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Notes to Accounts of Jhaveri Credits & Capital Ltd.

Mar 31, 2015

1 Corporate Information

The Company is incorporated in the year of 1993 under The Companies Act, 1956. The Company is listed with Bombay Stock Exchange. The Company provides broking platform on various exchanges to the clients for dealing in various commodities traded on those exchanges in present, spot and future dealings. The Company is a broking member of Commodity Exchange viz. 'National Commodity And Derivatives Exchange Limited' (NCDEX), 'Multi Commodity Exchange Of India Limited' (MCX) and 'National Spot Exchange Limited' (NSEL).

2. Rights, preferences and restrictions:

i The Company has only one class of shares referred to as equity shares having par value of ' 10. Each holder of equity shares is entitled to one vote per share.

ii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Contingent Liabilities and Commitments:

Contingent Liabilities:

As at As at Particulars March 31, 2015 March 31, 2014

I. Bank Guarantees with 2,82,50,000/- 3,32,50,000/- Stock Exchange

II. Outstanding Demand from IT Department

A.Y. 2005-06 38,169 NIL

A.Y. 2009-10 1,85,570 NIL

Total 2,84,73,739/- 3,32,50,000/-

4. Commitments:

I. Related to Contracts: Nil

II. Other Commitments: Interest on vehicle loan of Rs. 24,404/-

5. Related Party Disclosures

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Jhaveri Hightech Agro Limited. Maulik Kruti Resources Limited

(b) Key Management Personnel

Mr. Rajesh J. Jhaveri - Managing Director Mr. Kamlesh J. Jhaveri - Whole-time Director Mr. Vatsal Desai - Chief Financial Officer (From 27/03/2015) Mr. Chintan Vakil - Company Secretary (From 01/11/2014) Mr. Rahul S. Mandlik - Chief Financial Officer (From 01/11/2014 to 07/02/2015) Mrs. Richa Prashar - Company Secretary (from 06/09/2008 to 01/07/2014)

(c) Relatives of key management personnel and their enterprise where transactions have taken place

Name Relationship

J. B. Jhaveri HUF Karta is a Director of the Company Mrs. S. J. Jhaveri Relative of Director K. J. Jhaveri HUF Karta is a Director of the Company Parth Jhaveri Relative of Director Jeet B. Jhaveri Relative of Director Yash B. Jhaveri Relative of Director Kruti .R.Jhaveri Relative of Director Maulik .R. Jhaveri Relative of Director Bela Jhaveri Relative of Director Karan Jhaveri Relative of Director Jhaveri Dairy Farm Partner is a Director of the Company Jhaveri Organic Farm Partner is a Director of the Company

Note: Related party relationship is as identified by the company and relied upon by the Auditors.

6. The outstanding balances of Debtors, Creditors, Deposits and Loans & Advances are subject to confirmation.

7. To fall in line with Schedule II of the amended Companies Act, 2013 on Depreciation of Fixed Assets, the Company has written off the Fixed Assets whose useful life has been completed.

8. In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.

9. The Previous year's figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.


Mar 31, 2014

NOTE: 1 Corporate Information

The Company is incorporated in the year of 1993 under The Companies Act, 1956. The company is listed with Bombay Stock Exchange. The Company provides broking platform on various exchanges to the clients for dealing in various commodities traded on those exchanges in present, spot and future dealings. The Company is a broking member of Commodity Exchange viz. ''National Commodity And Derivatives Exchange Limited'' (NCDEX), ''Multi Commodity Exchange Of India Limited (MCX) and ''National Spot Exchange Limited'' (NSEL). The Company is able to its brand name in the eyes of the clients and exchanges.

NOTE 2 Rights, prefrences and restrictions:

i. The Company has only one class of shares referred to as equity shares having par value of 10. Each holder of equity shares is entitled to one vote per share.

ii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

NOTE 3 Contingent Liabilities and Commitments:

3.1 Contingent Liabilities:

Particulars As at March As at March 31,2014 31,2013

l. Matters under disputes / appeals:

a. Income Tax [Amount deposited Rs. 1,00,000/-] NIL 3,95,960/-

II. Bank Guarantees 3,32,50,000/- 5,00,00,000/-

Total 3,32,50,000/- 5,03,95,960/-

3.2 Commitments:

I. Related to Contracts: Nil

II. Other Commitments: Interest on vehicle loan of Rs. 42,094/-

NOTE 4 Related Party Disclosures

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

JhaveriHightech Agro Limited. Jhaveri Securities Limited. ConnoisseurTechno Solutions Private Limited

