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Notes to Accounts of Unison Metals Ltd.

Mar 31, 2015

1a Share of profit excluding interest from partnership firm for the current year named CHANDANPANI ENTERPRISE shall be accounted for on the finality of the accounts of the partnership firm for the year ended 31/03/2015.

Loss from partnership firm of Rs. 4,50,942/- (previous year profit Rs.1,81,315/-) from the said firm in Note-24 pertains to year ended 31-03-2014, Interest for the current year 31-03-2015 Rs. 8,97,576 /- ( Prior Year 31-03-14 Rs.9,62,448 ) is part of interest income in Note-20 to these financial statement.

NOTE : '2' In the opinion of the management the balances shown under all the assets other than fixed assets & non current investment have approximately the same realizable value as shown in these financial statement. Balance of parties are subject to confirmation.

NOTE : '3' There is only one segment " Stainless steel Products" and therefore other disclosure requirement of Accounting Standard 17 for Segment reporting does not apply.

NOTE : '4' Related Party disclosure, as required by Accounting Standard-18, is as below : a) List of related persons

(i) Subsidiary Company

Titu International Company Limited (ii) Associates / Enterprises having significant influence :

Chandanpani Enterprise, Unison Natural Reserouces Ltd. (Iii) Key Managerial person & their relatives Mahesh V. Changrani, Tirth U. Mehta , Pushpa Mehta, Rashi Mehta

NOTE : '5' Retirement benefit plans

a) Defined Contribution Plans

The Company made contribution towards provident fund to a defined contribution retirement benefit plan for qualifying employees. The provident fund plan is operated by the Regional Provident Fund Commissioner. The company Recognized Rs.3,11,771/- ( Pr.year Rs. 1,73,452/- ) for provident fund contributions in the profit & loss account. The contributions payable to these plans by the company are at rates specified in the rules of the scheme.

b) Defined Benefit Plans

The Company made provision for gratuity liability which is un funded. The scheme provides for payment to vested employees at retirement, death while in employment or on termination of employment of an to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

The present value of the defined benefit obligation and th related current service cost were measured using the Projected Unit Credit method as per actuarial valuation carried out at the balance sheet date.

The following tables sets out the status of the gratuity plan as required under AS-15 and the amounts recognized in the company's financial statements as at 31st March, 2015.

NOTE : 6 Pursuant to Companies Act,2013 ( The Act ) effective from April 01, 2014 the company has revised depreciation rates on fixed assets based on useful life specified in schedule II of the Act. As a result of the change, the depreciation charge for the year ended March 31, 2015 is lower by Rs. 1,074,366/- is lower in respect of assets whose useful life is already exhausted as on April 01, 2014 sum of rupees 895,081 (net of deferred tax) has been adjusted against the opening balance of General reserve in this financial statements in accordance with Schedule II of the Act.

NOTE : '7' The disclosure under Micro, small and medium Enterprise Development Act, 2006 in respect of the amounts payable to such enterprises as at 31st March, 2015 has been made in the financials statements based on information received and on the basis of such information the amount due to small and medium enterprises is Nil /- as on 31st March, 2015. No interest is paid or payable to such enterprises. Auditors have relied on the same.

NOTE : '8' The Management is of the opinion that as on the Balance sheet date, there are no indications of material impairment loss on Fixed Assets, hence, the need to provide for impairment loss does not arise.

NOTE : '9' Previous year's figures have been regrouped or rearranged wherever considered necessary.


Mar 31, 2014

NOTE : ''1'' Contingent liabilities in respect of :

31-03-2014 31-03-2013

Bank Guarantees 4,92,058 23,59,057

ESI disputed uder Appeal 3,18,500 3,18,500

Letters of Credit - 39,96,916

Vat disputed in Appeal 4,42,224 9,09,507

IncomeTax disputed in Appeal 3,16,420 3,16,420

NOTE : ''2'' In the opinion of the management the balances shown under all the assets other than fixed assets & non current investment have approximately the same realisable value as shown in these financial statment. Balance of parties are subject to confirmation

NOTE : ''3'' There is only one segment " Stainless steel Products" and therefore other disclosure require- ment of Accounting Standard 17 for Segement reporting does not apply.

NOTE : ''4'' Previous year''s figures have been regrouped or rearranged wherever considered necessary.

NOTE : ''5'' Related Party disclosure,as required by Accounting Standard-18, is as below :

a) List of related persons

(i) Subsidiary Company

Titu International Company Limited

(ii) Associates / Enterprises having significant influence :

Chandanpani Enterprise, Unison Alloys & Steels Pvt.Ltd, Unison Natural Reserouces Ltd.

(iii) Key Managerial person & their relatives

Mahesh V.Changrani, Tirth U. Mehta , Pushpa Mehta, U.C.Mehta, Tushar Mehta, U.C.Mehta HUF, Rashi Mehta

NOTE : ''6'' Retirement benefit plans

a) Defined Contribution Plans

The Company made contribution towards provident fund to a defined contribution retirement benefit plan for qualifying employees. The provident fund plan is operated by the Regional Provident Func Commissioner. The company Recognized Rs.1,73,452/- for provident fund contributions in the profit & loss account. The contributions payable to these plans by the company are at rates specified in the rules of the scheme.

3 ) Defined Benefit Plans

The Company made provision for gratuity liability which is un funded.The scheme provides forpayment to vested employees at retirement, death while in employment or on termination of employment of an amountequivalent to 15 days salary payable for each completed year of service or part thereof in execess of six months. Vestingoccurs upon completion of five years of service.

The present value of the defined benefit obligation and th related current service cost were measured using the Projected Unit Credit method as per actuarial valuation carried out at the balance sheet date,

The following tables sets out the status of the gratuity plan as required under AS-15 and the amounts recognized in the company''s financial statements as at 31st March, 2014

NOTE : ''7'' The disclosure under Micro, small and medium Enterprise Development Act, 2006 in respect of the amounts payable to such enterprises as at 31st March, 2014 has been made in the financials statements based on information received and on the basis of such information the amount due to small and medium enterprises is Nil /- as on 31st March, 2014 No interest is paid or payable to such enterprises. Auditors have relied on the same.

NOTE : ''8'' NOTE : ''35'' The Manangement is of the opinion that as on the Balancesheet date, there are no indications of material impairment loss on Fixed Assets, hence, the need to provide for impairment loss does not arise.

 
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