Annual Report for 2011-2012 - Vizag Steel

RASHTRIYA ISPAT NIGAM LIMITED
Note 10.01 : ALLOCATION OF DEPRECIATION
Current year
Prior periods
Total
Particulars
As at
31 st March,
2012
344.86
2.80
347.66
Crs
As at
31 st March,
2011
265.94
2.67
268.61
10.02 : Allocation of Depreciation not included above and charged to:
Expenditure During Construction 10.89 1.97
10.03 : Land at a cost of ` 39.99 Crs (Previous year ` 39.99 Crs) is being held in the name of President of India. The Company is holding
Power of Attorney issued by Govt. of India for utilisation of the land acquired for the Project and related purposes incidental thereto.
10.04 : Land includes 367.072 acres (Previous year 367.072 acres) allotted to various agencies on lease basis.
10.05 : Sale deeds in respect of the following assets are yet to be executed:
a) Stockyard at Chennai ` 2.37 Crs (Previous Year ` 2.37 Crs)
b) i) Office building at New Delhi ` 1.09 Crs (Previous Year ` 1.09 Crs)
ii) Office building at New Delhi ` 24.23 Crs (Previous Year ` 21.91 Crs)
c) Office buildings at Ahmedabad ` 0.18 Crs (Previous Year ` 0.18 Crs)
d) Residential buildings at Kolkata ` 0.95 Crs (Previous Year ` 0.95 Crs)
e) i) Stockyard at Hyderabad ` 1.00 Crs (Previous Year ` 1.00 Crs)
ii) Site for Liaison Office ` 1.30 Crs (Previous Year Nil)
10.06 : Fixed Assets include ` 0.38 Crs (Debit) [ Previous year ` 0.20 Crs (Debit) ] representing Net Exchange Rate Variation for the year
in respect of foreign currency liabilities with regard to acquisition of fixed assets prior to 1 st April 2004.
10.07 : Pending the opinion of ICAI on the issues raised by the Company regarding 'expenditure incurred' on "Assets not owned by an
Enterprise", the Company has charged to Profit and Loss Account an amount of ` 48.24 Crs paid to APTRANSCO, towards
instalments, for development of necessary infrastructure to meet additional power load requirements after expansion of capacity, as
against the charging of the assessed expenditure based on work completed in the previous year. Consequently, profit for the year
ending 31 st Mach 2012 is decreased by ` 48.24 Crs.
10.08 : Main plant units, including Mills, constitute "Continuous process plant".
Note 11.00 : Capital Work-In-Progress
Particulars
Work-in-Progress (Including Material issued to
contractors)
Coke Oven Battery-4
6.3 MT Expansion
Others
As at
31 st March,
2012
187.17
122.71
9628.82
8704.29
448.61 10264.60
392.69 9219.69
Crs
As at
31 st March,
2011
Less: Provision for dropped SLTM Project
22.76
10241.84
22.56
9197.13
Expenditure during construction awaiting allocation
(Note : 11.01)
354.24
257.88
Total
10596.08
9455.01
100