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Notes to Accounts of Jay Bharat Maruti Ltd.

Mar 31, 2015

Rs. In Lacs

31-Mar-15 31-Mar-14 1. CONTINGENT LIABILITIES NOT PROVIDED FOR

* Central Excise (net of amount paid under protest) 116.31 2906.62

* Service tax 114.92 31.64

* Income tax 2.25 83.44

* Bills Discounted 6959.89 4894.99

NOTE 2:- Consumption of Raw Materials and components has been computed by adding purchase to the opening stock and deducting closing stock verified physically by the management.

NOTE 3:- The Company is primarily engaged in the business of manufacturing of components for automobiles for Indian market which are governed by the same set of risk and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard on Segment Reporting (AS-17). Accordingly, segment information has not been disclosed.

NOTE 4:- Retirement Benefits

A. The Company has calculated the various benefits provided to employees as under-

a) Provident Fund (Including Pension Scheme)

b) Superannuation Fund

c) Punjab & Haryana Labour Welfare fund

NOTE 5:- The company is required to spend Rs. 56.23 Lacs during the year for 'Corporate Social Responsibility' Activity which has been paid to Neel Foundation Approved Trust for carrying out activities covered in Schedule VII to the Companies Act'2013

NOTE 6:- Derivative contracts entered into by the company and outstanding as on 31st March 2015.

For Hedging currency and interest Rate Related Risk:-

Nominal amount of derivatives including forward contracts entered into by the company and outstanding as on 31.03.2015 amount to Rs. 6328.63 Lacs (P.Y. Rs. 10821.99 Lacs)

All derivative contracts entered into by the company are for hedging purposes only.

Foreign currency exposures that are not hedged by derivative instruments as on 31.03.2015 amounts to Rs. 3630.52 Lacs (P.Y. Rs. 4136.21 Lacs).

Gain/Loss in respect of outstanding derivative contracts at the Balance Sheet date by marking them to market accounted for Rs. 915.06 Lacs (Net Loss) (P.Y. Rs. 546.82 Lacs (Net Gain)).


Mar 31, 2014

NOTE 1:- STATEMENT OF TRANSACTIONS WITH RELATED PARTIES

Associates

Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence

Key Management personnel and their relatives

Maruti Suzuki India Limited

JBM Industries Limited Neel Metal Products limited JBM Auto Limited

Mr. S. K. Arya, Chairman and Managing Director Mrs . Neelam Arya spouse of Mr. S. K. Arya, Chairman & MD Mr. Nishant Arya, son of Mr. S. K. Arya, Chairman & MD

NOTE 2:- Consumption of Raw Materials and components has been computed by adding purchase to the opening stock and deducting closing stock verified physically by the management.

NOTE 3:- The Company is primarily engaged in the business of manufacturing of components for automobiles for Indian market which are governed by the same set of risk and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard on Segment Reporting (AS-17). Accordingly, segment information has not been disclosed.

NOTE 4:- Maruti Suzuki India Ltd. (MSIL) has sold vehicles to the vendors and / or the employees of the vendors under the Maruti Car scheme"Hum Saath Saath". The EMI of vehicle sold to the vendors/ vendors employees has been accounted/ routed through the company.

NOTE 5:- Exceptional Item represents provision on account of cost of replacement of a component to a Customer.

NOTE 6:- The Company has received approval of Central Government vide SRN No. B63364343/1/2012-CL-VII dated 24th January, 2014 under section 198, 309(3) and 310 read with section 637A & 637AA of the Companies Act, 1956 for payment of an increased remuneration of Rs. 276.17 Lacs to managing director for the period from 1st April, 2011 to 31st March, 2012. Accordingly an arrear of remuneration ofRs. 128.81 Lacs (P.Y Nil) relating to financial year 2011-12 has been paid during the year.

NOTE 7:- The warranty charges in respect of a component are recovered by a customer from the Company. As the warranty charges are due to design fault and the company is liable only for manufacturing defect; the warranty charges to the extent of royalty is adjusted from the royalty amount payable to the technology supplier and the balance amount is shown as recoverable from Supplier.

