Home  »  Company  »  Jindal Worldwide  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Jindal Worldwide Ltd.

Mar 31, 2015

1. Term loans from Bank (Other than Car loans) are secured by Mortgage of Land and Building, Pledge of Plant & Machinery, Hypothecation of Movable Fixed Assets and personal guarantee of Directors.

2. Car Loans are secured by Hypothecation respective motor car against which the finance is availed.

3. There were no amount overdue and remaining outstanding to small scale and / or ancillary industrial suppliers on account of principal and /or interest as at the closed of the year. This disclosure by the Company is based on the information available with the Company regarding the status of the suppliers as defined under the interest on delayed payments of small scale and ancillary industrial undertaking Act 1993.

4. Claim against company not acknowledged as debts - NIL (NIL).

5. The balance of creditors, Loans and Advances and Debtors are subject to confirmation and necessary adjustment, if any, will be made on its reconciliation.

6. In the opinion of the Board, the current assets, Loans and Advance are approximately of the value stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount considered necessary.

7. Contingent liabilities as on 31.03.2015 are as follows :

i) The Dy. Commissioner of Income Tax, Ahmedabad had raised a demand of Rs. 19,67,090 while completing the assessment for the A.Y. 2012-13. The company has filed an appeal before the Commissioner of Income Tax (Appeals) against the order.

ii) Corporate Guarantee given to banks on behalf of Bodies Corporate Rs. 2175.40 Lacs (Rs. 2456.86 Lacs )

8. In order to obtain Import Licenses under Advance License schemes of the Government of India, Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate items imported under the said Licenses & other penalties under the above referred schemes. As on 31st March, 2015, Company is not in default under the scheme.

9. Since the company operates in a single segment i.e. "Textiles" Accounting Standard (As)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

10. Part of the Land is yet to be registered in the name of company, pending certain legal formalities.

11. RELATED PARTY DISCLOSURES

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

(i) List of related parties where control exists and related parties with whom transactions have taken place:

a. Subsidiary Company

Balaji Realty Pvt. Ltd.

b. Associates

Amitara Overseas Ltd, Jindal Synthetics Ltd and Kashyap Tele-Medicines Ltd.

c. Key Managerial Personnel

Dr. Yamunadutt Agrawal, Jitendra Agrawal,

Mr. Amit Agrawal and Rajesh Jain

d. Relative of Key Managerial Personnel

Shivani Jain and Yash Agrawal

e. Enterprises over which Key Managerial Personnel are able to exercise significant influence Amitara Green Hi-tech Textiles Park Pvt. Ltd., Jilco Securities Limited, Jindal Creations Ltd., Jindal Denifine Line Pvt. Ltd., Jindal (I) Polytex Pvt. Ltd., Gayatri Weavers Pvt Ltd and Yash Weavers Pvt. Ltd.

12. The Balance Sheet and Statement of Profit and Loss of three divisions of the Company - Jindal Denims Inc., Jindal Fabric Inc. & Jindal Spinning Inc. as on 31.03.2015 are audited & signed by M/s. B. A. Bedawala & Co. The figures of respective Balance Sheet have been regrouped / reclassified for the inclusion in the Balance Sheet and Statement of Profit and Loss wherever necessary.

13. Previous Year's figures have been regrouped/reclassified wherever necessary correspond with the figures for the year under review.


Mar 31, 2013

1. There were no amount overdue and remaining outstanding to small scale and / or ancillary industrial suppliers on account of principal and /or interest as at the closed of the year. This disclosure by the Company is based on the information available with the Company regarding the status of the suppliers as defined under the interest on delayed payments of small scale and ancillary industrial undertaking Act 1993.

2. Claim against company not acknowledged as debts - NIL (NIL).

3. The balance of creditors'' Loans and Advances and Debtors are subject to confirmation and necessary adjustment'' if any'' will be made on its reconciliation.

4. In the opinion of the Board'' the current assets'' Loans and Advance are approximately of the value stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount considered necessary.

5. Contingent liabilities as on 31.03.2013 are as follows :

(Rs.in Lacs)

Sales Tax NIL (41.62)

Income Tax NIL (50.86)

Corporate Guarantee given to banks on behalf of Bodies Corporate 2519.41/- (3577.00)

6. None of the employees received remuneration of Rs. 6000000/- per annum or Rs. 500000/- per month during the part of the year and hence'' reporting of information as per section 217(2A) of the Companies Act 1956'' read with the companies (Particulars of Employees) Rules 1975'' does not arise.

