Mar 31, 2015
Contingent liabilities are disclosed in the Note No. 28
1. Related Party Disclosures
As required by Accounting Standard 18 "Related Party Disclosuresâ issued by the Institute of Chartered Accountants of India, the details are as follows:
a) List of related parties where control exists and related parties with whom transactions have taken place and relationships:
Relationship Name of Related Party_
Key Managerial Personnel Shri N. K. Sarda
Smt. Poonam Sarda_
Relative of Key Managerial Personnel Smt. Ashadevi Sarda
Associates Asha Agriculture & Properties Pvt. Ltd.
Jaydeep Dealers Pvt. Ltd.
Kyoto Merchandise Pvt. Ltd.
Navdeep Agriculture & Properties Pvt. Ltd.
M/s. Sharda Dharamkanta Sharda Ispat Industries Ltd.
Sharda Shree Ispat Ltd.
Shree Surya Mining Co. Pvt. Ltd.
Sulakshana Trade Holdings Ltd.
have been identified on the 2) The above information has been determines of and relied upon by the auditors.
basis of information provided by the management o
2. Letters ot the confirmation of the Balancesnavy
correspond with the current year''s classification/ disclosure.
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions
Mar 31, 2014
(a) The company has only one class of equity shares having a par value
of Rs. 10/- per share. Each shareholder is entitled to one vote per
share held. In the event of liquidation of the company, the equity
shareholders are eligible to receive the remaining assets of the
company, in proportion to their shareholding.
1 Working Capital Loan from Bank is secured against hypothecation of
Stocks and Book Debts & Notarized Equitable Mortgage of House Property
of one director and guaranteed by chairman cum Managing Director.
2 The Car Audi A6 (MH-49-B-2101) has been registered in the name of
Chairman & Managing Director as the loan was obtained in personal
capacity due to personal guarantee of the Chairman & Managing Director.
The Company has issued post dated cheques to the Bank for the repayment
of the loan made available to the Chairman & Managing Director. After
repayment of the loan the car shall be transferred/registered in the
name of the company. However finance charges and depreciation alongwith
the running expenditure have been recorded in the books of the company
as the absolute possession of car is with the company. The gross value
of the Car is Rs. 48,59,598/- and the outstanding loan as on 31st
March, 2014 is Rs. 25,98,214/- (Previous year Gross value of Rs.
48,59,598/-& Loan Outstanding of Rs. 39,33,291/-).
March 2014 March 2013
3. CONTINGENT LIABILITIES:
Contingent liabilities not
provided for are in respect of:
3.1 Claims not acknowledged
as debts by the Company
on account of:
a) Labourcases 233,816 929,669
3.2 Sales tax matters under
appeal for which
the Company denies liability.
Total liabilities are
of Rs. 1,71,19,366/-
(Previous year
Rs. 1,71,19,366/-) forthe
Company in total.
The allocation shall be
made afterfinal computation
in the demerged company
and resultant companies.
3.3 Excise Duty matters under
appeal for which the
Company denies liability. 9,596,543 8,800,073
4. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosures.
5. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small & Medium Enterprise
Development Act, 2006 & hence disclosures, if any relating to amounts
unpaid as at the year end together with interest paid or payable as
required under the said act have not been given.
6. Segment reporting:
The financial results relate to mainly "Iron & Steel Products" segment,
in accordance with Accounting Standard -17 "Segment Reporting".
7. Letters of confirmation of balances have not been received from
Sundry Creditors, Sundry debtors and persons from whom advances &
deposits have been received or to whom advances and deposits have been
given.
8. All Consumption of Stores & all Raw Material consumed are
indigenous only.
Mar 31, 2013
1. CONTINGENT LIABILITIES:
Contingent liabilities not provided for are in respect of:
March 2013 March 2012
1.1. Claims not acknowledged as debts
by the Company on account of:
a) Labour cases 9,29,669 9,29,669
1.2. Sales tax matters under appeal for
which the Company denies liability.
Total liabilities are of Rs. 1,71,19,336/-
(Previous year Rs. 1,71,19,336/-) for the
Company in total.
