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(iiswr ANNUAL REPORT
OF
GANGOTRI CEMENT LTD.
FOR THE YEAR
2011 2012
Sales / Misc. Recei t inzaimmiummumrofit Before Interest & De•reciation
M/S GANGOTRI CEMENT LIMITED, RAIPUR Regd. Off. :- Village & Post : Kharora, Distt : Raipur (C.G.)
DIRECTORS REPORT TO MEMBERS
Dear Members
Your Directors have pleasure in presenting the 21 ST Annual Report on the business and
operation, of the Company together with audited statement of accounts for the period endin
31st March 2012.
1. FINANCIAL RESULTS : (RS. IN LACS)
2. DIVIDEND:
During the year company has not earned sufficient profit. Hence, your director's do not recommend the dividend for the year ended 31st March 2012.
3.No material changes and commitment occurred since the conclusion of the financial
year.
PERSONNEL:
Since there was no employee who was drawing more than ‘.60' .00 Lacs per annum,
if employed through out the year, or Rs.500000/- per month if employed for the part of the year, the required information under sub-section (2A) of section 217 of 1974
the
companies Act, 1956 read with companies (particulars of the employees) rules
as amended is not given.
5. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION:
In accordance with the requirements of section 217 (i) (e) of the companies Act, 1956 read with the companies (disclosure of particulars in report of Board of Directors) rules 1988, regarding conservation of energy, please refer enclosed Form-A (Rule — 2). R&D efforts were not made towards technology absorption and no foreign exchange outgo and inflow included during the year.
ANN1EXURE TO THE AUDITORS'S REPORT REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE
TO THE MEMBERS OF
a.The company has maintained proper records to show its full particulars
including quantitative details and situation of fixed assets.
b.We are informed that the Fixed Assets were physically verified at reasonable
intervals during the year. No serious discrepanancies were noticed on such
verification. c.
The Company has not disposed off any fixed assets of the Company during the
year under audit.
II. a. As explained to us, the inventory of the company has beenphysically verified of
during the year by the management on quarterly basis. In our op verification is reasonable. b.
The procedure of physical verification of Inventory followed by the management is reasonable and adequate in relation to the size of the company and the
nature of its business. c.
The Company is maintaining proper records of Inventory and no material discrepancies were noticed on physical verification of inventory as compared to books
records.
III. a. The Company has not granted any loans, secured or unsecuredthe Companies to companie
es s,
firms or other parties covered in the Registers maintained U/S 301 of Act 1956 (1 of 1956). b.
As reported in clause III a, Sub-clause b, c, d are not applicable to company.
e. The Company has taken loans, secured or unsecured from companies, firms or
other parties covered in the Registers maintained U/S 301 of theved (maxim
Companiesum amount
Act 1956
(1 of 1956). Total Number of ies is 7 and amount invol inv ved) during the years s.112.05 L s. During the year company has taken
9.50 Lacs and year-end bal ce was 100.05 lacs.
f.In our opinion the rate of interest and other terms and conditions on which
loans have been taken from the other parties listed in the register maintained nterest under
section 301, of the companies act, 1956 are not, prima facie prejudicial to t he i
of the company.
g.In our opinion and according to the information and explanationloan the terms
a given to uof s,
in respect of paying principal and interest amount of unsecured repayment have not been stipulated therefore we have not made any comments
IV.In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, with regard to purchase of inventory and fixed assets and for sale of goods. During the course of our audit no major weaknesses has been noticed in
the internal controls.
V. (a) In our opinion and according to the information and explanations given
to us, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have not been occurred.
(b) In our opinion and having regard to our comments in para (v) above, no
transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, hence no comment called
for in this regard.
VI. In our opinion and according to the information and explanations given to o us th
58 e
company has not accepted any deposits from public within the meaning of section A & 58 AA of the Companies Act 1956.
VII.In our opinion, the company has an adequate internal audit system commensurate with its size and nature of its business.
VIII.We have broadly reviewed the books of accounts maintained by the company, in respect of products where pursuant to the rules made by the Central Government, about the maintenance of cost records has been prescribed under section 209 (1) (d) of the Companies Act 1956. We are in the opinion, that prima facie the prescribed accounts and records have been made and maintained
IX. a. The company is regular in depositing undisputed statutory and other
dues inclu statutory
ding
provident fund, income tax, sales tax, excise duty, service tax, t cess dues with the appropriate authorities. According e to informa
lasttion and explanation al given
to us, there is no undisputed arrear statutory dus as on day of financiyear for a period of more than 6 months from the date they become payable.
b. Company has not any disputed amount hence this clause is not applicable to
company.
X.Company' s accumulated losses at the financial year is less than of fifty percentage of net worth. Company has not incurred cash losses during the financial year, and immediately preceding financial year.
XI.In our opinion and according to the information and explanations instit
give ution,
n to us, the
company has not defaulted in repayment of the dues to a financial banks.
XII.According to the records of the Company has not granted loans anddv
advances on the
basis of security by way of pledge of shares, debentures and other securities.
XIII. The provision of special statute applicable to Chit Fund, Nidhi / Mutual benefit fund / Societies is not applicable to the company.
XIV.As per records of the company and the information and explanation given to us by the management, company is not dealing or trading in shares, securities and debentures and other investments.
XV According to the records of the company and according to the information and explanations given to us the Company has not given any guarantee for loans taken by others from banks or financial institutions.
XVI The Company has enjoying Loan Facility from HDFC Bank. The Company has used the above loans for the purpose for which these are obtained.
XVII.According to the information and explanations given to us and on an overall examination of the balance sheet of the term investment by the Compa
funy.
company, we report that no nds raised on
short-term basis have been used for long
XVIII As per the records of the company and according to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the Act.
XIX The Company has not issued debentures; hence question of creation of securities does
not arise.
XX.During the period covered by our audit report, the company has not raised any money by public issue.
XXI.To the best of our knowledge and belief and according to the information noticed
and
explanation given to us, there is no fraud on or by the Company has been during our audit or reported during the period.
for, SUNIL JOHRI & ASSOCIATES CHARTERED ACCOUNTANT
FIRM REGN. NO.05960
Place : Raipur
Dated : 03/09/2012 JOH PA1TNER
M.NO.074654
For, SUNIL JOHRI & ASSOCIATES CHARTERED ACCOUNTANTS
FIRM REG. NO. 005960C
SUN JOHRI (PARTNER)
M.No.074654
Branches :
Tele : 022 — 61434550, Mob : +91989312188 8 Mob : +918898739149
Raipur (C.G.) — 492001 Tele : 0771 — 3291222 , 0771
— 4065913
email : [email protected] , easumitbaner n
Sunil Johri SC Associates Chartered Accountants
FORM NO.3CA (See rule 6G(1)(a))
Audit report under section 44AB of the Income-tax Act, 1961, in a case where the accounts of the business or profession of a person have been
audited under any other law
1. We report that the statutory audit of M/S GANGOTRI CEMENT LTD, Raipur, (P.A.NO.AAACG8488P) was conducted by us M/s Sunil John & Associates, Raipur in pursuance of the provisions of the companies Act, and we annex hereto a copy of our audit report dated 03/09/2012 along with a copy each
of :-
the audited profit & loss a/c for the year ended on 31st March' 2012 the audited balance sheet as at 31st March' 2012 and documents declared by the said act to be part of, or annexed to the profit & loss account and balance sheet.
