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Notes to Accounts of Gujarat Metallic Coal & Coke Ltd.

Mar 31, 2015

1. Term Loan from Lakshmi Vilas Bank Ltd. is secured by

* Exclusive charge on hypothecation on stocks, book-debts & other current assets of the Company, both present and future.

* Mortgage of residential property situated at Kolkata owned by Mrs.Sharda Bajoria, a relative of Mr. Dinesh Chandra Bajoria, Chairman & Managing Director of the Company.

* Personal guarantee of Mr.Dinesh Chandra Bajoria, Chairman & Managing Director of the Company.

* Personal guarantee of Mrs.Sharda Bajoria, a relative of Mr.Dinesh Chandra Bajoria, Chairman & Managing Director of the Company.

2. RELATED PARTY DISCLOSURES

As per Accounting Standard (AS-18) issued by the Institute of Chartered Accountants of India (ICAI), are given below: 25.1 : List of Related parties where control exists and related parties with whom transactions have taken place

Name of Related party Relationship

Happy Mining Pty Ltd. Subsidiary

Avondale Resources Pty Ltd. Ceased to be Sub-subsidiary during the period

Mr. Dinesh Chandra Bajoria - Chairman & Managing Diretor Key management personnel



Mrs. Sharda Bajoria Relative of key management personnel

Mrs.Kanta Bajoria Relative of key management personnel

Aparna Polyflex Pvt Ltd. Enterprises in which key management personnel has significant influence

Ruchika Tradelink Pvt Ltd. Enterprises in which key management personnel has significant influence

Arvind Industries Enterprises in which key management personnel has significant influence

3 : CONTINGENT LIABILITIES AND COMMITMENTS

Disputed dues involved in two income tax demands under appeal - Rs.2.70 lacs (Previous year - Rs.2.70 lacs). The management is of view that the outcome of the appeal would be favourable to the company, hence no provision has been made against these income tax demands.

4 : Since the Company has few employees, the accrued liability for employees' retirement benefits viz. gratuity

and leave encashment at the end of the financial period has been determined by the company on a rational basis. Accrued provision has been provided in the books of accounts.

5 : During the period, the Overdue Bill Discounting & Letter of Credit facilities availed from Lakshmi Vilas Bank has been restructured into Term Loan facility of Rs. 15 Crores, involving a waiver of interest aggregating to Rs. 66.26 Lacs for the period from 1st April, 2014 to 30th September, 2014.

6 : During the period, the Company has revised depreciation rate on certain fixed assets as per the useful life specified in the Companies Act, 2013 or as re-assessed by the Company. Based on current estimates, Depreciation of Rs. 0.51 Lacs on account of assets whose useful life has already been exhausted as on 1st October, 2014 has been adjusted to Reserves. Had there not been any change in the useful life of assets, depreciation for the year ended March, 2015 would have been lower by Rs. 0.03 Lacs.

7 : Sales include 46,433 MT of Coal physically found in stock on its verification carried out by the management during the period.

8 : The indicators of impairment listed in paragraph 8 to 10 of Accounting Standard (AS-28) "Impairment of Assets" issued by the ICAI have been examined by the management and on such examination it has been found that none of the indicators are present in case of the company's assets.A formal estimate of the recoverable amount has not been made, as there is no indication of a potential impairment loss.

9 : In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

10 : There are no amounts due and outstanding to be credited to Investors Education and Protection Fund as at 31st March, 2015.

11 : The Company is primarily engaged in the business of trading in coal and coke within India. Hence there is no reportable segment as envisaged in Accounting Standard (AS-27) issued by the Institute of Chartered Accountants of India.

12 : The current financial year of the Company comprises of six months period from 1st October, 2014 to 31st March, 2015, in order to comply with the provisions of Section 2(41) of the Companies Act, 2013. In view of this the figures for the current financial period are as such not comparable with the figures for previous financial year.

13 : Previous year's figures have been regrouped / reclassified wherever found necessary.


Sep 30, 2014

In accordance with General Circular No.08/2014 dated 04.04.2014 No.1/19/2013-CL-V issued by the Ministry of Corporate Affairs the financial statements (and documents required to be attached thereto), Auditor’s Report and Board’s Report in respect of financial year that commence earlier than 1st April, 2014 shall be governed by the relevant provisions/schedules/rules of the Companies Act,1956 and that in respect of financial year commencing on or after 1st April,2014 the provisions of the new Act shall apply.

NOTE - 1 : RALATED PARTY DISCLOSURES

As per Accounting Standard (AS-18) issued by the Institute of Chartered Accountants of India are given below :

NOTE - 1.1 : List of Related parties where contol exists and Related parties with whome transactions have taken place and relationship :

Name of Related party Relationship

Happy Mining Pty Ltd. Subsidiary

Avondale Resources Pty Ltd. Sub-Subsidiary

Mr. Dinesh Chandra Bajoria

Key management personnel - Chairman & Mg. Director

Mrs.Kanta Bajoria Relative of key management personnel

Aparna Polyflex Pvt Ltd. Enterprises in which key management personnel has significant influence

Ruchika Tradelink Pvt Ltd. Enterprises in which key management personnel has significant influence

Arvind Industries Enterprises in which key management personnel has significant influence

NOTE - 2 : CONTINGENT LIABILITIES AND COMMITMENTS

Disputed dues involved in two income tax demands under appeal -Rs.270 thousand (Previous year -Rs..270 thousand). The management is of view that the outcome of the appeal would be favourable to the company, hence no provision has been made against these income tax demands.

