Mar 31, 2015
OTE - 1 - RELATED PARTY DISCLOSURE :
Related Parties with whom transactions have taken place during the
year.
Key Managerial Personnel :
1) Ramesh Mistry
2) Dharmesh Mistry
3) Alpesh Patel
4) Dinesh Rao
5) Radheshyam Lodha
6) Ramanugrah Rambahalsingh
7) Suhag V Shah
8) Prakash N Shah
NOTE - 2 - Dues to Micro and Small Enterprises as defined under the
MSMED Act , 2006 :
There are no dues to Micro & Small Enterprises as defined under the
MSMED Act, 2006.
Mar 31, 2014
1. Corporate Information
Heera Ispat Ltd. is a Public Limited Company incorporated in India
under the provisions of The Companies Act, 1956. The Company is engaged
in business of manufacturing and trading of steels and alloys. The
Company caters to domestic market and operates all over India.
2. Basis of preparation
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:
NOTE 3 - Dues to Micro and Small Enterprises as defined under the
MSMED Act , 2006
There are no dues to Micro & Small Enterprises as d efined under the
MSMED Act, 2006
Jun 30, 2013
1- Corporate Information
Heera Ispat Ltd. is a Public Limited Company incorporated in India
under the provisions of The Companies Act, 1956. The Company is engaged
in business of manufacturing and trading of steels and alloys. The
Company caters to domestic market and operates all over India.
2. Basis of preparation
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:
NOTE 3 - EARNINGS PER SHARE
Basic earning per share is computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period.
NOTE 4 - RELATED PARTY DISCLOSURE Related Parties with whom
transactions have taken place during the year
Key Managerial Personnel
1) Ramesh Mistry 5) Radheshyam Lodha
2) Hasumati Mistry 6) Ramanugrah Rambahalsingh
3) Dharmesh Mistry 4)Alpesh Patel
NOTE 5 - Dues to Micro and Small Enterprises as defined under the
MSMED Act, 2006
There are no dues to Micro & Small Enterprises as defined under the
MSMED Act, 2006
Jun 30, 2011
1. As informed to us by the company, contingent liabilities not
provided for Nil.(P.Y. Rs. Nil)
2. Estimated amount of contracts remaining to be executed on capital
account is Rs.NIL (P.Y. Rs. NIL).
3. Balance of Sundry Debtors, Creditors, Loans & Advances and Current
liabilities, and classification under the above heads, in absence of
any documentary support, given and accepted as agreed by management,
are subject to confirmation.
4. The company has entered into an agreement for sale of 7538 square
meters of land, on 11 July, 1994 with (1) Chandulal Tribhovandas Mistry
and his 4 family members (2) Upendra Chandulal Mistry and his 4 family
members, (3) Smt. Kamlaben C Mistry, (4) Smt. Gitaben N Mistry, (5)
Smt. Hasumati R Mistry, (6) Bharatkumar G. Mistry, (7) Smt.Ramuben T
Mistry, with the condition that possession of land which the company
can develop and do the construction activity for it's factory. Hence
land development has been shown in Fixed asset schedule even though
land is not shown, as Fixed asset due to final sale deed of purchase of
land is not made. As informed by the Management final sale deed for
lands is yet not executed and extends the period for final sale deed.
5 Earning Per Share
The earnings considered in ascertaining the Company's EPS comprises the
net profit/(loss) after tax (and includes the post tax effect of any
extra ordinary items) attributable to equity shareholder. The number
of shares used in computing Basic EPS is the weighted average number of
shares outstanding during the year .
6. According to the records available with the company, there were no
dues to Micro and Small enterprises under the Micro, Small and Medium
Enterprises Development Act 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with the interest
paid/payable as required under the said Act have not been given
7. In the opinion of the management, the current assets, loans and
advances are approximately of the value stated if realized in the
ordinary course of the business which includes advances given for
advances given to the parties and recovery is also not received as per
mutual understanding.
8. For the Current Year on review, as required by the Accounting
Standard 28, Impairment of Fixed Assets, the management is of the
opinion that no impairment or reversal of loss is required.
9. Previous year figures have been reclassified / regrouped whenever
considered necessary to confirm to the current year figures.
