Mar 31, 2014
1. Corporate Information:
Mukesh Steels Limited (The Company) is a public company incorporated
under the provisions of the Companies Act, 1956 on 29t August, 1981.
The name of the company at the time of its Incorporation was Mukesh
Steels Pvt. Limited and subsequently changed to Mukesh Steel Limited
on, 9t October, 1987. The company is engaged in manufacturing and
trading on Iron and Steel.
2. Terms/rights attached to equity shares
i) The company presently has one class of equity shares having a par
value of Rs.10/- each. Each holder of equity shares is entitled to one
vote per share. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the Annual General
Meeting and then the shareholders are entitled for the dividend.
ii) In the event of liquidation of the company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
3. Terms/rights attached to preference shares
* Preference shares carry a preferential right of repayement of amount
of capital on winding up and also carry preferential right of dividend
at a fixed rate on non cumulative basis 1,90,0006% Non Cumulative
Redeemable Preference shares are redeemable within a period of 20 years
from the date of allotment i.e.31st March 2003.
* 6,10,0006% Non Cumulative Redeemable Preference shares are redeemable
within a period of 20 years from the date of allotment i.e.31st Jan.
2007.
* The earliest date of redemption is yet to be decided by the Board of
Directors in both the cases.
4. Details of shares held by holding company or the ultimate holding
company or their subsidiaries and associates
There is no holding company of the company and therefore no subsidiary/
associate of holding /ultimate holding Company.
5. a) Contingent liability and provisions (to the extent not provided
for)
No outflow is expected in view of the post history relating to these
claims
31st March, 2014 31 st March, 2013
Nil Nil
b) Commitments
a) Letter of Credit outstanding in favour of suppliers Rs. 600.28 lacs
(Previous Year Rs. 550.17 lacs)
b) In respect of uncalled capital on partly paid up shares Rs. 75,000/-
(Previous Year Rs.75,000/-)
6. a) The Company has identified Micro and Small Enterprises on the
basis of Information made available. There are no dues to Micro and
Small Enterprises that are reportable under the Micro, Small and Medium
Enterprises'' Development Act, 2006.
b) Disclosures under section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006:
7. Secondary Segment Information:
The Company does not have a Secondary Segment. Hence the information
under this head is not applicable to the Company.
Segment Revenue and Expenses
* Segment revenue comprises sales to external customers.
* Segment expenses comprise expenses that are directly attributable to
the Segment.
Segment Assets and Liabilities
* Segment assets include all operating assets that are employed by a
segment in its operating activities and those can be allocated to the
segment on a reasonable basis.
* Segment liabilities include the liabilities which result from the
operating activities of a segment and those which can be allocated to
the segment on a reasonable basis.
* Assets and liabilities not identifiable to any reportable segment
have been treated as unallocable.
8. Excise duty attributable to finished goods sold during the year is
reduced from gross turnover in the Statement of Profit and Loss.
Increase/ (decrease) in excise duty on differential between opening and
closing stock of finished goods is also disclosed in other expense
under the head miscellaneous expenses.
9. The Company has examined the indications listed in Accounting
Standard (AS)- 28 Impairment of Assets, notified by the Companies
(Accounting Standards) Rules, 2006. Based on such examination, it has
been ascertained that none of the indications as listed in the
accounting standard are present in the case of the company. Accordingly
no impairment loss has been provided in the books of account.
10. The company has leased facilities under cancellable operating
lease agreements with a lease term ranging from one to five years,
which are subject to renewal at mutual consent thereafter. The
cancellable arrangements can be terminated by either party after giving
due notice. The lease rent expenses recognized during the year amounts
to Rs. 2,28,000/- (previous year Rs. 2,28,0001-).
11. Related Party Disclosures as required by Accounting Standards
AS-18" Related Party Disclosure" notified by the Companies (Accounting
Standard) Rules, 2006.
