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Ferro Alloys Corporation
BSE: 500141|NSE: FERROALLOY|ISIN: INE912A01026|SECTOR: Mining/Minerals
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« Mar 13
Notes to Accounts Year End : Mar '14
1. Disclosure pursuant to Accounting Standard - 15 ( Revised)
 Employee Benefits:
 
 Defined Contribution Plan :
 
 Amount of Rs. 245.23 (Previous Year Rs. 246.31) is recognised as
 expense and included in Employee Benefits Expenses in Note 25 of the
 Statement of Profit and Loss.
 
 Defined Benefit Plan :
 
 The company has a defined benefit gratuity plan. Every employee who has
 completed five years or more of service is entitled to Gratuity on
 terms not less favourable than the provisions of the Payment of
 Gratuity Act, 1972. The scheme is funded with SBI Life Insurance in
 form of qualifying insurance policy.
 
 The Company also extends benefit of compensated absences to the
 employees, whereby they are eligible to carry forward their entitlement
 of privilege leave for encashment. This is an unfunded plan.
 
 The following tables summaries the components of net expense
 recongnised in the Statement of Profit and Loss and Balance Sheet for
 the respective plans.
 
 2.  There are no Micro, Small and Medium Enterprises, to whom the
 company owes dues, which are outstanding as at the Balance Sheet date.
 The above information has been determined to the extent such parties
 have been identified on the basis of information available with the
 company. This has been relied upon by the auditors.
 
 3.  Contingent Liabilities and Commitments
 
 (I) Contingent Liabilities :
 
 (a) Claims against the Company not acknowledged as debts, since
 disputed Rs. 4,848.54 lacs (Previous Year Rs. 3,933.25 lacs).  Amounts
 paid under protest Rs. 352.83 lacs (Previous Year Rs. 282.83 lacs) have
 been debited to Advance Account.
 
 (b) Counter guarantees in favour of Consortium Banks in respect of
 their outstandings with Facor Steels Limited. Due to the nature of the
 liability, its financial impact is not ascertainable.
 
 (II) Capital and other Commitments :
 
 (a) Estimated amount of contracts on Capital Account remaining to be
 executed and not provided for in accounts Rs.  848.49 Lacs (Previous
 Year Rs. 243.51 lacs).
 
 4.  (a) The Company has given corporate guarantee to Rural
 Electrification Corporation Ltd. (REC) in connection with granting a
 facility of
 
 Term Loan of Rs. 46,704 Lacs (Previous Year Rs. 39,768 Lacs) to Facor
 Power Ltd. (FPL). The Company has also pledged 15,10,74,299 shares
 (Previous Year 8,68,24,299 shares) with REC out of 17,81,00,000 shares
 (Previous Year 15,31,24,369 shares) held in FPL besides giving an
 undertaking to provide interest free unsecured subordinated loan or
 subscribe for equity / preference shares to FPL in case of cost overrun
 at any stage of the project.
 
 b) The Company has given corporate guarantee to Central Bank of India
 of Rs. 4,200 Lacs (Previous Year Rs. 4,200 Lacs) for providing Working
 Capital Facilities to FPL.
 
 5.  Related Party Disclosure:-
 
 I. List of related parties:-
 
 A.  Name and nature of relationship with the related party where
 control exists:
 
 Facor Power Limited - Subsidiary Company.
 
 Facor Realty and Infrastructure Limited - Subsidiary Company.
 
 Facor Energy Limited - Subsidiary Company.
 
 B.  Enterprise, over which key management personnel and their relatives
 exercise significant influence, with whom transactions have taken place
 during the year :
 
 1. Facor Alloys Limited 2. Facor Steels Limited
 
 3.  Rai Bahadur Shreeram and Company Private Limited. 4. Shri
 Durgaprasad Saraf Charitable Trust
 
 5.  Shreeram Shipping Services Pvt. Ltd.  6. Shreeram Durgaprasad Ores
 Pvt. Ltd.
 
 7.  Smt. Godavari Devi Saraf Janseva Trust 8. Saraf Enterprises (Pvt.)
 Ltd.
 
 9. Saraf Bandhu Pvt. Ltd.
 
 C.  Key Management Personnel :
 
 i) R.K. Saraf Chairman & Managing Director
 
 ii) Manoj Saraf Managing Director
 
 iii) Vinod Saraf Joint Managing Director
 
 iv)  Rohit Saraf    Joint Managing Director
 
 v)   Ashish Saraf   Joint Managing Director
 
 D.   Relative of a Key Management Personnel :
 i) Mrs. Priti Saraf
 
 6.  Previous Year''s figures have been re-grouped wherever necessary.
 
 7.  The Ministry of Corporate Affairs, Government of India, vide
 Circular No. 2 and 3 dated 8th February, 2011 and 21st February 2011
 respectively has granted a general exemption from compliance with
 section 212 of the Companies Act, 1956, subject to the fulfillment of
 conditions stipulated in the circular. The Company has satisfied the
 conditions stipulated in the circular and hence is entitled to the
 exemption. Necessary information relating to the subsidiaries has been
 included in the Consolidated Financial Statements. The annual accounts
 of the subsidiary companies are available for inspection by any
 shareholder at the Registered office of the Company. The annual
 accounts of the subsidiary companies are also available for inspection
 at their respective registered offices.
Source : Dion Global Solutions Limited
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