| 1. The-Company Has issued one class of shares referred to as equity
shares having a par value of Rs. 10/-. Each holder of equity shares is
entitled to one vote per share.
In the even of liquidation of Company , the holder of equity shares
will be entitled to receive any of the remaining assets of the company,
after distribution of all preferential amounts.
However no such preferential amounts exist currently. The distribution
will be in proportion to the number of equity shares held by the
shareholders. The liability of Shareholders are Limited to the extend
of Unpaid calls.
2. Contingent Liabilities not provided for:-
Claims against the company not
acknowledged as debts: - (Rs in Lacs)
31/03/2014 30/06/2013
Tax demands under Appeal by the
Commercial Taxes Department 259.05 166.85
Bank Guarantee to KSEB (against
100% Margin Money Deposit) 51.50 51.50
3. The Accounts for the Financial Year 2013-14 have been prepared for
the period of 9 Months from 1st July, 2013 to 31st March, 2014.
(Previous Year 1st July 2012 to 30th June 2013 for the period of 12
Months)
4. Previous year's figures have been regrouped wherever necessary to
confirm to this year's classifications
5. Expenses related to Capital Issue / Increase shown under the head
Misc. Expenditure are been written off in the books on 1/5th basis u/s
35D
6. Segment Reporting :-
a. Business Segment: - The Company has considered business segment as
the primary segment to disclose. The company is engaged in the
manufacturing of MS Ingots / trading of Steel / Charcoal Products,
which the context of AS-17 is issued by the Institute of Chartered
Accountants of India, is considered the only business segments.
b. Geographical Segment: - The Company sell its products within India.
The condition prevailing in India being uniform No Separate
geographical segment disclosure is considered necessary.
7. Deferred Tax :-
In accordance with the Accounting Standard -22 "Accounting for taxes on
Income" issued by the Institute of Chartered Accountants of India, the
company has accounted for deferred tax during the period. The
cumulative net deferred tax liability of Rs. 54.38 Lakhs as on 31st
March 2014 has been recognized. Consequently the excess Deferred Tax
Liability of Rs 11.83 Lakhs has been recognized & credited to Profit &
Loss account.
8. As required under section 212 of the Companies Act Statement on
Companies interest in the subsidiary is given below:
* There is no change in the shareholding Interest between the end of
the financial year of the subsidiary & the end of the company's
financial year.
* No Material changes have occurred between the end of the financial
year of the Subsidiary company & the end of the company's financial
year in respect of Subsidiary's fixed assets, investments, moneys lent
by it and moneys borrowed by it for any purpose other than that of
meeting current liabilities.
9. Related Party disclosure: -
Disclosures as required by accounting standard 18 (AS-18) related party
disclosures issued by the institute of chartered accountants of India
are as follows and description of relationship.
a. Name of related parties
i. Subsidiaries - SIEL, FZE
ii. Key management personal
1. Shri Vivek Agarwal, Chairman & Managing Director
2. Shri Manish Kr. Mishra, Director
3. Shri Vinod Bajoria, Director
iii. Relative of key management personnel where transaction have been
taken place during the year.
1. Kerala Sponge Iron Ltd.
2. K K Agarwalla
3. K K Agarwalla HUF
iv. Transaction with related parties referred to above in ordinary
course of business.
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