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Notes to Accounts of Shree Steel Wire Ropes Ltd.

Mar 31, 2014

1 . a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

(i) Custom Duty demand in dispute 0 11,618,956

(ii) Income Tax demand in dispute 94,891 94,891

(b) Guarantees

(i) Counter guarantees to the bank in respect of Guarantees given by banker to Custom Dept. 0 2,117,100

(ii) for supply order 3,182,887 15,990,224

b) There is no commitments made by the Company

2. Lease:

Office premises is on rental basis and risks & rewards of ownership are retained by the lessor. The Rent is charged to profit and loss account.

3. Segment Reporting:

Segament Reporting as required by AS-17 is not applicable as the company operates in one single primary business segament i.e. Steel Wire Ropes Manufacturing.

4. There is no Raw Material, nor any Spare parts or components imported during the year.

5. There is no Expenditure made in Foreign currency during the year

6. There is no Earnings in foreign currency during the year

7. In the absence of information relating to the suppliers registered as Micro, Small and Medium Enterprises under Micro Small and Medium Enterprises (Development) Act, 2006, the Company has been unable to identify such suppliers and information required underthe said Act could not be complied and disclosed.

8. In respect on Long term Loans and advances given to 2 unrelated parties, we have to state that in our opinion company has not taken any security for such advances, which was essential, and interest amount of one party is not recovered from F.Y. 12-13 till signing the balance sheet. An opinion can be formed that the Company is also changing its nature of business. Total amount outstanding on the balance sheet date are Rs. 2,95,42,162/-which is 45% of Share capital and Free Reseerves and 90% of only share capital. As per explanation received from the management, they state that, the surplus fund has been invested in open market in the form of advances to earn high rate of interest, and the high rate of interest will be earned only when the company takes the risk of advancing loan without any security. Further management has assured that the advances are though unsecured but should be considered as good, there is no contingency in there recoverability.

9. Current yearfigures are shown in highlight & bold prints


Mar 31, 2013

1. a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

(i) Custom Duty demand in dispute 11,618,956 11,618,956

(ii) Income Tax demand in dispute 94,891 94,891

(b) Guarantees

(i) Counter guarantees to the bank in respect of Guarantees given by banker to Custom Department 2,117,100 2,117,100

_(ii) for supply order 2,159,277 1,064,475

15,990,224 14,283,149

b) There is no commitments made by the Company

2. Provisions

Custom duty payable to custom department for non fulfillment of export obligation under EPCG Licence amounting to Rs. 42,34,198/- is provided in the books during the RY. 2009-2010. The management is assured that the obligation will arise in future year.

3. Related party disclosures, as required by Accounting Standards - AS-18 Related Parties Disclosures" issued by the institute of Chartered Accountants of India are given below:

A. Related parties and their relationship.

i) Related parties:

Magenta Infrastructures Pvt. Ltd. : Mr. Manoj B. Jeswani- Director

Suchit Developers : Mr. Chandru R. Chawla- Partner

Embee International Resources Pvt. Ltd. : Mr. Chandru R. Chawla- Director

Bholenath Developers Ltd : Mr. Anil L. Sajnani- Director

Soham Hospitality Pvt. Ltd. : Mr. Anil L. Sajnani- Director

Soham Hospitality Pvt. Ltd. : Mr. Ashish L. Sajnani- Director

Basant Rubber Factory Pvt. Ltd. : Mr. Anil L. Sajnani- Director

ii) Key Management Personnel

Mr. Chandru R. Chawla - Whole Time Director

Mr. Manoj B. Jeswani - Whole Time Director

Mr. Anil L. Sajnani - Whole Time Director

4. Lease:

Office premises is on rental basis and risks & rewards of ownership are retained by the lessor. The Rent is charged to profit and loss account.

5. Segment Reporting:

The Company operates in manufacturing of steel wire ropes, steel wire rope products, Regulating Equipment and building construction activity.

6. There is no Raw Material, nor any Spare parts or components imported during the year.

7. There is no Expenditure made in Foreign currency during the year

8. There is no Earnings in foreign currency during the year

9) In the absence of information relating to the suppliers registered as Micro, Small and Medium Enterprises under Micro Small and Medium Enterprises (Development) Act, 2006, the Company has been unable to identify such suppliers and information required under the said Act could not be complied and disclosed.

10) In respect on Long term Loans and advances given to 2 unrelated parties, we have to state that in our opinion company has not taken any security for such advances, which was essential, and interest amount of one party is not recovered till signing the balance sheet. An opinion can be formed that the Company is also changing its nature of business. Total amount outstanding on the balance sheet date are Rs. 2,78,80,511/- which is 48.06% of Share capital and Free Reserves and 84.52% of only share capital. As per explanation received from the management, they state that, the surplus fund has been invested in open market in the form of advances to earn high rate of interest, and the high rate of interest will be earned only when the company takes the risk of advancing loan without any security. Further management has assured that the advances are though unsecured but should be considered as good, there is no contingency in there recoverability.

