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Notes to Accounts of Trishakti Electronics & Industries Ltd.

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, 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.

 
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