Mar 31, 2015
1. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
FOR)
(in rupees)
Particulars As at
31st March, 31st March,
2015 2014
Claims of Excise Duty not acknowledged
by the company (matters under Appeal
with Rajasthan High Court Jodhpur
against Tribunal Order) 3,626,539 6,050,582
Claims of Excise Duty not acknowledged
by the company (matters with Joint
Commissioner of Central Excise,
Jaipur -II) 1,161,633 1,161,633
Claims of Excise Duty not acknowledged
by the company (matters with
CESTAT, New Delhi) 109,378 292,024
Claims of Service Tax not acknowledged
by the company (matters with CESTAT,
New Delhi) - 81,576
4,897,550 7,585,815
2. AMOUNT DUE TO SSI UNITS
There are no dues payable to small scale industrial undertaking and
included under sundry creditors.
3. AMOUNT UNPAID TO MICRO. SMALL AND MEDIUM ENTERPRISES DEVELOPMENT
ACT. 2006
There are no dues to Micro and Small Enterprises as at 31st March,
2015. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
3. RELATED PARTY TRANSACTIONS
List of related parties/ relatives
Sr. Name of related party Relationship
1 Shri Hemant V Ranawat Key Management Personnel
2 Shri Vimalchand M Jain Key Management Personnel
3 Shri Vinit Ranawat Relative of Key Management Personnel
4 Smt Bharti Kothari Relative of Key Management Personnel
5 Smt. Mohini V. Jain Relative of Key Management Personnel
6 Mokalsar Stones Pvt Ltd Others
7 Sanghvi Dhanrupji Devaji & Co
Money Changers Pvt. Ltd Others
5. SEGMENT REPORTING
The Company deals in Rolling and Forging of agricultural implements.
All products made by the company essentially emanate from Rolling &
Forging division and therefore it is reported as an independent
business segment. The Company operates its business in domestic market
only. As per General Clarification -11 on segment reporting issued by
The Institute of Chartered Accountants of India,there is no reportable
segment as defined in Accounting Standard -17.
6.
a) Advances recoverable in cash or in kind or for value to be received
Rs.1,52,01,548/- (Previous Year
Rs.1,02,83,31/-) include CENVAT receivable and personal ledger accounts
Balances with excise department
Rs.47,47,584/- (Previous year Rs. 42,90,659 /-), and receivable from
Sales Tax Department Rs. 68,41,685/- (Previous Year Rs.29,79,320/-)
adjustable against duty payable.
b) "Stores consumed (including obsolete spares written off) exclude
cost of wages and salaries and other expenses for the stores items
manufactured departmentally and the same are charged to wages and
salaries and other revenue accounts. Stock of Stores does not include
any departmentally manufactured items; hence no impact on the profit of
the year."
c) Repairs to Building and Repairs to Machinery carried on
departmentally exclude the cost of wages & salaries and other expenses
which are charged to wages and salaries and other revenue accounts.
d) i) Sundry Creditors include Rs. NIL due to small Scale Industrial
undertaking (Previous Year Rs. NIL)
ii) There are no Small Scale Undertakings to whom the company owes
amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.
iii) The above information has been complied in respect of parties to
the extent to which they could be identified as small-scale undertaking
on the basis of information available with the company
7. Deferred Tax Assets / Liability
As per the requirement of the accounting Standard 22 on "Accounting for
Taxes on Income" issued by the Institute of Chartered Accountants of
India the deferred tax asset recognised during the year is Rs. 602081/-
( Previous Year Rs.58897/-).
8. Disclosure pursuant to Accounting Standard (AS) 15 (Revised)
"Employee Benefits"
(a) The Company has adopted Accounting Standard (AS) 15 (revised 2005)
on Employee Benefits on 1st April, 2005.
(b) The Company operates the following unfunded defined benefit plans :
(i) Post retirement gratuity (Refer Note No. 1(f) of Notes to Accounts
for accounting policies adopted)
(c) The actuarial valuation of the present value of the defined benefit
obligation has been carried out as at 31st March, 2015. The following
tables set out the amounts recognised in the financial statements as at
31st March, 2015 for the above mentioned defined benefit plans
[Previous year figures have not been given as the Company has adopted
revised Accounting Standard AS 15 for the first time during the
financial year ended as on 31st March, 2015]:
9. The previous period figures have been regrouped/reclassified,
wherever necessary to conform to the current period presentation.