2. The statement of particulars required to be furnished under section 44AB is annexed herewith in Form No.3CD.
3. In our opinion and to the best of our information andaccording to explanations given to us, the particulars given in the said Form No.3CD are true and correct.
a. b. c.
PLACE: RAIPUR
DATED: 03-09-2012
Usha Bhawan, 3/27, Professor Colony, Civil Lines,
Bhopal (M.P.) — 462002
Nathani Building, Shastri Chowk, G.E.Road,
M-2, 503, Riddhi Garden, Filmcity Road, Goregaon (E)
Mumbai — 400063
Head Office:
FORM NO.3CD [SEE RULE 6 G (2)]
STATEMENT OF PARTICULARS REQUIRED TO BE FURNISHED U/S 44 AB OF THE INCOME-TAX ACT, 1961
PART — A
1 Name of the Assessee GANGOTRI CEMENT LIMITED.
2 Address VILL & POST :- KHARORA , RAIPUR
3 PAN AAACG8488P
4 Status PUBLIC LIMITED COMPANY
5 Previous ended year 31 st March' 2012
6 Assessment Year 2012— 2013
PART — B Not Applicable 7. A If firm or Association of person indicate
name of partner / members and their profit sharing ratios.
b. If there is any change in the partners or members or in their profit sharing ratios, since the last date of preceding year, the particulars of such change.
8. a Nature of business or profession. (if more than one business or profession is carried on during the previous year, nature of every business or profession)
b.
If there is any change in the nature of business or profession, the particulars of such change.
9. a Whether books of account are prescribed U/s 44 AA, if yes, list of books so prescribed.
b. Books of accounts maintained. (In case books of account are maintained in a computer system, mention the books of account generated by such computer system).
c. List of books of account examined
Not Applicable
Production of Portland slag Cement
No change during the year.
NO, Books of Accounts have not been Prescribed as assessee Covered U/S 44AA(2)
(1) Cash Book (2) Bank Book (3) Ledger (4) Journal (5) Purchase Register (6) Sale Register (7) Stock Register
(Books of accounts are generated by Computer system by using accounting software Tally)
(1) Cash Book (2) Bank Book (3) Ledger (4) Journal (5) Purchase Re
,
11. a
10. Whether the profit & loss account included any profits and gains assessable on presumptive basis, if yes, indicate the amount and the relevant section (44 AD, 44 AE, 44 AF, 44B, 44 BB, 44 BBA, 44 BBB or any other relevant section).
12. a
b.
c.
d.
Method of accounting employed in the Mercantile system of accounting has been
previous year. followed during the previous year.
Whether there has been any change in the method of accounting employed vis- a-vis the method employed in the immediately preceding previous year. If answer to (b) above is in the affirmative, give details of such change, and the effect thereof on the profit or loss. Details of deviation, if any, in the method of accounting employed in the previous year from accounting standards prescribed U/s 145 and the effect thereof on the profit or loss. Method of valuation of closing stock employed in the previous year.
(6) Sales Register (7) Stock Register
NO
No change during the previous year
N.A.
No deviation observed in the method of accounting employed in the previous year from accounting standards prescribed U/s 145.
Raw Material — At FIFO Method Finished Goods — At cost or net realizable value whichever is lower. Packing material-At FIFO.
b. Details of deviation, if any from the method of valuation prescribed U/s 145A, and the effect thereof on the profit or loss. Give the following particulars of the capital asset converted into stock-in- trade: Description of capital asset, Date of acquisition; Cost of acquisition; Amount at which the into stock-in-trade. Amount not credited to loss account, being: - The items falling within the section 28 The proforma credits, drawbacks, refunds of duty of customs or Excise, or refunds of sales tax, refund of duty or customs or excise or service-tax or refund of sales-tax or value added tax, where such credits, drawbacks or refunds
As per Enclosure - I
NIL NIL NIL NIL
NIL
NIL
12A
A B C D
13.
a.
b.
asset is converted
the profit and
scope of
are admitted as due by the authorities concerned. Escalation claims accepted during, the NIL previous year.
c.
d. Any other item of income.
14. Particulars of depreciation allowable as e. Capital receipt, if any.
per the Income-tax Act, 1961 in respect of each assets or block of assets, as the case may be, in the following, form: -
a. Description of asset/block of assets. b. Rate of Depreciation. c. Actual cost or written down value, as the
case may be. d. Addition/deduction during the year with
dated; in the case of any addition of an asset, date put to use; including adjustments on account of -
i. Modified value added tax, credit claimed and allowed under the Central Excise Rules, 1944, in respect of assets acquired on or after 1st March 1994.
NIL ii. Change in rate of exchange of currency, and.
iii. Subsidy or grant or reimbursement, by whatever name called. Depreciation Allowable e. Written down value at the end of the f. year.
15. Amount admissible U/s 33AB, 33ABA, 33AC, 35, 35ABB, 35AC, 35CCA, 35CCB, 35D, 35DD, 35DDA, 35E.
a. Debited to the profit & loss account (showing the amount debited and deduction allowable under each section separately).
b. 16. a
NIL
NIL
b.
Not debited to the profit & loss account. Any sum paid to an employee as bonus or commission for services rendered, where such sum was otherwise payable to him as profits or dividend, [Section 36(1) (ii)]. Any sum received from employees towards contributions to any provident fund or super-annuation fund or any other fund mentioned in section 2(24) (x); and due date for payment and the actual date of payment to the concerned authorities U/s 36(1) (va).
U/S 35AC — NIL U/S 35CCA — NIL U/S 35CCB„,--NIL U/S 35D —(72370 U/S 35E — NIL
As per Enclosure — I
U/S 33AB —NIL U/S 33ABA — NIL U/S 33AC — NIL U/S 35 —NIL U/S 35ABB — NIL NIL NIL
17. Amount debited to the profit & loss account, being: -
a. Expenditure of capital nature; NIL
b. Expenditure of personal nature; NIL
c. Expenditure on advertisement in NIL brochure, tract pamphlet, like published by a political party;
d. Expenditure incurred at clubs; NIL (i.) As entrance fees and subscriptions; NIL (ii). At cost for club services and facilities NIL
used; e. (i) Expenditure by way of penalty or fine for NIL
violation of any law for the time being in force;
(ii.) Any other penalty or fine; NIL (iii). Expenditure incurred for any purpose, NIL
which is an offence or which is prohibited by law.
f. Amount inadmissible U/s 40(a); Interest Income Tax Rs.-421,1 Deffered Tax Assets Rs-. 240785)
g. Interest, Salary, Bonus, Commission or N.A. remuneration inadmissible Under 40(b)/40(ba) and computation thereof.
h. (i) Whether a certificate has been obtained Yes from the assessee regarding payments relating to any expenditure covered under section 40A(3) that the payments were made by account payee cheques drawn on bank or account payee bank draft, as the case may be, [Yes/No]
(ii) Amount inadmissible under section NIL 40A(3), read with rule 6DD [with break- up of inadmissible amounts];
i. Provision for payment of gratuity not NIL allowable U/s 40A (7).
j. Any sum paid by the assessee as an NIL employer not allowable U/s 40A (9).
k. Particulars of any liability of a Contingent nature.
L
Amount of deduction inadmissible in NIL terms of section 14A in respect of the expenditure incurred in relation to income which does not form part of the total income,
M Amount inadmissible under the proviso NIL to section 36(1) (iii);
b.
