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Ferro Alloys Corporation

BSE: 500141|NSE: FERROALLOY|ISIN: INE912A01026|SECTOR: Mining & Minerals
Feb 20, 16:00
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Ferro Alloys Corporation is not traded in the last 30 days
« Mar 14
Notes to Accounts Year End : Mar '15
(Rs. in lacs)
                                                As at            As at
                                      31s1 March, 2015 31st March, 2014
 Authorised Share Capital:
 220,000,000 (Previous Year - 
 220,000,000) Equity Shares of Rs. 1/-
 each                                        2200.00         2200.00
 800,000 (Previous Year - 800,000) 
 0.01% Redeemable Preference
                                              800.00          800.00
 Shares of Rs. 100/- each
 TOTAL                                       3000.00         3000.00
 Issued, Subscribed and Paid up:
 185,268,241 (Previous Year - 
 185,268,241) Equity Shares of Rs. 1/-
 each                                        1852.68         1852.68
 fully paid up
 TOTAL                                       1852.68         1852.68
 2.1 Terms/rights attached to Equity Shares:
 The Company has only one class of Equity Shares having a par value of Rs.
 1/- per share. The Equity Shares have equal rights, preferences and
 restrictions which are in accordance with the provisions of law, in
 particular the Companies Act, 2013
 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.
 3. Corporate Scocial Responsibility Expenditure during the year
 amounts to Rs. 53.13 Lacs which has been debited under different heads of
 accounts in the Statement of Profit and Loss.
 4. 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.
 5. Contingent Liabilities and Commitments
 (I) Contingent Liabilities :
 (a) Claims against the Company not acknowledged as debts, since
 disputed Rs. 6,027.52 lacs (Previous Year Rs. 4,848.54 lacs).  Amounts paid
 under protest Rs. 379.61 lacs (Previous Year Rs. 352.83 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. 599.91 Lacs (Previous Year
 Rs. 848.49 lacs).
 6. a) The Company has given corporate guarantee to Rural
 Electrification Corporation Ltd. (REC) in connection with granting a
 facility of Term Loan of Rs. 51,790 Lacs (Previous Year Rs. 46,704 Lacs) to
 Facor Power Ltd. (FPL). The Company has also pledged 19,80,60,000
 shares (Previous Year 15,10,74,299 shares) with REC out of 19,80,60,000
 shares (Previous Year 17,81,00,000 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.
 7. Details of Loans given, Investments made and Guarantee given
 covered U/s 186(4) of the Companies Act, 2013 :
 Loans given, Investments made and Guarantees given by the Company in
 respect of loans are given under the respective heads.
 8. Previous Year''s figures have been re-grouped wherever necessary.
Source : Dion Global Solutions Limited
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