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Notes to Accounts of Indian Bright Steel Company Ltd.

Mar 31, 2014

1 Corporate information

The company is engaged in the business of manufacturing of steel bars & had no operations during the year. The place of business is at Mumbai only.

Note 2 Segment information

During the year since the company has operated only in one segment, hence the dislcosure for the same is not given.

Note 3 Related party disclosure

Name of Related parties and related party relationship with whom transactions have taken place during the year Associates

Vitesse Telecom Private Limited

Key management personnel & Relatives Mr. Ashish Deora Mr. Avinash Jajodia Mr. Alok Jajodia

Note : Related party are as identified by the company and relied upon by the auditors Related party transactions

The following table provides the total amount of transactions that have been entered into with the related parties for the relevant financial year:

Note 4 Income Tax and Deferred Tax Asset / (Liability)

In the Opinion of the management, and in view of the minimal profits for the current year, losses in the earlier year and carried forward losses under the Income Tax Act, there will not be any liability towards Income tax for the current year.

In view of absence of sufficient profits and future taxable income and consideration of prudence, the Deferred Tax Asset is not recognised by the management.

Note 5 Utilization of money raised through preferential issue

During the year ended 31.03.2013, the company has raised Rs. 11,360,000 through preferential allotment of share, specifically to strengthen the financial position and to meet its funds requirements for execution of new projects either by itself or through joint ventures and for general corporate purposes. Given below are the details of utilisation of proceeds raised through preferential issue.

Note 6 Previous year figures

Figures of the previous year have been regrouped/reclassified/ rearranged, wherever necessary, to confirm with the current year''s presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current year''s financial statements and to be read in relation to the amounts and other disclosures to the current year.


Mar 31, 2013

1 Corporate information

The company is engaged in the business of manufacturing of steel bars & had no operations during the year. The place of business is at Mumbai only.

Note 2 Segment information

During the year since the company has operated only in one segment, hence the dislcosure for the same is not given.

Note 3 Related party disclosure

Name of Related parties and related party relationship with whom transactions have taken place during the year Associates

Vitesse Telecom Private Limited

Key management personnel & Relatives

Mr. Ashish Deora Mr, Avinash Jajodia Mr. Alok Jajodia

Note : Related party are as identified by the company and relied upon by the auditors

Note 4 Income Tax and Deferred Tax Asset / (Liability)

In the Opinion of the management, and in view of the minimal profits for the current year, losses in the earlier year and carried forward losses under the Income Tax Act, there will not be any liability towards Income tax for the current year.

In view of absence of sufficient profits and future taxable income and consideration of prudence, the Deferred Tax Asset is not recognised by the management.

Note 5 Utilization of money raised through preferential issue

During the year ended 31.03.2012, the company has raised Rs.. 11,360,000 through preferential allotment of share, specifically to strengthen the financial position and to meet its funds requirements for execution of new projects either by itself or through joint ventures and for general corporate purposes. Given below are the details of utilisation of proceeds raised through preferential issue.

Note 6 Previous year figures

Figures of the previous year have been regrouped/reclassified/rearranged, wherever necessary, to confirm with the current year''s presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current year''s financial statements and to be read in relation to the amounts and other disclosures to the current year.


Mar 31, 2012

1 Corporate information

The company is engaged in the business of manufacturing of steel bars & had no operations during the year. The place of business is at Mumbai only.

Note 2 Segment information

During the year since the company has operated only in one segment, hence the disclosure for the same is not given.

Note 3 Related party disclosure

Name of Related parties and related party relationship with whom transactions have taken place during the year Associates

Vitesse Telecom Private Limited

Key management personnel & Relatives

Mr. Ashish Deora

Mr. Avinash Jajodia

Mr. Alok Jajodia

Note : Related party are as identified by the company and relied upon by the auditors

Related party transactions

The following table provides the total amount of transactions that have been entered into with the related parties for the relevant financial year:

Note 4 Income Tax and Deferred Tax Asset / (Liability)

In the Opinion of the management, and in view of the minimal profits for the current year, losses in the earlier year and carried forward losses under the Income Tax Act, there will not be any liability towards Income tax for the current year.

In view of absence of sufficient profits and future taxable income and consideration of prudence, the Deferred Tax Asset is not recognised by the management.

Note 5 Utilization of money raised through preferential issue

During the year ended 31.03.2012, the company has raised Rs 1,13,60,000 through preferential allotment of share, specifically to strengthen the financial position and to meet its funds requirements for execution of new projects either by itself or through joint ventures and for general corporate purposes. Given below are the details of utilisation of proceeds raised through preferential issue.