NOTE 8:- Derivative contracts entered into by the company and outstanding as on 31st March 2014.

For Hedging currency and interest Rate Related Risk:-

Nominal amount of derivatives including forward contracts entered into by the company and outstanding as on 31.03.2014 amount to Rs. 10821.99 Lacs (P.Y. Rs. 13849.05 Lacs)

All derivative contracts entered into by the company are for hedging purposes only.

Foreign currency exposures that are not hedged by derivative instruments as on 31.03.2014 amounts to Rs. 4136.21 Lacs (P.Y. Rs. 3892.05 Lacs).

Gain/Loss accounted for Rs. 546.82 Lacs (Net Gain) (P.Y. Rs. 779.19 Lacs (Net Gain)) in respect of outstanding derivative contracts at the Balance Sheet date by marking them to market.


Mar 31, 2013

Note 1:- The ministry of corporate affairs had issued clarifcation dated 09th Aug, 2012 on para 46A of notifcation number GSR 914(E) dated 29th Dec, 2011 on accounting standard 11 relating to effects on changes in foreign exchange rates. On account of change in accounting policy an amount of Rs.12.15 lacs has been capitalised for the year ended 31st March, 2013. It has resulted in increase in proft after tax for the year ended 31st March, 2013 by Rs.8.21 lacs and increase in EPS/Diluted EPS by Rs.0.04.

Note 2:- The company has decided to exercise the option provided in notifcation GSR No. 914(E) date 29th December 2011 issued by Ministry of Corporate Affairs regarding the treatment of exchange differences.

NOte 3.:- STATEEMENT OF TRANSACTION WITH RELATED PARTIES

Associates Enterprises over which Key Management Key Management Personnel and their

Personnel and their relatives are able to relatives exercise signifcant infuence

Maruti Suzuki India Limited JBM Industries Limited Mr. SK Arya, Chairman and Managing

Neel Metal Products limited Director

JBM Auto Limited Mrs . Neelam Arya spouse of Mr. S.K. Arya,

Chairman & MD

Mr. Nishant Arya son of Mr. S.K. Arya, Chairman & MD

NOTE 4:- Consumption of Raw Materials and components has been computed by adding purchase to the opening stock and deducting closing stock verifed physically by the management.

NOTE 5:- The Company is primarily engaged in the business of manufacturing of components for automobiles for Indian market which are governed by the same set of risk and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard on Segment Reporting (AS-17). Accordingly, segment information has not been disclosed.

NOTE 6:- Maruti Suzuki India Ltd. (MSIL) has sold vehicles to the vendors and / or the employee of the vendor under the Maruti Car scheme ”Hum Saath Saath”. The EMI of vehicle sold to the vendors/ vendors employees has been accounted/ routed through the company.

NOTE 7:- REtIREmENt bENEFIts

a the Company has calculated the various benefts provided to employees as under-

a) Provident Fund (Including Pension Scheme) b) Superannuation Fund

NOTE 8:- Previous year fgures have been regrouped, reworked, rearranged and reclassifed wherever considered necessary.

NOTE 9:- Derivative contracts entered into by the company and outstanding as on 31st March, 2013. For Hedging currency and interest Rate Related Risk:- Nominal amount of derivatives including forward contracts entered into by the company and outstanding as on 31st March, 2013 amount to Rs.13849.05 lacs (PY Rs.16115.39 lacs)

All derivative contracts entered into by the company are for hedging purposes only.

Foreign currency exposure that are not hedged by derivative instruments as on 31st March, 2013 amounts to Rs.3892.05 lacs (PY Rs.1623.60 lacs).

Gain/Loss provided for Rs.779.19 lacs (Net Gain) (PY Rs.1189.28 lacs (Net Gain)) in respect of outstanding derivative contracts at the Balance Sheet date by marking them to market.

