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Notes to Accounts of Jost's Engineering Company Ltd.

Mar 31, 2018

Notes to the Financial Statements for the year ended 31st March 2018

a. Effect of Ind AS Adoption on balance sheet as at March 31, 2017 and April 1, 2016:

BALANCE SHEET As at 1st April, 2016

(Rs. in Lakhs)

Effect of transition

Particulars

IGAAP

to IND AS

As per Ind AS

ASSETS

Non-current assets

(a) Property, Plant and Equipment

249.23

(0.27)

248.96

(b) Capital work-in-progress

-

-

-

(c) Other Intangible assets

6.29

-

6.29

(d) Investment In subsidiary

-

-

-

(e) Financial Assets

(i) Investments

1.00

-

1.00

(ii) Other Financial Assets

36.46

0.45

36.91

(f) Deferred tax assets (net)

-

-

-

Total Non Current Assets

292.98

0.18

293.16

Current assets

(a) Inventories

1086.76

-

1086.76

(b) Financial Assets

(i) Investments

10.45

-

10.45

(ii) Trade receivables

2,767.61

0.02

2,767.63

(iii) Cash and cash equivalents

82.52

-

82.52

(iv) Other bank balances other than above (iii)

122.24

-

122.24

(v) Loans

10.85

-

10.85

(vi) Other Financial Assets

45.21

-

45.21

(c) Current Tax Assets

9.69

-

9.69

(d) Other current assets

516.06

0.01

516.07

Total Current Assets

4,651.39

0.03

4,651.42

Total Assets

4,944.37

0.21

4,944.58

EQUITY AND LIABILITIES

Equity

Equity Share capital

76.46

-

76.46

Other Equity

1,238.09

0.21

1,238.30

Total Equity

1,314.55

0.21

1,314.76

LIABILITIES

Non-current liabilities

(a) Financial Liabilities

(i) Borrowings

-

-

-

(b) Provisions

362.39

-

362.39

(c) Other Non current liabilites

21.96

-

21.96

Total Non Current Liabilities

384.35

-

384.35

Current liabilities

(a) Financial Liabilities

(i) Borrowings

716.26

-

716.26

(ii) Trade payables

1,914.69

-

1,914.69

(iii) Other financial liabilities

348.98

-

348.98

(b) Other current liabilities

195.25

-

195.25

(c) Provisions

70.29

70.29

Total Current Liabilities

3,245.47

-

3,245.47

Total Liabilites

3,629.82

-

3,629.82

Total Equity and Liabilities

4,944.37

0.21

4,944.58

Note: Previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this note.

b. Reconciliation of total equity as at March 31, 2017 and April 1, 2016:

(Rs. in Lakhs)

Description

As at 31st March 2017

As at 1st April, 2016

Other Equity as per previous GAAP( Indian GAAP)

1,038.67

1238.08

Impact on other income due to fair valuation of mutual funds

0.01

0.04

Expected Credit Loss (ECL) Provision & Other adjustments

(22.75)

-

Lease rent

0.01

0.44

Impact of land

0.07

(0.26)

Other Equity as per Ind AS

1,016.01

1,238.30

c. Effect of Ind AS adoption on the statement of profit and loss for the year ended March 31, 2017:

STATEMENT OF PROFIT AND LOSS For the year ended 31st March 2017

(Rs. in Lakhs)

Sr no.

Particulars

IGAAP

Effect of transition to IND AS

As per Ind AS

I Revenue From Operations

8,324.33

764.38

9,088.71

II

Other Income

11.42

0.01

11.43

III

Total Income (l ll)

8,335.75

764.39

9,100.14

IV

EXPENSES

Cost of materials consumed

3,990.19

-

3,990.19

Purchases of Stock-in-Trade

1,081.80

-

1,081.80

Changes in inventories of finished goods, Stock-in -Trade and work-in-progress

53.23

53.23

Excise Duty

-

764.38

764.38

Employee benefit expense

1,607.87

-

1,607.87

Finance costs

123.32

-

123.32

Depreciation and amortization expense

85.08

-

85.08

Other expenses

1,376.96

22.89

1,399.85

Total

expenses (IV)

8,318.45

787.27

9,105.72

V

Profit/(loss) before exceptional items and tax (III- IV)

17.30

(5.58)

VI VII

Exceptional Items

216.72

-

216.72

Profit/(loss) before tax (V-VI)

(199.43)

-

(222.30)

d. Effect of Ind AS adoption on the total Comprehensive income for the year ended March 31, 2017.

