Mar 31, 2015
1. Terms attached to equity shares
The company has only one class of shares having par value of Rs. 101-
per share. Each holder of equity shares is entitled to one vote per
share.
2. Related Party Transaction
Related party disclosure as identified by the management in accordance
with the Accounting Standard (AS) 18 on "Related Party Disclosures" are
as follows:
A. Related party relationship
i) Key Management Personnel (KMP):
1. Shanti Lai Jain 4. Lalit Kumar Jain
2. Sanjay Jain 5. Bhag Chand Jain
3. Rikhab Chand Jain 6. Shankar Lai Khandelwal
ii) Relatives of Key Management Personnel (KMP):
1. Smt. Gunmala Devi Jain 2. Virendra Jain
iii) Enterprises over which KMP or relatives of KMP exercises
significant influence:
1. Gulshan Carrying Corporation
(iii) Amount due from / to enterprise over which KMP exercise
significant influence : (?) Nil D. Provision to be made with regard to
Outstanding Amount: - Rs. Nil
3. NATURE OF SECURITY AND TERMS OF REPAYMENT FOR LONG TERM SECURED
BORROWINGS
NATURE OF SECURITY TERMS OF REPAYMENT
TERM LOAN FROM HDFC BANK LTD.
Loan amounting Rs. 2,94,470/- Repayable in 36 monthly installments
(P.Y. Rs. Nil) from HDFC due period ranging from September'
Bank Ltd. is secured against 2014. Last
hypothecation of Trucks. instalment due on 05.08.2017.
TERM LOAN FROM ICICI BANK LTD.
Loan amounting Rs. 75,13,684/- Repayable in 46 to 47 monthly
(P.Y. Rs. 42,19,174/-) installments due period
from ICICI Bank Ltd. is secured ranging from August' 2011 to October'
against hypothection 2018
of Trucks.
OTHER LOAN FROM HDFC BANK LTD. Repayable in 35 monthly installments
Loan amounting Rs. 15,03,438/- commencing from April'2014.
(P.Y. Rs. 29,90,863/-) Last installment due on 5.02.2017
from HDFC Bank Ltd. is secured
against hypothecation of Trucks
4. Balances of Trade Receivables and Trade Payables are subject to
confirmation by the respective parties.
5. The Company has not received any intimation from "suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006' and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid / payable
as required under the said Act have not been given.
6. Based on the information available with the company, the balance due
to Micro and Small enterprises, as defined under the Micro, Small, and
Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is ' Nil
(P.Y. * Nil). Further, no interest during the year has been paid or
payable under the terms of the MSMED Act, 2006. The above information
regarding Micro, Small and Medium Enterprises has been determined to the
extent such parties have been identified on the basis of information
available with the Company. This has been relied upon by the Auditors.
7. The company has complied with the Prudential Norms as per NBFC's
(Reserve Bank) Direction's 1998 with regard to Income recognition,
Asset classification, Accounting Standard and provision for Bad &
Doubtful Debts as applicable to it.
8. EMPLOYEE BENEFIT
The company has a Projected Unit Credit Method. Every employee who has
completed five years or more of services gets Gratuity on terms not
lower than the amount payable under the Payment of Gratuity Act, 1972.
The aforesaid scheme is funded with LIC. The following table summarizes
the components of net benefit expenses recognized in profit & loss
statement.
9. Contingent Liabilities
(a) Bank Guarantee
Bank Guarantee taken Security Amount
from Deposit Rs.
Indusind Bank Fixed Deposit 1,41,448
Bank Guarantee taken Bank Guarantee in Amount
from favour of Rs.
Indusind Bank Hindustan Petroleum 14,00,000
Corporation Ltd.
10. The Company has received a demand of' 1,94,599/- (amount already
paid by the company) from Income Tax department for the Assessment year
2005-06 and the company has filed an appeal against the said demand
which is still pending.
11. The Company has received demand amounting to' 6,72,760/- from Income
Tax Department relating to assessment of T.D.S from the F.Y. 2007-2008
to 2014-2015 against which Company will file necessary rectification
within appropriate time.
12. The company has received demand amounting to ' 7,52,203/- from
Income Tax Department relating to A.Y.2007-08 u/s 143(1 )of the Income
Tax Act, 1961 against which Company will file necessary rectification
within appropriate time.
13. The company has received demand amounting to' 20,19,826/- from
Income Tax Department relating to A Y. 2008-09 u/s 143(1) of the Income
Tax Act, 1961 against which Company will file necessary rectification
within appropriate time.
