Home  »  Company  »  Gyscoal Alloys Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Gyscoal Alloys Ltd.

Mar 31, 2015

1. Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a face value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share.

2. Shares held by holding/ultimate holding company and/or their subsidiaries/associates : - Nil

3. Details of Term Loans are as under :

Term Loan from State Bank of PatiyaLa carries interest @ 15.50% p.a. The loan is repayable in 16 quarterly installments of Rs. 3200000/- each along with interest.

Auto Loans from HDFC Bank carries interest @ 10.13% p.a. The loan is repayable in 60 equated monthly installments total amounting to Rs. 2948200/- including interest.

Auto Loans from Tata Capital Fanincial Services Ltd. carries interest @ 11.52% p.a. The loan is repayable in 60 equated monthly installments total amounting to Rs. 100100/- including interest.

Auto Loans from Volkswagen Finance Private Limited carries interest @ 10.16% p.a. The loan is repayable in 60 equated monthly installments total amounting to Rs. 117704/- including interest.

4. Details of Security of the Term Loans are as under :

Term Loans from State Bank of Patiyala of Rs. 1961251/- (Previous Year Rs. 18227229/-) is secured by way of Pari Pasu Charge over the Land & Building, Plant & Machinery and other immovable & movable Fixed assets of the company both present and future and personal guarantee of some of the Directors of the Company as well as corporate guarantee of other group companies.

Auto Loans from HDFC Bank of Rs. 10389301/- (Previous Year Rs. 12743838/-) are secured by way of hypothecation of respective vehicles.

Auto Loans from Tata Capital Financial Services Ltd. of Rs. 3903762/- (Previous Year Rs. Nil) are secured by way of hypothecation of respective vehicles.

Auto Loans from Volkswagen Finance Ptivate Limited of Rs. 6998128/- (Previous Year Rs. Nil) are secured by way of hypothecation of respective vehicles.

Details of dues to Micro, Small and Medium Enterprise as defined under MSMED Act, 2006

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding :

a) Amount due and outstanding to suppliers at the end of accounting year,

b) Interest paid during the year,

c) Interest payable at the end of accounting year,

d) Interest accrued and unpaid at the end of the accounting year, have not been given.

The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act.

5. Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II. Accordingly the unamortised carrying value is being depreciated / amortised over the revised/ remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April 2014 have been adjusted in the opening balance of Profit and Loss Account amounting to ' 740793.

6. Defined Benefit Plans

At present, the company has not any Defined Benefit Plans which are managed by other third party like LIC etc. However, the company is making provision for the present value of gratuity payable based on actuarial valuation using Projected Unit Credit Method. The company has not made any provision for leave encashment , but the same is recognised as expenses on actual payment basis.

7. SAGMENT REPORTING :

The Company is mainly engaged in the business of manufacturing of S.S. Products. Considering the nature of business and financial reporting of company, the company has only one segment, viz. S.S. Products as reportable segment. The company operates in local / export segment geographically of which the export has amounted to Rs. 285118054/- out of total turnover of Rs. 1757994715/- but due to nature of the business, the assets / liabilities and expenses for these activities can not be bifurcated separately.

8. CONTIGENT LIABILITIES :

2014-15 2013-14

* Claims against the Company not acknowledged as debt (Amount in Rs. 402846192 144321107

(Net of amount paid to statutory authorities and provided in to accounts)

* Claims against the Company not acknowledgement as debt includes demand from the Gujarat VAT Authority for payment of VAT and CST of Rs. 395090807/- and from the Indian Income Tax Authority for payment of tax of Rs. 3355385/- The Company has filed appeal with higher authorities and the Company has been legally advised that the additional demands raised are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

9. During the financial year 2010-11, the Company has completed its Initial Public Offer (IPO) comprising of 77,00,000 equity shares at a price of Rs. 71 per share aggregating to Rs. 5467.00 lacs. The share premium of Rs. 61 per share amounting to Rs. 4697.00 lacs has been credited to Share Premium Account. The share issue expenses amounting to Rs. 510.69 lacs have been adjusted to Share Premium Account.

