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Notes to Accounts of Shree Ajit Pulp & Paper Ltd.

Mar 31, 2015

1. Corporate information:

Shree Ajit Pulp And Paper Ltd ('the company) is a public company incorporated in India. Its shares are listed on Bombay Stock Exchange, Vadodara Stock Exchange and Ahmedabad Stock Exchange. The company is engaged in the manufacturing of Kraft Paper (Testliner/Multilayer Testliner) which is mainly used for manufacturing corrugated boxes.

The company owns and operate manufacturing unit located in the state of Gujarat, India at Morai, Vapi. The unit is having an all modern manufacturing facility.

2. Terms and Rights attached to Equity Shares :

The company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. Further, the Board of Director may also announce an interim dividend.

In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts in proportion to their shareholdings.

Note a. Term loans are secured by plant and machinery and equitable mortgage on immovable property and hypothecation of stocks, book debts, furniture, fixture and fitting, office equipment situated at Vapi of the company on pari passu basis.

Note b. Term loan of Rs. 1,08,18,004 included in current maturities of long term debts is secured by way of exclusive charge on plant and machinery and building of windmill situated at village Bagasara dist Rajkot and equitable mortgage on immovable property situated at Vapi of the company, further secured by hypothecation of stocks, book debts, furniture, fixture and fitting, office equipment situated at Vapi of the company on pari passu basis.

Note c. Term loan is Secured by way of exclusive charge on plant and machinery and building of windmill situated at village Murvel dist Jamnagar and equitable mortgage on immovable property situated at Vapi of the company, further secured by hypothecation of stocks, book debts, furniture, fixture and fitting, office equipment situated at Vapi ofthe company on pari passu basis.

Note d. Term loan is secured by way of exclusive charge on plant and machinery and building of co generation power plant situated at Vapi ofthe company and equitable mortgage on immovable property situated at Vapi ofthe company, further secured by hypothecation of stocks, book debts , furniture, fixture and fitting, office equipment situated at Vapi of the company on pari passu basis.

Note e. Vehicle loan is secured byway of hypothecation of Vehicle.

Note f. All term loans from banks and from others are further secured by way of personal guarantee of Mr. Gautam D Shah Managing Director ofthe company and bears rate of interest base rate plus 2.90 % to 3.50 %.

3. Deferred tax - Prior year Rs. 1,30,13,580 represents reversal of deferred tax liability created in earlier years in respect of timing differences which reversed during the tax holiday period.

4. Cash Credit is secured by way of hypothecation of stocks, book debts, furniture, fixture and fitting, office equipment and plant and machinery and equitable mortgage of immovable properties on pari passu basis and personal guarantee of Managing Director of the Company. The Cash Credit is repayable on demand and bears interest at the rate of base rate plus 1.5% to 3.25%.

5. The Board of Directors of Shree Samarpan Pulp and Paper Private Limited (a Joint Venture Company ), vide a Board resolution dated 26th July, 2014, have decided to dissolve its Joint Venture Entity, consequentially, the Company has written off its Investment of Rs. 1,00,000 in the said company.

6. Balance with banks in earmarked accounts include Rs. 50,32,861 ( Previous year Rs. 49,54,373) which have restriction.

Note : 7 Related Party disclosure

8. Details of related parties:

Description of relationship Names of related parties

(i) Subsidiary Shree Samrudhi Industrial Papers Private Limited

(ii) Jointly Controlled Entities (JCE) Shree Samrat Pulp and Paper Private Limited

Shree Samarpan Pulp and Paper Pvt Ltd (Refer note 12.2) (company under liquidation)

(iii) Key Management Personnel Mr. Gautam D Shah, Mr. Piyush R Shah, Mrs. Bela G Shah

Note : 9 Contingent Liabilities and Commitments (to the extent not provided for)

Particulars For the year ended For the year ended 31 March, 2015 31 March, 2014

Contingent liabilities

Claims against the company not acknowledged as debt 28,36,620 28,36,620 Demand for Custom duty (Deposit paid Rs. 2,36,963) 62,07,453 -

Future cash outflows in respect of above matters are determinable only on receipt of judgements /decisions pending at various forums /authorities.

Commitments

Estimate amount of contracts remaining to be executed on capital account and 32,84,081 12,46,688 not provided for

Note: 10 Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification /disclosure.