11) Current year figures are shown in bold prints


Mar 31, 2012

1. (Amount in Rupees) Particulars 2011-12 2010-11

a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

i) Custom Duty demand in dispute 11,618,956 11,618,956

ii) Income Tax demand in dispute 94,891 94,891

(b) Guarantees

i) Counter guarantees to the bank in respect of Guarantees given by banker to Custom Department 2,117,100 2,117,100

ii) for supply order 1,064,475 452,202

14,895,422 14,283,149

b) There is no commitments made by the Company

2. PROVISIONS

Custom duty payable to custom department for non fulfilment of export obligation under EPCG Licence amounting to Rs. 42,34,198/- is provided in the books during the FY. 2009 - 2010. The management is assured that the obligation will arise in future year.

3. Related party disclosures, as required by Accounting Standards - AS-18 Related Parties Disclosures" issued by the institute of Chartered Accountants of India are given below:

A. Related parties and their relationship.

i) Related parties:

Magenta Infrastructures Pvt. Ltd. Mr. Manoj B. Jeswani- Director

Suchit Developers Mr. Chandru R. Chawla- Partner

Embee International Resources Mr. Chandru R. Chawla- Director Pvt. Ltd.

Kanishk Global Solutions Pvt. Ltd. Mr. Chandru R. Chawla- Director

Bholenath Developers Ltd. Mr. Anil L. Sajnani- Director

Soham Hospitality Pvt. Ltd. Mr. Anil L. Sajnani- Director

Basant Rubber Factory Pvt. Ltd. Mr. Anil L. Sajnani- Director

ii) Key Management Personnel

Mr. Chandru R. Chawla - Whole Time Director

Mr. Manoj B. Jeswani - Whole Time Director

Mr. Anil L. Sajnani - Whole Time Director

4. Lease:

Office premises is on rental basis and risks & rewards of ownership are retained by the lessor. The Rent is charged to profit and loss account.

5. There is no Raw Material, nor any Spare parts or components imported during the year.

6. There is no Expenditure made in Foreign currency during the year

7. There is no Earnings in foreign currency during the year

8. In the absence of information relating to the suppliers registered as Micro, Small and Medium Enterprises under Micro Small and Medium Enterprises (Development) Act, 2006, the Company has been unable to identify such suppliers and information required under the said Act could not be complied and disclosed.

9. Current year figures are shown in bold prints


Mar 31, 2011

1) PROVISIONS:

Custom duty payable to custom department for non fulfilment of export obligation under EPCG Licence amounting to Rs.42,34,198/- is provided in the books during the FY. 2009-2010. The management is assured that the obligation will arise in future year.

2) CONTINGENT LIABILITIES NOT PROVIDED IN ACCOUNTS :

(a) Income Tax demand of Rs. 94,891/- for which company is in Appeal with higher Appellate Authorities. (Previous year Rs.94,891/-.)

(b) Counter guarantees to the banks in respect of guarantees given by the bankers, to the custom department for fulfilment of export obligations against EPCG Licence of the Company is Rs.21,17,100/- (Previous Year Rs. 21,17,100/-). To Army Headquarters, New Delhi, for supply order to be executed is Rs. Nil (Previous year Rs.120,488/-), to CAFVD - Kirkee for supply order to be executed is Rs.100,144/-(Previous year Rs.54,125/-),C.O.D.- Kandivali for Supply Order Rs.52,111I- (Previous year Nil) and to the Tata Projects Ltd. for Supply Order Rs.299,941 /- (Previous year Nil)

(c) DGFT Interest Demand of Rs.1,16,18,956/- for non fulfillment of export obligation under EPCG Licence (Previous Year - Rs. 1,16,18,956/-). The Company is in appeal to Higher Authorities.

3) In the absence of information relating to the suppliers registered as Micro, Small and Medium Enterprises under Micro Small and Medium Enterprises (Development) Act-2006, the Company has been unable to identify such suppliers and information required under the said Act could not be complied and disclosed.

4) In the opinion of the Board of Directors Current Assets, Loans and Advances, have a value on realisation in ordinary course of the business at least equal to the amount at which they are stated in the Balance Sheet, subject to provision made against inventories.

5) Related party disclosures, as required by Accounting Standards - AS-18 Related Parties Disclosures issued by the institute of Chartered Accounts of India are given below:

A. Related parties and their relationship.

i) Related parties:

Magenta Infrastructure Pvt. Ltd. Mr. Manoj B. Jeswani - Director

Suchit Developers Mr. Chandru R. Chawla - Partner

Embee International Resources Pvt. Ltd. Mr. Chandru R. Chawla - Director

Kanishk Global Solutions Pvt. Ltd. Mr. Chandru R. Chawla - Director

Bholenath Developers Ltd. Mr. Anil Sajnani - Director

Soham Hospitality Pvt. Ltd. Mr. Anil Sajnani - Director

Basant Rubber Factory Pvt. Ltd. Mr. Anil Sajnani - Director

ii) Key Management Personnel

Mr. Chandru R. Chawla - Whole Time Director

Mr. Manoj B. Jeswani - Whole Time Director

Mr. Anil L. Sajnani - Whole Time Director

6) Lease: Office premises is on rental basis and risks & rewards of ownership are retained by the lessor & lessee. The Rent is charged to profit and loss account.

