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Notes to Accounts of Maan Aluminium Ltd.

Mar 31, 2017

Note 1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note: 2. Vehicle loan from Daimler Financial Service India Pvt. Ltd. Secured by hypothecation of respective vehicle which is payable in 36 Monthly installments of Rs.64297/- each commenced from October, 2016 for the principal and interest amount.

Note 3. Details of security for the secured short-term borrowings:

4. Cash Credit and Buyers Credit facilities from Andhra Bank

(a) Primary Security: - Hypothecation of entire stocks of Raw Material, Finished Goods, Stock-in-Process, Stores & Spares, Packing Materials including goods at port / in transit / under shipment and eligible book debts, receivables and other current assets etc.

(b) Collateral Security-

(i) Hypothecation on company’s Fixed Assets excluding Land and Building.

(ii) Equitable Mortgage on Land & Bulding situated at Aluminium Complex, Plot No. 67 & 75 Sector-I, Pithampur, Dhar (M.P.)

(c) Personal guarantee of two promoter directors of the Company

5. Purchase Bill Discounting Facility from Andhra Bank

(a)The Company has offered a property situated at Plot No. 21, Block K-4 Near PCR Lines Model Town II, New Delhi as a collateral security which is in the name of a relative of promoter directors.

(b) The Company has offered Personal guarantee of two promoter directors of the Company

(c) Documents for creation of charge are yet to be created

6. Channel finance facility

Two promoter directors of the Company have given their personal guarantee for Channel finance facility from Aditya Birla Finance Limited.

Note 7 : Sales Tax comprises demand of Rs.310803/- and Rs.283040/- under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the assessment years 2001-02 and 2002-03 respectively, sales tax demand of Rs.185019 under Central Sales Tax Act 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to the assessment years 2010-11, sales tax comprises demand of Rs.1137545, Rs.1130647 under Central Sales Tax Act, 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to assessment year 2011 -12 & 2012-13 and Rs. 21,24,800 under Central Sales Tax Act, 1956 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2013-14, and Rs.9,98,886 under Central Sales Tax Act, 1956 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2014-15

Note 8 : Excise Duty comprises of demand of Rs.89,34,657/- under Central Excise Act, 1944 pending with appelate tribunal delhi pertaining to year 2009-10,10-11,11-12 and 12-13 and Rs.8451/- pending with CESAT, New Delhi pertaining to year 2002-03.

Note 9 : Income tax comprises of demands under Income Tax Act, 1961 of Rs.5213815 pending with Commissioner of income tax (Appeal)-13, Ahemdabad pertaining to assessment year 2015-16 and Rs.704110 pending with Commissioner of income tax (Appeal) VI, New Delhi pertaining to the assessment year 2012-13.

Note 10 : The management of the company is of opinion that demands as mentioned in note 26.1.1 to 26.1.3 are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

Note 11 : As per Accounting Standard 15 “Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.31,59,137/- (Year ended 31 March, 2016 Rs.26,14,888/-) for Provident Fund contributions and Rs.10,75,012/- (Year ended 31 March, 2016 Rs.10,08,270) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees’ gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

The following table sets out the funded status of the defined benefit schemes and the amount recognized in the financial statements:

Note 12. The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 13. The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 14.

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

Note 15.

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realizable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 16.

Balances of trade receivables, loans and advances and trade payables are subject to confirmation/reconciliation and subsequent adjustment, if any.

Note 17.

Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the current year’s classification/disclosure.


Mar 31, 2015

Note 1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 2: During the year, the Company has adopted estimated useful life of fixed assets as stipulated by Schedule II to the Companies Act, 2013. Accordingly, depreciation of Rs. 97.27 lacs (net of deferred tax of Rs. 43.49 lacs) on account of assets whose useful life is already exhausted on April 01, 2014 has been adjusted against General Reserve.

Note 3 : Sales Tax comprises demand of Rs. 310803/- and Rs. 283040/- under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the assessment years 2001-02 and 2002-03 respectively, sales tax demand of Rs. 185019 under Central Sales Tax Act 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to the assessment years 2010-11, sales tax comprises demand of Rs. 726030, Rs. 2393361, and Rs. 5026574 under Central Sales Tax Act, 1956 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2004-05, 2011-12 and 2012-13 respectively and Rs. 9794 under Madhya Pradesh VAT Act, 2002 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2011-12.