Mar 31, 2014

1. CORPORATE INFORMATION:

Shree Ajit Pulp And Paper Utl is a Kraft Paper manufacturing company established In 109b Is Haled on BSE, VSE andABE have a modern manufacturing facility at Moral, Vapi, GUJARAT State, approximately 170 KM from Mumbai.

2. We are engaged in the manufacturing of TESTLINER /MULTILAYERTESTLINER which Is mainly used for manufaolui lug corrugated boxes. With,in a short span of time tire product has found its own place in the markets all over the country.

3. We are now recognized as one of the leading Krai l Manufacturing Unit in India for our duality and reliable products, W o I vivo a Strong Nationwide Dealers Network Covering the entire country for Solos & Service,

4. Terms and Rights attached to Equity Shares :

The company has only one class of equity shares having a par value ofRs10 per share. Each Shareholder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. Further, the Board of Director may also announce an interim dividend.

5. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company after dislribution of all preferential amounts in proportion to their shareholdings.

6. Term loans are secured by plant and machinery and equitable; mortgage on Immovable properly and hypothescsllo i ol stocks, book debts , furniture, fixture and fitting, office equipment situated at Vapl of (ho company on purl passu bnisln.

7 Term loan is secured by way of exclusive charge on plant and machinery and building of windmill situated at village Bagasara district Rajkot and equitable mortgage on immovable property situated at Vapi of the company, furllmr secured by hypothecation of slocks, book debts, furniture, fixture and filling, office equipment situated at Vap i of 11 in company on pari passu basis,

8 Term loan is secured by way of exclusive charge on plant and machinery and building ol windmill situated a I vlllngo Murvel district Jamnagar and equitable morlgage on immovable property situated at Vapi of the company, furlhor secured by hypothecation of stocks, book debts, furniture, fixture and fitting, office equipment situated at Vapi of the company on pari passu basis.

9 Term loan is secured by way of exclusive charge on plant and machinery and building of co generation power plmil situated at Vapi of the company and equitable mortgage on immovable property situated at Vapi of the company, further secured by hypothecation of slocks, book debts, furniture, fixture and filling, office equipment situated ai Vapi of the company on pari passu basis.

10 Vehicle loan is secured by way of hypothecation of vehicle. The loan is repyable in 31 installments, with 14 EMI of rS 105,000, 12 EMI of 78,000 and 5 EMI of 14,000.

11 Vehicle loan is secured by way of hypothecation of vehicle.

12 Vehicle loan is from NBFC and secured by way of hypothecation of vehicle.

All term loan above from banks and from others are further secured by way of personal guarantee of Mr. Gau turn D Shah Managing Director of the company.

13 Term loan balance as on 31.03.2014 of 205,545,715 includes current maturities of long term borrowings of 70,81 9,592 as disclosed in note 9.

14 Deferred tax-Prior year for the year ended 31st March, 2014 amounting 13,013,580 represents reversal of deferred tax liability created in earlier years in respect of timing differences which reversed during the tax holiday period.

15 Cash Credit is secured by way of hypothecation of slocks, book debts, furniture, fixture and fitting, office equipment and plant and machinery and equitable mortgage of immovable properties on pari passu basis and personal guarantee of Managing Director of the Company. The Cash Credit is repayable on demand and carries interest base rate plus 0.fi% to 2,5%.

16. Depreciation on Fixed Assets is provided oi l the Straight Lino Method at the rales nnd In manner prescribed In Schedule XIV to the Companies Act, 1956 except on cellular handsets having gross block value Rs 962,05' depreciation calculated @ 25 % included in office equipments and Waste Paper God own having Gross block value Rs 1,080,551 doprcsolnlloii calculated @ 20 % on SLM basis included in buildings. Depreciation on additions to assets during the year Is provided on pro-rata basis.

17 Addition during the year includes Rs 8,865,994 (Previous year Rs44,83(1) on account of Interest capitalised on Pliant and equipment and Rs 7,852 (Previous year Rs Nil) on Building and RS 1,794,445 (Previous year Rs. Nil.) on account ol foreign exchange fluctuation capitalised on PI an I and Equipments.

