Mar 31, 2015
1. As on 31.03.2015, the timing difference has resulted in differed tax
liability/assets amounting to Rs. 271.85 Lakhs The breakup of deferred
tax assets/liabilities is as follows;
Differed Ta x Liability on account of timing difference in Depreciation
: Rs. 271.85 Laks Deferred Tax Asset on account of Section 43B of IT
Act : Rs. NIL
2. Balance with Central Excise Department includes unveiled Modvat
credit of Rs.102.32 lakhs of which there is no dispute . by the
Central Excise Department
3. Provision for Income Tax is not made, in view of set off available
from the Ferro Division of Sri VASAVI Industries Ltd, with whom ongoing
amalgamation proceedings are pending before the Hon'ble High Court of
A.P.
4. In the opinion of the management, the Current Assets, Loans and
Advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
5. Disclosure of Sundry Creditors under Current Liabilities is based on
the information available with the company regarding the status of the
suppliers as defined under the " Micro, Small and Medium Enterprises
Development Act'2006". Amount overdue on account of principal amount
together with interest as on 31st March'2015 to Micro, Small and Medium
Enterprises is Rs. Nil ( previous year Rs.Nil.)
6. Previous Year figures have been Re grouped and/or Reclassified where
ever necessary to make them comparable with those of Current Year.
Mar 31, 2014
1. CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR) 2013-14
a) Bank Guarantees 13.60
b) Claims made by Govt Departments against the
company not acknowledged as debts 45.73
2. Interest is shown net of interest received.
3. Segment Report
The Company operates in only one segment of manufacturing / trading of
metal alloys.
4. Balance with Central Excise Department includes unavailed Modvat
credit of Rs. 0.62 lakhs of which there is no dispute. by the Central
Excise Department
5. Provision for Income Tax is not made, inview of set off availabe
from the Ferro Division of Sri VASAVI Industries Ltd, with whom ongoing
amalagamation proceedings are pending before the Hon''ble High Court of
A.P
6. In the opinion of the management, the Current Assets, Loans and
Advances are expected to realise at least the amount at which they are
stated, if realised in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
7. Disclosure of Sundry Creditors under Current Liabilities is based on
the information avaliable with the company regarding the status of the
suppliers as defined under the " Micro, Small and Medium Enterprises
Development Act''2006". Amount overdue on account of principal amount
together with interest as on 31st March''2013 to Micro, Small and Medium
Enterprises is Rs. Nil ( previous year Rs.Nil.)
8. The Company is a trading-cum-clearing member with National Spot
Exchange Limited (NSEL). The company had entered into trading agreement
with NSEL and sold ferro chrome stocks to various customers through the
trading platform. The company is having repurchase obligation for the
stocks sold to them. However, the exchange was suspended by Consumer
Affairs Ministry, Government of India. Hence the repurchase obligation
could not be completed by the company. The stock of Ferro Chrome of
14,174.454 MT is lying in the warehouse of NSEL as confirmed by SGS
India Private Limited, external agency appointed by NSEL vide their
report dated 03.12.2013. As the repurchase is against the stocks, the
company expects that, there would be no financial effect taking into
account the terms of the obligation. Thus no provision is considered
necessary to be made in respect these transactions.
9. Previous Year figures have been Re grouped and/or Reclassified where
ever necessary to make them comparable with those of Current Year.
10. (a) Rights attached to Equity Shares :
The company has only one class of equity shares having a face value of
Rs.2/- per share with one vote per each equity share. The company
declares and pays dividends in indian rupees. The dividend proposed by
the Board of directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
The amount of dividend proposed to be distributed for the year ended
31st March 2014, to equity share holders is Rs.0.12 Per Share of Rs 2/-
each (2012-13 Rs.0.10 Per Share of Rs 2/- each)
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 proportionate to the number of equity shares held by the
shareholders.
