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Notes to Accounts of IST Ltd.

Mar 31, 2015

31.03.2015 31.3.2014 1 Contingent Liabilities and Commitments ( to the extent not provided for)

Contingent Liabilities:-

Gurantees given by the Bank 97,55,140 1,03,85,305

Court case disputed by Company 31,75,000 31,75,000 Other Commitments:-

Capital Contracts to be executed 6,02,04,800 6,17,68,000

2. a. The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.22,40,746/- (Year ended 31 March, 2014 Rs.21,02,716/-) for Provident Fund contributions and Rs. 10,60,340/- (Year ended 31 March, 2014 Rs.10,21,663/-) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

b. The Company offers the following employee benefit schemes to its employees:

i) Gratuity included in Note no. 26 Employee benefit expenses.

ii) Earned leave included in Note no. 26 Employee benefit expenses.

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial

3 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Non Current Investments are in the name of Company's executive.

4 Previous year expenses/income aggregate Rs. 1,34,703 / Rs. 48,998/- respectively( Previous year Rs.2,49,939/ Rs. 21,945/-)

5 The company's investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

6 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act,2006 as at 31.03.2015

7 Consequent to the adoption of the Accounting Standard 22 on "Accountig For Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,74,60,000/- accumulated till 31st March, 2015 ( Previous year Rs.1,84,00,000/-)

8 Details of leasing arrangements:- As Lessor

The Company has entered into operating lease arrangements for building. The lease is non-cancellable for a period of 3 years from 19/02/2014 and may be renewed for a further period of 6 years based on mutual agreement of the parties.

9 Information on Related Parties transactions as required by Accounting Standard(AS18) a. Details of related parties:

Description of relationship Names of related parties

(i) Subsidiary M/s Gurgaon Infospace Limited

(ii) Associates Company M/s IST Steel and Power Limited

(iii) Key Management (KMP) Shri S.C Jain, Lt. Col N.L. Personnel Khitha(Retd.), Mr. Mayur Gupta, Mr. Gaurav Guptaa

(iv) Relatives of KMP Mr. Prem Chand Gupta, Mrs. Sarala Gupta

(v) Entities in which KMP / Relatives of KMP can exercise significant influence :

GPC Technology Ltd,

Mercantile Realtors(P) Ltd

Delux Investments Pvt. Ltd,

IST Technology Infrastructure Pvt. Ltd,

IST Softech Pvt. Ltd.

10 During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1,2014, the Company revised the estimated useful life of of its assets to align the useful life with those specified in Schedule II. The details of previously applied depreciation method, rates / useful life are as follows:

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1,2014, and has adjusted an amount of Rs.8,10,140/- against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

The depreciation expense in the Statement of Profit and Loss for the year is higher by Rs.36,65,839/- consequent to the change in the useful life of the assets.

Previous year's figures have been regrouped and rearranged whereever necessary to make them comparable with those of the current year.


Mar 31, 2014

As at As at

31.03.2014 31.03.2013

Rs. Rs.

1 Contingent Liabilities and Commitments :

(i) Bank Gurantees given by the Bank 1,03,85,305 13,505,792

(ii) Gurantees given by the Company on behalf of other Company — 389,829,000

(iii> capital Contracts to be executed 1,47,68,000 —

iv) Court case disputed by Company 31,75,000 3,175,000

2 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employees" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

3 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Non Current Investments are in the name of Company''s executive.

4 Previous year''s expenses / income aggregate Rs.2,49,939 / Rs.21,945 respectively (Previous year Rs.4,01,010/ Rs.38,590/- )

5 The company''s investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

6 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act,2006 as at 31.03.2014

7 Earning per Share

Profit after tax 39,839,720 67,159,334

Weighted average No of share 5,832,056 5,832,056

Nominal Value 10 10

Basic & Diluted 6.83 11.52

8 Consequent to the adoption of the Accounting Standard 22 on "Accountig For Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,84,00,000 accumulated till 31st March, 2014 ( Previous year Rs.1,69,00,000)

9 Information on Leases as per Accounting Standard 19 on "Accounting for Leases"

Operating Lease Expenses :

The Company has various operating leases for office facilities,factory and guest house that are renewable on a periodic basis cancellable at its option. Rental expenses for operating lease recogonised in the profit and loss account for the year is Rs.39,00,000( Previous year Rs.39,00,000)

10 Information on Related Parties transactions as required by Accounting Standard(AS18)

Subsidiary Company

Gurgaon InfoSpace Ltd

Associate Companies:

