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Notes to Accounts of Jainex Aamcol Ltd.

Mar 31, 2014

Sr. FY -13-14 FY-12-13 No- Particulars

NOTE NO: 1 ADDITIONAl INFORMATION

1 CONTINGENT LIABILITIES AND COMMITMENTS (To the extent not provided for)

a) Contingent liabilities

(i) Claims against the company not a cknowledged as debt 0 0

(ii) Guarantees

Bank Guarantee valid upto 28/09/2021 against EPGC Licence issued by Bank of India against export obligations to be fulfilled in 6 yrs commencing from FY 12. The said guarantee is equivalent to 15% of duty saved amount of Rs. 119.49 lacs on import of 3 Machines (now reduced to two machines) under export obligatioi against which 100% margin by way of TOR (i.e. 15% of Rs. 119.49 lacs equivalent to Rs. 17.92 lacs but rounded to Rs. 20.70 lacs) is held by bank. 2070000 2070000

(iii) A Bond of Rs. 335 lacs in the form of undertaking dated 27/09/2011 is given by the Company under said EPGC No. 03330030577 dated 15/09/2011 in favour of President of India account custom towards duty saved plus interest for 10 years atl8% p.a. in case if there is a short fall in meeting the export obligations. (Net of export obligation fulfilled in FY 12, FY 13 & FY 14, balance Export obligations to be fulfilled in 3 years by FY -17) 13147381 23400000

15217381 25470000

2 The Disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) Rules, 2006 are given below.

b) Defined benefit plan/ Long Term Compensated Absences.

The company''s Employees Gratuity Fund Scheme managed by the LIC of India is a defined plan. The present value of obligation based on actuarial valuation using the Projected Unit Credit Method is not determined and any effect thereof will be provided / accounted as and when finalized.

c) Compensated Absences

The company has provided for the leave encashment liability at the balance sheet date based on permissible accumulated leave balance of the employees at the last salary drawn. Liability as per actuarial valuation is not determined arid any effect thereof will be provided / accounted as and when finalized. The company has no defined benefit plan for this purpose as yet.

3 Amounts not provided for

a) Import against DALC for Rs NIL for purchase of raw materials (previous year Rs NIL).

b) On account of claims by two ex-employees amounting to Rs. 0.37 lacs and Rs. 2.97 lacs which the company is contesting before the appropriate authority/Court.

c) A charge sheet has been filed in the JMFC, XVth Court, Aurangabad by the MIDC CIDCO Police Station, Aurangabad against the erstwhile Technical Director, N. K. Chatterjee and two other ex-employees of the company for the misappropriation of funds carried out by them during their tenure of employment with the company in FY 03 - 04. The company has also filed a suit in the City Civil Court at Aurangabad claiming an amount of Rs 72 lacs from N.K. Chatterjee for the amounts misappropriated. The amounts so misappropriated will be accounted for in the year of recovery. As a counter blast to the FIR, the said ex-employee N. K. Chatterjee has made a claim of Rs. 50 lacs in FY 04 - 05 for his alleged terminal dues in the City Civil Court, Aurangabad which is being contested by the company.

d) On account of penalty of Rs 1.75 lacs imposed by SEBI which is represented by the company for remission/ waiver.

e) On account of additional custom duty demand of Rs. 7,13,812/- on a CNC machine imported in FY 07 - 08 which had been contested in appeal before the Commissioner of Customs (Appeal) and Rs. 2,00,500/- has been paid as advance against the same.

4 Realisable value

In the opinion of the Board, all assets other than fixed assets have a realisable value in the ordinary course of business which is not less than the amount at which it is stated.

5 The company is not required to have a Qualified Company Secretary in view of Section 383A of Companies Act, 1956.

6 Confirmation of Balances

The balances of trade receivables, trade payables, unsecured loans and loans and advances are subject to confirmation.

7 Related Party Disclosures

a) Related Party and their Relationship

Subsidiaries : NIL

Associates : Jainex Foods Private Limited

Jainex Limited

Jainex Imports & Exports Private Limited

Dugar Brothers & Company

Key Management Personnel : Mr. B. S. Dugar (Chairman)

Mr. R. Mazumdar (Ex. MD)

Mr. M. Z. Kothari (Jt. MD now MD)

Mr. Kunal Bafna

Relatives of Key Management Personnel : NIL

8 Figures for previous year have been rearranged/regrouped wherever necessary.


Mar 31, 2013

1. The Gross Block of Fixed Assets as at 31.03.2013 include Rs. 339.21 lacs(p. y. Rs. 343.82) (net of sale of half land at Aurangabad during the financial year FY 03 and machinery in FY 13) on account of revaluation of Fixed Assets of Aurangabad Unit comprising Land, Building and Plant & Machinery carried out on 01.04.98 by an approved valuer.

