Mar 31, 2018
During the financial year 2017-18 the following loan was outstanding from Financial Institutions: -
(a) Company has Investment in Equity Shares of following Companies as on 31st March, 2018
- Naroda Nagrik Co-operative Bank :- 4,00,000.00
- Lupin Limited :- 2,30,845.00
- BEML Limited :- 1,65,642.00
- Bharat Forge Limited :- 1,21,793.00
- Reliance Capital Limited :- 1,99,508.00
The Management has identified the following companies and individuals as Related Parties of the Company for the year ended March 31, 2018 for the purpose of reporting of Related Party disclosure as required in terms of Accounting Standard-18 issued by the Institute of Chartered Accountants of India:
A) List of Related Parties:
Loyal Engineers Proprietorship of Director/Promoter
Alkesh Rameshchandra Patel Director/ Promoter
Rameshchandra Nathlal Patel Director/ Promoter
Jyotsanaben Rameshchandra Patel Director/ Promoter
The Company confirms that none of the transactions, if any, with the related parties was in material conflict with the interest of the Company.
In respect of Bank Guarantees 46.34 Lacs (Previous year: 21.77 Lacs).
The Company is primarily engaged in the equipmentâs Manufacturing, which in the context of Accounting Standard 17 on âSegment Reportingâ constitutes a single reporting segment. Further, there are no geographical segments.
During the year under consideration no provision has made for auditorâs remuneration same will be provided in next year.
10. In the opinion of the Board of Directors, the current assets, loans and advances would realize not less than the value stated if realized in the ordinary course of business. The provision for all known liabilities is adequate and reasonably estimated.
11. The Company has not received any memorandum (as required to be filled by the suppliers with the notified authority under Micro, Small and Medium Enterprise Development Act, 2006) claiming their status during the year as micro, small or medium enterprises. Consequently, there are no amounts paid/ payable to such parties during the year.
12. Previous year figures have been regrouped /rearranged wherever necessary to correspond with the current yearâs classifications/disclosure.
Mar 31, 2016
1. Related Party Disclosures:
The Management has identified the following companies and individuals as Related Parties of the Company for the year ended March 31, 2016 for the purpose of reporting of Related Party disclosure as required in terms of Accounting Standard-18 issued by the Institute of Chartered Accountants of India:
A) List of Related Parties:
Name of Related Party Nature of Relationship
Loyal Engineers Proprietorship of Director/Promoter
Alkesh Rameshchandra Patel Director/ Promoter
Rameshchandra Nathlal Patel Director/ Promoter
Jyotsanaben Rameshchandra Patel Director/ Promoter
The Company confirms that none of the transactions, if any, with the related parties was in material conflict with the interest of the Company.
2. Contingent Liabilities not provided for:
In respect of Bank Guarantees 16.81Lacs (Previous year: 5.93Lacs).
3. Segment Reporting:
The Company is primarily engaged in the equipments Manufacturing, which in the context of Accounting Standard 17 on âSegment Reportingâ constitutes a single reporting segment. Further, there are no geographical segments.
4. Auditorâs remuneration:
During the year under consideration no provision has made for auditorâs remuneration same will be provided in next year.
5. In the opinion of the Board of Directors, the current assets, loans and advances would realize not less than the value stated if realized in the ordinary course of business. The provision for all known liabilities is adequate and reasonably estimated.
6. The Company has not received any memorandum (as required to be filled by the suppliers with the notified authority under Micro, Small and Medium Enterprise Development Act, 2006) claiming their status during the year as micro, small or medium enterprises. Consequently there are no amounts paid/ payable to such parties during the year.
7. Previous year figures have been regrouped /rearranged wherever necessary to correspond with the current yearâs classifications/disclosure.