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Notes to Accounts of Inani Marbles & Industries Ltd.

Mar 31, 2015

1. COMPANY OVERVIEW

Inani Marbles & Industries Ltd. (The Company) is a public limited company and listed on Mumbai Stock Exchange Ltd. (BSEL). The company is engaged in manufacturing, processing and trading of Marble, Granite & Stone Blocks, Slabs & Tiles. The company sells its products in the domestic as well as export markets. The company has one manufacturing unit at Chittorgarh and another one 100% Export Oriented unit at Mataji ki Pandoli.Chittorgarh (Raj.).

2. Terms / Rights attached to Equity Shares

The Company has only one class of shares having a par value of Rs. 10 per share fully paid up. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual general Meeting.

In the event of liquidation of the Company, the equity shareholders wiSS be entitled to receive the remaining assets of the Company, after distribution of all prefrential amounts, if any, inproportion to the number of equity shares held by the shareholders.

(i) Secured by equitable mortgage on factory Land & Building situated at F-17 & 58, RIICO Industrial Area and Araji No. 1312, Mataji Ki Pandoli, Chittorgarh and hypothecation of Plant & Machinery and floating charge on Stock of Raw Materials, Work in Progress, Finished Goods, Stores & Spares, Book Debts and further personally guaranteed by Directors.

'Considering the vendors are granting credit period upto 45 days and payments being released by the Company on a timely basis, there is no liability towards interest on delayed payments under "The Micro, Small & Medium Enterprises Development Act, 2006" during the year.

There is also no amount of outstanding interest in this regard, brought forward from previous years. The above information is on the basis of intimation received, on request made by the Company, with regards to vendors registration under the said act.

3. SEGMENT INFORMATION

In view of Accounting Standard-17 "Segment Reporting” issued by "The Institute of Chartered Accountant of India” and made mandatory applicable w.e.f. 1st April 2001, the disclosure in respect of Segment information for the year ended 31st March, 2015 is as given below:

(i) Primary Segment Reporting (By Business Segments):

The Company is engaged mainly in the business of Mining, manufacturing of Mattie,Granite and Sand Stone. These in the context of AS-17 "Segment Reporting” are considered to constitute one single segment.

(ii) Secondary Segment Reporting (By Geographical Segments):

The following is the distribution of the Company's consolidated sales by geographical markets, regardless of where the goods were produced.

Segment assets, liabilites and fixed assets used in the Company's business have not been identified to any reportable geographical segments as the fixed assets are used interchangeably between segments and hence geographical segment disclosures related to the carrying amount of Segment assets, liabilites and addition to fixed assets made during the year have not been given.

4. RELATED PARTY DISCLOSURES

In view of Accounting Standard -18 "Related Party Disclosures” issued by "The Institute of Chartered Accountant of India” and made mandatory applicable w.e.f. 1st April 2001, the disclosure in respect of related party transactions for the year ended 31st March, 2015 are given below:

(i) Names of Related Parties:

(a) Key Management Personnel:

Capt. S. K. inani Managing Director

Dinesh inani Joint Managing Director

(b) Relative to Key Management Personnel

Nand Lai Inani Father of Joint Managing Director

Rajesh Kumar Inani Director Brother of Joint Managing Director

(c) Enterprises over which Key Management Personnel is able to exercise significant influence:

Inani Marbles Pvt. Ltd.

Inani Tiles Pvt. Ltd.

Action Marble & Granite Pvt. Ltd.

Inani Infra Project Pvt. Ltd inani Marmo & Granite Pvt. Ltd.

Inani Bhanwartal & Sons Nakoda Marble Action Marble, Katni Gareeb Nawaz Marble

5. In the opinion of the Board the investments, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6. Promoters have authorized the Company without any consideration to develop and excavate the Marble Blocks, China Clay & Red Ocher from their Mines for a period up to March, 2Q16.

7. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

8. Effective from April 1,2014, the useful Lives of fixed assets have been revised in accordance with schedule II to the Cpmpanies Act, 2013 (the Act). Where cost of part of the asset is significant, as considered by the management, to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part has been determined separately. Further based on transitopnal provision in Note 7(b) of Schedule II to the Act, the depreciation in respect of asset/ component of the asset having no useful life remaining on April 01, 2014 amounting to Rs. 15.47 Lacs is accounted as onetime debit to the retained earnings.

