| 1. GENERAL INFORMATION :
Auroma Coke Limited (the "Company") is engaged primarily in washing of
raw coal and slurry and manufacture of Wash Coal, Middlings, Slurry,
Hard Coke and its various combinations. It is also engaged in trading
of above products including coal. The manufacturing plants are located
in India. The Company is a public limited company and its shares are
listed on the Bombay Stock Exchange (BSE).
2. Contingent Liabilities :
No provision has been made in respect of following contingent
liabilities:-
(a) In respect of VAT input claimed but yet to be allowed for 2006-07 &
2007-08'7.99 Lacs (' 7.99 Lacs). In respect of the year 2008-09, the
excess demand of ' 3.86 lacs ('. 3.86 lacs) has been adjusted from the
input credit and further input claim of ' 1.09 lacs (' 1.09 lacs) has
not been allowed. For the year 2009-10 the excess demand of ' 1.74 lacs
(Rs. NIL) has been adjusted from the input credit and further input
claim of ' 3.92 lacs Rs NIL) has not been allowed. For the year 2010-11
the excess demand of Rs 3.12 lacs (Rs NIL) has been adjusted from the
input credit and further input claim of Rs 1.84 lacs (Rs NIL) has not
been allowed. In all the above cases the company is in the process of
filing revisions / appeals.
(b) The Sales Tax Dept. has separately demanded VAT and penalty of '
43.76 lacs for 2007-08 and ' 2.40 lacs for 2008- 09 due to certain
audit objections for which revision petition has been filed with the
appropriate authorities.
3. Commitments :
No provision has been made in respect of following commitments :
(a) Estimated value of contracts of capital nature not provided (net of
advances) : ' 11.55 lacs (Rs 8.55 lacs).
4.Contingent Liabilities :
(a) Unexpired Bank Guarantees outstanding : ' 110.62 lacs (' 110.62
lacs).
(b) Demand from Excise Dept. for the period 1.3.11 to 31.3.11 amounting
to Rs. NIL (' 4.50 lacs) plus interest and other levies. The company
had deposited the tax amount demanded with the authorities under
protest and had also simultaneously filed appeal before the appropriate
authorities. The company has since received the appellate order and
necessary provisions have been made in the accounts.
5. a) The Overdraft facility, repayable in fixed term by variable
monthly installments, is secured by hypothecation of entire
stocks, receivables, advance payment and other current assets, They are
further secured by equitable mortgage of specified land of the company,
personal guarantee of two directors of the company and their three
relatives.
(b) The Bank Guarantee and Letter of Credit limits sanctioned by bank
are secured by hypothecation of entire stocks, receivables, advance
payment and other current assets, plant & machinery of the company.
6. As per information available with the company there are no dues
payable to any small scale industrial undertaking as at 31-03-2015.
7. (a) Gross depreciation for the current year is Rs 52,15,061/- (Rs
62,24,136/-) out of which ' 4,490/- (Rs 5,206/-) has been
transferred to revaluation reserve.
(b) The difference, amounting to ' 67,72,443/- (NIL), between residual
value and carrying amount of assets where the remaining useful life of
an asset has become NIL as per The Companies Act, 2013, read with
Schedule II, has been recognised in the opening balance of Profit &
Loss Account Rs 67,71,470/- (NIL) and Rs 973/- (NIL) has been
transferred to revaluation reserve.
8. The amount payable to micro, small and medium enterprises, to the
extent identified on the basis of information available, are as follow:-
(a) Principal amount outstanding as on 31-03-2015 : Rs NIL (NIL)
(b) Interest due on outstanding amount : Rs NIL (Rs Nil)
as on 31-03-2015
(c) Interest paid during the year : Rs NIL (Rs Nil)
(d) Interest due and payable for the delay in making
payment beyond the due date of payment : Rs NIL (Rs Nil)
(No payment made beyond due date to SME sector, wherever they were
stipulated)
9. Balance confirmation certificate in respect of sundry parties has
not been received from the parties in some cases.
