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),
AuditorÂs Report and BoardÂs 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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