* It includes advances given to various parties for Land and Plant & Machinery for New Project.

* As on 31st March, 2015 unutilized funds have been temporarily invested in interest bearing liquid instruments including deposits with banks.

Plant & Machineries for Phase -I of new IPO project has been installed and Phase-II of the same is still under process.

10. In the opinion of Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all liabilities is adequate and not in excess of the amounts considered reasonably necessary.

11. Outstanding Balance of unsecured loans, trade receivalbes, trade payables, loans and advances and any other outstanding balances including all squared up accounts are subject to confirmation and reconciliation.


Mar 31, 2014

1. Terms / Rights attached to Equity Shares :

The Company has only one class of equity shares having a face value of R 10/- per share. Each equity shareholder is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts.

2. Details of Term Loans are as under :

Term Loan from State Bank of Patiyala carries interest @ 12.75% p.a. The loan is repayable in 16 quarterly installments of Rs. 3200000/- each along with interest.

Auto Loans from ICICI Bank carries interest @ 10.12% p.a. The loan is repayable in 60 equated monthly installments total amounting to Rs. 87610/- along with interest.

Auto Loans from HDFC Bank carries interest @ 10.13% p.a. The loan is repayable in 60 equated monthly installments total amounting to Rs. 294280/- along with interest.

3. Details of Security of the Term Loans are as under :

Term Loans from State Bank of Patiyala and UCO Banks of Rs. 18227229/- (Previous Year Rs. 31370629/-) are secured by way of Pari Pasu Charge over the Land & Building, Plant & Machinery and other immovable & movable Fixed assets of the company both present and future and personal guarantee of some of the Directors of the Company as well as corporate guarantee of other group companies Auto Loans from ICICI Bank of Rs. 3317302/- (Previous Year r 3995196/-) are secured by way of hypothecation of respective vehicles.

Auto Loans from HDFC Bank of Rs. 12743838/- (Previous Year Rs. Nil) are secured by way of hypothecation of respective vehicles.

Working Capital loan from Bank is secured by way of hypothecation of Raw Materials, Work-in- Process, Finished Goods, Stores & Spares, Book Debts etc., and by way of second charge on Company''s immovable properties, and also personal guarantee of some of the Directors of the Company as well as corporate guarantee of other group companies.

Details of dues to Micro, Small and Medium Enterprise as defined under MSMED Act, 2006.

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding :

a) Amount due and outstanding to suppliers at the end of accounting year,

b) Interest paid during the year,

c) Interest payable at the end of accounting year,

d) Interest accrued and unpaid at the end of the accounting year, have not been given.

The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act.

* Fixed Deposit with banks includes deposits of Rs. 52331631/- (Previous Year Rs. 48805612/-) given as margin money for Letter of Credit issued by the bank in the favour of the Company.

All Fixed Deposits are with maturity of more than 12 months.

4. SEGMENT REPORTING :

The Company is mainly engaged in the business of manufacturing of S.S. Products. Considering the nature of business and financial reporting of company, the company has only one segment, viz. S.S. Products as reportable segment. The company operates in local/export segment geographically of which the export has amounted to Rs. 451214205/- out of total turnover of Rs. 2754537280/-. but due to nature of the business, the assets / liabilities and expenses for these activities can not be bifurcated separately.

5. CONTIGENT LIABILITIES :

2013-14 2012-13

Claims against the Company not

acknowledged as debt (Amount in Rs.) 0 0

Buyer''s Credit Outstanding (Amount in US$) 0 169463

6. During the financial year 2010-11, the Company has completed its Initial Public Offer (IPO) comprising of 77,00,000 equity shares at a price of Rs. 71 per share aggregating to Rs. 5467.00 lacs. The share premium of Rs. 61 per share amounting to Rs. 4697.00 lacs has been credited to Share Premium Account. The share issue expenses amounting to Rs. 510.69 lacs have been adjusted to Share Premium Account.

* It includes advances given to various parties for Land and Plant & Machinery for New Project.

