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Notes to Accounts of Hariyana Ship-Breakers Ltd.

Mar 31, 2015

1. a) Deferred tax has been accounted in accordance with the requirement of accounting standard on " Taxes on Income" (AS-22) taking into account the present earning of the company, the anticipated earning etc are subject to adjustment on year to year.

b) There are no micro, small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at March 31, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

c) The company has taken lease right of the ship Breaking plot No. 14 Alang ship breaking yard. The consideration paid to GMB and party for which such plot has been taken over as treated as deferred revenue expenses and written off over the balance lease period.

d) In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet. Adequate provision have been made in the accounts for all the known.

e) The Balance of Sundry Creditors, Sundry Debtors, Loans & Advances are unsecured, considered goods and subject to confirmation.

f) Previous year's figures have been regrouped/rearranged wherever necessary so as to make them comparable with current year's figures.

2. Terms/rights attached to equity shares

i) The Company has one class of equity shares having par value of Rs. 10/- each. Each shareholder of the equity shares is entitled to one vote per share entitled to receive dividends as declared from time to time. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

ii) During the year ended 31 March 2015, the amount of per share dividend recognized as distributions to equity share holders was Rs. Nil (31 March, 2014: Nil).

iii) Preference shareholder do not have any voting right. They are entitled to dividend @ 4% before equity 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.

The major components of deferred tax assets/ liabilities, based on the tax effect of the timing difference as at the year end. Deferred tax is accounted using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date.

3. Details of Security:

a. Cash Credit facility is secured by way of hypothecation of Stock and Book Debts of the company as primary security and equitable mortgage of immovable property of the company and associated concern as collateral security and also by personal guarantee of directors.

Segment Revenue, Segment Expenses and Segment Result include inter segment revenues / expenses between business segments. Those transfer are eliminated in total revenue/ expense/results.

4. Related Party Transactions:

a) Key Management Personnel (KMP)

i) Shantisarup Reniwal Managing Director

ii) Rakesh Reniwal Executive Director

iii) Unnati Reniwal Executive Director

iv) Disha Shah Company Secretary

v) Rajeev Reniwal CFO

b) Other related parties where there have been transactions:

Enterprises commonly controlled or influnced by major shareholder/directors/ relative of directors of the Company:

i) Orchid Lakeview Developers Partnership

ii) Swastik Developers Partnership

iii) White Mountain Partnership

iv) Whitefield Project Partnership

v) Hariyana Internation Private Limited Common Directors

vi) Goyal Hariyana Realty Partnership

vii) Inducto Steel Limited Enterprises over which KMP or their relatives

have significant control or influence

viii) Shree Balaji Associates Partnership

ix) Goyal Hariyana Constructions Partnership

5. The company do not anticipate any liability on account of counter guarantees given to bank for various loan facility availed by associated concerns.

6. The company does not anticipate any liability except above on account of pending income tax and sales tax assessments.

7. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements.


Mar 31, 2014

1 CORPORATE INFORMATION

Hariyana Ship Breakers Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956. Its shares is listed on One stock exchanges in India. The company is engaged in various business activities.

During the year, the Company was engaged in Ship Recycling (ship breaking), Manufacturing of Sponge Iron & Steels, Trading in Ferrous & Non-Ferrous Metals and Coal and Investment. As and when any surplus fund are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains.

1.1 BASIS OF PRESENTATION :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

1.2 NOTES FORMING PART OF THE ACCOUNTS

a) During the year, the Company was engaged in Ship Recycling (ship breaking), Manufacturing of Sponge Iron & Steels and Trading in Ferrous & Non-Ferrous Metals activities. However, as and when any surplus fund are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains.

b) In the opinion of the Management, the realisable value of the fixed assets of the company are much higher than the carrying cost and therefore, no provision for impairment is required to be made.

c) There are no micro, small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at March 31, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

d) The major components of the Deferred Tax Assets/Liabilities, based on the tax effect of the timing differences, as at 31st March 2014, are as under.

e) The company has taken lease right of the ship Breaking plot No. 14 Alang ship breaking yard. The consideration paid to GMB and party for which such plot has been taken over as treated as deferred revenue expenses and written off over the balance lease period.

f) Income Tax assessment has been completed upto the year assessment year 2011- 12. The Management has an opinion that no additional liability will arise in the case of pending assessment.

g) Sales tax assessment has been completed upto the year 2008-09. The Company does not anticipate any liability on account of the pending sales tax assessment.

h) As per provisions of Payment of Gratuity Act. Provision for Gratuity has not been made in the Accounts as per AS - 15 and the same will be accounted for as and when payment is made.

i) In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realisation at least equal to the amount at which they are stated in the Balance Sheet. Adequate provision have been made in the accounts for all the known liabilites.

j) The Balance of Sundry Creditors, Sundry Debtors, Loans & Advances are unsecured, considered goods and subject to confirmation.

k) Previous years figures have been regrouped/rearranged wherever necessary so as to make them comparable with current years figures.

