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Notes to Accounts of T & I Global Ltd.

Mar 31, 2015

1.1 RETIREMENT BENEFITS:

i) Defined Contribution Plan

The Company makes defined contribution to Government recognised Provident & other funds which are recognised in the Profit & Loss account. The Company's contribution to the aforesaid Provident Fund was Rs.4130589/- (Previous Year Rs. 3745489/-)

ii) Defined Benefit Plan (funded)

The employees' gratuity fund scheme managed by Life Insurance Corporation of India / Reliance General life insurance company limited is a defined benefit plan. The Insurance Companies makes payment to vested employees or their nominees upon retirement, death, incapacitation or cessation of employment subject to maximum of Rs.10 Lacs. Vesting occurs upon completion of five years of service.

iii) Medical Insurance Premium Re-imbursement (unfunded)

The Company has a scheme of re-imbursement of medical expenses including medical insurance premium subject to a maximum of 5% of the Basic Salary to employees.

iv) Leave Encashment

As per the Company rules employees are entitled to get accumulated leave upto 30 days,which are encashed in the following year. An amount of Rs.510755/-(Previous Year 537376/-) accrued in this account as on 31/03/2015 has duly been provided.

1.2 Employees State Insurance

The company has paid Rs 185936/- (Previous year 213436/-) to ESI for F.Y 2014-15 which comprises Rs 50186 /- (Previous Year 57795/-) towards Employee's Contribution and and Rs 135750 /- (Previous Year Rs.155641/-) towards Employer's contribution

1.3 Contingent liability not provided for in the accounts for : Sales Tax Rs.4242009/- (Previous Year Rs.4570000/-) and Income Tax Rs 1183764/- (Previous Year 604000/-) not acknowledge as debt by the company for which company preferred appeal.Matter is pending with appellate authority.

1.4 Bank Guarantee outstanding Rs.66021659/- (Previous Year Rs.4138454/-)

1.5 In the opinion of Board of Directors, the diminution of market value of Quoted Investment are of temporary in nature as such diminution has not been considered in the Accounts under review.Quantum of diminution is Rs.906866/- (Previous Year Rs.4051045/-)

1.6 Balance confirmations from some of the debtors,creditors and material lying with third party are still awaited

1.7 The names of small scale industrial undertaking to whom company owes sums outstanding for more than 30 days as at Balance Sheet date are Hi-Tech Engineering Company,

1.8 Information about primary business segment as required under Accounting Standard 17 issued by Institute of Chartered Accountants of India.

1.9 Figures for the Previous year (put within brackets) have been regrouped / rearranged wherever found necessary for comparable with those of the current year.


Mar 31, 2014

1 Term loan from Financial Institutions and Banks are secured by hypothecation of Vehicle

2a) Working Capital Loans from Standard Chartered bank and HSBC Bank are secured by hypothecation of stocks,Book debts and personal Guarantee of the Directors of the company.

2b) Working Capital Loans from Standard Chartered bank are secured by hypothecation of stocks,Book debts and personal Guarantee of the Directors of the company.

3 RETIREMENT BENEFITS:

i Defined Contribution Plan

The Company makes defined contribution to Government recognised Provident & other funds which are recognised in the Profit & Loss account. The Company''s contribution to the aforesaid Provident Fund was Rs.3745489/- (Previous Year Rs. 3634925/-)

ii Defined Benefit Plan (funded)

The employees'' gratuity fund scheme managed by Life Insurance Corporation of India / Reliance General life insurance company limited is a defined benefit plan. The Insurance Companies makes payment to vested employees or their nominees upon retirement, death, incapacitation or cessation of employment subject to maximum of Rs.10 Lacs. Vesting occurs upon completion of five years of service.

iii Medical Insurance Premium Reimbursement (unfunded)

The Company has a scheme of reimbursement of medical expenses including medical insurance premium subject to a maximum of 5% of the Basic Salary to employees.

iv Leave Encashment

As per the Company rules employees are entitled to get accumulated leave upto 30 days,which are encashed in the following year. An amount of Rs.537376/- accrued in this account as on 31/03/2014 has duly been provided.

4 Employees State Insurance

The company has paid Rs.213,436/- (Previous year 131847/-) to ESI for F.Y 2013-14 which comprises Rs.57,795/ - (Previous Year 35900/-) towards Employee''s Contribution and Rs.155641/- (Previous Year Rs.95847/-) towards Employer''s contribution

5 Contingent liability not provided for in the accounts for : Sales Tax Rs.4570000/- (Previous Year Rs. 45451286/-) and Income Tax Rs 604000/- (Previous Year 604000/-) forA.Y.2004-05 and Rs.NIL (Previous Year Rs.127000/-) for A.Y.2008-09 not acknowledged as debt by the company for which Company preferred appeal. Matter is pending before the appellate authority.

