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Notes to Accounts of National Oxygen Ltd.

Mar 31, 2015

A. The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

B. The Board of Directors of the Company have not recommended any dividend for the year ended 31st March, 2015 and for the corresponding previous year.

(a) Nature of security for secured borrowings are given below:

Term Loans and Overdraft from Bank against Tangible Collateral Security (OD TCS) are Secured by Equitable Mortgage of Leasehold Land & Building and hypothecation of the assets acquired for the new Project and further secured by way of first charge on the block of other movable Assets and future receivables of the company, present and future, and guaranteed by the Managing and Joint Managing Director of the Company

(a). Nature of security for secured borrowings are given below:

i) Cash Credit Loan from Bank is secured by hypothecation of Finished Goods, Raw Materials, Work in Process, Stores & Spares and Book Debts of the Company and second charge on Fixed Assets of the Company and guaranteed by the Managing Director and Joint Managing Director of the Company

ii) Loan against Fixed Deposits are secured by way of Lien on the respective Fixed Deposits


Mar 31, 2014

Nature of Operations:

National Oxygen Limited was incorporated on 23rd December 1974 and is engaged in manufacturing of Industrial Gases and Wind Energy generation

Basis of Preparation:

The financial statements have been prepared to comply in all material respects with the accounting principles generally accepted in India, including mandatory Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) under the historical cost convention and on an accrual basis. The accounting policies, in all material respects, have been consistently applied by the Company and are consistent with those used in the previous year .

All Assets and Liabilities have been classified as current or non current as per the company''s normal operating cycle and other criteria specified in the Revised Schedule VI to the Companies Act, 1956. The company has presently determined 12 months as the normal Operating cycle for the purpose of classification of current and non current Assets and Liabilities.

As at

1 Contingent Liabilities and Commitments Year ended

A. Contingent Liabilities 31/03/2014 31/03/2013

(a) Claims against the company not acknowledged as debt:

Excise Duty / Service Tax 5,903,781 5,903,781

Customs Duty 8,823,578 8,823,578

(b) Outstanding Letters of Credit and Bank Guarantees 25,678,576 19,322,154

B. Commitments

(a). Estimated amount of contracts remaining to be executed on capital account and not provided for - 112,982,500

2 Segment Reporting

A. Primary Segment Reporting (by Business Segment):

(a).Segments have been identified in line with the Accounting standard on Segment Reporting (AS-17), taking into account the organisational structure, risk return profile of individual business and internal reporting system of the Company. Details of the businesses included in each of the segments are as under:

Industrial Gases - Manufacture of Industrial Gases

Windmill - Generation of Windmill energy.

3 The company has not been informed by any supplier of being covered under Micro, Small and Medium Enterprises Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures are made in these accounts.

4 Related Party Disclosures:

A. Disclosure on Related Parties as required by AS-18 "Related Party Disclosures" are given below:

a) Key Management Personnel of the Company :-

i) Shri. G.N. Saraf Managing Director

ii) Shri. Rajesh Kumar Saraf Joint Managing Director

iii) Smt. Veenadevi Saraf

b) Enterprises over which certain Key Management Personnel (K.M.P) exercise significant influence :-

i) Pondicherry Agro Foods Pvt. Ltd. (PAF)

ii) ECA Gases Pvt. Ltd. (ECA)

iii) Approach Marketing Pvt. Ltd. (AMP)

c) Relatives of Key Management Personnel of the Company

5 The company had commissioned its new Plant at Perundurai during the year. The Trial run expenses (net of sales revenue) incurred upto the date of commencement of commercial production has been capitalised by the company .

6 Foreign Currency exposure in respect of Sundry Creditors amounting to Rs.116.94 Lacs (Previous Year Rs.Nil) are not hedged as on the Balance Sheet date.

7 Detail of Sales, Raw Material Consumption, Inventories, etc. under broad heads are given below:

C. Value of Raw Materials and Stores and Spares consumed during the year :

8 The previous year figures have been reclassified/ rearranged / regrouped wherever necessary


Mar 31, 2013

Nature of Operations:

National Oxygen Limited was incorporated on 23rd December 1974 and is engaged in manufacturing of Industrial Gases and Wind Energy generation.