A. Relationship
a) Key Management Personnel
: Sh. Deepak Gupta
: Sh. Krishan Chand Gupta
: Sh. Vinod Gosain
b) Relatives of Key Management Personnel:
: Sandeep Gupta
: Smt. Simla Rani
b) Enterprise over which Key Management Personnel and their relatives
is able to exercise significant influence
: Mukesh Strips Limited
: Mukesh Udyog Limited
: DBA Switchgears Private limited **
** No transaction other than loan taken
12. The previous year figures have been regrouped and reclassified to
this year classification , wherever necessary.
Mar 31, 2010
1. Liabilities not Provided for:
a) Letter of Credit outstanding in favour of suppliers Rs. 1022.10 lacs
(Previous year Rs. 621.24 lacs).
b) In respect of uncalled capital on partly paid up shares Rs. 75000/-
(Previous Year Rs.75000/-)
2. Estimated amount of Contracts remaining to be executed on capital
account is Rs. 11.15 Lacs (Previous year - 25.00 Lacs) net of advances.
3. Managerial Remuneration includes :
Current Year Previous Year
a) Salary 26,72,400/- 22,22,400/-
b) Contribution
to Provident Fund 28,080/- 28,080/-
(i) The above remuneration is the minimum remuneration approved by the
shareholders in case of inadequacy of profits.
(ii) The above excludes incremental gratuity which is determined on
acturial basis For the company as a whole.
4. (a) The company has, on the basis of technical advice, treated the
plant and machinery of the Melting Induction and Pusher type heating
Furnace as a continuous process plant. Depreciation for the period has
been provided accordingly. Had the depreciation been charged under the
category of general plant and machinery, the charge of depreciation
would have been higher by Rs. 3.43 Lacs and the profit for the period
would have been lower by the same amount.
(b) Rs. 64202/- being the depreciation on the revalued amount of
building.
5. The summarized position of Post-Employment benefits & long term
employee benefits recognized in the Profit and Loss Account and Balance
Sheet in accordance with AS(15) are as under.
a) The estimates of future salary increases, considered in actuarial
valuation, take account of inflation,seniority, promotion & other
relevant factors, such as supply & demand in employment market.
b) The financial assumption considered for the calculations are as
under: h) Short term employees benefit.
Contribution to provident fund.
Short term leave encashment.
i) The plan assets are maintained with Life Insurance Corporation of
India. The detail of investment maintained by the Corporation are not
provided by the Life Insurance Corporation of India and accounts not
disclosed.
Discount Rate:
The discount rate has been chosen by reference to market yield on
Government bonds as on date of valuation.
Expected Rate of Return : in case of Gratuity, the actual return has
been taken
6. The company has identified the Micro and small enterprises on the
basis of information made available . There are no dues to Micro and
small enterprises which are reportable under the provisions of the
Micro, small and Medium Enterprises Development Act,2006.
7. The Cash Flow Statement has been made in accordance with the
Accounting Standard (AS) - 3 on "Cash Flow Statements" issued by the
Companies (Accounting Standards) Rules, 2006.
8. The company is a single segment company engaged in manufacturing of
Iron and Steel. Accordingly the disclosure requirement prescribed in
Accounting Standard -17 on "Segment Reporting" issued by the Companies
(Accounting standards) Rules, 2006 are not applicable.
9. Deferred Tax Liability amounting to Rs. 3354526/- as on 31.03.2010
is on account of Timming Difference due to Depreciation.
10. Basic earning per Share: Current Previous
Year Year
a) Net Profit for the year
attributable to equity share
holders(Rs.) A 3277444 1979985
b) Weighted average number of Equity
Shares of Rs.10/-each ( Nos) B 6566460 6301642
c) Basic earning per share A/B 0.50 0.31
(Nominal Value of share is Rs.
10/-)
11. The Company has examined the indications listed in Accounting
Standard (AS)-28 on impairment of Assets, notified by the Companies
(Accounting Standards) Rules, 2006. Based on such examination, it has
been found that none of the indications as listed in
The Accounting Stanadard are present in the case of the company.
