Mar 31, 2016
With reference to Secured Term Loans and the amount of Current Maturities of such Secured Loans.
1. Term Loan of Rs 834127241 (Prev. Year Rs 804788483) from OBC, Rs 185105974 (Prev. Year Rs 180611575) from Allahabad Bank, Rs 97382830 (Prev. Year Rs.88644253 ) from Corporation Bank, Rs 122637954 (Prev. Year 122873205) from State Bank of India are secured by way of Ist Pari Passu charge on the Fixed Assets of the Company and 2nd charge on the Current Assets of the Company. Further these Loans are Secured by way of equitable mortgage of Factory Land and Building of the company situated at VPO Jugiana, G.T. Road , Ludhiana and at Village Mandiala Kalan, Tehsil Khanna, Distt. Ludhiana. However Corporate Loan & FITL pertaining to Oriental bank of commerce Corporate Loan have exclusive charge on Residential Land & Building in the name of Mr. Sandeep Jindal Msg 8061 sq yard situated at golf link ludhiana.
2. Term Loan of Rs-26310601 (Prev. Year. Rs. 25595440) From Punjab and Sind Bank is secured by way of exclusive charge on Windmill purchased out of the Term Loan.
3. Term Loan of Rs 35257604 (Prev. Year Rs.32173679) from Central Bank Of India is secured by way of equitable mortgage of Land in the name of the Company situated at village Mandiala Kalan, Tehsil Khanna, Distt. Ludhiana
4. The slowing industrial activity and depressed market conditions had seriously affected the operations of the company. The Company made request to Corporate Debt Restructuring Cell through Oriental Bank of Commerce (Lead Bank) to restructure the credit facilities. The Empowered Group of CDR-Cell has approved the restructuring package in CDR-Cell meetings held on 24/12/2013 vide order no. 857/2013-14 Dt. 27/12/2013.
e. Loans of Rs 734856(Prev. Year Rs. 7325553 ) are secured by way of hypothecation of respective vehicles.
5. Term borrowing from The Catholic Syrian Bank Limited of Rs. 226306560 ( Pre. Year 196788313) has transfer to Phoenix ARC Ltd due to non servicing of Interest. The above said term loan is secured by equitable mortgage of commercial plot in name of M/s Jindal Cycles Pvt. ltd. and Personal Guarantee of Promoter Directors.
6. The company has received/accepted the deposits from General Public in shape of FDR for different time frames for maturity. Due to financial constraints, the company has not able to repay the deposits within the schedule time period. The Company applied to the Company Law Board for deferment of repayment of deposits vide its order no. C.P. NO. 25/5/2013-CLB Dt. 23.12.2013 and has deferred the repayments of deposits by one year . The repayment of Deposits are paid accordingly with the company law board order from March. 2015. In case of genuine hardship the company will also repay Rs. 5 lacs quarterly basis.
All Secured Loans except car loans have also been guaranteed by following directors of the Company.
7. Sh. Sandeep Jindal
8. Sh. Yash Paul Jindal
9. Sh. Rajinder jindal
10. Sh. Ramesh Jindal
11. Maturity profile and repayment schedule of principal/interest on secured loan is not possible to determine by the company as accounts with banks slipped into sub standard category after restructuring , Hence banks has recalled the entire outstanding and started recovery action under SARFESI Act.
# With reference to loans and advances from related parties
All the Loans are repayable after 12 months from the date of squaring up bank dues. However the company reserve the right to prepay it.(Prev. yr. also all the Loans are repayable after 12 months from the date of squaring up bank dues. However the company reserve the right to prepay it.
Amt of default in repayment of Principal Nil(Prev. Year NIL),Amt. of default in repayment of interest NIL(Prev. Year NIL)
12. Short Term Borrowings of Rs 523771172/- (Prev. Year Rs. 511827726/-) are Secured by way of 1st charge on Current Assets (Stock & Book debts) of the Company and 2nd charge on the fixed assets of the Company. Further these Limits are secured by way of equitable mortgage of Factory Land and Building of the company situated at VPO Jugiana, G.T. Road , Ludhiana and at Village Mandiala Kalan, Tehsil Khanna, Distt. Ludhiana and Personal guarantees of the following promoter directors:-
13. The Company has not received any communication from all of its suppliers/ service providers in response to letters issued by the Company, confirming whether or not they are registered under the Micro, Small and Medium Enterprises Development Act, 2006. In the absence of any positive confirmation from the suppliers/ service providers, the information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 could not be determined. ___
- In case of raw material at actual cost determined on FIFO basis plus direct expenses.
- In case of Stores and spares at weighted average cost.
- in case of Work in process at raw material cost plus conversation cost depending upon stage of completion.
- in case of finished goods at raw material cost plus conversion cost and appropriate proportion of overheads incurred to bring the goods to there present location and condition plus excise duty wherever applicable.