(Rs. in Lakhs)

Description

As at 31st March 2017

Net Profit /(Loss) after Tax as per previous GAAP( Indian GAAP)

(199.41)

Impact on other income due to fair valuation of mutual funds

0.01

Expected Credit Loss (ECL) Provision & Other adjustments

(22.97)

Impact of land

0.07

Net Profit/(loss) after Tax before OCI as per IND As

(222.89)

Other Comprehensive Income

-

Total Comprehensive Income after tax as per IND AS

(222.30)

e. Effect of Ind AS adoption on the statement of cash flows for the year ended March 31, 2017

(Rs. in Lakhs)

Particulars

Previous GAAP

Effect of Transition to Ind AS

Ind AS

Net cash flow from operating activities

(370.98)

(14.12)

(385.10)

Net cash (used in) investing activities

(138.06)

2.90

(135.16)

Net cash flow (used in) financing activities

509.59

(436.84)

72.75

Cash and cash equivalents at the beginning of the year

211.98

(567.68)

(355.70)

Cash and cash equivalents at the end of the year

212.53

(1,015.74)

(803.21)

Notes:

1. Reclassification of lease

Under Indian GAAP, there is no specific guidance for contracts that involve leases of Land. Under Ind AS, leases of land is recognized as operating or finance lease as per definition and classification criteria. Where the land lease is for several decades, generally it qualifies as a finance lease even though the right of ownership of the land may not transfer at the end of the lease term. Land lease for relatively shorter periods are treated as operating leases. In such cases lease rentals paid in advance are recorded as prepaid lease rentals as part of other Current / Non-Current assets. Prepaid lease classified under Non-Current Assets and Current assets as at 31st March, 2017 is Rs. 0.44 and Rs. 0.01 (in lakhs) respectively.

2. Trade receivables:

Under Indian GAAP, provision for doubtful debts was recognized based on the estimates of the outcome and of the financial effect of contingencies determined by the management of the Company. This judgement was based on consideration of information available up to the date on which the financial statements were approved and included a review of events occurring after the balance sheet date.

Refer table (d) as disclosed above for impact of Expected Credit Loss (ECL) for the year ended 31st March, 2017.

3. Proposed dividend and tax on dividend

As per Ind AS, provision of dividend needs to be accounted in the year when the dividend is approved by the shareholders and paid. Under previous GAAP, proposed dividend was provided for in the year to which it related. As per requirement of Ind AS, the dividend (including tax) of Financial Year 2015-16 has been adjusted from Other Equity.

4. Re-measurements of defined benefit obligations:

Under the previous GAAP, actuarial gains and losses were recognised in the statement of profit or loss. Under Ind AS, the actuarial gains and losses form a part of re-measurement of the net defined benefit liability / assets which is recognised in other comprehensive income. As the impact of above re-measurement for the Financial Year 2016-17 is negligible, the same is not recognized in Other Comprehensive Income.

5. Sales of goods:

Under the previous GAAP, revenue from operations was presented net of excise duty. Under Ind AS, revenue from operations is shown inclusive of excise duty. The excise duty paid is presented on the face of the statement of profit and loss as part of expense. Excise Duty for the Financial Year 2016-17 and 2017-18 is Rs.764.38 lakhs and Rs. 120.75 lakhs respectively.

6. Deferred Tax

Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS approach has resulted in recognition of deferred tax on new temporary differences which was not required under Previous GAAP.

In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

7. Overdraft repayable on demand

Under Ind AS, bank overdrafts which are repayable on demand and form an integral part of an entity''s cash management system are included in Cash and Cash Equivalents for the purpose of presentation of statement of cash flows. Whereas under previous GAAP there was no similar guidance and hence, bank overdrafts were considered similar to other borrowings and the movements therein were reflected in cash flows from Financing activities. The effect of this is that bank overdrafts of Rs. 998.20 lakhs as at 31st March 2017 and Rs. 560.45 Lakhs as at 1st April 2016 have been considered as part of Cash and Cash equivalents.

