Mar 31, 2018
NOTES TO FINANCIAL ACCOUNT
44. Foreign currency exposure at the year end not hedged by derivative instruments :
(Amount Rs. in Lakhs)
Particulars |
As At March 31, 2018 |
As At March 31, 2017 |
Advance Payment to Suppliers |
||
Rupees in Lakhs |
288.55 |
117.52 |
US Dollar in Lakhs |
4.44 |
1.81 |
FCCB Payable (Including Interest) |
||
Rupees in Lakhs |
7237.88 |
7237.88 |
US Dollar in Lakhs |
148.25 |
148.25 |
45. Contingent liabilities :
(1) Claims against the Company not acknowledged as debts
Particulars |
||
1. |
Disputed Income Tax Liability matter under Appeal |
Rs. Nil |
(P.Y 1.30 Lakhs) |
||
2. |
Disputed Excise, Service Tax Demand Matter Under Appeal |
Rs. 2122.84 Lakhs |
(P.Y.Rs. 2278.11 Lakhs) |
||
3. |
Disputed VAT Liability matter under Appeal |
381.28 Lakhs |
(P.Y 388.27 Lakhs) |
||
4. |
Claim against the company not acknowledged as debt - Claim by parties |
Rs. 26505.88 Lakhs |
(P.Y 27890.97 Lakhs) |
||
Bank / Financial Institutions |
Rs. 82486.23 Lakhs |
|
(P Y Rs. 72938.37 Lakhs) |
Note:
(a) It is not practicable for the company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/ authorities.
(b) The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.
(2) Corporate Guarantee given to consortium Bank for SAL Steel Ltd. Rs. 20750.00 Lakhs (P.Y. Rs 20750.00 Lakhs)
46. Certain Balance of Debtors, Creditors, Loans & Advances for Capital expenditures are non- moving / sticky. However in view of the management, the same is recoverable / payable. Hence no provision for the same is made in the books of accounts.
47. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and the provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.
48. Inventories are as taken, valued and certified by the management.
49. The Company has long term investment in the shares of SAL Steel Limited amounting to Rs. 3,994.96 Lakhs. Based on the audited financial statement of SAL Steel Limited as at 31st March, 2018, the Company has accumulated losses and its net worth has been fully eroded. The Financial results of SAL Steel Limited also indicates that the Company has and the Company''s current liabilities exceeded its current assets as at the current and previous year balance sheet date. Also there is nomajor movement in the prices of stock in share market. All such circumstances indicate that there is decline, other than temporary, in the value of a long term investment. And as a result, we have accounted for investment in shares of SAL Steel Ltd at market rate of shares @ Rs. 7.21 per share reducing the value of investment to Rs, 2181.53 Lakhs and provided for Rs. 1813.43 Lakhs as diminution other than temporary in the value of investment in books of accounts.
50. The Company has not received information from the Suppliers regarding their status under The Micro, Small & Medium Enterprises Development Act, 2006. Hence, disclosures, if any relating to amounts unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said Act, have not been made. However, on prima facie scrutiny, no interest has been paid to suppliers.
A) EQUITY SHARE CAPITAL |
|
Particulars |
(Amount Rs In Lakhs) |
For the year ended 31st March, 2018 |
|
Balance as at 1st April 2017 |
1,979.75 |
Changes in equity share capital during the year |
0 |
Issued during the year |
0 |
Balance as at 31st March 2018 |
1,979.75 |
For the year ended 31st March, 2017 |
|
Balance as at 1st April 2016 |
1,979.75 |
Changes in equity share capital during the year - |
0 |
Balance as at 31st March 2017 |
1,979.75 |
B) OTHER EQUITY
Reconciliation of Other Equity as at 1st April 2016
(Amount Rs In Lakhs)
Particulars |
Capital Reserve |
Securities Premium Reserve |
Debenture Redemption Reserve |
Retained Earnings |
Other Comprehensive Income |
Total |
Balance at the beginning of the reporting period |
_ |
502.61 |
6,000.00 |
(79,428.59) |
_ |
(72,925.98) |
Adjustments as per Ind AS |
- |
- |
- |
(81.27) |
(81.27) |
|
Profit for the year |
21,394.43 |
- |
- |
12,438.88 |
- |
33,833.30 |
Balance at the end of the reporting period |
21,394.43 |
502.61 |
6,000.00 |
(67,070.98) |
_ |
(39,173.94) |
Reconciliation of Other Equity as at 31st March 2017
(Amount Rs In Lakhs)
Particulars |
Capital Reserve |
Securities Premium Reserve |
Debenture Redemption Reserve |
Retained Earnings |
Other Comprehensive Income |
Total |
Balance at the beginning of the reporting period |
21,394.43 |
502.61 |
6,000.00 |
(62,944.57) |
_ |
(35,047.53) |
Dividend on Equity Shares |
- |
- |
- |
- |
- |
- |
Tax on Dividend |
- |
- |
- |
- |
- |
- |
Adjustments as per Ind AS |
- |
- |
- |
(4,126.41) |
9.62 |
(4,116.79) |
Profit for the year |
6,888.30 |
- |
- |
4,307.22 |
- |
11,195.52 |
Balance at the end of the reporting period |
28,282.73 |
502.61 |
6,000.00 |
(62,763.76) |
9.62 |
(27,968.81) |
Notes to first time adoption
a Property Plant and Equipment
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment as at 1st April 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment.
b Re-Classification
Assets / liabilities which do not meet the definition of financial asset / financial liability have been reclassified to other asset / liability.
c Prior Period Items
This company has recorded a prior period error in the FY 2016-17 pertaining to the year FY 2015-16. Hence the same is adjusted in the opening reserves of the Balance Sheet as at 1-4-2016. Moreover, the prior period error with respect to the FY 2016-17, which was to be recorded in FY 2017-18, has been adjusted under the head Other Admin Expenses in the Statement of Profit or Loss.
d Excise Duty
Under the previous GAAP, revenue from sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale
of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of statement of profit and Loss as part of expenses
e Deferred Tax
Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP. In addition, the various transitional adjustments lead to temporary differences. Deferred tax adjustments are recognised in correlation to the underlying transaction in retained earnings.
f Actuarial gain/(loss) on Defined Benefit plans for Employee Benefits:
Under Ind AS, the change in defined benefit liability is split into changes arising out of service and interest cost and changes arising out of remeasurements. Changes due to service and interest cost are to be recognised in Profit and Loss account and the changes arising out of re-measurements are to be recognised directly in Other Comprehensive Income (OCI).