Mar 31, 2014
1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
FOR)
(in rupees)
Particulars As at
31st March,2014 31st March,2013
Claims of Excise Duty not
acknowledged by the company
(matters under Appeal with
Rajasthan High Court Jodhpur
against Tribunal Order) 6,050,582 6,050,582
Claims of Excise Duty not
acknowledged by the company
(matters with Joint Commissioner
of Central Excise, Jaipur -II) 1,161,633 1,161,633
Claims of Excise Duty not
acknowledged by the company
(matters with CESTAT, New Delhi) 292,024 292,024
Claims of Service Tax not
acknowledged by the company
(matters with CESTAT, New Delhi) 81,576 81,576
7,585,815 7,585,815
2 AMOUNT DUE TO SSI UNITS
There are no dues payable to small scale industrial undertaking and
included under sundry creditors.
3 AMOUNT UNPAID TO MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT
ACT, 2006
There are no dues to Micro and Small Enterprises as at 31st March,
2014. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
4. SEGMENT REPORTING
The Company deals in Rolling and Forging of agricultural implements.
All products made by the company essentially emanate from Rolling &
Forging division and therefore it is reported as an independent
business segment. The Company operates its business in domestic market
only. As per General Clarification -11 on segment reporting issued by
The Institute of Chartered Accountants of India,there is no reportable
segment as defined in Accounting Standard -17.
5)
a) Advances recoverable in cash or in kind or for value to be received
Rs. 1,02,83,311/- (Previous Year Rs. 83,42,392/-) include CENVAT
receivable and personal ledger accounts Balances with excise department
Rs.42,90,659/-(Previous year Rs. 35,48,744 /-), and receivable from
Sales Tax Department Rs. 29,79,320/- (Previous Year Rs. 22,09,141/-)
adjustable against duty payable.
b) Stores consumed (including obsolete spares written off) exclude cost
of wages and salaries and other expenses for the stores items
manufactured departmentally and the same are charged to wages and
salaries and other revenue accounts. Stock of Stores does not include
any departmentally manufactured items; hence no impact on the profit of
the year.
c) Repairs to Building and Repairs to Machinery carried on
departmentally exclude the cost of wages & salaries and other expenses
which are charged to wages and salaries and other revenue accounts.
d) i) Sundry Creditors include Rs. NIL due to small Scale Industrial
undertaking (Previous Year Rs. NIL)
ii) There are no Small Scale Undertakings to whom the company owes
amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.s
Mar 31, 2013
The previous period figures have been regrouped/reclassified, wherever
necessary to conform to the current period presentation.
i. The company has only two classes of shares referred to as equity
shares and cumulative redeemable preference shares having a par value
of Rs.10/-. Each holder of equity shares is entitled to one vote per
share.
1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
FOR)
(in rupees)
Particulars As at
31st March,2013 31st March,2012
Claims of Excise Duty not
acknowledged by the company
(matters under Appeal with
Rajasthan High Court Jodhpur
against Tribunal Order) 6,050,582 6,050,582
-
Claims of Excise Duty not
acknowledged by the company
(matters with Joint Commissioner
of Central Excise, Jaipur -II) 1,161,633 1,161,633
-
Claims of Excise Duty not
acknowledged by the company
(matters with CESTAT, New Delhi) 292,024 292,024
-
Claims of Service Tax not
acknowledged by the company
(matters with CESTAT, New Delhi) 81,576 81,576
-
7,585,815 7,585,815
2 AMOUNT DUE TO SSI UNITS
There are no dues payable to small scale industrial undertaking and
included under sundry creditors.
3 AMOUNT UNPAID TO MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT
ACT, 2006
There are no dues to Micro and Small Enterprises as at 31st March,
2013. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
4 SEGMENT REPORTING
The Company deals in Rolling and Forging of agricultural implements.
All products made by the company essentially emanate from Rolling &
Forging division and therefore it is reported as an independent
business segment.The Company operates its business in domestic market
only. As per General Clarification -11 on segment reporting issued by
The Institute of Chartered Accountants of India,there is no reportable
segment as defined in Accounting Standard -17.
