Mar 31, 2017
1. Employee Benefits:
Defined Contribution Plan:
The Company''s contributions to the Provident Fund and Superannuation Fund are charged to the Profit and Loss Statement. Defined Benefit Plan/Long Term Compensated Absences:
The Company''s liability towards gratuity (Funded) and compensated absences is determined on the basis of the year end actuarial valuation done by an independent actuary. The actuarial gains and losses determined by the actuary are recognized immediately in the Profit and Loss Statement as an income or expense.
2. Defined Benefit Plan:
A general description of the Employees Benefit Plans:
3. Gratuity (Funded)
The Company has an obligation towards gratuity, a funded defined benefits retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment, of an amount calculated in accordance with the provisions of the Payment of Gratuity Act, 1972.
In response to the Company''s request made in March 2017 to the Suppliers for providing copy of the registration certificate, if registered under Micro, Small and Medium Enterprises Development Act 2006, none has sent Certificate of Registration with prescribed authority. Hence no such supplier is identified and no disclosure made for amount due to such supplier as at 31 March, 2017.
4. The Ministry of Corporate Affairs has notified Section 135 of the Act, on Corporate Social Responsibility with effect from 01 April, 2014. As per the provisions of the said Section, the amount of Rs. 15.13 Lacs (year ended 31 March 2016: Rs. 12.82 Lacs) was required to be spent on CSR activities by the Company during the year. The company has not spent any amount in this regard.
5. Disclosure on Specified Bank Note
Specified Bank Note (SBNs) and other denominations held and transacted during the period from 08 November, 2016 to 30 December, 2016, is given below as per MCA notification G.S.R 308(E) dated 30 March, 2017:
Mar 31, 2016
1. In response to the Company''s request made in March 2016 to the Suppliers for providing copy of the registration certificate, if registered under Micro, Small and Medium enterprises Development Act 2006, none has sent Certificate of Registration with prescribed authority. Based on these information there is no principal amount and the interest due thereon remaining unpaid as at the year ended on 31 March, 2016.
2. The Ministry of Corporate Affairs has notified Section 135 of the Act, on Corporate Social Responsibility with effect from 1 April, 2014. As per the provisions of the said Section, the amount of Rs, 12.82 lacs (year ended 31 March 2015: Rs, 16.34 Lacs) was required to be spent on CSR activities by the Company during the year. The company has not spent any amount in this regard.
3. Employee Benefits:
Defined Contribution Plan:
The Company''s contributions to the Provident Fund and Superannuation Fund are charged to the Profit and Loss Statement.
Defined Benefit Plan/Long Term Compensated Absences:
The Company''s liability towards gratuity (Funded) and compensated absences is determined on the basis of the year end actuarial valuation done by an independent actuary. The actuarial gains and losses determined by the actuary are recognized immediately in the Profit and Loss Statement as an income or expense.
4. (b) Defined Benefit Plan:
A general description of the Employees Benefit Plans:
(i) Gratuity (Funded)
The Company has an obligation towards gratuity, a funded defined benefits retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment, of an amount calculated in accordance with the provisions of the Payment of Gratuity Act, 1972.
The expected rate of return on the plan asset (Gratuity-Funded) is based on the average long term rate of return expected on investments of funds during estimated term of obligation. Actual return on Plan Assets is Rs, 8.89 lacs.
The assumption of the future salary increases, considered in actuarial valuation, takes into account the inflation, seniority, promotion & other relevant factors.
The liability for leave encashment is accounted for on accrual basis on actuarial valuation at the year end.
Note: Figures in brackets showing negative amount. 27.7 Segment Reporting
Based on the guiding principles given in Accounting Standard on "Segment Reportingâ (AS-17) issued by the Institute of Chartered Accountants of India, this Accounting Standard is not applicable to the company.
6. Related party transactions
a) Enterprise over which the company is able to exercise Control (Subsidiary):
- Xlerate Driveline India Ltd. (XDIL)
b) Enterprises over which key managerial personnel is able to exercise significant influence (Associates):
- Bharat Gears Limited (BGL)
- Vibrant Finance & Investment Pvt. Ltd. (VFIPL)
- Ultra Consultants Pvt. Ltd. (UCPL)
- Future Consultants Pvt. Ltd. (FCPL)
- Clip Lok Simpak (India) Pvt. Ltd. (CSIPL)
- Samreet Investment & Management Consultancy Pvt. Ltd. (SIMCPL)
- Gulab Merchandise Pvt. Ltd. (GMPL)
c) Key managerial Personnel:
- Mr. Surinder P. Kanwar (SPK) - CMD
- Mr. Sachit Kanwar (SK) - JMD
Note: Related parties are as identified by the company and relied upon by the Auditors.
