Mar 31, 2015
A. 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. The company declares and pays dividend in Indian Rupees. The
dividend proposed by the Board of directors is subject to the approval
of the share holders in the ensuing Annual General Meeting.
B. The Board of Directors of the Company have not recommended any
dividend for the year ended 31st March, 2015 and for the corresponding
previous year.
(a) Nature of security for secured borrowings are given below:
Term Loans and Overdraft from Bank against Tangible Collateral Security
(OD TCS) are Secured by Equitable Mortgage of Leasehold Land & Building
and hypothecation of the assets acquired for the new Project and
further secured by way of first charge on the block of other movable
Assets and future receivables of the company, present and future, and
guaranteed by the Managing and Joint Managing Director of the Company
(a). Nature of security for secured borrowings are given below:
i) Cash Credit Loan from Bank is secured by hypothecation of Finished
Goods, Raw Materials, Work in Process, Stores & Spares and Book Debts
of the Company and second charge on Fixed Assets of the Company and
guaranteed by the Managing Director and Joint Managing Director of the
Company
ii) Loan against Fixed Deposits are secured by way of Lien on the
respective Fixed Deposits
Mar 31, 2014
Nature of Operations:
National Oxygen Limited was incorporated on 23rd December 1974 and is
engaged in manufacturing of Industrial Gases and Wind Energy generation
Basis of Preparation:
The financial statements have been prepared to comply in all material
respects with the accounting principles generally accepted in India,
including mandatory Accounting Standards notified under the Companies
(Accounting Standard) Rules, 2006 (as amended) under the historical
cost convention and on an accrual basis. The accounting policies, in
all material respects, have been consistently applied by the Company
and are consistent with those used in the previous year .
All Assets and Liabilities have been classified as current or non
current as per the company''s normal operating cycle and other
criteria specified in the Revised Schedule VI to the Companies Act,
1956. The company has presently determined 12 months as the normal
Operating cycle for the purpose of classification of current and non
current Assets and Liabilities.
As at
1 Contingent Liabilities and Commitments Year ended
A. Contingent Liabilities 31/03/2014 31/03/2013
(a) Claims against the company not
acknowledged as debt:
Excise Duty / Service Tax 5,903,781 5,903,781
Customs Duty 8,823,578 8,823,578
(b) Outstanding Letters of Credit and
Bank Guarantees 25,678,576 19,322,154
B. Commitments
(a). Estimated amount of contracts remaining
to be executed on capital account and
not provided for - 112,982,500
2 Segment Reporting
A. Primary Segment Reporting (by Business Segment):
(a).Segments have been identified in line with the Accounting standard
on Segment Reporting (AS-17), taking into account the organisational
structure, risk return profile of individual business and internal
reporting system of the Company. Details of the businesses included in
each of the segments are as under:
Industrial Gases - Manufacture of Industrial Gases
Windmill - Generation of Windmill energy.
3 The company has not been informed by any supplier of being covered
under Micro, Small and Medium Enterprises Development Act, 2006. As a
result, no interest provision/payments have been made by the Company to
such creditors, if any, and no disclosures are made in these accounts.
4 Related Party Disclosures:
A. Disclosure on Related Parties as required by AS-18 "Related Party
Disclosures" are given below:
a) Key Management Personnel of the Company :-
i) Shri. G.N. Saraf Managing Director
ii) Shri. Rajesh Kumar Saraf Joint Managing Director
iii) Smt. Veenadevi Saraf
b) Enterprises over which certain Key Management Personnel (K.M.P)
exercise significant influence :-
i) Pondicherry Agro Foods Pvt. Ltd. (PAF)
ii) ECA Gases Pvt. Ltd. (ECA)
iii) Approach Marketing Pvt. Ltd. (AMP)
c) Relatives of Key Management Personnel of the Company
5 The company had commissioned its new Plant at Perundurai during the
year. The Trial run expenses (net of sales revenue) incurred upto the
date of commencement of commercial production has been capitalised by
the company .
6 Foreign Currency exposure in respect of Sundry Creditors amounting
to Rs.116.94 Lacs (Previous Year Rs.Nil) are not hedged as on the
Balance Sheet date.
7 Detail of Sales, Raw Material Consumption, Inventories, etc. under
broad heads are given below:
C. Value of Raw Materials and Stores and Spares consumed during the
year :
8 The previous year figures have been reclassified/ rearranged /
regrouped wherever necessary
Mar 31, 2013
Nature of Operations:
National Oxygen Limited was incorporated on 23rd December 1974 and is
engaged in manufacturing of Industrial Gases and Wind Energy
generation.
