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Notes to Accounts of R J Shah & Company Ltd.

Mar 31, 2014

1.1 The information regarding suppliers who are holding permenant registration certificate as an ancilliary industrial undertaking issued by the Director of Industries of State or Union Territory is not available from relevant parties. In the absence of such information the amount and interest due as per the interest of delayed payment to small and ancilliary industries act,1993 is not ascertainable.

2.1 Other liabilities include the amount of Rs. 2125715 (P. Y. 2125715) Service Tax adjustment account payable only after amount received from the customers, includes unite equipments

3.1 For Lease hold land the lease deed has been executed by Prothonotary & Seniopr Master, through Hon''ble High Court of Judicature at Bombay in 1993 for 30 years with condition that it will be renewed on the same terms for a further period of 30 years.

3.2 The Company is using part of the Building for warehousing. The rentals are charged as per agreed terms. .

3.3 The machineries of the value approximately Rs.18.49 lakhs are in possession of the Executive Engineer,Kakkad Hydro Electric Project under Kerala State Electricity Board. The Company''s claim in respect of these Machineries is pending with Authority ''

4.1 Debts includes Rs.883568 (883568) due from partnership firm where in Company is a partner.

4.2 The Company has accounted for various debtors which are fully recoverable. The Company is persuing through legal battle for realization of these amounts through Arbitration or Court Proceedings and considered the same as good debts.

5.1 The Deposits maintained by the Company with banks comprise time deposits which can be withdrawn by the Company at any point without prior notice or penalty on principal.

5.2 Fixed Deposits with banks includes deposits of Rs.68587044 (previous Year Rs.65730105) with maturity of more than 12 months.

5.3 Fixed Deposits with banks includes Rs.2022044 (Previous Year Rs.1730105) pledged with contractees and government Departments.

6.1 The Company''s Provident Fund is exempted under Section 17 of Employee''s Provident Fund and Miscellaneous Provisions Act, 1952

6.2 Eligible Employees receive benefit from provident fund which is a defined benefit plan. Both the employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employees salary. The trust invests in specific designated instruments as permiteed by Indian Law. The remaining portion is contributed to government administered fund. As per the past practice and as per the understanding between the Company and the employees the staff benefits like leave salary .gratuity and bonus are worked out and added to basic monthly salary of the employees. The monthly salary paid is inclusive of all benefits. In view of this understanding the management is of the view that no liability exists on

6.3 Legal & Professional Fees of Rs. 1405070 (previous year 1411605) icludes payment made to Directors Rs.nil (previous year Rs.30000) in their Professional capacity.

6.4 A sum of Rs. 302190 (Previous Year 11850) is included under other expenses representing previous years items.

7 CONTINGENT LIABILITIES

for the year ended 31/03/2014 31/03/2013

A. In respect of guarantees given to Project Authorities by Bank and counter guaranteed by other Bank 13,992,417 16,492,417

B. Claims against Company not acknowledged as debts 10,952,780 9,055,312

C. In respect of Income Tax pending rectification 3,108,372 3,108,372

7.0 The Company has a single segment namely "Engineering and Construction". Therfore the Company''s business does not fall under different business segments as defined by Accounting Standard (AS) 17 on "segment reporting".

8.0 Disclosure in accordance with Accounting Standard - 7( Revised)- amount due from / to customers on construction contracts:

Note: The above information is given only in respect of contracts entered into on or after 1.04.2003.

9.0 In the opinion of the Board,the Current Assets,Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amounts considered reasonably necessary.

10.0 The Company has accounted for Deferred Tax in accordance with Accounting Standard 22"Accounting for Taxes on Income". Consequently the Company has credited Deferred Tax Assets/Oiabilities) of Rs 200566 (previous yearRs (100649) to the statement of of Profit and Loss Account.The year end position of deferred Tax Assets and (Liabilities) are attributed to the following items:

11 The balance of trade receivables, loans and advances, deposits, trade and other payables as on 31st March 2014 are subject to confirmation.

12 Related Parties disclosures.

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below.

(i) List of related parties where control exists and related parties with whom transactions have taken place and relationship.

Sr. No. Name of Related Party Relationship

1 Kalindi Engineering Industires (Pvt)Ltd. Associates

2 Rajendra Shipping Pvt. Ltd. Associates

3 Kalindi R. Shah . Managing Director

4 Tejaswini R. Shah Joint Managing Director

* Figures in brackets indicates previous year''s figures.

13 The Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to the current years presentation. As per Report of even date.


Mar 31, 2013

1. Corporate Information

R.J. Shah & Co. Limited is a Public Company in India and incorporated under the provisions of the Companies Act, 1956. It is shares are listed on Stock Exchange in India. The Company is engaged in Construction of Small & Medium size Hydro Electric Project with EPC Contract or Civil works with Hydro mechanical works since last several years. Company is specialized in underground works of Tunnels, Cavern Shaft, Inclined Tunnels with Govt, and Semi-government or various Electricity Boards, Railways, Atomic Power Station, Irrigation etc. and work receipt is mainly for these works along with ware-housing.

