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Notes to Accounts of Jullundur Motor Agency (Delhi) Ltd.

Mar 31, 2016

1. SEGMENT REPORTING

The company is dealing in one class of goods i.e. automobile parts & accessories and located in one country i.e. India. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

2. In accordance with Accounting Standard -28 '' Impairment of Assets'' , the company has assessed as on the Balance Sheet date, whether there are any indications (listed in paragraph 8 to 10 of the Standard) with respect to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of the recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

3. The information required to be disclosed under Micro, Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company. There are no over due to parties on account of principals amount and /or interest and accordingly no additional disclosures have been made.

VI. Actuarial Assumptions Mortality T able (L I C)

Discount Rate (per annum) 8% 8%

Expected rate of return on plan assets (Per annum) 8% 8%

Rate of Salary escalation (per annum) 6% 6%

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotions and other relevant factors including supply and demand in the employment market. Gratuity Fund is managed by Life Insurance Corporation of India, that does not provide individual investment wise details of plan assets.

4. The company has lease facility under cancellable lease arrangements with a lease term ranging from one to five years, which are subject to renewals by mutual consent thereafter. The cancellable arrangements can be terminated by the either party after giving due notice. The Company does not have any non cancellable lease arrangements and therefore no disclosure is required as per AS19.

5. The Company having detected, during the year, an offence of fraud involving a pecuniary loss of Rs. 34,31,575/caused to the company by an employee at one of the branches, necessitated initiation of action by lodging a FIR with police authorities, which as per the directions of honorable court is being investigated. The employee concerned has, pursuant to the order of High Court, deposited Rs.11.00 lacs with police authority and pending completion of the investigation and considering the facts and circumstances, a provision of Rs.24,31,575/- has been made and is considered reasonable.


Mar 31, 2015

A) Terms/rights attached to equity shares

The company has one class of shares referred to Equity Shares having par value of Rs.10/- each. Each holder of equity share is entitled to one vote per share. The dividend declared by the Board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year March 31,2015 the amount of dividend per share recongnised as distribution to equity shareholders was Rs. 4/- (Previous year Rs.4/-)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any part of the remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Shares held by holding company or ultimate holding company or subsidiaries or associates of the holding company or the holding company

There is no holding or ultimate holding company of the company

d) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

Equity Shares allotted as fully paid up by way of bonus shares - 2981805 equity shares of Rs. 10/- each alloted by way of bonus shares

Equity Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash - -

Equity Shares bought back by the company - -

* Unclaimed dividend does not include any amount due and outstanding to be credited to Investor Education and Protection Fund.

# This includes advance from customers and staff credit balances and claims payable.

As at As at 31st March, 2015 31st March, 2014 2. Contingent liabilities and commitments (To the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt 180,567 180,567

(b) Gu arantees - 65,000

(d) Other money for which the company is contingently liable 8,871,623 9,000,050 (Sales tax Demand disputed by the company)

(d) Other money for which the company is contingently liable 13,581,399 10,913,799 (Income tax Demand disputed by the company)

( i i) Commitments

(a) Estimated amount of contracts remaining to be executed 4,751,743 9,151,743 on capital account and not provided for

(b) Uncalled liability on shares and other investments partly paid 91 91

Total Contingent liabilities and commitments 27,385,423 29,311,250

3. SEGMENT REPORTING

The company is dealing in one class of goods i.e. automobile parts & accessories and located in one country i.e. India. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

4. In accordance with Accounting Standard -28 '' Impairment of Assets'' , the company has assessed as on the Balance Sheet date, whether there are any indications (listed in paragraph 8 to 10 of the Standard) with respect to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of the recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

5. The information required to be disclosed under Micro, Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company. There are no over due to parties on account of principals amount and /or interest and accordingly no additional disclosures have been made.

6. Employees Benefits under Accounting Standard -15 (Revised) "Employee Benefits " notified in the Companies (Accounting Standards) Rules 2006 :

Defined Contribution Plan

Contribution to Defined Contribution Plan, are charged off for the year as under:

Employer''s Contribution to Provident Fund 6,372,040

Employer''s Contribution to Employees State Insurance 2,239,820

Defined Benefit Plan Gratuity :

The Employees gratuity fund scheme is managed by Life Insurance Corporation of India. The present value of obligation is determined based on Actuarial valuation by Life Insurance Corporation of India.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. Gratuity Funds are managed by Life Insurance Corporation of India, individual investment wise details of plan assets are not provided by them.

7. The company has lease facility under cancellable lease arrangements with a lease term ranging from one to five years, which are subject to renewals at mutual consants thereafter. The cancellable arrangements can be terminated by the either party after giving due notices. The Company does not have any non cancellable lease arrangements therefore no disclosure is required as per AS19.

8. Previous year figures have been regrouped wherever necessary.


Mar 31, 2014

A) Terms/rights attatched to equity shares

The company has one class of shares referred to Equity Shares having par vaiue of Rs.10/- each.Each holder of equity share is entitied to one vote per share. The company declares and pays dividend in Indian rupees.The dividend declared by the Board of directors is subject to the approval of the shareholders in the ensuing Annuai Generai Meeting.

