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Notes to Accounts of Jasch Industries Ltd.

Mar 31, 2015

Not Available


Mar 31, 2014

1.1 There has been no movement in the shares outstanding from the prior year to the current year.

1.2 Terms / rights attached to Equity Shares :

Company has only one class of equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. 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 preferntial amounts. The distribution will be proportion to the number of equity shares held by the shareholders.

2.1 Term Loans From H D F C Bank Ltd. Secured by a first mortgage by deposit of title deeds of the Company''s immovable properties both present and future ranking inter se and also personal guarantee of four directors.

2.2 Loans for Vehicles is Secured by Hypothecation of Respective Vehicle.

3.1 The information as required to be disclosed under The Micro, Small and Medium Enterprises Development Act, 2006 (''the Act") has been determined to the extent such parties have been identified by the Company, on the basis of information and records available with them. This information has been relied upon by the auditors. Disclosure in respect of interest due on delayed payment has been determined only in respect of payments made after the receipt of information, with regards to filing of memorandum, from the respective suppliers. Disclosure as required under section 22 of the Act, is as under :

3.2 Accounts balances of the suppliers, in whose case(s) confirmation / reconciliation is not received are taken as per the balance appearing in the books. Any differences arising on account of such reconiliations, which are not likely to be material, are accounted for as and when these reconciliations are completed.

4.1 Owing to an amendment in law, there being no clarity as to whether coated fabrics are still exempt from VAT, the Company had sought clarification from Haryana VAT Authorities, who clarified in the negative. The clarification was challenged before Haryana Tax Tribunal and is now pending adjudication before Punjab & Haryana High Court. In view of such a situation, the Company has billed by way of abundant caution, the amount of VAT to customers and this amount has been duly included in "Other Current Liabilities".

5.1 Provision of Excise Duty on finished goods lying in factory premises at March 31, 2014 aggregating to Rs. 14,25,148/- (Previous Year Rs. 21,51,506/-) has been provided at current excise rate and included in valuation of finished goods inventory and same is charged from Cenvat Credit Receivable Input Account as on 31st March, 2014.

5.2 There are no undisputed liabilities or over dues to Government Department and /or Financial Institution and Banks, other than in the normal course of business.

5.3 Provision for retirement gratuity liability as at 31.03.2014 to all eligible employees has been made as per Actuarial Valuation by LIC of India and an amount of Rs. 19,30,829 has beeb paid to LIC of India as full contribution for current year.

6.1 The Company has received insurance claim of Rs. 86.03 lakh during 2003-2004 in respect of destruction of a part of factory buildings, plant and machinery and inventory in a fire accident on 23rd/24th November, 2001 which had resulted in book loss of Rs.135 lakh. Balance claim of Rs. 48.97 lakh has been shown as receivable. A petition in Delhi High Court against Insurance Company for payment of balance amount with interest has been filed and admitted by the Hon''ble Delhi High Court. There are fair chances at the balance claim of Rs. 48.97 lakh will be allowed by the Court in favour of the Company. Final adjustment of Insurance Claim in the accounts will be made after settlement of claim by the Court.

(Amount Rs. in Lakh) For the Year Ended For the Year Ended 2013 — 2014 2012 — 2013

30 CONTINGENT LIABILITIES AND COMMITMENTS

(I) Contingent Liabilities

(A) Claim against the company / disputed liabilities not acknowledged as debts 0 0

(B) Guarantees

(i) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties

a) In Respect of Wholly Owned Subsidiary ($ 3 Lakh @ 60.10) 180.30 163.17

b) In Respect of Others 0 0

(ii) Advance / Performance Guarantees 57.48 143.40 (Margin Money with Bank Rs. 33.92)

(iii) Outstanding guarantees furnished to Bank in respect of Letters of Credits 668.92 769.51 (Margin Money with Bank Rs. 52.45)

(C) Other Money for which the company is contingently liable

i) Liability in respect of bill discounted with bank 0.00 0.00

ii) Liability in respect of Sales Tax surety for third parties 8.00 8.00

(II) Commitments

(A) Estimated amount of contracts remaining to be executed on capital account and not provided for : 0 0

