Mar 31, 2016
a) Term Loan from Indian Overseas Bank is secured by exclusive 1st charge on entire plant and machinery and other moveable fixed assets of the Company and equated mortgage of land and building of Nalagarh unit and 2nd pari passu charge on all the current assets of the Company both present & future and is repayable in 60 monthly installments of Rs. 11.70 lacs each starting from 30th June, 2011 (increased to Rs. 12.39 lacs from November, 2011) and 52 monthly installment of Rs.11.73 lacs each starting from February, 2012. The Interest rate ranges from 13.35% to 15.25% p.a.
b) Vehicle Loan is secured by hypothecation of vehicles and are repayable in 60 monthly installments of Rs 0.77 lac starting from April 2012 and 60 monthly installments of Rs 0.53 lac starting from May 2012. The interest rate is 10.75% p.a. on the said vehicle loan.
c) Current maturities of above loans have been shown under note 10
a) The development grant is for financial support from ''Department of Scientific & Industrial Research'' (DSIR) for design and development of ''Biological Toilet System'' (BTS) (Product) under TDDP release and to be utilized for equipments and other related parts for the said project. In terms of agreement with DSIR, the Company is required to pay annual royalty in lump sum @26% of the grant so received to National Research Development Corporation (NRDC) on behalf of DSIR for a period of five years from the start of commercial sale of the product. Accordingly Rs 70.74 lacs ( Previous Year : Rs nil) has been transferred during the year to other current liabilities.
b) In respect of demand for increase in rentals amounting to Rs. 228.97 lacs (Previous year Rs 228.97 lacs) on leasehold land from Kolkata Port Trust in the earlier years, consequent to Special Leave Petition before Hon''ble Supreme Court filed against the same, the matter has been referred back to the Hon''ble Calcutta High Court for a fresh decision on merit. Pending decision of the Court, even though total amount of the demand as on this date is presently not ascertainable, payments are being made as per the directions of the court and charged to the revenue. This along with the provision of Rs. 94.47 lacs made there against in earlier years has been considered adequate by the management. Adjustments required in this respect will be given effect to as finally determined.
a) Cash Credit from Banks are secured by way of Hypothecation of stocks and book debts and are further secured by way of a second charge on the moveable fixed assets at Kolkata unit of the Company on a pari passu basis.
a) Trade payables includes amounts due to related party Rs. 16.02 lacs (Previous year Rs. 10.47 lacs)
b) Necessary information from the suppliers in respect of Micro and Small Enterprise covered under Micro, Small and Medium Enterprise Development Act, 2006 were not available and as such the disclosures as required as per Section 22 of the said Act and of amount payable to these enterprises as required in terms of Schedule III to the Companies Act , 2013 could not be ascertained and given in these accounts.
a) Other liabilities include unbilled services, expenses etc
b) The Company has made full provision for dues to the ESI authorities arising out of the ESI Central - 2nd Amendment Rules, 1996 which has not been deposited with the ESI authorities because of a stay order issued by the Hon''ble Calcutta High Court on 25 April, 1997. Pending final decision and determination of liability in this respect, Rs 51.96 lacs has been provided and included under Other Liabilities.
a The Deed of Conveyance /Registration relating to building at Gopalpur, Orissa is in the process of being executed by the Company and the stamp duty payable in respect thereof will be accounted for on assessment. However , the said property is in the possession of the Company.
b Freehold land & building includes flat at New Delhi (Gross Value Rs 94.99, WDV as at 31-March-16 and 31-March-15: Rs 73.02 lacs and Rs. 74.75 lacs, respectively) in which the Company has one-third ownership share and is in the Company''s joint possession.
c Furniture, fittings and Electrical installations includes computer & computer peripherals.
d Depreciation on Fixed Assets has been provided on straight line method from the date these are put to use at the rates specified as under:
* Items below Rs. 0.05 each have been depreciated @ 100%.
e Carrying value of Fixed Assets of the colour monitor unit at Kustia Road being affected due to obsolescence was considered for impairment as on 01-April-04 and Rs. 241 lacs equivalent to the entire book value of the fixed assets was considered as an impairment loss in the said financial year.
f Certain Plant & Machinery and Land & Building of the Company as on 31-January-01 and l-January-07 was revalued by the approved value on Net Replacement Cost basis and Fair Value basis respectively and increase in value by Rs . 4249.65 lacs arising there from was added to the Gross Block of the respective year.
g Depreciation has been provided at the rates (Para 4 above) and as per the policy (Note 1(d)) followed in this respect in the previous year. The Company is in the process of evaluating the useful life of the fixed assets and classification thereof as per Schedule II of the Companies Act, 2013. Impact in this respect will be ascertained and given effect to on completion of the process.
a) Net worth in respect of Stone Biotech (P) Ltd., a subsidiary of the Company, even though has become negative, considering long term involvement therein, no adjustments in the value of investment of the Company amounting to Rs.21 lacs in the said subsidiary has been considered necessary.
b) Particulars of investments as required in terms of Section 186(4) of the Companies Act, 2013 , have been disclosed as above.
a) Capital advance include Rs. 80.55 lacs being payment for technical Knowhow, pending implementation thereof and settlement with party and consequential adjustments arising in this respect.
