| 1. Terms/rights attached to Equity Shares:
The Company has only one class of Equity Shares having par value of Re.
10/- per share. Each holder of Equity Shares is entitled to one vote
per share.
In the event of liquidation of the company, the holders of 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.
2. Current Income Tax is provided on the basis of estimated tax
liability computed as per applicable provisions of Income Tax Act,1961.
3. CONTINGENT LIABILITIES AND COMMENTS
Contingent Liabilities not provided for in respect of claims / disputed
liabilities not acknowledged as debts:
Service Tax Rs.637.60 Lacs (Previous year Rs.637.60 Lacs)
3.1 Corporate guarantees in favour of Consortium Banks in respect of
their outstanding with Facor Steels Ltd. Due to the nature of the
liability, its financial impact is not ascertainable.
3.2 All the fixed assets including leasehold land in Note 9 has been
mortgaged in favour of Consortium Banks of Facor Steels Ltd. against
the credit facilities extended to Facor Steels Ltd.
4. RELATED PARTY DISCLOSURE :
I. List of related parties:-
A. Name and nature of relationship with the related party where
control exists:
Facor Steels Limited (FSL)- Associates
B. Enterprise, over which key management personnel and their relatives
exercise significant influence, with whom transactions have taken place
during the year:
GDP Holdings Pvt.Ltd.
C. Key Management Personnel :
Anurag M. Saraf Managing Director
M.D. Saraf Director
5. Previous Year's figures have been re-grouped wherever necessary.
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