Mar 31, 2015
1. Share Capital
a) Term Rights Attached to equity shares
The company has one class of equity share having a par value of Rs. 10
per . Each holder of equity shares is entitled to one vote per share .
The dividend,if any, is declared and paid in Indian Rupees. The
dividend , if any,proposed by the Board of Director is subject to the
approval of the holders in the ensuing Annual General Meeting.
In the event of Liquidation of the company, the holders of equity
shares will 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 holders
b) Nil number of bonus shares issued, shares issued for consideration
other than cash and share bought back during the period of five years
immediately preceeding the reporting date .
2) Contingent Liabilities
i) Counter Guarantee given to the Bank for the performance guarantee
given by them of Rs 32.77 Lacs (P.Y. Rs.38.45 Lacs).
ii) Disputed sales tax liability of Rs 65,57,957/- for F.Y 2004-05-
(P.Y.65,57,957).
iii) Letters of Credit outstanding of Rs 1,65,09,702/- (P.Y.
1,83,72,886).
iv) There are some labour related matters pending in the Labour Court
at Raigad and Mumbai. The Company's Liability towards such matters
cannot be ascertained..
v) The Company had imported certain items under the Duty Free Advance
Authorisation Scheme. The total value of the Bond given is Rs
2,03,01,500/-. The Company was unable to complete its export obligation
in respect of such imports.
The Company has applied to the Directorate General of Foreign Trade for
granting extension of the time period for fulfillment of its export
obligation. The approval for the same is awaited.
3) Income Tax
i) Due to net loss the company has not made any provision of Current
Tax under the provisions of Income Tax Act, 1961.
ii) The Company has provided for the deferred tax based on the tax
effect of timing differences, which will reverse in future. The break
up is as under:
4) Sales Tax Deferment
Unsecured loan includes Interest free Sales Tax Deferment of Rs.
1,84,71,727/-. Out of this, a sum of Rs 7,49,146/- (P. Y. Rs
11,25,092/-) is due within the immediate next year. Rs.39,402/- is
payable in next year as annual installments till year 2016-17.
5) Segment Reporting
The Company has only one reportable segment i.e. Cold drawn Seamless
Pipes and Tubes. Hence requirement of Accounting Standard, AS-17
"Segment Reporting" are not applicable.
6) Impairment of Assets
There is no such impairment of assets at the year ended on 31.03.15 in
terms of Accounting Standard, AS - 28. Hence company has not made any
provision for impairment loss.
7) Dues to Micro, Small and Medium enterprises
The Company has not received any intimation from 'suppliers' regarding
their status under the Micro, Small and Medium enterprises Development
Act, 2006 and hence disclosures, if any relating to amount unpaid as at
the year end together with interest paid/payable as required under the
said Act have not been furnished.
A) Name of the Parties (as certified by the management)
1) Associates
* Madras Steel & Tubes
* Vinayak Pipes & Tubes Pvt Ltd
* Vinayak Tubes
* Excel Tube Corporation
2) Key Management Personnel
* Shri Madhav. P. Jalan
* Shri Vivek Jalan
* Shri Jiwanprakash. T. Hingorani
* Shri Chetan Jain
* Smt. Mala Sharma
* Chandrashekar R. Kulkarni
3) Relative of Key Management Personnel (KMP)
* Smt. Sampathidevi M. Jalan
8) In the opinion of Board the current assets, loans & advances are
approximately'of the value stated in the balance sheet if realized in
the ordinary courses of business.
9) Till the financial year 2013-14, the Company has charged
depreciation as per rates provided under schedule XIV of Companies Act,
1956. With effective from 01st April, 2014, the Company has charged
depreciation on its assets based on the useful life as stipulated under
schedule II of Companies Act, 2013. Based on the transitional provision
as provided in Note 7(b) of the Schedule II, Rs. 3,08,016/- (Net of
Tax) has been adjusted against opening balance of retained earnings.
10) Trade Receivables, Trade Payables, Advance from Customers and Loans
& Advances, the balances under these heads have been shown as per books
of accounts and are subject to reconciliation and adjustment, if any.
11) Previous year's figures have been regrouped, wherever necessary to
make them comparable with those of current year. Figures in the
brackets represent figures for the previous year.
12) Previous year audit was conducted by auditors other than K C P L
AND Associates LLP.
Mar 31, 2012
1) Contingent Liabilities
i) Counter Guarantee given to the Bank for the performance guarantee
given by them of Rs.36.85 Lacs (P.Y. Rs.77.16 lacs).
ii) Disputed sales tax liability of Rs. 65, 57,957/ for F.Y 2004-05-
(P.Y. Nil).
iii) Letters of Credit outstanding of Rs. 2, 93, 81,661 (P. Y. Nil).
iv) Disputed excise liability raised by the Central Excise Dept is as
follows :
1. Disputed excise liability for the period Jan 2011 to Dec 2011 for
Rs.13,11,717/-
2. Disputed excise liability for the period Aug 2009 to Dec 2009 for
Rs.2,47,911/-
3. Disputed excise liability for the period Jan 2010 to May 2010 for
Rs.3,67,760/-
4. Disputed excise liability for the period Jun 2010 to Dec 2010 for
Rs.11,83,336/-
2) Income Tax
i) Due to net loss the company has not made any provision of Current
Tax under the provisions of Income Tax Act, 1961.