CONTINGENT LIABILITIES & COMMITMENTS (TO EXTENT NOT PROVIDED FOR)

(A) Contingent Liabilities

- FY : 2006-07, Pending appeal before Hon. ACIT, 396,780 396,780 Central circle 41, Mumbai

- FY : 2008-09, Pending appeal before Hon. ITAT, 188,120 188,120 Mumbai

- FY : 2009-10, Pending appeal before Hon. ACIT, 200,550 200,550 Central circle 38, Mumbai

- FY : 2010-11, Pending appeal before Hon. ACIT, 358,140 - Central circle 7, Mumbai

1,143,590 785,450

1. The company do not anticipate any liability on account of counter guarantees given to bank for various loan facility availed by associated concerns.

2. The company does not anticipate any liability except above on account of pending income tax and sales tax assessments.


Mar 31, 2013

1 CORPORATE INFORMATION

Hariyana Ship Breakers Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956. Its shares is listed on One stock exchanges in India. The company is engaged in various business activities.

During the year, the Company was engaged in Ship Recycling (ship breaking), Manufacturing of Sponge Iron & Steels, Trading in Ferrous & Non-Ferrous Metals and Coal and Investment and Finance. As and when any surplus fund are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains

1.1 BASIS OF PRESENTATION :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

a) During the year, the Company was engaged in Ship Recycling (ship breaking), Manufacturing of Sponge Iron & Steels and Trading in Ferrous & Non-Ferrous Metals activities. However, as and when any surplus f und are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains.

b) In the opinion of the Management, the realisable value of the fixed assets of the company are much higher than the carrying cost and therefore, no provision for impairment is required to be made.

c) There are no micro, small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at March 31, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

d) The major components of the Deferred Ta x Assets/Liabilities, based on the tax effect of the timing differences, as at 31st March 2013, are as under.

Due to virtual uncertinity in realisation of carry forward Long Term Capital Loss of merged entities considered the same for the purpose of deriving the deferred tax assets.

e) The company has taken lease right of the ship Breaking plot No. 14 Alang ship breaking yard. The consideration paid to GMB and party for which such plot has been taken over as treated as deferred revenue expenses and written off over the balance lease period.

f) Income Ta x assessment has been completed upto the year assessment year 2010-11. The Management has an opinion that no additional liability will arise in the case of pending assessment.

g) Sales tax assessment has been completed upto the year 2008-09. The Company does not anticipate any liability on account of the pending sales tax assessment

h) As per provisions of Payment of Gratuity Act. Provision for Gratuity has not been made in the Accounts as per AS - 15 and the same will be accounted for as and when payment is made.

i) Preliminary expenditure amounting to Rs. 30,18,523 /- has not been written off during the year as the company is yet to generate revenue from its Power Project. The same will be amortized over a period of 5 years from the year in which revenues are derived from business operations.

j) In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realisation at least equal to the amount at which they are stated in the Balance Sheet. Adequate provision have been made in the accounts for all the known liabilites.

k) The Balance of Sundry Creditors, Sundry Debtors, Loans & Advances are unsecured, considered goods and subject to confirmation.

l) Previous years figures have been regrouped/rearranged wherever necessary so as to make them comparable with current years figures.


Mar 31, 2012

A. Terms/rights attached to equity shares

The Company has one class of equity shares having par value of Rs. 10/- each. Each shareholder of the equity shares is entitled to one vote per share entitled to receive dividends as declared from time to time. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

During the year ended 31 March 2012, the amount of per share dividend recognized as distributions to equity share holders was Rs. 3 (31 March 2011: Rs. 2.50).

In the event of liquidation of the company, the holders of the Equity shares will be entitled to receive remaining assets of the company, after distribution of preferential amounts. The distribution will be in proporation to the number of equity shares held by the share holders.

As per records of the company, including its register of shareholders/members and other declarations received from share holders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

The major components of deferred tax assets/ liabilities, based on the tax effect of the timing difference as at the year end. Deferred tax is accounted using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date.

1. Details of Security:

a. Cash Credit facility from Punjab National Bank is secured by way of hypothecation of Stock of Raw- Material, Finished goods, Work in progress, Books debts & personal guarantee of the Directors.

b Bank overdraft facility from Punjab National Bank OD-376097 is secured by way of equitable mortgage of immovable property of the company & associated concern as collateral security & personal guarantee of the associated concern & relatives of the key management personnels.

c Cash Credit facility from Punjab National Bank CC-2793 is secured by way of hypothecation of Stocks

& book debts of the company as primary security and equitable mortgage of immovable property of the company & associated concern as collateral security.

d Cash Credit facility from Punjab National Bank CC-600 is secured by way of hypothecation of Stocks & book debts of the company as primary security .

2.1 SEGMENT INFORMATION

The business of the company is divided into Four segment: Invevestment & Finance, Ship Recycling, Manufacturing of Sponge Iron & Steels and Trading activities and separate set of books of accounts are maintained. The principal activities of these segments are as under.