10. The statement of Significant Accounting Policies and the Notes
numbered 2 to 11 above form an integral part of the accounts for the
year ended 30 June, 2011
Jun 30, 2010
1. As informed to us by the company, contingent liabilities not
provided for Nil.(P.Y. Rs.Nil)
2. Estimated amount of contracts remaining to be executed on capital
account not provided as informed to us by the management.
3. Balance confirmation from any party / banks are not obtained by the
company which are subject to adjustments if any and Bank balances are
subject reconciliation.
4. The company has entered into an agreement for sale of 7538 square
meters of land, on 11th July, 1994 with (1) Chandulal Tribhovandas
Mistry and his 4 family members (2) Upendra Chandulal Mistry and his 4
family members, (3) Smt. Kamlaben C Mistry, (4) Smt. Gitaben N Mistry,
(5) Smt. Hasumati R Mistry, (6) Bharatkumar G. Mistry, (7) Smt.Ramuben
T Mistry, with the condition that possession of land which the company
can develop and do the construction activity for it's factory. Hence
land development has been shown in Fixed asset schedule even though
land is not shown, as Fixed asset due to final sale deed if purchase of
land is not made. As informed by the Management final sale deed for
lands is yet not executed and extends the period for final sale deed.
5. (a) Dues to small scale Industrial Undertaking is disclosed based
on the information available with the company regarding the status
of the suppliers as defined under the " Interest on Delayed Payments
to small Scale & Ancillary Industrial Act, 1993."
(b) Unpaid interest as on 30th June, 2010 Rs. Nil ( previous year Rs.
Nil)
6. In the opinion of the management, the current assets, loans and
advances are approximately of the value stated if realized in the
ordinary course of the business which includes advances given for
advances given to the parties and recovery is also not received as per
mutual understanding. The Company has also not given clarification for
advances given for capital expenditure and negotiation with suppliers
and accordingly adequate provision should be made which is under
consideration of the management and to that extent profitability will
be adversely affected as when provision be made.
7. Related party disclosures:
As required by accounting standards: as 18" Related parties disclosure
issued by the institute of chartered accountants of India are as under:
(a) List of Related parties with whom transaction have taken place
during the year and relationship.
Sr.No. Name of Related party Relation ship
1 Chandulal T. Mistry Brother of Director
2 Hasumati R. Mistry Director
3 Ramesh T. Mistry Director
(b) There is no transaction during the year.
8. Additional information pursuant to the provision of the paragraph
3 & 4 of the part II of the schedule VI of the Companies Act, 1956.
1) Quantitative details of goods manufactured Nil
2) CIF Value of imports in respect of Nil
(a) Raw Material Nil
(b) Components & spare parts Nil
(c) Capital Goods Nil
3) Expenditure in Foreign Currency Nil
4) Earnings in Foreign Currency Nil
5) Remittance on A/c of Dividend Nil
9. For the Current Year on review, as required by the Accounting
Standard 28, Impairment of Fixed Assets, the management is of the
opinion that no impairment or reversal of loss is required.
10. Previous year figures have been reclassified / regrouped whenever
considered necessary to confirm to the current year figures.
11. The statement of Significant Accounting Policies and the Notes
numbered 2 to 11 above form an integral part of the accounts for the
year ended 30th June, 2010
Jun 30, 2009
1. As informed to us by the company, contingent liabilities not
provided tor Nil.(P,Y. Rs. Nil)
2. Estimated amount of contracts remaining to be executed on capital
account not provided as informed to us by the management.
3. Balance confirmation from any party / banks are not obtained by the
company which are subject of adjustments if any and Bank balances are
subject reconciliation.
4. The company has entered into an agreement for sale of 7538 square
meters of land, on 11 July, 1994 with (1) Chandulal Tribhovandas Mistry
and his 4 family members (2) Upendra Chandulal Mistry and his 4 family
members, (3) Smt. Kamiaben C Mistry, (4) Smt. Gltaben N Mistry, (5)
Smt. Hasumati R Mistry, (6) Bharatkumar G. Mistry, (7) Smt Raniuben T
Mistry, with the condition that possession of land which the company
can develop and do the construction activity for its factory. Hence
land development has been shown in Fixed asset schedule even though
land is not shown, as Fixed asset due to final sale deed if purchase of
land is not made. As informed by the Management final sale deed for
lands is yet not executed and extends the period for final sale deed.
