Mar 31, 2014
1. Rights, preferences and restrictions attached to shares
The Company has only one class of equity Shares having a par value of
Rs.5 per share. Each holder of Equity Shares is entitled to one vote
per share held. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the company after
payment of all preferential amounts, in proportion to their
shareholding.
2. Segment information
In accordance with the requirement of the Accounting Standard 17 on
segment reporting issued by the Institute of Chartered Accountants of
India, the company operates in only one primary segment, i.e M.S.Bar.
There are no reportable geographical segment
3. Disclosures of related party transactions (as identified & certified
by the management):
a. As per Accounting Standard-18-'' Related Party Disclosures'' issued by
the Institute of Chartered Accountants of India, the names of the
related parties are given below :
b. List of related parties with whom the Company has transacted during
the year
i Key Management Personnel Mr. Sanjiv Kumar Choudhary (Managing
director)
ii Relatives of Key Mrs. Manju Choudhary (wife of Mr. Sanjiv
Management Personnel Kr. Choudhary)
Mr. Ankit Choudhary ( son of Mr. Sanjiv
Kr. Choudhary)
iii Enterprise owned or VIP Finstock Private Limited
significantly influenced by Gangotri Electrocasting Limited
Key Management Personnel Ganga Carriers Private Limited
and their
For the year For the year
ended 31st ended 31st
4. Contingent Liabilities not March 2014 March 2013
provided for in respect of: Amount (Rs) Amount (Rs)
a. The company has contested and
lodged claims against Bihar State
Electricity Board (BSEB) excess 3,925,256 3,925,256
bills and charges. No provision
has been made in the accounts.
b. Disputed Excise Duty matters u/s
3A of Central Excise Act, 1944
pending with High Court, Patna
related to year 1998-99,1999-2000
wherein provision has not been made 1,443,471 1,443,471
by the Company.
However, there is an apparent
discrepancy as per the Commissioner''s
Order according to which the liability
works out Rs 37,40,926 which the
company is in the process of getting
rectified.
c No provision has been made in the
accounts towards CENVAT credit
wrongly availed during the year
2004-2005 by the Company as per the
Excise department on the 298,412 298,412
strength of fake / fraudulent invoices by different parties.
d The Income Tax Department had conducted search and survey under
section 132 of the Income Tax Act, 1961 (Act) and thereafter directed
the company to get the accounts audited u/s 142(2A) of the Act after
invoking section 153C of the Act for reassessment of income for the
Assessment Years 2003-04 to 2009-10. Not satisfied with the outcome of
the Income Tax proceedings, the company had filed an application with
the Settlement Commission under section 245C of the Act on 1st August,
2011. However, the proceedings with the Settlement Commission have
since been abated and the matter has been referred back to the original
Assessing Officer for disposing of the matter.
Any liability or outcome of the aforesaid proceedings is indeterminate
and has not been provided for. Such liability will be accounted for on
final settlement of case by the Assessing Officer under the Act.
However, the liability admitted by the company in its application with
the Settlement Commission under Section 245C has not been provided in
the books. In terms of the application filed on 1st August, 2011 the
tax liability and interest determined and paid by the Company is Rs.
77,67,947 and Rs. 43,55,613 respectively. This has been included in ''
Balances with Government Authorities'' under note 13 "Long-term loans
and Advances".
5. During the year, the company has claimed Rs. 2,47,40,315(P.Y. Rs.
1,01,37,895)(cumulative claim of Rs. 10,49,12,524) as Subsidy /
Incentive receivable on VAT and entry tax paid in respect of new
manufacturing unit implemented at Bihta, in terms of the scheme
mentioned in the Industrial Scheme, 2006 by the Department of
Industries, Bihar, out of which an amount of Rs. 1,21,77,779 has been
received by the company for the financial year 2013-14 and Rs.
81,87,907 has been received for the financial year 2012-13.
However, in terms of the requirement under the scheme, the industrial
unit must get a passbook from the State Government in which the details
of tax paid under Bihar VAT would be entered and verified by the
Commercial Tax Department. The company is yet to get the passbook and
hence the claim for such Subsidy / Incentive remains unsubstantiated.
