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Notes to Accounts of ABC Gas (International) Ltd.

Mar 31, 2015

1. Rights, Preferences and Restrictions attached to Equity Shares

Equity Share Holder is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amount. Distribution will be in proportion to the number of equity shares held by the shareholders.

2. Disclosure under the Micro and Small Enterprises Development Act, 2006 :

*The company is compiling information from its suppliers regarding their status as per the provisions of "Micro, Small and Medium Enterprise Development Act 2006". Since none of teh suppliers has given the information under the Act, the company has not provided for any interest payable under the Act.The company has not received any claim for interest payable and does not expect such claims, if made later, to be for material amount.

3. GRATUITY

Company has not got the actuarial valuation of gratuity done which is the only form of long term defined benefits to the employee. Provision of the same has been thus not provided as the amount is uncertain. The company has a policy of accounting for gratuity as and when it is paid. During the year company has paid Rs.Nil (Previous Year Rs.Nil) as gratuity.

4. SEGMENT REPORTING

In the opinion of Management the company is engaged only in the business of maufacturing and trading in non ferrous metals. As such there is no Reportable Segment as per AS 17 "Segment Reporting" notified by Ministry Of Corporate Affairs".

5. TRANSACTION WITH RELATED PARTY

Related Parties identified as per Accounting Standard 18 "Related Party Disclosures" notified by MCA

Key Management Personnel: Relatives of Key Managerial Personnel:

Mr. S. P. Shorewala Mrs. Santosh Shorewala- Relative of Mr. S. P. Shorewala

Mr. Satish Shorewala Mrs. Neelam Shorewala- Relative of Mr. Satish Shorewala

Mr. Rohith Shorewala Mrs. Vidhi Shorewala- Relative of Mr. Rohith Shorewala

Enterprises over which KMP & their relatives have significant influence

ABC Tube Industries Ltd

Delta Pipe Fittings Pvt Ltd

Sincere Distributors Pvt Ltd

6. CAPITAL COMMITMENTS & CONTINGENT LIABILITIES

Estimated amount of contracts remaining to be executed on Capital Accounts is Rs. Nil (P.Y. Rs. Nil). Contingent Liabilities identified as on the Balance Sheet date amounts to Rs 45,955 (P.Y. Rs. 45,955 on account of Property Tax for Dombivali Godown).

7. In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated in the financial statement.

8. Previous year's figures have been reworked/ regrouped/ rearranged and reclassified, wherever necessary.


Mar 31, 2013

NOTE NO.1- GRATUITY

Company has not gone for the actuarial valuation of gratuity which is the only form of long term defined benefits to the employee. Provision of the same has been thus not provided as the amount is uncertain. The company has a policy of accounting for gratuity as and when it is paid. During the year company has paid Rs.Nil (Previous Year Rs.Nil) as gratuity.

NOTE NO.2- SEGMENT REPORTING

In the opinion of Management the company is engaged only in the business of maufacturing and trading in non ferrous metals. As such there is no Reportable Segment as per AS 17 "Segment Reporting" notified by Ministry Of Corporate Affairs".

NOTE NO.2-TRANSACTION WITH RELATED PARTY

Related Parties identified as per Accounting Standard 18 "Related Party Disclosures" notified by MCA

Key Management Personnel: Relatives of Key Managerial Personnel:

Mr. Shyamal Prasad Shorewala Mrs. Santosh Shorewala- Relative of Mr. Shyam Prasad Shorewala

Mr. Satjsh Shorewala Mrs. Neelam Shorewala- Relative of Mr. Shatish Shorewala

Mr. Rohit Shorewala Mrs. Vldhi Shorewala- Relative of Mr. Rohith Shorewala

Mr. S. Singhania

Mr. Paras Gandhi

Enterprises over which KMP & their relatives have significant influence

ABC Tube Industries Ltd

Delta Pipe Fittings Pvt Ltd

Sincere Distributors Pvt Ltd

NOTE NO.4- CAPITAL COMMITMENTS & CONTINGENT LIABILITIES

Estimated amount of contracts remaining to be executed on Capital Accounts is Rs. Nil (P.Y. Rs. Nil). Contingent Liabilities identified as on the Balance Sheet date amounts to Rs. 45,955 (RY. Rs. 45,955 on account of Property Tax for Dombivali Godown).

NOTE NO. 5 -ADDITIONAL INFORMATION REQUIRED TO BE DISCLOSED AS PER REVISED SCHEDULE VI

NOTE NO.6- In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated in the financial statement.