# As on 31st March, 2014 unutilized funds have been temporarily invested in interest bearing liquid instruments including deposits with banks.

The Company has shifted the IPO project to the new land located at Kukarwada as approved by the shareholders in the Annual General Meeting of the Company held on 30th September, 2013. The process of land acquicition is completed, procedure of Land Development is started. The order of plants & machineries have been placed for which advances are given to various parties.

7. In the opinion of Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all liabilities is adequate and not in excess of the amounts considered reasonably necessary.

8. Outstanding Balance of unsecured loans, sundry debtors, sundry creditors, loans and advances and any other outstanding balances including all squared up accounts are subject to confirmation and reconciliation.

9. Expenditure related to and incurred during implementation of capital projects is included under "Capital Work in Progress" which will be allocated to the respective fixed assets on completion of construction / erection of the capital project / fixed assets. Dividend income from Mutual fund (Net of Redumption Loss) of Rs. 19121150/- received out of the investment of IPO proceed is deducted from "Capital Work in Progress".

10. The Subsidiary companies considered in the consolidated financial statements are :

Name of the Subsidiary Country of the Incorporation Date on which it became Subsidiary Effective Ownership in subsidiaries as at 2013-14 2012-13 Thai Indo Steel Co. Ltd. Thailand 12/11/2013 51.00% 0

11. Reasons for consolidation based on Management Accounts :

a) The Company has a holding of 51% in its subsidiary Company namely Thai Indo Steel Limited. In the absence of availability of the Audited financials for the purposes of this consolidated financial statement, Consolidated Financial Statement for the year 2013-14 was prepared with considering the Management Accounts of this subsidiaries.

b) Pursuant to the Securities Exchange Board of India circular no. CIR/CFD/DIL/7/2011 dated October 5, 2011, all listed companies are required to submit their Standalone and Consolidated annual audited results within 60 days from the end of the financial year. In respect of one of the subsidiairy namely Thai indo steel Limited it was not practicable to draw up the financial statements upto March 31, 2014 within the stipulated period. Accordingly, the management has considered unaudited financial statements of that subsidiary for the year ended November 30, 2013. Further, no material transactions and other events were found between December 1, 2013 and March 31, 2014 which required financial adjustments as per the requirements of AS 21.

12. Necessary adjustments are normally made in the CFS to align the accounting policy of all the group concerns with that of the company. However in respect of the following components of the consolidated financial statements, the accounting policies followed by the subsidiary is different from that of the company :-

Components of Consolidated Financial Statements Particulars Amount as at March 31, 2014 (in Rs.) Proportion of the component % Depreciation (Post Acquisition) The Subsidiary has provided Depreciation on Straight Line Method as against Written Down Value followed by the Company. -- 0.00% Accumulated Depreciation 5524.36 0.00%

13. SEGMENT REPORTING :

The Company is mainly engaged in the business of manufacturing of S.S. Products. Considering the nature of business and financial reporting of company, the company has only one segment, viz. S.S. Products as reportable segment. The company operates in local / export segment geographically of which the export has amounted to R 451214205/- out of total turnover of R 2754537280/- but due to nature of the business, the assets / liabilities and expenses for these activities can not be bifurcated separately.

14. CONTIGENT LIABILITIES :

2013-14 2012-13

Claims against the Company not

acknowledged as debt (Amount in Rs.) 0 0

Buyer''s Credit Outstanding 0 169463 (Amount in US$)

15. During the financial year 2010-11, the Company has completed its Initial Public Offer (IPO) comprising of 77,00,000 equity shares at a price of Rs. 71 per share aggregating to Rs. 5467.00 lacs. The share premium of Rs. 61 per share amounting to Rs. 4697.00 lacs has been credited to Share Premium Account. The share issue expenses amounting to Rs. 510.69 lacs have been adjusted to Share Premium Account.


Mar 31, 2013

1.1 Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a face value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share.In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts.

