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Notes to Accounts of Shri Bajrang Alloys Ltd.

Mar 31, 2015

1. EXCISE DUTY ON CLOSING STOCK

Excise duty shown as deduction from sales represents the amount of excise duty collected on sales and in accordance with ASI 14 on 'Disclosure of Revenue from Sales Transactions' issued by Institute of Chartered Accountants of India, differential excise duty on opening and closing stock of - finished goods amounting to Rs.-3509200/- [P.Y. Rs.(-186411)] has been adjusted from increase/(decrease) in stock in trade in Notes -21.

2. Balances of the sundry debtors, sundry creditors, loans and advances etc. are subject to confirmation and reconciliation.

3. The Company has not received any information from any of the suppliers of their being a Small Scale Industrial Unit. Hence the amounts due to Small Scale Industrial Unit as on 31st March 2015 are not ascertainable.

4. In opinion of the Board, the value of realization of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

5. Information on Related Party as required by Accounting Standard-18, "Related Party Disclosures" issued by The Institute of Chartered Accountants of India, are given below :

i) Related Parties

a) Wholly owned Subsidiary b) Key Management Personnel

Popular Mercantile Pvt. Ltd. Shri Suresh Goel

c) Associate Shri Narendra Goel

Shri Bajrang Power and Ispat Limited Shri Anand Goel

Shri Bajrang Ispat & Plywood Limited Shri Bajrang Hydro Energy Pvt. Ltd. S.B. Multimedia Private Limited Shimmer Investment Pvt. Ltd. Swastik Mercentiles Ltd. Jainarayan Hari Ram Goel Charitable Trust I A Energy

6. In accordance with the Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the Company during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. The Company has not identified any Fixed Assets to be materially impaired mainly on account of economic performance and alternative viability of such assets and accordingly no amount has been charged as impairment loss to the Profit & Loss Account at the year end.

7. FOREIGN CURRENCY TRANSACTION

Foreign Exchange Income / (Expenditure) shown in Profit and Loss Account Rs.770228/- (PY. Rs. (43592/-)) relates to fluctuation of currency value of Sales Transaction .

38. Inventories and consumption of stores materials have been taken as valued and certified by the management.

39. The previous year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2014

1. COMPANY OVERVIEW :

Shri Bajrang Alloys Limited is a Public Limited Company incorporated under the provision of the Companies Act 1956, having its Regd.office in Raipur. The Company has listed its share in Bombay Stock of Exchange (BSE) of India. The company is mainly engaged in manufacturing of Structural Steels like Angle, Channel, Joist/Beam, Round etc.

2. Defined Benefit Plan Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service or part thereof in excess of 6 months and its payable on retirement / termination/ resignation. The benefit vests on the employees after completion of 5 Years of service. The gratuity liability has not been externally funded.

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

3. EXCISE DUTY ON CLOSING STOCK

Excise duty shown as deduction from sales represents the amount of excise duty collected on sales and in accordance with ASI 14 on ''Disclosure of Revenue from Sales Transactions'' issued by Institute of Chartered Accountants of India, differential excise duty on opening and closing stock of finished goods amounting to Rs.186411/- [P.Y. Rs.(5894757)] has been adjusted from increase/(decrease) in stock in trade in Notes - 21.

4. CONTINGENT LIABILITIES

Contingent Liabilities and Commitments (To The Extent Not Provided For)

(Amount in Lacs)

PARTICULARS AS AT AS AT 31.03.2014 31.03.2013

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt - 5.82

(Security Amount deposited Against the claim Rs. NIL (P.Y. Rs.1.50 Lacs).

(b) Guarantees

Bank Guarantees 17.77 10.00

Margin money of Rs. 1.78 Lacs (P.Y. 1.00 Lacs) deposited with bank.

Bill Discounted Under LC 398.99 2755.22

Corporate Guarantees on behalf of other companies 100570.00 20920.00

100986.76 23691.04

(ii) Commitments - -

TOTAL:: 100986.76 23691.04

5. Balances of the sundry debtors, sundry creditors, loans and advances etc. are subject to confirmation and reconciliation.

