Mar 31, 2018
NOTES ON ACCOUNTS: -
1. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.
2. In the Opinion of the Board of directors, the loans, advances and other current & non-current assets have a value on realization in the ordinary course of business, at least equal to the amounts of which these are stated and that the provisions for the known liabilities are adequate and not in excess of the amount reasonably necessary.
3. The outstanding balance at the yearend in respect of Sundry Creditors, Loans and Advances, Deposits and certain Bank Accounts are subject to confirmation / reconciliation from the respective parties and the same have been reckoned in these accounts as per the balances appearing in the books. Any further adjustments arising out of reconciliation will be accounted for as and when such reconciliation is completed. The company however does not expect any material effect in a particular year or in future years.
4. In the opinion of the Management, Current Assets, Loans & Advances have the value at which they are stated in the balance sheet if realized in the ordinary course of the business except the balance of "Suvikash Alloys And Steel Pvt Ltd, Bhadramaruti Concast Private Limited".
No Provision has been made as matter is under court proceedings.
5. In the opinion of the management there is no such events occurred after the date of Balance sheet, which needs disclosure in these accounts.
6. There were no employees at any time during the year drawing Rs.500000/- per month or more.
7. Contingent liabilities & Commitments not provided for in respect of:
8. Deferred Tax : In accordance with the Accounting Standard - 22 "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, which has become mandatory from 1st April'' 2002 for listed companies, the company has accounted for deferred tax during the year. Consequently, the cumulative net deferred tax liability of Rs. 8679711/- as on 31st March'' 2018 has been recognized and adjusted from Statement of Profit & Loss.
The deferred tax liability/(asset) of the year amounting to Rs (19778146/-) has been charged in profit and loss a/c
9. Segment Wise Reporting Results:
Basis of Preparation
Business Segment-: Business segments of the company have been identified as distinguishable components that are engaged in a group of related product and that are subject to risks and returns different from other business segments. Accordingly Steel, Power, Real Estate & Fabrics have been identified as the business segments.
Geographical Segment: - The geographic segments identified as secondary segments are "Domestic Market" and "Export Market". Since there is no Export Market Revenue, the same has not been disclosed. The entire capital employed is within India.
10. Directors Disqualification
a. Shri Ravi Kumar Vaswani Managing Director of the company is disqualified under Section 164 of the Companies Act, 2013 with effect from 01/11/2016 to 31/10/2021 due to non-filing of annual accounts and annual return of Vaswani Ispat Limited, Vaswani Energy Limited and Vaswani Cement Limited for a period of three years and Strike off of Elite Buildhome Limited by ROC, Chhattisgarh. However, director has duly filed the annual accounts and annual returns of Vaswani Ispat Limited, Vaswani Energy Limited and Vaswani Cement Limited under CoDS scheme, 2018 and paid the penalty and have initiated process for revival of Elite Buildhome Limited.
b. Shri Pawan Kumar Jha, Director of the Company is disqualified under section 164 of the Companies Act, 2013 with effect from 01/11/2016 to 31/10/2021 due to Strike off of Elite Buildhome Limited by ROC, Chhattisgarh. Director has initiated process for revival of Elite Buildhome Limited.
c. Shri Yashwant Vaswani, Whole-time Director of the Company was disqualified under Section 164 of the Companies Act, 2013 with effect from 01/11/2016 to 31/10/2021 due to non-filing of annual accounts and annual return of Vaswani Ispat Limited, Vaswani Energy Limited and Vaswani Cement Limited for a period of three years. However, director has duly filed the annual accounts and annual returns of Vaswani Ispat Limited, Vaswani Energy Limited and Vaswani Cement Limited under CoDS Scheme, 2018 and paid the penalty and ROC has removed his disqualification with effect from 16th March, 2018. MCA DIN enquiry status is attached.
Notes: Related party relationship in terms of Accounting Standard 18 as given above is pointed out by the management and relied upon by the Auditors.
