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Notes to Accounts of Porwal Auto Components Ltd.

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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