14. The company has received demand amounting to' 4,15,910/- from Income
Tax Department relating to A.Y. 2010-11 u/s 143(3) of the Income Tax
Act, 1961 against which Company has filed an appeal with CIT (Appeals)
VIII, Kolkata.
15. The company has received demand amounting to ' 3,37,150/- from
Income Tax Department relating to A.Y. 2012-13 u/s 143(3) of the Income
Tax Act, 1961 against which Company has filed an appeal with CIT
(Appeal - 3), Kolkata.
16. The figures for the previous year have been rearranged and/or
regrouped wherever considered necessary.
Mar 31, 2014
NOTE - 1
Related Party Transaction
Related party disclosure as identified by the management In accordance
with the Accounting Standard (AS) 18 on "Related Party Disclosures"
are as follows:
A. Related party relationship
i) Key Management Personnel (KMP) :
1. Shanti Lal Jain 4. Lalit Kumar Jain
2. Sanjay Jain 5. Bhag Chand Jain
3. Rikhab Chand Jain 6. Shankar Lal Khandelwal
ii) Relatives of Key Management Personnel (KMP) :
1. Smt. Gunmala Devi Jain 2. Virendra Jain
iii) Enterprises over which KMP or relatives of KMP exercises
significant influence:
1. Gulshan Carrying Corporation
NOTE - 2
SEGMENT REPORTING
The Company''s operations predominantly consist of Transportation, Lease
Finance and Share Dealings
NOTE - 3
Balances of Trade Receivables and Trade Payables are subject to
confirmation by the respective parties.
NOTE - 4
The Company has not received any intimation from "suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006'' and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid / payable
as required under the said Act have not been given.
NOTE - 5
Based on the information available with the company, the balance due to
Micro and Small enterprises, as defined under the Micro, Small, and
Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is Rs. Nil
(P.Y. Rs.Nil). Further, no interest during the year has been paid or
payable under the terms of the MSMED Act, 2006. The above information
regarding Micro, Small and Medium Enterprises has been determined to
the extent such parties have been identified on the basis of
information available with the Company. This has been relied upon by
the Auditors.
NOTE - 6
The company has complied with the Prudential Norms as per NBFC''s
(Reserve Bank) Direction''s 1998 with regard to Income recognition,
Asset classification, Accounting Standard and provision for Bad &
Doubtful Debts as applicable to it.
7) Fixed Deposit Receipts of Rs. 62,597/- (P.Y. Rs.62597/-) has
been pledged with Indian Oil Corporation
8) Contingent Liabilities
a) Bank Guarantee :
Bank Guarantee Security Deposit Amount Bank Guarantee Amout
taken from in favour of
Indusind Bank First charge as -- Hindustan petroleum 14,00,000
refer in Note Corporation
No. 7
Indusind Bank Fixed Deposit 40,000 Apar Industries 2,00,000
Limited
Indusind Bank Fixed Deposit 1,41,448 Hindustan petroleum 14,00,000
Corporation
Indusind Bank Fixed Deposit 2,34768 Tamilnadu petro 10,00,000
Products Ltd
b) The Company has received a demand of 1,94,599/- (such amount
already paid by the company) from Income Tax department for the
Assessment year 05-06 and the company has filed an appeal against the
said demand which is still pending.
9) The Figures for the previous year have been rearranged and/or
regrouped wherever considered necessary.
Mar 31, 2013
NOTE - 1
Related Party Transaction
Related party disclosure as identified by the management in accordance
with the Accounting Standar (AS) 18 on "Related Party Disclosures" are
as follows:
A. Related party relationship
i) Key Management Personnel:
1. Shri Shanti Lal Jain
2. Shri Sanjay Jain
3. Shri Rikhab Chand Jain
ii) Relatives of Key Management Personnel :
1. Smt. Gunmala Devi Jain
2. Virendra Jain
iii) Enterprises over which KMP or relatives of KMP exercises
significant influence: 1. Gulshan Carrying Corporation
2) The company has complied with the Prudential Norms as per NBFC''s
(Reserve Bank) Direction''s 1998 with regard to Income recognition,
Asset classification, Accounting Standard and provision for Bad &
Doubtful Debts as applicable to it.
3) Balances of Trade Receivables and Trade Payables are subject to
confirmation by the respective parties.
4) The Company has not received any intimation from "suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006'' and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid / payable
as required under the said Act have not been given.
5) Based on the information available with the company, the balance
due to Micro and Small enterprises, as defined under the Micro, Small,
and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is Rs. Nil
(P.Y. Rs. Nil). Further, no interest during the year has been paid or
payable under the terms of the MSMED Act, 2006.