Basis of Preparation : ,
The financial statements have been prepared to comply in all material
respects with the accounting principles generally accepted in India,
including mandatory Accounting Standards notified under the Companies
(Accounting Standard) Rules, 2006 (as amended) under the historical
cost '' convention and on an accrual basis. The accounting policies, in
all material respects, have been consistently applied by the Company
and are consistent with those used in the previous year.
AH Assets and Liabilities have been classified as current or non
current as per the company''s normal operating cycle and other criteria
specified in the Revised Schedule VI to the Companies Act, 1956. The
company has presently determined 12 months as the normal Operating
cycle for. the purpose of classification of current and non current
Assets and Liabilities.
1 Disclosure required by Accounting Standard (AS) 15 (Revised) on
"Employee Benefits": 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
ofThe Payment of Gratuity Act, 1972.
As at
2 Contingent Liabilities and
Commitments Year ended
A. Contingent Liabilities 31/03/2013 31/03/2012
(a). Claims against the company
not acknowledged as debt:
Excise Duty / Service Tax 5,903,781 5,903,781
Customs Duty 8,823,578 8,823,578
Others (specify nature) 72,100
(b) Outstanding Letters of Credit
and Bank Guarantees 19,322,154 26,011,183
B. Commitments
(a). Estimated amount of contracts remaining to be executed on capital
account and not provided for - 112,982,500 35 Segment Reporting
A. Primary Segment Reporting (by Business Segment):
(a).Segments have been identified in line with the Accounting standard
on Segment Reporting (AS-17), taking into account the organisational
structure, risk-return profile of individual business and internal
reporting system of the Company. Details of the businesses included in
each of the segments are as under:
Industrial Gases - Manufacture of Industrial Gases
Windmill - Generation of Windmill energy.
3 The company has not been informed by any supplier of being covered
under Micro, Small and Medium Enterprises Development Act, 2006. As a
result, no interest rovision/payments have been made by the Company to
such creditors, if any, and no disclosures are made in these accounts.
4 Related Party Disclosures:
A. .Disclosure on Related Parties as required by AS-18 "Related Party
Disclosures" are given below:
a) Key Management Personnel of the Company :-
i) Shri. G.N. Saraf Managing Director
li) Shri. Rajesh Kumar Saraf Joint Managing Director
iii) Smt. Veenadevi Saraf
b) Enterprises over which certain Key Management Personnel (K.M.P)
exercise significant influence :-
i) Pondicherry Agro Foods Pvt. Ltd. (PAF) ii) East Coast Acetylene Pvt.
Ltd. (ECA)
c) Relatives of Key Management Personnel of the Company
5 Foreign currency exposure in respect of Sundiy Creditors amounting
to Rs. 116.94 Lacs (Previous Year Rs. Nil) are not hedged as on the
Balance Sheet date..
6 The previous figure has been reclassified / rearranged / regrouped
wherever necessary
Mar 31, 2012
(a) Nature of security for secured borrowings are given below: .
Term Loans are Secured by Equitable Mortgage of Land & Building and
hypothecation of the assets acquired for the new Project and further
secured by way of first charge on the block of other Assets of the
company, present and future, and guaranteed by the Managing . and
Joint Managing Director of the Company.
Vehicle Loans are secured by hypothecation of the specific Vehicles.
(a) Nature of security for secured borrowings are given below:
Cash Credit Loans from Bank are Secured by hypothecation of Finished
Goods, Raw Materials, Work in Process, Stores & Spares and Book Debts
of the Company and second charge on Fixed Assets of the Company and
guaranteed by the Managing and Joint Managing Director of the Company
1 Disclosure required by Accounting Standard (AS) 15 (Revised) on
"Employee Benefits":
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 The Payment of
Gratuity Act, 1972.
The estimates of future salary increases considered in actuarial
valuation, take account of inflation; seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
* The Management has relied on the overall actuarial valuation
conducted by the actuary
2 Contingent Liabilities and Commitments Year ended
A. Contingent Liabilities 31/03/2012 31/03/2011
(a)Claims against the company
not acknowledged as debt:
Excise Duty / Service Tax 5,903,781 5,903,781
Customs Duty 8,823,578 8,823,578
Others (specify nature) 72,100 72,100
(b) Outstanding Letters of
Credit cind Bank Guarantees 26,011,183 13,283,063
B. Commitments
(a). Estimated amount of contracts
remaining to be executed on capital
account and not provided for 112,982,500
3 Segment Reporting *
A. Primary Segment Reporting (by Business Segment):
(a). Segments have been identified in line with the Accounting standard
on Segment Reporting (AS-17), taking into account the organisational
structure, risk-return profile of individual business and internal
reporting system of the Company. Details of the ' businesses included
in each of the segments are as under:
Industrial Gases - Manufacture of Industrial Gases
Windmill - Generation of Windmill energy.