8. Investments in equity instruments and mutual funds

Under previous GAAP, investments in mutual funds were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments (other than equity instruments designated as at FVTOCI) have been recognized in retained earnings as at date of transition and subsequently in the Statement of Profit and Loss for the year ended 31st March 2017. This increased the retained earnings by Rs. 0.01 lakhs as at 31st March 2017. (1st April 2016 - Rs. 0.02 lakhs)

48 MOVEMENT IN DEFERRED TAX ASSETS AND LIABILITIES.

(Rs. in Lakhs)

Particulars

As at 31st March, 2017

Recognised in profit and Loss

Recognised in OCI

As at 31st March, 2018

Tax effect of items constituting deferred tax liabilities

On depreciable assets

(16.94)

-

-

-

Tax effect of items constituting deferred tax assets

On depreciable assets

-

0.34

-

0.34

Provision for doubtful debts

48.69

47.85

-

47.85

Disallowances U/s 43B

137.52

-

-

-

Remeasurement of defined benefit plan (OCI)

-

-

14.49

14.49

Net Tax Asset (Liabilities)

-

48.19

14.49

62.68

48 MOVEMENT IN DEFERRED TAX ASSETS AND LIABILITIES.

(Rs. in Lakhs)

Particulars

As at 31st March, 2016

Recognised in profit and Loss

Recognised in OCI

As at 31st March, 2017

Tax effect of items constituting deferred tax liabilities

On depreciable assets

(15.40)

(16.94)

-

(16.94)

Tax effect of items constituting deferred tax assets

On depreciable assets

-

-

-

-

Provision for doubtful debts

42.80

48.69

-

48.69

Disallowances U/s 43 B

144.27

137.52

-

137.52

Remeasurement of defined benefit plan (OCI)

-

-

-

-

Net Tax Asset (Liabilities)

-

-

-

-

49 Previous year figures have been regrouped/re-arranged wherever necessary.

As per our report of even date attached

For and on behalf of Board of Directors

For Singhi & Co.

Vishal Jain

Chartered Accountants

Vice Chairman & Managing Director

Firm Registration No. 302049E

F.K. Banatwalla

Sukhendra Lodha

Director

Partner

Kshitiz Bilala

Membership No.071272

Chief Financial Officer

Place: Mumbai

Place: Mumbai

Date: 26th May 2018

Date: 26th May 2018


Mar 31, 2017

b. The Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under the Companies Act, 2013.

c. The Company has no holding Company or subsidiaries or associates of holding Company.

e. During the last 5 years, the Company has neither issued any bonus shares nor alloted any shares pursuant to a contract without payment being received in Cash.

No shares have been bought back during the last 5 years.

f. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2017.

g. As per records of the Company, no shares have been forfeited by the Company during the year.

Note:

The Central Government in consultation with National Advisory Committee of Accounting Standards vide notification dated March 30, 2016 and Circular No. 04/2016 dated April 27, 2016 had amended Companies (Accounting Standards) Rules, 2006 (''principal rules''). According to Companies (Accounting Standards) Amendment Rules, 2016, the Company has not appropriated proposed dividend of Rs.7.65 lakhs and Tax thereon of Rs.1.60 lakhs from the Statement of Profit and Loss for the year ended March 31, 2017 (Refer Para 8.5 of AS - 4 Contingencies and Events occurring after Balance Sheet date). Accordingly, the proposed dividend and tax thereon are not recognized as liability at the year end. Due to such change, Current Liabilities is lower by Rs. 9.25 lakhs and Reserves and Surplus is higher to that extent. However, the same will be recognized as liability on approval of shareholders at the ensuing Annual General Meeting.

a The Company has not received any intimation from outstanding suppliers regarding their status under the Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 and hence disclosures as required under Section 22 of The Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 regarding:

(a) Principal amount and the interest due thereon remaining unpaid to any suppliers as at the end of accounting year;

(b) Interest paid during the year;

(c) Amount of payment made to the supplier beyond the appointed day during accounting year;

(d) Interest due and payable for the period of delay in making payment;

(e) Interest accrued and unpaid at the end of the accounting year; and

(f) Further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, have not been given.

The Company is making efforts to get the confirmations from the suppliers as regard to their status under the said Act.

1. Capital and other Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2017 - Rs. 8.66 Lakhs (As at 31.03.2016 Rs. Nil).

