| Note - 1 : CORPORATE INFORMATION
Chase Bright Steel Ltd. is a Public Company incorporated in India in
the year 1959 under the Companies Act, 1956 and having its registered
office in Mumbai, Maharashtra. The shares of the Company are listed on
the Bombay Stock Exchange. The Company is engaged in manufacture of
bright bars made of mild steel, alloy steel and stainless steel etc.
a) Terms / Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of Rs.
10/- per share.
Each holder of the Equity Shares is entitled to one vote per share
held. Dividend, if any, proposed by the Board of Directors will be
subject to the approval of the Shareholders in the ensuing Annual
General Meeting except in case of Interim Dividend
In the event of liquidation of the Company, the holders of the Equity
Shares will be entitled to receive remaining assets of the Company
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
Terms / Rights attached to 15% Redeemable Preference Shares
The Company has only one class of preference shares having a par value
of Rs. 10/- per share. The said shares are cumulative in nature.
Dividend, if any, proposed by the Board of Directors will be subject to
the approval of the Shareholders in the ensuing Annual General Meeting
except in case of Interim Dividend.
In the event of liquidation of the Company, the holders of the
preference Shares will be entitled to receive amounts to the extent of
their holding in the company before any distribution of remaining
assets of the Company to the Equity Shareholders of the Company.
Arrears of Redeemable Cumulative Preference Shares Dividend - Rs.
3,08,750/- (Previous year - Rs. 3,08,750/-)
The Balance 20,000 - 15% Preference Shares of Rs. 10/- each are yet to be
redeemed. The time for redemption was extended up to 10.05.1999 vide
resolution passed at the Board Meeting of the Company held on
16.07.1991. Further extension is being sought for.
b) Shares held by holding / ultimate holding company and / or their
subsidiaries / Associates
There are no shares held by holding / ultimate holding company and / or
their subsidiaries / Associates.
Terms and Conditions of the Secured Loans Term Loan from HDFC Bank -
Loan 1
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
24,630/- each commencing from January 2012 and ending on December 2014.
The rate of interest being 11.90% p. a.
Term Loan from HDFC Bank - Loan 2
The Loan is secured by hypothecation of Motor Bike and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 24 equated Monthly Installments (EMI) of Rs.
2,657/- each commencing from November 2012 and ending on October 2014.
The rate of interest being 19.35% p. a.
Term Loan from HDFC Bank - Loan 3
The Loan is secured by hypothecation of Motor Bike and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 24 equated Monthly Installments (EMI) of Rs.
2,008/- each commencing from November 2012 and ending on October 2014.
The rate of interest being 19.35% p. a.
Term Loan from HDFC Bank - Loan 4
The Loan is secured by hypothecation of Motor Bike and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 24 equated Monthly Installments (EMI) of Rs.
2,008/- each commencing from November 2012 and ending on October 2014.
The rate of interest being 19.35% p. a.
Term Loan from Kotak Mahindra Prime Ltd. - Loan 1
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
8,343/- each commencing from April 2012 and ending on March 2015. The
rate of interest being 19.84% p. a.
Term Loan from Kotak Mahindra Prime Ltd. - Loan 2
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
12,978/- each commencing from April 2012 and ending on March 2015. The
rate of interest being 19.84% p. a.
Term Loan from Kotak Mahindra Prime Ltd. - Loan 3
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
12,570/- each commencing from April 2012 and ending on March 2015. The
rate of interest being 19.84% p. a.
Term Loan from Kotak Mahindra Prime Ltd. - Loan 4
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
33,706/- each commencing from April 2012 and ending on March 2015. The
rate of interest being 19.84% p. a.
Term Loan from Kotak Mahindra Prime Ltd. - Loan 5
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
25,511/- each commencing from April 2012 and ending on March 2015. The
rate of interest being 19.84% p. a.
Term Loan from Kotak Mahindra Prime Ltd. - Loan 6
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
14,350/- each commencing from April 2012 and ending on March 2015. The
rate of interest being 19.84% p. a.
Term Loan from Religare Finvest Ltd. - Loan 3
The Loan is secured by Mortgage of Company's property - Land and
Building at R-237, TTC, MIDC Rabale, Navi Mumbai and with Company being
the main borrower and two of the directors being co-borrowers.
The loan is repayable in 120 equated Monthly Installments (EMI) of Rs.
4,03,337/- each commencing from April 2014 and ending on March 2023.
The rate of interest being 15.00% p. a.
Term Loan from ICICI Bank - Loan 1
The Loan is secured by hypothecation of Motor Car and with Company
being the main borrower and one of the directors being co-borrower.
The loan is repayable in 35 equated Monthly Installments (EMI) of Rs.
34,581/- each commencing from May 2013 and ending on March 2016. The
rate of interest being 9.84% p. a.
Terms and Conditions of the Unsecured Loans Term Loan from Rellgare
Finvest Ltd. - Loan 2
The Loan is unsecured with Company being the main borrower and two of
the directors being co-borrowers.
The loan is repayable in Monthly Installments (MI) of Rs. 2,66,330/- (8
installments), of Rs. 1,84,800/- (8 installments) and of Rs. 92,400/- (8
installments) each commencing from March 2013 and ending on February
2015. The rate of interest being 20.35% p. a.
Term Loan from Shriram City Union Finance Ltd. - Loan 1
The Loan is unsecured with Company being the main borrower and two of
the directors being co-borrowers.