2. Cummulative amount transferred on account of depreciation on revaluation 7 280.12 lacs (net of adjustment/deduction on account of sale of land)

3. No depreciation has been charged on assets not in use.

Sr. FY-12-13 FY-11-12 Particulars No

Against export obligations to be fulfilled in 6 yrs commencing from FY 12. The said guarantee is equivalent to 15% of duty saved amount of Rs. 119.49 lacs on import of 3 Machines under export obligation against which 100% margin by way of TDR is held by bank. 1800000 1800000

a) Defined Contribution Plan

Contribution to Defined Contribution Plan, reco- gnised are charged off for the year are as under.

Employers Contribution to state governed Provident Fund Employers Contribution to state governed Pension Schemes Employers Contribution to state governed Employees State Insurance

b) Defined benefit plan/ Long Term Compensated Absences.

The company''s Employees Gratuity Fund Scheme managed by the LIC of India is a defined plan. The present value of obligation based on actuarial valuation using the Projected Unit Credit Method is not determined and any effect thereof will be provided / accounted as and when finalized.

c) Compensated Absences

The company has provided for the leave encashment liability at the balance sheet date based on permissible accumulated leave balance of the employees at the last salary drawn. Liability as per actuarial valuation is not determined and any effect thereof will be provided / accounted as and when finalized. The company has no defined benefit plan for this purpose as yet.

4 Amounts not provided for

a) Import against DALC for Rs NIL for purchase of raw materials (previous year Rs NIL).

b) On account of claims by two ex-employees amounting to Rs. 0.37 lacs and Rs. 2.97 lacs which the company is contesting before the appropriate authority and is of the view that the claim will not sustain.

c) A charge sheet has been filed in the JMFC, XVth Court, Aurangabad by the MIDC CIDCO Police Station, Aurangabad against the erstwhile Technical Director, N. K. Chatterjee and two other ex-employees of the company for the misappropriation of funds carried out by them during their tenure of employment with the company in FY 03 - 04. The company has also filed a suit in the City Civil Court at Aurangabad claiming an amount of Rs 72 lacs from N.K. Chatterjee for the amounts misappropriated. The amounts so misappropriated will be accounted for in the year of recovery. As a counter blast to the FIR, the said ex-employee N. K. Chatterjee has made a claim of Rs. 50 lacs in FY 04 - 05 for his alleged terminal dues in the City Civil Court, Aurangabad which is being contested by the company.

d) On account of penalty of Rs 1.75 lacs imposed by SEBI which is represented by the company for remission/ waiver.

e) On account of additional custom duty demand of Rs. 7,13,812/- on a CNC machine imported in FY 07 - 08 which had been contested in appeal before the Commissioner of Customs (Appeal) and Rs. 2,00,500/- has been paid as advance against the same.

5 Realisable value

In the opinion of the Board, all assets other than fixed assets have a realisable value in the ordinary course of business which is not less than the amount at which it is stated.

6 The company is not required to have a Qualified Company Secretary in view of Section 383A of Companies Act, 1956.

7 Confirmation of Balances

The balances of trade receivables, trade payables, unsecured loans and loans and advances are subject to confirmation

8 Related Party Disclosures

a) Related Party and their Relantionship

Subsidiaries : NIL

Associates : Jainex Foods Private Limited

Jainex Limited

Jainex Imports & Exports Private Limited Dugar Brothers & Company

Key Management Personnel : Mr-B-s- Du8ar (Chairman)

Mr. R. Mazumdar (MD) Mr. M. Z. Kothari (Jt. MD)

Relatives of Key Management Personnel: NIL


Mar 31, 2012

1 CONTINGENT LIABILITIES AND COMMITMENTS (To the extent not provided for) a) Contingent liabilities

(i) Claims against the company not acknowledged as debt 0 0

(ii) Guarantees

Bank Guarantee valid upto 28/09/2021 against EPGC Licence issued by Bank of India Against export obligations to be fulfilled in 6 yrs commencing from FY 12. The said guarantee is equivalent to 15% of duty saved amount of Rs. 119.49 lacs on import of 3 Machines under export obligation against which 100% margin by way of TDR is held by bank. 1800000 0

(iii) A Bond of Rs. 335 lacs in the form of undertaking dated 27/09/2011 is given by the Company under said EPGC No. 03330030577 dated 15/09/2011 in favour of President of India account custom towards duty saved plus interest for 10 years at 18% p.a. in case if there is a short fell in meeting the export obligations. (Net of export obligation fulfilled in FY 12, balance Export obligations to be fulfilled in 5 years by FY -17) 29400000 0

31200000 0

b) Defined benefit plan/ long Term Compensated Absences.

