| 1.1 CORPORATE INFORMATION
The Company is engaged in the manufacturing of Alloy and Stainless
Steel Castings with stringent quality requirements required in
Turbines, Metal Shredding, Heavy Earth Equipment, Pumps, Valves and
Compressors and other Heavy Engineering Industries. It is also engaged
in the manufacturing of Material Handling Equipments of varied nature
required in the Mines, Cement Plants, Power Plants and other General
Engineering Sectors. The manufacturing units are located in Kolkata and
Nagpur.
1.2 Contingent Liabilities :
a) Letters of Guarantee outstanding as at 31.03.14 Rs.74.89 Lacs
(Previous year Rs. 77.15 Lacs).
b) Claim not acknowledged as debts: - Disputed demand for Sales Tax Rs.
200.93 Lacs (Previous year Rs. 206.37 Lacs) appealed against.
1.12 Related Party Disclosure :
a) Associated Company :
1) WPIL Limited
2) Hindusthan Parsons Limited
b) Key Management Personnel & their Relatives :
Mr. V N Agarwal Managing Director
Mr. Prakash Agarwal Director - Son of Mr. V. N. Agarwal
Mrs. Ritu Agarwal Director - Wife of Mr. Prakash Agarwal
1.3 Segment Reporting :
The Operation of the Company relates to Single Primary Business Segment
i.e. Engineering (Steel Casting). Accordingly, there is no primary
business segment. However, information about Secondary Segment based on
Geographical locations of the Customers in Domestic & Exports Sales
have been provided.
1.4 The Company has unabsorbed depreciation and carried forward
losses available for set-off under the Income Tax Act, 1961. However,
in view of present uncertainty regarding generation of sufficient
future taxable income, net deferred tax assets at the year end
including related debit for the year have not been recognised in these
accounts on prudent basis.
1.5 Considering the external and internal impairment indicators, the
management is of the opinion that no asset has been impaired as at 31st
March, 2014. Consequently, no impairment loss has been recognised in
the statement of Profit & Loss for the year ended 31st March, 2014.
1.6 Previous years' figures have been regrouped and rearranged,
wherever necessary.
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