53-A TAX RECONCILIATION
Income taxes recognised In Statement of Profit and Loss
(Amount Rs In Lakhs) |
||
Particulars |
For the Year ended on 31st March, 2018 |
For the Year ended on 31st March, 2017 |
Current tax |
||
In respect of the current year |
- |
- |
(Excess)/Short provision for tax of earlier years |
- |
- |
Deferred tax(credit) /Charged |
8,504.20 |
1,013.75 |
Total income tax expense recognised in respect of continuing operations |
8,504.20 |
1,013.75 |
Tax reconciliation
The income tax expense for the year can be reconciled to the accounting profit as follows:
Amount Rs In Lakhs) |
||
Particulars |
For the Year ended on 31st March, 2018 |
For the Year ended on 31st March, 2017 |
Profit before taxes |
- |
- |
Enacted tax rate in India |
34.940% |
34.610% |
Expected income tax benefit/(expense) at statutory tax rate Effect of:- |
- |
- |
Deferred tax(credit) /Charged Income taxes recognised in the Statement of Profit and Loss |
8,504.20 |
1,013.75 |
8,504.20 |
1,013.75 |
The tax rate used for the 2017-18 and 2016-17 reconciliations above is the corporate tax rate of 30% plus surcharge @ 12% and (Cess @ 3% for 2016-17 and Cess 4 % for 2017-18) payable by corporate entities in India on taxable profits under the Indian tax laws.
Income tax recognised in other comprehensive income (Amount Rs in Lakhs)
Particulars |
For the Year ended on 31st March, 2018 |
For the Year ended on 31st March, 2017 |
Deferred tax |
||
Arising on income and expenses recognised in other comprehensive income: Remeasurement of defined benefit obligation |
7.15 |
2.48 |
Total income tax recognised in other comprehensive income |
7.15 |
2.48 |
Bifurcation of the income tax recognised in other comprehensive income into:-Items that will not be reclassified to Statement of Profit and Loss |
7.15 |
2.48 |
Income tax recognised in other comprehensive income |
7.15 |
2.48 |
Note: Deferred tax liability has been calculated using effective tax rate of 34.94%
Components of deferred tax assets and liabilities
(Amount Rs in Lakhs)
Particulars |
As at 31st March, 2018 |
As at 31st March, 2017 |
(a) Deferred tax assets |
||
Unabsorbed Loss |
19,204.10 |
28,101.12 |
Disallowances of employee benefits u/s. 43 B of the Income Tax |
4,474.10 |
8,341.26 |
23,678.20 |
36,442.38 |
|
(b) Deferred tax liabilities |
||
Diff. between book and tax depreciation |
2,497.26 |
2,637.95 |
2,497.26 |
2,637.95 |
|
Deferred Tax Assets (Net) |
21,180.94 |
33,804.43 |
54. |
RECONCILAITON OF PROFIT AND LOSS |
(Amount Rs. in Lakhs) |
RECONCILIATION OF PROFIT AND LOSS ACCOUNT |
||
NET PROFIT FOR THE YEAR ENDED 31.3.2017 AS PER GAAP ADJUSTMENTS AS PER IND AS |
4235.56 |
|
Positive Adiustments |
||
Prior period expenditure |
81.28 |
|
Excise Duty |
3759.10 |
|
Reclassification of Acturial Loss on Defined benefit plans to Other Comprehensive income |
7.14 |
|
Deffered Tax impact of INDAS Negative adiustments |
2.48 |
|
Excise Duty |
3759.10 |
|
Reclassification of Acturial Loss on Defined benefit plans to Other Comprehensive income |
7.14 |
|
Deffered Tax impact of INDAS |
2.48 |
|
NET PROFIT FOR THE YEAR ENDED 31.3.2017 AS PER IND AS |
4,316.84 |
Signatures to Notes - 1 to 54. |
||
Notes referred to herein above form an integral |
For and on behalf of the Board of Directors, |
|
part of the Financial Statements. As per our report of even date attached. |
Shah Alloys Limited |
|
For Parikh & Majmudar |
Rajendra V. Shah |
Chairman |
Chartered Accountants |
Ashok Sharma |
Whole Time Director & CFO |
(Firm Regn. No. 107525W) |
K. S. Kamath |
Jt. Managing Director |
CA Dr. Hiten Parikh |
||
Partner |
Place : Santej |
|
M.No.040230 |
Date : 30th May 2018 |
|
Place : Ahmedabad |
||
Date : 30th May 2018 |
Mar 31, 2016
b) Rights, Preferences and restrictions attached to shares Equity Shares
The company has one class of equity share having a par value of '' 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of directors is subject to the approval of shareholders in the ensuing Annual general meeting, except in case of interim dividend. In the case of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
(A) SECURED :
a) Nature of security and terms of repayment for secured borrowings
I) Non Convertible Debentures
First Mortgage and charge on the company''s all immovable and movable properties (other than working capital assets), both present and future, ranking pari-passu with all term lenders.(except Punjab National Bank''s Corporate loan which has exclusive charge on 26,00,000 shares of SAL Steel Limited owned by Shah Alloys Limited. Thus First charge on fixed assets is not extended to Punjab National Bank over the Corporate loan) Second charges on WC assets of the company. Pledge of promoter''s entire shareholding ranking pari passu with all CDR lenders except for 26,00,000 shares on which Punjab National Bank has exclusive charge. Unconditional and irrevocable personal guarantee of the promoter-director Shri Rajendra Shah.
Non Convertible Debentures is repayable in equal monthly installment starting from June 2011 till May 2019.
