| 1. Corporate Information:
Mukesh Steels Limited (The Company) is a public company incorporated
under the provisions of the Companies Act, 1956 on 29t August, 1981.
The name of the company at the time of its Incorporation was Mukesh
Steels Pvt. Limited and subsequently changed to Mukesh Steel Limited
on, 9t October, 1987. The company is engaged in manufacturing and
trading on Iron and Steel.
2. Terms/rights attached to equity shares
i) The company presently has one class of equity shares having a par
value of Rs.10/- each. Each holder of equity shares is entitled to one
vote per share. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the Annual General
Meeting and then the shareholders are entitled for the dividend.
ii) In the event of liquidation of the company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
3. Terms/rights attached to preference shares
* Preference shares carry a preferential right of repayement of amount
of capital on winding up and also carry preferential right of dividend
at a fixed rate on non cumulative basis 1,90,0006% Non Cumulative
Redeemable Preference shares are redeemable within a period of 20 years
from the date of allotment i.e.31st March 2003.
* 6,10,0006% Non Cumulative Redeemable Preference shares are redeemable
within a period of 20 years from the date of allotment i.e.31st Jan.
2007.
* The earliest date of redemption is yet to be decided by the Board of
Directors in both the cases.
4. Details of shares held by holding company or the ultimate holding
company or their subsidiaries and associates
There is no holding company of the company and therefore no subsidiary/
associate of holding /ultimate holding Company.
5. a) Contingent liability and provisions (to the extent not provided
for)
No outflow is expected in view of the post history relating to these
claims
31st March, 2014 31 st March, 2013
Nil Nil
b) Commitments
a) Letter of Credit outstanding in favour of suppliers Rs. 600.28 lacs
(Previous Year Rs. 550.17 lacs)
b) In respect of uncalled capital on partly paid up shares Rs. 75,000/-
(Previous Year Rs.75,000/-)
6. a) The Company has identified Micro and Small Enterprises on the
basis of Information made available. There are no dues to Micro and
Small Enterprises that are reportable under the Micro, Small and Medium
Enterprises' Development Act, 2006.
b) Disclosures under section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006:
7. Secondary Segment Information:
The Company does not have a Secondary Segment. Hence the information
under this head is not applicable to the Company.
Segment Revenue and Expenses
* Segment revenue comprises sales to external customers.
* Segment expenses comprise expenses that are directly attributable to
the Segment.
Segment Assets and Liabilities
* Segment assets include all operating assets that are employed by a
segment in its operating activities and those can be allocated to the
segment on a reasonable basis.
* Segment liabilities include the liabilities which result from the
operating activities of a segment and those which can be allocated to
the segment on a reasonable basis.
* Assets and liabilities not identifiable to any reportable segment
have been treated as unallocable.
8. Excise duty attributable to finished goods sold during the year is
reduced from gross turnover in the Statement of Profit and Loss.
Increase/ (decrease) in excise duty on differential between opening and
closing stock of finished goods is also disclosed in other expense
under the head miscellaneous expenses.
9. The Company has examined the indications listed in Accounting
Standard (AS)- 28 Impairment of Assets, notified by the Companies
(Accounting Standards) Rules, 2006. Based on such examination, it has
been ascertained that none of the indications as listed in the
accounting standard are present in the case of the company. Accordingly
no impairment loss has been provided in the books of account.
10. The company has leased facilities under cancellable operating
lease agreements with a lease term ranging from one to five years,
which are subject to renewal at mutual consent thereafter. The
cancellable arrangements can be terminated by either party after giving
due notice. The lease rent expenses recognized during the year amounts
to Rs. 2,28,000/- (previous year Rs. 2,28,0001-).
11. Related Party Disclosures as required by Accounting Standards
AS-18" Related Party Disclosure" notified by the Companies (Accounting
Standard) Rules, 2006.
A. Relationship
a) Key Management Personnel
: Sh. Deepak Gupta
: Sh. Krishan Chand Gupta
: Sh. Vinod Gosain
b) Relatives of Key Management Personnel:
: Sandeep Gupta
: Smt. Simla Rani
b) Enterprise over which Key Management Personnel and their relatives
is able to exercise significant influence
: Mukesh Strips Limited
: Mukesh Udyog Limited
: DBA Switchgears Private limited **
** No transaction other than loan taken
12. The previous year figures have been regrouped and reclassified to
this year classification , wherever necessary.
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