Mar 31, 2015
-Nature of Security and terms of repayment for Long term secured
borrowings
Nature of Security Terms of Repayment
a) Term loan amounting to 36,51,936/- (P.Y. Rs, 1,44,51,936/-) is
Repayable in 50 monthly installments secured by exclusive charge on the
entire assets of Cold commencing from July, 2011, Last Briquette Plant,
Pig iron Plant, Plant & machinery, pollution installment due in
August,2015, Rate control equipment and improvements in sponge iron
plant of interest 13.95 % p.a. as at year and further secured by
personal guarantee of two directors end (P.Y. 13.95%)
and Fixed Deposit Receipts of Rs, 54 lacs.
b) Term loan amounting to Rs, 1,29,44,449 (P.Y. Rs, 1,96,11,113) RePavable
in 20 quarterly instalment is secured by EMT of Land and Boundry wall
built out of the commencing from beptember 2016, term loan and
collaterally secured against all fixed assets of ,as Rs,
»/Tpy the company and further secured by personal guarantee of ri Rs
interest iz/kd /o u-.y. two directors and Fixed Deposit Receipts of Rs.
54 lacs.
c) Vehicle loans from HDFC is secured by hypothecation of Repayable in
35 monthly instalment respective vehicles financed commencing from the
date of iBSMBuuvB sanction of respective loans
-Includes an amount of Rs, 59,04,795 (P.Y. Rs, 59,04,795) outstanding for a
period exceeding six months from the date they are due for payment.
-Note:
a) In accordance with the provisions of Schedule II of the Act, incase
of fixed assets which have completed their useful life as at 1st April
2014, residual value) amounting to Rs, 6,40,537/-(net of defferred tax of
Rs, 3,07,634) as a transitional provision has been recognised in the
Retained
b) Further, in case of assets acquired prior to 1 st april 2014, the
carrying value of assets (net of residual value) is depreciated over
the remaini effective 1st April, 2014
c) Depreciation and amortisation expenses for the year would have been
lowered by Rs, 14,95,943/-, had the company continued with the previc of
such assets.
1. Segment Reporting:
As per AS 17, the company operates predominantly only in one business
segment, i.e..finished products from Iron Ore. There is no reportable
geographical segment.
2. The Board of Directors has reviewed the realizable value of all
current assets of the company and has confirmed that the value of such
assets in ordinary course of business will not be less than the value
at which these are recognized in the financial statements.
3. Previous year's figures have also been reclassified wherever
necessary to confirm to current year's classification.-
Mar 31, 2014
1. Share Capital
The company has issued one class of equity shares having a par value of
Rs. 10 per share. Each holder of Equity Share is entiled to one vote
per share. The Company declares dividend in Indian Rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders at the Annual General Meeting.
During the year ended March, 2014 the company on preferential basis,
issued and alloted 55,00,000 equity shares of Rs. 10 each at a price of
Rs. 20/equity shares (Including premium of Rs. 10/equity shares) to
promoter & Non promoter group companies.
2. Excise Duty
Excise Duty on sales for the year has been disclosed as reduction from
the turnover. Excise Duty relating to the difference between the
closing stock and opening stock has been included in Note 25 ''Others
Expenses''.
3. Contingent liabilities and Commitments
No provision is made in respect of the As at As at
following: - 31.03.2014 31.03.2013
(Rs.) (Rs.)
(i) Disputed Demand of Orissa Sales Tax 3,68,720 35,19,406
(ii) Disputed Demand of Central Sales Tax 53,93,343 53,93,343
(iii) Disputed Demand of Orissa Entry Tax 10,58,151 10,58,151
(iv) Disputed Demand of Central Excise 4,85,968 23,98,867
3. Segment Reporting:
As per AS 17, the company operates predominantly only in one business
segment, i.e.finished products from Iron Ore. There is no reportable
geographical segment. 31. The Board of Directors has reviewed the
realizable value of all current assets of the company and has Confirmed
that the value of such assets in ordinary course of business will not
be less than the value at which these are recognized in the financial
statements.
4. Previous year''s figures have also been reclassified wherever
necessary to confirm to current year''s classification.
Mar 31, 2013
1. Excise Duty
Excise Duty on sales for the year has been disclosed as reduction from
the turnover. Excise Duty relating to the difference between the
closing stock and opening stock has been included in Note 25 ''Others
Expenses".
