Mar 31, 2015
1 Terms/Rights attached to Equity Shares
The Company has only one class of equity shares having a per value of
Rs.10 par share. Each holder of equity share is entitled to one vote
per share and ranks Pari-pasu.
In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive any of the remaining assets of the Company
after settlement of all outside liabilities. The distribution will be in
proportion to the number of equity shares held by the shareholders.
(a) Balances with banks includes Fixed deposits under lien for Bank
Guarantees of Rs. 46,00,000/- issued to Central Coalfields Ltd. and
Rs.82,08,000/- to The Singareni Collieries Co. Ltd. (Previous Year
Rs.1,02,16,000/-).
(b) Balances with banks in deposit accounts include deposits under lien
of Rs.8,50,00,000/- (previous year Rs.8,50,00,000/-)to the HDFC Bank
Ltd. as security against overdraft facility provided by the said bank
against the aforesaid Fixed Deposits.
(c) Balances with banks include deposits of Rs.12,01,31,888/- (previous
year Rs 11,08,42,966/- ) having original maturity of 12 months or more.
2 .Lease:
The Company has leased its RLHG/LPG Bottling Plant in the WBIIDC land
located at ULUBERIA, Howrah, (W. Bengal) along with all existing
building, structures and equipment, storage bullets, piping etc.
situated on the same land and the plant and equipment and other
immovable assets with effect from 21.3.2000. The Lease Period has been
renewed for a period of 3 years from 01.04.2013 to 31.03.2016. The
requirement of disclosure under AS 19 in respect of Lease is not
applicable as it came into effect in respect of asset leased during
accounting periods commencing on or after 01.04.2001 only.
3 . During the year, in terms of accounting standard AS-28 issued by
the Institute of Chartered Accountants of India on ''Impairment of
Assets'', the company has determined that there was impairment loss in
respect of its assets amounting to Rs. 1,85,037/- which has been
charged in the Profit & Loss Account.
4 . Contingent Liabilities:
a) Bank Guarantees issued by the HDFC Bank in favour of Third Parties
as follows:
i) Bank Guarantee No.014GT01133450003 dated 11.12.2013 for
Rs.46,00,000/- issued in favour of Central Coal Fields Ltd. against
which the company has pledged/ created lien on it fixed deposits with
the HDFC Bank Ltd.
ii) Bank Guarantee No.GTEE/304557 dated 29.04.2014 for Rs.56,16,000/-
issued in favour of The Singareni Collieries Co, Ltd. against which the
company has pledged/ created lien on it fixed deposits with the HDFC
Bank Ltd.
iii) Bank Guarantee No.GTEE/304734 dated 16.05.2014 for Rs.25,92,000/-
issued in favour of The Singareni Collieries Co, Ltd. against which the
company has pledged/ created lien on it fixed deposits with the HDFC
Bank Ltd.
b) Claims not acknowledged by company are as under:-
2014-15 2013-14
(Rs.) (Rs.)
(1) VAT on Coal Purchase 15,08,910 15,08,910
(net of payment)
(2) Income Tax (Pending before 11,92,821 11,92,821
Appellate authorities &
Hon''ble ITAT in respect of
which the company is in appeal.)
(3) CENVAT on capital goods
(net of payment) 12,14,662 12,14,662
c) Compensation of Rs. 1,15,48,530/- for Company''s alleged non-lifting
of coal wrongly and illegally claimed by M/S Central Coalfield Ltd.,
Ranchi and the Company has refused and refuted such illegal and
baseless claims and the entire matter is pending with the Hon''ble High
Court at Ranchi for adjudication.
5 . The balances of debtors and creditors are subject to confirmation
by the parties.
6 . Estimated amount of contracts remaining to be executed on Capital
Accounts and not provided for(net of advance payment) Rs. Nil
(Previous year Rs.Nil )
7 . Deposits include National Savings Certificates and Post Office
Savings Deposit pledged with:
(i) Commercial Tax Authorities Rs.10, 000/- (Previous year Rs.10,
000/-)
(ii) Mining Licensing Authorities Rs.105, 000/- (Previous year Rs.105,
000/-)
8. There is decline other than temporary, in the value of one long
term investment in Equity share, therefore the resultant reduction of
Rs. 3,41,600/- in the carrying amount is charged to the profit & loss
account as per AS-13.
