Mar 31, 2014
1. (a) Terms/riahts attached to Equity Shares
The Company has only one class of equity shares having a par value of
Rs. 10 per share. Each holder of equity share is entitled to one vote
per share. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the Annual General Meeting.
During the year ended 31st March, 2014, the board of directors have not
proposed any dividend.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
2.(i) In the opinion of the Board, the current assets, loans and
advances are approximately of value stated, if realised in the ordinary
course of business. The provision for all known liabilities is adequate
and not in excess of the amount reasonably necessary
(ii) Related party disclosure in accordance with the Accounting
Standard 18 issued by the Institute of Chartered Accountants of India.
(Related parties and nature of relationship are as certified by the
management and relied upon by the auditors).
3. Amount written off or written back or provision for doubtful debts
in respect of debts due from or to related parties is Rs. Nil (Previous
Year Rs. Nil).
Disclosure in Respect of Material Related party transaction during the
year:
i) Advances taken during the year from Sri. Sagarmal Jhanwar - Director
Rs. 54,00,000 (previous year Rs. 5,00,000), Sri. Ramesh Jhanwar -
Director Rs. 25,00,000 (previous year Rs. Nil), Sri. Suresh Jhanwar -
Director Rs. 20,00,000 (previous year Rs. Nil) M/s. Sagarmal Suresh
Kumar Pvt. Ltd. Rs. 20,00,000 (previous year Rs. Nil), M/s/ RVS Shares
& Stock Broking Services Pvt. Ltd. Rs. 2,00,000 (previous year Rs. Nil)
and M/s. Sagar International Ltd. Rs. Nil (previous year Rs. 22,500).
ii) Repayment of Advances taken during the year to Sri. Sagarmal
Jhanwar - Director Rs. 54,00,000 (previous year Rs. 5,00,000), Sri.
Ramesh Jhanwar - Director Rs. 25,00,000 (previous year Rs. Nil), Sri.
Suresh Jhanwar - Director Rs. 20,00,000 (previous year Rs. Nil) M/s.
Sagarmal Suresh Kumar Pvt. Ltd. Rs. 20,00,000 (previous year Rs. Nil),
M/s/ RVS Shares & Stock Broking Services Pvt. Ltd. Rs. 2,00,000
(previous year Rs. Nil) and M/s. Sagar International Ltd. Rs. Nil
(previous year Rs. 22,500).
iii) Directors Remuneration paid to Sri Sagarmal Jhanwar Rs. 3,60,000
(previous year year Rs. 3,60,000), Sri Ramesh Jhanwar Rs. 1,80,000
(previous year year Rs. 3,60,000), & Sri. Suresh Jhanwar Rs. 3,60,000
(previous year year Rs. 3,60,000).
iv) Rent Paid to Sri Suresh Jhanwar - Director Rs. 14,400 (previous
year Rs. 14,400).
v Travelling & Conveyance Expenses include Director''s travelling Rs.
8,24,901 .(Previous year Rs. 10,81,689)
vi Directors remuneration include payment to Whole Time Directors Rs.
9,00,000 (previous year Rs. 10,80,000)
vii Keymen Insurance Rs. 7,05,817 (previous year Rs. 7,05,817) is for
the payment of insurance for whole time directors.
viii Dividend has been accounted for on cash basis.
ix Stores & spare parts have been issued to department as and when
purchased. Closing stock has been asertained on the basis of physical
verification at the end of the year.
x Contingent liabilities and Commitments
(To the extent not provided for)
i) Contingent liabilities Rs. Nil (previous year Rs. Nil)
ii) Commitments Rs.Nil, (previous year Rs. Nil). Advance there against
Rs.Nil, (previous year Rs. Nil)
xv Advances include advance payment of Rs. 40,00,000 (previous year Rs.
Nil) for purchase & development of land with a corporate entity.
xi Segment reporting
Segment have identified as per accounting standards as per segment
reporting (AS 17) taking into account the organisations structure as
well as diferrential risks and returns of these segments.