b) Rs 208.14 lacs paid for technical knowhow, for "Rail Runner" project has also been shown as capital advance.
c) Advance to related parties include Rs.1006.99 lacs (Previous Year Rs. 1006.99 lacs) recoverable from Stone Intermodal Private Limited (SIPL) (a subsidiary) being administrative and other costs allocated and payment for knowhow etc. for "Rail Runner Project" which was under implementation by the said subsidiary and investment includes Rs 1.00 lac (Previous Year Rs 1.00 lac) in the said subsidiary. Considering the Company''s long term involvement with SIPL and further course of action under consideration, the Company''s exposure therein has been considered good and recoverable.
a) Work-in-Progress which relates to railway products is arrived at after conversion of stocks at various stages of completion to equivalent completed production hours and have been valued at normal labour hour rates and allocated overheads apart from the material cost.
b) The valuation of both finished stock and work-in-progress includes allocable production overheads. The production overhead has been allocated on actual/pro-rata basis based on Management estimates of their direct or indirect linkage with production. As conversion to equivalent completed production hours and allocation as above is based on management''s technical estimates, the auditors have relied upon the same.
c) Reconciliation of inventories lying at different locations including with third parties amounting to Rs.285.81 lacs even though carried out to certain extent were yet to be completed at the year end. Rs 397.23 lacs out of the provision made in earlier years has been considered adequate and therefore continued in this year.
a) Due date of 30 days have been considered as the general term for all receivables.
b) Trade receivables outstanding for a period exceeding six months includes Rs 372 lacs which are lying unpaid due to various deductions and rejections by the customers. Pending outcome of the steps taken for recovery, has been considered good and recoverable.
a) During earlier years, the Company was liable to pay Minimum Alternate Tax (MAT) under Sec 115JB of the Income Tax Act, 1961 (the Act) and the amount paid as MAT is allowed to be carried forward for being set-off against the future tax liabilities to the extent credit will be available in terms of the relevant provisions of the Act. Accordingly, as advised in guidance note on "Accounting for credit available in respect of minimum alternate tax under the Income Tax Act, 1961" issued by the Institute of Chartered Accountants of India, Rs 86.47 lacs (Previous Year : Rs 86.47 lacs) being the credit available has been carried forward as MAT Credit Entitlement.
b) Other Loans and Advances include Rs104.36 lacs which are under investigation concerning defalcation of Company''s fund. Pending completion of reconciliation and other proceedings and determination of amount recoverable there against, steps are being taken for recovery in this regard.
a) Remuneration paid/payable to Ex-managing Director amounting to Rs.231.19 lacs (including Rs. Nil for the year (Previous year Rs.44.44 lacs) and current Managing Director amounting to Rs 37.35 lacs (including Rs.17.68 lacs for the year (Previous year Rs.19.67)) are subject to approval from Central Government.
30) Certain debit and credit balances including accounts receivables, trade and other payables, deposits with banks and other deposits are subject to confirmation and reconciliation. Adjustments required with respect to these will be carried out on ascertainment of amounts thereof.
* including 6,800 shares on equivalent basis 32) Related Party Disclosures as per AS-18 (A) Name of the Related Parties
a) Subsidiary Companies Stone Intermodal Private Limited
Stone Biotech Private Limited
b) Associates Odyssey Travels Limited
Sewand Investments Pvt. Ltd Julex Commercial Co Ltd ISG Traders Limited Duncans Industries Limited
c) Key Management Personnel (KMP) Mr. Debhasis Chakravarty, Managing Director ( from 1-Dec-14)
Mr. Amitava Mondal, Managing Director (upto 22-Nov-14)
Notes:
i) In respect of above parties, there is no provision for doubtful debts as on 31st March 2016 and no amount has been written off or written back during the year in respect of debts due from/to them.
ii) The above Related Parties information is as identified by the Management and relied upon by the auditors.
iii) Figures given in bracket represents previous year figures
Additional Information :
The Company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organizational structure and internal reporting system. Types of products and Services in each business segment:
Railway product and services: comprising of manufacturing, selling and all other activities incidental thereto Biotoilets: comprising of manufacturing, servicing and maintenance thereof
b) Secondary Segment Information
The Company''s operations are mainly confined within India and therefore the analysis of geographical segment is demarcated into its Indian and overseas operation as under:
1) Employee Benefits:
i) The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) Rules, 2006, are given below :
a) Defined Contribution Scheme :
Contribution to Defined Contribution Plan , recognized for the year are as under :
Employer''s Contribution to Provident Fund- Rs. 42.28 lacs (Previous Year Rs. 45.25 lacs)
Employer''s Contribution to Pension Fund - Rs. 46.59 lacs ( Previous Year Rs. 35.65 lacs)
Employer''s Contribution to Superannuation Fund- Rs. 5.12 lacs (Previous year Rs. 8.82 lacs)
Contribution towards Employees provident fund to company''s own trust including shortfall with respect to interest on investments and that payable to employees, pending actuarial determination has fully been provided for in the accounts.
b) Defined Benefit Plan :
The employee''s gratuity fund scheme is a defined benefit plan. 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. The obligation for Leave Encashment is recognized in the same manner as gratuity.
