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Jyoti Structures
BSE: 513250|NSE: JYOTISTRUC|ISIN: INE197A01024|SECTOR: Power - Transmission/Equipment
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« Mar 12
Notes to Accounts Year End : Mar '13
1.  Outstanding Contracts - Capital Account:
 
 Estimated amount of contracts remaining to be executed on capital
 account and not provided for (Net of advances) are Rs. Nil (P.Y. Rs.
 10.55 Lacs). Advances paid Rs. Nil (P.Y. Rs. 10.22 Lacs).
 
 2.  Contingent Liabilities not provided for:
 
 Sr.  Particulars                        2012-13         2011-12
 No                                      Rs. in Lacs   Rs. in Lacs
 
 i) Outstanding of Bills Discounted        533.91       404.10 
 
 ii) Disputed liabilities in respect of 
     Income Tax, Sales Tax,
     Central Excise and Service Tax
     (under appeal)                        637.47       567.13
 
 iii) Civil Suits                          107.87       100.21
 
 The Company has given a letter of comfort for general banking
 facilities provided by National Bank of Abu Dhabi to Gulf Jyoti
 International LLC. The total loan outstanding from the bank to the said
 Company is AED 100.98 Lacs (PY. AED 98.49 Lacs) equivalent to Rs.
 1,498.52 Lacs (P.Y Rs. 1,385.92 Lacs) as on 31st March, 2013.
 
 3.  The gross block of fixed asset includes Rs. 83.62 Lacs (P.Y. Rs.
 83.62 Lacs) on account of revaluation of fixed assets carried out by
 the Company in the year 1993-94. Consequent to the said revaluation,
 there is an additional charge of Rs. 2.42 Lacs (P.Y. Rs. 2.42 Lacs) on
 account of depreciation and an equivalent amount has been withdrawn
 from the revaluation reserve and credited to Statement of Profit and
 Loss. This has no impact on the profit for the year.
 
 4. Disclosure as required by Accounting Standard 15 (revised 2005)
 Employee Benefits: Defined Contribution Plans:
 
 a) Provident Fund
 
 b) Superannuation Fund
 
 The provident funds are operated by the Regional Provident Fund
 Commissioner and the superannuation fund is administered by the
 Trustees of the Jyoti Structures Limited Officers Superannuation
 Scheme. Under the schemes, the Company is required to contribute a
 specified percentage of payroll cost to the retirement benefit schemes
 to fund the benefits. These funds are recognised by the Income Tax
 authorities.
 
 5.  The Company has invested an amount of AED 129.30 Lacs (P.Y. AED
 129.30 Lacs ) equivalent to Rs. 1,642.77 Lacs (P.Y. Rs. 1,642.77 Lacs
 )in its Joint Venture Company namely, Gulf Jyoti International LLC.
 That Company maintains its accounts on calendar year basis. The total
 paid up capital of the Company as on 31st March 2013 was AED 431.00
 Lacs (P.Y. AED 431.00 Lacs). As against this capital, the total profit
 earned during the year was AED 102.74 Lacs (P.Y. Profit AED 104.47
 Lacs) and total accumulated losses as on 31st March 2013 were AED
 129.20 Lacs (P.Y. AED 221.67 Lacs). However, based on the orders in
 hand and the business outlook of the joint venture Company, the
 management is of the opinion that these accumulated losses are
 temporary in nature and will be recovered in the next couple of years.
 Due to this, the management believes that there is no diminution in
 value of the investment and therefore no provision for the same is made
 during the year.
 
 6.  The Company has invested an amount of Rs. 500 Lacs (P.Y. Rs. 500
 Lacs) in its Joint Venture Company namely, Lauren Jyoti Pvt Ltd. That
 Company maintains its accounts on financial year basis.The total paid
 up capital of the Company as on 31st March 2013 was Rs. 1,000 Lacs
 (P.Y. Rs. 1,000 Lacs). The statutory audit is in progress hence as per
 management presentation total loss incurred during the year by the
 company was Rs. 2,162.52 Lacs (P.Y. Rs. 28.27 Lacs). However, based on
 the orders in hand and the business outlook of the Joint Venture
 Company, the management is of the opinion that there is no diminution
 in value of the investment and therefore no provision for the same is
 made during the year.
 
 7.  The company has invested an amount of USD 129.90 Lacs equivalent
 to Rs. 6,000.65 Lacs in its subsidiary company namely, Jyoti
 International Inc. That Company maintains its accounts on financial
 year basis. The company has incurred total loss of USD 57.48 Lacs
 equivalent to Rs. 3,022.01 Lacs ( P.Y. USD 10.64 Lacs equivalent to
 Rs.. 1,026.03 Lacs) during the year. Total accumulated losses as on
 31st March 2013 are USD 68.12 Lacs (P.Y. USD 10.64 Lacs). However,
 based on the orders in hand and the business outlook of the company,
 the management is of the opinion that these accumulated losses are
 temporary in nature and will be recovered in the next few years. Due to
 this, the management believes that there is no other than temporary
 diminution in value of the investment in that company and therefore no
 provision for the same is made during the year.
 
