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Notes to Accounts of Mahamaya Steel Industries Ltd.

Mar 31, 2015

NOTE 1 : RELATED PARTY DISCLOSURES

Disclosure of transactions with related parties, as required by Accounting Standard - 18 "Related Party Disclosures" has been set-out in a separate statement annexed to this schedule. Related parties as defined under Clause 3 of the Accounting Standard have been identified on the basis of representations made by Key Managerial Personnel and information available with the Company.

(A) Electricity Duty exemption:

During the Financial year 2012-13 the company had applied for exemption from electricity duty in respect of electricity consumed in its SMS Plant. The company had been advised that under the Internal Policy of State of Chhattisgarh, it is entitled to get electricity duty exemption of an amount aggregating Rs. 777.31 lacs. Out of this amount, an amount of Rs. 221.62 lacs pertains to accounting year under review i.e. 2014-15 and the remaining amount i.e. Rs. 555.69 lacs pertains to accounting year 2011-12, 2012-13 and 2013-14. The management is of the opinion that the same amount would be realized in the near future.

(B) The exact impact of the earlier fraud(F.Y -2012-13) committed by one of the employee of the company is Rs 114.51 lacs. The company had filed a legal suit against the employee and the same is subject to judicial proceedings. Considering the favorable position in the case as consulted with the legal advisor in the case the management has not make any provision in the books of accounts.

(C) During the year under review, the company has charged interest on outstanding, where the payment was in arrears. The combined effect of interest so applied to the accounts of various Debtors is Rs. 31.23 lacs, recognized as amount due for a period less than 6 months as the recording of this interest has been done during the year.

(D) Parties' accounts are subject to confirmation. Consequential effects adjustment, presently unascertainable, will be provided as and when confirmed.

(E) Trade Receivables, Loans & Advances and Deposits include certain over due accounts. Balances in the accounts of certain debtors, loans and advances required to be confirmed / reconciled. However, in the opinion of the Board, all current assets, loans and advances would be realized in ordinary course of the business at the value as stated.

(F) In the opinion of the Board, the provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

(G) The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

(H) Figures of the previous year have been reworked, rearranged/regrouped and reclassified wherever considered necessary. Accordingly, the amount and other disclosures for preceding year are included as an integral part of current year's financial statement and are to be read in relation to the amount and other disclosures relating to current year. The figures in financial statements are rounded off to the nearest lacs rupees.

(I) Separate segment wise reporting is not called for in view of the fact that mostly the revenue of the Company is from structural manufacturing and all business activities are in India only. The operations of Gas Plant are mainly for captive use and the surplus have been sold to external parties amount of Rs. 75.93 lakhs; the same is not fulfilling the criteria of (Para 27 of AS-17 (Segment Reporting)) separate reportable segment.

(J) The management has reviewed the impairment position of the assets disclosed in the financial statement for the year; and there is no indication of impairment (Assets carry cost is less than the recoverable value) loss for the year.

(K) Unclaimed dividend of earlier years aggregating to Rs. 7.29 lakhs deposited in separate bank account, an amount of Rs. 1.69 lakhs which is liable to transfered to Investor Education Protection Fund(IEPF) has been duly transfered during the year . Inclusion of the said amount does not have any impact on the profitability of the company.

(L) The figures in the financial statement have been rounded off to nearest Rupees.

(M) During the year the company has adopted actuarial valuation for making provision for gratuity in respect of its liability towards employees retirement benefits.

(N) During the year the company has adopted actuarial valuation for making provision for gratuity in respect of its liability towards employees retirement benefits.


