Home  »  Company  »  Vidarbha Iron  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Vidarbha Iron & Steel Corporation Ltd.

Mar 31, 2015

1. Terms/rights attached to Equity Shares:

The Company has only one class of Equity Shares having par value of Re. 10/- per share. Each holder of Equity Shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

2. Current Income Tax is provided on the basis of estimated tax liability computed as per applicable provisions of Income Tax Act,1961.

3. CONTINGENT LIABILITIES AND COMMENTS

Contingent Liabilities not provided for in respect of claims / disputed liabilities not acknowledged as debts:

Service Tax Rs.637.60 Lacs (Previous year Rs.637.60 Lacs)

3.1 Corporate guarantees in favour of Consortium Banks in respect of their outstanding with Facor Steels Ltd. Due to the nature of the liability, its financial impact is not ascertainable.

3.2 All the fixed assets including leasehold land in Note 9 has been mortgaged in favour of Consortium Banks of Facor Steels Ltd. against the credit facilities extended to Facor Steels Ltd.

4. RELATED PARTY DISCLOSURE :

I. List of related parties:-

A. Name and nature of relationship with the related party where control exists:

Facor Steels Limited (FSL)- Associates

B. Enterprise, over which key management personnel and their relatives exercise significant influence, with whom transactions have taken place during the year:

GDP Holdings Pvt.Ltd.

C. Key Management Personnel :

Anurag M. Saraf Managing Director

M.D. Saraf Director

5. Previous Year's figures have been re-grouped wherever necessary.


Mar 31, 2014

1. SHARE CAPITAL

Note: 2625 Equity shares of Rs. 10/- each were allotted as fully paid up pursuant to a contract, without payment being received in cash

1.1 Terms/rights attached to Equity Shares:

The Company has only one class of Equity Shares having par value of Re. 10/- per share. Each holder of Equity Shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

2. FIXED ASSETS

NOTES:

2.1 Cost of Building include Rs.5,09,240 (Previous year Rs.5,09,240) for which final documents are yet to be executed

2.2 Depreciation on Fixed assets has been charged as per straight line method at the rates prescribed as per Schedule XIV of the Companies Act,1956.

3. TRADE PAYABLES

3.1 There are no dues payable to small scale Industrial undertakings

4. CONTINGENT LIABILITIES AND COMMENTS

4.1 Contingent Liabilities not provided for in respect of claims/disputed liabilities not acknowledged as debts: Service Tax Rs.637.60 Lacs (Previous year Rs.637.60 Lacs)

4.2 Corporate guarantees in favour of Consortium Banks in respect of their outstanding with Facor Steels Ltd. Due to the nature of the liability, its financial impact is not ascertainable.

4.3 All the fixed assets including leasehold land in Note 9 has been mortgaged in favour of Consortium Banks of Facor Steels Ltd. against the credit facilities extended to Facor Steels Ltd.

5. RELATED PARTY DISCLOSURE:

I. List of related parties:-

A. Name and nature of relationship with the related party where control exists:

Facor Steels Limited (FSL) - Associates

B. Enterprise, over which key management personnel and their relatives exercise significant influence, with whom transactions have taken place during the year :

GDP Holdings Pvt. Ltd.

C. Key Management Personnel

Anurag M. Saraf : Managing Director

M.D. Saraf : Director

6. Previous Year''s figures have been re-grouped wherever necessary.


Mar 31, 2013

1. Current Income Ta x is provided on the basis of estimated tax liability computed as per applicable provisions of Income Ta x Act,1961.

2. CONTINGENT LIABILITIES AND COMMENTS

Contingent Liabilities not provided for in respect of claims / disputed liabilities not acknowledged as debts: Service Ta x Rs. 637.60 Lacs (Previous year Rs. 579.21 Lacs)

3. RELATED PARTY DISCLOSURE :

I. List of related parties:- A. Name and nature of relationship with the related party where control exists:

Facor Steels Limited (FSL)- Associates

B. Enterprise, over which key management personnel and their relatives exercise significant influence, with whom transactions have taken place during the year :

GDP Holdings Pvt.Ltd.

C. Key Management Personnel :

Anurag M. Saraf Managing Director

M.D. Saraf Director

4. Previous Year''s figures have been re-grouped wherever necessary.


Mar 31, 2012

1.1 Terms/rights attached to Equity Shares:

The Company has only one class of Equity Shares having par value of Rs. 10/- per share. Each holder of Equity Shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

2.1 There are no dues payable to small scale Industrial undertakings

2.2 The Company has been granted Inland Letter of Credit facility upto a limit of Rs. 4.00 crores by Punjab National Bank, Nagpur against mortagage of all those piece and parcel of land bearing MIDC Plot No. 46-A admeasuring 82524 Sq. Mtrs and MIDC Plot No.46-B admeasuring 23668 Sq. Mtrs. of Mouza Sonegaon, Distt. Nagpur owned by the company. Trade payable includes Rs. 400.20 Lacs (previous year Rs. 281.93 Lacs) towards amount payable to Punjab National Bank under above arrangement.

3. Current Income Tax is provided on the basis of estimated tax liability computed as per applicable provisions of Income Tax Act, 1961.

4. CONTINGENT LIABILITIES AND COMMENTS

Contingent Liabilities not provided for in respect of claims / disputed liabilities not acknowledged as debts: Service Tax Rs.579.21 Lacs (previous year Rs.389.52 Lacs)

5. RELATED PARTY DISCLOSURE:

I. List of related parties: -

A. Name and nature of relationship with the related party where control exists:

Facor Steels Limited (FSL)- Associates

B. Enterprise, over which key management personnel and their relatives exercise significant influence, with whom transactions have taken place during the year:

GDP Holdings Pvt.Ltd.

C. Key Management Personnel:

M.D. Saraf Managing Director

6. The revised Schedule VI to the Companies Act, 1956 has become effective from 01.04.2011 for preparation and presentation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Accordingly, the figures for the previous year have been reclassified wherever necessary to conform with the current year's classification.


Mar 31, 2010

1. No provision of gratuity is considered necessary. Employees are entitled to accumulate their privilege leave within specified limits and can claim encashment thereof while in service or on retirement. This is not treated as specific retrial benefit and cost thereof is accounted for in the year in which the claims are settled.

2. In view of settlement with SICOM under Amnesty Scheme, repayment of loan was made without interest and as such no provision for interest is required to be made. (Previous Year Rs.61.70 Lacs)

3. Deferred Tax expenses on account of difference between depreciation as per books and as per Income Tax Act,1961 is Rs.69,291/- (Previous Year Rs.86,096/-)

4. Travelling Expenses include

Director Travelling

5. Particulars of Licensed and Installed capacity not applicable

The Company is exempted from licensing and registration requirements for its Iron and Steel in terms of notification No. 477(E) dated 25/07/1991 issued by Ministry of Industry, Government of India.

6. Expenditure in Foreign Currency (in Rupees) Nil Nil

7. Previous years figures have been re-grouped wherever necessary.

8. There are no dues payable to Small Scale Industrial undertakings.

 
Subscribe now to get personal finance updates in your inbox!