During the year March 31, 2014 the amount of dividend per share recongnised as distribution to equity sharehoiders was Rs. 4/- (Previous year Rs.6/-)

In the event of liquidation of the company, the holders of equity shares wiii be entitled to receive any of the remaining assets of the company.

c) Shares held by holding company or ultimate holding company or subsidiaries or associates of the holding company orthe holding company.

There is no holding or uitimate holding company of the company

As st As st 31st March, 2014 31st March, 2013 (rs) (rs)

2. Contingent liabilities and commitments (To the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt 180,567 180,567

(b) Guarantees 65,000 -

(d) Other money for which the company is contingently liable 9,000,050 3,278,048 (Sales tax Demand disputed by the company)

(d) Other money for which the company is contingently liable 10,913,799 8,347,589 (Income tax Demand disputed by the company)

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed 9,151,743 17,392,335 on capital account and not provided for

(b) Uncalled liability on shares and other investments partly paid 91 91

Total Contingent liabilities and commitments 29,311,250 29,198,630

3. Related Party Disclosure

Key Management Personnel & Relatives

1. Mr.Virat Sondhi, Managing Director Relatives

Mrs. Santosh Sondhi (Wife)

Related Parties

Name

Associates

M/s Jullundur Auto Sales Corporation Ltd. M/s JMA Rane Marketing Ltd.

M/s ACL Components Ltd.

2. Mr.Deepak Arora, Jt. Managing Director Relatives

Mrs.Shuchi Arora (Wife)

Miss Aditi Arora ( Daughter)

Miss Ashana Arora(Daughter)

Mr. Navneet Arora (Brother)

Mrs. Manisha Kapoor (Sister)

Nature of Transactions

Purchase and Sale of Auto Parts and Rent received Sale of Auto Parts and Rent received Purchase of Auto Parts and Rent received

4. SEGMENT REPORTING

The company is dealing in one class of goods i.e. automobile parts & accessories and located In one country i.e. India. Since the company operates in a single business/geographical segment information required byAS-17 issued by ICAI is not required to be given.

5. In accordance with Accounting Standard -28 '' impairment of Assets'', the company has assessed as on the Balance Sheet date, whether there are any indications (listed in paragraph 8 to 10 of the Standard) with respect to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of the recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

6. The information required to be disclosed under Micro, Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company. There are no over due to parties on account of principals amount and /or interest and accordingly no additional disclosures have been made.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. Gratuity Funds are managed by Life Insurance Corporation of India, individual Investment wise details of plan assets are not provided by them.

7. Intangible assets which comprise software licences have been amortised @ 25% on straight line method as the useful life thereof has been estimated to be not more than four years.

8. Previous year figures have been regrouped wherever necessary.


Mar 31, 2013

1) Terms/rights attatched to equity shares

The company has one class of shares referred to Equity Shares having par value of Rs.10/- each. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees . The dividend declared by the Board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year March 31,2013 the amount of dividend per share recongnised as distribution to equity shareholders was Rs. 6 /- (Previous year Rs.6/-)

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. The distribution will be in proportion to the number of equity shares held by the shareholders.

2) Shares held by holding company or ultimate holding company or subsidiaries or associates of the holding company or the holding compnay. There is no holding or ultimate holding company of the company

3) Agreegate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

As at As at

31st March 2013 31st March 2012 Number Number

Equity Shares alloted as fully paid - - up by way of bonus shares

Equity Shares alloted as fully paid - - up persuant to contract(s)without payment being recived in cash

Equity Shares bought back by the - - company

4) Contingent liabilities and commitments (To the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged 180,567 180,567 as debt

(b) Guarantees - 30,000,000

(d) Other money for which the company is 3,278,048 3,415,374 contingently liable (Sales tax Demand disputed by the company)

(d) Other money for which the company is 8,347,589 3,459,919 contingently liable (Income tax Demand disputed by the company)

(ii) Commitments

(a) Estimated amount of contracts remaining 17,392,335 20,478,997 to be executed on capital account and not provided for

(b) Uncalled liability on shares and other 91 91 investments partly paid

Total Contingent liabilities and commitments 29,198,630 57,534,948

5) Related Party Disclosure

Key Management Personnel & Relatives

1. Mr.Virat Sondhi,Managing Director 2. Mr.Deepak Arora,Jt.Managing Director Relatives Relatives

Mrs. Santosh Sondhi (Wife) Mrs.Shuchi Arora (Wife) Miss Aditi Arora( Daughter) Related Parties Miss Ashana Arora(Daughter) Name Mr. Navneet Arora (Brother) Associates Mrs. Manisha KaP00r (Sister) M/s Jullundur Auto Sales Nature of Transactions Corporation Ltd. M/s JMA Rane Marketing Ltd Purchase and Sale of Auto

M/s ACL Components Ltd. Parts and Rent received

Sale of Auto Parts and Rent received Purchase of Auto Parts and Rent received

6) SEGMENT REPORTING

The company is dealing in one class of goods i.e. automobile parts & accessories and located in one country i.e. India. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

7) In accordance with Accounting Standard -28 '' Impairment of Assets'', the company has assessed as on the Balance Sheet date, whether there are any indications (listed in paragraph 8 to 10 of the Standard) with respect to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of the recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

8) The information required to be disclosed under Micro, Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company. There are no over due to parties on account of principals amount and /or interest and accordingly no additional disclosures have been made.