Mar 31, 2014

1. CONINGENT LIABILITY As at 31st As at 31st Particulars March, 2014 March,2013 ( Rs in Lacs) ( Rs in Lacs)

Income Tax Demand* 2,132.04 134.70

Sales Tax Demands under apecaf 4. 98 4.98

Excise Duty liabilities under appeal & adjudlralloh; 219.73 168.86

Estimated amount of contracts remaing to be execued of capital etc. 10.06 93.97

Outstanding Bank Guarantees 202.67 136.02

2. During heyurufflfar leview. htoOire tit eyirtinwiitA wem conduded Fry Ihe firriuGiSl yrai ZM5-Q6 Ii>i011-12aiid IhA aMte denia/il o r! P.1 J? £M Iks fcr rh$ sad year; by I he Inwms Ten Pepertment nenren apcmlmn earned dlt by Ihc Income Tap: Dcpnrirrc/il. The ccmpnnr/ had fied an aapoo bcAarc Ihc Ccnvnisdicnar uf liicciha Tax (APiiealil- Raipur dunns Ilia year under review has been iiaoe in ihe books cFactiiura In res p dnrrairl rased agnlnsl 1he CDmanry ns Ihe ennyanny : hopnIU In- go: cerviDhile rtijed In Ihc aapcllnlc praueed nys Tiurufou. Iliedeinauil has radieu as uantirpeiiLliabilk

3. RELATED PARTY DlSOLOSURES

Dtiktosune of Inansactione wdth lilaled parlies, as required by Accounting 51arxlard -15 'Related Party Disclosures' has bfrsn eel-out n a separate itttenienl annexed to ttlb schedule. Related part be. as defined under Clause 3 of the Accounting Standard have been identified on 1he bas s of iep«s#nlalions made by Key Managerial Personnel and information available with the Company.

A) Name of the deleted parly and iialuxe or relationship where ooiiteol exists:

Nature of Relationship Name of Related Party

A. Associate Concems 1 Raipur Ferro Alloyd Limimited ( under merger with another Company)

2, Rajesh Rc-rollers Limited (under merger with another Company)

3. Devi iron and Power Private Limited

4. Mahamaya Charitable Fduhdaion

9 Key managerial persons 1, Shp Remangrte Agrar^gf

2. Shri Rajesh Agawal

C Relative of Key Mangerial Persons 1. Rajesh Agrawal HUP 2. Shri Aland Agrawal 3. Smt, Rekha Agrwel 4. Smt, Asha Dev Agrawafl

D. Enterpirse over which Key Management and their reoatives exercise significant influence with whom transaction have taken place durng the year

1. Ahhiyhrtk Steel Industries Limited 2. Shree Shyani Sponge power Limited 3. Antidksh Commerce Private Limited 4. CaJlidura Traders PrivateLimited 5. klaK Vision Mum Services Private Ltd 6. EscdiI Traders Private Limited 7. Adepl IT StilUtflhS ((P)Ltd) 8. Timpsii Steel Traders {Prep. Mahamaya Miires (P)Ltd) 9. JSR Networ Private Limited

4. Electricity Duly exemption:

During the Financial year 2C12-13 the company had applied for exemption from electricity duly ih rdSpcct Of electricity Consumed in its SMS Plant. The company had Dfrert athn-Stid lhal under the lndu$thal Policy of Slate af Chhatlisyam It is enmlert ra gel electricity duty exemption.The company has so far recorded 7 555.69 lacs tovrards electricity duty receivable. Out pf thlsemnum.an amounlof f 254.35 lacs pertains tn accouoimg year under rwiew i.o, 2013-14 and the remaining amount i.e, ?$01 ,34 lacs porlains to accounting year 2p11-til15&79 faesjand 3642-13(141,55 lacs) 6s In earlier years during the year uider review also entire amount of ¥ 254.36 lacs pertain ng to financial year 13-14 has been accounted forasredncliori from expenses

5. Fraud:

Afterend oftheiinancia1year20f2-13, the management had came to know that during 2£iOS to 2C13 one of the employee working in Accounts Department oF the Company, had committed fraud by fabricated tuns end Good Receipt Mote In respect of Stores aggregating Rs 114.51 tacs. The company has lodged first information report wilh Police Department. The company is hopeful for recovery of the amount. In vew of whucn the management has decided to treat this 114.51 : acs as amount reccve:able from the sa id person. C tiring the year under nev.ew the expenses so booked in earlier years have been reversed anc corresponding amount has been rdloclcd us receivables.