Accordingly no impairment loss has been provided in the books of
account.
12. Related Party Disclosures as required by Accounting Standards
AS-18 "Related Party Disclosure" notified by the Companies (Accounting
Standard) Rules, 2006.
A. Relationship
a) Key Management Personnel : Sh. Deepak Gupta
Sh Krishan Chand Gupta
Sh. Vinod Gosasn
b) Relatives of Key
Management Personnel : Smt. Soma Gupta
: Smt. Meena Gupta
c) Enterprise over which
relative key Management
personnel is able
to exercise significant
influence : Mukesh Strips Limited.
: Mukesh Udyog Limited.
: Mukesh Industrial finance Ltd
: Krishan Chand Joginder Paul.
; Krishan Chand HUF.
; Deepak Gupta HUF.
C. No amount has been provided as doubtful debts or advances written
off or written back in the year in respect of debts due from or to
above said related parties.
D. Related party relationship is as identified by the management are
relied upon by the auditors
13. a) 1,90,000 6% Non Cumulative Redeemable Preference shares are
redeemable within a period of 20 years from the date of allotment i e
31st March 2003.
b) 6,10,000 6% Non Cumulative Redeemable Preference shares are
redeemable within a period of 20 years from the date of allotment
i.e.31st Jan. 2007,
The earliest date of redemption is yet to be decided by the Board of
Directors in both the cases.
14. Previous year figures have been regrouped /recasted wherever
necessary to make them comparable with those of the current period.
15. Excise duty attributable to finished goods sold during the year is
reduced from Gross Turnover in the Profit and Loss Account
lncrease/(decrease) in excise duty on differential between opening and
closing stok of finished goods is also disclosed separately in the
Profit and Loss Account.
Mar 31, 2009
1. The company has identified the Micro and small enterprises on the
basis of information made available . There are no dues to Micro and
small enterprise : under are reportable under the provisions of the
Micro, small and Medium Enterprises .development Act, 2010
2. The Company is a single segment company engaged in manufacturing of
Iron and Steel. Accordingly the disclosure requirement prescribed in
Accounting .standard - 17 on "Segment Reporting" issued by the
Companies (Accounting standards ) Rules, 2006.
3. Deferred Tax Liability amounting to Rs. 3327546.62/- as on
31.03.2009 is on account of Timming Difference due to Depreciation.
4, The Company has examined.ãhe indications listed in Accounting
Standard (AS)-28 on Impairment of Assets, notified by tho Companies (
Accounting Standards ) Rules. 2006. Based on such examination, it
has been found that none of the indications as listed in the
Accounting Stanadard are present in the case of the company.
Accordingly no Impairment loss has been provided in the books of
account.
5. Related Party Disclosures as required by Accounting Standards AS-10
"Related Party Disclosure" notified by the Companies ( Accounting
Standard) Rulos, 2009.
a, No amount has been provided as doubtful debts or: advances -.written
off or written back in the year in respect of debts due from or to
above said :relatedparties.
b. Related party relationship is is as identified by the management
are relied upon by the auditors.
6. a) 1,90,000 6% Non Cumulative Redeemable Preference sharees arc
redeemabla within a period of 20 years from the date of allotment
i.e.31st March 2003.
b) 6,10,000 6% Non Cumulative Redeemable Preference, shares are
redeemable within a period of 20 years from "the date of allotment i.
e.31st.Jan. 2007.
The Earliest date of redemption is yet to be decided by the board of
Directors in both the cafes.
7. Previous year figures have been regrouped / recasteded wherever
necessary to make them comparable with those of the current period.
8. Excise duty attributable to finished goods sold during the year is
reduced from Gross Turnover in the Profit and Loss Account. Increase
(decreased in excise duty on differential between opening and closing
stok of finished goods .1.also disclosed separately in the Profit and
Loss Account.
9. The company has utilized the funds raise through right is for the
purpose of working capital requirement and the same has been utilized
and there is no unutilized monthly