Mar 31, 2015
1. Company Overview
Resurgere Mines & Minerals India Limited is a Public Limited Company
engaged in the business of extraction, processing & sale of Ore and
exploration & development of mining assets. Presently the Company is
enjoying long term raising and purchasing rights for Bauxite Mine in
the State of Maharashtra and mining rights for Soapstone in the State
of Rajasthan.
The Company has also 99.98 % equity holding in Shri Warana Minerals
(India) Pvt. Ltd. having another bauxite mine in the State of
Maharashtra through its wholly owned subsidiary i.e. Warana Minerals
Private Limited.
* Term loan taken from Union Bank of India for acquisition of Plant &
Machinery and Equipments for Maharajpur mines at Orissa. Repayment of
Instalment was not made from May-2011 and interest payment on the same
payment was not made from Jun-2011.
* Due to non payment of instalment as well as interest, Union Bank of
India has declared same term loan as NPA.
* Term loan is secured by exclusive charges on the underlying plant &
machineries. Collateral security by way of pledge of shares of the
company owned by the director/s and lien on fixed deposit. The loan is
further secured by personal guarantee of one of the director (Mr.
Subhash Atmaram Sharma).
* Cash Credit / Short Term Loan taken from Bank of India, State Bank of
India, Union Bank of India, IndusInd Bank and Barclays Bank for working
capital requirement. Repayment of Instalment was not made from May-2011
and Interest payment on the same payment was not made from Jan-2011
* The banks has declared same working capital loan as NPA due to non
payment of interest as well as principle amount on demand.
* All loans are secured by first pari-passu charge on the entire
current assets of the company and lien on fixed deposits. Collateral
security by way of mortgage of residential property and office premises
belonging to a director and a partnership firm in which a director is
partner respectively on pari-passu basis. Personal Guarantee of one of
the directors, a relative of director and also Guarantee of a
partnership firm in which director is partner.
** Received from Mr. Subhash Atmaram Sharma (Managing Director of the
Company)
*** Unsecured Loan from related parties received in the year 2011-2012,
and company is not providing interest on the same. There is no material
movement during the year.
* The names of the Micro, Small and Medium Enterprises suppliers
defined under "The Micro Small and Medium Enterprises Development Act
2006" could not be identified, as the necessary evidence is not in the
possession of the Company.
** Outstanding trade payables are as per books of accounts and subject
to confirmation and company does not have any confirmation and
reconcilation with the parties from last 3 years.
** There is no material Movement in Trade Payable from FY 2010-11.
* Duties & Taxation includes TDS on salary of Rs. 9.37 Lacs related to
deduction of directors remuneration for the FY 2012-13 which is not yet
paid. Interest on TDS on salary payable not provided during the year
** Interest on Term Loan overdue - Rs.591.66 Lacs (from Jun-2011 to
Mar-2015) and Interest on Working Capital overdue - Rs.7104.21 Lacs
(from Jun-2011 to Mar-2015). Due to all bank loans(working capital
loan,term loan & short term loan) are NPA, the company has taken
interest provision at the rate mentioned in their last sanstion letter.
*** ROC Filing Fee's is payable for increasing authorise share capital
amounting to Rs. 48.98 lacs and provision for Interest on fee's payable
is amounting to Rs.60.89 lacs.
**** Outstanding Creditors for Capital Goods and Other Liabilities are
as per books of accounts and company does not have any confirmation and
reconcilation with the parties.
* Advance to Suppliers are as per books of accounts and company does
not have any confirmation and reconcilation with the parties from last
3 years.
* Advance to Suppliers includes Rs.1821.78 Lacs are outstanding more
than 3 years and there are no material movement in the parties account.
** Advance to Subsidiary includes interest free loans advanced to a
foreign subsidiary of Rs.14,258.57 Lacs (Previous Year Rs.13,691.10
Lacs) and the maximum amount outstanding during the period is Rs.
14,427.30 Lacs (Previous Year Rs. 14,300.98 Lacs). Advance was given
during the FY 2010-11.
*** Principle and Interest amount of Inter - Corporate Deposits are
outstanding for more than 3 years. There are no material movement in
the parties account and company does not have any confirmation and
reconcilation with the parties.
**** Mine Deposit are outstanding more than 3 years and there are no
material movement in the parties account and company does not have any
confirmation and reconcilation with the parties.
* Interest on term loan has been charged by bank till 31/05/2011. Term
loan has been classified as NPA after 31/05/ 2011 by the bank,
therefore bank has stopped charging interest due to RBI norms on NPA
classified loans. The Company has accrued interest on estimation basis
(@ as specified in sanction letter of respective bank in the books of
accounts.)
** Interest on cash credit working capital loans has been charged by
Union Bank of India till May-2011, Bank of India and State Bank of
India till June-2011, Indusland Bank till November-2011. The same has
been classified as NPA by respective banks, therefore bank has stopped
charging interest due to RBI norms on NPA classified loans. The Company
has accrued interest on estimation basis (@ as specified in sanction
letter of respective bank in the books of accounts. )
** Short term loan from Barclays Bank has been classified as NPA by the
banks, therefore bank has stopped charging interest due to RBI norms on
NPA classified loans. The Company has accrued interest on estimation
basis (@ as specified in sanction letter of the bank in the books of
accounts. )
2. Contingent Liabilities not provided for in respect of: (Rs.in Lacs)
Particular As on As on
31-03-2015 31-03-2014
Claims against the Company not acknowledged 2,447.08 2,424.18
as debts including interest
Estimated amount of contracts remaining to
be executed on capital account
and not provided for (net of advances) 5,173.51 5,173.51
3. In the opinion of the Management, all Current Assets, Loans &
Advances would be realizable at least of an amount equal to the amount
at which they are stated in the Balance.
a) Primary (Business) Segment
In accordance with the requirements of Accounting Standard 17 "Segment
Reporting" issued by the Institute of Chartered Accountants of India,
the Company's business constitutes only one reportable business segment
being Mining & Trading of Minerals and hence no separate disclosure to
attributable Revenues, Profits, Assets, Liabilities, and Capital
Employed are given.
b) Secondary (Geographical Segment)
Secondary Segment Reporting is on the basis of geographical location of
the customers. The operation of the Company comprises local sales and
export sales. The management views the Indian Market and Export Market
are distinct geographical segments. The following is the distribution
of the Company's sale by geographical markets.
