Mar 31, 2018
1. Segment Information
The Companyâs business operations predominantly relates to manufacture of single product i.e. ERW pipes for selling worldwide. In view of this there may be product as primary segment and geography as secondary segment. All the machines, building, other infrastructure, materials and consumables are used commonly/interchangeably and it is not possible and practical to allocate revenue, profit/loss, assets or liabilities to any particular size, customer market etc. nor the specified parameters are applicable to any particular size, customer, market etc. distinguishing it as a reportable item under specified headings. However revenue from export (outside India) and home (within India) is given under geographical segment as under.
2.Related Party Disclosure:
(i) Names of related parties and nature of relationships:
a) Key managerial personnel:
i) Shri Madan Mohan Singla (Chairman and Managing Director)
ii) Shri Vijay Singla (Whole time Director)
iii) Shri Mithan Lal Singla (Director)
iv) Shri Rakesh Garg (Whole time Director)
v) Shri Dhruv Singla (Chief Financial Officer)
vi) Neeraj Kaushal (Company Secretary)
b) Enterprises owned or significantly influenced by key managerial personnel:
i) Chetan Industries Limited
ii) Jagan Industries Private Limited
3. Details of dues to Micro, Small and Medium Enterprise
The Government of India has promulgated an Act , ''The Micro, Small and Medium Enterprises Development Act, 2006'', which comes into force with effect from October 02, 2006. The Company during the year has not received any intimation from any of its suppliers regarding their status under the said Act and hence disclosures, if any, relating to amounts unpaid as at the yearend along with interest paid/payable as required under the said Act have not been given. The Company generally makes payments to all its suppliers within the agreed credit period (generally less than 45 days) and thus, the Management is confident that the liability of interest under this Act, if any, would not be material.
4. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Development, 2006 and hence disclosures relating to amount unpaid at the end of the year under this act has not been given. There are no claims for interest on delayed payments.
5. These financial statements are The Company'' s first Ind AS financial statements. Accordingly the comparatives given in the financial statements have been complied after making necessary Ind AS adjustments to the respective audited financial statements under previous GAAP to give a true and fair view in accordance with Ind AS.
6. Approval of Financial Statements
Mar 31, 2016
1. Secured Loans Includes:
2. Credit facilities from Oriental Bank of Commerce
The working capital facilities are secured on 1st charge basis by :
3. hypothecation of all goods i.e. stocks of raw material, stocks in process, semi finished and finished goods, Book debts, all assets and moveable property stored or to be stored at company''s godown or in transit and
4. equitable mortgage of (i) company''s land at Gholumajra, Derabassi, Punjab,
5. residential property at Panchkula, Haryana belonging the one of the director of the company and his brother (iii) land at Motia Khan, Mandi Gobindgarh belonging to the Directors'' partnership firm and (c) personal guarantees of all the directors and co owners of the property mortgaged to the bank
6. Sundry Debtors, Creditors & Loans & Advances:
All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.
7. In the opinion the management, the current assets, loans and advances have a value which on realization in the ordinary course of business would be at least equal to that which these have been stated in the accounts
8. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Development, 2006 and hence disclosures relating to amount unpaid at the end of the year under this act has not been given. There are no claims for interest on delayed payments.
9. No expenditure has been incurred in foreign currency during the year on account royalty, know how, professional and consultation fee.
10. Imports were made as advance for purchase of machinery which has been shown as advances to supplier against fixed assets/ machinery. The amount remitted at the applicable rates at the time of remittance is shown in Indian rupees. The amount remitted was in the nature of advance only and full and final payment will be made in financial 2016-17 and assets will be procured in that year only.
11. Value of Imports on C.I.F. basis: Rs. 1,53,675 (1969 EURO). This amount was for the purchase of machinery.
12. The Company''s business operations predominantly relates to manufacture of single product i.e. ERW pipes for selling worldwide. In view of this there may be product as primary segment and geography as secondary segment. All the machines, building, other infrastructure, materials and consumables are used commonly/interchangeably and it is not possible and practical to allocate revenue, profit/loss, assets or liabilities to any particular size, customer market etc. nor the specified parameters are applicable to any particular size, customer, market etc. distinguishing it as a reportable item under specified headings. However revenue from export (outside India) and home (within India) is given under geographical segment as under.
