Mar 31, 2015
1. Contingent Liabilities and commitments (to the extent not provide
for)
Contingent Liabilities
Outstanding Bank guarantee 28,77,785 28,77,785
Appeal pending before The CIT(Appeals) 14,48,450 9,27,000
Appeal pending before AP High Court against 90,47,169 46,37,400
PF Demand
Case filed by Labour before Jnt. Cimmissioner 47,80,207
of labour
1,81,53,611 84,42,185
2. Related Party Transaction
Disclosures as required by Accounting Standard-18 "Related Party
Disclosure" issued by the Institute of
Chartered Accountants of India are as under:-
Relationship:
A. Key Management Personnel
a. Mr. Ashok Kumar Agarwal, Executive Chairman
b. Mr. R.C. Biswas, Director
B. Companies under the same management
a. Sarvesh Refractories Limited
b. Sree Metaliks Limited
c. Rourkela Minerals Co. Pvt. Limited
3. Disclosure:
Gratuity is calculated on the basis of number of completed years of
services as on balance sheet date
The other benefits are recognised on payment basis
The company has made without obtaining acturial valuation. Insurance
Policy will be taken for Gratutity liability
4. Segment reporting :
Since the company has only one segment i.e Refractories ,the segment
reporting as per AS 17 issued by ICAI is not applicable
Mar 31, 2014
As at 31 st As At 31st March
Note No Particulars March 2013(Rs) 2012 (Rs.)
1 Additional Information to
the financial statement
1.1 Contingent Liabilities and
commitments (to the extent not
providefor)
ContingentLiabilities 2,87,77,850 3,42,77,785
Outstanding bank guarantee
Appeal pending before CIT 9,27,000 -
(Appeal)
Appeal pending before AP
High Court 46,37,400 -
againest P.F. Demand 3,43,42,250 3,42,77,785
1.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
Principal amount remainig unpaid as at the end of the accounting
year - -
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the Management. This has been relied upon by the auditors.
1.3 The factory of the company was not functioning due to various
reasons like shortage of power, labour problem and shortage of Raw
Material etc., The Company made efforts to start running of the
factory. Some of the stocks have become obsolete and the Company is
making efforts to revalue the stock , dispose the unusable stocks etc.,
and confident of realizing maximum value. Upon realization of obsolete
stock the shortage and excess will be accounted.
1.4 The company is having some claims and receivables due from the
customers and others . The company is making efforts to recover the
dues. There are some payables due by the company to the allied concerns
of those parties. If the efforts fail to recover the receivables it
will be adjusted against the amount payable to their allied concerns.
Hence such receivables are netted from the creditors.
2 Discolsure under Accounting Standards
2.1 Related Party Transaction
Disclosures as required by Accounting Standard-18 "Related Party
Disclosure" issued by the Institute of Chartered Accountants of india.
Relationship
Companies under the same management
1. Sarvesh Refractories Limited
2. Sree Metaliks Limited
3. Rourkela Minerals Co. Pvt. Limited
4. Icebergs Aqua Pvt. Limited
The company has made provisions without obtaining actuarial valuation.
Insurance Policy will be taken for Gratutity liability.
Key Management Personnel
1. Mr. Ashok Kumar Agarwal, Executive Chairman
2. Mr. R.C. Biswas,Director
3 Segment reporting Since the company has only one segment i.e
Refractories, the segment reporting as per AS 17 issued by ICAI is not
applicable
4 Differed Tax is not provided during the year as the company has no
plans of projected profitability
5 Previous Year''s figures Previous year figures have been regrouped,
rearranged wherever necessary to confirm to current year''s
classification.
Mar 31, 2013
1 Discolsure under Accounting Standards
1.1 Related Party Transaction
Disclosures as required by Accounting Standard-18 "Related Party
Disclosure" issued by the Institute of Chartered Accountants of india
Relationship
Companies under the same management
1. Sarvesh Refractories Limited
2. Sree Metaliks Limited
3. Rourkela Minerals Co. Pvt. Limited
4. Icebergs Aqua Pvt. Limited
Key Management Personnel
1. Mr. Ashok Kumar Agarwal, Executive Chairman
2. Mr. R.C. Biswas,Director
2 Previous Year''s figures
Previous years figures have been regrouped, rearranged or recasted
whereever necessary to conform to this years classification.
Mar 31, 2012
Cash credit accounts are secured by charge on all inventories & book
debts, both present and future, in favour of State Bank of Hyderabad,
Andhra Bank, State Bank of India & State Bank of Bikaner & Jaipur,
Hyderbad. They are further secured by the personal guarntee of Sri
Sanjay Agarwal, Director and Sri Ashok Kumar Agarwal,Executive Chairman
of the Company.