NOTE NO. 14
Disclosure related to Fixed Assets
Pursuant to the enactment of the Companies Act,2013 the company has applied the estimated useful lives as in Schedule II .Depreciation on Part of the assets was charged on WDV up to FY 2013-14 and now from FY 14-15 onwards, Depreciation is calculated with straight line method with effect from the capitalization date.
15. Notes:
16. Management has identified two reportable business segments, namely:
Textile: - Production of Acrylic Yarn, Polyester Yarn, Poly/cotton Blended Yarn, Cotton Yarn and other Blended Yarns.
- Energy Generation: - Generation of Energy from Wind Mill.
Segments have been identified and reported taking into account the nature of products.
17. The segment in the geographical segments considered for the disclosure are as follows:
- India: comprising of sales to customers located within India and earnings in India
- Outside India : comprising of sales to customers located outside India.
18. Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.
NOTE NO. 19
In the opinion of the Board, current assets, loans and advances have a value in the ordinary course of business at least equal to that stated in the balance sheet and adequate provisions have been made for all known liabilities and depreciation in the books of accounts.
NOTE NO. 20
All figures have been rounded off to nearest rupees.
NOTE NO. 21
Debit or Credit Balance on what so ever accounts are subject to confirmation from parties.
NOTE NO. 22. Pending Legal Cases
23. The suppliers has filed the cases against the company at various levels of Distt. & Session Courts. Total amount of exposure involved in the petitions filed in the court amounts to Rs. 1156.83 lacs .
24. The company has filled the cases in Distt. & Session Court against the debtors namely Kaur Sain Mittal Synthetics Ltd for amount of Rs. 144.50 Lacs
25. There are various suits filed against the company u/s 138.
26. One of the creditor being âVinod cotton corporationâ has even filed petition application for winding up of the company.
NOTE NO. 27
The Institute of Chartered Accountants of India has issued an Accounting Standard - 28 on Impairment of Assets, which is mandatory for the accounting periods commencing on or after 1st April, 2004. In accordance with the said standards, the company has assessed as on date of applicability of the aforesaid standard and as well as on balance sheet date, whether there are any indications with regard to the impairment of any of the assets. Based on such assessment, it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.
NOTE NO. 28
INVESTMENTS
The Investments are stated at cost. Diminution in value of investments on account of market fluctuations which are of permanent nature are provided for. Temporary diminution in the value of investments has also been provided for.
The Company has accumulated losses of Rs. 227.64 Crores which has eroded its peak level net worth by more than 50% and as such has become potentially sick company. Based on the detailed evaluation of the current situation, plans formulated management is confident of raising adequate finance and rescheduling its debt. Therefore, the management is of the view that the company will realize its assets and discharge the liabilities in the normal course of business. Taking into account the above facts, the financial statements have been prepared on the basis that the company is a going concern.
NOTE NO. 29
The company has outstanding deposits received/accepted from General Public in shape of FDR for different time frames for maturity. Due to financial constraints, the company was not able to repay the deposits within the scheduled time period. The Company applied to the Company Law Board for the deferment of repayments of deposits. The Company Law Board vide its Order No. C.P. NO 25/2013-CLB Dated 23/12/2013 has deferred the repayments of deposits by one year. The repayment of Deposits started from March, 2015. In case of genuine hardship, the company has been repaying Rs. 5 Lacs on quarterly basis as per the hardship committee meeting.
Mar 31, 2015
1. With reference to Secured Term Loans and the amount of Current
Maturities of such Secured Loans.
2. Term Loan of Rs 804788483 (Prev. Year Rs 698378884) from OBC, Rs
180611575 (Prev. Year Rs 192930794) from Allahabad Bank, Rs 88644253
(Prev. Year Rs. 85878063) from Corporation Bank, Rs 122873205 (Prrev.
Year 121987067) from State Bank of India are secured by way of Ist Pari
Passu charge on the Fixed Assets of the Company and 2nd charge on the
Current Assets of the Company. Further these Loans are Secured by way
of equitable mortgage of Factory Land and Building of the company
situated at VPO Jugiana, G.T. Road , Ludhiana and at Village Mandiala
Kalan, Tehsil Khanna, Distt. Ludhiana. However Corporate Loan & FITL
pertaining to Oriental bank of commerce Corporate Loan have exclusive
charge on Residential Land & Building in the name of Mr. Sandeep Jindal
Msg 8061 sq yard situated at golf link ludhiana.
3. Term Loan of Rs-25595440 (Prev. Year. Rs. 23005589) From Punjab and
Sind Bank is secured by way of exclusive charge on Windmill purchased
out of the Term Loan.
