Mar 31, 2015
1. EXCISE DUTY ON CLOSING STOCK
Excise duty shown as deduction from sales represents the amount of
excise duty collected on sales and in accordance with ASI 14 on
'Disclosure of Revenue from Sales Transactions' issued by Institute of
Chartered Accountants of India, differential excise duty on opening and
closing stock of - finished goods amounting to Rs.-3509200/- [P.Y.
Rs.(-186411)] has been adjusted from increase/(decrease) in stock in
trade in Notes -21.
2. Balances of the sundry debtors, sundry creditors, loans and
advances etc. are subject to confirmation and reconciliation.
3. The Company has not received any information from any of the
suppliers of their being a Small Scale Industrial Unit. Hence the
amounts due to Small Scale Industrial Unit as on 31st March 2015 are
not ascertainable.
4. In opinion of the Board, the value of realization of loans,
advances and current assets in the ordinary course of business will not
be less than the amount at which they are stated in the balance sheet.
5. Information on Related Party as required by Accounting
Standard-18, "Related Party Disclosures" issued by The Institute of
Chartered Accountants of India, are given below :
i) Related Parties
a) Wholly owned Subsidiary b) Key Management Personnel
Popular Mercantile Pvt. Ltd. Shri Suresh Goel
c) Associate Shri Narendra Goel
Shri Bajrang Power and Ispat Limited Shri Anand Goel
Shri Bajrang Ispat & Plywood Limited Shri Bajrang Hydro Energy Pvt.
Ltd. S.B. Multimedia Private Limited Shimmer Investment Pvt. Ltd.
Swastik Mercentiles Ltd. Jainarayan Hari Ram Goel Charitable Trust I A
Energy
6. In accordance with the Accounting Standard (AS-28) on "Impairment
of Assets" issued by the Institute of Chartered Accountants of India,
the Company during the year carried out an exercise of identifying the
assets that may have been impaired in respect of each cash generating
unit in accordance with the said Accounting Standard. The Company has
not identified any Fixed Assets to be materially impaired mainly on
account of economic performance and alternative viability of such
assets and accordingly no amount has been charged as impairment loss to
the Profit & Loss Account at the year end.
7. FOREIGN CURRENCY TRANSACTION
Foreign Exchange Income / (Expenditure) shown in Profit and Loss
Account Rs.770228/- (PY. Rs. (43592/-)) relates to fluctuation of
currency value of Sales Transaction .
38. Inventories and consumption of stores materials have been taken as
valued and certified by the management.
39. The previous year figures have been regrouped and/or rearranged
wherever necessary.
Mar 31, 2014
1. COMPANY OVERVIEW :
Shri Bajrang Alloys Limited is a Public Limited Company incorporated
under the provision of the Companies Act 1956, having its Regd.office
in Raipur. The Company has listed its share in Bombay Stock of Exchange
(BSE) of India. The company is mainly engaged in manufacturing of
Structural Steels like Angle, Channel, Joist/Beam, Round etc.
2. Defined Benefit Plan Gratuity
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days salary (last drawn salary) for each completed year of service
or part thereof in excess of 6 months and its payable on retirement /
termination/ resignation. The benefit vests on the employees after
completion of 5 Years of service. The gratuity liability has not been
externally funded.
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
3. EXCISE DUTY ON CLOSING STOCK
Excise duty shown as deduction from sales represents the amount of
excise duty collected on sales and in accordance with ASI 14 on
''Disclosure of Revenue from Sales Transactions'' issued by Institute of
Chartered Accountants of India, differential excise duty on opening and
closing stock of finished goods amounting to Rs.186411/- [P.Y.
Rs.(5894757)] has been adjusted from increase/(decrease) in stock in
trade in Notes - 21.
4. CONTINGENT LIABILITIES
Contingent Liabilities and Commitments (To The Extent Not Provided For)
(Amount in Lacs)
PARTICULARS AS AT AS AT
31.03.2014 31.03.2013
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt - 5.82
(Security Amount deposited Against
the claim Rs. NIL (P.Y. Rs.1.50 Lacs).
(b) Guarantees
Bank Guarantees 17.77 10.00
Margin money of Rs. 1.78 Lacs
(P.Y. 1.00 Lacs) deposited with bank.
Bill Discounted Under LC 398.99 2755.22
Corporate Guarantees on behalf of
other companies 100570.00 20920.00
100986.76 23691.04
(ii) Commitments - -
TOTAL:: 100986.76 23691.04
5. Balances of the sundry debtors, sundry creditors, loans and
advances etc. are subject to confirmation and reconciliation.
6. The company has not received any information from any of the
suppliers of their being a Small Scale Industrial Unit. Hence the
amounts due to Small Scale Industrial Unit as on 31st March 2014 are
not ascertainable.