The company has disclosed Hiring of Equipments, Financial Services &
Investments and Commission as primary segments.
The Company has secondary segment (geographical segment) which being
insignificant is not disclosed.
Fixed assets used in company''s business or liabilities contracted have
not been identified to any of the reportable segments, as allocation of
assets and liabilities to segments is currently not possible.
xii Previous year''s figures have been rearranged, recast, restated and
reclassified to confirm this year''s classification wherever considered
necessary.
Mar 31, 2013
I Travelling & Conveyance Expenses include Director''s travelling Rs.
10,81,689 .(Previous year Rs. 14,63,269)
ii Directors remuneration include payment to Whole Time Directors Rs.
10,80,000 (previous year Rs. 10,80,000)
iii Keymen Insurance Rs. 7,05,817 (previous year Rs. 7,05,817) is for
the payment of insurance for whole time directors.
vi In accordance with the revised Accounting Standard 15, i.e.
Employees Benefits, the requisite disclosures are as under
v Dividend has been accounted for on cash basis.
vi Stores & spare parts have been issued to department as and when
purchased. Closing stock has been asertained on the basis of physical
verification at the end of the year.
vii The Company has issued Credit Note to varrious parties against
hire charges as mutually decided / settlement of payment during the
year amounting to Rs. 12,28,694. The auditors have taken the same as
certified by the management.
viii Sundry Debtors include Rs. 27,14,322 due from a party. The Company
has filled a Case for the recovery of outstanding amount. The
management has considered the amount as good & recoverable.
ix Bank statement of State Bank Of India, Barmer Branch has not been
received during the year inspite of repeated request to them.
Transactions have been recorded on the basis of deposit/ transfer/issue
of cheques. The auditors have taken the same as certified by the
management.
x Segment reporting
Segment have identified as per accounting standards as per segment
reporting (AS 17 ) taking into account the organisations structure as
well as diferrential risks and returns of these segments.
The company has disclosed Hiring of Equipments, Financial Services &
Investments and Commission as primary
The Company has secondary segment (geographical segment) which being
insignificant is not disclosed.
Fixed assets used in company''s business or liabilities contracted have
not been identified to any of the reportable segments, as allocation of
assets and liabilities to segments is currently not possible.
xi Contingent liabilities and Commitments (To the extent not provided
for) i) Contingent liabilities Rs. Nil (previous year Rs. Nil) ii)
Commitments Rs. Nil (previous year Rs. Nii)
xii Previous year''s figures have also been rearranged, recast, restated
and reclassified to confirm this year''s classification wherever
considered necessary.
Mar 31, 2012
(a) Terms/rights attached to Equity Shares
The Company has only one class of equity shares having a per value of
Rs. 10/- per share. Each holder of equity share is entitled to one vote
per share. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the Annual General Meeting.
During the year ended 31st March, 2012, the board of directors have not
proposed any dividend.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
As at March 31, 2012, the company has no outstanding dues to micro
enterprises and small enterprises/small-scale industrial undertaking to
the extent such parties have been identified on the basis of
information available with the company, (previous year Rs. Nil) The
same has been taken by the auditors as certified by the management.
All investments are long term investments which have been valued at
cost. The market value of the investments in shares and securities have
been substantialy eroded due to prevailing depressed market condition.
The same being temporary in nature, in the opinion of the management,
no provision for diminution of the value of Long Term Investments
(Quoted) amounting to Rs. 23,48,105 (previous year Rs. 3,32,227) has
been made in the books of accounts.
1. In the opinion of the Board, the current assets, loans and
advances are approximately of value stated, if realised in the ordinary
course of business. The provision for all known liabilities is adequate
and not in excess of the amount reasonably necessary.
2. Related party disclosure in accordance with the Accounting
Standard 18 issued by the Institute of Chartered Accountants of India.