18 Previous year figures are shown in italics.

19 Related Party disclosure

30.1 Details of related parties:

Description of relationship Names of related parties

(i) Subsidiary

Shree Samrudhi Industriaf Papers Private Limited

(ii) Jointly Controlled Entities (JCE)

Shree Samrat Pulp and Paper Private Limited Shree Samarpan Pulp and Paper Private Limited

(iii) Key Management Personnel Mr. Gautam D Shah, Mr. Piyush R Shah

20. Interest In Joint Venture :

The company holds ISO % interest in Shree Sairtral Pulp and Paper Private Untiled and in SI tree Snmarpnn Pu Ip and Paper Private Limited, jointly controlled entitles which are involved in manufacturing activity, However, Shree Snnwpnii Pulp and Paper Private Limited has not started any activity till ond of the year under consideration.

21 The company's share of assets, liabilities, income and expenses in the jointly controlled entities for the year ended 31 stMarch as per (heir audited financial statements are as follows;

22 Segment Information

The Company identifies primary segments based on the dominant source, nature of risks and returns and the interna! organisation and management structure. Accordingly, the Company has identified two primary business segments viz Paper and Windmills, Primary Segment Information :

23 Contingent Liabilities and Commitments (to the extent not provided for)

Particulars For the year ended For the year ended 31 March 2014 31 March 2013

Contingent liabilities

Claims against the company not acknowledged as debt 2,836,620 2,836,620

Commitments

Estimate amount of contracts remaining to be executed on capital account and not provided for 1,246,688 88,738,707

24. Derivative Instruments

The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are as below:

For the year ended For the year ended Particulars 31 March 2014 31 March 2013

Rs Forex (USD) Rs Forex (USD)

1 Import of Goods and Services 327,704 5,308 - -

25. Sales and other expenses are net off VAT paid/payable.

26. Previous year's figures have been regrouped Z reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2013

Note : 1 Related Party Disclosure

1.1 List of related parties where control exists and related parties with whom transactions have taken place and relationships:

a) Enterprises Owned by Directors or Major Shareholders

Ajit Steel Centre, Twinkle Investment, Paras Industries, Piyush Export, Ratilal Ujamlal, Kashinda, Shree Samrat Pulp & Paper Pvt Ltd, Shree Samarpan Pulp & Paper Pvt. Ltd

b) Key managerial Personnel

Shri Gautam D Shah, Shri Piyush R Shah

c) Relatives of Key Management Personnel Narmada Sales Corporation

d) Subsidiary Company

Shree Samrudhi Industrial Papers Pvt Ltd

Note : 2 Interest in Joint Venture :

The company hold 50 % interest in Shree Samrat Pulp & Paper Pvt Ltd and Shree Samarpan Pulp & Paper Pvt. Ltd, a jointly controlled entity which is involved in manufacturing activity. First Joint Venture has taken over a running unit for manufacturing of kraft paper during the year. The second one has not started any activity till the end of the year under consideration.


Mar 31, 2012

1.1 Secured Term Loan from Banks

1 Term Loan outstanding of Rs. 30,000,000 (60,000,000)from Nationalised Bank and carrying rate of Interest base rate plus 3% per annum and repayable in 60 Installments starting from April 2009 of Rs. 2,500,000 each along with interest.

2 Term Loan outstanding of Rs. 34,146,947 (63,342,947)from Nationalised Bank and carrying rate of Interest base rate plus 3% per annum and repayable in 60 Installments starting from Nov. 2009 of Rs. 2,433,000 each along with interest.

3 Term Loan outstanding of Rs. 7,533,086 (8,545,216)from Nationalised Bank and carrying rate of Interest base rate plus 3% per annum and repayable in 60 Installments starting from July 2011 of Rs. 625,000 each along with interest.

4 Term Loan outstanding of Rs. 1,357,500 (NIL) from Nationalised Bank and carrying rate of Interest base rate plus 3% per annum and repayable in 60 Installments starting from Oct 2013 of Rs. 1,375,000 each along with interest.

5 Term Loan outstanding of Rs. NIL (2,025,924) from Nationalised Bank and carrying rate of Interest base rate plus 4% per annum and repayable in 20 quarterly Installments starting from March 2008 of Rs. 1,300,000 each along with interest every month.

All above loans are Secured by Plant & Machinery and Equitable Mortgage on Immovable property and Hypothecation of stocks, book debts, furniture, fixture & fitting, office equipment situated at Vapi of the company.