4. Term Loan of Rs 32173679 (Prev. Year Rs. 32510096) from Central Bank
Of India is secured by way of equitable mortgage of Land in the name of
the Company situated at village Mandiala Kalan, Tehsil Khanna, Distt.
Ludhiana
5. The slowing industrial activity and depressed market conditions had
seriously affected the operations of the company. The Company made
request to Corporate Debt Resturctuirng Cell through Oriental Bank of
Commerce (Lead Bank) to restructure the credit facilities. The
Empowered Group of CDR-Cell has appoved the restructuring package in
CDR-Cell meetings held on 24/12/2013 vide order no. 857/2013-14 Dt.
27/12/2013. e Loans of Rs 7325553 (Prev. Year Rs. 13771845) are
secured by way of hypothecation of respective vehicles. f Term
borrowing from The Catholic Syrian Bank Limited of Rs. 196788313 ( Pre.
Year 196788313) has transfer to Phoenix ARC Ltd due to non servicing of
Interest. The above said term loan is secured by equitable mortgage of
commercial plot in name of M/s Jindal Cycles Pvt. ltd. and Personal
Gurantee of Promoter Director. g** The company has received/accepted
the deposits from General Publlic in shape of FDR for different time
frames for maturity. Due to financial constraints, the company has not
able to repay the deposits within the schedule time period. The Company
applied to the Company Law Board for deferment of repayment of deposits
vide its order no. C.P NO. 25/5/2013-CLB Dt. 23.12.2013 and has defered
the repayments of deposits by one year . The repayment of Deposits are
paid accordingly with the compnay law board order from March. 2015. In
case of geniune hardship the company will also repay Rs. 5 lacs
quarterly basis.
All Secured Loans except car loans have also been guaranteed by
following directors of the Company.
i Sh. Sandeep Jindal
ii Sh. Yash Paul Jindal
iii Sh. Rajinder jindal
iv Sh. Ramesh Jindal
6. Maturity profile and repayment schedule of principal/interest on
secured loan is not possible to determine by the company as accounts
with banks slipped into sub standard category after restructuring ,
Hence banks has recalled the entire outstanding and started recovery
action under SARFESI Act.
7. With reference to loans and advances from related parties
All the Loans are repayable after 12 months from the date of squaring
up bank dues. However the company reserve the right to prepay it.(Prev.
yr. also all the Loans are repayable after 12 months from the date of
squaring up bank dues.
However the company reserve the right to prepay it.
Amt of default in repayment of Principal Nil(Prev. Year NIL),Amt. of
default in repayment of interest NIL(Prev.Year NIL)
8. Disclosure related to Fixed Assests
a) Pursuant to the enactment of the companies Act 2013, the company has
applied the estimated useful lives as in schedule II. Accordingly the
unamortized caring value is being depreciated/amortized over the
revised/remaining useful lives. The written down value of the Fixed
Assets whose lives have expired as at 1st April, 2014 have been
adjusted net of taxes in the Profit & Loss by Rs.90.26 Lacs
b) Depreciation on Part of the assets was charged on WDV up to FY
2013-14 and now in FY 14-15, Depreciation is calculated with straight
line method with effect from the capitalization date.
9. RELATED PARTY DISCLOSURES
Information Related to Relating Party Transaction As Per Accounting
Standard - 18, issued by Institute of Chartered Accountants of India is
given below:
A) Associate Concerns
Himachal Textile Park Limited
B) Subsidiary Companies Jindal Medicot Limited
Jindal Specialty Textiles Limited
Jindal International FZE(foreign subsidary)
Jindal Metalex Limited (Closed)
Jindal Infrabiz Limited (Closed)
C) Other Related Parties
Mr. Yash Paul Jindal (Director)
Mr. Ramesh Jindal (Director)
Mr. Rajinder Jindal (Director)
Mr. Aman Jindal (Director)
Mr. Sahil Jindal (Director)
D) Key Management Personnel
Mr. Sandeep Jindal (MD)
Mr. Balwinder Singh (CFO)
Mr. Anil Malhan (CS)
E) KMP or their relatives are influence or control the enterprises
Jindal Cycles Pvt Ltd
Jindal Fine Industries
Leader Cycles Ltd
Jindal Infomedia Pvt Ltd
Jindal Holdings & Investment Limited
Poonam Enterprises
F) Relatives of Key Management Personnel
Mrs. Manu Jindal
(I) Management has identified two reportable business segments, namely:
Textile: - Production of Acrylic Yarn, Polyester Yarn, Poly/cotton
Blended Yarn, Cotton Yarn and other Blended Yarns.
* Energy Generation: - Generation of Energy from Wind Mill.
Segments have been identified and reported taking into account the
nature of products.
(ii) The segment in the geographical segments considered for the
disclosure are as follows:- - India: comprising of sales to customers
located within India and earnings in India
* Outside India : comprising of sales to customers located outside
India.