The above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the Company. This has been relied
upon by the Auditors.
6) Contingent Liabilities a) Bank Guarantee :
Bank Guarantee Bank Guarantee in
Security Deposit Amount (Rs.) Amount (Rs.)
taken from favour of
Limit (as per Hindustan
Petroleum
Indusind Bank 14,00,000.00
note No 6) Corporation
Hindustan Petroleum Indusind
Bank Fixed Deposit 1,20,000.00 6,00,000.00
Corporation
Hindustan Petroleum Indusind
Bank Fixed Deposit 1,30,000.00 14,00,000.00
Corporation
Tamilnadu Petro Indusind
Bank Fixed Deposit 2,16,770.00 10,00,000.00
Products Ltd
b) The Company has received a demand of Rs. 1,94,599/- (such amount
already paid by the company) from Income Tax department for the
Assessment year 05-06 and the company has filed an appeal against the
said demand which is still pending.
7) The Fugures for the previous year have been rearranged and/or
regrouped wherever considered necessary.
Mar 31, 2011
1. The figures of the previous year has been re-grouped and re-arranged
wherever found necessary.
2. The company has followed prudential norms issued by the Reserve Bank
of India for Non Banking Financial Companies. 20% of profit after tax
has been transferred to Reserve Fund as per section 45(1C) of the RBI
Act, 1934.
3 .The balances of Debtors and Creditors are subject to confirmations
by the respective parties
4. There is no outstanding amount payable to Small Scale Industries as
on the balance sheet date.
5. The deferred payment liabilities shown under secured loan in Balance
Sheet includes installment of loan taken for purchase of truck /
tankers which is due within twelve months amounting Rs. 2,72,32,022/-
(P.Y. 1,99,23,086/-).
6. The Company has not received any intimation from "suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been given.
7. No foreign Exchange earnings or outgoes occur during the year.
8.2 Related Party disclosure
Information given in accordance with Accounting Standard 18
(i) Related Party Relationship
a) Key Management Personnel
1. Shri Shanti Lal Jain 2. Shri Sanjay Jain
3. Shri Rikhab Chand Jain 4. Shri Neeraj Jain
5. Shri Shankar Lal Khandelwal 6. Shri Bhag Chand Jain
b) Relatives of Key Management Personnel
1. Smt Gunmala Devi Jain
2. Shri Virendra Jain
c) Enterprises over which key management personnel exercises
significant influence exists:-
1. Gulshan Carrying Corporation 2. Inter State Oil Carrier
9 Information pursuant to part IV of Schedule VI to the Companies Act,
1956 has been given in Annexure I.
10. Contingent Liability:
B.G TAKEN FROM SEC. DEPOSIT AMOUNT BG IN FAVOUR AMOUNT
OF OF B.G
Indusind Bank Limit(as per - Balmer Lawrie
note No.14) & 237000.00
Co. Ltd
Indusind Bank Limit(as per - Sales Tax 300000.00
note No.14)
Indusind Bank Limit(as per 100000.00 Haldia 500000.00
note(No.14) Petrochemicals
Ltd
Indusind Bank Fixed Deposit 240000.00 The Joint 1125583.00
Commissioner
of Sales Tax
(Central)
11. The Company has taken cash credit facility (Limit Rs.160 Lacs) and
Bank Guarantee limit of Rs. 40 Lacs with Induslnd Bank and created
first charge on all current assets of the company comprising of stock
of raw material, WIP, Finished Goods, receivables, book debts and other
current assets and equitable mortgage value of office premises, and
also the personal guarantee of Mr Shanti Lal Jain and Mr Sanjay Jain.
directors of the company.
12. The Company has received a demand of Rs. 1,94,599/- (such amount
already paid by the Company) from Income Tax department for the
Assessment year 05-06 and the Company has filed an appeal against that
the said demand which is still pending.
Mar 31, 2010
1. The figures of the previous year has been re-grouped and re-arranged
wherever found necessary.
2. The company has followed prudential norms issued by the Reserve Bank
of India for Non Banking Financial Companies. 20% of profit after tax
has been transferred to Reserve Fund as per section 45(1C) of the RBI
Act, 1934.
3 .The balances of Debtors and Creditors are subject to confirmations
by the respective parties
4. There is no outstanding amount payable to Small Scale Industries as
on the balance sheet date.
