| 1. Nature of operations
Jaipan Industries Limited ("Jaipan" or "the Company"), a public limited
company was incorporated on 27th April, 1965. The Company is primarily
engaged in the manufacturing & trading of home appliances.
The Company's registered office is at 17, Jai Villa Compound, Cama
Industrial Estate, Walbhat Road, Goregaon (E), Mumbai -400 063
Maharashtra, India.
2. Basis of preparation of financial statements
The financial statements have been prepared on the basis of going
concern under historical cost convention on the accrual basis of
accounting, and comply in all material aspects with applicable
Accounting Principles in India prescribed by the Central Government.
The Accounting Standards notified under Section 211(3C) (which
continues to be applicable in terms of general circular 15/2013 dated
September 13, 2013 of the ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013) and the relevant provisions of
the said Act. The accountings policies have been consistently applied
by the Company, except for the changes in accounting policy discussed
in note 13 of Schedule 23 and are consistent with those used in the
previous year. The financial statements are presented in Indian Rupees,
unless otherwise specified.
3. Contingent liabilities and claims not acknowledged as debts
i. Unpaid disputed dues:
Sr. Name ofthe Nature of Forum Amount
No. Statue Dues where '(In
dispute Lacs)
is
pending
1 Maharashtra Sales Tax
(2002-03, 2003-04, 2004-05, Sales Tax Appeal 153.86
2 Maharashtra Sales Tax (2006-07) Sales Tax Appeal 460.50
3 Maharashtra Sales Tax (2006-07) Sales Tax Appeal 170.91
4 Maharashtra Sales Tax (2009-10) Sales Tax Appeal 118.78
5 Maharashtra Sales Tax (2009-10) Sales Tax Appeal 40.05
6 Maharashtra Sales Tax (2011-12) CST Appeal 33.26
7 Maharashtra Sales Tax (2011-12) Sales Tax Appeal 3.15
8 Maharashtra Sales Tax (2007-08) CST Appeal 48.99
9 Maharashtra Sales Tax Sales Tax Appeal 152.48
10 Bank Guarantee for Release Central - 5.85
of Goods Excise
11 Bank Guarantee for Release Central - 12.34
of Goods Excise
4. Performance guarantees issued
Bank guarantees given by the Company for performance are Rs. 18.19 lacs
(previous year: Rs. Nil)
5. Bills discounted
Bills supported by letters of credit accepted by customers and
discounted with banks are Rs. Nil (previous year: Rs. Nil).
6. Capital commitments:
Estimated amount of contracts remaining to be executed on capital
account not provided for are Rs. Nil (previous year: Rs Nil).
7. Employee benefits Defined contribution plan
The Company Total contributed Rs. 7,96,950/-to the provident fund plan
during the year ended March 31,2015 (previous year: Rs. 75,078/).
8. Segment Reporting
Geographical Segment
In accordance with AS 17 the company has identified the reportable
segments as on 31 -03-2015 and others taking into account the nature of
different Risks and returns and the internal reporting systems. The
company operates into Eleventh geographical segments, namely, Mumbai,
Silvassa, Delhi & Eight others Segments (Branches). The segment
revenue, segment results, total carrying amount of segment assets and
liabilities, total costs incurred to acquire segment assets, total
amount of charge of depreciation during the year is as reflected in the
financial statements for the year ended March 31,2015.the accounting
policies for segment reporting are in line with the accounting policies
followed by the company.
9. Related party disclosures
As required under Accounting Standard 18 - Related Parties, details and
disclosures of transactions with the related parties as defined in the
Accounting Standard are given below:
Category I: Key management personnel
Category II: Associate concerns controlled by the directors.
10. Previous year figures
Previous year figures have been re-grouped/re-casted wherever
considered necessary to make them comparable with those of the current
year. Signatures to schedules 1 to 11
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