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Moneycontrol.com India | Notes to Account > Steel - Tubes/Pipes > Notes to Account from Zenith Birla India - BSE: 531845, NSE: ZENITHBIR
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Zenith Birla India
BSE: 531845|NSE: ZENITHBIR|ISIN: INE318D01020|SECTOR: Steel - Tubes/Pipes
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Mar 12
Notes to Accounts Year End : Mar '13
1.  The title deeds for land (freehold and leasehold), building,
 residential flats, licenses, agreements, loan documents, and some of
 the bank accounts etc. are in the process of being transferred in the
 name of the Company on amalgamation of Tungabhadra Holdings Private
 Limited. Stamp duty and other levies arising out of the Scheme of
 Amalgamation, if any, shall be accounted on determination and
 completion of transfer formalities.
 
 2.  The outflow of the resources in respect of pending disputed
 matters in respect of Sales Tax and Excise Duty would depend on the
 ultimate outcome of the disputes lying before various authorities
 amounting to Rs. 294.11 lacs (previous year Rs. 478.50 lacs). however
 company has made the provision to the ful extent. The Company has taken
 legal and other steps necessary to protect its position in respect of
 these claims.
 
 3.  Disclosure pursuant to Accounting Standard AS-15 Employee
 Benefits
 
 A.  The Company has recognized Rs. 71.70 lacs (Previous Year Rs. 86.67
 lacs) in the statement of Profit and Loss for the year ended 31st
 March, 2013 under Defined Contribution Plan.
 
 B.  Defined Benefit Plans:
 
 Contribution to Gratuity:
 
 Provision for Gratuity has been made in the accounts based on an
 actuarial valuation carried out at the close of the year. The Company
 does not have any funding arrangement and the liability is discharged
 to the employees in the year of retirement / cessation of employment.
 
 4.  (i) Assignment of Debts under Short Term loans and Advances
 represents debts for which the Company has entered into deeds of
 assignment for transfer of debts outstanding and receivable by the
 Company, to the purchaser of the debts.
 
 (ii) In the opinion of the Board, Current Assets, Loans and Advances
 have a value on realisation in the ordinary course of business at least
 equal to the amount at which they are stated.
 
 5.  During the year 2006-07 the Company made a Follow on Public Issue
 and consequently raised an amount of Rs. 13100 Lacs.
 
 The shareholders of the company at the Annual General Meeting held on
 17th September, 2012 approved variation in utilisation of follow on
 public offer proceeds, so that the company can also utilize the
 proceeds for. Manufacturing of SAW & ERW pipes at Chennai or at such
 other locations may be decided by the Board. Out of Rs. 135001acs, Rs. 8036
 lacs will be utilized from the unutilized proceeds of public issue and
 balance Rs. 5464 lacs will be from unutilized proceeds of GDR issue. The
 detail of utilization of proceeds of Rs. 13500 lakh is given hereunder:
 
 6.  The Company has recognised exchange differences arising on long
 term foreign currency monetary items in line with para 46 of Accounting
 Standard 11, inserted vide notification No. 43R 22E dated 31st March,
 2009 as per Companies (Accounting Standard) Amendment Rules, 2009 and
 further notification dated 29th December, 2011.
 
 Pursuant to the above, effect of exchange difference on long term
 foreign currency monetary items, so far as they relate to acquisition
 of depreciable capital assets, have been adjusted to the cost of such
 assets and depreciated over their remaining useful lives. Accordingly,
 net exchange loss relating to the financial year 2012-13 amounting to Rs.
 170.30 lacs, has been adjusted to the cost of fixed assets.
 
 There are no long term foreign currency monetary items which require
 exchange differences to be amortised.
 
 7.  Bank Balance includes Rs. 7889.29 lacs with a bank for which
 statement of accounts/confirmation as at 31/03/2013 is awaited.
 
 8.  In accordance with Accounting Standard  17 Segment Reporting,
 segment information has been given in the consolidated financial
 statement of the Company and therefore, no separate disclosure on
 segment information is given in these financial statements.
 
 9.  Previous year figures have been reclassified to conform to this
 year''s classification.
Source : Dion Global Solutions Limited
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