Mar 31, 2015
Note : 1 ADJUSTMENT RELATING TO FIXED ASSETS
Pursuant to the enachment of the Companies Act, 2013 the company has
applied the estimated useful lives as specified in schedule II.
Accordingly the unamortised carrying value is being depreciated/
amortised over the revised remaining useful lives. The written down
value of fixed assets whose lives have expired as 1st April 2014 have
been adjusted net of taxes in the profit and loss by 524.81 lacs.
Note : 2 PRESENTATION OF FINANCIAL STATEMENTS
Financial Statements and other presentational requirements are drawn in
accordance with the Companies Act, 2013. Previous year's figures have
been recasted/regroupted/ rearranged whereever considered necessary to
make them comparable with current year's figures.
Mar 31, 2014
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share.
1.1 Working Capital Loans from Punjab National Bank and State Bank of
India are secured by hypothecation of entire present and future
tangible current assets of the company and personally guaranteed by
three directors of the company. It is further secured by charge on
Fixed Assets of the company.
2.1 Based on the information available with the company regarding the
coverage of its suppliers under the Micro, Small and Medium Enterpri
-ses Development Act 2006, no amount was overdue to any party covered
under the said Act.
Note : 2 PRESENTATION OF FINANCIAL STATEMENTS
Financial Statements are drawn in accordance with Schedule VI and other
presentational requirements of the Companies Act, 1956. Previous year''s
figures have been recasted/ regrouped/ rearranged whererever considered
necessary to make them comparable with current year''s figures.
Mar 31, 2013
Note : 1 SEGMENT REPORTING
The Company operates in only one segment viz Iron and Steel.
Note : 2 CONTINGENT LIABILITIES NOT PROVIDED FOR
Capital Contracts 12,99,543
Letters of Credit 25,79,17,896 24,36,20,035
Bank Guarantee 28,25,000 2,00,000
Note : 3 PRESENTATION OF FINANCIAL STATEMENTS
Financial Statements are drawn in accordance with Schedule VI and other
presentational requirements of the Companies Act, 1956. Previous year''s
figures have been recasted/ regrouped/ rearranged whererever considered
necessary to make them comparable with current year''s figures.
Mar 31, 2012
1.1 Working Capital borrowings are secured by hypothecation of entire
present and future tangible assets of the company and personally
guaranteed by three directors of the company.
2.1 Based on the information available with the company regarding the
coverage of its suppliers under the Micro, Small and Medium Enterprises
Development Act 2006, no amount was due to any party covered under the
said Act.
2.2 Balances of creditors are subject to confirmation and
reconciliation.
Note : 3 SEGMENT REPORTING
The Company operates in only one segment viz Iron and Steel.
Note : 4 CONTINGENT LIABILITIES NOT PROVIDED FOR
Capital contracts 13.00 9.12
Letters of Credit 2,436.20 2,979.78
Bank Guarantee 2.00 2.00
Note : 5 PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
In compliance with the Ministry of Corporate Affairs Notification No F
No 2/6/2008-C L-V dated 30th March 2011, the financial statements of
the company for the year ended 31st Mar 2012 have been drawn up in
accordance with the terms of the revised Schedule VI to the Companies
Act. The adoption of the revised Schedule Vi does not impact the
measurement and recognition principles followed for the preparation of
financial statements. However, it has significant impact on the
presentation of and disclosures made in the financial statements. The
company has also recast the previous year's figures to meet the
requirements of the revised Schedule VI.
Mar 31, 2011
1. Contingent Liabilities not provided for:
a) Estimated amount of contracts remaining to be executed on capital
account (net of advances) Rs. Nil (Previous year Rs. Nil).
b) Letter of Credits in favour of suppliers and others Rs. Nil
(Previous year Rs. Nil).
c) Bank Guarantees in favour of suppliers and others Rs. 2 lacs
(Previous year Rs. 35.85 lacs).
d) Corporate Guarantee on given on behalf of others Rs. 400 lacs
(Previous year Rs. 900 lacs).
2. In response to the letters sent to the suppliers seeking to know
the status of their coverage under the Micro, Small & Medium
Enterprises Development Act, 2006 (MSMED Act) the Company has received
replies from some of the suppliers. Based on these replies, there is no
information that is required to be disclosed under the provisions of
the said Act.
3. The balances of sundry debtors and sundry creditors are subject to
confirmation.
