SENSEX NIFTY India | Notes to Account > Steel - Sponge Iron > Notes to Account from Vaswani Industries - BSE: 533576, NSE: VASWANI

Vaswani Industries

BSE: 533576|NSE: VASWANI|ISIN: INE590L01019|SECTOR: Steel - Sponge Iron
Apr 21, 16:00
0.09 (0.86%)
VOLUME 21,478
Apr 21, 15:44
0.35 (3.5%)
VOLUME 2,992
Mar 14
Notes to Accounts Year End : Mar '15
 1. Computation of basic and diluted earnings per share:
 Particulars                                 Current Year    Previous
 Net Profit after tax (in lacs )             115.06           2.94
 Weighted average number of Equity Share     28654700         28049086
 Nominal Value per share                     10.00            10.00
 Basic and Diluted Earnings Per share        0.40             0.01
 2. The figures of the previous year have been regrouped wherever
 considered necessary to confirm with current year''s presentation. The
 figures have been rounded off in Rs. in Lacs.
 3. Balance under sundry debtors, other current assets, sundry
 creditors, and loans & advances are subject to confirmation and
 reconciliation if any.
 4. In the opinion of the Management, Current Assets, Loans & Advances
 have the value at which they are stated in the balance sheet if
 realized in the ordinary course of the business except the balance of
 Suvikash alloys and Steel Pvt. Ltd, Cement Corporation of India Ltd.
 and Bhadramaruti concast private limited. No Provision has been made
 as matter is under court proceedings.
 5. 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.
 6. Details of Employee benefits are given below:-
 (a) Defined Contribution Plans:-
 During the year the company has recognized the following amount in the
 profit & loss Accounts (included in Contribution to provident & other
 (b) Defined Benefit Plan:-
 Rs.7.90 Lacs (Cumulative figure) has been provided for Gratuity on the
 basis of the formula given in point no.16 of Significant Accounting
 Policies, only for those employees who have completed continuous five
 year service in the enterprise.
 Above policy is not matched with calculation prescribed in AS-15
 7. Related Party Disclosures :
 a. Name of the related parties
 Group Companies/         Key Management            Relatives of Key
 Associates               Personnel               management Personnel
 M/S Kwality Foundry      Shri Ravi Vaswani       1.Smt. Sudha Vaswani
 C.G.Ispat Pvt. Ltd.      Shri Pramod Vaswani     2.Smt. Juhi Vaswani
 Cosmos Castings          Shri Yaswant Vaswani    3.Smt. Manisha Vaswani
 (India) Limited
 Vaswani Ispat Ltd.
 Vaswani Cement Ltd.
 Vaswani Energy Ltd.
 Shubh Infrastructure Ltd.
 8. Valuation & Consumption of inventories has been taken as valued
 and certified by the management.
 9. There were no employee at any time during the year drawing Rs.
 500000/- or more per month.
 10. Segment Reporting as required by Accounting Standard (AS-17)
 issued by the Institute of Chartered Accountants of India:-
 11. Contingent liabilities & Commitments not provided for in respect
 (a) Claims against the Company not acknowledged as debt: (Rs. in Lacs)
 Particular                                         2014-15      2013-14
 - Sales Tax                                         75.53        75.53
 - Excise Duty                                      294.55       236.10
 - Customs Duty                                      86.02         0.00
 (b) Guarantees:-
 Particular                                        2014-15       2013-14
 Letter of Credit                                  2572.93       2306.49
 (c) Law Suit: South Eastern Coalfields Ltd has lodged case against the
 company of which outcome of law suit is unquantifiable, hence no
 provision accounted in books.
 12. Since the company is engaged in the generation of power from A.Y
 2008-09, So the company is entitled to claim the deduction under
 section -80IA of Income tax act & the quantum of deduction is 100% of
 profit & gains derived from such business for 10 consecutive assessment
 years out of 15 years beginning with the year in which enterprises
 begins to generate Power. Hence the company is decided to claim the
 deduction from A.Y.2013- 14.
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