NOTE N0.7-The Financial Statements have beem prepared as per the Revised Schedule VI issued by Ministry of Corporate Affairs. Previous year figures have also been reinstated as per the same. Further the previous year figures have been regrouped and rearranged wherever necessary to make them comparative.


Mar 31, 2012

NOTE N0.1- GRATUITY

"Company has not gone for the actuarial valuation of gratuity which is the only form of long term defind benefits to the employee. Provision of the same has been thus not provided as the amount is uncertain. The company has a policy of accounting for "gratuity as and when it is paid. During the year company has paid Rs.nH (Previous Year Rs.nil) as gratuity.*

NOTE NQ.2- SEGMENT REPORTING

In the opinion of Management the company is engaged only in the business of maufacturing and trading in non ferrous metals. As such there is no Reportable Segment as per AS 17 'Segment Reporting' notified by Ministry Of Corporate Affairs*.

NOTE MO.3- TRANSACTION WTTH RELATED PARTY

Related Parties identified as per Accounting Standard 18 'Related Party Disclosures" notified by MCA

Key Management Personnel: Relatives of Key Managerial Personnel:

Mr. Shyamal Prasad Shorewala Mrs. Santosh Shorewala- Relative of Mr. Shyam Prasad Shorewala

Mr. Satish Shorewala Mrs. Neelam Shorewala- Relative of Mr. Shatish Shorewala Mr. Rohit Shorewala Mr. S. Singhania Mr. Paras Gandhi

Enterprises over which KMP & their relatives have significant Influence

ABC Tube Industries Ltd Delta Pipe Fittings Pvt Ltd Sincere Distributors Pvt Ltd

NOTE NO.4- CAPITAL COMMITMENTS & CONTINGENT LIABILITIES

Estimated amount of contracts remaining to be executed on Capital Accounts is Rs. Nil (P.Y. Rs. Nil). Contingent Liabilities identified as on the Balance Sheet date amounts to Rs. 45,955 (P.Y. Rs. Nil) on account of Property Tax for Dombivali Godown.

NOTENO.5-

ln the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated in the financial statement.

NOTENO,6-

The Financial Statements have beem prepared as per the Revised Schedule VI issued by Ministry of Corporate Affairs. Previous year figures have also been reinstated as per the same. Further the previous year figures have been regrouped and rearranged wherever necessary to make them comparative.


Mar 31, 2011

1. Depreciation charge and revalued amount of assets is adjusted from capital reserve..

2. Shares Refund Account has been credited short by Rs. 9500 (previous year Rs. 9500).

3. No Provision of Gratuity and Other Retirement benefit has been provided during the year, amount being unascertained.

4. Sundry debtors, Loans & Advances & Sundry Creditors are subject to confirmation from concerned parties.

5. a) In the opinion of the management the provision for all liabilities are adequate.

b) The current assets are shown in Balance Sheet at their realizable values.

c) All the expenses paid/provided have been duly incurred for the purpose of the business of the Company.

6. The Company has not received any intimation from supplier regarding the status under the Micro.Small And medium enterprises Development Act-2006 and company has not paid any interest to supplier during the year, hence disclosure if any relating to the amount unpaid as at year together with interest paid /payable required under the act has been not given..

7 Previous year figures has been regrouped and/or rearranged wherever necessary


Mar 31, 2010

1. Depreciation charge on revalued amount of assets adjusted from capital reserve..

2. Shares Refund Account has been credited short by Rs. 9500 (previous year Rs. 9500).

3. No Provision of Gratuity and Other Retirement benefit has been provided during the year, amount being unascertained.

4. Sundry debtors, Loans & Advances & Sundry Creditors are subject to confirmation from concerned parties.

5. a) In the opinion of the management the provision for all liabilities are adequate.

b) The current assets are shown in Balance Sheet at their realizable values.

c) All the expenses paid/provided have been duly incurred for the purpose of the business of the Company.

6 Additional information:-

A) Expenditure on employees throughout the year on aggregate remuneration of at least Rs. 2400000 or em- ployed for part of the year on an aggregate remuneration of Rs. 200000 per month NIL (previous year - NIL).

7. The Company has not received any intimation from supplier regarding the status under the Micro.Small And medium enterprises Development Act-2006 and company has not paid any interest to supplier during the year, hence disclosure if any relating to the amount unpaid as at year together with interest paid /payable required under the act has been not given..

8 Previous year figures has been regrouped and/or rearranged wherever necessary

 
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