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Notes to Accounts of Raasi Refractories Ltd.

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, 2006” 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.