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Notes to Accounts of Lloyds Metals & Energy Ltd.

Mar 31, 2015

1 Contingent liabilities not provided for - (Rs. in Lacs) As at As at 31/03/2015 31/03/2014

a) Letter of Credit/Guarantees 556.70 524.75 issued by Banks

b) Disputed claims of Excise/ 20.72 28.18

Service Tax and CST Authorities

c) Claims against 145.50 118.90 the Company not acknowledged as Debts

2 Amount held in Margin / Fixed deposit accounts with banks having lien for facilities given by Banks Rs.726.67 Lacs (Previous year Rs.726.73 Lacs).

3 The computation of net profit for the purpose of calculation of managerial remuneration u/s 198 of Companies Act, 2013 has not been enumerated since minimum remuneration has been paid to the Managing Director.

4 a) The Company does not envisage any liability for Income

Tax for the current year in absence of taxable income.

b) Disclosure as required by the Accounting Standard - 22 "Accounting for Taxes on Income" are given below:

In the event of carry forward losses and unabsorbed depreciation no Deferred Tax Liability has been created for the financial year ending 31s1 March, 2015. The deferred tax asset has not been recognized as there is no virtual certainty of sufficient future taxable income available against which this deferred tax asset can be realized.

5 Disclosure as required by the Accounting Standard-15 "Employee Benefit" are given below:

a) General Description of Plan : Defined Gratuity Benefit obligation (Unfunded)

b) Method of Valuation of Gratuity: Projected Unit Credit Method.

e) Actuarial Assumptions.

(i) Rate of Interest : 7.75% per annum

(ii) Salary Growth : 8.00% per annum

(iii) Withdrawal Rate : 1%

(iv) Mortality Rate : Indian Assured Lives (2006-08)

ultimate Mortality Rates.

(v) Retirement Age : 60 years

6 Debtors, Creditors and Loans & Advances are subject to confirmation by the parties. Difference (if any), shall be accounted on such reconciliation.

7 During the year power division sales includes sale of power amounting to Rs. 773.57 lacs at selling price to sponge iron division (Previous year Rs. 1016.32 Lacs).

8 The Company has no information as to whether any of its suppliers constitute micro, small & medium enterprises as per Micro, Small & Medium Enterprises Development Act, 2006 and therefore, the amount due to such suppliers has not been identified.

9 Previous year figures have been regrouped and recast wherever necessary to confirm to the classification of the current year as per the Schedule III of the Companies Act, 2013.


Mar 31, 2013

1 Contingent liabilities not provided for

(Rs. in Lacs)

As at 31/03/13 As at 31/03/12

a) Letter of Credit/Guarantees issued by Banks 478.00 456.16

b) Disputed claims of Excise/Service Tax Authorities 27.20 12.50

c) Claims against the Company not 118.90 237.25 acknowledged as Debts

2 Amount held in Margin / Fixed deposit accounts with banks having lien for facilities given by Banks Rs. 669.30 Lacs (Previous year Rs. 631.65 Lacs)

3 The computation of net profit for the purpose of calculation of managerial remuneration u/s 349 of Companies Act, 1956 has not been enumerated since minimum remuneration has been paid to the Managing Director.

4 a) The company does not envisage any liability for Income Tax for the current year in absence of taxable income.

b) Disclosure as required by the Accounting Standard - 22 "Accounting for Taxes on Income" are given below.:

In the event of carry forward losses and unabsorbed depreciation no Deferred Tax Liability has been created for the financial year ending 31.03.2013. The deferred tax asset has not been recognized as there is no virtual certainty of sufficient future taxable income available against which this deferred tax asset can be realized.

5 Short term loans & advances includes loans and advances given to subsidiary Gadchiroli Metals & Minerals Ltd. of Rs. 37.50 Lacs (Previous year Rs. 37.35 Lacs)

6 Disclosure as required by the Accounting Standard-15 "Employee Benefit" are given below:

a) General Description of Plan : Defined Gratuity Benefit obligation (Unfunded)

b) Method of Valuation of Gratuity: Projected Unit Credit Method.

7 Debtors, Creditors and Loans & Advances are subject to confirmation by the parties. Difference (if any), shall be accounted on such reconciliation.

8 During the year power division sales to sponge iron division is Rs. 939.24 Lacs (Previous year Rs. 958.87 Lacs)

9 The Company has no information as to whether any of its suppliers constitute micro, small & medium enterprises as per Micro, Small & Medium Enterprises Development Act, 2006 and therefore, the amount due to such suppliers has not been identified.

10 Previous year figures have been regrouped and recast wherever necessary to confirm to the classification of the current year as per the revised Schedule VI of the Companies Act 1956.

 
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