(B) Other Commitments 0 0


Mar 31, 2013

1.1 The Company has received insurance claim of Rs. 86.03 lakh during 2003-2004 in respect of destruction of a part of factory buildings, plant and machinery and inventory in a fire accident on 23rd/24th November, 2001 which had resulted in book loss of Rs.135 lakh. Balance claim of Rs. 48.97 lakh has been shown as receivable. A petition in Delhi High Court against Insurance Company for payment of balance amount with interest has been filed and admitted by the Hon''ble Delhi High Court. There are fair chances at the balance claim of Rs. 48.97 lakh will be allowed by the Court in favour of the Company. Final adjustment of Insurance Claim in the accounts will be made after settlement of claim by the Court.

Note 2 - Segment Reporting : (Segment Information as required by Accounting Standard (AS-17) on Segment Reporting issued by the Institute of Chartered Accountants of India and as compiled on the basis of financial statements). The Company has identified two segments as reportable segments viz. Synthetic Leather Cloth & Allied Products Division and Electronic Thickness Gauge Division.


Mar 31, 2012

1.1 The reconciliation of the number of shares outstanding is set out below :

1.2 Terms / rights attached to Equity Shares :

Company has only one class of equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. 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.

2.1 Working Capital Loan (State Bank of India) is Secured of Hypothecation of present and future stock of raw materials, stock-in-process, finished goods, stores and spares, book debts, receivables, claims, materials in transit and personal guarantee of four Directors.

3.1 Provision of Excise Duty on finished goods lying in factory premises at March 31, 2012 aggregating to Rs. 21,25,814 (Previous YearRs. 16,90,819) has been provided at current excise rate and included in valuation of finished goods inventory and same is charged from Cenvat Credit Receivable Input Account as on 31st March, 2012

3.2 There are no undisputed liabilities or over dues to Government Department and /or Financial Institution and Banks, other than in the normal course of business.

3.3 Provision for retirement gratuity liability as at 31.03.2012 to all eligible employees has been made as per Actuarial Valuation, and an amount of Rs. 12,15,821 has been paid to LIC of India as 1/4 contribution for previous liability and full contribution for current year.

2011-2012 2010-2011

4. CONTINGENT LIABILITIES AND COMMITMENTS

(I) Contingent Liabilities

(a) Claim against the company / disputed liabilities not acknowledged as debts 7.82 7.82

(B) Guarantees

(i) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties

a) In Respect of Wholly Owned Subsidiary ($ 3 Lakh) 153.48 0

b) In Respect of Others 0 0

(ii) Performance Guarantees 152.82 132.19

(Margin Money with Bank Rs. 29.07 Lakh)

(iii) Outstanding guarantees furnished to Bank in respect of Letters of Credits 748.30 722.53 (Margin Money with Bank Rs. 89.05 Lakh)

(C) Other Money for which the company is contingently liable

i) Liability in respect of bill discounted with bank 0.00 0.00

ii) Liability in respect of Sales Tax surety for third parties 8.00 6.00

(II) Commitments

(A) Estimated amount of contracts remaining to be executed on capital account and not provided for : 0 0

(B) Other Commitments 0 0

5. Segment Reporting : (Segment Information as required by Accounting Standard (AS-17) on Segment Reporting issued by the Institute of Chartered Accountants of India and as complied on the basis of financial statement).

The Company has identified two segment as reportable segment viz. Synthetic Leather Cloth & Allied Products Division and Electronic Thickness Gauge Division.


Mar 31, 2010

1. Excise Duty on finished goods lying in factory premises at March 31, 2010 aggregating to Rs. 7,70,569/- (Previous Year 10,26,247/-) has been provided at current excise rate and included in valuation of finished goods inventory and same is charged from Cenvat Credit Receivable Input Account as on 31st March, 2010.

2. There are no undisputed liabilities or over dues to Government Department and/or Financial Institution and Banks, other than in the normal course of business.

3. The company has received insurance claim of Rs. 86.03 lakh during 2003-2004 in respect of destruction of a part of factory buildings, plant and machinery & inventory in a fire accident on 23rd / 24th November, 2001 which had resulted in book loss of Rs. 135 lakh. Balance claim of Rs. 48.97 lakh has been shown as receivable. A petition in Delhi High Court against Insurance Company for payment of balance account with interest has been filed and admitted by the Honble Delhi High Court. There are fair chances at trie balance claim of Rs. 48.97 lakh will be allowed by the Court in favour of the Company. Final adjustment of insurance claim in the accounts will be made after settlement of claim by the court.