2. Micro, Small and Medium Enterprises Development Act, 2006
In accordance with the Notification No. GSR 719 ( E ) dt 16.11.2007,
issued by the Ministry of Corporate Affairs, certain disclosures are
required to be made relating to Micro and Small Enterprises as defined
under the Micro, Small and Medium Development Act 2006. The Company is
in the process of compiling relevant information from its suppliers
about their coverage under the said Act. Since the relevant information
is still not available, no disclosures have been made in the accounts.
3. Contingent liabilities and Commitments
No provision is made in respect of the following: -
As at As at
31.03.2013 31.03.2012
(Rs.) (Rs.)
(i) Disputed Demand of Orissa Sales Tax 35,19,406 35,19,406
(ii) Disputed Demand of Central Sales Tax 53,93,343 53,93,343
(iii) Disputed Demand of Orissa Entry Tax 10,58,151 10,58,151
(iv) Disputed Demand of Central Excise 23,98,867 23,98,867
(v) Disputed Demand of Income Tax 2,59,460
(vi) Performance Guarantees 42,47,920 47,48,000
4. Segment Reporting:
As per AS 17, the company operates predominantly only in one business
segment, i.e.finished products from Iron Ore. There is no reportable
geographical segment.
5. Previous year figures have been regrouped or reclassified wherever
necessary to confirm to current year classification.
6. The Board of Directors has reviewed the realizable value of all
current assets of the Company and has confirmed that the value of such
assets in ordinary course of business will not be less than the value
at which there are recognized in the financial statements.
Mar 31, 2012
1. Excise Duty
Excise Duty on sales for the year has been disclosed as reduction from
the turnover. Excise Duty relating to the difference between the
closing stock and opening stock has been included in Note 24 " Others
Expenses".
2. Micro. Small and Medium Enterprises Development Act. 2006
In accordance with the Notification No. GSR 719 ( E ) dt 16.11.2007,
issued by the Ministry of Corporate Affairs, certain disclosures are
required to be made relating to Micro and Small Enterprises as defined
under the Micro, Small and Medium Development Act 2006. The Company is
in the process of compiling relevant information from its suppliers
about their coverage under the said Act. Since the relevant information
is still not available, no disclosures have been made in the accounts.
3. Segment Reporting:
As per AS 17, the company operates predominantly only in one business
segment, i.e.finished products from Iron Ore. There is no reportable
geographical segment.
4. The Financial Statement for the year ended 31 st March 2011 had
been prepared as per the then applicable, prerevised Schedule VI of the
Companies Act, 1956. Consequent to the notification under the Companies
Act, 1956, the Financial Statement for the year ended 31st March, 2012
are prepared under revised Schedule VI. Accordingly the previous
year's figures have also been reclassified to conform to the year's
classification.
Mar 31, 2010
1. Contingent Liabilities
No provision is made in respect of the following: -
As at 31.03.2010 As at 31.03.2009
(Rs. In Lacs) (Rs. In Lacs)
(i) Disputed Demand of
Orissa Sales Tax 34.62 34.62
(ii). Disputed Demand of
Orissa Entry Tax 9.70 9.70
(iii) Bank Guarantees 59.27 32.77
2. Estimated amount of contracts remaining to be executed for capital
expenditure and not provided for Rs 33,67,500/-(Previous year Rs Nil)
3. (i) Term Loans from SIDBI and Term Loan and Working Capital Loan
from Canara Bank are secured by first charge on all the fixed assets of
the Companys Plant at Barapali, Ragangpur except as follows :
(a) SIDBI has exclusive first charge to the exclusion of Canara Bank on
the Plant & Other Machinery, Pollution Control Equipments, etc.
relating to sponge iron unit & Power Plant aggregating to Rs.987 lakhs.
(b) Canara Bank has exclusive first charge on fixed assets of the Pig
Iron Unit aggregating to Rs. 1613 Lacs, Hypothecation of Raw Material,
Semi-finished & Finished goods, Stock in trade, Consumable Stores &
Spares, Packaging Material & Book Debts, and Security of fixed deposits
with the bank aggregating to Rs 54 lacs.
(ii) The above loans are secured by personal Guarantee of two of the
Directors.
4. To the best of Knowledge of the management, none of the units to
whom the company owes is a SME & Micro Industrial Undertaking.
5. As per Accounting Standards -18 - Related Party Disclosures
issued by the Institute of Chartered Accounts of India, the names of
the related Party are given below.
Key Managerial Person Yogesh Kumar Dalmia, Chairman
Gagan Goyal, Executive Director.
Enterprises over which Key
Management (1) Narbada Innovative Products
(P) Ltd.
Personnel/ Relatives have
substantial interest : (2) Balbhadra Infratech Private Ltd.
(3) Vasundhra Mettaliks Private Ltd.
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