Mar 31, 2014
1. The Company did not have any employee drawing remuneration of Rs.
60,00,000/- p.a. or Rs.5,00,000/- per month if employed for a part of
the year.
2. Leave Encashment is accounted for on Cash Basis as and when paid.
3. Contingent Liabilities: Current Year Nil and Previous years Rs.
16.22 Lacs (Income tax demand for A.Y 2009-10)
4. Expenditure in Foreign Currency - for import of Raw Material
US $ 39382659.92 (equivalent in Rs. 2327078938.00)
Euro 15411.90 (equivalent in Rs.1334405.00)
5. Quantitative & other information pursuant to requirement of
Paragraph 3, 4C & 4D of Part -II of Schedule VI of the Companies Act,
1956.
6. Some of the Balances in Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation, reconciliations, adjustments,
if any, which in the opinion of the Management will not be significant.
The confirmations of Debtors are subject to verification.
The Company had filed case under Section 138 of the Negotiable
Instruments Act, 1881 in the Metropolitan Court at Mumbai against 2
parties namely M/s. K. J. International for Rs. 55,27,353/- and M/s S.
D. L. Steel Private Limited for Rs. 1,06,55,770/- for recovery of
amount outstanding along with interest etc. The Management is of the
opinion that the amount outstanding will be recovered as the matter is
being pursued in the Court and adequate steps are being taken.
7. In the opinion of Board, the Current Assets, Loans and Advances are
approximately of, if realized, in the ordinary course of business. The
provision for all known liabilities is adequate and not in excess of
the amount reasonably necessary.
8. Employee Benefits
As per Accounting Standard -15 "Employee Benefits" the disclosure of
employee benefits is given below:
i) Defined Contribution Plans: The amounts of contribution to Provident
Fund recognized as expenses during the year is Rs. /- (Previous Year Rs
190338/-).
ii) Defined benefits plans for gratuity
The following table sets out the status of the Gratuity plan for the
year ended 31st March, 2014 as required under AS 15 (Revised)
9. Since the windmill power generation segment is not significant as
defined in AS-17 , the Company is considered to be a single segment
company-engaged in one business segment namely reprocessed plastic
granules , hence segment wise reporting as required under AS-17 issued
by ICAI is not applicable.
10. The Company has not received any intimation from "Suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, 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 given.
Mar 31, 2013
1. The Company did not have any employee drawing remuneration of Rs.
60,00,000/- p.a. or Rs.5,00,000/- per month if employed for a part of
the year.
2. Leave Encashment is accounted for on Cash Basis as and when paid.
3. Contingent Liabilities: Current Year Nil and Previous years Rs.
16.22 Lacs (Income tax demand for AY 2009-10)
4. Expenditure in Foreign Currency - for import of Raw Material US $
65,747,563.00 (equivalent in Rs. 3,591,279,845)
5. Quantitative & other information pursuant to requirement of
Paragraph 3, 4C & 4D of Part -II of Schedule VI of the Companies Act,
1956.
(a) Quantitative information in respect of goods manufactured:
6. Some of the Balances in Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation, reconciliations, adjustments,
if any, which in the opinion of the Management will not be significant.
The confirmation of Debtors are subject to verification.
The Company has filed case under Section 138 of the Negotiable
Instruments Act, 1881 in the Metropolitan Court at Mumbai against 2
parties namely M/s. K.J.International for Rs. 55,27,353/- and M/s S.D.L
Steel Pvt. Ltd for Rs. 1,06,55,770/- for recovery of amount outstanding
along with interest etc. The Management is of the opinion that the
amount outstanding will be recovered as the matter is being pursued in
the Court and adequate steps are being taken.
7. In the opinion of Board, the Current Assets, Loans and Advances
are approximately of, if realized, in the ordinary course of business.
The provision for all known liabilities is adequate and not in excess
ofthe amount reasonably necessary.
8. Managerial Remuneration of Rs. 2,50,000/- per month was given to
Shri Pankaj H. Valia, Managing Director during the year under review.
9. Employee Benefits
As per Accounting Standard -15 "Employee Benefits" the disclosure of
employee benefits is given below :
i) Defined Contribution Plans: The amounts of contribution to Provident
Fund recognized as expenses during the year is Rs.190338/- (Previous
Year Rs 177576/-).
ii) Defined benefits plans for gratuity
The following table sets out the status of the Gratuity plan for the
year ended 31st March, 2013 as required under AS 15(Revised)
10. Since the windmill power generation segment is not significant as
defined in AS- 17 , the Company is considered to be a single segment
company - engaged in one business segment namely reprocessed plastic
granules , hence segment wise reporting as required under AS-17 issued
by ICAI is not applicable.
