Mar 31, 2014
1. (i) There has been no movement in the equity shares in the current
year and previous year.
(ii) There is no change in issued, subscribed and paid up capital
during the current year and corresponding previous year
(iii) The company has only one class of Equity Shares having a par
value of Rs. 10 per share
(iv) Each holder of equity share is entitled to one vote per share
(v) Shareholders holding more than 5% shares
2. Contingent liabilities not provided for:
As At As At
31.03.2014 31.03.2013
Rs. Rs.
a) Counter guarantee given by Bank - -
b) Claims not acknowledged as debts - -
i) Excise Duty demand (against 16,912,000.00 13,655,000.00
which the company has preferred
appeals)
ii) Income Tax demanded 17,587,000.00 20,679,000.00
iii) Demand from DGFT (against which
the company has preferred appeals) - 22,500,000.00
iv) Sales Tax 12,632,000.00 12,632,000.00
v) Dues of Municipal Corporation
Rajpura 1,805,000.00 1,805,000.00
vi) SASF 1,000,000.00 -
No Provision has been made for the aforesaid contigent liabilities as
the company''s DRS is under consideration of Hon''ble BIFR.
3. No Provision has been made for Income Tax
4. The company has not produced books of accounts and other relevant
record in respect of Baramati unit which has since been sold, as such
the balances are taken as per audited balance sheet as on 31-03-2008.
The impact of transactions entered into by the company at Baramati Unit
after 31-03-2008 will be considered when the relevant documents are
produced.
5. In the absence of confirmation letter of balances from Debtors,
Creditors and Other parties,the balances are taken as per the books of
accounts
6. Related Party Disclosure Under Accounting Standard (AS)18
A Key management personnel and their relatives
i) Mr. Rupinder Singh Ahluwalia, Chairman
ii) Mrs. Sandeep Kaur Ahluwalia, Director (Administration)
iii) Mrs. Mandeep Ahluwalia Pahwa, Director
iv) Mr. Kamal Jain, Director
v) Mr. Raj Kumar Bali. Director
vi) Ms. Manpreet Kaur Ahluwalia, relative
B. Entities over which key management personnel are able to exercise
significant influence:
i) M/s. Balaji Steel & Pipes
ii) M/s. Silver Business Opportunities Pvt. Ltd.
iii) M/s. Surindra Engg. Co. Ltd.
iv) M/s. Mukat Tanks and Vessels Ltd.,
7. Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s classification /
disclosures.
Mar 31, 2013
1 No Provision has been made for Income Tax
2 The company has not produced books of accounts and other relevant
record in respect of Baramati unit which has since been sold, as such
the balances are taken as per audited balance sheet as on 31-03-2008.
The impact of transactions entered into by the company at Baramati Unit
after 31-03-2008 will be considered when the relevant documents are
produced.
3 Amount remitted in foreign Currency on Account of Dividends to
Non-Resident Shareholders
a) Number of Shareholders
b) Number of shares held
c Amounts remitted (Net) Rs. In Lacs d) Year for which dividend was
remitted
4 Earning in Foreign Exchange
FOB Value of exports
Figures of the previous year have been re-grouped and re-classified
wherever necessary to facilitate company''s presentation.
5 Related Party Disclosure Under Accounting Standard (AS)1 8
A. Key management personnel and their relatives
i) Mr. Rupinder Singh, Chairman
ii) Mrs. Sandeep Kaur Ahluwalia, Director
iii) Mrs. Mandeep Ahluwalia Pahwa, Director
iv) Mr. Kamal Jain, Director
v) Mr. Raj Kumar Bali. Director
vi) Ms. Manpreet Kaur Ahluwalia, relative
B. Entities over which key management personnel are able to exercise
significant influence:
i) M/s. Balaji Steel & Pipes
ii) M/s. Silver Business Opportunities Pvt. Ltd.
iii) M/s. Surindra Engg. Co. Ltd.
iv) M/s. Mukat Tanks and Vessels Ltd.,
6 Previous year''s figures have been regrouped/reclassified
wherever necessary to correspond with the current year''s classification
/ disclosures.
Mar 31, 2012
1 Contingent liabilities not provided for:
a) Counter guarantees given by Bank - -
b) Claims not acknowledged as debts 9,000.00 9,000.00
i) Excise Duty demand (against
which the company has
preferred appeals) 13,655,000.00 13,655,000.00
ii) Income Tax demanded (against
which the company has
preferred appeals) 25,516,000.00 21,167,000.00
iii) Demand from DGFT (against
which the company has
preferred appeals) 22,500,000.00 22,500,000.00
iv) Sales Tax 12,632,000.00 12,590,000.00
2 The company has written back Rs. 45923819/- on account of balances
with different group companies in terms of family settlement recorded
by the Hon'ble Supreme Court vide its orders dtd. 12-05-2011. This has
resulted in increase in profits of the company by the aforsaid amount.
3 All the assets of Baramati unit of the company were sold during the
year with the permission of the Hon'ble BIFR through the process of
public auction and the proceeds of the sales were credited to secured
creditors, SASF/IDBI, ARCIL/OBC under the process of negotiated OTS's
as envisaged in the DRS submitted by O.A. to the Hon'ble BIFR. Profit
on sale amounting to Rs.84820959/- has been shown in extraordinary
item.
4 The company has entered into OTS's with PNB, IDBI and OBC. The
company has settled the accounts with the aforsaid institutions in
full. The profit on settlement amounting to Rs. 113465864/- is treated
as income for the year and is shown under extra ordinary item.
5 The sale proceeds of Rs. 1.78 Crores of colleteral security under
the process of SAFFRASI Act were credited in the OTS account of PNB and
the counter balance was written off.
6 No Provision has been made for Income Tax
7 The company has not produced books of accounts and other relevant
record in respect of Baramati unit which has since been sold, as such
the balances are taken as per audited balance sheet as on 31-03-2008.
The impact of transactions entered into by the company at Baramati Unit
after 31-03-2008 will be considered when the relevant documents are
produced.
8 In the absence of confirmation letter of balances from Debtors,
Creditors and Other parties, the balances are taken as per the books of
accounts
9 Related Party DisclosureUnder Accounting Standard (AS)18
A. Key management personnel and their relatives
i) Mr. Rupinder Singh, Chairman
ii) Mrs. Sandeep Kaur Ahluwalia, Director
iii) Mrs. Mandeep Ahluwalia Pahwa, Director
iv) Mr. Kamal Jain, Director
v) Ms. Manpreet Ahluwalia, Relative
vi) Mr. Kuljinder Singh Ahluwalia, Director (upto 12-05-2011)
vii) Mr. Ravinder Singh Ahluwalia, Director (upto 12-05-2011)
B. Entities over which key management personnel are able to exercise
significant influence:
i) M/s. Balaji Steel & Pipes
ii) M/s. Silver Business Opportunities Pvt. Ltd.
iii) M/s. Surindra Engg. Co. Ltd.
iv) M/s. Mukat Tanks and Vessels Ltd.,
v) M/s. Muktanandan Pipes Ltd.,
vi) M/s. Mukat Finance Ltd.
10 The Revised Schedule - VI has become effective from April 1, 2011
for the preparation of financial statements. Pursuant to
the same, the required changes in presentation and disclosures have
been incorporated in these financial statements. Previous year's
figures have been regrouped/reclassified wherever necessary to
correspond with the current year's classification / disclosures.