4. 'Related Party' Disclosure as per Accounting Standard 18 as
specified under section 133 of the Companies Act, 2013 read with rule 7
of the Companies (Accounts) Rules, 2014, the related parties of the
Group are as follows: : (As identified by the management)
Names of Related Parties:
(A) Key Management Personnel:
a. Mr. Subhash Atmaram Sharma - Chairman Cum Managing Director and
CEO
b. Mr. Alok Ambastha - Independent Non-Executive Director
c. Mr. Mayur Jitendra Shah - Independent Non-Executive Director
d. Mr. Ajay Sethi ** - Independent Non-Executive Director
e. Ms. Mamta Parekh * - Independent Non-Executive Director
f. Mr. Rohit Palav * - Independent Non-Executive Director
g. Mr. Rakesh Gupta - Company Secretary
* Appointed during the year
** Resigned during the previous year
(B) Subsidiary Companies:
a. Warana Minerals Private Limited - Wholly owned Subsidiary
Company
b. Shri Warana Minerals (India) Private - Subsidiary Company of Warana
Limited Minerals Private Limited
c. Resurgere Sponge Iron Limited - Wholly owned Subsidiary
Company
d. Resurgere Ferro Alloys Limited - Wholly owned Subsidiary
Company
e. Resurgere Industries Limited - Wholly owned Subsidiary
Company
f. Resurgere International FZE - Wholly owned Subsidiary
Company at UAE
g. Resurgere Coal India LLP - Limited Liability
Partnership Frim
(C) Related Parties:
(Entities in which any director or his relative is a partner , director
or member)
a. M/S Exfin Shipping (India) - Partnership Frim
b. Victory Sponge Private Limited - Company
c. Eminent Steel private Limited - Company
d. Runwell Steel Private Limited - Company
e. Spear petroleum Private Limited - Company
f. Resurgere Infracorn Private Limited - Company
g. Akshar Lighting Systems - Partnership Frim
5. Consequent upon estimation on useful life for screening and crushing
machinery, as estimated by management, and on wagons procured under
"WIS" Scheme and as mentioned under point no. 2.6, "Depreciation and
Amortization" charged to Profit and Loss Account is higher by Rs.265.20
Lacs (Previous Year - Rs.969.70 Lacs) and correspondingly Net Fixed
Assets is also lower by Rs.576.91 Lacs (Previous Year - Rs.969.70
Lacs).
6. Miscellaneous Expenditure as per point no. "13", Depreciation &
Amortization as per point no."24" and as per point no. "2.12" referred
to above, also includes amounts which are more clearly mentioned in the
table below. The table mentions respective mine location with its
respective opening balance of the un-adjusted amount, if any, included
under the head "Miscellaneous Expenditure", amount incurred during the
year, amount written off and debited to Profit & Loss Account under the
head "Depreciation & Amortisation" and the closing balance of the
un-adjusted amount carried forward under
7. In the opinion of the Management, the Current Assets, Loans &
Advances are approximately of the value stated and are realizable in
the ordinary course of business. The provisions for all known
liabilities are adequate.
8. Confirmation letters have been sent by the Company in respect of
balances reflected under Sundry Debtors, Sundry Creditors and Loans and
Advances. In view of confirmations having been received from only some
of the parties, the balance under these heads have been shown as per
books of accounts and are subject to reconciliation and adjustment, if
any.
9. a Other Liabilities shown in point no. "10" Includes Rs.156.48 Lacs
(Previous year - Rs.150.25 Lcas) being share application money
refundable to an Overseas Corporate Body. Necessary approval for which
is still awaited.
b Local Sales shown in point no. "18" is net of sales tax of Rs.1.38
Lacs (Previous year - Rs. 0.56 Lacs)
c Foreign exchange fluctuation (Net) shown in point no. "25" includes
Rs.6.23 Lacs (Previous year - Rs.14.28 Lacs ) being exchange loss on
account of share application money refundable to an overseas body
corporate.
10. Taxes on Income:
a) As there is a loss during the year, therefore provision for Taxation
for the year has not been made in accordance with the provisions of the
Income Tax Act,1961
b) The accumulated balance in Net Deferred Tax Liability comprises of:
41 The annual accounts of the subsidiary companies and the related
detailed information shall be made available to shareholders seeking
such information at any point of time. The annual accounts of the
subsidiary companies shall also be kept for inspection by any
shareholders in the head office of the holding company and of the
subsidiary companies concerned. The holding company shall furnish a
hard copy of details of accounts of subsidiaries to any shareholder on
demand.
11. Figures less than Rs. 500/- has been shown at actual wherever
statutory required to be disclosed since figures have been rounded off
to the nearest Rs. in Thousand.
12. Figures of the previous year have been reworked, regrouped,
rearranged and reclassified, wherever necessary, to compare with the
figures of the current year.
Mar 31, 2014
1. Company Overview
Resurgere Mines & Minerals India Limited is a Public Limited Company
engaged in the business of extraction, processing & sale of Ore and
exploration & development of mining assets. Presently the Company is
enjoying long term raising and purchasing rights for Bauxite Mine in
the State of Maharashtra and mining rights for Soapstone in the State
of Rajasthan.
The Company has also 99.98 % equity holding in Shree Warana Minerals
(India) Pvt. Ltd. having another bauxite mine in the State of
Maharashtra through its wholly owned subsidiary i.e. Warana Minerals
Private Limited.