(iii) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
10. In the opinion of the Board, current assets, loans and advances have
a value in the ordinary course of business at least equal to that stated
in the balance sheet and adequate provisions have been made for all
known liabilities and depreciation in the books of accounts.
11. All figures have been rounded off to nearest rupees.
12. Debit or Credit Balance on what so ever accounts are subject to
confirmation from parties.
13. CONTIGENT LIABILITIES AND COMMITMENTS (Amount in Rs.)
PARTICULARS 31.03.2015 31.03.2014
( To the extent not provided for)
a Contigent Liabilities
i) Cliams against company not
Acknowledged as Debt - -
ii) Other Money for which the Company
is Contigently liable - -
iii) Duty saved upon procurement of
machinery pending fulfillment of
export obligation 506,451 506,451
iv) Vat Exemption which is available
on the basis of eligibility certificate
issued by District Industries Centre,
Ludhiana but the same is disputed by
concerned sales tax authorities. - -
v) Demand raised by sales tax
authorities and the same is - -
disputed by the company.
vi) Corporate Guarantee given to
Banks for grant of Term Loan and CC 2,918,710,561 2,520,000,000
Limits to Subsidiaries
b Commitments
i) Estimated amount of contracts
remaining to be executed 886,345,242 886,345,242
on capital and not provided for
ii) Uncalled liability on Shares
and other investments partly paid - -
iii) Other Commitments - -
Total 3,805,562,254 3,406,851,693
14. Pending Legal Cases
1. The suppliers has filed the cases against the company at various
levels of Distt. & Session Courts. Total amount of exposure involved in
the petitions filed in the court amounts to Rs.1156.83 lacs .
2. The PSPCL has also filed the case against the company in Distt. &
Session Court amounting Rs.270 lacs for their dues.
3. The company has filled the cases in Distt. & Session Court against
the debitors namely Kuar Sain Mittal Synthetics Ltd for amount of
Rs.144.50 Lacs
4. There are various suits filed against the company u/s 138.
5. One of the creditor being 'vinod cotton corporation' has even filed
petition application for winding up of the company. NOTE NO. 40
The Institute of Chartered Accountants of India has issued an
Accounting Standard - 28 on Impairment of Assets, which is mandatory
for the accounting periods commencing on or after 1st April, 2004. In
accordance with the said standards, the company has assessed as on date
of applicability of the aforesaid standard and as well as on balance
sheet date, whether there are any indications with regard to the
impairment of any of the assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly no
impairment loss has been provided in the books of account.
15. INVESTMENTS
The Investments are stated at cost. Diminution in value of investments
on account of market fluctuations which are of permanent nature are
provided for. Temporary diminution in the value of investments has also
been provided for.
16. "The Company has accumulated losses of Rs. 175.71 Crores which has
eroded its peak level net worth by more than 50% and as such has become
potentially sick company. Based on the detailed evaluation of the
current situation, plans formulated management is confident of raising
adequate finance and rescheduling its debt. Therefore, the management
is of the view that the company will realize its assets and discharge
the liabilities in the normal course of business. Taking into account
the above facts, the financial statements have been prepared on the
basis that the company is a going concern."
17. The company has outstanding deposits received/accepted from General
Public in shape of FDR for different time frames for maturity. Due to
financial constraints, the company was not able to repay the deposits
within the scheduled time period. The Company applied to the Company
Law Board for the deferment of repayments of deposits. The Company Law
Board vide its Order No. C.P. NO 25/2013-CLB Dt.23/12/2013 has deferred
the repayments of deposits by one year. The repayment of Deposits
started from March, 2015. In case of genuine hardship, the company has
been repaying Rs. 5 Lacs on quarterly basis as per the hardship
committee meeting.
Mar 31, 2014
NOTE NO. 1
SHORT TERM BORROWINGS
a Short Term Borrowings of Rs 431848699 (Prev. Year Rs. 622258954) are
Secured by way of 1st charge on Current Assets (Stock & Book debts) of
the Company and 2nd charge on the fixed assets of the Company. Further
these Limits are secured by way of equitable mortgage of Factory Land
and Building of the company situated at VPO Jugiana, G.T. Road ,
Ludhiana and at Village Mandiala Kalan, Tehsil Khanna, Distt. Ludhiana
and Personal guarantees of the following promoter directors:-
i Sh. Sandeep Jindal
ii Sh. Yash Paul Jindal
iii Sh. Rajinder jindal
iv Sh. Ramesh Jindal
b Amt of default in repayment of loan - Rs. Nil (Prev. Year
22258953.73) Default in repayment of Interest 10384762 (Prev. year.-
Nil)
NOTE NO. 2
Lease Payments in respect of Assets taken on Operating Lease.
