Notes to Accounts of Jagson Airlines Ltd.

Mar 31, 2015

A. Contingent liability towards custom duty is yet to be ascertained by custom and excise appellate tribunal. The demand raised by the tribunal has been duly deposited by the company hence no amount has been considered as contingent liability for the year ending on 2006.

B. Contingent liability towards income tax for the assessment years 2008-2009 to 2010-2011 has not been considered as debt as the matter is pending with commissioner of income tax appeals. The disclosed claimed against the company not acknowledged as debts after careful evaluation of the fact and legal aspects of the matter involved. Such matters are in favor of the company.

C. No payment has been made to a director of the company during the year as remuneration including perquisites.(previous year - NIL).

D. Balance of sundry debtors, sundry creditors, loans & advances payable or receivable are subject to confirmation from some of the parties

E. The company does not own any sum exceeding Rs. 1,00,000/- to small scale undertaking which is outstanding for more than 30 days.

F. Auditors remuneration

1. Related Parties Disclosure:-

During the year there was some transitions with M/s Jagson International Limited, M/s. Pradeep Oil Corporation and M/s. Jindal service station, Shri J P Gupta is the key managerial person in all these entities.

2. Previous year figures have been regrouped / rearranged wherever necessary.

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Mar 31, 2014

1. The details of amount outstanding with the creditors are based on the available information with the company

2. * other Payable includes the Advance from customers and expenses payables

3. Balance with banks are reconciled as per the account statements provided by the different banks

4. Fixed deposits with bank includes deposits with maturity for more than 12 months

6. Contingent liabilities not provided for is as under:-

Rs. In Lacs

31-3-2014 31-3-2013

Outstanding Bank Guaranties NIL NIL

7. Contingent liability towards custom duty is yet to be ascertained by custom and excise appellate tribunal. The demand raised by the tribunal has been duly deposited by the company hence no amount has been considered as contingent liability for the year ending on 2006.

8. Contingent liability towards income tax for the assessment years 2008-2009 to 2010-2011 has not been considered as debt as the matter is pending with commissioner of income tax appeals. The disclosed claimed against the company not acknowledged as debts after careful evaluation of the fact and legal aspects of the matter involved. Such matters are in favor of the company.

9. No payment has been made to a director of the company during the year as remuneration including perquisites, (previous year-NIL).

10. Balance of sundry debtors, sundry creditors, loans & advances payable or receivable are subject to confirmation from some of the parties

11. The company does not own any sum exceeding Rs. 1,00,000/- to small scale undertaking which is outstanding for more than 30 days

12. Related Parties Disclosure:-

During the year there was some transitions with m/s Jagson International Limited, Pradeep Oil Corporation and Jindal service station, shri Jagdish Pershad Gupta P Gupta is key managerial person in all these entities.

13. Previous year figures have been regrouped / rearranged wherever necessary.

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Mar 31, 2013

A. Contingent liabilities not provided for is as under:-

Rs. In Lacs

31-3-2013 31-3-2012

Outstanding Bank Guaranties NIL NIL

B. Contingent liability towards custom duty is yet to be ascertained by custom and excise appellate tribunal. The demand raised by the tribunal has been duly deposited by the company hence no amount has been considered as contingent liability for the year ending on 2006.

C. Contingent liability towards income tax for the assessment years 2008-2009 to 2010-2011 has not been considered as debt as the matter is pending with commissioner of income tax appeals. The disclosed claimed against the company not acknowledged as debts after careful evaluation of the fact and legal aspects of the matter involved. Such matters are in favor of the company.

D. No payment has been made to a director of the company during the year as remuneration including perquisites, (previous year - NIL).

E. Balance of sundry debtors, sundry creditors, loans & advances payable or receivable are subject to confirmation from some of the parties

F. The company does not own any sum exceeding Rs. 1,00,000/- to small scale undertaking which is outstanding for more than 30 days

1. Related Parties Disclosure:-

During the year there was some transitions with m/s Jagson International Limited, Pradeep Oil Corporation and Jindal service station, shri J P Gupta is key managerial person in all these entities.

2. Previous year figures have been regrouped / rearranged wherever necessary.

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Mar 31, 2012

A. Contingent liabilities not provided for is as under.-

Rs. in Lacs

31-3-2012 31-3-2011

Outstanding Bank Guaranties NIL NIL

B. Contingent liability towards custom duty is yet to be ascertained by custom and excise appellate tribunal. The demand raised by the tribunal has been duly deposited by the company hence no amount has been considered as contingent liability for the year ending on 2006.

C. Contingent liability towards income tax for the assessment year 2008-2009 has not been considered as debt as the matte is pending with commissioner of income tax appeals. The disclosed claimed against the company not acknowledged as debts after careful evaluation of the fact and legal aspects of the matter involved. Such matters are in favor of the company.

D. Payment has no payment been made to a director of the company during the year as remuneration including perquisites.

E. Balance of sundry debtors, sundry creditors, loans & advances payable or receivable are subjectto confirmation from some of the parties.

F. The company does not own any sum exceeding Rs. 1,00,000/- to small scale undertaking which is outstanding for more than 30 days.

1.1 Balance with banks are reconciled as per the account statements provided by the different banks 12.2.Fixed deposits with bank includes deposits with maturity for more than 12 months

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Mar 31, 2010

1. Contingent Liabilities

i) Bank Guarantee of Rs. Nil (Previous Year Nil)

2. The company does not owe any sum exceeding Rs. 1,00,000/- to Small Scale undertaking, which is outstanding for more than 30 days.

3. Inter Corporate Deposit to the following Company is still outstanding though the Company has taken reasonable steps (Legal Action) for the recovery of the same.

4. Related parties Disclosures

(i) List of related Parties Jagson International Limited.

(i) The relationship between both the companies is based on the fact that key managerial personnel Sh. J.P. Gupta Chairman of both Jagson International Ltd. and Jagson Airlines Ltd. is able to exercise significant influence.

(iii) Transaction with related parties is an investment made by Jagson International Ltd. in shares of Jagson airlines ltd.

(v) No amount has been provided as doubtful debts, written off or written back in the year in respect of debts due to above related parties.

5. Disclosure on lease Transaction

The company has taken two aircrafts on lease from Jagson International Limited at Rs.2,50,000/- each per month. The lease rent is to be paid till the aircraft is operated by the company. Since the Company had to incure heavy expenditure on maintenance of the aircrafts, the Jagson International Ltd. agreed not to charge lease rentals for the year.

6. Previous year figures have been re-arranged/re-grouped/re-cast wherever it was necessary.