5 Earnings Per Share
The earnings considered in ascertaining the Company's EPS comprises the
net profit/(loss) after tax (and includes the post tax effect of any
extra ordinary items) attributable to equity shareholder. The number
of shares used in computing Basic EPS is the weighted average number of
shares outstanding during the year,
6. (a) Dues to small scale Industrial Undertaking is disclosed based on
the information available with the company regarding the status of the
suppliers as defined under the " Interest on Delayed Payments to small
Scale &. Ancillary Industrial Act. 1993."
(b) Unpaid interest as on 30lU June, 2009 Rs. Nil ( previous year Rs.
Nil)
7. In the opinion of the management, the current assets, loans and
advances are approximately of the value stated if realized in the
ordinary course of the business which includes advances given for
advances given to the parties and recovery is also not received as per
mutual understanding. The Company has also not given clarification for
advances given for capital expenditure and negotiation with suppliers
and accordingly adequate provision should be made which is under
consideration of the management and to that extent profitability will
be adversely affected as when provision be made.
8.Related party disclosures;
As required by accounting standards: as 18" Related parties disclosure
issued by the institute of chartered accountants of India are as under:
(a) List of Related parties with whom transaction have taken place
during the year and relationship.
(b) There is no transaction during the year.
(c) Outstanding balance as on 30,06,2009
9 Additional information pursuant to the provision of the paragraph 3
& 4 of the part 11 of the schedule VI of the Companies Act, 1956.
10. For the Current Year on review, as required by the Accounting
Standard 28, Impairment of Fixed Assets, the management is of the
opinion that no impairment or reversal of loss is required.
11. Previous year figures have been reclassified / regrouped whenever
considered necessary to confirm to the current year figures.
12. The statement of Significant Accounting Policies and the Notes
numbered 2 to 11 above form an integral part of the accounts for the
year ended 30!h June 2009
13. During the year management has decided to write off opening balance
of preliminary expenses
Jun 30, 2008
1. As informed to us by the company, Contingent liabilities not provided
for Rs.1 Estimated, amount of contracts remaining, to be executed on
Capital account and not provided as informed; to us by the management
2 Preliminary and public issue expenses are not written off during the
year under review by Rs. 431331/- and to that extent loss is lower in
profit & loss a/c. As per policy of the company it should be written
off over a period ten years in equal amount.
3 Balance Confirmations from any party banks are not obtained by the
company, which are subject to adjustments if any and Bank balances are
subject reconciliation.
4, Depreciation as per straight-line method is not provided during the
year o: fixed assets for Rs 12951202/- as decided by the management due
to no: activity of the company during the year.
5 The company has entered into an agreement for sale of. 7538 Square
Meters Lan on 11th' July, 1994 with
(1) Chandulal Tribhovandas Mistry and his 4 family members
(2) Upendra Chandulal Mistry and his 4 family members,
(3) Smt Kamlaben C Mistry,
(4) Smt. Gitaben N Mistry,
(5) Smt. Hasumati R Mistry,
(6) Bharat kumar G Mistry,
6 Smt. Reuben T Mistry with the condition possession of land which
the company can develop and do the construction activity for its factory.
Hence Land Development shown in Fixed Asset schedule even though Land is
not shown, as Fixed Asset due to final sale deed purchase of land is
not made. As informed by the Management final sale the for lands is yet
not executed and extends the period for final' sale deed.
7 The directors have waived their remuneration voluntarily from the
amount determined in the Annual General meeting.
8. The opinion of the management, the Current Assets, loans and
Advances are approximately of the value stated if realized in the
ordinary course of the business which includes advances given for
advances given to the parties an recovery is also not received as per
mutual understanding. The company has also not given clarification for.
advances given for capital expenditure and negotiation with suppliers
and accordingly adequate provision should be made which is - under
consideration of the management and to that extent profitability will
be adversely affected as when provision be' made.
9. As Inform to us, the company has not claimed depreciation on fixed
assets and loss carried forward in income tax, hence no deferred tax
liability/asset; provision is made in books of accounts as per
accounting standard norms.
10.The company has incurred loss and hence calculation of basic and
Dil. Earnings per Share is not given.
11.Related Party Disclosures;
As required by accounting Standards; AS 18 " Belated Parties
Disclosure issued' by: The Institute of Chartered' Accountants of
India: are asunder;
12. The figures of the previous year have been regarded/rearranged wherever
necessary.