Home  »  Company  »  Palco Metals  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Palco Metals Ltd.

Mar 31, 2015

1. Lease hold land was revalued time to time in the financial year 2005-06 and 2007-08. As a result, the gross value of assets includes revaluation amount of Rs. 2,04,50,927 and Rs.6,97,26,000/- respectively which is transferred to Revaluation Reserve.

2. Earnings per share

Basic earning per share is computed by dividing the net profit after tax by the weighted average number of shares outstanding for the period. As on the reporting date, there are no potential equity shares outstanding which may have a diluting impact on the earnings per share.

3. Licensed and installed capacity and production: Not Applicable

4. Foreign exchange earning Nil during the current year and Nil during the previous year.

5. No provision for gratuity and leave encashment is made during the year.

6. Related Party Disclosure as per AS-18

Names of Related Parties where control exists irrespective of whether transactions have occurred or not: :

Associate : Palco Recycle Industries Ltd.

Names of Related Parties with whom transactions have occurred during the period

i Palco Recycle Industries Ltd.

ii. Palco Recycle Exchange Limited,

iii. India Metals Works & Steel Fabs Corporation

Key Management Personnel:

i. Kiran B Agrawal

ii. Kanaiyalal B. Agrawal

7. The details required under segment reporting as per AS 17 is not furnished as the company is not having any reportable segments.

8. The previous year figures have been regrouped and reworked wherever necessary.

9. Contingent liabilities:-

The Company is contingently liable as it has given corporate guarantee for Rs. 25.35 crores for loan borrowed by Palco Recycle Industries Ltd.


Mar 31, 2014

1. Lease hold land was revalued in the financial year 2007-08. As a result, the gross value of assets includes revaluation amount of Rs.69,72,000/- which is transferred to Revaluation Reserve.

2. Pursuant to an agreement to sell on slump sale basis with Palco Recycle Industries Ltd.(PRIL) executed on 12th May, 2010, as well as "Supplementary Agreement" executed on 30th November,2011, the company has transferred the entire business to PRIL. In terms of clause no. 5.04 of the agreement to sell and the clauses of the supplementary agreement entered into on 30th November,2011, the requisite approval from SEBI and Ministry of Company Affairs is awaited.

3. Earnings per share

Basic earning per share is computed by dividing the net profit after tax by the weighted average number of shares outstanding for the period. As on the reporting date, there are no potential equity shares outstanding which may have a diluting impact on the earnings per share.

4. Licensed and installed capacity and production: Not Applicable

5. Foreign exchange earning Nil during the current year and Nil during the previous year.

6. No provision for gratuity and leave encashment is made during the year.

7. Related Party Disclosure as per AS-18

a) Name of related party and description of relationship where control exists:

1. Associates: a) Palco Recycle Industries Ltd.,

b) Palco Recycle Exchange Limited,

c) SFC Palco Metals Ltd. (Ceased to be associates w.e.f. 24-02-2014)

2. Enterprise over which Key Management personnel exercise significant influence:-

i. Palco Recycle Industries Ltd.

ii. Palco Recycle Exchange Limited,

iii. Vinod Realities Pvt. Ltd.,

iv. Radius Global Private Limited (Formerly Known as Krishna Worldwide Pvt. Ltd.)

v. ABC Metals and Trading Consultancy Pvt. Ltd.

vi. ABC Resource Traders Private Limited

vii. Palco E-Waste Recyclers Private Limited

viii. Krishna Sharebroking Services Private Limited

b) Name of related party and description of the relationship with whom transactions took place:

1. Associates: a) Palco Recycle Exchange Limited,

b) Palco Recycle Industries Limited.

2. Key Management Personnel:

i. Kiran B Agrawal

ii. Kanaiyalal B. Agrawal

* Note: Palco Recycle Industries Ltd. ceased to be a subsidiary of the company w.e.f. 06-12-2012 and so the previous year figures have been re-grouped and shown under the column of associate company

# Payment of Rs.1,80,000/- is made as director''s salary to Shri Kanaiyalal B Agrawal in current year and in the previous year also)

8. The details required under segment reporting as per AS 17 is not furnished as the company is not having any reportable segments.

9. The previous year figures have been regrouped and reworked wherever necessary.

10. Contingent liabilities:-

The Company is contigently liable as it has given corporate guarantee for Rs.27.50 crores for loan borrowed by Palco Recycle Industries Ltd.


Mar 31, 2013

1. Lease hold land was revalued in the financial year 2007-08. As a result, the gross value of assets includes revaluation amount of Rs.69,72,000/- which is transferred to Revaluation Reserve.

2. Pursuant to an agreement to sell on slump sale basis with Palco Recycle Industries Ltd.(PRIL) executed on 12th May, 2010, as well as "Supplementary Agreement" executed on 30th November,2011, the company has transferred the entire business to PRIL. In terms of clause no. 5.04 of the agreement to sell and the clauses of the supplementary agreement entered into on 30th November,2011, the requisite approval from SEBI and Ministry of Company Affairs is awaited.

3. Earnings per share

Basic earning per share is computed by dividing the net profit after tax by the weighted average number of shares outstanding for the period. As on the reporting date, there are no potential equity shares outstanding which may have a diluting impact on the earnings per share.

4. Licensed and installed capacity and production: Not Applicable

5. Foreign exchange earning Nil during the current year and Nil during the previous year.

6. No provision for gratuity and leave encashment is made during the year.

No provision for deferred tax liability is made as there are no timing differences.

