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Notes to Accounts of Hisar Metal Industries Ltd.

Mar 31, 2015

1. Terms/Rights attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10. The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law,in particular the Companies Act,2013.

2. Disclosure as per Accounting Standard -18 on Related Party Disclosures

(i) Name of the associates with whom transactions were carried out during the year.

Associate Concerns

1 Jindal Polybutton Limited

2 Jindal Metal Limited

3 Amtrex Trading Co. Pvt. Ltd

Name of the key management personnel and their relatives with whom transactions were carried out during the year

(ii) Key management personnel & their relatives:

1 Sh. Abhiram Tayal Managing Director

Abhiram Tayal HUF HUF

2 Smt. Anubha Tayal Director

Sh. Vikram Kumar Jain Brother

3 Sh. Karan Dev Tayal Director

Smt. Kashni Tayal Wife


Mar 31, 2014

Note : 1 Disclosure as per AS15-Retirement Benefits: Post Retirement Employee Benefit:

Description of Plan Gratuity

Leave Encasement

Note : 2 Disclosure as per Accounting Standard -18 on Related Party Disclosures

(i) Name of the associates with whom transactions were carried out during the year.

Associate Concerns

1 Jindal Polybutton Limited

2 Jindal Metal Limited

3 Amtrex Trading Co. Pvt, Ltd

Name of the key management personnel and their relatives with whom transactions were can out during the year

(ii) Key management personnel & their relatives

1 Sh. Abhiram Tayal Managing Director

Abhiram Tayal HUF HUF ~

2 Smt. Anubha Tayal Director

Sh. Vikram Kumar Jain Brother

3 Sh. Karan Dev Tayal Director

Smt. Kashni Tayal Wife

The Central Excise Department had made a demand of Rs.385377/- towards tax liablity for the year 2000. Management contends that the Company has sufficent grounds to defend its position and has already filed appeal with appellate authorities.

Haryana Government had imposed a levy namely Local Area Development Tax sin the year 2007. However, the matter is pending in the Supreme Court


Mar 31, 2013

Note : 1 Disclosure as per Accounting Standard -18 on Related Party Disclosures

(i) Name of the associates with whom transactions were carried out during the year.

Associate Concerns

1. Jindal Polybutton Limited (Job work)

2. Jindal Metal Limited

3. Amtrex Trading Co. Pvt. Ltd.

Name of the key management personnel and their relatives with whom transactions were carried out during the year

(ii) Key management personnel & their relatives :

1. Sh. Abhiram Tayal Managing Director AbhiramTayalHUF HUF

2. Smt. Anubha Tayal Director Sh. Vikram Kumar Jain Brother

3. Sh. Karan Dev Tayal Director Smt. Kashni Tayal Wife

Note : 2 Previous Year Figures

Previous year figures are regrouped, wherever necessary.

Notes referred to above and notes attached thereto form an integral part of financial statements.


Mar 31, 2012

(a) Terms/Rights attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10. The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law,in particular the Companies Act, 1956.

Working Capital Loans from Banks (Current and Non Current)

Security

a. Cash Credit of Rs. 179997438 from Punjab National Bank is secured against hypothecation of stock of finished goods, raw materials, work in progress, book debts, stores and spares and guaranteed by the directors.

b. Working Capital Demand Loan of Rs.202165753 from Punjab National Bank is secured against hypothecation of stock of finished goods, raw materials, work in progress, book debts, stores and spares and guaranteed by the directors.

c. Foreign Currency Loan - Buyer's Credit of Rs.71631095 is secured against hypothecation of stock of finished goods, raw materials, work in progress, book debts, stores and spares and guaranteed by the directors.

Note : 1 Disclosure as per Accounting Standard -18 on Related Party Disclosures

(i) Name of the associates with whom transactions were carried out during the year.

Associate Concerns

1. Ravindra Tubes Limited Hisar

2. Jindal Polybutton Limited

3. Jindal Product Limited

4. Jindal Metal Limited

5. Amtrex Trading Co. Pvt. Ltd.

Name of the key management personnel and their relatives with whom transactions were carried out during the year

(ii) Key management personnel & their relatives :

1. Sh. AbhiramTayal Managing Director AbhiramTayal HUF HUF

2. Smt.AnubhaTayal Director Sh. Vikram Kumar Jain Brother

3. Sh. Karan DevTayal Director Smt. Kashni Tayal Wife

The Central Excise Department had made a demand of Rs.385377/- towards tax liablity for the year 2000. Management contends that the Company has sufficent grounds to defend its position and has already filed appeal with appellate authorities.

Haryana Government had imposed a levy namely Local Area Development Tax in the year 2007. However, the applicablity of the levy has been challanged and the appeal is pending in the Hon'ble Punjab & Haryana HighCourt and matter is still pending, therefore, no provision in this regard has been made.

