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Notes to Accounts of Porwal Auto Components Ltd.

Mar 31, 2018

31 EARNING PER SHARE

Particular

2017-18

2016-17

Profit after tax as per Profit and Loss Account (Rs/Lacs)

50522136

20820226

Weighted Average number of Equity Shares outstanding (Nos.)

1,51,00,000

1,51,00,000

Basic and Diluted Earning Per Share (Face Value Rs. 10 per share) (Rs.)

3.35

1.38

32. RELATED PARTY TRANSACTIONS

Related Parties with whom transactions have taken place during the year: (As indicated by management and relied upon by auditors)

1. Relationship

a. Key Managerial Personnel and Relatives Mr. Devendra Jain, Managing Director

b. Relatives of Key Management personnel and their enterprises where transactions have taken place

* Mr. Surendra Jain, Brother

* Mr. Shailesh Jain, Brother

* Mr. Mukesh Jain, Brother Porwal Diesels Pvt. Ltd.

2. Transactions carried out with related parties referred above are as under:-

Particulars

With Key Management Personnel

Entities owned or significantly influenced by Key Management Personnel

Reliative of Key Management Personnel/ Director

Associate and subsidiary companies

Remuneration

3600000

Nil

9900000

Ml

(3400000)

(Nil)

(9350000)

(Nil)

Purchase of Goods

NIL (Nil)

NIL (Nil)

8858002 (4173153)

Ml (Nil)

Sale of Goods

NIL (Nil)

NIL (Nil)

Ml (Nil)

Ml (Nil)

Job work paid

Ml

Ml

68279120

Ml

(Nil)

(Nil)

(51432982)

(Nil)

Interest received

Ml

Ml

127054

Ml

V

(Nil)

(Nil)

(5221841)

(Nil)

Disclosure in respect of material transactions with related parties during the year (included in 2 above): Remuneration

Related Party

Current Year

Previous Year

Mr. Devendra Jain

3600000

3400000

Mr. Mukesh Jain

3600000

3400000

Mr. Surendra Jain

3600000

3400000

Mr. Shailesh Jain

2700000

2550000

Disclosure in respect of material transactions with related parties during the year (included in 2 above): Remuneration

Related Party

Current Year

Previous Year

Mr. Devendra Jain

3600000

3400000

Mr. Mukesh Jain

3600000

3400000

Mr. Surendra Jain

3600000

3400000

Mr. Shailesh Jain

2700000

2550000

Purchase of Goods

Related Party

Current Year

Previous Year

Porwal Diesels R/t. Ltd.

8858002

4173153

Job Work Paid

Related Party

Current Year

Previous Year

Porwal Diesels Pvt.. Ltd.

68279120

51432982

Interest Received

Related Party

Current Year

Previous Year

Porwal Diesels Pvt. Ltd.

127054

4028379.00

Loans and Advances (Dr)

Related Party

Current Year

Previous Year

Porwal Diesels Pvt. Ltd.

14700000

35697023

Sundry Creditors (Cr)

Related Party

Current Year

Previous Year

Porwal Diesels Pvt. Ltd.

7844857

0

33. VALUE OF STORES, SPARES AND PACKING MATERIAL CONSUMED

2017-18

2016-17

Amount in Rs.

% of Consumption

Amount in Rs.

% of Consumption

Imported

0

0

0

0

Indigenous

21052131

100

1,80,66,817

100

TOTAL

21052131

100

1,80,66,817

100

34. VALUE OF IMPORTS ON CIF BASIS IN RESPECT OF

2017-18

2016-17

Raw Material and Stock in trade

NlL

NlL

Stores, Spares and Packing Material

NlL

NlL

Capital Goods

NlL

NlL

35. EXPENDITUREI IN FOREIGN CURRENCY

2017-18

2016-17

Repairing

0

0

Travelling

0

0

36. Fair Value Measurement (IND AS 113)

The management assessed that fair value of all current assets and current liabilities are realizable at the value as shown in the financial statements of the company. Financial assets of the company are stated at cost. The market value of the financial assets are being disclosed in Note No. 5.

37. Effectively July 01, 2017 sales are recorded net of GST whereas earlier sales were recorded net of excise duty including VAT, which formed part of expenses. Hence revenue from operations for the year ended March 31, 2018 are not comparable with the previous year corresponding figures.

38. Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current years classification/disclosure.