2.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
* Term loan taken from Union Bank of India for acquisition of Plant &
Machinery and Equipments for Maharajpur mines at Orissa. Repayment of
Instalment was not made from May-2011 and interest payment on the same
payment was not made from Jun-2011.
* Due to non payment of instalment as well as interest, Union Bank of
India has declared same term loan as NPA.
* Term loan is secured by exclusive charges on the underlying plant &
machineries. Collateral security by way of pledge of shares of the
company owned by the director/s and lien on fixed deposit. The loan is
further secured by personal guarantee of one of the director (Mr.
Subhash Sharma).
Note: As there is Loss during the year ended on 31st March 2014,
therefore provision for Deferred Tax for the year has not been made in
accordance with the provisions of the Income Tax Act, 1961.
* Income tax payable pertaining to the Assessment year 2008-09,
2009-10, 2010-11 and 2011-12. Company is not providing any interest on
payable amount.
* Cash Credit / Short Term Loan taken from Bank of India, State Bank of
India, Union Bank of India, IndusInd Bank and Barclays Bank for working
capital requirement. Repayment of Instalment was not made from May-2011
and Interest payment on the same payment was not made from Jan-2011.
* The banks has declared same working capital loan as NPA due to non
payment of interest as well as principle amount on demand.
* All loans are secured by first pari-passu charge on the entire
current assets of the company and lien on fixed deposits. Collateral
security by way of mortgage of residential property and office premises
belonging to a director and a partnership firm in which a director is
partner respectively on pari-passu basis. Personal Guarantee of one of
the directors, a relative of director and also Guarantee of a
partnership firm in which director is partner.
** Received from Mr. Subhash Sharma (Managing Director of the Company)
*** Unsecured Loan from Associates Company received in the year
2011-2012, and company is not providing interest on the same. There is
no material movement during the year.
* The names of the Micro, Small and Medium Enterprises suppliers
defined under "The Micro Small and Medium Enterprises Development Act
2006" could not be identified, as the necessary evidence is not in the
possession of the Company.
** Outstanding trade payables are as per books of accounts and subject
to confirmation and company does not have any confirmation and
reconcilation with the parties from last 3 years.
** There is no material Movement in Trade Payable from FY 2010-11.
* Duties & Taxation includes TDS on salary of Rs. 9.37 Lacs related to
deduction of directors remuneration for the FY 2012-13 which is not yet
paid. Interest on TDS on salary payable not provided during the year
** Interest on Term Loan overdue - Rs.410.48 Lacs (from Jun-2011 to
Mar-2014) and Interest on Working Capital overdue - Rs.4932.71 Lacs
(from Jun-2011 to Mar-2014). Due to all bank loans(working capital
loan,term loan & short term loan) are NPA, the company has taken
interest provision at the rate mentioned in their last sanstion letter.
*** ROC Filing Fee''s is payable for increasing authorise share capital
amounting to Rs. 48.98 lacs and provision for Interest on fee''s payable
is amounting to Rs.46.04 lacs.
**** Outstanding Creditors for Capital Goods and Other Liabilities are
as per books of accounts and company does not have any confirmation and
reconcilation with the parties.
* Advance to Suppliers are as per books of accounts and company does
not have any confirmation and reconcilation with the parties from last
3 years.
* Advance to Suppliers includes Rs.1837.82 Lacs are outstanding more
than 3 years and there are no material movement in the parties account.
** Advance to Subsidiary includes interest free loans advanced to a
foreign subsidiary of Rs.13,691.10 Lacs (Previous Year Rs.12,390.21
Lacs) and the maximum amount outstanding during the period is Rs.
14,300.98 Lacs (Previous Yea Rs. 12,827.53 Lacs). Advance was given
during the FY 2010-11.
*** Principle and Interest amount of Inter - Corporate Deposits are
outstanding for more than 3 years. There are no material movement in
the parties account and company does not have any confirmation and
reconcilation with the parties.
**** Mine Deposit are outstanding more than 3 years and there are no
material movement in the parties account and company does not have any
confirmation and reconcilation with the parties.
* Interest provision on Inter - Corporate Deposits provided in books of
accounts on outstanding principle amount. Company has not yet received
any payment against interest from more than 3 years.
* Interest on term loan has been charged by bank till 31/05/2011. Term
loan has been classified as NPA after 31/05/2011 by the bank, therefore
bank has stopped charging interest due to RBI norms on NPA classified
loans. The Company has accrued interest on estimation basis @ as
specified in sanction letter of respective bank in the books of
accounts.
** Interest on cash credit working capital loans has been charged by
Union Bank of India till May-2011, Bank of India and State Bank of
India till June-2011, Indusland Bank till November-2011.. The same has
been classified as NPA by respective banks, therefore bank has stopped
charging interest due to RBI norms on NPA classified loans. The Company
has accrued interest on estimation basis @ as specified in sanction
letter of respective bank in the books of accounts.
** Short term loan from Barclays Bank has been classified as NPA by the
banks, therefore bank has stopped charging interest due to RBI norms on
NPA classified loans. The Company has accrued interest on estimation
basis @ as specified in sanction letter of the bank in the books of
accounts.
(b) Other Expenses includes Rs.1.50 Lacs (Previous Year Rs.7.20 lacs)
towards sitting fees paid to non-executive directors.
(c) The Managerial Remuneration paid / payable by the Company to its
Managing Directors for the year under review of Rs. NIL (Previous year
- Rs. 47.21 Lacs), was not in conformity with the provisions of Part II
of Schedule XIII to the Companies Act, 1956 and therefore, was
subjected to the requisite approval from the Central Government, for
which, necessary application is not yet made by the Company.
3. In the opinion of the Management, all Current Assets, Loans &
Advances would be realizable at least of an amount equal to the amount
at which they are stated in the Balance.
