Page 27 - BALANCE SHEET MGT_001(1)

tYote no. 29: Contingent Liability:
The company incurs an obligation to ensure the regular repaymeot of instalments in respect of vehicles financed by Tata
Motor Finance (TMF) and in the event of detault committed by the loanee/purchaser the dealers liability is attracted to the
extent of 157o finance amount. During the year no recoverable was adjusted towards such liability by Tata Motors Finance
Ltd from the Hire Purchase remuneration payable to the company. The overdue instalment payable to Tata Motors
Finance Ltd (TMF) at the end of the year is about Rs 616.44 lakh.

Note no. 30: Related Party transaction:

a) The company sold spare parts for Rs. 14.27 lakh to MGT Diesel, a proprietary concern of Shri Kulwant Singh Cheema,
Managing Director, during the current financial year. The oustanding receivable amount as at the end of the year is Rs.
34.72 lakh

b) The company has paid remuneration of Rs. 10.30 lakh to Smt. Ramanjit Kaur Cheema , who is related to the directors of
the company. Further Smt. Ramanjit Kaur Cheema is also a shareholder of the Company.

ln terms of our report of even date attached For and on behalf of the Board of Directors
For KUNJABI & CO M.G.T. Pvt. Ltd
Chartered Accountants
I,FN _:3911;i
Director
a
Kulwant Singh Cheema
Director
Ksh. Kunjabi Singh DrN 000/3157
Partner M.G. P\r/t- Ltd.
Membership no 016593
Date:26.08.2020
1611 5E Director
lmphal Amardeep Singh Cheema
Director
uD rrrr aooteil3ftlq*A$N +$ tT DrN 00073138