Note 4 : Entry tax comprises of demand of Rs. 1064061/- and Rs. 220433/- under Entry Tax Act, 1976 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2011-12 and 2012-13 respectively .

Note 5: Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/- and Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 respectively.

Note 6 : Income tax comprises of demand of Rs. 704110/- under Income Tax Act, 1961 pending with Commissionor of Income Tax (Appeals), VI New Delhi pertaining to the assessment year 2012-13.

Note 7 : The management of the company is of opinion that demands as mentioned in note 25.1.1 to 25.1.4 are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

Note 8: As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 21,56,884/- (Year ended 31 March, 2014 Rs. 20,15,044/-) for Provident Fund contributions and Rs. 9,96,582 (Year ended 31 March, 2014 Rs. 9,21,535) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Note 9 : The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 10: The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 11 : Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

Note 12: The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 13 : Balances of trade receivables, loans and advances and trade payables are subject to confirmation/reconciliation and subsequent adjustment, if any.

Note 14: Previous year's figures have been regrouped/reclassified whereever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2014

CORPORATE INFORMATION

Maan Aluminium Limited (''the Company'') is engaged in the business of manufacturing of aluminium profiles and other related activities.

Note 1.1

Some of the directors have given personal guarantee and M/s J P Engineers has give corporate guarantee for the aforesaid cash credit, SLC and buyers credit facilities from State Bank of India.

Note 1.1.1

Sales Tax comprises demand of Rs. 310803/- and Rs. 283040 under Central Sales Tax Act 1956 pending with M.P. High Court pertaining to the assessment years 2001-02 and 2002-03 respectively and Sales Tax comprises demand of Rs. 726030 and Rs. 704013 under Central Sales Tax Act 1956 pending with Asst. Commissioner and additional Commissioner pertaining to the assessment years 2004-05 and 2010-11 respectively.

Note 1.1.2

Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/- and Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 respectively.

Note 2: As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.2015044/- (Year ended 31 March, 2013 Rs.17,41,416/-) for Provident Fund contributions and Rs.9,21,535 (Year ended 31 March, 2013 Rs.9,42,809) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes. Defined benefit plans

The employees'' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Note 2.1 The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 2.2 The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 3

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act , 2006. Note 31

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 4

Balances of trade receivables, loans and advances and trade payables are subject to confirmation/ reconciliation and subsequent adjustment, if any.

Note 5

Company has capitalised borrowing costs Rs. Nil (for 2012-13 - Rs. 4,572,221) during the year as part of cost of capital work in progress.

Note 6

Previous year''s figures have been regrouped/reclassified whereever necessary to correspond with the current year''s classification/ disclosure.

Signatures to the statements of Notes to the Financial Statements.


Mar 31, 2013

NOTE 1.1

*''Insurance claims are accounted for on the basis of claims admitted / expected to be admitted. This includes two incidences occured during the financial year 2011-2012 when the trucks transporting the raw material i.e. Aluminium Ingots from supplier to the company were hijacked in the state of Orissa. These incidents occured on 31-08-2011 and on 11-01-2012 and raw material lost was of Rs. 2175356/- and Rs. 2084808/-, company has followed the prescribed procedure and lodged the insurance claims for these losses. Although claims have still not been settled by the insurance company, management is confident of settlement of the same in near future and therefore no loss on this account has been booked in the books of the company.

Note 2.1.1

Sales Tax comprises demand of Rs. 310803/-, Rs. 283040/-, Rs. 726030 under Central Sales Tax Act 1956 pending with Asst. Commissioner of Appeal pertaining to the assessment years 2001-02, 2002-03, 2004-05 respectively.

Note 2.1.2

Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/-, Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 resoectively.

Note 3: As per Accounting Standard 15 “Employee benefits“, the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 1741416/- (Year ended 31 March, 2012 Rs. 1665704/-) for Provident Fund contributions and Rs. 942809 (Year ended 31 March, 2012 Rs. 777350) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees'' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Note 4.1 The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 4.2 The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 5

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

Note 6

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 7

Balances of sundry debtors, advances and creditors are subject to confirmation/reconciliation and subsequent adjustment, if any.