Note : 2 Previous Year Figures

Financial statements for the year ended 31 st March, 2012 have been prepared based on revised Schedule VI of the Companies Act, 1956. The adoption of revised Schedule VI does not impact recognition and measurement principles of individual items within this Financial statments. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has accordingly reclassified the previous year's figures to meet the requirements applicable for the current year.

Notes referred to above and notes attached thereto form an integral part of financial statements.


Mar 31, 2010

1. Disclosure as per ASt5-Retirement Benefits : Post Retirement Employee Benefit: a) Description of Plan i) Gratuity ii) Leave Encasement

2. CONTINGENT LIABILITIES NOT PROVIDED FOR 31.03.2010 31.03.2009 (Rs.) (Rs.)

a) Cheques/Bills/LCs/FLCs discounted with Companys Banker 47818738 36172449

b) Guarantee issued by banker for which counter guarantee given by the Company 1298007 1198007

c) Debts not acknowledge as debt

i) In respect of Excise Duty 385377 385377

ii) In respect of Electricity 210630 210630

iii) In respect of Sales Tax 667720 667720

iv) In respect of Haryana State Pollution Control Board 100000 -

d) Capital Commitments (Net of Advances) 5000000 6290000

e) Local Area Development Tax 12499723 7245178

3. Internal salaries and wages incurred during the year on repair and maintenance have been charged directly to salaries and wages account, the separate amount of which are not ascertainable.

4. -Stores and spares consumed during the year on repair and maintenance has been charged directly to store and spares consumed.

5. Disclosure on related party transactions:

Description of relationship and Names of related parties :-

i) Key Management Personnel : Sh. Abhiram Tayal (Managing Director)

Smt. Anubha Tayal (Director)

Sh. Karan Dev Tayal (Director)

ii) Relative of Key Management Personnel : Smt. Kashni Tayal

Sh. Vikram Kumar Jain iii) Associate Concerns : M/s. Ravindra Tubes Limited, Hisar

M/s. Jindal Polybutton Ltd., Hisar

M/s. Jindal Product Ltd., Hisar

M/s. Jindal Metal Ltd., Hisar

M/s. Amtrex Trading Co. Pvt. Ltd., Hisar

M/s. North Cott. Gin. & Trading Co. Pvt. Ltd., Hisar



6. Sundry Creditors for goods and expenses include dues to Small Scale Industrial Undertakings aggregating to Rs. Nil. (Previous Year Rs.Nil).

7. Previous year figures have been regrouped and/or rearranged wherever considered necessary and practical to make them comparable with current years figures.

8. Schedule A to T is annexed to and form an integral part of Balance Sheet and Profit and Loss account and has been duly authenticated.


Mar 31, 2009

1, Disclosure as per AS15-Retirement Benefits : Post Retirement Employee Benefit: a) Description of Plan

i) Gratuity

ii) Leave Encasement

2. CONTINGENT LIABILITIES NOT PROVIDED FOR 31.03.2009 31.03.2008 (Rs.) (Rs.)

a) Cheques/Bills/LCs/FLCs discounted with Companys Banker 3,61,72,449 7,87,40,968

b) Guarantee issued by banker for which counter guarantee given by the Company 11,98,007 11,98,007

c) Debts not acknowledge as debt

i) In respect of Excise Duty 3,85,377 3,85,377

ii) In respect of Electricity 2,10,630 2,10,630

iii) In respect of Sales Tax 6,67,720 6,67,720

d) Capital Commitments (Net of Advances) 62,90,000 3,75,26,850

e) Local Area Development Tax 72,45,178 43,33,378

3. Internal salaries and wages incurred during the year on repair and maintenance have been charged directly to salaries and wages account, the separate amount of which are not ascertainable.

4. Stores and spares consumed during the year on repajr and maintenance has been charged directly to store and spares consumed.

5. Disclosure on related party transactions :

Description of relationship and Names of related parties :-

i) Key Management Personnel : Sh. Abhiram Tayal (Managing Director)

Smt. Anubha Tayal (Director) Sh. Karan Dev Tayal (Director)

ii) Relative of Key Management Personnel :

Smt. Kashni Tayal

Sh. Vikram Kumar Jain

iii) Associate Concerns :

M/s. Ravindra Tubes Limited, Hisar

6. Sundry Creditors for goods and expenses include dues to Small Scale Industrial Undertakings aggregating to Rs. Nil. (Previous Year Rs.Nil).

7. Additional information pursuant to the provisions of paragraph 3 & 4 of part II of Schedule VI of the Companies Act, 1956.

8. Previous year figures have been regrouped and/or rearranged wherever considered necessary and practical to make them comparable with current years figures.

9. Schedule A to T is annexed to and form an integral part of Balance sheet and Profit and Loss account and has been duly authenticated.

 
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