The allocation shall be made after final
computation in the demerged
company and resultant companies.
1.3. Excise Duty matters under appeal for which
the Company denies liability. 88,00,073 86,40,057
2. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s
classification/disclosures.
3. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small & Medium Enterprise
Development Act, 2006 & hence disclosures, if any relating to amounts
unpaid as at the year end together with interest paid or payable as
required under the said act have not been given.
4. Segment reporting:
The financial results relate to mainly "Iron & Steel Products" segment,
in accordance with Accounting Standard -17 "Segment Reporting".
5. Letters of confirmation of balances have not been received from
Sundry Creditors, Sundry debtors and persons from whom advances &
deposits have been received or to whom advances and deposits have been
given.
6. All Consumption of Stores & all Raw Material consumed (Including
for Resale) are indigenous only.
7. Related Party disclosures:
As required by Accounting Standard - 18 "Related Party Disclosures"
issued by the Institute of Chartered Accountants of India, the details
are as follows:
(a) Relationships:
(i) Associates
M/s Sharda Dharamkanta Sharda Shree Ispat Ltd. Sulakshana Trade
Holdings Ltd. Prem Agriculture & Pro. Pvt. Ltd. R.R. Sarda&Co.
(ii) Key Management Personnel
Shri N. K. Sarda Chairman & Managing Director
Smt. Poonam Sarda Whole Time Director
Mar 31, 2012
1. CONTINGENT LIABILITIES:
Contingent liabilities not provided for are in respect of:
March 2012 March 2011
1.1. Claims not acknowledged as debts
by the Company on account of:
a) Labour cases 9,29,669 8,96,533
1.2. Sales tax matters under appeal for which the Company denies
liability.
Total liabilities are of Rs. 1,71,19,336/-
(Previous year Rs. 1,71,19,336/-)for the
Company in total.
The allocation shall be made after final
computation in the demerged company
and resultant companies.
1.2. Excise Duty matters under
appeal for which the Company
denies liability. 86,40,057 84,52,768
2. The revised Schedule VI has become effective from 1st April, 2011
for the preparation of Financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosures.
3. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small & Medium Enterprise
Development Act, 2006 & hence disclosures, if any relating to amounts
unpaid as at the year end together with interest paid or payable as
required under the said act have not been given.
4. Segment reporting:
The financial results relate to mainly " Iron & Steel Products"
segment, in accordance with Accounting Standard -17 "Segment
Reporting".
5. Letters of confirmation of balances have not been received from
Sundry Creditors, Sundry debtors and persons from whom advances &
deposits have been received or to whom advances and deposits have been
given.
6. The following expenses are related to earlier years for the
following heads & shown as Prior Year Adjustments in the Profit & Loss
Account :-
March 2012 March 2011
i)Rent - 12,000
7. All Consumption of Stores & all Raw Material consumed (Including
for Resale) are indigenous only.
8. Related Party disclosures:
As required by Accounting Standard - 18 "Related Party Disclosures"
issued by the Institute of Chartered Accountants of India, the details
are as follows:
(a) Relationships:
(i) Associates
M/s Sharda Dharamkanta
Sharda Shree Ispat Ltd.
SulakshanaTrade Holdings Ltd.
Prem Agriculture & Pro. Pvt. Ltd.
R.R.Sarda & Co.
(ii) Key Management Personnel
Shri N. K. Sarda Chairman & Managing Director
Notes:
1) The Figures in the brackets are related with the previous year.
2) The above information has been determined to the extent such parties
have been identified on the basis of information provided by the
company which has been relied upon by the auditor
NOTES:
1) The above Cash flow statement has been prepared under "Indirect
Method" as set out in the Accounting Standard '3'.
2) Cash and Cash equivalents consist of cash, cheques in hand, balances
with banks including fixed deposit receipts.
3) The previous year's figures have been regrouped whenever necessary.
Mar 31, 2011
1. Contingent liabilities not rejoiced for are in respect of :
March 2011 March 2010
i) Claims not acknowledged as
de debits by the Company on
account of : a)
Labor cases 8,96,533 8,96,133
ii)Sales tax matters
under appeal or which
the Company denies liability.
