Mar 31, 2018
1. Company Overview
M/s. OCL Iron and Steel Limited (hereinafter referred to as âOISLâ or âthe Companyâ) was established in the year 2001-02 as coal based Direct Reduced Iron (DRI) production unit at Rajgangpur, District Sundergarh, Orissa. OISL further forayed in to steel making by setting -up steel melt shop (SMS) and billet casting facilities.
OCL Iron and Steel Limited (OISL) has taken initiative in expansion of plant by setting-up additional DRI Kilns, Coal Washery, Power Plant, Steel Melt Shop, Rolling Mills and associates Raw Material Handling System, utility & Electricals.
The Company is a public limited company incorporated in India. As at March 31, 2018, Garima Buildprop Private Limited, the holding company owned 68.39% of the Companyâs equity share capital.
The financial statements for the year ended March 31, 2018 were approved by Board of Directors and authorized for issue on May 30, 2018.
c) Right, preferences and restrictions attached to shares
Equity Shares :
The Company has Issued equity shares having a par value of Rs 1/- per share. Each shareholder is eligible to one vote per share held and carry a right to dividend. The dividend, if proposed by the Board of Directors, is subjected to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity share held by the shareholders.
Preference Shares :
The Company currently has Issued 2% non cumulative redeemable preference shares of Rs 10/- each. Preference shares will not be redeemed before 10 years & not later than 18 years from the date of allotement at such premium as may be decided by the board of directors in accordance with the provision of Companies Act, 2013 or any re-enactment thereof.
Mar 31, 2016
Note : 35 Related Party Transaction (AS-18)
A) List of Related parties and their relationships
Name of Related party Relationship
1 Garima Buildrop Pvt Ltd. Holding company
2 Oriental Iron Casting Limited Subsidiary
3 Aron Auto Limited Subsidiary
4 OISL Auto Limited Subsidiary
5 Krisum Mines & Minerals Private Limited Subsidiary (formerly known as Krisum Auto Components
Pvt. Ltd)
6 Rose Fiscal Services Pvt Ltd Subsidiary of Subsidiary
7 Meltron Vincom Pvt Ltd Subsidiary of Subsidiary
8 BS Ispat Limited Subsidiary of Subsidiary
9 Gondwana Ispat Limited Subsidiary of Subsidiary of Subsidiary
10 Mr. N.K Taori ,Managing Director Key Management Personnel (up to April 23,2015)
11 Mr. Birendra Jee, Managing Director Key Management Personnel (w.e.f April 23, 2015)
12 Mr. T.K.Laskar, CFO Key Management Personnel
13 Ms. Jyoti Mishra, Company Secretary Key Management Personnel (up to September 18, 2015)
14 Mr. Ajay Kumar Gupta, Company Secretary Key Management Personnel (w.e.f. September 23, 2015 to
May 17, 2016)
15 Ms. Yugami Arora, Company Secretary Key Management Personnel (w.e.f May 27, 2016)
Mar 31, 2015
1. Terms of redemption of Preference Shares
Preference Shares will not be redeemed before 10 years & not later than
12 years from the date of allotment i.e. August 2010 at such premium as
may be decided by the board of directors in accordance with the
provisions of Companies Act, 2013 or any re-enactment thereof.