17A Amount of interest inadmissible under Section-23 of Micro Small & Medium Enterprises Development Act,2006
Company has not any available information, whether supplier and other parties cover under this acts or not, hence company is not able to provide any information in this regard. Hence we are unable to report.
Particulars of payment made to persons specified U/s 40A (2) (b). Amount deemed to be profits and gains U/s 33AB or 33ABA or 33AC. Any amount of profit chargeable to tax U/s 41 and Computation thereof. In respect of any sum referred to in clause (a), (b) (c), (d), (e) or (f) of Section 43B, the liability for which, Pre-existed on the first day of the previous year but was not allowed in the assessment of any preceding previous year and was. Paid during the previous year. Not paid during the previous year.
18. NIL
19. NIL
20.
21.i. NIL
A.
a. b. NIL
B. a.
b. 22. a.
Was incurred in the previous year Paid on or before the date for furnishing the return of income of the previous year U/s 139(1); Not paid on or before the aforesaid date. Amount of central value added tax credits availed of or utilised during the previous year and its treatment in the profit & loss account and treatment of outstanding central value added tax credits in the accounts.
Entry Tax of Rs. 109242 paid on -01-05- 2012
PARTICULARS GOODS
CAPITAL INPUTS SERVIC E TAX
Balance representing Cenvat Credits as at the beginning of the year Cenvat credit available during the year Less amount of Cenvat credit utilized during the year Balance representing outstanding amount as at the end „F. ft,,. xfPnr
Particulars of Income or Expenditure of prior period credited or debited to the
rofit and loss account. Details of any amount borrowed on NIL hundi or any amount due thereon (including interest on the amount
23.
borrowed) repaid otherwise than through an account payee cheque [Section 69D].
24. Particulars of each loan or deposit in an As per annexure II enclosed a*. amount exceeding the limit specified in
section 269SS taken or accepted during
the previous year.
i. Name, address and permanent account number (if available with the assessee) of
the lender or depositor.
ii. Amount of loan or deposit taken or
accepted.
iii. Whether the loan or deposit was squared
up during the previous year.
iv. Maximum amount outstanding in the
account at any time during the previous
year.
v. Whether the loan or deposit was taken or
accepted otherwise than by an account payee cheque or an account payee bank
draft. the cast _.,-. ............— , n« 4-1 nn*-nnratif111
(These particulars need not be given established by a Central, State or Provincial Act).
C
b.
ii.
iv.
i.
As per annexure III enclosed Particulars or each repayment of loan or deposit in an amount exceeding the limit specified in Section 269T made during the previous year. Name, address and permanent account number (if available with the assessee) of the payee; Amount of repayment Maximum amount outstanding in the account at any time during the previous year.
Whether the repayment was made otherwise than account payee cheque or account payee bank draft. Whether a certificate has been obtained from the assessee regarding taking or accepting loan or deposit, or repayment of the same through an account payee cheque or an account payee bank draft. [Yes/No]
YES
Tax deductible and not deducted at all Shortfall on account of lesser deduction than required to be deducted
Tax deducted late Tax deducted but not paid to the credit of the Central Government
I Ii Iii Iv
"Please give the details of cases covered in (i) to (iv) above."
The particulars (i) to (iv) at (b) and the Certificate at (c) above need not be given in the case of a repayment of any loan or deposit taken or accepted from Government, Government company, banking company or a corporation established by a Central, State or Provincial Act, Details of brought forward loss or depreciation allowance, in the following manner, to extent available.
Sr. No.
Assessment Year Nature of Loss / Allowance (In Rupees)
Amount at Returned
(In Rupees)
Amount as Assessed (Give reference to relevant order)
Rem arks
1 2003-04 Unabsorbed depreciation
9081319 Not communicated yet
630182 Not communicated 2 2004-05 Unabsorbed
depreciation 165770 Not communicated yet
3 2005-06 Business loss
4 2005-06 Unabsorbed depreciation
503198 Not communicated yet
Whether a change in shareholding of the company has taken place in the previous year due to which the losses incurred prior to the previous year cannot be allowed to be carried forward in terms of section 79.;
N.A. B
Section-wise details of deductions, if any, admissible under chapter VI-A. Whether the assessee has complied with the provisions of Chapter XVII-B regarding deduction of tax at source and regarding the payment thereof to the credit of the Central Government. [Yes/No] If the provisions of Chapter XVII-B have not been complied with, please give the following details*, namely:-
26.
YES 27. a.
b.
25. NIL
NIL NIL NIL NIL
28. a. In the case of a trading concern give quantitative details of principal items of
goods traded.
Not Applicable
i. Opening Stock ii. Purchase during the previous year iii. Sales during the year Iv Transfer For Own Consumption v. Closing Stock Vi Shortage/Excess if any b. In the case of manufacturing concern, give
quantitative details of the principal items of raw materials, finished products an by-products; ,-,4_, :,. A if'T' \
A.1 RAW MATERIAL CLINKER SLAG GYPSUM
Opening Stock 124.66 767.38 68.52
Purchase during the year 4826.68 1638.8 165.70
Consumption during the year/internal transferred
1619.88 2348.83 80.99
Sales during the year - -
Closing Stock 3331.46 57.35 (153.22
Yield of finished products Percentage of yield Shortage/Excess if any. - - -
B.1 FINISHED PRODUCTS/BY-PRODUCTS CEMENT
Opening stock ----
Purchase during the year/transferred ---- Quantity manufactured during the previous year k 4049.7
Sales during the year (less return)/transferred ' 4049.7
Captive Consumption ---- Closing Stock ----
Shortage/Excess if any ---
29. In the case of a domestic company. Details of tax distributed profit U/s 115-0 in the
following form :- NIL
a. Total amount of distributed profits : b. Total tax paid thereon; c. Dates of payment with amounts.
30. Whether any cost audit was carried out, if yes, enclose a copy of report of such audit
[See Section 139(9)]. 31. Whether any audit was conducted under the
Central Excise Act, 1944, if yes, enclose a copy of the report of such audit.
NO
)1
I
32. Accounting ratios with calculations as follows :-
a. Gross Profit/Turnover 606074.84/12467908 ,4.86 1.99 b. Net Profit/Turnover(before tax) 248709.85/12467908
c. Stock-in-trade (only FG) /Turnover 12690354.80/12467908 I 1.01
d. Material consumed / Finished Goods produced.
7812467.66/10745955 72.70
PLACE: RAIPUR
DATED: 03-09-2012
FOR, SUNIL JOHRI &ASSOCIATES CHARTEREDACCOUN I:
* 0P
ds4c V * _ .
f ikt.oci (S L JO I I' P TNER , • Ac°c°"-
Membership No. 074654 FIRM REG. NO. 005960C
CHARTERED ACCOU
yk.'2 \ L
(SU JOHRI) PARTNER
Membership No. 074654 FIRM REG. NO. 005960C
GANGOTRI CEMENT LIMITED
ANNEXURE - I PART - A
1 Name of the Assessee GANGOTRI CEMENT LIMITED 2 Address VILL & POST: - KHARORA, RAIPUR. 3 Permanent Account Number AAACG8488P 4 Status PUBLIC LIMITED COMPANY 5 Previous year ended 31 st March' 2012 6 Assessment Year ended 2012 — 2013
PART — B Nature of business: - Production of Portland Cement Code :- 0103
RS IN LACS Si. No. Parameters CurrenVear
[ 32 3 Precediwg,Year
fr3 . 3 1 Share Capital 2 Share application money i XX 3 Reserves & Surplus (43 05.72) 4 Secured loans 5 5 Unsecured loans I : . : (5114..805 6 Current Liabilities & Provisions 11,8.4 4'14.66 7 Total of balance sheet .Al2,1.64
r24.67 (0.71
106.68 8 Gross Turnover 9 Gross Profit 5.34 10 Commission received 9.82 F XX 11 Commission paid XX 12 Interest Received 1.33 4#04..1.(61
? 13 Interest Paid 40.41 (a. 6 14 Depreciation as per books of account , 7.15 .21 15 Net profit (Or loss) before tax (0.8 1.06 16 Taxes on income paid / provided for in
the books 0.06 0.12
For, SUNIL JOHRI & ASSOCIATES
Place: RAIPUR
Dated: 03-09-2012
.