NOTE - 2.1 : Earning in Foreign Currency

Profit arising on reduction of Investment in

subsidiary - 70,408

NOTE - 2.2 : Expenditure in Foreign Currency

Travelling Exp. - 160

NOTE - 3 : Since the Company has only two employees, the accrued liability for employees’ retirement benefits viz. gratuity and leave encashment at the end of the financial year has been determined by the Company on a rational basis. the estimated provision has been confirmed by the actuary.

NOTE - 4 : "Short Term Borrowings" includes Overdue Bill Discounting & Letter of Credit facilities amounting to 17.16 Crores availed from Lakshmi Villas Bank Ltd. that could not be paid by the Company on due dates and outstanding as on Balance Sheet date.

However, the Bank has agreed to restructure the said overdue Credit facilities into Term Loan facility to the extent of Rs. 15 Crores, repayable in 22 quarterly installment, commencing from December, 2014 with applicable interest rate of 12% p.a.

NOTE - 5 : The indicators of impairment listed in paragraph 8 to 10 of Accounting Standard (AS-28) "Impairment of Assets" issued by the ICAI have been examined by the management and on such examination it has been found that none of the indicators are present in case of the company''s assets.A formal estimate of the recoverable amount has not been made, as there is no indication of a potential impairment loss.

NOTE - 6 : In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of current assets,loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

NOTE - 7 : There are no amounts due and outstanding to be credited to Investors Education and Protection Fund as at 30th September, 2014.

NOTE - 8 : The Company is primarily engaged in the business of trading in coal and coke within India.Hence there is no reportable segment as envisaged in Accounting Standard (AS-27) issued by the Institute of Chartered Accountants of India.

NOTE - 9 : Previous year''s figures have been regrouped/ reclassified wherever found necessary.


Sep 30, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS

Disputed dues involved in two income tax demands under appeal - Rs. 270 thousand (Previous period - Rs. 270 thousand). The management is of view that the outcome of the appeal would be favourable to the Company, hence no provision has been made against these income tax demands.

2 Since the Company has only two employees, the accrued liability for employees'' retirement benefits viz. gratuity and leave encashment at the end of the financial year has been determined by the Company on a rational basis. The estimated provision has been confirmed by the actuary.

3 Bill discounting credit facilities availed by the Company from Lakshmi Vilas Bank Ltd. of Rs. 7.50 Crores could not be paid by the Company on its due date due to financial stress.

4 The indicators of impairment listed in paragraph 8 to 10 of Accounting Standard (AS-28) "Impairment of Assets" issued by the ICAI have been examined by the management and on such examination it has been found that none of the indicators are present in case of the Company''s assets.A formal estimate of the recoverable amount has not been made, as there is no indication of a potential impairment loss.

5 In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of current assets,loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

6 There are no amounts due and outstanding to be credited to Investors Education and Protection Fund as at 30th September, 2013.

7 The Company is primarily engaged in the business of trading in coal and coke within India.Hence there is no reportable segment as envisaged in Accounting Standard (AS-27) issued by the Institute of Chartered Accountants of India.

8 Previous period''s figures have been regrouped/ reclassified wherever found necessary.Previous period comprise for fifteen months and as such current year''s figures are not comparable with previous period''s figures.


Mar 31, 2010

1. Contingent liability not provided for in respect of disputed income tax demand of Rs. 263 thousand (Previous year Rs. 263 thousand) for financial year 2005-06 and Rs. 7 thousand (Previous year Rs. 7 thousand) for financial year 2004-05 for which an appeal has been preferred.

2. The Company has a not received any information from any of its suppliers/creditors as to their status of being a micro, small and medium enterprise as defined in the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED). Hence the Company is not in a position to furnish the information as required to disclose under Schedule VI of the Companies Act, 1956, and the Micro, Small & Medium Enterprises Development Act, 2006.

3. Since the company has a very few employees, the accrued liability for employees retirement benefits viz. gratuity and leave encashment at the end of the financial year has been determined by the company on a rational basis on the assumption that such benefits are payable to all employees at the year end.

4. Related party disclosures, as required by Accounting Standard (AS-18), are given below : A. Particulars of Related Parties :

i) Wholly Owned Foreign Subsidiary

Happy Mining Pty Limited

ii) Key Management personnel:

Mr. Dinesh Chandra Bajoria- Chairman cum Mg.Director (w.e.f 28th May, 2009) Mr. Arvind Bajoria (Upto 28th June, 2009)

iii) Relatives of key management personnel

Mr.Ramesh Chandra Bajoria Mrs. Sharda Devi Bajoria

iv) Enterprises in which key management personnel has significant influence

1. Arvind International Ltd.

2. Aparna Polyflex Pvt Ltd.

3. Ruchika Tradelink Pvt Ltd.

4. Arvind Industries

5. The Company is primarily engaged in the business of trading in coal and coke within India. Hence there is no reportable segment as envisaged in AS -17 issued by the Institute of Chartered Accountants of India (ICAI).

6. Previous year figures have been regrouped /rearranged wherever found necessary.

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