4. Segment Reporting:
a) Primary (Business) Segment
In accordance with the requirements of Accounting Standard 17 "Segment
Reporting" issued by the Institute of Chartered Accountants of India,
the Company''s business constitutes only one reportable business segment
being Mining & Trading of Ore and hence no separate disclosure to
attributable Revenues, Profits, Assets, Liabilities, and Capital
Employed are given.
b) Secondary (Geographical Segment)
Secondary Segment Reporting is on the basis of geographical location of
the customers. The operation of the Company comprises local sales and
export sales. The management views the Indian Market and Export Market
are distinct geographical segments. The following is the distribution
of the Company''s sale by geographical markets.
5. ''Related Party'' Disclosure as per Accounting Standard 18: (As
identified by the management)
Names of Related Parties:
(A) Key Management Personnel:
a. Mr. Subhash A. Sharma - Chairman Cum Managing Director
b. Mr. Alok Ambastha - Independent Non-Executive Director
c. Mr. Mayur Shah - Additional Independent
Non-Executive Director
d. Mr. Ajay Sethi - Independent Non-Executive Director
(B) Associates:
a. M/S Exfin Shipping (India) - Partnership Frim
b. Victory Sponge Private Limited - Company
c. Eminent Steel private Limited - Company
d. Runwell Steel Private Limited - Company
e. Spear petroleum Private Limited - Company
(C) Subsidiary Companies:
a. Warana Minerals Private Limited - Wholly owned Subsidiary Company
b. Shri Warana Minerals (India) Private Limited - Subsidiary Company
of Warana Minerals Private Limited
c. Resurgere Sponge Iron Limited - Wholly owned Subsidiary Company
d. Resurgere Ferro Alloys Limited - Wholly owned Subsidiary Company
e. Resurgere Industries Limited - Wholly owned Subsidiary Company
f. Resurgere International FZE - Wholly owned Subsidiary Company at
UAE
g. Resurgere Coal India LLP - Limited Liability Partnership Frim
Note:
1. Income / Liabilities are shown as minus figure.
2. There is no write off / write back from / to related parties.
6. Additional Information Pursuant to the provisions of Part II of
the Schedule VI of the Companies Act 1956
Quantitative Information:
a) Installed Capacity N.A.
b) Purchase/Production, Consumption/Sales/Stock :
i) Opening Stock, Production/Purchases, Sales & Closing Stock of
Finished Goods:-
Above mentioned quantity and value includes :
1. Purchase/Production includes trading purchases of Nil MTS of Rs.Nil
(Previous Year Nil MTS of Rs.Nil).
2. Sales include trading sales of Nil MTS of Rs.Nil (Previous Year Nil
MTS of Rs.Nil).
3. * net of shortage
7 Consequent upon estimation on useful life for screening and crushing
machinery, as estimated by management, and on wagons procured under
"WIS" Scheme and as mentioned under point no. 2.6, "Depreciation and
Amortization" charged to Profit and Loss Account is higher by Rs.969.70
Lacs (Previous Year - Rs.969.05 Lacs) and correspondingly Net Fixed
Assets is also lower by Rs.969.70 Lacs (Previous Year - Rs.969.05
Lacs).
8 Miscellaneous Expenditure as per point no. "13", Depreciation &
Amortization as per point no."24" and as per point no. "2.12" referred
to above, also includes amounts which are more clearly mentioned in the
table below. The table mentions respective mine location with its
respective opening balance of the un-adjusted amount, if any, included
under the head "Miscellaneous Expenditure", amount incurred during the
year, amount written off and debited to Profit & Loss Account under the
head "Depreciation & Amortisation" and the closing balance of the
un-adjusted amount carried forward under the head "Miscellaneous
Expenditure" in the Balance Sheet.
9 In the opinion of the Management, the Current Assets, Loans &
Advances are approximately of the value stated and are realizable in
the ordinary course of business. The provisions for all known
liabilities are adequate.
10 Confirmation letters have been sent by the Company in respect of
balances reflected under Sundry Debtors, Sundry Creditors and Loans and
Advances. In view of confirmations having been received from only some
of the parties, the balance under these heads have been shown as per
books of accounts and are subject to reconciliation and adjustment, if
any.
11 a Other Liabilities shown in point no. "10" Includes Rs.150.25 Lacs
(Previous year - Rs.135.97 Lacs) being share
application money refundable to an Overseas Corporate Body. Necessary
approval for which is still awaited.
b Local Sales shown in point no. "18" is net of sales tax of Rs.0.56
Lacs (Previous year - Rs. 0.77 Lacs)
c Foreign exchange fluctuation (Net) shown in point no. "25" includes
Rs.14.28 Lacs (Previous year - Rs.8.08 Lacs gain) being exchange loss
on account of share application money refundable to an overseas body
corporate.
d Insurance expenses shown in Schedule "25" includes Rs. Nil (Previous
Year - Rs.0.48 Lacs) towards key man insurance premium.
12 Taxes on Income:
a) As there is a loss during the year, therefore provision for Taxation
for the year has not been made in accordance with the provisions of the
Income Tax Act,1961
b) The accumulated balance in Net Deferred Tax Liability comprises of:
* As there is a loss during the year, therefore provision for Deferred
Tax Liability / (Asset) for the year has not been made.
13 The annual accounts of the subsidiary companies and the related
detailed information shall be made available to shareholders seeking
such information at any point of time. The annual accounts of the
subsidiary companies shall also be kept for inspection by any
shareholders in the head office of the holding company and of the
subsidiary companies concerned. The holding company shall furnish a
hard copy of details of accounts of subsidiaries to any shareholder on
demand.
14 Figures less than Rs. 500/- has been shown at actual wherever
statutory required to be disclosed since figures have been rounded off
to the nearest Rs. in Thousand.
15 Figures of the previous year have been reworked, regrouped,
rearranged and reclassified, wherever necessary, to compare with the
figures of the current year.
Mar 31, 2013
1. Company Overview
Resurgere Mines & Minerals India Limited is a Public Limited Company
engaged in the business of extraction, processing & sale of Ore and
exploration & development of mining assets. Presently the Company is
enjoying long term raising and purchasing rights for Bauxite Mine in
the State of Maharashtra and mining rights for Soapstone in the State
of Rajasthan.