9 . No interest has been paid/or is payable by the Company during the
year to the "Suppliers" covered under the micro Small and Medium
Enterprises Development Act, 2006. To the extent information available
with the company, none of the suppliers were covered under the
provisions of Micro Small and Medium Enterprises Development Act, 2006.
10 . Effective March, 2011; M/s. Central Coalfields Ltd., Ranchi, had
increased the price of ''B'' Grade coal by whopping approx. 130% overnight
in one stroke resulting in the aforesaid coal becoming absolutely
unviable and uneconomical for the production of Sponge Iron at Company''s
Sponge Iron Plant located at Jamshedpur. Accordingly, the Company had
made several requests and representations, verbally and in writing to
them with a request to supply Grade ''C'' coal or lower grade of coal
whose price increase was only 30% but Central Coalfields Ltd. most
arbitrarily and illegally refused such valid requests of the company.
Being highly aggrieved by this most illegal, unjustified, arbitrary and
discriminatory act ; the Company had taken legal action against Central
Coalfields Ltd. (CCL) in the Hon''ble High Court at Ranchi and that
matter is under hearing and adjudication. As the Company suffered heavy
losses for non- supply of coal by CCL, despite having provided them with
Bank Guarantees of Rs.46,00,000/- and Coal advance amount of
Rs.1,14,30,107/-; it got entitled for compensation from Central
Coalfields Ltd. as per Clause No . 4.5 to 4.8 of FSA dated 29.04.2008
entered with them and also based on law of equity and justice and it
accordingly raised on CCL a Compensation Bill of Rs. 99.45,450/- for
accounting year 2011-12 and Rs. 99,45,450/- for accounting year 2012-13
along with an Interest amount of Rs. 6,86,644/- receivable on the said
compensation amount and an Interest Bill of Rs. 45,33,763/- on Company''s
purchase advance amount of Rs. 1,14,30,107/- lying with them. Upon
refusal by Central Coalfields Ltd. to pay the aforesaid compensation and
interest amounts; the Company has filed legal suits against the Central
Coalfields Ltd. at Hon''ble High Court at Ranchi and the said suits are
pending for hearing and adjudication. Since the matter is subjudice; the
Company will account for the aforesaid compensation and interest amount
being legitimately receivable from Central Coalfields Ltd. on actual
receipt basis after the final verdict is announced by the Hon''ble High
Court at Ranchi and/or higher courts. The company has claimed further
interest on the above accounts for the subsequent years and the total of
such cumulative amounts stand at Rs.2,05,89,480/- as on 31.3.2015 and
the same shall be accounted for on receipt basis.
11 . In accordance with Accounting Standard 19 on ''Leases'' as notified
under the Companies (Accounting Standards) Rules 2006 the following
disclosures in respect of operating leases are made.
The Company has taken factory land premises at Adityapur from Adityapur
Industrial Area Development Authority under operating lease on 11.03.99
for a period of 90 years.
12 Depreciation on Fixed Assets in the current year calculated and
based on the method as prescribed in Schedule II of the Companies
Act,2013 is Rs.67,45,638/-. However if depreciation was calculated
based on earlier method prescribed in Schedule XIV of the previous
Company''s Act,1956 the amount of depreciation chargeable to Profit &
Loss Account would have been Rs. 1,11,38,919. Therefore the difference
arising due to the change in the method of depreciation is Rs.
43,93,281 and to that extent loss for the financial year under review
is understated.
13 During the financial year ended 31.3.15, the company has provided
unsecured inter corporate loans to M/s Consortium Capital Pvt. Ltd. &
Limtex (India) Ltd. for their Working Capital needs but such loans have
not exceeded the limits prescribed u/s 186 of the Companies Act, 2013.