2. Basis of preparation

The financial statements are prepared on an Annual basis and under historical cost convention except for certain fixed assets which are revalued, in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3.1 The depreciation is charged on revaluation amount of assets where applicable. The excess of depreciation so charged in accounts over & above the depreciation calculated on original cost of assets for the year ended 31.03.2013. The amount charged has been trasfered from Revaluation Reserve Account. This has no impact on profit for the year.

2.2 Legal & Professional Fees of Rs. 1411605 (previous year 497820) icludes payment made to Directors Rs.30000

(previous year Rs.48000) in their Professional capacity.

2.3 A sum of Rs. 11850 (Previous Year 119151) is included under other expenses representing prior period items.

3.0 Eligible Employees receive benefit from provident fund which is a defined benefit plan. Both the employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employees salary. The trust invests in specific designated instruments as permiteed by Indian Law. The remaining portion is contributed to government administered fund. As per the past practice and as per the understanding between the Company and the employees the staff benefits like leave salary .gratuity and bonus are worked out and added to the basic monthly salary of the employees. The monthly salary paid is inclusive of all benefits. In view of this understanding the management is is of the view that no liability exists on this account for the year ended 31st March 2013

4.0 The Company has a single segment namely "Engineering and Construction". Therfore the Company''s business does not fall under different business segments as defined by Accounting Standard (AS ) 17 on "segment reporting".

5.0 The machineries of the value approximately 7.18.49 lakhs are in possession of the Executive Englneer.Kakkad Hydro

Electric Project under Kerala State Electricity Board. The Company''s claim in respect of these Machineries is pending with Authority

6.0 In the opinion of the Board.the Current Assets,Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities arc adequate and not in excess of the amounts considered reasonably necessa

7.0 The Company has accounted for Deferred Tax in accordance with Accounting Standard 22"Accounting for Taxes on Income". Consequent the Company has credited Deferred Tax Assets/Oiabllities) of 100649 (previous year (387347) to the statement of of Profit and Loss AccountThe year end position of deferred Tax Assets and (Liabilities) are attributed to the following item!

8 The balance of trade receivables, loans and advances, deposits, trade and other payables as on 31st March 2013 are subject to confirmation.

9 Related Parties disclosures.

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below. (i) List of related parties where control exists and related parties whh whom transactions have taken place and relationship.

10 The Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to the current years presentatioi


Mar 31, 2012

1. Corporate Information

RJ. Shah & Co. Limited is a Public Company in India and incorporated under the provisions of the Companies Act, 1956. It is shares are listed on Stock Exchange in India. The Company is engaged in Construction of Small & Medium size Hydro Electric Project with EPC Contract or Civil works with Hydro mechanical works since last several years. Company is specialized in underground works of Tunnels, Cavern Shaft, Inclined Tunnels with Govt, and Semi-government or various Electricity Boards, Railways, Atomic Power Station, Irrigation etc. and work receipt is mainly for these works along with ware- housing.

2. Basis of preparation

The financial statements are prepared on an Annual basis and under historical cost convention except for certain fixed assets which are revalued, in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3.1 Fixed Deposits are repayable within one year. The rate of interest 11% per annum.

3.2 Amount due but not paid during the year Rs. Nil.

4.1 The information regarding suppliers who are holding permenant registration certificate as an ancilliary industrial undertaking issued by the Director of Industries of State or Union Territory is not available from relevant parties. In the absence of such information the amount and interest due as per the interest of delayed payment to small and ancilliary industries act,1993 is not ascertainable.

5.1 Other liabilities include the amount of Rs. 2,125,715/- (Rs. 2,125/-) Service Tax adjustment account payable only after amount received from the customers. _

* Includes Office Equipments

6.1 For Lease hold land the lease deed has been executed by Prothonotary & Seniopr Master, through Hon'ble High Court of Judicature at Bombay in 1993 for 30 years with condition that it will be renewed on the same terms for a further period of 30 years.

6.2 The Company is using part of the Building for warehousing. The rentals are charged as per agreed terms.

7.1 Other Debts includes Rs. 8,83,568/- due from partnership firm where in Company is a partner.

8.1 The Deposits maintained by the Company with banks comprise time deposits which can be withdrawn by the Company at any point without prior notice or penalty on principal.

8.2 Fixed Deposits with banks includes deposits of 7 32,380,105/- (previous Year 7 2,181,736/-) with maturity of more than 12 months.

8.3 Fixed Deposits with banks includes Rs. 2,180,105/- (Previous Year Rs. 2,181,736/-) pledged with contractees and government Departments.

9.1 Other Advances includes Rs. 3,922,513/- (Previous YearRs. 5,000,000/-) bearing interest @ 6% perannum.

The Company's Provident Fund is exempted under Section 17 of Employee's Provident Fund and Miscellaneous Proisions Act,1952.