Mar 31, 2015
1. Secured Loans Includes:
a) Credit facilities from Oriental Bank of Commerce
The working capital facilities are secured on 1st charge basis by :
(i) hypothecation of all goods i.e. stocks of raw material, stocks in
process, semi finished and finished goods, Book debts, all assets and
moveable property stored or to be stored at company's godown or in
transit and
(ii) equitable mortgage of (i) company's land at Gholumajra, Derabassi,
Punjab, (ii) residential property at Panchkula, Haryana belonging the
one of the director of the company and his brother (iii) land at Motia
Khan, Mandi Gobindgarh belonging to the Directors' partnership firm and
(c) personal guarantees of all the directors and co owners of the
property mortgaged to the bank
b) Vehicle loans from ICICI Bank Ltd & volkswagaon Finance Ltd
These are secured by hypothecation of respective vehicles.
2. Sundry Debtors, Creditors & Loans & Advances:
All the Sundry Debtors, Creditors and Loan & Advances are subject to
Confirmation and Reconciliation.
3. In the opinion the management, the current assets, loans and
advances have a value which on realization in the ordinary course of
business would be at least equal to that which these have been stated
in the accounts
4. The company has not received information from creditors regarding
their status under the Micro, Small and Medium Enterprises Development,
2006 and hence disclosures relating to amount unpaid at the end of the
year under this act has not been given. There are no claims for
interest on delayed payments.
5. Foreign Exchange Transactions:
a) No expenditure has been incurred in foreign currency during the year
on account royalty, know how, professional and consultation fee.
b) No imports were made during the year.
c) Particulars of amounts remitted during the year in foreign currency
Â
USD :- EURO :-
6. Value of Imports on C.I.F. basis: Nil
7. The following amounts have not been deposited by the company due
to the ongoing litigations. The amounts are as under A.Y 2006-07
Rs.2,37,970/- A.Y 2009-10 Rs.3,93,523/- A.Y 2011-12 Rs.2,90,200/- A.Y
2012-13 Rs.47,460/- 16. The Company's business operations
predominantly relates to manufacture of single product i.e. ERW pipes
for selling worldwide.
In view of this there may be product as primary segment and geography
as secondary segment. All the machines, building, other infrastructure,
materials and consumables are used commonly/interchangeably and it is
not possible and practical to allocate revenue, profit/loss, assets or
liabilities to any particular size, customer market etc. nor the
specified parameters are applicable to any particular size, customer,
market etc. distinguishing it as a reportable item under specified
headings. However revenue from export (outside India) and home (within
India) is given under geographical segment as under.
8. Previous year figures have been regrouped/ rearranged wherever
necessary.
Mar 31, 2014
1. Secured Loans Includes:
a) Credit facilities from HDFC Bank Ltd
The working capital facilities are secured on 1st charge basis by :
(i) hypothecation of all goods i.e. stocks of raw material, stocks in
process, semi finished and finished goods, Book debts, all assets and
moveable property stored or to be stored at company''s Godown or in
transit and equitable mortgage of (i) company''s land at Gholumajra,
Derabassi, Punjab, (ii) residential property at Panchkula, Haryana
belonging the one of the director of the company and his brother (iii)
land at Motia Khan, Mandi Gobindgarh belonging to the Directors Rs.
partnership firm and (c) personal guarantees of all the directors and
co owners of the property mortgaged to the bank
b) Vehicle loans from ICICI Bank Ltd.
These are secured by hypothecation of respective vehicles.
2. Contingent liabilities not provided for:
31.03.2014 31.03.2013
(Rs. in lacs)
a) Bank Guarantees Outstanding: 93.24 48.77
b) Excise & Service Tax matters regarding
Disallowance of Cenvat credit in appeal
Before the Customs, Excise & Service
Tax Authorities at different levels 19.39 18.45
c) Income Tax Appeal CIT (A) Chandigarh 9.30 9.30
d) The Income Tax and Sales Tax liabilities has been provided based on
the returns filed with the authorities. The additional liability, if
any arising at the time of finalization of assessment year will be
provided in the year of completion of assessment proceedings.