Mar 31, 2015
1. Computation of basic and diluted earnings per share:
Particulars Current Year Previous
Year
Net Profit after tax (in lacs ) 115.06 2.94
Weighted average number of Equity Share 28654700 28049086
Nominal Value per share 10.00 10.00
Basic and Diluted Earnings Per share 0.40 0.01
2. The figures of the previous year have been regrouped wherever
considered necessary to confirm with current year''s presentation. The
figures have been rounded off in Rs. in Lacs.
3. Balance under sundry debtors, other current assets, sundry
creditors, and loans & advances are subject to confirmation and
reconciliation if any.
4. In the opinion of the Management, Current Assets, Loans & Advances
have the value at which they are stated in the balance sheet if
realized in the ordinary course of the business except the balance of
"Suvikash alloys and Steel Pvt. Ltd, Cement Corporation of India Ltd.
and Bhadramaruti concast private limited". No Provision has been made
as matter is under court proceedings.
5. In respect of Micro / Small / Medium Enterprises Development Act,
2006, certain disclosure is required to made relating to Micro / Small
/ Medium Enterprises. The company could not get relevant information
from its supplier about their coverage under the Act since the relevant
information is not readily available, no disclosure have been made in
the account. Hence disclosure, if any, relating to amounts unpaid as at
the year end together with interest paid/ payable as required under the
said act have not been made.
6. Details of Employee benefits are given below:-
(a) Defined Contribution Plans:-
During the year the company has recognized the following amount in the
profit & loss Accounts (included in Contribution to provident & other
funds):-
(b) Defined Benefit Plan:-
Rs.7.90 Lacs (Cumulative figure) has been provided for Gratuity on the
basis of the formula given in point no.16 of Significant Accounting
Policies, only for those employees who have completed continuous five
year service in the enterprise.
Above policy is not matched with calculation prescribed in AS-15
7. Related Party Disclosures :
a. Name of the related parties
Group Companies/ Key Management Relatives of Key
Associates Personnel management Personnel
M/S Kwality Foundry Shri Ravi Vaswani 1.Smt. Sudha Vaswani
Industries
C.G.Ispat Pvt. Ltd. Shri Pramod Vaswani 2.Smt. Juhi Vaswani
Cosmos Castings Shri Yaswant Vaswani 3.Smt. Manisha Vaswani
(India) Limited
Vaswani Ispat Ltd.
Vaswani Cement Ltd.
Vaswani Energy Ltd.
Shubh Infrastructure Ltd.
8. Valuation & Consumption of inventories has been taken as valued
and certified by the management.
9. There were no employee at any time during the year drawing Rs.
500000/- or more per month.
10. Segment Reporting as required by Accounting Standard (AS-17)
issued by the Institute of Chartered Accountants of India:-
11. Contingent liabilities & Commitments not provided for in respect
of:
(a) Claims against the Company not acknowledged as debt: (Rs. in Lacs)
Particular 2014-15 2013-14
- Sales Tax 75.53 75.53
- Excise Duty 294.55 236.10
- Customs Duty 86.02 0.00
(b) Guarantees:-
Particular 2014-15 2013-14
Letter of Credit 2572.93 2306.49
(c) Law Suit: South Eastern Coalfields Ltd has lodged case against the
company of which outcome of law suit is unquantifiable, hence no
provision accounted in books.
12. Since the company is engaged in the generation of power from A.Y
2008-09, So the company is entitled to claim the deduction under
section -80IA of Income tax act & the quantum of deduction is 100% of
profit & gains derived from such business for 10 consecutive assessment
years out of 15 years beginning with the year in which enterprises
begins to generate Power. Hence the company is decided to claim the
deduction from A.Y.2013- 14.
Mar 31, 2014
1. The figures of the previous year have been regrouped wherever
considered necessary to confirm with current year''s presentation. The
figures have been rounded off in Rs. in Lacs.
2. Balance under sundry debtors, other current assets, sundry
creditors, and loans & advances are subject to confirmation and
reconciliation if any.
3. In the opinion of the Management, Current Assets, Loans & Advances
have the value at which they are stated in the balance sheet if
realized in the ordinary course of the business except the balance of
"Suvikash Alloys and Steel Pvt. Ltd, Cement Corporation of India Ltd.
and Bhadramaruti Concast Private Limited". No Provision has been made
as matter is under court proceedings.