6. Micro, Small and Medium Enterprises
There are no Micro, Small & Medium Enterprises, to whom the Company
owes dues, which are outstanding for more than 45 days as at 31st March
2014. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
7. Revenue from operations includes Sales of TMT Bar, Sponge Iron, Pig
Iron, Oxygen, Billet and Rejected Rolls amounting to Rs. 71,42,25,002
(P.Y. Rs.29,21,02,663) and turnover in a commodity exchange amounting
to Rs. Nil(P.Y. Rs.60,88,38,412). Similarly cost of material consumed
includes Purchase of Raw materials amounting to Rs. 33,78,76,292 (P.Y.
Rs.34,72,16,764) and also purchase of commodities in a commodity
exchange amounting to Rs. Nil(P.Y. Rs.56,15,88,468) . No transfer of
property in goods had taken place in the previous year in commodity
transactions incurred in the commodity exchange as required for
treatment of such revenues as turnover in terms of Accounting Standard
(AS - 9) issued by Institute of Chartered Accountants of India and
accordingly, these were speculative in nature.
8. Bihar state electricity Board has determined liability of energy
dues in respect of Bihta unit amounting to Rs. 12,40.38,717 till the
month of December 2012 and the same was payable in 20 installments with
interest, the 1st installment being Rs. 62,19,717 and the remaining
installments of Rs. 62,01,000 each. The Company failed to pay the
Installments and Interest for the months of September 2013 to March
2014, amounting to Rs.4,86,15,840 . The company has also not booked
Interest for the months of October 2013 to March 2014 amounting to Rs.
41,85,675 in total.
9. The company has received advances from customers amounting to Rs.
14,09,34,007 and security deposits from customers amounting to Rs.
1,08,67,873, some of which are lying unadjusted since long. No
confirmations of accounts are available in this respect and such
balances are subject to confirmation and reconciliation and
consequential adjustments thereof are indeterminate.
10. The company has not provided for any bad debt which may arise in
view of large number of accounts outstanding for a very long period as
no confirmation of account is available in respect of such parties.
11. Balances of the Trade payables, Loans and advances incorporated in
the books as per balances appearing in the relevant subsidiary records,
are subject to confirmation from the respective parties and
consequential adjustments arising from reconciliation, if any. The
management however is of the view that there will be no material
discrepancies in this regard and is taking adequate steps to get the
confirmation and reconciling such accounts.
12. Due to suspension of manufacturing activities there are indications
which suggest impairment in the value of fixed assets, being plant and
machinery and other fixed assets of the company. The management is
still in the process of getting an impairment study done and the
financial impact of the impairment loss, if any will be accounted for
at the relevant time.
13. Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
14. Figures have been rounded off to nearest rupee.
15. Figures in the bracket relate to previous year.
Mar 31, 2013
1 In accordance with the requirement of the Accounting Standard 17 on
segment reporting issued by the Institute of Chartered Accountants of
India, the company operates in only one primary segment, i.e M.S.Bar.
There are no reportable geographical segment
2 Disclosures of related party transactions (as identified & certified
by the management):
As per Accounting Standard-18- '' Related Party Disclosures'' issued by
the Institute of Chartered Accountants of India, the names of the
related parties are given below :
b List of related parties with whom the Company has transacted during
the year i Key Management Personnel Mr. Sanjiv Kumar Choudhary
(Managing director)
ii Relatives of Key Management Personnel Mrs. Manju Choudhary ( wife of
Mr. Sanjiv Kr. Choudhary)
Mr. Ankit Choudhary ( son of Mr. Sanjiv Kr. Choudhary)
iii Enterprise owned or significantly influenced by Key VIP Finstock
Private Limited Management Personnel and their relatives Gangotri
Electrocasting Limited
Ganga Carriers Private Limited
For the year For the year
ended 31st ended 31st
3 Contingent Liabilities not
provided for in respect of : March 2013 March 2012
Amount (Rs) Amount (Rs)
a The company has contested and
lodged claims against Bihar
State Electricity Board (BSEB) 19.656
excess bills and charges. No
provision has been made in the
accounts.
b Disputed Excise Duty matters u/s 3A of Central Excise Act, 1944
pending with High Court, Patna related to year 1998-99,1999-2000
wherein provision has not been made by the 14,43,471 14,43,471 Company.