GPC Technology Ltd (Galaxy Power Cables Ltd), Delight Marketing Co. Pvt. Ltd, Delux Investments Pvt. Ltd, Lubetec India Pvt. Ltd, Antique Investment Co. Ltd, Galaxy International Hotels Pvt Ltd, Eastern India Power and Mining Co.Pvt Ltd., Neil Builders (P) Ltd, IST Technology Infrastructure PLtd, Gupta International Investment Co. Ltd, IST Steel and Power Ltd., IST Softech Pvt Ltd(AS Plastics Pvt Ltd.) Rex Propbuild Private Ltd, Western Indus Power Pvt Ltd, Delight Softech Private Ltd, Eastern Softech Private Ltd, AVG Realtors Pvt Ltd. Vinayak Infradevelopers Pvt. Ltd, IST Property Management Pvt Ltd(Galaxy Indus Power Private Ltd), IST Green Power Pvt Ltd, Wardha Vaalley Coal Field Pvt Ltd, IST Finvest LLP, IST Conbuild (P) Ltd, IST Projects (P) Ltd, IST Eco Power (P) Ltd, Mercantile Realtors (P) Ltd. Kiki Properties Pvt Ltd, Prosper Realty and Ventures LLP, e-Future Global Pvt Ltd, Mahodari Realty Trade Ventures LLP

Key Management Personnel

Shri S.C.Jain, Lt. Col N.L.Khitha(Retd.)

11 Segment Reporting:

The Company Operates in only one operational segment viz precision engineering Components / Assembalies and one geographical Segment viz.India.

Previous year''s figures have been regrouped and rearranged whereever necessary to make them comparable with those of the current year.


Mar 31, 2013

As at As at 31.03.2013 31.03.2012 Rs. Rs.

1 Contingent Liabilities and Commitments :

(i) Bank Gurantees given by the Bank 1,35,05,792 91,64,160 (ii) Gurantees given by the Company on behalf of other Company 38,98,29,000 41,93,83,000

(iii) Capital Contracts to be executed 1,86,77,233

iv) Court case disputed by Company 31,75,000

2 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employer‘s" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

3 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Non Current Investments are in the name of Company‘s executive.

4 Previous year‘s expenses / income aggregate Rs. 4,01,010 / Rs. 38,590 respectively (Previous year Rs. 82,206/ Rs.1,106/- )

5 The company‘s investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

6 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act,2006 as at 31.03.2013

7 Consequent to the adoption of the Accounting Standard 22 on "Accountig For Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,69,00,000 accumulated till 31st March, 2013 ( Previous year Rs.1,31,33,000)

8 Information on Leases as per Accounting Standard 19 on "Accounting for Leases"

Operating Lease Expenses :

The Company has various operating leases for office facilities,factory and guest house that are renewable on a periodic basis cancellable at its option. Rental expenses for operating lease recogonised in the profit and loss account for the year is Rs.39,00,000( Previous year Rs.41,83,533)


Mar 31, 2012

As at 31.3.2012 As at 31.3.2011 Rs. Rs.

1 Contingent Liabilities and Commitments :

(i) Bank Gurantees given by the Bank 91,64,160 60,82,863

(ii) Gurantees given by the Company on behalf of other Company 41,93,83,000 54,28,00,000

(iii) Capital Contracts to be executed 1,86,77,233 1,82,09,131

2 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employer's" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

3 Defective stocks are accounted for in production as and when used after rectification.

4 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Loans & Advances are in the name of Company's executives.

5 Previous year's expenses / income aggregate Rs.82,206/- Rs.1,106/- respectively (Previous year Rs.1,54,586/- Rs.1,49,440/-).

6 . The company's investment in its wholly owned subsidiary namely Gurgaon InfoSpace Limited are held in its own name except six equity shares which are held in the name of its nominees.

7 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act, 2006 as at 31.03.2012.

8 Consequent to the adoption of the Accounting Standard 22 on "Accounting for Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,31,33,000 accumulated-till 31st March, 2012 ( Previous year Rs.1,35,05,000).

9 Information on Leases as per Accounting Standard 19 on "Accounting for Leases"

Operating Lease Expenses :

The Company has various operating leases for office facilities,factory, guest house and residential premises for employee that are renewable on a periodic basis cancellable at its option. Rental expenses for operating leases recognised in the profit & loss account for the year is Rs.41,83,533. (Previous year Rs.43,49,420).