7. The company has ceased to hold more than 50% of voting rights in Palco Recycle Industries Ltd.(PRIL) w.e.f 06/12/2012. The consolidated financial statements in terms of AS 21 are prepared upto the date on which the company was holding more than 50%.

8. Related Party Disclosure as per AS-18

a) Name of related party and description of relationship where control exists:

* Subsidiary Company: Palco Recycle Industries Ltd. (Ceased wef 06/12/2012)

* Associates: Palco Recycle Exchange Limited, SFC Palco Metals Ltd.

* Enterprise over which Key Management personnel exercise significant influence:-

i. Palco Recycle Industries Ltd.

ii. Palco Recycle Exchange Limited,

iii Vinod Realities Pvt. Ltd.,

iv. Radius Global Private Limited (Formerly Known as Krishna Worldwide Pvt. Ltd.

v. ABC Metals and Trading Consultancy Pvt. Ltd.

vi . ABC Resource Traders Private Limited

vii. Palco E-Waste Recyclers Private Limited

viii. Krishna Sharebroking Services Private Limited

b) Name of related party and description of the relationship with whom transactions took place: 1.Associates: Palco Recycle Exchange Limited, 2Subsidiary:- Palco Recycle Industries Limited. (Ceased wef 06/12/2012)

3.Key Management Personnel:

i. Kiran B Agrawal

ii. Kanaiyalal B. Agrawal

9. The details required under segment reporting as per AS 17 is not furnished as the company is not having any reportable segments.

10. The previous year figures have been regrouped and reworked wherever necessary.

11. Contingent liabilities:-

The Company is contigently liable as it has given corporate guarantee for Rs.27.50 crores for loan borrowed by Palco Recycle Industries Ltd.


Mar 31, 2011

1. Lease hold land was revalued in the financial year 2007-08. As a result, the gross value of assets includes revaluation amount of Rs.69,72,000/- which is transferred to Revaluation Reserve.

2. Pursuant to an agreement to sell on slump sale basis with Palco Recycle Industries Ltd.(PRIL) executed on 12th May, 2010, the company has transferred all assets and liabilities as mutually agreed upon at a consideration of Rs. 900.59 lacs to PRIL. The company has informed the Ahmedabad Stock Exchange regarding the transaction of sale of business to PRIL.

Necessary approval of the equity shareholders has been obtained by the company through postal ballot in terms of requirements of Sec192A of the Companies Act, 1956. In this regard, we have relied upon the report of the scrutinizer appointed by the company.

As per agreement with PRIL, the company carried on the business on behalf of PRIL till the completion of the scheme and on 31st March,2011 all items of income, expense, assets and liabilities were transferred to PRIL.

3. Earnings per share

Basic earning per share is computed by dividing the net profit after tax by the weighted average number of shares outstanding for the period. As on the reporting date, there are no potential equity shares outstanding which may have a diluting impact on the earnings per share.

5. Licensed and installed capacity and production: Not Applicable

6. Foreign Travelling expenditure of Directors

7.Foreign exchange earning Nil during the current year and Nil during the previous year.

8.No provision for gratuity and leave encashment is made during the year.

9.The company holds more than 50% of voting rights in Palco Recycle Industries Ltd.(PRIL). However, as informed to us by the Board of Directors, the controlling interest is of temporary nature and hence, consolidated balance sheet in terms of AS 21 is not prepared.

10. Related Party Disclosure as per AS-18

a) Name of related party and description of relationship where control exists:

Palco Recycle Industries Ltd. : Subsidiary Company (w.e.f 28th September, 2010)

b) Name of related party and description of the relationship with whom transactions took place:

1 .Associates: Palco Recycle Exchange Limited.

2.Key Management Personnel:

i. Kiran B Agrawal

ii. Kanaiyalal B. Agrawal

11. The details required under segment reporting as per AS 17 is not furnished as the company is having all products manufactured from single raw material i.e alluminium

12. The previous year figures have been regrouped and reworked wherever necessary.


Mar 31, 2010

Lease hold land has been revalued in financial year 2007-2008, as a result the gross value of fixed assets includes revaluation amount of 69,72,000 which is transferred to revaluation reserve.

2. Sundry Debtors, Loans and advances and Sundry Creditors are subject to confirmation necessary adjustments if any will be made in the accounts on receipt of the same.

3. Earning Per Share

Basic Earning Per Share is computed by dividing the net profit after tax by the weighted average number of shares outstanding for the period.

4. Licensed and Installed Capacity and Production: Not applicable

5. Foreign Travelling Expense (Directors) Rs. 1460000.00 Previous year: 125428.00

6. Foreign Exchange Earning: NIL Previous year: NIL

7. Raw Material Import Rs. 23263725.00 Previous year: 19102133.00

8. Provision for gratuity and provision for leave encasement has been made in the current year.

9. Remuneration to Directors Rs. 1,80,000.00 Previous year: 1,80,000.00

10. The previous year figure have been regrouped and re-arranged wherever necessary.

11. Related party disclosures : -

Related party disclosures as required by accounting standards 18 on "Related Party Disclosures" are given below

(a) List of Related Parties Associates

Palco Recycle Exchange Limited

(12) The Details required under segment reporting as per AS 17 is not furnished as the company is having all products manufactured from single raw materials i.e. Aluminium.

 
Subscribe now to get personal finance updates in your inbox!