9. The previous year figures have also been re-classified re-grouped to conform to this year's classification, for the previous year figure does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2014

1. SHARE CAPITAL

a) Terms/Rights attached to Equity Shares

The Company has only one class or shares having a par value of Rs. 10 per share fully paid up. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval or the shareholders in the ensuing Annual general Meeting.

In the event of liquidation of the Company, the equity share holders will be entitled to receive Ihe remaining assets of the Company, after distribution of all preferential amounts, if any, inproportion to the number of equity shares held by the shareholders.

2. LONG TERM BORROWINGS

(i) Secured by equitable mortgage on factory Land & Building situated at P-17 & 58, RIICO Industrial Area and Araji No. 1312. Mataji Ki Pandoli. Chittorgarh and hypothecation of Plant & Machinery and floating charge on Stock of Raw Materials, Work in Progress, Finished Goods, Stores & Spares, Book Debts and further personally guaranteed by Directors.

3. SHORT TERM BORROWINGS

Secured by equitable mortgage an factory Land & Building situated at F-17 & 58, RIICO Industrial Area and Araji No. 1312. Mataji Ki Pandoli. Chittorgarh and hypothecation of Plant & Machinery and floating charge on Stock of Raw Materials, Work in Progress, Finished Goods, Stores & Spares, Book Debts and further personally guaranteed by Directors.

4. TRADE PAYABLES

*Considering the vendors are granting credit period upto 45 days and payments being released by the Company on a timely basis, there is no liability towards interest on delayed payments under "The Micro, Small & Medium Enterprises Development Act, 2006" during the year.

There is also no amount of outstanding interest in this regard, brought forward from previous years. The above information is on the basis of intimation received, on request made by the Company, with regards to vendors registration under the said act.

5. SEGMENT INFORMATION

In view of Accounting Standard-17 "Segment Reporting" issued by The Institute of Chartered Accountant of India and made mandatory applicable w.e.f. 1st April 2001, the disclosure in respect of Segment information for the year ended 31st March, 2013 is as given below:

(i) Primary Segment Reporting (By Business Segments):

The Company is engaged mainly in the business of Mining, manufacturing of Marble, Granite and Sand Stone. These in the context of AS-17 "Segment Reporting" are considered to constitute one single segment.

Segment assets, Iiabilities and fixed assets used in the Company''s business have not been identified to any reportable geographical segments as the fixed assets are used interchangeably between segments and hence geographical segment disdosures related to the carrying amount of Segment assets, liabilities and addition to fixed assets made during the year have not been given.

6. RELATED PARTY DISCLOSURES

In view of Accounting Standard-18 ''Related Party Disclosures'' issued by ''The Institute of Chartered Accountant of India'' and made mandatory applicable w.e.f. 1st April 2001, the disclosure in respect of related party transactions for the year ended 31st March, 2014 are given below:

(i) Names of Related Parlies:

(a) Key Management Personnel

Capt. S K. Inani Managing Director

Dinesh Inani Joint Managing Director

(b) Relative to Key Management Personnel

Nand Lal Inani Father of Joint Managing Director

Rajesh Kumar Inani Director Brother or Joint Managing Director

(c) Enterprises over which Key Management Personnel is able to exercise significant influence:

Inani Marbles Pvt. Ltd.

Inani Tiles Pvt. Ltd.

Action Marble & Granite Pvt. Lid.

Inani Infra Project Pvt. Ltd.

Inani Marble & Granite Pvt. Ltd.

Inani Shanwarlal & Sons

Nakoda Marble

Action Marble, Katni

Gareeb Nawaz Marble

7. In the opinion of the Board the investments, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

8. Promoters have authorized the Company without any consideration to develop and excavate the Marble Blocks. China Clay & Red Ocher from their Mines for a period up to March, 2014.

9. There are no amounts due and outstanding to be credited to Investor Education and Protection fund.

10. The previous year figures have also been re-classified re-grouped to conform to this year''s classification for the previous year figure does not impact recognition and measurement principles followed for preparation of financial statements.