6. The company has not received any information from any of the suppliers of their being a Small Scale Industrial Unit. Hence the amounts due to Small Scale Industrial Unit as on 31st March 2014 are not ascertainable.

7. In opinion of the Board, the value of realization of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

8. Information on Related Party as required by Accounting Standard-18, "Related Party Disclosures" issued by The Institute of Chartered Accountants of India, are given below :

i) Related Parties

a) Wholly owned Subsidiary b) Key Management Personnel

Popular Mercantile Pvt. Ltd. Shri Suresh Goel

c) Associate Shri Narendra Goel

Shri Bajrang Power and Ispat Limited Shri Anand Goel Shri Bajrang Ispat & Plywood Limited Shri Bajrang Hydro Energy Pvt. Ltd. S.B. Multimedia Private Limited Shimmer Investment Pvt. Ltd. Swastik Mercentiles Ltd. Jainarayan Hari Ram Goel Charitable Trust I A Energy

9. In accordance with the Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the Company during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. The company has not identified any Fixed Assets to be materially impaired mainly on account of economic performance and alternative viability of such assets and accordingly no amount has been charged as impairment loss to the Profit & Loss Account at the year end.

10. FOREIGN CURRENCY TRANSACTION

Foreign Exchange Expenditure shown in Profit and loss Account Rs.43592/- (PY. Rs. NIL/-) relates to fluctuation of currency value of Sales Transaction.

11. Inventories and consumption of stores materials have been taken as valued and certified by the management.

12. The previous year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2013

(A) COMPANY OVERVIEW :

Shri Bajrang Alloys Limited is one of the leading manufacturing company of Raipur. Company is engaged in manufacturing of Structural Steels like Angle, Channel, Joist/Beam, Round etc.

1. GRATUITY

As per Accounting Standard 15 "Employee benefits" , the disclosures as defined in the Accounting Standard are given below :

Defined Contribution Plans

Contribution to Defined Contribution Plans, recognised as expense for the year is as under :

Defined Benefit Plan Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service or part thereof in excess of 6 months and its payable on retirement / termination/ resignation. The benefit vests on the employees after completion of 5 years of service. The gratuity liability has not been externally funded.

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Since the entire amount of plan obligation is unfunded, therefore change in the fair value of plan assets are not given. Further the entire amount of plan obligation is unfunded, therefore categories of plan asset as a percentage of the fair value of total plan assets and company''s expected contribution to the plan assets in the next year is not given.

2. EXCISE DUTY ON CLOSING STOCK

Excise duty shown as deduction from sales represents the amount of excise duty collected on sales and in accordance with ASI 14 on ''Disclosure of Revenue from Sales Transactions'' issued by Institute of Chartered Accountants of India, differential excise duty on opening and closing stock of - finished goods amounting to Rs.(5894757) lakhs (P.Y. Rs.2049412) has been adjusted from increase/(decrease) in stock in trade in Notes -20.

3. Balances of the sundry debtors, sundry creditors, loans and advances etc. are subject to confirmation and reconciliation.

4. The company has not received any information from any of the suppliers of their being a Small Scale Industrial Unit. Hence the amounts due to Small Scale Industrial Unit as on 31st March 2013 are not ascertainable.

5. In opinion of the Board, the value of realization of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

6. Information on Related Party as required by Accounting Standard-18, "Related Party Disclosures" issued by The Institute of Chartered Accountants of India, are given below :

i) Related Parties

a) Wholly owned Subsidiary

Popular Mercantile Pvt. Ltd.

b) Key Management Personnel

Shri Suresh Goel Shri Narendra Goel Shri Anand Goel

c) Associate

Shri Bajrang Power & Ispat Limited

Shri Bajarang Ispat & Plywood Limited

Shri Bajrang Hydro Energy Pvt. Ltd.

S.B. Multimedia Private Limited

Shimmer Investments Pvt. Ltd.

Swastik Mercantiles Ltd.