Note 6 Previous year figures

Till the year ended 31 March 2011, the company was using the pre-revised schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements.

During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company. The Company has reclassified the previous year figures to conform to this year's classification.


Mar 31, 2011

1) In the opinion of the Management, Current Assets, Loans and Advances are approximately of the value stated, except otherwise stated, if realised in the ordinary course of business. The provision of all known liabilities, is adequate and not in excess of the amounts reasonably necessary.

2) Sales-tax assessment of the Company has been finalised upto and including the accounting year 2007 - 2008 and the Income-tax assessment are completed upto Accounting Year 2010 - 2011. The Company does not expect any Sales-tax and Income-tax liability for the pending assessments.

3) In the opinion of the management, in view of the loss for the current year and past carried forward losses under the Income-tax Act, there will not be any liability towards income-tax for the current year.

4) Sundry Creditors include Rs. NIL (Previous Year Rs. NIL) due to Small Scale Industrial Undertakings (SSI's) to the extent such parties have been identified from the available information / documents with the company.

5) As per the information available with the Company in response to the enquiries from all existing suppliers with whom the Company deals, none of the suppliers are registered with the Micro, Small and Medium Enterprises Development Act, 2006.

6) Additional information pursuant to the provision of paragraphs 3, 4-C and 4-D of Part II of Schedule VI of the Companies Act, 1956 (As certified by the Director)

The quantitative information in regard to class of goods manufactured by the Company :

Other Information / particulars are either not applicable or nil.

1) Deferred Tax is computing the tax effect of timing difference which arise during the year and reverse in subsequent periods keeping in view consideration of prudence, reasonable certainty and in the absence of sufficient future taxable income deferred tax assets is not provided for.

2) The company's operations relate to manufacture of Bright Steel Bars. The Company does not have separate business segments.

3) Earning per Share :

Earnings per share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The number used in calculating the basic and diluted earnings per equity share are as stated below :

10) Related Party Information :-

Disclosures in respect of related parties (as defined in Accounting Standard 18), with whom transactions have taken place during the year given below :

a) Relationship

i) Key Management Personnel

1 Shri Alok Kumar Jajodia

2 Shri Avinash Jajodia

3 Shri Avishek Himatsingka

4 Shri Tushar Dave

5 Shri Deepak Jhanwar

11) Figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary, to conform with the current year's presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current year's financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

12) Information required as per part IV of Schedule VI of the Companies Act, 1956.

Compiled by : Dion Global Solutions Limited


Mar 31, 2010

1) In the opinion of the Management, Current Assets, Loans and Advances are approximately of the value stated, except otherwise stated, if realised in the ordinary course of business. The provision of all known liabilities, is adequate and not in excess of the amounts reasonably necessary.

2) Sales-tax assessment of the Company has been finalised upto and including the accounting year 2007 - 2008 and the Income-tax assessment are completed upto Accounting Year 2007 - 2008. The Company does not expect any Sales-tax and Income-tax liability for the pending assessments.

3) In the opinion of the management, in view of the loss for the current year and past carried forward losses under the Income-tax Act, there will not be any liability towards income-tax on the income of the current year.

4) Sundry Creditors include ? NIL (Previous Year ? NIL) due to Small Scale Industrial Undertakings (SSIs) to the extent such parties have been identified from the available information / documents with the company.

5) As per the information available with the Company in response to the enquiries from all existing suppliers with whom the Company deals, none of the suppliers are registered with the Micro, Small and Medium Enterprises Development Act, 2006.

6) Deferred Tax is computing the tax effect of timing difference which arise during the year and reverse in subsequent periods keeping in view consideration of prudence, reasonable certainty and in the absence of sufficient future taxable income deferred tax assets is not provided for.

7) The companys operations relate to manufacture of Bright Steel Bars. The Company does not have separate business segments.

8) Related Party Information :-

Disclosures in respect of related parties (as defined in Accounting Standard 18), with whom transactions have taken place during the year given below :

1) Relationship

a) Key Management Personnel

1 Shri Alok Kumar Jajodia

2 Shri Avinash Jajodia

3 Shri S. B. Gaud (Expired on February 22, 2010)

4 Shri Avishek Himatsingka

5 Shri Tushar Dave

6 Shri Deepak Jhanwar

Note : Related Party relationship is as identified by the company and relied upon by the auditors.

9) Figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary, to conform with the current years presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current years financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

10) Information required as per part IV of Schedule VI of the Companies Act, 1956.





 
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