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Notes to Accounts of Jeet Machine Tools Ltd.

Mar 31, 2014

1. CONTIGENT LIABILITIES :

Contigent Liabilities in respect of show cause notices received are considered only when they are converted into demands.

a) Claims against company not acknowledged as debt is Nil

2. PROVISION FOR INCOME TAX

Income tax comprises Current Tax and Deferred Tax. Income tax has been provided at the applicable rates prevailing during the year. Deferred tax Assets and liabilities are recognized for future Tax consequences of tanning differences of taxable income or expenses as per books and income tax, subject to the consideration of prudence, deferred tax assets and liabilities are measured using the tax rate enacted or substantially enacted the Balance sheet date.

3. There is no amount due to any enterprise, which is small scale and ancillary undertaking for more than 30 days.

4. Previous years figures are regrouped or rearranged wherever necessary.


Mar 31, 2013

1. CONTIGENT LIABILITIES :

Contigent Liabilities in respect of show cause notices received are considered only when they are converted into demands.

a) Claims against company not acknowledged as debt is Nil

2. PROVISION FOR INCOME TAX

income tax comprises Current Tax and Deferred Tax, Income tax has been provided at the applicable rates prevailing during the year. Deferred tax Assets and liabilities are recognized for future Tax consequences of tanning differences of taxable income or expenses as per books and income tax, subject to the consideration of prudence, deferred tax assets and liabilities are measured using the tax rate enacted or substantially enacted the Balance sheet date.

3 There is no amount due to any enterprise, which is small scale and ancillary undertaking for more than 30 days.

4. Previous years figures are regrouped or rearranged wherever necessary.


Mar 31, 2012

1. CONTIGENT LIABILITIES:

Contigent Liabilities in respect of show cause notices received are considered only when they are converted into demands.'

a) Claims against company not acknowledged as debt NIL (NIL)

b) The Company is in appeal against income tax assessments made for A.Y:2006-07 & A.Y: 2007-08.- The demand created in these years is Rs.1,20,752/- & Rs.3,93,676/- respectively.

2. PROVISION FOR INCOME TAX .

Income tax comprises Current Tax, Fringe Benefit Tax and Deferred Tax. Income tax has been provided at the applicable rates prevailing during the year. Deferred tax Assets and liabilities are recognized for future Tax consequences of tanning differences of taxable income or expenses as per books and income tax, subject to the consideration of prudence, deferred tax assets and liabilities are measured using the tax rate enacted or substantially enacted the Balance sheet date.

3. There is no amount due to any enterprise, which is small scale and ancillary undertaking for more than 30 days.

4. Previous years figures are regrouped or rearranged wherever necessary.


Mar 31, 2011

1. CONTIGENT LIABILITIES :

Contingent Liabilities in respect of show cause notices received are considered only when they are converted into demands.

a) Claims against company not acknowledged as debt NIL (NIL)

b) The Company is in appeal against income tax assessments made for A.Y:2006-07 & A.Y: 2007-08. The demand created in these years is Rs. 1,20,752/- & Rs.3,93,676/- respectively.

c) An income tax demand had been raised for A.Y: 2005-06 which the company won in appeal & the demand created had been deleted. The Income Tax department has preferred a 2nd appeal before the H'ble ITAT (Mum) against part of the addition deleted. The company is contingently liable for any demand that may arise in pursuance to the decision of the ITAT. The demand that can arise, if the order goes against the company, will be Rs.4,54,276/- along with interest accrued thereon.

2. EARNING PER SHARE :-

The basic earning per share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. As there is no presence of dilutive potential equity shares, the diluted EPS is same as basic EPS.

3. PROVISION FOR INCOME TAX

Income tax comprises Current Tax, Fringe Benefit Tax and Deferred Tax. Income tax has been provided at the applicable rates prevailing during the year. Deferred tax Assets and liabilities are recognized for future Tax consequences of tanning differences of taxable income or expenses as per books and income tax, subject to the consideration of prudence, deferred tax assets and liabilities are measured using the tax rate enacted or substantially enacted the Balance sheet date.

4. RELATED PARTY TRANSACTIONS:

a) List of related parties and relationship: -

Name Relationship.

Key Management 1. Ajit Singh Chawia Wholetime

Director

Personal 2. Kawaljit Singh Chawia Wholetime

Director

Relative of Key Quality Machine Tools One Director is

Management personal Partner in the firm

Firm.

b). Related party Transactions:

Relative of Key Personnel Purchase of Goods Nil Nil

Sale of Goods Nil Nil

Interest received Nil Nil

5. There is no amount due to.any enterprise, which is small scale and ancillary undertaking for more than 30 days.

6. Previous years figures are regrouped or rearranged wherever necessary.


Mar 31, 2010

1. CONTIGENT LIABILITIES :

Contigent Liabilities in respect of show cause notices received are considered only when they are converted into demands.

a) Claims against company not acknowledged as debt NIL (NIL)

b) The Company is in appeal against income tax assessments made for A.Y:2006-07 & A.Y: 2007-08. The demand created in these years is Rs. 1,20,752/- & Rs.3.93.676/- respectively.

c) An income tax demand had been raised for A.Y: 2005-06 which the company won in appeal & the demand created had been deleted. The Income Tax department has preferred a 2nd appeal before the Hble IT AT (Mum) against part of the addition deleted. The company is contingently liable for any demand that may arise in pursuance to the decision of the ITAT. The demand that can arise, if the order goes against the company, will be Rs.4,54,276/- along with interest accrued thereon.

2. EARNING PER SHARE :-

The basic earning per share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average lumber of equity shares outstanding during the year. As there is no presence of dilutive potential equity- shares, the diluted EPS is same as basic EPS.

3. Other Information:

Licenced capacity Not Applicable

Installed Capacity Not Applicable

Actual Capacity Not Applicable

4. PROVISION FOR INCOME TAX

Income tax comprises Current Tax, Fringe Benefit Tax and Deferred Tax. Income tax has been provided at the applicable rates prevailing during the year.

Deferred tax Assets and liabilities are recognized for future Tax consequences of tanning differences of taxable income or expenses as per books and income tax, subject to the consideration of prudence, deferred tax assets and liabilities are measured using the tax rate enacted or substantially enacted the Balance sheet date.

5. RELATED PARTY TRANSACTIONS:

a) List of related parties and relationship:-

Key Management Name Relationship

Director Ajit Singh Chawla Wholetime

Director Kawaljit Singh Chawla Wholetime Personal

Relative of Key Quality Machine Tools One Director is Management Partner in the firm personal Firm,.

b) Related party Transcations:

Relative of Key Personnel

Purchase of Nil Nil Goods

Sale of Goods Nil Nil

Interest received Nil Nil

6. There is no amount due to any enterprise, which is small scale and ancillary undertaking for more than 30 days.

7. Previous years figures are regrouped or rearranged wherever necessary.













 
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