Mar 31, 2015
As at As at
Note Particulars 31 March, 2015 31 March, 2014
(Rsin Lacs) (Rsin Lacs)
1.1 Contingent liabilities:
1. Guarantees/Letter of credit given
by the banks which are counter
guaranteed by 8,826.65 8,556.90
the company and secured against
fixed & current assets
2. Others where company had gone
in to appeals before appropriate
authorities:
- Sales Tax 2.11 -
- Income Tax 5.72 45.13
1.2 In response to the Company's request made in March 2015 to the
Suppliers for providing copy of the registration certificate, if
registered under Micro, Small and Medium enterprises Development Act
2006, none has sent Certificate of Registration with prescribed
authority. Based on these information there is no principal amount and
the interest due thereon remaining unpaid as at the year ended on 31
March, 2015.
1.3 The Ministry of Corporate Affairs has notified Section 135 of the
Act, on Corporate Social Responsibility with effect from 1 April, 2014.
As per the provisions of the said Section, the amount of Rs 16.34 lacs
was required to be spent on CSR activities by the Company during the
year, however, considering the financial performance of the company for
the year, the Company has not spent the required funds on CSR
activities.
1.4 Employee Benefits:
Defined contribution plan:
The Company's contributions to the Provident Fund and Superannuation
Fund are charged to the profit and loss statement.
Defined benefit plan/ Long term compensated absences:
The Company's liability towards gratuity (Funded) and compensated
absences is determined on the basis of the year end actuarial valuation
done by an independent actuary. The actuarial gains and losses
determined by the actuary are recognized immediately in the Profit and
Loss Statement as an income or expense.
A general description of the Employees Benefit Plans:
(i) Gratuity (Funded)
The company has an obligation towards gratuity, a funded defined
benefits retirement plan covering eligible employees. The plan provides
for lump sum payment to vested employees at retirement, death while in
employment or on termination of the employment, of an amount calculated
in accordance with the provisions of the Payment of Gratuity Act, 1972.
Details of defined benefit plans - As per Actuarial Valuation as on 31
March 2015
The expected rate of return on the plan asset (Gratuity-Funded) is
based on the average long term rate of return expected on investments
of funds during estimated term of obligation. Actual return on plan
assets is Rs 9.56 lacs.
The assumption of the future salary increases, considered in actuarial
valuation, takes into account the inflation, seniority, promotion &
other relevant factors.
1.5 Segment Reporting
Based on the guiding principles given in Accounting Standard on
"Segment Reporting" (AS-17) issued by the Institute of Chartered
Accountants of India, this Accounting Standard is not applicable to the
company.
*Token remuneration of Rs 12.00 (Rupees Twelve) paid to Chairman &
Managing Director.
(ii) No amounts have been written off/provided for or written back
during the year in respect of amount receivable from or payable to the
related parties.
Mar 31, 2014
B1. CONTINGENT LIABILITIES As at As at
31 March,2014 31 March, 2013
(Rs'' in Lacs ) ( Rs in Lacs )
(a) Guarantees/Letter ofCredit given by
the banks which are counter guaranteed 8556.90 10769.28
by the Company and secured against Fixed
& Current Assets
(b) Others where company had gone in to
appeals before Appropriate Authorities:
- Sales Tax - 8.84
- Income Tax 45.13 5.72
(c ) Estimated amount ofContracts remaining
to be executed on capital account and not - 101.69
provided for
B4. Employee Benefits:
(a) Defined Contribution Plan:
The Company''s contributions to the Provident Fund and Superannuation
Fund are charged to the Profit and Loss Statement.
(b) Defined Benefit Plan/Long Term Compensated Absences:
The Company''s liability towards gratuity (Funded) and compensated
absences is determined on the basis of the year end actuarial valuation
done by an independent actuary. The actuarial gains and losses
determined by the actuary are recognized immediately in the Profit and
Loss Statement as an income or expense.
Defined Benefit Plans
A general description of the employees benefit plans: i) Gratuity
(Funded)
The Company has an obligation towards gratuity, a funded defined
benefits retirement plan covering eligible employees. The plan
provides for lump sum payment to vested employees at retirement, death
while in employment or on termination of the employment, of an amount
calculated in accordance with the provisions of the Payment of Gratuity
Act, 1972.
Details of defined benefit plans - As per Actuarial Valuation as on
31st March 2014.
VII The expected rate of return on the plan asset (Gratuity-Funded) is
based on the average long term rate of return expected on investments
of funds during estimated term of obligation. Actual return on Plan
Assets is Rs.10.82 lacs.
VIII The assumption of the future salary increases, considered in
actuarial valuation, takes into account the inflation, seniority,
promotion & other relevant factors.
B5. Segment Reporting:
Based on the guiding principles given in Accounting Standard on
"Segment Reporting" (AS-17) issued by the Institute of
Chartered Accountants of India, this Accounting Standard is not
applicable to the company.
B6. Related Party Disclosures:
(i) Related Parties are as under:
a) Enterprise over which the Company is able to exercise control
(Subsidiary) :
- Xlerate Driveline India Limited (XDIL)
b) Enterprises over which key managerial Personnel is able to exercise
significant influence (Associates) :
- Bharat Gears Limited (BGL)
- Vibrant Finance & Investment Pvt. Ltd. (VFIPL)
- Ultra Consultants Pvt. Ltd. (UCPL)
- Future Consultants Pvt. Ltd. (FCPL)
- ClipLok Simpak (India) Pvt. Ltd. (CSPL)
- Samreet Investment & Management Consultancy Pvt. Ltd. (SIMCPL)
- Gulab Merchandise Pvt. Ltd. (GMPL)
c) Key Managerial Personnel:
- Mr. Surinder P. Kanwar (SPK) - CMD
- Mr. Sachit Kanwar (SK) - JMD
Note: Related parties are as identified by the Company and relied upon
by the Auditors.