5. The deferred payment liabilities shown under secured loan in Balance
Sheet includes installment of loan taken for purchase of truck /
tankers which is due within twelve months amounting Rs. 1,99,23,086/-
(P.Y. 90,18,493/-).
6. Compliance of Accounting Standards issued by the Institute of
Chartered Accountants of India.
7. The Company has not received any intimation from "suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been given.
8.2 Related Party disclosure
Information given in accordance with Accounting Standard 18
(i) Related Party Relationship
a) Key Management Personnel
1. Shri Shanti Lal Jain 2. Shri Sanjay Jain
3. Shri Rikhab Chand Jain 4. Shri Neeraj Jain
5. Shri Shankar Lal Khandelwal 6. Shri Bhag Chand Jain
b) Relatives of Key Management Personnel
1. Smt Gunmala Devi Jain
2. Shri Virendra Jain
c) Enterprises over which key management personnel exercises
significant influence exists:-
1. Gulshan Carrying Corporation 2. Inter State Oil Carrier
10 Information pursuant to part IV of Schedule VI to the Companies Act,
1956 has been given in Annexure I.
11. Contingent Liability:
B.G TAKEN FROM SEC. DEPOSIT AMOUNT BG IN FAVOUR AMOUNT
OF
S.B Of Hyderabad Fixed Deposit 50000.00 IOCL 50000.00
Indusind Bank Fixed Deposit 35000.00 Balmer Lawrie
& 167000.00
Co. Ltd
Indusind Bank Fixed Deposit 100000.00 Haldia 500000.00
Petrochemicals
Ltd
14. Computation of Earning per share are as follows : Profit for
appropriation is Rs. 6357053/- and No. Of Shares is 4992300 and EPS is
Rs.1.59
15. The Company has taken cash credit facility with Induslnd Bank and
created first charge on all present and future book debt and equitable
mortgage value of office premises, and also the personal guarantee of
Mr Shanti Lal Jain and Mr Sanjay Jain.
16. No Foreign Exchange earning or outgoes occurs during the year.
17. The Company has received a demand of Rs. 1,94,599/- (such amount
already paid by the Company) from Income Tax department for the
Assessment year 05-06 and the Company has filed an appeal against that
the said demand which is still pending.
Mar 31, 2009
1. The figures of the previous year has been re-grouped and
re-arranged wherever found necessary.
2. The company has followed prudential norms issued by the Reserve
Bank of India for Non Banking Financial Companies. 20% of profit after
tax has been transferred to Reserve Fund as per section 45( 1C) of the
RBI Act, 1934.
3. The balances of Debtors and Creditors are subject to confirmations
by the respective parties
4. There is no outstanding amount payable to Small Scale Industries as
on the balance sheet date.
5. The deferred payment liabilities amounting Rs. 90,18,493/- (P.Y.
94,76,098/-} shown under secured loan in Balance Sheet represent
installment of truck / tankers purchased on hire purchase which is due
within twelve months.
6. Compliance of Accounting Standards issued by the institute of
Chartered Accountants of India.
7. The Company has not received any intimation from "suppliers"
regarding their status under the Micro. Small and Medium Enterprises
Development Xct, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payabie
as required under the said Act have not been given.
8.2. Related Party disclosure
Information given in accordance with Accounting Standard 18
i) Related Party Relationship
a) Key Management Personnel
1. Shri Shanti Lai Jain 2. Shri Sanjay Jain
3. Shri Rikhab Chand Jain 4. Shri Neeraj Jain
5. Shri Shankar Lai Khandelwal 6. Shri Bhag Chand Jain
b) Relatives of Key Management Personnel
1. Smt Gunmala Devi Jain
2. Shri Virendra Jain
c) Enterprises over which key management personnel exercises
significant influence
exists:-
1. Gulshan Carrying Corporation 2. Inter State Oil Carrier
9. Contingent Liability:
B.G. taken from Sec. deposit Amount Infavour of Amount of B.G.
S.B. of Hyderabad Fixed Deposit 50000.00 IOCL 50000.00
10. In the opinion of management, Rs. 248369/- outstanding from
debtors has been considered as bad debts which have been adjusted with
Provision for NPA created in earlier year.
11. Computation of Earning per share are as follows : Profit for
appropriation isRs.4764011/-and No. Of Shares is 4992300 and EPS is Rs.
0.95.
12. The Company has taken overdraft facility with Induslnd Bank and
created first charge on all present and future book debt and equitable
mortgage value of office premises, and also the personal guarantee of
Mr Shanti Lai Jain and Mr Sanjay Jain.
13. No Foreign Exchange earning or outgoes occurs during the year.
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