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Notes to Accounts of JTL Infra Ltd.

Mar 31, 2015

1. Secured Loans Includes:

a) Credit facilities from Oriental Bank of Commerce

The working capital facilities are secured on 1st charge basis by :

(i) hypothecation of all goods i.e. stocks of raw material, stocks in process, semi finished and finished goods, Book debts, all assets and moveable property stored or to be stored at company's godown or in transit and

(ii) equitable mortgage of (i) company's land at Gholumajra, Derabassi, Punjab, (ii) residential property at Panchkula, Haryana belonging the one of the director of the company and his brother (iii) land at Motia Khan, Mandi Gobindgarh belonging to the Directors' partnership firm and (c) personal guarantees of all the directors and co owners of the property mortgaged to the bank

b) Vehicle loans from ICICI Bank Ltd & volkswagaon Finance Ltd

These are secured by hypothecation of respective vehicles.

2. Sundry Debtors, Creditors & Loans & Advances:

All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.

3. In the opinion the management, the current assets, loans and advances have a value which on realization in the ordinary course of business would be at least equal to that which these have been stated in the accounts

4. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Development, 2006 and hence disclosures relating to amount unpaid at the end of the year under this act has not been given. There are no claims for interest on delayed payments.

5. Foreign Exchange Transactions:

a) No expenditure has been incurred in foreign currency during the year on account royalty, know how, professional and consultation fee.

b) No imports were made during the year.

c) Particulars of amounts remitted during the year in foreign currency –

USD :- EURO :-

6. Value of Imports on C.I.F. basis: Nil

7. The following amounts have not been deposited by the company due to the ongoing litigations. The amounts are as under A.Y 2006-07 Rs.2,37,970/- A.Y 2009-10 Rs.3,93,523/- A.Y 2011-12 Rs.2,90,200/- A.Y 2012-13 Rs.47,460/- 16. The Company's business operations predominantly relates to manufacture of single product i.e. ERW pipes for selling worldwide.

In view of this there may be product as primary segment and geography as secondary segment. All the machines, building, other infrastructure, materials and consumables are used commonly/interchangeably and it is not possible and practical to allocate revenue, profit/loss, assets or liabilities to any particular size, customer market etc. nor the specified parameters are applicable to any particular size, customer, market etc. distinguishing it as a reportable item under specified headings. However revenue from export (outside India) and home (within India) is given under geographical segment as under.

8. Previous year figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2014

1. Secured Loans Includes:

a) Credit facilities from HDFC Bank Ltd

The working capital facilities are secured on 1st charge basis by :

(i) hypothecation of all goods i.e. stocks of raw material, stocks in process, semi finished and finished goods, Book debts, all assets and moveable property stored or to be stored at company''s Godown or in transit and equitable mortgage of (i) company''s land at Gholumajra, Derabassi, Punjab, (ii) residential property at Panchkula, Haryana belonging the one of the director of the company and his brother (iii) land at Motia Khan, Mandi Gobindgarh belonging to the Directors Rs. partnership firm and (c) personal guarantees of all the directors and co owners of the property mortgaged to the bank

b) Vehicle loans from ICICI Bank Ltd.

These are secured by hypothecation of respective vehicles.

2. Contingent liabilities not provided for:

31.03.2014 31.03.2013 (Rs. in lacs)

a) Bank Guarantees Outstanding: 93.24 48.77

b) Excise & Service Tax matters regarding Disallowance of Cenvat credit in appeal Before the Customs, Excise & Service Tax Authorities at different levels 19.39 18.45

c) Income Tax Appeal CIT (A) Chandigarh 9.30 9.30

d) The Income Tax and Sales Tax liabilities has been provided based on the returns filed with the authorities. The additional liability, if any arising at the time of finalization of assessment year will be provided in the year of completion of assessment proceedings.

3. Sundry Debtors, Creditors & Loans & Advances:

All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.

4. In the opinion the management, the current assets, loans and advances have a value which on realization in the ordinary course of business would be at least equal to that which these have been stated in the accounts

5. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Development, 2006 and hence disclosures relating to amount unpaid at the end of the year under this act has not been given. There are no claims for interest on delayed payments.

6. The Company''s business operations predominantly relates to manufacture of single product i.e. ERW pipes for selling worldwide. In view of this there may be product as primary segment and geography as secondary segment. All the machines, building, other infrastructure, materials and consumables are used commonly/interchangeably and it is not possible and practical to allocate revenue, profit/loss, assets or liabilities to any particular size, customer market etc. nor the specified parameters are applicable to any particular size, customer, market etc. distinguishing it as a reportable item under specified headings. However revenue from export (outside India) and home (within India) is given.