(ii) Details of transactions with the related parties and their
relatives during the year ended 31st March, 2014.
B9. In response to the company''s request made in March, 2014 to the
suppliers for providing copy of the registration certificate, if
registered under Micro, Small and Medium Enterprises Development Act,
2006, a few suppliers have sent certificate of registration with
prescribed authority to the Company. Based on these information there
is no principal amount and the interest due thereon remaining unpaid as
at the year ended on 31st March, 2014.
B10. Figures in brackets are in respect of previous year.
NOTES:
(i) Reconciliation of the number of shares and amount outstanding at
the beginning and at the end of the reporting period:
(iii) Rights and restrictions attaching to equity shares :
Each holder of equity shares is entitled to one vote per share. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
Note:
(i) Balances with banks held as margin money include deposits amounting
to Rs.743.52 Lacs (As at 31 March, 2013 Rs.909.70 Lacs) which have an
original maturity of more than 12 months.
Mar 31, 2013
B1. CONTINGENT LIABILITIES As at As at
31 March 2013 31 March 2012
(Rs. in Lacs) (Rs. in Lacs)
(a) Guarantees/Letter of Credit given 10769.28 7217.19
by the banks which are counter
guaranteed by the company and secured
against Fixed & Current Assets
(b) Others where company had gone in
to appeals before Appropriate
Authorities:
* Sales Tax 8.84 13.91
* Income Tax 5.72 6.42
(c ) Estimated amount of Contracts 101.69 -
remaining to be executed on capital
account and not provided for
B2. Employee Benefits:
(a) Defined Contribution Plan:
The Company''s contributions to the provident fund and superannuation
fund are charged to the profit and loss statement.
(b) Defined Benefit Plan / Long Term Compensated Absences:
The Company''s liability towards gratuity (Funded) and compensated
absences is determined on the basis of the year end actuarial
valuation done by an independent actuary. The actuarial gains and
losses determined by the actuary are recognized immediately in the
Profit and Loss Statement as an income or expense.
(c) Details of Employees Benefits as required by the Accounting
Standards-15"Employee Benefits" are as follows:
Defined contribution plans :
Defined Benefit Plans
A general description of the employees benefit plans:
i) Gratuity (Funded)
The Company has an obligation towards gratuity, a funded defined
benefits retirement plan covering eligible employees. The plan
provides for lump sum payment to vested employees at retirement,
death while in employment or on termination of the employment, of an
amount calculated in accordance with the provisions of the Payment
of Gratuity Act, 1972.
Details of Defined Benefit Plans - As per Actuarial Valuation as on
31st March 2013.
I The expected rate of return on the plan asset (Gratuity-Funded) is
based on the average long term rate of return expected on investments
of funds during estimated term of obligation. Actual return on plan
assets is Rs. 9.74 lacs.
II The assumption of the future salary increases, considered in
actuarial valuation, takes into account the inflation, seniority,
promotion & other relevant factors.
B3. Segment Reporting:
Based on the guiding principles given in Accounting Standard on
"Segment Reporting" (AS-17) issued by the Institute of Chartered
Accountants of India, this Accounting Standard is not applicable to
the Company.
B4. Related Party Disclosures:
(i) Related Parties are as under:
a) Enterprise over which the Company is able to exercise control
(Subsidiary) :
* Xlerate Driveline India Limited (XDIL)
b) Enterprise over which Key Managerial Personnel is able to
exercise significant influence (Associates):
* Bharat Gears Limited (BGL)
* Vibrant Finance & Investment Pvt. Ltd. (VFIPL)
* Ultra Consultants Pvt. Ltd. (UCPL)
* Future Consultants Pvt. Ltd. (FCPL)
* ClipLok Simpak (India) Pvt. Ltd. (CSPL)
* Samreet Investment & Management Consultancy Pvt. Ltd. (SIMCPL)
* Gulab Merchandise Pvt. Ltd. (GMPL)
c) Key Managerial Personnel:
* Mr. Surinder P. Kanwar (SPK) - CMD
* Mr. Sachit Kanwar (SK) - son of CMD
Note: Related parties are as identified by the Company and relied upon
by the auditors.
(ii) Details of transactions with the related parties and their
relatives during the year ended 31st March, 2013.
B5. In response to the company''s request made in March, 2013 to the
suppliers for providing copy of the registration certificate, if
registered under Micro, Small and Medium Enterprises Development Act,
2006, a few suppliers have sent certificate of registration with
prescribed authority to the company. Based on these information there
is no principal amount and the interest due thereon remaining unpaid as
at the year ended on 31st March, 2013.
sss
B6. Figures in brackets are in respect of previous year.
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