Total liabilities are of
Rs.1171,15 ,336/-
(Previous year Rs.1,71,19(336/
-)for the
Company in total.
The allocation shall be made
are final computation in the
demerged company
and resultant companies.
iii)Excise Duty matters under
appeal
for which the Company denies
liability. 8452768 41,08,918
2. The figure of the previous year have been regrouped wherever
necessary.
3. The Company has not receive any intimation from suppliers
regarding the status under the Micro, Small & Medium Enterprise
Development Act, 2006 & hence discloser, if any relating to amounts
unpaid as at the year end together with interest paid < )r payable as
required under the said act have not been given.
4. The company is entitled to ever its liability to pay sales Tax
(Including a portion of Purchase Tax ) for a period )f 10 Years and is
liable to pay the same in five annual installments thereafter in respite
:ct of its one unit at Kamptee Road. The liability under the Package
Scheme of Incentive Rs.88 as on 31st March 2011 is Rs.12,447,153/* (:
'previous Year is Rs.12,447,153/-) which is provided for on the basis of
its net present value of Rs. 10,963,158/-(Previous year Rs.)8,96,999/-)
5. Segment reporting:
The financial results relate to mainly " Iron & Steel Products"
segment, in accordance with Accounting Standard -17 Segment
Reporting" .
6. Deferred Tax :
As required by the Actor ting Standard-22 "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India,
which is mandatory in nature the company leas recognised deferred taxes
which results from timing difference between the book pr< )fits and the
tax profits in the year 2011 first time.
Deferred Tax Assets for current year aggregating of Rs.
16,07,726/-(previous year Rs Nil/-) has been rejoined in the Profit
and Loss Account.
The Opening recognition of deferred tax liabilities (net) as on
01.04.2010 Rs.1,57,99,977/- has been adjusted in balance of P / L
Account as shown in Be lance Sheet.
7. Letters of confirmation of basis have not been received from
Sundry Creditors, Sundry debtors and persons from whom advances &
deposits have been received or to whom advances & deposits have b :en
received or to whom advances and deposits have been given.
8. Related Party disclosure :
As required by Accounting Standard -18 " Related Party Disclosures"
issued by the Institute of Chartered Account of India, the details
are as follows:
Notes:
1) The Figures in the brackets ; re related with the previous year.
2) The above information has been determined to the extent such parties
have been identified on the basic of information provided by the company
which has been relied upon by the auditors.
Mar 31, 2010
I. CONTINGENT LIABILITIES :
1. Contingent liabilities not provided for are in respect of:
March 2010 March 2009
i) Claims not acknowledged as debts
by the Company on account of:
Labour cases 8,96,533 13,76,374
ii) Sales tax matters under appeal for
which the Company denies liability.
Total liabilities are of Rs.1,71,19,366/-
(Previous year Rs. 19,40/861/-) for
the company in total.
The allocation shall be made after final
computation in the demerged company and
resultant companies
iii) Excise Duty matters under appeal
for which the Company denies liability. 41,08,918 17,12,201
2. The figures of the previous year have been regrouped wherever
necessary.
3. The Rehabilitation scheme sanctioned to Sharda Ispat Ltd (SIL) by
the Honble BIFR on 21.01.2010 and approved by it on 1?:03.2010 for
implementation inter-alia provides for trifurcation of various units of
the company into three different entities. The implementation of
various provisions of the scheme is in progress.
According to said Scheme, the Old unit at kamptee Road, Nagpur & Unit
at Hingna, Nagpur shall stand transferred to Sharda Ispat Industries
Ltd (SIIL) & Hytech Ispat Ltd (HIL) (Now known as Sarda Ispat Ltd)
respectively w.e.f. appointed date 01.04.08. Hence the New Unit at
Kamptee Road remain with Sharda Ispat Ltd. (SIL).
Sharda Ispat Industries Ltd. (SIIL) and Hytech Ispat Ltd (HIL) (Now
known as Sarda Ispat Ltd) are deemed to have carried on business of
respective units w.e.f the aforesaid appointed date as per the
Sanctioned Scheme even though the business of the said units was
carried on by the Sharda Ispat Ltd (SIL).
