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Notes to Accounts of Rose Zinc Ltd.

Mar 31, 2014

A. Secured Loan

Working Capital Limits and Working Capital Term Loan from the State Bank of Bikaner & Jaipur has been entirely repaid in previous years and no-dues certificate has been taken from the Bank in this regard.

B. The Additional Director General, Directorate of Revenue Intelligence , Delhi Zone unit, Delhi issued two show cause notices for Rs. 4,87,848/-and Rs. 4,05,53,125/-against which company has deposited Rs. 1,04,91,829/-. The matter is subjudice and pending before the Hon''ble High Court, Delhi.

C. The Asst. Commissioner, Commercial Taxes, Anti Evasion- Circle III, Rajasthan Jaipur issued show cause notices for the years 2002-03,2003-04,2004-05,2005-06,2006-07 and 2007-08. The Hon''ble High Court remanded matter back to Asstt. Commissioner, Commercial Taxes, Anti Evasion, Udaipur. The matter is settled during previous year and demand etc. has been deposited during the year.

D. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.3,76,340 for the Assessment year 2004-2005 towards entry tax. The company has filed an appeal with the Dy. Commissioner (Appeal), Commercial Taxes Officer, Udaipur against the said order. The matter is still pending.

E. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.46,926 for the assessment year 2005-2006 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

F. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.7,03,760 for the assessment year 2006-2007 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

G. The Commercial Taxes Officer, Udaipur passed an order to levy Rs. 14,21,600 for the assessment year 2007-2008 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

H. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.4,76,890 for the assessment year 2008-2009 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

I The small scale industrial undertaking to whom the company owe sum exceeding Rs.1,00,000/-which is outstanding for more than 30 days are Rs.Nil. The said information regarding small scale undertaking has been determined to the extent of such parties have been identified on the basis of information available with the company.

J. Unsecured Loans:- Unsecured loans taken are interest bearing and therefore necessary provisions have been made in the books of the company.

K. Due to decrease in total sales volume, steep fall in the sales prices, adverse foreign exchange fluctuation, revision in the wages coupled with substantially high price of imported raw material and also changes taken place regarding import rules of raw material company, could not generate sufficient funds to run manufacturing activities, hence com pony''s management has issued notice Under Section 25FFA of the Industrial Dispute Act to close its unit to the State Government, Labours and their unions in this regard. Workmen union has disagreed with above notice u/s 25FFA of Industrial Dispute Act, 1947 and approached to The Additional Labour Commissioner, Labour Department, Jaipur in this regard. The Additional Labour Commissioner has ordered in his judgement to take permission from State Government. Against this order company has filed Writ Petition No.2407/2010 with Hon''ble High Court of Rajasthan, Jodhpur. Meanwhile company has settled the above issue with labour union and necessary payments has been made to labours accordingly. On the basis of compromise arrived at in between the Labour Union and the company, Hon''ble High Court disposed the Writ Petition and quashed the above order.

L. Segment Reporting

Segments have been identified in line with AS-17 on the basis of production and distribution process i.e. manufacturing segment and trading segment.

The Manufacturing segment has been considered as the primary segment for disclosure. The products included in each of the reported production segment are as follows:

Metal Segment : Brass Ingots, Zinc Ingots

Fertilizer Segment : Zinc Sulphate.

The Manufacturing segment and Trading segment have been identified considering:

The nature of products

The differing risks & returns.

Segment Revenue, Result, include respective amounts directly attributable to each segment and other relevant amounts allocated on reasonable basis.

Revenue and expenses which relate to the enterprise and cannot be allocated on reasonable basis have been included under "Unallocable Revenue/expenditure."

The Company has not identified any secondary segments since risks & return of business identified under primary segments are not significantly dependent upon geographic locations.

M. Sundry debtors, Loans and Advances, Unsecured Loan, and Current Liabilities including Sundry Creditors are subject to confirmation and reconciliation to the extent not realised/ adjusted subsequently.

N.CONTINGENT LIABILITIES IN RESPECT OF: 2013-2014 2012-2013 (Rs.in Lacs) (Rs.in Lacs)

a. Bank Guarantee 25.00 25.00

b. Claim against the company not acknowledge as debt: (excluding interest and penalty which may be payable on such claims)

i. Custom duty 410.41* 410.41* (*Rs. 104.92 Lacs already paid against this demand)

ii. Others Nil Nil

O. Previous years figures have been reclassified/regrouped wherever necessary in order to make them comparable with those of the current year.

i. There is no variation or change in the issued, subscribed and fully paid-up equity share capital structure during the year. Therefore, no separate disclosure of reconciliation of the number of equity share outstanding as at the beginning and at the end of the year is required.

ii. The Company has issued only one class of shares referred to as equity shares having nominal value of Rs. 10/-. The holders of equity shares are entitled to one vote per share.


