Mar 31, 2015
Note : 1 PRESENTATION OF FINANCIAL STATEMENTS
Financial Statements and other presentational requirements are drawn in
accordance with the Companies Act, 2013. Previous year's figures have
been recanted/regrouped/ rearranged wherever considered necessary to
make them comparable with current year's figures.
Mar 31, 2014
1. SHORT TERM BORROWINGS
Working Capital borrowings from State Bank of India and IDBI Bank
Limited are secured by hypothecation of entire present and future
tangible current assets of the GPGC unit of the Company on pari passu
basis and personally guaranteed by three of the directors. The said
borrowings are also secured by way of second charge on block assets of
the GPGC unit of the Company.
2. TRADE PAYABLES
Based on the information available with the company regarding the
coverage of its suppliers under the Micro, Small and Medium Enterprises
Development Act 2006, no amount was due to any party covered under the
said Act.
3. SEGMENT REPORTING
The company operates in only one segment viz Iron and Steel.
4. CONTINGENT LIABILITIES NOT PROVIDED FOR
Capital contracts - 1,02,30,000
Letters of Credit 19,75,24,468 23,29,14,447
Corporate Guarantee 2,00,000 24,51,000
5. PRESENTATION OF FINANCIAL STATEMENTS
Financial Statements are drawn in accordance with Schedule VI and other
presentational requirements of the Companies Act, 1956. Previous year''s
figures have been recasted/regrouped/ rearranged wherever considered
necessary to make them comparable with current year''s figures.
Mar 31, 2013
Note : 1 SEGMENT REPORTING
The company operates in only one segment viz Iron and Steel.
Note : 2 CONTINGENT LIABILITIES NOT PROVIDED FOR
Capital contracts 1,02,30,000 2,07,85,749
Letters of Credit 23,20,14,447 19,52,85,859
Bank Guarantee 24,51,000 50,000
2.1 The company has also given Corporate Guarantee to bankers for
loans availed by its subsidiary company Vallabh Tinplate Private
Limited.
Note : 3 PRESENTATION OF FINANCIAL STATEMENTS
Financial Statements are drawn in accordance with Schedule VI and other
presentational requirements of the Companies Act, 1956. Previous year''s
figures have been recasted/regrouped/ rearranged wherever considered
necessary to make them comparable with current year''s figures.
Mar 31, 2012
1.1 Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share. The Company declare and pay dividend in Indian rupees.
The dividend prpoposed by the Board of Directors is subject to the
approval of the shareholdres in the ensuing Annual General Meeting.
2.1 Term Loans from IDBI and SBI are secured on pari passu basis by way
of equitable mortgage created by deposit of title deeds of immovable
properties of GP/GC Sheet unit and by way of hypothecation of all
movable properties of the said unit (save except book debts) including
movable machinery, machinery spares, tools and accessories, present and
future, subject to the prior charge(s) created and/or to be created by
the Company in favour of SBI on stocks of Raw Materials, Semi-finished
Goods, Finished Goods, Consumable Stores and such other material in the
ordinary course of business. These loans have also been guaranteed by
three of the directors.
2.2 Term Loan from Allahabad Bank is secured by tangible Fixed Assets
of the CR unit at Rajpura and also guaranteed by three of the
directors.
2.3 Vehicle loans are secured by way of hypothecation of specific
vehicle and personally guaranteed by one director.
2.4 Terms of Repayment
In case of IDBI, instalments payable upto 2016-17 In case of SBI,
instalments payable upto 2019-20 In case of AB, instalments payable
upto 2015-16
3.1 Working Capital borrowings from State Bank of India are secured by
hypothecation of entire present and future tangible current assets of
the GP/GC unit of the Company and personally guaranteed by three of the
directors. The said borrowings are also secured by way of second charge
on block assets of the GP/GC unit of the Company.
3.2 Working Capital borrowings from Punjab National Bank are secured by
hypothecation of entire present and future current assets of the Steel
unit of the Company &. personally guaranteed by three of the directors.