In terms of the Sanctioned Scheme, the following assets and the
liabilities as on 31.03.2008 pertaining to OLD Unit at kamptee Road and
Unit at Hingna, Nagpur have been transferred by this company on
01.04,2008 and the accounts for the year ended 31.03.2010 have been
prepared accordingly.
4. These accounts relate to the operations of New Unit at Kamptee
Road, Nagpur only, which remains in this company w.e.f. 01.04.2008.
5. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small & Medium Enterprise
Development Act, 2006 & hence disclosures, if any relating to amounts
unpaid as at the year end together with interest paid or payable as
required under the said act have not been given.
6. The company is entitled to defer its liability to pay Sales Tax
(including a portion of Purchase Tax) for a period of 10 years and is
liable to pay the same in five annual equal installments thereafter in
respect of its one unit at Kamptee Road. The liability under the
Package Scheme of Incentive, 1988 as on 31st March 2010 is Rs.
12,447,153/- ( previous year Rs. 12,447,153/- ) which is provided for
on the basis of its net present value of Rs. 98,96,999/- (previous year
Rs. 86,24,322/-
7. Segment reporting:
The financial results relate to mainly " Iron & Steel Products"
segment, in accordance with Accounting Standard -17 "Segment Reporting"
8. Deferred Tax:
In accordance with Accounting Standard - 22 "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India, the
company has not accounted for deferred taxes. The Company has
significant amount of carried forward losses and unabsorbed
depreciation under Income Tax Act and there is no virtual certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
9. Letters of confirmation of balances have not been received from
Sundry Creditors, Sundry debtors and persons from whom advances &
deposits have been received or to whom advances & deposits have been
given.
10. All Consumption of Stores & all Raw Material consumed (Including
for Resale) are indigenous only.
11. Related Party disclosures:
As required by Accounting Standard -18 " Related Party Disclosures"
issued by the Institute of Chartered Accountants of India, the details
are as follows:
(a) Relationships:
(i) Associates
M/s Sharda Dharamkanta.
(ii) Key Management Personnel
Shri N. K. Sarda Joint Managing Director
Mar 31, 2009
1. Contingent liabilities not provided for are in respect of:
March 2009 March 2008
i) Letters of Bank guarantee 3,85,600 3,85,600
ii) Claims not acknowledged as
debts by the Company on account of:
a) Labour Cases 13,76,374 13,48,898
b) Interest on unpaid Lease Rent 733,185 733,185
c) Various claims made by customers 1,165 1,165
d) Gram Panchayat Tax 659,380 551,206
e) Water Charges 21,98,076 -
iii) Sales Tax matters
under appeal for
which the Company denies liability. 19,74,376 19,40,861
iv) Excise Duty matters under appeal
for which the Company denies
liability. 42,95,302 35,60,436
2. ONE TIME SETTLEMENT WITH FINANCIAL INSTITUTIONS AND BANKER
i) Industrial Development Bank Of India
The Management has made one time settlement with IDBI Bank Ltd. by
making payment in installments. The total amount which was payable to
aforesaid financial institution as per books was Rs. 1204 Lacs which
includes Rs. 801 Lacs towards principal and balance Rs. 404 Lacs for
interest. The principal account is settled by payment of Rs. 525 Lacs.
Therefore, the waiver of loan of Rs. 276 Lacs has been credited to
Capital Reserve Account and Rs. 404 Lacs has been credited to profit &
loss account as "Extra Ordinary Items", for which provision had been
made in the accounts. The no dues certificate from the financial
institution is in process.
ii) Industrial Finance Corporation of India Ltd.
The Management has made one time settlement with IFCI Ltd. by making
payment in installments. The total amount which was payable to
aforesaid financial institution as per books was Rs. 135 Lacs which
includes Rs. 88 Lacs towards principal and balance Rs. 47 Lacs for
interest. The principal account is settled by payment of Rs. 88 Lacs.