4. In respect of Micro / Small / Medium Enterprises Development Act,
2006, certain disclosure is required to made relating to Micro / Small
/ Medium Enterprises. The company could not get relevant information
from its supplier about their coverage under the Act since the relevant
information is not readily available, no disclosure have been made in
the account. Hence disclosure, if any, relating to amounts unpaid as at
the year-end together with interest paid/ payable as required under the
said act have not been made.
5. Valuation & Consumption of inventories has been taken as valued and
certified by the management.
6. There were no employee at any time during the year drawing Rs.
500000/- or more per month.
7. Contingent liabilities & Commitments not provided for in respect
of:-
(a) Claims against the Company not acknowledged as debt:-
(Rs.in Lacs)
Particular 31.03.2014 31.03.2013
* Sales Tax 75.53 75.53
* Excise Duty 236.10 239.27
(b) Guarantees:-
Particular 31.03.2014 31.03.2013
Letter of Credit 2306.49 2424.59
8. Since the company is engaged in the generation of power from A.Y
2008-09, So the company is entitled to claim the deduction under
section - 80IA of Income tax act & the quantum of deduction is 100% of
profit & gains derived from such business for 10 consecutive assessment
years out of 15 years beginning with the year in which enterprises
begins to generate Power. Hence the company is decided to claim the
deduction from A.Y.2013-14.
Mar 31, 2013
1. The figures of the previous year have been regrouped wherever
considered necessary to confirm with current year''s presentation. The
figures have been rounded off in Rs. in Lacs.
2. Balance under sundry debtors, other current assets, sundry
creditors, and loans & advances are subject to confirmation and
reconciliation if any.
3. In the opinion of the Management, Current Assets, Loans & Advances
have the value at which they are stated in the balance sheet if
realized in the ordinary course of the business except the balance of
"Suvlkash alloys and Steel Pvt. Ltd and Cement Corporation of India
Ltd.". No Provision has been made as matter is under court proceedings.
4. In respect of Micro / Small / Medium Enterprises Development Act,
2006, certain disclosure is required to made relating to Micro / Small
/ Medium Enterprises. The company could not get relevant information
from its supplier about their coverage under the Act since the relevant
information is not readily available, no disclosure have been made In
the account. Hence disclosure, If any, relating to amounts unpaid as at
the year end together with Interest paid/ payable as required under the
said act have not been made.
5. Details of Employee benefits are given below:-
6. Valuation 8t Consumption of inventories has been taken as valued
and certified by the management.
7. There were no employee at any time during the year drawing Rs.
500000/- or more per month.
8. Contingent liabilities & Commitments not provided for in respect
of:-
(a) Claims against the Company not acknowledged as
debt:-
(Rs.in Lacs)
Particular 2012-13 2011-12
- Sales Tax 75.53 49.59
- Excise Duty 239.27 239.27
Income Tax NIL 1.01
(b) Guarantees:-
Particular 2012-13 2011-12
Tetter of Credit 2424.59 1565.73
9. Since the company is engaged in the generation of power from A.Y
2008-09, So the company is entitled to claim the deduction under
section - 80IA of Income tax act & the quantum of deduction is 100% of
profit & gains derived from such business for 10 consecutive assessment
years out of 15 years beginning with the year in which enterprises
begins to generate Power. Hence the company is decided to claim the
deduction from A.Y.2013-14.
Mar 31, 2012
The Company has only one class of equity shares having a par value of
Rs.10 Each. Each shareholder Is eligible for 1 vote per share. Out of
Issued, Subscribed and Paid Up Capital 10000000 shares (previous year-
nil) @ Rs. 10/- each face and rs.39/- as premium received from public
Issue. Out of Issued, Subscribed and Paid Up Capital 2500000 shares
(previous year- nil) Issued as bonus shares.