 8.  During the year, the Company has capitalised interest of Rs. Nil
 (P.Y. Rs. 14.32 Lacs) on borrowings made for acquisition of qualifying
 assets.
 
 9. Expenditure on account of premium of forward exchange contracts to
 be recognised in the Statement of Profit and Loss of subsequent
 accounting periods amounts to Rs. Nil (P.Y. Rs. 31.46 Lacs).
 
 10. Related Party Disclosures:
 
 Related party disclosures as required by Accounting Standard 18,
 Related Party Disclosures.  Relationships (during the year)
 
 (a) Subsidiary of the Company: i) Jyoti Energy Ltd.
 
 ii) JSL Corporate Services Ltd.
 
 iii) Jyoti Structures Africa (Pty) Ltd.
 
 iv) Jyoti International Inc.
 
 v) Jyoti Americas LLC
 
 vi) Jyoti Structures Canada Ltd.
 
 vii) Jyoti Structures FZE
 
 viii) Jyoti Structures Namibia (Pty) Ltd.
 
 (b) Joint Venture:
 
 i) Gulf Jyoti International LLC ii) Lauren Jyoti Pvt Ltd.
 
 (c) Key Management Personnel: i) Mr. Prakash Thakur
 
 ii) Mr. Santosh Nayak iii) Mr. K. R. Thakur
 
 11. Employees Stock Option Scheme:
 
 Under Jyoti Structures Limited Employees Stock Option Scheme 2005 (ESOS
 2005) as amended, the Company is authorised to issue upto 5,00,000
 (Five Lacs) stock options convertible into 25,00,000 (Twenty Five Lacs)
 Equity Shares of Rs. 2/- each to employees. A Compensation Committee
 has been constituted by the Board of Directors of the Company to
 administer the Scheme.
 
 Each option is to be converted into 5 equity shares of Rs. 2/- each at
 an exercise price of Rs. 17/- per equity Share (being the exercise
 price adjusted after split of face value from Rs. 10/- to Rs. 2/-).
 Under the scheme, 30% of the options vest at the end of one year from
 the date of grant of options, 30% at the end of second year from the
 date of grant of options and the balance 40% at the end of third year
 from the date of grant of options.
 
 The amount of Rs. (83.99) Lacs (P.Y. Rs. 96.22 Lacs) debited/(credited)
 to Employee Compensation Expense – ESOS account, represents the
 proportionate cost for the year and has been charged to the revenue
 account.
 
 The amount of Rs. 387.36 Lacs (P.Y. Rs. 524.82 Lacs) in Employee Stock
 Option outstanding account, represents discounts on the options
 outstanding.
 
 12.  The terms and conditions of various contracts being executed by
 the Company provide for clauses in respect of liquidated damages
 applicable for any delay in completion of the whole or a portion of the
 contracts. In case of a few contracts, where there have been such
 delays in completion of the contracts, the Company is currently
 negotiating with its customers for an extention of time for the delays
 attributable to the customers to complete the contracts. It is
 currently uncertain as to whether the customers would grant the
 required extension of time and hence, the quantum of liquidated damages
 is also uncertain. As per the past experience, where the delays are due
 to reasons beyond the control of the Company, the approvals for time
 extensions are normally received from customers, which sometimes take
 more than reasonable time.  As such, no provision on this account has
 been made in the books of account.
 
 13. Trade Payable includes dues to micro and small enterprises to whom
 the Company owes amounts outstanding for more than 45 days. The
 information regarding micro and small 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.
 
 14. As the Company''s principal business falls within the single segment
 i.e. power transmission and distribution wherein it manufactures, deals
 in various components/equipments and constructs infrastructure related
 to power transmission, there are no separate reportable or identifiable
 business segments as defined by Accounting Standard-17 Segment
 Reporting. The information regarding Geographical Segment is provided
 under Notes to Consolidated Financial Statements.
 
 15. The Ministry of Corporate Affairs, Government of India vide its
 notification no. 2/2011 dated 8th Feb, 2011 has granted a general
 exemption from compliance with section 212 of the Companies Act, 1956
 subject to fulfillment of conditions stipulated in the circular. The
 Company has satisfied the conditions stipulated in the circular and
 hence is entitled for the exemption. Necessary information relating to
 the subsidiaries have been included in the Consolidated Financial
 Statements.
 
 16.  Previous year''s figures have been reworked, regrouped, rearranged
 and reclassified wherever necessary.
Source : Dion Global Solutions Limited
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