1.2 Related Party Transactions :

a) Key Management personnel

i) Sweety Reniwal

ii) Tanmay Agarwal

iii) Sandeep Rampurshottam Agarwal

iv) Shivshankar G.Agarwal

v) Tanmay Trilokchand Agarwal

b) Other related parties where there have been transactions:

Enterprises commonly controlled or influnced by major shareholder/directors/ relative of directors of the Company:

i) Orchid Wood Projcts

ii) Orchid Lakeview Developers

iii) Swastik Developers

iv) Roxina Real Estate Pvt Ltd

v) White Mountain

vi) Whitefield Project

vii) Hariyana Internation Private Limited

viii) Hariyana Ship Demolition Private Limited

ix) Hariyana Air Product

1.3 CONTINGENT LIABILITIES

CONTINGENT LIABILITIES & COMMITMENTS (TO EXTENT NOT PROVIDED FOR)

(A) Contingent Liabilities

- In respect of pending appeal before Hon. ACIT, Central Rs. 188,120 - circle 38, Mumbai.

1. The company do not anticipate any liability on account of counter guarantees given to bank for various loan facility availed by associated concerns.

2. The company does not anticipate any liability except above on account of pending income tax and sales tax assessments.

2. 34 The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act,1956. Consequent to the notification under the Companies Act,1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.

2. 35 Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements.

1 CORPORATE INFORMATION :

Hariyana Ship Breakers Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956. Its shares is listed on One stock exchanges in India. The company is engaged in various business activities.

During the year, the Company was engaged in Ship Recycling (ship breaking), Manufacturing of Sponge Iron & Steels, Trading in Ferrous & Non-Ferrous Metals and Coal and Investment and Finance. As and when any surplus fund are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains.

1.1 BASIS OF PRESENTATION :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

a) During the year, the Company was engaged in Ship Recycling (ship breaking), Manufacturing of Sponge Iron & Steels and Trading in Ferrous & Non-Ferrous Metals activities. However, as and when any surplus fund are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains.

b) In the opinion of the Management, the realisable value of the fixed assets of the company are much higher than the carrying cost and therefore, no provision for impairment is required to be made.

c) There are no micro, small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at March 31, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

Due to virtual uncertinity in realisation of carry forward Long Term Capital Loss of merged entities considered the same for the purpose of deriving the deferred tax assets.

d) The company has taken lease right of the ship Breaking plot No. 14 Alang ship breaking yard. The consideration paid to GMB and party for which such plot has been taken over as treated as deferred revenue expenses and written off over the balance lease period.

e) Income Tax assessment has been completed upto the year assessment year 2009-10. The Management has an opinion that no additional liability will arise in the case of pending assessment.

f) Sales tax assessment has been completed upto the year 2007-08. The Company does not anticipate any liability on account of the pending sales tax assessment.

g) As per provisions of Payment of Gratuity Act. Provision for Gratuity has not been made in the Accounts as per AS - 15 and the same will be accounted for as and when payment is made.

h) Preliminary expenditure amounting to Rs. 30,18,523 /- has not been written off during the year as the company is yet to generate revenue from its Power Project. The same will be amortized over a period of 5 years from the year in which revenues are derived from business operations.

i) In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realisation at least equal to the amount at which they are stated in the Balance Sheet. Adequate provision have been made in the accounts for all the known liabilites.

j) The Balance of Sundry Creditors, Sundry Debtors, Loans & Advances are unsecured, considered goods and subject to confirmation.

k) Previous years figures have been regrouped/rearranged wherever necessary so as to make them comparable with current years figures.


Mar 31, 2010

A) The Company is engaged in the ship breaking , Sponge Iron and steel, trading in Ferrous and Non ferrous metals and investment and Finance activities.

b) In the opinion of the management, the realisable value of the fixed assets of the company are much higher than the carrying cost and therefore no provision for impairment is required to be made.

c) i) Deferred tax has been accounted in accordance with the requirement of accounting standard on "Taxes on Income" (AS-22) taking into account the present earning of the company, the anticipated earning etc. and are subject to adjustment on year to year. ii) The major components of the Deferred Tax Assets/Liabilities, based on the tax effect of the timing differences, as at 31st March 2010, are as under.

iii) Due to virtual uncertinity in realisation of carry forward Long Term Capital Loss of merged entities considered the same for the purpose of deriving the deferred tax assets. d) There are no Micro,small and Medium Enterprised , to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

2 Contigent Liabilities note provided for

a) Income Tax assessment has been completed upto the year assessment year2007-08. The management has been advised that no additional liability will arise in the case of pending asessment.

b) The company does not anticipate any significant liabilities on account of pending Income Tax and VAT assessments.

c) The company has given corporate guarantee for Bank Term Loan Finance amounting Rs. 2.51 Crores to M/s. Hariyana Air Product, in which company is also one of the partner.

3 Previous years figures have been regrouped/rearranged wherever necessary so as to make them parable with current years figures.

 
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