6 Bank Guarantee outstanding Rs.4138454/- (Previous Year Rs.26440218/-)

7 In the opinion of Board of Directors, the diminution of market value of Quoted Investment are of temporary in nature as such diminution has not been considered in the Accounts under review.Quantam of diminution is Rs 4051045/- (Previous Year Rs.3120519/-). The investment in Equity Shares of Efcon Securities Ltd and Prudential International Ltd., in view of the non-existence of the above mentioned companies, the amount is to be written of in the next financial year.

8 Balance confirmation from some of the debtors, creditors and material lying with third party are still awaited.

9 The names of small scale industrial undertaking to whom company owes sums outstanding for more than 30 days as at Balance Sheet date are Hi-Tech Engineering Company, Tara Industries, Sanjay Engineering Works, N. M. Concern, S. C. Welding and S.B.M. Engineering Works

10 Information about primary business segment as required under Accounting Standard 17 issued by Institute of Chartered Accountants of India.

11 Related Party Disclosure

Related party disclosure under Accounting Standard 18 issued by the Institute of Chartered Accountants of India. The required informations are as under: i) Key Management Personnel:

Name Designation

Sajjan Bagaria Executive Chairman

Vineet Bagaria Managing Director

Kalyan Kumar Nanda Executive Director (Marketing)

12 Figures for the Previous year (put within brackets) have been regrouped / rearranged wherever found necessary for comparable with those of the current year.


Mar 31, 2013

1.1 RETIREMENT BENEFITS: ,

i) Defined Contribution Plan

The Company makes defined contribution to Government recognised Provident & other funds which are recognised in the Profit & Loss account. The Company''s contribution to the aforesaid Provident Fund was Rs 3634925/-(Previous Year Rs.2348027/-)

ii) Defined Benefit Plan (funded)

The employees''gratuity fund scheme managed by Life Insurance Corporation of India / Tata AIG life insurance company limited is a defined benefit plan. The Insurance Companies makes payment to vested employees ortheir nominees upon retirement, death, incapacitation or cessation of employment subject to maximum of Rs. 10 Lacs. Vesting occurs upon completion of five years of service.

iii) Medical Insurance Premium Re-imbursement (unfunded)

The Company has a scheme of re-imbursement of medical expenses including medical insurance premium subject to a maximum of 5% of the Basic Salary to employees.

iv) Leave Encashment

As per the Company rules employees are entitled to get accumulated leave upto 30 days, which are encashed in the following year. An amount of Rs.453236/-accrued in this account as on 31/03/2013 has duly been provided.

1.2 Employees State Insurance

The company has paid Rs. 131847/-(Previous year 53199/-) to ESI for F.Y2012-13 which comprises Rs35900/ - (Previous Year 21002/-) towards Employee''s Contribution and Rs 95847/- (Previous Year Rs.32197/-) towards Employer''s contribution "

1.3 Contingent liability not provided forinthe accounts for:Sales Tax Rs.45451286/-(Previous Year Rs.17993739/ -) and Income Tax Rs 604000/- (Previous.Year 604000/-) for A.Y.2004-05 and Rs.1.27000/- (Previous Year Rs. 127000/-)) forA.Y.2008-09 not acknowledged as debt by the company for which Company preferred appeal. Matter is pending before the appellate authority.

1.4 Bank Guarantee outstanding Rs. 26440218/- (Previous Year Rs.6906000/-)

1.5 In the opinion of Board of Directors, the diminution of market value of Quoted Investment are of temporary in nature as such diminution has not been considered in the Accounts under review.Quantam of diminution is Rs 3120519/-(Previous Year Rs.1725474/-)

1.6 The names of small scale industrial undertaking to whom company owes sums outstanding for more than 30 days as at Balance Sheet date are Hi-Tech Engineering Company, Tara Industries, Sanjay Engineering Works, N. M. Concern, S. C. Welding and S.B.M. Engineering Works

1.7 Figures forthe Previous year (put within brackets) have been regrouped / rearragned wherever found necessary for comparable with those of the current year.


