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Notes to Accounts of Vaswani Industries Ltd.

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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