have been identifed and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting system. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company.

Notes on Consolidated Financial Statement for the year ended 31st March, 2015

The segments are further described below:

i) The Pipe/ Auto Tubes /Sheet/Structure segment includes Black & G.I.Pipe, C.R.Sheet/Coil, G.P.G.C.Sheet/Coil, C.R.C.A. Sheet/Coil, Structures, Poles and their scrap and by-products.

ii) The Engineering Goods segment includes stainless/mild/alloy steel forgings, bright bars, flanges and their scrap.

4. THE PREVIOUS YEAR FIGURES HAVE BEEN REGROUPED / RECLASSIFIED / REARRANGED, WHEREVER NECESSARY TO CONFIRM TO THE CURRENT YEAR PRESENTATION.


Mar 31, 2014

COMPANY OVERVIEW

Good Luck Steel Tubes Limited is engaged in the manufacturing of Black & G.I. Pipe, C.R Sheet / Coil, G.P.G.C. Sheet / Coil, C.R.CA. Sheet / Coil, Structures, Poles, Stainless / Mild / Alloy steel forgings & flanges, Bright Bars, ERW Tube & CDW Tubes, etc.

1. CONTINGENT LIABILITIES AND COMMITMENTS

Rs. in Lacs Rs. in Lacs DESCRIPTION As on As on 31.03.2014 31.03.2013

Contingent Liabilities

1. Outstanding bank guarantees issued by the banks Counter guaranteed by the Company 668.19 1,404.03

2. Disputed demand under Central Excise 119.63 -

Commitments

i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for 6,274.00 98.75

2. SEGMENT INFORMATION

A. Business Segments

The Company has identified two segments viz. Pipe/Sheets/Structure/Auto Tubes & Engineering goods. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting system. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company.

The segments are further described below:

i) The Pipe/Auto Tubes/Sheet/Structure segment includes Black & G.I.Pipe, C.R.Sheet/Coil, G.P.G.C.Sheet/Coil, C.R.C.A. Sheet/Coil, Structures, Poles and their scrap and by-products.

ii) The Engineering Goods segment includes stainless/mild/alloy steel forgings, bright bars, flanges and their scrap.


Mar 31, 2013

COMPANY OVERVIEW

Good Luck Steel Tubes Limited is engaged in the manufacturing of Black & G.I. Pipe, C.R. Sheet / Coil, G.P.G.C. Sheet / Coil, C.R.C.A. Sheet / Coil, Structures, Poles, Stainless / Mild / Alloy steel forgings & flanges, Bright Bars, ERW Tube & CDW Tubes, etc.

1. Contingent Liabilities and Commitments

Description As on As on 31.03.2013 31.03.2012 Contingent Liabilities

Outstanding bank guarantees issued by the banks

Counter Guaranteed by the Company 1,404.03 1,193.53

Commitments

Estimated amount of contracts remaining to be executed on Capital Account and not provided for 98.75 360.41

2. Segment Information

A. Business Segments

The Company has identified three segments viz. Pipe/Sheets/Structure, Engineering goods & Auto Tubes. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting system. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company

The segments are further described below:

(i) The pipe/Sheet/Structure segment includes Black & G.I. Pipe, C.R. Sheet/Coil, G.P.G.C. Sheet/Coil, C.R.C.A. Sheet/Coil, Structures,

Poles and their scrap and by-products.

(ii) The Engineering Goods segment includes stainless/mild/alloy steel forgings, bright bars, flanges and their scrap.

(iii) The Auto Tube segment includes ERW Tube, CDW Tube and their scrap.


Mar 31, 2012

COMPANY OVERVIEW

Good Luck Steel Tubes Limited is engaged in the manufacturing of Black & G.I. Pipe, C.R. Sheet / Coil, G.P.G.C. Sheet / Coil, C.R.C.A. Sheet / Coil, Structures, Poles, Stainless / Mild / Alloy steel forgings & flanges, ERW Tube & CDW Tube.

The Company has only one class of shares referred to as equity shares having a par value of Rs. 2/-. 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 in the ensuing Annual General Meeting.

Term loan are secured by way of first charge on fixed assets of the Company located at A-45, A-42 & A-51 Industrial Area, Sikandrabad, Distt. Bulandshahr and Plot No. 2839 Dhoom Manikpur, Dadri. Term loan are further secured by way of second charge on entire current assets of the Company , both present & future and personal guarantee of the directors of the Company.