11. Figures have bean rounded off to nearest Rupees.


Mar 31, 2013

NOTE 1: COMPANY OVERVIEW

Inani Marbles & Industries Ltd. (The Company) is a public limited company and listed on Mumbai Stock Exchange Ltd. (BSEL). The company is engaged in manufacturing, processing and trading of Marble, Granite & Stone Blocks, Slabs &Tiles. The company sells its products in the domestic as well as export markets. The company has one manufacturing unit at Chittorgarh and another one 100% Export Oriented unit at Mataji ki Pandoli,Chittorgarh (Raj.).

In the opinion of the Board the investments, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

NOTE 2:

Promoters have authorized the Company without any consideration to develop and excavate the Marble Blocks, China Clay & Red Ocher from their Mines for a period up to March, 2014.

NOTE 3:

There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

NOTE 4:

The previous year figures have also been re-classified re-grouped to conform to this year''s classification. for the previous year figure does not impact recognition and measurement principles followed for preparation of financial statements.

NOTE 5:

Figures have been rounded off to nearest Rupees.


Mar 31, 2011

(Rs. in lacs)

(1) Contingent Liabilities not provided for in respect of: 2010-2011 2009-2010

(a) Guarantee Furnished to Banks and Govt. Dept. 141.28 304.88 including in respect of letter of credit.

(b) Differential amount of Excise duty in respect NIL 32.17 of equipment purchased under EPCG scheme and interest thereon

(c) Excise & Custom Duty Foregone Against Bond 262.97 136.08

(d) Excise & Custom Duty Foregone Under 100% EOU Scheme 93.94 112.83

The Company has not generally called for balance confirmations of Creditors, Debtors, Loans, Advances and Deposits. The Management has however scrutinized the accounts and confirm that these are current and are payable/recoverable.

(2) There are no outstanding due to Small Scale Industrial undertakings as on 31st March 2011 there are no Delayed payments to the suppliers covered under the 'Interest on delayed payments to Small Scale and Ancillary Undertaking Act, 1993'

(3) In the opinion of the Board the investments, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

(4) Promoters have authorised the Company without any consideration to develop and excavate the Marble blocks from their Mines for a period upto March, 2012.

(5) Deferred Tax Liability (Net): In accordance with Accounting Standard 22, 'Accounting for Taxes on Income' (AS22), issued by the Institute of Chartered Accountants of India, the Company has provided for deferred tax as under:

(7) In view of Accounting Standard -17 Segment Reporting issued by The Institute of Chartered Accountant of India" and made mandatory applicable w.e.f. 1st April 2001, the disclosure in respect of Segment information for the year ended 31st March, 2011 is as given below: a) Primary Business Segment:

The Company is engaged mainly in the business of Mining, manufacturing of Marble and Sand Stone. These in the context of AS-17 "Segment Reporting" are considered to constitute one single segment.

(b) Secondary Segment Reporting (by Geographical Segments)

The following is the distribution of the Company's consolidated sales by geographical markets,

The Company has common fixed assets for producing goods for Domestic Market and Overseas Market. Hence, separate figures for fixed assets/addition to fixed assets can not be furnished.

Note: Transactions relating to reimbursement of actual expenses to/ from related parties have not been considered above.


Mar 31, 2010

(Rs. in lacs)

(1) Contingent Liabilities not provided for in respect of: 2009-2010 2008-2009

(a) Guarantee Furnished to Banks and Govt. Dept. 304.88 24.63 including in respect of letter of credit.

(b) Custom duty on goods imported under NIL 7.84 DEEC scheme on which endorsement are still pending .(Rs. 170334 have been deposited under protest.)

(c) Differential amount of Excise duty in respect 32.17 28.78 of equipment purchased under EPCG scheme and interest thereon

(d) Excise & Custom Duty Foregone Against Bond 136.08 46.62

(e) Excise & Custom Duty Foregone Under

100% EOU Svheme 112.83 134.83



The Company has not generally called for balance confirmations of Creditors, Debtors, Loans, Advances and Deposits. The Management has however scrutinised the accounts and confirm that these are current and are payable/recoverable.