7. In order to obtain Import Licenses under Advance License schemes of the Government of India'' Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate Rawmaterial for Made-ups imported under the said Licenses & other penalties under the above referred schemes. As on 31st March'' 2013'' Company is not in default under the scheme.

8. Since the company operates in a single segment i.e. "Textiles" Accounting Standard (As)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

9. Part of the Land is yet to be registered in the name of company'' pending certain legal formalities.

10. The management of the company has decided to show investments of Kashyap Telemedicines Ltd. at cost price of Rs. 1 per share whereas the market price of share as on 31.03.13 is Rs. 0.42 per share

11. RELATED PARTY DISCLOSURES

As per Accounting Standard 18'' the disclosures of transactions with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place:

a. Subsidiary Company

1. Balaji Realty Pvt. Ltd.

b. Associates

1. Amitara Overseas Ltd

2. Jindal Synthetics Ltd

c. Key Managerial Personnel

1. Jitendra Agrawal

2. Rajesh Jain

d. Relative of Key Managerial Personnel

1. Shivani Jain

2. Yash Agrawal

12. The Balance Sheet & Profit & Loss A/c of three divisions of the Company - Jindal Denims Inc.'' Jindal Fabric Inc. & Jindal Spinning Inc. as on 31.03.2013 are audited & signed by M/s. B. A. Bedawala & Co. The figures of respective Balance Sheet have been regrouped / reclassified for the inclusion in the Balance Sheet wherever necessary.

13. Previous Year''s figures have been regrouped/reclassified wherever necessary correspond with the figures for the year under review.


Mar 31, 2012

1. There were no amount overdue and remaining outstanding to small scale and / or ancillary industrial suppliers on account of principal and /or interest as at the closed of the year. This disclosure by the Company is based on the information available with the Company regarding the status of the suppliers as defined under the interest on delayed payments of small scale and ancillary industrial undertaking Act 1993.

2. Claim against company not acknowledged as debts - NIL (NIL).

3. The balance of creditors, Loans and Advances and Debtors are subject to confirmation and necessary adjustment, if any, will be made on its reconciliation.

4. In the opinion of the Board, the current assets, Loans and Advance are approximately of the value stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount considered necessary.

5. Contingent liabilities as on 31.03.2012 are as follows :

Sales Tax Rs. 4162217/- ( 4162217)

Income Tax Rs. 5085578/- ( 5085578)

Corporate Guarantee given to banks on behalf of Bodies Corporate Rs. 357700000/- (357700000)

6. None of the employees received remuneration of Rs. 6000000/- per annum or Rs. 500000/- per month during the part of the year and hence, reporting of information as per section 217(2A) of the Companies Act 1956, read with the companies (Particulars of Employees) Rules 1975, does not arise.

7. In order to obtain Import Licenses under Advance License schemes of the Government of India, Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate Rawmaterial for Made-ups imported under the said Licenses & other penalties under the above referred schemes. As on 31st March, 2012, Company is not in default under the scheme.

8. Since the company operates in a single segment i.e. "Textiles" Accounting Standard (AS)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

9. RELATED PARTY DISCLOSURES

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

(i) List of related parties where control exists and related parties with whom transactions have taken place:

a. Subsidiary Company

1. Balaji Realty Pvt. Ltd.

b. Associates

1. Amitara Overseas Ltd

2. Jindal Synthetics Ltd

c. Key Managerial Personnel

1. Jitendra Agrawal

2. Rajesh Jain

d. Relative of Key Managerial Personnel

1. Shivani Jain

2. Yash Agrawal

Note :

1. Related Party relationship is as identified by the management and relied upon by auditors.

2. There are no provisions for doubtful debts or no amounts have been written off in respect of debts due to or from related parties.

10. The Balance Sheet & Profit & Loss A/c of two divisions of the Company - Jindal Denims Inc. & Jindal Fabric Inc. as on 31.03.2012 are audited & signed by M/s. B. A. Bedawala & Co. The figures of respective Balance Sheet have been regrouped / reclassified for the inclusion in the Balance Sheet wherever necessary.

11. Previous Year's figures have been regrouped/reclassified wherever necessary correspond with the figures for the year under review.

Notes 1 to 26 form integral part of accounts

 
Subscribe now to get personal finance updates in your inbox!