As per report of even date

For S N Gadiya & Co

Chartered Accountants Firm Reg No. 002052C

Devendra Jain

Mukesh Jain

Managing Director

Whole Time Director

(CASN Gadiya)

DlN00232920

DIN 00245111

Proprietor

M. N. 71229

Place : Indore

Hansika Mittal

Shailesh Jain

Date: 18/05/2018

Company Secretary

Chief Financial Officer


Mar 31, 2016

26. CONTINGENT LIABILTIES

a. Guarantee issued by Bank on behalf of the Rs.8,37,200 (Rs. 31,64,389/-) company (including LC)

b. Vendor bill discounting limit with Bank Rs.14,73,54,628/- (Rs.6,73,84,873/-) (Earlier Axis Bank now Kotak Mahindra Bank)

c. Provident Fund demand for the financial year Rs.8,04,944/- (Rs. 8,04,944/-)

2005-06 (Disputed by the company, deposited Rs. 4.02 lacs for appeal)

d. Estimated amount of contracts remaining Rs.58,10,660/- (Rs.55,33,480/-) unexecuted on capital account and not provided for

e. Income tax demand for the assessment NIL (Rs.5,36,560/-) year 2010-11

f. VAT tax demand for financial year 2010-11 Rs.1,38,029/- ( Rs.1,38,029/-)

g. VAT tax demand for financial year 2011-12 Rs.2,56,111/- (Rs.2,56,111/- )

h. VAT Input Disallowed for financial year 2013-14 Rs.15,53,283/-(NIL)

1. RELATED PARTY TRANSACTIONS

Related Parties with whom transactions have taken place during the year: (As indicated by management and relied upon by auditors)

1. Relationship

a. Key Managerial Personnel and Relatives Mr. Devendra Jain, Managing Director

b. Relatives of Key Management personnel and their enterprises where transactions have taken place

? Mr. Surendra Jain, Brother

? Mr. Shailesh Jain, Brother

? Mr. Mukesh Jain, Brother Porwal Diesels Pvt. Ltd.

2. As evidenced by internal Management Information System (MIS), there are no reportable segments in the company. Therefore, the disclosure requirements of ''Accounting Standard 17'' (AS-17) - '' Segment Reporting'' are not furnished.


Mar 31, 2014

RELATED PARTY TRANSACTIONS

Related Party Disclosures as per the requirements of ''Accounting Standard 18'' (AS-18) issued by the institute of Chartered Accountants of India; (As indicated by management and relied upon by auditors).

Related Parties with whom transactions have taken place during the year.

Key Managerial Personnel and Relatives

Mr. Devendra Jain, Managing Director

Relatives of Shri Devendra Jain:

Mr. Surendra Jain, Brother

Mr. Shailesh Jain, Brother

Mr. Mukesh Jain, Brother

CONTINGENT LIABILTIES

a. Guarantee issued by Bank on behalf Rs. 60.94,100/- (Rs. 60,94,100/-) on the company

b. Vendor bill discounting limit Rs. 2,54,72,128/-(Rs.4,33,08,664/-) with Axis Bank Ltd.

c. Provident Fund demand for the Rs. 8,04,944/- (Rs.8,04,944/-) financial year 2005-06 (Disputed by the company, deposited Rs. 4.02 Lacs for appeal).

d. Estimated amount of contracts Rs. 67,57,296/-(Rs. 10,14,194/-) remaining unexecuted on capital account and not provided for

e. Income tax demand for the 2010-11 Rs. 536560/- (Rs.536560/-) assessment year

f. VAT tax demand for financial Rs. 165118/- (rs.165118/-) year 2010-11 As evidenced by internal Management Information System (MIS), there are no reportable segements in the company. Therefore, the disclosure requirements of Accounting Standard 17'' (AS-17) - ''Segment Reporting'' are not furnished.


Mar 31, 2013

RELATED PARTY TRANSACTIONS

Related Party Disclosures as per the requirements of ''Accounting Standard 18'' (AS-18) issued by the institute of Chartered Accountants of India; (As indicated by management and relied upon by auditors).

a. Parties where control exists -

M/s Porwal Udhyog (India) (Proprietorship Firm of Mr. Mukesh Jain, Director)

b. Other Related Parties with whom transactions have taken place during the year.

Key Managerial Personnel and Relatives

Mr. Devendra Jain, Managing Director

CONTINGENT LIABILTIES

a. Guarantee issued by Bank on behalf of the company Rs. 60.94 Lacs (Rs. 89.89 Lacs)

b. Vendor bill discounting limit with Axis Bank Ltd. Rs. 433.09 Lacs (Rs. 518.93 Lacs)

c. Provident Fund demand for the financial year Rs. 8.05 Lacs (Rs. 8.05 Lacs) 2005-06 (Disputed by the company, deposited

Rs. 4.02 Lacs for appeal).

d. Estimated amount of contracts remaining unexecuted Rs. 1014.11 lacs (Rs. 48.91 Lacs) on capital account and not provided for

As evidenced by internal Management Information System (MIS), there are no reportable segments in the company. Therefore, the disclosure requirements of Accounting Standard 17'' (AS-17) - ''Segment Reporting'' are not furnished.


Mar 31, 2012

A. Terms/rights attached to equity shares

The company has only one class of equity having a par value Rs. 10/- per share. Each holder of equity of shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion of the number of equity shares held by the shareholders.

The Skoda Car loan was availed in the year 2009-10 to be repaid by September 2012. Total no of 6 monthly installments are repayable of Rs. 25814 each. Rate of interest applicable on this loan is 10% p.a.