Associate Companies:

GPC Technology Ltd. (Galaxy Power Cables Ltd.), Delight Marketing Co. Pvt. Ltd., Delux Investments Pvt. Ltd., Lubetec India Pvt. Ltd., Antique Investment Co. Ltd., Galaxy International Hotels Pvt Ltd., Eastern India Power and Mining Co. Pvt Ltd., Neil Builders (P) Ltd., IST Technology Infrastructure (P) Ltd., Gupta International Investment Co. Ltd., IST Steel and Power Ltd., IST Softect Pvt. Ltd. (AS Plastics Pvt Ltd.), Rex Probuild Private Ltd., Western Indus Power Pvt. Ltd., Delight Softech Private Ltd., Eastern Softech Private Ltd., AVG Realtors Pvt Ltd., Vinayak Infradevelopers Pvt. Ltd., Galaxy Indus Power Private Ltd., IST Green Power Pvt. Ltd., Wardha Valley Coal Field Pvt. Ltd., IST Finvest LLP, IST Conbuild (P) Ltd., IST Projectc (P) Ltd., IST Eco Power (P) Ltd., Mercantile Realtors (P) Ltd.


Mar 31, 2010

As at 31.3.2010 As at 31.3.2009

Rs. Rs.

1 Contingent Liabilities not provided for in respect of :

(i) Gurantees given by the Bank . 36,82,500 28,61,275

(ii) Gurantees given by the Company on behalf of other Company 69,50,00,000 69,50,00,000

(iii) Claims / Demands against the Company not acknowledged as debts:

a) Demand of Income Tax being disputed by the Company 1,47,380 -

b) Demand raised by various Workmen being disputed by the Company. Unascertainable Unascertainable

2 Company has Cash Credit Limit from State Bank of India (Secured by first charge on current assets consisting raw material, work in process, finished goods, book-debts & other current assets of the company; first charge on fixed assets consisting movable tangible property both present and future; plant & machinery purchased ; and equitable mortage on land of an associated company, GPC Technology Limited admeasuring 11.26696 acres situated at Village Malapura Dist.Riwari.(Haryana)

3 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employers" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

4 Defective stocks are accounted for in production as and when used after rectification.

5 Fixed Deposits Rs.69,00,000/- (Nil) pledged with Punjab National Bank as security on behalf of other company and FDR of Rs.85,000/- (85,000/-) pledged with Sales Tax Authorities Delhi.

6 NSC for Rs.40,000/-(Previous year Rs.40,000/-) pledged with M/s Minning Engineers, Nagore shown under Loans & Advances are in the name of Companys executive.

7 Previous years expenses / income aggregate Rs.49,360 / Rs.1,91,586 respectively (Previous year Rs.7,29,553/ Rs.5,69,820).

8 The companys investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

9 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act, 2006 as at 31.03.2010

10 The Company has filed SLP with the Honble Supreme Court of India against the order of the Honble Punjab and Haryana High Court setting aside allotment of a Free Hold Plot by HUDA. The Apex Court has been pleased to admit the SLP and has ordered stay against the order of the Honble High Court.

11. Information on Leases as per Accounting Standard 19 on "Accounting for Leases" Operating Lease Expenses:

The Company has various operating leases for office facilities,factory, guest house and residential premises for employee that are renewable on a periodic basis cancellable at its option. Rental expenses for operating leases recognised in the profit & loss account for the year is Rs.40.27 Lacs.(Previous year Rs.35.84 Lacs)

Associate Companies:

GPC Technology Ltd (Galaxy Power Cables Ltd), Delight Marketing Co. Pvt. Ltd, Delux Investments Pvt. Ltd, Lubetec India Pvt. Ltd, Antique Investment Co. Ltd, Galaxy International Hotels Pvt Ltd, Eastern India Power and

Mining Co. Pvt Ltd., Neil Builders (P) Ltd, 1ST Technology Infrastructure (P) Ltd, Gupta International Invesrment Co. Ltd, 1ST Steel and Power Ltd., 1ST Softect Pvt. Ltd. (Formerly AS Plastics Pvt Ltd.), Rex Propbuild Private Ltd, Western Indus Power Pvt. Ltd, Delight Softech Private Ltd, Eastern Softech Private Ltd, AVG Autoparts Pvt Ltd. Vinayak Infradevelopers Pvt. Ltd

Key Management Personnel : Shri Mayur Gupta

12. Information pursuant to the provisions of Part-ll of Schedule VI of the Companies Act, 1956.

I. LICENCED AND INSTALLED CAPACITY (AS CERTIFIED BY THE MANAGEMENT) Licenced Capacity

The Government of India, Ministry of Commerce & Industry, have granted an Industrial Licence no.DIL 99(2005) dt.24.11.2005

NOTE:

Components consist of a large number of items for which it is not practicable to furnish quantitative information. Hence, only the aggregate value of such items has been shown.

Previous years figures have been regrouped and rearranged wherever necessary to make them comparable with those of the current year.

 
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