Beside these; the company has not provided loans to any other person or
made any investments or given any kind of guarentee to or on behalf of
any person.
14 The revised schedule III to the Companies Act, 2013 has become
effective for preparation 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 re-classified, wherever necessary to conform with the current
year''s classification.
Mar 31, 2014
1. Share Capital:
(a) The entire Share Capital comprises of Equity Shares, and the
shareholders have equal rights in respect of distribution of dividends
and the repayment of capital.
(b) The company is neither a holding company nor a subsidiary company.
(c) There are no shares reserved for issue under options and
contracts/commitments for the sale of shares/disinvestment.
(d) For the period of 5 years immediately preceding the date as at
which the Balance Sheet is prepared.
(e) Shares in the company held by each shareholders holding more than 5
per cent shares:
(f) There were no securities issued having a term for conversion into
equity/preference shares.
(g) There are no calls unpaid in respect of Equity Shares issued by the
company.
(h) There are no forfeited shares by the company.
(i) Terms/Rights attached to Equity Shares
The Company has only one class of equity shares having a per value of
Rs. 10 per share. Each holder of equity share is entitled to one vote
per share and ranks pari pasu. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive any
of the remaining assets of the Company after settlement of all outside
liabilities. The distribution will be in proportion to the number of
equity shares held by the shareholders.
2. Non-current Investments (At cost):
Trade Investments:
(a) Investments in Equity Instalments fully paid up(Quoted)
None of the above companies are subsidiaries or associates or joint
ventures or controlled special purpose entities.
(b) Investment in Equity Instruments fully paid up (Unquoted) in
associated company
3. Trade Receivables:
(i) Allowance to be made for doubtful debt is not necessary.
(ii) There are no debts due by directors or other officers of the
company either severally or jointly with any other person or debts due
by firms or private companies respectively in which any director is a
partner or a director or a member.
4. Cash and Bank Balances:
a) Balances with banks includes deposits under lien of Rs. 46,00,000/-
issued to Central Coalfields Ltd. and Rs. 56,16,000/- issued to The
Singareni Collieries Co. Ltd. (Previous Year Rs. 53,86,594/-) against
bank guarantees.
b) Balances with banks in deposit accounts include deposits under lien
of Rs. 8,50,00,000/- (previous year Rs. 8,50,00,000/-)to the HDFC Bank
Ltd. for security against overdraft facility provided by the said bank.
c) Balances with banks include deposits of Rs. 11,08,42,966/- (previous
year Rs. 14,79,99,278/-) having original maturity of 12 months or more.
5. Cost of materials consumed:
Consumption of coal of the current year include the cost value of
1840.700 MT of coal valuing Rs. 40,29,293 sold during the year out of
the opening stock quantity.
6. Lease:
The Company has leased its RLHG/LPG Bottling Plant in the WBIIDC land
located at ULUBERIA, Howrah, (W. Bengal) along with all existing
building, structures and equipment, storage bullets, piping etc.
situated on the same land and the plant and equipment and other
immovable assets with effect from 21.3.2000. The Lease Period has been
renewed during the year for a period of 3 years from 01.04.2013 to
31.03.2016. The requirement of disclosure under AS 19 in respect of
Lease is not applicable as it came into effect in respect of asset
leased during accounting periods commencing on or after 1.4.2001 only.
7. Deferred Tax Liability/(Asset): Income Tax:
In accordance with the requirement of Accounting Standard (AS) 22 on
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India, the deferred tax asset of Rs. 23,21,146/- for the
year has been recognized in the Profit & Loss Account for the year.
8. During the year, in terms of accounting standard AS-28 issued by the
Institute of Chartered Accountants of India on ''Impairment of Assets'',
the company has determined that there was no potential impairment loss
in respect of its assets.
9. Contingent Liabilities:
a) Bank Guarantees issued by the HDFC Bank in favour of Third Parties
as follows:
i) Bank Guarantee NO.014GT01133450003 dated 11.12.2013 for Rs.
