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Notes to Accounts of J L Morison (India) Ltd.

Mar 31, 2015

A) Rights of Equity Shareholders

The Company has only one class of Equity Shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1 (31st March, 2014: Rs. 1)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) Share held by holding/ultimate holding company and / or their subsidiaries / associates

None of the equity shares are held by the holding/ ultimate holding company and/ or their subsidiaries / associates.

Payment against supply from Micro Small and Medium Enterprises and ancillary undertaking are made in accordance with the agreed credit terms and to the extent ascertained from available information, the Company does not have any MSME creditors outstanding beyond the stipulated credit period.

*Amortised over lease period * **includes cost of shares of society

Pursuant to the enactment of Companies Act 2013, the Company has charged depreciation as per useful lives of its fixed assets as specified in Part C of Schedule II. Accordingly the unamortised carrying value is being depreciated / amortised over the revised/ remaining useful lives. Due to the above, amounting to Rs. 38,80,975/- has been charged as depreciation in the statement of Profit and Loss Account.

As at As at 31s1 March,2015 31s1 March,2014 2 CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR IN RESPECT OF

A) Contingent Liabilities

Surety given on behalf of body corporate 23,00,000 23,00,000

Income tax 1,73,75,192 1,73,33,543

Sales tax matters in dispute (including interest wherever applicable) 51,75,131 56,55,891

B) Commitments

Estimated amount of contracts remaining to be executed on account of capital 15,83,697 - commitment

The Company is a defendant in various legal actions and a party to claims as above, which arose during the ordinary course of business. The Company''s management believes based on the facts presently known, that the results of these actions will not have a material impact on the Company''s financial statements. It is not practicable for the Company to estimate the timings of cash flows, if any, in respect of the above.

3. SEGMENT REPORTING

As the Company''s business activity fall within a single primary business segment viz FMCG products and its operation are within India, the disclosure requirement of Accounting Standard - 17 "Segment Reporting notified in Companies (Accounting Standards) Rules 2006 is not applicable.

4. RELATED PARTY DISCLOSURES

Related party disclosures, as required by Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are given below:

A) Names of related parties and description of relationship:

a) Enterprises where KMP/ Relatives of KMP have significant influence

Rasoi Limited

Hindustan Composites Limited Looklink Finance Limited Pallawi Resources Limited Surdas Trading & Mfg. Co. Limited Pallawi Trading & Mfg. Co. Limited Axon Trading & Mfg. Co. Limited Lotus Udyog Limited

Goodpoint Advisory Services and Investments Limited

Leaders Healthcare Limited

Rasoi Express Private Limited

Noble Trading Company Limited

Silver Trading & Services Limited

Prabhukripa Overseas Limited

Compo Advics (India) Private Limited

Manoj Mody foundation - (Mr. Raghu Nandan Mody and Mr. Varunn Mody - Trustees)

b) Key Management Personnel (KMP) and Relatives of KMP

Mr. Raghu Nandan Mody - Chairman

Mr. Varunn Mody - Director (upto 29th May, 2014)

Mrs. Sakshi Mody - Executive Director - Strategy (w.e.f. 29th May, 2014)

Mr. Bipin Vengsarkar - Executive Director (upto 24th Dec, 2014)

Mr. Sandip Das - Executive Director & CEO (w.e.f. 24th Dec, 2014)


Mar 31, 2014

As at As at 31st March, 2014 31st March, 2013 (Rs.) (Rs.)

4 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF Surety given on behalf of body corporate 23,00,000 23,00,000 Income tax 1,73,33,543 1,73,33,543 Sales tax matters in dispute (including interest wherever applicable) 56,55,891 10,45,206

2 RETIREMENT BENEFIT

A) Defined Benefit Plans

The following table sets out the funded status of the gratuity plan and unfunded status of Leave Encashment and the amounts recognized in the Company''s financial statements as at 31st March, 2014

3. SEGMENT REPORTING

As the Companys business activity fall within a single primary business segment viz FMCG products and its operation are within India, the ''isclosure requirement of Accounting Standard - 17 "Segment Reporting" notified in Companies (Accounting Standards) Rules 2006 is not applicable.