7. Related Party Disclosures:

(a) List of related parties:

i) Key Managerial Personnel:

Sh M.L. Singla Whole Time Director Sh M.M. Singla Managing Director Sh Vijay Singla Whole time Director Sh Rakesh Garg Whole time Director

ii) Associate Companies:

Chetan Industries Ltd. Jagan Industries Ltd.

8. Cheques issued but not presented for payment shown under other current liabilities have not been presented till date.

9. Previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2013

1. Contingent liabilities not provided for:

31.03.2013 31.03.2012

(Rs. in lacs)

a) Bank Guarantees Outstanding: 48.77 45.28

b) Excise & Service Tax matters regarding Disallowance of Cenvat credit in appeal

Before the Customs, Excise & Service 18.45 21.49

Tax Authorities at different levels

c) Income Tax Appeal CIT (A) Chandigarh 9.30 0.00

d) The Income Tax and Sales Tax Liabilities has been provided based on the returns filed with the authorities. The additional liability, if any arising at the time of finalization of assessment year will be provided in the year of completion of assessment proceedings.

2. Sundry Debtors, Creditors & Loans & Advances:

All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.

3. In the opinion the management, the current assets, loans and advances have a value which on realization in the ordinary course of business would be at least equal to that which these have been stated in the accounts

4. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Development, 2006 and hence disclosures relating to amount unpaid at the end of the year under this act has not been given. There are no claims for interest on delayed payments.

5. Foreign Exchange Transactions:

a) No expenditure has been incurred in foreign currency during the year on account royalty, know how, professional and consultation fee.

b) No imports were made during the year.

c) Particulars of amounts remitted during the year in foreign currency –Nil

6. Value of Imports on C.I.F. basis: Nil

7. The Company''s business operations predominantly relates to manufacture of single product i.e. ERW pipes for selling worldwide. In view of this there may be product as primary segment and geography as secondary segment. All the machines, building, other infrastructure, materials and consumables are used commonly/interchangeably and it is not possible and practical to allocate revenue, profit/loss, assets or liabilities to any particular size, customer, market etc. or the specified parameters are applicable to any particular size, customer, market etc. distinguishing it as a reportable item under specified headings. However revenue from export (outside India) and home (within India) is given under geographical segment as under.

(Figures in parentheses are for previous year)

8. Related Party Disclosures:

(a) List of related parties:

i) Key Managerial Personnel:

Sh M.L. Singla Whole Time Director Sh M.M. Singla Managing Director Sh Vijay Singla Whole time Director Sh Rakesh Garg Whole time Director

ii) Associate Companies: Chetan Industries Ltd. Jagan Industries Ltd. Mirage Infra Limited MVM Metals & Alloys Pvt. Ltd.

9. Previous year figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2012

1. secured Loans Includes:

a) Credit facilities from Punjab National Bank:

The working capital facilities are secured on 1st charge basis by :

(i) hypothecation of all goods i.e. stocks of raw material, stocks in process, semi finished and finished goods, Book debts, all assets and moveable property stored or to be stored at company's godown or in transit and

(ii) equitable mortgage of (i) company's land at Gholumajra, Derabassi, Punjab,

(ii) residential property at Panchkula, Haryana belonging the one of the director of the company and his brother (iii) land at Derabssi belonging to the Directors' partnership firm and (c) personal guarantees of all the directors and co owners of the property mortgaged to the bank

b) Vehicle loans from HDFC Bank Ltd.

These are secured by hypothecation of respective vehicles.

2. Contingent liabilities not provided for:

31.03.2012 31.03.2011

(Rs.in lacs)

a) Bank Guarantees Outstanding: 45.28 12.50

b) Excise & Service Tax matters regarding Disallowance of cenvat credit in appeal Before the Customs, Excise & Service 21.49 32.53 Tax Authorities at different levels

c) The Income Tax and Sales Tax liabilities has been provided based on the returns filed with the authorities. The additional liability, if any arising at the time of finalization of assessment year will be provided in the year of completion of assessment proceedings.

3. Sundry Debtors, Creditors & Loans & Advances:

All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.

4. In the opinion the management, the current assets, loans and advances have a value which on realization in the ordinary course of business would be at least equal to that which these have been stated in the accounts

5. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Development, 2006 and hence disclosures relating to amount unpaid at the end of the year under this act has not been given. There are no claims for interest on delayed payments.

6. Foreign Exchange Transactions:

a) No expenditure has been incurred in foreign currency during the year on account royalty, know how, professional and consultation fee.

b) No imports were made during the year.

c) Particulars of amounts remitted during the year in foreign currency -Nil

7. Value of Imports on C.I.F. basis: Nil

8. Related Party Disclosures:

(a) List of related parties:

i) Key Managerial Personnel:

Sh M.L. Singla Whole Time Director

Sh M.M. Singla Managing Director

Sh Vijay Singla Whole time Director Sh Rakesh Garg Whole time Director

ii) Associate Companies: Chetan Industries Ltd. Jagan Industries Ltd.