However, there is an apparent discrepancy as per the Commissioner''s
Order according to which the liability works out Rs. 37,40,926 which
the company is in the process of getting rectified.
c No provision has been made in the accounts towards CENVAT credit
wrongly availed during the year 2004-2005 by the Company as per the
Excise department on the strength of fake / 2,98,412 2,98,412
fraudulent invoices by different parties.
d The Income Tax Department had conducted search and survey under
section 132 of the Income Tax Act, 1961 (Act) and thereafter directed
the company to get the accounts audited u/s 142(2A) of the Act after
invoking section 153C of the Act for reassessment of income for the
Assessment Years 2003-04 to 2009-10. Not satisfied with the outcome of
the Income Tax proceedings, the company had filed an application with
the Settlement Commission under section 245C of the Act on 1st August,
2011. However, the proceedings with the Settlement Commission have
since been abated and the matter has been referred back to the original
Assessing Officer for disposing of the matter.
Any liability or outcome of the aforesaid proceedings is indeterminate
and has not been provided for. Such liability will be accounted for on
final settlement of case by the Assessing Officer under the Act.
However, the liability admitted by the company in its application with
the Settlement Commission under Section 245C has not been provided in
the books. In terms of the application filed on 1st August, 2011 the
tax liability and interest determined and paid by the Company is Rs.
77,67,947 and Rs. 43,55,613 respectively. This has been included in ''
Balances with Government Authorities'' under note 13 "Long-term loans
and Advances".
4 During the year the Company has claimed Rs. 1,01,37,895 (P.Y.
Rs.1,60,00,000) (cumulative claim of Rs. 10,05,37,895) as Subsidy /
Incentive receivable on VAT and entry tax paid in respect of new
manufacturing unit implemented at Bihta, in terms of the scheme
mentioned in the Industrial Incentive Scheme, 2006 by the Department of
Industries, Bihar.
However, in terms of the requirement under the scheme, the industrial
unit must get a passbook from the State Government in which the details
of tax paid under Bihar VAT would be entered and verified by the
Commercial Tax Department. The company is yet to get the passbook and
hence the claim for such Subsidy / Incentive remains unsubstantiated.
5 Micro, Small and Medium Enterprises
There are no Micro, Small & Medium Enterprises, to whom the Company
owes dues, which are outstanding for more than 45 days as at 31st March
2013. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6 The State Bank of India, as a part of debt restructuring converted
the internal over dues of Term Loan & Cash Credit prior to cut-off date
(i.e. 1st July, 2012) amounting to Rs. 6,00,00,000 into Funded Interest
Term Loan. The company has already accounted for aforesaid interest
overdue to the extent of Rs. 3,02,00,000 in the previous accounting
year 2011-12 but has not accounted for the balance of interest overdue
amounting to Rs. 2,98.00,000 and such amounts have been debited under
the head Other Current Assets in Note no. 18 above. Had the company
accounted for the aforesaid interest overdue of Rs. 2,98,00,000, the
loss for the year would have been higher by Rs. 2,98,00,000 and the
Surplus shown under ''Reserve & Surplus would have been lower by that
amount.
7 Revenue from operations includes Sales of TMT Bar, Sponge Iron, Pig
Iron amounting to Rs. 29,21,02,663 (P.Y. Rs.46,46,43,425) and turnover
in a commodity exchange amounting to Rs. 60,88,38,412 (P.Y.
Rs.51,89,75,000). Similarly cost of material consumed includes Purchase
of Raw materials amounting to Rs. 34,72,16,764 (P.Y. Rs.21,07,74,946)
and also purchase of commodities in a commodity exchange amounting to
Rs. 56,15,88,468 (P.Y. Rs.42,06,31,299) . No transfer of property in
goods have taken place in commodity transactions incurred in the
commodity exchange as required for treatment of such revenues as
turnover in terms of Accounting Standard (AS - 9) issued by Institute
of Chartered Accountants of India and accordingly, these are
speculative in nature.
8 Bihar state electricity Board has determined liability of energy
dues in respect of Bihta unit amounting to Rs. 12,40,38,717 till the
month of December 2012. However the company has booked liability of
only Rs. 7,97,13,574 tilt December 2012. Consequently, there is a short
provision of Rs. 4,43,25,143 in the books. The company is also liable
to pay an estimated interest on such energy dues amounting to Rs.
19,94,631 till 31st March, 2013, which has also not been provided for.
9 The management of the company is of the opinion that an amount of
Rs. 69,11,384 is no more payable to Epic Alloys Steel Private Limited
out of the total payable amount of Rs. 1,09,11,384 and accordingly the
amount has been written back in the books of accounts as liabilities no
longer required written back. The company has also written back amount
of Rs. 15,80,587 payable to AMG. However the company has not received
any confirmation regarding the closing balances as on 31st March, 2013.