5)
a) Advances recoverable in cash or in kind or for value to be received
Rs.83,42,392/- (Previous Year Rs. 82,00,379/ -) include CENVAT
receivable and personal ledger accounts Balances with excise department
Rs.35,48,744 /- (Previous year Rs. 23,12,710), receivable from Sales
Tax Department Rs. 22,09,141/- (Previous Year Rs. 13,24,702/ -) and
additional duty Rs.NIL/-(Previous Year Rs,41,782/-) adjustable against
duty payable.
b) Stores consumed (including obsolete spares written off) exclude cost
of wages and salaries and other expenses for the stores items
manufactured departmentally and the same are charged to wages and
salaries and other revenue accounts. Stock of Stores does not include
any departmentally manufactured items; hence no impact on the profit of
the year.
c) Repairs to Building and Repairs to Machinery carried on
departmentally exclude the cost of wages & salaries and other expenses
which are charged to wages and salaries and other revenue accounts.
d) i) Sundry Creditors include Rs. NIL due to small Scale Industrial
undertaking (Previous Year Rs. NIL)
ii) There are no Small Scale Undertakings to whom the company owes
amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.
NOTE:
1) Figures within brackets represent captive consumption during the
year.
2) Includes production by conversion and job work done by third parties
into finished goods for sale.
3) Excludes production on conversion done for third parties :- Rolling
Products 8371.005 MT (Previous Year 10286.955 MT) and forging products
828107 Nos (Previous Year 1783913 Nos)
6) Disclosure pursuant to Accounting Standard (AS) 15 (Revised)
"Employee Benefits"
(a) The Company has adopted Accounting Standard (AS) 15 (revised 2005)
on Employee Benefits on 1st April, 2005.
(b) The Company operates the following unfunded defined benefit plans :
(i) Post retirement gratuity (Refer Note No. 1(f) of Notes to Accounts
for accounting policies adopted)
(c) During the financial year ended 31st March, 2013, the Company has
not made a payment however made a provision of Rs. 1,21,709/- (Previous
year Rs. 1,87,046/-) to Life Insurance Corporation of India as
contribution to the defined benefit plan.
(d) The actuarial valuation of the present value of the defined benefit
obligation has been carried out as at 31st March, 2012. The following
tables set out the amounts recognised in the financial statements as at
31st March, 2012 for the above mentioned defined benefit plans
[Previous year figures have not been given as the Company has adopted
revised Accounting Standard AS 15 for the first time during the
financial year ended as on 31st March, 2012
Mar 31, 2012
1. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
FOR)
(in rupees)
Particulars As at
31st March, 2012 31st March, 2011
Claims of Excise Duty not
acknowledged by the company
(matters under Appeal with
Rajasthan High Court Jodhpur
against Tribunal Order) 6,050,582 6,050,582
Claims of Excise Duty not
acknowledged by the company
(matters with Joint
Commissioner of Central Excise,
Jaipur -II) 1,161 633 1,161,633
Claims of Excise Duty not
acknowledged by the company
(matters with CESTAT, New Delhi) 292,024 292,024
Claims of Service Tax not
acknowledged by the company
(matters with CESTAT, New Delhi) 81,576 81,576
Claims of Service Tax not
acknowledged by the company
(matters with CESTAT, New Delhi) - 66,311
Particulars As at
31st March, 2012 31st March, 2011
Estimated amount of contracts
remaining to be executed on Capital
account and not provided for - 1,516,287
7,585,815 9,168,413
2 AMOUNT DUE TO SSI UNITS
There are no dues payable to small scale industrial undertaking and
included under sundry creditors.
3 AMOUNT UNPAID TO MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT
ACT, 2006
There are no dues to Micro and Small Enterprises as at 31st March,
2012. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
1 ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS.
a) Advances recoverable in cash or in kind or for value to be received
Rs.81.34,172/- (Previous Year Rs. 51,56,292/-) include CENVAT
receivable and personal ledger accounts Balances with excise department
Rs.23,12,710 /- (Previous year Rs. 20,03,926), receivable from Sales
Tax Department Rs. 13,24,702/ (Previous Year Rs. 7,93,489/-) and
additional duty Rs.41,782/-(Previous Year Rs,13,069/-) adjustable
against duty payable.