The said borrowings are also secured by way of first charge on block
assets of the steel unit of the Company.
Note : 2 CONTINGENT LIABILITIES NOT PROVIDED FOR
Capital Contracts 207.86 1,250.55
Letters of Credit 1,952.86 528.00
Note : 3 PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
In compliance with the Ministry of Corporate Affairs Notification No F
No 2/6/2008-C L-V dated 30th March 2011, the finacncial statements of
the company for the year ended 31 st March 2012 have been drawn up in
accordance with the terms of the revised Schedule VI to the Companies
Act. The adoption of the revised Schedule Vi does not impact the
measurement and recognition principles followed for the preparation of
financial statements. However, it has significant impact on the
presentation of and disclosures made in the financial statements. The
company has also recast the previous year's figures to meet the
requirements of the revised Schedule VI.
Mar 31, 2010
1. CONTINGENT LIABILITIES NOT PROVIDED FOR :
(Rs. in Lacs)
As at 31.03.2010 As at 31.03.2009
Capital Contracts 1075.12 -
Foreign Exchange Transactions 400.00 400.00
Bank Guarantee 1.90 8.40
Letter of Credit 897.25 79.74
2. In the opinion of Board of Directors and to the best of their
knowledge and belief, the value on realisation of loans, advances and
current assets in the ordinary course of business will not be less than
the amount at which these are stated in Balance Sheet.
3. Parties balances under Debtors, Creditors and Advances are subject
to confirmation, reconcilation and adjustments, if any.
4. The Income Tax and Sales Tax assessment of the company has been
completed till accounting year 2004-2005 & 2002-2003 respectively.
5. The Company has given guarantee to State Bank of India for term
loan and working capital facilities of Rs.3.50 Crore given to another
group company Vallabh Steels Limited.
6. Interest on working capital is net of interest received.
7. The company has entered into foreign exchange transactions through
banks which are now in legal dispute. The said transactions are
negative by Rs. 4.00 crore approximately and has been shown as
contingent liablility.
8. The Honble Delhi High Court at New Delhi has approved the Scheme
of Arrangement for hiving off the Power and SMS unit of the company and
the effective date for the same is 01.03.2006. All the legal and
procedural formalties related there to have been complied with.
9. Additional Information pursuant to Para 3 & 4 of Part II of
Schedule VI of the Companies Act, 1956 :
a) As per Government of Indias notification No. SO 477 (E) dated 25th
July, 1991, licences are not required.
10. Figures have been rounded off to the nearest Rupee and Metric Ton
in case of amount and quantity respectively.
11. Previous Year figures have been regrouped/rearranged to make them
comparable with those of the Current Year.
12. In response to letters from existing suppliers with whom company
deals regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006, the Company has received replies
from some of the suppliers. Based on these replies, there is no
information that has to be disclosed under the provisions of the above
referred Act.
13. The Company operates in one Segment i.e. Iron & Steel.
14. Employee Benefits :
The Disclosures in accordance with requirements of accounting standard
15 (Revised 2005) issued by the Institute of Chartered Accountants of
India, employees benefits are provided below :
a) Defined Contribution Plans
The Company has recognised Rs.16,58,662/- (Previous Year Rs.
16,32,256/-) towards post employment defined contribution plans
comprising of provident fund employee state insurance funds in the
profit and loss account.
b) Defined Benefit Plan
In accordance with the payment of Gratuity Act, 1972, the Company is
required to provide post employment benefit to its employees in form of
gratuity. The Company has made a provision in the Financial Statement
on the basis of actuarial valuation in accordance with the standard.
The disclosure relating to the Companys gratuity plan which is
certified by the actuary and relied upon by the Auditors are provided
below :
15. On the basis of information available with the Company and relied
upon by the Auditors, no party falls under the definition of related
party as defined in AS- 18 on "- Related Party Disclosures" issued by
ICAI.
16. Annexures A to S form an integral part of the Balance Sheet and
Profit & Loss Account.
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