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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