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IN RESPECT OF ITS FIXED ASSETS

In document THE POWER TO CHANGE (Page 48-53)

INFORMATION

1. IN RESPECT OF ITS FIXED ASSETS

Annexure

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/S OM METALS INFRAPROJECTS LIMITED, JAIPUR (RAJ.) ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED ON 31ST MARCH, 2010

On the basis of the information and explanations given to us and on the basis of such checks as we considered appropriate, our statement on the matters specified in para 3 and 4 of the said order is given below.

In preparing the report, we have considered the report made under the aforesaid order by other auditors, who have audited the accounts of the Divisions of Engg., Real estate and Hotel of the Company.

the Company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax / VAT, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. However in some cases TDS, PF and ESI dues have been deposited beyond the stipulated time limit.

b) According to the information and explanations given to us,

no undisputed amounts payable in respect of provident fund, employees state insurance, income tax, sales tax / VAT, wealth tax, service tax, customs duty, excise duty, cess were in arrear, as at 31st March, 2010 for a period of more than 6 months from the date they became payable.

c) According to the information and explanations given to us, the following are the details of the disputed statutory dues that were not deposited with the appropriate authorities.

10. The Company does not have accumulated losses at the end of the financial year March 31, 2010. Further, the Company has not incurred any cash losses during the financial year ended March 31, 2009 and in the immediately preceding financial year ended March 31, 2009.

11. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions and banks during the year.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, Paragraph 4 (xii) of the order is not applicable.

13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor’s report) order 2003 are not applicable to the Company.

14. The Company is not dealing or trading in shares, securities, debentures and other investments other than in mutual fund investment.

15. According to the information and explanations given to us, the Company has given guarantee for loan taken by its Joint Ventures from bank, the terms and conditions whereof in our opinion are not prima-facie pre judicial to the interest of the Company.

16. To the best our knowledge and belief and according to the information’s and explanations given to us, in our opinion, the term

loans taken by the Company during the year have been applied by the Company for the purposes for which the loans were obtained.

17. According to the information and explanations given to us, and on an over all examinations of the Balance sheet of the Company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment.

18. The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures, paragraph 4 (xix) of the order is not applicable.

20. During the year the Company has not raised any money by public issue.

21. Based upon the audit procedures performed and information and explanations given to us by the management, we report that no material fraud on or by the Company has been noticed or reported during the course of our audit for the year ended March 31, 2010.

For M. C. Bhandari & Co.

Chartered Accountants Sd/- S. K. Mahipal

Place : Kota Partner

Dated : 28.05.10 M.No.70366

Nature of the Statute Nature of Dues Forum where dispute Demand Amount Period to which the is pending (Rs. in lacs.) amount relates

Central Sales Tax Act, 1956. and Sales Tax Commissioner (Appeals) / 147.49* 1984-85,1985-861990-91 to

Sales Tax/VAT Act of various states Tribunal. 1991-92,1993-94, 1994-95,

2005-2006 & 2006-2007.

High court 24.10 1986-87 & 2003-2004

Central Excise Act, 1944 Excise Duty Tribunal / Commissioner 179.35 1997-98, 2001 to 2009-10 (Appeal)

Income Tax Act, 1961 Income Tax ITAT 2.44** 1991-92,96-97

High Court 241.66** 2005-2006 & 2006-2007

Service Tax Rules Service Tax Commissioner (Appeals) / 143.73 2003-2004 to 2005-2006

Tribunal

Wealth Tax Act. Wealth Tax ITAT 1.13** 1991-1992

Note : 1)* Against it, the Company paid Rs. 46.76* lacs and ** Rs. 245.15 lacs

2) Amount as per demand orders including interest and penalty wherever mentioned in the order.

Balance Sheet as at March 31, 2010

Particulars Schedules Figures as at Figures as at

31.03.2010 31.03.2009

(Rs.) (Rs.)