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks & returns, the organizational structure and internal reporting system. The Company''s operations predominantly relate to manufacturing of Material Handling Equipment.

The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

2. During the Year the Company has provided Rs.31.67 Lakhs (Previous Year Rs.47.39 Lakhs) on account of Gratuity and Rs. 11.62 Lakhs (Previous Year Rs. 11.82 Lakhs) on account of Superannuation Payable to its employees. The amounts due as on 31st March 2017 to the Gratuity Fund and Superannuation Fund are Rs. 216.68 Lakhs (Previous Year Rs. 260.24 Lakhs) and Rs.40.31 Lakhs (Previous Year Rs. 32.36 Lakhs) respectively.

3. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS A. CONTRIBUTION TO GRATUITY FUND

The details of the Company''s Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2017 and relied upon by the auditors.

B. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs.15.72 Lakhs (Previous Year net of Rs. 6.53 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

DEFINED CONTRIBUTION PLANS

The company has recognized the following amounts in the Statement of Profit and Loss for Defined Contribution Plans:

4. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

5. Exceptional items includes payment of arrears in dispute - Central Sales Tax amount of Rs. 194.98 Lakhs & Interest amount of Rs.21.74 Lakhs in respect of earlier assessment year pursuant to Government of Maharashtra Amnesty Scheme, 2016.

6. The Company has taken various residential and office premises under operating lease or leave and license agreements. These are generally cancellable having a term between 11 months to 3 years and have no specific obligation for renewal. Payments are recognized in the statement of Profit & Loss under ''Rent'' in Note 24.

7. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.


Mar 31, 2015

1. Capital and other Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2015 - Rs. NIL (31.03.14 Rs. Nil)

As At As At 31.03.2015 31.03.2014 Rs. Lakhs Rs. Lakhs

26. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 548.94 669.67

ii) Disputed Service Tax matters 12.11 12.11

iii) Bank Guarantees for performance contracts 420.31 479.22

iv) Disputed Income Tax Matters 54.70 54.70

v) Central excise matters 1413.83 1287.50

vi) Other disputed matters 8.50 8.50

2. Transactions with related parties as identified by the Company and relied upon by the Auditors:

(a) Names of related parties and nature of relationship:

Bullows India Private Limited Bullows Paint Equipment Private Limited

Associate Companies

Phiroze Sethna Private Limited Gramos Chemicals (India) Private Limited

B. H. Reporter, Chairman F K. Banatwalla S. Sheth

M. Wadia Board of Directors, being Key

Pradeep Bhargava (upto 26.02.2015) Management Personnel

Parviz Batliwala J P Agarwal (w.e.f. 21.01.2015)

Vishal Jain (w.e.f. 21.01.2015)

3. Micro and Small Enterprises Dues

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 regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year.

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year.

(d) Interest accrued and unpaid at the end of the accounting year have not been given.

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks & returns, the organisational structure and internal reporting system. The Company's operations predominantly relate to manufacturing of Material Handling Equipment.

The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

4. During the Year the Company has provided Rs. 41.01 Lakhs (Previous Year Rs. 44.79 Lakhs) on account of Gratuity and Rs. Nil (Previous Year Rs. 13.47 Lakhs) on account of Superannuation payable to its employees. The amounts due as on 31st March, 2015 to the Gratuity Fund and Superannuation Fund are Rs. 258.84 Lakhs (Previous Year Rs. 241.83 Lakhs) and Rs. 34.89 Lakhs (Previous Year Rs. 50.77 Lakhs) respectively.

5. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS A. CONTRIBUTION TO GRATUITY FUND

The details of the Company's Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2015 and relied upon by the auditors.

B. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 23.85 Lakhs (Previous Year net of Rs. 3.68 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

DEFINED CONTRIBUTION PLANS

The company has recognised the following amounts in the Statement of Profit and Loss for Defined Contribution Plans:

6. During the year ended 31st March, 2015, the company has provided depreciation on Fixed Assets considering the remaining useful lives specified in schedule II of the Companies Act 2013, or as reassessed by the company. Consequently the depreciation for the year ended 31st March, 2015 is higher by Rs. 6.48 Lakhs.

Further an amount of Rs. 12.73 Lakhs representing the carrying amount of assets with revised useful life as Nil as on 1st April, 2014 has been charged to the Opening Reserves as on 1st April, 2014.

