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.