Other disclosures required under Accounting Standard 15 ''Employee Benefits'' notified under Company''s (Accounting âStandards) Rules 2006 are given below
2) Other Input cost and Service comprising of custom duty , warehousing and other expenses are direct cost incurred in respect of metro rail project. Revenue against the said project has been recognized under proportionate completion method which being based on management estimate of the total cost and technical in nature , reliance has been placed by the auditors in this respect .The revenue so recognized in excess of invoices raised as per the terms of contract has been shown as unbilled revenue
Mar 31, 2015
1. Terms and rights attached to equity shares:
The Company has one class of equity shares having par value of Rs 10/-
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to approval
of the shareholders in the ensuing Annual General Meeting. In the event
of liquidation the equity shareholders are eligible to receive the
remaining assets after discharging all liabilities of the Company, in
proportion to their shareholding.
2. The Company has allotted 20,00,000 Warrants on a preferential basis
to ISG Traders Limited, a Promoter Group Company on 17th October, 2013
entitling the allottee to apply for and obtain allotment in one or more
tranches one Equity Share of Rs.10/- each at a price of Rs.17.50 per
share against each such Warrant within 18 months from the date of
allotment. Out of above, 5,75,000 and 6,50,000 equity shares ofRs 10/-
each at a premium ofRs 7.50 each has been subscribed and allotted on
31st March, 2014 and 7th March, 2015 respectively, leaving a balance of
7,75,000 warrants which have been shown as above.
a) Term Loan from Indian Overseas Bank is secured by exclusive 1st
charge on entire plant and machinery and other moveable fixed assets of
the Company and equated mortgage of land and building of Nalagarh unit
and 2nd pari passu charge on all the current assets of the Company both
present & future and is repayable in 60 monthly instalments ofRs. 11.70
each starting from 30thjune, 2011 (increased to Rs. 12.39 from
November, 2011) and 52 monthlyinstallment ofRs. 11.73 each startingfrom
February, 2012.
b) Vehicle Loan is secured by hypothecation of vehicles and are
repayable in 60 monthly instalments ofRs 0.77 starting from April 2012
and 60 monthly instalments ofRs 0.53 starting from May 2012.
c) Current maturities of above loans have been shown under note 10.
a) The development grant including Rs 44.00 (previous year Rs. 100.00)
received during the year is for financial support from 'Department of
Scientific & Industrial Research' (DSIR) for design and development
of'Biological Toilet System' (BTS) (Product) under TDDP release and to
be utilized for equipments and other related parts for the said
project.
3. In terms of agreement with DSIR, the Company is required to pay
annual royalty in lumpsum @26% of the grant so received to National
Research Development Corporation(NRDC) on behalf of DSIR for a period of
five years from the start of commercial sale of the product. Pending
commencement of the commercial operation, no adjustment with respect to
the royalty in terms of the agreement has been considered necessary.
4. In respect of demand for increase in rentals amounting to Rs. 228.97
(Previous year Rs 228.97) on leasehold land from Calcutta Port Trust in
the earlier years, consequent to Special Leave Petition in Honble
Supreme Court filed against the same, the matter has been referred back
to the Hon'ble Calcutta High Court for a fresh decision on merit.
Pending decision of the Court, eventhough total amount of the demand as
on this date is presently not ascertainable, payments are being made as
per the directions of the court and charged to the revenue. This along
with the provision ofRs. 94.47 made thereagainst in earlier years has
been considered adequate by the management. Adjustments required in
this respect will be given effect to as finally determined.
a) Cash Credit from Banks are secured byway of Hypothecation of stocks
and book debts and are futher secured by way of a second charge on the
moveable fixed assets at Kolkata unit of the Company on a pari passu
basis.
a) Necessary information from the suppliers required under Micro, Small
and Medium Enterprise Development Act, 2006 were not available and as
such the disclosure as required in Section 22 of the said Act could not
be given in these accounts.
b) Trade payables includes due to related party Rs. 10.35 (Previous
year Rs. 66.14).
5. Other liabilities include unbilled procurements, services, expenses
etc
6. The Companyhas made full provision for dues to the ESI authorities
arising out of the ESI Central - 2ndAmendment Rules, 1996 which has not
been deposited with the ESI authorities because of a stay order issued
by the Hon'ble Calcutta High Court on 25 April, 1997. Pending final
decision and determination of liability in this respect, Rs 51.96 has
been provided and includedunder Other Liabilities.
a) Capital advance include Rs. 88.69 being payment for technical
knowhow, pending implementation thereof and settlement with party and
consequential adjustments arising in this respect.
b) Rs. 208.14paid for technical knowhow, for "Rail Runner" project has
also been shown as capital advance.
c) Advance to related parties include Rs. 1006.99 (Previous Year Rs.
