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Tata SSL
BSE: 500396|NSE: SPECIALSTL|ISIN: INE675A01011|SECTOR: Steel - Tubes/Pipes
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Tata SSL is not traded in the last 30 days
Tata SSL is not traded in the last 30 days
Notes to Accounts Year End : Mar '02
SHARE CAPITAL:
 
 (a) 51,71,500 Equity Shares of Rs. 10 each were allotted as fully
 paid-up bonus shares by utilisation of Rs. 90,00,000 from Capital
 Redemption Reserve and Rs. 4,27,15,000 from General Reserve.
 
 (b) 5,95,000 Equity Shares of Rs.10 each, fully paid up (previous year
 5,95,000) were allotted in 1982, without payment being received in
 cash, to the shareholders of the erstwhile Gogte Steels Limited in
 terms of the scheme of amalgamation sanctioned by the Bombay High
 Court. Besides, as per the said scheme, 28,000 - 11 % Redeemable
 Cumulative Third Preference Shares of Rs. 100 each were allotted to the
 shareholders of the erstwhile Gogte Steels Limited and the same have
 since been redeemed.
 
 (c) 81,12,855 Equity Shares of Rs. 10 each, fully paid-up were allotted
 on conversion of the 14% Partly Convertible Debentures (2000) of Rs.
 125 each on 14th January, 1993.
 
 (d) 69,16,100 Equity Shares of Rs. 10 each fully paid-up were allotted
 on 19th May, 1995 to the shareholders of the erstwhile Tata Metals and
 Strips Limited on amalgamation with the Company.
 
 (e) 1,709 Equity Shares of Rs. 10 each had been forfeited in 1995-96
 for unpaid calls.
 
 (f) 52,81,849 Equity Shares of Rs. 10 each, fully paid up were allotted
 on conversion of Part A of the 14% Partly Convertible Debentures (2003)
 of Rs. 100 each on 1 st July, 1996.
 
 SECURED LOANS:
 
 1. The Non-Convertible portion of the 14% Partly Convertible
 Debentures (2003) is secured by a mortgage on the movable and immovable
 properties of the Company situated at Borivli and Tarapur. These
 Debentures were allotted on 26th February, 1996 and 7th March, 1996 and
 are redeemable at par on 26th February, 2003 and 7th March, 2003
 respectively.
 
 2. Working capital facilities from banks are secured by hypothecation
 of raw materials, finished goods, stores and spares, work-in-process
 and book debts, present and future (other than bills discounted with
 banks) and a subservient charge over all movable and immovable
 properties of the Company situated at Borivli and Tarapur.
 
 3. Term loans taken from banks amounting to Rs. 4,000 lakhs (previous
 year Rs. 3,000 lakhs) are against hypothecation of movable plant &
 machinery at Borivli and Tarapur plants and also covered by Corporate
 Guarantee of Tata Steel.
 
 FIXED ASSETS:
 
 (a) Amount of freehold land includes Rs. 357.35 lakhs being the surplus
 resulting from revaluation carried out on 31st December, 1988.
 
 (b) Depreciation on leasehold land and flats represents amortisation of
 leasehold properties.
 
 (c) Buildings include Rs. 1,550 (previous year Rs. 1,550), value of 26
 shares (previous year 26 shares) of Co-operative Housing Societies
 (includes 6 shares in the name of erstwhile Tata Metals and Strips
 Limited). Five residential flats in Tata Housing Colony, Andheri
 (West) owned by the Company, not disclosed in the asset register
 separately at the time of merger of Tata Metals & Strips Ltd. with Tata
 SSL Limited nave now been incorporated in the asset register at a
 nominal cost. There are restrictions on transfer of these flats.
 
 (d) Arising out of currency swap transaction, exchange rate difference
 amounting to Rs. 3.95 lakhs (previous year Rs. 72.77 lakhs) has been
 added to the cost of Plant and Machinery.
 
 (e) Includes advances for capital expenditure Rs. 54.51 lakhs (previous
 year Rs. 10.18 lakhs).
 
 (f) In respect of tenements acquired from City Industrial Development
 Corporation of Maharashtra Limited (CIDCO), the Company has entered
 into lease agreements for a term of 60 years on yearly rent of Re. 1
 only. For the flats acquired in the buildings constructed by the
 Maharashtra Industrial Development Corporation (MIDC), the Company has
 entered into a lease agreement for 36 flats for a period of 30 years on
 yearly rent of Re. 1 only.
 
