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Notes to Accounts of Gopal Iron & Steels Co (Gujarat) Ltd.

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 )

 
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