10.1 The depreciation is cahrged on revaluation amount of assets where applicable. The excess of depreciation so charged in accounts over & above the depreciation calculated on original cost of assets for the year ended 31.03.2012. The amount charged has been trasfered from Revaluation Reserve Account. This has no impact on profit for the year.

10.3 Legal & Professional Fees of Rs. 497,820/- (previous year Rs. 2,909,208/-) includes payment made to Directors Rs.(previous year Rs. 448,000/-) in their Professional capacity.

10.4 A sum of Rs. 119,151/- (Previous Year Rs. 84,037/-) being Income Tax of earlier years is included under other expenses representing prior period items.

11 Eligible Employees receive benefit from provident fund which is a defined benefit plan. Both the employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employees salary. The registered Employees Benefit Trust invests in specific designated instruments as permiteed by Indian Law. The remaining portion is contributed to government administered fund. As per the past practice and as per the understanding between the Company and the employees the staff benefits like leave salary, gratuity and bonus are worked out and added to the basic monthly salary of the employees. The monthly salary paid are inclusive of all benefits. In view of this understanding the management is of the view that no liability exists on these account for the year ended on 31st March 2012.

12 The Company has a single segment namely "Engineering and Construction". Therfore the Company's business does not fall under different business segments as defined by Accounting Standard (AS) 17 on "segment reporting".

Note: The above information is given only in respect of contracts entered into on or after 1.04.2003.

13 The machineries of the value approximately Rs. 18.49 lakhs are in possession of the Executive Engineer, Kakkad Hydro Electric Project under Kerala State Electricity Board. The Company's claim in respect of these Machineries is pending with Authority.

14 In the opinion of the Board,the Current Assets,Loans and Advances are approximately of the value stated , if realised in the ordinary course of business . The provision for all known liabilities are adequate and not in excess of the amounts considered reasonably necessary..

15 The balance of trade receivables, loans and advances, deposits, trade and other payables as on 31st March 2012 are subject to confirmation.

16 The Previous year's figures have been regrouped / reclassified wherever necessary to confirm to the current years presentation.


Mar 31, 2010

For the For the

Year ended Year ended

1.CONTINGENT LIABILITIES 31/03/2010 31/03/2009

A.In respect of guarantees given to Project Authorities by Bank Rs. Rs.

and counter guaranteed by the Company nil 6,470,000

B.CIaims against Company not acknowledged as debts 7,089,659 6,487,966

C.In respect of Income Tax pending rectification 1,010,160 Nil

2.MANAGERIAL REMUNERATION:

In view of the inadequecy of profits, minimum remuneration has been paid to the Managing Director and Joint Managing Director. 4. The Company has a single segment namely "Engineering & Construction ". Therefore the Companys business does not fall under different business segments as defined by AS-17 "segment reporting" issued by ICAI.

3. The machineries of the value approximately Rs.18.49 lakhs are in possession of the Executive Engineer, Kakkad Hydro Electric Project under Kerala State Electricity Board. The Companys claim in respect of these Machineries is pending with Authority.

4. The depreciation is charged in profit & loss account on the revaluation amount of assets where applicable. The excess depreciation so charged in accounts over & above the depreciation calculated on the original cost of assets for the year ended 31.03.2010. An amount equivalent to the excess charged has been transferred to profit & loss account from revaluation reserve account.

5.Sundry Debtors of Rs. 57811260 includes Rs. 6377SS due from a partnership firm wherein the Company is a partner.

6. Legal & Professional fees Rs. 1835922 includes payment made to Directors Rs. 48000 in their professional capacity.

7.The accrued liability of gratuity and leave salary have been provided for as certified by Managing Director.

8. In the opinion of the Board. the Current Assets,Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amounts considered reasonably necessary. There are no contingent liabilities other than those stated in the notes.

9.The taxation liability has been provided in the books on the basis that the obligations for payments to be made u/s 43 B of Income Tax Act, 1961 will be fulfilled by the management before the due date of filing return of income under the Act.

10. The information regarding suppliers also holding permenant registration certificate as an Ancilliary Industrial Undertaking or a Small Scale Industrial Undertaking issued by the Directors of Industries of State or Union territory is not available from relevent parties. In the absence of such information the amount and interest due as per the interest on delayed payment to Small and Ancilliary Industries Act, 1993 is not ascertainable.

11. Related Parties disclosures. I. Relationship:

(a) Other Related parties where control exists: Kalindi Engineering Industries (P)Ltd. and Rajendra Shipping (P)Ltd.

(b) Key Managerial Personnel:

Kalindi R.Shah - Managing Director, Tejaswini R.Shah -Joint Managing Director

12.The balance of sundry debtors, loans and advances, unsecured loans and sundry creditors as on 31st March 2010 are subject to confirmation.

13 Previous years figures are recast and regrouped wherever necessary.to make them comparable.

 
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