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Notes to Accounts of JSW Holdings Ltd.

Mar 31, 2015

1. The Company is a Core Investment Company (CIC) and is eligible to function as a CIC without applying for registration with RBI as the Company is not a Systemically Important Core Investment Company. Post de-registration as NBFC, the "Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 are not applicable to the Company. Consequently the Reserve Fund amounting to RS. 3938.20 lacs, created under Section 45-IC of The Reserve Bank of India Act, 1934 has been transferred to General Reserve during the year.

2. In the opinion of the Management, the current assets and other non-current assets have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. Provision for all known liabilities is adequate and not in excess of what is required.

3. Contingent Liabilities:

Particulars Current Year Previous Year RS. in lacs RS. in lacs

Income tax 236.75 244.14

Total 236.75 244.14

4. 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, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said Act have not been given.

5. Effective from April 1, 2014, the Company has charged depreciation based on the revised remaining useful life of the assets as per the requirements of Schedule II to the Companies Act, 2013. Due to above, depreciation charged for the year ended March 31,2015 is higher by RS. 0.35 Lac .

6 Gratuity (Non-Funded):

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure calculated at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the status of funding and amounts recognized in the balance sheet.

7 Segment Reporting:

Based on guiding principles given in Accounting Standard (AS) - 17 "Segment Reporting" notified under the Companies (Accounting Standards) Rules, 2006, the Company''s primary business segment is Investing & Financing. These activities mainly have similar risks and returns. As the Company''s business activities fall within a single primary business segment, the disclosure requirements of AS -17 in this regard are not applicable.

8 Related Party Disclosures, as required by Accounting Standard (AS)-18:

A. Parties with whom the Company has entered into transactions during the year.

i) Enterprises where control exists:

JSW Holdings Employees Welfare Trust

ii) Associates:

Sun Investments Pvt. Ltd.

Jindal Coated Steel Pvt. Ltd.

Jindal Overseas Pte. Ltd.

iii) Key Management Personnel Mr. K. N. Patel

iv) Individual exercising significant Influence:

Mr. Sajjan Jindal

v) Other related parties with whom the Company has entered into transactions during the year:

JSW Steel Ltd.

JSW Energy Ltd.

JSW Investments Pvt. Ltd.

Sahyog Tradcorp Pvt. Ltd.

Realcom Reality Pvt. Ltd.

Reynold Traders Pvt. Ltd.

JSW Techno Projects Management Ltd.

JSW Infrastructure Ltd.

International Maritime & Allied Services Ltd.

(Since merged with JSW Infrastructure Ltd.)

9 The additional Information pursuant to Schedule III of the Companies Act,2013 are either Nil or Not Applicable.

10 Previous year figures have been re-classified/re-grouped to conform to current year''s classification.


Mar 31, 2014

1. The Company had filed an application to the Reserve Bank of India ("RBI") in July 2011 for de-registration as a Non Banking Financial Company ("NBFC") as it had become a Core Investment Company ("CIC") in terms of Core Investment Companies (Reserve Bank) Directions, 2011.

During the year, pursuant to the said application, RBI vide its letter dated January 09, 2014 has cancelled the Certificate of Registration as NBFC.

In terms of RBI Notification dated January 05, 2011, the Company is eligible to function as a CIC without applying for registration as the Company is not a Systemically Important Core Investment Company and consequent to de-registration as NBFC, the "Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 are not applicable to the Company.

2. In the opinion of the Management, the current assets and other non-current assets have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. Provision for all known liabilities is adequate and not in excess of what is required.

3. Contingent Liabilities not provided in respect of :

Current Year Previous Year Particulars Rs. in Lacs Rs. in Lacs

Disputed Income tax demand 244.14 104.80

Total 244.14 104.80

4. 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, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said act have not been given.

5. Gratuity (Non-Funded) :

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure calculated at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarize the components of net benefit expense recognised in the Statement of Profit and Loss and the status of funding and amounts recognised in the balance sheet.

6. Segment Reporting:

Based on guiding principles given in Accounting Standard (AS) - 17 "Segment Reporting" notified under the Companies (Accounting Standards) Rules, 2006, the Company''s primary business segment is Investing & Financing. These activities mainly have similar risks and returns. As the Company''s business activities fall within a single primary business segment, the disclosure requirements of AS -17 in this regard are not applicable.

Note :

During the previous year, the Company had introduced new ESOP Plan "JSW Holdings Employees Stock Ownership Plan – 2012" and discontinued the earlier ESOP Plan "JSW Holdings Employees Stock Ownership Plan – 2010". Consequently, an amount of Rs. Nil (Previous year: Rs. 29.58 Lacs) has been transferred from Share Option Outstanding Account to General Reserve as prescribed by the relevant guidance note.

7. Related Party Disclosures, as required by Accounting Standard (AS) -18 :

a) Parties with whom the Company has entered into transactions during the year.

i) Associates/Enterprises where control/significant influence exists:

Sun Investments Pvt. Ltd.

Jindal Coated Steel Pvt. Ltd.