Details of Secured Loans
1 Term Loan from Allahabad Bank - During the year ,the company
defaulted in the payment of its instalment and interest due as on
31.03.2015 which was not paid till 29.05.2015
2 Term Loan from Andhra Bank - During the year, the company defaulted
in the payment of its instalment and interest due as on 31.03.2015
which was subsequently made good in the month of April, 2015
3 Term Loan from ICICI Bank - During the year, the company defaulted in
the payment of its interest due as on 31.03.2015 which was subsequently
made good in the month of May, 2015
4 Term Loan from Karur Vysya Bank - During the year ,the company
defaulted in the payment of its instalment due as on 31.03.2015 which
was not paid till 29.05.2015
5 Term Loan from State Bank Of Bikaner and Jaipur - During the year
,the company defaulted in the payment of its instalment and interest
due as on 31.03.2015 which was not paid till 29.05.2015
6 Term Loan from State Bank of Mysore - During the year, the company
defaulted in the payment of its instalment and interest due as on
31.03.2015 which was not paid till 29.05.2015
7 Term Loan from UCO Bank - During the year ,the company defaulted in
the payment of its interest due as on 28.02.2015 which was subsequently
made good in the month of April,2015 but instalment and interest due as
on 31.03.2015 was not paid till 29.05.2015
8 Term Loan from Vijaya Bank - During the year ,the company defaulted
in the payment of its instalment and interest due as on 31.03.2015
which was not paid till 29.05.2015
2. Contingencies & Commitments (to the extent not Provided for)
i) Contingent Liabilities Rs. In Lacs
Sr. Particulars For the Year For the
No Ended Year Ended
31.3.2015 31.3.2014
i) Disputed Sales tax/VAT/Entry
Tax demand
(including interest & penalty) 1,403.45 1,313.38
ii) Disputed Excise Demand 307.32 307.32
iii) Bank Guarantees issued by bank
on company's behalf 11,995.97 59.41
iv) Letter of credit issued on
behalf of company 2,854.14 3,917.09
(outstanding amount)
v) Corporate Guarantee Given to
OCL India Limited 403.00 332.00
Total 16,963.88 5,929.20
ii) Commitments Rs. In Lacs
Particulars For the Year For the Year
Ended Ended
31.3.2015 31.3.2014
Estimated amount of contracts
remaining to be 6,054.80 9,421.20
Executed on capital amount
( Net of advances)
6,054.80 9,421.20
3. Related Party Transaction (AS-18)
A) List of Related Parties and their Relationships
Name of Related Party Relationship
1 Mr. N.K Taori ,Managing Director Key Management Personnel
2 Mr. Birendra Jee, Managing Director Key Management Personnel
(w.e.f. April 23, 2015)
3 T.K. Laskar, CFO Key Management Personnel
4 Garima Buildrop Pvt Ltd. Holding company
5 Oriental Iron Casting Limited Subsidiary
6 Aron Auto Limited Subsidiary
7 Rose Fiscal Services Pvt Ltd Subsidiary of Subsidiary
8 Meltron Vincom Pvt Ltd Subsidiary of Subsidiary
9 BS Ispat Limited Subsidiary of Subsidiary
10 Gondwana Ispat Limited Subsidiary of Subsidiary of
Subsidiary
11 Krisum Mines Minerals Private Associate
Limited (formerly Known as
Krisum Auto Components Pvt. Ltd.)
Mar 31, 2014
Note:
Rupee Term Loan of Rs. 75,200 Lacs are secured by way of equitable
mortgage on all immovable & immovable properties situated at VIll.
Lamloi, P.O Garvana, Rajgangpur, Distt Sundergarh, Orissa ranking
pari-passu inter-se save and except the prior charge in favour of banks
entire current assets to secure working capital facilities.
Rupee Term Loan of Rs. 40,000 Lacs is secured by way of subservient
charge on movable fixed assets of the project situated at VIll. Lamloi,
P.O Garvana, Rajgangpur, Distt Sundergarh, Orissa.
External Commercial Borrowing/INR term loan of Rs. 42,069.86 Lacs & Rs
13,500 Lacs respectively, are secured by way of first ranking and
exclusive security over all fixed assets of the project situated at
Plot No-A-285 Chopanki Industrial Area, Chopanki, Distt-Alwar,
Rajasthan and Plot No-SP-256 Industrial Area Kehrani, Distt-Alwar,
Rajasthan.
Note : There is no default in repayment of loans and payment of
interest as on Balance sheet date.
Note: Working capital facilities are secured by hypothecation of raw
material, semi-finished goods, stock-in-process, consumable stores and
book debts of the Company.
Note: No loan is given to any directors or other officers of the
company.
* Includes subscription money of Rs. 383.71 lacs towards shares in
Joint Venture Radhikapur (west) Coal Mining Pvt. Ltd.