II) Term Loan from Bank / Financial Institution:
First Mortgage and charge on the company''s all immovable and movable properties (other than working capital assets), both present and future, ranking pari-passu with all term lenders.(except Punjab National Bank''s Corporate loan which has exclusive charge on 26,00,000 shares of SAL Steel Limited owned by Shah Alloys Limited. Thus First charge on fixed assets is not extended to Punjab national bank over the Corporate loan) Second charges on WC assets of the company. Pledge of promoter''s entire shareholding ranking pari passu with all CDR lenders except for 26,00,000 shares on which Punjab national bank has exclusive charge. Unconditional and irrevocable personal guarantee of the promoter-director Shri Rajendra Shah.
As per the terms of CDR Company has provided interest onTerm Loan @10 % except LIC of India @8.75 %,on Working Capital Term Loan @10 % and on Funded Interest Term Loan @6 %
(B) UNSECURED :
Deposits:
The company has taken inter corporate deposit during the year from three related parties as mentioned herewith: SAL Care Pvt. Ltd. of Rs, 8,10,00,000/- SAL Corporation Pvt. Ltd. Rs, 26,00,000/- and SAL Hospital & Medical Institute Rs, 1,06,00,000/- .This party is covered under the register maintained under section 189 of the Companies Act , 2013.
a) Nature of security and terms of repayment for secured borrowings Cash Credit Facilities
Hypothecation first charges on company''s entire stocks of raw material, stock in progress, finished goods, book debts/receivables and all current assets stored in the company''s factory premises, at all plants and / or elsewhere including those in transit covered by documents of title thereto, local and export since bill ranking pari-passu in favor of all the working capital banks. Second charge on the entire movable and immovable assets both present and future on pari-passu basis. Pledge of promoter''s entire shareholding ranking pari-passu with all CDR lenders. Unconditional and irrevocable personal guarantee of the promoter-director Shri Rajendra Shah.
* The Company has not received information from the Suppliers regarding their status under The Micro, Small & Medium Enterprises Development Act, 2006. Hence, disclosures, if any relating to amounts unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said Act, have not been made.
# The Company, in September 2006, has raised US $ 10 million through Unsecured Zero Coupon Foreign Currency Convertible Bonds (FCCB), due in September, 2011. On full conversion of FCCB, the FCCB will be converted in to 26,41,143 Equity shares of Rs, 10 each at a premium of Rs, 165 per share , at the option of the Bondholders at any time before the maturity of the bonds. On Conversion, Capital will increase by Rs, 2,64,11,430 and Share Premium by Rs, 43,57,88,570/-. If Bonds are not converted, the company will have to repay the bonds at a premium & in US Dollars. The company has provided the premium till September, 2011 which has been adjusted against Security Premium in accordance with Section 52 of Companies Act, 2013.
Since Bond holders have yet not exercised the option no further interest has been accounted for. Accordingly Foreign Currency Convertible Bonds (FCCB) is due for repayment to Bond Holders. However, no payment has been made to Bond Holders.
* It includes amount in the nature of Statutory dues such as withholding taxes, service tax, VAT, Excise duty, etc.
VIII Expected Employer''s Contribution for the financial year
On the basis of previous year''s trend company is expecting to contribute the same amount as in 2015-16 to the defined contribution plan. However, for the defined benefit plan company is not liable to contribute any amount as the plans are unfounded.
The estimate of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.
1. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and the provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.
2. Corporate Debt Restructuring (CDR) Cell through their lead bank, Union Bank of India had sanctioned a comprehensive debt restructuring scheme vide their letter No. BY.CDR (ABP) No. 1084 dated 22.1.2008. As per scheme company was supposed to make monthly payment of interest & installment by 01st October 2009. Looking to prevailing condition and reciprocal obligation not fulfilled by the CDR lenders & consequential losses incurred by the company in the year 2008, company had again approached CDR Cell for extension of moratorium period and CDR Cell had approved the rework proposal of the company vide their letter dated BY.CDR (ABP) NO.380/2009-10 dated 03-07-2009. The principal terms of the 2nd CDR Scheme and its compliances are as under:
(a) Deferring repayment of Term loan Rs, 15,605.13 lacs Working capital term loan Rs, 17,782.65 lacs and Non Convertible Debentures Rs, 10,000.00 lacs for another 20 months, (from original due date for repayment of 01.10.2009) i.e. up to 31.05.2011. Repayment shall start from June 2011 and end on May 2019.
c) Rate of interest on Term Loan, Non Convertible Debenture and WCTL will be 10% p.a. for the term lenders who are presently charging more than 10% p.a. payable monthly. Existing rates will continue for those lenders who are charging less than 10% p.a. payable monthly and FITL will carry interest at the rate of 6 % per annum.
As per the terms of the CDR, the company has brought in Promoters'' contribution during the year 2009-10.
3. Secured Borrowings from the below mentioned banks have been transferred / assigned to financial institution together with all their rights, title and interest in the financial documents and any underline security interest/pledges and /or guarantees in respect of such loans.
Further the company has stopped making provision for interest on such borrowing from the date of transfer due to non execution of agreement with Asset Reconstruction Companies (ARC) and hence due to non availability of agreement with Asset Reconstruction Companies (ARC), the company has taken the CDR - 2 orders as base for classification of current / non-current liability and default of total borrowing.
4. The company had filed a reference with BIFR u/s 15(1) of the Sick Industrial Companies (Special Provision) Act, 1985. The Honorable BIFR vide its order number 13/2010 dated 31st August, 2010 has declared that the company has become sick industrial company u/s 3(1)(o) of SICA. [Sick Industrial Companies (Special Provision) Act, 1985].
5. Balances of Secured Loan, Unsecured Loans, Bank balances, Sundry debtors, Creditors and Loans and advances are subject to confirmation from respective parties.
6. Certain balance of Debtors, Loans and Advances and Creditors are non-moving/ slow moving since long, however in view of the management the same is recoverable / payable and hence no provision for the same is made in the books of accounts.