NOTE - 1
Computation of basic and diluted warnings par aharai
Particulars Current Year Previous Year
Net Profit after tax 109.50 495.29
Weighted average number of Equity Share 24925126 15990700
Nominal Value per share 10.00 10.00
Basic and Diluted Earnings Per share 0.44 3.10
Pursuant to the approval of the Board of Directors at Its meeting held
on October 17, 2011 and subsequent approval of the shareholders, the
Company has Issued 25,00,000 bonus shares to all the shareholders of
the Company except the promoters In the ratio of 1:4 equity shares of
Rs 10 each by way of capitalization of sum standing to the credit of
securities premium account of the Company. The earnings per share
(basic and diluted) have been adjusted accordingly for the previous
year also.
NOTE - 2
The figures of the previous year have been regrouped wherever
considered necessary to confirm with current year's presentation. The
figures have been rounded off In Rs. In Lacs.
NOTE - 3
Balance under sundry debtors, other current assets, sundry creditors,
and loans & advances are subject to confirmation and reconciliation If
any.
NOTE - 4
In the opinion of the Management, Current Assets, Loans & Advances have
the value at which they are stated In the balance sheet If realized In
the ordinary course of the business except the balance of "Suvlkash
alloys and Steel Pvt. Ltd and Cement Corporation of India Ltd.". No
Provision has been made as matter Is under court proceedings.
NOTE - 5
In respect of Micro / Small / Medium Enterprises Development Act, 2006,
certain disclosure Is required to made relating to Micro / Small /
Medium Enterprises. The company could not get relevant Information from
Its supplier about their coverage under the Act since the relevant
Information Is not readily available, no disclosure have been made In
the account. Hence disclosure. If any, relating to amounts unpaid as at
the year end together with Interest paid/ payable as required under the
said act have not been made.
NOTE - 6
Details of Employee benefits are given below:-
During the year the company has recognized the following amount In the
profit & loss Accounts (Included In Contribution to provident & other
funds):-
(b) Defined Benefit Plan:-
Rs.5.77 Lacs (Cumulative figure) has been provided for Gratuity on the
basis of the formula given In point no.16 of Significant Accounting
Policies, only for those employees who have completed continuous five
year service In the enterprise.
Notes: Related party relationship In terms of Accounting Standard 18 as
given above Is pointed out by the management and relied upon by the
Auditors.
NOTE - 7
Valuation & Consumption of Inventories has been taken as valued and
certified by the management.
NOTE - 8
There were no employee at any time during the year drawing Rs. 500000/-
or more per month.
NOTE - 9
The Company has completed Its IPO during the period..There Is no amount
outstanding from IPO proceeds at the end of the year.
NOTE - 10
Segment Reporting as required by Accounting Standard (AS-17) Issued by
the Institute of Chartered Accountants of India:-
(B) Geographical Segment: -
The Company sales Its products within India. The condition prevailing
In India being uniform, no separate geographical segment disclosure Is
considered necessary.
NOTE - 11
Contingent liabilities & Commitments not provided for In respect of:-
(a) Claims against the Company not acknowledged as debt:-
(Rs.in Lacs)
Particular 2011-12 2010-11
- Sales Tax 49.59 Nil
- Excise Duty 239.27 239.27
- Income Tax 1.01 1.01
(b) Guarantees:-
Particular 2011-12 2010-11
Letter of Credit 1565.73 Nil
NOTE - 11
Since the company is engaged In the generation of power from A.Y
2008-09, So the company Is entitled to claim the ' deduction under
section -80IA of Income tax act & the quantum of deduction Is 100% of
profit & gains derived from such business for 10 consecutive assessment
years out of 15 years beginning with the year In which enterprises
begins to generate Power. Hence the company Is decided to claim the
deduction from A.Y.2013-14.
NOTE - 12
During the year company has converted Land (held as fixed assets,
costing RS.7.58 lacs) In to Stock In Trade. Conversion has been done at
prevailing market rate of RS. 1273.24 Lacs,
NOTE - 13
After the Balance Sheet date SECL has Invoke the bank guarantee due to
termination of Coal Supply Agreement of Power Division. Due to this
bank has recovered Rs.95.89 Lacs from company.
NOTE - 14
Interest Receivable of Rs. 7.32 lacs not provided In the books, due to
this profit Is understated to the extent of this amount.