Refer Point No. 5 of Significant Accounting Policies for mode of
valuation of inventories. *Raw Material Stock includes stock of Sized
Iron Ore, Coal, Iron Lumps, Steel Coil etc.
*The company has reimbursed all the amount to OCL India Limited for
onward submission on account of cross subsidy and wheeling charges
payable by the latter to WESCO .The matter is disputed by OCL in the
court and under an arrangement between the two companies OCL India
Limited will refund the amount in case of recovery of the amount on
favorable judgement. As reported to us, the company. on the basis of
the legal advice obtained by them, is reasonably sure of the recovery
of the amount and as such the amount has been booked under the head
short terms loans and advances instead of booking it as an expense.
Note : 1 Contingencies & Commitments (to the extent not Provided for)
i) Contingent Liabilities Rs. In Lacs
Sr. Particulars For the Year For the Year
No Ended Ended
31.3.2014 31.3.2013
i) Disputed Sales tax/VAT/
Entry Tax demand
(including interest & penalty) 1,313.38 693.33
ii) Disputed Excise Demand 307.32 307.32
iii) Bank Guarantees issued by
bank on company''s behalf 59.41 72.17
iv) Letter of credit issued on
behalf of company 3,917.09 313.00
(outstanding amount)
v) Corporate Guarantee Given to OCL
India Limited 332.00 -
Total 5,929.20 1,385.82
Mar 31, 2013
Note : 1 Contingent Liabilities not provided for in respect of Rs. In
Lacs
Sr. Particulars For the Year
Ended For the Year
Ended
No 31.3.2013 31.3.2012
i) Disputed Sales tax / VAT /
Entry Tax demand
(including interest & penalty) 693.33 693.33
ii) Disputed Excise Demand 307.32 307.32
iii) Bank Guarantees issued by
bank on company''s behalf 72.17 47.17
iv) Letter of credit issued on
behalf of company 313.00 6.39
(outstanding amount)
Total 1385.82 1,054.21
Note : 2 Employee Benefits (AS-15 revised) The following data are
based on the report of the Actuary. The principal assumptions used in
the actuarial valuation are as below:- Discount rate 8.30% Expected
rate of future salary increase 10.00%
Note : 3 Related party Transaction (AS-18)
A) Related parties and their relationships
i) Key Managerial Persons (KMP) N.K Taori ( Managing Director)
ii) Garima Buildprop Pvt. Ltd. (Holding Company)
Oriental Iron Casting Limited (Subsidiary)
Aron Auto Limited (Subsidiary)
Rose Fiscal Services Pvt. Ltd. (Subsidiary of Subsidiary)
Meltron Vincom Pvt. Ltd. (Subsidiary of Subsidiary)
BS Ispat Limited (Subsidiary of Subsidiary)
Gondwana Ispat Limited (Subsidiary of Subsidiary of Subsidiary)
Mar 31, 2012
Note:
Rupee term debt of Rs. 48,160 Lacs and NCDs of Rs 3,500 Lacs are
secured by way of equitable mortgage on all immovable properties of the
project situated at Vill. Lamloi, P.O Garvana, Rajgangpur, Distt
Sundergarh, Orissa ranking pari-passu inter-se save and except the
prior charge in favour of banks over inventories and book debts to
secure working capital facilities.
Rupee term Loan of Rs. 40,000 Lacs is secured by way of subservient
charge on movable fixed assets of the project situated at at Vill
Lamloi, P.O Garvana, Rajgangpur, Distt Sundergarh, Orissa.
External Commercial Borrowing/INR term loan of Rs. 35,810 Lacs and Rs
13,500 Lacs respectively,are secured by way of first ranking and
exclusive security over all fixed assets of the project situated at
Plot No-A-285 Chopanki Industrial Area, Chopanki, Distt-Alwar,
Rajasthan and Plot No-SP-256 Industrial Area Kehrani, Distt-Alwar,
Rajasthan.