3) Sales Tax Deferment
Unsecured loan represent Interest free Sales Tax Deferment of Rs.
2,11,65,919/-. Out of these, a sum of Rs 20,54,315/- (P. Y. Rs
21,07,017/-) is due within the immediate next year. Rs. 37,83,970/- is
payable in next 4 years as annual installments till year 2016-17.
4) Segment Reporting
The Company has only one reportable segment i.e. Cold drawn Seamless
Pipes and Tubes. Hence requirement of Accounting Standard, AS-17
"Segment Reporting" are not applicable.
5) Impairment of Assets
There is no such impairment of assets at the year ended on 31.03.12 in
terms of Accounting Standard, AS - 28. Hence company has not made any
provision for impairment loss.
6) Dues to Small Scale Industrial Undertakings
The Company has not received any intimation from ''suppliers'' regarding
their status under the Micro, Small and Medium enterprises Development
Act, 2006 and hence disclosures, if any relating to amount unpaid as at
the yearend together with interest paid/payable as required under the
said Act have not been furnished.
7) Related Party Disclosures as per Accounting Standard (AS) 18 :
A) Name of the Parties ( as certified by the management)
1) Associates
Madras Steel & Tubes (MST)
Riddi Siddhi & Co. (RSC)
Sarayu Issue Management Services Pvt. Ltd. (SIMSPL)
Vinayak Tubes (VT)
Vinayak Steels (VS)
Excel Tube Corporation (ETC)
2) Key Management Personnel
Shri Madhav. P. Jalan
Shri Vivek Jalan
Shri J. T. Hingorani
Shri Manish Dalai
Shri Chetan Jain
Smt. Mala Sharma
3) Relative of Key Management Personnel (KMP)
Shri Rishi Jalan
Smt. Sampathidevi M. Jalan
8) In the opinion of Board the current assets, loans & advances are
approximately of the value stated in the balance sheet if realized in
the ordinary courses of business.
9) Previous year''s figures have been regrouped, wherever necessary to
make them comparable with those of current year. Figures in the
brackets represent figures for the previous year
Mar 31, 2011
A) Contingent Liabilities
i) Counter Guarantee given to the Bank for the performance guarantee
given by them of Rs. 77.16 lacs (P.Y. Rs.52.92 lacs).
ii) Disputed sales tax liability of Rs. Nil (P.Y. Rs. 161.93 Lacs ).
iii) Letter of Credit outstanding of Rs. Nil (P.Y. Rs. 568.82 Lacs).
iv) Estimated amount of contract remaining to be executed on Capital
Account and not provided for Rs. 5.00 lacs (P.Y. Rs. 419.45 Lacs)
v) Disputed excise liability for the period August, 2009 to
December,2010 raised by the Central Excise Dept. for Rs.17,99,007. û
c) Income Tax
i) The Company has made adequate provision of Current Tax Rs. Nil (P.Y.
Rs. Nil/-) under the provisions of Income Tax Act, 1961.
d) Sales Tax Deferment
Unsecured loan represent Interest free Sales Tax Deferment of Rs.
2,32,72,936/- out of these, a sum of Rs 20,54,315/- (P. Y. Rs
13,97,276/-) is due within the immediate next year and Rs. 76,45,302/-
is payable in next 5 yearly installments till year 2016-17.
Further Rs. 97,81,109/- (P.Y. Rs 55,46,525/-) is added in above
unsecured loan as per sanction of the deferment scheme by the Sales Tax
authorities.
b) Managerial Remuneration *
Directors Remuneration paid Rs 23,99,999/- (Previous Year Rs.
25,95,169/-).
c) Segment Reporting
The Company has only one reportable segment i.e. Cold drawn Seamless
Pipes and Tubes. Hence requirement of Accounting Standard, AS-17
"Segment Reporting" are not applicable.
d) Impairment of Assets
There is no such impairment of assets at the year ended on 31.03.11 in
terms of Accounting Standard, AS - 28. Hence company has not made any
provision for impairment loss.
e) Dues to Small Scale Industrial Undertakings
The Company has not received any intimation from 'suppliers' regarding
their status under the Micro, Small and Medium enterprises Development
Act, 2006 and hence disclosures, if any relating to amount unpaid as at
the year end together with interest paid/payable as required under the
said Act have not been furnished.
f) Additional Information pursuant to clause 3,4C, 4D of Part II of
Schedule VI of Companies Act, 1956.
g) In the opinion of Board the current assets, loans & advances are
approximately of the value stated in the balance sheet if realized in
the ordinary courses of business.
h) Previous years figures have been regrouped, wherever necessary to
make them comparable with those of current year. Figures in the
brackets represent figures for the previous year