Home  »  Company  »  Southern Ispat & Ene  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Southern Ispat & Energy Ltd.

Mar 31, 2014

1. The-Company Has issued one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.

In the even of liquidation of Company , the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts.

However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders. The liability of Shareholders are Limited to the extend of Unpaid calls.

2. Contingent Liabilities not provided for:-

Claims against the company not acknowledged as debts: - (Rs in Lacs)

31/03/2014 30/06/2013

Tax demands under Appeal by the Commercial Taxes Department 259.05 166.85

Bank Guarantee to KSEB (against 100% Margin Money Deposit) 51.50 51.50

3. The Accounts for the Financial Year 2013-14 have been prepared for the period of 9 Months from 1st July, 2013 to 31st March, 2014. (Previous Year 1st July 2012 to 30th June 2013 for the period of 12 Months)

4. Previous year''s figures have been regrouped wherever necessary to confirm to this year''s classifications

5. Expenses related to Capital Issue / Increase shown under the head Misc. Expenditure are been written off in the books on 1/5th basis u/s 35D

6. Segment Reporting :-

a. Business Segment: - The Company has considered business segment as the primary segment to disclose. The company is engaged in the manufacturing of MS Ingots / trading of Steel / Charcoal Products, which the context of AS-17 is issued by the Institute of Chartered Accountants of India, is considered the only business segments.

b. Geographical Segment: - The Company sell its products within India. The condition prevailing in India being uniform No Separate geographical segment disclosure is considered necessary.

7. Deferred Tax :-

In accordance with the Accounting Standard -22 "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, the company has accounted for deferred tax during the period. The cumulative net deferred tax liability of Rs. 54.38 Lakhs as on 31st March 2014 has been recognized. Consequently the excess Deferred Tax Liability of Rs 11.83 Lakhs has been recognized & credited to Profit & Loss account.

8. As required under section 212 of the Companies Act Statement on Companies interest in the subsidiary is given below:

* There is no change in the shareholding Interest between the end of the financial year of the subsidiary & the end of the company''s financial year.

* No Material changes have occurred between the end of the financial year of the Subsidiary company & the end of the company''s financial year in respect of Subsidiary''s fixed assets, investments, moneys lent by it and moneys borrowed by it for any purpose other than that of meeting current liabilities.

9. Related Party disclosure: -

Disclosures as required by accounting standard 18 (AS-18) related party disclosures issued by the institute of chartered accountants of India are as follows and description of relationship.

a. Name of related parties

i. Subsidiaries - SIEL, FZE

ii. Key management personal

1. Shri Vivek Agarwal, Chairman & Managing Director

2. Shri Manish Kr. Mishra, Director

3. Shri Vinod Bajoria, Director

iii. Relative of key management personnel where transaction have been taken place during the year.

1. Kerala Sponge Iron Ltd.

2. K K Agarwalla

3. K K Agarwalla HUF

iv. Transaction with related parties referred to above in ordinary course of business.


Jun 30, 2013

1. The Accounts for the Financial Year 2012-13 have been prepared for the period of 12 Months from 1st July, 2012 to 30th June, 2013. (Previous Year 1st July 2011 to 30th June 2012 for the period of 12 Months )

2. Previous year''s figures have been regrouped wherever necessary to confirm to this year''s classifications

3. Expenses related to Capital Issue / Increase shown under the head Misc. Expenditure are been written off in the books on 1/5th basis u/s 35D

4. Segment Reporting :-

a) Business Segment: - The Company has considered business segment as the primary segment to disclose. The Company is engaged in the manufacturing of MS Ingots / trading of Steel / Charcoal Products, which the context of AS-17 is issued by the Institute of Chartered Accountants of India, is considered the only business segment.

b) Geographical Segment: - The Company sell its products within India. The condition prevailing in India being uniform no Separate geographical segment disclosure is considered necessary.

5. Deferred Tax:-

In accordance with the Accounting Standard -22 "Accounting for taxes on Income- issued by the Institute of Chartered Accountants of India, the Company has accounted for deferred tax during the period. The Cumulative Net Deferred Tax Liability of Rs. 66.22 Lakhs as on 30th June 2013 has been recognized. Consequently the excess Deferred Tax Liability of Rs. 23.99 Lakhs has been recognized and credited to Profit & Loss Account.

6. As required under section 212 of the Companies Act Statement on Companies interest in the subsidiary is given below:

- There is no change in the shareholding Interest between the end of the Financial Year of the subsidiary & the end of the Company''s Financial Year.

- No Material changes have occurred between the end of the Financial Year of the Subsidiary Company & the end of the Company''s Financial Year in respect of Subsidiary''s Fixed Assets, investments, moneys lent by it and moneys borrowed by it for any purpose other than that of meeting current liabilities.