4 The company has not been informed by any supplier of being covered
under Micro, Small and Medium Enterprises Development Act, 2006. As a
result, no interest provision/payments have been made by the Company to
such creditors, if any, and no disclosures are made in these accounts.
5 Related Party Disclosures:
A. Disclosure on Related Parties as required by AS-18 "Related Party
Disclosures" are given below: '
a) Key Management Personnel of the Company
i) Shri. G.N. Saraf Managing Director
li) Shri. Rajesh Kumar Saraf Joint Managing Director
iii) Smt. Veenadevi Saraf
b) Enterprises over which certain Key Management Personnel (K.M.P)
exercise significant influence :-
i) Pondicherry Agro Foods Pvt. Ltd. (PAF)
ii) East Coast Acetylene Pvt. Ltd. (ECA)
c) Relatives of .Key Management Personnel of the Company
6 For the year ended 31st March; 2012, the Board of Directors of the
Company have recommended interim dividend of Rs. Re.1 per share
(Previous year Rs. Re.1 per share) to equity shareholders aggregating
to Rs.31,16,550 (Previous year 31,16,550). Together with the Corporate
Dividend Distribution Tax of Rs.505582 (Previous year 505582 ), the
total payout will be Rs. Rs.3622132 (Previous year Rs.3622132) .
7 Additional information pursuant to paragraphs 5 (viii) of Part II of
Schedule VI to the Companies Act, 1956 are follows:
8 The previous figure has been reclassified/ rearranged / regrouped in
compliance of Revised Schedule VI to correspond with current year
figures
Mar 31, 2010
1 Revision of Financial Statements:
The Board of Directors, at its meeting held on 30th July 2010 have
recommended a Dividend of 10% for the F.Y. 2009-10 which has been
incorporated in these revised accounts together with the Dividend tax
thereon . Except for this change, no other changes have been made to
the Original Financial statements approved by the Board of Directors at
its meeting held on 28th May 2010.
2 Contingent Liabilities not provided for:
i) Outstanding Bank Guarantees -Rs. 1,23,66,709/- (Previous
Year-Rs.34,62,101/-).
ii) Demands raised by Central Excise, Customs .Sales Tax & other
Departments to the tune of Rs.1,90,46,901/- (Previous Year
Rs.2,53,37,466/-) which are being contested by the company. Advance
Paid Rs.2,72,250/-( Previous Year Rs.70,21,972/-)
3 RELATED PARTY DISCLOSURES :
Disclosure on Related Parties as required by AS-18 "Related Party
Disclosures" are given below:
a) Key Management Personnel of the Company :-
i) Shri. G.N. Saraf - Managing Director
ii) Shri. Rajesh Kumar Saraf - Joint Managing Director
iii) Smt. Veenadevi Saraf
b) Enterprises over which certain Key Management Personnel (K.M.P)
exercise significant influence :-
i) Pondicherry Agro Foods Pvt. Ltd.
ii) East Coast Acetylene Pvt. Ltd.
c) Relatives of Key Management Personnel of the Company :-
The particulars given above have been identified on the basis of
information available with the company.
4. 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 The Payment of
Gratuity Act, 1972.
(i) The estimates of future salary increases considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
* The Management has relied on the overall actuarial valuation
conducted by the actuary.
5 The company has not been informed by any supplier of being covered
under Micro, Small and Medium Enterprises Development Act, 2006. As a
result, no interest provision/payments have been made by the Company to
such creditors, if any, and no disclosures are made in these accounts.
6 Segment Reporting
a) Primary segment reporting (by Business Segment)
1 Segment have been identified in line with the Accounting standard on
Segment Reporting (AS-17), taking into account the organisational
structure, risk-return profile of individual business and internal
reporting system of the Company. Details of the businesses included in
each of the segments are as under:
Industrial Gases - Manufacture of Industrial Gases
Windmill - Generation of Windmill Energy.
Note: All Income, Revenue, Assets and Liabilities pertain to a single
geographical segment within India. Hence no separate Geographical
segment disclosures are required.
7. Previous years figures have been regrouped /rearranged wherever
found necessary.
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