Mar 31, 2014
1 Share Capital
Terms/Rights attached to issued Equity Shares
The Company has only one class of Equity Shares having at Par value of
Rs. 10/- per Share. Each holder of Equity Shares is entitles to one
vote per Share.
In the event of Liquidation, the holders of Equity Shares will be
entitled to receive remaining assets of the Company, after distribution
of all Preferential amounts. The distribution will be in proportion to
the number of Equity Shares held by the Shareholders.
As per records of the Company, including its register of
Shareholders/Members and other declaration received from Shareholders
regarding beneficial interest, the above shareholding represents both
legal and beneficial ownership of Shares.
2 Long Term Borrowings
Term Loan from Punjab National Bank are taken during the Financial Year
2010-2011 and carries Interest 15.75% to 16.25% PA. The loan is
repayable in 72 Monthly installments Along with interest from the date
of loan.
Term Loan from Punjab National Bank secured by first charge on all
Plant and Machinery, Wind Mill and movable and immovable fixed assets
both present and future save and except asset acquired under Hire
Purchase agreement.
Hire Purchase Loan secured against hypothecation of Motor Cars acquired
under Hire Purchase Agreement.
3 In the opinion of the Board of Directors Current Assets, Loans and
Advances are approximately of the same value if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate and not in excess of the amount reasonably necessary.
4 Contingent Liabilities
(a) Gujarat Commercial Tax Department have raised a demand aggregating
Rs. 66.33 Lacs (Rs. 44.79 Lacs) for the financial year 2002-2003,
2006-2007 and 2009-2010 which has been disputed by the Company.
(b) Central Excise Authorities have raised demand aggregating Rs. 33.53
Lacs (Rs. 33.53 Lacs) for the financial year 1998-1999 and 1999-2000
which has been disputed by the Company. However company has paid under
protest Rs. 36.24 Lacs (Rs. Nil) and shown as an asset under the head
of "Short Term Loans and Advances".
5 Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006
Based on the information available with the company there are no
suppliers who are registered under the Micro, Small and Medium
Enterprises Development Act, 2006 as at March 31, 2013. Hence the
disclosure relating to amounts unpaid as at the year end together
interest paid/payable under this act have not been given.
6 Gratuity and other post-employment benefit plan
The Company has various schemes for Long-term benefits such as
Provident Fund, Pension Fund, Gratuity and Leave Encashment. In case of
funded schemes, the funds are recognized by the Tax authorities and
administered through separate trust. The company''s defined contribution
plans are Provident Fund and Pension Scheme since the company has no
further obligation beyond making the contributions. The company''s
defined benefit plans include Gratuity and Leave Encashment.
The company operates defined benefit plan, viz., gratuity, for its
employees. Under the gratuity plan, every employee who has completed at
least five years of service gets a gratuity on departure @ 15 days of
last drawn salary for each completed year of service. As actuarial
valuation using the projected unit method is not received yet for the
year end, the company has made provision for gratuity based on the
premium demanded by LIC of India, which accordingly to the company is
more or less adequate. Adjustments, if any will be made on receipt of
the valuation report.
7 Segment information
Based on the guiding principle given in Accounting Standard - 17 on
Segment Reporting (issued by the Institute of Chartered Accountants of
India) the Company''s Primary Business is manufacturing of SS/MS Bars,
MS Section, ERW Pipers and other Iron & Steel Items, which have similar
risks and returns. Accordingly there are no separate reportable
segments as primary segment is concerned.
8 Disclosure in respect of Related Parties Pursuant to AS - 18
(a) Details of Key Management Personnel
Bhaveshbhai Gopalbhai Patel
Prabhubhai Laxmanbhai Patel
Darshan Dashrathbhai Patel
Ghanshyam Narottambhai Patel
Ashlesha Kunal Shah
Details of Relatives of Key Management Personnel
Baldev Patel Kundan Patel
Govind Patel Jainal Patel
Hitesh Patel Gopalbhai Patel
Harsha Patel Surajben Patel
Harshad Patel Hireni Patel
Vijay Patel Kunal Shah
Details of Enterprises owned or significantly influenced by key
management personnel
Harigopal Steels and & Metals Private Limited
Gopal Steel Suppliers
Parul Steel Industries
Zalawad Steel Corporation
9 There are no amounts due to be credited to Investor Education and
Protection Fund.
10 Earning in Foreign Exchange at F.O.B. Value: Rs. Nil (Rs. Nil).
11 Expenses in Foreign Currency at CIF Value: Rs. Nil (Rs. Nil).
12 Value of Imports on CIF basis accounted for during the year: Rs.
Nil (Rs. Nil).
13 Balances of Sundry Creditors, Sundry Debtors, Advances, Deposits,
Secured and Unsecured Loans are as per the book and subject to
confirmation and reconciliation from respective parties.
Mar 31, 2012
(1) Balances of Sundry Creditors, Sundry Debtors, Advances, Deposits,
Secured and Unsecured Loans are as per the book and subject to
confirmation and reconciliation from respective parties.