6 Term Loan outstanding of Rs. 36,819,772 (49,819,660) from Nationalised Bank is Secured by way of first charge on Plant & Machinery and Equitable Mortgage on Immovable property situated at Vapi of the company, Secured by Hypothecation of Plant & Machinery for the Windmill situated on lease land at Village Bagasara, Dist Rajkot. Term loan is Carrying rate of Interest base rate plus 3% per annum and repayable in 60 Installments starting from Feb 2011 of Rs. 1,083,334 each along with interest.

7 Term Loan outstanding of Rs. 48,702,045 (NIL) from Nationalised Bank is Secured by way of first charge on Plant & Machinery and Equitable Mortgage on Immovable property situated at Vapi of the company, Secured by Hypothecation of Plant & Machinery for the Windmill situated on lease land at Village Murvel, Dist Jamnagar. Term loan is Carrying rate of Interest base rate plus 4% per annum and repayable in 60 Installments starting from March 2013 of Rs. 860,000 each along with interest.

8 Vehicle Loan of Rs. 267,033 (460,387)from Nationalised Bank is Secured by way of Hypothecation of Vehicle. The loan is repayable in 36 EMI starting from March 2011 of Rs. 21,942 each.

9 Forklift Loan of Rs. 1,213,127(NIL) from Private Bank is Secured by way of Hypothecation of Forklift. The loan is repayable in 31 MI starting from May 2012 . 14 monthly installments of Rs. 105,000 each, 12 monthly installments of Rs. 78,000 each and 5 monthly installments of Rs. 14,000 each.

2.2 Secured Term Loan from Other

Vehicle Loan of Rs. 2,160,316 (NIL)from NBFC is Secured by way of Hypothecation of Vehicle. The loan is repayable in 36 EMI starting from Jan 2012 of Rs. 113,108 each.

All above secured term loans from Nationalised Bank and from other are secured by way of personal guarantee of Managing Director of the company.

3.1 Cash Credit is Secured by Hypothecation of stocks, book debts, furniture, fixture & fitting, office equipment and Plant and Machinery and equitable mortgage of immovable properties and personal guarantee of Managing Director of the Company. The Cash Credit is repayable on demand and carries interest base rate plus 3% to 4.25%.

4.1 Depreciation on Fixed Assets is provided on the Straight Line Method at the rates and in manner prescribed in Schedule XIV to the Companies Act, 1956 except on cellular handsets having gross block value Rs. 736,654 depreciation calculated @ 25 % and Waste Paper Godown having Gross block value Rs. 463,227 depreciation calculated @ 20 % on SLM basis. Depreciation on additions to assets during the year is provided on pro-rata basis.

5.1 Fixed Deposit with Nationalised Banks

Margin money Deposits with respective carrying amount are subject to first charge to Secure the respective credit facilities

5.2 Unclaimed Dividend Bank Accounts includes amount due to be credited to Investor Education and Protection Fund of Rs. 121,781 on or before 28th Oct 2012.

5.3 Cash and Cash Equivalents as of March 31,2012 and March 31, 2011 includes restricted cash and Bank balances of Rs. 7,542,956 and Rs. 14,031,401 respectively. Other Bank balances maintained by the company with banks comprise of time deposits, which can be withdrawn by the company at any point of time without prior notice or penalty on the principal.

6.1 Depreciation

Depreciation on Fixed Assets is provided on the Straight Line Method at the rates and in manner prescribed in Schedule XIV to the Companies Act, 1956 except on cellular handsets having gross block value Rs. 736,654 depreciation calculated @ 25 % and Waste Paper Godown having Gross block value Rs. 463,227 depreciation calculated @ 20 % on SLM basis. Depreciation on additions to assets during the year is provided on pro-rata basis.

Note : 7 Impairment of Assets

The company has carried out an exercise to ascertain the impairment, if any, in the carrying value of its Fixed Assets. An impairment loss is charged to the Profit and loss account when an asset is identified as impaired. During the year the company has recognized no such impairment loss.

Nature of Provisions

1 The Company has made provision for Gratuity as per provision of Payment of Gratuity Act, 1972.

2 The Company has made provision for Leave encashment as per the rules and regulation of the Company relating to accumulation of leave and its encashment.