The Company has also 99.98 % equity holding in Shree Warana Minerals
(India) Pvt. Ltd. having another bauxite mine in the State of
Maharashtra through its wholly owned subsidiary i.e. Warana Minerals
Private Limited.
2. In the opinion of the Management, all Current Assets, Loans &
Advances would be realizable at least of an amount equal to the amount
at which they are stated in the Balance.
3. Segment Reporting:
a) Primary (Business) Segment
In accordance with the requirements of Accounting Standard 17 "Segment
Reporting" issued by the Institute of Chartered Accountants of India,
the Company''s business constitutes only one reportable business segment
being Mining & Trading of Ore and hence no separate disclosure to
attributable Revenues, Profits, Assets, Liabilities, and Capital
Employed are given.
b) Secondary (Geographical Segment)
Secondary Segment Reporting is on the basis of geographical location of
the customers. The operation of the Company comprises local sales and
export sales. The management views the Indian Market and Export Market
are distinct geographical segments. The following is the distribution
of the Company''s sale by geographical markets.
4. ''Related Party'' Disclosure as per Accounting Standard 18: (As
identified by the management) Names of Related Parties:
(A) Key Management Personnel:
a. Mr. Subhash A. Sharma - Chairman Cum Managing Director
b. Mr. Alok Ambastha - Independent Non-Executive Director
c. Mr. Mayur Shah - Additional Independent Non-Executive Director
d. Mr. Ajay Sethi - Independent Non-Executive Director
(B) Associates:
a. M/S Exfin Shipping (India) - Partnership Frim
b. Victory Sponge Private Limited - Company
c. Eminent Steel private Limited - Company
d. Runwell Steel Private Limited - Company
e. Spear petroleum Private Limited - Company
(C) Subsidiary Companies:
a. Warana Minerals Private Limited - Wholly owned Subsidiary Company
b. Shri Warana Minerals (India) Private Limited - Subsidiary Company
of Warana Minerals Private Limited
c. Resurgere Sponge Iron Limited - Wholly owned Subsidiary Company
d. Resurgere Ferro Alloys Limited - Wholly owned Subsidiary Company
e. Resurgere Industries Limited - Wholly owned Subsidiary Company
f. Resurgere International FZE - Wholly owned Subsidiary Company at
UAE
g. Resurgere Coal India LLP - Limited Liability Partnership Frim
5 Consequent upon estimation on useful life for screening and crushing
machinery, as estimated by management, and on wagons procured under
"WIS" Scheme and as mentioned under point no. 2.6, "Depreciation and
Amortization" charged to Profit and Loss Account is higher by Rs.969.05
Lacs (Previous Year - Rs.969.05 Lacs) and correspondingly Net Fixed
Assets is also lower by Rs.969.05 Lacs (Previous Year - Rs.969.05
Lacs).
6 Miscellaneous Expenditure as per point no. "13 ", Depreciation &
Amortization as per point no."24" and as per point no. "2.12" referred
to above, also includes amounts which are more clearly mentioned in the
table below. The table mentions respective mine location with its
respective opening balance of the un-adjusted amount, if any, included
under the head "Miscellaneous Expenditure", amount incurred during the
year, amount written off and debited to Profit & Loss Account under the
head "Depreciation & Amortisation" and the closing balance of the
un-adjusted amount carried forward under the head "Miscellaneous
Expenditure" in the Balance Sheet.
7 In the opinion of the Management, the Current Assets, Loans &
Advances are approximately of the value stated and are realizable in
the ordinary course of business. The provisions for all known
liabilities are adequate.
8 Confirmation letters have been sent by the Company in respect of
balances reflected under Sundry Debtors, Sundry Creditors and Loans and
Advances. In view of confirmations having been received from only some
of the parties, the balance under these heads have been shown as per
books of accounts and are subject to reconciliation and adjustment, if
any.
9 a Other Liabilities shown in point no. "10" Includes Rs.135.97 Lacs
(Previous year - Rs.127.89) being share application money refundable to
an Overseas Corporate Body. Necessary approval for which is still
awaited.
b Local Sales shown in point no. "18" is net of sales tax of Rs.0.77
Lacs (Previous year - Rs. 272.08 Lacs)
c Foreign exchange fluctuation (Net) shown in point no. "25" includes
Rs.8.08 Lacs (Previous year - Rs. 16.26 Lacs gain) being exchange loss
on account of share application money refundable to an overseas body
corporate.
d Insurance expenses shown in point no. "25" includes Rs. 0.48 Lacs
(Previous Year - Rs.0.21 Lacs) towards key man insurance premium.
10 Taxes on Income:
a) As there is a loss during the year, therefore provision for Taxation
for the year has not been made in accordance with the provisions of the
Income Tax Act,1961
b) The accumulated balance in Net Deferred Tax Liability comprises of:
11 The annual accounts of the subsidiary companies and the related
detailed information shall be made available to shareholders seeking
such information at any point of time. The annual accounts of the
subsidiary companies shall also be kept for inspection by any
shareholders in the head office of the holding company and of the
subsidiary companies concerned. The holding company shall furnish a
hard copy of details of accounts of subsidiaries to any shareholder on
demand.
12 Figures less than Rs. 500/- has been shown at actual wherever
statutory required to be disclosed since figures have been rounded off
to the nearest Rs. in Thousand.
13 Figures of the previous year have been reworked, regrouped,
rearranged and reclassified, wherever necessary, to compare with the
figures of the current year.
Mar 31, 2012
1. Company Overview
Resurgere Mines & Minerals India Limited is a Public Limited Company
engaged in the business of extraction, processing & sale of Ore and
exploration & development of mining assets. Presently the Company is
enjoying long term raising and purchasing rights for Bauxite Mine in
the State of Maharashtra and mining rights for Soapstone in the State
of Rajasthan.
