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Notes to Accounts of Nilachal Refractories Ltd.

Mar 31, 2015

1. Voluntary Retirement Scheme (VRS) was introduced under which terminal date of employment was fixed as 31st July 2002. Provision for unpaid compensation has been made for the employees who have not taken the same. Modified Golden Handshake Schemes containing similar benefits as that of Voluntary Separation Scheme were introduced (in respect of ex-employees who were separated under the Golden Handshake Scheme 3 & 4) wherein cutoff date for computation of compensation was kept as 31st July 2002. Provision for unpaid lump sum payment has been made for the ex-employees who have not taken the same.

2. Confirmation of Parties concerned for amount due, receivable from and/or payable to them as per the accounts of the company has not been received. Necessary adjustment, if any, shall be done at the time of settlement of respective account.

3. The financial result of the company pertains to operations related to refractoriness which is the only significant business segmentof the Company as per AS-17 issued by the ICAL

4. There are no Micro, Small and Medium enterprises to whom the company owes dues, which are outstanding for more than 45 days as at March 31,2015. The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

5. In view of unabsorbed losses and unabsorbed depreciation brought forward, there being no tax liability no provision for current Income Tax have been made during the year.

6. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / rearranged / recanted wherever considered necessary. Figure have been rounded off to the nearest rupee.

7. During the year under review the company has not charged depreciation on fixed assets of the company as the Company was not in production.

8. In the opinion of the management, aggregate value of current assets and other loans and advances on realization in the ordinary course of business will not be less than the amount at which these are stated in the balance sheet.


Mar 31, 2014

The rights, preference and restrictions including restrictions on the distribution of dividends and the repayment of capital:

The Company have two class of shares i.e. Equity & Preference carrying a nominal value of Rs 10 each and Rs 100 each respectively. Each holder of equity Shares is entitled to one vote per share. The Company shall declare and pay dividend in Indian Rupees. When the company have distributable profit, the company shall propose dividend, subject to the approval of shareholders in annual general meeting. 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 prefential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. Also the preference shares shall be redeemed only when the company have distributable profits which would otherwise be available for dividend or out of proceeds of fresh issue of shares made for the purpose of redemption, hence for the year under review the shares shall not be redeemed.

"11% Redeemable Cumulative Preference shares were redeemable before September 1995 by giving six months notice by such redemption to the holders thereof. However, as per the terms of the Sanctioned Rehabilitation Scheme, the preference Shares are to be continued with roll over option for another 5 years and no interest is payable during such rehabilitation period. Accordingly, no provision for any interest has been made during the year. Due to non-availability of profit, no provision has been made for payment of dividend to the Preference Shareholders; cumulative from the date of allotment i.e 20th September 1980 upto the due date of redemption amounting to Rs 41.60 Lacs or the dividend payable thereafter. Further 0% Redeemable Preference Shares shall be subject to redemption when the Company has distributable profit. Hence, for the year under review the Shares shall not be redeemned.

1.1.1 Voluntary Retirement Scheme (VRS) was introduced under which terminal date of employment was fixed as 31st July 2002. Provision for unpaid compensation has been made for the employees who have not taken the same. Modified Golden Handshake Schemes containing similar benefits as that of Voluntary Separation Scheme were introduced (in respect of ex-employees who were separated under the Golden Handshake Scheme 3 & 4) wherein cut off date for com- putation of compensation was kept as 31st July 2002. Provision for unpaid lump sum payment has been made for the ex-employees who have not taken the same.

1.1.2 Confirmation of Parties concerned for amount due, receivable from and/or payable to them as per the accounts of the company has not been received. Necessary adjustment, if any, shall be done at the time of settlement of respective ac- count.

1.1.3 The financial result of the company pertains to operations related to refractories which is the only significant business segment of the Company as per AS-17 issued by the ICAI.

1.1.4. There are no Micro, Small and Medium enterprises to whom the company owes dues, which are outstanding for more than 45 days as at March 31, 2012. The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors

1.1.5 In view of unabsorbed losses and unabsorbed depreciation brought forward , there being no tax liability no provision for current Income Tax have been made during the year.

