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Notes to Accounts of Competent Automobiles Co Ltd.

Mar 31, 2015

1 Contingent Liabilities (Amount in rs ) Particulars 2014-15 2013-14

(i) Bank Guarantee obtained from Banks 2,50,00,000 250,00,000

(ii) Letter of Credit obtained from Banks 16,00,00,000 16,00,00,000

(iii) Disputed Sales Tax Demand 2,87,56,000 287,56,000

(This demand pertains to FY 1991-92 against which an appeal before Commissioner of Sales Tax (Appeals)-I has been filed and pending for disposal)

2 Advance against sale of land of Rs. 35 Crores as reflected under the head "Other Current Liabilities " is pertaining to Land Situated at Goa, for which proceedings are pending before jurisdictional court at GOA, upon outcome of the same Sale Deed shall be executed .

3 Related party Disclosure (Accounting Standard AS-18)

(a) Enterprises over which Directors/key management personnel of the Company were able to exercise significant influence during the year :

* Competent Builders Private Limited

* Competent Films Private Limited

* Competent International Tradex Company Private Limited

* Competent International Resorts and Hotels Limited

* Raj Chopra & Co. Private Limited

* Liqui Moly Products (India) Private Limited

* Competent Infrapromoters Private Limited

* Competent Construction Company

* Competent Exporters

* Competent Fabricators

* Competent Leasing & Finance

* Competent Film Enterprises

(b) Key Managerial Personnel

Mr. Raj Chopra - Chairman and Managing Director

Mrs. Kavita Ahuja - Whole Time Director

Mr. K K Mehta - Whole Time Director

Mr. Ravi Arora - Company Secretary

Mr. Vijay Sharma - Chief Financial Officer

4 The previous year figures have been regrouped, rearranged and reclassified, whereever deemed necessary to make them comparable with current year figures.


Mar 31, 2014

(Amount in Rs.)

Particulars 2013-14 2012-13

1 Contingent Liabilities

(i) Bank Guarantee obtained from Banks 2,50,00,000 2,50,00,000

(ii) Letter of Credit obtained from Banks 16,00,00,000 16,00,00,000

(iii) Disputed Sales Tax Demand 2,87,56,000 2,87,56,000

(This demand pertains to F. Y. 1991-92 against which an appeal before Commissioner of Sales Tax (Appeals)-I has been filed and pending for disposal)

2 Unclaimed /Unpaid Dividend

Dividends that are not encashed or claimed, within seven years from the date of its transfer to the unpaid dividend account, will, in terms of the provisions of Section 205 A of The Companies Act, 1956, will be transferred to the Investors Education and Protection Fund (IEPF) established by the Government of India. In terms of the provisions of Section 205 C of The Companies Act, 1956, no claim shall lie against the Company or IEPF after the said transfer. Total amount of Rs. 6,89,189/- as on 31st March, 2014 is lying in unclaimed / unpaid dividend account.

Capital employed in the Company business are common in nature and cannot be attributed to a specific segment i.e. showroom, service and spares. It is not practical to provide segmental distribution of the capital employed since segregation of available data could be erroneous.

The segment report of the Company as stated above has been prepared in accordance with Accounting Standards 17 " Segment Reporting " issued by the institute of The Chartered Accountants of India.

The segment wise revenue and result''s figures related to the respective heads are directly identifiable to each of the segments. Un-allocable income includes income on common services at corporate level and relates to the Company as whole.

The definitions of the business segmentation and the activities encompassed therein are as follows:

(i) Showroom:- Purchase and sales of vehicles manufactured by Maruti Suzuki India Ltd. (ii) Service & Spares: Servicing of Maruti Vehicles and Sale of their Spare parts.

3 Related party Disclosure (Accounting Standard AS-18)

(a) Enterprises over which Directors/key management personnel of the Company were able to exercise significant influence during the year :

- Competent Hotels Private Limited

- Competent Builders Private Limited

- Competent leasing Private Limited

- Competent Films Private Limited

- Competent International Tradex Company Private Limited

- Competent International Resorts and Hotels Limited

- Raj Chopra & Co. Pvt .Ltd.