6. During the year under review, line company has changed interest on all culstand ng. where the payrncrit was hi arrears. The combined effect or interest se applied Lo ihe aceounls of various Debtors ist 62 33 lacs, recognised asamovntdue Fora ported less than 5 months as tlie recording of this interest has been done at the fag end of the year.

7. Parties' accounts are subject 10 confirmation Consequential effects adjustment, presently u nascertainahle, will he provided as a nd when crmfimied

8.) Trade Race vables, Loans £ Advances and Deposits include certain over due accounts. Balances. n the accounts at cerla' n debtors, loans and adva nces req uired to be con'inned reconciled. I lowevcr, In the opinion of the Board, all current assets, loans and advances would be realized in ordinary course of die business at the value as stated.

9. In me opinior of the Board, trie provision tor depreciation a nd all known liabil ties is adequate and nol in excess of the amount reasonably necessary

10. The- information required to bo disclosed under the Micro, Small and Medium Enterprises DevekipmentAct, 2006 h-itsbeeri determined to the extent such parties havebeer identified on the basis of Infann&tton (roaltabtownh the Company, There am no ever dues to parties on account of principal amount ar.dVor inierest and accordingly no acditional disclosures have been made.

11. Figures at Ihe previous year have been reworked, rearrangad.^egrouped and reclassified whoever considered necessary, Accordingly, the amount and other disclosures for preoed ng year are included as ail imegra' pari of current year's financia I slatament and are to be read in relation Ca tha amount and other disclosures relating ta current year. Tha Fgures in financial statomcnlsarc rounded offto the nearest lacs rupees,

12. Sepo rate segment wise repartiny is net coi ed for in view oi ihe fad that entire revenue of the Company is from s1rudu:al juianufactucng and a I business activities are in India only. The operations of Gas Plant and SMS are mainly for captive use barring insignificant gross T 1361.53lacs from sale of Blooms,' Billets to outsde pal es.

13. Unclaimed dividend of earlier years- agg regaling to 7 3.9$ lakhs rtepc-sded In separate ba nk account, has been accounted for in Hie books of account of Ihe ctjrre.nt year.. for befler understanding of financial statement. Inclusion nfthesaid amount does net have any impact on the prtffilabil ity of the company.

14. The figures in Ihe financia' statement haw beer rounded off to nca rest Rupees.


Mar 31, 2013

NOTE : CONTING E NT LIABILITY

As at 31 As at 31 Particular March,2013 March, 2012 (? In Lacs) (Rs. In Lacs)

Income Tax Demand 134.70

Sales Tax Demands under appeal 4.98 4.98

Excise Duty liabilities under appeal &. adjudication 168.86 38.21

Estimated amount ol contracts remaining to be execued on capital ace. 93 97 21000

Oul sta ndi ng Ban k Guarantees 136.02 65.09

NOTE 1 DELATED PARTY DISCLOSURES

Disclosure of transactions with related parties, as required by Accounting Standard - IB "Related Parly Disclosures'' has been set-out in a separate statement annexed to tfiis schedule. Relaled parties as defined under Clause 3 ol trie Accounting Standard have been identified on the basis of representations made by

Key Managerial Personnel and inlormation available with the Company.