3 The Company has made provision for Bonus as per provision of Payment of Bonus Act, 1965.

4 The Company has made provision for Income Tax as per provision of Income Tax Act, 1961.

5 The Company has made provision for Wealth Tax as per provision of Wealth Tax Act, 1957

Note : 8 Related Party Disclosure

8.1 List of related parties where control exists and related parties with whom transactions have taken place and relationships

a) Enterprises Owned by Directors or Major Shareholders

Ajit Steel Centre, Twinkle Investment, Paras Industries, Piyush Export, Ratilal Ujamlal, Kashinda, Shree Samrat Pulp & Paper Pvt Ltd, Shree Samarpan Pulp & Paper Pvt. Ltd

b) Key managerial Personnel

Shri Gautam D Shah, Shri Piyush R Shah

c) Relatives of Key Management Personnel Narmada Sales Corporation

d) Subsidiary Company

Shree Samrudhi Industrial Papers Pvt Ltd

Note : 9 Interest in Joint Venture :

The company hold 50 % interest in Shree Samrat Pulp & Paper Pvt Ltd and Shree Samarpan Pulp & Paper Pvt. Ltd, a jointly controlled entity which is involved in manufacturing activity but not started any activity till the end of the year under consideration. The companyRs.s share of assets, liabilities, income and expenses in the jointly controlled entity for the year ended 31 st March are as follows :

9.1 The Income Tax assessment of the company have been completed up to Assessment Year A.Y.2010-11. The disputed demand outstanding up to the said Assessment Year is Rs. 165,088/-. Based on the decisions of the Appellate authorities and the interpretations of the other relevant provisions, the company has been legally advised that the demand is likely to be deleted and accordingly no provision has been made.

Note : 10

Till the year ended 31 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, had become applicable to company. The company has reclassified previous year figures to confirm to this year's classification.


Mar 31, 2011

1. Previous year's figures are re-grouped / re-arranged wherever considered necessary.

2. Contingent Liabilities 2010-2011 2009-2010

(Rs. In 000) (Rs. In '000)

(1) Estimated amount of contracts remaining to be executed 1640.00 Nil on capital account and not provided for, net of advances given

(2) Counter claims by supplier against the company not 2836.62 2836.62 acknowledged as debt

(3) Bank Guarantee 8031.41 6410.00

Note: The Company does not expect any reimbursement in respect of the above contingent liabilities. It is not practicable to estimate the timing of cash outflows any, in respect of matters at 1 to 3 above

b) Nature of Provisions

1. The Company has made provision for Gratuity as per provision of Payment of Gratuity Act, 1972.

2. The Company has made provision for Leave encashment as per the rules and regulation of the Company relating to accumulation of leave and its encashment.

3. The Company has made provision for Bonus as per provision of Payment of Bonus Act, 1965.

4. The Company has made provision for Income Tax as per provision of Income Tax Act, 1961.

5. The Company has made provision for Wealth Tax as per provision of Wealth Tax Act, 1957

4. Impairment of Assets

The company has carried out an exercise to ascertain the impairment, if any, in the carrying value of its Fixed Assets. An impairment loss is charged to the Profit and loss account when an asset is identified as impaired. During the year the company has recognized impairment loss on cellular handsets to the extent of Rs. 204378 and charged to Profit & Loss account.

6. The Market value of GSFC Shares is quoting below the cost price. As this Investment is held on long-term basis, the Directors are of the opinion that the current market price does not reflect true value of Investment and hence the diminution in the value has not been accounted.

7. Related Party Disclosure (As Identified by Management)

(i) Related Party Relationships

(a) Enterprises Owned by Directors or Major Shareholders

(1) Ajit Steel Centre

(2) Ajeet Buildsteel Pvt. Ltd.

(3) Shah Trading Co.

(4) Twinkle Investment

(5) Paras Industries

(6) Piyush Export

(7) Ratilal Ujamlal

(8) Kashida

(9) Shree Samrat Pulp & Paper Pvt. Ltd

(10) Shree Samarpan Pulp & Paper Pvt. Ltd

(b) Key Management Personnel

Shri Gautam D. Shah,

Shri Piyush R. Shah & Shri Gyanprakash H. Gupta

(c) Relatives of Key Management Personnel

Security Product (Brother of the Director is proprietor) Narmada Sales Corporation (Brother of the Director is Partner) Note: In respect of above parties, there is no provision for doubtful debts as on 31st March, 2011 and no amount has been written off or written back during the year in respect of debts due from/to them.