1.1.6 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / rearranged / recasted wherever considered necessary. Figure have been rounded off to the nearest rupee.

1.1.7 The factory of the Company was closed due to declaration of Lockout by the management from 24th March 2014 till 19th December 2014 due to unprecented labour unrest and agitation

1.1.8 In the opinion of the management, aggregate value of current assets and other loans and advances on realization in the ordinary course of business will not be less than the amount at which these are stated in the balance sheet.


Mar 31, 2013

1.1.1 Voluntary Retirement Scheme (VRS) was introduced under which terminal date of employment was fixed as 31st July 2002. Provision for unpaid compensation has been made for the employees who have not taken the same. Modified Golden Handshake Schemes containing similar benefits as that of Voluntary Separation Scheme were introduced (in respect of ex-employees who were separated under the Golden Handshake Scheme 3 & 4) wherein cut off date for computation of compensation was kept as 31 st July 2002. Provision for unpaid lump sum payment has been made for the ex-employees who have not taken the same.

1.1.2 Confirmation of Parties concerned for amount due, receivable from and/or payable to them as per the accounts of the company has not been received. Necessary adjustment, if any, shall be done at the time of settlement of respective account.

1.1.3 The Financial result of the Company pertains to operations related to refractories which is the only significant business segment of the Company as per AS-17 issued by the ICAI.

1.1.4 There are no Micro, Small and Medium enterprises to whom the company owes dues, which are outstanding for more than 45 days as at March 31,2013. The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

1.1.5 In view of unabsorbed losses and unabsorbed depreciation brought forward , there being no tax liability no provision for current Income Tax have been made during the year.

1.1.6 Previous year''s figures have been regrouped / rearranged / recasted wherever considered necessary. Figure have been rounded off to the nearest rupee.

1.1.7 In the opinion of the management, aggregate value of current assets and other loans and advances on realization in the ordinary course of business will not be less than the amount at which these are stated in the balance sheet.


Mar 31, 2012

1.1.1 Voluntary Retirement Scheme (VRS) was introduced under which terminal date of employment was fixed as 31sl July 2002. Provision for unpaid compensation has been made for the employees who have not taken the same. Modified Golden Handshake Schemes containing similar benefits as that of Voluntary Separation Scheme were introduced (in respect of ex-employees who were separated under the Golden Handshake Scheme 3 & 4) wherein cut off date for computation of compensation was kept as 31sl July 2002. Provision for unpaid lump sum payment has been made for the ex-employees who have not taken the same.

1.1.2 Confirmation of Parties concerned for amount due, receivable from and/or payable to them as per the accounts of the company has not been received. Necessary adjustment, if any, shall be done at the time of settlement of respective account.

1.1.3 The financial result of the company pertains to operations related to refractories which is the only significant business segment of the Company as per AS-17 issued by the 1CAI.

1.1.4 There are no Micro, Small and Medium enterprises to whom the company owes dues, which are outstanding for more than 45 days as at March 31, 2012. The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available wifh the company. This has been relied upon by the auditors.

1.1.5 In view of unabsorbed losses and unabsorbed depreciation brought forward , there being no tax liability no provision for current Income Tax have been made during the year.

1.1.6 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / rearranged / recasted wherever considered necessary. Figure have been rounded off to the nearest rupee.

1.1.7 In the opinion of the management, aggregate value of current assets and other loans and advances on realization in the ordinary course of business will not be less than the amount at which these are stated in the balance sheet.


Mar 31, 2011

1. 1 a) The Hon'ble BIFR by order dated 11/11/2010 has had reviewed the position of the Company and decided that the Company has ceased to be a sick indusial Company within the meaning of section 3(1 )(o) of the SICA and have discharged the Company from the purview of SICA/BIFR.

b) Pursuant to Para No. 13.13. (2) of the Order dated 06/12/2005of the Hon'ble BIFR, the new promoters have brought in Unsecured loan amounting to Rs. 2655 Lacs (P. Y. Rs. 920.65 Lacs) to meet the rehabilitation cost. Since the said amount brought in by the Promoters is in compliance with the order dated 06/12/2005 of the Hon'ble BIFR, the same is not covered under Public Deposit pursuant to Clause 2(b) (xi) of the Companies (Acceptance of Deposits) Rules, 1975..