Jainarayan Hari Ram Goel Charitable Trust

7. In accordance with the Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the Company during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. The company has not identified any Fixed Assets to be materially impaired mainly on account of economic performance and alternative viability of such assets and accordingly no amount has been charged as impairment loss to the Profit & Loss Account at the year end

8. FOREIGN CURRENCY TRANSACTION

Foreign Exchange Income shown in Profit and loss Account Rs.Nil (PY. Rs. 91553/-) relates to fluctuation of currency value of Sales Transaction.

9. Inventories and consumption of stores materials have been taken as valued and certified by the management.

10. The previous year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2012

(A) COMPANY OVERVIEW :

Shri Bajrang Alloys Limited is one of the leading manufacturing company of Raipur. Company is engaged in manufacturing of Structural Steels like Angle, Channal, Joist/Beam, Round etc.

Amounts have been rounded off to the nearest rupees and previous year's figures have been regrouped, rearranged and reclassified wherever considered necessary to confirm to the current presentation.

In accordance with "Accounting Standard - 22" issued by the "Institute of Chartered Accountants of India", the Company has recognised net of deferred tax assets and deferred tax liability amounting to Rs. 4774762/- as on 31/03/2012 under a separate head "Deferred Tax Liability". Deferred tax Expenses for the year amounting to Rs. 583101/- has been recognized in the Profit & Loss Account.

1. GRATUITY

As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Defined Benefit Plan Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service or part therof in excess of 6 month and its payable on retirement / termination/ resignation.The benefit vests on the employees after completion of 5 Year of service. The gratuity liability has not been externally funded.

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Since the entire amount of plan obligation is unfunded, therefore change in the fair value of plan assets are not given. Further the entire amount of plan obligation is unfunded, therefore categories of plan asset as a percentage of the fair value of total plan assets and company's expected contribution to the plan assets in the next year is not given.

The estimates 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.

The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of Plan assets held, assessed risks, historical results of return on plan assets and the Company's policy for plan assets management.

Leave Encashment

The obligation for leave encashment is recognized during the year of Rs.128428/- (P.Y.Rs.123179/-) , is equivalent to one month salary and charged to Profit & Loss Account

2. EXCISE DUTY ON CLOSING STOCK

Excise duty shown as deduction from sales represents the amount of excise duty collected on sales and in accordance with ASI 14 on 'Disclosure of Revenue from Sales Transactions' issued by Institute of Chartered Accountants of India, differential excise duty on opening and closing stock of -

Finished goods amounting to Rs.(-2049412) lakhs (P.Y. Rs.-1803145) has been adjusted from increase/(decrease) in stock in trade in Notes -20.

3. CONTINGENT LIABILITIES

Contingent Liabilities And Commitments (To The Extent Not Provided For)

(Amount in Lacs)

PARTICULARS AS AT AS AT 31.03.2012 31.03.2011

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt 10.69 32.25

(Security Amount deposited Against the claim Rs.6.25 Lacs (p.Y. Rs.4.75 Lacs).

(b) Guarantees

Bank Guarantees - 26.64 Margin money of Rs.Nil Lacs (previous year Rs. 3.14 Lacs) deposited with bank.

Bill Discounted Under LC 4862.92 3101.52

Corporate Guarantees on behalf of other companies 20920.00 33711.00

25793.61 36871.41

(ii) Commitments - -

TOTAL:: 25793.61 36871.41

4. Balances of the sundry debtors, sundry creditors, loans and advances etc. are subject to confirmation and reconciliation.

5. The company has not received any information from any of the suppliers of their being a Small Scale Industrial Unit. Hence the amounts due to Small Scale Industrial Unit as on 31st March 2012 are not ascertainable.

6. In opinion of the Board, the value of realization of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

7. In accordance with the Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the Company during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. The company has not identified any Fixed Assets to be material impaired mainly on account of economic performance and alternative viability of such assets and accordingly no amount has been charged as impairment loss to the Profit & Loss Account at the year end.

8. FOREIGN CURRENCY TRANSACTION

Foreign Exchange Income shown in Profit and loss Account Rs.91553/- (PY. Rs. 61991/-) relates to fluctuation of currency value of Sales Transaction.