46,00,000/- issued in favour of Central Coalfields Ltd. against which
the company has pledged/created lien on it fixed deposits with the HDFC
Bank Ltd.
ii) Bank Guarantee No. 014GT02121370001 dated 03.04.2013 for Rs.
56,16,000/-issued in favour of The Singareni Collieries Company Ltd.
c) Compensation of Rs. 1,15,48,530/- for Company''s alleged non-lifting
of coal wrongly and illegally claimed by M/S Central Coalfields Ltd.,
Ranchi as Company has refused and refuted such illegal and baseless
claims and the entire matter is pending with the Hon''ble High Court at
Ranchi.
10. On the basis of a writ petition filed by the Company against State
Government''s order withdrawing remission of Sales Tax pursuant to
imposition of VAT in the State; the Hon''ble High Court of Jharkhand at
Ranchi has allowed the benefit of deferment of tax for VAT and although
the Hon''ble High Court order is not specific about deferment of CST,
the Company assumes that deferment order is applicable to both VAT and
CST in respect of its sales from it''s Sponge Iron plant at Jamshedpur.
The company has accordingly paid the entire disputed tax liability on
account of CST Rs. 31,63,636/- and of VAT Rs. 33,72,410/- till the end
of the year, although this matter is pending for decision before the
Hon''ble Supreme Court.
11. The balances of debtors and creditors are subject to confirmation by
the parties.
12. Estimated amount of contracts remaining to be executed on Capital
Accounts and not provided for(net of advance payment) Rs. Nil (Previous
year Rs. Nil)
13. Deposits include National Savings Certificates and Post Office Savings
Deposit pledged with:
(i) Commercial Tax Authorities Rs. 10,000/- (Previous year Rs.
10,000/-)
(ii) Mining Licensing Authorities Rs. 1,05,000/-(Previous year Rs.
1,05,000/-)
14. Based on market value of the Company''s investments as on 31.3.2014,
there was no demunition in value of shares and hence no provision for
the same has been made in the accounts.
15. No interest has been paid/payable by the Company during the year to the
"Suppliers" covered under the micro Small and Medium Enterprises
Development Act, 2006. To the extent information available with the
company, none of the suppliers were covered under the provisions of
Micro Small and Medium Enterprises Development Act, 2006.
16. Effective March, 2011; M/s. Central Coalfields Ltd., Ranchi, had
increased the price of ''B'' Grade coal by whopping approx. 130%
overnight in one stroke resulting in the aforesaid coal becoming
absolutely enviable and uneconomical for the production of Sponge Iron
at Company''s Sponge Iron Plant located at Jamshedpur. Accordingly, the
Company had made several requests and representations, verbally and in
writing to them with a request to supply Grade ''C'' coal or lower grade
of coal whose price increase was only 30% but Central Coalfields Ltd.
most arbitrarily and illegally refused such valid requests of the
company. Being highly aggrieved by this most illegal, unjustified,
arbitrary and discriminatory act; the Company had taken legal action
against Central Coalfields Ltd. in the Hon''ble High Court at Ranchi and
that matter is under hearing and adjudication. As the Company suffered
heavy losses for non-supply of coal by Central Coalfields Ltd., despite
having provided them with Bank Guarantees of Rs. 46,00,000/- and Coal
advance amount of Rs. 1,14,30,107/-; it got entitled for compensation
from Central Coalfields Ltd. as per Clause No. 4.5 to 4.8 of FSA dated
29.04.2008 entered with them and it accordingly raised on CCL a
Compensation Bill of Rs. 99.45,450/- for Accounting Year 2011-12 and
Rs. 99,45,450/- for Accounting Year 2012-13 along with an interest
amount of Rs. 6,86,644/- receivable on the said compensation amount and
an Interest Bill of Rs. 45,33,763/- on Company''s purchase advance
amount of Rs. 1,14,30,107/- lying with them. Upon refusal by Central
Coalfields Ltd. to pay the aforesaid compensation and interest amounts;
the Company has filed a suit against Central Coalfields Ltd. at Hon''ble
High Court at Ranchi for winding up of the former and the said suit is
pending for hearing and adjudication. Since the matter is subjudice;
the Company will account for the aforesaid compensation and interest
amount being legitimately receivable from Central Coalfields Ltd. on
actual receipt basis after the final verdict is announced by the
Hon''ble High Court at Ranchi and/or Higher Courts. The company has
claimed further interest on the same for the Accounting Year 2013-14
amounting to Rs. 69,88,727/- and the same shall also be accounted for
on actual receipt basis.