The company's Employees Gratuity Fund Scheme managed by the LIC of India is a defined plan. The present value of obligation based on actuarial valuation using the Projected Unit Credit Method is not determined and any effect thereof will be provided / accounted as and when finalized.

c) Compensated Absences

The company has provided for the leave encashment liability at the balance sheet date based on permissible accumulated leave balance of the employees at the last salary drawn. Liability as per actuarial valuation is not determined and any effect thereof will be provided / accounted as and when finalized. The company has no defined benefit plan for this purpose as yet.

2 Amounts not provided for. .

a) Import against DALC for Rs NIL for purchase of raw materials (previous year Rs NIL).

b) On account of claims by two ex-employees amounting to Rs. 0.37 lacs and Rs. 2.97 lacs which the company is contesting before the appropriate authority and is of the view that the claim will not sustain.

c) A charge sheet has been filed in the JMFC, XVth Court, Aurangabad by the MIDC CIDCO Police Station, Aurangabad against the erstwhile Technical Director, N. K. Chatterjee and two other ex-employees of the company for the misappropriation of funds carried out by them during their tenure of employment with the company in FY 03 - 04. The company has also filed a suit in the Gty Civil Court at Aurangabad claiming an amount of Rs 72 lacs from NX Chatterjee for the amounts misappropriated. The amounts so misappropriated will be accounted for in the year of recovery. As a counter blast to the FIR, the said ex-employee N. K. Chatterjee has made a claim of Rs. 50 lacs in FY 04 - 05 for his alleged terminal dues in the Gty Civil Court, Aurangabad which is being contested by the company.

d) On account of penalty of Rs 1.75 lacs imposed by SEBI which is represented by the company for remission/ waiver.

e) On account of additional custom duty demand of Rs. 7,13,812/- on a CNC machine imported in FY 07 - 08 which had been contested in appeal before the Commissioner of Customs (Appeal) and Rs. 2,00,500/- has been paid as advance against the same.

3 Realisable value

In the opinion of the Board, all assets other than fixed assets have a realisable value in the ordinary course of business which is not less than the amount at which it is stated.

4 The company is not required to have a Qualified Company Secretary in view of Section 383A of Companies Act, 1956.

5 Confirmation of Balances

The balances of trade receivables, trade payables, unsecured loans and loans and advances are subject to confirmation

6 Figures for previous year have been rearranged/regrouped wherever necessary.

7 Balance Sheet and Statement of Profit & Loss are drwan as per notification No. S.O. 447 (E) dt. 28.02.2011 on revised Schedule VI to the Companies Act. 1956.


Mar 31, 2011

1 The company is not required to have a Qualified Company Secretary in view of Section 383A of Companies Act, 1956.

2 The balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation.

3 Commitments pending on capital accounts is Rs. 617 lacs -net of advance (previous year Rs. NIL).

4 Provision for Contingencies (not provided)

a Import against DALC for Rs NIL for purchase of raw materials (previous year Rs. NIL).

b On account of claim by two ex-employee amounting to Rs. 0.37 lacs and Rs. 2.97 lacs which the company is contesting before the appropriate authority and is of the view that the claim will not sustain.

c A charge sheet has been filed in the JMFC, XVth Court,Aurangabad by the MIDC CIDCO Police Station, Aurangabad against the erstwhile Technical Director, N. K. Chatterjee and two other ex-employees of the company for the misappropriation of funds carried out by them during their tenure of employment with the company. The company has also filed a suit in the City Civil Court at Aurangabad claiming an amount of Rs 72 lacs from N. K. Chatterjee for the amounts misappropriated. The amounts so misappropriated will be accounted for in the year of recovery. As a counterblast to the FIR, the said ex-employee N. K. Chatterjee has made a claim of Rs. 50 lacs for his alleged terminal dues in the City Civil Court, Aurangabad which is being contested by the company.

d On account of penalty of Rs 1.75 lacs imposed by SEBI which is represented by the company for remission/ waiver.

e On account of additional custom duty demand of Rs. 713812 on account of a CNC machine imported in ealier years which had been contested in appeal before tha Appellate Tribunal.