1.2 Shares held by holding/ultimate holding company and/or their subsidiaries/associates : - Nil

2.1 Details of Term Loans are as under :

Term Loan from State Bank of Patiyala carries interest @ 12.75% p.a. The loan is repayable in 16 quarterly installments of Rs. 3200000/- each along with interest.

Term Loan from UCO Bank carries interest @ 13.75% p.a. The loan is repayable in 20 quarterly installments of Rs. 3125000/- each along with interest.

Auto Loans from ICICI Bank carries interest @ 10.12% p.a. The loan is repayable in 60 equated monthly installments of Rs. 87610/- each along with interest.

2.2 Details of Security of the Term Loans are as under :

Term Loans from State Bank of Patiyala and UCO Banks of Rs. 31370629/- (Previous Year Rs. 54662761/-) are secured by way of Pari Pasu Charge over the Land & Building, Plant & Machinery and other immovable & movable Fixed assets of the company both present and future and personal guarantee of some of the Directors of the Company as well as corporate guarantee of other group companies. Auto Loans from ICICI Bank of Rs. 3995196/- (Previous Year Rs. NIL/-) are secured by way of hypothecation of respective vehicles.

Details of dues to Micro, Small and Medium Enterprise as defined under MSMED Act, 2006

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding :

a) Amount due and outstanding to suppliers at the end of accounting year,

b) Interest paid during the year,

c) Interest payable at the end of accounting year,

d) Interest accrued and unpaid at the end of the accounting year, have not been given. The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act.

3.1 As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

Defined Contribution Plans

4. SEGMENT REPORTING :

The Company is mainly engaged in the business of manufacturing of S.S. Products. Considering the nature of business and financial reporting of company, the company has only one segment, viz. S.S. Products as reportable segment. The company operates in local / export segment geographically of which the export has amounted to Rs. 302555673/- out of total turnover of Rs. 2864400816/-. but due to nature of the business, the assets / liabilities and expenses for these activities can not be bifurcated separately.

5. CONTIGENT LIABILITIES :

2012-13 2011-12

Claims against the Company not acknowledged as debt (Amount in Rs.) 0 0

Buyer''s Credit Outstanding (Amount in US$) 169463 649995

6. During the financial year 2010-11, the Company has completed its Initial Public Offer (IPO) comprising of 77,00,000 equity shares at a price of Rs. 71 per share aggregating to Rs. 5467.00 lacs. The share premium of Rs. 61 per share amounting to Rs. 4697.00 lacs has been credited to Share Premium Account. The share issue expenses amounting to Rs. 510.69 lacs have been adjusted to Share Premium Account.

* It includes advances given to various parties for Land and Plant & Machinery for New Project.

# As on 31st March, 2013 unutilized funds have been temporarily invested in interest bearing liquid instruments including deposits with banks and investments in mutual funds.

As Company has not received the NA permission of land located at Magodi from the Government for its IPO Project the Board of Directors have decided to shift the IPO project to the new land already acquired by the company, located at Kukarwada and the same will be subject to approval and ratification of shareholders in the ensuing Annual General Meeting of the Company. The statutory approvals of new land is still under process, consequently procedure of Land Development, Civil Works and setup of new Plant is not started. However, the order of plants & machineries have been placed for which advances are given to various parties.

7. In the opinion of Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all liabilities is adequate and not in excess of the amounts considered reasonably necessary.

8. Outstanding Balance of unsecured loans, sundry debtors, sundry creditors, loans and advances and any other outstanding balances including all squared up accounts are subject to confirmation and reconciliation.

9. Expenditure related to and incurred during implementation of capital projects is included under "Capital Work in Progress" which will be allocated to the respective fixed assets on completion of construction / erection of the capital project / fixed assets. Dividend income from Mutual fund of Rs. 19500920/- received out of the investment of IPO proceed is deducted from "Capital Work in Progress".


Mar 31, 2012

1.1 2275520 Equity Shares out of the issued, subscribed and paid up share capital were alotted as Bonus Shares in last five years by utilisation of General Reserve Account.

1.2 Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a face value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share.In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts.