17. In accordance with Accounting Standard 19 on ''Leases'' as notified under
the Companies (Accounting Standards) Rules 2006 the following
disclosures in respect of operating leases are made.
The Company has taken factory land premises at Adityapur from Adityapur
Industrial Area Development Authority under operating lease on 11.03.99
for a period of 90 years.
18. The revised schedule VI to the Companies Act, 1956 has become effective
for preparation 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
re-classified, wherever necessary to conform with the current year''s
classification.
Mar 31, 2013
2. Lease:
The Company has leased its RLHG/LPG Bottling Plant in the WBIIDC land
located at ULUBERIA, Howrah, (W. Bengal) along with all existing
building, structures and equipment, storage bullets, piping etc.
situated on the same land and the plant and equipment and other
immovable assets with effect from 21.3.2000. The Lease Period expired
on 31.03.2013 and the process for renewal/extension of the said lease
is under progress. The requirement of disclosure under AS 19 in respect
of Lease is not applicable as it came into effect in respect of asset
leased during accounting periods commencing on or after 1.4.2001 only.
In accordance with the requirement of Accounting Standard (AS) 22 on
"Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India, the deferred tax asset of Rs.
13,42,987/- for the year has been recognized in the Profit & Loss
Account for the year.
2. During the year, in terms of accounting standard AS-28 issued by
the Institute of Chartered Accountants of India on ''Impairment of
Assets'', the company has determined that there was no potential
impairment loss in respect of its assets.
3. Contingent Liabilities:
a) Bank Guarantees issued by the Citi Bank in favour of Third Parties
as follows against which the company has pledged it''s Fixed Deposits
.
i) Bank Guarantee No.5568116503 dated 25.04.2008 for Rs.42,00,000/-
issued in favour of Central Coalfields Ltd.
ii) Bank Guarantee No. 5569323502 dated 19.11.2009 for
Rs.4,00,000/-issued in favour of Central Coalfields Ltd.
c) Compensation of Rs. 1,15,48,530/- for Company''s alleged
non-lifting of coal wrongly and illegally claimed by M/s. Central
Coalfields Ltd., Ranchi as Company has refused and refuted such illegal
and baseless claims and the entire matter is pending with the Hon''ble
High Court at Ranchi.
4. On the basis of a writ petition filed by the Company against State
Government''s order withdrawing remission of Sales Tax pursuant to
imposition of VAT in the State; the Hon''ble High Court of Jharkhand
at Ranchi has allowed the benefit of deferment of tax for VAT and
although the Hon''ble High Court order is not specific about deferment
of CST, the Company assumes that deferment order is applicable to both
VAT and CST in respect of its sales from its Sponge Iron plant at
Jamshedpur. The company has accordingly paid the entire disputed tax
liability on account of CST Rs.31,63,636 /- and of VAT Rs.33,72,410 /-
till the end of the year, although this matter is pending for decision
before the Hon''ble Supreme Court.
5. The balances of debtors and creditors are subject to confirmation
by the parties.
6. Estimated amount of contracts remaining to be executed on Capital
Accounts and not provided for(net of advance payment) Rs. Nil (Previous
year Rs.8,01,925)
7. Deposits include National Savings Certificates and Post Office
Savings Deposit pledged with:
(i) Commercial Tax Authorities Rs.10,000/- (Previous year Rs.10,000/-)
(ii) Mining Licensing Authorities Rs. 105,000/- (Previous year
Rs.55,000/-)
8. Based pn market value of the Company''s investments as on
31.3.2013, there was ndemunition in value of shares and hence no
provision for the same has been made in the accounts.