.
1
GANGOTRI CEMENT LIMITED
ENCLOSURE — II (Point No.24 (a) of Form 3CD)
Sr. No. Name of the Lender Amount of Loan
Accepted
Whether the Loan
was Squared
up
Maximum Amount 0/s During the
year
Whether the Amount was
Accepted otherwise
than by A/c Payee
Cheque
1. Damyanti Sheth 5950000.00 NO ,'300000.00 NO
2. Dipesh Sheth egra000.00 NO ci10000.00 NO
3. Pratap N. Shah " ;100.00 NO 4105000.00 NO
4. Parag Shah 4 0 : 000.00 NO 690000.00 NO
5. Rasila P. Shah 500000.00 No 00000.00 NO
ENCLOSURE — III (Point No.24 (b) of Form 3CD)
Sr. No.
Name of the Lender Amount of Repayment
Maximum Amount 0/s During the
year
Whether the Amount was
Paid otherwise than by A/c Payee
Cheque
1. Dipesh Sheth 200000.00 (710000.00 No
2. ABI Outsourcing Ltd.
400000.00 ,400000.00 No
3. Pratap N. Shah 00000.00 ?
,4105000.00 No
4. Damyanti Sheth 3050000.00 3300000.00 No
3
asp 1 vor
\\-----
GANGOTRI CEMENT LIMITED
ENCLOSURE - I
(Clause No.12 (b) of Form No. 3CD)
Sr. No.
Particulars (Rupees) Increase in Profit
(Rupees) Decrease in Profit
1 I Increase in cost of opening stock on inclusion of VAT on which vat credit is available / availed.
2 Increase in purchase cost of raw materials on inclusion of VAT/EXCISE on which vat credit is available/availed.
818308.00
3 Increase in sales of finished goods on inclusion of VAT/EXCISE.
473264.00
4 VAT/EXCISE paid on sale of finished goods as a result of its inclusion in sales.
473264.00
5 Increase in closing stock of raw material on inclusion of VAT/EXCISE.
664465.00
6 Increase in closing stock of finished goods on inclusion of VAT/EXCISE.
0
7 Increase in VAT/EXCISE on closing stock of finished goods as a result of its inclusion in closing stock of finished goods.
0
8 Accounting of modvat credit availed and utilized on raw materials consumed in payment of VAT/EXCISE on finished goods accounted on the basis of raw material consumed.
253843.000
TOTAL 1291572.00 1291572.00
DIRECTOR DIRECTOR
RAIPUR 03/09/2012
FIR R G. NO. 005960C L JOHRI
P TNER M.NO.074654
RAIPUR 03/09/2012
AS PER OUR REPORT OF EVEN DATE. FOR, SUNIL JOHRI AND ASSOCIATES
CHARTERED ACCOUNTANTS
FOR, GANGOTRI CEMENT LIMITED
GANGOTRI CEMENT LIMITED BALANCE SHEET AS ON 31-03-2012
Particulars NOTE NO. AS AT 31.03.2012
AS AT 31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholder's Funds (a) Share Capital 1 32383240.00
,
32383240.00 (b) Reserves and Surplus 2 (4323541.99)
i 'i(4572251.84)
(2) Non-Current Liabilities (a) Long-Term Borrowings 3 60120139.36 2294680.18
(3) Current Liabilities
(b) Trade Payables 4 .429959.58 (246766.08 (c) Other Current Liabilities 5 2054438.05 1219249.69
TOTAL- EQUITY AND LIABILITIES 42164235.00 31571684.11 II. ASSETS
(1) Non-Current Assets (a) Fixed Assets
(i) Tangible assets 6 7590114.08 p104155.83 (ii) Capital work-in-progress # 575.00 0.00
(b) Non-current investments 4450000.00 0000.00 (c) Long term loans and advances 8 032.60 85.60 (d) Deffered Tax Assets 9 '3321.00 4,14P36.00 (e) Other Non-Current Assets 10 4173879.04
i 414479.04
(2) Current Assets (a) Inventories 11 354.80 9811.38 (b) Trade Receivables 12 ' 48109.50 879.85 (c) Cash and Bank Balances 13 2 115.92 984.54 (d) Short Term Loans and Advances 14 29c132.55 493 90.934. (d) Other current assets 15 9700.51 17063.94
TOTAL- ASSETS 42164235.00 31571684.11
SIGNIFICANT ACCOUNTING POLICIES & NOTES ON FINANCIAL STATE 1 TO34 THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
DIRECTOR
DIRECTOR
\01\!-7.
FIR G. NO. 005960C IL JOHRI
PARTNER M.NO.074654
AS PER OUR REPORT OF EVEN DATE. FOR, SUNIL JOHRI AND ASSOCIATES
CHARTERED ACCOUNTANTS
FOR, GANGOTRI CEMENT LIMITED
RAIPUR
RAIPUR 03/09/2012
03/09/2012
Statement of Profit and Loss for the year ended 31st March' 2012
Particulars NOTE NO. AS AT AT fen I. Revenue from operations (Gross) Less : - Excise Duty
16 11352030.00 0.00
10083863.71 # 0.00
11352030.00 / 10083863.71 II. Other Income 17 1115878.00 583923.00 III. Total Revenue ( I + II) 112467908.00 10667786.71
IV. Expenses: Cost of materials consumed 18 812401'66 2608113.07 Changes in inventories of finished goods 19 1 0.00 / 0.00 Empoyee benefit expenses 20 (4' 27000.00 62000.00 Financial Cost 21 41 4.91 9.67.33 Depreciation 7 15531.75 ' 721169.40 Other Expenses 22 3463678.83 3060827.60 Total Expenses 12459983.15 10561783.40
V. Profit before exceptional items and tax (III - IV) 7924.85 106003.31 VI. Extra orindary item ( Profit on Sale of fixed assest ) 0.00 0.00 VII. Prior Period Expenses Items (service tax ) " 0.00 0.00 VIII. Profit before tax (V - VI) /' 7924.85 , 106003.31 IX. Tax expense:
(1) Current tax 6537 23865.00 Less :- MAT Credit 6537 0.00 23170.00
(2) Deferred Tax Liabilities (240785.00) 11451.00
(240785.00) 93857.31 X. Profit(Loss) for the year (VIII-IX) 248709.85 93857.31 Xl. Transfer to Profit & Loss A/c. 248709.85 93857.31
XII. Earning per equity share of Rs.10 Each Basic & Diluted 23 0.08 0.03
Weighted average no. of equity share outstanding p3238324.00 3238324.00
SIGNIFICANT ACCOUNTING POLICIES & NOTES ON FINANCIAL STATE 1 T034 THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
NOTE ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2012
NOTE-1
As at 31st March' 2012
As at 31st March' 2011
AUTHORISED SHARE CAPITAL 3750000 EQUITY SHARES OF 10 EACH 37500000 37500000
37500000.00 37500000.00 ISSUED,SHARE CAPITAL 3335500 EQUITY SHARES OF Rs.10/- EACH ( P.Y. 3335500) 3335500.00 3335500.00
3335500.00 3335500.00 SUBSCRIBED AND PAID UP SHARE CAPITAL 2012 2011 3141148 EQUITY SHARES OF Rs.10/- EACH 31411480 31411480 194352 EQITY SHARE OF RS 5/ EACH 971760 971760 32383240.00 32383240.00
32383240.00 32383240.00
The Company has only one class of equity shares having a face value of Rs.10 Each.Each shareholder is eligi vote per share.