- Liqui Moly Products (India) Pvt Ltd .

- Servensure Solutions (India) Limited

- Competent Infrapromoters Private Limited

- Competent Construction Company

- Competent Exporters

- Competent Fabricators

- Competent Leasing & Finance

- Competent Film Enterprises

(b) Key Managerial Personnel

Mr. Raj Chopra - Chairman and Managing Director

Mrs. Kavita Ahuja - Whole Time Director

Mr. K K Mehta - Whole Time Director

(c) For related party transactions - Please refer note No 32 & 34.

4 The previous year figures have been regrouped, rearranged and reclassified, whereever deemed necessary to make them comparable with current year figures.


Mar 31, 2013

1 Unclaimed /Unpaid Divided

Dividends that are not encashed or claimed, within seven years from the date of its transfer to the unpaid dividend account, will, in terms of the provisions of Section 205 A of The Companies Act, 1956, will be transferred to the Investors Education and Protection Fund (IEPF) established by the Government of India. In terms of the provisions of Section 205 C of The Companies Act, 1956, no claim shall lie against the Company or IEPF after the said transfer. Total amount of Rs. 7,05,694/- as on 31st March, 2013 is lying in unclaimed / unpaid dividend account.

2 Related party Disclosure (Accounting Standard AS-18)

(a) Enterprises over which Directors/key management personnel of the Company were able to exercise significant influence during the year:

- Competent Hotels Private Limited

- Competent Builders Private Limited

- Competent Leasing Private Limited

- Competent Films Private Limited

- Competent International Tradex Company Private Limited

- Competent International Resorts and Hotels Limited

- Competent Film Enterprises

- Competent Construction Company

- Competent Exporters

- Competent Fabricators

- Servensure Solutions (India) Limited

- Competent Infrapromoters Private Limited

(b) Key Managerial Personnel

Mr. Raj Chopra - Chairman and Managing Director

Mrs. Kavita Ahuja - Whole Time Director

Mr. K K Mehta - Whole Time Director

(c) For related party transactions - Please refer note No 31 & 33

3 The previous year figures have been regrouped, rearranged and reclassified, where-ever deemed necessary to make them comparable with current year figures.


Mar 31, 2012

(Amount in Rs.)

2011-12 2010-11

1 Contingent Liabilities

Particulars

(i) Bank Guarantee obtained from Banks 2,50,00,000 2,00,00,000

(ii) Letter of Credit obtained from Banks 16,00,00,000 16,00,00,000

(iii) Disputed Sales Tax Demand 2,87,56,000 2,87,56,000 (This demand pertains to FY. 1991-92 against which an appeal before Commissioner of Sales Tax (Appeals)-I has been filed and pending for disposal)

2 Unclaimed /Unpaid Divided

Dividends that are not encashed or claimed, within seven years from the date of its transfer to the unpaid dividend account, will, in terms of the provisions of Section 205 A of The Companies Act, 1956, will be transferred to the Investors Education and Protection Fund (IEPF) established by the Government of India. In terms of the provisions of Section 205 C of The Companies Act, 1956, no claim shall lie against the Company or IEPF after the said transfer. Total amount of Rs. 7,50,063/- as on 31st March, 2012 is lying in unclaimed / unpaid dividend account.

Capital employed in the Company business are common in nature and cannot be attributed to a specific segment i.e. showroom, service and spares. It is not practical to provide segmental distribution of the capital employed since segregation of available data could be erroneous.

The segment report of the Company as stated above has been prepared in accordance with Accounting Standards 17 " Segment Reporting " issued by the institute of The Chartered Accountants of India.

The segment wise revenue and result's figures related to the respective heads are directly identifiable to each of the segments. Un-allocable income includes income on common services at corporate level and relates to the Company as whole.

The definitions of the business segmentation and the activities encompassed therein are as follows:

(i) Showroom:- Purchase and sales of vehicles manufactured by Maruti Suzuki India Ltd.

(ii) Service & Spares: Servicing of Maruti Vehicles and Sale of their Spare parts.

