| 1. CORPORATE INFORMATION
The company is a company incorporated under the Companies Act, 2013. It
is engaged in providing road transport services.
2. During the year an amount of Rs. 49,99,691/- (Previous Year Nil)
was realized from customers towards Service Tax applicable on services
rendered in prior years. The same has been suomoto deposited with tax
authorities and accordingly accounted for.
3. Contingent Liability not provided for :
In respect of counter guarantees outstanding Rs. 83,00,000/- (Previous
year Rs. 1,05,50,000 /-) given to company's bankers against performance
guarantees issued by them to customers.
4. Employee benefits of short term nature comprising annual
encashment of unavailed leave of upto 30 days for each year and medical
benefits are recognized as expenses as and when they accrue.
Employee benefits of long term nature comprising gratuity were being
accounted for on cash basis. On 20.03.2014 the company has received
approval of the Income Tax Authorities for entering into a Group
Gratuity Scheme with the Life Insurance Corporation of India which
provides for payment of past service liability in installments in 5
years of which 2 annual installments have already been paid till
31.03.2015. The present value of unprovided Gratuity as computed by
Actuaries amounted Rs. 15,62,472/- (Previous Year Rs. 19,48,373/-).
Disclosures as per Revised Accounting Standard - 15
5. Defined Contribution Plan
The Company makes contribution towards provident fund to a defined
contribution retirement plan for qualifying employees. The Provident
Fund plan is operated by duly constituted and approved independents
trustees/ governments. Under the said scheme the Company is required to
contribute a specific percentage of pay roll costs in respect of
eligible employees to the retirement benefit scheme to fund the
benefits.
During the year the Company has contributed Rs. 9,12,337/- (Previous
Year Rs. 9,23,454/-) for Provident Fund and Pension Fund. The
contributions payable to these plans by the Company are at the rates
specified in the rules of the scheme.
6. Defined Benefit Plans
(i) The Company makes annual contribution of gratuity to gratuity funds
duly constituted and administered by independent trustees and funded
with LIC/independent trust for the qualifying employees. The scheme
provides for a lump sum payment to vested employees upon retirement,
death while in employment or on termination of employment of an amount
equivalent to 15 days salary payable for each completed year of
service. Vesting occurs upon completion of 5 years of continuous
service.
The present value of defined obligation and related current cost
are measured using the projected unit credit method with actuarial
valuation being carried out at each balance sheet date.
7. The estimates of future salary increases, considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
8. The Gratuity Scheme is invested in a Group Gratuity - Cum - Life
Assurance Cum Accumulation Policy offered by Life Insurance Corporation
of India and the Independent Administered Gratuity Fund. The
information on the allocations of fund managed by LIC into major assets
classes and expected return on each major classes are not readily
available. In case of company's administered trust, 100% allocation of
fund has been made towards government securities. The expected rate of
return on plan assets is based on the assumed rate of return provided
by Company's actuary.
The Company is expected to contribute Rs. 18.57 Lacs (Previous Year
Rs. 15.68 Lacs) to its gratuity fund in 2015-16, subject to the LIC of
India's scheme of repayment of past dues in 5 installments.
The disclosure as required by Para 120 of Accounting Standard - 15
"Employee Benefit" have been made to the extent applicable to the
Company.
9. Fixed Deposits with Banks include Rs. 27,60,881/- (previous year
Rs. 23,94,141/-) with maturity of more than 12 months being deposits
under lien with bank as margin money against non-funded credit
facilities.
10. Expenditure on foreign travel Rs. Nil (Previous year Rs.
10,01,445/-) includes expenditure in foreign currency Rs. Nil (previous
year Rs. 6,35,312/-).
11. During the year Deferred Tax Liability (net of Deferred tax
assets) amounted to Rs. 747675/- which has been set off against the
unrecognized value of brought forward deferred tax assets (net of
deferred tax liability) Rs. 3236772/-.
12. Disclosure pursuant to Accounting Standard AS-18 on "Related Party
Disclosure" issued by the Institute of Chartered Accountants of India
:-
Related Parties
(a) Where Control Exists N.A.
(b) Associates & Joint Ventures 1. Todi Services Ltd
2. Snuk Properties Pvt Ltd
3. Syscon Logistic Services PvtLtd
4. Anupurna Tie Up Pvt. Ltd.
(c) Key Management Personnel 1. Shri Kanhaiya Kumar Todi
2. Shri Sushil Kumar Todi
3. Shri Ashok Kumar Todi
4. Shri Udit Todi
(d) Relatives of Key Smt.Shikha Todi
Management Personnel (wife of Shri Kanhaiya
Kumar Todi)
(e) Other Related Parties N.A. |