b) "Stores consumed (including obsolete spares written off) exclude
cost of wages and salaries and other expenses for the stores items
manufactured departmentally and the same are charged to wages and
salaries and other revenue accounts. Stock of Stores does not include
any departmentally manufactured items; hence no impact on the profit of
the year.
c) Repairs to Building and Repairs to Machinery carried on
departmentally exclude the cost of wages & salaries and other expenses
which are charged to wages and salaries and other revenue accounts.
d) (i) Sundry Creditors include Rs. NIL due to small Scale Industrial
undertaking (Previous Year Rs. NIL) '
ii) There are no Small Scale Undertakings to whom the company owes
amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.
iii) The above information has been complied in respect of parties to
the extent to which they could be identified as small-scale undertaking
on the basis of information available with the company
e) Advance and Deposits with Public Bodies Rs. 11,27,901/- (Previous
Year Rs. 10,68,801/-) include balances with excise department Rs.500/-
(Previous year Rs. 500/-).
NOTE :
1) Figures within brackets represent captive consumption during the
year.
2) Includes production by conversion and job work done by third parties
into finished goods for sale.
3) Excludes production on conversion done for third parties. - Rolling
Products 10286.955 MT (Previous Year 11149.185 MT)) and Forging
Products - 1783913 Nos. (Previous Year 2145736 Nos.)
3) Deferred Tax Assets / Liability
As per the requirement of the accounting Standard 22 on "Accounting
for Taxes on Income" issued by the Institute of Chartered Accountants
of India the deferred tax asset recognised during the year is Rs.
63773/- ( Previous Year Rs.2632117/-). The year end position of
Deferred Tax Liability is given below :
4) Disclosure pursuant to Accounting Standard (AS) 15 (Revised)
"Employee Benefits"
(a) The Company has adopted Accounting Standard (AS) 15 (revised 2005)
on Employee Benefits on 1st April, 2005.
(b) The Company operates the following unfunded defined benefit plans :
(i) Post retirement gratuity (Refer Note No. 1(f) of Notes to Accounts
for accounting policies adopted)
(c) During the financial year ended 31st March, 2012, the Company has
made a payment of Rs. 1,87,046/- (Previous year Rs. 2,95,183/-) to Life
Insurance Corporation of India as contribution to the defined benefit
plan.
(d) The actuarial valuation of the present value of the defined benefit
obligation has been carried out as at 31st March, 2012. The following
tables set out the amounts recognised in the financial statements as at
31st March, 2012 for the above mentioned defined benefit plans
[Previous year figures have not been given as the Company has adopted
revised Accounting Standard AS 15 tor the first time during the
financial year ended as on 31st March, 2012 ]:
The Company has identified its business segments as its primary
reporting format which comprises of (1) Rolling and Forging and (2)
Others. All products made by the company essentially emanate from
Rolling & Forging division and therefore it is reported as an
independent business segment and other segment includes trading in
goods & merchandise.
The secondary segment is a geographical segment determined based on,
the location of the consumer. Consumers are classified as either
domestic or overseas comprising of Gulf, African & European countries.
Mar 31, 2010
1. Contingent Liabilities :
(a) Claims of Excise Duty not acknowledged by the company (matters
under Appeal) - Rs.72,12,215 /- (Previous Year Rs.72,12,215/-)
(b) Claim of custom duty not acknowledged by the company (matter under
Appeal) - Rs. 1,73,137/- (Previous year Rs. Rs. 1,73,137/-)
(c) Estimated amount of contracts remaining to be executed on Capital
account and not provided for : Rs. 6,96,500/- (Previous Year Rs. NIL)
2. Depreciation charge for the year shown in the Profit and Loss
Account is after deducting an amount of Rs.3,55,341/ - (Previous year
Rs. 3,53,257/-) representing the extra depreciation arising on
revaluation of the fixed assets, withdrawn from revaluation reserve.
3. Advance and Deposits with Public Bodies Rs. 6,60,880/- (Previous
Year Rs. 4,93,057/-) include balances with excise department Rs.500/-
(Previous year Rs. 500/-).
4. Advances recoverable in cash or in kind or for value to be received
Rs.60,75,275/- (Previous Year Rs. 76,60,113/-) include CENVAT
receivable and personal ledger accounts Balances with excise department
Rs. 23,98,983/- (Previous year Rs. 41,29,497/-) and receivable from
Sales Tax Department Rs. 8,32,645/- (Previous Year Rs. 5,51,543/-).