9. Inventories and consumption of stores materials have been taken as valued and certified by the management.

10. The previous year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2010

(A) COMPANY OVERVIEW :

Shri Bajrang Alloys Limited is one of the leading manufacturing company of Raipur. Company is engaged in manufacturing of Structural Steels like Angle, Channal, Joist/Beam, Round etc.

1. Contingent Liabilities not provided for in the accounts in respect of:

a) Bank Guarantees outstanding at Rs. 30.02 Lacs (previous year Rs. 3.32 Lacs) against which margin money of Rs. 4.36 Lacs (previous year Rs. 1.22 Lacs) has been deposited with bank.

b) Claims against the company / disputed tax liabilities not acknowledged as debt amounting to Rs. 31.00 Lacs (Previous year Rs. 41.83 Lacs).

c) Guarantees given on behalf of the other companies Rs. 33711 Lacs (previous year Rs.33711 Lacs).

d) Customers bills discounted Rs. 3627.31 Lacs (previous year 1837.15 Lacs).

2. TAXES ON INCOME

a) Provision for Income Tax has been made in terms of the normal provisions of the Income Tax Act 1961.

c) In accordance with "Accounting Standard - 22" issued by the "Institute of Chartered Accountants of India", the Company has recognised net of deferred tax assets and deferred tax liability amounting to Rs. 4065048/- as on 31/03/2010 under a separate head "Deferred Tax Liability". Net of deferred tax liability and asset for the year amounting to Rs. 491013/- has been recognised in the Profit & Loss Account.

3. GRATUITY

(i) Provision for gratuity has been determined on the basis of simple calculation as per Gratuity Act and Labour Act only. This is not as per compliance of the accounting standard 15 issued by ICAI as the company has not determined the liability as required as per revised AS-15, which was mandatory w.e.f. 01.04.2007 However, additional liabilities if any will be provided later on. The quantum of additional liability is at present unascertainable.

(ii) Provision for gratuity has been made on the basis of half month of last drawn salary as this method is generally followed by all the incidental industries. Acturial valuation was not done as the strength of employees are not too high. Had the acturial valuation been made the diffrence would not be material, looking towards the low strength of Employees.

(iii) As the company has not separately invested any of its liability of Gratuity in any specific Govt. Bonds / Securities, hence the changes in assets is not there.

4. Amounts have been rounded off to the nearest rupees and previous years figures have been regrouped, rearranged and reclassified wherever considered necessary.

5. Balances of the sundry debtors, sundry creditors, loans and advances etc. are subject to confirmation and reconciliation.

6. The company has not received any information from any of the suppliers of their being a Small Scale Industrial Unit. Hence the amounts due to Small Scale Industrial Unit as on 31st March 2010 are not ascertainable.

7. Related Party disclosures, as required by Accounting Standard-18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :

i) Related Party

a) Associate Companies

Shri Bajrang Metallics & Power Limited Shri Bajrang Power & Ispat Limited Shri Bajrang Ispat & Plywood Limited Shri Bajrang Hydro Energy Pvt. Ltd. S.B. Multimedia Private Limited Shimmer Investment Pvt. Ltd.

b) Key Management Personnel

Shri Suresh Goel Shri Anand Goel Shri Narendra Goel

8. In accordance with the Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the Company during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. The company has not identified any Fixed Assets to be materialy impaired mainly on account of economic performance and alternative viability of such assets and accordingly no amount has been charged as impairment loss to the Profit & Loss Account at the year end.

9 FOREIGN CURRENCY TRANSACTION

Foreign Exchange Income shown in Profit and loss Account Rs. 45563/- of Sales Transaction.

10. In accordance with ASI-14 Discloser from sales Transaction issued by Institute of Chartered accountants of India, Differential Excise duty on Opening and Closing Stock of Finished goods amounting to Rs. (3799055) (PY Rs. 14400440) has been adjusted from (increase) / decrease in Stock in schedule - M.

 
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