Notes to Accounts of Mukat Pipes Ltd.

Mar 31, 2024

30 The company has not produced books of accounts and other relevant record in respect of Baramati unit which has since been sold, as such the balances are taken as per audited balance sheet as on 31-03-2008. The impact of transactions entered into by the company at Baramati Unit after 31-03-2008 will be considered when the relevant documents are produced.

31 In the absence of confirmation letter of balances from Debtors, Creditors and Other parties, the balances are taken as per the books of accounts

36 The Company has yet to transfer Rs 11.41 Lacs on account of unpaid dividend to investor Education and Protection Fun d .__

37 Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the current year’s classification / disclosures.

38 The maintenance of cost records has been specified by the Central Government under section 148 (1) of the Companies Act, 2013 but since

the Turnover of the company is below the specified limit and being a BIFR company, cost records have not been maintained in the prescribed format.

39 The company in order to implement the BIFR sanctioned scheme has leased out the excess land and building to Mukat Educational Trust

_related party. The terms of lease are not prejudicial to the interest of the company._

40 The land in possession of the company is free hold and the title deeds are held in the name of the company.

41 The Company does not have any investment property

42 The company has not revalued any of its property, plant & equipment.

43 The company, during the year under consideration, did not own any intangible assets.

44 The company has not granted any loans, or made any investments, guarantees, and security, to which the provision s of sect i ons 1 8 5

and 186 of the Companies Act 2013 apply.

45 There is no Capital-Work-in Progress (CWIP).

46 There are no Intangible assets under development.

47 The company does not hold any Benami Property.

48 The company has renegotiated the terms of repayment of loan and no installment is falling due in the next two years. There are no loan from banks or financial institutions.

49 The company is not declared Wilful Defaulters by any bank, financial institutions of other lender.

50 The Company has written off Rs.31.60 Lacs during the year on account of bad debts.

51 The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

52 There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.

53 The company has complied with number of layers prescribed under the Companies Act, 2013.

54 The company has not entered into any scheme of arrangement which has an accounting impact on current of previous financial year.

55 The company has not borrowed funds or share premium during the year.

56 There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

57 _The provisions of Section 135 pertaining to Corporate Social Responsibility are not applicable to the Company._

58 The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

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Mar 31, 2014

1. (i) There has been no movement in the equity shares in the current year and previous year.

(ii) There is no change in issued, subscribed and paid up capital during the current year and corresponding previous year

(iii) The company has only one class of Equity Shares having a par value of Rs. 10 per share

(iv) Each holder of equity share is entitled to one vote per share

(v) Shareholders holding more than 5% shares

2. Contingent liabilities not provided for:

As At As At 31.03.2014 31.03.2013 Rs. Rs.

a) Counter guarantee given by Bank - -

b) Claims not acknowledged as debts - -

i) Excise Duty demand (against 16,912,000.00 13,655,000.00 which the company has preferred appeals)

ii) Income Tax demanded 17,587,000.00 20,679,000.00

iii) Demand from DGFT (against which the company has preferred appeals) - 22,500,000.00



iv) Sales Tax 12,632,000.00 12,632,000.00

v) Dues of Municipal Corporation Rajpura 1,805,000.00 1,805,000.00

vi) SASF 1,000,000.00 -

No Provision has been made for the aforesaid contigent liabilities as the company''s DRS is under consideration of Hon''ble BIFR.

3. No Provision has been made for Income Tax

4. The company has not produced books of accounts and other relevant record in respect of Baramati unit which has since been sold, as such the balances are taken as per audited balance sheet as on 31-03-2008. The impact of transactions entered into by the company at Baramati Unit after 31-03-2008 will be considered when the relevant documents are produced.

5. In the absence of confirmation letter of balances from Debtors, Creditors and Other parties,the balances are taken as per the books of accounts

6. Related Party Disclosure Under Accounting Standard (AS)18

A Key management personnel and their relatives

i) Mr. Rupinder Singh Ahluwalia, Chairman

ii) Mrs. Sandeep Kaur Ahluwalia, Director (Administration)

iii) Mrs. Mandeep Ahluwalia Pahwa, Director

iv) Mr. Kamal Jain, Director

v) Mr. Raj Kumar Bali. Director

vi) Ms. Manpreet Kaur Ahluwalia, relative

B. Entities over which key management personnel are able to exercise significant influence:

i) M/s. Balaji Steel & Pipes

ii) M/s. Silver Business Opportunities Pvt. Ltd.

iii) M/s. Surindra Engg. Co. Ltd.

iv) M/s. Mukat Tanks and Vessels Ltd.,

7. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification / disclosures.