1.1 Contingent Liabilities and commitments (to the extent not provide
for)
Contingent Liabilities
Outstanding Bank guarantee 4,33,75,745 4,29,74,045
Income Tax for FY 2010-11 13,40,608
Sales Tax for FY 2004-05 0 24,99,538
4,33,75,745 4,68,14,191
1.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
Principal amount remainig unpaid as at the end of the accounting
year 0 0
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the Management. This has been relied upon by the auditors.
3 Discolsure under Accounting Standards
4.1 Related Party Transaction
Disclosures as required by Accounting Standard-18 "Related Party
Disclosure" issued by the Institute of Relationship Companies under the
same management
1. Sarvesh Refractories Limited
2. Sree Metaliks Limited
3. Rourkela Minerals Co. Pvt. Limited
4. Icebergs Aqua Pvt. Limited
Key Management Personnel
1. Mr. Ashok Kumar Agarwal, Executive Chairman
2. Mr. R.C. Biswas,Director Operations
5 Previous Year''s figures
The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements.
Mar 31, 2010
1. Security of Term Loans
The term loans are secured on the immovable properties of the company
situated at village Narketpally, Dist. Nalgonda in Andhra Pradesh
including the companys movable plant and machinery, machinery spares,
tools and accessories and other movables, both present and future (save
and except book debts and inventory which are charged against working
capital facilities sanctioned by the banks) by Deed Hypothecation and
also secured by a joint mortgage by way of deposit of title deeds in
respect of the immovable properties of the company in favour of State
Bank of India, Commercial Branch, NIA and UIIC. The term loans the
aforesaid institutions rank pari-passu among themselves.
Working capital facilities sanctioned by the banks (consortium) are
secured by a charge on all the inventories and book debts in favour of
State Bank of Hyderabad, Andhra Bank, State Bank of India and State
Bank of Bikaner & Jaipur, Hyderabad.
Further, working capital facilities extended by aforesaid banks are
secured by mortgage/ charge on the fixed assets of the company on
"second charge basis" subservient to charge already created in favour
of the financial institutions for the term loans availed from them.
The above loans are further secured by personal guarantee of Sri Sanjay
Agarwal, Director and Sri Ashok Kumar Agarwal, Executive Chairman of
the Company.
2009-10 2008-09
2. Contingent Liabilities
a) Claims against Company under
appeal not provided for
Income Tax for asst.
year 2006- 07 59,72,805 64,07,674
Sales Tax for the year
2004 - 05 14,99,538 14,99,538
b) Outstanding Bank Guarantee 3,18,19,702 83,80,339
3. Segment reporting as defined in Accounting Standard 17 (AS-17) as
not applicable since the entire operation of the company relates to
only one segment viz., refractories.
4. Details of Investment Unquoted, At Cost, Equity :
(a) 32,900 Shares of Rs 10/- each of Iceberg Aqua Pvt. Ltd., at a
premium of Rs. 40/- each.
(b) 4,10,000 Shares of Rs. 10/- each of Iceberg Foods Ltd., at a
premium of Rs. 10/- each.
5. Related Party Disclosures
Information relating to Related Party Transactions as per Accounting
Standard 18 issued by Institute of Chartered Accountants of India is
given below:
A. Name of the Related Party Relation Ship
Mr. Ashok Kumar Agarwal Executive Chairman, Key
Management Personal
Sarvesh Refractories Limited Associate Company
Sree Metaliks Ltd. Associate Company
Rourkela Minerals Co. Pvt. Ltd. Associate Company
Iceberg Aqua Pvt. Ltd. Associate Company
Trinity Beverages Pvt. Ltd. Associate Company
Mr. R.C. Biswas Director Operations, Key
Management Personal
6. The amount of Rs.12,75,120/- shown against self consumption sales
in schedule M pertains to consumption of refractory material towards
maintenance of R. C.Kiln.
7. The amount due to Micro and Small Enterprises as defined in the
"The Micro, Small and Medium Enterprises Development Act, 2006Ã have
been ascertained to the extend such parties are identifiable from the
information available with company and the outstanding to such units
for more than 30 days as on 31.03.2010 are nill.
8. The management of the company considers all the receivables and
advances as good and recoverable and no provision is made.
9. Amounts shown under sundry debtors, creditors, loans and advances
and some Financial Institutions and Banks are subject to confirmation/
reconciliation.
10. Previous figures have been re-grouped/re-arranged wherever
necessary.