7. The Company has long term investment in the shares of SAL Steel Limited amounting to Rs, 3,994.96 lacs. Based on the audited financial statement of SAL Steel Limited as at 31st March, 2016, the Company has accumulated losses and its net worth has been fully eroded. The Financial results of SAL Steel Limited also indicates that the Company has a net loss during the current and previous year and the Company''s current liabilities exceeded its current assets as at the current and previous year balance sheet date. Also there is no major movement in the prices of stock in share market. As per AS 13, all such circumstances indicate that there is decline, other than temporary, in the value of a long term investment. And as a result, we have accounted for investment in shares of SAL Steel Ltd at market rate of shares @ Rs, 2.89 per share reducing the value of investment to Rs, 8,74.42 lacs and provided for Rs,. 3,120.54 lacs as diminution other than temporary in the value of investment in books of accounts.
8. As at the year end the Company has accumulated losses and its net worth has been fully eroded. The Financial results indicate that the Company has net loss during the previous years and the Company''s current liabilities exceed its current assets as at the current and previous year balance sheet date. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company''s ability to continue as a "going concern". However, the financial results of the Company have been prepared on a going concern basis based on that the Company is actively negotiating with the ARC / lenders for one time settlement (OTS) and expecting the waiver of interest with the banks. As a result, not only the Company''s net worth will improve but also improve productivity on account of morale booster of the employees. Further, post OTS, Company will reduce the interest burden drastically and will be optimistic about reducing of accumulated losses gradually.
9. Since last many years the company does not have internal accruals from the operations and as a result, management do not anticipate execution of its ongoing project of Cold Rolling Mill (CRM) Plant. Since the capital project is not anticipated to complete in future, we have provided for the impairment loss for the amount of ''. 358.50 lacs to the statement of profit and loss during the current year which was earlier capitalized and carried in Capital work In Progress of our ongoing projects.
10. The company has entered into settlement agreement with effect from 15th June 2015 and 11th August 2015 for the entire dues in respect of the various facilities and assistance provided respectively by Union Bank of India and State bank of India which is now assigned to Invent Assets Securitization & Reconstruction Private Limited. The Company has accounted for the Principal Portion of Waiver of loan facilities as Capital Reserve and Waiver of interest as Income which has been offered in the Statement of Profit and Loss. The said agreements provides for the settlement of entire dues in respect of financial assistance and facilities with the underlying securities for the payment of Rs, 14,615.00 lacs towards full and final settlement against the total liability (Principal and Interest) of Rs, 60,734.85 lacs resulting into the waiver of liability (Principal and Interest) for the amount of Rs, 46,119.85 lacs.
Out of the said waiver of liability (Principal and Interest) for the amount of Rs, 46,119.85 lacs, the waiver of liability of Principal portion of Rs, 21,394.43 lacs has been shown as a capital Reserves in the Statement of Assets and Liabilities as at 31st March 2016 and waiver of interest liability for Rs, 24,725.42 lacs has been offered as an Income in the Statement of profit and Loss and has been shown as an Extra ordinary item in the Results for the period ended 31st March 2016.
11. The Company has re-classified previous year figures to conform to this year''s classification. Previous year figures have been re-arranged and re-grouped, wherever necessary to make them comparable with those of current year.
As per our report attached to the Balance Sheet
Signatures to Notes 1-43 The accompanying notes are an integral part of these financial statements.
Mar 31, 2015
1.1 CORPORATE INFORMATION :
The company is engaged in manufacturing of wide range of Stainless
Steel, Alloy & Special steel, Carbon/ Mild Steel and Armour Steel in
Flat and Long products. It is one of the key suppliers to many renowned
companies in India and overseas. It exports various products to more
than 50 countries around the world. Company has been successful in
developing protection Armour Steel which is mainly required for defense
purpose. Company has been registered with Defense Research and
Development Organization as approved vendor and it is expected that
good business will be available to the company. To reduce the cost of
power, company has been making efforts to purchase power through Open
Access which would be cheaper than the present cost of power.
1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENT:
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards specified under
Section 133 of the Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and the relevant provisions of the
Companies Act, 2013 ("the 2013 Act") / Companies Act, 1956 ("the 1956
Act"), as applicable. The financial statements have been prepared on
accrual basis under the historical cost convention. The accounting
policies adopted in the preparation of the financial statements are
consistent with those followed in the previous year.
All assets and liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in the Schedule III to the Companies Act, 2013. The
Company's activities in its business segments have operating cycles
which do not exceed 12 months. As a result, current assets comprise
elements that are expected to be realized within 12 months after the
reporting date and current liabilities comprise elements that are due
for settlement within 12 months after the reporting date.
2. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated, if realized in the
ordinary course of business and the provisions for depreciation and all
known and ascertained liabilities are adequate and not in excess of the
amounts reasonably necessary.
3 Corporate Debt Restructuring (CDR) Cell through their lead bank,
Union Bank of India had sanctioned a comprehensive debt restructuring
scheme vide their letter No. BY.CDR (ABP) No. 1084 dated 22.1.2008. As
per scheme company was supposed to make monthly payment of interest &
installment by 1st October 2009. Looking to prevailing condition and
reciprocal obligation not fulfilled by the CDR lenders & consequential
losses incurred by the company in the year 2008, company had again
approached CDR Cell for extension of moratorium period and CDR Cell had
approved the rework proposal of the company vide their letter dated
BY.CDR (ABP) NO.380/ 2009-10 dated 03-07-2009. The principal terms of
the 2nd CDR Scheme and its compliances are as under:
(a) Deferring repayment of Term loan Rs. 1,56,05,13,132/- Working
capital term loan Rs. 1,77,82,65,205/- and Non Convertible Debentures
Rs. 1,00,00,00,000/- for another 20 months, (from original due date for
repayment of 01.10.2009) i.e. up to 31.05.2011. Repayment shall start
from June 2011 and end on May 2019.
(b) Interest for the moratorium period i.e. up to May 2011 shall be
converted into Funded interest term loan (FITL) carrying interest rate
of 6% p.a. repayable in 20 equal quarterly installments commencing from
December 2013 quarter. Interest on FITL shall be serviced as and when
due.
