Home  »  Company  »  Maithan Alloys Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Maithan Alloys Ltd.

Mar 31, 2015

1. GENERAL INFORMATION

Maithan Alloys Ltd is manufacturer and exporter of all three bulk Ferro alloys- Ferro Silicon, Ferro Manganese and Silico Manganese. It is also engaged in the generation and supply of wind power. The Company is a public limited company and is listed on Calcutta Stock Exchange (CSE) and the National Stock Exchange (NSE). Its shares are traded on Bombay Stock Exchange (BSE) under Permitted Category.

2. Rights, preferences and restrictions attached to equity share:

The Company has only one class of equity shares having a face value of Rs. 10/- per share with one vote per equity share. The company declares and pays dividend in INR. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

The amount of dividend proposed to be distributed for the year ended 31st March, 2015, to equity shareholders is Rs. 2/- per share (PY- Rs. 2/- per share).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after settling of all outside liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Dues to Micro and Small Enterprises

There are no dues to Micro and Small Enterprises as at 31st March, 2015. This information as 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.

All Amounts in Rs. in Lac unless otherwise stated

Year ended 31st Year ended 31st March 2015 March 2014 4. A.Contingent Liabilities:

a) Claims against the Company/ disputed liabilities not acknowledged as debts:

In respect of disputed Excise Duty & Service Tax demand 471.15 472.64

b) Letters of Credit issued by banks and outstanding 2,583.92 2,419.13

c) Bank Guarantees issued by banks and outstanding 1,872.45 984.13

d) Guarantee provided to banks in respect of term loan and 16,024.14 18,270.91 ECB extended by them to a subsidiary company.

e) Liability in respect of bills discounted with banks 792.56 33.18

B. Commitments:

a) Estimated amount of contracts remaining to be executed 30.33 49.58 on capital account

5. SEGMENT REPORTING

The Company has identified two reportable segments viz, Ferro Alloys and Wind Mill. Segments have been identified and reported taking into account nature of products, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for Segment Reporting are in line with the accounting policy of the Company with the following additional policy for segment reporting.

Revenue and Expenses have been identified to a segment on the basis of relationship to Operating activities of the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

6. RELATED PARTY DISCLOSURES

a) List of related parties with whom transactions have taken place and nature of relationship Subsidiary Companies

1. AXL Exploration (P) Ltd.

2. Anjaney Alloys Ltd.

3. Anjaney Minerals Ltd.

Key Managerial Personnel

1. Sri B K Agarwalla

2. Sri S C Agarwalla

3. Sri Subodh Agarwalla

Relatives of Key Managerial Personnel

1. Sri Sudhanshu Agarwalla

2. Sri A Agarwalla

Enterprises over which Key Managerial Personnel are able to exercise significant influence

1. Anjaney Ferro Alloys Ltd.

2. Maithan Smelters Ltd.

3. Maithan Ceramic Ltd.

4. Maithan Ispat Ltd.

5. Maithan Steel & Power Ltd.

7. The previous year figures are reclassified where considered necessary to confirm to this year's classification.


Mar 31, 2013

NOTE 1

GENERAL INFORMATION

Maithan Alloys is manufacturer and exporter of all three bulk ferro alloys- ferro Sillicon, ferro manganese and silico manganese. It is also engaged in the generation and supply of wind power.

NOTE 2

BASIS OF PREPERATION

a. Accounting Convention:

The financial statements have been prepared under historical cost convention, on accrual basis and in accordance with generally accepted accounting principles in India. The accounting policies are consistently followed by the Company. The financial statements have been prepared to comply in all material respects, with the accounting standards notified under Section 211(3C) [Companies (Accounting Standards) Rules, 2006, as amended] and the relevant provisions of the Companies Act, 1956.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in Schedule VI to the Companies Act, 1956.

Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current - non- current classification of assets and liabilities.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

b. Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known /materialized.

3.01 48,51,925 (PY. - 48,51,925) Shares out of the Issued, Subscribed & Paid up capital were allotted as Bonus Shares in the last five years by capitalisation of Share Premium, Capital Redemption Reserve and General Reserves.

3.02 Rights attached to Equity Shares: The Company has only one class of equity shares having a face value of Rs. 10/- per share with one vote per equity share. The company declares and pays dividend in INR. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

The amount of dividend proposed to be distributed for the year ended March 31, 2013, to equity sharholders is Rs. 2/- per share (PY- Rs. 2/- per share).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after settling of all outside liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

4.01 Working Capital Loans from Banks are secured by first charge and hypothecation of Stocks of finished goods, work in process, raw materials, stores and consumables, receivables, bills etc. These are further secured by first charge on moveable and immoveable fixed assets both present and future of the Company.