5. Related party Disclosure

(a) Related Party and their Relationship.

Subsidiries NIL

Associates Jainex Foods Pvt. Limited

Jainex Limited

Jainex Imports & Exports Pvt. Limited

Dugar Brothers & Company

Key Management Personnel Mr. B. S. Dugar (Chairman)

Mr. R. Mazumdar (MD),

Mr. M. Z. Kothari (Jt MD),

Mr. Rahul Dugar (WTD).

Relatives of Key Management Personnel

6 The Disclosures required under Accounting Standard 15 "Employee Benefits* notified in the Companies (Accounting Standards) Rules, 2006 are given below.

b) Defined benefit plan/ Long Term Compensated Absences.

The company's Employees Gratuity Fund Scheme managed by the LIC of India is a defined plan. The present value of obligation based on actuarial valuation using the Projected Unit Credit Method is being determined and any effect thereof will be provided / accounted as and when finalized.

c) Compensated Absences

The company has provided for the leave encashment liability at the balance sheet date based on permissible accumulated leave balance of the employees at the last salary drawn. Liability as per actuarial valuation is being determined and any effect thereof will be provided / accounted as an when finalized. The company has no defined benefit plan for this purpose as yet.

7 Information pursuant to Part IV of Schedule VI to the Companies Act, 1956. Balance Sheet abstract and general business profile and cash flow statement pursuant to clause 32 of listing agreement are annexed hereto.

8 Figures for previous year have been rearranged/regrouped wherever necessary.


Mar 31, 2010

1 Sundries in schedule 14 includes Auditors

Remuneration as under

Audit Fees

Tax Audit Fees

Taxation and other matters

2 The company is not required to have a Qualified Company Secretary in view of Section 383A of Companies Act, 1956.

3 The balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation.

4 Commitments on capital accounts pending is Rs. NIL (previous year Rs. NIL).

5 Provision for Contingencies

a Import against DALC for Rs NIL for purchase of raw materials (previous year Rs. NIL).

b On account of claim by two ex-employee amounting to Rs. 0.37 lacs and Rs. 2.97 lacs which the company is contesting before the appropriate authority and is of the view that the claim will not sustain.

c A charge sheet has been.filed in the JMFC, XVth Court,

Aurangabad by the MIDCCIDCO Police Station, Aurangabad against the erstwhile Technical Director, N. K. Chatterjee and two other ex-employees of the company for the misappropriation of funds carried out by them during their tenure of employment with the company. The company has also filed a suit in the City Civil Court at Aurangabad claiming an amount of Rs 72 lacs from N. K. Chatterjee for the amounts misappropriated. The amounts so misappropriated will be accounted for in the year of recovery. As a counterblast to the FIR, the said ex-employee N. K. Chatterjee has made a claim of Rs. 50 lacs for his alleged terminal dues in the City Civil Court, Aurangabad which is being contested by the company.

d On account of penalty of Rs 1.75 lacs imposed by SEBI which is represented by the company for remission/ waiver.

6. Related party Disclosure

6 (a) Related Party and their Relationship.

Subsidiries NIL

Associates Jainex Foods Pvt. Limited

Jainex Limited

Jainex Imports & Exports Pvt. Limited

Dugar Brothers & Company

Key Management Personnel: Mr. B. S. Dugar (Chairman)

Mr. R. Mazumdar (MD), Mr. M. Z. Kothari (Jt. MD), Mr. Rahul Dugar (WTD). Relatives of Key Management Personnel

7 The Disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) Rules, 2006 are given below.

b) Defined benefit plan/ Long Term Compensated Absences.

The companys Employees Gratuity Fund Scheme managed by the LIC of India is a defined plan. The present value of obligation based on actuarial valuation using the Projected Unit Credit Method is being determined and any effect thereof will be provided / accounted as and when finalized.

c) Compensated Absences

The company has provided for the leave encashment liability at the balance sheet date based on permissible accumulated leave balance of the employees at the last salary drawn. Liability as per actuarial valuation is being determined and any effect thereof will be provided / accounted as an when finalized. The company has no defined benefit plan for this purpos as yet.

8 Information pursuant to Part IV of Schedule VI to the Companies Act, 1956. Balance Sheet abstract and general business profile and cash flow statement pursuant to clause 32 of listing agreement are annexed hereto.

9 Figures for previous year have been rearranged/regrouped wherever necessary.

 
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