Mar 31, 2013

A. Secured Loan

Working Capital Limits and Working Capital Term Loan from the State Bank of Bikaner & Jaipur has been entirely repaid in previous years and no-dues certificate has been taken from the Bank in this regard.

B. Books of accounts differs from excise records for CENVAT credit as books of accounts follow mercantile system while excise records are maintained on the basis of excise rules.

C. The Additional Director General, Directorate of Revenue Intelligence , Delhi Zone unit, Delhi issued a two show cause notices for Rs. 4,87,848/- and Rs. 4,05,53,125/- against which company has deposited Rs. 1,04,91,829/ -. The matter is subjudice and pending before the Hon''ble High Court, Delhi.

D.. TheAsst. Commissioner, Commercial Taxes, Anti Evasion-Circle III, Rajasthan Jaipur issued show cause notices for the years 2002-03, 2003-04, 2004-05, 2005-06, 2006-07 and 2007-08. The Hon''ble High Court remanded matter back to Asstt. Commissioner, Commercial Taxes, Anti Evasion, Udaipur. The matter is settled during the year.

E. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.3,76,340 for the Assessment year 2004- 2005 towards entry tax. The company has filed an appeal with the Dy. Commissioner (Appeal), Commercial Taxes Officer, Udaipur against the said order. The matter is still pending.

F. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.46,926 for the assessment year 2005- 2006 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

G The Commercial Taxes Officer, Udaipur passed an order to levy Rs.7,03,760 for the assessment year 2006- 2007 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

H. The Commercial Taxes Officer, Udaipur passed an order to levy Rs. 14,21,600 for the assessment year 2007- 2008 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

I. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.4,76,890 for the assessment year 2008- 2009 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

J. The small scale industrial undertaking to whom the company owe sum exceeding Rs. 1,00,000/-which is outstanding for more than 30 days are Rs.Nil. The said information regarding small scale undertaking has been determined to the extent of such parties have been identified on the basis of information available with the company.

K. Unsecured Loans:- Unsecured loans taken are interest bearing and therefore necessary provisions have been made in the books of the company.

L. Due to decrease in total sales volume, steep fall in the sales prices, adverse foreign exchange fluctuation, revision in the wages coupled with substantially high price of imported raw material and also changes taken place regarding import rules of raw material company, could not generate sufficient funds to run manufacturing activities, hence company''s management has issued notice Under Section 25FFAof the Industrial Dispute Act to close its unit to the State Government, Labours and their unions in this regard. Workmen union has disagreed with above notice u/s 25FFA of Industrial Dispute Act, 1947 and approached to The Additional Labour Commissioner, Labour Department, Jaipur in this regard. The Additional Labour Commissioner has ordered in his judgement to take permission from State Government. Against this order company has filed Writ Petition No.2407/2010with Hon''bleHigh Court of Rajasthan, Jodhpur Meanwhile company has settled the above issue with labour union and necessary payments has been made to labours accordingly. On the basis of compromise arrived at in between the Labour Union and the company, Hon''ble High Court disposed the Writ Petition and quashed the above order.

M. Segment Reporting

Segments have been identified in line with AS-17 on the basis of production and distribution process i.e. manufacturing segment and trading segment.

The Manufacturing segment has been considered as the primary segment for disclosure. The products included in each of the reported production segment are as follows:

Metal Segment : Brass Ingots, Zinc Ingots

Fertilizer Segment : Zinc Sulphate.

The Manufacturing segment and Trading segment have been identified considering:

The nature of products

The differing risks & returns.

Segment Revenue, Result, include respective amounts directly attributable to each segment and other relevant amounts allocated on reasonable basis.

Revenue and expenses which relate to the enterprise and cannot be allocated on reasonable basis have been included under "Unallocable Revenue/expenditure."

The Company has not identified any secondary segments since risks & return of business identified under primary segments are not significantly dependent upon geographic locations.

O. Sundry debtors, Loans and Advances, Unsecured Loan, and Current Liabilities including Sundry Creditors are subject to confirmation and reconciliation to the extent not realised/ adjusted subsequently.

P. CONTINGENT LIABILITIES IN RESPECT OF:

2012-2013 2011-2012 (Rs. in Lacs) (Rs. in Lacs)

a. Bank Guarantee 25.00 25.00

b. Claim against the company not acknowledge as debt: (excluding interest and penalty which may be payable on such claims)

i. Custom duty 410.41* 410.41* (*Rs. 104.92 Lacs already paid against this demand)

ii. Others 28.75 28.75

U. Previous years figures have been reclassified/regrouped wherever necessary in order to make them comparable with those of the current year.


