| 1. Terms attached to equity shares
The company has only one class of shares having par value of Rs. 101-
per share. Each holder of equity shares is entitled to one vote per
share.
2. Related Party Transaction
Related party disclosure as identified by the management in accordance
with the Accounting Standard (AS) 18 on "Related Party Disclosures" are
as follows:
A. Related party relationship
i) Key Management Personnel (KMP):
1. Shanti Lai Jain 4. Lalit Kumar Jain
2. Sanjay Jain 5. Bhag Chand Jain
3. Rikhab Chand Jain 6. Shankar Lai Khandelwal
ii) Relatives of Key Management Personnel (KMP):
1. Smt. Gunmala Devi Jain 2. Virendra Jain
iii) Enterprises over which KMP or relatives of KMP exercises
significant influence:
1. Gulshan Carrying Corporation
(iii) Amount due from / to enterprise over which KMP exercise
significant influence : (?) Nil D. Provision to be made with regard to
Outstanding Amount: - Rs. Nil
3. NATURE OF SECURITY AND TERMS OF REPAYMENT FOR LONG TERM SECURED
BORROWINGS
NATURE OF SECURITY TERMS OF REPAYMENT
TERM LOAN FROM HDFC BANK LTD.
Loan amounting Rs. 2,94,470/- Repayable in 36 monthly installments
(P.Y. Rs. Nil) from HDFC due period ranging from September'
Bank Ltd. is secured against 2014. Last
hypothecation of Trucks. instalment due on 05.08.2017.
TERM LOAN FROM ICICI BANK LTD.
Loan amounting Rs. 75,13,684/- Repayable in 46 to 47 monthly
(P.Y. Rs. 42,19,174/-) installments due period
from ICICI Bank Ltd. is secured ranging from August' 2011 to October'
against hypothection 2018
of Trucks.
OTHER LOAN FROM HDFC BANK LTD. Repayable in 35 monthly installments
Loan amounting Rs. 15,03,438/- commencing from April'2014.
(P.Y. Rs. 29,90,863/-) Last installment due on 5.02.2017
from HDFC Bank Ltd. is secured
against hypothecation of Trucks
4. Balances of Trade Receivables and Trade Payables are subject to
confirmation by the respective parties.
5. 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, if any, relating to
amounts unpaid as at the year end together with interest paid / payable
as required under the said Act have not been given.
6. Based on the information available with the company, the balance due
to Micro and Small enterprises, as defined under the Micro, Small, and
Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is ' Nil
(P.Y. * Nil). Further, no interest during the year has been paid or
payable under the terms of the MSMED Act, 2006. The above information
regarding Micro, Small and Medium Enterprises has been determined to the
extent such parties have been identified on the basis of information
available with the Company. This has been relied upon by the Auditors.
7. The company has complied with the Prudential Norms as per NBFC's
(Reserve Bank) Direction's 1998 with regard to Income recognition,
Asset classification, Accounting Standard and provision for Bad &
Doubtful Debts as applicable to it.
8. EMPLOYEE BENEFIT
The company has a Projected Unit Credit Method. Every employee who has
completed five years or more of services gets Gratuity on terms not
lower than the amount payable under the Payment of Gratuity Act, 1972.
The aforesaid scheme is funded with LIC. The following table summarizes
the components of net benefit expenses recognized in profit & loss
statement.
9. Contingent Liabilities
(a) Bank Guarantee
Bank Guarantee taken Security Amount
from Deposit Rs.
Indusind Bank Fixed Deposit 1,41,448
Bank Guarantee taken Bank Guarantee in Amount
from favour of Rs.
Indusind Bank Hindustan Petroleum 14,00,000
Corporation Ltd.
10. The Company has received a demand of' 1,94,599/- (amount already
paid by the company) from Income Tax department for the Assessment year
2005-06 and the company has filed an appeal against the said demand
which is still pending.
11. The Company has received demand amounting to' 6,72,760/- from Income
Tax Department relating to assessment of T.D.S from the F.Y. 2007-2008
to 2014-2015 against which Company will file necessary rectification
within appropriate time.
12. The company has received demand amounting to ' 7,52,203/- from
Income Tax Department relating to A.Y.2007-08 u/s 143(1 )of the Income
Tax Act, 1961 against which Company will file necessary rectification
within appropriate time.
13. The company has received demand amounting to' 20,19,826/- from
Income Tax Department relating to A Y. 2008-09 u/s 143(1) of the Income
Tax Act, 1961 against which Company will file necessary rectification
within appropriate time.
14. The company has received demand amounting to' 4,15,910/- from Income
Tax Department relating to A.Y. 2010-11 u/s 143(3) of the Income Tax
Act, 1961 against which Company has filed an appeal with CIT (Appeals)
VIII, Kolkata.
15. The company has received demand amounting to ' 3,37,150/- from
Income Tax Department relating to A.Y. 2012-13 u/s 143(3) of the Income
Tax Act, 1961 against which Company has filed an appeal with CIT
(Appeal - 3), Kolkata.
16. The figures for the previous year have been rearranged and/or
regrouped wherever considered necessary.
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