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Notes to Accounts of Tamil Nadu Steel Tubes Ltd.

Mar 31, 2015

CORPORATE INFORMATION

TAMILNADU STEEL TUBES LTD. (the Company) is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act 1956. under RC No. L27110TN1979PLC007887. Its share is listed on Stock Exchanges in India. The Company is engaged in the manufacturing and selling a reputed Brand of Black Pipe (ERW Pipe) & G.I. Pipe. The Company caters only domestic market.


Mar 31, 2014

1. LONG TERM BORROWINGS:

SECURITIES OFFERED:

(Secured by Hypothecation of Stock-in-Trade, Stores, Spares & Consumables, Book Debts & Receivables, both present & future and further secured by residual charge on Fixed Assets).

2. SCHEDULE OF FIXED ASSETS AS ON 31.03.2014:

Note : Depreciation has been provided for the single shift on the basis of SLM at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

3. RELATED PARTY DISCLOSURE

3.1 NATURE OF RELATIONSHIP

KEY MANAGERIAL PERSON

i) HOLDING COMPANY NIL NIL

ii) SUBSIDIARIES NIL NIL

iii) KEY MANAGERIAL PERSONNEL:

RAKESH GOYAL

MAHAVIR SINGH

VIKRAM SINGH

iv) RELATIVES OF KEY MANAGERIAL PERSONNEL

DURGA DEVI GOYAL

DRISHYA GOYAL

SAATVIK GOYAL

SAACHI GOYAL

INDERSAIN GOYAL

INDERSAIN GOYAL HUF (S)

RAKESH GOYAL (HUF)

3.2 Nature of Transaction of Key Managerial

Personnel & Relatives

Note: * Mr. Indersain Goyal was expired during the previous year and the amount outstanding on his name is transferred to Mr. Rakesh Goyal, S/o. Late Sri Indersain Goyal, the Legal Heir.

* Loan amount of Rs. 21,16,743/- of M/s. Indersain Goyal HUF (S) is transferred, after the death of Shri Indersain Goyal to Smt. Durga Devi Goyal, W/o. Late Shri Indersain Goyal.

Note: Bold figures pertains to Fin. Year: 2013-14 and other figures pertains to Fin. year 2012-13.


Mar 31, 2013

1 GENERAL:

During the year the Hon''ble Tribunal of Income Tax has remanded back the case '' relating to the Asst. Year 1999-2000 and 2000-2001 to the concerned Assessing Officer for the re-assessment. The Company has preferred an Appeal before the Hon''ble High Court and numbered the Appeal, subsequently, the Assessing Officer has taken up for both the years for re-assessment. The Company has preferred an Appeal against re-assessment for the year 1999-2000 and obtained a Stay from the Hon'' ble High Court. However, the Assessing Officer has concluded the hearing for the Asst. Year 2000-2001 in the month of March 2013 and the orders were received only in the month of April 2013.


Mar 31, 2012

1) CORPORATE INFORMATION

TAMILNADU STEEL TUBES LTD. (The Company) is a Public Limited Company domiciled in India and incorporated under the provisions of Indian Companies Act 1956. Its Shares are Listed on Stock Exchanges in India. The Company is engaged in the business of Manufacturing and Selling a reputed Brand of Black Pipe (ERW Pipe) & G.I. Pipe. The Company caters only domestic market,

2. RELATED PARTY DISCLOSURE

2.1 NATURE OF RELATIONSHIP

KEY MANAGERIAL PERSON

III. KEY MANAGERIAL PERSONNEL

RAKESH GOYAL MAHAVEER SINGH

IV. RELATIVES OF KEY MANAGERIAL PERSONNEL

DURGADEVI GOYAL

DRISHYA GOYAL

SAATVIK GOYAL

SAACHI GOYAL

INDERSAIN GOYAL

INDERSAIN GOYAL - HUF (S)

RAKESH GOYAL - HUF


Mar 31, 2010

1. The Company has been declared by the Board for Industrial Financial Reconstruction as a Sick Industrial Company with in the meaning of Sec. 3(1) (o) of Sick Industrial Companies (Special Provisions) Act, 1985.

2. Rates and Taxes includes a sum of Rs. 3,08,44,000/- being Stamp Duty payable on acquisition of factory land situated at Maraimalai Nagar Industrial Estate, Chengleput Taluk, Kancheepuram District.

3. The Company has booked interest payment to Jammu & Kashmir Bank for Rs. 179.9 Lacs which includes prior period interest of Rs. 147.75 lacs. The Company has recognized this as a liability only during this year.

4. The Company is in the process of appointing a Full Time Company Secretary.

5. Other liabilities include Rs.2,64,370/- towards Dividend payable for the year 1993-94 which remains unpaid for more than 7 years. The amount has not been deposited with Investor Protection Fund as stipulated by Section 205A (5) of Companies Act, 1956.

6. As per letter dated 09.02.2010 from the Directorate of Income Tax (Recovery) the correct liability for income tax for assessment year 1999-2000 amounting to Rs. 88,22,255/- and for assessment year 2000-2001 amounting to Rs.2,57,05,659/- has been provided in terms of the modified rehabilitation scheme.

7. a) The SAIL has claimed a sum of Rs.1.62 Crores as Sales Tax and the same has been countered as disputed claim as per Ministry of industry, Notification 90/88 and according to the information and explanation given to us, the case is still pending before the Honourable High Court of Madras.

b) The SAIL has also claimed a sum of Rs.16.85 Lacs and the case is pending before the Honourable High Court of Madras.

c) The Joint Director General of Foreign Trade office had claimed a sum of Rs.25.48 Lacs for some discrepancies in the Advance licences and the same is disputed.

8. The Company has addressed letters to the suppliers and service providers seeking information from them as to whether they fall under the categories of "Micro, Small and Medium Enterprises". The Company is yet to receive replies from them.

9. Balances in parties account and banks are subject to confirmation and consequential reconciliation, if any. In the opinion of the Management, the Current Assets, Loans & Advances would realize atleast to the extent stated in the balance sheet.

Note : Upto Previous year, the Company has not recognized any deferred tax liability as required by the AS 22 in the books of account on account of huge unabsorbed business and depreciation losses.

10 Segment Information :

The Company is principally engaged in the business of manufacture of only steel pipes and hence there are no other reportable segments as per Accounting Standard 17 on Segment Reporting.

B.Related Party Disclosure:

Nature of relationship Name

i)Holding Company NIL

ii)Subsidiaries NIL

iii)Key Managerial personnel RAKESH GOYAL

iv)Relatives of Key Managerial DURGADEVI GOYAL

Personnel DRISHYA GOYAL

SAATVIK GOYAL

SMC HI GOYAL

INDERSAIN GOYAL

RAKESH GOYAL - HUF

INDERSAIN GOYAL HUF S .

INDERSAIN GOYAL & SONS (HUF)

11 Secured Loans include a sum of Rs. 1,73 Crores which is to be written back in a year to come as per the OTS settlement with J & K Dank.

12 Previous Years figures have been regrouped wherever necessary to confirm to current years classification.

Figures have been rounded off to the nearest rupee.

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