The Company has also 99.98 % equity holding in Shri Warana Minerals
(India) Pvt. Ltd. having another bauxite mine in the State of
Maharashtra through its wholly owned subsidiary i.e. Warana Minerals
Private Limited.
2. Long-Term Borrowings
- Term loan taken from Union Bank of India for acquisition of Plant &
Machinery and Equipments for Maharajpur mines at Orissa. Repayment of
Installment was not made from May-2011 and interest payment on the same
payment was not made from Jun-2011
- Due to non payment of installment as well as interest, Union Bank of
India has declared same term loan as NPA.
- Term loan is secured by exclusive charge on the underlying plant &
machineries. Collateral security by way of pledge of shares of the
company owned by the director/s and lien on fixed deposit. The loan is
further secured by personal guarantee of one of the director.
- Installment overdue - Rs. 619.48 Lacs (from May-2011 to Mar-2012) and
Interest overdue - Rs. 112.86 Lacs (from Jun-2011 to Mar-2012)
3. Short-Term Borrowings
- Cash Credit/Short Term Loan taken from Bank of India, State Bank of
India, Union Bank of India, IndusInd Bank and Barclays Bank for working
capital requirement. Repayment of Installment was not made from
May-2011 and Interest payment on the same payment was not made from
Jan-2011
- The banks has declared same working capital/Short Term Loan as NPA
due to non payment of interest as well as principle amount on demand.
- All loans are secured by first pari-passu charge on the entire
current assets of the company and lien on fixed deposits. Collateral
security by way of mortgage of residential property and office premises
belonging to a director and a partnership firm (in which a director is
partner) respectively on pari-passu basis. Personal Guarantee of one of
the directors, a relative of director and also Guarantee of a
partnership firm in which director is partner.
- Working Capital outstanding - Rs. 10,239.37 Lacs (on 31-Mar-2012) ;
Interest overdue - Rs. 1,774.39 Lacs (from Jan-2011 to Mar-2012) and
Bank charges overdue - Rs. 35.06 Lacs (from Feb-2011 to Mar-2012) )
4. Trade Payables
* The names of the Micro, Small and Medium Enterprises suppliers
defined under "The Micro Small and Medium Enterprises Development Act
2006" could not be identified, as the necessary evidence is not in the
possession of the Company.
** Outstanding trade payables are as per books of accounts and subject
to confirmation and reconciliation with the parties.
5. Other Current Liabilities
* Interest on Term Loan overdue - Rs. 112.86 Lacs (from Jun-2011 to
Mar-2012) and Interest on Working Capital overdue - Rs. 921.31 Lacs
(from Jun-2011 to Mar-2012)
** Outstanding Creditors for Capital Goods and Other Liabilities are as
per books of accounts and subject to confirmation and reconciliation
with the parties.
6. Other Current Assets
* Advance to Suppliers and Deposits are as per books of accounts and
subject to confirmation and reconciliation with the parties.
** Advance to Subsidiary includes interest free loans advanced to a
foreign subsidiary of Rs. 11,653.76 Lacs (Previous Year - Rs. 10,171.54
Lacs) and the maximum amount outstanding during the year is Rs
12,134.32 Lacs (Previous Year - Rs. 10,747.00 Lacs).
7. Finance Cost
* Interest on term loan has been charged by bank till 31/05/2011. Term
loan has been classified as NPA after 31/05/ 2011 by the bank,
therefore bank has stopped charging interest due to RBI norms on NPA
classified loans. The Company has accrued interest on estimation basis,
at the rate as specified in sanction letter of respective bank, in the
books of accounts
** Interest on cash credit working capital loans has been charged by
Union Bank of India till May-2011, Bank of India and State Bank of
India till June-2011, Indusland Bank till November-2011.. The same has
been classified as NPA by respective banks, therefore bank has stopped
charging interest due to RBI norms on NPA classified loans. The Company
has accrued interest on estimation basis, at the rate as specified in
sanction letter of respective bank, in the books of accounts.
** Short term loan from Barclays Bank has been classified as NPA by the
banks, therefore bank has stopped charging interest due to RBI norms on
NPA classified loans. The Company has accrued interest on estimation
basis, at the rate as specified in sanction letter of the bank, in the
books of accounts.
8. Contingent Liabilities
Contingent Liabilities not provided for in respect of:
(Rs. in Lacs)
Particular As on As on
31-03-2012 31-03-2011
Claims against the Company not
acknowledged as debts including
interest 137.86 132.52
Estimated amount of contracts
remaining to be executed on capital
account and not provided for
(net of advances) 5,173.51 3,973.51
9. Directors' Remuneration :
(c) Administration & Selling Expenses included Rs. 10.40 Lacs (Previous
Year Rs. 12.60 lacs) towards sitting fees paid to non-executive
directors.
(d) Professional fees includes Rs. Nil (Previous Year Rs. 3.30 Lacs)
paid to an Independent Director of the company.
(e) During the year compnay has paid/credited Rs. 96.88 lacs as
remuneration to executive directors/managing directors. The company has
paid/credited remuneration to managing directors is more than the
maximum eligible amount as per schedule XIII of Companies Act., 1956.
Since the Company does not have profits during the year under review,
provisions of Section II of Part II of Schedule XIII of the Companies
Act, 1956 relating to remuneration payable by the Companies having no
profits or inadequate profits will applicable. As explained by the
management, the excess amount credited will be reversed during
financial year 2012-13.
10. In the opinion of the Management, all Current Assets, Loans &
Advances would be realizable at least of an amount equal to the amount
at which they are stated in the Balance Sheet.
11. Segment Reporting:
a) Primary (Business) Segment
In accordance with the requirements of Accounting Standard 17 "Segment
Reporting" issued by the Institute of Chartered Accountants of India,
the Company's business constitutes only one reportable business segment
being Mining & Trading of Ore and hence no separate disclosure to
attributable Revenues, Profits, Assets, Liabilities, and Capital
Employed are given.
b) Secondary (Geographical Segment)
Secondary Segment Reporting is on the basis of geographical location of
the customers. The operation of the Company comprises local sales and
export sales. The management views the Indian Market and Export Market
are distinct geographical segments. The following is the distribution
of the Company's sale by geographical markets.