9) Intangible assets which comprise software licences have been amortised @ 25% on straight line method as the useful life thereof has been estimated to be not more than four years.

10) Company has paid Rs. 19.00 lacs for vacating the rented premises and has been debited to the building account.


Mar 31, 2012

A) Terms/rights attached to equity shares

The company has one class of shares referred to Equity Shares having par value of Rs. 10/- each. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend declared by the Board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year March 31,2012 the amount of dividend per share recognised as distribution to equity shareholders was Rs. 6/- (Previous year Rs. 6/-)

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. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) Shares held by holding company or ultimate holding company or subsidiaries or associates of the holding company or the holding company. There is no holding or ultimate holding company of the company.

As at As at 31.03.2012 31.03.2011

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt 180,567 877,443

(b) Guarantees 30,000,000 30,000,000

(c) Other money for which the company is contingently liable (Sales tax Demand disputed by the company) 3,415,374 8,538,784

(d) Other money for which the company is contingently liable (Income tax Demand disputed by the company) 3,459,919 -

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for 20,478,997 28,638,482

(b) Uncalled liability on shares and other investments partly paid 91 91

Total Contingent liabilities and commitments 57,534,948 68,054,800

2 SEGMENT REPORTING

The company is dealing in one class of goods i.e. automobile parts & accessories and located in one country i.e. India. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

3 In accordance with Accounting Standard -28 ''Impairment of Assets'', the company has assessed as on the Balance Sheet date, whether there are any indications (listed in paragraph 8 to 10 of the Standard) with respect to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of the recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

4 The information required to be disclosed under Micro, Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company. There are no over due to parties on account of principals amount and /or interest and accordingly no additional disclosures have been made.

5 Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current year''s figures in view of revised Schedule VI of Companies Act, 1956.


Mar 31, 2011

1. The company is dealing in one class of goods i.e. automobile parts & accessories and located in one country i.e. India. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

2. a) There are contingent liabilities in respect of following items: No outflow is expected in view of the past history relating to these items :-

i) Uncalled Liability on partly paid shares 91/- (Previous Year 91/-)

ii) Guarantees given to bank for loans to JMA Rane Marketing Limited 300,00,000/- (Previous year 300,00,000/-)

iii) Claims not acknowledged 8,77,443/- (Previous year 8,77,443/-).

b) Estimated amount of contracts remaining to be executed on Capital Account is 286,38,482/- (Previous year 1,03,46,831/-)

c) Demand raised by Sales Tax being disputed by the Company 85,38,784/- (Previous Year 1,11,77,752/-).

3 Intangible assets which comprise of software licences have been amortised @ 25% on straight line method as the useful life thereof has been estimated to be not more than four years.

4 In accordance with Accounting Standard -28 Impairment of Assets, the company has assessed as on the Balance Sheet date, whether there are any indications (listed in paragraph 8 to 10 of the Standard) with respect to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of the recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

5 The information required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company. There are no over due to parties on account of principals amount and /or interest and accordingly no additional disclosures have been made.

6. Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current years figures.

7. Figures in brackets reflect negative.

8. Information as required pursuant to the provision of the Part-II of Schedule VI of Companies Act,1956 as certified by the Management and relied upon by the Auditor:-

a) The Company deals in only one class of goods i.e. automobile parts and accessories and the figure of sales is 277,36,74,113/- (Previous year 243,63,89,839/-)

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts are numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sales and closing stock.


Mar 31, 2010

1 Segment Reporting

The company is dealing in one class of goods i.e. automobile parts & accessories and located in one country i.e.lndia. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

2. Related Party Disclosure

Key Managment Personnel & Relatives

1. Mr.Virat Sondhi, Managing Director 2. Mr.Deepak Arora Joint Managing Director

Mrs Santosh Sondhi (Wife) Mrs.Shuchi Arora (Wife)

Miss Aditi Arora (Daughter)

Miss Ashana Arora (Daughter) Mr. Navneet Arora (Brother)

Related Parties

Name Nature of Transactions

Associates

M/s Jullundur Auto Sales Corporation Ltd. Purchase and Sale of Auto Parts

M/s JMA Rane Marketing Ltd. Sale of Auto Parts

M/s ACL Components Ltd Purchase of Auto Parts

3 a) Contingent Liabilities not provided for:

i) Uncalled Liability on partly paid shares Rs.91/-(Previous Year Rs.91/-)

ii Guarantees given to bank for loans to JMA Rane Marketing Limited Rs.300,00,000/- (Previous year Rs.300,00,000/-)

iii) Demand raised by Sales Tax being disputed by the Company Rs.1,11,77,752/-(Previous Year Rs.65,72,869/-).

b) Estimated outstainding Capital Committment for Capital Expenditure is Rs.1,03,46,831/-(Previous year - Rs. 1,07,62,484/-)

4 In accordance with Accounting Standard -28 Impairment of Assets, the company has assessed as on the Balance Sheet date, whether there are any indications (listed in paragraph 8 to 10 of the Standard) with respect to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of the recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