4.02 Working Capital Loans are further secured by personal guarantees of two directors.

NOTE 5

DUES TO MICRO AND SMALL ENTERPRISES

There are no dues to Micro and Small Enterprises as at 31st March, 2013. This information as 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.

NOTE 6

RELATED PARTY DISCLOSURES

a) List of related parties with whom transactions have taken place and nature of relationship Subsidiary Companies

1. AXL Exploration (P) Ltd.

2. Anjaney Alloys Ltd.

3. Anjaney Minerals Ltd.

Key Managerial Personnel

1. Mr. Basant Kumar Agarwalla

2. Mr. Subhas Chandra Agarwalla

3. Mr. Subodh Agarwalla

4. Mr. Aditya Agarwalla

Relatives of Key Managerial Personnel 1. Mr. Sudhanshu Agarwalla

Enterprises over which Key Managerial Personnel are able to exercise significant influence

1. Anjaney Ferro Alloys Ltd.

2. Maithan Smelters Ltd.

3. Meghalaya Carbide & Chemicals (P) Ltd.

4. Maithan Ceramic Ltd.

5. Maithan Ispat Ltd.


Mar 31, 2012

1. General Information

Maithan Alloys Limited is engaged in the business of manufacturing and trading of Ferro Alloys and generation and supply of Wind Power.

NOTE 2. DUES TO MICRO AND SMALL ENTERPRISES

There are no dues to Micro and Small Enterprises as at 31st March, 2012. This information as 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.

NOTE 3. RELATED PARTY DISCLOSURES

a) List of related parties with whom transactions have taken place and nature of relationship Subsidiary Companies

1. AXL Exploration (P) Ltd.

2. Anjaney Alloys Ltd.

3. Anjaney Minerals Ltd.

Key Management Personnel

1. Mr. Basant Kumar Agarwalla

2. Mr. Subhas Chandra Agarwalla

3. Mr. Subodh Agarwalla

4. Mr. Aditya Agarwalla

Relatives of Key Managerial Personnel

1. Mr. Sudhanshu Agarwalla

Enterprises over which Key Managerial Personnel are able to exercise significant influence

1. Anjaney Ferro Alloys Ltd.

2. Maithan Smelters Ltd.

3. Meghalaya Carbide & Chemicals (P) Ltd.

4. Maithan Ceramic Ltd.


Mar 31, 2010

1) Claims against the Company not acknowledged as debts in respect of disputed excise duty & service tax demand- Gross Rs.23,078 thousand (Net of Tax Rs.15,234 thousand) (Previous Year- Gross Rs.3,871 thousand, Net of Taxes- Rs.2,555 thousand)

2) Contingent Liabilities not provided for in respect of :

a) Bills Receivable discounted with Bank

Inland Bills Rs.91,472 thousand (Previous year Rs.59,026 thousand) Foreign Bills Rs.Nil (Previous year Rs. NIL)

b) Letters of Credit issued by Bank and outstanding:

Inland LC Rs.49,230 thousand (Previous year Rs. 100,370 thousand) Foreign LC Rs. 104,382 thousand (Previous year Rs.753,323 thousand)

c) Bank Guarantees issued by Bank and outstanding: Rs.17,277 thousand (Previous Year Rs.23,776 thousand)

3) Expenditure exceeding 1% of revenue included in Miscellaneous Expenses: Nil

4) There are no dues to Micro and Small Enterprises as at 31 March 2010. This information as 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.

5) Profit/Loss on sale of raw materials, if any, stand adjusted in respective consumption account.

6) As per As-15 "Employee Benefits", the disclosures of Employee Benefits as defined in the Accounting Standard are given below:

Defined Contribution Plan

The Company provides Provident Fund benefit to all employees.Under the scheme fixed contributions are paid to the regional Provident fund authorities. The Company has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay employee benefit. The Company has made the following contributions which are recognised as expense in the profit and loss account for vear in which the services are rendered bv employees. Rs, (in 000)

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation,promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

7 i) Related Partys Disclosure:

Related Parties :

A. Controlling Companies : Nil

B. Subsidiary Companies : 1 AXL Exploration (p) Ltd.

2 Anjaney Minerals Ltd. 3 Anjaney Alloys Ltd.

C. Associate Companies : 1. Anjaney Ferro Alloys Ltd. 2. Maithan Ceramic Ltd. 3. Maithan Ceramic td. 4. Maithan lspat Ltd.