7. Related Part Disclosure:

Disclosures as required by Accounting Standard 18 (AS-18) related party disclosures issued by the Institute of Chartered Accountants of India are as follows and description of relationship.

a. Name of related parties

I. Subsidiaries - SIEL.FZE

ii. Key Management Personal

1. Shri VivekAgarwal, Chairman & Managing Director

2. Shri Manish Kumar Mishra, Director

3. Shri VinodBajoria, Director

iii. Relative of Key Management Personnel where transaction have been taken place during theyear.

1. Kerala Sponge Iron Ltd.

2. K.K.Agarwalla

3. K.K.AgarwallaHUF

iii. Transaction with related parties referred to above in ordinary course of business.


Jun 30, 2011

1 The Accounts for the Financial Year 2010-11 have been prepared for the period of 12 Months from 1st July, 2010 to 30th June, 2011. (Previous Year 1st April 2009 to 30thjune 2010 for the period of 15 Months)

2. During the year company has formed a 100% wholly owned subsidiary in LAE by name SIEL FZE & has invested Rs.18.51 Lakhs as equity participation & Rs.3287.16 Lakhs as interest free advance. As required under section 212 of the Companies Act Statement on Companies interest in the subsidiary is given below:

i. There is no change in the shareholding interest between the end of the financial year of the subsidiary & the end of the company's financial year.

ii. No Material changes have occurred between the end of the financial year of the Subsidiary's company & the end of the company's financial year in respect of subsidiary fixed assets, investments, moneys lent by it and moneys borrowed by it for any purpose other than that of meeting current liabilities.

3. Disclosures as required by accounting standards (As - 19) issued by the ICAI are as follows: - The Company's leasing arrangements are in respect of office premises taken on lease. The arrangements are for 11 months and are usually renewable by mutual consent or mutually agreeable terms. Lease rentals payable are recognised in the profit and loss account for the year and included under rental of office premises. (Disclosed under administration expenses)

4. There was no employee at any time during the year drawing Rs.200000/- or more per month.

5. Balances of Banks, Debtors, Creditors, Loan & Advances and other Personal Accounts are subject to confirmation.

6. FDR's made for bank guarantee in favour of KSEB and Sales Tax Department has substantial amount hence, interest on it has been taken into account but for remaining deposit no interest ha ve been provided.

7. Segment Reporting:-

a) Business Segment: - The Company has

considered business segment as the primary segment to disclose The company is engaged in the manufacturing of Ms Ingots / trading of Steel Products, which is the context of AS-17 issued by the Institute of Chartered Accountants of India is considered the only two business segments. Other business, include Speculative Trading in Metals

b) Geographical Segment:- The company sell its products within India. The condition prevailing in india being uniform No Separate geographical segment disclosure in considered necessary.

8. Income Tax:-

The Company has provided for Income Tax an amount of Rs. 296.91 Lakhs (Rs. 243.41 Lakhs), which is subject to change (not material in amount) after final computation of income tax.

9. Deferred Tax:-

In accordance with the Accounting Standard -22 "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, the company has accounted for deferred tax during the period. The cumulative net deferred tax liability of Rs.113.05 Lakhs as on 30th June 2011 has been recognized. Consequently the excess Deferred Tax Liability of Rs.66.02 Lacs has been recognized & credited to Profit & Loss account.

10. Previous year's figures have been regrouped wherever necessary to confirm to this year's classifications.

11. SHARE CAPITAL AND LISTING OF SHARES

During the year under review, your company issued 32,723,400 & 88,399,980 fully paid up under lying Equity shares of Rs.10 Each at a premium of Rs.4.10 & Rs.NIL through 1,090,780 & 2,946,666 Global Depository Receipts on 4th August 2010 & 6th June 2011 respectively. These GDR are listed is Luxembourg Stock Exchange. The securities of the company are listed and traded in compulsory dematerialised form on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The details of issue, Funds Raised & its utilisation are as follows:

Company has incurred a total sum of Rs 5.06 Crores as expenses in connection with issue of GDRs which is shown under the head "Miscellaneous Expenditure" & to be w/off in five equal installments commencing from the year of commercial operations.

12. SHARE WARRANTS

During the Year, Company has forfeited the share warrant money received against Fifty Lacs Shares of Rs.10 each with a Premium of Rs.5 due to the non receipt of remaining amount. The amount forfeited has been transferred to Reserve & Surplus.

13. None of the enterprises supplying goods or rendering services to the company who are engaged in manufacturing or production of goods are rendering or providing services have given any information as required under "The Micro, Small and Medium Enterprises Development Act 2006" Hence the company is not in a position to disclose the required information nor provided any liabilities as required under the said Act.