5 Outstanding due to Micro, Medium & Small Scale Enterprises for more than thirty days :

M/s Gems Enterprises 479,814.00

M/s Akbari International 667,753.00

M/s J.J.Auto components (India) Pvt.Ltd 396,294.00

M/s J.J.Metal Craft Pvt. Ltd. 393,351.00

M/s D S Automobiles Industries 365,946.00

M/s Banara Piston Rings 858,583.00

M/s Harrison India Regd. 672,369.00

M/s Hari Krishna Industries 1,200,963.00

M/s Jai Bhawani Engg.Works 143,224.00

M/s Khushbu Petro Chem R& D 652,373.00

M/s P R Power Tools India Pvt. Ltd. 154,520.00

M/s R M Agro Technology 72,241.00

M/s Sahajanand Industries 259,308.00

M/s Shivalik Auto Industries 343,336.00

M/s Vayu Distributors 99,043.00

M/s Yogi Hitech Industries 992,531.00

M/s Shidharth Petro Products 445,372.00



The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Medium and Small enterprises on the basis of information available with the company.

6 Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current years figures.

7 Figures in brackets reflect negative.

8 Information as required pursuant to the provision of the Part-ll of Schedule VI of Companies Act,1956 as certified by the Management and relied upon by the Auditor.

a) The Company deals in only one class of goods i.e. automobile parts and accessories and the figure of sales is Rs.2,43,63,89,839 /- (Previous year Rs.2,02,02,41,053/-)

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts are numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sales and closing stock.


Mar 31, 2009

1 Segment Reporting

The company is dealing in one class of goods i.e., automobile parts & accessories and located in one country i.e.India. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

2 Related Party Disclosure

Key Managment Personnel & Relatives

1 .Mr.Viral Sondhi Managing Director Mrs Santosh Sondhi (Wife)

2. Mr.Deepak Arora Joint Managing Director Mrs.Shuchi Arora (Wife) Miss Aditi Arora ( Daughter) Miss Ashana Arora(Daughter) Smt. Pushpa Arora (Mother) Mr.Navneet Arora (Brother)

Related Parties

Name Nature of Transactions

Associats

M/s Jullundur Auto Sales Corporation Ltd. Purchase and Sate of Auto Parts

M/s JMA Rane Marketing Ltd. Sale of Auto Parts

M/s ACL Components Ltd Purchase of Auto Parts

3 a) Contingent Liabilities not provided for:

i) Uncalled Liability on partly paid shares Rs.91/-(Previous Year Rs.91/-)

ii) Guarantees given to bank for loans to JMA Rane Marketing Limited Rs.300,00,000/- (Previous year Rs.300,00.000/-)

iii) Estimated outstanding Capital Committment for Capital Expenditure is Rs.1,07,62.484/- (Previous year - Rs.1,70,79,569/-)

iv) Demand raised by Sales Tax being disputed by the Company Rs.65,72,869/- (Previous Year Rs.66,01,723/-).

4 The indications listed in paragraph 8 to 10 of Accounting Standard -28 Impairment of Assets (issued by ICAI) have been examined and on such examination, it has been found that none of the indicators are present in the case of the Company.A formal estimate of the recoverable amount does not indicate material impairment loss, hence not recognised.

5 Employees Benefits under Accounting Standard -15 (Revised) Defined Contribution Plan

Contribution to Defined Contribution Plan, are charged off for the year as under: Employers Contribution to Providend Fund — Rs.37,62,3t5/- Employers Contribution to Employees State Insurance — Rs.11,41,660/-

6. Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current years figures.

7. Figures in brackets reflect negative.

8. Information as required pursuant to the provision of the Part-II of Schedule VI of Companies Act, 1956 as certified by the Management and relied upon by the Auditor.

a) The Company deals in only one class of goods i.e. automobile parts and accessories and the figure ofsales is Rs.202,02,41,053 /- (Previous year Rs.171,69,88,471/-)

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts are numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sales and closing stock.


Mar 31, 2008

1 Segment Reporting

The company is dealing in one class of goods i.e. automobile parts & accessories and located in one country i.e. India. Since the company operates in a single business/ geographical segment information required by AS-17 issued by ICAI is not required to be given.

2 a) Contingent Liabilities not provided for:

i) Uncalled Liability on partly paid shares Rs.91/-(Previous Year Rs.91/-)

ii) Guarantees given to bank for loans to JMA Rane Marketing Limited Rs.300,00,000/- (Previous year Rs. 175,00,000/-)

iii) Estimated outstainding Capital Committment for Capital Expenditure is Rs. 1,70,79,569/- (Previous year - Rs.31,39,425/-)

3. The indications listed in paragraph 8 to 10 of Accounting Standard -28 Impairment of Assets (issued by ICAI) has been examined and on such examination, it has been found that none of the indicators are present in the case of the Company.

A formal estimate of the recoverable amount does not indicate material impairment loss, hence not recognised._

4. Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current years figures.

5. Figures in brackets reflect negative.

6. Information as required pursuant to the provision of the Part-ll of Schedule VI of Companies Act, 1956 as certified by the Management and relied upon by the Auditor.

a) The Company deals in only one class of goods i.e. automobile parts and accessories and the figure of sales is Rs.1,71,69,88,471 /- (Previous year Rs.1,48,50,73,092/-)

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts are numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sales and closing stock.