7. In opinion of the Board, the value of realization of loans,
advances and current assets in the ordinary course of business will not
be less than the amount at which they are stated in the balance sheet.
8. Information on Related Party as required by Accounting Standard-18,
"Related Party Disclosures" issued by The Institute of Chartered
Accountants of India, are given below :
i) Related Parties
a) Wholly owned Subsidiary b) Key Management Personnel
Popular Mercantile Pvt. Ltd. Shri Suresh Goel
c) Associate Shri Narendra Goel
Shri Bajrang Power and Ispat Limited Shri Anand Goel
Shri Bajrang Ispat & Plywood Limited
Shri Bajrang Hydro Energy Pvt. Ltd.
S.B. Multimedia Private Limited
Shimmer Investment Pvt. Ltd.
Swastik Mercentiles Ltd.
Jainarayan Hari Ram Goel Charitable Trust
I A Energy
9. In accordance with the Accounting Standard (AS-28) on "Impairment
of Assets" issued by the Institute of Chartered Accountants of India,
the Company during the year carried out an exercise of identifying the
assets that may have been impaired in respect of each cash generating
unit in accordance with the said Accounting Standard. The company has
not identified any Fixed Assets to be materially impaired mainly on
account of economic performance and alternative viability of such
assets and accordingly no amount has been charged as impairment loss to
the Profit & Loss Account at the year end.
10. FOREIGN CURRENCY TRANSACTION
Foreign Exchange Expenditure shown in Profit and loss Account
Rs.43592/- (PY. Rs. NIL/-) relates to fluctuation of currency value of
Sales Transaction.
11. Inventories and consumption of stores materials have been taken as
valued and certified by the management.
12. The previous year figures have been regrouped and/or rearranged
wherever necessary.
Mar 31, 2013
(A) COMPANY OVERVIEW :
Shri Bajrang Alloys Limited is one of the leading manufacturing company
of Raipur. Company is engaged in manufacturing of Structural Steels
like Angle, Channel, Joist/Beam, Round etc.
1. GRATUITY
As per Accounting Standard 15 "Employee benefits" , the
disclosures as defined in the Accounting Standard are given below :
Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for
the year is as under :
Defined Benefit Plan Gratuity
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days salary (last drawn salary) for each completed year of service
or part thereof in excess of 6 months and its payable on retirement /
termination/ resignation. The benefit vests on the employees after
completion of 5 years of service. The gratuity liability has not been
externally funded.
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
Since the entire amount of plan obligation is unfunded, therefore
change in the fair value of plan assets are not given. Further the
entire amount of plan obligation is unfunded, therefore categories of
plan asset as a percentage of the fair value of total plan assets and
company''s expected contribution to the plan assets in the next year is
not given.
2. EXCISE DUTY ON CLOSING STOCK
Excise duty shown as deduction from sales represents the amount of
excise duty collected on sales and in accordance with ASI 14 on
''Disclosure of Revenue from Sales Transactions'' issued by Institute of
Chartered Accountants of India, differential excise duty on opening and
closing stock of - finished goods amounting to Rs.(5894757) lakhs (P.Y.
Rs.2049412) has been adjusted from increase/(decrease) in stock in
trade in Notes -20.
3. Balances of the sundry debtors, sundry creditors, loans and
advances etc. are subject to confirmation and reconciliation.
4. The company has not received any information from any of the
suppliers of their being a Small Scale Industrial Unit. Hence the
amounts due to Small Scale Industrial Unit as on 31st March 2013 are
not ascertainable.
5. In opinion of the Board, the value of realization of loans,
advances and current assets in the ordinary course of business will not
be less than the amount at which they are stated in the balance sheet.
6. Information on Related Party as required by Accounting
Standard-18, "Related Party Disclosures" issued by The Institute of
Chartered Accountants of India, are given below :
i) Related Parties
a) Wholly owned Subsidiary
Popular Mercantile Pvt. Ltd.
b) Key Management Personnel
Shri Suresh Goel Shri Narendra Goel Shri Anand Goel
c) Associate
Shri Bajrang Power & Ispat Limited
Shri Bajarang Ispat & Plywood Limited
Shri Bajrang Hydro Energy Pvt. Ltd.
S.B. Multimedia Private Limited
Shimmer Investments Pvt. Ltd.
Swastik Mercantiles Ltd.
