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.