3. Sundry Debtors, Creditors & Loans & Advances:
All the Sundry Debtors, Creditors and Loan & Advances are subject to
Confirmation and Reconciliation.
4. In the opinion the management, the current assets, loans and
advances have a value which on realization in the ordinary course of
business would be at least equal to that which these have been stated
in the accounts
5. The company has not received information from creditors regarding
their status under the Micro, Small and Medium Enterprises Development,
2006 and hence disclosures relating to amount unpaid at the end of the
year under this act has not been given. There are no claims for
interest on delayed payments.
6. The Company''s business operations predominantly relates to
manufacture of single product i.e. ERW pipes for selling worldwide. In
view of this there may be product as primary segment and geography as
secondary segment. All the machines, building, other infrastructure,
materials and consumables are used commonly/interchangeably and it is
not possible and practical to allocate revenue, profit/loss, assets or
liabilities to any particular size, customer market etc. nor the
specified parameters are applicable to any particular size, customer,
market etc. distinguishing it as a reportable item under specified
headings. However revenue from export (outside India) and home (within
India) is given.
7. Related Party Disclosures:
(a) List of related parties:
i) Key Managerial Personnel:
Sh M.L. Singla Whole Time Director
Sh M.M. Singla Managing Director
Sh Vijay Singla Whole time Director
Sh Rakesh Garg Whole time Director
ii) Associate Companies:
Chetan Industries Ltd.
Jagan Industries Ltd.
8. Cheques issued but not presented for payment shown under other
current liabilities have not been presented till date.
9. Previous year figures have been regrouped/rearranged wherever
necessary.
Mar 31, 2013
1. Contingent liabilities not provided for:
31.03.2013 31.03.2012
(Rs. in lacs)
a) Bank Guarantees Outstanding: 48.77 45.28
b) Excise & Service Tax matters
regarding Disallowance of Cenvat credit
in appeal
Before the Customs, Excise & Service 18.45 21.49
Tax Authorities at different levels
c) Income Tax Appeal CIT (A) Chandigarh 9.30 0.00
d) The Income Tax and Sales Tax Liabilities has been provided based on
the returns filed with the authorities. The additional liability, if
any arising at the time of finalization of assessment year will be
provided in the year of completion of assessment proceedings.
2. Sundry Debtors, Creditors & Loans & Advances:
All the Sundry Debtors, Creditors and Loan & Advances are subject to
Confirmation and Reconciliation.
3. In the opinion the management, the current assets, loans and
advances have a value which on realization in the ordinary course of
business would be at least equal to that which these have been stated
in the accounts
4. The company has not received information from creditors regarding
their status under the Micro, Small and Medium Enterprises Development,
2006 and hence disclosures relating to amount unpaid at the end of the
year under this act has not been given. There are no claims for
interest on delayed payments.
5. Foreign Exchange Transactions:
a) No expenditure has been incurred in foreign currency during the year
on account royalty, know how, professional and consultation fee.
b) No imports were made during the year.
c) Particulars of amounts remitted during the year in foreign currency
ÂNil
6. Value of Imports on C.I.F. basis: Nil
7. The Company''s business operations predominantly relates to
manufacture of single product i.e. ERW pipes for selling worldwide. In
view of this there may be product as primary segment and geography as
secondary segment. All the machines, building, other infrastructure,
materials and consumables are used commonly/interchangeably and it is
not possible and practical to allocate revenue, profit/loss, assets or
liabilities to any particular size, customer, market etc. or the
specified parameters are applicable to any particular size, customer,
market etc. distinguishing it as a reportable item under specified
headings. However revenue from export (outside India) and home (within
India) is given under geographical segment as under.
(Figures in parentheses are for previous year)
8. Related Party Disclosures:
(a) List of related parties:
i) Key Managerial Personnel:
Sh M.L. Singla Whole Time Director Sh M.M. Singla Managing Director Sh
Vijay Singla Whole time Director Sh Rakesh Garg Whole time Director
ii) Associate Companies: Chetan Industries Ltd. Jagan Industries Ltd.
Mirage Infra Limited MVM Metals & Alloys Pvt. Ltd.
9. Previous year figures have been regrouped/ rearranged wherever
necessary.
