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Notes to Accounts of Raunaq EPC International Ltd.

Mar 31, 2015

As at As at Note Particulars 31 March, 2015 31 March, 2014 (Rsin Lacs) (Rsin Lacs)

1.1 Contingent liabilities:

1. Guarantees/Letter of credit given by the banks which are counter guaranteed by 8,826.65 8,556.90 the company and secured against fixed & current assets

2. Others where company had gone in to appeals before appropriate authorities:

- Sales Tax 2.11 -

- Income Tax 5.72 45.13

1.2 In response to the Company's request made in March 2015 to the Suppliers for providing copy of the registration certificate, if registered under Micro, Small and Medium enterprises Development Act 2006, none has sent Certificate of Registration with prescribed authority. Based on these information there is no principal amount and the interest due thereon remaining unpaid as at the year ended on 31 March, 2015.

1.3 The Ministry of Corporate Affairs has notified Section 135 of the Act, on Corporate Social Responsibility with effect from 1 April, 2014. As per the provisions of the said Section, the amount of Rs 16.34 lacs was required to be spent on CSR activities by the Company during the year, however, considering the financial performance of the company for the year, the Company has not spent the required funds on CSR activities.

1.4 Employee Benefits:

Defined contribution plan:

The Company's contributions to the Provident Fund and Superannuation Fund are charged to the profit and loss statement.

Defined benefit plan/ Long term compensated absences:

The Company's liability towards gratuity (Funded) and compensated absences is determined on the basis of the year end actuarial valuation done by an independent actuary. The actuarial gains and losses determined by the actuary are recognized immediately in the Profit and Loss Statement as an income or expense.

A general description of the Employees Benefit Plans:

(i) Gratuity (Funded)

The company has an obligation towards gratuity, a funded defined benefits retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment, of an amount calculated in accordance with the provisions of the Payment of Gratuity Act, 1972.

Details of defined benefit plans - As per Actuarial Valuation as on 31 March 2015

The expected rate of return on the plan asset (Gratuity-Funded) is based on the average long term rate of return expected on investments of funds during estimated term of obligation. Actual return on plan assets is Rs 9.56 lacs.

The assumption of the future salary increases, considered in actuarial valuation, takes into account the inflation, seniority, promotion & other relevant factors.

1.5 Segment Reporting

Based on the guiding principles given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, this Accounting Standard is not applicable to the company.

*Token remuneration of Rs 12.00 (Rupees Twelve) paid to Chairman & Managing Director.

(ii) No amounts have been written off/provided for or written back during the year in respect of amount receivable from or payable to the related parties.


Mar 31, 2014

B1. CONTINGENT LIABILITIES As at As at 31 March,2014 31 March, 2013 (Rs'' in Lacs ) ( Rs in Lacs )

(a) Guarantees/Letter ofCredit given by the banks which are counter guaranteed 8556.90 10769.28 by the Company and secured against Fixed & Current Assets

(b) Others where company had gone in to appeals before Appropriate Authorities:

- Sales Tax - 8.84

- Income Tax 45.13 5.72

(c ) Estimated amount ofContracts remaining to be executed on capital account and not - 101.69 provided for

B4. Employee Benefits:

(a) Defined Contribution Plan:

The Company''s contributions to the Provident Fund and Superannuation Fund are charged to the Profit and Loss Statement.

(b) Defined Benefit Plan/Long Term Compensated Absences:

The Company''s liability towards gratuity (Funded) and compensated absences is determined on the basis of the year end actuarial valuation done by an independent actuary. The actuarial gains and losses determined by the actuary are recognized immediately in the Profit and Loss Statement as an income or expense.

Defined Benefit Plans

A general description of the employees benefit plans: i) Gratuity (Funded)

The Company has an obligation towards gratuity, a funded defined benefits retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment, of an amount calculated in accordance with the provisions of the Payment of Gratuity Act, 1972.

Details of defined benefit plans - As per Actuarial Valuation as on 31st March 2014.

VII The expected rate of return on the plan asset (Gratuity-Funded) is based on the average long term rate of return expected on investments of funds during estimated term of obligation. Actual return on Plan Assets is Rs.10.82 lacs.

VIII The assumption of the future salary increases, considered in actuarial valuation, takes into account the inflation, seniority, promotion & other relevant factors.

B5. Segment Reporting:

Based on the guiding principles given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, this Accounting Standard is not applicable to the company.

