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Notes to Accounts of Metkore Alloys & Industries Ltd.

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.

 
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