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Notes to Accounts of Jayabharat Credit Ltd.

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.



 
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