|
Sr. FY -13-14 FY-12-13
No- Particulars
NOTE NO: 1 ADDITIONAl INFORMATION
1 CONTINGENT LIABILITIES AND COMMITMENTS
(To the extent not provided for)
a) Contingent liabilities
(i) Claims against the company not a
cknowledged as debt 0 0
(ii) Guarantees
Bank Guarantee valid upto 28/09/2021 against
EPGC Licence issued by Bank of India against
export obligations to be fulfilled
in 6 yrs commencing from FY 12. The said
guarantee is equivalent to 15% of duty saved
amount of Rs. 119.49 lacs on import of 3
Machines (now reduced to two machines) under
export obligatioi against which 100% margin
by way of TOR (i.e. 15% of Rs. 119.49
lacs equivalent to Rs. 17.92 lacs but
rounded to Rs. 20.70 lacs) is
held by bank. 2070000 2070000
(iii) A Bond of Rs. 335 lacs in
the form of undertaking dated 27/09/2011
is given by the Company under said EPGC
No. 03330030577 dated 15/09/2011 in
favour of President of India account
custom towards duty saved plus interest
for 10 years atl8% p.a. in case if
there is a short fall in meeting the export
obligations. (Net of export obligation
fulfilled in FY 12, FY 13 & FY 14,
balance Export obligations to be
fulfilled in 3 years
by FY -17) 13147381 23400000
15217381 25470000
2 The Disclosures required under
Accounting Standard 15 "Employee
Benefits" notified in the Companies
(Accounting Standards) Rules, 2006
are given below.
b) Defined benefit plan/ Long Term Compensated Absences.
The company's Employees Gratuity Fund Scheme managed by the LIC of
India is a defined plan. The present value of obligation based on
actuarial valuation using the Projected Unit Credit Method is not
determined and any effect thereof will be provided / accounted as and
when finalized.
c) Compensated Absences
The company has provided for the leave encashment liability at the
balance sheet date based on permissible accumulated leave balance of
the employees at the last salary drawn. Liability as per actuarial
valuation is not determined arid any effect thereof will be provided /
accounted as and when finalized. The company has no defined benefit
plan for this purpose as yet.
3 Amounts not provided for
a) Import against DALC for Rs NIL for purchase of raw materials
(previous year Rs NIL).
b) On account of claims by two ex-employees amounting to Rs. 0.37 lacs
and Rs. 2.97 lacs which the company is contesting before the
appropriate authority/Court.
c) A charge sheet has been filed in the JMFC, XVth Court, Aurangabad by
the MIDC CIDCO Police Station, Aurangabad against the erstwhile
Technical Director, N. K. Chatterjee and two other ex-employees of the
company for the misappropriation of funds carried out by them during
their tenure of employment with the company in FY 03 - 04. The company
has also filed a suit in the City Civil Court at Aurangabad claiming an
amount of Rs 72 lacs from N.K. Chatterjee for the amounts
misappropriated. The amounts so misappropriated will be accounted for
in the year of recovery. As a counter blast to the FIR, the said
ex-employee N. K. Chatterjee has made a claim of Rs. 50 lacs in FY 04 -
05 for his alleged terminal dues in the City Civil Court, Aurangabad
which is being contested by the company.
d) On account of penalty of Rs 1.75 lacs imposed by SEBI which is
represented by the company for remission/ waiver.
e) On account of additional custom duty demand of Rs. 7,13,812/- on a
CNC machine imported in FY 07 - 08 which had been contested in appeal
before the Commissioner of Customs (Appeal) and Rs. 2,00,500/- has been
paid as advance against the same.
4 Realisable value
In the opinion of the Board, all assets other than fixed assets have a
realisable value in the ordinary course of business which is not less
than the amount at which it is stated.
5 The company is not required to have a Qualified Company Secretary in
view of Section 383A of Companies Act, 1956.
6 Confirmation of Balances
The balances of trade receivables, trade payables, unsecured loans and
loans and advances are subject to confirmation.
7 Related Party Disclosures
a) Related Party and their Relationship
Subsidiaries : NIL
Associates : Jainex Foods Private Limited
Jainex Limited
Jainex Imports & Exports Private
Limited
Dugar Brothers & Company
Key Management Personnel : Mr. B. S. Dugar (Chairman)
Mr. R. Mazumdar (Ex. MD)
Mr. M. Z. Kothari (Jt. MD now MD)
Mr. Kunal Bafna
Relatives of Key Management
Personnel : NIL
8 Figures for previous year have been rearranged/regrouped wherever
necessary.
|