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Modern Steels

BSE: 513303|ISIN: INE001F01019|SECTOR: Steel - Rolling
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Modern Steels is not listed on NSE
Mar 14
Notes to Accounts Year End : Mar '15
NOTE: 1.
 
 SEGMENT REPORING
 
 The Company is engaged in the business of Steel Manufacturing which in
 context of Accounting Standards  17  Segment Report issued by the
 Institute of Chartered Accountants of India is considered the only
 business segment.  So separate segment reporting is not necessary.
 
 NOTE: 2.
 
 In the opinion of the Board of Directors, Current Assets, Loan and
 Advances have value on realization in the ordinary course of business
 at least equal to the amounts at which they are stated and provision
 for all known liabilities have been made in accounts.
 
 NOTE: 3.
 
 The Company has applied for its debts under Corporate Debt
 Restructuring Mechanism during the financial year 2012-13. The proposal
 to restructure all the debts from the lenders:
 
 - State Bank of India
 
 - Punjab National Bank
 
 - State Bank of Patiala
 
 - Canara Bank
 
 CDR Empowered Group approved restructuring on 8th November, 2012 and
 CDR Cell issued Letter of Approval (LOA) on dated 27th April, 2013.
 Master Restructuring Agreement incorporating the terms of LOA was
 signed with the lenders on 25th July, 2013. The Company has created
 security in favour of the lenders.
 
 NOTE: 4.
 
 In term of Letter of Approval (LOA) and Master Restructuring
 Arrangement (MRA), the Company''s debts have been restructured with
 longer repayment schedule stretching up to FY 2022-23 and low rate of
 interest. A part of the interest for the period from September 2012 to
 March 2014 has been funded by the lenders by way of Funded Interest
 Term Loan (FITL). However, CDR lenders would have the right to
 recompense for their sacrifices, at the time of Company''s exist from
 CDR, the sacrifice amount for which lenders have right to recompense
 works out to M 12.33 Crores during the tenure of CDR, of which the
 amount for the period from 1st April, 2014 to 31st March, 2015 is M
 1.70 Crores and the cumulative amount for the period up to 31st March,
 2015 is M 5.99 Crores.
 
 However no provision has been made in the books of accounts of the
 Company of the lenders right to recompense for their sacrifices as the
 liability shall arise only at the time of exit from CDR.
 
 NOTE: 5.
 
 As per the Accounting Standard  18 issued by the Institute of
 Chartered Accountants of India Related Party Disclosure. In view of
 this the Company has given the following disclosures for the year.
 
 The Company has identified the related parties having transactions
 during the year, as per detail given below.  No provision for doubtful
 debts is required to be made & no amount was written off during the
 year.
 
 NOTE: 6.
 
 Figures for the previous year have been regrouped / rearranged wherever
 considered necessary.
Source : Dion Global Solutions Limited
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