Details of Shares held by shareholders holding more than 5% of the aggregate shares in the company:-
NAME OF SHAREHOLDER As at 31st March' 2012 As at 31st March' 2011
No. of Shares
% No. of Shares %
Conveyyor belting service private limited * 594770 17.83 594770 17.83
*information providedby compnay and relied by auditor
The Reconciliation of the no. of shares outstanding is said below:-
Particulars As at 31st
March' 2012 As at 31st
March' 2011
No. of Shares No. of Shares
Equity Shares of Rs 10 paid up at the beginning of the year 3141148.00 3141148.00 Equity Shares of Rs 5 paid up at the beginning of the year 194352.00 194352.00 Add:- Shares Issued during the year 0.00 0.00 Equity Shares at the end of the year 3335500.00 3335500.00 • NOTE-2 • RESERVE AND SURPLUS SECURITIES PREMIUM Opening Balance 0.00 0.00
Add:- During the year 0.00 0.00
Outstanding at the end of the year 0.00 0.00
PROFIT AND LOSS NC Opening Balance (4572251.84) (4666109.15) Add:- Transfer from P& L Account 248709.85 93857.31 Add:- MAT Credit Brought in 0.00 0.00
(4323541.99) (4572251.84)
TOTAL (4323541.99) (4572251.84)
NOTE ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2012
NOTE-3
Long Term Secured Borrowings
I As at 31st I March' 2012
As at 31st March' 2011
115139.36 189680.18
LONG TERM BORROWINGS :- SECURED CAR LOAN FROM HDFC BANK LIMITED
Nature of Security and Terms of Repayment for
/115139.36 189680.18
:-
1
Car Loan amounting to Rs. 1.15 Lacs ( Marc Car Loan from HDFC BANK LIMITED The amount will 31'2011: Rs.1.89) is secured by hypothecation of be repaid in EMI of Rs. 8724 pm within 60 months, Starts Car from San' MI intprpts rata is
LONG TERM BORROWINGS :- UNSECURED
LOAN FROM RELATED PARTIES :- FROM DIRECTORS DIPESH SHETH '710000.00 5 000.00 PARAG SHAH 00.00 90000.00
RELATIVE OF DIRECTORS PRATAP N SHAH 3705000.00 ! 405000.00 RASHILA P SHAH rig00000.00 SETH STEEL PROCESSOR DAMYANTI SETH
4025..00000.00 900000.00
500000.00 0.00
FROM BODY CORPORATES ABI OUTSOURCING LIMITED 0.00 raM000.00
10005000.00 r /2105000.00 '
TOTAL . 10120139 36 0001694680.18
NOTE-4 TRADE PAYABLES CREDITOR FOR RAW MATERIAL 1467629.08 220338.08 CREDITOR FOR EXPENSES & SERVICES 462330.50 26428.00 CREDITOR FOR CAPITAL GOODS
TOTAL 929959.58 1 Ti4,6766.08 ), )
NOTE-5 OTHER CURRENT LIABILITIES CURRENT MATURITIES OF LONG TERM BORROWINGS 104688.00 104688.00 PAYABLES 725345.00 266734.14 ADVANCE FROM CUSTOMERS 24405.05 847827.55 TOTAL 054438.05 1 1219249.69
) ) NOTE-6 FIXED ASSETS
(i) TANGIBLE ASSETS GROSS BLOCK 16475016.51 16273526.51 LESS: DEPRECIATION 8884902.43 8169370.68 NET BLOCK 7590114.08 8104155.83
TOTAL 7590114.08 8 04155.83 \
(ii) CAPITAL WORK IN PROGRESS 1739575.00 0.00
TOTAL if 1739575.00 0.00
fe21032.60
1884844.00 1 5577.00
AS at sist March' 2012
AS at sisz March' 2011
NOTE -7 NON CURRENT INVESTMENT UNQUOTED INVESTMENT (NON TRADE) SPECIAL BLAST LIMITED 111250 EQUITY SHARE OF RS 10 EACH (4450000.00 445p000.00
4450000.00 4450000.00
NOTE- 8 LONG TERM LOANS & ADVANCES
PREPAID EXPENSES 2013-14 SECURITY DEPOSITS ( CONSIDERED GOOD)
0.00 500611.60
41859.00 822305.60
OTHER MAT CREDIT AVAILABLE
NOTE-9 DEFFERED TAX ASSEST DEFFERED TAX ASSESTS ON ACCOUNT OF UNABSORBDED DEP.\LOSS AND DISALLOWANCES UNDER INCOME TAX ACT
DEFFERED TAX LAIBILITY ON ACCOUNT OF DEPRECIATION AND REVERSAL OF ASSE
1946981.00 129040.00
440185.60
3045493.00
1292172.00
3322893.00
1810357.00
1753321.00 1t12536.00
NOTE- 10
OTHER NON-CURRENT ASSETS PRELIMNARY AND OTHER EXPENSES
DEBTORS OVER 12 MONTHS:- GYANDEEP ASSOCAITES GROMORE PROJECTS
2342109.04
401730.00 1430040.00
4173879.04
2414479.04
0.00
NOTE-11 INVENTORIES RAW MATERIALS FINSIHED GOODS
12696354.80 0.00
2690354.80
148_9941.38 "f 0.00
4489811.38
• g:1-170e% C.L.J2-11--e-
As at 31st March' 2012
As at 31st March' 2011
NOTE- 12 TRADE RECEIVABLES OVER SIX MONTHS UNSECURED, CONSIDERED GOOD 3064509.50 1715640.00 LESS THAN SIX MONTHS UNSECURED, CONSIDERED GOOD 1383600.00 6878239.85
4448109.50 593879.85 NOTE- 13 A. CASH AND CASH EQUIVALENTS CASH IN HAND 1537068.77 47622.12 BALANCES WITH BANKS IN CURRENT ACCOUNT 38047.15 615259.42
; 2275115.92 462881.54 NOTE-14 SHORT TERM LOANS AND ADVANCES LOANS & ADVANCES 400.00 880833.61 PREPAID EXPENSES 41859.00 0.00 BALANCES WITH GOVT. AUTHORITIES 250773.55 5857.32
293032.55 886690.93 NOTE-15 OTHER CURRENT ASSETS ADVANCE FOR EXPENSES 0.00 41859.00 ADVANCE TO SUPPLIER ( MATERIAL) 119341.51 465150.94 DEPOSITS WITH GOVERNMENT 110359.00 10054.00
229700.51 517063.94 NOTE- 16 REVENUE FROM OPERATIONS :- SALES OF PRODUCTS MANUFACTURING SALES 11 X030.00 7681900.00 TRADING SALES 0.00 2941 963.71
1352030.00 W83863.71 NOTE- 16.1 REVENUE FROM OPERATIONS SALES OF PRODUCTS MANUFACTURING GOOD SALES 1. CEMENT SALES 11352030.00 7681900.00
SALE OF MANUFACTURED GOODS TOTAL 52030.00 (481900.00
e_s
NOTE ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2012
As at 31st March' 2012
As at 31st March' 2011