2) a) 11 % Redeemable Cumulative Preference shares were redeemable before September 1995 by giving six months notice by such redemption to the holders thereof. However, as per the terms of the Sanctioned Rehabilitation Scheme, the preference Shares are to be continued with roll over option for another 5 years and no interest is payable during such rehabilitation period. Accordingly, no provision for any interest has been made during the year.

Due to non-availability of profit, no provision has been made for payment of dividend to the Preference Shareholders; cumulative from the date of allotment i.e 20th September 1980 upto the due date of redemp- tion amounting to Rs. 41.60 Lacs or the dividend payable thereafter.

3) The total unsecured loan includes Rs. 67 Lacs (previous year Rs. 60 lacs) taken from directors of the Company.

4) Government of Orissa had acquired 8.73 acres of unutilized portion of land of the Company for which the cost of the land has been proportionately reduced. Since the Government had not intimated the acquisi- tion compensation of the land, surplus/ deficit will be recognized in revenue on receipt of such intimation from the Government.. It was found out during the year that the relevant department of the Government of Orissa has still not recorded the acquisition in their record.

5) Voluntary Retirement Scheme (VRS) was introduced under which terminal date of employment was fixed as 31st July 2002. Provision for unpaid compensation has been made for the employees who have not taken the same. Modified Golden Handshake Schemes containing similar benefits as that of Voluntary Separation Scheme were introduced (in respect of ex-employees who were separated under the Golden Handshake Scheme 3 & 4) wherein cut off date for computation of compensation was kept as 31 st July 2002. Provision for unpaid lump sum payment has been made for the ex-employees who have not taken the same.

6) Confirmation of Parties concerned for amount due, receivable from and/or payable to them as per the accounts of the company has not been received. Necessary adjustment, if any, shall be done at the time of settlement of respective account.

7) The financial result of the company pertains to operations related to refractories which is the only significant business segment of the Company as per AS-17 issued by the ICAI.

8) There are no micro, small and medium enterprises to whom the company owes dues., which are outstanding for more than 45 days as at March 31, 2011 excepting as mentioned below. The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the company. The name of MSM Enterprises Units to whom amount in excess of Rs. 1.00 Lacs are due for more than 45 days are given below.:

Name of the Company Amount (Rs.)

Biswakarma Fabricators 2.63 lacs

9) As per practice followed/adopted, excise duty payable on finished goods held in stock is neither included in expenditure nor considered in valuing such stocks, but is accounted for on clearance of goods from factory. This has however no impact on the Profit & Loss Account of the company.

10) Loans and advances include Rs. 6.53 lacs (Previous Year Rs. 6.53 Lacs) collected by Sales Tax & Central Excise authorities against demand not acknowledged by the Company as a debt. The above amounts are included in the figure disclosed under item 12.3.1 of this schedule.

11.1) Contingent Liabilities not provided.

2010-11 2009-10 (Rs. in Lacs) (Rs. in Lacs)

Counter Guarantee given to Bank for Bank Guarantee 89.61 103.70

12. Related Party Disclosures:

12.1 List of Related Parties where control exists :- Nil

13. Salaries, Wages and Bonus includes Remuneration paid to 1 (One) Whole Time Director (Previous year One whole time Directors) amounting to Rs. 11.21 Lakhs for the financial year 2010 -11 (Previous year Rs. 7.18 Lakhs) as approved by the Shareholders.

14. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 1992.27 lakhs (Previous year Rs. 1875.93 lakhs. Advance paid for Capital Goods Rs. 1349.94 lakhs (Previous year Rs. 69.37 lakhs).

15. In view of unabsorbed losses and unabsorbed depreciation brought forward , there being no tax liability no provision for current Income Tax have been made during the year.