12. 'Related Party' Disclosure as per Accounting Standard 18: (As
identified by the management) Names of Related Parties: (A) Key
Management Personnel:
a. Mr. Subhash A. Sharma - Chairman Cum Managing Director
b. Mr. Amit Sharma** - Whole time Director
c. Mr. Alok Ambastha - Independent Non-Executive Director
d. Mr. Mayur Shah* - Additional Independent
Non-Executive Director
e. Mr. Nitin Sethi** - Independent Non-Executive Director
f. Mr. Ajay Sethi - Independent Non-Executive Director
g. Mr. Ashwin Shankar Iyer** - Independent Non-Executive Director
* Appointed during the year
** Resigned during the year
(B) Associates:
a. M/s. Exfin Shipping (India) - Partnership Frim
b. Victory Sponge Private Limited - Company
c. Eminent Steel private Limited - Company
d. Runwell Steel Private Limited - Company
e. Spear petroleum Private Limited - Company
(C) Subsidiary Companies:
a. Warana Minerals Private - Wholly owned Subsidiary Company
Limited
b. Shri Warana Minerals (India) - Subsidiary Company
Private Limited of Warana
Minerals Private Limited
c. Resurgere Sponge Iron Limited - Wholly owned Subsidiary Company
d. Resurgere Ferro Alloys Limited - Wholly owned Subsidiary Company
e. Resurgere Industries Limited - Wholly owned Subsidiary Company
f. Resurgere International FZE - Wholly owned Subsidiary Company
at UAE
g. Resurgere Coal India LLP - Limited Liability Partnership
Frim
13. Consequent upon estimation on useful life for screening and
crushing machinery, as estimated by management, and on wagons procured
under "WIS" Scheme and as mentioned under point no. 2.6, "Depreciation
and Amortization" charged to Profit and Loss Account is higher by Rs.
969.05 Lacs (Previous Year - Rs. 787.00 Lacs) and correspondingly Net
Fixed Assets is also lower by Rs. 969.05 Lacs (Previous Year - Rs.
787.00 Lacs).
14. Miscellaneous Expenditure as per point no. "13 (b)", Depreciation &
Amortization as per point no. "11" and as per point no. "2.12" referred
to above, also includes amounts which are more clearly mentioned in the
table below. The table mentions respective mine location with its
respective opening balance of the un-adjusted amount, if any, included
under the head "Miscellaneous Expenditure", amount incurred during the
year, amount written off and debited to Profit & Loss Account under the
head "Depreciation & Amortisation" and the closing balance of the
un-adjusted amount carried forward under the head "Miscellaneous
Expenditure" in the Balance Sheet.
15. In the opinion of the Management, the Current Assets, Loans &
Advances are approximately of the value stated and are realizable in
the ordinary course of business. The provisions for all known
liabilities are adequate.
16. Confirmation letters have been sent by the Company in respect of
balances reflected under Sundry Debtors, Sundry Creditors and Loans and
Advances. In view of confirmations having been received from only some
of the parties, the balance under these heads have been shown as per
books of accounts and are subject to reconciliation and adjustment, if
any.
17. a) Other Liabilities shown in point no. "10" Includes Rs. 127.89
Lacs (Previous year - Rs. 111.63 Lcas) being share application money
refundable to an Overseas Corporate Body. Necessary approval for which
is still awaited.
b) Local Sales shown in point no. "18" is net of sales tax of Rs.
272.08 Lacs (Previous year - Rs. 3081.97 Lacs)
c) Foreign exchange fluctuation (Net) shown in point no. "24" includes
Rs. 16.26 Lacs ((Previous year - Rs. 1.23 Lacs (gain)) being exchange
loss on account of share application money refundable to an overseas
body corporate.
d) Insurance expenses shown in Point No. "24" includes Rs. 0.21 Lacs
(Previous Year - Rs. 0.71 Lacs) towards key-man insurance premium.
18. Taxes on Income:
a) As there is a loss during the year, therefore provision for Taxation
for the year has not been made in accordance with the provisions of the
Income Tax Act, 1961
19. The annual accounts of the subsidiary companies and the related
detailed information shall be made available to shareholders seeking
such information at any point of time. The annual accounts of the
subsidiary companies shall also be kept for inspection by any
shareholder in the head office of the holding company and of the
subsidiary companies concerned. The holding company shall furnish a
hard copy of details of accounts of subsidiaries to any shareholder on
demand.
20. Figures less than Rs. 500/- has been shown at actual wherever
statutory required to be disclosed since figures have been rounded off
to the nearest rupees in Thousand.
21. Figures of the previous year have been reworked, regrouped,
rearranged and reclassified, wherever necessary, to compare with the
figures of the current year.
Mar 31, 2010
A) Company Overview
Resurgere Mines & Minerals India Limited is a Public Limited Company
engaged in the business of extraction, processing & sale of Ore and
exploration & development of mining assets. Presently the Company is
enjoying long term exclusive raising and purchasing rights at two Iron
Ore Mines situated in the State of Orissa, Bauxite Mine in the State of
Maharashtra and mining rights for Soapstone in the State of Rajasthan.
The Company has also 60 % equity holding in Shree Warana Minerals
(India) Pvt. Ltd. having another bauxite mine in the State of
Maharashtra through its wholly owned subsidiary i.e. Warana Minerals
Private Limited.
1) Out of the IPO proceeds of ` 12015 Lacs received during FY 2008-09,
the company has as per the object set out in the prospectus utilised `
8633 Lacs (Previous Year ` 7068 Lacs ) towards advances/ acquisition of
plant and machinery, advance for mining assets, working capital margin,
pre operative expenses, meeting IPO expenses and general corporate
purposes. Pending utilization, the balance funds of ` 3382 Lacs
(Previous Year ` 4947 Lacs) as on 31st March, 2010 has been temporarily
invested in Bank Fixed Deposits, Mutual Funds, and ICDs.
