1) General information
D & H India Limited is engaged in Manufacturing business primarily
dealing in Welding Electrodes & Consumables, C02 Wire, M Core Wire,
Flux Powder, Flux cored Wire, Stainless Steel Wire & other similar
activities. The company has manufacturing plants in India and sells
primarily in India.
The company is a public limited company incorporated and domiciled in
India and has its registered office at Mumbai, Maharastra, India. Its
shares are listed on the Bombay Stock Exchange Ltd. (BSE).
2. Terms/Rights attached to equity Shares
Equity Shares: The company has one class of equity shares having par
value of Rs.10 per share. Each share holder is eligible for one vote
per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their
shareholding.
3. Nil Equity Shares were issued in the last 5 years under the
Employee Stock Options Plan as consideration for services rendered by
employees.
4. Capital Reserves Includes Capital subsidy received from DIG as per
terms & agreement for the period from 17.03.2011 to 16.03.2016.
5 Deferred Tax Assets and Deferred Tax Liabilities have been offset
as they relate to the same governing taxation laws.
6. Working capital limit are secured by hypothecation of present and
future stock of raw materials, stock- inprocess, finished goods, stores
and spares (not relating to plant and machinery), book debts. &
Personal Guarantee of Mr. Harsh Vora& Mr. Madhusudan Jain.
7. Unsecured Loan Taken from Directors are from thier owned fund &
Maximum tenure of repayment is within six month.
8. In the absence of information from suppliers of their status being
small scale/ ancillary undertakings amount overdue and interest payable
there on cannot be quantified.
9. Other Paybles Includes Statutory Liabilities .Advance received from
customers & Security Deposits from Dealer.
10. Other Short term provisions includes the diff. of excise duty on
opening & closing stock of finished goods.
11. During the Year company commences production at Durg
(Chhattisgarh). Hence Capital Work In Progress Converted into Fixed
Assets
12. Intangible Assets underdevelopment include SAP under
development.
13. Pursuant to the enactment of Companies Act 2013, the company
has applied the estimated useful lives as specified in Schedule II.
Accordingly the unamortised carrying value is being depreciated over
the remaining useful lives. The written down value of Fixed Assets
whose lives have expired as at 1st April 2014 have been adjusted net of
tax, in the opening balance of Profit and Loss Account amounting to Rs.
3216888
14. Fixed Deposit maintained by the company with bank, which can be
withdrawn by the company at any point of time.
15. 'Other Loans and advances includes Advance to Vendors / Service
Providers.
16. As per Accounting Standard 15 "Employee benefits", the disclosures
as defined in the Accounting Standard are given below:
a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short-term employee benefits. Benefits
such as salaries, wages, and short term compensated absences, etc. are
recognized in the period in which the employee renders the related
services.
b) Long Term Benefits Defined Contribution Plans :
The Employee State Insurance Scheme and Contributory Provident Fund
administered by Provident Fund Commissioner are defined contribution
plans. The Company's contribution paid/payable under the schemes is
recognized as expense in the profit and loss account during the period
in which the employee renders the related service.
Employers Contribution to Provident fund & ESI 46,45,667 40,61,684
Defined Benefit plans :
a. The employees' gratuity fund scheme managed by Life Insurance
Corporation of India for the Company is a defined benefit plan. During
the year company paid amount Rs. 358319/- for future gratuity benefits
of the employees of company.
b. Benefit related to the Leave Encashment company made provision
amounting Rs. 886185/- as per the policy of the company.
17. Interest expenses is net of Interest Subsidy received from DIG
Dhar for Ghatabillod Unit amounting to Rs. C.Y.561025 /- P.Y. 250297/-
18. The Excise duty related to the difference between the closing
stock and opening stock Rs.(10,33,596)/- (Previous Year Rs.
(69,09,789/-) has been shown in other manufacturing expenses and excise
duty related to sales amounting to Rs.8,43,54,388/- .(Pr.Yr.
Rs.8,16,60,741/-) has been reduced from gross sales.
19. Related Party Disclosures
In accordance with accounting standard 18 " Related Party Disclosure"
issued by the Institute of Chartered Accountant of India, the Company
has compiled the required information is as under
Subsidiary Company
V & H Fabricators Pvt. Ltd.(Wholly Owned)
Commonwealth Mining Private Limited Key Managerial Persons
Shri Harsh Kumar Vora (Managing Director)
Shri Madhusudan Jain (Whole Time Director)
Shri Saurabh Vora (Whole Time Director w.e.f 01/10/2014)
Smt. Atithi Vora (Whole Time Director w.e.f 01/10/2014)
Shri Sanat Jain (Chief Financial Officer)
Shri Rajesh Sen ( Company Secretary)
Enterprises Over which Key Managerial Person are able to Exercise
Significant Influence
Vora Wires Industries (India) Limited Corna Infra Limited
V & H Infra Pvt. Ltd.
Relative Of Key Managerial Person
Shri Saurabh Vora
Smt. Atithi Vora
20. Various items included under the head Current Assets, Loan &
Advances, as well as Current liabilities are subject to confirmation /
reconciliation.
21. In the opinion of the Management, the value on realization of loans
and advances, and other current assets will be at least equal to the
amounts stated in the books of accounts, if realized in the ordinary
course of the business.
22. Amortization of lease hold land is not being done as the same is on
perpetual lease.
23. Segment Reporting
a) Business Segment:
The Company is mainly engaged in the business of welding consumables.
All other activities of the Company revolve around the main business
and as such there is no separate reportable business ' segment.
b) Geographical Segment:
Since all the operations of the Company are conducted within India as
such there is no separate reportable geographical segment.
24. Contingent Liabilities & Commitments(To the Extent not provided for)
i Guarantees given on behalf of the company - 3,15,400
ii CST Demand (in appeal) 22,94,412 19,04,426
iii Entry Tax Demand (in appeal) 65,224 4,00,987
Total 23,59,636 26,20,813
25. Some of the cases are pending before the Hon'ble courts but
management believes that the ultimate outcome of these proceedings will
not have a material adverse effects on the Company's financial position
and results of operation.
26. These financial statements have been prepared in the format
prescribed by the revised Schedule III to the companies Act 2013.
Previous period figures have been recasted/ restated to confirm to the
current period Figures have been rounded off to the nearest Rupee.
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