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Notes to Accounts of Hindusthan Udyog Ltd.

Mar 31, 2014

1.1 CORPORATE INFORMATION

The Company is engaged in the manufacturing of Alloy and Stainless Steel Castings with stringent quality requirements required in Turbines, Metal Shredding, Heavy Earth Equipment, Pumps, Valves and Compressors and other Heavy Engineering Industries. It is also engaged in the manufacturing of Material Handling Equipments of varied nature required in the Mines, Cement Plants, Power Plants and other General Engineering Sectors. The manufacturing units are located in Kolkata and Nagpur.

1.2 Contingent Liabilities :

a) Letters of Guarantee outstanding as at 31.03.14 Rs.74.89 Lacs (Previous year Rs. 77.15 Lacs).

b) Claim not acknowledged as debts: - Disputed demand for Sales Tax Rs. 200.93 Lacs (Previous year Rs. 206.37 Lacs) appealed against.

1.12 Related Party Disclosure :

a) Associated Company :

1) WPIL Limited

2) Hindusthan Parsons Limited b) Key Management Personnel & their Relatives :

Mr. V N Agarwal Managing Director

Mr. Prakash Agarwal Director - Son of Mr. V. N. Agarwal

Mrs. Ritu Agarwal Director - Wife of Mr. Prakash Agarwal

1.3 Segment Reporting :

The Operation of the Company relates to Single Primary Business Segment i.e. Engineering (Steel Casting). Accordingly, there is no primary business segment. However, information about Secondary Segment based on Geographical locations of the Customers in Domestic & Exports Sales have been provided.

1.4 The Company has unabsorbed depreciation and carried forward losses available for set-off under the Income Tax Act, 1961. However, in view of present uncertainty regarding generation of sufficient future taxable income, net deferred tax assets at the year end including related debit for the year have not been recognised in these accounts on prudent basis.

1.5 Considering the external and internal impairment indicators, the management is of the opinion that no asset has been impaired as at 31st March, 2014. Consequently, no impairment loss has been recognised in the statement of Profit & Loss for the year ended 31st March, 2014.

1.6 Previous years'' figures have been regrouped and rearranged, wherever necessary.


Mar 31, 2012

NOTE : 1 CORPORATE INFORMATION

The Company is engaged in the manufacturing of Alloy and Stainless Steel Castings with stringent quality requirements required in Turbines, Metal Shredding, Heavy Earth Equipment, Valves and Compressors and other Heavy Engineering Industries. It is also engaged in the manufacturing of Material Handling Equipments of varied nature required in the Mines Cement Plants, Power Plants and other General Engineering Sectors. The manufacturing units are located in Kolkata and Nagpur.

(#) There are no Micro enterprises or Small scale enterprises to whom the Company owes any due which are outstanding as at 31st March, 2012. [31.03.2011 - NIL]

The above information, as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties are identified on the basis of the information available with the Company.

2.1 Contingent Liabilities :

a) Letters of Guarantee outstanding as at 31.03.12 Rs. 61.16 Lacs (Previous year 62.51 Lacs).

b) Claim not acknowledged as debts: Disputed demand for Sales Tax, Rs. 231.29 Lacs (Previous year Rs. 280.95 Lacs) appealed against.

2.2 In the absence of any Gazette notification as required under section 441A(1) of the Companies Act 1956, no provision for payment of cess has been made in the accounts.

2.3 Related Party Disclosure :

a) Associated Company :

WPIL Limited

b) Key Management Personnel & their Relatives :

Mr. V N Agarwal Managing Director

Mr. Prakash Agarwal Director - Son of Mr. V. N. Agarwal

Mrs. Ritu Agarwal Director - Wife of Mr. Prakash Agarwal

2.4 Segment Reporting :

The Operation of the Company relates to Single Primary Business Segment i.e. Engineering (Steel Casting). Accordingly, there is no primary business segment. However, information about Secondary Segment based on Geographically locations of the Customers in Domestic & Exports Sales have been provided.