1006.99) recoverable from Stone Intermodal Private Limited (SIPL) (a
subsidiary) being administrative and other costs allocated and payment
for know how etc. for "Rail Runner Project" to be undertaken by the
said subsidiary and investment includes Rs 1.00 (Previous Year Rs 1.00)
in the said subsidiary. Even though there have been delays in
completion of the project, considering the Company's long term
involvement with SIPL and the prospects thereof, the Company's exposure
therein has been considered good and recoverable.
a) Work-in-Progress is arrived at after conversion of stocks at various
stages of completion to equivalent completed production hours and have
been valued at normal labour hour rates and allocated overheads apart
from the material cost.
b) The valuation of both finished stock and work-in-progress includes
allocable production overheads. The production overhead has been
allocated on actual / pro-rata basis based on Management estimates of
their direct or indirect linkage with production. As conversion to
equivalent completed production hours and allocation as above is based
on management's technical estimates, the auditors have relied upon the
same.
c) Stocks of Rs. 234 lying with third parties are under reconciliation
at the year-end and pending consequential adjustments, if any, arising
in this respect.
d) Reconciliation of Inventory at different location were in process
and pending this, provision of Rs. 467 made, has been considered
adequate by the Management.
a) Remuneration paid/payable to Ex-managing Director amounting to
Rs.231.19 (including Rs.44.44 for the year (Previous year Rs.75.17) are
subject to approval from Central Government.
Remuneration to Managing Director amounting to Rs.33.67 included in
Salaries and Wages (excluding performance Bonus of Rs.6.67 yet to be
approved by the Board) is subject to approval of shareholders in the
ensuing Annual General Meeting and Rs.19.67 being in excess of the
prescribed limit is also pending from Central Goverment thereafter
b) Previous year's Salary and Wages was net of refund of Rs 62.10 by
the Managing Director pursuant to order dated 29th August, 2013 of
Ministry of Corporate Affairs against excess remuneration paid during
the period from 1st October, 2009 to 30th September, 2012.
7. Contingent Liabilities and Commitments
Particulars As at As at
31.03.2015 31.03.2014
a) Claims against the Company not
acknowledged as debts:
- Sales tax matters in dispute 106.87 94.90
- Service Tax matter in appeal
(excluding interest & penalty) 54.70 54.70
- Demand raised by technology supplier
for which the arbitration award is awaited 156.00 156.00
On basis of current status of individual
cases, the management is of the view that no
provision is required in these cases.
Further cash outflow in respect of the
items mentioned above is dependant upon
outcome of final judgement/decision.
b) Commitments on Capital Accounts
(net of advances):
Tangible Assets 14.58 10.43
8. Certain debit and credit balances including advances, accounts
receivables, trade and other payables, certain bank balances and
deposits are subject to confirmation and reconciliation thereof and
also with subsidiary ledger. Adjustments required with respect to these
will be carried out on ascertainment of amounts thereof.
9. Related Party Disclosures as per AS-18
(A) Related parties with whom the Company had transactions, etc.
a) Enterprise where control exists: Stone Intermodal Private Limited
and Stone Biotech Private Limited (Subsidiaries)
b) Associates:
i) Odyssey Travels Limited
ii) Sewand Investments Pvt. Ltd
iii) Julex Commercial Co Ltd
iv) ISG Traders Limited
v) Duncans Industries Limited
c) KeyManagementPersonnel(KMP)
Mr. A. Mondal : Managing Director (upto 22.11.14)
Mr. D. Chakravarty : Managing Director (since 01.12.14)
Mr. S Goenka : Whole Time Director (Upto 14.08.2013)
i) In respect of above parties, there is no provision for doubtful
debts as on 31st March 2015 and no amount has been written off or
written back during the year in respect of debts due from / to them.
ii) The above Related Parties information is as identified by the
Management and relied upon by the auditors.
32) During the year segments have been identified taking into account
the nature of the products, the differing risks and returns, the
organisational structure and internal reporting system.
a) Primary Segment in formation:
The Companyhas disclosed business segment as primary segment.
Types of products and Services in each business segment:
Rail product and services: comprising of manufacturing, selling and all
other activities incidental thereto Biotoilet: comprising of
manufacturing, servicing and maintenance thereof b) Secondary Segment
Information
The company's operations are mainly confined within India and as such
there are no reportable geographical segments.
Being the first year of segmental reporting, disclosure of comparative
figures of the previous year is not applicable.
10. Employee Benefits:
i) The disclosures required under Accounting Standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards ) Rules, 2006
, are given below:
a) Defined Contribution Scheme :
Contribution to Defined Contribution Plan, recognized for the year are
as under :
Employer's Contribution to Provident Fund- Rs. 45.25 (Previous Year Rs.
90.48)
Employer's Contribution to Pension Fund - Rs. 35.65 ( Previous Year Rs.
24.87)
Employer's Contribution to Superannuation Fund- Rs. 8.82 (Previous year
Rs. 11.98)
Contribution towards Employees provident fund to company's own trust
including shortfall with respect to interest on investments and that
payable to employees, pending actuarial determination has fully been
provided for in the accounts.
b) The employee's gratuity fund scheme is a defined benefit plan. 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. The obligation for Leave Encashment is recognized in the
same manner as gratuity.
Assumptions related to future salary increases, attrition, interest
rate for discount and overall expected rate of return on Assets have
been considered based on relevant economic factors such as inflation,
market growth and other factors applicable to the period over which the
obligation is expected to be settled
* Past Service Cost has been accrued on account of increase in the age
limit from 58 years to 60 years and change in leave policy. In the
previous year, Past Service Cost has been accrued on account of
increase in the Ceiling Limit of Gratuityunder the Payment of
GratuityAct, 1972 .