11. Auditors remuneration:-
To Sarda Soni Associates, Chartered Accountants :
1. Audit Fees (including Tax Audit Fees) 60,000
2. Service Tax 6,742
12. The Company has not received any intimation from "Suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, 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 given.
Mar 31, 2012
1, The Company did not have any employee drawing remuneration of Rs.
60.00,000/- P.A.. or Rs.5,00,000/- per month if employed for a part of
the year.
2. Leave Encashment is accounted for on Cash Basis as and when paid.
3. Contingent Liabilities Rs. 10.22 Lacs (Gross Liabilities Rs. 16.22
Lacs less paid Rs. 6.00 Lacs) (Income Tax demand for A.Y 2009-10)
4, Expenditure in Foreign Currency - for import of Raw Material
US $30,023,026.73 (equivalent in Rs. 1,523,227,014.67)
5. Quantitative & other information pursuant to requirement of
Paragraph 3, 4C & 4D of Part -II of Schedule VI of the Companies Act, 1956.
6. Some of the Balances in Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation, reconciliations, adjustments,
it any, which in the opinion of the Management will not be significant.
7. In the opinion of Board, the Current Assets, Loans and Advances
are approximately of, if realized, in the ordinary course of business.
The provision for all known liabilities is adequate and not in excess
of the amount reasonably necessary.
8. No Managerial Remuneration was given 10 the Directors during the
year under review.
9. Employee Benefits
As per Accounting Standard -15 "Employee Benefits" the disclosure of
employee benefits is given below:
i) Defined Contribution Plans: The amounts of contribution to Provident
Fund recognized as expenses during the year is Rs. 177576/- (Previous
Year Rs 129512/-).
ii) Defined benefits plans for gratuity
The following table sets out the status of the Gratuity plan for the
year ended 31st March, 2012 as required under AS 15(Revised)
10. Since the windmill power generation segment is not significant as
defined in AS-17, the Company is considered to be a single segment
company - engaged in one business segment namely reprocessed plastic
granules , hence segment wise reporting as required under AS-17 issued
by ICAI is not applicable.
11. The Company has not received any intimation from "Suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, 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 given.
12. Accounting Standards prescribed under Section 211 (3c) of the
Companies Act, 1956, have been followed wherever applicable. In
accordance with Clause 15 of the Accounting Standard (AS) 4, the
company reports that. The Hon'ble Bombay High Court, vide its Order
dated 13.04,2012, has sanctioned the Composite Scheme of Arrangement
and Amalgamation of VHCL Industries Limited with Jhaveri Weldflux
Limited subject to the terms and conditions laid down in its said
Order. In the said sanctioned scheme the Appointed date of amalgamation
of the two companies is 01.04.2011. The effect of this Event after the
Balance Sheet date, materially affecting the balances of assets and
liabilities of the company as on 31.03.2012, has been taken into
consideration while preparing the financial accounts of the merged
company. Since the figures of the previous year of both companies
cannot be merged for the purpose of comparison due to the effect of the
amalgamation of the two companies given in the financial statements for
the year ended 31.03.2012, the previous ear figures for the year ended
31.03.20) 1 have been given on stand alone basis of Jhaveri Weldflux
Ltd only.
13. (I) Particulars of Scheme sanctioned :
A) To write off part of the debit balance in the Profit & Loss Account
of Jhaveri Weldflux Limited to the extent of Rs. 2,70.00,000/- by
reduction of Rs. 9/- per share on 30,00,000 equity shares of Rs.10/-
each fully paid up and thereafter to reorganise the existing 10 equity
shares of F.V. Rs. 10/- into 5 equity shares of Rs.2A each paid up.
B) To Amalgamate VHCL Industries Limited with Jhaveri Wcldflux Limited
by issuing 3 equity shares of Jhaveri Weld flux Limited (post reduction
and reorganisation of capital) for every 2 equity shares held in VHCL
Industries Limited.
C) To change the name of Jhaveri Weldflux Limited to VHCL Industries
Limited.
(2) Effective Date of amalgamation ; 1st April, 2011
(3) Method of accounting used to reflect amalgamation : Under Pooling
of interest method.