2.5 The Company has unabsorbed depreciation and carried forward losses available for set-off under the Income Tax Act, 1961. However, in view of present uncertainty regarding generation of sufficient future taxable income, net deferred tax assets at the year end including related debit for the year have not been recognised in these accounts on prudent basis.

2.6 Considering the external and internal impairment indicators, the management is of the opinion that no asset has been impaired as at 31st March 2012. Consequently, no impairment loss has been recognised in the statement of Profit & Loss for the year ended 31st March 2012.

2.7 The Ministry of Corporate Affairs has notified the Revised Schedule VI on 28th February, 2011 which has replaced the existing Schedule VI in respect of Balance Sheet and Profit and Loss Account from the financial year commencing 1st April 2011. Accordingly the company has adopted the Revised Schedule VI from 1st April 2011 which does not impact recognition and measurement of principles followed for preparation of financial statements. However it significantly impacts presentation and disclosures made in the financial statements. Previous year figures have been reclassified for comparison and conforms to current year's classification.


Mar 31, 2010

1. a) Pursuant to the Scheme of Amalgamation of ACC-Nihon Castings Limited (ANCL) with our Company, the Company on 29.07.2009 had allotted :-

i) 8,49,625 Equity Shares of Rs. 10/- each, credited as fully paid up, to the Equity Shareholder of ANCL and,

ii) 60,00,000,10% Cumulative Redeemable Preference Shares of Rs. 10/- each, credited as fully paid up, to the Preference Shareholder of ANCL.

b) No Preference Dividend is payable to Preference Shareholder in respect of aforesaid Preference Shares as they have waived their right in respect of any Preference Dividend from the date of allotment of these Shares till the date of their redemption.

2. Contingent Liabilities : -

i. Letters of Guarantee outstanding as at 31.03.10 Rs.62.51 Lacs (Previous year Rs.148.72 Lacs).

ii. Claim not acknowledged as debts:- Disputed demand for Sales Tax, Rs. 301.70 Lacs (Previous year Rs. 285.08 Lacs) appealed against.

3. Cost of leasehold land at Nagpur is amortised over the period of the lease of 95 years. Provision for amortisation of long term leasehold land at Durgapur has not been made.

4. Depreciation amounting to Rs. 52,416/- (Previous year Rs. 58,748/-), being the amount of depreciation attributed to the revaluation as noted in Schedule B , has been debited to the Revaluation Reserve.

5. In the absence of any Gazette notification as required under section 441 A(1) of the Companies Act, 1956, no provision for payment of cess has been made in the accounts.

6. Related Party Disclosure :

a) Associated Company:

WPIL Limited

b) Key Management Personnel & their Relatives :

Mr. V N Agarwal Managing Director

Mr. Prakash Agarwal Director - Son of Mr. V. N. Agarwal

Mrs. Ritu Agarwal Director - Wife of Mr. Prakash Agarwal

7. Segment Reporting:

The Operation of the Company relates to Single Primary Business Segment i.e. Engineering (Steel Casting). Accordingly, there is no primary business segment. However, information about Secondary Segment based on Geographical locations of the Customers i.e. Domestic & Export Sales have been provided.

8. The Company-has unabsorbed depreciation and carried forward losses available for set-off under the Income Tax Act, 1961. However, in view of present uncertainity regarding generation of sufficient future taxable income, net deferred tax assets at the year end including related debit for the year have not been recognised in these accounts on prudent basis.

9. Considering the external and internal impairment indicators, the management is of the opinion that no asset has been impaired as at 31st March, 2010. Consequently, no impairment loss has been recognised in the statement of Profit & Loss for the year ended 31 st March, 2010.

10. There are no Micro enterprises or Small scale enterprises to whom the Company owes any due which are outstanding as at 31 st March, 2010. [31.03.2009 - NIL]

The above information, as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties are identified on the basis of the information available with the Company.

11. Previous years figures, wherever necessary, have been regrouped/rearranged.

 
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