Mar 31, 2012

1 Term loan from Financial Institutions and Banks are secured by hypothecation of Vehicle 2a) Working Capital Loans from Standard Chartered bank are secured by hypothecation of stocks,Book debts and personal Guarantee of the Directors of the company

2a) Working Capital Loans from Standard Chartered bank are secured by hypothecation of stocks,Book debts and personal Guarantee of the Directors of the company

3.1 Retirement Benefits

i Defined Contribution Plan

The Company makes defined contribution to Government recognised Provident & other funds which are recognised in the Profit & Loss account. The Company's contribution to the aforesaid Provident Fund was Rs 23.48 Lacs (Previous Year Rs.23.13 Lacs)

ii Defined Benefit Plan (funded)

The employees' gratuity fund scheme managed by Life Insurance Corporation of India / Tata AIG life insurance company limited is a defined benefit plan. The Insurance Companies makes payment to vested employees or their nominees upon retirement, death, incapacitation or cessation of employment subject to maximum of Rs.10 Lacs. Vesting occurs upon completion of five years of service.

iii Medical Insurance Premium Re-imbursement (unfunded)

The Company has a scheme of re-imbursement of medical expenses including medical insurance premium subject to a maximum of 5% of the Basic Salary to employees. The scheme is in the nature of Defined Benefit Plan.

v Leave Encashment

As per the Company rules employees are entitled to get accumulated leave upto 30 days,which are encashed in the following year. An amount of Rs.3.93 Lacs accrued in this account as on 31/03/2012 has duly been provided.

3.2 Employees State Insurance

The company has paid Rs.0.53 Lac (Previous year 0.42 Lac) to ESI for F.Y 2011-12 which comprises Rs.0.21 Lac (Previous Year 0.11 Lac) towards Employee's Contribution and and Rs 0.32 Lac (Previous Year Rs. 0.30 Lac) towards Employer's contribution

3.3 Contingent liability not provided for in the accounts for : Sales Tax Rs.157.65 Lacs (Previous Year Rs.128.28 lacs) and Income Tax Rs 6.04 lacs (Previous Year 6.04 lac) for A.Y.2004-05 and Rs.1.27 Lacs (Previous Year Rs.1.27 lacs) ) for A.Y.2008-09 not acknowledged as debt by the company for which Company preferred appeal. Matter is pending before the appellate authority.

3.4 Bank Guarantee outstanding Rs.69.06 lac (Previous Year Rs.48.30 lac)

3.5 In the opinion of Board of Directors, the diminution of market value of Quoted Investment are of temporary in nature as such diminution has not been considered in the Accounts under review.Quantam of diminution is Rs 17.25 lacs (Previous Year Rs.28.84 lacs)

3.6 The names of small scale industrial undertaking to whom company owes sums outstanding for more than 30 days as at Balance Sheet date are Hi-Tech Engineering Company, Tara Industries, Sanjay Engineering Works, N. M. Concern, S. C. Welding and S.B.M. Engineering Works

3.7 Figures for the Previous year (put within brackets) have been regrouped / rearragned wherever found necessary for comparable with those of the current year.


Mar 31, 2010

1 (i) Contingent liability not provided for in the accounts for: Sales Tax Rs.128.28 lac (Previous YearRs.22.29 lac) and Income Tax Rs.6.04 lac (Previous Year 6.04 lac) for A.Y.2004-05 and Rs.1.27 Lac (nett)) for A.Y.2008-09 not acknowledged as debt by the company for which Company preferred appeal. Matter is pending before the appellate authority.

(ii) Bank Guarantee outstanding Rs.17.26 lac (Previous Year Rs.27.30 lac)

2 In the opinion of Board of Directors, the diminution of market value of Quoted Investment are of temporary in nature as such diminution has not been considered in the Accounts under review.Quantam of diminution is Rs 21.83 lac (Previous Year Rs.45.64 lac).

3 The names of small scale industrial undertaking to whom company owes sums outstanding for more than 30 days as at Balance Sheet date are Hi-Tech Engineering Company, Tara Industries, Sanjay Engineering Works, N. M. Concern, S. C. Welding and S.B.M. Engineering Works.

4. Related Party Disclosure

Related party disclosure under Accounting Standard 18 issued by the Institute of Chartered Accountants of India. The required informations are as under:

i) Key Management Personnel:

Name Designation

Sajjan Bagaria Executive Chairman

Vineet Bagaria Managing Director

Kalyan Kumar Nanda Executive Director (Marketing)

5. Figures for the Previous year (put within brackets) have been regrouped / rearragned wherever found necessary for comparision with those of the current year.



 
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