35 Related party Disclosure (Accounting Standard AS-18)

(a) Enterprises over which Directors/key management personnel of the Company were able to exercise significant influence during the year:

- Competent Hotels Private Limited

- Competent Builders Private Limited

- Competent leasing Private Limited

- Competent Films Private Limited

- Competent International Tradex Company Private Limited

- Competent International Resorts and Hotels Limited

- Competent Film Enterprises

- Competent Construction Company

- Competent Exporters

- Competent Fabricators

(b) Key Managerial Personnel

Mr. Raj Chopra - Chairman and Managing Director

Mrs. Kavita Ahuja - Whole Time Director

Mr. K K Mehta - Whole Time Director

(c) For related party transactions - Please refer note No 30 & 32

3 The previous year figures have been regrouped, rearranged and reclassified, whereever deemed necessary to make them comparable with current year figures.


Mar 31, 2010

1 Contingent Liability

(Rs. In Lacs)

1. Particulars 2009-10 2008-09

(i) Bank Guarantee obtained from Banks 100.00 100.00

(ii) Disputed Sales Tax Demand 287.56 287.56

(This demand pertains to F.Y.I 991 -92, against which

1 an appeal before Comm. Of Sales Tax (Appeals) -1 has been filed and pending for disposal).

(iii) Letter of Credit obtained from Banks 1,600.00 1,600.00

2 a) The figures of term loans as reflected in Schedule -C are secured by Hypothecation of assets owned by the company.

b) The Cash Credit Accounts as reflected in Schedule - C are secured by Hypothecation of inventories of the company and personal guarantees furnished by two Directors and collateral securities of premises owned by the Company situated at Mehrauli, Gazipur and Mandi (H.R).

3. Some of the outstanding balances as at 31st March, 2010 in respect of Sundry Debtors, Creditors, Loans and Advances and Deposits are subject to confirmation and reconciliation.

4. In the opinion of the Board, all Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of the business.

5. In the opinion of the Board:

a) The Provision for all known liabilities and expenses has been made.

b) There are no contingent liabilities other than those stated in Note no. 1.

6. The previous years figures have been reworked, regrouped, rearranged and reclassified, where-ever deemed necessary, in order to make them comparable with the current years figures.

7. Proposed Dividend

Dividend proposed by the board of directors amounting to Rs. 61,46,000/- is provided in the books of accounts, will be paid, subject to the approval in the Annual General Meeting.

8. (a) In accordance with the Accounting Standard -22 relating to Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India, the company has recorded the deferred tax liability of Rs.10,56,730/- for the year ended 31st March,2010. The same has been recognized in the books and financial statements accordingly.

Notes to Segment-wise business performance:

1) The segment report of the company as stated above has been prepared in accordance with Accounting Standards 17 "Segment Reporting" issued by The Institute of Chartered Accountants of India.

2) The segment-wise revenue and results figures related to the respective heads are directly identifiable to each of the segments. Un-allocable income includes income on common services at corporate level and relates to the Company as whole.

3) The definitions of the business segmentation and the activities encompassed therein are as follows:

a) Showroom :- Purchase and Sales of new Maruti Suzuki India Ltd. Vehicles;

b) Services & Spares :- Servicing and spares parts sale of Maruti Suzuki India Ltd.

9. Impairment of Assets

As stipulated in AS-28, of the ICAI, the company assessed potential generation of economic benefits from its business units and is of the opinion the assets employed in continuing businesses are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly the management is of the view that no impairment provision required to be provided in the books of accounts.

10. Related Party Disclosure:

a) Enterprises over which directors of the company were able to exercise significant influence during the year: -

- Competent Hotels Private Limited.

- Competent Builders Private Limited.

- Competent Leasing Private Limited.

- Competent Films Private Limited

- Competent Uzprommashimpeks Trading Pvt. Ltd.

- Competent International Resorts & Hotels Ltd.

- Competent Film Enterprises

- Competent Construction Co.

- Competent Exporters

- Competent Fabricators

b) Key Management Personnel :-

Mr. Raj Chopra Chairman & Managing Director

Mrs. Kavita Ahuja Whole time Director

Mr. K.K. Mehta Whole time Director

 
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