Basis of Preparation : ,

The financial statements have been prepared to comply in all material respects with the accounting principles generally accepted in India, including mandatory Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) under the historical cost '' convention and on an accrual basis. The accounting policies, in all material respects, have been consistently applied by the Company and are consistent with those used in the previous year.

AH Assets and Liabilities have been classified as current or non current as per the company''s normal operating cycle and other criteria specified in the Revised Schedule VI to the Companies Act, 1956. The company has presently determined 12 months as the normal Operating cycle for. the purpose of classification of current and non current Assets and Liabilities.

1 Disclosure required by Accounting Standard (AS) 15 (Revised) on "Employee Benefits": The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favourable than the provisions ofThe Payment of Gratuity Act, 1972.

As at

2 Contingent Liabilities and Commitments Year ended

A. Contingent Liabilities 31/03/2013 31/03/2012

(a). Claims against the company not acknowledged as debt:

Excise Duty / Service Tax 5,903,781 5,903,781

Customs Duty 8,823,578 8,823,578

Others (specify nature) 72,100

(b) Outstanding Letters of Credit and Bank Guarantees 19,322,154 26,011,183

B. Commitments

(a). Estimated amount of contracts remaining to be executed on capital account and not provided for - 112,982,500 35 Segment Reporting

A. Primary Segment Reporting (by Business Segment):

(a).Segments have been identified in line with the Accounting standard on Segment Reporting (AS-17), taking into account the organisational structure, risk-return profile of individual business and internal reporting system of the Company. Details of the businesses included in each of the segments are as under:

Industrial Gases - Manufacture of Industrial Gases

Windmill - Generation of Windmill energy.

3 The company has not been informed by any supplier of being covered under Micro, Small and Medium Enterprises Development Act, 2006. As a result, no interest rovision/payments have been made by the Company to such creditors, if any, and no disclosures are made in these accounts.

4 Related Party Disclosures:

A. .Disclosure on Related Parties as required by AS-18 "Related Party Disclosures" are given below:

a) Key Management Personnel of the Company :-

i) Shri. G.N. Saraf Managing Director

li) Shri. Rajesh Kumar Saraf Joint Managing Director

iii) Smt. Veenadevi Saraf

b) Enterprises over which certain Key Management Personnel (K.M.P) exercise significant influence :-

i) Pondicherry Agro Foods Pvt. Ltd. (PAF) ii) East Coast Acetylene Pvt. Ltd. (ECA)

c) Relatives of Key Management Personnel of the Company

5 Foreign currency exposure in respect of Sundiy Creditors amounting to Rs. 116.94 Lacs (Previous Year Rs. Nil) are not hedged as on the Balance Sheet date..

6 The previous figure has been reclassified / rearranged / regrouped wherever necessary


Mar 31, 2012

(a) Nature of security for secured borrowings are given below: .

Term Loans are Secured by Equitable Mortgage of Land & Building and hypothecation of the assets acquired for the new Project and further secured by way of first charge on the block of other Assets of the company, present and future, and guaranteed by the Managing . and Joint Managing Director of the Company.

Vehicle Loans are secured by hypothecation of the specific Vehicles.

(a) Nature of security for secured borrowings are given below:

Cash Credit Loans from Bank are Secured by hypothecation of Finished Goods, Raw Materials, Work in Process, Stores & Spares and Book Debts of the Company and second charge on Fixed Assets of the Company and guaranteed by the Managing and Joint Managing Director of the Company

1 Disclosure required by Accounting Standard (AS) 15 (Revised) on "Employee Benefits":

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favourable than the provisions . of The Payment of Gratuity Act, 1972.

The estimates of future salary increases considered in actuarial valuation, take account of inflation; seniority, promotion and other relevant factors, such as supply and demand in the employment market.

* The Management has relied on the overall actuarial valuation conducted by the actuary

2 Contingent Liabilities and Commitments Year ended

A. Contingent Liabilities 31/03/2012 31/03/2011

(a)Claims against the company not acknowledged as debt:

Excise Duty / Service Tax 5,903,781 5,903,781

Customs Duty 8,823,578 8,823,578

Others (specify nature) 72,100 72,100

(b) Outstanding Letters of Credit cind Bank Guarantees 26,011,183 13,283,063

B. Commitments

(a). Estimated amount of contracts remaining to be executed on capital account and not provided for 112,982,500

3 Segment Reporting *

A. Primary Segment Reporting (by Business Segment):

(a). Segments have been identified in line with the Accounting standard on Segment Reporting (AS-17), taking into account the organisational structure, risk-return profile of individual business and internal reporting system of the Company. Details of the ' businesses included in each of the segments are as under:

Industrial Gases - Manufacture of Industrial Gases

Windmill - Generation of Windmill energy.