(b) Key Management Personnel

Mr. Rajesh J. Jhaveri Mr. Kamlesh J. Jhaveri

(c) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relationship

J. B. Jhaveri HUF Karta is a Director of the Company

S. J. Jhaveri Relative of Director

K. J. Jhaveri HUF Karta is a Director of the Company

ParthJhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Kruti .R.Jhaveri Relative of Director

Maulik .R. Jhaveri Relative of Director

BelaJhaveri Relative of Director

Karan Jhaveri Relative of Director

Jhaveri Dairy Farm Partner is a Director of the Company

Jhaveri Organic Farm Partner is a Director of the Company

Note: Related party relationship is as identified by the company and relied upon by the Auditors.

NOTE 5 The outstanding balances of Debtors, Creditors, Deposits an Loans & Advances are subject to confirmation.

NOTE 6 In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil)

NOTE 7

In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

B. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.

NOTE 8

The Previous year''s figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.


Mar 31, 2013

NOTE:- 1 Corporate Information

The Company is incorporated in the year of 1993 under The Companies Act, 1956. The company is listed with Bombay Stock Exchange. The Company provides broking platform on various exchanges to the clients for dealing in various commodities traded on those exchanges in present, spot and future dealings. The Company is a broking member of Commodity Exchange viz. ''National Commodity And Derivatives Exchange Limited'' (NCDEX), ''Multi Commodity Exchange Of India Limited'' (MCX) and ''National Spot Exchange Limited'' (NSEL). The Company is able to its brand name in the eyes of the clients and exchanges.

NOTE 2 Contingent Liabilities and Commitments:

2.1 Contingent Liabilities:

Particulars As at March 31,2013 As at March 31,2012

I. Matters under disputes / appeals:

3,95,960 3,95,960

a. Income Tax [Amount deposited Rs. 1,00,000/

II. Bank Guarantees 5,00,00,000 6,65,00,000

Total 5,03,95,960 6,68,95,960

* In the case of the company, assessment proceedings u/s 143(3) has been completed for the A.Y. 2009-10 wherein tax demand of Rs. 3,95,960/- is raised. The company has paid Rs. 1,00,000/- against the same and has filed an appeal with the Hon''ble CIT (A), Baroda against the order u/s 143(3). Considering the decisions of Hon''ble courts, tribunals and related provisions of the Income Tax Act, the company has been legally advised that the demand will either be deleted or will be reduced by the substantial amount. Hence no provision is made for the balance outstanding of Rs. 2,95,960/- which is of contingent nature in view of the company.

2.2 Commitments:

I. Related to Contracts: Nil

II. Other Commitments: Nil

NOTE 3 Related Party Disclosures

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Maulik Kruti Resources Limited.

Jhaveri Hightech Agro Limited.

Jhaveri Securities Limited.

Connoisseur Techno Solutions Private Limited Jhaveri Infrastructure Private Limited

(b) Key Management Personnel Mr. Rajesh J. Jhaveri

Mr. Kamlesh J. Jhaveri

(c) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relation

J. B. Jhaveri HUF Karta is a Director of the Company

Mrs. S. J. Jhaveri Relative of Director

R. J. Jhaveri HUF Karta is a Director of the Company

K. J. Jhaveri HUF Karta is a Director of the Company

Parth Jhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Kruti .R.Jhaveri Relative of Director

Maulik .R. Jhaveri Relative of Director

Jhaveri Dairy Farm Partner is a Director of the Company

Jhaveri Organic Farm Partner is a Director of the Company

Note: Related party relationship is as identified by the company and relied upon by the Auditors.

NOTE 4

The outstanding balances of Debtors, Creditors, Deposits and Loans & Advances are subject to confirmation.

NOTE 5

In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil)

NOTE 6

There are no registered small scale undertaking in the list of creditors, hence no information is given with reference to the notification no GSR 129 (E) dated 22.02.99 issued by the Department of company Affairs, Ministry of Law, Justice and Company Affairs.

NOTE 7

In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.

NOTE 8

The Previous year''s figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.


Mar 31, 2011

1. The Previous year's figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disc losers relating to the current year.

2. The outstanding balances of Debtors, Creditor Deposits and Loans & Advances are subject to confirmation.

3. In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out Impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil)

4. Related Party Disclosures:

As per Accounting Standard 18, disclosures of transactions with the related parties as defined In Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Maulik Kruti Resources Ltd,

Jhaveri Hightech Agra Ltd.