Mar 31, 2012
(Rs. in Lakhs)
1. CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)
2011-12 2010-11
a) Bank Guarantees 13.60 13.60
b) Claims made by Govt Departments against the
Company not acknowledged as debts 45.73 124.69
c) Estimated amount of contracts remaining to
be executed on capital account - 11
2. Interest is shown net of interest received.
3. Segment Report
The Company operates in only one segment of manufacturing / trading of
metal alloys.
4. As on 31.03.2012, the timing difference has resulted in deffered
tax liability/assets amounting to Rs.405.07 Lakhs The break up of
deferred tax assets/liabilities is as follows;
Deffered Tax Liability on account of timing difference in depreciation
: Rs.405.07 Laks Deferred Tax Asset on account of Section 43B of IT Act :
Rs.NIL
5. Balance with Central Excise Department includes unavailed Modvat
credit of Rs.24.20 lakhs of which there is no dispute by the Central
Excise Department
6. Provision for Income Tax is not made, inview of set off availabe
from the Ferro Division of Sri Vasavi Industries Ltd, with whom ongoing
amalagamation proceedings are pending before the Hon'ble High Court of
A.P, Hyderabad.
7. In the opinion of the management, the Current Assets, Loans and
Advances are expected to realise at least the amount at which they are
stated, if realised in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
8. Disclosure of Sundry Creditors under Current Liabilities is based
on the information avaliable with the Company regarding the status of
the suppliers as defined under the " Micro, Small and Medium
Enterprises Development Act' 2006". Amount overdue on account of
principal amount together with interest as on March 31, 2012 to Micro,
Small and Medium Enterprises is Rs. Nil (Previous Year Rs. Nil)
9. Previous Year figures have been re-grouped and/or reclassified
whereever necessary to make them comparable with those of Current Year.
(a) Rights attached to Equity Shares :
The Company has only one class of equity shares having a face value of
Rs.2/- each with one vote per each equity share. The Company declares and
pays dividends in indian rupee. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
The amount of dividend proposed to be distributed for the year ended
March 31, 2012, to equity share holders is Rs.0.10 paise Per Share of
Rs.2/- each (2011 Rs.0.50 paise Per Share of Rs.10/- each )
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 proportionate to the number of equity shares held by the
shareholders.
Mar 31, 2010
1. Contingent Liabilities not provided for an account of
For the year ended 31.3.2010
Percentage % Rs. in Lakhs
a) Bank Guarantees 35.55 45.52
b) Claims made by Govt. Departments
against 63.10 -
the Company not acknowledged
as debts
c) Bills discounted under revocable
Letters of Credit
2. Total Assets of the Company as on 31.03.2010 amounting to Rs.
4,949.88 Lakhs are situated with in india only.
3. Segment Report
The Company operates in only one segment of manufacturing / trading of
metal alloys.
4. As on 31.03.2010 the timing difference has resulted in deffered
tax liability/assets amounting to Rs. 444.25 Lakhs. The break up of
deferred tax assets/liabilities is as follows :
Deffered Tax Liability on account of timing difference in Depreciaiton
: Rs. 45,453,229
Deferred Tax Asset on account of Section 43B of IT Act
: Rs. (1,028,417)
5. Balance with Central Excise Department includes unavalled Modvat
credit of Rs. 83.82 lakhs of which there is no dispute by the Central
Excise Department.
6. Disclosure of Sundry Creditors under Current Liabilities is based
on the information available with the company regarding the status of
the suppliers as defined under the "Micro, Small and Medium Enterprises
Development Act "2006". Amount overdue on account of principal amount
together with interest as on 31st March 2010 to Micro, Small and Medium
Enterprises is Rs. Nil (Previous year Rs. Nil.)
7. Excise duty estimated at Rs. 62.88 Lakhs on Finished goods lying
in the Factory Premises. However the Company has not provided Excise
Duty as a Liability and the Excise duty is not considered in valuation
of closing stock, because of this there is no impact on the Profit for
the year.
8. Additional information pursuant to provisions of Part IV of
Schedule VI of the Companies Act, 1956 is furnished in Annexure.