Mar 31, 2010
1 (a) Balance under sundry debtors, other current assets sundry
credits, and loans & advances are subject to confirmation and
reconciliation if any.
2. In the opinion of the Management, Current Assets, Loans & Advances
have the value at which they are started in the balance sheet if
realised in the ordinary course of the business except the balance of "
Suvikash alloys and Steel Pvt. Ltd" from whom recovery of amount is
doubtful and provisions for all known liabilities are adequate and not
in excess of the amount reasonably necessary.
3. The figures of the previous year have been regrouped wherever
considered necessary to confirm with current years presentation. The
figure have been rounded off to the nearest rupee.
4. During the year the company has not produced M.S Ingots.
5.(a) Company has purchased raw material and other consumables from
different firms and company, which are outstanding at the end of year,
but the company has not identified its status that whether the same are
SSI unit or others, hence the particulars are not mentioned here.
(b) In respect of Micro /Small/ Medium Enterprises Development Act,
2006, certain disclosure are required to made relating to Micro /Small
/ Medium Enterprises. The company is in the process of compiling
relevant information from its supplier about their coverage under the
Act since the relevant information is not readily available, no
disclosure have been made in the account. Hence disclosure, if any,
relating to amounts unpaid as at the year end together with interest
paid/ payable as required under the said act have not been made.
6. Details of Employee benefits as required by the Accounting Standard
15 "Employee Benefits" are given below:-
(b) Defined benefit plan:-
327528.00 has been provided for Gratuity on the basis of the formula
given in point no.16 of (A) of notes to accounts, only for those
employee who have completed continuous five year service in the
enterprises.
7. Related Party Disclosures :
a. Name of the related parties
Group Companies/ Associates Key Personnel management Relatives of
Personnel management
Personnel
1. M/S Kwality Foundry 1. Shri Ravi Vaswani 1. Smt. Sudha
Industries Vaswani
2. Meghana Texim Pvt. Ltd 2. Shri Pramod Vaswani
3. Shri Yaswant 2. Smt Juhi
Vaswani
3. Cosmos Casting India Vaswani
Limited
4. Vaswani Ispat Ltd.
5. Vaswani Cement Ltd.
8. Deferred Tax; In accordance with the Accounting Standard- 22
"Accounting for taxes on Income" issued by the Institute of Chartered
Accountants of India, the company has accounted for deferred tax during
the year. Consequently, the cumulative net deferred tax liabilities of
RS.61411012.00/- as on March 2010 on net timing difference of
Rs.180673762.08 has been recognized.
9. Valuation & Consumption of inventories has been taken as valued
and certified by the Management
10. There were no employee at any time during the year drawing Rs.
200000/- or more per month.
11. The Company has made a provision of Rs. 5.73 Lac (Previous year
Rs. 9.57 Lac) for Corporate Dividend Tax on the amount of dividend
proposed for the year ended 31st March, 2010 as per the provision of
Section 115-O of Income tax act, 1961.
(B) Geographical Segment: -
The Company sell its products within India. The condition prevailing in
India being uniform, no separate geographical segment disclosure is
considered necessary.
12. Contingent liabilities not provided for in respect of:-
(RS. in Lac)
Particular 2009-10 2008-08
- Sales Tax(pending with ACIT
Appeals Sales Tax Raipur) 3.59 3.59
- Excise Duty 192.53 139.64
13 Company has generated 60396000 units in its Power division during
the F.Y 2009-10 out of which 8257960 units has been capitively consumed
in its Sponge & Furnace Division. The transfer pricing of power units
has been taken on Fair Market value Basis. However the transfer pricing
policy does not affect the profit of the company as whole.
14 Since the company is engaged in the generation of power from A.Y
2008-09, So the company is entitled to claim the deduction under
section -80IA of Income tax act & the quantum of deduction is 100% of
profit & gains derived from such business for 10 consecutive assessment
years out of 15 years beginning with the year in which enterprises
begins to generate Power. Hence the company is decided to claim the
deduction from fifth year starting from A.Y 2008-09 18.
15. On Some Case Tds has been deducted late and interest payment on it
has not been made.
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