Mar 31, 2012

A. Secured Loan Working Capital Limits and Working Capital Term Loan from the State Bank of Bikaner & Jaipur has been entirely repaid during the year and no-dues certificate has been taken from the Bank in this regard.

B. Books of accounts differs from excise records for CENVAT credit as books of accounts follow mercantile system while excise records are maintained on the basis of excise rules.

C. Company has deposited excise duty of Rs.5,60,354/- under protest on sale of stand still ash and filed refund application. This amount has been classified as advance recoverable in cash or in kind in the financial statements. Company filed an appeal with CESTAT, New Delhi, against the rejection order of Commissioner (Appeals-ll), Central Excise , Jaipur. Matter is still pending with CESTAT, New Delhi.

D. The Additional Director General, Directorate of Revenue Intelligence , Delhi Zone unit, Delhi issued two show cause notices for Rs. 4,87,848/- and Rs. 4,05,53,125/- against which company has deposited Rs.1,04,91,829/-. The matter is subjudice and pending before the Hon''ble High Court, Delhi.

E. The Asst. Commissioner, Commercial Taxes, Anti Evasion- Circle III, Rajasthan Jaipur issued show cause notices for the years 2002-03, 2003-04, 2004-05, 2005-06, 2006-07 and 2007-08. The Hon''ble High Court remanded matter back to Asstt. Commissioner, Commercial Taxes, Anti Evasion, Udaipur. The matter still pending.

F. The Commercial Taxes Officer,Udaipur passed an order to levy Rs.3,76,340 for the Assessment year 2004-2005 towards entry tax. The company has filed an appeal with the Dy. Commissioner (Appeal), Commercial Taxes Officer, Udaipur against the said order. The matter is still pending.

G. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.46,926 for the assessment year 2005-2006 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

H. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.7,03,760 for the assessment year 2006-2007 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

I. The Commercial Taxes Officer, Udaipur passed an order to levy Rs. 14,21,600 for the assessment year 2007-

2008 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

J. The Commercial Taxes Officer, Udaipur passed an order to levy Rs.4,76,890 for the assessment year 2008-

2009 towards entry tax. The company has granted stay from Hon''ble High Court, Rajasthan, Jodhpur regarding validity of entry tax in the above case.

K. The small scale industrial undertaking to whom the company owe sum exceeding Rs. 1,00,000/-which is outstanding for more than 30 days are Rs.Nil. The said information regarding small scale undertaking has been determined to the extent of such parties have been identified on the basis of information available with the company.

L. Unsecured Loans:- Unsecured loans taken are interest bearing and therefore necessary provisions have been made in the books of the company.

M. Due to decrease in total sales volume, steep fall in the sales prices, adverse foreign exchange fluctuation, revision in the wages coupled with substantially high price of imported raw material and also changes taken place regarding import rules of raw material company, could not generate sufficient funds to run manufacturing activities, hence company''s management has issued notice Under Section 25FFAof the Industrial Dispute Act to close its unit to the State Government, Labours and their unions in this regard. Workmen union has disagreed with above notice u/s 25FFA of Industrial Dispute Act, 1947 and approached to The Additional Labour Commissioner, Labour Department, Jaipur in this regard. The Additional Labour Commissioner has ordered in his judgement to take permission from State Government. Against this order company has filed Writ Petition No.2407/2010 with Hon''ble High Court of Rajasthan, Jodhpur and same has been stayed and pending before Hon''ble High Court. Meanwhile company has settled the above issue with labour union and necessary payments has been made to labours accordingly.

N. Segment Reporting

Segments have been identified in line with AS-17 on the basis of production and distribution process i.e. manufacturing segment and trading segment.

The Manufacturing segment has been considered as the primary segment for disclosure. The products included in each of the reported production segment are as follows:

Metal Segment : Brass Ingots, Zinc Ingots

Fertilizer Segment : Zinc Sulphate.

The Manufacturing segment and Trading segment have been identified considering:

The nature of products

The differing risks & returns.

Segment Revenue, Result, include respective amounts directly attributable to each segment and other relevant amounts allocated on reasonable basis.

Revenue and expenses which relate to the enterprise and cannot be allocated on reasonable basis have been included under "Unallocable Revenue/expenditure."

The Company has not identified any secondary segments since risks & return of business identified under primary segments are not significantly dependent upon geographic locations.

In respect of the outstanding balance recoverable as at 31.03.2012, no provision for doubtful debts is required to be made. During the year, there were no amounts written off or written back from such parties.

O. Sundry debtors, Loans and Advances, Unsecured Loan, and Current Liabilities including Sundry Creditors are subject to confirmation and reconciliation to the extent not realised/ adjusted subsequently.

P. Previous years figures have been reclassified/regrouped wherever necessary in order to make them comparable with those of the current year.

 
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