Jainarayan Hari Ram Goel Charitable Trust
7. In accordance with the Accounting Standard (AS-28) on "Impairment
of Assets" issued by the Institute of Chartered Accountants of India,
the Company during the year carried out an exercise of identifying the
assets that may have been impaired in respect of each cash generating
unit in accordance with the said Accounting Standard. The company has
not identified any Fixed Assets to be materially impaired mainly on
account of economic performance and alternative viability of such
assets and accordingly no amount has been charged as impairment loss to
the Profit & Loss Account at the year end
8. FOREIGN CURRENCY TRANSACTION
Foreign Exchange Income shown in Profit and loss Account Rs.Nil (PY.
Rs. 91553/-) relates to fluctuation of currency value of Sales
Transaction.
9. Inventories and consumption of stores materials have been taken as
valued and certified by the management.
10. The previous year figures have been regrouped and/or rearranged
wherever necessary.
Mar 31, 2012
(A) COMPANY OVERVIEW :
Shri Bajrang Alloys Limited is one of the leading manufacturing company
of Raipur. Company is engaged in manufacturing of Structural Steels
like Angle, Channal, Joist/Beam, Round etc.
Amounts have been rounded off to the nearest rupees and previous year's
figures have been regrouped, rearranged and reclassified wherever
considered necessary to confirm to the current presentation.
In accordance with "Accounting Standard - 22" issued by the
"Institute of Chartered Accountants of India", the Company has
recognised net of deferred tax assets and deferred tax liability
amounting to Rs. 4774762/- as on 31/03/2012 under a separate head
"Deferred Tax Liability". Deferred tax Expenses for the year
amounting to Rs. 583101/- has been recognized in the Profit & Loss
Account.
1. GRATUITY
As per Accounting Standard 15 "Employee benefits", the disclosures
as defined in the Accounting Standard are given below :
Defined Benefit Plan Gratuity
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days salary (last drawn salary) for each completed year of service
or part therof in excess of 6 month and its payable on retirement /
termination/ resignation.The benefit vests on the employees after
completion of 5 Year of service. The gratuity liability has not been
externally funded.
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
Since the entire amount of plan obligation is unfunded, therefore
change in the fair value of plan assets are not given. Further the
entire amount of plan obligation is unfunded, therefore categories of
plan asset as a percentage of the fair value of total plan assets and
company's expected contribution to the plan assets in the next year is
not given.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
The expected rate of return on plan assets is determined considering
several applicable factors, mainly the composition of Plan assets held,
assessed risks, historical results of return on plan assets and the
Company's policy for plan assets management.
Leave Encashment
The obligation for leave encashment is recognized during the year of
Rs.128428/- (P.Y.Rs.123179/-) , is equivalent to one month salary and
charged to Profit & Loss Account
2. EXCISE DUTY ON CLOSING STOCK
Excise duty shown as deduction from sales represents the amount of
excise duty collected on sales and in accordance with ASI 14 on
'Disclosure of Revenue from Sales Transactions' issued by Institute of
Chartered Accountants of India, differential excise duty on opening and
closing stock of -
Finished goods amounting to Rs.(-2049412) lakhs (P.Y. Rs.-1803145) has
been adjusted from increase/(decrease) in stock in trade in Notes -20.
3. CONTINGENT LIABILITIES
Contingent Liabilities And Commitments (To The Extent Not Provided For)
(Amount in Lacs)
PARTICULARS AS AT AS AT
31.03.2012 31.03.2011
(i) Contingent Liabilities
(a) Claims against the company
not acknowledged as debt 10.69 32.25
(Security Amount deposited Against
the claim Rs.6.25 Lacs (p.Y. Rs.4.75
Lacs).
(b) Guarantees
Bank Guarantees - 26.64
Margin money of Rs.Nil Lacs
(previous year Rs. 3.14 Lacs)
deposited with bank.
Bill Discounted Under LC 4862.92 3101.52
Corporate Guarantees on behalf
of other companies 20920.00 33711.00
25793.61 36871.41
(ii) Commitments - -
TOTAL:: 25793.61 36871.41
4. Balances of the sundry debtors, sundry creditors, loans and
advances etc. are subject to confirmation and reconciliation.
5. The company has not received any information from any of the
suppliers of their being a Small Scale Industrial Unit. Hence the
amounts due to Small Scale Industrial Unit as on 31st March
2012 are not ascertainable.
6. In opinion of the Board, the value of realization of loans,
advances and current assets in the ordinary course of business will not
be less than the amount at which they are stated in the balance sheet.
7. In accordance with the Accounting Standard (AS-28) on "Impairment
of Assets" issued by the Institute of Chartered Accountants of India,
the Company during the year carried out an exercise of identifying the
assets that may have been impaired in respect of each cash generating
unit in accordance with the said Accounting Standard. The company has
not identified any Fixed Assets to be material impaired mainly on
account of economic performance and alternative viability of such
assets and accordingly no amount has been charged as impairment loss to
the Profit & Loss Account at the year end.
