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Notes to Accounts of Nitin Alloys Global Ltd.

Mar 31, 2015

1. Partly Paid up Shares - Nil

2. The Company has proposed dividend of Rs. 1.00/- per equity share for the financial year ended 31st March, 2015, amounting to Rs. 16.85 Lacs (inclusive tax of Rs. 2.81 Lacs). The dividend payout is subject to approval of members at the ensuring Annual General Meeting.

3. Figures in brackets relates to previous year. The previous year's figures have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2014

Current Year Previous Year Sr. Particulars (Rs. in Lacs) (Rs. in Lacs)

1. Letter of Guarantee given 38.73 4.14 by the Bankers

2. Letter of Credit issued by the Nil 25.07 Bankers

2 Letter of Credit Acceptances and Nil Nil Endorsements

4. Bills Discounting Nil 36.13 Claims against the Company not acknowledge as debts

Taxes & Duties

i. Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961, based on the estimates of weighted average income tax rate expected for the full financial year.

ii. Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be future taxable income.

iii. Net Deferred Tax Liability and Assets is recognized on timing differences between accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on the Balance Sheet date. Net Deferred Tax liability has been recognized in the Books as required by AS-22 of the Institute of Chartered Accountants of India.

iv. During the year the Company has paid Rs. 75.00 Lacs as an excise duty to the Government Exchequer Central Excise department regarding MODVAT claim, where the view of Company differs from the Department as such the quantum of excise duty payable in comparison to the amount paid may differ.

Loans from Banks

i. Secured Loan from Indian Overseas Bank is secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant.

ii. Car Loans are secured by hypothecation of motor vehicles purchased here-against.

In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

None of the Company''s suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the company''s knowledge and belief sundry creditors as at 31st March, 2014 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation) Act, 1951.

Borrowing Cost:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.


Mar 31, 2013

A) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subjecttoconfirmations and adjustments,ifany.

b) None of the Company''s suppliers have intimated of their being a Small Scale Industrial Undertaking and to the bestof the company''s knowledge and belief sundry creditorsas at 31st March, 2013 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation)Act, 1951.

c) Directors RemunerationofRs. 35.10 Lacs (Previous year Rs. 33.60 Lacs)

ii) Partly Paid up Shares – Nil d) The Company has not proposed dividend for the year ended March 31, 2013

d) Figures in brackets relates to previous year or losses. The previous year''s figures have been re- grouped, re-arranged, re-costed and re-classified wherever necessary.


Mar 31, 2012

A) Contingent Liabilities

Provisions are made for known liabilities and other liabilities as per the provisioning policy of the Company or where additional risks are identified by the Management, based on such identification. The Company has not recognized any Contingent Liabilities other than those specified below:

Sr. Particulars Current Year Previous Year (Rs.in Lacs) (Rs.in Lacs)

1. Letter of Guarantee given by the Bankers 98.90 171.12

2. Letter of Credit issued by the Bankers 49.42 33.46

Letter of Credit Acceptances and 3 Endorsements 28.67 Nil

4. Bills Discounting 9.65 Nil

Claims against the Company not 5. acknowledge as debts Nil Nil

b) Taxes on Income

i. Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961, based on the estimates of weighted average income tax rate expected for the full financial year.

ii. Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be future taxable income.

iii. Net Deferred Tax Liability and Assets is recognized on timing differences between accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on the Balance Sheet date. Net Deferred Tax liability has been recognized in the Books as required byAS-22 of the Institute of Chartered Accountants of India.

c) Loans from Banks

I. Secured Loans from Indian Overseas Bank and State Bank of India are secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant.

ii. Car Loans are secured by hypothecation of motor vehicles purchased here-against.

d) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

e) None of the Company's suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the company's knowledge and belief sundry creditors as at 31st March, 2012 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation)Act, 1951.

f) Directors Remuneration of Rs. 33.60 Lacs (Previous year Rs. 32.40 Lacs)

Note : Figures in brackets relates to previous year. The previous year's figures have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2010

A) Contingent Liabilities

Company has not recognized any Contingent Liabilities other than those specified below;

Rs. In Lacs

Current Previous Sr. Particulars Year Year

1. Letter of Guarantee given by the Bankers 112.69 218.43

2. Letter of Credit issued by the Bankers Nil 1.98

3. Claims against the Company not acknowledge as debts Nil Nil

b) Taxes on Income

i. Current tax provision has been determined on the basis of relief and deductions available under the Income Tax Act. 1961.

ii. There being deferred tax liability for the year ended 31st March, 2010 the same has been accounted for in the books of accounts as required by AS-22 of the Institute of Chartered Accountants of India.

c) Loans from Banks

i. Secured Loans from Indian Overseas Bank and State Bank of India are secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant

ii. Car Loans are secured by hypothecation of motor vehicles purchased here- against.

d) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

e) None of the Companys suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the companys knowledge and belief sundry creditors as at 31* March. 2010 does not Include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation) Act. 1951.

f) Figures in brackets relates to previous year. The previous years figures have been regrouped. rearranged and classified wherever necessary.

 
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