(2) In the opinion of the Board of Directors Current Assets, Loans and
Advances are approximately of the same value if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate and not in excess of the amount reasonably necessary.
(3) Contingent Liabilities
(a) Estimated amount of contracts yet to be executed on capital account
and not provided for Rs. 20.00 Lacs (Rs. 639.63 Lacs) and against this
liability an advance of Rs. 17.48 Lacs (Rs. 168.71).
(b) Gujarat Commercial Tax Department have raised a demand aggregating
Rs. 32.75 Lacs (Rs. 29.11 Lacs) for the financial year 2002-2003 and
2006-2007 which has been disputed by the Company, as it is of the
opinion that the same shall be quashed in the appeal preferred by the
company. Hence no provision for this disputed Sales Tax demand has
been made.
(c) Central Excise Authorities have raised demand aggregating Rs. 33.53
Lacs (Rs. 33.53 Lacs) for the financial year 1998-1999 and 1999-2000
which has been disputed by the Company, as it is of the opinion that
the same shall be quashed in the appeal preferred by the company.
However company has paid under protest Rs. 36.24 Lacs (Rs. Nil) and
shown as an asset under the head of "Short Term Loans and
Advances".
(4) There are no amounts due to-be credited to Investor Education and
Protection, Fund
The above loan amount brought in by the promoters by way of Unsecured
Loans in pursuance of stipulations of the Bank for the finance and it
is exempted under Section 58A of the Companies Act, 1956.
(5) The disclosures as required as per the Accounting Standard - 15
are as under:
(a) Brief Description of Plans
The Company has various schemes for Long-term benefits such as
Provident Fund, Pension Fund, Gratuity and Leave Encashment. In case of
funded schemes, the funds are recognized by the Tax authorities and
administered through separate trust. The company''s defined
contribution plans are Provident Fund and Pension Scheme since the
company has no further obligation beyond making the contributions. The
company''s defined benefit plans include Gratuity and Leave
Encashment.
(6) Earning in Foreign Exchange at F.O.B. Value: Rs. Nil (Rs. Nil).
(7) Expenses in Foreign Currency at CIF Value: Rs. Nil (Rs. Nil).
(8) Value of Imports on CIF basis accounted for during the year: Rs.
Nil (Rs. Nil).
Mar 31, 2010
1, Contingent Liabilities
(a) Estimated amount of contracts yet to be executed on capital account
and not provided for Rs. 100.00 Lacs (Rs. 30.00 Lacs) and against this
liability an advance of Rs. Nil (Rs Nil).
(b) Income Tax Authorities have raised demand aggregating Rs. 242.18
Lacs (Rs. Nil) for the assessment years 1996-1997 and 1997-1998 which
has been disputed by the Company, as it is of the opinion that the same
shall be quashed in the appeal preferred by the company. Hence no
provision for this disputed Income Tax demand has been made.
(c) Sales Tax Authorities have raised demand aggregating Rs. 29.11 Lacs
(Rs. Nil) for the financial year 2002-2003 which has been disputed by
the Company, as it is of the opinion that the same shall be quashed in
the appeal preferred by the company. Hence no provision for this
disputed Sales Tax demand has been made.
2 Figures have been rounded off to the nearest a rupee. Figure in the
bracket are that of the previous year.
3. The previous figures have been regrouped / rearranged so as to make
them comparable with the current Year.
4. Balances of Sundry Creditors, Sundry Debtors, Advances. Deposits,
Secured and Unsecured Loans are as per the book and subject to
confirmation and reconciliation from respective parties.
5. In the opinion of the Board of Directors Current Assets, Loans and
Advances are approximately of the same value if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate and not in excess of the amount reasonably necessary.
Note
The information as required to be disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006 has been determined to the
extent of such vendors / parties identified from the available
information.
6. The disclosures as required as per the revised Accounting Standard
- 15 are as under:
(A) Brief Description of Plans
The Company has various schemes for Long-term benefits such as
Provident Fund, Pension Fund, Gratuity and Leave Encashment. In case of
funded schemes, the funds are recognized by the Tax authorities and
administered througn separate trust. The companys defined contribution
plans are Provident Fund and Pension Scheme since the company has no
further obligation beyond making the contributions. The companys
defined benefit plans include Gratuity.and Leave Encashment.
Note
There is no other change in the accounting estimates due to
applicability of Accounting Standard - 15 (Revised) as the parameters
considered in the financial year 200C-2010 are same as those considered
in year 2008-2009.
7. Disclosure in respect of Related Parties Pursuant to AS - 18
(A) Details of Key Management Personnel
Name ofKevirfaiiagementPersonnel
Bhaveshbhai Gopalbhai Patel
Prabhubhai Laxmanbhai Patel
Darshan Dashrathbhai Patel
Ghanshyam Narottambhai Patel
Ashlesha Kunal Shah
8. Earning in Foreign Exchange at F.O.B. Value: Rs. Nil (Rs. Nil).
9. Expenses in Foreign Currency at CIF Value: Rs. Nil (Rs. Nil).
10. Value of Imports on CIF basis accounted for during the year:
Rs, Nil )