NOTE 2: NOTES ON ACCOUNTS

(A) Search operations by Exc ise Depa rtroe it:

During the financial year, on 13'''' July 2012, search operations were conducted by the Central Excise Department, excess inventory ol 994,06 MT of finished goods and 291.12 MT of raw material of do mbi ned value of 7 4&6 .69 lacs was noted. th e same has been duly accepted in Ihe books ol accou nls along with s hortage ol raw material ol SMS Division to Ihe tune ol 1590.000 MT,

(B) Electricity Duty exemption:

During the year under review the company has applied for exemption ''ram electricity duty in respect of electricity consumed in its S M S Plant. The company has advi sed that under the I nte mal Policy of State of Chhatti sgarh, it is entitled to g et electricity duty exemption of an amou nt agg legating * 301.34 lacs. Out of this amount, an amount of I 144.54 lacs pertains to accounting year under review i.e. 3013-13 and Ihe remaining amount i.e. ? 159.79 lacs pertains to accounting year 2011-12. During the year under review entire amount of ? 301.34 lacs has been accounted lor as income lor the year under review.

C) After end of the financial year, the management has came to know that one of the employee working in Accounts Department of the Company, has committed forgery by fabricated bills and Good Receipt Note in respect of Stores. The company broadly estimate the amount of this forgery to the tune of * 1.15 crones. The matter has already been given to Ihe Police Authorities and investigation is going on. The exact impact of this fraud committed by one of the employee ol the company will be fully known once the investigation are fully completed. In view of which the management has decided not to account for any i mpacl of this fraud on the financial state merits ol the company.

(D) During the year under review, the company has charged Interest on all oustandings, where the payment was in arrears The combined eflect of interest so applied to the accounts of various Debtors is 7 1.14 crores. recognized as amount due lor a period less than 6 months as the recording ol this interest has been done at the fag end ol the year

(E) Parties'' accounts are subject to confirmation. Consequential effects adjustment, presently unasce rtainable, will be provided as and when confirmed.

(F) Trade Receivables. Loans & Advances and Deposits include certain over due accounts. Balances in the accou nts of certain do blors, loans and advances required to be conf i rmad / reconciled. However, in the opi nion of the Board, all current assets, loans and advances would be realized in ordinary cou rse of the business at the value as stated.

(G) In Ihe opinion of the Board, the provision for depreciation and al I known liabilities is adeq uate and not in excess of the amount reasonably necessary.

(H) The information requi red to be di sc los&d under the M icro, Smai I and Medium Enterprise''s Development Act, 2006 has been determined to the extent such parties have been identiliad on the basis ot information available with the Company. There are no over dues to parties on account of principal amount and i or interest and accordingly no additional disclosures have been made.

(I) Figures of the previous year have been reworked, rearranged/regrouped and reclassified wherever considered necessary. Accordingly, the amount and other disclosures lor preceding year are included as an integ ral pa rtol current yea rslmancial statement and a re to oe read in relation to the amount and other disclosures relating lo current year. The figures in financial statements are rounded off to the nearest lacs njpaes.

(J) Separate segment wise reporting is nol called for in view ol the fact that enti re revenue of the Company is from structural manufacturing and all business activities are in India only. The operations of Gas Plant and SMS are mainly for captive use barring insignificant gross 1265.49 lacs from sale of Blooms/ Billets to outside parties

(K) The figures in the financial statement have been rounded oft lo nearest Rupees.


Mar 31, 2012

NOTE 1 CONTINGENT LIABILITY

As at As at Particulars 31st March, 2012 31st March, 2011 (Rs. In Lacs) (Rs. In Lacs)

Sales Tax Demands under appeal 4.98 38.27

Central Sales Tax Demands under appeal - 10.07

Excise Duty liabilities under appeal & adjudication 38.21 55.92

Est. amount of contracts repairing to be executed on cap acc 210.00 200.00

Corporate Guarantees given for advances of a body corporate 0.00 910.00

Outstanding Bank Guarantees 65.09 150.00

NOTE 2 RELATED PARTY DISCLOSURES

Disclosure of transactions with related parties, as required by Accounting Standard-18 'Related Party Disclosures" has been set-out In a separate statement annexed to this schedule. Related parties as defined under Clause 3 of the Accounting Standard have been identified on the basis of representations made by Key Managerial Personnel and information available with the Company.

