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Notes to Accounts of G G Automotive Gears Ltd.

Mar 31, 2014

1. Contingent Liability :

Particulars 2014 2013

Bank guarantee issued by company''s Bankers Rs.324.68 Lac Rs. 448.78 Lac

Income tax (A.Y. 2001-02) in appeal at Mumbai 24.22 Lac Rs. 24.22 Lac

2. In the opinion of the Board, the Current Assets, Loans and advances Debtors & Creditors have a value on realization in ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. However no confirmation has been obtained on the same.

3. The Company has been advised that the computation of net profit for the purpose of Directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid as per Schedule XIII of the Companies Act, 1956 and as per resolution passed by the Shareholders in their meeting.

4. In compliance with the requirement of the Accounting Standard on valuation of Inventories issued by the Institute of Chartered Accountant of India, Excise Duty payable amounting to Rs. 4093990/- (Prev. Year 2851484/-) on Finished Goods as on 31st March, 2014 has been included in the valuation of the said stocks. This has no impact on profit for the year.

5. Amount due to small industries Rs. Nil as on 31.03.2014 out of which amount outstanding for more than Rs. 1.00 lac and due for more than 30 days is Rs. Nil.


Mar 31, 2013

A) Taxes on Income Tax as per Accounting Standard 22:

i. Provision for Income Tax is made in accordance with the Income Tax Act, 1961.

ii. Current Tax is determined as the amount of tax payable in respect of taxable income for the year.

iii. The company has recognized Deferred Taxes which result from timing difference between the Book profits and Tax profits. Consequently, as required by the said standard, the company has recognised the deferred tax balance that would have accumulated prior to adopting the standard, as if the standard had been in effect.

1. In the opinion of the Board, the Current Assets, Loans and advances Debtors & Creditors have a value on realization in ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. However no confirmation has been obtained on the same.

2. The Company has been advised that the computation of net profit for the purpose of Directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid as per Schedule XIII of the Companies Act, 1956 and as per resolution passed by the Shareholders in their meeting.

3. In compliance with the requirement of the Accounting Standard on valuation of Inventories issued by the Institute of Chartered Accountant of India, Excise Duty payable of Rs 2851484/- (Prev. Year 337855/-) on Finished Goods at Factory as on 31st March, 2013 has been included in the valuation of the said stocks. This has no impact on profit for the year.

4. Amount due to small industries Rs. Nil as on 31.03.2013 out of which amount outstanding for more than Rs. 1.00 lac and due for more than 30 days is Rs. Nil.


Mar 31, 2012

A) Related parties disclosure as per accounting Standard 18:

The related parties, as defined by Accounting Standard 18 ' Related party disclosure' issued by The Institute of Chartered Accountants of India, in respect of which the disclosures have been made and identified on the basis of disclosures made by the company.

b) Taxes on Income Tax as per Accounting Standard 22:

i. Provision for Income Tax is made in accordance with the Income Tax Act, 1961.

ii. Current Tax is determined as the amount of tax payable in respect of taxable income for the year.

iii. The company has recognized Deferred Taxes which result from timing difference between the Book profits and Tax profits. Consequently, as required by the said standard, the company has recognised the deferred tax balance that would have accumulated prior to adopting the standard, as if the standard had been in effect.

1. Contingent Liability :

Particulars 2012 2011

Bank guarantee issued by company's Bankers Rs. 173.72 Lac Rs. 127.42 Lacs

Income tax (A.Y. 2001-02) in appeal at Mumbai Rs. 24.22 Lac Rs. 33.29 Lacs

2. In the opinion of the Board, the Current Assets, Loans and advances Debtors & Creditors have a value on realization in ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. However no confirmation has been obtained on the same.

3. The Company has been advised that the computation of net profit for the purpose of Directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid as per Schedule XIII of the Companies Act, 1956 and as per resolution passed by the Shareholders in their meeting.

4. In compliance with the requirement of the Accounting Standard on valuation of Inventories issued by the Institute of Chartered Accountant of India, Excise Duty payable of Rs 337855/- (Prev. Year 373301/- )on Finished Goods at Factory as on 31st March, 2012 has been included in the valuation of the said stocks. This has no impact on profit for the year.

5. Amount due to small industries Rs. Nil as on 31.03.2012 out of which amount outstanding for more than Rs. 1.00 lac and due for more than 30 days is Rs. Nil.

 
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