(4) Names and general Nature of Business :
(a) VHCL Industries Ltd - Manufacturing & re-processing of plastic
material.
(b) Jhaveri Weldflux Ltd-Manufacturing & trading of wires & wire flux.
(5) In terms of the Composite Scheme of Arrangement and Amalgamation
(Scheme) sanctioned by the order dated 13TH April, 2012 of the Hon'ble
Bombay High Court, VHCL Industries Ltd has been amalgamated with the
Company with effect from 1st April, 2011.
In accordance with the said Schemes
(a) The assets, liabilities, rights and obligations of the amalgamating
company have been vested with the Company with effect from 1st April,
2011 and have been recorded at their respective fair values under the
pooling of interest method of accounting for amalgamation.
(b) 3,01,51,950 Equity shares of Rs. 21- each are to be issued as fully
paid-up, to the shareholders of the amalgamating company i,e VHCL
Industries Ltd whose names are registered in the register of members on
the record date, without payment being received in cash. Pending
allotment, the face value of such shares has been shown as "Equity
Share Suspense".
(c) Difference of Fair value of net assets taken over by the Company
over the paid up value of equity shares to be issued and allotted and
expenses on amalgamation as above has been shown as Goodwill on Merger,
amounting to Rs. 2,01,01,340/- by issuing 3 equity shares of Jhaveri
Weldflux Limited for every 2 equity shares held in VHCL Industries
Limited to the existing shareholders of VHCL Industries Limited). under
Fixed Assets as "Intangible assets "as per Accounting Standard (AS-14)
on Accounting for Amalgamation issued by The Institute of Chartered
Accountants of India.
Mar 31, 2011
1. As at March
31, 2011 As at March
31, 2010
a) Claims against Company not acknowledge
as debts Nil Nil
b) Capital Commitments Nil Nil
A) Licensed & Installed Capacities and Actual Production for the year :
(As certified by a Director) Licensed Capacity : Not applicable
Installed Capacity : Not Applicable Production : 0 M.T.
2. In the opinion of the Directors, the current assets, loans and
advances are approximately of the values as stated in the Balance
Sheet, if realised in the ordinary course of the business and provision
for all known rehabilitees have been made, and the same Is not in
excess of the amount considered necessary
3. The Balance confirmation from Sundry Debtors and Sundry Creditors
have not been obtained and as such the balances are, subject to
confirmation and reconciliation, if necessary.
4. Stock-in-trade has been incorporate as taken, valued and Certify by
the management and the the same is relied upon by the auditors.
5. Out of total trade debtors of Rs. 28,94,435/-, debtors to the extent
of Rs. 28,28,727/- are more than six months old. The Management is
making efforts to recover the dues and as such no provision for
doubtful debts has been made in Accounts.
6. No provision has been made for income tax in view of loss for the
year
7. Segment Information:- The Company deals in one segment only and
that is welding consumables.
8. Retirement Benefits:- Provision for Leave encashment and Gratuity
has not been provided for during the year.
9. General:- Balance sheet abstract and Company's General Business
Profile as required under Schedule VI to the Companies Act is enclosed
in the Annexure.
10. Previous year figures have been regrouped wherever necessary for
the purpose of proper comparison with that of the current year and
paises are rounded off upto nearest rupee.
Mar 31, 2010
1. In the opinion of the Directors, the current assets, loans and
advances are approximately of the value as stated in the Balance Sheet,
if realised in the ordinary course of the business and provisions for
all known liabilities have been made, and the same is not in excess of
the amount considered necessary.
2. The balance confirmations from Sundry Debtors and Sundry Creditors
have not been obtained and as such the balances are, subject to
confirmation and reconciliation, if necessary.
3. Stock-in-trade has been incorporated as taken, valued & certified
by the management.
4. Out of total trade debtors of Rs. 34,92,082/-, debtors to the
extent of Rs. 34,13,721/- are more than six months old. The management
is making efforts to recover the dues and as such no provisions for
doubtful debts has been made in Accounts.
5. No provision has been made for income tax in view of loss for the
year.
6. Segment Information:- The company deals in one segment only and
that is welding consumables.
7. Retirement Benefits:- Provision for Leave encashment & Gratuity
has not been provided for during the year.
8. General:- Balance sheet abstract and Company's General Business
Profile as required under Schedule VI to the Companies Act is enclosed
in the Annexure.
9. Previous year figures have been regrouped wherever necessary for
the purpose of proper comparison with that of the current year and
paises are rounded off upto nearest rupee.