Jhaveri Fiscal Services Pvt. Ltd.

Jhaveri Infrastructure Pvt, Ltd.

Jhaveil Security Ltd.

Karan Jeet Resources Pvt. Ltd.

(b) Key Management Personnel

Mr, Rajesh J. Jhaveri

Mr. Kamlesh J. Jhaveri

(c) Relatives or' key management personnel and their enterprise where transactions have taken place:

Name Relationship

J, B. Jhaveri HUF Karta is a Director of the Company

Mrs. S. J. Jhaveri Relative of Director

R. J. Jhaveri HUF Karta is a Director of the Company

K. J, Jhaveri HUF Karta is a Director of the Company

Parth Jhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Knuti ,RJhaveri Relative of Director

Maulik ,R. Jhaveri Relative of Director

Nate: Related party relationship is as identified by the company and relied upon by the Auditors.

5. The Company Is not a Manufacturing Company and hence information under Items 4C & 40 of Part 11 of Schedule VI OF the Companies Act, 1956 is not applicable.

6. There are no registered small scale undertaking in the list of creditors, hence no information Is given with reference to the notification no GSR 129 (E) dated 22.02.99 issued by the Department of company Affairs, Ministry of Law, Justice and Company Affairs.

7. In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, Is stated In the accounts.


Mar 31, 2010

1. The Previous years figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.

2. The outstanding balances of Debtors, Creditors, Deposits and Loans & Advances are subject to confirmation.

3. In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil )

4. Related Party Disclosures:

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Maulik Kruti Resources Ltd. Jhaveri Hightech Agro Ltd. Jhaveri Fiscal Services Pvt. Ltd. Jhaveri Infrastructure Pvt. Ltd. Jhaveri Security Ltd. Karan Jeet Ressources Pvt. Ltd.

(b) Key Management Personnel

Mr. Rajesh J. Jhaveri Mr. Kamlesh J. Jhaveri

(c) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relationship

M/s J. B. Jhaveri Directors Proprietorship Concern

J. B. Jhaveri HUF Directors HUF

Mrs. S. J. Jhaveri Relative of Director

Mrs. B. R. Jhaveri Relative of director

Mrs. S. B. Jhaveri Relative of director

R. J. Jhaveri HUF Directors HUF

Parth Jhaveri Relative of Director

Karan Jhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Kruti .R.Jhaveri Relative of Director

Maulik .R. Jhaveri Relative of Director

Note : Related party relationship is as identified by the company and relied upon by the Auditors.

5. The Company is not a Manufacturing Company and hence information under items 4C & 4D of Part II of Schedule VI the Companies Act, 1956 is not applicable.

6. There are no registered small scale undertaking in the list of creditors, hence no information is give with reference to the notification no GSR 129 (E) dated 22.02.99 issued by the Department of company Affairs, Ministry of Law, Justice and Company Affairs.

7. In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.


Mar 31, 2009

1. Related Party Disclosures

Disclosures of relationship and transactions with the related parties as required by Accounting Standard 18 issued by the institute of Chartered Accountants of India are given below.

1) Relationships:

(a) Subsidiary of the Company. Maulik Kruti Resources Ltd. Jhaveri Hightech Agra Ltd.

(b) Associate:

Jhaveri Fiscal Services Pvt. Ltd. Jhaveri infrastructure Pvt. Ltd. Jhaveri Security Pvt. Ltd. Karan Jeet Resources Pvt. Ltd.

(c) Related parties where control exists: Jhaveri Credits & Capital Limited

(d) Key Management Personnel: Mr. R. J. Jhaveri

(e) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relationship

S. K. Jhaveri Relative of Director

S. B. Jhaveri Relative of Director

S. J. Jhaveri Relative of Director

M/s J. B. Jhaveri Directors Proprietorship Concern R. J. Jhaveri HUF Directors HUF

Parth Jhaveri Relative of Director

J. B. Jhaveri HUF Directors HUF

B. R. Jhaveri Relative of director

Note: Related party relationship is as identified by the company and reiied upon by the Auditors.

2. The Company is not a Manufacturing Company and hence information under items 4C & 4D of Part II of Schedule V! the Companies Act, 1956 is not applicable.

3. PreviousO years figures have been regrouped and rearranged, wherever necessary.

 
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