9.Previous year figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2011

1. Secured Loans Includes:

a) Credit facilities from Punjab National Bank:

The working capital facilities are secured on 1st charge basis by :

(i) hypothecation of all goods i.e. stocks of raw material, stocks in process, semi finished and finished goods, Book debts, all assets and movable property stored or to be stored at company's godown or in transit and

(ii) equitable mortgage of (i) company's land at Gholumajra, Derabassi, Punjab, (ii) residential property at Panchkula, Haryana belonging the one of the director of the company and his brother (iii) land at Derabssi belonging to the Directors' partnership firm and (c) personal guarantees of all the directors and co owners of the property mortgaged to the bank

b) Vehicle loans from HDFC Bank Ltd.

These are secured by hypothecation of respective vehicles.

2. Contingent liabilities not provided for:

31.03.2011 31.03.2010 (Rs. in lacs)

a) Bank Guarantees Outstanding: 12.50 12.48

b) Excise & Service Tax matters 32.53 7.43 regarding Disallowance of cenvat credit in appeal Before the Customs, Excise & Service Tax Authorities at different levels

c) The Income Tax and Sales Tax liabilities has been provided based on the returns filed with the authorities. The additional liability, if any arising at the time of finalization of assessment year will be provided in the year of completion of assessment proceedings.

3. Sundry Debtors, Creditors & Loans & Advances:

All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.

4. In the opinion the management, the current assets, loans and advances have a value which on realization in the ordinary course of business would be at least equal to that which these have been stated in the accounts

5. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Development, 2006 and hence disclosures relating to amount unpaid at the end of the year under this act has not been given. There are no claims for interest on delayed payments.

6. Value of Imports on C.I.F. basis: Nil

7. The Company's business operations predominantly relates to manufacture of single product i.e. ERW pipes for selling worldwide. In view of this there may be product as primary segment and geography as secondary segment. All the machines, building, other infrastructure, materials and consumables are used commonly/interchangeably and it is not possible and practical to allocate revenue, profit/loss, assets or liabilities to any particular size, customer market etc. nor the specified parameters are applicable to any particular size, customer, market etc. distinguishing it as a reportable item under specified headings. However revenue from export (outside India) and home (within India) is given under geographical segment as under.

8.Related Party Disclosures:

(a) List of related parties:

i) Key Managerial Personnel:

Sh M.L. Singla Whole Time Director

Sh M.M. Singla Managing Director

Sh Vijay Singla Whole time Director Sh Rakesh Garg Whole time Director

ii) Associate Companies: Chetan Industries Ltd. Jagan Industries Ltd.

9.Previous year figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2010

1. Previous Year figure have regrouped/rearranged wherever necessary.

2. Auditor Remuneration

Current Year

Statutory Audit Fees Rs. 15000.00

Tax Audit Fees Rs. 5000.00

3. Sundry Debtors, Creditors & Loans & Advances

All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.

4. Break up of expenditure of employee who:-

i) were in employment for whole of the year, were in receipt of remuneration in aggregate not less than Rs.24,00,000/- Nil

ii) were in employment for the part of year, were in receipt of remuneration in the part of that year at a rate which in aggregate was not less than Rs. 2,00,000/-

5. Sales& Purchases are recorded net of excise Duty

In Manufacturing, Trading & Profit & Loss A/c

Sales is shown as Gross Turnover Less Excise Duty

Raw Material Consumption is shown Net of excised duty & Cash Discount.

6. Deferred Tax Liability/Asset are stated at net as per AS-22. Deferred Tax resulting from "timing difference" between book profit and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date.

7. Employee Retirement Benefit

a) The Company's Contribution to Provident Fund and Family Fund are charged to Profit & Loss Account.

b) The encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same is accounted for as and when payable.

8. FOREIGN EXCHANGE TRANSACTIONS

a) No expenditure has been incurred in foreign currency during the year on account royalty, know how, professional and consultation fee.

b) Particulars of amounts remitted during the year in foreign currency - Nill

c) Particulars of Earning of the Company during the year in foreign currency

1. Export of Goods on FOB basis US$ 7897755.94

EURO 270671.45

2. Interest or Dividend Nil

3. Royalty, Know How & Professional Consultancy Nil

9. Revenue are recognised as per AS-9.

10. FOREIGN EXCHANGE : Monetary items are state at the exchange rate prevailing on the date of transaction. Monetary items standing on the date of balance sheet are restated at the exchange rate of the date of balance sheet date.