SOURCES OF FUNDS : Share Holder’s Funds :

Share Capital 1 96303809.00 96303809.00

Reserves & surplus 2 3688743138.32 3387059090.70

3785046947.32 3483362899.70 Loan Funds :

Secured Loans 3 459738677.06 985897695.81

459738677.06 985897695.81

Deferred Tax Liabilities (Net) 53157992.00 34715258.00

Total Sources of Funds 4297943616.38 4503975853.51

APPLICATION OF FUNDS : Fixed Assets :

Gross Block 4 1664411809.24 1569862217.27

Less : Depreciation to date 305827868.92 239964005.26

1358583940.32 1329898212.01

Add :capital work in progress/Advance 13504354.50 19746633.50

1372088294.82 1349644845.51

Investments 5 528750421.77 424666952.41

Current Assets, Loans & 6

Advances

Inventories 524799759.99 694530736.10

Sundry debtors 740366616.29 401273396.45

Cash and bank balances 701043553.41 1425105985.22

Loans and advances 1326937415.86 1008947745.06

3293147345.55 3529857862.83 Less : Current liabilities & Prov.

Liabilities 7 668598238.76 651775392.24

Provisions 8 238879075.00 171288148.00

2385670031.79 2706794322.59

Miscellaneous Expenditures 9 11434868.00 22869733.00

(To the extent not written off or adjusted )

Total application of funds 4297943616.38 4503975853.51

The schedule referred to above and the notes on Accounts form an integral part of the Balance sheet As per our Report of even date annexed For and on behalf of Board of Directors

sd/- sd/- sd/-

For M. C. Bhandari & Co. T. C. Kothari C. P. Kothari D. P. Kothari

Chartered Accountants Chairman Mg. Director Director

sd/- sd/- sd/- sd/-

S. K. Mahipal Sunil Kothari Reena Jain S. K. Jain

Partner Director Company Secretary CFO

M.No. 70366 Place : Kota Dated : 28.05.2010

Profit and Loss Account for the year ended March 31, 2010

Particulars Schedules 2009-10 2008-09

(Rs.) (Rs.)

INCOME :

Turnover 10 2021666846.27 1054361448.29

Less : Excise duty on sales of Engg. goods 55230522.00 25499357.00

1966436324.27 1028862091.29

Other Income 11 89881302.01 129554766.00

Increase (decrease) in stocks 12 -210210980.52 103736916.52

Total 1846106645.76 1262153773.81

EXPENDITURE :

Material consumed / Trading Purchases 13 872043564.15 464772294.96

Payments to & prov. for employees 14 71343901.39 53414245.22

Manufacturing & Operating Expenses 15 221771801.26 159774146.61

Establishment & selling expenses 16 129027679.36 138173960.69

Financial expenses 17 72654832.32 116591540.78

1366841778.48 932726188.26

Profit before depreciation & taxation 479264867.28 329427585.55

Less : Depreciation 65863863.66 48581781.51

Less : Transferred from revaluation reserve 260025.22 299373.06

65603838.44 48282408.45

Profit before taxation 413661028.84 281145177.10

Less : Provision for income tax 70000000.00 34000000.00

Less : Provision for wealth Tax 82000.00 625000.00

Add : MAT credit entitlement 0.00 1445815.00

Less : Provision for fringe benefit tax 0.00 1681550.00

Less : Deferred tax charge/(Credit) 18442734.00 (1945057.00)