(2) There are no outstanding due to Small Scale Industrial undertakings as on 31st March 2010 there are no Delayed payments to the suppliers covered under the Interest on delayed payments to Small Scale and Auncilliary Undertaking Act, 1993

(3) In the opinion of the Board the investments, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

(4) Promoters have authorised the Company without any consideration to develop and excavate the Marble blocks from their Mines for a period upto March, 2011.

(5) In view of Accounting Standard-17 "Segment Reporting" issued by The Institute of Chartered Accountant of India" and made mandatory applicable w.e.f. 1 st April 2001, the disclosure in respect of Segment information for the year ended 31st March, 2010 is as given below:

(a) Primary Business Segment:

The Company is engaged mainly in the business of Mining, manufacturing of Marble and Sand Stone. These in the context of AS-17 "Segment Reporting" are considered to constitute one single segment.

(6) In view of Accounting Standard -18 "Related Party Disclosures" issued by "The Institute of Chartered Accountant of India" and made mandatory applicable w.e.f. 1 st April 2001, the disclosure in respect of related party transactions for the year ended 31st March, 2010 are given below:

I. List of Related Parties:

(a) Key Management Personnel:

Capt. S. K. Inani - Managing Director

Dinesh Inani - Joint Managing Director

(b) Relative to Key Management Personnel

Nand Lai Inani - Director

Rajesh Kumar Inani - Director

(c) Enterprises over which Key Management Personnel is able to exercise significant influence :

Inani Marbles Pvt. Ltd.

Inani Tiles Pvt. Ltd.

Inani Securities & Investments Ltd.

(7) Figures for the Previous year have been regrouped/reclassified to confirm with the figures of the current year wherever necessary.


Mar 31, 2009

(Rs. in lacs)

(1) Contingent Liabilities not provided for in respect of: 2008-2009 2007-2008

(a) Guarantee Furnished to Banks and Govt. Dept. 24.63 14.63 including in respect of letter of credit.

(b) Custom duty on goods imported under 7.84 7.84 DEEC scheme on which endorsement are still pending .(Rs. 170334 have been deposited under protest.)

(c) Differential amount of Excise duty in respect of 28.78 25.39 equipment purchased under EPCG scheme and interest thereon

(d) Excise & Custom Duty Foregone Against Bond 46.62 -

The Company has not generally called for balance confirmations of Creditors, Debtors, Loans, Advances and Deposits. The Management has however scrutinised the accounts and confirm that these are current and are payable/recoverable.

(2) There are no outstanding due to Small Scale Industrial undertakings as on 31st March 2010 there are no Delayed payments to the suppliers covered under the Interest on delayed payments to Small Scale and Auncilliary Undertaking Act, 1993

(3) In the opinion of the Board the investments, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

(4) Promoters have authorised the Company without any consideration to develop and excavate the Marble blocks from their Mines for a period upto March, 2009.

(5) In view of Accounting Standard -17 "Segment Reporting" issued by "The Institute of Chartered Accountant of India" and made mandatory applicable w.e.f. 1st April 2001, the disclosure in respect of Segment information for the year ended 31st March, 2009 is as given below: (a) Primary Business Segment:

The Company is engaged mainly in the business of Mining, manufacturing of Marble and Sand Stone. These in the context of AS-17 "Segment Reporting" are considered to constitute one single segment.

(6) In view of Accounting Standard -18 "Related Party Disclosures" issued by "The Institute of Chartered Accountant of India" and made mandatory applicable w.e.f. 1st April 2001, the disclosure in respect of related party transactions for the year ended 31st March, 2009 are given below:

I. List of Related Parties:

(a) Key Management Personnel : Capt. S. K, Inani - Managing Director Dinesh Inani - Joint Managing Director

(b) Relative to Key Management Personnel Nand Lal Inani - Director Rajesh Kumar Inani - Director

(c) Enterprises over which Key Management Personnel is able to exercise significant influence :

Inani Marbles Pvt. Ltd. Inani Tiles Pvt. Ltd. Inani Securities & Investments Ltd.

(7) In view of Accounting Standard 20 on "Earning Per Share" issued by the "The Institute of Chartered Accountant of India" and made mandatory w.e.f. 1st April, 2001, the following are the disclosures in respect of the Calculation of earning per share for the year ended 31st March, 2008

 
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