Working capital limits are secured by first charge on entire current assets of the Company including stocks of raw-materials, work-in-progress, stock lying in godown and ports, finished goods and book debts both present & future. Working capital limits are further secured by way of second charge on entire fixed assets of the Company , equitable mortgage of two immovable properties belonging to the directors of the Company and their relatives, situated at Plot No. II -F - 166 & II - F-167 , Nehru Nagar , Ambedkar Road , Ghaziabad and personal guarantee of the directors of the Company.

Cash and bank balances as on 31st March 2012 and 31st March 2011 include restricted cash and bank balances of Rs. 382.22 Lacs and Rs. 761.45 Lacs respectively. The restrictions are primarily on account of bank balances held as margin money deposits against guarantees and unclaimed dividends.

The deposits maintained by the Company with banks comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal.

DESCRIPTION Rs in Lacs Rs in Lacs As on As on

31.03.2012 31.03.2011

1. CONTINGENT LIABILITIES AND COMMITMENTS Contingent Liabilities :

Outstanding bank guarantees issued by the banks Counter guaranteed by the Company 1193.53 656.33

Commitments :

i) Estimated amount of contracts remaining to be executed

on Capital Account and not provided for 360.41 -

ii) The Income Tax assessments of the Company have been completed upto Assessment Year 2009-10. The disputed demand outstanding upto the said Assessment Year is Rs. 25.34 Lacs (Previous Year Rs. 18.58 Lacs). Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

2. SEGMENT INFORMATION A. Business Segments

The Company has identified three segments viz. Pipe/Sheets/Structure, Engineering goods & Auto Tubes. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting system. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company.

The segments are further described below:

i) The Pipe/Sheet/Structure segment includes Black & G.I.Pipe, C.R.Sheet/Coil, G.P.G.C.Sheet/Coil, C.R.C.A. Sheet/Coil, Structures, Poles and their scrap and by-products.

ii) The Engineering Goods segment includes stainless/mild/alloy steel forgings, flanges and their scrap.

iii) The Auto Tube segment includes ERW Tube, CDW Tube and their scrap.


Mar 31, 2009

1. Contingent Liabilities not provided for in respect of : (As Certified by Management)

Current Year Previous Year Rs.in Lacs Rs. In Lacs

i) Outstanding guarantees issued by the banks 1223.39 938.98 Counter guaranteed by the company

ii) Bills Discounted 484.57 726.30

iii) Income Tax demand related to A.Y. 2004 - 0537.75 37.75

iv)Estimated amount of contracts remaining to NIL NIL be executed on Capital Account and not provided for (net of advance)

2. Some of the debit and credit balance in personal accounts are subject to confirmation of the respective parties.

3. In the opinion of the Board, all the Current Assets, Loans & Advances have a value on realization which in the ordinary course of business shall at least be equal to the amount at which it is stated in the Balance Sheet. The provision for all known liabilities is adequate and is not in excess/short of the amount considered reasonably necessary.

4. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March, 2009 as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is nil.

5. As per Accounting Standard (AS-18), the disclosures of transactions with related parties as defined in the Accounting Standard are given below :-

(1) List of related parties where control exists and related parties with whom transactions have taken place and relationships :

i) Holding Company NIL

ii) Subsidiary Company NIL

iii) Fellow Subsidiary NIL

iv) Key Management Personnel

Shri M. C. Garg (Chairman)

Shri R. C. Garg (Director)

Shri A. K. Garg (Director)

Smt. Pushpa Garg (Director)

Smt. Kanak Lata (Director)

Shri Anurag Agarwal (Independent Director)

Shri Vijendra Kumar Tyagi (Independent Director) Shri Rahul Goel (Independent Director)

v) Relatives of Key Management Personnel

Shri Ram Agarwal (Son of Director) Shri Shyam Agarwal (Son of Director) Shri Manish Garg (Son of Director) Shri Rajeev Garg (Son of Director) Shri Nitin Garg (Son of Director) Shri Ashish Garg (Son of Director) Shri Umesh Garg (Son of Director)

G) Other additional information required to be furnished under Sub Clause of paragraph 3, 4, 4A, 4C and 4D of part II of Schedule VI to the Companies Act, 1956 is either Nil or Not Applicable.

6. Previous years figure have been re-grouped, re-classified and rearranged, whenever considered necessary to conform to current years groupings and classifications.

 
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