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Notes to Accounts of Metal Coatings (India) Ltd.

Mar 31, 2015

1. Corporate Information

Metal Coatings (India) Limited (the 'Company') was incorporated in India as a limited company under the Companies Act, 1956 on 12 December, 1994. The company is listed in Bombay Stock Exchange. The Company commenced its operations on 9 February, 1995 and is engaged in the manufacture and sale of Cold Rolled Steel Strips, H. R. Pickled Oiled coils/strips.

2. Rights, preference and restrictions attached to shares

The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held.

The dividend proposed by the board of directors are subject to shareholders approval in ensuing AGM except in case of interim dividend.

In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all the preferential amount in porportion to their sharehoding.

3. As per information available with the company, none of its creditors comprises micro, small and medium enterprises as defined under MSMED Act, 2006 which comprise amounts outstanding for more than 45 days as at Balance Sheet date. Based on the information available with the company, the balance due to micro and small enterprises as defined under the MSMED Act, 2006 in the current year is Rs. NIL (Previous year Rs. NIL) and no interest during the year has been paid or is payable under the terms of the MSMED Act, 2006.

4. Related Party Disclosure

The Company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made. No amounts have been written off or written back during the year in respect of debts due from or to related parties.

5. CONTINGENT LIABILITIES AND COMMITMENTS :

The HSIIDC has increased the price of land by Rs. 20.76 lacs and demanded the enhanced price. This demand is being disputed and the matter is pending with Hon'ble High Court for the state of Punjab & Haryana. The Company has however, paid Rs. 5.25 lacs. Also, there might be resultant liability in the nature of interest.

6. DEPRECIATION

The company has adopted Schedule II to the Companies Act, 2013 as it has become effective in the current year. The useful life of the assets and residual value has been considered in accordance with the provisions of Schedule II. The assets whose useful life is already over, but are being used by the company has been written down to their residual value by expensing off the same in the current year amounting to Rs. 3.43 lacs (Previous Year : Nil). The depreciation rates for all the assets have been revised on the basis of balance useful life , in terms of Schedule II of the Companies Act, 2013 and in accordance with the guidelines issued by The Institute of Chartered accountant of India thereunder. This does not result into change in accounting policy as the same has been implemented in terms of changed legal requirement.

7. The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current year presentation.


Mar 31, 2014

Metal Coatings (India) Limited (the ''Company'') was incorporated in India as a limited company under the Companies Act, 1956 on 12 December, 1994. The company is listed in Bombay Stock Exchange. The Company commenced its operations on 9 February, 1995 and is engaged in the manufacture and sale of Cold Rolled Steel Coils / Strips, H.R. Pickled & Oiled Coils / Strips .

1.1 Rights, preference and restrictions attached to shares

The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held.

The dividend proposed by the board of directors are subject to shareholders approval in ensuing AGM except in case of interim dividend.

In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all the preferential amount in porportion to their sharehoding.

2. Foreign Exchange Earning and Expenditure

Export of goods manufactured

3. As per information available with the company, none of its creditors comprises micro, small and medium enterprises as defined under MSMED Act, 2006 which comprise amounts outstanding for more than 45 days as at Balance Sheet date. Based on the information available with the company, the balance due to micro and small enterprises as defined under the MSMED Act, 2006 in the current year is Rs. NIL (Previous year Rs. NIL) and no interest during the year has been paid or is payable under the terms of the MSMED Act, 2006.

4. Related Party Disclosure

The Company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made. No amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other related parties where control exist that needs to be disclosed.

5. CONTINGENT LIABILITIES AND COMMITMENTS :

The HSIIDC has increased the price of land by Rs. 20.76 lacs and demanded the enhanced price. This demand is being disputed and the matter is pending with Hon''ble High Court for the state of Punjab & Haryana. The Company has however, paid Rs. 5.25 lacs. Also, there might be resultant liability in the nature of interest.

6. The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current year presentation.


Mar 31, 2013

Corporate Information

Metal Coatings (India) Limited (the ''Company'') was incorporated in India as a limited company under the Companies Act, 1956 on 12 December, 1994 and commenced its operations on 9 February, 1995. The Company is engaged in the manufacture and sale of C.R Strips, HB/HHB Wire and Galvanised Wires/Strips.

1. As per information available with the company, none of its creditors comprises micro, small and medium enterprises as defined under MSMED Act,2006 which comprise amounts outstanding for more than 45 days as at Balance Sheet date. Based on the information available with the company, the balance due to micro and small enterprises as defined under the MSMED Act, 2006 in the current year is Rs. NIL (Previous year Rs. NIL) and no interest during the year has been paid or is payable under the terms of the MSMED Act, 2006.

2. Related Party Disclosure

The Company has identified all related parties and details of transactions are given below. No provison for doubtful debts or advances is required to be made. No amounts have been written off or written back during the year in respect of debts due from or to related parties.

3. CONTINGENT LIABILITIES AND COMMITMENTS :

The HSIIDC had increased the price of land by Rs. 20.76 lacs and demanded the enhanced price. This demand is being disputed and the matter is pending with Hon''ble High Court for the state of Punjab & Haryana. The Company has however, paid Rs. 5.25 lacs. Also, there might be resultant liability in the nature of interest.


Mar 31, 2010

1. Contingent Liabilities

The HSIDC has Increased the price of land by Rs. 20.76 lacs and demanded the enhanced price. This demand is being disputed and the matter is pending with Honble High Court for the state of Punjab & Haryana. The Company has however, paid Rs. 5.25 lacs.

2. Materials

Raw materials are purchased indigenously and not imported.

3. Particulars of opening and closing stock of finished goods

4. Deferred Tax

The working of 2009-10 has resulted in deferred tax liabities amounting to Rs. 2.11 Lacs. This has been added to the deferred tax liability making it to Rs. 71.40 lacs.

5. Balance of Sundry Debtors, Sundry Creditors, Loans and Advances are subject to confirmation.

6. Previous year figures have been regrouped wherever considered necessary.

7. All figures have been rounded off to the nearest of Rupees lacs.

8. Related Party Transactions

The Company has identified all related parties and details of transactions are given below. No provison for doubtful debts or advances is required to be made. No amounts have been written off or written back during the year in respect of debts due from or to related parties.

Notes to cash flow statement:

1. Figures in brackets indicate cash out flows.

2. Interest paid relates to the charge of the year and is considered part of operating activities.

3. Bank borrowings have been grouped as part of financing activities.

4. Figures have been rounded off to the nearest of Rupee Lacs.

 
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