The loan is repayable in Monthly Installments (MI) of Rs. 1,46,250/- (8
installments), of Rs. 1,22,850/- (8 installments) and of Rs. 23,400/- (8
installments) each commencing from October 2013 and ending on September
2015. The rate of interest being 15.55% p. a.
Term Loan from Other Corporates
Loan from Sujata Trading Pvt. Ltd. (Rs. 52,50,000/- - previous year Rs.
50,00,000/-) is repayable in 6 quarterly installments of Rs. 8,75,000/-
each commencing from September 2014 and ending on December 2015. The
said loan is interest free.
Term Loan from Others
Loan from Mrs. Rajnidevi Jajodia (Rs. 9,18,750/- - previous year Rs.
45,93,750/-) is repayable in 6 quarterly installments of Rs. 9,18,750/-
each commencing from March 2013 and ending on June 2014. The said loan
is interest free.
NOTE 2 :
Additional Information to the Financial Statements
(A) Contingent Liabilities -
Year ended Year ended
March 31, 2014 March 31, 2013
Contingent Liabilities and
Commitments
i) On Import of 108 MT of Raw materials 17,52,000 17,52,000
wherein the Hon'ble High Court, Delhi
has asked Customs Authorities to
adjudicate the matter
ii) Estimated amount of contracts
remaining to 7,35,000 Nil
be executed on capital account
(B) Arrears of Redeemable Cumulative Preference Shares Dividend - Rs.
3,08,750/- (Previous year - Rs. 3,08,750/-).
(C) Purchase of Raw Material viz 108 tonnes of steel was cleared by the
company at a lower rate of duty i.e. at 75% (i.e. at pre- budget rate)
against 175% (as increased by the budget proposal 1981) as per the
orders passed by a division bench of the High Court at Delhi in the
matter of a writ petition filed by the Company, challenging the
validity of the budget proposal. As per the said orders, the Company
has furnished a bond, till further order of the court. The said writ
petition has been disposed off for adjudication by customs. There is a
contingent liability of Rs. 17.52 lakhs (Previous Year Rs. 17.52 lakhs).
(D) The amounts of certain Sundry Debtors, Sundry Creditors, Advances
and Lenders are subject to confirmations / reconciliation and
adjustments, if any. The management does not expect any material
difference affecting the current year's financial statements.
(E) In the opinion of the Board of Directors, unless otherwise stated
in the Balance Sheet, the current assets, loans and advances have value
of realisation, in the ordinary course business, at least equal to the
amount stated in the Balance Sheet.
(F) Unsecured Loans include that of the Directors and their Associates
(G) The sales-tax assessment of the Company has been finalised upto and
including the accounting year 2009 - 2010.
(H) The Income-tax Assessments of the Company are completed upto March
31, 2012 (Assessment Year 2012 - 2013).
(I) Sundry Creditors include Rs. NIL (Previous Year Rs. NIL) due to Small
Scale Industrial Undertakings (SSI's) to the extent such parties have
been identified from the available information / documents with the
company.
(J) As per the information available with the Company in response to
the enquiries from all existing suppliers with whom the Company deals,
none of the suppliers are registered under the Micro, Small and Medium
Enterprises Development Act, 2006.
(K) One of the creditors of the Company has filed legal case against
the Company for recovery of dues. However, the same is being contested
by the Company.
(L) The Company has filed a legal case or is in the process of filing
legal cases against various parties to recover amounts due from them.
(M) The Company does not expect any shortfall on realisation of assets
on aggregate basis, despite accumulated losses as on March 31,2014.
(N) Disclosures pursuant to Accounting Standard - 15: Employees'
Benefit
(ii) The Deferred Tax Asset (Net) for the year of Rs. 16,51,249/-
(Previous Year Deferred Tax Liability Rs. 54,947/-) is reduced from the
Current Year's loss (Previous year reduced from the Profit) and added
to the balance in Deferred Tax Assets (Previous Year - reduced from the
Deferred Tax Assets)..
(T) Segment Reporting as per AS 17:- Primary Segment :
The Company operates only one primary segment viz. manufacture and sale
of Bright Bars and has entire turnover from sale of Bright Bars and /
or processing of Bright Bars.
(U) Related Party Information
Disclosures in respect of related parties (as defined in Accounting
Standard 18), with whom transactions have taken place during the year
given below:
1) Relationship
a) Enterprise where control of Key Management Personnel and / or their
relatives exists.
1. Rose Investment Pvt. Ltd.
2. Himatsingka Chemicals Pvt. Ltd.
3. Swan Silver Wares Pvt. Ltd.
4. Economic Forge Pvt. Ltd.
b) Key Management Personnel
1. Shri Avinash Jajodia - Chairman and Managing Director
2. Smt. Manjudevi Jajodia - Executive Director
Note : Related Party relationship is as identified by the company and
relied upon by the auditors.
3. Figures of the previous year have been regrouped / reclassified /
rearranged, wherever necessary, to conform with the current year's
classification and presentation. Amounts and other disclosures for the
preceding year are included as an integral part of the current year's
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
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