The Company has taken Godown on Lease from M/s Jindal Cycles Pvt, Ltd,
At a monthly rental of Rs 5000,The Lease will expire on July 29, 2014.
The company recognises the expense on due basis,
The Company has taken land on lease from Mr. Yash Paul Jindal, Mr.
Rajinder Kumar Jindal & Mr. Ramesh Jindal at a monthly rental of Rs
12000.The Lease will expire on June 21,2028. The company recognises the
expense on due basis.
The Lease Agreements generally have a lock in period of 1 to 3 years at
the option of lessee thereafter.
Lease payments under operating Lease are recognised as an expenses in
the Statement of Profil & Loss Account.
The classification of Future Lease obligations towards Lease Rentals is
as follows:-
NOTE NO. 3
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation,seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
The expected rate of return on plan assets is determined considering
several applicable factors, mainly the composition of Plan assets held,
assessed risks, historical results of return on plan assets and the
Company''s policy for plan assets management.
NOTE NO. 4
in the opinion of the Board, current assets, loans and advances have a
value in the ordinary course of business at least equal to that stated
in the balance sheet and adequate provisions have been made for all
known liabilities and depreciation in the books of accounts.
NOTE NO. 5
Previous year''s figures have been recast/ regrouped wherever necessary
to make these comparable with current year''s figures. NOTE NO. 37
All figures have been rounded off to nearest rupees.
NOTE NO. 6
Parties Balances are Subject to Confirmation.
NOTE NO. 7
Figures in brackets indicate deductions,
NOTE NO. 8
CONTIGENT LIABILITIES AND COMMITMENTS (Amount in Rs.)
( To the extent not provided for) 31.03.2014 31.03.2013
a Contigent Liabilities
i) Cliams against company not
Acknowledged as Debt - -
ii) Other Money for which the Company
is Contigently liable - -
iii) Duty saved upon procurement of
machinery pending fulfillment of
export 506,451 972,980
obligation
iv) Vat Exemption which is available
on the basis of eligibility certificate - -
issued by District Industries Centre,
Ludhiana but the same is disputed
by concerned sales tax authorities.
v) Demand raised by sales tax
authorities and the same is disputed by - -
the company,
vi) Corporate Guarantee given to Banks
for grant of Term Loan and CC 2,520,000,000 2,425,000,000
Limits to Subsidiaries
b Commitments
i) Estimated amount of contracts
remaining to be executed 886,345,242 886,345,242
on capital and not provided for
ii) Uncalled liability on Shares
and other investments partly paid - -
iii) Other Commitments - -
TOTAL 3,406,851,693 3,312,318,222
NOTE NO. 9
In Terms of The Accounting Standard -28, "Impairement of Assets"
issued by ICAI an exercise was untertaken to determine whether there
are any indications with regard to the impairment of any of the assets.
Based on such assessment, it has been ascertained that no potential
loss, Accordingly no impairment loss has been provided in the books of
accounts,
Mar 31, 2013
"Equity Shares: The company has only one class of equity shares having
par value of Rs. 10/- per share. Each holders of equity shares present
is entitled to have one vote upon show of hands and upon a poll every
member entitled to vote and present in person or by proxy shall have
one vote, for every share held by him. "
The Company in general meeting may declare a dividend to be paid to the
members according to their respective rights and interests in the
profits and may fix the time for payment
Dividend shall be paid by the Company in respect of any share only to
the registered holder of such share or to his order or to his banker.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive the realized value of the assets of
the Company, remaining after payment of all preferential dues. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
With reference to Secured Term Loans and the amount Current Maturities
of such Secured Loans.
a Term Loan of Rs 532833127 (Prev. Year Rs 381098000) from OBC, Rs
162698455 (Prev. Year Rs 162994899 )from Allahabad Bank Rs 49387546
(Prev. Year Rs.
12121302) from Corporation Bank are secured by way of Ist Pari Passu
charge on the Fixed Assets of the Company and 2nd charge on the Current
Assets of the Company. Further these Loans are Secured by way of
equitable mortgage of Factory Land and Building of the company situated
at VPO Jugiana, G.T. Road , Ludhiana and at Village Mandiala Kalan,
Tehsil Khanna, Distt. Ludhiana
b Term Loan of Rs 23277660 (Prev. Year. Rs. 28593441) From Punjab and
Sind Bank is secured by way of exclusive charge on Windmill purchased
out of the Term Loan.
c Term Loan of Rs 34654052 (Prev. Year Rs. 38676579) from Central Bank
Of India is secured by way of equitable mortgage of Land in the name of
the Company situated at village Mandiala Kalan, Tehsil Khanna, Distt.