Consequent upon the sanction of the restructuring package, the company
had to start repaying the aforesaid loans sanctioned by
banks/institutions and debenture holders from June 2011 onwards however
the company has made default in repaying the dues as per the terms
stipulated in the CDR rework proposal. The Amount and the period of
default in respect of Term Loan, WCTL , Non convertible Debentures and
FITL are as under:
As per CDR Terms, Interest on Term Loan, Working capital term loan
(WCTL) and Non convertible debentures (NCD) had to be parked up to May
2011 into a separate account called Funded Interest Term loan (FITL).
However, from June 2011 onwards , the interest on Term Loan, Working
capital term loan (WCTL) and Non convertible debentures(NCD) has to be
serviced as and when due.
However, the company has defaulted in payment of interest on Term Loan,
Working capital term loan (WCTL) and Non convertible debentures (NCD) .
The Amount and the period of default are as listed under:
Further the company has stopped making provision for interest on such
borrowing from the date of transfer due to non execution of agreement
with Asset Reconstruction Companies (ARC) and hence due to non
availability of agreement with Asset Reconstruction Companies (ARC) ,
the company has taken the CDR Â 2 orders as base for classification of
current / non-current liability and default of total borrowing.
4 The company had filed a reference with BIFR u/s 15(1) of the Sick
Industrial Companies (Special Provision) Act, 1985. The Honorable BIFR
vide its order number 13/2010 dated 31st August, 2010 has declared that
the company has become sick industrial company u/s 3(1)(o) of SICA.
[Sick Industrial Companies (Special Provision) Act, 1985].
5 Balances of Secured Loan, Unsecured Loans, Bank balances, Sundry
debtors, Creditors and Loans and advances are subject to confirmation
from respective parties.
6 Certain balance of Debtors, Loans and Advances and Creditors are non
moving/ slow moving since long, however in view of the management the
same is recoverable / payable and hence no provision for the same is
made in the books of accounts.
7 The Company has long term investment in the shares of SAL Steel
Limited total amount of Rs. 39,94,96,276/-. Based on the audited
financial statement of SAL Steel Limited as at 31st March, 2015, the
Company has accumulated losses and its net worth has been fully eroded.
The Financial results of SAL Steel Limited also indicates that the
Company has a net loss during the current and previous year and the
Company's current liabilities exceeded its current assets as at the
current and previous year balance sheet date. Also there is no movement
in the prices of stock in share market. As per AS 13, all such
circumstances indicate that there is decline, other than temporary, in
the value of a long term investment. And as a result, we have provided
investment at market rate of shares @ Rs. 1.75 per share total amount
of Rs. 5,29,49,731/- and provided Rs. 34,65,46,545/- as diminution
other than temporary in the value of investment in books of accounts.
8 A As at the year end the Company has accumulated losses and its net
worth has been fully eroded. The Financial results indicate that the
Company has net loss during the current and previous year and the
Company's current liabilities exceed its current assets as at the
current and previous year balance sheet date. These conditions indicate
the existence of a material uncertainty that may cast significant doubt
about the Company's ability to continue as a "going concern". However,
the financial results of the Company have been prepared on a going
concern basis based on that the Company is actively negotiating with
the ARC / lenders for one time settlement (OTS) and expecting the
waiver of interest with the banks. As a result, not only the Company's
net worth will improve but also improve productivity on account of
morale booster of the employees. Further, post OTS, Company will reduce
the interest burden drastically and will be optimistic about vanishing
of accumulated losses gradually.
9 Since last many years the company does not have internal accruals
from the operations and as a result, management do not anticipate
execution of its ongoing project of Cold Rolling Mill (CRM) Plant. Fund
of Rs.18,31,84,363/- is blocked in the said ongoing projects. Since
the capital project is not anticipate to complete in future, we have
charged back expense of pre-operative expense, trial run expense and
borrowing cost elements for Rs. 5,72,84,008/- to the statement of
profit and loss during the current year which was earlier capitalized
and carried in Capital work In Progress of our ongoing projects. For
the remaining balance carried as Capital work In Progress, the company
has not carried out any Techno-economic assessment during the year
ended 31st March 2015 for the valuations of such Capital Projects and
hence identification of impairment loss and provision thereof, if any,
has not been made. Considering the emphasis of the matter, company
agreed to appoint an approved valuer to access the impairment of the
assets. We are expecting a report from the valuer and decision will be
taken with regard to impairment, if any, on such assets.
10 Foreign currency exposure at the year end not hedged by derivative
instruments:
11 The Company has re-classified previous year figures to conform to
this year's classification. Previous year figures have been re-arranged
and re-grouped, wherever necessary to make them comparable with those
of current year as per revised Schedule-VI.
As per our report attached to the Balance Sheet Signatures to Notes
1-41
The accompanying notes are an integral part of these financial
statements.
Mar 31, 2013
1 1.1 CORPORATE INFORMATION
The company is engaged in manufacturing of wide range of Stainless
Steel, Alloy & Special steel, Carbon/ Mild Steel and Armour Steel in
Flat and Long products. It is one of the key suppliers to many renowned
companies in India and overseas. It exports various products to more
than 50 countries around the world. Company has been successful in
developing protection Armour Steel which is mainly required for defense
purpose. Company has been registered with Defense Research and
Development Organization as approved vendor and it is expected that
good business will be available to the company. To reduce the cost of
power, company has been making efforts to purchase power through Open
Access which would be cheaper than the present cost of power.
1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENT
The Financial Statements are prepared as per historical cost convention
and in accordance with the Generally Accepted Accounting Principles in
India, the provisions of the Companies Act 1956 , and the applicable
Accounting Standards notified under the Companies (Accounting
Standards) Rules, 2006. All Income and Expenditures having material
bearing on the Financial Statements are recognized on accrual basis.
2. In the opinion of the Board of Directors, the current assets,
loans and advances are approximately of the value stated, if realized
in the ordinary course of business and the provisions for depreciation
and all known and ascertained liabilities are adequate and not in
excess of the amounts reasonably necessary.