The company has reimbursed all the amount to OCL India Limited for
onward submission on account of cross subsidy and wheeling charges
payable by the latter to WESCO .The matter is disputed by OCL in the
court and under an arrangement between the two companies OCL India
Limited will refund the amount in case of recovery of the amount on
favorable judgement. As reported to us the company, on the basis of the
legal advice obtained by them, is reasonably sure of the recovery of
the amount and as such the amount has been booked under the head short
terms loans and advances instead of booking it as an expense.
Note : 1 Contingent Liabilities not provided for in respect of
Rs. In Lacs
Sr.
No Particulars For the
Year Ended For the
Year Ended
31.3.2012 31.3.2011
i) Disputed Sales tax / VAT /
Entry Tax demand
(including interest & penalty) 693.33 483.92
ii) Disputed Excise Demand 307.32 160.65
iii) Bank Guarantees issued by
bank on company's behalf 47.17 6.12
iv) Letter of credit issued on
behalf of company 6.39 199.00
(outstanding amount)
Total 1,054.21 849.69
Mar 31, 2011
1. Estimated amount of contracts remaining to be executed on Capital
account (net of advances) and not provided for Rs. 32578.58 lacs
(Previous year Rs. 607.21 lacs).
2. Contingent Liabilities not provided for in respect of :
Rupees in Lacs
Particulars 2010-11 2009-10
Disputed Sales taxA/AT/Entry tax demand
(including interest & penalty) 483.92 267.69
Disputed Excise Demand 160.65 -
Bank Guarantees issued by Bank on company's
behalf 6.12 64.85
Letter of credit issued on behalf of the
company (outstanding amount) 199.00 430.70
TOTAL 849.69 763.24
Future cash flow of above is determinable only on receipt of the
decision/judgment from the respective authorities. A civil case is
pending against the company in the court of civil judge, Sr. Division,
Sundargarh. The case has been stayed by the High court of Orissa on
account of the revision petition preferred by the company. The
financial impact of the liability that may arise is not ascertainable
on the date of the Balance Sheet.
3. On the basis of information available, there are no outstanding
dues to the suppliers or service providers covered under the "Micro,
Small and Medium Enterprises (Development) Act, 2006 and no interest
has been paid/payable to such suppliers or service providers.
4. Assets hypothecated with banks also stand as security for non-fund
based limits.
5. The company has reimbursed all the amount to OCL India Limited for
onward submission on account of cross subsidy and wheeling charges
payable by the latter to WESCO The matter is disputed by OCL in the
court and under an arrangement between the two companies OCL India
Limited will refund the amount in case of recovery of the amount on
favourable judgement. As reported to us the company , on the basis of
the legal advice obtained by them , is reasonably sure of the recovery
of the amount and as such the amount has been booked under the head
loans and advances instead of booking it as an expense.
6. In the opinion of the Board and to the best of their knowledge and
belief, the valuation on realization of current assets, loans and
advances in the ordinary course of business would not be less than the
amount at which they are stated in the Balance Sheet.
7. The company has not accepted public deposits within the meaning and
provisions of sec 58A and 58AA of the companies Act, 1956.
8. There is no impairment of any asset in terms of AS-28
9. Remuneration to Managing and Whole -time Directors
Rs 29.60 Lacs was paid to Managing and whole time Directors during the
year (Previous Year Rs. 1.78 Lacs)
10. Computation of Commission payable to Directors (Other than
Managing and Whole-time Directors)
No Commission was payable to Directors( Other than Managing and whole
time Directors) during the year (Previous year Rs Nil)
11. During the year under review.Company Issued and allotted 53005000
2% Non cumulutive Redeemable Preference Shares to be redeemed not
before 10 years and not later than 12 years from the date of allotment
at such premium or may be decided by the Board of directors in
accordance with the provisions of Companies Act 1956, or any
re-enactment thereof.
12. The company has claimed deduction under section 80IA of the income
tax act, 1961 in respect of power generation in tax returns.
13. Previous year figures have been regrouped/rearranged wherever
necessary, to correspond to current year figures.
Mar 31, 2010
1. Estimated amount of contracts remaining to be executed on Capital
account (net of advances) and not provided for Rs 607.21 lacs (Previous
year Rs. 738.09 lacs).