NOTE 10:- Additional information pursuant to the provisions of general instructions for preparation of statement of proft and loss under revised Schedule VI to the Companies Act, 1956 is as under:-

a. Opening stock, Closing stock and sales

b. Consumption of Raw materials and Components

c. C.I.F. value of Imports

d. value of Imported and indigenous Raw materials, spares and Components Consumed


Mar 31, 2011

Rs. in lacs 2010-11 2009-10

1. Contingent Liabilities not provided for

- Guarantees issued by Banks for letters of credit 561.36 99.45

- Central Excise (net of amount paid under protest) 3219.01 3262.16

- Service tax 12.11 10.24

- Income Tax Demand 862.09 -

- External development charges amounting to Rs. 152.82 lacs claimed by the Director Town & Country Planning, Government of Haryana, relating to Company's property situated at Mohammadpur, Jharsa, Sector-36, Gurgaon. The company has deposited 25% of the claim amounting to Rs. 38.20 lacs (P.Y.38.20 Lacs) during the financial year 2004-05.

The Supreme Court of India vide its order dated 6th October, 2010 allowed the company to make a fresh representation to Director Town and Country Planning, Haryana and if not satisfied with the order of Director TCP, is free to approach High Court. As directed by the Hon'ble Supreme Court, the Company made representation to TCP in the stipulated time and has also received the order. The company is not satisfied with the order of Town and Country Planning and approaching High Court shortly against the order. No provision for the balance amount is considered necessary by the company.

2. Consumption of Raw Materials and components has been computed by adding purchase to the opening stock and deducting closing stock verified Physically by the management

3. Deferred payment represents amount received from customers for dies to be amortised on components supplied to them, amount of excise duty Modvat/ Cenvat on dies adjustable as Modvat /Cenvat untilised against supplies to Customers and amount of vehicles sold by Maruti Suzuki India Ltd.(Secured by hypothecation of specific cars).

4. In some cases, the company has received intimation from micro & small enterprises under "The micro, small and medium Enterprises Development Act 2006". The company has certified that as a policy the payment to suppliers is made with in 30 days. The amount remaining unpaid as at 31st March 2011 was Rs. 382.92 Lacs (P.Y. Rs. 406.14 Lacs) No payments beyond the appointed date were noticed. No interest was paid or payable under the Act.

5. The Company is primarily engaged in the business of manufacturing of components for automobiles for Indian market which is governed by the same set of risk and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard on Segment Reporting (AS-17). Accordingly, segment information has not been disclosed.

6. Statement of Transactions with Related Parties

Associates Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence

Maruti Suzuki India Limited Jay Bharat Exhaust System Limited

JBM Industries Limited

Neel Metal Products Limited

JBM Auto Limited

Associates Key Management Personnel and their relatives

Maruti Suzuki India Limited Mr. S.K. Arya, Chairman & MD

Mrs. Neelam Arya, spouse of Mr. S.K. Arya, Chairman & MD

Mr. Nishant Arya, son of Mr. S.K. Arya, Chairman & MD

7. Maruti Suzuki India Ltd. (MSIL) has sold vehicles to the vendors and / or the employee of the vendor under the Maruti Car scheme "Hum Saath Saath". The EMI of vehicle sold to the vendors/ vendors employees has been accounted/ routed through the company.

8. Retirement Benefits

A The Company has calculated the various benefits provided to employees as under-

a. Provident Fund (Including Pension Scheme)

b. Superannuation Fund

C. Defined Benefit Plans

a. Contribution to Gratuity Funds - Employee's Gratuity Fund.

b. Leave Encashment/ Compensated Absence.

The estimate of future salary increase, considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors

9. Derivative contracts entered into by the company and outstanding as on 31st March 2011. For Hedging currency and interest Rate Related Risk:-

Nominal amount of derivatives including forward contracts entered into by the company and outstanding as on 31.03.2011 amount to Rs. 4933.01 Lacs (P.Y. Rs. 914.20 Lacs)

All derivative contracts entered into by the company are for hedging purposes only.

Foreign currency exposure that are not hedged by derivative instruments as on 31.03.2011 amounts to Rs. 528.40 Lacs (P.Y. Rs. 1043.55 Lacs).

Loss provided for Rs. 84.16 Lacs (net) (P.Y Nil) in respect of outstanding derivative contracts at the Balance Sheet date by marking them to market.

10. Previous year figures have been regrouped, reworked, rearranged and reclassified wherever considered necessary.











 
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