10 Balances of the Trade payables, Loans and advances incorporated in
the books as per balances appearing in the relevant subsidiary records,
are subject to confirmation from the respective parties and
consequential adjustments arising from reconciliation, if any. The
management however is of the view that there will be no material
discrepancies in this regard and is taking adequate steps to get the
confirmation and reconciling such accounts.
11 Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s classification/
12 Figures have been rounded off to nearest rupee.
13 Figures in the bracket relate to previous year.
Mar 31, 2012
1 In accordance with the requirement of the Accounting Standard 17 on
segment reporting issued by the Institute of Chartered Accountants of
India, the company operates in only one primary segment, i.e M.S.Bar.
There are no reportable geographical segment.
2 Disclosures of related party transactions (as identified & certified
by the management):
a. As per Accounting Standard-18-' Related Party Disclosures' issued
by the Institute of Chartered Accountants of India, the names of the
related parties are given below :
b. List of related parties with whom the Company has transacted during
the year.
Key Management Personnel
Mr. Saniiv Kumar Choudhary (Managing director)
ii Relatives of Key Management Personnel
Mrs. Manju Choudhary (wife of Mr.Sanjiv Kr.Choudhary)
Mr. Ankit Choudhary (son of Mr.Sanjiv Kr.Choudhary)
iii Enterprise owned or significantly influenced by Key Management
Personnel and their relatives
VIP Finstock Private Limited Gangotri Electrocasting Limited Ganga
Carriers Private Limited
d Disclosure in Respect of Material Related Party Transactions during
the year
i Mangerial Remenuration paid to Mr. Sanjiv Kumar Choudhary Rs 9,85,713
(Rs. 10,90,928)
ii Sale of goods to Gangotri Electrocastings Ltd Rs. 8,90,77,355 (Rs.
20,60,74,922)
iii Purcahse of goods from Gangotri Electrocastings Ltd Rs.
14,49,52,682 ( Rs. 45,89,31,332)
iv Car charges paid to Mrs. Manju Choudhary Rs. 2,52,000 (Rs. 2,52,000)
For the year ended 31st March
2012 2011
Amount (Rs) Amount (Rs)
3 Contingent Liablities not
provided for in respect of :
a The company has contested and
lodged claims against Bihar State
Electricity Board (BSEB) excess
bills and charges.No provision has
been made in the accounts. 3,925,256 7,919,656
b Disputed Excise Duty matters
u/s 3A of Central Excise Act,
1944 pending with High Court,
Patna related to year 1998-99,
1999-2000 wherein provision has
not been made by the Company. 1,443,471 1,443,471
However, there is an apparent
discrepancy as per the
Commissioner's Order according
to which the liability works out
Rs. 37,40,926 which the company is
in the process of getting rectified.
c No provision has been made in
the accounts towards CENVAT
credit wrongly availed during the
year 2004-2005 by the Company as
per the Excise department on the
strength of fake / fraudulent
invoices by different parties. 298,412 298,412
d "The Income Tax Department had conducted search and survey u/s 132 of
the Income Tax Act, 1961 (Act) and thereafter directed the company to
get the accounts audited u/s 142(2A) of the Act.Not satisfied with the
outcome of the Income Tax proceedings, the company has filed an
application with the Settlement Commission u/s 245C of the Act, which
has been admitted for further proceedings."
Any liability or outcome of the aforesaid proceedings is indeterminate
and has not been provided for. Such liability will be accounted for on
final settlement of case by the settlement commission under the Act.
However, liability admitted by the company has not been provided in the
books. In terms of the petition filed on 1st August, 2011 the tax
liability and interest determined and paid by the Company is Rs.
77,67,947 and Rs. 43,55,613 respectively.This has been included in '
Balances with Government Authorities' under note 11 "Long-term loans
and advances".
4 The Company has claimed Rs 9.04 crores as Subsidy / Incentive
receivable on VAT and entry tax paid in respect of new manufacturing
unit implemented at Bihta, in terms of the scheme mentioned in the
Industrial Incentive Scheme, 2006 by the Department of Industries,
Bihar.