Mar 31, 2012
1. secured Loans Includes:
a) Credit facilities from Punjab National Bank:
The working capital facilities are secured on 1st charge basis by :
(i) hypothecation of all goods i.e. stocks of raw material, stocks in
process, semi finished and finished goods, Book debts, all assets and
moveable property stored or to be stored at company's godown or in
transit and
(ii) equitable mortgage of (i) company's land at Gholumajra, Derabassi,
Punjab,
(ii) residential property at Panchkula, Haryana belonging the one of
the director of the company and his brother (iii) land at Derabssi
belonging to the Directors' partnership firm and (c) personal
guarantees of all the directors and co owners of the property mortgaged
to the bank
b) Vehicle loans from HDFC Bank Ltd.
These are secured by hypothecation of respective vehicles.
2. Contingent liabilities not provided for:
31.03.2012 31.03.2011
(Rs.in lacs)
a) Bank Guarantees Outstanding: 45.28 12.50
b) Excise & Service Tax matters regarding
Disallowance of cenvat credit in appeal
Before the Customs, Excise & Service 21.49 32.53
Tax Authorities at different levels
c) The Income Tax and Sales Tax liabilities has been provided based on
the returns filed with the authorities. The additional liability, if
any arising at the time of finalization of assessment year will be
provided in the year of completion of assessment proceedings.
3. Sundry Debtors, Creditors & Loans & Advances:
All the Sundry Debtors, Creditors and Loan & Advances are subject to
Confirmation and Reconciliation.
4. In the opinion the management, the current assets, loans and
advances have a value which on realization in the ordinary course of
business would be at least equal to that which these have been stated
in the accounts
5. The company has not received information from creditors regarding
their status under the Micro, Small and Medium Enterprises Development,
2006 and hence disclosures relating to amount unpaid at the end of the
year under this act has not been given. There are no claims for
interest on delayed payments.
6. Foreign Exchange Transactions:
a) No expenditure has been incurred in foreign currency during the year
on account royalty, know how, professional and consultation fee.
b) No imports were made during the year.
c) Particulars of amounts remitted during the year in foreign currency
-Nil
7. Value of Imports on C.I.F. basis: Nil
8. Related Party Disclosures:
(a) List of related parties:
i) Key Managerial Personnel:
Sh M.L. Singla Whole Time Director
Sh M.M. Singla Managing Director
Sh Vijay Singla Whole time Director Sh Rakesh Garg Whole time Director
ii) Associate Companies: Chetan Industries Ltd. Jagan Industries Ltd.
9.Previous year figures have been regrouped/ rearranged wherever
necessary.
Mar 31, 2011
1. Secured Loans Includes:
a) Credit facilities from Punjab National Bank:
The working capital facilities are secured on 1st charge basis by :
(i) hypothecation of all goods i.e. stocks of raw material, stocks in
process, semi finished and finished goods, Book debts, all assets and
movable property stored or to be stored at company's godown or in
transit and
(ii) equitable mortgage of (i) company's land at Gholumajra, Derabassi,
Punjab, (ii) residential property at Panchkula, Haryana belonging the
one of the director of the company and his brother (iii) land at
Derabssi belonging to the Directors' partnership firm and (c) personal
guarantees of all the directors and co owners of the property mortgaged
to the bank
b) Vehicle loans from HDFC Bank Ltd.
These are secured by hypothecation of respective vehicles.
2. Contingent liabilities not provided for:
31.03.2011 31.03.2010
(Rs. in lacs)
a) Bank Guarantees Outstanding: 12.50 12.48
b) Excise & Service Tax matters 32.53 7.43
regarding Disallowance of cenvat
credit in appeal Before the Customs,
Excise & Service Tax Authorities at
different levels
c) The Income Tax and Sales Tax liabilities has been provided based on
the returns filed with the authorities. The additional liability, if
any arising at the time of finalization of assessment year will be
provided in the year of completion of assessment proceedings.
3. Sundry Debtors, Creditors & Loans & Advances:
All the Sundry Debtors, Creditors and Loan & Advances are subject to
Confirmation and Reconciliation.