The I-10 Car loan availed in the year 2010-11 to be repaid by March 2013. Remaining no. of monthly installments to be paid are 12 of Rs. 9456 each. Rate of interest applicable on this loan is 9.45% p.a.

The Honda City Car loan was availed in the year 2010-11 to be repaid by March 2013. Remaining no. of monthly installments to be paid are 12 of Rs. 20488 each. Rate of interest applicable on this loan is 9.45% p.a.

The Swift Car loan was availed in the year 2010-11 to be repaid by March 2013. Remaining no. of monthly installments to be paid are 12 of Rs. 12608 each. Rate of interest applicable on this loan is 9.45% p.a.

RELATED PARTY TRANSACTIONS

Related Party Disclosures as per the requirements of ZAccounting Standard 18' (AS-18) issued by the institute of Chartered Accountants of India; (As indicated by management and relied upon by auditors).

a. Parties where control exists -

M/s Porwal Udhyog (India) (Proprietorship Firm of M r. Mukesh Jain, Director)

b. Other Related Parties with whom transactions have taken place during the year. Key Managerial Personnel and Relatives

M r. Devendra Jain, Managing Director

CONTINGENT LIABILTIES

a. Guarantee issued by Bank on behalf on the company Rs. 89.89 Lacs (Rs. 12.93 Lacs)

b. Vendor bill discounting limit with Axis Bank Ltd. Rs. 518.93 Lacs (Rs. 337.85 Lacs)

c. Provident Fund demand for the financial year Rs. 8.05 Lacs (Rs. 8.05 Lacs) 2005-06 (Disputed by the company, deposited

Rs. 4.02 Lacs for appeal).

d. Estimated amount of contracts remaining unexecuted Rs. 48.91 lacs (Rs. 100.01 Lacs) on capital account and not provided for

As evidenced by internal Management Information System (MIS), there are no reportable segements in the company. Therefore, the disclosure requirements of Accounting Standard 17' (AS-17) - 'Segment Reporting' are not furnished.


Mar 31, 2010

1. Contingent Liabilities

a. Guarantee issued by Bank on behalf of the company : Rs. 13.83 lacs (Rs. 21.34 lacs)

b. Entry Tax Demand (2005-06) : Rs. 0.89 lacs (Rs. 0.89 lacs)

c. Demand from ESIC relating to earlier years Rs. 0.73 lacs (Rs. 0.73 lacs) (Disputed by the company, deposited Rs. 0.21 lacs for appeal)

d. Estimated amount of contracts remaining unexecuted Rs. 365.30 lacs. on capital account and not provided for

2. Company has given interest free tooling advance of Rs. 200.00 lacs to M/s Porwa) Diesels Pvt. Ltd,acompany in which directors are interested for machining of components.

3. Out of the untilised monies out of issue of shares, company has granted interest bearing loans amounting to Rs. 589.29 lacs and the balance of Rs. 750.00 lacs is kept under fixed deposit account shown under the head " Cash and Bank Balances".

4. Depreciation on plant and machinery for the year is provided on straight line method based on the balance useful life of the assets which is higher as compared to the rates prescribed in Schedule XIV of the Companies Act, 1956. Had the depreciation been provided on straight line method based on rates specified in Schedule XIV of the Companies Act, 1956 the depreciation charged for the year would have been higher by Rs. 72.41 lacs.

5. Sales Tax assessment has been completed upto financial year 2006-07. Income Tax assessments have been completed up to financial year 2007-08. All undisputed liabilities in respect of sales tax and income tax have been provided for in the accounts.

6. The Company does not have a formal procedure of obtaining year-end balance confirmation certificates for trade balances. Various debit and credit balances are subject to confirmation. However, management believes them to be correct.

7. In accordance with Accounting Standard 22 (AS-22) Accounting for taxes on income issued by the Institute of Chartered Accountants of India the Company has provided for deferred tax in accordance with the requirement of AS-22.

8. Related Party Disclosures as per the requirements of Accounting Standard 18 (AS-18) issued by the Institute of Chartered Accountants of India: (As indicated by management and relied upon by auditors)

a. Parties where control exists -

M/s Porwal Udhyog (India) (Proprietorship Firm of Mr. Mukesh Jain, Director)

b. Other Related Parties with whom transactions have taken place during the year. Key Managerial Personnel and Relatives

Mr. Devendra Jain, Managing Director

Relatives of Shri Devendra Jain:

Mr. Surendra Jain, Brother

Mr. Shailesh Jain, Brother

Mr. Mukesh Jain, Brother

9. As evidenced by internal Management Information System (MIS), there are no reportable segments in the company. Therefore, the disclosure requirements of Accounting Standard 17 (AS-17) - Segment Reporting are not furnished.

10. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006. There are no outstanding to parties covered under the Micro, Small and Medium enterprises as per MSMED Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

11. Previous year figures have been regrouped and re-arranged wherever necessary

12. In the opinion of the Board of directors of the Company, the 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 and the provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

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