(Related parties and nature of relationship are as certified by the
management and relied upon by the auditors).
b) Amount written off or written back or provision for doubtful debts
in respect of debts due from or to related parties is Rs. Nil (Previous
Year Rs. Nil)
Disclosure in Respect of Material Related party transaction during the
year:
i) Loan taken during the year from Sri. Ramesh Jhanwar - Director Rs.
7,00,000 (previous year Rs. Nil) & M/s. Sagarmal Suresh Kumar Pvt.
Ltd. Rs. 2,75,000 (previous year Rs. Nil).
ii) Repayment of Loan taken during the year to Sri. Ramesh Jhanwar -
Director Rs. 7,00,000 (previous year Rs. Nil)
& M/s. Sagarmal Suresh Kumar Pvt. Ltd. Rs. 2,75,000 (previous year Rs.
Nil). ,
iii) Intgerest paid to M/s. Sagarmal Suresh Kumar Pvt. Ltd. Rs. 3,085
(previous year Rs. Nil).
iv) Directors Remuneration paid to Sri Sagarmal Jhanwar Rs. 3,60,000
(previous year Rs. 3,60,000), Sri Ramesh Jhanwar Rs. 3,60,000 (previous
year Rs. 3,60,000) & Sri. Suresh Jhanwar Rs. 3,60,000 (previous year
Rs. 3,60,000)
v) Rent Paid to Sri Suresh Jhanwar - Director Rs. 14,400 (previous year
Rs. 14,400).
3. Travelling & Conveyance Expenses include Director's travelling
Rs. 14,63,269 (Previous year Rs. 8,34,916)
4. Directors remuneration include payment to Whole Time Directors Rs.
10,80,000 (Previous year Rs. 10,80,000)
5. Keymen Insurance Rs. 7,05,817 (previous year Rs. 7,05,817) is for
the payment of insurance for whole time directors.
6. In accordance with the revised Accounting Standard 15, i.e.
Employees Benefits, the requisite disclosures are as under :
b) In respect of defined benefit plans, necessary disclosures are as
under : -
(i) Benefits are of the following types :
Every employee who have completed five years or more of service is
entitled to gratuity as per the provisions of the payment of Gratuity
Act, 1972.
Provident Fund as per the provisions of Employees Provident Fund &
Miscellaneous Provisions Act, 1952.
(ii) As none of the employees have completed the minimum length of
service as provided in the payment of gratuity Act, 1972 no provision
for gratuity is required to be made.
7. Crane hire charges have been shown net after deducting LD charges
& credit notes, as certified by the management.
8. Earnings in Foreign Exchange : . Ã -
9. Dividend has been accounted for on cash basis.
10. Stores & spare parts have been issued to department as and when
purchased. Closing stock has been asertained on the basis of physical
verification at the end of the year.
11. Segment reporting
Segment have identified as per accounting standards as per segment
reporting (AS 17) taking into account the organisations structure as
well as diferrential risks and returns of these segments. The company
has disclosed Hiring or Equipments, financial services and Commission
as primary segments.
The Company has secondary segment (geograaphical segment) which being
insignificant is not disclosed.
Fixed assets used in company's business or liabilities contracted have
not been identified to any of the reportable segments, as allocation of
assets and liabilities to segments is currently not possible.
12. The financial statement of the year ended 31st March, 2011 has
been prepared as per the applicable pre revised schedule VI to the
Companies Act, 1956. Conequent to the notification under the Companies
Act, 1956, the financial statements for the year ended 31st March, 2012
are prepared under revised schedule VI. Accordingly, the previous
year's figures have also been reclassified to confirm this year's
classification.
13. Contingent liabilities and Commitments (To the extent not provided
for)
i) Contingent liabilities Rs. Nil (previous year Rs. Nil)
ii) Commitments Rs. Nil (previous year Rs. Nil) .