However, in terms of the requirement under the scheme, the industrial
unit must get a passbook from the State Government in which the details
of tax paid under Bihar VAT would be entered and verified by the
Commercial Tax Department. The company is yet to get the passbook and
hence the claim for such Subsidy / Incentive remains unsubstantiated.
5 Micro, Small and Medium Enterprises
There are no Micro, Small & Medium Enterprises, to whom the Company
owes dues, which are outstanding for more than 45 days as at 31st March
2012. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6 Balances of some of the Trade payables, Loans and advances
incorporated in the books as per balances appearing in the relevant
subsidiary records, are subject to confirmation from the respective
parties and consequential adjustments arising from reconciliation, if
any. The management however is of the view that there will be no
material discrepancies in this regard.
7 Revenue from operations includes turnover incurred in a commodity
exchange. Similarly cost of material consumed also include the relevant
trade values on the debit side. No transfer of property in goods have
taken place in these transactions as required for treatment of such
revenues as turnover in terms of Accounting Standard (AS - 9) issued by
Institute of Chartered Accountants of India and accordingy, these are
speculative in nature. The Revenue from such transactions amount to
Rs.51,89,75,000 and the Cost of Material from such transactions amount
to Rs. 42,06,31,299.
8 The financial statement for the year ended 31st March, 2011 had been
preprared as per the then applicable, pre-revised schedule VI to the
Companies Act, 1956. Consequent to the notification under the Companies
Act, 1956. The financial statement for the year ended 31st March, 2012
are prepared under revised schedule VI. Accordingly the previous year
figures have also been reclassified to conform to this year's
classification.
9 Figures have been rounded off to nearest rupee.
10 Figures in the bracket relate to previous year.
Mar 31, 2011
(Amount in Rs.)
As at 31.03.2011 As at 31.03.2010
1 Contingent liabilities not provided
for in respect of:
a) The company has contested and
lodged claims against Bihar
State Electricity Board (BSEB) excess
bills and charges. No provision has
been made in the accounts. 7,919,656 7,919,656
b) Disputed Excise Duty matters u/s
3A of Central Excise Act, 1944 pending
with High Court, Patna related to year
1998-99,1999-2000 wherein provision has
not been made by the Company. 1,443,471 1,443,471
However, there is an apparent discrepancy
as per the Commissioner's Order according
to which the liability works out Rs.
37,40,926/- which the company is in the
process of getting rectified.
c) No provision has been made in the
accounts towards CENVAT credit wrongly
availed during the year 2004-2005 by the
Company as per the Excise department on
the strength of fake / fraudulent invoices
by different parties. 298,412 298,412
d) The Income Tax Department has conducted search and survey u/s 132 of
the Income Tax Act, 1961 (Act) and thereafter directed the Company to
get the accounts audited u/s 142(2A) of the Act. Not satisfied with the
outcome of the Income Tax proceedings, the company has filed an
application with the settlement Commission u/s 245C of the Act, which
has been admitted for further proceedings. Any liability or outcome of
the aforesaid proceedings is indeterminate and has not been provided
for. Such liability will be accounted for on final settlement of case
by the settlement commission under the Act.
2. The Company has claimed Rs 7.44 crores as Subsidy / Incentive
receivable on VAT and entry tax paid in respect of new manufacturing
unit implemented at Bihta, in terms of the scheme mentioned in the
Industrial Incentive Scheme. 2006 by the Department of Industries,
Bihar.
However, in terms of the requirement under the scheme, the industrial
unit must get a passbook from the State Government in which the details
of tax paid under Bihar VAT would be entered and verified by the
Commercial Tax Department. The company is yet to get the passbook and
hence the claim for such Subsidy / Incentive remains unsubstantiated.
3. As per information available with the Company there are no amounts
payable or paid during the period which are required to be disclosed as
per Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006.
4. Balances of some of the Sundry debtors, Sundry creditors, Lenders,
Loans and advances, incorporated in the books as per balances appearing
in the relevant subsidiary records, are subject to confirmation from
the respective parties and consequential adjustments arising from
reconciliation, if any. The management however is of the view that
there will be no material discrepancies in this regard.
5. Secured loans
a. Term loan & cash credit limit is secured by hypothecation of
inventory, stock in trade/transit, book debts, fixed deposits of Rs
71.61 lac and mortgage of land & building and entire fixed assets at
the factory premises of the company along with the personal guarantee
of four directors of the company and three other persons including
relatives of directors.
b. Term loans (vehicle loans) from banks are secured by hypothecation
of respective vehicles.