3. Corporate Debt Restructuring (CDR) Cell through their lead bank,
Union Bank of India had sanctioned a comprehensive debt restructuring
scheme vide their letter No. BY.CDR (ABP) No. 1084 dated 22.1.2008. As
per scheme company was supposed to make monthly payment of interest &
installment by 01st October 2009. Looking to prevailing condition and
reciprocal obligation not fulfilled by the CDR lenders & consequential
losses incurred by the company in the year 2008, company had again
approached CDR Cell for extension of moratorium period and CDR Cell had
approved the rework proposal of the company vide their letter dated
BY.CDR (ABP) NO.380/2009-10 dated 03-07-2009. The principal terms of
the 2nd CDR Scheme and its compliances are as under :
a) Deferring repayment of Term loan Rs. 1,56,05,13,132/- Working capital
term loan Rs. 1,77,82,65,205/- and Non Convertible Debentures Rs.
1,00,00,00,000/- for another 20 months, (from original due date for
repayment of 01.10.2009) i.e. up to 31.05.2011. Repayment shall start
from June 2011 and end on May 2019.
b) Interest for the moratorium period i.e. up to May 2011 shall be
converted into Funded interest term loan (FITL) carrying interest rate
of 6% p.a. repayable in 20 equal quarterly installments commencing from
December 2013 quarter. Interest on FITL shall be serviced as and when
due.
Consequent upon the sanction of the restructuring package, the company
had to start repaying the aforesaid loans sanctioned by
banks/institutions and debenture holders from June 2011 onwards however
the company has made default in repaying the dues as per the terms
stipulated in the CDR rework proposal. The Amount and the period of
default in respect of Term Loan, WCTL and Non convertible Debentures
are as under :
4. The company had filed a reference with BIFR u/s 15(1) of the Sick
Industrial Companies (Special Provision) Act, 1985. The Honorable BIFR
vide its order number 13/2010 dated 31st August, 2010 has declared that
the company has become sick industrial company u/s 3(1)(o) of SICA.
[Sick Industrial Companies (Special Provision) Act, 1985]
5. Balances of Secured Loan, Unsecured Loans, Bank balances, Sundry
debtors, Creditors and Loans and advances are subject to confirmation
from respective parties.
6. Certain balance of Debtors, Loans and Advances and Creditors are
non moving/ slow moving since long, however in view of the management
the same is recoverable / payable and hence no provision for the same
is made in the books of accounts.
7. Foreign currency exposure at the year end not hedged by derivative
instruments :
8. The company had entered into a power purchase agreement with SAL
Steel Limited on February 21st 2006 which enunciates minimum guarantee
and uninterrupted supply of power. In pursuance of this contract during
the last financial year 2011- 12, Shah Alloys Limited has incurred an
expense of short lifting of power from SAL Steel limited due to which
the results of the company are not comparable to the extent of Rs.
31,09,85,750/-. This expense of short lifting of power from SAL Steel
Limited is included in Power expense.
9. The Company has re-classified previous year figures to conform to
this year''s classification. Previous year figures have been re-arranged
and re-grouped, wherever necessary to make them comparable with those
of current year as per revised Schedule-VI.
Mar 31, 2012
1 1.1 CORPORATE INFORMATION :
The company is engaged in manufacturing of wide range of Stainless
Steel, Alloy & Special steel, Carbon/Mild Steel and Armour Steel in
Flat and Long products. Its is is one of the key suppliers to many
renowned companies in India and overseas. It exports various products
to more than 50 countries around the world. Company has been successful
in developing protection Armour Steel which is mainly required for
defense purpose. Company has been registered with Defense Research and
Development Organization as approved vendor and it is expected that
good business will be available to the company. To reduce the cost of
power, company has been making efforts to purchase power through Open
Access which would be cheaper than the present cost of power.
1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENT:
The Financial Statements are prepared as per historical cost convention
and in accordance with the Generally Accepted Accounting Principles in
India, the provisions of the Companies Act 1956 , and the applicable
Accounting Standards notified under the Companies (Accounting
Standards) Rules, 2006. All Income and Expenditures having material
bearing on the Financial Statements are recognized on accrual basis.
Note 2: SHARE CAPITAL
b) Rights, Preferences and restrictions attached to shares
Equity Shares
The company has one class of equity share having a par value of Rs. 10
each. Each shareholder is eligible for one vote per share held. The
dividend proposed by the Board of directors is subject to the approval
of shareholders in the ensuing Annual general meeting, except in case
of interim dividend. In the case of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
company after distribution of all preferential amounts, in proportion
to their shareholding.
Note 3: LONG TERM BORROWINGS
(A) SECURED :
a) Nature of security and terms of repayment for secured borrowings I)
Non Convertible Debentures
First Mortgage and charge on the company's all immovable and movable
properties (other than working capital assets), both present and
future, ranking pari-passu with all term lenders. Second charges on
Working Capital assets of the company. Pledge of promoter's entire
shareholding ranking pari passu with all Corporate Debts Restructuring
lenders. Unconditional and irrevocable personal guarantee of the
promoter-director Shri Rajendra Shah.
Non Convertible Debentures is repayable in equal monthly installment
starting from June 2011 till May 2019.
b) Period and Amount of default as on the Balance sheet
During the year 2011-12 as per the terms of the CDR, Principal amount
of Non Convertible Debentures were due for repayment amounting Rs.
10,41,66,667/- and Interest amounting to Rs. 8,18,90,411/- However the
company has defaulted in repayment of Principal amount as well as the
interest on the same. The default is subsisting for a period from
91-366 days.
II) Term Loan from Bank/Financial Institution:
First Mortgage and charge on the company's all immovable and movable
properties (other then working capital assets), both present and
future, ranking pari-passu with all term lenders. (except Punjab
National Bank's Corporate loan which has exclusive charge on 26,00,000
shares of Shah Alloys Limited. Thus First charge on fixed assets is not
extended to Punjab national bank over the Corporate loan) Second
charges on WC assets of the company. Pledge of promoter's entire
shareholding ranking pari passu with all CDR lenders except for
26,00,000 shares on which Punjab national bank has exclusive charge .
Unconditional and irrevocable personal guarantee of the
promoter-director Shri Rajendra Shah.