11. All the numerical figures stated hereinabove has been expressed in
terms ofRs. in lacs
12. Previous year's figures have been re-arranged / re-grouped wherever
necessary.
Mar 31, 2014
1. a) Terms and rights attached to equity shares:
The Company has one class of equity shares having par value of Rs 10/-
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to approval
of the shareholders in the ensuing Annual General Meeting. In the event
of liquidation the equity shareholders are eligible to receive the
remaining assets after discharging all liabilities of the Company, in
proportion to their shareholding.
The Company has allotted 20,00,000 Warrants on a preferential basis to
ISG Traders Limited, a Promoter Group Company on 17th October, 2013
entitling the allottee to apply for and obtain allotment in one or more
tranches one Equity Share of Rs.10/- each at a price of Rs.17.50 per
share against each such Warrant within 18 months from the date of
allotment. Out of above, 5,75,000 equity shares of Rs 10 at a premium
of Rs 7.50 each has been subscribed and allotted on 31st March, 2014,
leaving a balance of 14,25,000 warrants which have been shown as above.
b) Term Loan from Indian Overseas Bank is secured by exclusive 1st
charge on entire plant and machinery and other movable fixed assets of
the Company and equated mortgage of land and building of Nalagarh unit
and 2nd pari passu charge on all the current assets of the Company both
present & future and is repayable in 60 monthly instalments of Rs.
11.70 each starting from 30th June, 2011 (increased to Rs. 12.39 from
November, 2011) and 52 monthly instalments of Rs. 11.73 each starting
from February, 2012.
c) Vehicle Loan is secured by hypothecation of vehicles and are
repayable in 60 monthly instalments of Rs 0.77 starting from April 2012
and 60 monthly instalments of Rs 0.53 starting from May 2012.
d) Current maturities of above loans have been shown under note 9.
2) Contingent Liabilities and Commitments
Particulars As at As at
31.03.2014 31.03.2013
a) Claims against the Company not
acknowledged as debts:
* Entry/Sales tax matters in dispute 94.90 70.21
* Service Tax matter in appeal 54.70 54.70
(excluding interest & penalty)
* demand raised by technology supplier
for which the arbitration award is awaited 156.00 156.00
On basis of current status of individual cases, the management is of
the view that no provision is required in these cases. Further cash
outflow in respect of the items mentioned above is dependant upon
outcome of final judgement/decision.
b) Commitments on Capital Accounts (net of advances):
Tangible Assets 10.43 16.38
27) Certain debit and credit balances including accounts receivables,
trade and other payables and deposits are subject to confirmation and
reconciliation. Adjustments required with respect to these will be
carried out on ascertainment of amounts thereof.
Notes:
i) In respect of above parties, there is no provision for doubtful
debts as on 31st March 2014 and no amount has been written off or
written back during the year in respect of debts due from/to them.
ii) The above Related Parties information is as identified by the
Management and relied upon by the auditors.
3) Employee Benefits:
i) The disclosures required under Accounting Standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards) Rules, 2006,
are given below :
a) Defined Contribution Scheme :
Contribution to Defined Contribution Plan, recognized for the year are
as under :
Employer''s Contribution to Provident Fund - Rs. 90.48 (Previous Year
Rs. 48.54)
Employer''s Contribution to Pension Fund - Rs. 24.87 (Previous Year Rs.
25.26)
Employer''s Contribution to Superannuation Fund - Rs. 11.98 (Previous
year Rs. 12.11)
Contribution towards Employees provident fund to company''s own trust
including shortfall with respect to interest on investments and that
payable to employees, pending actuarial determination has fully been
provided for in the accounts.
Note:
Assumptions related to future salary increases, attrition, interest
rate for discount and overall expected rate of return on Assets have
been considered based on relevant economic factors such as inflation,
market growth and other factors applicable to the period over which the
obligation is expected to be settled
* Past Service Cost has been accrued on account of increase in the age
limit from 58 years to 60 years and change in leave policy. In the
previous year, Past Service Cost has been accrued on account of
increase in the Ceiling Limit of Gratuity under the Payment of Gratuity
Act, 1972 .
4) The Company is engaged primarily in the business of "Rail Products"
and all other activities are incidental thereto. The Company''s
Bio-Toilet venture is in the process of implementation. Further, the
company sells primarily in the domestic market where its operations are
governed by the same set of risks and returns and the overseas sales
are insignificant. Accordingly the separate primary and secondary
segment reporting disclosure as envisaged in Accounting Standards
(AS-17) on Segment Reporting is not applicable to the company.
5) All the numerical figures stated hereinabove has been expressed in
terms of Rs. in lacs
6) Previous year''s figures have been re-arranged/re-grouped wherever
necessary.
