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Notes to Accounts of Jain Marmo Industries Ltd.

Mar 31, 2014

NOTE 1 Corporate Information

Jain Marmo Industries Limited is a limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in Mining, Manufacturing and Trading of Marble Blocks, Slabs & tiles.

Note 2. Loan from Canara Bank for Plant and Machinery and Stock yard (Shed) carries interest @12.25%.The Loans are repayable in 60 monthly installments.

Note 3. - Loan from Tata Capital Financial Services Limited for Vehicle carries interest @ 7.71% .The Loans are repayable in 24 monthly installments. All the above Loans are Secured by hypothecation of respective assets.

Note 4. Working Capital Borrowing from canara bank is secured by hypothecation of inventory i.e. Raw Materials, Stock in Process, Finished Goods, Stores & Spares and Book Debts (both present and future) and second charge on title documents of the land and building & hypothecation of plant & machinery situated at factory (udaipur) including uncalled capital etc. both present and future personally guaranteed by the Directors of the company. The same is repayable on demand and carries interest @ 11.45%.

Note 5 In line with the notification dated 31st March, 2009 issued by The Ministry of Corporate Affairs, amending Accounting Standard AS11 -''Effects of Changes in Foreign Exchange Rates'', the Company has chosen to exercise the option under paragraph 46 inserted in the standard by the notification. Accordingly, the company has adjusted the foreign currency exchange differences on amounts outstanding for acquisition of fixed assets, to the carrying cost of fixed assets.

Note 6 Debit & Credit Balances appearing under Sundry Debtors, Advance Receivables in Cash or in Kind , Unsecured Loans, Sundry Creditors are subject to confirmation & reconciliation. Adjustment, if any, in these accounts will be made as & when finally reconciled & confirmed. Trade Receivables & Trade Payables have been taken at their Book Value after making necessary adjustment on account of foreign exchange fluctuation except in cases of some old balances lying in account.

NOTE 7 - Contingent Liabilities & Commitments

NIL

NOTE 8 The Government of India has promulgated "The Micro, Small & Medium Enterprises Development Act" 2006 which came into force w.e.f. October 2, 2006. The Company is required to identify the Micro & Small Enterprises & pay them interest on overdue beyond the specified period irrespective of the terms agreed with the enterprises. The Company has initiated the process of identification of such suppliers. In view of no. of suppliers & no. receipt of critical inputs & response from several such potential parties, the liability of interest can neither be reliably estimated nor any required disclosure can be made. Accounting in this regard will be carried out after process is complete and reliable estimate can be made in this regard. Since the Company is regular in making payments to all suppliers, the management does not anticipate any significant interest liability.

NOTE 9- Previous year figures have been rearranged / regrouped wherever considered necessary.

NOTE 10 - Figures are rounded off to the nearest rupee.


Mar 31, 2013

NOTE 1. Corporate Information

Jam marmo Limited is alimlted company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in Mining, Manufacturing and trading of Marble Blocks, Slabs & tiles

NOTE 2 Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting policies in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies -Act, 1956 The financial statements have been prepared on an accrual basis under the historical cost Convention.

The accounting policies adopted in the c preparation of financial staements are consistent with those of previous years.

Note 3 Working Capital Borrowing from canara bank is secured by hybothcation in of inventory i.e Raw materials Stock in Process, Finished Goods, Stores & Spares arid Book Debts (both present and future) and second charge on title documents of the land and building & hypothecation of plant & machinery situated at factory (udaipur) including uncalled capital etc both present and future personally guaranteed by the Directors of the company The same s repayable on demand and comes interest @ 11.45%

Note 4 Related Party disclosure as required under AS 18 are given below

No. Name of the Related Party Relationship

A KEY MANAGEMENT PERSON

1 Shri Sanjay Jam Whole time Director

2 Shri Sidharth Jam Director

B RELATIVES OF KEY MANAGEMENT PERSON

1 Shri Sandeep Jain Brother of Director

2 Smt Neetu Jain Wife of Director's Brother

C ENTERPRISE OVER WHICH KMP OR THEIR RELATIVE EXERCISE CONTROL

1 Bhikshu Minerals Pvt. Ltd Director of the company is Director in the company

2 Sidhartha Marbles & Gr. Pvt. Director's father's brother is Directors inthe Company

3 Perfect Marbles Pvt. Ltd Director of the company is Director in the company

4 S.C. Jain & Brothers Director's father is Proprietor of the firm

5 Jain Marbles Director's Mother is Partner

6 Omega stones Brother of Director is Prop.

7 Omega Marmo Stones Pvt Director of the company is Director in the company

8 Jain Marble Exports Father of Director's is Partner

9 Souverign Mine & Minerals Director'Brother is Director in the company

10 Tanisq Marble & Minerals Director of the company is Director

Note 5 In line with the notification dated 31st March, 2009 issued by the Ministry of Corporate Affairs, amending Accounting Standard AS11 -Effects of Changes in foreign Exchange Rates the Company has chosen to exercise the option under paragraph 46 Inserted in the standard by the notification. Accordingly, the company has adjusted the foreign currency exchange differences on amounts outstanding for acquisition of fixed assets, to the carrying cost of fixed assets.