4. (a) An amount of 22,97,021/-, being amount owed to the Company by trade debtor(s) for a period exceeding three years which, in the opinion of the management, was considered not recoverable, has been written off by the Board on the recommendations of Audit Committee.

(b) The Company has committed to invest upto Euro 50,000 in a joint venture Company Jasch Europa BVBA, established in association with a Belgian national and a Belgian Company in accordance with Belgian laws. The Company will be a minority shareholder in Jasch Europa BVBA, which will market electronic gauging systems in Europe. The Company has already remitted the first installment of Euro 5,600 during the year 2009-10.

5. Provision for retirement gratuity liability as on 31.03.2010 to all eligible employees has been made as per Acturian Valuation and short provision of Rs. 14,74,786/- in the books of accounts have been charged to the Profit & Loss Account and amount of Rs. 10,78,529/ - paid to LIC of India as 1/4 contribution for previous liability and full contribution for current year.

6. In the opinion of the Board and to the best of their knowledge and belief the realizable amount of Current Assets and Loans and Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provisions for all known and determined Liabilities is adequate and not in excess of the amount reasonably required.

7. SEGMENT REPORTING

Segment Information as required by Accounting Standard (AS)-17 on Segment Reporting issued by the Institute of Chartered Accountants of India and as compiled on the basis of financial statements is as below :-

The Company has identified two segment as reportable segments viz. Leather Cloth Division and Automation Division. The Leather Cloth Division segment comprises of Synthetic Leather Cloth and Allied Products. The Automation Division segment comprises of Electronic Thickness Gauge (BTG) and its Parts. 27

B. Related Party Disclosures.

1. Key Management Personnel 1. Shri J. K. Garg, Chairman

2. Shri 0. P. Garg, Executive Director

3. Shri Ramnik Garg, Whole Time Director

4. Shri Manish Garg, Whole Time Director

5. Shri Navneet Garg, Whole Time Director

2. Enterprises over which key management : Gesco Automation Limited

Personnel and relatives of such Persons is able to exercise significant Influence

C. Disclosure of related parties with whom no business transactions took place during the year.

Enterprises over which key management : Nil

Personnel and relatives of such Persons is able to exercise significant Influence

8. On the basis of information available with the company, there is no amount remaining unpaid as on 31st March, 2010 to any supplier who is a small scale or ancillary undertaking beyond the agreed credit period.

9. On the basis of information available with the company as to whether an enterprises is a Micro/Small enterprises under MSMED Act, 2006, three is no amount remaining unpaid as on 31st March, 2010 or delayed in payment during the year beyond the agreed credit period. Hence no interest is due or paid to any such enterprise.

10. CONTINGENT LIABILITIES :

a) All Liabilities are provided for in the accounts except those of a contingent nature, which have been shown at their estimated value.

b) Only those liabilities are recognized which exceed Rs. 5,000 in value. Subject to this limit, contingent liability in respect of Show Cause Notices issued by the Central Excise Department is considered only when they are converted into demands by the next higher authority.



C) (Rs. In Lakhs)

As at 31st As at 31st March 2010 March 2009

i) Foreign Letters of Credit opened with bank 631.90 315.40 (Margin Money with Bank-63.19 Lakh)

ii) Estimated amount of contracts remaining - - to be executed on capital account not provide for

iii) Bills Discount with Bank - -

iv) Guarantee given to Excise Department 03.37 03.37 by bank on behalf of the company (F.D. With Bank-03.37 Lakh)

v) Bank Guarantee given to Buyers for timely 195.60 130.60 supply/Performance of BTG Machine (Margin Money With Bank-19.56 Lakh)

11. Accounts balances of the customers and suppliers, in whose case(s) confirmation/reconciliation is not received, are taken as per the balance appearing in the books. Any differences arising on account of such reconciliations, which are not likely to be material, are accounted for as and when these reconciliations are completed.

12. The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary and rounded off to the nearest rupee.

 
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