(A) Income Tax Search:

During the financial year under review on 21/22.06.2011. Search operations were conducted by the Income Tax Department. During the course of which. documents pertaining to accounts and financial matters were seized in hard copy as well as softcopy. Verification and valuation of some inventory items was earned out by the Department, which concluded in arriving shortage of 267.290 MT of inventory i.e. Finished goods and Raw material. The company has not accepted the variation aforesaid and as such no effect in books of accounts has been given. During the course of search, an amount of Rs. 13.00 lacs was also seized by the Department. This has been offered for taxation by the Company by Incorporating it the regular books of accounts. The same has been treated as advance tax by the company.

(B) Excise Search:

During the financial year, on 13th March 2012. search operations were conducted by the Central Excise Department, shortage of 19.290 MT of finished goods and 162.578 MT of raw material of combined value of Rs.SS.32 lacs was noted.

Detailed explanations on the said variance were given by the Company to the Search team and applicable excise duty of Rs.5.69 lacs was paid under protest and variation has been duly accounted in books of accounts No show cause note has been served on the company in date and the Management is not expecting any other ability on this account, hence, no provision has been made

(C) On 13.07.2012, i.e. after the Balance sheet date. Excise Department conducted another search operations and concluded excess inventory of 1285.196 MT of finished goods and Raw material with a combined value of Rs 466.69 lacs. The management is of the view that variation posited out gets off set with inventory of Raw Material of its SMS Division which was not measured by the Excise Department.

(D) Parties' accounts are subject to confirmation. Consequential effects adjustment, presently unascertainable. will be provided as and when confirmed.

(E) Trade Receivables. Loans & Advances and Deposits include certain overdue accounts. Balances in the accounts of certain debtors, loans and advances required to be confirmed / reconciled However m the option of the Board, all current assets, loans and advances would be reached ordinary course of the business at the value as stated.

(F) In the opinion of the Board, the provision for depreciation and a known laities is adequate and not in excess of the amount reasonably necessary

(G) The information required to be disclosed under the Micro. Small and Medium Enterprises Development Act. 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made

(H) Figures of the previous year have been reworked, rearranged, regrouped and reclassified wherever considered necessary. Accordingly, the amount and other disclosures for preceding year are mudded as an integral part of current year's financial statement and are to be read in relation to the amount and other disclosures retime to current year. The figures n financial statements are rounded off to the nearest lacs rupees.

(I) Separate segment wise reporting is not caked for m view of the fad that entire revenue of the Company is from structural manufacturing and all business activities are in India only. The operations of Gas Plant and SMS are mainly for captive use barring insignificant gross Rs. 555.12 lacs from sale of Blooms/ Billets to outside parties

(J) Unclaimed dividend of eater years aggregating to Rs. 9.01 lakhs deposited separate bank account, has been accounted for the books to account of the current year, for better understand of financial statement Inclusion of the said amount does not have any impact on the profitability of the company.


Mar 31, 2011

1. CONTINGENT LIABILITIES:

SI. Particulars 31.3.2011 31.3.2010 No. (Rs. In lacs) (Rs. In lacs)

(i) Outstanding Bank guarantees 150.00 350.00

(ii) Sales Tax demand under appeal 38.27 38.27

(iii) Central Sales Tax demand under 10.07 10.07 appeal

(iv) Excise Duty liabilities under appeal 55.92 34.21

(v) Estimated amount of contracts 200.00 300.00 remaining to be executed on capital account (net of advances)

(vi)Entry tax not paid on account of 57.46 57.46 exemption from Govt, of Chhattisgarh. However certificate of exemption yet not received.

(vii)Corporate guarantee given for a loan 910.00 3025.00 of a body corporate

2. Parties' accounts are subject to confirmation. Consequential effects adjustment, presently unascertainable, will be provided as and when confirmed.

