Kamper Concast Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

1. Corporate Information

The company has been incorporated on 7th day of April, 1995 under the Registrar of companies Bihar bearing Company Identification Number ''U27107BR1995PLC006446''

Registered Address of the company is:-

406, N.P. Centre, New Dak Bunglow Road, Patna- 800001

Works at:-

NH - 30, Near Bihta Chowk Bihta, Patna

Company is engaged in production of Mild Steel Ingot.

2. No interest is chargeable to Loans and advances made to Director, person / concern in which directors are interested and others since beginning. No provision is made for bad and doubtful advances. Advances made to person / concerns in which directors are interested include Rs. 178.95 lacs.

3. There is an unadjusted debit amout of MODVAT of Rs. 6.31 lacs pending since 1997and unadjusted amount of Sales tax 0.54 lacs since 2007-08 and both are kept as balances with revenue Authorities, no provision is made in this regard.

4. Thre are matters relating to Search and Seizure that are also not settled. Cash of Rs. 4.001acs and some, bank accounts having total deposit of Rs. 19.23 lacs are seized, included in Advance Income Tax and TDS remains unadjusted and no provision has been made in this regard.

5. Search and seizure and regular scrutiny assessment cases are pending with Income Tax Authority since long and pending cases of various authority it is not certain as regard carry forward of losses, in th light of uncertainty, no provision of deferred tax assets is made since long.

6 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

Contingent Liabilities

Claim against the company not acknowledged

Excise Duty 859.07 859.07

Electricity Department 8,283.79 8,283.79

Income Tax Department 154,72 154,72

Total Contingent Liability of the company 9,297.58 9,297.58

i. Related To Excise Duty

a. Liabilities not provided in respect of Excise Duty for earlier years. Earlier Excise Duty was payable on compounding on the basis of capacity fixed by Excise Dept, where as the company had paid excise duty of actual dispatches. Claims of Excise dept are pending for Rs.265.47 lacs and equal amount of penalty and interest is also not provided for since 11.09.2001. As per explanation given by the management the matter is stayed with Commissioner, Central excise Patna. Compounding system subsequently been changed and now duty is payable on clearance basis.

b. The Excise Department had demanded Excise Duty of Rs. 162.60 lacs and penalty of Rs. 165.53 lacs and interest thereon on 28.02.2005 alleging clandestine removal of materials against which the company has filed petition to Hon''ble CESTAT & the above order was set aside by Honrable CESTAT asking for pre-deposit of Rs. 20 lacs. The amount of Rs. 20.00 lacs has been kept in Security Deposit & no provision is made in this regard and the matter is pending for final order with Honrable CESTAT.

ii. Related to Electricity Department

No Liability has been created for the following cases related to Electricity department

a. Electricity Board had raised penal Electricity Bills of Rs.957.47 lacs electricity bill and penalty and interest there on, during the period of closure of the unit due to power cut, against which the company had gone to Hon''ble High Court and interim order was received on 19.05.2000 to pay Rs. 45.00 lac and restoration of Power connection. The Company had paid Rs. 45.00 lacs during 2000-01 and the same is taken as security deposit. No provision is made for penal electricity bills and the matter is pending for final order with High court.

b. Cabinet Vigilance department of Electricity board had raised a demand of Rs. 7326.32 lacs alleging excess capacity of furnace as shown in the records of electricity board for the period 2002-05. Company had admitted a case in Patna High court and stay granted by the court.

iii. Related to Income Tax Department

Liability for Income Tax could not be ascertained as the assessment order for the respective year is pending

a. In respect of Assessment year 1997-98 orders for demand for Rs. 147.67 lacs has been passed and demand notice in respect of above for Rs. 154.72 lacs has been received on 05.02.2008. the case is pending to Commissioner Income Tax Appeal.

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Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS

(TO THE EXTENT NOT PROVIDED FOR)

Contingent Liabilities

Claim against the company not acknowledged

Excise Duty 859.07 859.07

Electricity Department 8,283.79 8,283.79

Income Tax Department 154.72 154.72

Total Contingent Liability of the company 9,297.58 9,297.58

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Mar 31, 2010

(a) Liabilities not provided in respect of Excise Duty for earlier years. Earlier Excise Duty was payable on compounding on the basis of capacity fixed by Excise Dept. where as the company had paid excise duty of actual dispatches. Claims of Excise dept are pending for Rs. 265.47 lacs and equal amount of penalty and interest is also not provided for since 11.09.2001. As per explanation given by the management the matter is stayed with Commissioner, Central excise Patna. Compounding system subsequently been changed and now duty is payable on clearance basis.

(b) Liability for Excise Duty could not be ascertained as the assessment order for the respective years are pending.

i. The Excise Department had demanded Excise Duty of Rs. 1,62,59,728 and penalty of Rs. 1,65,53,059/- and interest thereon on 28.02.2005 alleging clandestine removal of materials against which the company has filed petition to Honble CESTAT & the above order was set aside by Honble CESTAT asking for pre-deposit of Rs. 20 lacs. The amount of Rs. 20.00 lacs has been kept in Security Deposit & no provision is made in this regard, and the matter is pending for fijrfaWder with Honble CESTAT.

ii. The Excise Department had demanded Rs. 10,75,114/- as excise duty and same amount as penalty and interest on 28.02.2005 for the financial year 1999-00 and 2000-01 disallowing excess burning loss. Matter is dropped by Addl. Commissioner of Central Excise, Patna on 29.07.2010.

iii. The DGCEL Kolkata had demanded Rs. 39,78,257/- as excise duty and same amount as penalty and interest on 13.02.2004 alleging dispatch of goods without paying duty for the year 2002-03. Matter is pending with Commissioner Appeal of Central Excise, Patna.

iv. On 26.09.2008 Excise department had raised a demand of Excise duty of Rs. 645.57 lacs, penalty of Rs. 1291.14 lacs and interest there on alleginghigher consumption of electricity as shown in the excise records on the basis of electric consumption during the period 2002-2007. Matter is pending with Commissioner of Central Excise.