D. Fellow Companies : 1. Meghalaya Carbide & Chemicals (p) Ltd. E. Key Management Personnel : 1. Shri Basant Kumar Agrwalla 2. Shri Subhas Chandra Agralla 3. Shri Subodh Agarwalla 4. Shri Aditya Agarwlla

F. Relatives of Key Management : 1. Shri Sudhanstu Agarwalla Personnel 2. Shri Kaushal Agarwalla

8. Investment (including Share application Money) given/ (refunded) in Subsidiaries

Detail of investment (including Share application Money) given/ (refunded) in Subsidiaries which are material.

9 10% Cumulative Non-Convertible Redeemable Preference Shares have been redeemed as per the terms on 15 July 2008 at 50% Premium.

10 Previous year figures have been regrouped and rearranged wherever found necessary.




Mar 31, 2009

A) Nature of Operation

Company is engaged in the business of manufacturing and trading of Ferro Alloys and generation and supply of Wind Power.

1) Claims against the Company not acknowledged as debts in respect of disputed excise duty & service tax demand- Gross Rs. 38.71 lacs (Net of Tax Rs. 25.55 lacs) (Previous Year- Gross Rs.62.44 lacs, Net of Taxes- Rs. 41.22 lacs)

2) Contingent Liabilities not provided for in respect of:

a) Bills Receivable discounted with Bank -

Inland Bills Rs. 590.26 lacs {Previous year Rs 1276.38 Lacs) Foreign Bills Rs. Nil (Previous year Rs. 138.12 lacs)

b) Bank guarantee issued by Bank outstanding - Rs. 237.76 Lacs (Previous year Rs.215.33 Lacs)

c) Letters of Credit issued by Bank and outstanding -

Inland Bills Rs. 1003.70 lacs (Previous year Rs 2103.89 Lacs) Foreign Bills Rs. 7533.23 lacs (Previous year Rs.3941.33 lacs)

d) Estimated amount of Contracts remaining to be executed for Capital Expenditure and not provided for amounted to Rs. 13.64 lacs net of Advances (Previous Year Rs.642.11 lacs)

3) Expenditure exceeding 1% of revenue included in Miscellaneous Expenses: Nil

4) There are no dues to Micro and Small Enterprises as at 31st March 2009. This information as 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.

5) Profit/Loss on sale of raw materials, if any, stand adjusted in respective consumption account.

6) As per As-15 "Employee Benefits", the disclosures of Employee Benefits as defined in the Accounting Standard are given below:

Defined Contribution Plan

The company provides Provident Fund benefit to all employees.Under the scheme fixed contributions are paid to the regional Provident fund authorities.The company has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay employee benefit. The company has made the following contributions which are recognised as expense in the profit and loss account for year in which the services are rendered by employees.

i. Effects of changes in the assumed medical Cost N.A as the scheme is unfunded

ii. Valuation record of the last 4 years N.A as the scheme is unfunded

iii. Employers best estimate N.A as the scheme is unfunded 12 i) Related Parties Disclosure :

Related Parties :

A. Controlling Companies Nil

B. Subsidiary Companies : 1.AXL Exploration (P) Ltd. 2. Anjaney Minerals Ltd. 3. Anjaney Alloys Ltd.

C. Associate Companies : 1. Anjaney Ferro Alloys Ltd. 2. Maithan Smelters Ltd.

3. Maithan Ceramic Ltd. 4. Maithan Ispat Ltd.

D. Fellow Companies : 1. Meghalaya Carbide & Chemicals (P) Ltd.

E. Key Management Personnel :

1. Shri Basant Kumar Agarwalla 2. Shri Subhas Chandra Agarwalla 3. Shri Subodh Agarwalla 4. Shri Aditya Agarwalla

F. Relatives of Key Management Personnel:

1. Shri Sudhanshu Agarwalla 2. Shri Kaushal Agarwalla

7) 10% Cumulative Non-Convertible Redeemable Preference Shares have been redeemed as per the terms on 15th July 2008 at 50% Premium.

8) Previous year figures have been regrouped and rearranged wherever found necessary.

 
Subscribe now to get personal finance updates in your inbox!