Mar 31, 2013
1) Contingent Liabilities and Commitments
Particulars As at 31.03.2013 As at 31.03.2012
a) Claims against the Company
not acknowledged as debts:
- in respect of Sales tax
matters under appeals at
different levels 7,021 7,021
- in respect of Income tax
matters in appeal at Hon''ble
High Court at Kolkata 1,348 1,348
- Service Tax matter in
appeal at CESTAT,
Kolkata (excluding Interest
and Penalty) 5,470 ___
- demand raised by technology
supplier for which the
arbitration award is awaited 15,600 15,600
b) Commitments on Capital Accounts
(net of advances):
Tangible Assets 1,638 1,881
Intangible Assets ___ 18,870
2) Certain debit and credit balances including accounts receivables,
trade payables and loans &advances are subject to confirmation and
reconciliation arising therefrom.
3) Related Party Disclosures:
(A) Name of related parties
(a) Enterprise where control exists: Stone Intermodal Private Limited
and Stone Biotech Private Limited (Subsidiaries)
(b) Associates: i) Duncans Tea Limited ii) Odyssey Travels Limited iii)
Shubh Shanti Services Limited iv) NRC Limited v) Sewand Investments
Pvt. Ltd vi) Dail Consultants Ltd vii) Duncans Industries Ltd viii)
Kavita Marketing Pvt. Ltd ix) Julex Commercial Company Ltd x) ISG
Traders Limited xi) Continuous Forms (Calcutta) Limited
(c) Key Management Personnel (KMP)
Mr. A. Mondal : Managing Director & CEO
Mr. S. Goenka : Wholetime Director
(B) The parties listed in (b) above though not required to be disclosed
as per requirements of AS-18, have been included hereinabove in view of
the requirement of Clause 32 of the Listing Agreement.
4) Employee Benefits:
i) The disclosures required under Accounting Standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards) Rules, 2006,
are given below :
a) Defined Contribution Scheme :
Contribution to Defined Contribution Plan, recognized for the year are
as under : Employer''s Contribution to Provident Fund  Rs. 4,854
(Previous Year Rs. 4,084) Employer''s Contribution to Pension Fund  Rs.
2,526 (Previous Year Rs. 2,547) Employer''s Contribution to
Superannuation Fund  Rs. 1,211 (Previous Year Rs. 1,268)
b) Defined Benefit Scheme
The employee''s gratuity fund scheme is a defined benefit plan. 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. The obligation for Leave Encashment is recognized in the
same manner as gratuity.
5) The Company is engaged primarily in the business of "Rail Products"
and all other activities are incidental thereto. Further, the company
sells primarily in the domestic market where its operations are
governed by the same set of risks and returns and the overseas sales
are not material to become reportable for the purpose. Accordingly, the
separate primary and secondary segment reporting disclosure as
envisaged in Accounting Standards (AS-17) on Segment Reporting is not
applicable to the company.
6) All the numerical figures stated hereinabove has been expressed in
terms of Rs. in thousand.
7) Previous year''s figures have been re-arranged / re-grouped wherever
necessary.
Mar 31, 2012
A) Loan taken from Indian Overseas Bank is secured by exclusive 1st
charge on entire plant and machinery and other moveable fixed assets of
the Company and equated mortgage of land and building of Nalagarh unit
and 2nd pari pasu charge on all the current assets of the Company both
present & future and is repayable in 60 monthly instalments of Rs.
1170/- each starting from 30 th June, 2011 (increased to Rs. 1239/-
from November, 2011) and 52 monthly installment of Rs. 1173/- starting
from February, 2012.
b) Loan taken from Orix Auto Infrastructure services Ltd. is secured
against Plant & Machinery acquired against the said loan and is
repayable in Rs. 48/- equated monthly instalments of Rs. 40/- each
(starting from December 2007) and Rs. 888/- each (starting from
February 2008).
c) Finance Lease obligation is secured against Cars taken on Finance
Lease and is repayable in 60 monthly instalments of Rs. 39/- each
starting from April 2007.
a) In respect of demand for increase in rentals amounting to Rs. 22,897
(Previous year and previous period Rs. 22,897) on leasehold land from
Calcutta Port Trust in the earlier years, the Company has preferred a
Special Leave Petition in Hon'ble Supreme Court against the judgment of
Hon'ble High Court on the matter. The Supreme Court has referred the
said matter to the Calcutta High Court for a fresh decision on merit.
Pending decision of the Court, provision amounting to Rs. 9,448 made
their against has been considered adequate by the management and
included under 'Other Payables'.
b) The Company has made full provision for dues to the ESI authorities
arising out of the ESI Central) - 2nd Amendment Rules, 1996 which could
notbe deposited with the ESI authorities because of a stay order issued
by the Calcutta High Court on 25 April, 1997. Upon appeal by the
department, the stay order was set aside by the Division Bench of the
Calcutta High Court on 16 March, 2004. In 2009-10, the company received
a claim of Rs. 3,317 for the year ended 31st March 2002 against which
it had deposited Rs. 1,306 and adjusted the liability to that extent.
The balance liability of Rs. 5,196 has been carried forward under
'Other Payables' pending final decision and determination of liability
in this respect and the same has been considered to be adequate.
a) The Deed Of Conveyance/Registration relating to building at
Gopalpur, Orissa is in the process of being executed by the Company and
the stamp duty payable in respect thereof will be accounted for on
assessment. However, the said property is in the Company's possession.
b) Fixed Assets include flat at New Delhi in which the Company has one
- third ownership share and is in the Company's joint possession.
c) Furniture, fittings and Electrical installations includes computer &
computer peripherals.