JSW Holdings Employees Welfare Trust

ii) Key Management Personnel

Mr. K. N. Patel

iii) Individual exercising significant Influence:

Mr. Sajjan Jindal

iv) Other related parties exercising significant influence and with whom the Company has entered into transactions during the year:

JSW Steel Ltd.

JSW Energy Ltd.

Sahyog Tradcorp Pvt. Ltd.

8. The additional Information pursuant to Schedule VI to the Companies Act, 1956 are either Nil or Not Applicable.

9. Previous year figures have also been re-classified/re-grouped to conform to current year''s classification.


Mar 31, 2012

1. In the opinion of the Management, the current assets and other non-current assets have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. Provision for all known liabilities is adequate and not in excess of what is required.

2. Contingent Liabilities not provided in respect of:

Particulars Current Year Previous Year Rs in Lacs Rs in Lacs

Disputed Income tax Demand 91.49 91.46

Total 91.49 91.46

4. Provision for Standard Assets is made at 0.25 per cent of the outstanding standard assets as at 31st March, 2012 in terms of Notification no.DNBS.222/CGM(US)-2011 dated 17-01-2011 issued by Reserve Bank of India.

5. 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, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said act have not been given.

6. Gratuity (Non-Funded):

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarize the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet.

7. Segment Reporting:

Based on guiding principles given in Accounting Standard - 17 'Segment Reporting', issued by the Institute of Chartered Accountants of India, the Company's primary business segment is Investing & Financing. These activities mainly have similar risks and returns. As company's business activities fall within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable.

8. Related Party Disclosures, as required by Accounting Standard (AS) 18:

a) Name of Parties :

i) Associates:

JSW Steel Ltd.

Sun Investments Pvt. Ltd.

Jindal Coated Steel Pvt. Ltd.

Jindal Overseas Pte. Ltd.

JSW Holdings Employees Welfare Trust

ii) Key Management Personnel:

Mr. K N Patel

9. The additional Information pursuant to revised Schedule VI to the Companies Act, 1956 are either Nil or Not Applicable.

10. The financial statements for the year ended 31st March, 2011 were prepared as per 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 in compliance with the Revised Schedule VI. Accordingly, the previous year figures have also been reclassified/regrouped of conform to current year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of the financial statements. .

Notes:

1. As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms as prescribed in the Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 have been followed.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV In respect of unquoted investments are disclosed irrespective of whether they are classified as long term or current in (4) above.


Mar 31, 2011

1. In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

2. Contingent Liabilities not provided in respect of:

Particulars Current Year Previous Year Rupees in Rupees in Thousands Thousands

Disputed Income tax Demand 91,46 55,30

3. Provision for Standard Assets is made at 0.25 per cent of the outstanding standard assets as at 31st March, 2011 in terms of Notification no.DNBS.222/CGM(US)-2011 dated 17-01-2011 issued by Reserve Bank of India.

Encashment, Gratuity and Employees Stock Ownership Plans, which are actuarially determined for the Company as a whole.

b) No commission is payable to the Directors and hence, the computation of Net Profit under Section 349 of the Companies Act, 1956 is not given.

4. 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, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said act have not been given.

5. Gratuity (Non-Funded):

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet.

6. Segment Reporting :

Based on guiding principles given in Accounting Standard - 17 Segment Reporting, issued by the Institute of Chartered Accountants of India, the Companys primary business segment is Investing & Financing. These activities mainly have similar risks and returns. As Companys business activities fall within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable.

7. Related Party Disclosures, as required by Accounting Standard (AS) 18 :

a) Parties with whom the Company has entered into transactions during the year.

i) Associates/Enterprises where control/significant

influence exists:

JSW Steel Ltd.

Sun Investments Pvt. Ltd.

Jindal Coated Steel Pvt. Ltd.

JSW Holdings Employees Welfare Trust

ii) Key Management Personnel

Mr. K N Patel

8. Previous year figures have been regrouped/ rearranged wherever necessary to conform with current years presentation.

9. The additional Information pursuant to Part II of Schedule VI to the Companies Act, 1956 are either Nil or Not Applicable.


Mar 31, 2010

1. in the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

2. Contingent Liabilities not provided in respect of:

Particulars Current Year Previous Year Rupees in Rupees in Thousands Thousands

Disputed Income tax Demand 55,30 30,62

3. 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, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said act have not been given.

4 Gratuity (Non-Funded):

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet.

5. Segment Reporting :

Based on guiding principles given in Accounting Standard - 17 Segment Reporting, issued by the Institute of Chartered Accountants of India, the Companys primary business segment is investing & Financing. These activities mainly have similar risks and returns. As companys business activities fall within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable.

6. Related Party Disclosures, as required by Accounting Standard (AS) 18:

a) Parties with whom the Company has entered into transactions during the year.

i) Associates/Enterprises where control/significant influence exists :

JSW Steel Ltd.

Sun Investments Pvt. Ltd.

Jindal Coated Steel Pvt. Ltd.

JSW Holdings Employees Welfare Trust

ii) Key Management Personnel

Mr. K N Patel

7. Previous year figures have been regrouped/ rearranged wherever necessary to conform with current years presentation.

8. The additional information pursuant to Part II of Schedule VI to the Companies Act, 1956 are either Nil or Not Applicable.

 
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