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Notes to Accounts of Jattashankar Industries Ltd.

Mar 31, 2015

1. Contingent liabilities not provided for in the accounts There were no Contingent Liability as on 31.03.2015.

2. Balance of sundry debtors, Creditors and loans and advances are subject to confirmation, reconciliation and adjustment required, if any.

3. Gratuity liability has been provided for during the year of Rs.1,66,463/- . However the same has not been provided for on actuarial basis as prescribed in Accounting Standard -15.

4. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

5. Pursuant to requirement of Accounting Standard -18, issued by the ICAI, the details of transactions carried out during the year with related parties are disclosed as under :-

Relationships:

(a) Key Management Personnel

(i) Jattashankar Poddar

(ii) Sharad Poddar

(b) Relative of Key Management Personnel and their Enterprises where transactions have taken place

(i) Sunrise Colours Limited

(ii) Shivkripa Enterprises Private Limited

(iii) Subhash Poddar HUF ( Karta of Jattashankar Poddar & Sharad Poddar)

(iv) Sharad Poddar HUF ( Sharad Poddar is Karta of HUF)

Disclosure in respect of material transactions with related parties during the year

6. The company mainly deals in Dyed yarns and Elastic tapes which are considered only one segment of Textile Products therefore, disclosure of segment reporting pursuant to Accounting Standards -17 issued by the ICAI is not required.

7. In view of the applicability of Accounting Standards -22 accounting for taxes on income issued by the ICAI, company does not have deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits.

8. Earning Per Share (EPS) pursuant to Accounting Standard -20 issued by the ICAI as under:

9. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard -28 issued by the ICAI.

10. Previous year's figures have been regrouped / rearranged wherever is necessary.


Mar 31, 2014

1. Contingent liabilities not provided for in the accounts

There were no Contingent Liability as on 31.03.2014

2. Balance of sundry debtors, Creditors and loans and advances are subject to confirmation, reconciliation and adjustment required ,if any.

3. Gratuity liability has been provided during the year instead of cash basis as per past practice. Due to this profit for the year is understated by Rs.1,00,000/-.

4. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

5. To the extent information available with the Company ,amount payable to Micro, Small and Medium Enterprise creditors are not overdue .Hence Provision for interest has not been made.

6. The company mainly deals in texturised /twisted yarns which are considered only one segment therefore, disclosure of segment reporting pursuant to Accounting Standards -17 issued by the ICAI is not required.

7. a) In view of the applicability of Accounting Standards -22 accounting for taxes on income issued by the ICAI , company does not have current tax as well as deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits.

b) No provision for Tax has been made under provision of Income tax Act, 1961, as there are no tax liability likely to arise in view of company declared sick by BIFR & having huge accumulated losses.

8. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard -28 issued by the ICAI.

9. Previous years figures have been regrouped / rearranged wherever is necessary. As per our report of even date


Mar 31, 2013

1 Contingent liabilities not provided for in the accounts

There were no Contingent Liability as on 31.03.2013

2. Balance of sundry debtors, Creditors and loans and advances are subject to confirmation, reconciliation and adjustment required ,if any.

3. a) Provision for gratuity Liability has not been actuarially determined. Amount is unascertained, as the same is treated on cash basis.

b) Leave encashment liability has been provided during the year instead of cash basis as per past practice. Due to this profit for the year is understated by Rs. 50,000/-.

4. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

5. To the extent information available with the Company ,amount payable to Micro, Small and Medium Enterprise creditors are not overdue .Hence Provision for interest has not been made.

6 The company mainly deals in textures /twisted yarns which are considered only one segment therefore,

disclosure of segment reporting pursuant to Accounting Standards -17 issued by the ICAI is not required.

7 During last year ,as per Rehabilitation scheme sanctioned by BIFR order dated 23.02.2012 , Company has given effect of OTS with secured Lenders by writing back Loan of Rs. 10,18,79,266/-and accrued interest thereon provided in the accounts of Rs. 3,53,81,909/-. OTS amount were financed by strategic promoter investor-Shivkripa Enterprises Pvt. Ltd . Now as per above referred BIFR Scheme ,amount payable to said promoter is shown as unsecured loan.

8 a) In view of the applicability of Accounting Standards -22 accounting for taxes on income issued by the ICAI , company does not have current tax as well as deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits.

b) No provision for Tax has been made under provision of Income tax Act, 1961, as there are no tax liability likely to arise in view of company declared sick by BIFR & having huge accumulated losses .

9. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard -28 issued by the ICAI.

10 Additional information as required under schedule VI of companies'' act 1956 as certified by the management is as under:-

A) Stores & spares consumed are wholly indigenous during the current year and previous year. 33. Previous year''s figures have been regrouped / rearranged wherever is necessary .

 
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