8. FOREIGN CURRENCY TRANSACTION
Foreign Exchange Income shown in Profit and loss Account Rs.91553/-
(PY. Rs. 61991/-) relates to fluctuation of currency value of Sales
Transaction.
9. Inventories and consumption of stores materials have been taken as
valued and certified by the management.
10. The previous year figures have been regrouped and/or rearranged
wherever necessary.
Mar 31, 2010
(A) COMPANY OVERVIEW :
Shri Bajrang Alloys Limited is one of the leading manufacturing company
of Raipur. Company is engaged in manufacturing of Structural Steels
like Angle, Channal, Joist/Beam, Round etc.
1. Contingent Liabilities not provided for in the accounts in respect
of:
a) Bank Guarantees outstanding at Rs. 30.02 Lacs (previous year Rs.
3.32 Lacs) against which margin money of Rs. 4.36 Lacs (previous year
Rs. 1.22 Lacs) has been deposited with bank.
b) Claims against the company / disputed tax liabilities not
acknowledged as debt amounting to Rs. 31.00 Lacs (Previous year Rs.
41.83 Lacs).
c) Guarantees given on behalf of the other companies Rs. 33711 Lacs
(previous year Rs.33711 Lacs).
d) Customers bills discounted Rs. 3627.31 Lacs (previous year 1837.15
Lacs).
2. TAXES ON INCOME
a) Provision for Income Tax has been made in terms of the normal
provisions of the Income Tax Act 1961.
c) In accordance with "Accounting Standard - 22" issued by the
"Institute of Chartered Accountants of India", the Company has
recognised net of deferred tax assets and deferred tax liability
amounting to Rs. 4065048/- as on 31/03/2010 under a separate head
"Deferred Tax Liability". Net of deferred tax liability and asset for
the year amounting to Rs. 491013/- has been recognised in the Profit &
Loss Account.
3. GRATUITY
(i) Provision for gratuity has been determined on the basis of simple
calculation as per Gratuity Act and Labour Act only. This is not as per
compliance of the accounting standard 15 issued by ICAI as the company
has not determined the liability as required as per revised AS-15,
which was mandatory w.e.f. 01.04.2007 However, additional liabilities
if any will be provided later on. The quantum of additional liability
is at present unascertainable.
(ii) Provision for gratuity has been made on the basis of half month of
last drawn salary as this method is generally followed by all the
incidental industries. Acturial valuation was not done as the strength
of employees are not too high. Had the acturial valuation been made the
diffrence would not be material, looking towards the low strength of
Employees.
(iii) As the company has not separately invested any of its liability
of Gratuity in any specific Govt. Bonds / Securities, hence the changes
in assets is not there.
4. Amounts have been rounded off to the nearest rupees and previous
years figures have been regrouped, rearranged and reclassified
wherever considered necessary.
5. Balances of the sundry debtors, sundry creditors, loans and
advances etc. are subject to confirmation and reconciliation.
6. The company has not received any information from any of the
suppliers of their being a Small Scale Industrial Unit. Hence the
amounts due to Small Scale Industrial Unit as on 31st March 2010 are
not ascertainable.
7. Related Party disclosures, as required by Accounting Standard-18
"Related Party Disclosures" issued by the Institute of Chartered
Accountants of India are given below :
i) Related Party
a) Associate Companies
Shri Bajrang Metallics & Power Limited Shri Bajrang Power & Ispat
Limited Shri Bajrang Ispat & Plywood Limited Shri Bajrang Hydro Energy
Pvt. Ltd. S.B. Multimedia Private Limited Shimmer Investment Pvt. Ltd.
b) Key Management Personnel
Shri Suresh Goel Shri Anand Goel Shri Narendra Goel
8. In accordance with the Accounting Standard (AS-28) on "Impairment
of Assets" issued by the Institute of Chartered Accountants of India,
the Company during the year carried out an exercise of identifying the
assets that may have been impaired in respect of each cash generating
unit in accordance with the said Accounting Standard. The company has
not identified any Fixed Assets to be materialy impaired mainly on
account of economic performance and alternative viability of such
assets and accordingly no amount has been charged as impairment loss to
the Profit & Loss Account at the year end.
9 FOREIGN CURRENCY TRANSACTION
Foreign Exchange Income shown in Profit and loss Account Rs. 45563/- of
Sales Transaction.
10. In accordance with ASI-14 Discloser from sales Transaction
issued by Institute of Chartered accountants of India, Differential
Excise duty on Opening and Closing Stock of Finished goods amounting to
Rs. (3799055) (PY Rs. 14400440) has been adjusted from (increase) /
decrease in Stock in schedule - M.
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