1.3 Shares held by holding/ultimate holding company and/or their subsidiaries/associates : - Nil

2.1 Details of Term Loans are as under :

Term Loan from State Bank of Patiyala carries interest @ 12.75% p.a. The loan is repayable in 16 quarterly installments of Rs. 3200000/- each along with interest.

Term Loan from UCO Bank carries interest @ 13.75% p.a. The loan is repayable in 20 quarterly installments of Rs. 3125000/- each along with interest.

2.2 Details of Security of the Term Loans are as under :

Term Loans from State Bank of Patiyala and UCO Banks of Rs. 54662761/- (Previous Year Rs. 58645603/-) are secured by way of Pari Pasu Charge over the Land & Building, Plant & Machinery and other immovable & movable Fixed assets of the company both present and future and personal guarantee of some of the Directors of the Company as well as corporate guarantee of other group companies.

Working Capital loan from Bank is secured by way of hypothecation of Raw Materials, Work-in-Process, Finished Goods, Stores & Spares, Book Debts etc., and by way of second charge on Company's immovable properties, and also personal guarantee of some of the Directors of the Company as well as corporate guarantee of other group companies.

Details of dues to Micro, Small and Medium Enterprise as defined under MSMED Act, 2006

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding :

a) Amount due and outstanding to suppliers at the end of accounting year,

b) Interest paid during the year,

c) Interest payable at the end of accounting year,

d) Interest accrued and unpaid at the end of the accounting year, have not been given.

The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act.

* Fixed Deposit with banks includes deposits of Rs. 49454453/- (Previous Year Rs. 42167000/-) given as margin money for Letter of Credit issued by the bank in the favour of the Company.All Fixed Deposits are with maturity of more than 12 months.

Defined Benefit Plans

At present, the company has not any Defined Benefit Plans which are managed by other third party like LIC etc. However, the company is making provision for the present value of gratuity payable based on actuarial valuation using Projected Unit Credit Method. The company has not made any provision for leave encashment , but the same is recognised as expenses on actual payment basis.

* Excise Duty shown under Expenditure represents the aggregate of excise duty borne by the Company and difference between excise duty on opening stock and closing stock of finished goods.

3. SAGMENT REPORTING :

The Company is mainly engaged in the business of manufacturing of S.S. Products. Considering the nature of business and financial reporting of company, the company has only one segment, viz. S.S. Products as reportable segment. The company operates in local / export segment geographically of which the export has amounted to Rs. 76401586/- out of total turnover of Rs. 2124185022/- But due to nature of the business, the assets / liabilities and expenses for these activities can not be bifurcated separately.

4. CONTIGENT LIABILITIES :

2011-12 2010-11

Claims against the Company not acknowledged as debt (Amount in Rs.) 0 0

Buyer's Credit Outstanding (Amount in US$) 649995 825273

5. During the previous financial year, the Company has completed its Initial Public Offer (IPO) comprising of 77,00,000 equity shares at a price of Rs. 71 per share aggregating to Rs. 5467.00 lacs. The share premium of Rs. 61 per share amounting to Rs. 4697.00 lacs has been credited to Share Premium Account. The share issue expenses amounting to Rs. 510.69 lacs have been adjusted to Share Premium Account.

* It includes advances given to various parties for Land and Plant & Machinery for New Project.

# As on 31st March, 2012 unutilized funds have been temporarily invested in interest bearing liquid instruments including deposits with banks and investments in mutual funds.

6. In the opinion of Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all liabilities is adequate and not in excess of the amounts considered reasonably necessary.

7. Outstanding Balance of unsecured loans, sundry debtors, sundry creditors, loans and advances and any other outstanding balances including all squared up accounts are subject to confirmation.

8. Expenditure related to and incurred during implementation of capital projects is included under "Capital Work in Progress" which will be allocated to the respective fixed assets on completion of construction / erection of the capital project / fixed assets. Dividend income from Mutual fund of Rs. 9819780/- received out of the investment of IPO proceed is deducted from "Capital Work in Progress".

 
Subscribe now to get personal finance updates in your inbox!