Mar 31, 2014
Note 1 Corporate information
Jayabharat Credit Limited is in the business of Hire Purchase & Leasing
and is registered with RBI under the Status of Non-Banking Finance
Company (NBFC) with Deposit taking Company. The Company now as Asset
Finance Company. Deposit taking (NBFC) vide Certificate dated 3rd
June, 2008.
2. Accounting Standard 15: Employee benefit plans
Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution plans for qualifying employees. Under the
Schemes, the Company is required to contribute a specified percentage
of the payroll costs to fund the benefits. The Company recognised Rs.
3,96,296/- (Year ended 31 March, 2013Rs.4,84,815/-) for Provident Fund
contributions in the Statement of Profit and Loss During the year. The
contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
NOTE 3.. DISCLOSURES UNDER ACCOUNTING STANDARDS
Accounting Standard 22: Accounting for Taxes on Income
In compliance with Accounting Standard 22 on ''Accounting for Taxes on
Income'', the Company has provided for deferred tax assets (net) in the
Statement of Profit & Loss on account of timing difference.
Mar 31, 2013
NOTE 1 CORPORATE INFORMATION
Jayabharat Cerdit Limited is in the business of Hire Purchase & Leasing
and is registered with RBI under the Status of Non-Banking Finance
Company (NBFC) with Deposit taking Company. The Company now as Asset
Finance Company. Deposit taking (NBFC) vide Certificate dated 3rd
June, 2008.
Accounting Standard 2: Employee benefit plans
Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution plans for qualifying employees. Under the
Schemes, the Company is required to contribute a specified percentage
of the payroll costs to fund the benefits. The Company recognised Rs
4,84,815/- (Year ended 31 March, 2012 Rs 4,72,468/-) for Provident Fund
contributions in the Statement of Profit and Loss During the year. The
contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
Mar 31, 2012
NOTE 1 CORPORATE INFORMATION
Jayabahrat Credit Limited is in the business of Hire Purchase and
Leasing and is registered with RBI under the status of Non- Banking
Finance Company (NBFC) with Deposit taking Company. The Company now
classified as Assets Finance Company. Deposit taking (NBFC) vide
Certificate dated 3rd June, 2008.
(i) Reconciliation of the number of shares and amount outstanding at
the beginning and at the end of the reporting period:
(ii) Details of shares held by each shareholder holding more than 5%
shares:
(i) Details of terms of repayment for the other long-term borrowings
and security provided in respect of the secured other long-term
borrowings:
(ii) Details of long-term borrowings guaranteed by some of the
directors or others:
NOTE :- Bank Liability is secured by assignment of assets finance
agreements, pro-notes, etc, in favour of bank and mortgage of movable
and immovable properties of Company and personal guarantee of
Directors.
NOTE 2 DISCLOSURES UNDER ACCOUNTING STANDARDS Accounting Standard 15:
Employee Benefits
Employee benefit plans
Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
The following table sets out the funded status of the defined benefit
schemes and the amount recognised in the financial statements:
Accounting Standard 22: Accounting for Taxes on Income
In compliance with Accounting Standard 22 on 'Accounting for taxes on
Income', the Company has provided for deferred tax assets (net) in the
profit and loss account on account of timing differences.
Note: - Figures in brackets relate to the previous year.
Accounting Standard 29: Provisions , Contingent Liabilities and
Contingent Assets
The Company has made provision for various contractual obligations and
disputed liabilities based on its assessment of the amount it estimates
to incur to meet such obligations, details of which are given below:
As at As at
31 March, 2012 31 March, 2011
Particulars Rs. Rs.
Contingent liabilities and
commitments (to the extent
not provided for)
Contingent liabilities
(a) Claims against the
Company not acknowledged
as debt (give details) - -
(b) Guarantees - 2,60,000
(c) Other money for which
the Company is contingently
liable (give details)
Disclosures required under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006
The Company has no amounts due to suppliers under the Micro, Small and
Medium Enterprises Development Act, 2006 as at 31st March, 2012. This
information is given in respect of such vendors as could be identified
as 'Micro' and 'Small Enterprises' on the basis of information
available with the Company.
3 The financial statements for the year ended 31st March, 2011 had been
prepared as per the then applicable, pre-revised Schedule VI to the
Companies Act, 1956. Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956, the financial statements for the year
ended 31st March, 2012 are prepared as per Revised Schedule VI.