2) In the opinion of the Management, the Current Assets, Loans &
Advances are approximately of the value stated and are realizable in
the ordinary course of business. The provisions for all known
liabilities are adequate.
3) Confirmation letters have been sent by the Company in respect of
balances reflected under Sundry Debtors, Sundry Creditors and Loans and
Advances. In view of confirmations having been received from only some
of the parties, the balance under these heads have been shown as per
books of accounts and are subject to reconciliation and adjustment if
any.
4) The names of the Micro, Small and Medium Enterprises suppliers
defined under "The Micro Small and Medium Enterprises Development Act
2006" could not be identified, as the necessary evidence is not in the
possession of the Company.
5) Secured Loans are as under: i) Term Loans :
Secured by exclusive charge on the underlying plant & machineries.
Collateral security by way of pledge of shares of the company owned by
the director/s and lien on fixed deposit. The Loan is further secured
by personal guarantee of one of the Director.
ii) Working Capital Loans:
Secured by first pari-passu charge on the entire current assets of the
company and lien on fixed deposits. Collateral security by way of
mortgage of residential property and office premises belonging to a
director and a partnership firm in which a director is partner
respectively on pari-passu basis. Personal Guarantee of one of the
directors, a relative of director and also Guarantee of a partnership
firm in which director is partner.
iii) Vehicle Loans
Against vehicle financed.
6) Contingent liabilities not provided for :- a) Guarantee given by
Bank on behalf of the Company ` Nil (Previous year ` 47.14 Lacs).
b) Claims against the Company not acknowledged as debts ` 127.19 Lacs,
including interest (Previous Year ` 121.85 Lacs).
c) Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) is ` 284.51 Lacs
(Previous Year ` 3929.67 Lacs)
9) a) Other Liabilities shown in Schedule "K" Includes ` 112.85 Lacs
(Previous year ` 127.38 Lacs) being share application money refundable
to an Overseas Corporate Body. Necessary approval is awaited.
b) Local Sales shown in Schedule "M" is net of sales tax of ` 2638.02
Lacs (Previous year ` 2222.80 Lacs)
c) Foreign exchange fluctuation gain shown in Schedule "N" includes `
14.53 Lacs (Previous year ` Nil) being exchange gain on account of
share application money refundable to an overseas body corporate.
d) Miscellaneous expenses shown in Schedule "R" includes ` Nil
(Previous Year ` 1.22 Lacs) towards key man insurance premium
10) Mining Restitution Charges ` Nil (Previous Year ` 745.63 Lacs)
shown in Schedule "P" represents expenses incurred during the year for
reformation of benches at the mines at "Nuagaon".
11) Consequent to commencement of excavation activity at an adjacent
alternate site at Nuagaon mines after striking blue dust in the area
the company has written off mine development expenses amounting to `
Nil (Previous Year ` 937.18 Lacs).
12) Additional Information Pursuant to the provisions of Part II of the
Schedule VI of the Companies Act, 1956 i) Quantitative Information:
a) Installed Capacity N.A.
b) Purchase/Production, Consumption/Sales/Stock : i) Opening Stock,
Production/Purchases, Sales & Closing Stock of Finished Goods:-
Above mentioned quantity and value includes :
1. Purchase/Production includes trading purchases of 7,89,129.07 MTS
of ` 16,084.18 Lacs (Previous Year 5,13,322 MTS ` 10,234.17 Lacs).
2. Sales include trading sales of 9,87,276.61 MTS ` 17,704.96 Lacs
(Previous Year 5,23,069 MTS ` 12,875.75 Lacs).
3. * net of shortage
16) Segment Information:
a) Primary (Business) Segment
In accordance with the requirements of Accounting Standard 17 "Segment
Reporting" issued by the Institute of Chartered Accountants of India,
the CompanyÃs business constitutes only one reportable business segment
being Mining & Trading of Ore and hence no separate disclosure to
attributable Revenues, Profits, Assets, Liabilities, and Capital
Employed are given.
b) Secondary (Geographical Segment)
Secondary Segment Reporting is on the basis of geographical location of
the customers. The operation of the Company comprises local sales and
export sales. The management views the Indian Market and Export Market
are distinct geographical segments. The following is the distribution
of the CompanyÃs sale by geographical markets.
18) Preoperative expenses net of capitalization of Nil (Previous Year
592.25 Lacs) are included in capital work in progress.
19) The company has during the year purchased 15,59,049 (Previous year
10,04,95,370) units of Mutual Fund amounting to 172.46 Lacs (Previous
year 10,779.42 Lacs) and out of the same redeemed 79,87,995 (Previous
year 9,40,09,480) units amounting to 873.50 Lacs (Previous year
10,076.47 Lacs).
20) Company had entered into agreement for raising and purchasing of
Iron Ore from a mine situated at Tatibha in Jharkhand State with the
leaseholder and subsequently the Company had to stop raising/mining
activities on the said land since the same has been claimed back by the
State Government of Jharkhand by way of a notification. The leaseholder
has informed the company that he has already preferred an appeal by way
of writ against the said notification which is pending in the High
court. The Company is in the process of discussions/negotiations with
the leaseholder for alternative mines and if the award of the said
appeal filed by the leaseholder is delayed or is decided against the
leaseholder upto which time the loss/damages including carry forward of
the related un-adjusted mine development expenses, if any, to the
Company on account of this will be accounted for on the outcome of the
said appeal or the finalisation of negotiations with the leaseholder.
21) Figures less than 500/- has been shown at actual wherever statutory
required to be disclosed since figures have been rounded off to the
nearest 000s.
22) Figures of the previous year have been regrouped, reclassified and
/ or rearranged wherever necessary to compare with the figures of the
current year.