11. CONTINGENT LIABILITIES

Cenvat Credit disallowed is pending in appeals is as follow:

Rs. 304466/- with Custom Excise & Sales Tax Appellate Tribunal, New Delhi.

Rs. 438893/- with Commissioner Appeal, Chandigarh

Amount of Bank Guarantee Outstanding Rs. 12,48,000/-

12. SECURED LOANS

Includes Vehicles Loans of Rs. 35.13 Lacs from HDFC Bank Limited and are secured against hypothecation of respective vehicles.

Credit Facilities from Punjab national Bank, Chandigarh

Fund Based Rs. 2075.00 Lacs

Non-Fund Based Rs. 10.00 Lacs

The working Capital Facilities are secured by hypothecation of the Company's entire inventories, receivables, Demand/Usance Bills accompanied with GR. The credit facilities are collaterally secured as under:-

1. EM of factory land & Building measuring 14 Bighas 12 Biswas owned by Company.

2. EN of Land 13 Biswa owned by Jagan Steels at Mandi Gobindgarh.

3. EM of Residential Property at 116, Sector 9, Panchkula owner by Director Sh Rakesh Garg and his brother Deepak Garg.

4. First Charge on Block of Assets of the Company comprising of Plant & Machinery, DG Sets and Misc, Fixed Assets.

13. The Company's financial results for this year were earlier approved, audited and adopted in the board meeting held on 14.05.2010. These results were also published in the newspaper on 20.05.2010 and these accounts were also submitted to OTCEI on 15.05.2010. Thereafter the company has proposed to declare dividend for this year at the rate of 2.5% and accordingly decided to make provision for the proposed dividend in the profit and loss account and balance sheet. Accordingly, the financial statements were amended and re-submitted to the statutory auditors for their reput thereon. These accounts have been redrawn accordingly.


Mar 31, 2009

1. Previous Year figure have regrouped/rearranged wherever necessary.

2. Auditor Remuneration

Current Year Previous Year

Rs. 25000.00 Rs. 25,000.00

3. Sundry Debtors, Creditors & Loans & Advances

All the Sundry Debtors, Creditors and Loan & Advances are subject to Confirmation and Reconciliation.

4. Break up of expenditure of employee who:-

I) were in employment for whole of the year, were in receipt of remuneration in aggregate not less than Rs.24,00,000/- Nil

II) were in employment for the part of year, were in receipt of remuneration in the part of that year at a rate which in aggregate was not less than Rs. 2,00,000/-

5. Sales& Purchases are recorded net of excise Duty

In Manufacturing, Trading & Profit & Loss A/c

Sales is shown as Gross Turnover Less Excise Duty

Raw Material Consumption is shown Net of excised duty.

6. Deferred Tax Liability/Asset are stated at net as per AS-22. Deferred Tax resulting from "timing difference" between book profit and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date.

7. Employee Retirement Benefit

a) The Company's Contribution to Provident Fund and Family Fund are charged to Profit & Loss Account.

b) The encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same is accounted for as and when payable.

8. FOREIGN EXCHANGE TRANSACTIONS

a) No expenditure has been incurred in foreign currency during the year on account royalty, know how, professional and consultation fee.

b) Particulars of amounts remitted during the year in foreign currency - Nill

c) Particulars of Earning of the Company during the year in foreign currency

1. Export of Goods on FOB basis US$

EURO

2. Interest or Dividend

3. Royalty, Know How & Professional Consultancy

9. Revenue are recognised as per AS-9. Inventory meant for export which is dispatched from the factory and bill of Lading is not issued on balance sheet date is shown in Stock in Transit.

10. CONTINGENT LIABILITIES

There is no Contingent Liability at the end of the year.

11. SECURED LOANS

Includes Vehicles Loans of Rs.4178 Lacs from HDFC Bank Limited and are secured against hypothecation of respective vehicles.

Credit Facilities from Punjab national Bank, Chandigarh

Fund Based Rs. 1875.00 Lacs

Non-Fund Based Rs. 10.00 Lacs

The working Capital Facilities are secured by hypothecation of the Company's entire inventories, receivables, Deman/Usance Bills accompanied with GR. The credit facilities are collaterally secured as under:-

1. EM of factory land & Building measuring 14 Bighas 12 Biswas owned by Company.

2. EN of Land 12 Biswa owned by Jagan Steels at Mandi Gobindgarh.

3. EM of Residential Property at 116, Sector 9, Panchkula owner by Director SH Rakesh Garg and his brother Deepak Garg.

4. First Charge on Block of Assets of the Company comprising of Plant & Machinery, DG Sets and Misc, Fixed Assets.

 
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