* Items below Rs. 5000 each have been depreciated @ 100%
d) Carrying value of Fixed Assets of the Colour Monitor Unit at Kustia
Road being affected due to obsolescence was considered for impairment
as on 1st April, 2004 and Rs. 24,100 equivalent to the entire book
value of the fixed assets was considered as an impairment loss in the
said financial year.
e) Certain plant and machineries and land and building of the company
as on 31.12.2001 and 01.01.2007 were revalued by the approved valuer on
net replacement cost basis and fair value basis respectively and
surplus of Rs. 424,965/- arising there from was credited to Revaluation
Reserve. Depreciation includes additional charge of Rs. 6269/- for the
year ended 31st March, 2012 (Previous year Rs. 9,149/-) due to
revaluation of fixed assets. Accordingly, equivalent amount has been
transferred from capital reserve to Profit and Loss Account.
a) Work-in-Progress is arrived at after conversion of stocks at various
stages of completion to equivalent completed production hours and have
been valued at normal labour hour rates and allocated overheads apart
from the material cost.
b) The valuation of both finished stock and work-in-progress includes
allocable production overheads. The production overhead has been
allocated on actual/pro-rata basis based on Management estimates of
their direct or indirect linkage with production. As conversion to
equivalent completed production hours and allocation as above is based
on management's technical estimates, the auditors have relied upon the
same.
1) Contingent Liabilities and Commitments
Particulars As at
31.03.2012 As at
31.03.2011
Claims against the Company not acknowledged
as debts:
- in respect of Sales tax matters in dispute 7,021 4,501
- in respect of Income matters in dispute 1,348 1,348
- demand raised by technology supplier for
which the 15,600 15,600
arbitration award is awaited
Commitments on Capital Accounts (net of advances)
Tangible Assets 1,881 5,253
Intangible Assets 18,870 18,870
2) Certain debit and credit balances including trade receivables (Note
15), trade payables (Note 8), loans and advances (Note 13 &17) are
subject to confirmation and reconciliation arising therefrom.
3) Related Party Disclosures:
(A) Related parties with whom the Company had transactions, etc.
(a) Enterprise where control exists: Stone Intermodal Private Limited
and Stone Biotech Private Limited (Subsidiaries)
(b) Associates:
i) Duncans Tea Limited
ii) Odyssey Travels Limited
iii) Shubh Shanti Services Limited
iv) Andhra Cements Limited
v) NRC Limited
vi) Sewand Investments Pvt. Ltd
vii) Dail Consultants Ltd
viii) Duncan Industries Ltd
ix) Kavita Marketing Pvt. Ltd
x) Julex Commercial Pvt Ltd
(c) Key Management Personnel (KMP)
Mr. A. Mondal : Managing Director & CEO
Mr. S.V. Goenka : Wholetime Director
d) Relative of director/KMP : Mrs. Indu Goenka
(B) The parties listed in (b) above though not required to be disclosed
as per requirements of AS-18, have been included hereinabove in view of
the requirement of Clause 32 of the Listing Agreement.
(C) Statement showing details of AS-18 related transactions:
Notes:
i) In respect of above parties, there is no further provision for
doubtful debts as on 31st March 2012 and no amount has been written off
or written back during the year in respect of debts due from/to them.
ii) The above Related Parties information is as identified by the
Management and relied upon by the auditors.
4) Employee Benefits:
i) The disclosures required under Accounting Standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards) Rules, 2006,
are given below :
a) Defined Contribution Scheme :
Contribution to Defined Contribution Plan, recognized for the year are
as under :
Employer's Contribution to Provident Fund - Rs. 4,084 (Previous Year
Rs. 3,335)
Employer's Contribution to Pension Fund - Rs. 2,547 (Previous Year Rs.
2,408)
Employer's Contribution to Superannuation Fund - Rs. 1,268 (Previous
Year Rs. 1,305)
b) Defined Benefit Scheme
The employee's gratuity fund scheme is a defined benefit plan. 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. The obligation for Leave Encashment is recognized in the
same manner as gratuity.
Note:
a) Assumptions related to future salary increases, attrition, interest
rate for discount and overall expected rate of return on Assets have
been considered based on relevant economic factors such as inflation,
market growth and other factors applicable to the period over which the
obligation is expected to be settled.
b) Past Service Cost has been accrued on account of increase in the age
limit from 58 years to 60 years and change in leave policy. In the
previous year, Past Service Cost has been accrued on account of
increase in the Ceiling Limit of Gratuity under the Payment of Gratuity
Act, 1972.
c) Certain employees are deployed for various projects at the
subsidiary and their salaries are debited to these companies. However,
the amount of benefits like gratuity and leave encashment remains
included in the cost as above.
5) The Company is engaged primarily in the business of "Rail Products"
and all other activities are incidental thereto. Further, the company
sells primarily in the domestic market where its operations are
governed by the same set of risks and returns and the overseas sales
are insignificant. Accordingly the separate primary and secondary
segment reporting disclosure as envisaged in Accounting Standards
(AS-17) on Segment Reporting is not applicable to the company.