7) Segment Reporting :

The Company operates in manufacturing of steel wire ropes, steel wire rope products, Regulating equipment and building construction activity.

8) FOB Value of Exports Realisation is Rs. Nil- (Previous Year Rs. Nil-)

9) CIF Value of Imports:

Raw Material Rs. NIL (previous Year NIL)

10) Previous year's figures have been regrouped and rearranged wherever necessary.

11) Schedules '1' to '19' form an integral part of the Balance Sheet as at 31st March, 2011 and the Profit and Loss Account for the year ended on that date and have been duly authenticated.

12) Additional information as required under part IV of schedule VI to the companies Act 1956.

2. Capital raised during the year

Private Placement NIL

Public Issue NIL

Rights Issue NIL

Bonus Issue NIL


Mar 31, 2010

1) CONTINGENT LIABILITIES NOT PROVIDED IN ACCOUNTS:

(a) Income Tax demand of Rs. 94,891/- for which company is in Appeal with higher Appellate Authorities. (Previous year Rs.94,891/-.)

(b) Counter guarantees to the banks in respect of guarantees given by the bankers, to the custom department for fulfilment of export obligations against EPCG Licence of the Company is Rs.21,17,100/- (Previous year Rs. 21,17,100) and to Army H.Q. New Delhi for supply order to be executed is Rs. 120,488/- (Previous Year Rs. 120,488) and to CAFVD- Kirkrr for supply order to be executed is Rs. 54,125/- (Previous year Rs.54,125/-)

(c) DGFT Interest Demand of Rs. 1,16,18,956/- for non fulfillment of export obligation under EPCG Licence (Previous Year - Custom Duty Rs. 42,34,198/- and Interest Rs. 1,16,18,956/- Total Rs. 1,58,53,154/-). During the year Company has provided Custom Duty Rs. 42,34,198/- in Profit and Loss Account and for Interest Demand of Rs. 1,16,18,956/- Company is in appeal to Higher Authorities.

2) Sundry Creditors in Schedule No. 11 to the Accounts includes Rs.Nil (Previous year Rs.9.96 lacs) due to Small Scale Industrial undertakings.

In the absence of information relating to the suppliers registered as Micor, Small and Medium Enterprises under Micor Small and Medium Enterprises (Developement) Act, 2006, the Company has been able to identify such suppliers and information required under the said Act could not be complied and disclosed.

3) In the opinion of the Board of Directors Current Assets, Loans and Advances, have a value on realisation in ordinary course of the business at least equal to the amount at which they are stated in the Balance Sheet, subject to provision made against inventories.

4) The Balances in Debtors, Creditors, Loans and Advances are as per books of account and are subject to confirmation.

5) Related party disclosures, as required by Accounting Standards - AS-18 Related Parties Disclosures" issued by the institute of Chartered Accounts of India are given below:

A. Related parties and their relationship.

i) Related parties:

Magenta Infrastructure Pvt. Ltd. Mr. Manoj B. Jeswani - Director

Suchit Developers Mr. Chandru R. Chawla - Partner

Embee International Resources Pvt. Ltd. Mr. Chandru R. Chawla - Director

Kanishk Global Solutions Pvt. Ltd. Mr. Chandru R. Chawla - Director

Pilot Constructions Pvt. Ltd. Mr. Chandru R. Chawla - Director

Bholenath Developers Ltd. Mr. Anil L. Sajnani - Director

Soham Hospitality Pvt. Ltd. Mr. Anil L. Sajnani - Director

Basant Rubber Factory Pvt. Ltd. Mr. Anil L. Sajnani - Director

ii) Key Management Personnel

Mr. Chandru R. Chawla - Whole Time Director

Mr. Manoj B. Jeswani - Whole Time Director

Mr. Anil L. Sajnani - Whole Time Director

6) Lease:

Office premises is on rental basis and risks & rewards of ownership are retained by the lessor & lessee. The Rent is charged to profit and loss account.

7) Segment Reporting:

The Company operates in manufacturing of steel wire ropes, steel wire rope products and building construction activity.

8) Information pursuant to the provisions of paragraphs 3,4C & 4D of part II of schedule-VI of the companies Act, 1956

9) FOB Value of Exports Realisation is Rs. NIL (Previous Year NIL)

10) CIF Value of Imports:

Raw Material Rs. NIL (previous Year NIL)

11) Previous years figures have been regrouped and rearranged wherever necessary.

12) Schedules 1 to 19 form an integral part of the Balance Sheet as at 31 st March, 2010 and the Profit and Loss Account for the year ended on that date and have been duly authenticated.

13) Additional information as required under part IV of schedule VI to the companies Act 1956.

1. Generic Names of Principal Products. Services of the Company

Item Code No: 7312.10

Product Description: WIRE ROPES, REGULATING EQUIPMENT & CONSTRUCTION ACTIVITY

Note: Classification of products/services being of technical nature is not verified by auditors.

 
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