TRADED GOODS IRON ORE SALES 0 .00 4401963.71
TRADED GOODS TOTAL 0.00 2401963.71
NOTE -17 OTHER INCOME INTERETS ON IT REFUND 0.00 0.00
INTEREST RECD. ON LOANS AND OTHER /413878.00 (62673.00
PROFIT ON SALES OF SHARES 0.00 420000.00
COMMISSSION (982000.00
1115878.00 583923.00
NOTE-18 COST OF MATERIALS CONSUMED OEPNING STOCK 1489811.38 753248.67
PURCHASE & INCIDENTAL EXPENSES & OTHERS 19013011.08 6097417.78
COST OF TRADING PURCCHASE $99964.00 0502822.46 7750630.45
LESS: CLOSING STOCK 12690354.80 1489811.38
MATERIALS CONSUMED 7812467.66 6260819.07
IMPORTED AND INDIGENOUS MATERIALS CONSUMED IMPORTED 0.00
INDIGENOUS 7812467.66 6260819.07 7812467.66 6260819.07
DETAILS OF MATERIALS CONSUMED CLYNKER \GYPSUM 5236933.81 3053450.04
SLAG 1594173.33 1731107.99
BAGS \PACKING MATERIAL \GRINDING BALLS 1360.52 576297.04 ;47812467.66 5360855.07
NOTE -19 CHANGE IN FINISHED GOODS OPENING STOCK FINISHED GOODS 0.00 0.00
CLOSING STOCK FINISHED GOODS 0.00 0.00
ACCRETION / DECRETION OF FINISHED GOODS 0.00 0.00
427000.00
NOTE ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2012 As at 31st
March' 2012 As at 31st
March' 2011
NOTE -20 EMPLOYEE BENEFIT SALARY 462000.00
427000.00 462000.00
NOTE -21 FINANCIAL COSTS BANK & COMMISSION CHARGES INTEREST ON CAR LOAN INTEREST ON INCOME TAX INTEREST ON VAT INTEREST ON ENTRY TAX INTEREST ON CST
4058.87 t0147.18 '1211.00 4410.86 1197.00 280.00
6731.00 38694.33
3414.00 5657.00 2471.00
41304.91 56967.33
NOTE - 22 OTHER EXPENSES MANUFACTURING EXPENSES ELECTRICITY CHARGES TRANSPORATION CHARGES (CLINKER) TRANSPORATION CHARGES (GYPSUM) TRANSPORATION CHARGES (GRINDING MEDIA) TRANSPORATION CHARGES (IRON ORE) TRANSPORATION CHARGES (SLAG) WAGES ENTRY TAX
1647827.00 799850.50
0.00 0.00 0.00 0.00
224185.00 26 5.00
933487.50 614096.20
1265671.00 331699.00
19737.80 6500.00
545000.00 244832.40 200656.00
ADMINISTRATIVE & SELLING EXPENSES PAYMENT TO AUDTIROS CONSUMABLE STORES CONVEYANCE EMPLOYER CONT. TO GRATUITY FUND INCOME TAX LABORATORY EXPENSES LISTING FEES POLLUTION FEES POSTAGE PRELIMINARY EXPENSES W/OFF PRINTING & STATIONERY PROFESSIONAL TAX REGISTRAR FEES PROFESSIONLA FEES REPAIR & MAINTENANCE TELEPHONE EXP. DISCOUNT CAR INSURANCE BIS FEES MISC BAL WRITTEN OFF
42135.00 39574.88 25670.00 26125.00
0.00 5595.00
11030.00 0.00
50.00 f72370.00
14600.00 2500.00
0.00 35000.00 80519.54
3600.00 102000.00
9995.00 41859.00
7867.91
41363.00 220035.00
17603.00 19250.00
55.00 5156.40
15782.00 4050.00 9630.00
72370.00 12950.00 2500.00 3000.00
18098.00 4889.00
530191.33 446731.40
3463678.83 3060827.60 TOTAL OTHER EXPENSES NOTE 22.1 PAYMENT TO AUDITORS COMPANY AUDIT FEES TAX AUDIT FEES SERVICE TAX A1135.00
22500 15000 4635
22500 15000
44/3863 363.00
PAYABLES
0.00 30831.14
TDS PAYBALE 8286.00 4136.00
VAT PAYABLE 0.00 26495.00 AUDIT FEES PAYABLE 38385.00 56860.00 PROFESSIONAL PAYABLE 0.00 2500.00
GRATUITY PAYABLE 73375.00 47250.00 ELECTRIC PAYABLE 4 .00 74977.00 ENTRY TAX PAYABLE 09242.00 SALARY PAYABLE 20000.00 INCOME TAX PAYABLE 6537.00 23685.00
TOTAL 725345.00 266734.14
ADVANCE FROM CUSTOMERS
PATIL TRADERS 29200.00
UNNATI ENTERPRISES 403725.05 403725.05
PRABHAV CONSTRUCTION COMPANY PRIVATE LTD 791480.00 MITTAL SUPPLY AGENCIES e` 4$,4102.50
TOTAL 1224405.05 I 847827.55
NOTE-8-DETAILS
LONG TERM LOANS & ADVANCES PREPAID EXPENSES BIS FEES 41859.00
0.00 41859.00 n
DEPOSITS & OTHER CSEB 138697.60 138697.60 INCOME TAX RECEIVABLE 112688.00 112688.00 INCOME TAX RECEIVABLE 24120.00 24120.00 CSEB DEPOSIT 211196.00 532890.00 OTHER DEPOSIT 4910.00 4910.00 CYLENDER DEPOSIT 3000.00 3000.00 SALES TAX DEPOSIT 6000.00 6000.00
TOTAL DEPOSITS it00611.60 822305.60
OTHER ADVANCES ADOPT VENTURE 1000000.00 1062137.00
GEE GEE INDUSTRIES 750000.00 750000.00
LARSON AND TUBRO LIMITED 20000.00 20000.00
SPECIAL BLAST LIMITED 114844.00 114844.00
1884844.00 1946981.00
TRADE RECEIVABLES FOR MORE THAN 12 MONTHS
GYANDEEP ASSOCAITES
GROMORE PROJECTS
210658391.11 0.00 TOTAL LONG TERM LOANS & ADVANCES 2385455.60 I 2811145.60
1--
NOTE-11 - DETAILS INVENTORY (AS VALUED AND CERTIFIED BY MANAGEMENT)
1. RAW MATERIAL CLYNKER \GYPSUM 11347150.56 1402530.62
BAGS \PACKING MATERIAL \GRINDING BALLS 1343204.24 87280.76
RAW MATERIAL TOTAL 12690354.80 1489811.38
5. FINISHED GOODS CEMENT 0.00 FINISHED GOODS TOTAL 0.00 0.00
TOTAL INVENTORY 12690354.80 1489811.38
NOTE-12 - DETAILS TRADE RECEIVABLES OVER SIX MONTHS UNSECURED, CONSIDERED GOOD MITTAL SUPPLY AGENCY PRABHAV CONSTRUCTION
50549.50 2228560.00 1715640.00
GROMORE CONSTRUCTION ER SIX MONTHS TRADE RECEIVABLES TOTAL
785400.00 3064509.50 1715640.00
LESS THAN SIX MONTHS GYAND EEP ASSOCAITES PRABHAV CONSTRUCTION GROMORE CONSTRUCTION
0.00
499800.00
1445610.00 2705230.00 2682000.00
ARHAM INCORPORATION KRUSHWELL INDUSTRIES ORPIL INDUTSRIES LIMITED
883800.00 8343.85
37056.00
LESS THAN SIX MONTHS -TOTAL 1383600.00 6878239.85
TRADE RECEIVABLES TOTAL I 8593879.85 4448109.50