 (g) The Company is covered by provisions of Urban Land (Ceiling and
 Regulations) Act, 1976, under which an application for exemption was
 filed with the Directorate of Industries. The Company has received an
 order under Section 20 declaring 9123.24 sq. mtrs. of industrial land
 as vacant. As regards residential land, the authorities have exempted
 total area of 16155.30 sq. mtrs. out of which 12614.50 sq. mtrs. are
 being used for construction of residential flats.
 
 OTHER NOTES:
 
 1. Repairs to plant and machinery excludes salaries, wages, stores and
 spare parts.
 
 2. The Company has transferred the development rights of residential
 land admeasuring 9750 sq. mts. of which 595 sq. mts. constituted
 leasehold land, located at Borivli, Mumbai for a consideration of Rs.
 648 lakhs. A further transfer of development rights (TDR) for 1863 sq.
 mtrs. of land has been executed for a consideration of Rs. 95 lakhs.
 Pending execution of a deed for transfer of title in the land, in
 compliance with Accounting Standard 10, the value of the said land has
 been eliminated from the gross block of assets since no further benefit
 is expected from the said land.
 
 3. Disclosures in accordance with Accounting Standard 11:
 
 (a) Amount of net exchange profit included in the profit/floss) for the
 year Rs. 94.35 lakhs [Previous year loss of Rs. 7.61 lakhs)].
 
 (b) Amount of exchange loss adjusted in the carrying amount of fixed
 assets during the year: Rs. 3.95 lakhs [Previous year Rs. 97.18 lakhs].
 
 (c) The amount of exchange differences in respect of forward exchange
 contracts to be recognized in the profit and loss account for the
 subsequent accounting period is Rs. 9.72 lakhs.
 
 4. Names of small scale industries to whom the company owes a sum
 exceeding Rs. 1 lakh which is outstanding for more than 30 days at the
 Balance Sheet date are: Anjaney Ferro Alloys Rs. 16.34 lakhs. Bearing &
 Basic Comp. Rs. 1.02 lakhs. Fluid Control Engine Rs. 3.86 lakhs,
 Flexible House Company Rs. 1.64 lakhs, Guru Nanak Engineering Rs. 2.35
 lakhs, Geeta Timber Mart Rs. 1.94 lakhs, Henkel Chembond Surf Rs. 37.89
 lakhs, Jai Suprabha Protect Rs. 5.43 lakhs, J. Mangsun & Company Rs.
 1.07 lakhs, Jawahar Leather Work Rs. 1.96 lakhs, J. S. Enterprise Rs.
 2.26 lakhs, Kapil Metal Industries Rs. 1.28 lakhs, Metco Rs. 1.19
 lakhs, Mec Fab Engineering Rs. 3.98 lakhs, Minar Hydrosystems Rs. 1.04
 lakhs, Pinak Industries Rs. 9.83 lakhs, Plyoff Packaging Pvt. Ltd. Rs.
 1.44 lakhs. Perfect Paper Cone Rs. 3.31 lakhs, R. Purshottam & Sons Rs.
 1.15 lakhs, Sosun Engineering Co. Rs. 1.20 lakhs. Sunny Gloves
 Industries Rs. 1.18 lakhs, Super Clean Industries Rs. 1.08 lakhs,
 Sunrise Chemicals Rs. 1.33 lakhs, V. Excel Engineers Rs. 2.52 lakhs.
 Venture Packaging Rs. 1.79 lakhs. This statement regarding small scale
 industrial undertakings has been compiled to the extent such parties
 have been identified on the basis of information available with the
 company, which has been relied upon by the auditors.
 
 5. Unclaimed interest of Rs. 12,56,322.60 on 13.5% convertible bonds
 (interest on non-convertible portion of the bonds) is lying unpaid for
 more than 7 years. This matter has been taken up by Tata Group legal
 office with Dept. of Company Affairs and Bombay Chamber of Commerce.
 Action will be taken on receiving directive from them.
 
 6. As per Accounting Standard 22, the deferred tax liabilities of Rs.
 4,406.68 lakhs and deferred tax assets of Rs. 4,238.39 lakhs
 ascertained as on 1st April 2001 have been adjusted resulting in a net
 decrease to the extent of Rs. 168.29 lakhs in General Reserves. The
 estimated performance in future years and implementation of
 restructuring plan are expected to generate profits sufficient for
 adjustment of past business losses and unabsorbed depreciation which
 are included in deferred tax assets.
 
 7. Previous year's figures are regrouped wherever necessary.
Source : Dion Global Solutions Limited
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