4. RELATED PARTY DISCLOSURES

Related party disclosures, as required by Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are given below:

A) Names of related parties and description of relationship:

a) Enterprises where KMP/ Relatives of KMP have significant influence

Rasoi Limited

Hindustan Composites Limited Looklink Finance Limited Pallawi Resources Limited Surdas Trading & Mfg. Co. Limited

Pallawi Trading & Mfg. Co. Limited

Axon Trading & Mfg. Co. Limited

Lotus Udyog Limited

Goodpoint Advisory Services and Investments Limited

Leaders Healthcare Limited

Rasoi Express Private Limited

Noble Trading Company Limited

Silver Trading & Services Limited

Manoj Mody Foundation - (Mr. Raghu Nandan Mody and Mr. Varunn Mody - Trustees)

b) Key Management Personnel (KMP) and Relatives of KMP

Mr. Raghu Nandan Mody - Chairman

Mr. Varunn Mody - Director

Mrs. Sakshi Mody - Relative of Director

Mr. Atul Tandan - Director

Mr. Shamsunder Aggarwal - Director (upto 13th February, 2014)

Mr. Sanjay Kothari - Director

Mr. Bipin Vengsarkar - Executive Director (w.e.f. 1st November, 2013)

Mr. Sohan Sarda - Manager

5 Current tax expenses include Rs.1,57,985 (P.YRs.1,40,100/-)andRs.2,17,329/-(P.Y.Rs. 57,128/-) in respect of wealth tax and Income tax of earlier years respectively.

6 In respect of properties taken/given on lease by the Company, the Lease agreements are mutually renewable/ cancellable.

7 Previous years''figures have been regrouped/reclassified whenever necessary, to conform to current years'' classification.

Signatures to Notes 1 to 37 which form an integral part of the financial statements.


Mar 31, 2013

1 SEGMENT REPORTING

As the Company''s business activity fall within a single primary business segment viz FMCG products and its operation are within India, the disclosure requirement of Accounting Standard - 17 "Segment Reporting notified in Companies (Accounting Standards) Rules 2006 is not applicable.

2 RELATED PARTY DISCLOSURES

Related party disclosures, as required by Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are given below:

A) Names of related parties and description of relationship:

a) Enterprises where KMP/ Relatives of KMP have significant influence

Rasoi Limited

Hindustan Composites Limited

Looklink Finance Limited

Pallawi Resources Limited

Surdas Trading & Mfg. Co. Limited

Pallawi Trading & Mfg. Co. Limited

Axon Trading & Mfg. Co. Limited

Lotus Udyog Limited

Goodpoint Advisory Services and Investments Limited

Noble Trading Company Limited

Silver Trading & Services Limited

Manoj Mody Foundation - (Mr. Raghu Mody and Mr. Varunn Mody - Trustees)

JLM Employees Trust - (Mr. Raghu Mody and Mr. Varunn Mody - Trustees)

b) Key Management Personnel (KMP) and Relatives of KMP

Mr. Raghu Mody - Chairman

Mr. Varunn Mody - Director

Mrs. Sakshi Mody - Relative of Director

Lt. Gen. (Retd.) K. S. Brar - Director (upto 18th May, 2012)

Mr. Atul Tandan - Director

Mr. Shamsunder Aggarwal - Director

Mr. Sanjay Kothari - Director

Mr. Sohan Sarda - Manager

3 EARNINGS PER SHARE

Earnings Per Share, as required by Accounting Standard 20 - "Earnings Per Share" issued by the Institute of Chartered Accountants of India, is given below:

Earnings Per Share is calculated by dividing the profit attributable to the Equity shareholders by the weighted average number of equity shares outstanding during the year. The net profit considered for calculation of EPS is as follows:

4 Provision for current tax includeRs. 1,40,100 (P.Y Rs. 1,40,267) and Rs. 57,128/- (P.Y Rs.Nil) in respect of wealth tax and Income tax of earlier years respectively.

5 In respect of properties taken/given on lease by the Company, the Lease agreements are mutually renewable/ cancelable.

6 Previous years'' figures have been regrouped/reclassified whenever necessary, to conform to current years'' classification.