Therefore, the waiver of Rs. 47 Lacs has been credited to profit & loss
account as "Extra Ordinary Items", for which provision had been made in
the accounts.
iii) State Bank of India
The Management has made one time settlement with SBI by making payment
in installments. The total amount which was payable to aforesaid
financial institution as per books was Rs. 3024 Lacs which includes Rs.
1203 Lacs towards principal and balance Rs. 1821 Lacs for interest.
The principal account is settled by payment of Rs. 900 Lacs. Therefore,
the waiver of loan of Rs. 303 Lacs has been credited to Capital
Reserve Account and Rs. 1786 Lacs (Net) has been credited to profit &
loss account as "Extra Ordinary Items", for which provision had been
made in the accounts.
3. Secured Loans:
Shri J.K. Sarda, Shri. N.K. Sarda, Shri Ghanshyam Sarda and Shri A.
Mukherjee, Directors have executed personal guarantees in favour of
State Bank of India, Industrial Financial Branch, Nagpurand Financial
Institutions, i.e. IDBI and IFCI for the amounts advanced. The
Directors of the company have also pledged their equity shares held in
company to the aforesaid financial institutions for advance under
common loan agreement.
4. The Company has agreed to purchase 4.98 acres of Land on terms and
conditions that the principal amount shall be paid along with 11 %
interest per annum. Out of the above land agreed to be purchased, 2.48
acres of Land has yet to be registered in the name of the Company (for
value of Rs. 1,86,750/-). The value of the land shall be adjusted in
the fixed assets at the time of execution of sale-deed. Company has
advanced to the Seller an amount of Rs. 1,49,400/- till 31 st March,
2009 but no provision for interest has been made.
5. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small & Medium Enterprise
Development Act, 2006 & hence disclosures, if any relating to amounts
unpaid as at the year end together with interest paid or payable as
required under the said act have not been given.
6. The company is entitled to defer its liability to pay Sales Tax
(including a portion of Purchase Tax) for a period of 10 years and is
liable to pay the same in five annual equal installments thereafter in
respect of its one unit at Kamptee Road. The liability under the
Package Scheme of Incentive, 1988 as on 31st March, 2009 is Rs.
12,447,153/- (previous year Rs. 12,447,153/-) which is provided for on
the basis of its net present value of Rs. 86,24,321/- (previous year
Rs. 73,08,582/-).
7. The company had incurred substantial losses since past few years
and had registered as a Sick Industrial Company under the provisions of
the Sick Industrial Companies (Special Provisions) Act, 1985. The
matter was remanded back by Appellate Authority under The Sick
Industrial Companies (Special Provisions) Act, 1985 to Board. The
proceedings before Board are in progress.
The accounts have been prepared on going concern basis as the Company
is taking all measures practicable in the circumstances and efforts are
on towards continuity of the company and revival of its operations.
Further, the company is carrying on manufacturing activities at all the
units.
8. Segment Reporting:
The financial results relate to mainly "Iron & Steel Products" segment,
in accordance with Accounting Standard -17 "Segment Reporting".
9. Deferred Tax:
In accordance with Accounting Standard - 22 "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India, the
company has not accounted for deferred taxes. The Company has
significant amount of carried forward losses and unabsorbed
depreciation under Income Tax Act and there is no virtual certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
10. Letters of confirmation of balances have not been received from
Sundry Creditors, Sundry Debtors and Persons from whom advances &
deposits have been received or to whom advances and deposits have been
given.
11. Previous years figures have been regrouped wherever necessary.
The following expenses are related to earlier years for the following
heads & shown as Prior Year Adjustments in the Profit & Loss Accounts:-
12. Related Party Disclosures:
As required by Accounting Standard -18 "Related Party Disclosures"
issued by the Institute of Chartered Accountants of India, the details
are as follows:
(a) Relationships:
(i) Associates
M/s Sharda Dharamkanta.
(ii) Key Management Personnel
Shri J.K. Sarda Managing Director
Shri N.K. Sarda Joint Managing Director
Shri Ghanshyam Sarda Director (Whole Time)
Notes: (1) The Figures in the brackets are related with the previous
year.
(2) The above information has been determined to the extent such
parties have been identified on the basis of information provided by
the company which has been relied upon by the auditors.
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