Mar 31, 2007

1 Segment Reporting

The company is dealing in one class of goods ie automobile parts & accessories and located in one country i.e.India. Since the company operates in a single business/ geographical segment informa- tion required by AS-17 issued by ICAI is not required to be given.

2 Related Party Disclosure

Key Managment Personnel & Relatives

LMr.Virat Sondhi Managing Director 2. Mr.Deepak Arora Whole time Director

Mrs Santosh Sondhi (Wife) Mrs.Suchi Arora (Wife)

Miss Aditi Arora ( Daughter) Miss Ashana Arora(Daughter) Smt. Pushpa Arora (Mother) Mr.Navneet Arora (Brother)

Related Parties

Name Nature of Transactions

Associates

M/s Jullundur Auto Sales Corporation Ltd. Purchase and Sale of Auto Parts

M/s JMA Rane Marketing Ltd. Sale of Auto Parts

M/s ACL Components Ltd Purchase of Auto Parts

3 a) Contingent Liabilities not provided for:

i) Uncalled Liability on partly paid shares Rs.91/-(Previous Year Rs.36,091/-)

ii) Guarantees given to bank for loans to JMA Rane Marketing Limited Rs.175,00,000/- (Previous year Rs.175,00,000/-) iii) Estimated outstainding Capital Committment for Capital Expenditure \s 5,31,39,425/-(Previous .year - Rs.4,26,000/-)

iv) Demand raised by Sales Tax being disputed by the Company Rs.62,67,224/-(Previous Year,Rs.58,35,747/-) as per detail given below

4 Rent paid Rs.Nil (Previous year Rs.26,500/-) paid to a Director for taking on rent premises owned by him.

5 The indications listed in paragraph 8 to 10 of Accounting Standard -28 Impairment of Assets (issued by ICAI) has been examined and on such examination, it has been found that none of the indicators are present in the case of the Company. A formal estimate of the recoverable amount does not indicate material impairment loss, hence not recognised.

6 Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current years figures.

7 Figures in brackets reflect negative.

8 Information as required pursuant to the provision of the Part-ll of Schedule VI of Companies Act, 1956 as certified by the Management and relied upon by the Auditor.

a) The Company deals in only one class of goods i.e. automobile parts and accessories and the figure of sales is Rs.1,48,50,73,092 /- (Previous year Rs.1,33,66,20,886/-)

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts are numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sales and closing stock.


Mar 31, 2006

1 Segment Reporting

The company is dealing in one class of goods ie automobile parts & accessories and located in one country i.e. India. Since the company operates in a single business/geographical segment information required by AS-17 issued by ICAI is not required to be given.

3 Deferred Tax : Deferred Tax is recognised on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Major components of deferred tax are as follows:

As at 31st March 2006 As at 31st March 2005

Deferred Tax Liability 4,031,717 4,256,411

Deferred Tax Aseet 10,100 10,300

Net Deferred Tax Liability 4,021,617 4,246,111

4 a) Contingent Liabilities not provided for:

i) Uncalled Liability on partly paid shares Rs.36,091/- (Previous Year Rs.91/-)

ii) Guarantees given to bank for loans to JMA Rane Marketing Limited Rs. 175,00,000/- (Previous year Rs.175,00,000/-)

iii) Estimated outstainding Capital Committment for Capital Expenditure is Rs.4,26,000/- (Previous year-Nil)

iv) Demand raised by Sales Tax and Income Tax Authorities being disputed by the Company Rs.58,35,747/- (Previous Year Rs.42,09,778/-) as per detail given below:

Sales Tax

Assessment Liability Present Status Year

Delhi 1997-98 32,894.00 Pending in appeal

1999-00 15,293.00 Pending in appeal

2002-03 45,977.00 Pending in appeal

2003-04 39,613.00 Pending in appeal

2004-05 619,361.00 Pending in appeal

Bihar-Patna 1992-93 Local 35,257.00 Reassessment

1998-99 Local 451,273.00 Under Appeal

1998-99 CST 1,029,461.00 Under Appeal

Ranchi 2000-01 66,269.00 Reassessment

2001-02 68,251.00 Under Appeal

2002-03 LST 52,448.00 Under Appeal

2002-03 CST 41,528.00 Under Appeal

2003-04 LST 40,645.00 Under Appeal

2003-04 CST 9,494.00 Under Appeal

Cuttack-Orrisa 1996-97 25,598.00 Under Tribunal

1997-98 26,408.00 Under Tribunal

1998-99 73,834.00 Under Appeal

2001-02 Local 35,207.00 Under Appeal

2001-02 CST 24,603.00 Under Appeal

Jamshedpur 2001-02 710,595.00 Under Appeal

2002-03 447,399.00 Under Appeal

2003-04 257,702.00 Under Appeal

Dhanbad 1999-2000 215,117.00 Under Appeal

Calicut 2000-01 897,260.00 Under Appeal

Dehradun 2000-01 30,000.00 Under Appeal

Total 5,291,487.00

Income Tax

Assessment Coningent Present Status Year liability

1998-99 -327,111.00 Tribunal

2000-01 119,648.00 Tribunal

2001-02 97,501.00 Tribunal

544,260.00

5 Outstanding due to Small Scale Industries for more than thrity days :

M/s Gems Enterprises 879,962.00

M/s JJ Auto Components India 370,756.00

The above information has been compiled in respect of parties to the extent to which they could be identified as Small Scale Industries on the basis of information available with the company.