4. In the opinion of the Board of Directors, the Current Assets and
Loans and Advances have a value on realization in the ordinary course
of business at least equal to the value at which they are stated in the
foregoing Balance Sheet, unless stated otherwise.
Due to the inadequacy of profits for the year, the company has paid
remuneration to its Managing Director in terms of notification GSR No
36(E) dated 16.01.2002. The remuneration is within the limits laid down
in Schedule XIII to the Companies Act, 1956.
5. The company operates in only one segment: Iron & Steel.
6. The Income Tax and Sales Tax assessments of the Company have been
completed upto accounting year 2006-07 and 2004-05 respectively.
7. Interest paid on working capital is net of interest received.
8. The Company has given guarantee to IDBI for a Term Loan of Rs. 4.00
crores (Outstanding Rs. 0.25 crores) given to Vardhman Industries
Limited.
9. On the basis of information available with the Company and relied
upon by the Auditors, no party falls under the definition of related
party as defined in AS - 18 on "Related Party Disclosures" issued by
ICAI.
* Quantity includes 35469 MT as job work production/sale (Previous Year
27617) and excludes 2764 MT (previous year 3757 MT) on account of inter
unit transfer.
** Quantity includes 19200 MT transferred from Rolling Mill Division
(Previous Year 20196 MT) for which value not considered.
*** Quantity includes 2467 MT transferred from C R Division to P T Mill
(Previous year 2156 MT) for which value not considered.
10. Figures have been rounded off to the nearest Rupee and Metric Ton
in case of amount and quantity respectively.
11. Previous year's figures have been regrouped / rearranged wherever
considered necessary in order to make them look comparable with the
current year's figures.
12. Annexures'A' to 'R' form an integral part of the Balance Sheet and
Profit and Loss Account.
Mar 31, 2010
1. CONTINGENT LIABILITIES NOT PROVIDED FOR :
(Rs. in Lacs)
As At As At
31.03.2010 31.03.2009
Bank Guarantee 35.85 61.62
2. In the opinion of the Board of Directors and to the best of their
knowledge and belief, the value on realisation of loans, advances and
current assets in the ordinary course of business will not be less than
the amount at which these are stated in balance sheet.
3. Parties balances under Debtors, Creditors and Advances are subject
to confirmation, reconcilation and adjustments, if any.
4. The Income Tax and Sales Tax assessments of the Company have been
completed upto accounting year 2005-06 and 2004-05 respectively.
5. Interest on Working Capital is net of interest received.
6. Inter-unit transfers are made at market price and same have been
excluded from sales. The opening and closing stock is partly comprised
of the material so transferred. The mode of valuation referred at cost
represents cost worked out by the unit seperately taking into account
the price charged in the inter-unit transfer.
7. The Company has given guarantee to IDBI for a Term Loan of Rs. 9.00
crores (Outstanding Rs. 1.25 crores) given to another group Company
Vardhman Industries Limited.
8. The Honble Punjab & Haryana High Court at Chandigarh has approved
the Scheme of Arrangement for hiving off the Sponge Iron unit of the
company and the effective date for the same is 01.03.2006. All the
legal and procedural formalties related there to have been complied
with.
9. Figures have been rounded off to the nearest Rupee and Metric To n
in case of amount and quantity respectively.
10. Previous year figures have been regrouped/rearranged to make them
comparable with those of Current Year.
11. In response to letters from existing suppliers with whom company
deals regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006, the Company has received replies
from some of the suppliers. Based on these replies, there is no
information that has to be disclosed under the provisions of the above
referred Act.
12. The Company operates in one Segment i.e. Iron & Steel.
13. Employee Benefits :
TheDisclosures in accordance with requirements of accounting standard
15 (Revised 2005) issued by the Institute of Chartered Accountants of
India, employees benefits are provided below :
a) Defined Contribution Plans
The Company has recognised Rs.29,97,847/- (Previous Year
Rs.29,53,031/-) towards post employment defined contribution plans
comprising of Provident Fund, Employee State Insurance Corporation and
other funds debited in the profit and loss account.
14. On the basis of information available with the Company and relied
upon by the Auditors, no party falls under the definition of related
party as defined in AS - 18 on "Related Party Disclosures" issued by
ICAI.
15. Annexures A to S form an integral part of the Balance Sheet and
Profit and Loss Account.
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