9. No interest has been paid/payable by the Company during the year
to the "Suppliers" covered - under the micro Small and Medium
Enterprises Development Act, 2006.
To The extent information available with the company, none of the
suppliers were covered under the provisions of Micro Small and Medium
Enterprises Development Act, 2006.
10. Effective March, 2011; M/s. Central Coalfields Ltd., Ranchi, had
increased the price of ''B'' Grade coal by whopping approx. 130%
overnight in one stroke resulting in the aforesaid coal becoming
absolutely unviable and uneconomical for the production of Sponge Iron
at Company''s Sponge Iron Plant located at Jamshedpur. Accordingly,
the Company had made several requests and representations, verbally and
in writing to them with a request to supply Grade ''C'' coal or lower
grade of coal whose price increase was only 30% but Central Coalfields
Ltd. most arbitrarily and illegally refused such valid requests of the
company. Being highly aggrieved by this most illegal, unjustified,
arbitrary and discriminatory act; the Company had taken legal action
against Central Coalfields Ltd. in the Hon''ble High Court at Ranchi
and that matter is under hearing and adjudication. As the Company
suffered heavy losses for non-supply of coal by Central Coalfields
Ltd., despite having provided them with Bank Guarantees of
Rs.46,00,000/- and Coal advance amount of Rs.1,14,30,107/-; it got
entitled for compensation from Central Coalfields Ltd. as per Clause
Nos. 4.5 to 4.8 of FSA dated 29.04.2008 entered with them and it
accordingly raised on CCL then a Compensation Bill of Rs. 99,45,450/-
for accounting year 2011-12 and Rs. 99,45,450/- for accounting year
2012-13 along with an Interest amount of Rs. 6,86,644/- receivable on
the said compensation amount and an Interest Bill of Rs. 45,33,763/-
on Company''s purchase advance amount of Rs. 1,14,30,107/- lying with
them. Upon refusal by Central Coalfields Ltd. to pay the aforesaid
compensation and interest amounts; the Company has filed a suit against
Central Coalfields Ltd. at Hon''ble High Court at Ranchi for winding
up of the former and the said suit is pending for hearing and
adjudication. Since the matter is subjudice; the Company will account
for the aforesaid compensation and interest amount being legitimately
receivable from Central Coalfields Ltd. on actual receipt basis after
the final verdict is announced by the Hon''ble High Court at Ranchi
and/or higher courts.
11. In accordance with Accounting Standard 19 on ''Leases'' as
notified under the Companies (Accounting Standards) Rules 2006 the
following disclosures in respect of operating leases are made.
The Company has taken factory land premises at Adityapur from Adityapur
Industrial Area Development Authority under operating lease on 11.03.99
for a period of 90 years.
12. Additional Information pursuant to the provisions of Part II to
Schedule VI of the Companies Act, 1956 to the extent applicable
13 The revised schedule VI to the Companies Act, 1956 has become
effective for preparation of financial statements. This has
significantly impacted the disclosure and presentation made in the
financial state- ments. Accordingly, the figures for the previous year
have been re-classified, wherever necessary to conform with the current
year''s classification.
Mar 31, 2010
1. Lease:
The Company has leased its RLHG/LPG Bottling Plant in the WBIIDC land
located at ULUBERIA, Howrah, (Wr Bengal) along with all existing
building, structures and equipment, storage bullets, piping etc.
situated on the same land and the plant and machinery and other
immovable assets with effect from 21.3.2000. The Lease Period expired
on 20.03.2008 and the same was renewed / extended up to 31.03.2010. The
aforesaid Lease is now of in the process of renewal for a further
period of 3 years up to 31.03.2013 subject to finalization of terms &
condition and both the parties agreeing to the same. The requirement of
disclosure under AS 19 in respect of Lease is not applicable as it
comes into effect in respect of asset leased during accounting periods
commencing on or after 1.4.2001 only.