6 Rent paid includes Rs.26,500/- (Previous year Rs.1,80,000/-) paid to a Director for taking on rent premises owned by him.

7 The particulars of Salary and perquisites paid to Directors of the company are as under:

a) Particulars Sh.Virat Sondhi Sh.Deepak Arora Sh.Tarun Vij Current Previous Current Previous Current Previous year year year year year year

Salary 1,120,000 960,000 600,000 - 141,333 960,000

Perquisites 914,075 861,029 448,708 - 121,676 938,573

Commission on 64,684 349,024 279,833 - 41,741 271,480 Net Profit

Total 2,098,759 2,170,053 1,328,541 - 304,750 2,170,053

b) Gratuity paid includes Rs.4,50,000/- paid to Sh.Tarun Vij, Managing Director and Rs. 15,00,000/- provided for Mr.Virat Sondhi, Managing Director.

c) Computation of Net Profit under Section 349, 350, 198(1) of the Companies Act, 1956 for the purpose of calculating Directors Commission:

Profit before tax as per Profit & Loss A/c 38,502,822

Add :

1) Directors Sitting Fees 120,000

2) Directors Remuneration (including commission) 3,732,050 3,852,050

42,354,872

Less : Profit on Sale of Shares 379,699

Profit for Directors Commission purpose: 41,975,173

Directors commission @ 1% to Sh.Virat Sondhi 419,752

Maximum remuneration payable @ 5% to Sh.Virat Sondhi 2,098,759

Remuneration paid (excluding commission) to Sh.Virat Sondhi 2,034,075

Maximum commission payable to Sh.Virat Sondhi 64,684

Directors commission @ 1% to Sh.Deepak Arora (8 months) 279,833

Maximum remuneration payable @ 5% to Sh.Deepak Arora 1,399,172

Remuneration paid (excluding commission) to Sh.Deepak Arora 1,048,708

Maximum commission payable to Sh.Deepak Arora 279,833

Directors commission @ 1 % to Sh.Tarun Vij (53 Days) 60,949

Maximum remuneration payable @ 5% to Sh.Tarun Vij 304,750

Remuneration paid (excluding commission) to Sh.Tarun Vij 263,009

Maximum commission payable to Sh.Tarun Vij 41,741

8 The balance due from/payable to appearing under the head Sundry Debtors, advances recoverable and Sundry Creditors are not confirmed.

9 The indications listed in paragraph 8 to 10 of Accounting Standard -28 Impairment of Assets (issued by ICAI) has been examined and on such examination, it has been found that none of the indicators are present in the case of the Company. A formal estimate of the recoverable amount does not indicate material impairment loss, hence not recognised.

10 Investments in Shares made during the year are not held in the name of Company as on 31.03.2006. However these investments stand transferred in the name of Company as on 18.05.2006.

11 Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current years figures.

12 Information as required pursuant to the provision of the Part-ll of Schedule VI of Companies Act, 1956 as certified by the Management and relied upon by the Auditor.

a) The Company deals in only one class of goods i.e. automobile parts and accessories and the figure of sales is Rs. 1,33,66,20,886/- (Previous year Rs. 1,46,57,83,930/-)

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts are numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sales and closing stock.

13 Expenditure in foreign currency Current year Previous year

Travelling Expenses NIL 190,713

14 Earnings in Foreign Currency

F.O.B. value of export NIL NIL

15 C.I.F. value of Imports NIL NIL


Mar 31, 2003

1) a) Contingent Liabilities not provided for:

i) Uncalled Liability on partly paid shares Rs.91/-(Previous Year Rs.91/-)

ii) Guarantees given to bank for loans to JMARane Marketing Limited Rs. 150,00,000/- (Previous year Rs.90,00,000/-)

iii) The company has taken certain assets on lease, the future lease rent obligation is Rs.89,600/-.

iv) Demand raised by Sales Tax and Income Tax Authorities being disputed by the company Rs. 32,46.721/- (Previous year Rs.27,77,420/-)

b) Capital Commitments

Outstanding commitment for capital expenditure -Rs.4,00,000/- (Previous Year Nil)

2. Outstanding due to Small Scale Industries:

M/s Gems Enterprises 1,616,060

M/s J.J.Metal, Rajkot 478,669

M/s J.J.Metal Craft Pvt Ltd. 1,103,724

M/s Standrad Engineering Works 102,733

M/s Super Power Engineering 773,407

M/s KTC Motors Pvt. Ltd. 442

The above information has been compiled in respect of parties to the extent to which they could be identified as Small Scale Industries on the basis of information available with the company.

3. Rent paid includes Rs. 1,80,000/- (Previous year Rs. 1,80,000/-) paid to a Director for taking on rent premises owned by him.