4. In the opinion the management, the current assets, loans and
advances have a value which on realization in the ordinary course of
business would be at least equal to that which these have been stated
in the accounts
5. The company has not received information from creditors regarding
their status under the Micro, Small and Medium Enterprises Development,
2006 and hence disclosures relating to amount unpaid at the end of the
year under this act has not been given. There are no claims for
interest on delayed payments.
6. Value of Imports on C.I.F. basis: Nil
7. The Company's business operations predominantly relates to
manufacture of single product i.e. ERW pipes for selling worldwide. In
view of this there may be product as primary segment and geography as
secondary segment. All the machines, building, other infrastructure,
materials and consumables are used commonly/interchangeably and it is
not possible and practical to allocate revenue, profit/loss, assets or
liabilities to any particular size, customer market etc. nor the
specified parameters are applicable to any particular size, customer,
market etc. distinguishing it as a reportable item under specified
headings. However revenue from export (outside India) and home (within
India) is given under geographical segment as under.
8.Related Party Disclosures:
(a) List of related parties:
i) Key Managerial Personnel:
Sh M.L. Singla Whole Time Director
Sh M.M. Singla Managing Director
Sh Vijay Singla Whole time Director
Sh Rakesh Garg Whole time Director
ii) Associate Companies:
Chetan Industries Ltd.
Jagan Industries Ltd.
9.Previous year figures have been regrouped/ rearranged wherever
necessary.
Mar 31, 2010
1. Previous Year figure have regrouped/rearranged wherever necessary.
2. Auditor Remuneration
Current Year
Statutory Audit Fees Rs. 15000.00
Tax Audit Fees Rs. 5000.00
3. Sundry Debtors, Creditors & Loans & Advances
All the Sundry Debtors, Creditors and Loan & Advances are subject to
Confirmation and Reconciliation.
4. Break up of expenditure of employee who:-
i) were in employment for whole of the year, were in receipt of
remuneration in aggregate not less than Rs.24,00,000/- Nil
ii) were in employment for the part of year, were in receipt of
remuneration in the part of that year at a rate which in aggregate was
not less than Rs. 2,00,000/-
5. Sales& Purchases are recorded net of excise Duty
In Manufacturing, Trading & Profit & Loss A/c
Sales is shown as Gross Turnover Less Excise Duty
Raw Material Consumption is shown Net of excised duty & Cash Discount.
6. Deferred Tax Liability/Asset are stated at net as per AS-22.
Deferred Tax resulting from "timing difference" between book profit and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date.
7. Employee Retirement Benefit
a) The Company's Contribution to Provident Fund and Family Fund are
charged to Profit & Loss Account.
b) The encashment of earned leave/Bonus has been paid to employees on
yearly basis.
c) Gratuity Liability has neither determined nor provided for. Same is
accounted for as and when payable.
8. FOREIGN EXCHANGE TRANSACTIONS
a) No expenditure has been incurred in foreign currency during the year
on account royalty, know how, professional and consultation fee.
b) Particulars of amounts remitted during the year in foreign currency
- Nill
c) Particulars of Earning of the Company during the year in foreign
currency
1. Export of Goods on FOB basis US$ 7897755.94
EURO 270671.45
2. Interest or Dividend Nil
3. Royalty, Know How & Professional Consultancy Nil
9. Revenue are recognised as per AS-9.
10. FOREIGN EXCHANGE : Monetary items are state at the exchange rate
prevailing on the date of transaction. Monetary items standing on the
date of balance sheet are restated at the exchange rate of the date of
balance sheet date.
11. CONTINGENT LIABILITIES
Cenvat Credit disallowed is pending in appeals is as follow:
Rs. 304466/- with Custom Excise & Sales Tax Appellate Tribunal, New
Delhi.
Rs. 438893/- with Commissioner Appeal, Chandigarh
Amount of Bank Guarantee Outstanding Rs. 12,48,000/-
12. SECURED LOANS
Includes Vehicles Loans of Rs. 35.13 Lacs from HDFC Bank Limited and
are secured against hypothecation of respective vehicles.
Credit Facilities from Punjab national Bank, Chandigarh
Fund Based Rs. 2075.00 Lacs
Non-Fund Based Rs. 10.00 Lacs
The working Capital Facilities are secured by hypothecation of the
Company's entire inventories, receivables, Demand/Usance Bills
accompanied with GR. The credit facilities are collaterally secured as
under:-
1. EM of factory land & Building measuring 14 Bighas 12 Biswas owned by
Company.