Ludhiana
d Loans of Rs 20880580 (Prev. Year Rs. 19622102) are secured by way of
hypothecation of respective vehicles.
e Term borrowings from The Catholic Syrian Bank Limited of Rs 180630582
(Prev. Year Rs. 151697269) are Secured by equitable Mortgage of
Commercial Plot in the name of M/s Jindal Cycles Pvt. Ltd and Personal
guarantees of promoter directors (Subject to approval by bank) Amt. Of
default in repayment of Loan - Rs. 40841861 (Prev. Year Rs. 22436000)
Default in payment of Interest- Rs. 30808694 (Prev. Year Rs. 9854674)
Period of continuing default in repayment of Loan - 1 month (Prev.yr. -
1 month) In payment of Interest-1-3 months (Prev. yr.- 1-3 Months) All
Secured Loans except car loans have also been guaranteed by following
directors of the Company.
i Sh. Sandeep Jindal
ii Sh. Yash Paul Jindal
iii Sh. Rajinder jindal
iv Sh. Ramesh Jindal
# With reference to loans and advances from related parties
All the Loans are repayable after 12 months from the date of squaring
up bank dues. However the company reserve the right to prepay it.(Prev.
yr. also all the Loans are repayable after 12 months from the date of
squaring up bank dues. However the company reserve the right to prepay
it.)
Amt. Of default in repayment of Loan - Nil (Prev. yr. - Nil) Default in
payment of Interest-NIL (Prev. yr.-NIL)
Period of continuing default in repayment of Loan - Nil (Prev.yr. -
Nil) In payment of Interest-NIL (Prev. yr.-NIL)
(a) Short Term Borrowings of Rs 622258954 (Prev. Year Rs. 645475710)
are Secured by way of 1st charge on Current Assets of the Company and
2nd charge on the fixed assets of the Company. Further these Limits are
secured by way of equitable mortgage of Factory Land and Building of
the company situated at VPO Jugiana, G.T. Road , Ludhiana and at
Village Mandiala Kalan, Tehsil Khanna, Distt. Ludhiana and Personal
guarantees of promoter directors.
(b) Amt. Of default in repayment of Loan - Rs. 22258953.73 (Prev. yr. -
Nil) Default in payment of Interest-NIL (Prev. yr.-NIL)
NOTE NO. 1
The Company has taken Godown on Lease from M/s Jindal Cycles Pvt. Ltd.
At a monthly rental of Rs 5000.The Lease will expire on July 29, 2014.
The company recognises the expense on due basis.
The Company has taken land on lease from Mr. Yash Paul Jindal, Mr.
Rajinder Kumar Jindal & Mr. Ramesh Jindal at a monthly rental of Rs
12000.The Lease will expire on June 21, 2028. The company recognises
the expense on due basis.
The classification of Future Lease obligations towards Lease Rentals is
as follows:-
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
The expected rate of return on plan assets is determined considering
several applicable factors, mainly the composition of Plan assets held,
assessed risks, historical results of return on plan assets and the
Company''s policy for plan assets management.
(c) Notes:
(i) Management has identified two reportable business segments, namely:
- Textile: Â Production of Acrylic Yarn, Polyester Yarn, Poly/cotton
Blended Yarn, Cotton Yarn and other Blended Yarns.
- Energy Generation: - Generation of Energy from Wind Mill.
Segments have been identified and reported taking into account the
nature of products. (ii) The segment in the geographical segments
considered for the disclosure are as follows:-
- India: comprising of sales to customers located within India and
earnings in India
- Outside India : comprising of sales to customers located outside
India.
(iii) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
NOTE NO. 2
The Institute of Chartered Accountants of India has issued an
Accounting Standard  28 on Impairment of Assets, which is mandatory
for the accounting periods commencing on or after 1st April, 2004. In
accordance with the said standards, the company has assessed as on date
of applicability of the aforesaid standard and as well as on balance
sheet date, whether there are any indications with regard to the
impairment of any of the assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly no
impairment loss has been provided in the books of accounts.
Mar 31, 2012
NOTE NO. 1
In the opinion of the Board, current assets, loans and advances have a
value in the ordinary course of business at least equal to that stated
in the balance sheet and adequate provisions have been made for all
known liabilities and depreciation in the books of accounts.
NOTE NO. 2
Previous year's figures have been recast/ regrouped wherever necessary
to make these comparable with current year's figures
NOTE NO. 3
All figures have been rounded off to nearest rupees.
NOTE NO. 4
Figures in brackets indicate deductions.
