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.