2. EN of Land 13 Biswa owned by Jagan Steels at Mandi Gobindgarh.
3. EM of Residential Property at 116, Sector 9, Panchkula owner by
Director Sh Rakesh Garg and his brother Deepak Garg.
4. First Charge on Block of Assets of the Company comprising of Plant &
Machinery, DG Sets and Misc, Fixed Assets.
13. The Company's financial results for this year were earlier
approved, audited and adopted in the board meeting held on 14.05.2010.
These results were also published in the newspaper on 20.05.2010 and
these accounts were also submitted to OTCEI on 15.05.2010. Thereafter
the company has proposed to declare dividend for this year at the rate
of 2.5% and accordingly decided to make provision for the proposed
dividend in the profit and loss account and balance sheet. Accordingly,
the financial statements were amended and re-submitted to the statutory
auditors for their reput thereon. These accounts have been redrawn
accordingly.
Mar 31, 2009
1. Previous Year figure have regrouped/rearranged wherever necessary.
2. Auditor Remuneration
Current Year Previous Year
Rs. 25000.00 Rs. 25,000.00
3. Sundry Debtors, Creditors & Loans & Advances
All the Sundry Debtors, Creditors and Loan & Advances are subject to
Confirmation and Reconciliation.
4. Break up of expenditure of employee who:-
I) were in employment for whole of the year, were in receipt of
remuneration in aggregate not less than Rs.24,00,000/- Nil
II) were in employment for the part of year, were in receipt of
remuneration in the part of that year at a rate which in aggregate was
not less than Rs. 2,00,000/-
5. Sales& Purchases are recorded net of excise Duty
In Manufacturing, Trading & Profit & Loss A/c
Sales is shown as Gross Turnover Less Excise Duty
Raw Material Consumption is shown Net of excised duty.
6. Deferred Tax Liability/Asset are stated at net as per AS-22. Deferred
Tax resulting from "timing difference" between book profit and taxable
profit is accounted for using the tax rates and laws that have been
enacted or substantively enacted as on the balance sheet date.
7. Employee Retirement Benefit
a) The Company's Contribution to Provident Fund and Family Fund are
charged to Profit & Loss Account.
b) The encashment of earned leave/Bonus has been paid to employees on
yearly basis.
c) Gratuity Liability has neither determined nor provided for. Same is
accounted for as and when payable.
8. FOREIGN EXCHANGE TRANSACTIONS
a) No expenditure has been incurred in foreign currency during the year
on account royalty, know how, professional and consultation fee.
b) Particulars of amounts remitted during the year in foreign currency
- Nill
c) Particulars of Earning of the Company during the year in foreign
currency
1. Export of Goods on FOB basis US$
EURO
2. Interest or Dividend
3. Royalty, Know How & Professional Consultancy
9. Revenue are recognised as per AS-9. Inventory meant for export
which is dispatched from the factory and bill of Lading is not issued
on balance sheet date is shown in Stock in Transit.
10. CONTINGENT LIABILITIES
There is no Contingent Liability at the end of the year.
11. SECURED LOANS
Includes Vehicles Loans of Rs.4178 Lacs from HDFC Bank Limited and are
secured against hypothecation of respective vehicles.
Credit Facilities from Punjab national Bank, Chandigarh
Fund Based Rs. 1875.00 Lacs
Non-Fund Based Rs. 10.00 Lacs
The working Capital Facilities are secured by hypothecation of the
Company's entire inventories, receivables, Deman/Usance Bills
accompanied with GR. The credit facilities are collaterally secured as
under:-
1. EM of factory land & Building measuring 14 Bighas 12 Biswas owned by
Company.
2. EN of Land 12 Biswa owned by Jagan Steels at Mandi Gobindgarh.
3. EM of Residential Property at 116, Sector 9, Panchkula owner by
Director SH Rakesh Garg and his brother Deepak Garg.
4. First Charge on Block of Assets of the Company comprising of Plant &
Machinery, DG Sets and Misc, Fixed Assets.
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