NOTE NO. 5
CONTIGENT LIABILITIES AND COMMITMENTS
(To the extent not provided for) a Contingent Liabilities
i) Claims against company not
Acknowledged as Debt
ii) Other Money for which the
Company is Contingently liable - -
iii) Duty saved upon procurement of
machinery pending fulfillment of
export obligation 42,333,000 138,031,000
iv) Vat Exemption which is available
on the basis of eligibility certificate
issued by District Industries
Centre, Ludhiana but the same
is disputed by concerned sales
tax authorities. 41,729,000 41,729,000
v) Demand raised by sales tax
authorities and the same is disputed by
the company. 13,414,000 13,414,000
vi) Corporate Guarantee given to
Banks for grant of Term Loan and CC
Limits to Subsidiaries 2,347,500,000 1,627,500,000
b Commitments
i) Estimated amount of contracts
remaining to be executed 886,345,242 928,305,492
on capital and not provided for
ii) Uncalled liability on Shares and
other investments partly paid
iii) Other Commitments
Total 3,331,321,242 2,748,979,492
NOTE NO. 6
The Institute of Chartered Accountants of India has issued an
Accounting Standard à 28 on Impairment of Assets, which is mandatory
for the accounting periods commencing on or after 1st April, 2004. In
accordance with the said standards, the company has assessed as on date
of applicability of the aforesaid standard and as well as on balance
sheet date, whether there are any indications with regard to the
impairment of any of the assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly no
impairment loss has been provided in the books of accounts.
Mar 31, 2011
1. Contingent Liabilities Ã
Sr. There are contingent liabilities
in respect of the following items: As at As at
no. 31.03.2011 31.03.2010
Rs.in Lacs Rs.in Lacs
Claims/Notices contested by the Company
1 Letter of credit established for
purchase of capital goods and due in - 321.32
next year
2 Duty saved upon procurement of machinery
pending fulfillment of 1380.31 2312.82
export obligation.
3 Vat Exemption which is available on the
basis of eligibility certificate 417.29 417.29
issued by District Industries Centre,
Ludhiana but the same is disputed
by concerned sales tax authorities.
4 Demand raised by sales tax authorities
and the same is disputed by 134.14 104.36
the company.
5. Corporate Guarantee given to Banks for
grant of Term Loan to 16275.00 13800.00
Subsidiaries
6. Bank Guarantee issued in favour of
Bombay Stock Exchange - 46.70
4. Previous year's figures have been recast/ regrouped wherever
necessary to make these comparable with current year's figures.
5. All figures have been rounded off to nearest rupees.
6. Figures in brackets indicate deductions.
7. In the opinion of the Board, current assets, loans and advances
have a value in the ordinary course of business at least equal to that
stated in the balance sheet and adequate provisions have been made for
all known liabilities and depreciation in the books of accounts.
8. During the year a total remuneration of Rs.5350000.00 (Previous
year Rs. 5100000.00) have been paid to the director of the Company in
accordance with the provisions of Schedule XIII and other applicable
provisions of the Companies Act, 1956.
9. The Land on which building of Unit-I is constructed, is taken on
lease hold basis.
10. Related Party Disclosure :
Disclosure of Related Parties and relationship between the parties:
Associates : Jindal Cycles Private Limited, Jindal Fine Industries
Key Management
Personnel : Mr. Sandeep Jindal, Mr. Yash Paul Jindal,
Mr. Ramesh Jindal, Mr. Rajinder Jindal,
Mr. Aman Jindal, Mr. Sahil Jindal.
Relatives of KMP : Manu Jindal
Subsidiaries : Jindal Medicot Limited
Jindal Specialty Textiles Limited
Jindal Metalex Limited
(formerly known as Jindal Foods and Beverages Ltd.)
Jindal Infrabiz Limited
Himachal Textile Park Limited
(c) Notes:
(i) Management has identifi ed two reportable business segments,
namely:
- Textile:ÃProduction of Acrylic Yarn, Polyester Yarn, Poly/cotton
Blended Yarn, Cotton Yarn and other Blended Yarns.
- Energy Generation: - Generation of Energy from Wind Mill.
- Segments have been identifi ed and reported taking into account the
nature of products.
(ii) The segment in the geographical segments considered for the
disclosure are as follows:- - India: comprising of sales to customers
located within India and earnings in India
- Asia (other than India) : comprising of sales to customers located in
Asia.
- Central America: comprising of sales to customers located in Central
America.
- America North & South: comprising of sales to customers located in
America North & South.
- Africa: comprising of sales to customers located in Africa.
(iii) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifi able to each of the segments and amounts
allocated on a reasonable basis.
13. Small Scale Industrial Undertakings having outstanding exceeding
Rs. 1.00 lac, which is outstanding for over a period of more than 30
days is Nil ( Previous year 7.11 lacs).The Company has not made any
delays in settlement of balances due to small scale undertakings and
hence no provision for interest on delayed payment is required.
Further, there are no outstanding amounts payable beyond the agreed
period to small, micro and medium enterprises as on the Balance Sheet
date to extent such enterprises have been identifi ed, based on the
information available with the Company.