Profit after tax 325136294.84 248229499.10

Balance brought forward from previous year 816685335.53 641909910.55

Add:Corporate Dividend Tax Written Back 0.00 1636684.00

Profit available for appropriation. 1141821630.37 891776093.65

Appropriations

Transfer to General Reserve 35000000.00 24000000.00

Proposed Dividend on equity Shares

- Interim 19260762.00 9630381.00

Corporate dividend Tax 3273366.00 1637165.00

Income Tax Exp. Earlier Year 658094.00 39823212.12

Balance carried to balance sheet 1083629408.37 816685335.53

1141821630.37 891776093.65

Basic and Diluted Earning per Share (Rs.) 3.38 2.58

Nominal value of share (Rs.) 1 1

The schedule referred to above and the notes on Accounts form an integral part of the Profit and Loss Account As per our Report of even date annexed For and on behalf of Board of Directors

sd/- sd/- sd/-

For M. C. Bhandari & Co. T. C. Kothari C. P. Kothari D. P. Kothari

Chartered Accountants Chairman Mg. Director Director

sd/- sd/- sd/- sd/-

S. K. Mahipal Sunil Kothari Reena Jain S. K. Jain

Partner Director Company Secretary CFO

M.No. 70366 Place : Kota Dated : 28.05.2010

Schedule Annexed to and forming part of the Balance Sheet

as at March 31, 2010

Particulars Figures as at Figures as at

31.03.2010 31.03.2009

(Rs.) (Rs.)

SCHEDULE - 1 SHARE CAPITAL AUTHORISED

101600000 Equity Share of Rs.1/- each 101600000.00 101600000.00

ISSUED, SUBSCRIBED AND PAID UP

96303809 Equity Share of Rs.1/- each 96303809.00 96303809.00

Total 96303809.00 96303809.00

Notes : 1. In accordance with the resolution passed by shareholders through postal ballot on 06.08.2005 equity shares of the face value of Rs. 10/- each were divided into 10 equity shares of Rs. 1/- each.

2. Above issued,subscribed and paidup capital includes :-

a) 42554000 nos.of fully paid Equity Share of Rs.1/- each were alloted as bonus shares by way of capitalisation of reserves and Profit & Loss Account

b) 20112659 Shares of Rs. 1 each have been allotted for consideration other than cash, pursuant to the scheme of amalgamation sanctioned by Hon’ble High Court of Rajasthan dated 19.01.2007 to the share holders of erstwhile :-

Om Rajasthan Carbide Limited 5476259 equity shares

Jupiter Manufacturing Co. (P) Limited 5318400 equity shares

Om Structurals India (P) Limited 5808000 equity shares

Om Kothari Cement & Chemicals (P) Limited 1410000 equity shares

SAH Buildcon (P) Limited 1050000 equity shares

Richa Builders (P) Limited 1050000 equity shares

Total :- 20112659

3. Out of the shares issued under scheme of amalgamation, 5044160 shares, shall remain in lock in period for three years from the date of listing at BSE i.e. 19.03.2007

Particulars As at As at As at As at

31.03.2010 31.03.2010 31.03.2009 31.03.2009

(Rs.) (Rs.) (Rs.) (Rs.)

SCHEDULE - 2

RESERVES AND SURPLUS A. Revaluation Reserve

As per last balance sheet 4017828.92 4317201.98

Less: - Transferred to P & L A/c 260025.22 299373.06

3757803.70 4017828.92

B. Capital Reserve

As per last Balance sheet 1231810945.25 1231810945.25

C. Security Premium

As per last balance sheet 1224764600.00 1224764600.00

D. General Reserve

As per last balance sheet 109780381.00 76150000.00

Add:- Transferred from P & L A/c* 35000000.00 144780381.00 33630381.00 109780381.00

E. Surplus 1083629408.37 816685335.53

(Profit as per profit and loss account annexed)

Total 3688743138.32 3387059090.70

Schedule Annexed to and forming part of the Balance Sheet

as at March 31, 2010

Particulars Figures as at Figures as at

31.03.2010 31.03.2009

(Rs.) (Rs.)

SCHEDULE - 3 SECURED LOANS A) TERM LOAN

From SBBJ 99437897.91 329617652.65

See note No.1 (a)

From Others banks 86198452.32 131296167.50

See note No.1(b)

Sub-Total 185636350.23 460913820.15

In document THE POWER TO CHANGE (Page 48-53)