| 1 Corporate information
N. R. INTERNATIONAL LTD is engaged in the business of handling and
transportation of Coal and Coke. The company is a public limited
company and is listed on the Bombay, Calcutta, Ahmedabad and
Bhubaneshwar Stock Exchanges.
2. (b) Rights, preferences and restrictions attached to Shares
Equity Shares: The company has one class of equity shares having a par
value of Rs.10 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
3. Contingent liabilities and commitments (to the extent not provided
for)
As at 31 March, As at 31 March, 2014
2015
(i) Contingent liabilities Rs Rs
(a) Claims not acknowledged by - -
the Company
(b) Guarantee provided by the 146,500,000 146,500,000
Company in favour of Allahabad
Bank on behalf of Surya Sponge
Iron Ltd
(c) Demand raised under Orissa VAT, 36,755,832 36,755,832
CST and Entry Tax against the
company and also against M/s
Sunrise Sponge Iron and Steels
P Ltd and M/s Shree Maruti Steels
& Castings Ltd (Both now merged
with the Company) wherein the company
has filed appeals against the order.
4. Disclosure as per Clause 32 of the Listing Agreements with the
Stock Exchanges
Loans and advances in the nature of loans given to subsidiaries,
associates and others and investment in shares of the Company by such
parties:
5. Other Informations
a) The company maintains separate books of accounts for it's unit - M/s
Bharat Hardcoke Manufacturers at Ranchi which are audited by M/s V.
Modi & Co. (Chartered Accountants) at Ranchi. The audited accounts of
the unit is merged in the statement of accounts of the company.
b) Cash in hand as on the balance sheet date is as per the books of
accounts and as certified by the directors. Cash in hand has not been
verified physically.
c) The Company has during the year sold entire fixed assets of it's
unit - M/s I B Industries Ltd (merged with the Company in the earlier
years) and also it's land at Jharsuguda to M/s Bharat Global P Ltd
where wife and son of the Chairman are directors at a total price of
Rs. 2.00 crores wherein the company has incurred a loss of Rs. 26.70
Lacs. As the market value of the assets sold could not be ascertained,
reasonableness of the transaction could not be established.
d) The amount credited to the revaluation reserves on revaluation of
Land, building and plant & machinery has now been transferred to
revaluation reserve on sale of respective assets.
e) With the current sale of Land with Building and Plant & Machinery
situated at Dhenkanal of it's Unit - M/s I. B. Industries, the company
has closed all it's manufacturing activities during the year.
f) Some of the Debtors, creditors, advances and other ledger balances
are subject to confirmation.
g) The loan account with Federal Bank has been settled under the One
Time Settlement and the settlement amount was fully paid. The net
payable amount after adjusting all writeoffs has been considered as
income as liability no longer required.
h) The company has during the year written off it's investment and
receivables in M/s Surya Sponge Iron Ltd to the tune of Rs. 8.35 crores
against the amount payable to federal bank as the operaions of the said
company has been closed and their assets taken over by banks against
their dues.
6. Related Party Transactions
As per accounting standard - 18 'Related Party Disclosures' as
prescribed under Companies (Accounting Standards) Rules, 2006 the
company's related parties and transactions are disclosed below.
7. LEASES
As a Lessee:
Operating Lease
Operating Lease AS19p25(e) The Company has significant operating leases
for it's manufacturing unit - M/s Bharat Hardcoke Manufacturing at
Tupudana, Ranchi and other office premises. These lease arrangements
range for a period between 11 months and 10 years, which include both
cancellable and non-cancellable leases. Most of the leases are
renewable for further period on mutually agreeable terms and also
include escalation clauses.
|