4. The particulars of Salary and perquisites paid to Directors of the company are as under:

a) Particulars Sh.Virat Sondhi Sh Tarun Vij Current year Previous year Current year Previous year

Salary 960,000 960,000 960,000 960,000

Perquisites 837,717 798,864 830,200 798,823

Commission on Net Profit 244,546 260,970 252,063 261,011

Total 2,042,263 2,019,834 2,042,263 2,019,834

b) The gratuity liability of the company is covered under Group Gratuity Insurance Scheme and premium paid to Life Insurance Corporation of India includes payment on account of Sh. Virat Sondhi & Sh.Tarun Vij, Directors of the company. The amount attributable to the directors cannot be worked out separately as, collective gratuity policy has been taken.

c) Computation of Net Profit under Section 349,350,198(1) of the Companies Act, 1956 for the purpose of calculating Directors Commission:

Profit before tax as per Profit & Loss A/c 35,492,286

Add:

1) Directors Sitting Fees 87,500

2) Directors Remuneration(including commission) 4,084,526

3) Loss on Sale of Investment 1.188,000

5.360.026

Less: 40,852,312

Profit on Sale of Fixed Assets of capital nature 7.050

Profit for Directors Commission purpose: 40,845,262

Directors commission @1% to Sh.Virat Sondhi 408,453

Maximum remuneration payable @ 5% to Sh.Virat Sondhi 2,042,263

Remuneration paid (excluding commission) to Sh.Virat Sondhi 1,797,717

Maximum commission payable to Sh.Virat Sondhi 244,546

Directors commission @ 1 % to Sh.Tarun Vij 408,453

Maximum remuneration payable @ 5% to Sh.Tarun Vij 2,042,263

Remuneration paid (excluding commission) to Sh.Tarun Vij 1,790,200

Maximum commission payable to Sh.Tarun Vij 252,063

5. The balance due from/payable to appearing under the head Sundry Debtors, advances recoverable and Sundry Creditors are not confirmed.

6. Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current years figures.


Mar 31, 2001

1. CONTINGENT LIABILITIES NOT PROVIDED FOR

i) Uncalled liability on partly paid shares Rs.91/- (Previous Year Rs.91).

ii) Guarantees given to hank for loans to JMA Rane marketing Limited Rs. 1.50,00,000/- (Previous year Rs.1,25,00,000/-).

iii) The company has taken certain assets on lease, the future lease rent obligation is Rs. 19,72,895/-.

iv) Demand raised by Sales Tax and Income Tax Authorities being disputed by the company Rs.9,23,401/- (Previous year Rs. 14,13,9S5/-).

2. No provision has been made for doubtful debts and advances amounting to Rs. 9,11,011/- (Previous year Rs. 7,20,862/-). However the company is making efforts to realise the amounts.

3. Rent paid includes Rs. 1.80,000/- (previous year Rs. 1,80,000/-) paid to a Director for taking on rent premises owned by him.

4. The balance due from/payable to appearing under the head Sundry Debtors. Loans and advances and Sundry Creditors are not confirmed.

5. Figures of the previous year have been regrouped/rearranged wherever considered necessary to make them comparable with the current year's figures.

6. Information as required pursuant to the provision of the Part-II of Schedule VI of Companies Act, 1956 as certified by the Management and relied upon by the Auditor.

a) The Company deals in only one class of goods i.e. automobiles parts and accessories and figure of the turnover is Rs. 1,29,33,26.535/- (Previous year Rs. 1,38,10,32,527/-).

b) Since the company is dealing in one class of goods i.e. automobiles parts and accessories, the quantitative information of goods traded in has not been given as the type of automobiles parts being numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sales and closing stock. During the year company manufactured different sizes of Cylinder Liners (which is also an automobile part) and the relevant information in respect of this activity has been given in schedule at item No. (c) below:

c) Quantitative information in respect of manufacturing activities.


Mar 31, 2000

Of the above Equity Shares :

1. 19,94,770 Equity Shares were allotted as fully paid up Bonus Shares by way of Capitalisation of General Reserve and Share Premium Account

2. 39,500 Equity Shares were allotted as fully paid up to erstwhile members of M/s Jullundur Auto Manufacturing Company (Delhi) Pvt. Ltd. pursuant to amalgamation.

3. 1,092 Equity Shares were allotted as fully paid up to erstwhile members of M/s Jamco Foundries Ltd. pursuant to amalgamation.

4. (a) Contingent Liabilities Not Provided for

i) Uncalled Liability on partly paid shares Rs.91/- (Previous Year Rs.91/-)

ii) Guarantees given to bank lor loan to JMA Rane Marketing Limited Rs. 1,25,00,000/- (previous year Rs. 1,25,00,000).

iii) The Company has taken certain assets on lease, the future lease rent obligation is Rs.32,06,275/-.

(b) CAPITAL COMMITMENTS

Estimated outstanding committments for capital expenditure Rs. NIL (Previous Year Rs. 1,00,000/-).

5. No provision has been made for demand raised by Income Tax and Sales Tax authorities amounting to Rs. 1419385/- (previous year Rs. 572759/-) since the cases are disputed in appeal. However the Company feels confident of getting these demands waived off in the appeals.