No provisions have been made related to above liabilities as the matter is under appeal with competent authority.

(c) No Liability has been created for the following cases related to Electricity department

i. Electricity Board had raised penal Electricity Bills of Rs.957.47 lacs electricity

bill and penalty and interest there on, during the period of closure of the unit due to power cut, against which the company had gone to Honble High Court and interim order was received on 19.05.2000 to pay Rs. 45.00 lac and restoration of Power connection. The Company had paid Rs. 45.00 lacs during 2000-01 and the same is taken as security deposit. No provision is made for penal electricity bills and the matter is pending for final order with High court.

ii. Electricity Board had raised penal Electricity Bills of Rs.308.66 lacs, during the year 2008-09 due to meter tampering, against which the company had filed petition to Honble High Court and interim order was received on 15.07.2008 to pay Rs. 77.00 lac i.e. 25% of disputed amount of Rs. 308.66 for restoration of Power connection. The said amount of Rs. 77.00 lacs is taken as security deposit. Regular bill is also pending for one and half month related to June and July 2008 amounted to Rs. 107.43 lacs No provision is made for penal electricity bills and regular bill, the matter is pending for final order with Honorable High court.

iii. Cabinet Vigilance department of Electricity board had raised a demand of Rs. 7326.32 lacs alleging excess capacity of furnace as shown in the records of electricity board for the period 2002-05. Company had admitted a case in Patna High court and stay granted by the court.

iv. The Electricity board had demanded a minimum annual guarantee of Rs. 29.48 lacs, against which company has deposited Rs. 14.74 lacs to the department and for rest amount company had filed an appeal to GM and Chief Eng. of Electricity board, Patna

v. Bihar State Electricity board has raised a bill for fuel and power purchase cost adjustment for the period From Oct. 2008 to March 2009 and April 2009 to Sep. 2009 on 6/8/2010 amounted to Rs. 2,56,81,455/- payable in six equal monthly installments, however State Government has given instruction to Electricity board not to raise bill for fuel and cost surcharge till the next order.

(d) Liability for Income Tax could not be ascertained as the assessment order for the respective years are pending. A : ;r ^

i. In respect of Assessment year 1997-98 orders for demand of Rs. 147.67 lacs has been passed and demand notice in respect of above for Rs. 154.72 lacs has been received on 05.02.2008.

ii. In respect of Assessment year 1996-97 order has been passed demanding Rs. 898.90 lacs on 28.03.2002 including interest Rs. 502.91 lacs. iii. In respect of Assessment year 1999-00 order has been passed demanding Rs. 17.56 lacs on 28,03.2002 including interest Rs, 6.16 lacs.

No provisions has been made related to above liabilities as the matter is under appeal with competent authority.

(e) No interest is chargeable to Loans & advances made to Director, person/ concern in which directors are interested and others since beginning. No provision is made for bad & doubtful advances. Advances made to person/ concerns in which directors are interested include Rs. 374.00 lacs under Loans and Advances.

(f) Loans and advances includes advance to its director and concerned in which directors are interested Rs. 374.00 lacs.

(g) The Company has given loans to corporate entities of Rs. 547.84 lacs.

(h) The company has earned profits out of other activities which is not a regular feature, during the current year, the chances of future adjustment of brought forward losses are not visible, hence, the provision for deferred tax assets has not been made during the current year.

(i) The Company has Rs. 152.49 lacs in calls unpaid. These amounts are outstanding since long time and no action of forfeiture for the same has been made.

(j) Debts outstanding for more than six months Rs. 495.94 lacs include Rs. 386.26 outstanding for long period (more than one year). No provision for doubtful debts on the same has been made.

(k) There is large amount of sundry creditors, debtors and advance to supplier which are stands since long. Company should take initiative for realization / payment of those outstanding.

(l) There is an unadjusted debit amount of MODVAT of Rs. 6.31 lacs, which is pending since 1997 and kept as loans & advances, no provision is made in this regard.

(m)As no trading/quotations were made during the year, the market value of quoted investment was not ascertainable. Unquoted investment mainly relates to associate concerns.

(n) Weight loss in transit not accounted for and recorded on the basis of quantity dispatched, as explained by the management differences are normal.

(o) There are matters relating to Search & Seizure that are also not settled. Cash of Rs. 4.00 lacs and some bank accounts having total deposit of Rs. 8.12 Lacs are seized, included in Advarifce Income Tax and TDS remains unadjusteehand no provision has b^ made in this negard/

(p) The company operates a branch office at Delhi, consolidated Balance Sheet and Profit & loss account along with other assets is prepared for the company as a whole.

(q) Excise Duty paid on Purchases of Raw Material & Stores Rs 1,45,70,586.07 (Previous year Rs. 2,36,83,972.80) included in purchases and Excise Duty realised on Sales Rs. 2,97,13,445.00 (Previous year Rs. 3,32,27,130.00) is also included in Sales in view of the requirements of Income Tax act, 1961 (r) The difference between Excise duty paid on Purchase of Raw materials & Stores and Excise Duty realized on sales is debited to Profit & Loss Account.

(r) Balances of Sundry Debtors, Sundry Creditors, Advance to Suppliers, other advances, Loan to persons/ concerns in which directors are interested etc is subject to confirmation.

(s) Previous years figures have been re-grouped and /or re-arranged wherever considered necessary.