6) All the numerical figures stated hereinabove has been expressed in
terms of Rs. in thousand.
7) Previous year's figures have been re-arranged / re-grouped wherever
necessary.
Mar 31, 2010
As at As at
31.03.10 31.03.09
1) Contingent Liabilities to the extent quantified:
Claims against the Company not acknowledged as debts
à in respect of Sales tax matters in dispute 5,974 5,974
à in respect of Income matters in dispute 1,607 Ã
2) a) Work-in-Progress arrived at after conversion of stocks at various
stages of completion to equivalent completed production hours,
which have been valued at normal labour hour rates and allocated
overheads apart from the material cost.
b) The valuation of both finished stock and work-in-progress includes
allocable production overheads. The production overhead has been
allocated on actuals/pro-rata basis based on Management estimates of
their direct or indirect linkage with production. As conversion to
equivalent completed production hours and allocation as above is based
on technical management estimates, the auditors have relied upon the
same.
3) Certain debit and credit balances including debtors, creditors and
loans and advances are subject to confirmation and reconciliation
arising there from.
4) In respect of demand for increase in rentals amounting to Rs. 22,897
(Previous year Rs. 22,897) on leasehold land from Calcutta Port Trust
in the earlier years, the Company has preferred a Special Leave
Petition in Honble Supreme Court against the judgment of Honble High
Court on the matter. The Supreme Court during the year has referred the
said matter to the Calcutta High Court for a fresh decision on merit.
Pending decision of the Court, provision amounting to Rs. 9,448 made
their against has been considered adequate by the management.
5) The Company has made full provision for dues to the ESI authorities
arising out of the ESI Central) Ã 2nd Amendment Rules, 1996 which could
not be deposited with the ESI authorities because of a stay order
issued by the Calcutta High Court on 25 April, 1997. Upon appeal by the
department, the stay order was set aside by the Division Bench of the
Calcutta High Court on 16 March, 2004. During the year the company has
received a claim of Rs. 3,317 for the year ended 31st March 2002
against which it has deposited a sum of Rs 1,306 and adjusted the
opening liability to that extent and the balance liability has been
carried forward pending the final decision in this respect.
6) Related Party Disclosures:
(A) Related parties with whom the Company had transactions, etc.
(i) Enterprise where control exists: Stone Intermodal Private Limited
(Subsidiary)
(ii) Associates:
i. Duncans Tea Limited
ii. Odyssey Travels Limited
iii. Shubh Shanti Services Limited
iv. Andhra Cements Limited
v. NRC Limited
vi. Sewand Investments Pvt. Ltd
vii. Dail Consultants Ltd
viii. Duncan Industries Ltd
ix. Kavita Marketing Pvt. Ltd
(iii) Key Management Personnel (KMP)
A. Mondal : Managing Director & CEO
Shrivardhan Goenka : Wholetime Director
(iv) Relative of director/KMP : Mrs. Indu Goenka
(B) The parties listed in (ii) above though are not required to be
disclosed as per requirements of AS-18, these have been included
hereinabove in view of the requirement of Clause 32 of the Listing
Agreement.
7) Certain plant and machineries and land and building of the company
as on 31.12.2001 and 01.01.2007 were revalued by the approved valuers
on net replacement cost basis and fair value basis respectively and
surplus of Rs. 424,965 arising there from was credited to Revaluation
Reserve. Depreciation includes additional charge of Rs.10,052 for the
year (Previous year Rs. 10,143) due to revaluation of fixed assets.
Accordingly, equivalent amount has been transferred from capital
reserve to Profit and Loss Account.
8) Employee Benefits :
The disclosures required under Accounting Standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards ) Rules, 2006
, are given below :
Defined Contribution Scheme :
Contribution to Defined Contribution Plan , recognized for the year are
as under :
Employers Contribution to Provident Fund- Rs. 2,280
Employers Contribution to Pension Fund à Rs. 2,435
Employers Contribution to Superannuation Fund- Rs. 1,911
9) The Company is engaged primarily in the business of " Rail
Products" and all other activities are incidental thereto. Further, the
company sells primarily in the domestic market where its operations are
governed by the same set of risks and returns and the overseas sales
are insignificant. Accordingly the separate primary and secondary
segment reporting disclosure as envisaged in Accounting Standards
(AS-17) on Segment Reporting is not applicable to the company.
10) The company is in the process of compiling information with regard
to suppliers covered under Micro, Small and Medium Enterprise
development Act, 2006. To the extent identified, the Company has no
information from the suppliers under the Act and accordingly the
disclosure as required in Section 22 of the said Act could not be given
in these accounts.
11) The Company is in the process of appointing a Whole time Company
Secretary as required in terms of Section 383A of Companies Act, 1956.
12) Loans and advances includes Rs. 32,026 ( Previous Year Rs. 14,349 )
recoverable from Stone Intermodal Private Limited (a subsidiary) being
administrative and other costs allocated for the development of the
product for "Rail Runner Project" to be undertaken by the said
subsidiary.
13) All the numerical figures stated hereinabove has been expressed in
terms of thousand (Rs). (23) Previous Years figures have been
re-arranged/re-grouped wherever necessary.