Term Loan is repayable in equal monthly installment starting from June
2011 till May 2019.
(B) UNSECURED :
Loan from Directors
Loans from Director are interest free. The amount of loan is repayable
after a period of 1 year from the date of Balance Sheet.
Note 4 : SHORT TERM BORROWINGS
a) Nature of security and terms of repayment for secured borrowings
Cash Credit Facilities
Hypothecation first charges on company's entire stocks of raw material,
stock in progress, finished goods, book debts/receivables and all
current assets stored in the company's factory premises, at all plants
and/or elsewhere including those in transit covered by documents of
title thereto, local and export usance bill ranking pari-passu in favor
of all the working capital banks. Second charge on the entire movable
and immovable assets both present and future on pari-passu basis.
Pledge of promoter's entire shareholding ranking pari-passu with all
CDR lenders. Unconditional and irrevocable personal guarantee of the
promoter-director Shri Rajendra Shah.
Note 5: CONTINGENT LIABILITIES AND COMMITMENTS
(to the extent not provided for)
As At As At
March 31, 2012 March 31, 2011
Contingent Liabilities
(a) Claims against the company
not acknowledged as debts
- Claim by Parties 273 42 22 336 23 68 54 000
(b) Guarantees
- Corporate guarantee given
to consortium Banks for
SAL Steel Ltd. 207 50 00 000 207 50 00 000
- Corporate guarantee given
to ABN AMRO Bank for
SAL Steel Ltd. 0 2 25 00 000
- Corporate guarantee given
to Banks for Adarsh foundation 0 10 00 00 000
- Bank guarantee given 2 00 82 313 2 51 02 471
- Corporate Guarantee given to
L&T for Atithi Gokul 0 22 80 000
(c) Other money for which the
company is contingently liable
- Disputed Income Tax Demand
(net of Payment) 1 30 000 1 30 000
- Disputed sales tax demand
(net of Advance) 38 04 35 702 4 13 25 791
- Disputed matter with excise
and service tax 1 31 97 095 1 31 97 095
Note 6: RELATED PARTY DISCLOSURES
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below:
i) Concern where significant interest exists.
Sl. Name of the Concern Nature of Relationship
No.
1 SAL Steel Limited Associate
2 SAL Pharmacy (A Division of
SAL Corporation Pvt. Ltd.) Enterprise with significant
influence
3 Adarsh Foundation Enterprise with significant
influence
4 SAL Hospital & Medical Enterprise with significant
Institute (A Division of influence
SAL Care Pvt Ltd.)
5 Kesar SAL Hospital (A Enterprise with significant
Division of Adarsh Foundation) influence
ii) Key Management Personnel and Relatives
1 Mr. Rajendra V. Shah Chairman
2 Mr. K. S. Kamath Jt. Managing Director
3 Mr. Bhupendra T. Jha Jt. Managing Director
(Ceased from 08/07/2010)
7 In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated, if realized in the
ordinary course of business and the provisions for depreciation and all
known and ascertained liabilities are adequate and not in excess of the
amounts reasonably necessary.
8 Corporate Debt Restructuring (CDR) Cell through their lead bank,
Union Bank of India had sanctioned a comprehensive debt restructuring
scheme vide their letter No. BY.CDR (ABP) No. 1084 dated 22.1.2008. As
per scheme company was supposed to make monthly payment of interest &
installment by 1st October 2009. Looking to prevailing condition &
losses incurred by the company in the year 2008, company had again
approached CDR Cell for extension of moratorium period and CDR Cell had
approved the rework proposal of the company vide their letter dated
BY.CDR (ABP) NO.380/2009-10 dated 03-07-2009. The principal terms of
the 2nd CDR Scheme and its compliances are as under:
a) Deferring repayment of Term loan Rs. 1,56,05,13,132/- Working
capital term loan Rs. 1,77,82,65,205/- and Non Convertible Debentures
Rs. 1,00,00,00,000/- for another 20 months, (from original due date
for repayment of 01.10.2009) i.e. up to 31.05.2011. Repayment shall
start from June 2011 and end on May 2019.
b) Interest for the moratorium period i.e. up to May 2011 shall be
converted into Funded interest term loan (FITL) carrying interest rate
of 6% p.a. repayable in 20 equal quarterly installments commencing from
December 2013 quarter. Interest on FITL shall be serviced as and when
due.
c) Rate of interest on Term Loan, Non Convertible Debenture and WCTL
will be 10% p.a. for the term lenders who are presently charging more
than 10% p.a. payable monthly. Existing rates will continue for those
lenders who are charging less than 10% p.a. payable monthly and FITL
will carry interest at the rate of 6 percent per annum.
d) The company had extended an inter corporate loan of Rs.
95,00,00,000/- to SAL Steel Limited in earlier years out of which at
present, the balance outstanding is Rs. 80,00,00,000/-. The terms of
the Repayment of the same amount of is Rs. 10,00,00,000/- in FY 2012,
Rs. 20,00,00,000/- each in FY 2013 to 2015 and Rs. 10,00,00,000/- in
FY 2016. The company shall make all efforts to bring back the amount
faster. The Monitoring committee shall monitor the same on half yearly
basis.
As per the terms of the CDR, the company had to recover Rs.
10,00,00,000/- in FY 2012 from SAL Steel Ltd. However, the company has
not received/recovered the same from SAL Steel Ltd.
e) As per the terms of the CDR, the company has brought in Promoters'
contribution during the year 2009-10.
9 The company had filed a reference with BIFR u/s 15(1) of the Sick
Industrial Companies (Special Provision) Act, 1985. The Honorable BIFR
vide its order number 13/2010 dated 31st August, 2010 has declared that
the company has become sick industrial company u/s 3(1)(o) of SICA.
(Sick Industrial Companies (Special Provision) Act, 1985)
10 Balances of Unsecured Loans, bank balances, Sundry debtors,
Creditors and Loans and advances are subject to confirmation from
respective parties.
11 Certain balance of Debtors, Loans and Advances and Creditors are non
moving/slow moving since long, however in view of the management the
same is recoverable/payable and hence no provision for the same is made
in the books of accounts.