3. Sundry Debtors, Loans & Advances and Deposits include certain over due accounts. Balances in the accounts of certain debtors, loans and advances required to be confirmed / reconciled. However, in the opinion of the Board, all current assets, loans and advances would be realized in ordinary course of the business at the value as stated.

4. In the opinion of the Board, the provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

5. The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

6. Figures of the previous year have been reworked, rearranged/regrouped and reclassified wherever considered necessary. Accordingly, the amount and other disclosures for preceding year are included as an integral part of current year's financial statement and are to be read in relation to the amount and other disclosures relating to current year. The figures in financial statements are rounded off to the nearest lacs rupees.

7. The turnover of the company, during the year includes 258.020 MT, of finished goods of Rs.92.20 lacs (excluding VAT) sent to the consignment agent in the fag end of March 2011 but remained unsold to the third party. The amount has been included in the turnover to reflect correct position as the arrangement with the consignment agent is such that the consignment goods sent on consignment, if remained unsold would get converted into sale to the agent itself after stipulated period. The company has received confirmation from its consignment agent that the entire stock has been subsequently sold by the agent in the month of April 2011. Had this been not done, the turnover and profit for the year would have been lower by Rs.92.20 lacs and Rs. 15.01 lacs respectively

8. (a) Imported Raw Material, Stores and spares consumed - Rs. 64.32 lacs (Rs. 21.46 lacs)

(b) FOB value of Exports to Nepal was Rs. 30.88 lacs in INR(including Excise Duty)- (Rs.151.03lacs)

(c) Expenditure in foreign currency- Rs. 64.32 lacs - (Rs. 21.46 Lacs)

(d) Earning in foreign currency-NIL- (NIL)

(e) Value of Imports calculated on CIF basis - Rs. 64.32 lacs - (Rs. 21.46 Lacs) (Bracket represent previous year)

9. Separate segment wise reporting is not called for in view of the fact that entire revenue of the Company is from structural manufacturing and all business activities are in Indiaonly.The operations of Gas Plant and SMS are mainly for captive use barring insignificant gross receipts of Rs. 43.76 lacs from sale of gas and Rs. 167.98 lacs from sale of Blooms/ Billets to outside parties.

10. Related party disclosure as required by Accounting Standard - 18 issued by the Institute of Chartered Accountants of India:

A. List of Related Parties and Relationships:-

a) Associate concerns:

1. Raipur Ferro Alloys Limited (Under merger with another Company)

2. Rajesh Re-rollers Limited (Under merger with another Company)

3. Devi Iron and Power Pvt. Ltd.

4. Mahamaya Charitable Foundation

b) Key Management Personnel

1. Shri Ramanand Agrawal

2. Shri Rajesh Agrawal

3. Smt. GulabBai Agrawal

4. Shri D. K. Porwal

c) Relative of key management personnel

1. Rajesh Agrawal (HUF)

2. ShriAnandAgrawal

3. Ramanand Agrawal (HUF) 4 Smt. Asha Devi Agrawal

5. Smt. RekhaAgrawaL

d) Enterprises over which key Management Personnel and their relatives exercise significant influence with whom transactions have taken place during the year:

1. Abhishek Steel Industries Limited

2. ShreeShyam Sponge & Power Limited

3. Antriksh Commerce Pvt. Ltd.

4. Callidora Traders Private Limited

5. Mark Vision Multi Services Pvt. Ltd.

6. Escort Finvest Pvt. Ltd.


Mar 31, 2010

1. CONTINGENT LIABILITIES:

Sl. Particulars 31.3.2010 31.3.2009

No (Rs. In lacs) (Rs. In lacs)

(I) Outstanding Bank guarantees 350.00 250.00

(ii) Sales Tax demand under appeal 38.27 58.40

(iii) Central Sales Tax demand under appeal 10.07 30.13

Excise Duty liabilities under appeal 34.21 26.92

(iv) Estimated amount of contracts remaining 300.00 400.00

To be executed on capital account ( net of advances)

(V) Entry tax not paid on account of exemption 57.46 57.46

from Govt, of Chhattisgarh. However certificate of exemption yet not received.