4 The company has not been informed by any supplier of being covered under Micro, Small and Medium Enterprises Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures are made in these accounts.

5 Related Party Disclosures:

A. Disclosure on Related Parties as required by AS-18 "Related Party Disclosures" are given below: '

a) Key Management Personnel of the Company

i) Shri. G.N. Saraf Managing Director

li) Shri. Rajesh Kumar Saraf Joint Managing Director

iii) Smt. Veenadevi Saraf

b) Enterprises over which certain Key Management Personnel (K.M.P) exercise significant influence :-

i) Pondicherry Agro Foods Pvt. Ltd. (PAF)

ii) East Coast Acetylene Pvt. Ltd. (ECA)

c) Relatives of .Key Management Personnel of the Company

6 For the year ended 31st March; 2012, the Board of Directors of the Company have recommended interim dividend of Rs. Re.1 per share (Previous year Rs. Re.1 per share) to equity shareholders aggregating to Rs.31,16,550 (Previous year 31,16,550). Together with the Corporate Dividend Distribution Tax of Rs.505582 (Previous year 505582 ), the total payout will be Rs. Rs.3622132 (Previous year Rs.3622132) .

7 Additional information pursuant to paragraphs 5 (viii) of Part II of Schedule VI to the Companies Act, 1956 are follows:

8 The previous figure has been reclassified/ rearranged / regrouped in compliance of Revised Schedule VI to correspond with current year figures


Mar 31, 2010

1 Revision of Financial Statements:

The Board of Directors, at its meeting held on 30th July 2010 have recommended a Dividend of 10% for the F.Y. 2009-10 which has been incorporated in these revised accounts together with the Dividend tax thereon . Except for this change, no other changes have been made to the Original Financial statements approved by the Board of Directors at its meeting held on 28th May 2010.

2 Contingent Liabilities not provided for:

i) Outstanding Bank Guarantees -Rs. 1,23,66,709/- (Previous Year-Rs.34,62,101/-).

ii) Demands raised by Central Excise, Customs .Sales Tax & other Departments to the tune of Rs.1,90,46,901/- (Previous Year Rs.2,53,37,466/-) which are being contested by the company. Advance Paid Rs.2,72,250/-( Previous Year Rs.70,21,972/-)

3 RELATED PARTY DISCLOSURES :

Disclosure on Related Parties as required by AS-18 "Related Party Disclosures" are given below:

a) Key Management Personnel of the Company :-

i) Shri. G.N. Saraf - Managing Director

ii) Shri. Rajesh Kumar Saraf - Joint Managing Director iii) Smt. Veenadevi Saraf

b) Enterprises over which certain Key Management Personnel (K.M.P) exercise significant influence :-

i) Pondicherry Agro Foods Pvt. Ltd.

ii) East Coast Acetylene Pvt. Ltd.

c) Relatives of Key Management Personnel of the Company :-

The particulars given above have been identified on the basis of information available with the company.

4. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favourable than the provisions of The Payment of Gratuity Act, 1972.

(i) The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. * The Management has relied on the overall actuarial valuation conducted by the actuary.

5 The company has not been informed by any supplier of being covered under Micro, Small and Medium Enterprises Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures are made in these accounts.

6 Segment Reporting

a) Primary segment reporting (by Business Segment)

1 Segment have been identified in line with the Accounting standard on Segment Reporting (AS-17), taking into account the organisational structure, risk-return profile of individual business and internal reporting system of the Company. Details of the businesses included in each of the segments are as under:

Industrial Gases - Manufacture of Industrial Gases

Windmill - Generation of Windmill Energy.

Note: All Income, Revenue, Assets and Liabilities pertain to a single geographical segment within India. Hence no separate Geographical segment disclosures are required.

7. Previous years figures have been regrouped /rearranged wherever found necessary.



 
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