Mar 31, 2012

A) Rights of Equity Shareholders

The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

b) Share held by holding/ultimate holding company and I or their subsidiaries / associates

None of the Equity Shares are held by the holding/ ultimate holding company and/ or their subsidiaries / associates.

c) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date : Nil

d) Shares reserved for issue under options : Nil

a) Term loan from bank in respect of housing loan was taken during the financial year 2007-08 and carries interest @ 11.50% to 14.50%. The loan is repayable in 67 monthly installments (principal plus interest) of Rs. 48,640/- from date of the loan. The loan is secured by hypothecation of Residential house of the Company pertaining to business.

b) In the case of vehicle loan from bank is taken during the financial year 2009-10 and carries interest @ 10.14%. The loan is repayable in 36 monthly instalments (principal plus interest) of Rs. 23,424/- from date of the loan. The loan is secured by hypothecation of one vehicle of the Company pertaining to business.

c) In the case of vehicle loans from others are taken during the financial year 2010-11 and 2011-12 interest @ 10.37% and 8.11% which are payable in 60 and 36 monthly instalments (principal plus interest) of Rs. 40,262/- and Rs. 2,49,400/- respectively from date of the loan. The loan is secured by hypothecation of one vehicle often Company pertaining to business.

1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT QF

Particulars As at As at

31st March, 2012 31st March, 2011;

Guarantee given on behalf of body corporation 23,00,000 73.00.000

income tax 1,73,33,543 2,77,39,305

Sale tax matters in dispute (including interest wherever applicable1) 18,19,060 73,67,78

2 SEGMENT REPORTING

As the Company's business activity fall within a single primary business segment viz FMCG products and its operation are within India, the disclosure requirement of Accounting Standard - 17 "Segment Reporting notified in Companies (Accounting Standards) Rules 2006 are not applicable.

3 RELATED PARTY DISCLOSURES

Related party disclosures, as required by Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are given below:

A) Names of related parties and description of relationship:

a) Associates with whom transactions have been entered during the year in the ordinary course of the business

Rasoi Limited

Hindustan Composites Limited Mode Enterprises Private Limited Looklink Finance Limited Pallawi Resources Limited Surdas Trading & Mfg. Co. Limited Pallawi Trading & Mfg. Co. Limited Axon Trading & Mfg. Co Limited Lotus Udyog Limiied

Goodpoint Advisory Services and Investments Limited Noble Trading Company Limited Silver Trading & Services Limited

Notes: (i) No amount pertaining to related parties have been provided for as doubtful debts. Also, no amount has been written off / back.

(ii) The related parties are identified based on information available with the Company.

4 EARNINGS PER SHARE

Earnings Per Share, as required by Accounting Standard 20 - ''Earnings Per Share" issued by the Institute of Chartered Accountants of India, is given below:

Earnings Per Share is calculated by dividing the profit attributable to the Equity shareholders by the weighted average number of equity shares outstanding during the year. The net profit considered for calculation of EPS is as follows:

5 Provision for current tax include Rs. 1,40,267 (previous year Rs. 1,18,853) in respect of wealth tax.

6 In respect of properties taken/given on lease by the Company, the Lease agreements are mutually renewable/ cancelable.

7 As notified by Ministry of Corporate Affairs, Revised Schedule VI under the Companies Act, 1956 is applicable to the Financial Statements for the financial year commencing on or after 1s: April, 2011. Accordingly, the financial statements for the year ended 31s: March, 2012 are prepared in accordance with the Revised Schedule VI. The amounts and disclosures included in the financial statements of the previous year have been reclassified to conform to the requirements of Revised Schedule VI.

8 Previous years figures have been regrouped/reclassified whenever necessary, to conform to current year's classification. Signatures to Notes 1 to 39 which form an integral part of the financial statements.


Mar 31, 2011

1. Contingent Liabilities

Particulars As at As at 31-Mar-2011 31-Mar-2010 (Rs.) (Rs.)

