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Notes to Accounts of Jost's Engineering Company Ltd.

Mar 31, 2015

1. Capital and other Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2015 - Rs. NIL (31.03.14 Rs. Nil)

As At As At 31.03.2015 31.03.2014 Rs. Lakhs Rs. Lakhs

26. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 548.94 669.67

ii) Disputed Service Tax matters 12.11 12.11

iii) Bank Guarantees for performance contracts 420.31 479.22

iv) Disputed Income Tax Matters 54.70 54.70

v) Central excise matters 1413.83 1287.50

vi) Other disputed matters 8.50 8.50

2. Transactions with related parties as identified by the Company and relied upon by the Auditors:

(a) Names of related parties and nature of relationship:

Bullows India Private Limited Bullows Paint Equipment Private Limited

Associate Companies

Phiroze Sethna Private Limited Gramos Chemicals (India) Private Limited

B. H. Reporter, Chairman F K. Banatwalla S. Sheth

M. Wadia Board of Directors, being Key

Pradeep Bhargava (upto 26.02.2015) Management Personnel

Parviz Batliwala J P Agarwal (w.e.f. 21.01.2015)

Vishal Jain (w.e.f. 21.01.2015)

3. Micro and Small Enterprises Dues

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year.

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year.

(d) Interest accrued and unpaid at the end of the accounting year have not been given.

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks & returns, the organisational structure and internal reporting system. The Company's operations predominantly relate to manufacturing of Material Handling Equipment.

The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

4. During the Year the Company has provided Rs. 41.01 Lakhs (Previous Year Rs. 44.79 Lakhs) on account of Gratuity and Rs. Nil (Previous Year Rs. 13.47 Lakhs) on account of Superannuation payable to its employees. The amounts due as on 31st March, 2015 to the Gratuity Fund and Superannuation Fund are Rs. 258.84 Lakhs (Previous Year Rs. 241.83 Lakhs) and Rs. 34.89 Lakhs (Previous Year Rs. 50.77 Lakhs) respectively.

5. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS A. CONTRIBUTION TO GRATUITY FUND

The details of the Company's Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2015 and relied upon by the auditors.

B. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 23.85 Lakhs (Previous Year net of Rs. 3.68 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

DEFINED CONTRIBUTION PLANS

The company has recognised the following amounts in the Statement of Profit and Loss for Defined Contribution Plans:

6. During the year ended 31st March, 2015, the company has provided depreciation on Fixed Assets considering the remaining useful lives specified in schedule II of the Companies Act 2013, or as reassessed by the company. Consequently the depreciation for the year ended 31st March, 2015 is higher by Rs. 6.48 Lakhs.

Further an amount of Rs. 12.73 Lakhs representing the carrying amount of assets with revised useful life as Nil as on 1st April, 2014 has been charged to the Opening Reserves as on 1st April, 2014.

7. Change in Promoter and Promoter Group

On 21st January, 2015, the erstwhile Promoter and Promoter Group, namely, Mr. B. H. Reporter, Mrs. A. B. Reporter, Mrs. Parviz Batliwala, Mr. Farrokh J. Batliwala, Ms. Shireen J. Batliwala, Bullows India Private Limited and Phiroze Sethna Private Limited sold their entire shareholding i.e. 3,69,910 Equity Shares (48.38%) to the new Promoter and Promoter Group, namely Mr. Jai Prakash Agarwal, Mr. Vishal Jain, Mrs. Krishna Agarwal, Mr. Abhishek Agarwal, J. P Agarwal & Sons (HUF), Mr. Rajendra Kumar Agarwal, Mrs.Anita Agarwal and Mrs. Shikha Jain, pursuant to the Share Purchase Agreement entered into between them on 30th August, 2014.

8. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

9. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.


Mar 31, 2012

A. The Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under the Companies Act, 1956.

b. The Company has no holding Company or subsidiaries or associates.

c. During the last 5 years, the Company has neither issued any bonus shares nor alloted any shares pursuant to a contract without payment being received in Cash.

No shares have been bought back during the last 5 years

d. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2012.

e. As per records of the Company, no shares have been forfeited by the Company during the year.

1. Capital Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2012 - Rs. Nil. (31.03.11 Rs. Nil). As At As At 31.03.2012 31.03.2011 Rs. Lakhs Rs. Lakhs

2. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 647.24 647.24

ii) Disputed Service Tax matters 5.52 5.52

iii) Bank Guarantees for performance contracts 387.28 264.84

iv) Other disputed matters 8.50 8.50

v) Central excise matters 345.28 170.98

Consumption in quantity and value has been ascertained on the basis of opening stock plus purchases less closing stock and includes adjustments on account of excesses and shortages as ascertained on physical count.

3. Micro & Small Enterprises Dues

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year; .

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year;

(d) Interest accrued and unpaid at the end of the accounting year; have not been given.

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. The Company's operations predominantly relate to manufacturing of Material Handling Equipment. The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

A. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 12.18 Lakhs (Previous Year Rs. 13.73 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

4. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

5. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.


Mar 31, 2010

1. Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2010 - Rs. Nil. (31.03.09 Rs. Nil)

As At As At 31.03.2010 31.03.2009 Rs. Lakhs Rs. Lakhs

2. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 140.84 146.93

ii) Disputed Service Tax matters 5.52 5.52

iii) Bank Guarantees for performance contracts 357.91 206.71

iv) Other disputed matters 8.50 8.50

v) Central excise matters 170.98 6.67

3. Transactions with related parties as identified by the Company and relied upon by the Auditors:

(a) Names of related parties and nature of relationship: Bullows India Private Limited

Bullows Paint Equipment Private Limited i Associate Companies Phiroze Sethna Pvt. Ltd.

B. H. Reporter, Chairman

F. A. A. Jasdanwalla (resigned w.e.f. 22nd October 2009)

H. N. Sethna (resigned w.e.f. 20th March 2010) Board Qf ^^ bejng Rey

S Sheth

Management Personnel

M. Wadia

F. K. Banatwalla

P. Bhargava (appointed w.e.f. 30th October 2009) |

4. Micro & Small Enterprises Dues

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year.

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year.

(d) Interest accrued and unpaid at the end of the accounting year have not been given.

The company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

5. Impairment

As per Accounting Standard 28 - Impairment of Assets, issued by the Institute of Chartered Accountants of India, no provision for impairment of assets is required.

6. During the Year the Company has provided Rs.25.42 Lacs (Previous Year Rs. 17.97 Lacs) on account of Gratuity and Rs.20.52 Lacs (Previous Year Rs. 20.41 Lacs) on account of Superannuation Payable to its employees. The amounts due as on 31st March 2010 to the Gratuity Fund and Superannuation Fund are Rs. 162.91 Lacs (Previous Year Rs. 157.76 Lacs) and Rs. 76.45 Lacs (Previous Year Rs. 73.99 Lacs) respectively.

7. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Companys Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2010 and relied upon by the auditors.

8. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

9. The figures for the previous year have been regrouped wherever necessary.

 
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