Mar 31, 2010
1 All Investments are long term Investments which have been valued at
cost. The market value of the investments in shares and securities have
been substantially eroded due to prevailing depressed market condition.
The same being temporary in nature in the opinion of the management, no
provision for diminution of the value of Long Term Investments (Quoted)
as appearing in Schedule - D amounting to Rs. 10,004/- (previous year
Rs. Nil ) has been made in the books of accounts.
2 Travelling and Conveyance include Directors travelling expenses Rs.
9,37,108/- (Previous year Rs. 19,66,695/-).
3 In the opinion of the Board, the current assets, loans and advances
are approximately of value stated, if realised in the ordinary course
of business. The provision for all known liabilities is adequate and
not in excess of the amount reasonably necessary.
4 In accordance with the revised Accounting Standard 15, i.e. Employees
Benefits, the requisite disclosures are as under:
b) In respect of defined benefit plans, necessary disclosures are as
under : (i) Benefits are of the following types :
Every employee who have completed five years or more of service is
entitled to gratuity as per the provisions of the payment of Gratuity
Act, 1972.
Provident Fund as per the provisions of Employees Provident Fund &
Miscellaneous Provisions Act, 1952.
(ii) As none of the employees have completed the minimum length of
service as provided in the payment of gratuity Act, 1972 no provision
for gratuity is required to be made.
5 Crane hire charges have been shown net after deducting LD charges &
credit notes as certified by the management
6 Stores & spare parts have been issued to department as and when
purchased. Closing stock has been asertained on the basis of physical
verification at the end of the year.
7 Income & Expenditure in Foreign Exchange
a. Income :
Income in foreign currency on account of Commission Received Rs.
9,65,282/- (Previous year Rs. Nil ), Reimbursement of Tender Fee Rs.
1,94,928/- (Previous year Rs. 1,46,208/- ).
b. Expenditure :
Expenditure in foreign currency on account of Travelling Expenses Rs.
4,35,643/- (Previous year Rs. 9,44,475/.) and Cost of spare parts Rs.
4,46,532/- (Previous year Rs. 4,99,706/-), Claim Paid Rs. 3,48,871/-
(Previous year Rs. Nil) & Tender Fee Rs. 2,47,802/- (Previous year Rs.
1,89,851/-).
8 Segment reporting
Segment have been identified as per accounting standards as per segment
reporting (As 17) taking into account the organization structure as
well as diferrential risks and returns of these segments. The company
has disclosed Hiring of Equipments, financial services and Commission
as primary segments. The Company has secondary segment (geographical
segment) which being insignificant is not disclosed. Fixed assets used
in companys business or liabilities contracted have not been
identified to any of the reportable segments, as allocation of assets
and liabilities to segments is currently not possible.
9 Related party disclosure in accordance with the Accounting Standard
18 issued by the Institute of Chartered Accountants of India. Related
parties and nature of relationship (as certified by the management and
relied upon by the auditors).
Where Control exists
Sagarmal Ramesh Kumar Pvt. Ltd.
Sagarmal Suresh Kumar Pvt. Ltd.
RVS Shares & Stock Broking Services Pvt. Ltd.
Key Management Personnel
Sri Sagarmal Jhanwar, Director. Sri Ramesh Jhanwar, Director. Sri
Suresh Jhanwar, Director.
10 Keyman Insurance Rs. 7,05,817/- (previous-year Rs. 3,89,835/-) is
for the payment of insurance for whole time directors and accounted for
on payment basis.
11 Unpaid dividend account does not include any amounts due and
outstanding, to be credited Investor Education and Protection Fund.
12 As at March 31, 2010, the company has no outstanding dues to micro
enterprises and small enterprises /small- scale industrial undertaking
to the extent such parties have been identified on the basis of
information available with the company, (previous year Rs. Nil). The
auditors have taken the same as certified by the management.
13 Previous years figures have been re-arranged and regrouped wherever
considered necessary.