6. No provision has been made for doubtful debts and advances amounting to Rs.720862/- (previous year Rs.762339/-). However the Company is making efforts to realise the amounts.

7. The company has on an inquiry found that there has been unauthorised issue of Credit notes for discounts, sales returns and FOC sales invoices at Calicut Branch, Pending the completion of the detailed checking of the records by the Company, the exact amount recoverable from the concerned person/persons in yet to be ascertained. The Board is of the opinion that loss, if any on account of defalcations stands provided and no future loss on this account is envisaged. The loss accordingly provided made in accounts.

8. Rent paid includes Rs. 180000/- (previous year Rs. 684000/-) paid to a Director for taking on rent premises owned by him.

9. The balances due from/payable to appearing under the headings Sundry Debtors; Loans and advances and "Sundry Creditors" are not confirmed.

10. Figures of the previous year have been rearranged/regrouped wherever considered necessary to make them comparable with the current year's figures.

11. Information as required pursuant to the provisions of Part-II of schedule VI of the Companies Act, 1956 as certified by the Management and relied upon by the Auditors.

a) The Company deals in only one class of goods i.e. automobile parts and accessories and figure of the turnover is Rs. 1,38,10,32,527/- (previous year Rs. 1,29,98,53,930).

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts being numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sale and closing stock. During the year the Company manufactured different sizes of Cylinder Liners (which is also an automobile part).


Mar 31, 1999

1 (a) Contingent Liabilities Not Provided for

i) Uncalled Liability on partly paid shares Rs. 91/- (Previous Year. Rs. 91/-)

ii) Guarantees given to bank for loan to JMA Rane Marketing Limited Rs. 1,25,00,000/- (previous year Rs. 1,00,00,000).

iii) The Company has taken certain assets on lease, the future lease rent obligation is Rs. 5378615/-.

(b) CAPITAL COMMITMENTS

Estimated outstanding commitments for capital expenditure - Rs. 1,00,000/- (Previous Year Rs. 32,00,000/-)

2. No provision has been made for demand raised by Income Tax and Sales Tax authorities amounting to Rs. 572759/- (previous year Rs. 3492549/-) since the cases are disputed in appeal. However the Company feels confident of getting these demands waived off in the appeals.

3. No provision has been made for doubtful debts and advances amounting to Rs. 762339/- (previous year Rs. 11435 1/-). However the Company is making efforts to realise the amounts.

4. Rent paid includes Rs. 684095/- (previous year Rs. 642000/-) paid to two Directors for taking on rent premises owned by them.

5. The balances due from/payable to appearing under the beadings Sundry Debtors; Loans and advances and "Sundry Creditors" are not confirmed.

6. Figures of the previous year have been rearranged/regrouped wherever considered necessary to make them comparable with the current year's figures.

7. Information as required pursuant to the provisions of Part-II of schedule VI of the Companies Act, 1956 as certified by the Management and relied upon by the Auditors.

a) The Company deals in only one class of goods i.e. automobile parts and accessories and figure of the turnover is Rs. 1,29,98,53,930 (previous year Rs. 109,60,20,306)

b) Since the company is dealing in one class of goods i.e. automobile parts and accessories, the quantitative information of goods traded in has not been given as the type of automobile parts being numerous. None of the individual items account for 10% or more of the total value of opening stock, purchases, sale and closing stock. During the year the Company manufactured different sizes of Cylinder Liners (which is also an automobile part) and the relevant information in respect of this activity has been given in the schedule at item No (c) below;


Mar 31, 1996

1. No provision has been made for demand raised by Income Tax and Sales Tax authorities amounting to Rs. 45,05,815/- (previous year Rs. 61,73,693/-) since the cases are disputed in appeal. However the Company feels confident of getting these demands waived off in the appeals.

2. No provision has been made for doubtful debts amounting to Rs. 28,002/- (previous year Rs. 3,88,434/-). However the Company is making efforts to realize the the amounts.

3. The balances due from/payable to appearing under the headings Sundry Debtors; Loans and advances and "Sundry Creditors" are not confirmed.

4. Advances recoverable includes a sum of Rs. 1,66,025/- (Previous Year Rs. 4,77,842/-) due from companies in which some of the Directors are interested and Rs. 14,51,189/- paid for purchase of flat pending registration.


Mar 31, 1995

1.No provision has been made for demand raised by Income Tax and Sales Tax authorities amounting Rs.6173693 (previous year 2632255/-) since the cases are disputed in appeal. However the Company feels confident of getting these demands waived off in the appeals.

2.No provision has been made for doubtful debts amounting to Rs.388434 (previous year Rs.3496821/-). However the Company is making efforts to realise the amount.

3.Rent paid includes Rs.286600 (previous year Rs. 201000/-) paid to two Directors for taking on rent premises owned by them.

(d) Commission amounting to Rs.54,000 has been paid to non-working directors (subject to Central Govt. approval)

4.The balances due from/payable to appearing under the headings Sundry Debtors; Loans and advances and "Sundry Creditors" are not confirmed. Advances recoverable includes a sum of Rs.477842 (Previous Year Rs.2357924/-) due from companies in which some of the Directors are interested.

Figures of the previous year have been rearranged/regrouped wherever considered necessary to make them comparable with the current years figures.

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