Note 8

Company has capitalised borrowing costs Rs. 4,572,221 (for 2011-12 - Rs. 1,472,200) during the year as part of cost of capital work in progress.

Note 9

Previous year''s figures have been regrouped/reclassified whereever necessary to correspond with the current year''s classification/disclosure.

Signatures to the statements of Notes to the Financial Statements.


Mar 31, 2012

NOTE 1.1:

Raw Material Inventory includes Rs. 20186809 (as on 31-03-2011 Rs. 6226451) goods in transit.

NOTE 1.2:-

*'Insurance claims are accounted for on the basis of claims admitted / expected to be admitted. This includes two incidences occured during the year when the trucks transporting the raw material i.e. Aluminium Ingots from supplier to the company were hijacked in the state of Orissa. These incidents occured on 31-08-2011 and on 11-01-2012 and raw material lost was of Rs. 2175356/- and Rs. 2084808/-, company has followed the prescribed procedure and lodged the insurance claims for these losses. Although claims have still not been settled by the insurance company, management is confident of settlement of the same in near future and therefore no loss on this account has been booked in the books of the company.

NOTE 2.1 : Contingent liabilities and commitments (to the extent not provided for)

(Amount in Rs.)

Particulars As at As at 31 March, 2012 31 March, 2011

Contingent liabilities

Claims against the Company not acknowledged as debt

Sales tax 1,731,979 1,759,318

Excise duty 7,046,702 7,118,423

Labour Act 391,490 391,490

NOTE 2.1.1

Sales Tax comprises demand of Rs. 310803/-, Rs. 283040/-, Rs. 726030 and Rs. 412106/- under Central Sales Tax Act 1956 pending with Asst. Commissionor of Appeal pertaining to the assessment years 2001-02, 2002-03, 2004-05 and 2005-06 respectively.

NOTE 2.1.2

Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/-, Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 resoectively.

NOTE 2.1.3

The Company has availed a Non funded bank guarantee limit from State Bank of India. Total Bank Guarantee limit outstanding as on 31-03-2012 was Rs. 17285310/-

NOTE 2.2

Details on derivatives instruments and unhedged foreign currency exposures

I. The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:

NOTE 3 :

As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

EMPLOYEE BENEFIT PLANS Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 1665704/- (Year ended 31 March, 2011 Rs. 1168651) for Provident Fund contributions and Rs. 777350 (Year ended 31 March, 2011 Rs. 604257) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

NOTE 3.1

The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

NOTE 3.2

The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

NOTE 3.3

The company has accounted for net asset of Rs. 973651/- (i.e. excess of fair value of planned assets with LIC over present value of the obligations) on 01-04-2011 in respect of group gratuity scheme. This has been calculated by actuary as per the stipulations of Accouting Standard 15 (Revised) and has been added in the opening balance of general reserves.

NOTE 4

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

NOTE 5

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

NOTE 6

Balances of sundry debtors, advances and creditors are subject to confirmation/reconciliation and subsequent adjustment, if any.

NOTE 7

Company has capitalised borrowing costs Rs. 1472200 (as on 31.03.2011 - Rs. 144424) during the year as part of cost of capital work in progress.

NOTE 8

Till the year end 31 March 2011, the Company was using 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 accordingly reclassified previous year figures to confirm to this year classification.


Mar 31, 2010

1 Disclosure of Contingent Liabilities not provided for: (In Lakhs)

Claim against the Company not acknowledged as debts

Current Year Previous Year

i) Sales tax 11.35 1.72

ii) Excise Duty 95.11 85.85

iii) Guarantee / Letter of Credit Outstanding 556.52 19.66

2 Figures have been rounded of to nearest Rupees

3 The Company has debited a sum of Rs. 3,96,514/- to prior period on account of preliminary expenses written of.

4 Balances of sundry creditors and debtors are subject to confrmations, reconciliation and consequent adjustments, if any.

5 Previous year fgures have been regrouped/rearranged wherever necessary to make them comparable with those of current year.

6 The amount of borrowing cost capitalized during the year Rs.18,306 /- (Previous year Rs. NIL)

7 Dues to micro, small and medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006

None of the suppliers has responded to the communication made by the Company, in view of which it is not feasible to give information in respect of the amount due to supplier under the Micro, Small and Medium Enterprises Development Act, 2006.

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