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

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.

 
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