5. Stores consumed (including obsolete spares written off) exclude
cost of wages and salaries and other expenses for the stores items
manufactured departmentally and the same are charged to wages and
salaries and other revenue accounts. Stock of Stores does not include
any departmentally manufactured items; hence no impact on the profit of
the year.
6. Repairs to Building and Repairs to Machinery carried on
departmentally exclude the cost of wages & salaries and other expenses
which are charged to wages and salaries and other revenue accounts.
7. (a) Sundry Creditors include Rs. NIL due to small Scale Industrial
undertaking (Previous Year Rs. NIL)
(b) There are no Small Scale Undertakings to whom the company owes
amounts exceeding Rs. 1 Lacs outstanding for more then 30 days.
(c) The above information has been complied in respect of parties to
the extent to which they could be identified as small-scale undertaking
on the basis of information available with the company.
8. There are no dues to Micro and Small Enterprises as at 31st March,
2010. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified by the management on
the basis of information available with the Company.
NOTE:
1) Figures within brackets represent captive consumption during the
year.
2) Includes production by conversion and job work done by third parties
into finished goods for sale.
3) Excludes production on conversion done for third parties à Rolling
Products 10677.405 M.Ts(Previous Year 8444.73 MT) and Forging Products
2118900 Nos. (Previous Year 1789652 Nos.)
9. Deferred Tax Assets / Liability
As per the requirement of the accounting Standard 22 on "Accounting For
Taxes on Income" issued by the Institute of Chartered Accountants of
India the deferred tax liability recognised during the year is Rs.
25,87,161/- (Previous Year NIL).
10. Disclosure pursuant to Accounting Standard (AS) 15 (Revised)
"Employee Benefits"
(a) The Company has adopted Accounting Standard (AS) 15 (revised 2005)
on Employee Benefits on 1st April, 2005.
(b) The Company operates the following unfunded defined benefit plans :
(i) Post retirement gratuity (Refer Note No. 1(f) of Notes to Accounts
for accounting policies adopted)
(c) During the financial year ended 31st March, 2010, the Company has
made a payment of Rs. 15,62,026/- (Previous year Rs. NIL) to Life
Insurance Corporation of India as contribution to the defined benefit
plan. However, the said contribution made is in excess by Rs.
2,17,401/- (refer Note No. 7 in the working given hereinunder) as per
the valuation done by the Life Insurance Corporation of India.
Accordingly, Rs. 2,17,401/- are credited to Group Gratuity Expenses
under Retirement Benefits and debited to Prepaid contribution to
Gratuity Fund Account under "Advances Recoverable in cash or in kind or
for value to be received."
(d) The actuarial valuation of the present value of the defined benefit
obligation has been carried out as at 31st March, 2010. The following
tables set out the amounts recognised in the financial statements as at
31st March, 2010 for the above mentioned defined benefit plans
[Previous year figures have not been given as the Company has adopted
revised Accounting Standard AS 15 for the first time during the
financial year ended as on 31st March, 2010]:
* Discounting rate is based on the Prevailing market yields of Indian
Government Securities as at the Balance Sheet date tor the estimated
term of the obligation.
* The estimates of future salary increases, considered in actuarial
valuation, take account of the inflation, seniority, promotion and
other relevant factors.
11. The Company has identified its business segments as its primary
reporting format which comprises of (1) Rolling and Forging and (2)
Others. All products made by the company essentially emanate from
Rolling & Forging division and therefore it is reported as an
independednt business segment and other segment includes trading in
goods & merchandise.
The scondary segment is a geographical segment determined based on, the
location of the consumer. Consumers are classified as either domestic
or overseas comprising of Gulf, African & European countries.
12. Related Party Disclosers
Sr. Name of the Related Party Relationship No.
1. Shri Hemant V. Ranawat Key Management
2. Shri Vimalchand M. Jain Relative of
3. Shri Vinit Ranawat Key Management
4. Shri Kirankumar Ranawat Personnel
5. Mokalsar Stone Pvt. Ltd. (only
previous year) Others
6. Sanghvi Dhanrupji Devji Money
Changers Pvt. Ltd.
13. Previous year figure have been recast or restated where necessary,
to confirm with current year.