14. Company is yet to file various e-forms as required under Companies Act, 1956.

15. All Liabilities payable with in 12 months are grouped under current liabilities.

16. Contingent Liabilities not provided for:-

Claims against the company not acknowledged as debts:-

Rs in Lakhs

30.06.2011 30.06.2010

Tax demands under Appeal by the Commercial Taxes Department 166.85 349.72

Bank Guarantee to KSEB (against 100% Margin Money Deposit) 51.50 51.50

Security Deposit with Sales Tax 5.20 3.79

17. Related Party disclosure: -

Disclosures as required by accounting standard 18 (AS-18) related party disclosures issued by the Institute of chartered accountants of India are as follows and description of relationship.

a. Name of related parties

i. Subsidiaries - SIEL,FZE

ii. Key management personal

1. Shri Vivek Agarwal, Chairman & Managing Director

2. Shri K. K. Agarwalla, Executive Director

3. Shri E Sankaranarayana, Director

iii. Relative of key management personnel where transaction have been taken place during the year.

1. Kerala Sponge Iron Ltd.

2. Sree Enterprises

3. KK Agarwalla HUF

iii. Transaction with related parties referred to above in ordinary course of business.


Jun 30, 2010

1. The Accounts for the Financial Year 2009-10 have been prepared for the period of 15 Months from Is April, 2009 to 30th June, 2010. (Previous Year l5 April 2008 to 31st March 2009)

2. Disclosures as required by Accounting standards (As - 19) issued by the ICAI are as follows:- The companys leasing arrangements are in respect of office premises taken on lease. The arrangements are for 5 years and are usually renewable by mutual consent or mutually agreeable terms. Lease rentals payable are recognised in the profit and loss account for the year and included under rental of office premises. (Disclosed under administration expenses)

3. There was no employee at any time during the year drawing Rs.200000/- or more per month.

4. Balances of Banks, Debtors, Creditors, Loan & Advances and other Personal Accounts are subject to confirmation.

5. FDRs made for bank guarantee in favour of KSEB and Sales Tax Department has substantial amount hence, interest on it has been taken into account but for remaining deposit no interest have been provided.

6. Segment Reporting :-

a) Business Segment: - The Company has considered business segment as the primary segment to disclose. The company is engaged in the manufacturing / trading of Steel Products and Trading in Fabrics, which is the context of AS-17 issued by the Institute of Chartered Accountants of India is considered the only two business segments. Other business, include providing Speculative Trading, Job works etc.

7. Previous years figures have been regrouped wherever necessary to confirm to this years classifications.

8. Company has granted share warrants in respect of the Companys Equity Share Capital as follows:

a. To Promoters :On 22nd July 2009, 50,00,000 Share Warrants @ Premium of Rs 5/- with an option for conversion within 18 Months against which company has received a sum of Rs 2,61,50,000.00 (Rupee Two Crores Sixty One Lacs Fifty Thousand only) till Balance sheet date.

b. To Non Promoters: On 27th May 2010, 1,00,00,000 Share Warrants @ Premium of Rs 22/- with an option for conversion within 18 Months against which company has received a sum of Rs 8,00,00,000.00 (Rupee Eight Crores only ) till Balance sheet date.

9. None of the enterprises supplying goods or rendering services to the company who are engaged in manufacturing or production of goods are rendering or providing services have given any information as required under "The Micro, Small and Medium Enterprises Development Act 2006" Hence the company is not in a position to disclose the required information nor provided any liabilities as required under the said Act.

10. Contingent Liabilities not provided for :-

Claims against the company not acknowledged as debts:-

Rs in Lakhs

a) Tax demands under Appeal 30.06.2010 31-03-2009

i) By the Commercial Taxes Department (05-06,06-07) 334.06 334.06

ii) By the Commercial Taxes Department 15.66 15.66

iii) By the Central Excise Department 0.00 88.57

11. Related Party disclosure:

Disclosures as required by accounting standard 18 (AS-18) related party disclosures issued by the Institute of Chartered Accountants of India are as follows and description of relationship.

a. Name of related parties

i. Subsidiaries - NIL

ii. Key management personal

1. Shri. Vivek Agarwal, Chairman & Managing Director

2. Smt. Richa Agrawal, Director

3. Smt. Anusuyadevi Agarwal, Director

4. Shri V. Manikandan, Director

5. Shri.Thiagaraja Iyer Venketaramani, Director

6. Shri.R. Sivaramakrishnan, Director

7. Shri. K. K. Agarwalla, Executive Officer

9. Shri. Liston Perieira, Company Secretary

iii. Relative of key management personnel where transaction have been taken place during the year.

i. Kerala Sponge Iron Ltd.

ii. Transaction with related parties referred to above in ordinary course of business.

 
Subscribe now to get personal finance updates in your inbox!