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Notes to Accounts of Suraj Products Ltd.

Mar 31, 2015

-Nature of Security and terms of repayment for Long term secured borrowings

Nature of Security Terms of Repayment

a) Term loan amounting to 36,51,936/- (P.Y. Rs, 1,44,51,936/-) is Repayable in 50 monthly installments secured by exclusive charge on the entire assets of Cold commencing from July, 2011, Last Briquette Plant, Pig iron Plant, Plant & machinery, pollution installment due in August,2015, Rate control equipment and improvements in sponge iron plant of interest 13.95 % p.a. as at year and further secured by personal guarantee of two directors end (P.Y. 13.95%)

and Fixed Deposit Receipts of Rs, 54 lacs.

b) Term loan amounting to Rs, 1,29,44,449 (P.Y. Rs, 1,96,11,113) RePavable in 20 quarterly instalment is secured by EMT of Land and Boundry wall built out of the commencing from beptember 2016, term loan and collaterally secured against all fixed assets of ,as Rs, »/Tpy the company and further secured by personal guarantee of ri Rs interest iz/kd /o u-.y. two directors and Fixed Deposit Receipts of Rs. 54 lacs.

c) Vehicle loans from HDFC is secured by hypothecation of Repayable in 35 monthly instalment respective vehicles financed commencing from the date of iBSMBuuvB sanction of respective loans

-Includes an amount of Rs, 59,04,795 (P.Y. Rs, 59,04,795) outstanding for a period exceeding six months from the date they are due for payment.

-Note:

a) In accordance with the provisions of Schedule II of the Act, incase of fixed assets which have completed their useful life as at 1st April 2014, residual value) amounting to Rs, 6,40,537/-(net of defferred tax of Rs, 3,07,634) as a transitional provision has been recognised in the Retained

b) Further, in case of assets acquired prior to 1 st april 2014, the carrying value of assets (net of residual value) is depreciated over the remaini effective 1st April, 2014

c) Depreciation and amortisation expenses for the year would have been lowered by Rs, 14,95,943/-, had the company continued with the previc of such assets.

1. Segment Reporting:

As per AS 17, the company operates predominantly only in one business segment, i.e..finished products from Iron Ore. There is no reportable geographical segment.

2. The Board of Directors has reviewed the realizable value of all current assets of the company and has confirmed that the value of such assets in ordinary course of business will not be less than the value at which these are recognized in the financial statements.

3. Previous year's figures have also been reclassified wherever necessary to confirm to current year's classification.-


Mar 31, 2014

1. Share Capital

The company has issued one class of equity shares having a par value of Rs. 10 per share. Each holder of Equity Share is entiled to one vote per share. The Company declares dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting.

During the year ended March, 2014 the company on preferential basis, issued and alloted 55,00,000 equity shares of Rs. 10 each at a price of Rs. 20/equity shares (Including premium of Rs. 10/equity shares) to promoter & Non promoter group companies.

2. Excise Duty

Excise Duty on sales for the year has been disclosed as reduction from the turnover. Excise Duty relating to the difference between the closing stock and opening stock has been included in Note 25 ''Others Expenses''.

3. Contingent liabilities and Commitments

No provision is made in respect of the As at As at following: - 31.03.2014 31.03.2013 (Rs.) (Rs.)

(i) Disputed Demand of Orissa Sales Tax 3,68,720 35,19,406

(ii) Disputed Demand of Central Sales Tax 53,93,343 53,93,343

(iii) Disputed Demand of Orissa Entry Tax 10,58,151 10,58,151

(iv) Disputed Demand of Central Excise 4,85,968 23,98,867 3. Segment Reporting:

As per AS 17, the company operates predominantly only in one business segment, i.e.finished products from Iron Ore. There is no reportable geographical segment. 31. The Board of Directors has reviewed the realizable value of all current assets of the company and has Confirmed that the value of such assets in ordinary course of business will not be less than the value at which these are recognized in the financial statements.

4. Previous year''s figures have also been reclassified wherever necessary to confirm to current year''s classification.


Mar 31, 2013

1. Excise Duty

Excise Duty on sales for the year has been disclosed as reduction from the turnover. Excise Duty relating to the difference between the closing stock and opening stock has been included in Note 25 ''Others Expenses".