Accordingly, the Previous year's figures have also been reclassified to
confirm to this years' classification. The adoption of Revised Schedule
VI for previous year's figures does not impact recognition and
measurement principles followed for preparation of financial
statements. Previous year's figures have been regrouped/reclassified
wherever necessary.
1. The cash flow statement has been prepared under the indirect method
as set out in Accounting Standard (AS) 3 Cash Flow Statements.
2. Cash and cash equivalents represents balances in current accounts
and balances in earmarked accounts
Mar 31, 2011
31-03-2011 31-03-2010
Rupees Rupees
1 Contingent liabilities not
provided for in respect of disputed
sales tax liabilities as - 5,86,793
matters are under appeal at various
stages Rs. Nil (Previous year Rs.
21,40,154) net after anticipated
income-tax savings / deposits.
2 Confirmations of balances have not been obtained from the asset
financing debtors, depositors and creditors.
3 During the year the Bankers of the Company agreed for restructuring
of the credit facilities granted to the Company consequently cash
credit facility of Rs. 10 crores was converted in to term loan
repayable in 48 equal monthly installments.
4 a. Income from asset financing, include compensation charges for
delayed payments.
b. In line with past practice followed by the Company, overdue
compensation collected is taken to the credit of sundry creditors and
considered as income and adjusted only on the receipt of the total
asset finance installments that are outstanding and balance included in
the asset finance stock.
5 Disclosure as required by Accounting Standard (AS) 15 Employee
Benefits:
b. The present value of the defned benefit obligation and the related
current service cost and past service cost, were measured under the
Projected Unit Credit Method.
6 Disclosure as required by Accounting Standard (AS) 17 Segmental
Reporting :
a. The Company operates in one segment, i.e., Fund based activities
b. Entire business operations are centralized and controlled through
the Head Office. There are no significant geographical difference
between risks and returns associated with the business. Client base of
Company is not concentrated in any particular area and is spread
throughout India.
7. Disclosure as required by Accounting Standard (AS) 18 Related Party
Disclosures :
a. List of Related Parties
The Motor & General Finance Limited - Single largest shareholder
8 The Company has no amounts due to suppliers under the Micro, Small
and Medium Enterprises Development Act, 2006 as at 31st March, 2011.
This information is given in respect of such vendors as could be
identified as 'Micro' and 'Small Enterprises' on the basis of
information available with the Company.
9 Schedule to the Balance Sheet of a Non - Banking Financial Company
(as required in terms of Paragraph 9BB of Non - Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998
10. Previous year's figures have been regrouped wherever necessary.
Mar 31, 2010
31-03-2010 31-03-2009
Rupees Rupees
1 Contingent liabilities not provided
for in respect of disputed sales
tax 5,86,793 5,84,093
liabilities as matters are under appeal at
various stages Rs.2,140,154
(Gross) (Previous year Rs.2,140,154)
net after anticipated income-tax
savings / deposits.
2 Guarantees given by the bank on
behalf of the Company are earmarked
2,60,000 2,60,000
against Cash Credit
facility, which is secured by
Asset Financing
assignments, pro-notes, etc.
3 Confrmations of balances have not been obtained from the asset
financingdebtors, depositors and creditors.
4 a. Income from asset fnancing, include compensation charges for
delayed payments.
b. In line with past practice followed by the Company, overdue
compensation collected is taken to the credit of sundry creditors and
considered as income and adjusted only on the receipt of the total
asset finance installments that are outstanding and balance included in
the asset finance stock.
5 Disclosures as required by Accounting Standard (AS) 17 Segmental
Reporting :
a. The Company operates in one segment, i.e., Fund based activities
b. Entire business operations are centralized and controlled through
the Head Office. There are no singnificantgeographical difference
between risks and returns associated with the business. Client base of
Company is not concentrated in any particular area and is spread
throughout India.
6. Disclosures as required by Accounting Standard (AS) 18 Related
Party Disclosures :
a. List of Related Parties The Motor & General Finance Limited -
Single largest shareholder
b. Details of transactions entered into with related parties :
7. The Company has no amounts due to suppliers under the Micro, Small
and Medium Enterprises Development Act, 2006 as at 31st March, 2010.
This information is given in respect of such vendors as could be identi
-fied as Micro and Small Enterprises on the basis of information
available with the Company. 13 Schedule to the Balance Sheet of a Non -
Banking Financial Company (as required in terms of Paragraph 9BB of
Non - Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 1998.
8 Previous years fgures have been regrouped wherever necessary to
make them comparable with those of the current year.