2. Deferred Tax Liability/(Asset): Income Tax
In accordance with the requirement of Accounting Standard (AS) 22 on
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India, the deferred tax asset of Rs. 182,999/- for the
year has been recognized in the Profit & Loss Account for the year.
3. During the year, in terms of accounting standard AS-28 issued by
the Institute of Chartered Accountants of India on Impairment of
Assets, the company has determined that there was no potential
impairment loss in respect of its assets.
4. Managing Directors Remuneration for the year is Rs.1,80,0007-
(Previous year Rs.1,80,000/-)
5. Contingent Liabilities:
a) Bank Guarantees issued by the Citi Bank in favour of Third Parties
on behalf of the company amount to Rs. 1,11,02,997/- counter guaranteed
by the company Rs. 1,11,02,997/- (previous year Rs 12,384,466/-).
These Bank guaranteed are covered by charge created in favour of the
Bankers by way of lien on Fixed Deposits held with the said bank.
6. The debtors and creditors balances are subject to confirmation by
the parties.
7. Raw material consumption includes only consumption of indigenous
raw materials.
8. C.I.F. Value of imports, and earning in foreign exchange Rs. Nil
(previous year Rs. Nil)
Mar 31, 2009
1. Lease:
The Company has leased its RLHG/LPG Bottling Plant in the WBIIDC land
located at ULUBERIA, Howrah, (W. Bengal) along with all existing
building, structures and equipment, storage bullets, piping etc.
situated on the same land and the plant and machinery and other
immovable assets with effect from 21.3.2000. The Lease Period expired
on 20.03.2008 and the same was renewed / extended up to 31.03.2010. The
requirement of disclosure under AS 19 in respect of Lease is not
applicable as it comes into effect in respect of asset leased during
accounting periods commencing on or afterl .4.2001 only.
2. Contingent Liabilities :
a) Bank Guarantees issued by the Bank in favour of Third Parties on
behalf of the company Rs. 12,384,466/ - counter guaranteed by the
company Rs. 12,384,466/- (previous year Rs. 73,36,000/-). These are
covered by charge created in favour of the Bankers by way of lien on
Fixed Deposits held with the bank.
b) Claims not acknowledged by company are relating to the following
areas:
2008-09 (Rs.) 2007-08 (Rs.)
(i) Purchase Tax (VAT) on
Coal Purchase(Out of which the 3,017,821 3,017,821
company has paid Rs.15,08,911/-
under protest).
(ii) Income Tax (Pending
before Appellate authorities in 1,579,364 1,579,364
respect of which the company is
in appeal.)
c) An appeal order in respect of income tax has been passed for the
assessment year 2006-07 wherein additions to the extent of Rs. 17.32
Lac has been confirmed. However, the order for appeal effect is pending
for ascertainment of additional tax liability.
3. The debtors and creditors balances are subject to confirmation by
the parties.
4. Raw material consumption includes only consumption of indigenous
raw materials.
5. C.I.F. Value of imports and earning in foreign exchange Rs. Nil
(previous year Rs. Nil)
Year Year
6. Expenditure in Foreign Currencies: 2008-09 (Rs.) 2007-08 (Rs.)
Travel Expenses 399,440/- Nil
7. Estimated amount of contracts remaining to be executed on Capital
Accounts and not provided for (net of advance payment) NIL (Previous
year Rs. NIL)
8. There were no dues outstanding to any Small Scale Industrial
Undertaking to whom the Company owed a sum exceeding Rs.1,00,000/- and
which is outstanding for more than 30 days as at 31st March, 2009.
9. Deposits include National Savings Certificates and Post Office
Savings Deposit pledged with: (i) Commercial Tax Authorities
Rs.10,000/- (Previous year Rs.10,000/-)
(ii) Mining Licensing Authorities Rs.5,000/- (Previous year Rs.5000/-)
10. Based on market value of the Companys investments as on
31.3.2009, there was no demunition in value of shares and hence no
provision for the same has been made in the accounts.
11. Previous years figures have been re-grouped and re-classified
wherever necessary to conform to current years classifications.
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