B6. Related Party Disclosures:

(i) Related Parties are as under:

a) Enterprise over which the Company is able to exercise control (Subsidiary) :

- Xlerate Driveline India Limited (XDIL)

b) Enterprises over which key managerial Personnel is able to exercise significant influence (Associates) :

- Bharat Gears Limited (BGL)

- Vibrant Finance & Investment Pvt. Ltd. (VFIPL)

- Ultra Consultants Pvt. Ltd. (UCPL)

- Future Consultants Pvt. Ltd. (FCPL)

- ClipLok Simpak (India) Pvt. Ltd. (CSPL)

- Samreet Investment & Management Consultancy Pvt. Ltd. (SIMCPL)

- Gulab Merchandise Pvt. Ltd. (GMPL)

c) Key Managerial Personnel:

- Mr. Surinder P. Kanwar (SPK) - CMD

- Mr. Sachit Kanwar (SK) - JMD

Note: Related parties are as identified by the Company and relied upon by the Auditors.

(ii) Details of transactions with the related parties and their relatives during the year ended 31st March, 2014.

B9. In response to the company''s request made in March, 2014 to the suppliers for providing copy of the registration certificate, if registered under Micro, Small and Medium Enterprises Development Act, 2006, a few suppliers have sent certificate of registration with prescribed authority to the Company. Based on these information there is no principal amount and the interest due thereon remaining unpaid as at the year ended on 31st March, 2014.

B10. Figures in brackets are in respect of previous year.

NOTES:

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

(iii) Rights and restrictions attaching to equity shares :

Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Note:

(i) Balances with banks held as margin money include deposits amounting to Rs.743.52 Lacs (As at 31 March, 2013 Rs.909.70 Lacs) which have an original maturity of more than 12 months.


Mar 31, 2013

B1. CONTINGENT LIABILITIES As at As at 31 March 2013 31 March 2012 (Rs. in Lacs) (Rs. in Lacs)

(a) Guarantees/Letter of Credit given 10769.28 7217.19 by the banks which are counter guaranteed by the company and secured against Fixed & Current Assets

(b) Others where company had gone in to appeals before Appropriate Authorities:

* Sales Tax 8.84 13.91

* Income Tax 5.72 6.42

(c ) Estimated amount of Contracts 101.69 - remaining to be executed on capital account and not provided for

B2. Employee Benefits:

(a) Defined Contribution Plan:

The Company''s contributions to the provident fund and superannuation fund are charged to the profit and loss statement.

(b) Defined Benefit Plan / Long Term Compensated Absences:

The Company''s liability towards gratuity (Funded) and compensated absences is determined on the basis of the year end actuarial valuation done by an independent actuary. The actuarial gains and losses determined by the actuary are recognized immediately in the Profit and Loss Statement as an income or expense.

(c) Details of Employees Benefits as required by the Accounting Standards-15"Employee Benefits" are as follows:

Defined contribution plans :

Defined Benefit Plans

A general description of the employees benefit plans:

i) Gratuity (Funded)

The Company has an obligation towards gratuity, a funded defined benefits retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment, of an amount calculated in accordance with the provisions of the Payment of Gratuity Act, 1972.

Details of Defined Benefit Plans - As per Actuarial Valuation as on 31st March 2013.

I The expected rate of return on the plan asset (Gratuity-Funded) is based on the average long term rate of return expected on investments of funds during estimated term of obligation. Actual return on plan assets is Rs. 9.74 lacs.

II The assumption of the future salary increases, considered in actuarial valuation, takes into account the inflation, seniority, promotion & other relevant factors.

B3. Segment Reporting:

Based on the guiding principles given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, this Accounting Standard is not applicable to the Company.

B4. Related Party Disclosures:

(i) Related Parties are as under:

a) Enterprise over which the Company is able to exercise control (Subsidiary) :

* Xlerate Driveline India Limited (XDIL)

b) Enterprise over which Key Managerial Personnel is able to exercise significant influence (Associates):

* Bharat Gears Limited (BGL)

* Vibrant Finance & Investment Pvt. Ltd. (VFIPL)

* Ultra Consultants Pvt. Ltd. (UCPL)

* Future Consultants Pvt. Ltd. (FCPL)

* ClipLok Simpak (India) Pvt. Ltd. (CSPL)

* Samreet Investment & Management Consultancy Pvt. Ltd. (SIMCPL)

* Gulab Merchandise Pvt. Ltd. (GMPL)

c) Key Managerial Personnel:

* Mr. Surinder P. Kanwar (SPK) - CMD

* Mr. Sachit Kanwar (SK) - son of CMD

Note: Related parties are as identified by the Company and relied upon by the auditors.

(ii) Details of transactions with the related parties and their relatives during the year ended 31st March, 2013.

B5. In response to the company''s request made in March, 2013 to the suppliers for providing copy of the registration certificate, if registered under Micro, Small and Medium Enterprises Development Act, 2006, a few suppliers have sent certificate of registration with prescribed authority to the company. Based on these information there is no principal amount and the interest due thereon remaining unpaid as at the year ended on 31st March, 2013. sss B6. Figures in brackets are in respect of previous year.

 
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