Mar 31, 2010

1. Previous years figures are re-grouped / re-arranged wherever considered necessary.

2. Contingent Liabilities 2009-2010 2008-2009 (Rs. In 000) (Rs. In 000)

(1) Estimated amount of contracts remaining to be executed on capital Nil 11022.22 account and not provided for, net of advances given

(2) Counter claims by supplier against the company not 2836.62 2836.62 acknowledged as debt

b) Nature of Provisions

1. The Company has made provision for Gratuity as per provision of Payment of Gratuity Act, 1972.

2. The Company has made provision for Leave encashment as per the rules and regulation of the Company relating to accumulation of leave and its encashment.

3. The Company has made provision for Bonus as per provision of Payment of Bonus Act, 1965.

4. The Company has made provision for Income Tax as per provision of Income Tax Act, 1961.

5. The Company has made provision for Wealth Tax as per provision of Wealth Tax Act, 1957

4. Impairment of Assets

The company has carried out an exercise to ascertain the impairment, if any, in the carrying value of its Fixed Assets The exercise has not revealed any impairment in any Fixed assets of the Company.

5. The Market value of GSFC Shares is quoting below the cost price. As this Investment is held on long-term basis, the

Directors are of the opinion that the current market price does not reflect true value of Investment and hence the diminution in the value has not been accounted.

6. Related Party Disclosure (As Identified by Management) (i) Related Party Relationships

(a) Enterprises Owned by Directors or Major Shareholders

(1) M/s Ajit Steel Centre - Vapi (2) M/s Ajeet Buildsteel Pvt. Ltd. - Vapi

(3) M/s Shah Trading Co. - Vapi (4) M/s Twinkle Investment - Mumbai

(5) M/s Paras Industries - Mumbai (6) M/s Piyush Export - Mumbai

(7) M/s Ratilal Ujamlal - Mumbai (8) M/s Kashida - Mumbai

(b) Key Management Personnel

Shri Gautam D. Shah, Shri Piyush R. Shah, Shn P. M. Kanyadi & Shri Gyanprakash H. Gupta

(c) Relatives of Key Management Personnel

Security Product (Brother of the Director is proprietor) Narmada Sales Corporation (Brother of the Director is Partner)

Note: In respect of above parties, there is no provision for doubtful debts as on 31" March, 2010 and no amount has been written off or written back during the year in respect of debts due from/to them.


Mar 31, 2003

1. Due to Sluggish Stock Market, the Market value of GSFC Shares is quoting below the cost price. As this Investment is held on long-term basis, the Directors are of the opinion that the current market price does not reflect true value of Investment and hence the diminution in the value has not been accounted.

2. Previous years figures are re-grouped / re-arranged wherever considered necessary.

3. Sundry Creditors includes amount due to small scale industrial undertaking a) The parties being small scale / ancillary industrial undertaking to whom amount outstanding for more than 30 days but not overdue: Sood Paper & Allied Chemicals, Prakash Steelage Ltd. b) There were no amounts overdue to small scale and / or ancillary industrial suppliers on account of principal as at the close of the year. c) The above disclosure is based on the information /document available with the company.

4. Related Party Disclosure (As Identified by Management)

(i) Related Party Relationships (a) Where control exists M/s Ajit Steel Centre - Vapi

M/s Ajeet Buildsteel Pvt. Ltd. - Vapi

M/s Security Product - Vapi M/s Shah Trading Co. - Vapi

M/s Twinkle Investment - Mumbai

M/s Paras Industries - Mumbai

M/s Piyush Export - Mumbai

M/s Ratilal Ujamlal - Mumbai

(b) Key Management Personnel

Shri Dhansukhlal G. Shah

Shri Dimple D. Shah

Shri Piyush R. Shah

Shri P. M. Kanyadi

(c) Relatives of Key Management Personnel

Narmada Sales Corporation -(Brother of One of the Directoris Partner)

Note: In respect of above parties, there is no provision for doubtful debts as on 31st March, 2003 and no amount has been written off or written back during the year in respect of debts due from/to them.

 
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