14. The Institute of Chartered Accountants of India has issued an
Accounting StandardÃ28 on Impairment of Assets, which is mandatory
for the accounting periods commencing on or after 1st April, 2004. In
accordance with the said standards, the company has assessed as on date
of applicability of the aforesaid standard and as well as on balance
sheet date, whether there are any indications with regard to the
impairment of any of the assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly no
impairment loss has been provided in the books of accounts.
15. During the year under review, the company raised funds to the tune
of USD 38.75 million (by issue of 2,00,00,000 equity shares of Rs. 10/-
each at a premium of Rs 80/- per share) through GDR issue out of which
advance of USD 8.25 million has been given. The GDR expenses and the
Foreign Exchange Fluctuation on a/c of GDR proceeds kept in foreign
currency pending for realization has been adjusted with securities
premium a/c.
Mar 31, 2010
1. Contingent Liabilities -
Sr. As at As at
no. 31.03.2010 31.03.2009
Rs.in Lacs Rs.in Lacs
There are contingent liabilities in
respect of the following items:
Claims/Notices contested by the Company
1 Letter of credit established for purchase
of capital goods and due in next 321.32 0.00
year
2 Bonds Executed in favor of DGFT Ludhiana
/ Custom Authorities for 2312.82 1044.67
fulfillment of export obligation.
3 Vat Exemption which is available on the
basis of eligibility certificate 417.29 354.87
issued by District Industries Centre,
Ludhiana but the same is disputed by
concerned sales tax authorities.
4 Demand raised by sales tax authorities
and the same is disputed by the 104.36 104.36
company.
5. Corporate Guarantee given to Banks for
grant of Term Loan to Subsidiaries 13800.00 -
6. Bank Guarantee issued in favour of
Bombay Stock Exchange 46.70
2. Estimated amount of contracts remaining to be executed on capital
account (net of advances)
3. Payment to Auditors :
i) Statutory Audit fees ii) Tax audit fees iii) Other expenses
4. Previous years figures have been recast/ regrouped wherever
necessary to make these comparable with current years figures.
5. All figures have been rounded off to nearest rupees.
6. Figures in brackets indicate deductions.
7. In the opinion of the Board, current assets, loans and advances
have a value in the ordinary course of business at least equal to that
stated in the balance sheet and adequate provisions have been made for
all known liabilities and depreciation in the books of accounts.
8. During the year a total remuneration of Rs.5100000.00 (Previous
year Rs. 5100000.00) have been paid to the director of the Company in
accordance with the provisions of Schedule XIII and other applicable
provisions of the Companies Act, 1956.
9. The land on which building is constructed by the company is taken
on leasehold basis.
10. Related Party Disclosure :
Disclosure of Related Parties and relationship between the parties:
Associates : Jindal Cycles Private Limited, Jindal Fine Industries
Key Management : Mr. Sandeep Jindal, Mr. Yash Paul Jindal, Mr. Ramesh
Jindal, Mr. Rajinder Jindal.
Personnel
Relatives of
KMP : Manu Jindal
Subsidiaries : Jindal Medicot Limited
Jindal Specialty Textiles Limited
11. Segment information for the year ended 31st March, 2010 (a)
Information about Primary Business Segments
(b) Information about Secondary Geographical Segments Revenue by
geographical market
(c) Notes:
(i) Management has identified two reportable business segments, namely:
- Textile:Ã Production of Acrylic Yarn, Polyester Yarn, Poly/cotton
Blended Yarn, Cotton Yarn and other Blended Yarns.
- Energy Generation: - Generation of Energy from Wind Mill.
- Segments have been identified and reported taking into account the
nature of products.
(ii) The segment in the geographical segments considered for the
disclosure are as follows:- - India: comprising of sales to customers
located within India and earnings in India
- Asia (other than India) : comprising of sales to customers located in
Asia.
- Central America: comprising of sales to customers located in Central
America.
- America North & South: comprising of sales to customers located in
America North & South.
- Africa : comprising of sales to customers located in Africa.
(iii) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
13. Small Scale Industrial Undertakings having outstanding exceeding
Rs. 1.00 lac, which is outstanding for over a period of more than 30
days is Rs 7.11 Lac (Previous year Nil).The Company has not made any
delays in settlement of balances due to small scale undertakings and
hence no provision for interest on delayed payment is required.
Further, there are no outstanding amounts payable beyond the agreed
period to small, micro and medium enterprises as on the Balance Sheet
date to extent such enterprises have been identified, based on the
information available with the Company.
14. The institute of Chartered Accountants of India has issued an
Accounting Standard à 28 on Impairment of Assets, which is mandatory
for the accounting periods commencing on or after 1st April, 2004. In
accordance with the said standards, the company has assessed as on date
of applicability of the aforesaid standard and as well as on balance
sheet date, whether there are any indications with regard to the
impairment of any of the assets. Based on such assessment, it has been
ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly no
impairment loss has been provided in the books of accounts.
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