12 The company had entered into a power purchase agreement with SAL
Steel Limited on February 21, 2006 which enunciates minimum guarantee
and uninterrupted supply of power. In pursuance of this contract during
the year, Shah Alloys Limited has incurred an expense of short lifting
of power from SAL Steel limited amounting Rs. 31,09,85,750/- since the
date of the agreement. This expense of short lifting of power from SAL
Steel Limited is included in Power expense.
13 Till the year ended 31st March, 2011, the Company was using
pre-revised Schedule VI to the Companies Act 1956, for preparation and
presentation of its financial statements. During the year ended 31st
March, 2012, the revised Schedule VI notified under the Companies Act
1956, has become applicable to the Company. The Company has
re-classified previous year figures to conform to this year's
classification. Previous year figures have been re-arranged and
re-grouped, wherever necessary to make them comparable with those of
current year as per revised Schedule-VI.
Mar 31, 2010
1. (a) Estimated amount of contracts remaining to be executed on
capital account [net of advances] and not provided for Rs. 67.90 lacs
[P.Y. Rs.67.90 lacs].
(b) Contingent Liability/Asset not Provided for in respect of :
Particular Amount Amount
( Rs in Lacs) ( Rs in Lacs)
31-03-2010 31-03-2009
Inland Letters of credit. 1784.20 863.71
Foreign Letters of credit. 2033.88 532.60
Disputed Income Tax Demand
(net of Payment) 306.46 620.53
Disputed sales tax demand ( net of Advance) 6.98 6.98
Disputed service tax demand 41.63 41.63
Disputed Excise Cenvat demand 10.98 -
Corporate guarantee given to consortium 20750.00 20750.00
Banks for SAL Steel Ltd.
Corporate guarantee given to ABNAMRO 225.00 225.00
Bank for SAL Steel Ltd.
Corporate guarantee given to Bank for 1000.00 1000.00
Adarsh foundation
Bank guarantee given 239.03 167.86
Claim by Supplier (Quadrant
EppSurlon (I) Ltd.) 2.28 2.28
Claim by GEB 240.41 585.00
Corporate Guarantee given to L&T
for Athiti Gokul 22.80 22.80
2. In the opinion of the Board of Directors, the current assets, loans
and advances are approxi- mately of the value stated, if realized in
the ordinary course of business and the provisions for depreciation and
all known and ascertained liabilities are adequate and not in excess of
the amounts reasonably necessary.
3. As on 31st March 2010 accumulated losses exceeds the paid up
capital and free reserve, since the total erosion of net-worth has
taken place the company has become a " Sick Industrial company" within
the meaning of Sec3(l)(o) of the sick industrial companies (Special
Provision) act 1985. The company has made intimation to the Board of
Industrial and Financial Recon- struction (BIFR) for erosion of more
than fifty Percent of the net worth.
4. Corporate Debt Restructuring (CDR) Cell through their lead bank,
Union Bank of India has sanctioned a comprehensive debt restructuring
scheme vide their letter No. BY.CDR (ABP) No. 1084 dated 22.1.2008. As
per scheme company is supposed to make monthly payment of interest &
installment by 01st October 2009.
Looking to prevailing condition & losses incurred by the company in the
year 2008, company had again approached CDR Cell for extension of
moratorium period and CDR Cell has approved the rework proposal of the
company vide their letter dated BY.CDR (ABP) NO.318/2009-10 dated
25.06.2009. The principal terms of the 2nd CDR Scheme are as under:
(a) Deferring repayment of Term loan (Rs 156.05 Crore), WCTL (Rs.
177.83 Crores) and Non Convertible Debentures (Rs. 100 Crores) for
another 20 months,( from original due date for repayment of 01.10.2009)
i.e. up to 31.05.2011. Repayment shall start from June 2011 and ending
on May 2019.
(b) Interest for the moratorium period i.e. up to May 2011 shall be
converted into FITL carrying interest rate of 6% p.a., repayable in 20
equal quarterly installments commenc- ing from December 2013 quarter.
Interest on FITL shall be serviced as and when due.
(c) Rate of interest on Term Loan, Non Convertible Debenture and WCTL
will be 10 % p.a. for the term lenders who are presently charging more
than 10 percent per annum payable monthly. Existing rates will continue
for those lenders who are charging less than 10 percent per annum
payable monthly and FITL will carry interest at the rate of 6 percent
per annum.
(d) As per the terms of the CDR, the company has brought in Promoters
contribution during the year.
(e) Deferment in repatriation of balances ICDs of Rs. 80 crores by two
years from the date of revised CDR sanction.
5. Balances of Unsecured Loans, bank balances, Sundry debtors,
Creditors and Loans and ad- vances are subject to confirmation from
respective parties.
6. The Company, in September 2006, has raised US $ 10 million through
Unsecured Zero Coupon Foreign Currency Convertible Bonds (FCCB), due in
2011.On full conversion of FCCB, the FCCB will be converted in to
26,41,143 Equity shares of Rs 10 each at a premium of Rs 165 per share,
at the option of the Bondholders at any time before the maturity of the
bonds. On Conversion Capital will increase by Rs 2.64 Crores and Share
Premium by Rs 43.58 Crores. If Bonds are not converted the company will
have to repay the bonds at a premium & in US Dollars. The company has
provided the premium for this year, which has been adjusted against
Security Premium in accordance with Section 78 of Companies Act, 1956.
7. Inventories are as taken, valued and certified by the Director.
8. In absence of the complete information regarding the status of the
suppliers as micro small or medium enterprise as per the micro small
and medium enterprise development act 2006, the information regarding
the amount due to such parties as on the balance sheet date and
provision for interest if any required by the said act is not been
made.
9. Certain balance of Debtors, Loans and Advances and Creditors are
nonmoving /slow moving since long, however in view of the management
same is recoverable/payable and hence no provision for the same is made
in the books of accounts.
10. Previous years figures have been re-organised/rearranged wherever
necessary so as to confirm with current years groupings.
11. Information required in terms of part IV to Schedule VI to the
Companies Act, 1956 is attached.