2. Contingent Liabilities not provided for in respect of :
Rs in Lacs
Particulars 2009-10 2008-09
Disputed Sales tax/VAT demand
(including interest & penalty) 262.51 198.21
Matter under appeal
Disputed Entry tax- matter under appeal 5.18 0.08
Cross subsidy surcharge to WESCO-
matter under appeal NIL 213.49
Bank Guarantees issued by Bank on
companys behalf 64.85 NA
Letters of credit issued on behalf
of the company (outstanding amount) 430.70 NA
TOTAL 763.24 411.78
Future cash flow of above is determinable only on receipt of the
decision/judgment from the respective authorities. A civil case is
pending against the company in the Court of Civil Judge, Sr. Division,
Sundargarh. The case has been stayed by the High court of Orissa on
account of the revision petition preferred by the company. The
financial impact of the liability that may arise is not ascertainable
on the date of the Balance Sheet.
3. On the basis of information available, there are no outstanding
dues to the suppliers or service providers covered under the "Micro,
Small and Medium Enterprises (Development) Act, 2006 and no interest
has been paid/payable to such suppliers or service providers.
4. Assets hypothecated with banks also stand as security for non-fund
based limits.
5. The company has reimbursed all the amount to OCL India Limited for
onward submission on account of cross subsidy and wheeling charges
payable by the latter to WESCO The matter is disputed by OCL in the
Court and under an arrangement between the two companies, OCL India
Limited will refund the amount in case of recovery of the amount on
favourable judgement. As reported to us the company on the basis of the
legal advice obtained by them is reasonably sure of the recovery of the
amount and as such the amount has been booked under the head loans and
advances instead of booking it as an expense.
6. In the opinion of the Board and to the best of their knowledge and
belief, the valuation on realization of current assets, loans and
advances in the ordinary course of business would not be less than the
amount at which they are stated in the Balance Sheet.
7. The Company has not accepted public deposits within the meaning and
provisions of sec 58A and 58AA of the Companies Act, 1956.
8. There is no impairment of any asset in terms of AS-28
9. Remuneration to Managing and Whole -time Directors
Rs. 1.78 Lacs was paid to Managing and whole time Directors during the
year (Previous Year Rs.36.11 Lacs).
10. Computation of Commission payable to Directors (Other than
Managing and Whole-time Directors)
No Commission was payable to Directors( Other than Managing and whole
time Directors during the year (Previous year Rs 4.83 Lacs)
11. Related party Transactions (AS-18)
a) Related parties and their relationships
i. Key Managerial persons (KMP)
R H Dalmia (Vice Chairman)
Sabyasachi Mishra (Managing Director)
ii. Enterprises over which KMP are able to exercise
significant influence
Hari Machines Limited, Satya Miners & Transporters Ltd., Konark
Investments Ltd., Kiran Resources Ltd., OCL India Ltd., Dalmia
Institute of Scientific and Industrial Research, Shree Durga Charitable
Trust & Grandeur Tours & Travels (P) Ltd., Garima Buildprop (P) Ltd. &
Gateway Impex Pvt. Ltd., Artech Infosystems.
12. During the year under review, M/s Garima Buildprop Private Limited
acquired 60.83% shares from the outgoing promoters of the Company and
further acquired 15.38% shares from the general public through open
offer pursuant to SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 1997 which resulted in acquisition of 76.21%
equity stake in the Company. Consequent to the above acquisition,
Garima Buildprop Private Limited became the holding company and new
promoter of the Company.
Subsequent to the takeover, there was change in the management of the
Company. Mr. Nand Kishore Taori and Mr. Aditya Malhotra were appointed
as directors and Dr. Sheoraj Jain, Mr. Raghu Hari Dalmia, Mr. Surendra
Kumar Dalmia, Mr. Sabyasachi Mishra and Mr. K. M. Poddar resigned from
the directorship of the Company
13. Previous year figures have been regrouped/rearranged wherever
necessary, to correspond to current year figures.