NOTE-13 - DETAILS CASH AND CASH EQUIVALENTS BALANCES WITH BANKS STATE BANK OF INDORE 3000.00 3000.00
JANKALYAN SAHKARI BANK LIMITED 12601.92 8313.92
HDFC BANK LIMITED 240847.03 UNION BANK OF INDIA , CC 481598.20 603945.50
BALANCES WITH BANKS TOTAL 738047.15 615259.42
NOTE-14 - DETAILS SHORT TERM LOANS AND ADVANCES LOANS AND ADVANCES SANJEEV SAHI 400.00
BHILAI STEEL PLANT 85641.01
BHARAT BANSAL METAL MAN
600025.00 195167.60
400.00 880833.61
PREPAID EXPENSES 8
BIS 41859.00
41859.00 0.00
VAT INPUT CREDIT 250773.55 5857.32
250773.55 5857.32
NOTE-15 - DETAILS OTHER CURRENT ASETS ADVANCE FOR EXPENSES & SERVICES
BIS FEES 0.00
41859.00 41859.00
ADVANCES FOR RAW MATERIAL
AMBUJA CEMENT LTD 26343.00 19759.00 CENTURY CEMENT BAIKUNTH 40213.57 0.00 GRASIM CEMENT LIMITED 24752.00 24752.00 LARSON AND TUBRO LIMITED 28032.94 28032.94 KIRTI INDUSTRIESN 0.00 261595.00
INDSCO PLAST 0.00 131012.00 119341.51 465150.94
DEPOSITS WITH GOVERNMENT TDS RECEIVABLE 110359.00 10054.00
110359.00 10054.00
TOTAL OTHER CURRENT ASSESTS 229700.51 517063.94
NOTE-17 - DETAILS RAW MATERIAL CONSUMED
CLYNKER %GYPSUM OPENING STOCK 1402530.62 446419.87
ADD: PURCHASE 15123717.08 4009560.79
16§26247.70 44,55980.66
LESS: CLOSING STOCK 1 n9313.89 1402530.62 CLYNKER1GYPSUM 5236933.81 3053450.04
SLAG 0.00 0.00 OPENING STOCK
ADD: PURCHASE 1652010.00 1731107.99 1652010.00 1731107.99
1652010.00 1731107.99
LESS: CLOSING STOCK 57836.67 0.00
SLAG 1594173.33 1731107.99
BAGS TACKING MATERIAL %GRINDING BALLS OPENING STOCK 87280.76 306828.80
ADD: PURCHASE 2237284.00 356749.00
2324564.76 663577.80
LESS: CLOSING STOCK 1343204.24 87280.76 BAGS TACKING MATERIAL 981360.52 576297.04
TOTAL RAW MATERIAL CONSUMED 7812467.66 5360855.07 •
NOTE -18- DETAILS CHANGE IN FINISHED GOODS CLOSING STOCK (CEMENT 0.00 0.00
OPENING STOCK 0.00 0.00 0.00 0.00
FIRM 0.005980C SUN RI
PARTNER M.NO.074654
GANGOTRI CEMENT LIMITED
CASH FLOW STATEMENT FOR THE PERIOD FROM 01.04.11 TO 31.03.12
(Amount in Rs Year 2011-12
(Amount in Lacs) Year 2010-11
A) Cash Flow From Operating Activities :- r7924.85 1. Net Profit/(Loss) before Taxes and Exceptional Items 06003.31
Adjustments for:- Depreciation 1715531.75 721169.40
Interest Charged to P & L A/c 133878.00 162673.00
(Profit)/Loss on sale of Investment 0.00 0.00
(Profit)/Loss on sale of Fixed assets (net) 0.00 0.00
Other Non Cash Charges 72370.00 Preliminary Expenses written off ( i 72370.00
2.Operating Profit before Working Capital Changes 929704.60 1062215.71
Adjustments for:- Trade & other Receivable 3614175.16 (1101389.35)
Inventories (11200543.42) (736562.71)
Trade Payables & other Liabilities 2518381.86 330937.24
Cash generated from Operations (4138281.80) (444799.11)
Direct Taxes Paid st 0.00 ‘ (695.00)
Net Cash from Operating Activity (A) (4138281.80) (445494.11)
B) Cash Flow From Investing Activities :- Purchase of Fixed Assets (201490.00) (3016.00)
Sale of Fixed Assets 0.00 0.00
Decrease / (increase) in Capital Work in Progress (1739575.00) 0.00
Payment for Misc . Assets 0.00 0.00
Misc. Expenses Capitalised 0.00
Purchase of Investment 0.00
Dividend Received 0.00 0.00
Sale of Investment 0.00 1000000.00
Net Cash from Investing Activity (B) (1941065.00) 996984.00
C) Cash Flow From Financing Activities :- t Proceeds from Unsecured Loans ( Net) 7900000.00 (3005000.00)
Proceed from Bank Borrowing (Net) (74540.82) (66443.67)
Monies received towards Share Capital & application 0.00 2835000.00
Monies received towards Share Premium 0.00 0.00
Interest Paid ( 1133878.00) t (162673.00)
Proposed dividend paid 0.00 0.00
Corporate Dividend Tax Paid on Equity dividend 0.00 0.00
Net Cash From Financing Activities (C) 7691581.18 (399116.67)
D) Net Increase I (Decrease) in Cash & Cash Equivalents ( (A)+(B)+( C ) ) 1612234.38 152373.22
E) Cash and Cash Equivalent at beginning of the Year 662881.54 510508.32
F) Cash and Cash Equivalent at end of the Year (D+E) 2275115.92 662881.54
NOTE:- 1. The above cash flow Statement has been prepared under the "Indirect Method" as set out in accounting Standard (AS)-3 2. Previous Year figures have been regrouped / recast wherever necessary. AS PER OUR REPORT OF EVEN DATE For GANGOTRI CEMENT LI
FOR, SUNIL JOHRI AND ASSOCIATES CHART: D ACCOUNTANTS
IPESH SHETH) (PARAG SHAH)
IRECTOR DIRECTOR
COMPANY SECRETARY & COMPLIANCE OFFICER
RAIPUR
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GANGOTRI CEMENT LIMITED
NOTES ON FINANCIAL STATEMENT
24. Earning per share:
Net Profit /(Loss) for the year - (8709 No. of Equity Shares 38324 Profit / (Loss) per share 0.08
25. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.
26. There is no claim against the company not acknowledged as debts.
27. Balance shown under the headings sundry creditors for Goods, expenses & others, sundry debtors, other current assets, banks and advances to suppliers are subject to confirmations. Necessary adjustment, if any will be made when the accounts are reconciled and settled.