Guarantee given on behalf of Body Corporate 23,00,000 23,00,000

Income Tax 2,77,39,305 3,58,32,426

Sales Tax matters in dispute (including 73,67,782 91,63,243 interest wherever applicable)

2. There is no Micro and Small Enterprises, to whom the Company owes as at 31st March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

3. Managerial Remuneration

Note:

Since no commission is payable to any managerial person, computation of net profit u/s 349 of the Companies Act, 1956 is not given.

4. Retirement Benefit

A) Defined Benefit Plans

The following table sets Out the funded status of the gratuity plan and unfunded status of Leave Encashment and the amounts recognized in the Company's financial statements as at 31st March, 2011

a) Gratuity Fund (Funded)

vii) Amounts forthe current and previous three years are as follows:

Note: Since Company has started providing the gratuity as per AS-15 (Revised) from 2007-08, figures are given for four years.

b) Leave encashment

Net expenses recognised during the year is Rs. 11,20,708/- (Previous Year Rs. 5,78,109/-) B) Define contribution plan

5. Borrowing costs of Rs. Nil/- (Previous Year Rs. 13,21,158/-) on loans for acquiring is added to the cost of respective fixed assets

6. Segment Reporting

Primary Segment

In accordance with Accounting Standard 17 "Segment Reporting" the Company has single business segment of marketing of FMCG products and there are no other primary reportable segments.

Secondary Segment

The Company mainly caters to the needs of the domestic market and accordingly there is only one geographical segment.

7. Related Party Disclosures

Related party disclosures, as required by Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are given below:

A) Names of related parties and description of relationship:

(a) Associates: Rasoi Limited Hindustan Composites Limited

b) Key Management Personnel (KMP) and Relatives of KMP

Mr. R. N. Mody, Chairman

Mr. Varunn Mody, Director (Executive Director upto 15th January, 2011)

Mr. Kuldip Singh Brar, Director

Mr. AtulTandan, Director

Mr. ShamsunderGopaldasAggarwal, Director

Mrs. Sumitra Devi Mody (Wife of Mr Raghu N Mody, Chairman)

Details of Loan & Advances as per clause 32 of Listing Agreement

Notes:

(i) No amount pertaining to related parties have been provided for as doubtful debts. Also, no amount has been written off/ back

(ii) The related parties are identified based on information available with the Company

8. During the year, an amount of Rs.2,26,42,498/- representing Sales tax deferment loan arising on prepayment option exercised by the company, has been written back and is reflected under head "Other Operating Income."

9. Information required as per part II of Schedule VI of the Companies Act, 1956.

(A) Own Manufacturing Goods : Not Applicable

(C) Production : NotApplicable

(D) Raw Material Consumed : Not Applicable

(E) Percentage Of Raw Materials Consumed : NotApplicable

10. Previous year's figures have been regrouped/re-arranged and reclassified wherever considered necessary.


Mar 31, 2010

1. Contingent Liabilities

Particulars As at As at

31-Mar-2010 31-Mar-2009

(Rs) (Rs.)

Guarantee given on behalf of Body Corporate 23,00,000 23,00,000

Income Tax 3,58,32,426 80,15,505

Sales Tax matters in dispute (including interest wherever applicable) 91,63,243 52,71,743

Bank Guarantee 2,46,24,400 1,75,24,400

Letter of Credits Nil 92,34,329

2. Borrowing costs of Rs.13,21,158/-on loans for acquiring is added to the cost of respective fixed assets

3. Segment Reporting

The company has identified trading business segments as its primary segment.

Trading Business segments of the company are Personal & Healthcare and Crude Edible Oil in Bulk.

Secondary segment of the company is not applicable.

Revenue and expenses directly attributable to segments are reported under each reportable segment. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

4. Related Party Disclosures

Related party disclosures, as required by Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are given below:

A) Names of related parties and description of relationship:

(a) Enterprises where KMP have significant influence:

Rasoi Limited

Hindustan Composites Limited

Relatives of KMP

Mrs. Sumitra Devi Mody Mrs. Pallawi Podar

(b) Key management Personnel (KMP)

Mr RN Mody

Mr.VarunnMody

Mr. Kuldip Singh Brar

Mr.AtulTandon

Mr. Shamsunder Gopaldas Aggarwal

Mr. Lawson Lyon

 
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