10. Advances received for allotment of equity shares are proposed to
be allotted at a price band of Rs18/- to Rs 30/- per share, inclusive
of appropriate premium per share depending on the then issue price,
ranking pari-passu with the existing shares of the company.
11. In respect of advance against allotment money received from two
applicants amounting to Rs 1435.00 lacs, a scheme of merger and
amalgamation proposal of those two companies with the company is under
process and approved by BSE, subject to further steps like sanction of
respective schemes by Hon'ble High Court after obtaining or extending
all the required approvals. Pending such sanction and approval, the
amount has been kept as advance against allotment, which would be
nullified upon such sanction of merger scheme and simultaneous issue of
fresh equity shares to the shareholders of those amalgamating
companies.
12. In respect of balance amount of advance received against allotment
of shares, as agreed upon at the time of acceptance, it is proposed
that the shares shall be allotted before 31.3.2016, subject to required
statutory approvals.
13. It is proposed to increase the required authorised capital resulting
from allotment, if made, of the advance money so received or to the
shareholders of the amalgamating companies, before the allotment
process takes place.
14. CBI has filed a case under various sections of Indian Penal Code
alleging diversion of certain coal out of coal purchased by the company
under Fuel Supply Agreement from BCCL during the period between 2008 to
2011, causing loss of approx. Rs. 1.35 crores to BCCL (a PSU).
Consequent to filing of FIR by CBI on 22.06.2011, the BCCL (the main
supplier of raw material to the company) has arbitrarily suspended
supply of coal under FSA to the company w.e.f 24.06.2011 till the
matter is decided, which has been challenged by the company before the
Hon'ble High Court at Kolkata. Due to suspension of coal supply under
FSA by BCCL, the workings of the company has been severely affected
causing unprecedented losses to the company and also affecting its
profitability in future till the suspension of supply under FSA is
lifted. However, based on merits of the case the company has been
legally advised that in the above matters the judgment is expected to
be in company's favour.
15. Additional information details. (These information have been
certified by the management and relied upon by the auditors):-
(A) Total value of Raw Materials, Stores, Spare Parts and Components
consumed/sold:
16. Stores, Spare Parts and Components :
The company did not consume any imported stores materials, spare parts,
components and Chemicals. All consumptions were indigenous.
Notes :
17. Consumption of raw material includes sales also as it is not
practical to identify separately the cost of material sold.
18. The quantity of consumption of raw coal, slurry etc. is accounted
for on estimated basis as per practice and convention prevailing in the
industry.
(B) Earning in foreign currency: NIL (NIL)
(C) Expenditure in foreign currency (accrual basis) :
(i) For Bank Interest : Rs. NIL (' 39,67,318/-)
(ii) For Bank Charges : Rs. NIL (' 37,29,375/-)
19. Related party transactions :-
The company has identified all related parties and details of
transactions are given below. No amounts have been written off or
written back during the year in respect of debts due from or to related
parties.
(a) Name of Key management personnel
(1) Mr. Rajiv Tulsyan (upto 26.8.2014)
(2) Mr. Sanjeev K. Tulsyan (upto 26.8.2014)
(3) Mr. Prashant Tulsyan
(b) Name of associates / companies :
(1) ACM Fuels Ltd.
(2) Smart Dealers Pvt. Ltd.
(3) A C M Finvests Pvt. Ltd.
(c) Relatives of key management
(1) Mr. Rajiv Tulsyan (w.e.f. 26.8.2014)
(2) Mr. Sanjeev K. Tulsyan (w.e.f. 26.8.2014)
(3) Mrs. Vibha Tulsyan (w.e.f. 20.11.2014)
20. The Company has reviewed its individual assets and cash
generating units for impairment in terms of Accounting Standard - 28
issued by The Institute of Chartered Accountants of India, and none of
them were found to be materially impaired.
20. The company has identified that it has no reportable segments.
21. Previous year's figures have been reclassified / regrouped
wherever appropriate and have been indicated in brackets.
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