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Mar 31, 2013

1 No Provision has been made for Income Tax

2 The company has not produced books of accounts and other relevant record in respect of Baramati unit which has since been sold, as such the balances are taken as per audited balance sheet as on 31-03-2008. The impact of transactions entered into by the company at Baramati Unit after 31-03-2008 will be considered when the relevant documents are produced.

3 Amount remitted in foreign Currency on Account of Dividends to Non-Resident Shareholders

a) Number of Shareholders

b) Number of shares held

c Amounts remitted (Net) Rs. In Lacs d) Year for which dividend was remitted

4 Earning in Foreign Exchange

FOB Value of exports

Figures of the previous year have been re-grouped and re-classified wherever necessary to facilitate company''s presentation.

5 Related Party Disclosure Under Accounting Standard (AS)1 8

A. Key management personnel and their relatives

i) Mr. Rupinder Singh, Chairman

ii) Mrs. Sandeep Kaur Ahluwalia, Director

iii) Mrs. Mandeep Ahluwalia Pahwa, Director

iv) Mr. Kamal Jain, Director

v) Mr. Raj Kumar Bali. Director

vi) Ms. Manpreet Kaur Ahluwalia, relative

B. Entities over which key management personnel are able to exercise significant influence:

i) M/s. Balaji Steel & Pipes

ii) M/s. Silver Business Opportunities Pvt. Ltd.

iii) M/s. Surindra Engg. Co. Ltd.

iv) M/s. Mukat Tanks and Vessels Ltd.,

6 Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification / disclosures.

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Mar 31, 2012

1 Contingent liabilities not provided for:

a) Counter guarantees given by Bank - -

b) Claims not acknowledged as debts 9,000.00 9,000.00

i) Excise Duty demand (against which the company has preferred appeals) 13,655,000.00 13,655,000.00

ii) Income Tax demanded (against which the company has preferred appeals) 25,516,000.00 21,167,000.00

iii) Demand from DGFT (against which the company has preferred appeals) 22,500,000.00 22,500,000.00

iv) Sales Tax 12,632,000.00 12,590,000.00

2 The company has written back Rs. 45923819/- on account of balances with different group companies in terms of family settlement recorded by the Hon'ble Supreme Court vide its orders dtd. 12-05-2011. This has resulted in increase in profits of the company by the aforsaid amount.

3 All the assets of Baramati unit of the company were sold during the year with the permission of the Hon'ble BIFR through the process of public auction and the proceeds of the sales were credited to secured creditors, SASF/IDBI, ARCIL/OBC under the process of negotiated OTS's as envisaged in the DRS submitted by O.A. to the Hon'ble BIFR. Profit on sale amounting to Rs.84820959/- has been shown in extraordinary item.

4 The company has entered into OTS's with PNB, IDBI and OBC. The company has settled the accounts with the aforsaid institutions in full. The profit on settlement amounting to Rs. 113465864/- is treated as income for the year and is shown under extra ordinary item.

5 The sale proceeds of Rs. 1.78 Crores of colleteral security under the process of SAFFRASI Act were credited in the OTS account of PNB and the counter balance was written off.

6 No Provision has been made for Income Tax

7 The company has not produced books of accounts and other relevant record in respect of Baramati unit which has since been sold, as such the balances are taken as per audited balance sheet as on 31-03-2008. The impact of transactions entered into by the company at Baramati Unit after 31-03-2008 will be considered when the relevant documents are produced.

8 In the absence of confirmation letter of balances from Debtors, Creditors and Other parties, the balances are taken as per the books of accounts

9 Related Party DisclosureUnder Accounting Standard (AS)18

A. Key management personnel and their relatives

i) Mr. Rupinder Singh, Chairman

ii) Mrs. Sandeep Kaur Ahluwalia, Director

iii) Mrs. Mandeep Ahluwalia Pahwa, Director

iv) Mr. Kamal Jain, Director

v) Ms. Manpreet Ahluwalia, Relative

vi) Mr. Kuljinder Singh Ahluwalia, Director (upto 12-05-2011)

vii) Mr. Ravinder Singh Ahluwalia, Director (upto 12-05-2011)

B. Entities over which key management personnel are able to exercise significant influence:

i) M/s. Balaji Steel & Pipes

ii) M/s. Silver Business Opportunities Pvt. Ltd.

iii) M/s. Surindra Engg. Co. Ltd.

iv) M/s. Mukat Tanks and Vessels Ltd.,

v) M/s. Muktanandan Pipes Ltd.,

vi) M/s. Mukat Finance Ltd.

10 The Revised Schedule - VI has become effective from April 1, 2011 for the preparation of financial statements. Pursuant to the same, the required changes in presentation and disclosures have been incorporated in these financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification / disclosures.