Note 6 Debit & Credit Balances appearing under Sundry Debtors, Advance Receivables In Cash or in Kind, Unsecured Loans, Sundry Creditors are subject to confirmation & recondition conciliation. Adjustment, if any, in these accounts will be made as & when finally reconciled & confirmed, Trade Receivables ft. Trade Payables have been taken at their Book Value after making necessary adjustment on account of freign exchange fluctuation except in cases of some old balances lying in account.

NOTE 7 - Contingent liabilities & Commitments

NIL

NOTE 8 The Government of india has Small medium enterprises development Act 2006.

NOTE 9 Previous year figures vavo been rearranged / regrouped where ever considered necessary NOTE 40 * figures arc rounded off to the nearest rupee.


Mar 31, 2011

1. Contingent Liability Not Provided For The Year - Nil

2. Book debts, loans and advances, creditors, deposits etc have been taken at their book value awaiting respective confirmation and are subject to reconciliation

3 Loans and advances, debtors have been considered good In this respect the company holds no security other than personal guarantee of persons concerned.

4. Remuneration to Directors Comprises Salary Rs 4.20 lacs (Prev Year 4.20Lacs).

5. Retirement benefits in respect of employees are accounted for as per the Accounting Standard - 15 issued by ICAI

Retirement benefit plans.

6. Defined contribution plans

The company makes provident fund contribution to defined contribution retirement benefits plan for qualifying employees under the scheme. The Company is required contribute a special percentage of the payroll cost of fund the benefits. The Company recognized Rs. 52643/- for provident fund contribution in the profit & Loss Account The contribution payable to these plans by the company recognized at rates specified in the rules of the scheme.

7. Gratuity

The employees are entitled to gratuity that is computed as a half month's salary for every completed year of service and is payable on retirement/ termination. The company makes provision of such gratuity on the basis of actuarial valuation.

8. Leave Encashment

Leave encashment is accounted for at the time of payment. Further management do not expect any material liability due to non provision of leave encashment amount.

9. Sundry debtors/ advances includes Rs. 65.38 lacs due from Directors / Firms in which Directors are interested (Prev Year Rs 73.56 lac) Maximum amount at any time during the year Rs. 146.38 lacs (prev year Rs.108.27 lacs)

10. Loans and advances includes against supply of material of rupees 61.55 lacs due from company in which Directors are interested (prev. Year Rs. 52.08 lacs). Maximum amount at any time during the year is 141.57 lacs (Prev year.79.56 lacs) .

11 .Segment Reporting

The company is operating in only one segment ie mining and manufacturing of marble

12. Related Party disclosure as required under AS-18, Related Party Disclosure" are given below -

13. Name of the Related Parties & there relationship with the Company is given hereunder:-

No. Name of the Related Party Relationship "a key management person

1 Shu San jay Jain Whole Time Director 2 Shri Shrichand Jain Director 3 Shri Sidharth Jain Son of Director

B RELATIVES OF KEY MANAGEMENT PERSON

1 Shri Sandeep Jain . Son of Director 2 Smt. Neetu Jam Wife of Director's Son 3 Aditya Jain Son of Director's Brother

C ENTERPRISE OVER WHICH KMP OR THEIR RELATIVE EXERCISE CONTROL

1 Bhikshu Minerals Pvt Ltd Director of the company is Director 2 Jain Marble Impex Director of the company is Partner 3 Perfect Marbles Pvt Ltd Director of the company is Director 4 S.C. Jain & Brothers Director of the company is Proprietor 5 Siddhartha Marble & Director Brother is Director 6. Jain Marbles Directors's wife is Partner 7. Omega stones Son of Director is Prop

8 Omega Marino Stones Pvt Director of the company is Director Ltd.

9. Jain Ma Exports Director of the Company is Partner

10 Gelra Mines & Minerals Director Brother is Prop

11 Sanjay Marble Traders Director is Partnei

12 Souverign Mine & Minerals Director'Brother is Director P Ltd

13 Tanisq Marble & Minerals Director of the company is Director P. Ltd.

14 Ajay Marbles Director is Prop.

15 Jam Marble Enterprises Director1 Brother is Proprietor

14. Previous year figures have been regrouped and rearranged wherever deemed necessary to confirm to this year classification

15. Government of India has promulgated an Act namely "The Micro, Small & Medium Enterprises Development Act" 2006 which comes into force with effect from October.2 2006 As per the act, the company is required to identify the Micro & Small Enterprises & pay them interest on over due beyond the specified period irrespective of the terms agreed with the enterprises The company has initiated the process of identification of such suppliers. In view of no of suppliers & no receipt of critical inputs & response from several such potential parties, the liability of interest cannot be reliable estimated nor can required disclosure be made Accounting in the*, regard will be carried out after process is complete and reliable estimate can be made in this regard Since the company is regular in making payments to all suppliers the management does not anticipate any significant interest liability

16. Figures are rounded off to nearest of rupee

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