GENERAL INFORMATION :
Auroma Coke Limited (the Company) is engaged primarily in washing of
raw coal and slurry and manufacture of Wash Coal, Middlings, Slurry,
Hard Coke and its various combinations. It is also engaged in trading
of above products including coal. The manufacturing plants are located
in India. The Company is a public limited company and its shares are
listed on the Bombay Stock Exchange (BSE).
[1.1] Contingent Liabilities :
No provision has been made in respect of following contingent
(a) VAT demand for the year 2007-08 (Net of payments and input
adjustments): Rs. 0.52 Lacs (Rs. 12.98 Lacs for year 2006-07 &
2007-08) and also input claimed but yet to be allowed for 2006-07 &
2007-08 Rs. 7.99 Lacs (Rs. 28.41 Lacs). In respect of the year
2008-09, the excess demand of Rs. 3.86 lacs (NIL) has been adjusted
from the input credit and further input claim of Rs. 1.09 lacs (NIL)
has not been allowed. In all the above cases the company is in the
process of filing revisions / appeals.
[1.2] Commitments :
No provision has been made in respect of following commitments:
(a) Estimated value of contracts of
capital nature not provided (net of
advances) : Rs. 15.36 lacs
(Rs. 18.99 lacs).
(b) Unexpired Bank Guarantees
outstanding : Rs. 600.03 lacs
(Rs. 238.65 lacs).
[1.3] As per information available with the company there are no dues
payable to any small scale industrial undertaking as at 31-03-2012.
[1.4] Gross depreciation for the current year is Rs. 68,20,010/-
(66,55,201/-) out of which Rs. 5,206/- (5,206/-) has been transferred
to revaluation reserve.
[1.5] The amount payable to micro, small and medium enterprises, to the
extent identified on the basis of information available, are as follow:-
(i) Principal amount outstanding as on 31-03-12 : Rs. NIL (NIL)
(ii) Interest due on outstanding amount
as on 31-03-12 : Rs. NIL (Rs.Nil)
(iii)Interest paid during the year : Rs. NIL (Rs. Nil)
(iv) Interest due and payable for the delay in
making payment beyond the due
date of payment : Rs. NIL (Rs. Nil)
(No payment made beyond due date to SME sector, wherever they were
[1.6] Balance confirmation certificate in respect of sundry parties has
not been received from the parties in some cases.
[1.7] During the previous year the company has changed the method of
accounting of VAT being charged on sales. Sales are accounted for net
of VAT instead of inclusive of VAT as was being accounted for in
earlier previous years. Due to this change the related item of sales
and VAT Expenses in Profit & Loss A/c of the previous year was lower by
Rs. 13757454/-. However, this change in accounting treatment had no
impact on the profit for that year.
[1.8] Advances received for allotment of equity shares are proposed to
be allotted at a price band of Rs. 18/- to Rs. 30/- per share,
inclusive of appropriate premium per share depending on the then issue
price, ranking pari-passu with the existing shares of the company. No
period of allotment has been specified while accepting such advances.
In respect of advance against allotment money received from two
applicants amounting to Rs. 14,35,00,000/-, a scheme of merger and
amalgamation proposal of those two companies with the company has been
filed with the Hon''ble High Court at Calcutta for sanction of
respective schemes after obtaining all the required approvals. Pending
such sanction, the amount has been kept as advance against allotment,
which would be nullified upon such sanction of merger scheme and
simultaneous issue of fresh equity shares to the shareholders of those
In respect of balance amount of advance received against allotment of
shares, it is proposed that the shares shall be allotted before
31.3.2016, subject to required statutory approvals.
It is proposed to increase the required authorised capital resulting
from allotment, if made, of the advance money so received or to the
shareholders of the amalgamating companies, before the allotment
process takes place.
(ii) Stores, Spare Parts and Components :
The company did not consume any imported stores materials, spare parts,
components and Chemicals. All consumptions were indigenous.
(1) Consumption of raw material includes sales also as it is not
practical to identify separately the cost of material sold.
(2) The quantity of consumption of raw coal, slurry etc. is accounted
for on estimated basis as per practice and convention prevailing in the
(B) Earning in foreign currency : NIL (NIL)
(C) Expenditure in foreign currency (on accrual basis) :
(i) For Raw Materials : NIL (Rs. 3,88,81,864/-)
(ii) For Bank Interest : Rs. 1,31,08,187/-
(iii) For Bank Charges : NIL (Rs. 1,30,126/-)
[1.9] Related party transactions :
The company has identified all related parties and details of
transactions are given below. No amounts have been written off or
written back during the year in respect of debts due from or to related
(a) Name of Key management personnel
1. Mr. Rajiv Tulsyan
2. Mr. Sanjeev K. Tulsyan
3. Mr. Prashant Tulsyan
(b)Name of associates / companies :
(i) ACM Fuels Ltd.
(ii) Auroma Coke Manufacturers Pvt. Ltd.
(iii) Smart Dealers Pvt. Ltd.
(iv) A C M Finvests Pvt. Ltd. (w.e.f. 30.3.12)
[1.10]The Company has reviewed its individual assets and cash
generating units for impairment in terms of Accounting Standard - 28
issued by The Institute of Chartered Accountants of India, and none of
them were found to be materially impaired.
[1.11]The company has identified that it has no reportable segments.
[1.12] During the year ended 31st March, 2012, the revised format of
accounts was notified by modifying Schedule VI under the Companies Act,
1956. The new format has been followed for preparation and presentation
of the financial statements. The adoption of revised Schedule VI, as
aforesaid does not impact recognition and measurement principles
followed for preparation of the financial statements. The Company has
reclassified / regrouped the previous year''s figures in accordance with
the requirements applicable in the current year.