(vi) Corporate guarantee given for a loan of 3025.00 3025.00 a body corporate

2. Parties accounts are subject to confirmation. Consequential effects adjustment, presently unascertainable, will be provided as and when confirmed.

3. Sundry Debtors, Loans & Advances and Deposits include certain over due accounts. Balances in the accounts of certain debtors, loans and advances required to be confirmed / reconciled. However, in the opinion of the Board, all current assets, loans and advances would be realized in ordinary course of the business at the value as stated.

4. In the opinion of the Board, the provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

5. The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

6. The breakup of Deferred Tax liabilities/(assets) at the year end in two major components of the respective balances are as follows:

7. Figures of the previous year have been reworked, rearranged/regrouped and reclassified wherever considered necessary. Accordingly, the amount and other disclosures for preceding year are included as an integral part of current years financial statement and are to be read in relation to the amount and other disclosures relating to current year. The figures in financial statements are rounded off to the nearest lacs rupees.

8 (a) Imported Raw Material, Stores and spares consumed Rs. 21.46 lacs (Rs. 91.06 lacs)

(b) FOB value of Exports to Nepal was Rs. 151.03 lacs in INR- (Rs. 117.83 lacs)

(c) Expenditure in foreign currency Rs. 21.46 lacs - (Rs. 80.05 Lacs)

(d) Earning in foreign currency NIL- (NIL)

(E) Value of Imports calculated on CIF basis Rs. 21.46 lacs - (Rs. 80.05 Lacs) (Bracket represent previous year)

9 Separate segment wise reporting is not called for in view of the fact that entire revenue of the Company is from structural manufacturing and all business activities are in India only. The operations of Gas Plant and SMS are mainly for captive use barring insignificant gross receipts of Rs. 53.90 lacs from sale of gas and Rs. 769.98 lacs from sale of Blooms/ Billets to outside parties.

10. Related party disclosure as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India:

A. List of Related Parties and Relationships:-

a) Associate concerns:

1. RaipurFerro Alloys Limited (Under merger with another Company)

2. Rajesh Re-rollers Limited (Under mergerwith another Company)

3. Devi Iron and Power Pvt. Ltd.

b) Key Management Personnel

1. ShriRamanandAgrawal

2. Shri Rajesh Agrawal

3. Smt. GulabBai Agrawal

4. Shri D. K. Porwal

5. Shri Neeraj Kansal

6. Shri Gitesh Agrawal

7. ShriSuryakantSharma (Resigned w.e.f. 30.01.2010)

8. Shri Anil Kumar Sharma (Resigned w.e.f. 30.01.2010)

c) Relative of key management personnel

1. Rajesh Agrawal (HUF)

2. Shri Anand Agrawal

3. Ramanand Agrawal (HUF)

4. Smt.AshaDeviAgrawal

5. Smt. Rekha Agrawal

d) Enterprises over which key Management Personnel and their relatives exercise significant influence with whom transactions have taken place during the year:

1. Abhishek Steel Industries Limited

2. Shree Shyam Sponge & Power Limited

3. Antriksh Commerce Pvt. Ltd.

4. Callidora Traders Private Limited

5. Mark Vision Multi Services Pvt. Ltd.

Note:

(1) It includes captive consumption of blooms of 101772.165 MT (P.Y. 50378.025 MT) and conversion material 43880.880 MT (P.Y. 32514.920 MT)

(2) It includes captive consumption of 5620.77 MT (P.Y. 7457.645) end cutting and scrap transferred from Rolling Mill.

* Amount does not include any notional value for stock transfer from SMS and of conversion stock.

 
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