6. Disclosures of related party transactions :
a. List of related parties with whom the Company has transacted during
the year i. Key Management Personnel
a. Mr. Sanjiv Kumar Choudhary Managing Director
ii. Relatives of Key Management Personnel
a. Smt Manju Choudhary (wife of Mr. Sanjiv Kumar Choudhary)
b. Mr. Ankit Choudhary (Son of Mr. Sanjiv Kumar Choudhary)
iii. Enterprise owned or significantly influenced by Key Management
Personnel and their relatives
a. VIP Finstock Private Limited
b. Gangotri Electrocastings Limited
c. Ganga Carriers Private Limited
7. In accordance with the requirements of Accounting Standard (AS 17)
on Segment Reporting issued by the Institute of Chartered Accountants
of India, the Company operates in only one primary segment, i.e.
M.S.Bar. There are no reportable geographical segment.
8. Gratuity and post-employment benefits plans
The company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service is entitled to gratuity on
terms not less favourable than The provisions of Gratuity Act, 1972.
The above said scheme is unfunded.
The following table summarises the components of net benefits / expense
recognised in the profit and loss account and the balance sheet for the
respective plans.
9. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary to make them comparable with the
current year figures.
10. The figures are rounded off to the nearest Rupee.
Mar 31, 2010
As at 31.03.2010 As at 31.03.2009
Rs. Rs.
1. Contingent liabilities not
provided for in respect of:
a) The company has contested
and lodged claims against Bihar
State Electricity Board (BSEB)
excess bills and charges. No
provision has been made in the
accounts. 7,919,656 7,919,656
b) Disputed Excise Duty
matters u/s 3A of Central
Excise Act.
1944 pending with High Court,
Patna related to year 1998-99.
1999-2000 wherein provision has
not been made by the Company. 1,443,471 1,443,471
However, there is an apparent
discrepancy as per the
Commissioners Order according
to which the liability works
out Rs 37,40,926/- which
the company is in the process
of getting rectified.
c) No provision has been made
in the accounts towards CENVAT
credit wrongly availed during the
year 2004-2005 by the Company
as per the Excise department on
the strength of fake / fraudulent
invoices by different parties. 298,412 298,412
2. As per information available with the Company there are no amounts
payable or paid during the period which are required to be disclosed as
per Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006.
3. Balances of some of the Sundry debtors, Sundry creditors, Lenders,
Loans and advances, incorporated in the books as per balances appearing
in the relevant subsidiary records, are subject to confirmation from
the respective parties and consequential adjustments arising from
reconsiliation, if any. The management however is of the view that
there will be no material discrepancies in this regard.
4. Secured loans
a. Term loan & cash credit limit is secured by hypothecation of
inventory, stock in trade/transit, book debts, fixed deposits of Rs
68.08 lakhs and mortgage of land & building and entire fixed assets at
the factory premises of the company along with the personal guarantee
of four directors of the company and three other persons including
relatives of directors.
b. Term loans (vehicle loans) from banks are secured by hypothecation
of respective vehicles.
5. Disclosures of related party transactions :
a. List of related parties with whom the Company has transacted during
the year
i. Key Management Personnel
a. Mr. Sanjiv Kumar Choudhary Managing Director
ii. Relatives of Key Management Personnel
a. Smt Manju Choudhary (wife of Mr. Sanjiv Kumar Choudhary)
iii. Enterprise owned or significantly influenced by Key Management
Personnel and their relatives
a. VIP Finstock Private Limited
b. Gangotri Electrocastings Limited
c. Ganga Carriers Private Limited
6. In accordance with the requirements of Accounting Standard (AS 17)
on Segment Reporting issued by the Institute of Chartered Accountants
of India, the Company operates in only one primary segment, i.e.
M.S.Bar. There are no reportable geographical segment.
7. Gratuity and post-employment benefits plans
The company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service is entitled to gratuity on
terms not less favourable than The provisions of Gratuity Act, 1972.
The above said scheme is unfunded.
The following table summarises the components of net benefits / expense
recognised in the profit and loss account and the balance sheet for the
respective plans.
8. Previous years figures have been regrouped, rearranged and
reclassified wherever necessary to make them comparable with the
current year figures.
9. The figures are rounded off to the nearest Rupee.
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