28. In the opinion of the management there is no such events occurred after the date of Balance sheet that needs discloser in these accounts.
29. In the Opinion of the board of directors, the loans, advances and current assets have a value on realization in the ordinary course of business, at least equal to the amounts of which these are stated and that the provisions for the known liabilities are adequate and not in excess of the amount reasonably necessary.
30. Valuation & consumption of inventories has been taken as valued and certified by the management.
31 There were no employee at any time during the year drawing Rs.500000/- or more per month.
30. SEGMENT REPORTING
(a) Business Segment: - The Company has considered business segment as the primary segment to disclose. The company is engaged in the manufacture Portland / Slag Cement, which is the context of AS_17 issued by the Institute of Chartered Accountant of India, is considered the only business segment. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment.
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(b) Geographical Segment: - The Company sells its products within India. The condition prevailing in India being Uniform No. Separate geographical segment disclosure is considered necessary.
31. Related party disclosures under accounting standard 18
i. Other related parties with whom transactions have taken place during the year
Subsidiaries - NIL
ii. Key management personnel Board of Directors
a. Shri K. C . Sheth b. Shri Dipesh M. Sheth c. Shri Parag P Shah
iii. Relative of Key management personnel where transaction have been taken place.
a. Electra India b. Sheth Engineering works c. Sheth Steel Processors d. ABI outsourcing limited e. Parag Shah f. Pratap .N. Shah g. Rasila .P. Shah
iv. Transaction with related parties referred to above in ordinary course of business. Rs in Lacs
Nature of Transaction Referred in 14(a) (ii) above
Referred in 14(b) (iii) above
Remuneration paid / salary -- Loan received (8.00 r .50
Loan Repaid e"-6.00
Outstanding (14.00 86.05
32. Details of Employee benefits as required by the Accounting Standard 15 "Employee Benefits" are given below:-
(a) Defined Contribution Plans:- During the year the company has not employed more than 10 employees and therefore no Statutory Act Related employee are applicable. However company has not recognized any amount for Defined Contribution in the profit & loss Accounts as the employee's are not permanent.
(b) Defined benefit plan:- Provision of gratuity for the employee of Rs. 26125 on the basis of the formula given in Annexure -1 of accounting policy point no.12 (b) of accounting Polices, only for that employee who have completed continuous five year service in the enterprises Above provision of gratuity is not accordance with AS-15.
C). Gratuity provision is not in accordance with AS-15
33. In respect of Micro / Small / Medium Enterprises Development Act, 2006, certain disclosure is required to made relating to Micro / Small / Medium Enterprises. The company could not get relevant information from its supplier about their coverage under the Act since the relevant information is not readily available, no disclosure have been made in the account. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said act have not been made
34. Significant accounting policies adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.
FOR & ON BEHALF OF THE FOR, SUNIL JOHRI & ASSOCIATES BOARD CHARTERED ACCOUNTANTS
FIRM RE N. NO.05960C end
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(IireSHETH) (DIP> SH SHETH) (SU JOHRI) DIRECTOR DIRECTOR PA TNER ?H2 as, s HAI-A M.NO.074654
PLACE: RAIPUR DATED: 03/09/2012
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Annexure -1 ACCOUNTING POLICIES:-
A. Basis of Preparation:-
The financial statement have been prepared under the historical cost conventional accrual basis of accounting, in conformity with accounting principles generally accepted in India requires management to make estimates and assumptions that affect the reported amounts of asset and liabilities and disclosures relating to contingent liabilities as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. actual results could differ from these estimates. Differences between actual result and estimates are recognized in periods in which the results are known/materialized. or comply with the accounting standard referred to in Sec. 211 (3c) of the Companies Act, 1956.
Sales are recognized on passing of risks and rewards attached to the goods. sales do not include value added tax(VAT) and central sales tax(CST).
Some of the more important Accounting policies which have been applied are summarized below :-
1. FIXED ASSETS :-
A. Fixed Assets are stated at cost of acquisition and valued at Historical cost. Related pre operational expenses form part of the value of assets capitalized less Depreciation.
B. Machinery Spares, received along with the plant or equipment and whose Use is expected to be irregular, are capitalized and depreciated over the Useful life of the related asset.
C. Directly identified expenses are being capitalized. All other allocable expenses during the period of construction for the project are being capitalized proportionately on the basis of the value of assets on date of production.
2. DEPRECIATION :-
i. Depreciation on depreciable assets has been provided in the books of accounts, as per the rates prescribed in schedule XIV of the companies Act, 1956 as per Straight Line Method.
ii Depreciation on additions to and deductions from fixed assets is being provided on pro- rata basis from /to the date of acquisition/disposal.
3. RECOGNITION OF INCOME AND EXPENDITURE :-
i. Mercantile method of accounting is employed unless otherwise specifically stated elsewhere in this schedule. However where the amount is immaterial / negligible and / or establishment of accrual / Determination of amount is not possible, no entries are made for the accruals.
ii. Interest on allotment/call/refund money is accounted for on cash basis
4. Contingent Liabilities :- Contingent liability is generally not accounted for in the accounts. Liabilities in respect of show cause notices received are considered as contingent liabilities only when they are converted into demand and contested by the company.
5. INVENTORIES :
Stock of raw material, stores, finished goods, spares are valued at cost or net realizable value, and whichever is less. Net realizable value is calculated on the basis of average price of April i.e. to the year-end. The cost of inventories of Raw Material is computed ton average cost basis. Finished goods stocks are valued at the cost of raw material consumed and direct cost related to production excluding depreciation.
6. RESEARCH AND DEVELOPMENT EXPENDITURE :
Revenue expenditure is charged to the Profit & Loss A/c and capital expenditure is added to the costs of Fixed Assets in the year in which it is incurred and depreciation thereon is provided as per the rates prescribed in Schedule XIV of the Companies Act, 1956.
7. BORROWING COST :
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.
8. IMPAIRMENT OF ASSETS :
An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is normally charged to Profit & Loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
9. TAXES ON INCOME: -
Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Differed tax is recognized subject to the consideration of prudence in
• respect of deferred tax assets, on timing differences, being the difference between taxable income and accounting income that originate in one period and capable of reversal in one or more subsequent period.
10. INVESTMENT:-
Long term investments are carried out at cost less any other temporary diminution in value, determined on the specific identification basis.
Current investments are carried at the lower of cost and fair value.
Profit & Loss on sale of investment is determined on specific identification basis.
11. FOREIGN CURRENCY TRANSACTION:-
Transactions in foreign currency are recorded in Rupees by applying the exchange rate prevailing on the date of transaction. Transactions remaining unsettled are translated at the rate of exchange ruling at the end of the year. Exchange gain or loss arising on settlement, translation is recognized in the profit & loss a/c.
12. EMPLOYEE BENEFITS:
a. Provident Fund is a defined contribution scheme and the contribution is charged to the Profit & Loss A/c of the year when the contributions to the Government Funds is due.
b. Gratuity Liability is defined benefit obligations and are provided for on the basis of following formula:- Last drawn Salary * 15/26 * No. of Completed year of Services The above calculation is done only for those employee who have completed continuous five year of services. However, the above calculation of Gratuity is not as per Actuary Valuation
c. Short Term Compensated absences are provided for based on estimates. Long Term compensated absences are provided for based on actuarial valuation.
d. Actuarial gains / losses are immediate taken to the profit & loss account and are not deferred.