7. Change in Promoter and Promoter Group

On 21st January, 2015, the erstwhile Promoter and Promoter Group, namely, Mr. B. H. Reporter, Mrs. A. B. Reporter, Mrs. Parviz Batliwala, Mr. Farrokh J. Batliwala, Ms. Shireen J. Batliwala, Bullows India Private Limited and Phiroze Sethna Private Limited sold their entire shareholding i.e. 3,69,910 Equity Shares (48.38%) to the new Promoter and Promoter Group, namely Mr. Jai Prakash Agarwal, Mr. Vishal Jain, Mrs. Krishna Agarwal, Mr. Abhishek Agarwal, J. P Agarwal & Sons (HUF), Mr. Rajendra Kumar Agarwal, Mrs.Anita Agarwal and Mrs. Shikha Jain, pursuant to the Share Purchase Agreement entered into between them on 30th August, 2014.

8. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

9. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.


Mar 31, 2012

A. The Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under the Companies Act, 1956.

b. The Company has no holding Company or subsidiaries or associates.

c. During the last 5 years, the Company has neither issued any bonus shares nor alloted any shares pursuant to a contract without payment being received in Cash.

No shares have been bought back during the last 5 years

d. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2012.

e. As per records of the Company, no shares have been forfeited by the Company during the year.

1. Capital Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2012 - Rs. Nil. (31.03.11 Rs. Nil). As At As At 31.03.2012 31.03.2011 Rs. Lakhs Rs. Lakhs

2. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 647.24 647.24

ii) Disputed Service Tax matters 5.52 5.52

iii) Bank Guarantees for performance contracts 387.28 264.84

iv) Other disputed matters 8.50 8.50

v) Central excise matters 345.28 170.98

Consumption in quantity and value has been ascertained on the basis of opening stock plus purchases less closing stock and includes adjustments on account of excesses and shortages as ascertained on physical count.

3. Micro & Small Enterprises Dues

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 regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year; .

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year;

(d) Interest accrued and unpaid at the end of the accounting year; have not been given.

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. The Company's operations predominantly relate to manufacturing of Material Handling Equipment. The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

A. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 12.18 Lakhs (Previous Year Rs. 13.73 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

4. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

5. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.


Mar 31, 2010

1. Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2010 - Rs. Nil. (31.03.09 Rs. Nil)

As At As At 31.03.2010 31.03.2009 Rs. Lakhs Rs. Lakhs

2. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 140.84 146.93

ii) Disputed Service Tax matters 5.52 5.52

iii) Bank Guarantees for performance contracts 357.91 206.71

iv) Other disputed matters 8.50 8.50

v) Central excise matters 170.98 6.67

3. Transactions with related parties as identified by the Company and relied upon by the Auditors:

(a) Names of related parties and nature of relationship: Bullows India Private Limited

Bullows Paint Equipment Private Limited i Associate Companies Phiroze Sethna Pvt. Ltd.

B. H. Reporter, Chairman

F. A. A. Jasdanwalla (resigned w.e.f. 22nd October 2009)

H. N. Sethna (resigned w.e.f. 20th March 2010) Board Qf ^^ bejng Rey

S Sheth

Management Personnel

M. Wadia

F. K. Banatwalla

P. Bhargava (appointed w.e.f. 30th October 2009) |

4. Micro & Small Enterprises Dues

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 regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year.

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year.

(d) Interest accrued and unpaid at the end of the accounting year have not been given.

The company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

5. Impairment

As per Accounting Standard 28 - Impairment of Assets, issued by the Institute of Chartered Accountants of India, no provision for impairment of assets is required.

6. During the Year the Company has provided Rs.25.42 Lacs (Previous Year Rs. 17.97 Lacs) on account of Gratuity and Rs.20.52 Lacs (Previous Year Rs. 20.41 Lacs) on account of Superannuation Payable to its employees. The amounts due as on 31st March 2010 to the Gratuity Fund and Superannuation Fund are Rs. 162.91 Lacs (Previous Year Rs. 157.76 Lacs) and Rs. 76.45 Lacs (Previous Year Rs. 73.99 Lacs) respectively.

7. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Companys Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2010 and relied upon by the auditors.

8. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

9. The figures for the previous year have been regrouped wherever necessary.

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