16. Previous year's figures have been regrouped, rearranged and recasted wherever found necessary.


Mar 31, 2010

1 a) In pursuant to order of the Honble B1FR dt: 06.12.2005 the Rehabilitation Scheme is under implementation.

b) Pursuant to Para No. 13.13. (2) of the Order of the Honble BIFR, the new promoters have brought in Unsecured loan amounting to Rs. 920.65 Lacs (P.Y. 330.35 Lacs) to meet the rehabilitation cost. Since the said amount brought in by the Promoters in compliance with the order of the Honble BIFR, the same is not covered under Public Deposit pursuant to Clause 2(b) (xi) of the Companies (Acceptance of Deposits) Rules, 1975.

2) a) 11 % Redeemable Cumulative Preference shares were redeemable before September 1995 by giving six months notice by such redemption to the holders thereof. However, as per the terms of the Sanctioned Rehabilitation Scheme, the preference Shares are to be continued with roll over option for another 5 years and no interest is payable during such rehabilitation period. Accordingly, no provision for any interest has been made during the year.

Due to non-availability of profit, no provision has been made for payment of dividend to the Preference Shareholders; cumulative from the date of allotment i.e 20th September 1980 upto the due date of redemption amounting to Rs. 41.60 Lacs or the dividend payable thereafter.

b) The Company has during the year converted unsecured loan of Rs.990 Lacs taken from Promoters and its Associates in earlier and current years into 990000 numbers of 0% redeemable preference shares of Rs. 100/-each.

3) The total unsecured loan includes Rs 60.00 Lacs (previous yearRs.205.35) taken from directors of the Company.

4) Government of Orissahave acquired 8.73 acres of unutilized portion of land of the Company for which the cost of the land has been proportionately reduced. Since the Government have not intimated the acquisition compensation of the land, surplus/ deficit will be recognized in revenue on receipt of such intimation from the Government.

5) Voluntary Retirement Scheme (VRS) was introduced under which terminal date of employment was fixed as 31a July 2002. Provision for unpaid compensation has been made for the employees who have not taken the same. Modified Golden Handshake Schemes containing similar benefits as that of Voluntary Separation Scheme were introduced (in respect of ex-employees who were separated under the Golden Handshake Scheme 3 & 4) wherein cut off date for computation of compensation was kept as 31st July 2002. Provision for unpaid lump sum payment has been made for the ex-employees who have not taken the same.

6) Confirmation of Parties concerned for amount due, receivable from and/or payable to them as per the accounts of the company has not been received. Necessary adjustment, if any, shall be done at the time of settlement of respective account.

7) The financial result of the company pertains to operations related to refractories which is the only significant business segment of the Company as per AS-17 issued by the ICAI.

8) There are no micro, small and medium enterprises to whom the company owes dues., which are outstanding for more than 45 days as at March 31,2010 excepting as mentioned below. The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the company. The name of MSM Enterprises Units to whom amount in excess of Rs. 1.00 Lacs are due for more than 45 days are given below.:

9) As per practice followed/adopted, excise duty payable on finished goods held in stock is neither included in expenditure nor considered in valuing such stocks, but is accounted for on clearance of goods from factory. This has however no impact on the Profit & Loss Account of the company.

10) Loans and advances include Rs. 6.53 lacs (Previous Year Rs. 8.11 Lacs) collected by Sales Tax & Central Excise authorities against demand not acknowledged by the Company as a debt. The above amounts are included in the figure disclosed under item 12.3.1 of this schedule.

11.1) The Company does not acknowledge further claim of landowners against acquired land and the same is being contested in appropriate Court of law.

11.2) Contingent Liabilities not provided.

2009-10 2008-09 (Rs.in Lacs) (Rs.in Lacs)

Counter Guarantee for Bank Guarantee issued 103.70 65.31



12. Salaries, Wages and Bonus includes Remuneration paid to 1 (One) Whole Time Director (Previous year One whole time Directors) amounting to Rs. 7.18 Lakhs for the financial year 2009 -10 (Previous year Rs.2.25 Lakhs) as approved by the Shareholders.

13. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 1875.93 lakhs (Previous year NIL). Advance paid for Capital Goods Rs.69.37 Lacs.

14. Previous years figures have been regrouped and rearranged wherever necessary.

 
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