2. Micro, Small and Medium Enterprises Development Act, 2006

In accordance with the Notification No. GSR 719 ( E ) dt 16.11.2007, issued by the Ministry of Corporate Affairs, certain disclosures are required to be made relating to Micro and Small Enterprises as defined under the Micro, Small and Medium Development Act 2006. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is still not available, no disclosures have been made in the accounts.

3. Contingent liabilities and Commitments

No provision is made in respect of the following: -

As at As at 31.03.2013 31.03.2012 (Rs.) (Rs.)

(i) Disputed Demand of Orissa Sales Tax 35,19,406 35,19,406

(ii) Disputed Demand of Central Sales Tax 53,93,343 53,93,343

(iii) Disputed Demand of Orissa Entry Tax 10,58,151 10,58,151

(iv) Disputed Demand of Central Excise 23,98,867 23,98,867

(v) Disputed Demand of Income Tax 2,59,460

(vi) Performance Guarantees 42,47,920 47,48,000

4. Segment Reporting:

As per AS 17, the company operates predominantly only in one business segment, i.e.finished products from Iron Ore. There is no reportable geographical segment.

5. Previous year figures have been regrouped or reclassified wherever necessary to confirm to current year classification.

6. The Board of Directors has reviewed the realizable value of all current assets of the Company and has confirmed that the value of such assets in ordinary course of business will not be less than the value at which there are recognized in the financial statements.


Mar 31, 2012

1. Excise Duty

Excise Duty on sales for the year has been disclosed as reduction from the turnover. Excise Duty relating to the difference between the closing stock and opening stock has been included in Note 24 " Others Expenses".

2. Micro. Small and Medium Enterprises Development Act. 2006

In accordance with the Notification No. GSR 719 ( E ) dt 16.11.2007, issued by the Ministry of Corporate Affairs, certain disclosures are required to be made relating to Micro and Small Enterprises as defined under the Micro, Small and Medium Development Act 2006. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is still not available, no disclosures have been made in the accounts.

3. Segment Reporting:

As per AS 17, the company operates predominantly only in one business segment, i.e.finished products from Iron Ore. There is no reportable geographical segment.

4. The Financial Statement for the year ended 31 st March 2011 had been prepared as per the then applicable, prerevised Schedule VI of the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the Financial Statement for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly the previous year's figures have also been reclassified to conform to the year's classification.


Mar 31, 2010

1. Contingent Liabilities

No provision is made in respect of the following: -

As at 31.03.2010 As at 31.03.2009

(Rs. In Lacs) (Rs. In Lacs)

(i) Disputed Demand of Orissa Sales Tax 34.62 34.62

(ii). Disputed Demand of Orissa Entry Tax 9.70 9.70

(iii) Bank Guarantees 59.27 32.77

2. Estimated amount of contracts remaining to be executed for capital expenditure and not provided for Rs 33,67,500/-(Previous year Rs Nil)

3. (i) Term Loans from SIDBI and Term Loan and Working Capital Loan from Canara Bank are secured by first charge on all the fixed assets of the Companys Plant at Barapali, Ragangpur except as follows :

(a) SIDBI has exclusive first charge to the exclusion of Canara Bank on the Plant & Other Machinery, Pollution Control Equipments, etc. relating to sponge iron unit & Power Plant aggregating to Rs.987 lakhs.

(b) Canara Bank has exclusive first charge on fixed assets of the Pig Iron Unit aggregating to Rs. 1613 Lacs, Hypothecation of Raw Material, Semi-finished & Finished goods, Stock in trade, Consumable Stores & Spares, Packaging Material & Book Debts, and Security of fixed deposits with the bank aggregating to Rs 54 lacs.

(ii) The above loans are secured by personal Guarantee of two of the Directors.

4. To the best of Knowledge of the management, none of the units to whom the company owes is a SME & Micro Industrial Undertaking.

5. As per Accounting Standards -18 - Related Party Disclosures issued by the Institute of Chartered Accounts of India, the names of the related Party are given below.

Key Managerial Person Yogesh Kumar Dalmia, Chairman

Gagan Goyal, Executive Director.

Enterprises over which Key Management (1) Narbada Innovative Products (P) Ltd.

Personnel/ Relatives have substantial interest : (2) Balbhadra Infratech Private Ltd.

(3) Vasundhra Mettaliks Private Ltd.

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